DOCSLIB.ORG

Annual Financial Report at 31 December 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Financial Report at 31 December 2017 ANNUAL FINANCIAL REPORT AT 31 DECEMBER 2017 Disclaimer This Annual Financial Report 2017 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 - 97cc9228-79bc-450b-9658-bbafccec41d0 Company Internal Annual financial report at 31 December 2017 CONTENTS BOARDS AND COMMITTEES ..................................................................................................................... 7 REPORT ON OPERATIONS AT 31 DECEMBER 2017 ............................................................................. 8 Group results and financial position .................................................................................................. 8 Other performance indicators .......................................................................................................... 19 "Non-GAAP" alternative performance indicators ........................................................................... 20 Effects of the new IFRS15 accounting standard “Revenue Recognition” ....................................... 24 Outlook ............................................................................................................................................ 25 Related party transactions ................................................................................................................ 26 Industrial and financial transactions ................................................................................................ 28 Leonardo and the scenario ............................................................................................................... 32 Leonardo and risk management ....................................................................................................... 43 Leonardo and sustainability ............................................................................................................. 50 Share price ....................................................................................................................................... 75 Corporate Governance ..................................................................................................................... 77 Performance of the Parent Company ............................................................................................... 82 The Parent Company's offices ......................................................................................................... 85 Reconciliation of net profit and shareholders'equity of the Group Parent with the consolidated figures at 31 December 2017 ...................................................................................... 86 Proposal to the Shareholders’ Meeting ............................................................................................ 87 CONSOLIDATED FINANCIAL STATEMENTS AT 31 DECEMBER 2017 ......................................... 88 Consolidated accounting statements ................................................................................................ 89 Consolidated separate income statement ..................................................................................... 89 Consolidated statement of comprehensive income ...................................................................... 90 2 WorldReginfo - 97cc9228-79bc-450b-9658-bbafccec41d0 Annual financial report at 31 December 2017 Consolidated statement of financial position ............................................................................... 91 Consolidated statement of cash flows .......................................................................................... 92 Consolidated statement of changes in equity ............................................................................... 93 Notes to the consolidated financial statements at 31 December 2017 ............................................. 94 1. General information ............................................................................................................. 94 2. Form, Content and applicable accounting standards .......................................................... 94 3. Accounting Policies Adopted ............................................................................................... 95 4. Significant issues and critical estimates by mangement..................................................... 114 5. Effects of changes in accounting policies adopted ............................................................. 117 6. Significant non-recurring events or transactions ............................................................... 117 7. Significant post balance sheet events ................................................................................. 118 8. Segment information .......................................................................................................... 118 9. Intangible assets ................................................................................................................. 120 10. Property, plant and equipment ........................................................................................... 125 11. Equity investments and share of profits (losses) of equity-accounted investees ................ 126 12. Receivables and other non-current assets .......................................................................... 130 13. Business combinations ....................................................................................................... 131 14. Inventories .......................................................................................................................... 131 15. Contract work in progress and progress payments and advances from customers ........... 132 16. Trade and financial receivables ......................................................................................... 132 17. Other current assets ........................................................................................................... 133 18. Cash and cash equivalents ................................................................................................. 133 19. Equity ................................................................................................................................. 134 20. Loans and Borrowings ....................................................................................................... 135 21. Provisions for risks and charges and contingent liabilities ............................................... 139 22. Employee benefit obligations ............................................................................................. 150 3 WorldReginfo - 97cc9228-79bc-450b-9658-bbafccec41d0 Annual financial report at 31 December 2017 23. Current and non-current liabilities .................................................................................... 154 24. Trade payables ................................................................................................................... 154 25. Guarantees and other commitments ................................................................................... 154 26. Revenue .............................................................................................................................. 155 27. Other operating income (expenses) .................................................................................... 156 28. Purchases and personnel expenses .................................................................................... 156 29. Amortisation, depreciation and impairment losses ............................................................ 157 30. Financial income and expense ........................................................................................... 158 31. Income taxes ....................................................................................................................... 159 32. Assets held for sale and discontinued operations .............................................................. 160 33. Earnings per share ............................................................................................................. 160 34. Cash flows from operating activities .................................................................................. 161 35. Related party transactions ................................................................................................. 161 36. Financial risk management ................................................................................................ 166 37. Remuneration to key management personnel ..................................................................... 173 38. Share Base payments .......................................................................................................... 174 Attachment: Scope of consolidation .............................................................................................. 176 Statement on the consolidated financial statements pursuant to art. 154-bis, paragraph 5 of Legislative Decree 58/98 as amended ............................................................................................ 180 Independent Auditor’s Report on the consolidated .......................................................................
