in
CONSOLIDATED BALANCE SHEET
(in thousands of euro)
| ASSETS | 31.12.2008 | 31.12.2007 |
| NON-CURRENT ASSETS | 297,379 | 251,885 |
| INTANGIBLE ASSETS | 120,371 | 111,505 |
| TANGIBLE ASSETS | 166,237 | 130,052 |
| OTHER EQUITY INVESTMENTS | 5,883 | 5,855 |
| TRADE RECEIVABLES | 130 | 100 |
| OTHER RECEIVABLES | 192 | 1,374 |
| SECURITIES | 153 | 153 |
| DEFERRED TAXES | 4,413 | 2,846 |
| CURRENT ASSETS | 110,972 | 106,705 |
| INVENTORIES | 1,732 | 1,543 |
| TRADE RECEIVABLES | 81,930 | 80,961 |
| OTHER RECEIVABLES | 7,930 | 7,140 |
| FINANCIAL RECEIVABLES | -- | 610 |
| CASH AND CASH EQUIVALENTS | 19,380 | 16,451 |
| NON-CURRENT ASSETS HELD FOR DISPOSAL | -- | -- |
| TOTAL ASSETS | 408,351 | 358,590 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | 31.12.2008 | 31.12.2007 |
| SHAREHOLDERS' EQUITY | 140,698 | 105,033 |
| SHARE CAPITAL | 6,480 | 5,405 |
| RESERVES | 144,324 | 107,515 |
| RETAINED EARNINGS (LOSSES) | (12,286) | (10,095) |
| SHAREHOLDERS' EQUITY OF THE GROUP | 138,518 | 102,825 |
| MINORITY SHAREHOLDERS' EQUITY | 2,180 | 2,208 |
| NON-CURRENT LIABILITIES | 149,131 | 126,757 |
| OTHER BORROWINGS | 122,672 | 101,339 |
| TRADE PAYABLES | 69 | 69 |
| OTHER PAYABLES | 38 | 37 |
| DEFERRED TAXES | 8,015 | 8,402 |
| PERSONNEL PROVISIONS | 17,939 | 16,910 |
| PROVISIONS FOR RISKS AND LOSSES | 398 | -- |
| CURRENT LIABILITIES | 118,522 | 126,800 |
| BANK OVERDRAFTS | 26,332 | 25,189 |
| OTHER BORROWINGS | 19,473 | 39,170 |
| TRADE PAYABLES | 43,455 | 38,519 |
| OTHER PAYABLES | 23,037 | 19,023 |
| PROVISIONS FOR RISKS AND LOSSES | 6,225 | 4,899 |
| LIABILITIES DIRECTLY CORRELATED WITH NON-CURRENT ASSETS HELD FOR DISPOSAL |
-- | -- |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 408,351 | 358,590 |
CONSOLIDATED INCOME STATEMENT
(in thousands of euro)
| 2008 | 2007 | |
| SALES REVENUES | 246,345 | 182,942 |
| CHANGE IN INVENTORIES | -- | -- |
| COSTS FOR THE PURCHASE OF GOODS | (17,660) | (13,277) |
| COSTS FOR SERVICES | (105,083) | (85,879) |
| PERSONNEL COSTS | (87,527) | (58,144) |
| OTHER OPERATING INCOME | 4,564 | 3,630 |
| OTHER OPERATING COSTS | (11,889) | (9,068) |
| ADJUSTMENTS TO THE VALUE OF INVESTMENTS | ||
| VALUED AT EQUITY | -- | -- |
| AMORTIZATION, DEPRECIATION AND WRITE-DOWNS | (14,083) | (9,080) |
| OPERATING INCOME (EBIT) | 14,667 | 11,124 |
| FINANCIAL INCOME | 928 | 475 |
| FINANCIAL EXPENSE | -11,277 | -8,335 |
| DIVIDENDS | -- | -- |
| GAINS FROM TRADING SECURITIES | -- | 539 |
| LOSSES FROM TRADING SECURITIES | -- | -- |
| ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS | -- | -- |
| INCOME/(LOSS) BEFORE TAXES | 4,318 | 3,803 |
| INCOME TAXES | (5,507) | (3,535) |
| INCOME/(LOSS) FROM DISCONTINUED OPERATIONS AND ASSETS HELD FOR DISPOSAL |
-- | 176 |
| INCOME/(LOSS) FOR THE PERIOD INCLUDING MINORITY INTERESTS |
(1,189) | 444 |
| - INCOME/LOSS OF MINORITY INTERESTS | 292 | 97 |
| - INCOME/LOSS OF THE GROUP | (1,481) | 347 |