Parent Company Accounts

Income statement

(in euros)2016of which,
related parties
2015of which,
related parties
Revenue 829,991,777 122,334,367 721,730,800 105,347,373
Other operating income 18,327,633 12,023,183 21,895,916 15,496,056
Purchases (275,734,297) (49,115,871) (222,092,924) (19,741,621)
Services (356,683,508) (67,058,233) (327,321,269) (64,864,925)
Personnel expense (144,064,413) 897,999 (128,781,324) 1,655,524
Amortisation, depreciation and impairment losses (12,246,977) - (12,103,590) -
Other operating expense (4,203,676) -4,386 (8,272,397) -
Changes in finished goods, work-in-progress and semi-finished products 620,482 - 85,17 -
(-) Internal work capitalised 4,700,268 - 4,693,608 -
Operating profit (EBIT) 60,707,289   49,833,990  
Financial income 121,097,521 114,489,712 23,626,798 6,807,354
Financial expense (19,842,036) -270,423 (21,918,494) (2,572,357)
Profit before taxes and discontinued operations 161,962,774   51,542,294  
Income taxes (16,105,536) - (15,641,407) -
Profit (loss) from discontinued operations - - - -
Profit for the year 145,857,238   35,900,887  

Statement of comprehensive income

(in euros)20162015
Profit for the year 145,857,238 35,900,887
Items that will not be reclassified to profit or loss:
  - Actuarial gains (losses) on defined benefit plans (37,009) 527,271
  - Income tax 11,783 (145)
(25,226) 382,271
Items that will or may be reclassified to profit or loss:
  - Change in fair value of cash flow hedges (1,129,428) (3,158,877)
  - Foreign operations – Foreign currency translation differences 114,715 5,215,420
  - Income tax 394,817 (565,55)
(619,896) 1,490,993
Other comprehensive income (expense), net of taxes (645,122) 1,873,264
Comprehensive income for the year 145,212,116 37,774,151

Statement of financial position

(in euros)2016of which, related parties2015of which, related parties
Non-current assets        
Intangible assets 10,061,520 - 12,252,228 -
Property, plant and equipment 62,792,005 - 63,767,725 -
Equity investments 169,786,813 - 167,181,485 -
Loans and receivables 27,634,202 25,521,827 25,234,362 21,210,250
Deferred tax assets 18,120,644 - 18,320,643 -
Other non-current assets 16,090,169 - 18,332,007 36,041
  304,485,353   305,088,450  
Current assets        
Inventories 95,279,408 - 95,642,164 -
Contract work in progress 178,438,024 - 179,482,642 -
Trade receivables 606,054,373            97,0 97,035,403 548,538,790 92,272,983
Tax assets 17,446,617 - 15,008,472 -
Loan assets 51,233,847 22,790,842 50,521,847 22,078,842
Derivatives 9,801,950 - 8,437,775 -
Other current assets 57,280,535 4,334 64,811,967 4,334
Cash and cash equivalents 202,995,688 - 178,636,361 -
  1,218,530,442   1,141,080,018  
Total assets 1,523,015,795   1,446,168,468  
Equity        

Share capital
100,000,000 - 100,000,000 -
Other reserves 98,276,030 - 95,418,260 -
Retained earnings, including the profi for the year 277,047,347 - 167,190,109 -
Total equity 475,323,377   362,608,369  
Non-current liabilities        
Loans and borrowings - - - -
Employee benefits 18,294,171 - 17,947,846  
Deferred tax liabilities 9,218,684 - 8,730,698  
Other non-current liabilities 3,508,509 - 3,520,020  
  31,021,364   30,198,564  
Current liabilities        
Progress payments and advances from customers 427,931,841 - 455,572,919 -
Trade payables 398,666,380 40,389,387 345,524,783 37,078,022
Loans and borrowings 93,978,687 92,207,799 171,531,126 169,923,893
Tax liabilities 8,303,752 - 4,726,387 -
Provisions for risks and charges 2,104,648 - 2,475,119 -
Derivatives 22,615,176 - 16,436,212 -
Other current liabilities 63,070,570 409,694 57,094,989 402,109
  1,016,671,054                                      1,053,361,535  
Total liabilities 1,047,692,418     1,083,560,099  

