Consolidated financial statement

Consolidated balance sheet (in thousands of euros)

 

12/31/2008

12/31/2007

   

of which
related parties

 

of which
related parties

8

Property, plant and equipment

1,598,046

1,650,485

9

Intangible assets

1,046,108

672,540

10

Investments in associates and joint ventures

515,300

534,194

11

Other financial assets

505,899

958,272

12

Deferred tax assets

72,426

58,524

14

Other receivables

723,004

565,152

672,894

520,827

15

Tax receivables

10,264

12,278

27

Derivative financial instruments

3,161

3,849

 

Non-current assets

4,474,208

 

4,563,036

 

16

Inventories

921,110

776,474

13

Trade receivables

787,951

77,096

1,098,927

123,668

14

Other receivables

239,956

23,917

241,475

22,072

17

Securities held for trading

115,800

114,039

18

Cash and cash equivalents

253,905

2,057,682

15

Tax receivables

46,246

43,281

27

Derivative financial instruments

94,042

58,326

 

Current assets

2,459,010

 

4,390,204

 
 

Total assets

6,933,218

 

8,953,240

 

19.1

Attributable to the equity holders of the company:

2,171,804

2,980,231

- Share capital

1,554,269

1,555,934

- Reserves

965,037

1,259,746

- Income (loss) for the year

(347,502)

164,551

19.2

Attributable to the minority interest:

202,558

823,840

- Reserves

267,582

664,799

- Income (loss) for the year

(65,024)

159,041

 

Total equity

2,374,362

 

3,804,071

 

24

Borrowings from banks and other financial institutions

1,375,747

905,296

26

Other payables

48,472

23,300

22

Provisions for other liabilities and charges

141,191

146,331

12

Deferred tax liabilities

38,372

44,625

23

Employee benefit obligations

366,535

349,142

21

Tax payables

9,706

11,211

27

Derivative financial instruments

2,139

6,782

 

Non-current liabilities

1,982,162

 

1,486,687

 

24

Borrowings from banks and other financial institutions

695,561

5,209

754,661

2,869

25

Trade payables

1,108,573

23,843

1,323,588

29,148

26

Other payables

482,401

7,699

1,394,673

21,522

22

Provisions for other liabilities and charges

135,650

71,340

21

Tax payables

44,036

1,051

45,707

27

Derivative financial instruments

110,473

72,513

 

Current liabilities

2,576,694

 

3,662,482

 
 

Total equity and liabilities

6,933,218

 

8,953,240

 

Related party transactions in respect of the individual line items in the financial statements are presented in Note 44.

Consolidated income statement (in thousands of euros)

 

2008

2007

   

of which related parties

 

of which related parties

29

Revenues from sales and services

4,660,175

138,093

6,075,597

195,930

30

Other income

175,928

274,939

72,720

- of which, nonrecurring events

17,000

2,818

Change in inventories of work in process,
semifinished and finished products

115,372

29,921

Raw materials and consumables used
(net of change in inventories)

(1,832,699)

(3,009,099)

31

Personnel costs

(1,174,851)

(3,097)

(1,095,945)

(14,504)

- of which, nonrecurring events

(132,352)

5,186

32

Amortization, depreciation and impairments

(218,555)

(213,546)

- of which, nonrecurring events

(7,100)

-

33

Other expenses

(1,687,569)

(42,862)

(1,703,857)

(88,931)

- of which, nonrecurring events

(4,764)

-

Increase in property, plant and equipment
from internal work

5,454

5,990

 

Operating profit

43,255

 

364,000

 

34

Financial income

577,337

34,064

295,289

31,203

- of which, nonrecurring events

48,691

11,234

35

Financial expenses

(603,452)

(164)

(377,176)

(4,474)

36

Impairment losses on investments

(275,262)

(34,137)

37

Dividends

31,268

34,459

6,600

38

Gains (losses) from changes in fair value
of financial assets

(796)

(20,097)

39

Share of earnings (losses) of associates
and joint ventures

(175,677)

(175,677)

116,543

116,543

 

Income (loss) before income taxes

(403,327)

 

378,881

 

40

Income taxes

(72,620)

(123,028)

 

Income (loss) from continuing operations

(475,947)

 

255,853

 

41

Income (loss) from discontinued operations

63,421

32,646

67,737

67,666

 

Income (loss) for the year

(412,526)

 

323,590

 

Attributable to:

Equity holders of the company

(347,502)

164,549

Minority interest

(65,024)

159,041

42

Earnings per share
(Euros per thousand of shares)

    

basic earnings per share

- continuing operations

(70.65)

22.09

- discontinued operations

5.74

8.60

  

(64.91)

 

30.69

 

Related party transactions in respect of the individual line items in the financial statements are presented in Note 44.

