Parent Company Accounts

Income statement

 (in euros)  2015 of which,
related parties
 2014 of which,
related parties 
 Income   721,730,800   105,347,373   691,894,974   249,044,256 
 Other operating income    21,895,916   15,496,056   23,742,504   11,878,598 
 Purchases   (222,092,924)    (19,741,621)   (202,096,568)    (57,807,209) 
 Services   (327,321,269)    (64,864,925)   (323,966,329)    (95,377,020) 
 Personnel expense    (128,781,324)    1,655,524   (128,786,428)    - 
 Amortisation, depreciation and impairment losses    (12,103,590)   -   (12,023,719)   - 
 Other operating expense    (8,272,397)   -   (4,771,718)   (72,878) 
 Changes in finished goods, work-in-progress and semi-
 finished products  
 85,170   -   (380,269)   - 
 (-) Internal work capitalised    4,693,608   -   4,388,281   - 
 Operating profit    49,833,990   -   48,000,728   - 
 Financial income    23,626,798   6,807,354   25,513,024   3,584,818 
 Financial expense    (21,918,494)   (2,572,357)   (23,650,283)   (1,273,509) 
 Profit before taxes and discontinued operations    51,542,294   -   49,863,469   - 
 Income taxes   (15,641,407)   -   (17,135,761)   - 
 Profit (loss) from discontinued operations    -   -   -   - 
 Profit for the year    35,900,887   -   32,727,708   - 

Statement of comprehensive income

(in euros) 20152014
Profit for the year  35,900,887 32,727,708
Items that will not be reclassified to profit or loss:     
- Actuarial gain (loss) on defined benefits plans 527,271 (2,280,984)
- Income tax (145,000) 627,271
  382,271 (1,653,713)
Items that will or may be reclassified to profit or loss:     
- Change in fair value of cash flow hedges (3,158,877) 2,611,997
- Foreign operations - foreign currency translation differences 5,215,420 5,097,410
- Income tax (565,550) (414,877)
  1,490,993 7,294,530
Other comprehensive income, net of taxes  1,873,264 5,640,816
Comprehensive income for the year  37,774,151 38,368,524

Statement of financial position

(in euros) 31 December
2015
of which,
related parties
31 December
2014
of which,
related parties
Non-current assets         
Intangible assets  12,252,228 - 12,983,443 -
Property, plant and equipment  63,767,725 - 65,099,745 -
Equity investments  167,181,485 - 157,481,799 -
Loans and receivables  25,234,362 20,914,360 21,001,886 16,371,486
Deferred tax assets  18,320,643 - 20,303,399 -
Other non-current assets  18,332,007 36,041 20,547,114 16,089,610
  305,088,450 - 297,417,386 -
Current assets   
Inventories  95,642,164 - 80,022,277 -
Contract work in progress  179,482,642 - 170,325,964 -
Trade receivables  548,538,790 92,272,983 556,717,406 194,406,408
Tax assets  15,008,472 - 10,792,933 -
Loan assets  50,521,847 22,078,842 70,605,553 42,162,548
Derivatives  8,437,775 - 9,298,036 -
Other current assets  64,811,967 4,334 54,657,756 250,584
Cash and cash equivalents  178,636,361 - 179,380,984 -
  1,141,080,018 - 1,131,800,909 -
Total assets  1,446,168,468 - 1,429,218,295 -
Equity   
Share/quota capital  100,000,000 - 99,999,298 -
Other reserves  95,418,260 - 93,382,631 -
Retained earnings, including the profit for the year  167,190,109 - 161,579,071 -
Total equity  362,608,369 - 354,961,000 -
Non-current liabilities   
Employee benefits  17,947,846 - 20,119,721 -
Deferred tax liabilities  8,730,698 - 9,200,540 -
Other non-current liabilities  3,520,020 - 3,442,449 -
  30,198,564 - 32,762,710 -
Current liabilities   
Progress payments and advances from customers  455,572,919 - 497,557,420 -
Trade payables  345,524,783 37,078,022 302,451,034 75,334,313
Loans and borrowings  171,531,126 169,923,893 168,943,824 166,971,025
Tax liabilities  4,726,387 - 720,787 -
Provisions for risks and charges  2,475,119 - 1,851,123 -
Derivatives  16,436,212 - 8,793,359 -
Other current liabilities  57,094,989 31,609 61,177,038 601,758
  1,053,361,535 - 1,041,494,585 -
Total liabilities  1,083,560,099  - 1,074,257,295 -
Total liabilities and equity  1,446,168,468 - 1,429,218,295 -

Statement of cash flows

(in euros) 2015of which,
related parties 
2014of which,
related parties 
Cash flows from operating activities:         
Gross cash flows from operating activities  64,628,049 - 62,310,676 -
Change in operating working capital  (15,508,700) 35,246,258 (4,832,888) (39,422,459)
Changes in other operating assets and liabilities  (9,999,108) (246,524) (6,349,491) -
Net interest paid  (7,706,439) (4,234,997) 5,766,394 -2,311,309
Income taxes paid  (6,188,142) - (13,941,563) -
Cash flows from operating activities  25,225,660 - 42,953,128 -
Cash flows from investing activities:         
Acquisitions of companies, net of cash acquired  (15,502,713) - (7,409,970) -
Investments in property, plant and equipment and intangible         
assets  (4,221,421) - (4,031,927) -
Dividends received from ASTS group companies  3,100,000 3,100,000 - -
Other investing activities  (2,017,368) (4,542,874) (4,597,739) (2,895,992)
Cash flows used in investing activities  (18,641,502) - (16,039,636) -
Cash flows from financing activities:         
Net change in loan assets and loans and borrowings  22,671,008 33,387,496 86,962,432 85,850,481
Dividends paid  (29,999,789) - (28,799,865) (11,756,346)
Cash flows from (used in) financing activities  (7,328,781) - 58,162,567 -
Net increase (decrease) in cash and cash equivalents  (744,623) - 85,076,059 -
Opening cash and cash equivalents²  179,380,984 - 94,304,925 -
Closing cash and cash equivalents  178,636,361 - 179,380,984 -

Statement of changes in equity

(in euros) Share
capital
Retained
earnings
Stock grant
reserve
Hedging
reserve
Other
reserves
Total
equity
Equity at 1 January 2014  89,998,422 157,651,160 1,800,163 757,248 93,258,588 343,465,581
Use of treasury shares for SGP  876 - - - - 876
Bonus issue of 20,000,000 shares  10,000,000 - - - (10,000,000) -
Other comprehensive income,
net of taxes 
- - - 2,611,997 3,028,819 5,640,816
Change in SGP reserves -
Ansaldo STS S.p.A. 
- - 1,383,179 - - 1,383,179
Change in SGP reserves - other
companies 
- - - - 542,637 542,637
Dividends (179,998,735 x 0.16)  - (28,799,798) - - - (28,799,798)
Profit for the year ended
31 December 2014 
- 32,727,708 - - - 32,727,708
Equity at 31 December 2014  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