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2015 Annual Financial Report

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2015 Annual Financial Report 2015 Annual Financial Report Disclaimer This Annual Financial Report 2015 has been translated into English solely for the convenience of the international reader. In the event of conflict or inconsistency between the terms used in the Italian version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the sole official document. WorldReginfo - 2bde4b02-f503-464f-b1c9-6386f5255868 RELAZIONE FINANZIARIA ANNUALE Annual financial report at 31 December 2015 CONTENTS BOARDS AND COMMITTEES ..................................................................................................................... 7 REPORT ON OPERATIONS AT 31 DECEMBER 2015 ............................................................................. 8 Group results and financial position ...................................................................................................... 8 Other performance indicators ............................................................................................................. 22 "Non-GAAP" alternative performance indicators ............................................................................... 23 Outlook ................................................................................................................................................ 26 Related party transactions .................................................................................................................... 27 Industrial and financial transactions .................................................................................................... 28 Finmeccanica and the commercial scenario ........................................................................................ 31 Finmeccanica and risk management .................................................................................................... 38 Finmeccanica and sustainability .......................................................................................................... 44 Share price trend .................................................................................................................................. 67 Corporate Governance ......................................................................................................................... 69 Performance of the Parent Company ................................................................................................... 74 The Parent Company's offices ............................................................................................................. 75 Reconciliation of net profit and shareholders'equity of the Group Parent with the consolidated figures at 31 December 2015 ............................................................................................................... 76 Proposal to the Shareholders' Meeting ................................................................................................ 77 CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2015 ......................................... 78 Consolidated accounting statements .................................................................................................... 79 Consolidated separate income statement ..................................................................................... 79 Consolidated statement of comprehensive income ...................................................................... 80 2 WorldReginfo - 2bde4b02-f503-464f-b1c9-6386f5255868 Annual financial report at 31 December 2015 Consolidated statement of financial position ............................................................................... 81 Consolidated statement of cash flows .......................................................................................... 82 Consolidated statement of changes in equity ............................................................................... 83 Notes to the consolidated financial statements at 31 December 2015 ................................................. 84 1. General information ..................................................................................................................... 84 2. Form, Content and applicable accounting standards .................................................................. 84 3. Accounting Policies Adopted ....................................................................................................... 85 4. Significant issues and critical estimates by mangement ............................................................ 104 5. Effects of changes in accounting policies adopted .................................................................... 106 6. Restatement of the comparative statements ............................................................................... 107 7. Significant non-recurring events or transactions ...................................................................... 108 8. Significant post balance sheet events ......................................................................................... 108 9. Segment information .................................................................................................................. 109 10. Intangible assets ......................................................................................................................... 111 11. Property, plant and equipment ................................................................................................... 116 12. Equity investments and share of profits (losses) of equity-accounted investees ........................ 117 13. Receivables and other non-current assets ................................................................................. 121 14. Inventories .................................................................................................................................. 122 15. Contract work in progress and progress payments and advances from customers ................... 122 16. Trade and financial receivables ................................................................................................. 123 17. Other current assets ................................................................................................................... 123 18. Cash and cash equivalents ......................................................................................................... 124 19. Equity ......................................................................................................................................... 124 20. Loans and Borrowings ............................................................................................................... 126 21. Provisions for risks and charges and contingent liabilities ....................................................... 130 3 WorldReginfo - 2bde4b02-f503-464f-b1c9-6386f5255868 Annual financial report at 31 December 2015 22. Employee benefit obligations ..................................................................................................... 141 23. Other current and non-current liabilities .................................................................................. 144 24. Trade payables ........................................................................................................................... 145 25. Guarantees and other commitments .......................................................................................... 145 26. Revenue ...................................................................................................................................... 146 27. Other operating income (expenses) ........................................................................................... 146 28. Purchases and personnel expenses ............................................................................................ 147 29. Amortisation, depreciation and impairment losses .................................................................... 148 30. Financial income and expense ................................................................................................... 148 31. Income taxes ............................................................................................................................... 150 32. Assets held for sale and discontinued operations ...................................................................... 151 33. Earnings per share ..................................................................................................................... 153 34. Cash flows from operating activities ......................................................................................... 154 35. Related party transactions ......................................................................................................... 154 36. Financial risk management ........................................................................................................ 160 37. Remuneration to key management personnel ............................................................................ 167 38. Share based payments ................................................................................................................ 167 Attachment: Scope of consolidation .................................................................................................. 169 Statement on the consolidated financial statements pursuant to art. 154-bis, paragraph 5 of Legislative
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