Exprivia

Earnings Release • Mar 11, 2016

Informazione Regolamentata n. 0450-7-2016		Data/Ora Ricezione 11 Marzo 2016 20:00:32	MTA - Star
Societa'	:	EXPRIVIA
Identificativo Informazione Regolamentata	:	70640
Nome utilizzatore	:	AISOFTWAREN01 - SEBASTIANO
Tipologia	:	IRAG 01
Data/Ora Ricezione	:	11 Marzo 2016 20:00:32
Data/Ora Inizio Diffusione presunta	:	11 Marzo 2016 20:15:33
Oggetto	:	STATEMENT AT 31/12/2015	THE BOD APPROVES THE FINANCIAL
Testo del comunicato

Vedi allegato.

THE BOARD OF DIRECTORS APPROVES THE FINANCIAL STATEMENT AT 31 DECEMBER 2015

• REVENUES: EURO 144.8 MILLION COMPARED TO 147.2 MILLION IN 2014
• EBITDA: EURO 15.3 MILLION, UP 5.9% COMPARED TO 14.5 MILLION IN 2014 (10.6% ON REVENUES)
• EBIT: EURO 10 MILLION UP 1.3% COMPARED TO 9.9 MILLION IN 2014 (6.9% ON REVENUES)
• PROFIT OF THE YEAR: EURO 4.6 MILLION UP 51.4% COMPARED TO 2014 (EURO 3 MILLION)
• NET DEBT AT EURO -36.3 MILLION, FROM -29.7 IN 2014
• DIVIDEND DISTRIBUTION OF EURO 0.0213 PER SHARE HAS BEEN PROPOSED

March 11, 2016. The Board of Directors of Exprivia SpA has today approved the draft financial statements at 31 December 2015, prepared in accordance with International Accounting Standards (IAS / IFRS).

In 2015 the Group recorded a slowdown in growth (-1.7%) due to the slowdown of activities in foreign markets and the delay in the start of a major contract in the BPO services market.

Nevertheless, the Group ended the year 2015 with a margin that records, EBITDA in absolute value of 15.3 ml. This marginality produces a profit before tax that which also benefits from the significant decrease in financial expenses, albeit influenced by non-recurring assets writedown for about one million euro. Group profit amounted to EUR 4.6 ml, is significantly growing over the previous year (+ 51.4%).

The net financial position amounted to -36.3 million and has grown by 6.6 million compared to 2014 due to the absorption of working capital in areas where there has been growth in turnover and a slowdown in credit collection, mainly concentrated in the last quarter of the year in the public market.

During 2015 it was launched 'Exprivia People Care', an innovative corporate welfare program with the aim of increasing the wellness of the employees of the Group, with a budget of 1.5 million.

"The 2015 has been a complex year", states Domenico Favuzzi, president and CEO of the Group, "characterized by a negative performance in the foreign countries where the Group is present and by a recovery in the domestic market, despite some delays in the start of major assets. Nevertheless, the Group

continued to invest in innovation by involving its most important customers, improving its profitability and recording the highest EBITDA in its history, which has allowed a major loyalty program to all of our employees."

Consolidated results at December 31,2015

In 2015 the consolidated revenues amounted to Euro 144.8 million, comparing to 2014 when it was equal to Euro 147.2 million.

Consolidated net revenues stood at Euro 139.4 million, comparing to 2014 when it was equal to Euro 141.6 million.

Consolidated EBITDA amounted to Euro 15.3 million, 10.6% of revenues, in growth of 5.9% comparing to last year (Euro 14.5 million in 2014).

Consolidated EBIT amounted to Euro 10 million, in growth of 1.3% comparing to last year (Euro 9.9 million in 2014).

Profit before taxes amounted to Euro 7.7 million, 5.3% on revenues, significantly growing of 10% compared to 2014 (Euro 7 million in 2014).

Lastly, profit of the year amounted to Euro 4.6 million in growth of 51.4% comparing to 2014 (Euro 3 million).

The net debt at 31 December 2014 amounted to Euro -36.3 million, compared to Euro -31.2 million at 30 September 2015 and to Euro -29.7 million at 31 December 2014.

