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Consolidated Financial Statements And Cover bil ifil ING 2004 23-05-2005 13:01 Pagina 1 IFIL GROUP IN 2004 IFIL GROUP IN 2004 CONSOLIDATED FINANCIAL STATEMENTS AND STATUTORY FINANCIAL STATEMENTS AT DECEMBER 31, 2004 CONSOLIDATED FINANCIALCONSOLIDATED AND STATUTORY FINANCIAL STATEMENTS DECEMBER 31, AT 2004 STATEMENTS Cover bil ifil ING 2004 23-05-2005 13:01 Pagina 2 Società per Azioni Capital stock € 1,075,995,737, fully paid-in Registered office in Turin - Corso Matteotti 26 - Turin Company Register No. 00914230016 IFIL GROUP IN 2004 CONSOLIDATED FINANCIAL STATEMENTS AND STATUTORY FINANCIAL STATEMENTS AT DECEMBER 31, 2004 TABLE OF CONTENTS CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2004 2 Consolidated balance sheet 6 Consolidated statement of operations 8 Notes to the consolidated financial statements STATUTORY FINANCIAL STATEMENTS AT DECEMBER 31, 2004 76 Balance sheet 78 Statement of operations 79 Notes to the statutory financial statements 97 Annexes 112 REPORTS OF THE BOARD OF STATUTORY AUDITORS 115 REPORTS OF THE INDEPENDENT AUDITORS 117 IFIL GROUP’S COMPANIES This is an English translation of the Italian original document “Bilancio consolidato e Bilancio di esercizio al 31 dicembre 2004” approved by the IFIL Board of Directors on March 30, 2005, which has been prepared solely for the convenience of the reader. The version in Italian takes precedence and for complete information about IFIL S.p.A. and the Group, reference should be made to the full original report in Italian “Il Gruppo IFIL nel 2004” containing the Directors’ Report on Operations and the Consolidated and Statutory Financial Statements also available on the corporate website: http://www.ifil.it. Group CONSOLIDATED FINANCIAL STATEMENTS 1 AT DECEMBER 31, 2004 Group CONSOLIDATED BALANCE SHEET - ASSETS (€ in millions) 12/31/2004 12/31/2003 Change FIXED ASSETS Intangible fixed assets (note 1) Start-up and expansion costs 123 155 (32) Research, development and advertising expenses 28 22 6 Industrial patents and intellectual property rights 402 406 (4) Concessions, licenses, trademarks and similar rights 342 383 (41) Goodwill 158 159 (1) Intangible assets in progress and advances 214 255 (41) Other intangible assets 147 167 (20) Differences on consolidation 2,779 3,164 (385) Total intangible fixed assets 4,193 4,711 (518) Property, plant and equipment (note 2) Land and buildings 3,101 3,117 (16) Plant and machinery 3,217 3,401 (184) Industrial and commercial equipment 2,308 2,104 204 Other assets 1,284 1,363 (79) Construction in progress and advances 725 828 (103) Total property, plant and equipment 10,635 10,813 (178) Financial fixed assets (note 3) Investments in . unconsolidated subsidiaries 285 528 (243) . associated companies 4,003 4,286 (283) . other companies 786 944 (158) Total investments 5,074 5,758 (684) Receivables from associated companies 1 1 0 Receivables from others 40 181 (141) Total receivables 41 182 (141) Other securities 94 84 10 Treasury stock 45 45 0 Finance lease contracts receivable 1,727 1,797 (70) Other financial fixed assets 192 315 (123) Total financial fixed assets 7,173 8,181 (1,008) TOTAL FIXED ASSETS 22,001 23,705 (1,704) CURRENT ASSETS Inventories (note 4) Raw materials and supplies 1,307 1,259 48 Work in progress and semifinished products 833 983 (150) Contract work in progress 2,886 4,077 (1,191) Finished goods and merchandise 4,096 4,431 (335) Advances to suppliers 7,076 5,188 1,888 Total inventories 16,198 15,938 260 CONSOLIDATED FINANCIAL STATEMENTS 2 CONSOLIDATED BALANCE SHEET - ASSETS AT DECEMBER 31, 2004 Group (€ in millions) 12/31/2004 12/31/2003 Change CURRENT ASSETS (continued) Receivables (note 5) Trade receivables 4,925 4,679 246 Receivables from unconsolidated subsidiaries 55 78 (23) Receivables from associated companies 866 768 98 Deferred tax assets 2,206 1,907 299 Other receivables 3,184 3,325 (141) Total receivables 11,236 10,757 479 Financial assets not held as fixed assets (note 6) Investments 33 32 1 Treasury stock 5 2 3 Other securities 3,292 4,357 (1,065) Financial receivables from unconsolidated subsidiaries 565 521 44 Financial receivables from associated companies 406 644 (238) Financial receivables from others 6,439 9,605 (3,166) Total financial assets not held as fixed assets 10,740 15,161 (4,421) Cash Bank and post office accounts 3,676 3,443 233 Cash on hand 10 9 1 Checks 3 9 (6) Total cash 3,689 3,461 228 TOTAL CURRENT ASSETS 41,863 45,317 (3,454) ACCRUED INCOME AND PREPAID EXPENSES (note 7) 769 849 (80) TOTAL ASSETS 64,633 69,871 (5,238) CONSOLIDATED FINANCIAL STATEMENTS 3 CONSOLIDATED BALANCE SHEET - ASSETS AT DECEMBER 31, 2004 Group CONSOLIDATED BALANCE SHEET - LIABILITIES AND STOCKHOLDERS' EQUITY (€ in millions) 12/31/2004 12/31/2003 Change STOCKHOLDERS' EQUITY (note 8) Stockholders' equity of the