Load more

Recommended publications
  • Italy at a Glance Materials to the Highest Levels and Hence “The 787 Represents Today the High Strategy
    “ Italy is an extremely important U.S. ally and a valued customer and industrial partner in both the commercial and defense markets.” – Rinaldo Petrignani, president of Boeing Italy PHOTO ILLUSTRATION: (Far left) A Boeing 787 Dreamliner flies above Rome’s Colosseum.BRANDON LUONG/BOEING; COLOSSEUM PHOTO: SHUTTERSTOCK; 787 DREAMLINER PHOTO: BOEING PHOTOS: (Above, from left) A 787 composite fuselage barrel is loaded into the Dreamlifter at the Alenia Aermacchi facility in Grottaglie, located in Italy’s Taranto province. ALENIA AERMACCHI Rinaldo Petrignani, president of Boeing Italy. BOEING (Left) A trio of Alenia employees work in the lower portion of a 787 barrel in Grottaglie. ALENIA AERMACCHI technological expertise in composite Italian Research Office near Naples. president of Business Development and Italy at a glance materials to the highest levels and hence “The 787 represents today the high Strategy. Italy is Boeing’s second-largest to become even stronger and more point of the intense relationship that Boeing supplier in Europe, excluding engine Official name: Italian Republic competitive as a global player in the has been able to develop with the Italian purchases, he said. Location: Southern Europe, a peninsula aerostructures industry.” air industry: a relationship which, as every “Italy represents both an important mar- extending to the Mediterranean Sea; Viva l’Italia Alenia also has made horizontal stabiliz- relationship, has also had its difficulties, but ket for our business units and an important neighbors include France, Switzerland, Boeing and Italy enjoy strong ties and Austria and Slovenia ers for the 787 in Italy, as well as radomes, which constantly proceeds and progresses industrial and research partner,” Hill said.
    [Show full text]
  • Singapore, 16 February 2012
    Farnborough, July 14, 2014 ATR: 144 firm orders, new sales record for the first half of the year The aircraft manufacturer has also taken options for 112 additional aircraft At the Farnborough Airshow, the turboprop aircraft manufacturer ATR this morning announced that it has taken firm orders for 144 aircraft (119 ATR 72-600 and 25 ATR 42-600), with options for 112 additional aircraft, since the beginning of the year. This year's contracts, of which many will be revealed during the week of the show, represent a total value of over US$3.45 billion (US$6 billion including options). These sales represent 150% compared to the total sales for the year 2013. They will allow ATR to further strengthen its leading position on the market for regional aviation, and thus confirm the predominance of turboprop aircraft, and particularly those of ATR, over short distances. Sales for the first half of the year highlight the appeal of the ATR '-600's for regional companies and the leasing company community, attracted by the economic and environmental performance of the aircraft, their technical reliability and their high standard of comfort. This year, the ATR '-600's have also passed the symbolic mark of 500 firm orders since their launch at the end of 2007. ATR's backlog currently stands at 325 aircraft to be delivered in the coming years, a new record, representing a value of US$8 billion. On the back of this sales performance in the first half the year, ATR has increased its end of 2013 backlog by around 45%, seeing production ensured for almost 4 years.