Group shareholders' equity at 31 December 2015 amounted to Euro 73.4 million comparing to 71.8 million at 31 December 2014).

Revenue trend by business area

The following data are details of revenues at 31 December 2015, compared with data for the same period of the previous year, broken down by business area.

Exprivia Group (value in $K \in \Sigma$ )	31.12.2015	31.12.2014	Variations	Variations %
Banks, Financial Istitutions and Insurance	25,606	27,401	$-1,795$	$-7%$
Industry	11,689	11,425	264	2%
Oil & Gas	15,725	14,760	965	7%
Telcom and Media	19,307	11,918	7,389	62%
Health and Healthcare	22,018	24,352	$-2,334$	$-10%$
Energy and Utilities	21,933	28,183	$-6,250$	$-22%$
Defence, Aerospace and Public Administration	11,221	9,471	1,750	18%
International Business	10,439	12,776	$-2,337$	$-18%$
Other	1,423	1,363	60	4%
Total	139,361	141,649 -	2,288	$-1.62%$

BANKS, FINANCE AND INSURANCE

The Business Unit Banking, Finance and Insurance closed 2015 with revenues of 25.6 million Euro compared to 27.4 million Euro in 2014 with a modest decline attributable to a reduction of the revenues for the resale of hardware and third-party software. This result was achieved in a context of IT spending in growth in the first half and stable in the second half due to immobility of the whole sector of the Popular and the Cooperative institutes, resulting from the restructuring of these sectors, and from the uncertainty related to the saving of the credit institutions in difficulty with the creation of the Bad Bank. The bank priority of investment have mainly focused on solutions to make efficient core processes, as well as retail ones through multichannel paradigm, Big Data Analytics and Cyber Security. In this scenario, the Business Unit was able to consolidate and expand its customer base evolving their vertical offering in Finance, Credit and Factoring, and offering innovative solutions for Customer Engagment and IT Security.

INDUSTRY

The Business Unit Industry 2015 results mark a turnaround compared to that recorded in recent years, with revenues compared to 2014, which rose from 11.4 million Euro to 11.7 million Euro in 2015. The industry sector sees signs of recovery: in particular the sectors that have international outlet markets have resumed investments in IT projects, aware that innovation becomes a competitive advantage towards the competition. The customer base has been disbursed project services, cloud and application management services, in mature fields offered as those related to ERP processes, HCM, ERP estended rather than on highly innovative themes, like CRM solutions applied to processes after sales. Good progress has been achieved in international roll-out for customers with headquarters in Italy, both in European countries and in the far east.

OIL & GAS

The Business Unit Oil & Gas closes the year 2015 with revenues of 15.7 million Euro compared to 14.8 million in 2014, with an increase of 7%. In terms of market share, Exprivia further consolidates its position in the oil and gas industry by expanding its offer, by leveraging its ability to combine operational efficiency and quality of delivery, confirming a strategic partner for its clients who are working with the uncertainty of the commodities markets. However the growth of marginality doesn't stop, the result of a progressive quest for efficiency in production processes and a steady job proposition for new innovative solutions with

the highest added value on markets with higher profitability. In particular, the proportion of revenues related to innovative projects for the optimization of Customer Experience (Engagement systems of Retail Gas & Light customers and fuel) grow for improving the efficiency of operations. Revenue growth also benefits for the development of activities of the foreign holdings of large Italian multinationals. Finally Exprivia is confirmed among the top ICT operators for security solutions and the welfare of human resources.

TELCO & MEDIA

During 2015 Exprivia has experienced significant growth in revenues, from 11.9 million Euro in 2014 to 19.3 million Euro in 2015 (+ 62%) in the Telco industry, with an important improvement in margins. In contrast with the contraction recorded in Italy in the macro sector of Telecommunications, the growth of Exprivia was registered with all customers, thanks to an effective capacity for innovation and the quality of services provided. During 2015, in fact, Exprivia has consolidated its offer both in network engineering solutions and services than on carrier grade software solutions. The results of the first months of 2016 confirm this upward trend, in line with the assumed forecasts for the Telco & Media area in the Group's business plan.

