Summary of the effects of restatement: financial statements

The table below shows the effect on the financial statements at December 31, 2012 of the restatement relating to the conclusion of Consob proceedings and the application of the Revised IAS 19.

Reclassified consolidated balance sheet

(€ million)Dec. 31, 2012 approvedImpact of IAS 19Impact of restatementDec. 31, 2012 restatedDec. 31, 2013
Net tangible assets  8,254  - - 8,254  7,972 
Intangible assets  756  - - 756  758 
  9,010  - - 9,010  8,730 
Investments  116  - - 116  126 
Non-current assets  9,126  - - 9,126  8,856 
Net current assets  922  10  (245)  687  828 
Employee termination indemnities  (217)  (38)  - (255)  (233) 
Capital employed, net  9,831  (28)  (245)  9,558  9,451 
Shareholders’ equity 5,405  (28)  (245)  5,132  4,652 
Minority interest  148  - - 148  92 
Net debt  4,278  - - 4,278  4,707 
Funding  9,831  (28)  (245)  9,558  9,451 
Leverage (net borrowings/shareholders’ equity including minority interest)  0.77    0.81 0.99
Shares issued and outstanding  441,410,900      441,410,900  441,410,900 

Reclassified consolidated income statement by nature of expenses

(€ million)Dec. 31, 2012 approvedImpact of IAS 19Impact of restatementDec. 31, 2012 restatedDec. 31, 2013
Net sales from operations  13,369  - (245)  13,124  12,256 
Other revenues and income  10  - - 10 
Purchases, services and other costs  (9,131)  - - (9,131)  (9,073) 
Payroll and related costs  (2,041)  - (2,032)  (2,320) 
EBITDA  2,207  (245)  1,971  871 
Depreciation and amortisation  (726)  - - (726)  (724) 
Operating result  1,481  (245)  1,245  147 
Finance expense  (148)  (7)  - (155)  (190) 
Income from investments  16  - - 16  13 
Result before income taxes  1,349  (245)  1,106  (30) 
Income taxes  (393)  - - (393)  (106) 
Result before minority interest  956  (245)  713  (136) 
Result attributable to minority interest  (54)  - - (54)  (23) 
Net result  902  (245)  659  (159) 
Cash flow (net result + depreciation and amortisation)  1,628  (245)  1,385  565 

Reclassified consolidated income statement by function of expenses

(€ million)Dec. 31, 2012 approvedImpact of IAS 19Impact of restatementDec. 31, 2012 restatedDec. 31, 2013
Net sales from operations  13,369  - (245)  13,124  12,256 
Production costs  (11,360)  - (11,351)  (11,584) 
Idle costs  (154)  - - (154)  (163) 
Selling expenses  (160)  - - (160)  (145) 
Research and development expenses  (15)  - - (15)  (14) 
Other operating income (expenses), net  (11)  - - (11)  (15) 
Contribution from operations  1,669  (245)  1,433  335 
General and administrative expenses  (188)  - - (188)  (188) 
Operating result  1,481  (245)  1,245  147 
Finance expense  (148)  (7)  - (155)  (190) 
Income from investments  16  - - 16  13 
Result before income taxes  1,349  (245)  1,109  (30) 
Income taxes  (393)  - - (393)  (106) 
Result before minority interest  956  (245)  713  (136) 
Net result attributable to minority interest  (54)  - - (54)  (23) 
Net result  902  (245)  659  (159) 
Cash flow (net result + depreciation and amortisation)  1,628  (245)  1,385  565 

Reclassified cash flow statement

(€ million)Dec. 31, 2012 approvedImpact of IAS 19Impact of restatementDec. 31, 2012 restatedDec. 31, 2013
Net result  902  (245)  659  (159) 
Minority interest  54  - - 54  23 
Adjustments to reconcile cash generated from operating result before changes in working capital:           
Depreciation, amortisation and other non-monetary items  706  (2)  - 704  848 
Changes in working capital related to operations  (1,438)  - 245  (1,193)  (286) 
Net cash flow from operations  224  - - 224  426 
Investments in tangible and intangible fixed assets  (1,016)  - - (1,016)  (908) 
Disposals  - - 8  380 
Free cash flow  (784)  - - (784)  (102) 
Buy-back of treasury shares/Exercise of stock options  29  - - 29  -
Cash flow from capital and reserves  (352)  - - (352)  (374) 
Exchange differences on net borrowings and other changes  21  - - 21  47 
Change in net borrowings  (1,086)  - - (1,086)  (429) 
Net borrowings at beginning of year  3,192  - - 3,192  4,278 
Net borrowings at end of year  4,278  - - 4,278  4,707