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Half-Year Financial Report at 30 June 2019

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Half-Year Financial Report at 30 June 2019 Half-Year Financial Report at 30 June 2019 Disclaimer This Half-Year Financial Report for 2019 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 - 7abd5cd2-0347-45f1-ad64-41c9a840b9ef Half-year financial report at 30 June 2019 TABLE OF CONTENTS BOARDS AND COMMITTEES...................................................................................................... 4 REPORT ON OPERATIONS AT 30 JUNE 2019 .......................................................................... 5 Group results and financial position ........................................................................................................ 5 Outlook .................................................................................................................................................. 13 Industrial and financial transactions ...................................................................................................... 13 Related party transactions ..................................................................................................................... 15 "Non-GAAP" performance indicators ................................................................................................... 16 CONDENSED CONSOLIDATED HALF-YEAR FINANCIAL STATEMENTS AT 30 JUNE 2019 ....................................................................................................................................... 20 Condensed consolidated separate income statement ............................................................................. 21 Consolidated statement of comprehensive income ............................................................................... 22 Condensed consolidated statement of financial position ....................................................................... 23 Consolidated statement of cash flows ................................................................................................... 24 Consolidated statement of changes in equity ........................................................................................ 25 Explanatory notes .................................................................................................................................. 26 1. GENERAL INFORMATION ......................................................................................................... 26 2. FORM, CONTENT AND APPLICABLE ACCOUNTING STANDARDS ................................................... 26 3. SIGNIFICANT ISSUES AND CRITICAL ESTIMATES BY MANGEMENT ................................................ 27 4. BUSINESS SEASONALITY .......................................................................................................... 27 5. EFFECTS OF CHANGES IN ACCOUNTING POLICIES ADOPTED ..................................................... 27 6. SIGNIFICANT EVENTS OCCURRED AFTER THE PERIOD-END ........................................................ 29 7. SEGMENT REPORTING ............................................................................................................. 29 8. INTANGIBLE ASSETS ................................................................................................................ 31 9. PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTIES .......................................... 32 2 WorldReginfo - 7abd5cd2-0347-45f1-ad64-41c9a840b9ef Half-year financial report at 30 June 2019 10. RIGHTS OF USE ....................................................................................................................... 32 11. OTHER NON-CURRENT ASSETS ................................................................................................. 32 12. BUSINESS COMBINATIONS ....................................................................................................... 33 13. TRADE RECEIVABLES, INCLUDING CONTRACT ASSETS ............................................................... 34 14. OTHER CURRENT ASSETS ......................................................................................................... 34 15. EQUITY .................................................................................................................................. 35 16. LOANS AND BORROWINGS ....................................................................................................... 36 17. PROVISIONS FOR RISKS AND CONTINGENT LIABILITIES .............................................................. 38 18. EMPLOYEE BENEFITS .............................................................................................................. 45 19. OTHER CURRENT AND NON-CURRENT LIABILITIES .................................................................... 46 20. TRADE PAYABLES, INCLUDING CONTRACT LIABILITIES .............................................................. 46 21. REVENUE ............................................................................................................................... 46 22. OTHER OPERATING INCOME (EXPENSES) ................................................................................. 47 23. PURCHASES AND PERSONNEL EXPENSES .................................................................................. 47 24. AMORTISATION, DEPRECIATION AND FINANCIAL ASSETS VALUE ADJUSTMENTS ........................... 48 25. FINANCIAL INCOME AND EXPENSES ......................................................................................... 49 26. SHARE OF PROFITS (LOSSES) OF EQUITY-ACCOUNTED INVESTEES ............................................. 49 27. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS ........................................................ 49 28. EARNINGS PER SHARE ............................................................................................................. 51 29. CASH FLOW FROM OPERATING ACTIVITIES AND CHANGE IN WORKING CAPITAL .......................... 51 30. RELATED PARTY TRANSACTIONS .............................................................................................. 51 Annex: scope of consolidation .............................................................................................................. 56 Statement on the condensed consolidated half-year financial statements at 30 June 2019 pursuant to Art. 154-bis, paragraph 5, of Legislative Decree no. 58/98 as amended ........................................... 60 Independent Auditor’s Report on the review of the condensed consolidated half-year financial statements at 30 June 2019 .................................................................................................................... 61 3 WorldReginfo - 7abd5cd2-0347-45f1-ad64-41c9a840b9ef Half-year financial report at 30 June 2019 Boards and Committees BOARD OF DIRECTORS (for the three-year period 2017 - 2019) BOARD OF STATUTORY AUDITORS * (for the three-year period 2018 - 2020) GIOVANNI DE GENNARO Chairman Regular Statutory Auditors ALESSANDRO PROFUMO LUCA ROSSI ** Chief Executive Officer Chairman GUIDO ALPA SARA FORNASIERO Director (a, c) FRANCESCO PERRINI LUCA BADER Director (a, d) LEONARDO QUAGLIATA MARINA ELVIRA CALDERONE DANIELA SAVI Director (b, c) Alternate Statutory Auditors PAOLO CANTARELLA MARINA MONASSI Director (a, c) GIUSEPPE CERATI *** MARTA DASSU’ Director (c, d) DARIO FRIGERIO Director (b, c) FABRIZIO LANDI Director (a, d) SILVIA MERLO Director (a, d) _______________________________________ MARINA RUBINI Director (b, c) ANTONINO TURICCHI ________________________________________ Director (b, c) INDEPENDENT LEGAL AUDITORS KPMG S.p.A. (for the period 2012 - 2020) *************************************** LUCIANO ACCIARI Secretary of the Board of Directors * The Shareholders’ Meeting held on 16 May 2019 made additions to the Board of Statutory Auditors, following the resignation of Riccardo Raul Bauer as Regular Auditor and Chairman of the control body – which occurred on 8 November 2018 – and the appointment of the Alternate Auditor Luca Rossi to the abovementioned positions on the same date, pursuant to law and to the By-Laws and until the abovementioned Shareholders’ Meeting. ** The Shareholders’ Meeting held on 16 May 2019 appointed Luca Rossi as Regular Auditor and Chairman of the Board of Statutory Auditors (upon the proposal submitted by a group of asset management companies and institutional investors, which hold an overall stake of about 1.06% of the share capital). *** The Shareholders’ Meeting held on 16 May 2019 appointed Giuseppe Cerati as Alternate Auditor (upon the proposal submitted by a group of asset management companies and institutional investors, which hold an overall stake of about 1.06% of the share capital). a. Member of the Control and Risks Committee b. Member of the Remuneration Committee c. Member of the Nomination, Governance and Sustainability Committee d. Member of the Analysis of International Scenarios Committee _______________________________________ 4 WorldReginfo - 7abd5cd2-0347-45f1-ad64-41c9a840b9ef Half-year financial report at 30 June 2019 Report on operations at 30 June 2019 Group results and financial position Key Performance Indicators (“KPI”) June 2019 June 2018 Change 2018 New orders 6,145 4,604 33.5% 15,124 Order backlog 36,321 32,611 11.4% 36,118 Revenue 5,962 5,589 6.7% 12,240 EBITDA 755 667
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