    [Show full text]
  • The Publisher Will Re-Type the Main Title, Author
    ITEC 2019 M-346 ITS Interoperability by Design ITEC 2019 – M-346 ITS Interoperability by Design Abstract — The world of military training is by nature conservative, typically customers planning future training systems base their ideas and expectations on how were trained. M-346 ITS design and development have been built around an innovative training paradigm where the Aircraft, the Ground Based Training Systems and the Interoperability functionality are strictly connected. Based on a number of developments and experiences, the user community is seeking to blur the boundaries to get more training value from an Interoperable System. Furthermore, the introduction of advanced Fighters (4th and 5th generation) implies a new Concept of Operations (CONOPS) of level of interoperability during training joint events. 1 M-346 Advanced Trainer Aircraft and LVC is definitively a System-of-System made by the Interoperability most modern system integration technologies and it is one of the core components of the ITS that includes real aircraft, simulators and additional training aids and The M-346 Advanced Trainer Aircraft has been ground/support stations. designed around the concept of interoperability, as a key factor in order to provide improved Teaching Besides, the M-346 ITS platform has been involved in Effectiveness capabilities compared to the other existing international Red Air missions achieving considerable trainer aircrafts, with the final aim to achieve the most success. cost effective training by downloading training tasks from 4th/5th generation combat aircraft. 2 M-346 ITS “Networked architecture design” starting from an advanced TNA Since the first design phases the Aermacchi M-346 has been considered not only as an aircraft but as a M-346 ITS was conceived around specific networked element of the Leonardo’s Integrated Requirements derived from a Training Need Analysis Training System (ITS); this also includes Ground Based (TNA) to fill the gap generated by new generation Training System (GBTS) and Mission Support Station combat aircraft.
    [Show full text]
  • Italian Specail Report
    SHAPING THE FUTURE OF ITALIAN AIRPOWER 10/13/15 Second Line of Defense Second Line of Defense Shaping the Future of Italian Airpower SECOND LINE OF DEFENSE Table of Contents INTRODUCTION ................................................................................................................................................... 2 THE FIRST FLIGHT AS A KEY BASELINE EVENT .................................................................................................... 2 THE ITALIAN AIR FORCE SHAPES A WAY AHEAD: THE PERSPECTIVE OF THE ITALIAN CHIEF OF STAFF ......... 6 ITALIAN AIRPOWER MODERNIZATION: A DISCUSSION WITH THE EDITOR OF RIVISTA ITALIANA DIFESA ..... 8 RESHAPING CONCEPTS OF OPERATIONS: EUROFIGHTER, THE F-35, THE UK AND ITALY ............................. 10 THE RECONFIGURATION OF EUROFIGHTER ................................................................................................................ 11 THE IMPACT OF THE F-35 FLEET ............................................................................................................................... 12 WORKING NEW CONCEPTS OF OPERATIONS ............................................................................................................. 14 EVOLVING WEAPONS AT THE VORTEX OF THE CHANGE .............................................................................................. 15 LEVERAGING WEAPONS COMMONALITIES: THE CASE OF THE METEOR MISSILE ............................................................... 16 AN UPDATE ON EUROFIGHTER MODERNIZATION: THE
    [Show full text]
  • Espinsights the Global Space Activity Monitor
    ESPInsights The Global Space Activity Monitor Issue 1 January–April 2019 CONTENTS SPACE POLICY AND PROGRAMMES .................................................................................... 1 Focus .................................................................................................................... 1 Europe ................................................................................................................... 4 11TH European Space Policy Conference ......................................................................... 4 EU programmatic roadmap: towards a comprehensive Regulation of the European Space Programme 4 EDA GOVSATCOM GSC demo project ............................................................................. 5 Programme Advancements: Copernicus, Galileo, ExoMars ................................................... 5 European Space Agency: partnerships continue to flourish................................................... 6 Renewed support for European space SMEs and training ..................................................... 7 UK Space Agency leverages COMPASS project for international cooperation .............................. 7 France multiplies international cooperation .................................................................... 7 Italy’s PRISMA pride ................................................................................................ 8 Establishment of the Portuguese Space Agency: Data is King ................................................ 8 Belgium and Luxembourg
    [Show full text]
  • EXPO 2017 Workshop Brochure EN Finale
    EXPO 2017 - Future Energy – Workshop on the Space Business in “Casa Italia” “The Space, as Italian Development Model of High Technological Sectors for Energetic Applications” Inspire and facilitate the use of space technology, systems and know-how for future energy application. 22 nd July 2017 Astana, Kazakhstan Objective The workshop is aimed to present the Italian cutting-edge space technologies, expertize and prospects, highlighting those related to the energy sectors developed in the Italian industrial systems of Lazio and Piemonte. The mission is to inspire and facilitate the use of space technology, systems and know-how for future energy application. Thales Alenia Space is the main Italian space industry, it is present in Italy with important industrial production sites in both the regions Lazio and Piemonte. It is the joining link of an economic innovative model, the Space Economy model. The Space Economy model represent the space value chain that starts from the R&D, goes to the realization of the space infrastructure and reaches till satellite innovative products generation and services (i.e. telecommunication, navigation, positioning and environmental monitoring and services .etc). The workshop will present the space assets and technologies along with possible down- stream applications customized for Kazakhstan, such as Earth Observation monitoring of strategic infrastructures such as electric grid, natural resource management. The possibilities to cope the telecommunication capabilities of KazSat2 and KazSat3 with the one of KazEOSat-1 (DZZ-HR) and KazEOSat-2 (DZZ-MR) and enhance them with COSMO-SkyMed ones. Finally, going beyond our planet, the possibility to adapt space exploration technologies in non-space sectors such as fuel cell for the generation of energy in the space.
