Consolidated Financial Statements and Consolidated Management ...
Consolidated Financial Statements and Consolidated Management ... Consolidated Financial Statements and Consolidated Management ...
INDEX INDEPENDENT AUDITORS’ REPORT ON CONSOLIDATED FINANCIAL STATEMENTS 6 CONSOLIDATED MANAGEMENT REPORT 8 ANNUAL CORPORATE GOVERNANCE REPORT 16 CONSOLIDATED BALANCE SHEETS 60 CONSOLIDATED COMPREHENSIVE PROFIT AND LOSS STATEMENTS 62 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 63 CONSOLIDATED CASH FLOW STATEMENTS 64 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 65 1. ACTIVITY AND COMPOSITION OF THE PARENT COMPANY 65 2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATION PRINCIPLES 65 2.1. BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS 65 2.2. INFORMATION ON 2010 68 2.3. CURRENCY OF PRESENTATION 68 2.4. RESPONSIBILITY FOR THE INFORMATION, ESTIMATES MADE AND SOURCES OF UNCERTAINTY 68 2.5. CONSOLIDATION PRINCIPLES APPLIED 68 3. DISTRIBUTION OF EARNINGS 70 4. VALUATION STANDARDS 71 4.1. TANGIBLE FIXED ASSETS 71 4.2. REAL ESTATE INVESTMENTS 71 4.3. CONSOLIDATION GOODWILL 71 4.4. INTANGIBLE ASSETS 72 4.5. IMPAIRMENT IN THE VALUE OF TANGIBLE AND INTANGIBLE ASSETS EXCLUDING GOODWILL 72 4.6. LEASES 72 4.7. FINANCIAL INSTRUMENTS 72 4.8. INVENTORIES 74 4.9. TRANSACTIONS AND BALANCES IN FOREIGN CURRENCY 74 4.10. CLASSIFICATION OF FINANCIAL ASSETS AND DEBTS INTO CURRENT AND NON-CURRENT 74 4.11. INCOME AND EXPENSES 74 4.12. OFFICIAL SUBSIDIES 74 4.13. TAX ON PROFITS 74 4.14. UNDERTAKINGS MADE TO THE WORKFORCE 75 4.15. ONEROUS AGREEMENTS 75 4.16. SHARE-BASED REMUNERATION SCHEMES 75 4.17. TREASURY SHARES 75 4.18. PROVISIONS 75 4.19. SEVERANCE PAYMENTS 75 4.20. ENVIRONMENTAL POLICY 75 4.21. CONSOLIDATED CASH FLOW STATEMENTS 76 5. PROFIT (LOSS) PER SHARE 76 6. GOODWILL 76 7. INTANGIBLE ASSETS 77 7.1. RIGHTS OF USE 78 7.2. RENTAL AGREEMENT PREMIUMS 78 7.3. SOFTWARE APPLICATIONS 78 8. TANGIBLE FIXED ASSETS 78 9. REAL ESTATE INVESTMENTS 79 4 INDEX
10. INVESTMENTS VALUED USING THE EQUITY METHOD 80 11. NON-CURRENT FINANCIAL INVESTMENTS 81 11.1. Loans and accounts receivable not available for trading 81 11.2. Other non-current financial investments 81 12. INVENTORIES 82 13. TRADE RECEIVABLES 82 14. CASH AND CASH EQUIVALENTS 83 15. EQUITY 83 15.1. SUBSCRIBED SHARE CAPITAL 83 15.2. PARENT COMPANY RESERVES 84 15.3. SUBSIDIARIES’ RESERVES 84 15.4. EQUITY VALUATION ADJUSTMENTS 84 15.5. TREASURY SHARES 85 15.6. MINORITY INTERESTS 85 16. BANK BORROWINGS 85 17. OTHER NON-CURRENT LIABILITIES 87 18. DERIVATIVE FINANCIAL INSTRUMENTS 88 18.1. Interest rate derivatives 88 18.2. Sensitivity analysis of derivative financial instruments 88 19. SHARE-BASED REMUNERATION SCHEMES 89 20. PROVISIONS FOR LIABILITIES AND CHARGES 90 21. TAX NOTE 91 22. TRADE CREDITORS 95 23. INFORMATION ON DEFERRED PAYMENTS TO SUPPLIERS. THIRD ADDITIONAL PROVISION, “DUTY TO REPORT” OF ACT 15/2010 OF 5 JULY 96 24. OTHER CURRENT LIABILITIES 96 25. THIRD-PARTY GUARANTEES AND CONTINGENT ASSETS AND LIABILITIES 96 26. INCOME AND EXPENSES 98 26.1. INCOME 98 26.2. FINANCIAL