Reclassified financial statements

Reclassified balance sheet

(€ million)December 31, 2012December 31, 2013
Reclassified balance sheet items (where not stated otherwise, items comply with statutory scheme)Partial amounts from reclassified schemeAmounts from reclassified schemePartial amounts from reclassified schemeAmounts from reclassified scheme
A) Net tangible assets   8,254   7,972
Note 8 - Property, plant and equipment 8,254   7,972  
B) Net intangible assets   756   758
Note 9 - Intangible assets 756   758  
C) Investments   116   126
Note 10 - Investments accounted for using the equity method 116   126  
Reclassified from E) - provisions for losses related to investments -   -  
D) Working capital   850   1,026
Note 3 - Trade and other receivables  3,252    3,286   
Reclassified to I) - financing receivables not related to operations  (79)    (30)   
Note 4 - Inventories  2,087    2,297   
Note 5 - Current tax assets  238    275   
Note 6 - Other current tax assets  271    282   
Note 7 - Other current assets  388    383   
Note 11 - Other financial assets     
Reclassified to I) - financing receivables not related to operations  (1)    (1)   
Note 12 - Deferred tax assets  97    132   
Note 13 - Other non-current assets  174    153   
Note 15 - Trade and other payables  (4,982)    (5,280)   
Note 16 - Income tax payables  (250)    (137)   
Note 17 - Other current tax liabilities  (129)    (133)   
Note 18 - Other current liabilities  (93)    (119)   
Note 22 - Deferred tax liabilities  (121)    (81)   
Note 23 - Other non-current liabilities  (3)    (2)   
E) Provisions for contingencies    (163)    (198) 
Note 20 - Provisions for contingencies  (163)    (198)   
Reclassified to C) - provisions for losses related to investments  -   -  
F) Employee termination indemnities    (255)    (233) 
Note 21 - Provisions for employee benefits  (255)    (233)   
CAPITAL EMPLOYED, NET    9,558    9,451 
G) Shareholders’ equity    5,132    4,652 
Note 25 - Saipem’s shareholders’ equity  5,132    4,652   
H) Minority interest    148    92 
Note 24 - Minority interest  148    92   
I) Net debt    4,278    4,707 
Note 1 - Cash and cash equivalents  (1,325)    (1,352)   
Nota 2 - Other financial assets held for trading or available for sale  -   26   
Note 14 - Short-term debt  1,740    1,899   
Note 19 - Long-term debt  3,543    2,859   
Note 19 - Current portion of long-term debt  400    1,358   
Reclassified from D) - financing receivables not related to operations (Note 2)  (79)    (30)   
Reclassified from D) - financing receivables not related to operations (Note 10)  (1)    (1)   
FUNDING    9,558    9,451 

Reclassified income statement

The only items of the reclassified income statement which differ from the statutory scheme are those stated hereafter:

  • other income and revenues (€169 million) relating to compensation for damages (€165 million), gains on disposals of assets (€1 million) and reimbursements for services that are not part of core operations (€2 million), which are indicated in the statutory scheme under ‘Other finance income (expense)’, were recognised in the reclassified income statement as a reduction in the related costs;
  • ‘finance income’ (€656 million), ‘finance expenses’ (-€798 million) and ‘derivatives’ (-€48 million), which are indicated separately under the statutory scheme, are stated under the item ‘finance (expense) income’ (-€190 million) in the reclassified income statement.

All other items are unchanged.

Reclassified cash flow statement

The only items of the reclassified cash flow statement which differ from the statutory scheme are those stated hereafter:

  • the items ‘depreciation and amortisation’ (€724 million), ‘change in the provision for employee benefits’ (-€5 million), ‘other changes’ (-€42 million) and ‘effect of accounting using the equity method’ (-€13 million), indicated separately and included in cash generated from operating profit in the statutory scheme, are shown net under the item ‘depreciation/amortisation and other non-monetary items’ (€664 million);
  • the items ‘income taxes’ (€106 million), ‘interest expense’ (€159 million) and ‘interest income’ (-€15 million), indicated separately and included in cash generated from operating profit in the statutory scheme, are shown net under the item ‘dividends, interests and taxes’ (€250 million);
  • the items regarding changes in ‘other assets and liabilities’ (€901 million), ‘provisions for contingencies’ (€28 million), ‘inventories’ (-€368 million), ‘trade receivables’ (-€298 million) and ‘trade payables’ (-€61 million), indicated separately and included in cash generated from operating profit in the statutory scheme, are shown net under the item ‘changes in working capital related to operations’ (€202 million);
  • the items ‘interest received’ (€16 million), ‘dividends received’ (€1 million), ‘income taxes paid net of refunds of tax credits’ (-€379 million) and ‘interest paid’ (-€158 million), indicated separately and included in cash generated from operating profit in the statutory scheme, are shown net under the item ‘dividends received, income taxes paid and interest paid and received’ (-€520 million);
  • the items relating to investments in ‘intangible assets’ (-€893 million) and ‘tangible assets’ (-€15 million), indicated separately and included in cash flow from investing activities in the statutory scheme, are shown net under the item ‘capital expenditure’ (-€908 million);
  • the items relating to investments in ‘securities’ (-€27 million), investments in ‘financing receivables’ (-€5 million) and disposals of ‘financing receivables’ (€55 million), indicated separately and included in cash flow used in investing activities in the statutory scheme, are shown under the item ‘borrowings (repayment) of debt related to financing activities’ (€23 million);
  • the items ‘proceeds from long-term debt’ (€919 million), ‘repayments of long-term debt’ (-€615 million) and ‘increase (decrease) in short-term debt’ (€221 million), indicated separately and included in net cash used in financing activities in the statutory scheme, are shown net under the item ‘changes in short and long-term financial debt’ (€525 million).

All other items are unchanged.