    [Show full text]
  • Leonardo Finmeccanica
    Integrated Border Control Security Solution 09 November 2016 Topics . Leonardo – a new beginning . Leonardo Integrated Border Control Security Solution . Focus on Video Analysis capabilities and technologies . References 2 © Leonardo - Finmeccanica - Società per azioni 2016: A new beginning One Company, Stronger Together 1 January 2016: the One Company is born through merger operations for the incorporation of OTO Melara and WASS into Finmeccanica and the absorption of the activities carried out by AgustaWestland, Alenia Aermacchi and Selex ES. The industrial entity maintains Parent Company and Corporate Centre functions for DRS Technologies, MBDA, Telespazio, Thales Alenia Space, and ATR. Finmeccanica is now Leonardo 28 April 2016: our name changes to Leonardo, inspired by Leonardo da Vinci, a universally recognised symbol of creativity and innovation. Leonardo represents the ideal bridge between historical legacy and our future in the high- tech industrial sectors. 3 © Leonardo - Finmeccanica - Società per azioni Our Business Leonardo is a global high-tech company and one of the key actors in Aerospace, Defence and Security worldwide. Helicopters . Aircraft SUBSIDIARIES AND JOINT VENTURES . Aerostructures . DRS Technologies (100% Leonardo) . Telespazio (67% Leonardo and 33% Thales) DIVISIONSHELICOPTERS SPACE . Airborne & Space Systems . Thales Alenia Space (67% Thales and 33% Leonardo) . MBDA (37.5% BAE Systems, 37.5% Airbus Group, 25% Leonardo) . Land & Naval Defence Electronics . ATR (50% Leonardo and 50% Airbus Group) . Defence Systems
    [Show full text]
  • ATR Appoints New Head of Communications
    Toulouse, 7th May 2015 ATR appoints new Head of Communications Palmira Rotolo has been appointed as new Head of Communications of world’s leading turboprop manufacturer ATR. In her new position, she will be in charge of coordinating activities in the fields of Events, Brand Image, and both Internal and External Communications. Mrs.Rotolo has held a number of successive different positions within Alenia Aermacchi (previously Alenia Aeronautica), Superjet International, Finmeccanica and ATR. Since 2014, she was Head of Marketing Communication at Alenia Aermacchi. Previously, she had took the position of Head of Communication and Image (2012-2014), Deputy Head of Human Resources International (2010- 2012) and Head of International Communication (2007-2010), all of them also at Alenia Aermacchi. Before this, among other positions, she had been CEO Public Relations assistant while making part of the Task Force Team for the launch of SuperJet International (2006-2007), and she had managed Events at Finmeccanica (2004-2005). Mrs.Rotolo has an extensive knowledge of ATR, where she had already worked between 1992 and 2003, being successively in charge of External Relations, Public Relations and Exhibitions. She helds a Degree in Social Science from LUMSA University in Rome, Italy, and a Degree in Trainee Officer for mercantile shipping. About ATR: ATR is the world leader on the market for regional aircraft. Known for its exemplary eco-responsibility, ATR is a role model for airlines, not only in terms of its performance and reliability, but also in terms of profitability on short-haul air routes. ATR is ISO 14001 certified. Its aircraft are currently operated by more than 180 airlines in over 90 countries.