HEALTHCARE

The Business Unit Healthcare reported revenues equal to 22 million Euro, down of 10% compared to 2014, as a result of both the door staff internalization CUP began in December 2014 in Puglia, with consequent impact on ' full-year 2015, and the delay in the contracting of a major race won in the Regione Marche. In a market situation that remains unfavorable, it was still possible to mitigate these effects on revenue thanks both to an intensive upselling activities on the customer base and in the private healthcare sector, and to the advancement of regional-scale projects in the Marche, Calabria and Campania, contracted in previous years.

ENERGIA E UTILITIES

The Business Unit Energy and Utilities recorded in 2015 revenues of Euro 21.9 million with a decrease compared to that of 2014 (Euro 28.2 million), in line with the trend of the sector. The area's business strategy is focused primarily on the consolidation and development of activities and projects at the primary existing customers, as well as the consolidation of technology partnerships with major industry players. The BPO (Business Process Outsourcing) has recorded a very positive trend in the first half of 2015 which was followed by a contraction in the second half for the closure of a major contract in November. Always in Energy market in the first quarter of 2016 Exprivia has been awarded two major contracts for a contract worth approximately of 60 million Euro and for a duration of three years. The economic returns of new orders will be visible from the first half of 2016, both in terms of growth in revenues and increase in employment.

DEFENCE, AEROSPACE AND PUBLIC SECTOR

DEFENCE AND AEROSPACE

After three years of decline, the business line Defence and Aerospace returned to growth (+ 4%) compared to the previous year, closing the 2015 year with revenues of 3.2 million euro. Despite the sector is still characterized by deep industrial restructuring and strong focus on reducing spending, the start of important national and European programs, both civil and military, will facilitate a normalization of the market and a subsequent recovery, opening room for growth for companies such as Exprivia, operating in contexts with high technological content.

PUBLIC SECTOR

In 2015 the Business Line Public Administration recorded revenues of approximately 8 million Euro, an increase of 24% over the previous year. The improvement is due both to the low amount of some contracts with important entities of the Central Public Administration awarded in 2014, and the acquisition in the third quarter of 2015 of a new contract in a body of public administration in Northern Italy, focusing on the implementation of a new ERP system on SAP platform. All this in a context where they are still just visible the first signs of recovery in investment in ICT, necessary in order to implement the Digital Transformation strategy broadly defined by the Government. As part of the Local Public Administration, during 2015 there was a slight decline in revenues, due in part to the completion of some activities and partly to the slowdown in the investments of the ICT market due also to the reorganization of the ICT sector governance territorial area.

INTERNATIONAL AREA

The international development activities focused on consolidating its presence in markets in which the Exprivia Group companies are operating. In Spain, where the Exprivia Group operates through two subsidiaries, Profesionales de Sistemas Aplicaciones y Productos SL (ProSap) and Exprivia Sl, we have confirmed the offer ERP applications and SAP services for the industry and distribution, Business Intelligence solutions for the healthcare industry, and web services (marketing and online sales) for banks and large retail chains. In Mexico, where the Exprivia Group operates directly with Prosap Mexico, continued sales initiatives and delivery for large private and public companies operating in the construction of infrastructure sector in Latin American countries. Prosap Mexico is Gold Partner of SAP. The Spanish company Exprivia SL has opened a branch in Ecuador in order to create a task force on site able to participate in public and private business companies aggregation important deal in the healthcare sector. In Brazil, continued the business growth of Exprivia do Brasil Servicos de Informatica Ltda in the IT Security field and in the development of SAP ERP projects, although the country's economic growth was far below original expectations with GDP 2015 decreased by 3.8% over the previous year and an exchange of the local currency report, the Real, has significantly depreciated against the Euro and the US Dollar. In China, where "Exprivia IT Solutions (Shanghai) Co. Ltd", whose sole shareholder is the "Exprivia Ltda Asia" in Hong Kong, after a few months of its establishment in September 2014, has developed its business in the delivery professional services in the area of IT Infrastructure and SAP environment. The customer base is currently made up of the Italian companies and institutions operating in China and European manufacturing industries.

