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Financial Statements 2013, the Liquidation Procedure Was Not Completed Yet DIRECTORS' REPORT AND FINANCIAL STATEMENTS AS OF 31 DECEMBER 2013 1 TABLE OF CONTENTS 1. DIRECTORS' REPORT AS OF 31/12/2013…………………………………….…….….. Page 14 2. FINANCIAL STATEMENTS AS OF 31/12/2013 …………….……………….…………. Page 84 3. DIRECTORS' REPORT AS OF 31/12/2013 - SAGAT GROUP ………............................ Page 148 4. CONSOLIDATED FINANCIAL STATEMENTS AS OF 31/12/2013 ..…….………….… Page 172 5. ANNEXES………………………………………………..……………………………………. Page 224 2 3 DIRECTORS' REPORT AS OF 31 DECEMBER 2013 SHAREHOLDERS' MEETING 1st call: 17 April 2014 2nd call: 15 May 2014 AGENDA Financial Statements as of 31 December 2013 SAGAT S.p.A. Società Azionaria Gestione Aeroporto Torino Strada San Maurizio 12 10072 Caselle Torinese (TO) www.aeroportoditorino.it Share capital € 12,911,481 fully paid in Economic Administrative Register (R.E.A.) no. 270127 Register of Companies of Turin, Tax ID and VAT no. 00505180018 4 5 CONTENTS SHAREHOLDING GROUP ………………………………………………………………….................. 10 CORPORATE BODIES …………………………………...…………..………………….……………... 12 1. DIRECTORS' REPORT AS OF 31/12/2013…………..…………………………………… 14 SAGAT S.p.A. Highlights 2013..………………………………………………………………… 16 1.1 Report on financial position and performance…………….…………………………..………………..... 18 1.2 Regulatory framework ....................................................………………………………....................... 31 1.3 Traffic scenario ……………………………………………………………………………………………… . 36 1.4 Analysis of the income statement…….……………………………………….……..……………............ 40 1.5 Analysis of the balance sheet……………………………………………………………........................... 46 1.6 Analysis of cash flow.……………………………………………..………..….……………....................... 48 1.7 Analysis of principal financial ratios..……………………………..………..….…………….................. 50 1.8 Aeronautic services………………………………………………………………....................................... 52 1.9 Retail services……………...…………………………………………………………………………………. 52 1.10 Quality…………….……………...………………………………………………….................................... 53 1.11 Public Relations and communications………………………………………………………………..…… 55 1.12 Environment ……………………………………………………………………………………….. 56 1.13 Staff and organization ………………………………………………………………………...................... 59 1.14 Investments……………………………………………………………..…………………………………….. 65 1.15 Research & development activities……………………….……..……………………………….............. 67 1.16 Controversies……………….….…………………………………………..……..………………………..... 67 1.17 Privacy …………………………..…………………………….……………………………… ….. 71 1.18 Risk factors………………..…………………………….……………………………………………….…... 71 1.19 Holdings structure …………..……….……………….………………………………....………… 71 SAGAT S.p.A. holdings as of 31 December 2013……………….…………………………..... 72 SAGAT Handling S.p.A.………………………………………….…………….………….….. 73 Aeroporti Holding S.r.l………………………………………………………………… ……... 74 SAGAT Engineering S.r.l…………………………………………………………….………... 75 Sistema S.r.l…………………......................................…………….……….............................. 76 Air Cargo Torino S.r.l……………………………………………..…………...…..................... 77 Pista S.p.A. In Liquidazione - Polo Integrato di Sviluppo Torino Aeroporto………................. 77 Ciriè 2000 S.r.l In Liquidazione………………………………….…………………..….……... 77 Torino Servizi S.r.l In Liquidazione……………………………..………...………..………….. 78 1.20 Information on management and coordination………………………………………………………..… 78 6 1.21 Relationships with subsidiaries and other related parties…………...…..……...…………………...… 78 1.22 Significant events occurred after the closing of the year and predictable developments for 2014.……………………..……………………………………........................................................... 78 1.23 Treasury shares.………………………………………...……………………………............................... 82 1.24 Proposals for the allocation of the result of the year..…………………….….……..…………………. 82 2. FINANCIAL STATEMENTS AS OF 31/12/2013 …………….…………………………...84 2.1.1 Balance Sheet: Assets………………………………...……………….……………..........….….... 86 2.1.2 Balance Sheet: Liabilities…………………………………………………………………………. 90 2.1.3 Memorandum Accounts……………………………………………………………........................ 93 2.1.4 Income Statement……………………………………………………………..………………….... 94 2.2 Notes to the Financial Statements of SAGAT S.P.A…………………….…………………….….. 98 2.2.1 Introduction…………………………………………………………………...…….……………..100 2.2.2 PART I: General principles………………………………………………………………………..100 2.2.3 PART II: Drafting principles……………………………………………………………………. 101 2.2.4 PART III: Standards applied in item valuation, value adjustment and foreign currency translation ………………………………………………………………… 101 2.2.5 PART IV: Analysis of principal items………………….…………………………………………107 2.2.6 PART V: Other information…………………..…………………...…………………………… 135 2.3 Auditors' Report for SAGAT S.p.A. …………….………………………………………………..138 2.4 Independent Auditors' report for SAGAT S.p.A. …………….