INCOME AND CHANGES IN THE FAIR VALUE OF FINANCIAL INSTRUMENTS 98 26.3. PERSONNEL EXPENSES 99 26.4. OTHER OPERATING EXPENSES 99 26.5. OPERATING LEASES 100 26.6. FINANCIAL EXPENSES AND CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS 101 27. RELATED-PARTY TRANSACTIONS 101 28. INFORMATION BY SEGMENTS 102 28.1. INFORMATION ON MAIN SEGMENTS 103 28.2. INFORMATION ON SECONDARY SEGMENTS 104 29. REMUNERATION AND OTHER STATEMENTS MADE BY THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT 104 29.1. REMUNERATION OF THE BOARD OF DIRECTORS 104 29.2. REMUNERATION OF SENIOR MANAGEMENT 104 29.3. INFORMATION ON CONFLICTS OF INTEREST AMONG THE DIRECTORS 104 30. SUBSEQUENT DISCLOSURES 105 31. INFORMATION ON ENVIRONMENTAL POLICY 107 32. EXPOSURE TO RISK 107 ANNEX I: SUBSIDIARIES 109 ANNEX II: ASSOCIATED COMPANIES 112 ANEX III: JOINT VENTURES 112 ANNUAL REPORT OF THE AUDIT COMMITTE 114 INDEX 5
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INDEX<br />
INDEPENDENT AUDITORS’ REPORT ON CONSOLIDATED FINANCIAL STATEMENTS 6<br />
CONSOLIDATED MANAGEMENT REPORT 8<br />
ANNUAL CORPORATE GOVERNANCE REPORT 16<br />
CONSOLIDATED BALANCE SHEETS 60<br />
CONSOLIDATED COMPREHENSIVE PROFIT AND LOSS STATEMENTS 62<br />
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 63<br />
CONSOLIDATED CASH FLOW STATEMENTS 64<br />
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 65<br />
1. ACTIVITY AND COMPOSITION OF THE PARENT COMPANY 65<br />
2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATION PRINCIPLES 65<br />
2.1. BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS 65<br />
2.2. INFORMATION ON 2010 68<br />
2.3. CURRENCY OF PRESENTATION 68<br />
2.4. RESPONSIBILITY FOR THE INFORMATION, ESTIMATES MADE AND SOURCES OF UNCERTAINTY 68<br />
2.5. CONSOLIDATION PRINCIPLES APPLIED 68<br />
3. DISTRIBUTION OF EARNINGS 70<br />
4. VALUATION STANDARDS 71<br />
4.1. TANGIBLE FIXED ASSETS 71<br />
4.2. REAL ESTATE INVESTMENTS 71<br />
4.3. CONSOLIDATION GOODWILL 71<br />
4.4. INTANGIBLE ASSETS 72<br />
4.5. IMPAIRMENT IN THE VALUE OF TANGIBLE AND INTANGIBLE ASSETS EXCLUDING GOODWILL 72<br />
4.6. LEASES 72<br />
4.7. FINANCIAL INSTRUMENTS 72<br />
4.8. INVENTORIES 74<br />
4.9. TRANSACTIONS AND BALANCES IN FOREIGN CURRENCY 74<br />
4.10. CLASSIFICATION OF FINANCIAL ASSETS AND DEBTS INTO CURRENT AND NON-CURRENT 74<br />
4.11. INCOME AND EXPENSES 74<br />
4.12. OFFICIAL SUBSIDIES 74<br />
4.13. TAX ON PROFITS 74<br />
4.14. UNDERTAKINGS MADE TO THE WORKFORCE 75<br />
4.15. ONEROUS AGREEMENTS 75<br />
4.16. SHARE-BASED REMUNERATION SCHEMES 75<br />
4.17. TREASURY SHARES 75<br />
4.18. PROVISIONS 75<br />
4.19. SEVERANCE PAYMENTS 75<br />
4.20. ENVIRONMENTAL POLICY 75<br />
4.21. CONSOLIDATED CASH FLOW STATEMENTS 76<br />
5. PROFIT (LOSS) PER SHARE 76<br />
6. GOODWILL 76<br />
7. INTANGIBLE ASSETS 77<br />
7.1. RIGHTS OF USE 78<br />
7.2. RENTAL AGREEMENT PREMIUMS 78<br />
7.3. SOFTWARE APPLICATIONS 78<br />
8. TANGIBLE FIXED ASSETS 78<br />
9. REAL ESTATE INVESTMENTS 79<br />
4 INDEX
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