Consolidated financial statements

Income statement

 (€’000)   Note  31.12.2015  of which,
related parties
 31.12.2014  of which,
related parties
 Revenue   3.4.2   1,383,837   73,202   1,303,508   221,770 
 Other operating income    3.4.3   24,758   4,151   27,463   989 
 Purchases   3.4.4   (351,875)   (12,477)   (336,264)   (40,871) 
 Services   3.4.4   (561,014)   (44,282)   (519,942)   (80,967) 
 Personnel expense    3.4.5   (321,676)   -   (316,522)   - 
 Amortisation, depreciation and impairment losses    3.4.6   (18,725)   -   (18,347)   - 
 Other operating expense    3.4.7   (24,584)   -   (15,758)   (73) 
 Changes in finished goods, work-in-progress and semi-
 finished products  
   (264)   -   (4,531)   - 
 (-) Internal work capitalised    3.4.8   5,312   -   4,885   - 
 Operating profit      135,769     124,492   
 Financial income    3.4.9   30,840   221   31,963   460 
 Financial expense    3.4.9   (35,221)   -   (34,284)   (37) 
 Share of profits (losses) of equity-accounted investees    3.4.10   5,324   -   1,804   - 
 Pre-tax profit      136,712     123,975   
 Income taxes   3.4.11   (43,676)   -   (43,281)   - 
 Profit (loss) from discontinued operations      -   -   -   - 
 Profit for the year      93,036     80,694   
   attributable to the owners of the parent      93,228     80,636   
   attributable to non-controlling interests      (192)     58   
 Earnings per share            
 Basic and diluted      0.47     0.43   

Statement of comprehensive income

(€’000)31.12.2015 31.12.2014 
Profit for the year  93,036 80,694
Items that will not be reclassified to profit or loss:     
- Actuarial gains (losses) on defined benefit plans 633 (5,275)
- Income tax (184) 1,622
  449 (3,653)
Items that will or may be reclassified to profit or loss:     
- Net change in fair value of cash flow hedges (5,484) 4,453
- Net exchange rate gains 23,667 21,352
- Income tax 1,640 (1,454)
  19,823 24,351
Other comprehensive income, net of taxes  20,272 20,698
Comprehensive income for the year  113,308 101,392
Attributable to:     
- the owners of the parent 113,535 101,239
- non-controlling interests (227) 153

Statement of financial position

(€’000) Note 31.12.2015 of which,
related parties 
31.12.2014 of which,
related parties 
ASSETS           
Non-current assets           
Intangible assets  3.3.2  51,546 - 52,744 -
Property, plant and equipment  3.3.3  87,012 - 87,543 -
Equity investments  3.3.4  69,041 - 55,949 -
Loans and receivables  3.3.5  41,832 21,211 39,919 16,371
Deferred tax assets  3.4.11  39,487 - 40,025 -
Other non-current assets  3.3.5  18,332 - 20,548 -
    307,250   296,728  
Current assets           
Inventories  3.3.6  121,217 - 106,127 -
Contract work in progress  3.3.7  346,353 - 304,154 -
Trade receivables  3.3.8  663,558 58,952 710,649 169,901
Tax assets  3.3.10  26,378 - 23,131 -
Loan assets  3.3.8  38,496 563 41,035 10,709
Other current assets  3.3.11  91,930 4 83,776 251
Cash and cash equivalents  3.3.12  304,306 - 270,067 -
    1,592,238   1,538,939  
Non-current assets held for sale    - - 99 -
Total assets    1,899,488   1,835,766  
EQUITY AND LIABILITIES           
Equity           
Share/quota capital  3.3.13  100,000 - 99,999 -
Reserves  3.3.14-3.3.15  554,787 - 473,645 -
Equity attributable to the owners of the parent    654,787   573,644  
Equity attributable to non-controlling interests  3.3.16  306 - 1,278 -
Total equity    655,093   574,922  
Non-current liabilities           
Employee benefits  3.3.19  33,155 - 34,675 -
Deferred tax liabilities  3.4.11  10,365 - 10,594 -
Other non-current liabilities  3.3.20  11,792 - 11,858 -
    55,312   57,127  
Current liabilities           
Progress payments and advances from customers  3.3.7  635,785 - 686,227 -
Trade payables  3.3.21  415,973 25,247 368,865 54,005
Loans and borrowings  3.3.17  4,128 2,500 17,687 10,351
Tax liabilities  3.3.10  10,816 - 10,269 -
Provisions for risks and charges  3.3.18  11,126 - 10,422 -
Other current liabilities  3.3.20  111,255 402 110,247 602
    1,189,083   1,203,717  
Total liabilities    1,244,395   1,260,844  
Total liabilities and equity    1,899,488   1,835,766  