Holding Company results

It should be noted that the data of the parent company Exprivia SpA at 31 December 2015 does not include the branch Health transferred to the subsidiary Exprivia Healthcare IT Srl on May 27, 2014, and the branch Banks transferred to the subsidiary Exprivia Digital Financial Solutions Srl on June 30, 2014; these assets transfer have led positive margins amounts in favor of the subsidiaries.

Revenues were equal to Euro 67.1 million, decrease of 21.8% compared to 2014 when it was Euro 85.8 million.

Net revenues were equal to Euro 63.1 million, decrease of 22.6% compared to 2014 when they are Euro 81.5 million.

EBITDA amounted to Euro 6.4 million (Euro 6 million in 2014).

EBIT amounted to Euro 4.1 million (Euro 4 million in 2014).

Profit of the year is equal to Euro 4.4 million compared to Euro 3 million in 2014.

Net debt at December 31, 2015 is Euro -26.3 million comparing to Euro -23.8 million at 30 September 2015 and to Euro -18 million at 31 December 2014.

Shareholders' Equity at December 31, 2015 is equal to Euro 72.5 million compared to Euro 70.4 million at 31 December 2014.

Following the results achieved in 2015, the Board of Directors has decided to propose to the next Shareholders' Meeting the distribution of a gross dividend of EUR 0.0213 per ordinary share with coupon no. 10 at the 25th April 2016, record date the 26th April 2016 and payment date the 27 th April 2016.

The Board of Directors today has also reviewed and approved the Relazione degli Amministratori sul Governo Societario e sugli Assetti Proprietari and the Relazione sulla Remunerazione in accordance with the Codice di Autodisciplina delle Società Quotate promoted by Borsa Italiana , and has approved the proposal to require the Shareholders' Meeting to grant a new authorization to purchase and dispose of treasury shares in accordance with Articles 2357 and 2357 of the Codice Civile Italiano.

Pursuant to Article 154- bis of Testo Unico della Finanza, the executive manager responsible for preparing the corporate accounts, Mr. Gianni Sebastiano, states that the financial report in this press release contains and matches the documentary records, books and accounting records.

Finally, we inform that Exprivia will attend the Star Conference, organized by Borsa Italiana in Milan, on the 16March 2016 during which the results of 2015 will be examined.

EXPRIVIA

Exprivia S.p.A. is a company specialised in the design and development of innovative software technologies and in supplying IT services for the banking, financial institution, industry, energy, telecommunications, utilities, healthcare and public administration markets.

The company today is listed on the Borsa Italiana MTA, Star segment (XPR), and it is subject to the direction and coordination of Abaco Innovation Spa.

Exprivia has a team of more than 1800 individuals, located in its headquarters in Molfetta (Bari) and throughout its offices in Italy (Trento, Vicenza, Milan, Padua, Turin, Piacenza, Rome and Palermo) and abroad (Madrid, Las Palmas, New York, Dover, Mexico D.F., Monterrey, Guatemala City, Lima, São Paulo do Brasil, Sãn Bernardo do Campo, Beijing, Shanghai and Hong Kong)

CONTACTS

Exprivia SpA

Marketing & Communication

Alessia Vanzini e-mail: alessia.vanzini@exprivia.it Tel. +39 0228014.1 - Fax. +39 022610853

Investor Relations

Gianni Sebastiano e-mail: gianni.sebastiano@exprivia.it Tel. + 39 0803382070 - Fax. +39 0803382077

CONSOLIDATED STATEMENT OF ASSET AND LIABILITIES

Amount in Euro
	31.12.2015	31.12.2014
Land and buildings	10,981,543	11,266,613
Other assets	2,815,269	3,436,488
Property, plant and machinery	13,796,812	14,703,101
Goodwill	67,118,492	67,263,482
Goodwill and other assets with an indefinite useful life	67,118,492	67,263,482
Intangible assets	820,552	1,351,287
Research and development costs	3,370,013	2,876,063
Work in progress and advances		776,627
Other Intangible Assets	4,190,565	5,003,977
Investments in other companies	896,195	893,352
Equity investments	896,195	893,352
Receivables to parent companies	1,305,338
Other receivables	201,199	229,874
Other financial assets	1,506,537	229,874
Other receivables	1,716,806	1,484,874
Other financial assets	1,716,806	1,484,874
Tax advances/deferred taxes	1,839,961	2,087,973
Deferred tax assets	1,839,961	2,087,973
NON-CURRENT ASSETS	91,065,368	91,666,633

