13 Income Statement CONSOLIDATED FINANCIAL STATEMENTS Euro '000 2005 2006 2007 2008 Revenues 521,323 1,046,798 1,928,213 2,401,417 Other operating revenues 16,048 13,063 55,817 61,377 Total revenues 537,371 1,059,861 1,984,030 2,462,794 Raw materials and consumables (106,389) (328,875) (969,396) (929,050) Services (318,112) (495,749) (669,295) (1,076,428) Personnel (47,400) (123,024) (162,670) (219,240) Other operating expenses (8,373) (18,054) (37,423) (50,712) Total Costs (480,274) (965,702) (1,838,784) (2,275,430) EBITDA 57,097 94,159 145,246 187,364 Amortization and depreciation (3,363) (7,143) (7,696) (14,807) Devaluation of payables and cash (21) (2,771) (2,933) (1,659) Provisions to the funds for risks and charges (11,362) (12,332) (4,664) (4,077) EBIT 42,351 71,913 129,953 166,821 Financial income 10,651 26,918 23,583 35,299 Financial charges (14,518) (37,539) (31,060) (17,771) Gain / (Charges) on investments (190) (177) (144) (107) Pre-tax profit 38,294 61,115 122,332 184,242 Taxes (18,360) (30,603) (48,886) (61,618) Profit (Loss) after tax Attributable to: 19,934 30,512 73,446 122,625 Group 19,551 30,073 73,188 117,346 Minority interests Data per share: 383 439 258 5,279 Net Income per share 0.23 0.37* Number of shares outstanding (thousands) * Calculated net of treasury stock 322,500 322,500 84 85
Balance Sheet Euro '000 2005 2006 2007 2008 Property, plant and equipment 11,529 13,003 35,335 56,151 Goodwill 217,798 217,798 217,798 273,219 Other intangible assets 18,373 15,479 13,002 23,170 Investments in affiliates 539 537 592 2,934 Other non-current financial assets 3,687 10,662 11,014 9,116 Other non-current assets 10,973 25,527 39,652 75,245 Total non-current assets 262,899 283,006 317,393 439,835 Inventory 17,518 134,143 120,607 169,623 Construction contracts 134,860 202,148 215,707 488,916 Trade receivables 249,604 311,543 512,489 475,024 Current tax assets 14,462 26,454 35,587 70,417 Derivatives 123 17,272 44,109 10,060 Other current financial assets 43,757 29,866 52,297 11,544 Other current assets 96,464 77,259 104,468 127,910 Cash and cash equivalents 158,610 359,025 490,160 531,412 Total current assets 715,398 1,157,710 1,575,424 1,884,906 Total Assets 978,297 1,440,716 1,892,817 2,324,741 Share capital 15,000 15,000 16,125 16,125 Share premium account 25,000 25,000 83,045 83,045 Other reserves 0 5,328 6,012 1,863 Foreign currency translation reserve 1,261 793 Valuation reserve / Cash flow hedge (636) 12,559 35,938 6,981 Total capital and reserves 40,625 58,680 141,120 108,014 Retained earnings 4,061 18,332 48,453 99,622 Profit / (Loss) for the year 19,551 30,073 73,188 117,346 Group Shareholders' Equity 64,237 107,085 262,761 324,982 Minority Interests 1,894 8,844 2,108 5,602 Total Shareholders' Equity 66,131 115,929 264,869 330,584 Long-term debt 123,091 163,446 99,800 131,667 Provisions for risks and charges 19,191 24,771 19,395 24,022 Deferred tax liabilities 14,531 17,119 20,029 7,522 Provisions for employees retirement benefit 32,448 28,457 25,022 23,408 Other non-current liabilities 0 29,800 Other financial liabilities 0 5,047 Total non-current liabilities 189,261 233,793 164,246 221,466 Short-term debt 130,542 88,734 76,953 75,660 Provisions for risks and charges 0 0 8 12,071 Tax payables 32,033 36,764 47,921 47,989 Derivatives 5,531 7,024 2,706 1,000 Other current financial liabilities 81 0 309 0 Advances from customers 38,624 263,943 346,250 547,932 Construction contracts 126,294 169,109 177,877 244,351 Trade payables 338,785 460,950 735,771 772,304 Other current liabilities 51,015 64,470 75,907 71,384 Total current liabilities 722,905 1,090,994 1,463,702 1,772,691 Total Equity and Liabilities 978,297 1,440,716 1,892,817 2,324,741 Cash Flow Statement Euro '000 2005 2006 2007 2008 Cash and cash equivalents at the beginning of the period (A) 85,572 158,610 359,025 490,160 Net Income 19,934 30,512 73,446 122,625 Adjusted for: Ammortization of intangible assets 1,736 4,430 3,858 9,090 Depreciation of tangible assets 1,627 2,713 3,837 5,716 Provisions for risk and charges 11,362 12,332 7,598 5,736 Writedowns 190 291 290 153 Financial (income) / charges 684 10,018 7,622 (17,574) Corporate income taxes 18,360 30,603 48,886 61,618 (Increase) / Decrease in inventory (17,078) (116,625) 13,536 (49,016) (Increase) / Decrease in trade receivables 164,771 (61,940) (200,945) 35,807 (Increase) / Decrease in construction contract assets (10,745) (67,288) (13,560) (273,209) Increase / (Decrease) in other liabilities 17,557 3,065 6,606 25,274 (Increase) / Decrease in other assets (25,521) 1,394 (90,602) (22,554) Increase / (Decrease) in deferred tax liabilities 7,609 2,589 2,911 (12,507) Increase / (Decrease) in trade payables (56,227) 347,485 357,127 238,216 Increase / (Decrease) in construction contract liabilities 16,612 42,815 8,769 66,474 Increase / (Decrease) in provisions for risk and charges (including Retirement benefit provisions) (3,321) (10,743) (16,402) 10,999 Income tax paid (4,721) (37,865) (46,861) (96,379) Cash Flow from operating activities (B) 142,829 193,786 166,115 110,469 (Investment) / Disposal in non-current tangible assets 69 (4,186) (26,170) (26,532) (Investment) / Disposal in intangible assets (1,150) (1,536) (1,381) (19,259) Change in goodwill 3,155 - (0) (55,421) Acquisition of companies (or business lines) (99,564) - net of cash and cash equivalents acquired Investments in associated companies 7,568 2 (11) (2,342) Increase / (Decrease) in other investment assets 19 (5,483) (4,716) 1,745 Cash Flow from investment activities (C) (89,903) (11,203) (32,278) (101,810) Increase / (Decrease) on bank overdrafts (2,797) 40,633 (14,799) 8,539 Change in financial debt 24,661 (42,086) (63,397) 39,609 (Increase) / Decrease in stocks / bonds 42,529 Change in other financial assets / liabilities (1,174) Increase in share capital (1,752) 19,285 1,125 Increase in share premium account 62,016 Costs of IPO (3,971) Other reserves 16,324 (34,335) Dividend payments (22,575) Cash Flow from financing activities (D) 20,112 17,832 (2,702) 32,593 Total Increase / (Decrease) in cash and cash equivalents (B+C+D) 73,038 200,415 131,135 41,253 Cash and cash equivalents at the end of the period (A+B+C+D) 158,610 359,025 490,160 531,412 86 87
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