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Danieli Annual Report at June 30, 2019

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Danieli Annual Report at June 30, 2019 DANIELI ANNUAL REPORT AT JUNE 30, 2019 T Annual report for the period R EPO R L July 01, 2018 to June 30, 2019 A NNU A Contents 2 Danieli Group structure 5 Boards and officers 6 Mission statement 7 Financial highlights of the Danieli Group 8 Key share data DIRECTORS' REPORT 9 The steel market 9 The market for steel making plants 10 Danieli Group operations 12 Danieli Group structure 24 Analysis of/commentary on the economic and financial position of the Danieli Group 25 Highlights of the consolidated income statement as at June 30, 2019 27 Summary of results by business segment 27 Revenues by geographical area 28 Highlights of the reclassified consolidated balance sheet as at June 30, 2019 28 Analysis of the consolidated net financial position as at June 30, 2019 29 Key consolidated financial ratios 30 Statement of changes in net financial position 30 Investments and research activities 31 Analysis of/commentary on the economic and financial position of Danieli & C. Officine Meccaniche S.p.A. 31 Highlights of the income statement as at June 30, 2019 31 Highlights of the reclassified balance sheet as at June 30, 2019 32 Analysis of the net financial position as at June 30, 2019 33 Key financial ratios 33 Management of business risks 35 Atypical and unusual transactions 35 Treasury shares 35 Secondary headquarters 35 Management and coordination 36 Statement pursuant to Art. 2.6.2 of the Stock Exchange Regulations 36 Governance 37 Events occurring after the reporting period 37 Outlook 37 Reconciliation between Parent Company shareholders’ equity and profit for the year and Group shareholders’ equity and profit for the year 38 Proposals by the Board of Directors to the annual general meeting 39 Consolidated non-financial statement pursuant to Italian Legislative Decree no. 254/2016. 71 Relazione di revisione indipendente CONSOLIDATED FINANCIAL STATEMENTS 76 Consolidated Financial Statements 81 Explanatory Notes 125 Supplementary schedules 135 Board certification of the consolidated financial statements 136 External auditors' report on the Group’s consolidated financial statements SEPARATE FINANCIAL STATEMENTS 141 Accounting schedules 146 Explanatory Notes 180 Supplementary schedules 207 Board certification of the separate financial statements 208 Report of the Board of Statutory Auditors 214 External auditors' report on the Parent company separate financial statements 219 Resolutions of the annual general meeting DANIELI 1 Danieli Group structure (*) DANIELI & C. OFFICINE MECCANICHE SPA ITALY DANIELI FINANCE INDUSTRIELLE SOLUTIONS SA BETEILIGUNG SA (LUXEMBOURG) (LUXEMBOURG) EUROPE SOUTH EAST ASIA AMERICAS MIDDLE EAST ABS SPA DANIELI DANIELI CENTRO DANIELI ENG. ROM. SRL DANIELI ROTELEC SA DANIELI METALL. DANIELI DANIELI MIDDLE EAST (ITA) AUTOMATION SPA CRANES SPA (ROM) UK HOLDING LTD (FRA) EQUIP. BEIJING CO LTD DO BRASIL SA ENG. & SERV. CO (ITA) (ITA) (GBR) (CHN) (BRL) (EGY) ABS CENTRE ELSID CHEDA LTD DANIELI CZECH DANIELI INNOVAL STEM SRL DANIELI MET. EQ. DANIELI INDUSTRIAL METALLURGIQUE SARL (RUS) ENGINEERING AS GERMANY GMBH TECHNOLOGY LTD (ITA) & SERV. (CHINA) HOLDINGS INC BETEILIGUNG CO (FRA) (CZE) (DEU) (GBR) CO LTD (CHN) (USA) (SAU) ABS DANIELI SYSTEC DOO DANIELI CORUS DANIELI CHANGSHU DWU ENG. POLSKA SUND BIRSTA AB PARS FOULAD DANIELI DEUTSCHLAND GMBH (HRV) TECHNICAL SERVICES TRADING CO LTD SP. Z.O.O. (SWE) JAM SAMA CORPORATION (DEU) BV (NLD) (CHN) (POL) (IRN) (USA) ABS DANIELI SYSTEC DANIELI CORUS DANIELI FATA SPA BIRSTATEKNIK AB INDUSTRIELLE DANIELI CANADA INC IBERICA SL TECHNOLOGY DOO BV (NLD) HEAVY MACH. ENG. LLC (ITA) (SWE) BETEILIGUNG CO LTD (CAD) (ESP) (SVN) (UAH) (VNM) ABS DANIELI SYSTEC DANIELI CORUS DANIELI FATA GULF CO. WLL SUND BIRSTA (BEIJING) DANIELI CO LTD DANIELI SCANDINAVIA AB ENG. DOO CONSTRUCTION HENSCHEL SAS (QAT) MET. EQ. LTD (THA) TECHNOLOGY INC (SWE) (SRB) SERVICES BV (NLD) (FRA) (CHN) (USA) ABS SISAK DOO PIAVE SRL DANIELI CORUS ASIA DANIELI HENSCHEL FINDAN SPA SUND BIRSTA INC DANIELI AUTOMATION MORGÅRDSHAMMAR INC (HRV) (ITA) BV (NLD) SERVICES OOO (ITA) FLORIDA CO LTD (USA) (RUS) (USA) (THA) ESW DANIELI TELEROBOT DANIELI HOOGOVENS DANIELI PROCOME DANIELI SPECIAL TERMO MAKINA SAN. DANIELI INDIA LTD RÖHRENWERKE GMBH LABS SRL STEELMAKING IBERICA SA CRANES SRL V.T. A.S. (TUR) (IND) (DEU) (ITA) TECHNOLOGY LTD (CHN) (ESP) (ITA) QUALISTEEL SPA DANIELI CONSTR. DANIELI CORUS INDIA DANIELI MORGÅRDSHAMMAR AB TURISMO 85 SRL CENTRO COMBUSTION (ITA) INTERNATIONAL SPA PVT LTD (IND) RUSSIA ENG. LLC (SWE) (ITA) FURNACES PVT LTD (ITA) (RUS) (IND) DANIELI CENTRO DANIELI MALAYSIA DANIELI ENGINEERING DANIELI MORE SRL SCUOLE E ASILI DANIELI ENGINEERING COMBUSTION SPA SDN BHD & SERVICE GMBH VOLGA LLC (ITA) CECILIA DANIELI SRL JAPAN LTD (ITA) (MYS) (AUT) (RUS) (ITA) (JPN) (*) line-by-line consolidated companies as at June 30, 2019 Plant making Finance companies 2 GROUP STRUCTURE Steel making Services and other activities T R EPO R L A NNU A DANIELI & C. OFFICINE MECCANICHE SPA ITALY DANIELI & C. OFFICINE MECCANICHE SPA DANIELI FINANCE ITALY INDUSTRIELLE SOLUTIONS SA BETEILIGUNG SA (LUXEMBOURG) (LUXEMBOURG) DANIELI FINANCE INDUSTRIELLE SOLUTIONS SA BETEILIGUNG SA (LUXEMBOURG) (LUXEMBOURG) EUROPE SOUTH EAST ASIA AMERICAS MIDDLE EAST EUROPE SOUTH EAST ASIA AMERICAS MIDDLE EAST ABS SPA DANIELI DANIELI CENTRO DANIELI ENG. ROM. SRL DANIELI ROTELEC SA DANIELI METALL. DANIELI DANIELI MIDDLE EAST (ITA) AUTOMATION SPA CRANES SPA (ROM) UK HOLDING LTD (FRA) EQUIP. BEIJING CO LTD DO BRASIL SA ENG. & SERV. CO (ITA) (ITA) (GBR) (CHN) (BRL) (EGY) ABS SPA DANIELI DANIELI CENTRO DANIELI ENG. ROM. SRL DANIELI ROTELEC SA DANIELI METALL. DANIELI DANIELI MIDDLE EAST (ITA) AUTOMATION SPA CRANES SPA (ROM) UK HOLDING LTD (FRA) EQUIP. BEIJING CO LTD DO BRASIL SA ENG. & SERV. CO (ITA) ABS CENTRE (ITA) ELSID CHEDA LTD DANIELI CZECH (GBR) DANIELI INNOVAL (CHN) STEM SRL (BRL) DANIELI MET. EQ. (EGY) DANIELI INDUSTRIAL METALLURGIQUE SARL (RUS) ENGINEERING AS GERMANY GMBH TECHNOLOGY LTD (ITA) & SERV. (CHINA) HOLDINGS INC BETEILIGUNG CO (FRA) (CZE) (DEU) (GBR) CO LTD (CHN) (USA) (SAU) ABS CENTRE ELSID CHEDA LTD DANIELI CZECH DANIELI INNOVAL STEM SRL DANIELI MET. EQ. DANIELI INDUSTRIAL METALLURGIQUE SARL (RUS) ENGINEERING AS GERMANY GMBH TECHNOLOGY LTD (ITA) & SERV. (CHINA) HOLDINGS INC BETEILIGUNG CO (FRA) ABS (CZE) DANIELI SYSTEC DOO (DEU) DANIELI CORUS (GBR) DANIELI CHANGSHU DWU ENG. POLSKA