Amount in Euro
	31.12.2015	31.12.2014
Trade receivables	58,097,533	62,325,125
Receivables from associates		219,150
Receivables from parent companies		1,302,438
Other receivables	7,947,205	12,246,976
Tax receivables	2,655,240	2,137,941
Trade receivables and other	68,699,978	78,231,630
Inventories	269,325	143,126
Inventories	269,325	143,126
Work in progress contracts	11,228,568	11,426,026
Work in progress contracts	11,228,568	11,426,026
Held at bank	7,005,422	12,042,644
Cheques and cash in hand	38,588	65,955
Cash at bank and on hand	7,044,010	12,108,599
Cheques and cash in hand	501,561	349,740
Cash at bank and on hand	501,561	349,740
CURRENT ASSETS	87,743,442	102,259,121
ASSETS	178,808,809	193,925,754

Amount in Euro
	31.12.2015	31.12.2014
Share Capital	25,754,016	26,410,269
Share capital	25,754,016	26,410,269
Share premium	18,081,738	18,081,738
Share Premium Reserve	18,081,738	18,081,738
Revaluation reserve	2,907,138	2,907,138
Revaluation reserve	2,907,138	2,907,138
Legal reserve	3,709,496	3,561,670
Revaluation reserve	3,709,496	3,561,670
Other reserves	17,298,619	16,712,971
Other reserves	17,298,619	16,712,971
Retained earning/loss	1,848,640	2,014,991
Profits/Losses for previous periods	1,848,640	2,014,991
Profit/Loss for the period	4,597,608	3,037,163
SHAREHOLDERS' EQUITY	74,197,255	72,725,940
Minority interest	795,038	959,836
GROUP SHAREHOLDERS' EQUITY	73,402,218	71,766,104

	31.12.2015	31.12.2014
NON-CURRENT LIABILITIES
Non-current bond	3,311,748	4,272,794
Non-current bond	3,311,748	4,272,794
Non-current bank debt	6,111,015	7,265,127
Non-current bank debt	6,111,015	7,265,127
Trade payables after the financial year	109,273	228,427
Other financial liabilities	109,273	228,427
Tax liabilities and amounts for social security payable after the financial year	408,762	119,161
Other financial liabilities	408,762	119,161
Other provisions	622,311	1,384,724
Provision for risks and charges	622,311	1,384,724
Employee severance indemnities	9,228,805	10,230,522
Employee provisions	9,228,805	10,230,522
Provisions for deferred taxes	1,038,852	991,905
Deferred tax liabilities	1,038,852	991,905
NON CURRENT LIABILITIES	20,830,766	24,492,660

Amount in Euro
	31.12.2015	31.12.2014
Current bond	1,007,399	656,902
Current bond	1,007,399	656,902
Current bank debt	35,879,446	31,206,922
Current bank debt	35,879,446	31,206,922
Trade payables	17,087,806	22,524,621
Trade payables	17,087,806	22,524,621
Advances	2,774,376	4,162,600
Advances payment on work in progress contracts	2,774,376	4,162,600
Payables to associated companies		63,344
Other payables	384,214	2,637,341
Other financial liabilities	384,214	2,700,685
Tax liabilities	7,583,444	15,253,993
Tax liabilities	7,583,444	15,253,993
Amounts payable to pension and social security institutic	5,480,960	5,550,781
Other payables	13,583,144	14,650,650
Other current liabilities	19,064,104	20,201,431
CURRENT LIABILITIES	83,780,789	96,707,154
LIABILITIES	178,808,809	193,925,754