…………………………………...144 3. DIRECTORS' REPORT AS OF 31/12/2013 - SAGAT GROUP………………….…….…148 SAGAT Group Highlights 2013.…………………..……………………………………….……..150 3.1 Report on consolidated financial position and performance………………………….….................. 152 3.2 Traffic scenario …………………………………………………………………………….….......152 3.3 Analysis of the income statement …………………………..…...…………………………………153 3.4 Analysis of the balance sheet .…………………………………………..…………….…………...157 3.5 Analysis of cash flow ……………..…………………………………………….……….………...160 3.6 Principal financial ratios……………………………………………………….……………………….... 162 3.7 Aeronautic services…………….…………………………………………………….……………….….... 164 3.8 Retail services……………...………………………………………………….……….….............164 3.9 Quality ......................……………………………………………..……………..…………….…...165 3.10 Staff and organization ………………………………………………………….……….…………165 3.11 Investments …………………………………………….……………..…………………………....170 3.12 Holdings structure ………..……………………………………………..………………………....170 3.13 Research & development activities ………..…………………………………….……………...….170 7 3.14 Controversies …………………………………………………………………………………….....170 3.15 Privacy …………………………………………………………………………………………….. 171 3.16 Risk factors …………………………………………………………………………….…………... 171 3.17 Significant events occurred after the closing of the year and predictable developments for 2014.……………………………………………………………………….…………… 171 4. CONSOLIDATED FINANCIAL STATEMENTS AS OF 31/12/2013…………………….172 4.1.1 Consolidated Balance Sheet: Assets………………………….……………..….………………….174 4.1.2 Consolidated Balance Sheet: Liabilities…………………………………………………………...178 4.1.3 Consolidated Memorandum Accounts……………………………………………..………………181 4.1.4 Consolidated Income Statement………………………………………….……………...................182 4.2 Notes to the Consolidated Financial Statements………………………………...…………..…… .186 4.2.1 PART I: General principles and drafting principles for the Consolidated Financial Statements.…………........................................................................................................................188 4.2.2 PART II: Standards applied in item valuation, value adjustments and foreign currency translation…………….....................................................190 4.2.3 PART III: Analysis of principal consolidated items……………………………………………….195 4.2.4 PART IV: Other information…………………………………………………………………...….218 4.3 Independent Auditors' report for the Consolidated Financial Statements……….…………….…..220 ANNEXES……………………………………………………………………...……………..224 BALANCE SHEET AND INCOME STATEMENT OF SAGAT HANDLING S.P.A. BALANCE SHEET AND INCOME STATEMENT OF SAGAT ENGINEERING S.R.L. BALANCE SHEET AND INCOME STATEMENT OF AEROPORTI HOLDING S.R.L. BALANCE SHEET AND INCOME STATEMENT OF SISTEMA S.R.L. 8 9 SHAREHOLDING GROUP as of 31/12/2013 F2i sgr S.p.A. 50.79% Equiter S.p.A 12.40% FCT Holding S.r.l. 10.00% Finpiemonte Partecipazioni S.p.A. 8.00% Tecnoinvestimenti S.r.l. 6.30% Province of Turin 5.00% Aeroporto “G. Marconi” di Bologna- SAB S.p.A. 4.13% Aviapartner S.p.A. 0.42% Treasury stock 2.96% Total 100.00% SHAREHOLDING GROUP as of 27/01/2014 F2i Aeroporti S.p.A. 54.46% Equiter S.p.A 12.40% FCT Holding S.r.l. 10.00% Finpiemonte Partecipazioni S.p.A. 8.00% Tecnoinvestimenti S.r.l. 6,76% Province of Turin 5.00% Aviapartner S.p.A. 0.42% Treasury stock 2.96% Total 100.00% 10 11 CORPORATE BODIES Board of Directors Maurizio MONTAGNESE Chairman Paolo VERNERO Vice Chairman Roberto BARBIERI Chief Executive Officer Annalisa ANDREETTA Director Domenico CEMPELLA Director Alberto EICHHOLZER Director Giuseppina FALAPPA Director Gian Luigi GARRINO Director Vincenzo ILOTTE Director Laura PASCOTTO Director Fiorenzo TASSO Director Board of Statutory Auditors Lorenzo GINISIO Chairman of the Board of Statutory Auditors Davide BARBERIS Auditor Ernesto CARRERA Auditor Alessandro COTTO Alternate Auditor Maddalena COSTA Alternate Auditor Alternate Auditor Secretary Dario Maffeo 12 13 1. DIRECTORS' REPORT AS OF 31/12/2013 14 15 SAGAT Highlights 2013 Traffic The Turin airport ends 2013 with 3,160,287 passengers transiting at Caselle, 10% less than in January-December 2012. Income result The most relevant income components for the year are shown below. The earnings, €50,664 thousand, have decreased by 8.7% (€55,512 thousand in 2012). The GOM amounts to €14,846 thousand (29.3% of billing volume) and was €17,302 thousand in 2012 (31.2% of billing volume). The operating result amounts to €1,303 thousand (€-368 thousand in 2012). The EBT amounts to €1,281 thousand (€-603 thousand in 2012). The net result amounts to €215 thousand (€-1,167 thousand in 2012). Net financial position: debt exposure for €8,204 thousand, improving by €5,769 thousand compared to the exposure as of 31 December 2012 (€13,973 thousand). Investments in About €2.7 million on aggregate were invested during the course
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