Analysis of income, financial position and cash flow



Directors’ report

Performance by business segment

The financial year ended on 31 December 2013 is the first year for which Salini S.p.A. has prepared separate financial statements pursuant to the International Financial Reporting Standards (IFRS) adopted by the European Union. In accordance with the provisions of IFRS1, data for financial year 2012 were restated pursuant to the provisions of the International Accounting Standards.

In contrast, the first-time application of the IFRSs to the Group consolidated financial statements took place on a voluntary basis starting from 2012, which is the company’s first financial year.

Article 40 of Legislative Decree 127/91 (Implementing Directive 78/660/EEC and Directive 83/349/EEC on companies’ separate and consolidated financial statements), as amended by Legislative Decree 32 of 2 February 2007, allows companies producing consolidated financial statements to present the directors’ report on the consolidated financial statements and the separate financial statements of the parent company in a single document, giving “greater prominence, where necessary, to matters that are significant for the enterprises included in the consolidation as a whole”.

Taking into consideration the importance of the production activities conducted through its subsidiaries and in view of the evaluation criteria of the same in the separate financial statements, Salini S.p.A. has opted for a single document.

The management analysis for the entire Salini S.p.A. Group is provided below, with data prepared in accordance with the International Financial Reporting Standards.

See the following paragraph on the “Main Group Companies” for the analysis of the data of the separate financial statements of the parent company and main subsidiaries.