Statement of cash flows

(€’000) Note 31.12.2015 of which,
related parties 
31.12.2014 of which,
related parties 
Cash flows from operating activities:           
Gross cash flows from operating activities  3.6 162,008 - 149,135 -
Change in working capital  3.6 8,894 (54,318) (33,862) (32,420)
Changes in other operating assets and liabilities  3.6
(33,747)
4,377 3,884 (3,358)
Net interest paid  3.6 (1,749) - (5,261) 423
Income taxes paid  3.6 (33,003) - (29,039) -
Cash flows from operating activities    102,403   84,857  
Cash flows from investing activities:           

Investments in property, plant and equipment and intangible
assets 

  (14,764) - (1) -
Sales of property, plant and equipment and intangible assets    2,011 - (9,155) -
Acquisition of equity investments, net of cash acquired    4,000 - 29 -
Sales of equity investments    19 - 21 -
Dividends received    - - - -
Change in other non-current financial assets    - - - -
Other investing activities    - - - -
Cash flows used for strategic transactions    (15,092) - (7,410) -
Cash flows used in investing activities    (23,826)   (16,516)  
Cash flows from financing activities:           
Net change in other financing activities    (18,027) (12,464) 34,446 34,989
Share capital increases    - - - -
Other financing activities    - - - -
Dividends paid    (30,000) - (28,800) -
Cash flows from (used in) financing activities    (48,027)   5,646  
Net increase in cash and cash equivalents    30,550 - 73,987 -
Net exchange rate gains    3,689 - 4,597 -
Other changes    - - -38 -
Opening cash and cash equivalents    270,067 - 191,521 -
Closing cash and cash equivalents    304,306   270,067  

Statement of changes in equity

Changes in equity are shown in the following table:

 (€’000)   Share
capital
 Retained
earnings and
reserves
 Hedging
reserve
 Stock
grant
reserve
 Translation
reserve
 Other
reserves

   Equity
attributable
to the
owners of
the parent

  Equity
attributable
to non-
controlling
interests
 Total
equity
 Equity restated
 at 1 January 2014  
89,998 395,178 (438) 2,453 (17,592) 29,115 498,714 346 499,060
 Reclassification from/to reserves   10,000 (2,321) - - - (7,679) - - -
 Change in consolidation scope   - 897 - (216) - 681 779 1,460
 Net change in stock grant reserve   - - - 1,809 - - 1,809 - 1,809
 Other comprehensive income
 (expense), net of taxes
- (9) 4,453 - 21,266 (5,107) 20,603 95 20,698
 Allocation of profit for the year to
 the legal reserve
- - - - - - - - -
 Dividends - -28,800 - - - (28,800) - (28,800)
 Net change in treasury shares 1 - - - - - 1 - 1
 Other changes - - - - - - - - -
 Profit for the year ended
 31 December 2014
- 80,636 - - - - 80,636 58 80,694
 Equity at 31 December 2014 99,999 445,581 4,015 4,262 3,458 16,329 573,644 1,278 574,922
 Equity at 1 January 2015 99,999 445,581 4,015 4,262 3,458 16,329 573,644 1,278 574,922
 Reclassification from/to reserves - 64 - (64) - - - - -
 Change in consolidation scope - (4,368) - - 1,562 - (2,805) 11 (2,795)
 Net change in stock grant reserve - - - 413 - - 413 - 413
 Other comprehensive income
 (expense), net of taxes
- -

(5,484)

- 23,702 2,089 20,307 (35) 20,272
 Allocation of profit for the year to
 the legal reserve
- - - - - - - - -
 Dividends - (30,000) - - - - (30,000) (755) (30,755)
 Net change in treasury shares 1 (1) - - - - - - -
 Other changes - - - - - - - - -
 Profit for the year ended
 31 December 2015 
- 93,228 - - - - 93,228 (192) 93,036
 Equity at 31 December 2015 100,000 504,504 (1,469) 4,611 28,722 18,418 654,787 306 655,093