Total liabilities and equity
1,523,015,795    1,446,168,468  

Statement of cash flows

(in euros)2016of which,
related parties
2015of which,
related parties
Gross cash flows from operating activities:        
Profit for the year 145,857,238 - 35,900,887 -
Depreciation and impairment losses 12,246,978 - 12,103,590 -
Income texes 16,105,536 - 15,641,407 -
Accruals to provisions 646,000 - 844,564 -
Italian post-employment benefits 518,793 - 323,994 -
Defined benefit plans and stock grant plans 3,921,212 - 1,521,911 -
Financial income (expenses), net of impairment losses on equity investments measured at cost (101,255,485) - (1,708,304) -
Gross cash flows from operating activities 78,040,272 (114,219,290) 64,628,049 (4,234,997)
Inventories 362,756 - (15,619,887) -
Work in progress and progress payments and advances from customers (26,596,460) - (51,141,178) -
Trade receivables and Payables (4,373,986) - 51,252,365 -
Change in operating working capital (30,607,690) (1,451,055) (15,508,700) 35,246,258
Changes in other operating assets and liabilities (2,389,555) 378,085 (9,999,108) (246,524)
Net interest paid (9,554,091) - (7,706,439) (4,234,997)
Income taxes paid (3,098,222) - (6,188,142) -
Cash flows from operating activities 32,390,713   25,225,660  
Cash flows from investing activities:        
Acquisitions of companies, net of cash acquired (2,099,400) - (15,502,713) -
Investments in property, plant and equipment and intangible assets (2,601,749) - (4,221,421) -
Dividends received from ASTS group companies 111,092,053 111,092,053 3,100,000 3,100,000
Other investing activities (158,001) (1,765,301) (2,017,368) (4,542,874)
Cash flows used in investing activities 106,232,903   (18,641,502)  
Cash flows from financing activities:        
Net change in loan assets and loans and borrowings (78,264,289) - 22,671,008 33,387,496
Dividends paid (36,000,000) - (29,999,789) -
Cash flows from (used in) financing activities (114,264,289)   (7,328,781)  
Net increase (decrease) in cash and cash equivalents 24,359,327 - (744,623) -
Opening cash and cash equivalents 178,636,361 - 179,380,984 -
Closing cash and cash equivalents 202,995,688   178,636,361  

Statement of changes in equity

(in euros)Share capitalRetained earningsStock grant
reserve
Hedging reserveOther reservesTotal equity
Equity at 1 January 2015 99,999,298 161,579,070 3,183,342 3,369,245 86,830,044 354,960,999
Use of treasury shares for SGP 702 - - - - 702
Other comprehensive income (expense), net of taxes - - - (3,158,878) 5,032,142 1,873,264
Change in SGP reserves - Ansaldo STS S.p.A. - (290,059) 189,242 - - (100,817)
Change in SGP reserves - other companies - - - - (26,877) (26,877)
Dividends (199,998,595 x 0.15) - (29,999,789) - - - (29,999,789)
Profit for the year ended 31 December 2015 - 35,900,887 - - - 35,900,887
Equity at 31 December 2015 100,000,000 167,190,109 3,372,584 210,367 91,835,309 362,608,369
Other comprehensive income (expense), net of taxes - - - (1,129,428) 484,306 (645,122)
Change in SGP reserves - Ansaldo STS S.p.A. - - 2,948,771 - - 2,948,771
Change in SGP reserves - other companies - - - - 554,121 554,121
Dividends (200,000,000 x 0.18) - (36,000,000) - - - (36,000,000)
Profit for the year ended 31 December 2016 - 145,857,238 - - - 145,857,238
Equity at 31 December 2016 100,000,000 277,047,347 6,321,355 (919,061) 92,873,736 475,323,377