CONSOLIDATED PROFIT AND LOSS

Amount in Euro
	31.12.2015	31.12.2014
Revenue from sales and services	139,233,663	141,958,617
Revenues	139,233,663	141,958,617
Other revenues and income	1,108,882	943,591
Grants related to income	2,983,870	3,256,429
Increase in capitalised expenses for intenal projects	1,358,828	1,395,638
Other income	5,451,580	5,595,658
Changes in inventories of work in progress	127,199	(309, 404)
Changes in inventories of finished goods and work in progress	127,199	(309, 404)
PRODUCTION REVENUES	144,812,442	147,244,871
Costs of raw, subsid. & consumable mat. and goods	11,199,568	12,857,487
Salaries	90,581,123	89,813,335
Other costs for services	21,726,478	23,296,619
Costs for leased assets	4,216,394	4,716,850
Sundry operating expenses	1,511,903	1,834,165
Provisions	265,737	274,376
TOTAL PRODUCTION COSTS	129,501,203	132,792,832
DIFFERENCE BETWEEN PRODUCTION COSTS AND REVENUES	15,311,239	14,452,039

Amount in Euro
	31.12.2015	31.12.2014
Ordinary amortisement of intangible assets	2,394,563	2,256,615
Ordinary depreciation of tangible assets	1,919,542	1,668,751
Othe write-downs	1,003,117	662,340
Amortisation, depreciation and write-downs	5,317,222	4,587,706
OPERATIVE RESULT	9,994,017	9,864,333
Financial income and charges	2,332,328	2,899,926
PRE-TAX RESULT	7,661,689	6,964,407
Income tax	3,064,081	3,927,244
PROFIT OR LOSS FOR THE PERIOD	4,597,608	3,037,163
Attributable to:
Shareholders of holding company	4,515,391	3,501,360
Minority interest	82,217	(464, 197)
Earnings per share losses
Basic earnings per share	0.0904	0.0688
Basic earnings diluted	0.0904	0.0688

CONSOLIDATED FINANCIAL STATEMENT

Amount in Euro
	31.12.2015	31.12.2014
Operating activities:
Profit (loss)	4,597,608	3,037,163
Amortisation, depletion and depreciation of assets	4,314,105	3,925,366
Provision for Severance Pay Fund	3,983,347	4,099,076
Advances/Payments Severance Pay	(4,985,064)	(2,583,065)
Cash flow arising from operating activities	7,909,996	8,478,540
Increase/Decrease in net working capital:
Variation in stock and payments on account	(1,316,965)	2,810,022
Variation in receivables to customers	4,227,592	(6,327,111)
Variation in receivables to parent/subsidiary/associated company	501,797	373,482
Variation in other accounts receivable	3,782,472	453,117
Variation in payables to suppliers	(5,335,921)	2,148,296
Variation in payables to parent/subsidiary/associated company	(63, 344)
Variation in tax and social security liabilities	(7,740,370)	6,979,468
Variation in other accounts payable	(3,300,443)	(1,077,469)
Cash flow arising (used) from current assets and liabilities	(9, 245, 182)	5,359,805
Cash flow arising (used) from current activities	(1, 335, 186)	13,838,345
Investment activities:
Variation in tangible assets	(1,013,253)	(3,277,188)
Variation in intangible assets	(1,436,161)	(218, 504)
Variation in financial assets	(243, 634)	(418,060)
Purchase of minority interests	(150,000)	(1,039,790)
Cash flow arising (used) from investment activities	(2,843,048)	(4,953,542)
Financial activities:
Changes in financial assets not held as fixed assets	(432, 187)	(1,907,063)
Capital increase	(1,006,137)	(131, 666)
Dividend paid	(1,402,336)
Variation shareholdres' equity	(567, 820)	(597, 312)
Cash flow arising (used) from financial activities	(3,408,480)	(2,636,041)
Increase (decrease) in cash	(7,586,714)	6,248,762
Banks and cash profits at start of year	13,478,132	8,784,338
Banks and cash losses at start of year	(43,957,966)	(45,512,934)
Banks and cash profits at end of period	8,565,365	13,478,132
Banks and cash losses at end of period	(46,631,913)	(43,957,966)
Increase (decrease) in liquidity	(7,586,714)	6,248,762

