in
CONSOLIDATED BALANCE SHEET
(in euro)
| ASSETS | 31.12.2008 | 31.12.2007 |
| NON-CURRENT ASSETS | ||
| Intangible assets | 192,928,949 | 241,761,499 |
| Tangible assets | 1,162,866,915 | 879,340,229 |
| Investments in companies valued at equity | 253,925,737 | 252,997,458 |
| Other equity investments | 588,500 | 549,500 |
| Other non-current receivables | 56,959,451 | 76,348,154 |
| Non-current securities | -- | 4,075,801 |
| Deferred tax assets | 37,879,976 | 17,748,746 |
| TOTAL NON-CURRENT ASSETS | 1,705,149,528 | 1,472,821,387 |
| CURRENT ASSETS | ||
| Inventories | 53,975,196 | 56,845,073 |
| Current trade receivables | 707,482,327 | 472,682,302 |
| Other current receivables | 107,978,939 | 71,860,324 |
| 13,804,164 | -- | |
| Cash and cash equivalents | 235,279,246 | 111,912,291 |
| Shareholder receivables for capital to be called up | 206,418 | 70,000 |
| TOTAL CURRENT ASSETS | 1,118,726,290 | 713,369,990 |
| TOTAL ASSETS | 2,823,875,818 | 2,186,191,377 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | 31.12.2008 | 31.12.2007 |
| SHAREHOLDERS' EQUITY | ||
| Share capital | 8,738,843 | 8,179,538 |
| Other accumulated reserves | 571,863,126 | 341,678,024 |
| Retained earnings (losses) of the group | 166,457,171 | 124,002,779 |
| Dividend payments on account to Minority Shareholders | (8,596,500) | -- |
| Net income (losses) for the year | 79,477,986 | 76,854,915 |
| TOTAL SHAREHOLDERS' EQUITY | 817,940,626 | 550,715,256 |
| of which: | ||
| SHAREHOLDERS' EQUITY OF THE GROUP | 746,948,416 | 487,231,266 |
| MINORITY SHAREHOLDERS' EQUITY | 70,992,210 | 63,393,990 |
| NON-CURRENT LIABILITIES | ||
| Non-current bonds in circulation | 578,339 | 3,444,863 |
| Other non-current borrowings | 19,963,193 | 34,660,185 |
| Other non-current liabilities | 2,842,331 | 180,000 |
| Deferred taxes | 30,978,608 | 1,241,218 |
| Personnel provisions | 1,762,258 | 8,229,514 |
| Provisions for risks and losses | 17,294,204 | 10,485,942 |
| Non-current bank borrowings | 1,104,200,311 | 921,424,371 |
| TOTAL NON-CURRENT LIABILITIES | 1,177,619,244 | 979,666,093 |
| CURRENT LIABILITIES | ||
| Current bank borrowings | 101,183,836 | 46,373,169 |
| Current bonds in circulation | 2,872,841 | 397,352 |
| Other current borrowings | 36,077,618 | 25,980,812 |
| Current trade payables | 591,182,094 | 533,617,110 |
| Other current liabilities | 87,617,965 | 37,504,970 |
| Provisions for risks and losses | 9,381,594 | 11,936,615 |
| TOTAL CURRENT LIABILITIES | 828,315,948 | 655,810,028 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,823,875,818 | 2,186,191,377 |
CONSOLIDATED INCOME STATEMENT
(in euro)
| 2008 | 2007 | |
| SALES REVENUES | 2,433,678,228 | 1,861,692,660 |
| Change in inventories | 7,745,585 | 16,301,742 |
| Costs for the purchase of goods | (2,177,604,471) | (1,650,809,067) |
| Costs for services | (119,493,042) | (76,559,411) |
| Personnel costs | (33,570,754) | (30,748,827) |
| Other operating income | 74,613,113 | 19,563,245 |
| Other operating costs | (45,246,844) | (38,523,273) |
| Adjustments to the value of investments valued at equity | 49,556,502 | 51,197,616 |
| Amortization, depreciation and write-downs | (35,009,216) | (25,180,745) |
| OPERATING INCOME | 154,669,101 | 126,933,940 |
| Financial income | 9,044,578 | 13,453,623 |
| Financial expense | (52,829,151) | (34,345,083) |
| Gains from trading securities and from equity investments | 120,770 | -- |
| Dividends | 36,000 | 260,800 |
| Adjustments to the value of financial assets | (352,859) | 19,674 |
| INCOME (LOSS) BEFORE TAXES FROM OPERATING ACTIVITIES | 110,688,439 | 106,322,954 |
| Income taxes | (31,210,453) | (29,468,039) |
| INCOME (LOSS) AFTER TAXES FROM OPERATING ACTIVITIES | 79,477,986 | 76,854,915 |
| Net income (loss) from discontinued operations | -- | -- |
| NET INCOME (LOSS) FOR THE YEAR | 79,477,986 | 76,854,915 |
| of which: | ||
| - NET INCOME/LOSS OF MINORITY SHAREHOLDERS | 66,671,488 | 65,185,668 |
| - NET INCOME/LOSS OF THE GROUP | 12,806,498 | 11,669,247 |