Consolidated statement of recognized income and expenses (in thousands of euros)

 

2008

2007

A

Income (loss) for the year

(412,526)

323,590

Differences on translation transferred to the income statement,
previously recognized in equity

-a

(70,455) a

(Gains) losses on cash flow hedges transferred to the income statement,
previously recognized in equity

1,848 a

(48,653) a

(Gains) losses transferred to the income statement on available-for-sale financial assets, previously recognized in equity

1,995 a

1,019 a

 

(Gains) losses transferred to the income statement,
previously recognized in equity

3,843 a

 

(118,089) a

 

Differences on translation of foreign currency financial statements

(136,630)a

7,679 a

Changes in fair value on available-for-sale financial assets

(136,408)a

(96,535) a

Net actuarial gains (losses) on employee benefits

(85,058)a

2,589 a

Changes in fair value on derivatives designated as cash flow hedges

(59,863)a

(5,535) a

Reversal of reserve for reclassification of investments from
available-for-sale financial assets to associates

15,419a

-a

Tax effect

11,281a

(2,856) a

B

Income (expenses) recognized directly in equity

(387,416)

(212,747)

A+B

Total income (expenses) recognized in equity

(799,942)

110,843

Attributable to:

- Equity holders of the company

(703,993)

(54,739)

- Minority interest

(95,949)

165,582

a Referring to the sale of Olimpia S.p.A.

Consolidated statement of cash flows (in thousands of euros)

 

2008

2007

   

of which
related parties

 

of which
related parties

Income (loss) from continuing operations before taxes

(403,327)

378,881

Income (loss) from discontinued operations

63,421

67,737

Amortization, depreciation / impairment (losses) reversals of intangible assets and property, plant and equipment

221,535

218,678

Gain from discontinued operations

(72,543)

(41,417)

Reversal financial income and expenses

30,170

41,618

Reversal loss of value of partecipations

275,262

34,137

Reversal dividends

(31,268)

(34,459)

Reversal Gains (losses) from changes in fair value of financial assets

679

20,179

Share of earnings (losses) of associates and joint ventures (net of dividends received)

204,745

45,845

Income taxes

(72,620)

(123,028)

Change in inventories

(144,636)

25,302

Change in trade receivables/payables

95,961

(85,366)

Change in other receivables/payables

(79,065)

105,217

Change in employee benefit obligations and other provisions

(28,650)

(108,987)

Other changes

16,016

10,045

A

Net cash flows provided by (used for) operating activities

75,680

 

554,382

 

Investments in property, plant and equipment

(310,724)

(286,709)

Disposals of property, plant and equipment

33,800

14,911

Investments in intangible assets

(25,783)

(17,037)

Disposals of intangible assets

94,533

4,764

Acquisitions of investments in associates and joint ventures

(171,220)

(262,727)

Disposals of investments in associates and joint ventures

30,841

3,354,789

Acquisition of Speed S.p.A.

(434,361)

-

Net cash flow from discontinued operations

69,600

38,075

Acquisitions of other financial assets

(96,052)

(155,906)

Disposal of other financial assets

32,285

16,849

Dividends received

31,268

34,459

Net investment in business combinations

(1,338)

(385,933)

B

Net cash flows provided by (used for) investing activities

(747,151)

 

2,355,535

 

Change in share capital and share premium reserve

13,400

7,499

Other changes in equity

-

(54,289)

Change in financial payables

(408,747)

(218,922)

(1,287,705)

Change in financial receivables

(65,625)

(51,509)

Change in financial payables/receivables for acquisitions

(401,100)

395,302

Financial income/expenses (net of gains on avail.-for-sale fin. assets )

(53,606)

(96,911)

Dividends paid

(167,889)

(22,746)

(74,400)

C

Net cash flows provided by (used for) financing activities

(1,083,567)

 

(1,162,013)

 

D

Total cash flows provided by (used for) during the year (A+B+C)

(1,755,038)

 

1,747,904

 

E

Cash and cash equivalents, at beginning of the year

2,010,475

 

259,389

 

F

Exchange differences on translation of cash and cash equivalents

(28,360)

3,182

G

Cash and cash equivalents, at end of the year (D+E+F)

227,077

 

2,010,475

 

(°)

Of which:

    
 

- cash

253,205

 

2,057,682

 
 

- bank overdrafts

(26,828)

 

(47,207)

 

The consolidated statement of cash flows shows transactions with related parties only in the event they cannot be directly inferred from the other statements.
Related party transactions in respect of the individual line items in the financial statements are presented in Note 44