CO LTD (CHN) SUND BIRSTA AB (USA) PARS FOULAD (SAU) DANIELI DEUTSCHLAND GMBH (HRV) TECHNICAL SERVICES TRADING CO LTD SP. Z.O.O. (SWE) JAM SAMA CORPORATION (DEU) BV (NLD) (CHN) (POL) (IRN) (USA) ABS DANIELI SYSTEC DOO DANIELI CORUS DANIELI CHANGSHU DWU ENG. POLSKA SUND BIRSTA AB PARS FOULAD DANIELI DEUTSCHLAND GMBH (HRV) TECHNICAL SERVICES TRADING CO LTD SP. Z.O.O. (SWE) JAM SAMA CORPORATION (IRN) (DEU) ABS BV (NLD) DANIELI SYSTEC (CHN) DANIELI CORUS (POL) DANIELI FATA SPA BIRSTATEKNIK AB (USA) INDUSTRIELLE DANIELI CANADA INC IBERICA SL TECHNOLOGY DOO BV (NLD) HEAVY MACH. ENG. LLC (ITA) (SWE) BETEILIGUNG CO LTD (CAD) (ESP) (SVN) (UAH) (VNM) ABS DANIELI SYSTEC DANIELI CORUS DANIELI FATA SPA BIRSTATEKNIK AB INDUSTRIELLE DANIELI CANADA INC IBERICA SL TECHNOLOGY DOO BV (NLD) HEAVY MACH. ENG. LLC (ITA) (SWE) BETEILIGUNG CO LTD (CAD) (ESP) (SVN) (VNM) ABS DANIELI SYSTEC (UAH) DANIELI CORUS DANIELI FATA GULF CO. WLL SUND BIRSTA (BEIJING) DANIELI CO LTD DANIELI SCANDINAVIA AB ENG. DOO CONSTRUCTION HENSCHEL SAS (QAT) MET. EQ. LTD (THA) TECHNOLOGY INC (SWE) (SRB) SERVICES BV (NLD) (FRA) (CHN) (USA) ABS DANIELI SYSTEC DANIELI CORUS DANIELI FATA GULF CO. WLL SUND BIRSTA (BEIJING) DANIELI CO LTD DANIELI SCANDINAVIA AB ENG. DOO CONSTRUCTION HENSCHEL SAS (QAT) MET. EQ. LTD (THA) TECHNOLOGY INC (SWE) (SRB) ABS SISAK DOO SERVICES BV (NLD) PIAVE SRL (FRA) DANIELI CORUS ASIA DANIELI HENSCHEL (CHN) FINDAN SPA SUND BIRSTA INC (USA) DANIELI AUTOMATION MORGÅRDSHAMMAR INC (HRV) (ITA) BV (NLD) SERVICES OOO (ITA) FLORIDA CO LTD (USA) (RUS) (USA) (THA) ABS SISAK DOO PIAVE SRL DANIELI CORUS ASIA DANIELI HENSCHEL FINDAN SPA SUND BIRSTA INC DANIELI AUTOMATION MORGÅRDSHAMMAR INC (HRV) (ITA) BV (NLD) SERVICES OOO (ITA) FLORIDA CO LTD (USA) ESW DANIELI TELEROBOT (RUS) DANIELI HOOGOVENS DANIELI PROCOME (USA) DANIELI SPECIAL (THA) TERMO MAKINA SAN. DANIELI INDIA LTD RÖHRENWERKE GMBH LABS SRL STEELMAKING IBERICA SA CRANES SRL V.T. A.S. (TUR) (IND) (DEU) (ITA) TECHNOLOGY LTD (CHN) (ESP) (ITA) ESW DANIELI TELEROBOT DANIELI HOOGOVENS DANIELI PROCOME DANIELI SPECIAL TERMO MAKINA SAN. DANIELI INDIA LTD RÖHRENWERKE GMBH LABS SRL STEELMAKING IBERICA SA CRANES SRL V.T. A.S. (TUR) (IND) (DEU) (ITA) QUALISTEEL SPA TECHNOLOGY LTD (CHN)DANIELI CONSTR. (ESP) DANIELI CORUS INDIA (ITA) DANIELI MORGÅRDSHAMMAR AB TURISMO 85 SRL CENTRO COMBUSTION (ITA) INTERNATIONAL SPA PVT LTD (IND) RUSSIA ENG. LLC (SWE) (ITA) FURNACES PVT LTD (ITA) (RUS) (IND) QUALISTEEL SPA DANIELI CONSTR. DANIELI CORUS INDIA DANIELI MORGÅRDSHAMMAR AB TURISMO 85 SRL CENTRO COMBUSTION (ITA) INTERNATIONAL SPA PVT LTD (IND) RUSSIA ENG. LLC (SWE) (ITA) FURNACES PVT LTD (ITA) DANIELI CENTRO DANIELI MALAYSIA (RUS) DANIELI ENGINEERING DANIELI MORE SRL (IND) SCUOLE E ASILI DANIELI ENGINEERING COMBUSTION SPA SDN BHD & SERVICE GMBH VOLGA LLC (ITA) CECILIA DANIELI SRL JAPAN LTD (ITA) (MYS) (AUT) (RUS) (ITA) (JPN) DANIELI CENTRO DANIELI MALAYSIA DANIELI ENGINEERING DANIELI MORE SRL SCUOLE E ASILI DANIELI ENGINEERING COMBUSTION SPA SDN BHD & SERVICE GMBH VOLGA LLC (ITA) CECILIA DANIELI SRL JAPAN LTD (ITA) (MYS) (AUT) (RUS) (ITA) (JPN) Plant making Finance companies Steel making Services and other activities Plant making Finance companies DANIELI 3 Steel making
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