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Annual Financial Report at 31 December 2017

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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 .......................................................................
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