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127 The Group made the following major acquisitions in 2008: • On 23 December 2008, MFM S.p.A. acquired 100% of the capital of Integra IFM BV (formerly Pirelli & C. RE IFM BV), a Netherlands company that controls the following group: 100% Integra F.M. BV (formerly Pirelli & C. RE IFM BV) 100% Altair IFM S.p.A. (formerlyPirelli & C. RE IFM S.p.A.) 100% Facility Management France S.a.s. 100% Integra Energy S.r.l. (formerly Pirelli & C. RE Energy S.r.l.) 60% Delivery S.r.l. 100% Ingest Facility S.p.A. 55% 63.5% 50% 100% 100% 60% 30% Envolta S.r.l. S.AN.GE. Soc. Cons. a r.l MP Facility S.p.A. Ingest Facility Polska Sp.zo.o. Altair IFM Polska Sp.zo.o. Consorzio Sermagest Soc. Cons. a r.l S.I.MA.GEST2 Soc. Cons. a r.l 50% 50% 50% 100% 49.5% 25% 37.5% Altair Zander Italia S.r.l. Bresso Energia S.r.l. Malaspina Energy Soc. Cons. a r.l PIT Soc. Cons. a r.l in liquidation Progetto Nuovo Sant’Anna S.r.l. Headmost Division Service FM S.p.A. S.AN.CO. Soc. Cons. a r.l The acquired Group (hereinafter the Altair Group) mainly provides Facility Management and Project Management services to major Italian industrial groups, being one of the principal operators in Italy. This acquisition means that the MFM Group has become the leader of the Integrated Facility Management market in Italy. This transaction is described in note 4 below. As shown in the above chart, as part of this acquisition the Group obtained the remaining 50% interest in MP Facility S.p.A. (previously 50% owned by the Group), which has a long-term facility management contract with the Telecom Italia Group. Consequently, this company ceased to be a joint venture on becoming a subsidiary on 23 December 2008. For this reason, the assets and liabilities of MP Facility S.p.A. have been consolidated on a lineby-line basis, which its income statement items (revenues and costs) have been consolidated on a proportional basis.
128 Accounting policies and explanatory notes • On 30 December 2008, MFM S.p.A. acquired 80% of the quota capital of Gruppo Sicura S.r.l., based in Vicenza, which controls the following group (hereinafter the Sicura Group): 80% Gruppo Sicura S.r.l. 100% 70% 100% 80% Sicura S.r.l. Mako S.r.l. Protec S.r.l. Sedda S.r.l. 70% 100% 80% 70% Anticendi Piave S.r.l. Leonardo S.r.l. Securveneta S.r.l. Sicurama S.r.l. 65% Firing S.r.l. The group creates and supplies services, products and systems for protection against fire and for the safety of persons and assets, mainly serving the retail market (SMEs). This transaction is described in note 4 below. • On 1 October 2008, the Parent Company acquired 100% of the capital of Società Manutenzione Illuminazione S.p.A. (SMAIL – formerly ACEA Luce S.p.A.), which provides public lighting services, principally in Lazio and Puglia. • On 24 November 2008, the Parent Company formed Manutenzione Installazione Ascensori S.p.A. (MIA) by subscribing Euro 5,000 thousand for 100% of the share capital. • On 15 July 2008, the Parent Company acquired the remaining 25% interest in MCB S.p.A., already 75% owned, thus raising its equity interest in the company to 100%. • In June, Servizi Ospedalieri S.p.A., a wholly-owned subsidiary operating in the laundering-sterilisation sector, acquired 50% of AMG S.r.l. based in Busca (Cuneo). This company provides an industrial-scale laundering services for all kinds of linen, other materials and articles of clothing, as well as washable products of any type. This is an equal joint venture and, as such, has been consolidated on a proportional basis from 30 June 2008. Further information about this acquisition is provided in note 4 below.
Page 1: manutencoop facility management CON
Page 4 and 5: CONSOLIDATED INCOME STATEMENT 113 (
Page 6 and 7: STATEMENT OF CHANGES IN CONSOLIDATE
Page 8 and 9: 117 • project management and refu
Page 10 and 11: 2.2 Changes in accounting principle
Page 12 and 13: 121 a subsidiary. The change to IAS
Page 14 and 15: 2.4 Consolidation principles The co
Page 16 and 17: 125 SUBSIDIARY COMPANIES (consolida
Page 20 and 21: 129 Commencing from 2008, managemen
Page 22 and 23: 131 The capitalisation of borrowing
Page 24 and 25: 133 exceeding the carrying amount n
Page 26 and 27: 135 As in prior years, during the y
Page 28 and 29: 137 The actuarial gains and losses
Page 30 and 31: 139 on a systematic basis that offs
Page 32 and 33: 141 Facility management: this is th
Page 34 and 35: 143 31/12/2007 31/12/2007 adjustmen
Page 36 and 37: 145 4.1 Financing of the acquisitio
Page 38 and 39: 147 Recognised value Carrying amoun
Page 40 and 41: 149 The fair value of the assets an
Page 42 and 43: 151 4.7 Acquisition of Integra IFM
Page 44 and 45: 4.8 Acquisition of Gruppo Sicura S.
Page 46 and 47: 155 description Recognised value Ca
Page 48 and 49: 157 The following table reports the
Page 50 and 51: 159 The following table reports the
Page 52 and 53: 161 23 December 2008 following the
Page 54 and 55: 163 Based on a provisional allocati
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Page 58 and 59: 167 Approved financial statements a
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Page 64 and 65: 173 As stated in note 3, commencing
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177 During 2008, the management of
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179 Other current financial liabili
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181 In addition, considering the in
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183 Other segment information for t
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185 24. Services, leases and rental
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187 This rise is mainly attributabl
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189 31. Taxation This caption is an
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191 • Discounting of employee sev
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193 Associates year Revenues Costs
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guarantees have been given or recei
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197 Remuneration of the Board of Di
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199 The same information for the ye
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201 Interest-rate risk Current Grou
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203
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206 report of the independent audit
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Concept and photographs: D&P S.r.l.
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