Group Capital stock 1,075 1,075 0 Additional paid-in capital 1,048 1,049 (1) Revaluation reserves 3 3 0 Legal reserve 215 146 69 Treasury stock valuation reserve 50 47 3 Retained earnings and other reserves 1,931 2,148 (217) Cumulative translation adjustments (524) (469) (55) Net income (loss) 119 (45) 164 Total stockholders' equity of the Group 3,917 3,954 (37) Minority interest - capital and reserves 6,299 8,040 (1,741) Minority interest - net loss (1,137) (1,477) 340 TOTAL STOCKHOLDERS' EQUITY 9,079 10,517 (1,438) RESERVES FOR RISKS AND CHARGES (note 9) Reserve for pensions and similar obligations 1,579 1,571 8 Income tax reserves 348 422 (74) Consolidation reserve for risks and future expenses 0 70 (70) Other reserves 3,948 3,830 118 Insurance policy liabilities and accruals 91 89 2 TOTAL RESERVES FOR RISKS AND CHARGES 5,966 5,982 (16) RESERVE FOR EMPLOYEE SEVERANCE INDEMNITIES (note 10) 1,306 1,330 (24) PAYABLES (note 11) Bonds 9,112 9,910 (798) Convertible bonds 13 1,765 (1,752) Borrowings from banks 9,735 10,215 (480) Other financial payables 1,269 1,405 (136) Advances 9,935 9,166 769 Trade payables 11,880 12,596 (716) Notes payable 749 955 (206) Payables to unconsolidated subsidiaries 49 69 (20) Payables to associated companies 1,000 854 146 Taxes payable 796 944 (148) Social security payable 353 328 25 Other payables 1,426 1,500 (74) TOTAL PAYABLES 46,317 49,707 (3,390) ACCRUED EXPENSES AND DEFERRED INCOME (note 12) 1,965 2,335 (370) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 64,633 69,871 (5,238) CONSOLIDATED FINANCIAL STATEMENTS 4 CONSOLIDATED BALANCE SHEET – LIABILITIES AT DECEMBER 31, 2004 AND STOCKHOLDERS’ EQUITY Group GUARANTEES GRANTED, COMMITMENTS AND OTHER MEMORANDUM ACCOUNTS (€ in millions) (note 13) 12/31/2004 12/31/2003 Change GUARANTEES GRANTED Unsecured guarantees Suretyships on behalf of associated companies 0 10 (10) on behalf of others 2,994 3,162 (168) Total suretyships 2,994 3,172 (178) Guarantees of notes on behalf of others 217 261 (44) Other unsecured guarantees on behalf of unconsolidated subsidiaries 30 1 29 on behalf of associated companies 270 295 (25) on behalf of others 2,244 2,813 (569) Total other unsecured guarantees 2,544 3,109 (565) Total unsecured guarantees 5,755 6,542 (787) Secured guarantees on behalf of others 87 47 40 TOTAL GUARANTEES GRANTED 5,842 6,589 (747) COMMITMENTS Commitments related to derivative financial instruments 23,086 22,337 749 Commitments to purchase property, plant and equipment 415 330 85 Other commitments 13,096 10,686 2,410 TOTAL COMMITMENTS 36,597 33,353 3,244 THIRD-PARTY ASSETS HELD BY THE GROUP 1,594 2,017 (423) GROUP ASSETS HELD BY THIRD PARTIES 3,279 4,672 (1,393) OTHER MEMORANDUM ACCOUNTS 284 380 (96) CONSOLIDATED FINANCIAL STATEMENTS 5 GUARANTEES GRANTED, COMMITMENTS AND AT DECEMBER 31, 2004 OTHER MEMORANDUM ACCOUNTS Group CONSOLIDATED STATEMENT OF OPERATIONS (€ in millions) 2004 2003 Change VALUE OF PRODUCTION (note 14) Revenues from sales and services 51,877 53,510 (1,633) Change in work in progress, semifinished and finished products inventories (192) 694 (886) Change in contract work in progress 215 (1,075) 1,290 Additions to internally produced fixed assets 810 688 122 Other income and revenues: revenue grants 55 53 2 other 1,551 1,684 (133) Total other income and revenues 1,606 1,737 (131) TOTAL VALUE OF PRODUCTION 54,316 55,554 (1,238) COSTS OF PRODUCTION (note 15) Raw materials,supplies and merchandise (31,484) (30,917) (567) Services (9,530) (9,853) 323 Leases and rentals (450) (434) (16) Personnel: salaries and wages (5,109) (5,339) 230 social security contributions (1,336) (1,409) 73 employee severance indemnities (191) (247) 56 employee pensions and similar obligations (191) (188) (3) other costs (387) (340) (47) Total personnel costs (7,214) (7,523) 309 Amortization, depreciation and writedowns: amortization of intangible fixed assets (688) (604) (84) depreciation of property, plant and equipment (1,808) (1,868) 60 other writedowns of fixed assets (33) (35) 2 writedown of receivables among current assets and cash (305) (281) (24) Total amortization, depreciation and writedowns (2,834) (2,788) (46) Change in raw materials, supplies and merchandise inventories 222 (86) 308 Provisions for risks (1,395) (1,164) (231) Other provisions (22) (29) 7 Other operating costs (1,170) (1,112) (58) Expenses of financial services companies (376) (668) 292 Insurance claims and other insurance costs (20) (1,367) 1,347 TOTAL COSTS OF PRODUCTION (54,273) (55,941) 1,668 DIFFERENCE BETWEEN THE VALUE AND COSTS OF PRODUCTION 43 (387) 430 FINANCIAL INCOME AND EXPENSES (note 16) Investment income from associated companies 1 1 0 other companies 37 59 (22) Total investment income 38 60 (22) Other financial income from receivables held as fixed assets from others 1
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