FACTS & FIGURES - Tecnimont ICB

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