    [Show full text]
  • Aircraft Manufacturers Partie 4 — Constructeurs D’Aéronefs Parte 4 — Fabricantes De Aeronaves Часть 4
    4-1 PART 4 — AIRCRAFT MANUFACTURERS PARTIE 4 — CONSTRUCTEURS D’AÉRONEFS PARTE 4 — FABRICANTES DE AERONAVES ЧАСТЬ 4. ИЗГОТОВИТЕЛИ ВОЗДУШНЫХ СУДОВ COMMON NAME COMMON NAME NOM COURANT NOM COURANT NOMBRE COMERCIAL NOMBRE COMERCIAL CORRIENTE MANUFACTURER FULL NAME CORRIENTE MANUFACTURER FULL NAME ШИРОКО NOM COMPLET DU CONSTRUCTEUR ШИРОКО NOM COMPLET DU CONSTRUCTEUR РАСПРОСТРАНЕННОЕ FABRICANTE NOMBRE COMPLETO РАСПРОСТРАНЕННОЕ FABRICANTE NOMBRE COMPLETO НАИМЕНОВАНИЕ ПОЛНОЕ НАИМЕНОВАНИЕ ИЗГОТОВИТЕЛЯ НАИМЕНОВАНИЕ ПОЛНОЕ НАИМЕНОВАНИЕ ИЗГОТОВИТЕЛЯ A (any manufacturer) (USED FOR GENERIC AIRCRAFT TYPES) AERO ELI AERO ELI SERVIZI (ITALY) AERO GARE AERO GARE (UNITED STATES) 3 AERO ITBA INSTITUTO TECNOLÓGICO DE BUENOS AIRES / PROYECTO PETREL SA (ARGENTINA) 328 SUPPORT SERVICES 328 SUPPORT SERVICES GMBH (GERMANY) AERO JAEN AERONAUTICA DE JAEN (SPAIN) AERO KUHLMANN AERO KUHLMANN (FRANCE) 3XTRIM ZAKLADY LOTNICZE 3XTRIM SP Z OO (POLAND) AERO MERCANTIL AERO MERCANTIL SA (COLOMBIA) A AERO MIRAGE AERO MIRAGE INC (UNITED STATES) AERO MOD AERO MOD GENERAL (UNITED STATES) A-41 CONG TY SU'A CHU'A MAY BAY A-41 (VIETNAM) AERO SERVICES AÉRO SERVICES GUÉPARD (FRANCE) AAC AAC AMPHIBIAM AIRPLANES OF CANADA (CANADA) AERO SPACELINES AERO SPACELINES INC (UNITED STATES) AAK AUSTRALIAN AIRCRAFT KITS PTY LTD (AUSTRALIA) AEROALCOOL AEROÁLCOOL TECNOLOGIA LTDA (BRAZIL) AAMSA AERONAUTICA AGRICOLA MEXICANA SA (MEXICO) AEROANDINA AEROANDINA SA (COLOMBIA) AASI ADVANCED AERODYNAMICS AND STRUCTURES INC AERO-ASTRA AVIATSIONNYI NAUCHNO-TEKHNICHESKIY TSENTR (UNITED STATES) AERO-ASTRA
    [Show full text]
  • ATR Appoints New Head of Quality
    Toulouse, 6th May 2015 ATR appoints new Head of Quality World’s leading turboprop manufacturer ATR is pleased to announce Roberto Del Pezzo as new Head of Quality. ATR has created this new direction in the aim of further developing and strengthening all activities related to quality, a core part of its business. Mr. Del Pezzo will be in charge of implementing the Quality policy with respect to the ATR objectives. Among his new responsibilities, he will be in charge of providing quality methodological support across the different directions of ATR, managing customer’s satisfaction measurement, interfacing with the certification agencies and managing the entire quality process associated to the ATR program. He will directly report to ATR’s Chief Executive Officer, Patrick de Castelbajac. Mr. Del Pezzo started its aeronautical career at Aeritalia (today Alenia Aermacchi) in 1983, holding various positions with the Product Support Directorate. In 1994 he joined the Quality Directorate of Alenia Aeronautica (today Alenia Aermacchi) as Quality Control manager first, and then he took this same position specifically for the ATR aircraft. In 1997 he was appointed as Head of the production plant of Alenia at Nola (Italy), and two years later he became Head of American programs at the plant of Pomigliano (Italy), including the manufacturing activities of Alenia for the Boeing 717s, 767s, and 777s. He moved back to the Quality Directorate in 2004, holding different positions including Senior Vice-President (SVP) Quality, SVP Quality assurance & Certification Deputy and Head of Program & Product Quality. He holds a full-honors Degree in Mechanical Engineering from Federico II University, in Naples.
