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GAMMON INDIA LIMITED

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Franco Tosi Meccanica S.p.A.<br />

2. INCOME STATEMENT<br />

Amounts in Euro<br />

01.01.2008<br />

12.31.2008<br />

01.01.2007<br />

12.31.2007<br />

Revenues from sales and services 52,531,424 95,812,920<br />

Changes in inventories of work in progress and semi-finished products 41,028,134 (11,936,498)<br />

Own work capitalized 221,905 162,734<br />

Other income 8,558,397 2,562,050<br />

18 Total production value 102,339,860 86,601,207<br />

Raw and consumable materials used (51,761,054) (54,693,045)<br />

Personnel costs (26,374,157) (26,387,109)<br />

Depreciation and amortization (6,690,216) (6,325,866)<br />

Other costs (32,749,043) (44,611,182)<br />

19 Total production costs (117,574,470) (132,017,202)<br />

Earnings before interest and tax (EBIT) (15,234.,610) (45,415,995)<br />

Financial income 1,417,117 128,283<br />

20 Financial expenses (3,874,581) (3,681,238)<br />

Earnings before tax (17,692,074) (48,968,950)<br />

21 Taxes 29,722 1,791,581<br />

Net income/(loss) from operating activities<br />

Net income/(loss) from assets intended for being transferred<br />

(17,662,352) (47,177,368)<br />

22 Net income (loss) for the year (17,662,352) (47,177,368)<br />

F<br />

76<br />

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