EXPRIVIA- STATEMENT OF ASSET AND LIABILITIES

Amount in Euro	31.12.2015	31.12.2014
Land and buildings	10,870,938	11, 142, 265
Other assets	1,934,185	1,960,648
Property, plant & machinery	12,805,123	13,102,913
Goodwill	12,651,838	12,681,281
Goodwill and other undefined assets	12,651,838	12,681,281
Intangible assets	260,947	634,339
Other intangible assets	260,947	634,339
Shareholdings in subsidiaries	64,985,891	64,681,993
Shareholdings in other companies	864,710	861,867
Shareholdings	65,850,600	65,543,860
Receivables to subsidiaries		1,488,083
Receivables to associated companies	1,305,338
Other financial assets	1,305,338	1,488,083
Other bonds	1,348,732	1,334,539
Other financial assets	1,348,732	1,334,539
Tax advances/deferred taxes	569,880	1,148,572
Deferred tax assets	569,880	1,148,572
NON-CURRENT ASSETS	94,792,459	95,933,587

Amount in Euro	31.12.2015	31.12.2014
Receivables to customers	18,356,242	27,884,797
Crediti verso imprese controllate	9,462,074	10,547,313
Receivables to subsidiaries		219,150
Receivables to parent companies		1,302,438
Other accounts receivable	5,601,490	9,349,508
Tax credits	482,088	258,986
Trade receivables and others	33,901,893	49,562,192
Stock	31,119	156,754
Stock	31,119	156,754
Work in progress to order	9,285,642	9,388,754
Work in progress to order	9,285,642	9,388,754
Current banks	3,141,852	6,583,191
Cheques and unpresented effects	5,553	24,027
Cash resources	3,147,406	6,607,218
Shareholdings in subsidiaries	501,561	349,740
Assets classified as owned for sales and those included in aggregates for disposal	501,561	349,740
CURRENT ASSETS	46,867,620	66,064,658
TOTAL ASSETS	141,660,079	161,998,245

Amount in Euro	31.12.2015	31.12.2014
Capital stock	25,754,016	26,410,270
Capital stock	25,754,016	26,410,270
Share premium	18,081,738	18,081,738
Share premium	18,081,738	18,081,738
Revaluation reserve	2,907,138	2,907,138
Revaluation reserve	2,907,138	2,907,138
Legal reserve	3,709,496	3,561,670
Revaluation reserve	3,709,496	3,561,670
	17,568,385	16,471,204
Other reserves	17,568,385	16,471,204
Profit/Loss for the period	4,437,726	2,956,516
NET WORTH	72,458,498	70,388,536

Amount in Euro	31.12.2015	31.12.2014
Payables to non-current banks	5,158,092	6,245,537
Payables to non-current banks	5,158,092	6,245,537
Payables to other financiers	430,093	415,899
Payables for tax and social security beyond the period	99,572	212,404
Other financial liabilities	529,665	628,303
Payables to parent companies	41,306	119,161
Other financial liabilities	41,306	119,161
Other provisions	173,028	723,028
Provision for risks and charges	173,028	723,028
Severance pay	3,081,697	3,431,924
Staff-related funds	3,081,697	3,431,924
Deferred tax funds	763,102	691,924
Deferred tax liabilities	763,102	691,924
NON-CURRENT LIABILITIES	9,746,890	11,839,877

Amount in Euro		31.12.2015 31.12.2014
Payables to current quota banks	19,808,903	21,341,807
Payables to current banks	19,808,903	21,341,807
Payables to suppliers	9,562,171	14,440,467
Payables to suppliers	9,562,171	14,440,467
Payments on account	2,122,032	3,195,887
Advances on work in progress to order	2,122,032	3,195,887
Payables to subsidiaries	16,336,573	23,276,686
Payables to associated companies		63,344
Other accounts payable	384,215	2,445,223
Other financial liabilities	16,720,787	25,785,253
Tax debits	3,413,744	6,103,199
Tax debits	3,413,744	6,103,199
Payables to welfare and social security institutions	1,933,923	2,067,801
Other payables	5,893,130	6,835,418
Other current liabilities	7,827,053	8,903,219
CURRENT LIABILITIES	59,454,691	79,769,832
TOTAL LIABILITIES	141,660,079	161,998,245