    [Show full text]
  • Security & Defence European
    a 7.90 D European & Security ES & Defence 6/2016 International Security and Defence Journal COUNTRY FOCUS: SPAIN Close-In Ship Defence ISSN 1617-7983 • www.euro-sd.com • Training and Simulation A Fighter for the Information Age Current trends and international programmes F-35 LIGHTNING II status report November 2016 Politics · Armed Forces · Procurement · Technology job number client contact 00684_218_IDEX2017 September Print Ads_Euroatlantic Defence News, West Africa Security & Greek Defence News IDEX Joenalene final artwork size colour designer proof print ready 210mm (w) x 297mm (h) CMYK Tina 1 Y idexuae.ae The Middle East and North Africa’s largest defence and security exhibition returns to Abu Dhabi in February 2017. The global defence industry will continue to meet influential VIP’s, decision makers, military personnel and key investors at IDEX 2017. Attracting more than 1,200 exhibitors and 101,000 local, regional and international trade visitors and officials from government industry and armed forces. For detailed information about IDEX 2017, please visit www.idexuae.ae To book an exhibition stand or outdoor space, please email [email protected] 19-23FEBRUARY2017 ADNEC,ABUDHABI,UAE StrategicPartner PrincipalPartner Organisedby HostVenue Inassociationwith Editorial Afghanistan Needs More Support At the present time all eyes are on the Ban Ki Moon called for “a strong message war in Syria, and the despairing efforts of support for the people and the govern- to achieve at least a temporary ceasefire. ment of Afghanistan”. This is causing another war zone almost On 16 October 2016 the EU and the to disappear from public notice: Afghani- government in Kabul agreed to speed up stan.
    [Show full text]
  • The “Green” ATR Flying Demonstrator Takes Off
    The “green” ATR Flying Demonstrator takes off The purpose of the flying demonstration is to test new and more effective composite insulating materials and the vibro-acoustic sensors integrated into a large crown panel of ATR forward fuselage section. The flights test the new generation of optical fibers for improved identification of micro-cracks and easier maintenance too. The objective of such advanced technologies, developed by ATR’s shareholder Alenia Aermacchi, is to reduce the aircraft weight, fuel consumption, CO2 & NOx emissions and noise level. Toulouse, July 8, 2015: The “green” ATR 72 prototype today made the first flight of the “Clean Sky Joint Technology Initiative (CS JTI)” test campaign. CS JTI is a measure adopted by the European Parliament to support the trend of public-private partnership (PPP) initiatives in the field of research, with the aim of jointly developing a wide spectrum of technologies devoted to a clean, innovative and competitive air transport system. The Clean Sky goal is to achieve major steps towards the ACARE Environmental Goals for 2020 when compared to 2000 levels: 50% reduction in CO2 emissions, 80% cut in NOx emissions and halving of noise pollution. The project is financed 50/50 by the aeronautical industry and by the European Union. ATR has been part of the project since it was created in 2008, playing the role of Associate to its Italian shareholder Alenia Aermacchi, the Coordinator of Green Regional Aircraft Integrated Technology Demonstrator, inside the CS JTI. Today’s flight is the first of all those planned for the initiative’s Projects. Later on, towards the end of the year, a second flight test campaign will be checking out improvements to the electrical distribution, energy dispersal and the air conditioning systems.
    [Show full text]