Società Per Azioni 2011 SEPARATE FINANCIAL STATEMENTS
Total Page:16
File Type:pdf, Size:1020Kb
FINMECCANICA - Società per azioni 2011 SEPARATE FINANCIAL STATEMENTS Disclaimer This Annual Report 2011 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. CONTENTS BOARDS AND COMMITTEES ......................................................................................................... 5 REPORT ON OPERATIONS AT 31 DECEMBER 2011 ...................................................................... 7 Significant events in 2011 and events subsequent to closure of the accounts ........................................ 10 Analysis of the income statement, balance sheet and cash flow statement ............................................ 17 “Non- GAAP” performance indicators ................................................................................................... 24 Transactions with related parties ............................................................................................................ 25 Finmeccanica and the commercial scenario ........................................................................................... 29 Performance by division ......................................................................................................................... 36 HELICOPTERS .................................................................................................................................... 37 DEFENCE AND SECURITY ELECTRONICS ..................................................................................... 40 AERONAUTICS .................................................................................................................................... 47 SPACE .................................................................................................................................................. 52 DEFENCE SYSTEMS ........................................................................................................................... 56 ENERGY ............................................................................................................................................... 59 TRANSPORTATION ............................................................................................................................. 63 OTHER ACTIVITIES ............................................................................................................................ 67 Finmeccanica and risk management ....................................................................................................... 69 Finmeccanica and the environment ........................................................................................................ 75 Finmeccanica and Research and Development ...................................................................................... 85 Finmeccanica: Human Resources ......................................................................................................... 108 Finmeccanica: Security Policy Statement (SPS) .................................................................................. 124 Incentive plans (stock-option and stock-grant plans) ........................................................................... 125 Company’s offices ................................................................................................................................ 132 Finmeccanica and the financial markets ............................................................................................... 133 Corporate governance report and shareholder structure ....................................................................... 138 Outlook ................................................................................................................................................. 229 Report of the Board of Directors and proposal to the Shareholders’ Meeting ...................................... 233 ACCOUNTING STATEMENTS AND NOTES TO THE SEPARATE FINANCIAL STATEMENTS AT 31 DECEMBER 2011 .................................................................................................................. 234 Separate income statement ................................................................................................................... 235 Statement of comprehensive income .................................................................................................... 236 Balance Sheet ....................................................................................................................................... 237 2 Statement of Cash Flows ...................................................................................................................... 238 Statement of Changes in Shareholders’ Equity .................................................................................... 239 Notes to the separate financial statements at 31 december 2011 .......................................................... 240 1. General information ................................................................................................................... 240 2. Form, content and applicable accounting standards ................................................................. 240 3. Accounting policies adopted ...................................................................................................... 241 4. Significant issues ........................................................................................................................ 254 5. Effects of changes in accounting policies adopted ..................................................................... 255 6. Significant non-recurring events or transactions ....................................................................... 256 7. Segment information................................................................................................................... 257 8. Intangible assets ......................................................................................................................... 258 9. Property, plant and equipment ................................................................................................... 259 10. Investment properties ................................................................................................................. 260 11. Equity investments ...................................................................................................................... 261 12. Financial transactions with related parties ................................................................................ 265 13. Receivables and other non-current assets .................................................................................. 273 14. Trade and financial receivables ................................................................................................. 274 15. Current financial assets at fair value ......................................................................................... 274 16. Income tax receivables and payables ......................................................................................... 275 17. Other current assets ................................................................................................................... 276 18. Cash and cash equivalents ......................................................................................................... 277 19. Shareholders’ equity................................................................................................................... 277 20. Borrowings ................................................................................................................................. 281 21. Provisions for risks and charges and contingent liabilities ....................................................... 284 22. Employee liabilities .................................................................................................................... 289 23. Other current and non-current liabilities ................................................................................... 291 24. Trade payables ........................................................................................................................... 292 25. Derivatives ................................................................................................................................. 292 26. Guarantees and other commitments ........................................................................................... 293 27. Transactions with related parties ............................................................................................... 296 28. Revenue ...................................................................................................................................... 299 29. Other operating income (expenses) ............................................................................................ 299 30. Raw materials and consumables used and purchase of services ................................................ 300 31. Personnel costs ........................................................................................................................... 301 32. Amortisation, depreciation and impairment ..............................................................................