EXPRIVIA - PROFIT AND LOSS

Amount in Euro	31.12.2015	31.12.2014
Proceeds of sales and services	63,104,163	81,832,900
Revenues	63,104,163	81,832,900
Other proceeds	1,074,391	598,623
Invest. grants tfr to P&L account	2,897,027	3,091,328
Capital gains		561,084
Other revenues	3,971,418	4,251,035
Var. stock of products being processed, semi-finished items	28,919	(300, 629)
Variation in stock of finished products and products being processed	28,919	(300, 629)
TOTAL PRODUCTION REVENUES	67,104,499	85,783,306
Costs of raw, subsid. & consumable mat. and goods	6,325,764	6,975,015
Salaries and wages	33,036,552	39,557,582
Other costs for services	18,350,514	29,565,611
Costs for leased assets	2,308,484	2,650,911
Sundry management charges	589,775	920,230
Stock and payments on account	75,000	124,808
TOTAL PRODUCTION COSTS	60,686,089	79,794,157
DIFFERENCE BETWEEN PRODUCTION COSTS AND REVENUES	6,418,410	5,989,149

Amount in Euro		31.12.2015 31.12.2014
Ordinary amortisement of intangible assets	423,316	900,916
Ordinary amortisement of tangible assets	1,077,271	805,985
Devaluation of credits included in working capital	790,826	235,071
Depreciation and devaluation	2,291,413	1,941,972
OPERATIVE RESULT	4,126,996	4,047,177
Proceeds and financial charges	(1, 253, 924)	(237, 025)
PRE-TAX RESULT	5,380,920	4,284,202
Income tax	943,194	1,327,686
PROFIT OR LOSS FOR THE PERIOD	4,437,726	2,956,516

EXPRIVIA - FINANCIAL STATEMENT

Amount in Euro	31.12.2015	31.12.2014
Operating activities:
- Profit (loss)	4,437,726	2,956,516
- Amortisation, depletion and depreciation of assets	1,500,587	1,706,901
- Provision for Severance Pay Fund	1,470,705	1,640,814
- Adjustment of value of financial assets	(1,820,932)	(2,642,731)
Cash flow arising from operating activities	5,588,086	3,661,500
Increase/Decrease in net working capital:
- Variation in stock and payments on account	(845, 107)	(1,456,675)
- Variation in receivables to customers	9,528,555	4,968,597
- Variation in receivables to parent/subsidiary/associated company	3,398,781	609,985
- Variation in other accounts receivable	3,547,778	1,276,610
- Variation in payables to suppliers	(4,835,040)	(166, 889)
- Variation in payables to parent/subsidiary/associated company	(16,072,350)	10,579,786
- Variation in tax and social security liabilities	(2,823,333)	664,728
- Variation in other accounts payable	(2,988,584)	(1,001,349)
- Variation for charges		1,088,368
Cash flow arising (used) from current assets and liabilities	(11,089,300)	16,563,161
Cash flow arising (used) from current activities	(5,501,214)	20,224,661
Investment activities:
- Variation in tangible assets	(779, 481)	(3,076,514)
- Variation in intangible assets	(20, 480)	(636, 720)
- Variation in financial assets	122,211	687,935
- Purchase of minority interests	(150,000)	(1,039,790)
- Variation in financial assets		241,616
Cash flow arising (used) from investment activities	(827,750)	(3,823,473)
Financial activities:
- Variazioni di attività finanziarie che non costituiscono immobilizzazioni	(542, 483)	(2,713,044)
- Capital increase	(1,006,137)	(131, 666)
- Dividend paid	1,402,336
- Change in shareholders' equity	(2,763,963)	(88,957)
Cash flow arising (used) from financial activities	(2,910,247)	(2,933,667)
Increase (decrease) in cash	(9, 239, 211)	13,467,521
Banks and cash profits at start of year	9,317,495	3,681,227
Banks and cash losses at start of year	(28,085,929)	(35,917,182)
Banks and cash profits at end of period	8,403,864	9,317,495
Banks and cash losses at end of period	(36, 411, 509)	(28,085,929)
Increase (decrease) in liquidity	(9, 239, 211)	13,467,521