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Finmeccanica 2012 Consolidated Financial Statements

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Finmeccanica 2012 Consolidated Financial Statements FINMECCANICA 2012 CONSOLIDATED FINANCIAL STATEMENTS Disclaimer This Annual Report 2012 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. 1 WorldReginfo - d4749ed1-6d4f-4480-a81d-522c59da83f8 CONTENTS Boards and Committees ................................................................................................................................ 5 REPORT ON OPERATIONS AT 31 DECEMBER 2012 ........................................................................... 6 Group results and financial position ......................................................................................................... 6 “Non-IFRS” alternative performance indicators .................................................................................... 21 Related party transactions ....................................................................................................................... 24 Finmeccanica and the commercial scenario ........................................................................................... 29 Performance by division ......................................................................................................................... 37 HELICOPTERS ............................................................................................................................ 37 DEFENCE AND SECURITY ELECTRONICS ............................................................................. 40 AERONAUTICS ........................................................................................................................... 46 SPACE ..................................................................................................................................... 49 DEFENCE SYSTEMS ................................................................................................................... 52 ENERGY ..................................................................................................................................... 55 TRANSPORTATION ..................................................................................................................... 58 OTHER ACTIVITIES .................................................................................................................... 61 Reconciliation of net profit and shareholders’ equity of the Group Parent with the consolidated figures at 31 December 2012 ................................................................................................................ 63 Significant events in 2012 and events subsequent to closure of the accounts ........................................ 64 Finmeccanica and risk management ....................................................................................................... 72 Finmeccanica and the environment ........................................................................................................ 79 Finmeccanica and Research and development ....................................................................................... 88 Finmeccanica: Human Resources ......................................................................................................... 117 Incentive plans ...................................................................................................................................... 139 Finmeccanica and the financial markets ............................................................................................... 140 Corporate governance report and shareholder structure ....................................................................... 144 Outlook ................................................................................................................................................. 258 CONSOLIDATED FIANCIAL STATEMENTS AT 31 DECEMBER 2012 .......................................... 261 2 WorldReginfo - d4749ed1-6d4f-4480-a81d-522c59da83f8 ACCOUNTING STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ........................................................................................................................................ 261 Consolidated income statement ............................................................................................................ 262 Consolidated statement of comprehensive income ............................................................................... 263 Consolidated statement of financial position ........................................................................................ 264 Consolidated statement of cash flows ................................................................................................... 265 Consolidated statement of changes in equity ........................................................................................ 266 Notes to the consolidated financial statements at 31 December 2012 .................................................. 268 1. General information .................................................................................................. 268 2. Form, content and applicable accounting standards ................................................ 268 3. Accounting policies adopted ...................................................................................... 269 4. Significant issues and critical estimates by management .......................................... 288 5. Effects of changes in accounting policies adopted .................................................... 290 6. Significant non-recurring events or transactions ...................................................... 291 7. Significant post balance sheet events ........................................................................ 291 8. Segment information .................................................................................................. 292 9. Intangible assets ........................................................................................................ 295 10. Property, plant and equipment .................................................................................. 303 11. Equity investments and share of profits (losses) of equity-accounted investees ........ 304 12. Business combinations ............................................................................................... 305 13. Financial transactions with related parties ............................................................... 306 14. Receivables and other non-current assets ................................................................. 311 15. Inventories ................................................................................................................. 312 16. Contract work in progress and progress payments and advances from customers ... 312 17. Trade and financial receivables ................................................................................ 313 18. Other current assets .................................................................................................. 314 19. Cash and cash equivalents ........................................................................................ 314 20. Equity ........................................................................................................................ 315 21. Loans and borrowings ............................................................................................... 317 3 WorldReginfo - d4749ed1-6d4f-4480-a81d-522c59da83f8 22. Provisions for risks and charges and contingent liabilities ....................................... 322 23. Employee benefit obligations..................................................................................... 331 24. Other current and non-current liabilities .................................................................. 335 25. Trade payables .......................................................................................................... 336 26. Derivatives................................................................................................................. 336 27. Guarantees and other commitments .......................................................................... 337 28. Transactions with related parties .............................................................................. 339 29. Revenue ..................................................................................................................... 341 30. Other operating income (expenses) ........................................................................... 342 31. PurchaseS and services ............................................................................................. 343 32. Personnel expense ..................................................................................................... 343 33. Amortisation, Depreciation and impairment losses .................................................. 345 34. Internal work capitalised ........................................................................................... 346 35. Financial income and expense .................................................................................. 346 36. Income taxes .............................................................................................................. 348 37. Jointly-controlled
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