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117 • project management and refurbishment (construction, renovation, conversion of industrial buildings and factories). Facility Management Facility Management consists in the optimised provision to users of a range of logistical and organisational support services. The Facility Management services provided by the MFM Group comprise: • cleaning and hygiene; • technical services; • landscaping services. Cleaning services include cleansing and hygiene, sanitation, disinfection, disinfestation and rodent control, and the collection, transportation and disposal of sanitary waste. These services employ the largest number of persons within the Group. The second type of facility management service, technical services, comprises the management, operation and maintenance of building installations (including heating and airconditioning plant, electrical equipment, lifts, fireprevention and safety equipment). These activities encompass:
118 Accounting policies and explanatory notes • planning and performance of work to upgrade facilities and comply with safety regulations; • design and installation of devices for energy saving and the reduction of polluting emissions; • design and installation of equipment to access renewal sources of energy. The third type of facility management service, landscaping services, comprises the planning, creation and maintenance of green areas for buildings, as well as the provision of territorial services. Laundering/Sterilisation Laundering/Sterilisation is an industrial-scale activity carried out for the health sector. The services provided by the MFM Group in this area principally comprise (i) the rental and laundering of sheets, other linen and towels, and bed accessories, (ii) the sterilisation of linen and (iii) the sterilisation of surgical instruments. The following specific activities are included: • collection and distribution of linen for individual wards and departments; • management of staff garments for health sector organisations; • supply of disposable items; • rental of sheeting made from special materials for operating theatres; • collection, treatment, sterilization and return of surgical instruments; • rental of surgical instruments; • establishment and management of sterilization units. Project Management Project Management comprises the performance of technical design work, as well as the planning, procurement management and supervision of contracts for the construction, renovation and conversion of buildings. This activity has become significant for the Group following the recent acquisition of the Integra FM BV Group (formerly the Pirelli & C. RE IFM BV Group). In addition to the above three main areas of activity, the Group also carries out a number of complementary activities. 2. Accounting policies and form and content of financial statements The annual consolidated financial statements as of 31 December 2008 comprise the balance sheet, the income statement, the cash flow statement, the statement of changes in shareholders' equity and the explanatory notes. The amounts reported in the various schedules and explanatory notes are presented together with the related comparative data as of 31 December 2007. This prior year information has been restated to reflect the change in accounting policy, applied from 2008, for recognising actuarial gains and losses on the provision for employee severance indemnities (see paragraph 2.2 and note 3 below). The consolidated financial statements as of 31 December 2008 have been prepared on an historical cost basis, except in relation to derivatives which are measured at their fair value. The balance sheet is classified in a manner that distinguishes between non-current assets and liabilities and current assets and liabilities, while the income statement is classified by type of expenditure. The cash flow statement has been prepared using the indirect method and, in compliance with IAS 7, the cash flows from operating, investing and financing activities have been identified. The financial statements are presented in Euro, which is the Group's functional currency. Except where otherwise stated, the amounts reported in the financial statements and explanatory notes are expressed in thousands of Euro. 2.1 Declaration of compliance with IFRS The consolidated financial statements as of 31 December 2008 have been prepared in compliance with International Financial Reporting Standards (IFRS). With regard to the accounting policies adopted for the preparation of the consolidated financial statements, the Group is subject to the provisions of art. 2.f) of Decree 38 dated 28 February 2005, which governs exercise of the elections envisaged by art. 5 of EC Regulation 1606/2002 on the subject of International Accounting Standards. Accordingly, pursuant to art. 3.2 and art. 4.5 of the above Decree, the Group has applied the IFRS endorsed by the European Commission for the preparation of its separate and consolidated financial statements with effect from the financial year ended 31 December 2005.
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Page 4 and 5: CONSOLIDATED INCOME STATEMENT 113 (
Page 6 and 7: STATEMENT OF CHANGES IN CONSOLIDATE
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 18 and 19: 127 The Group made the following ma
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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167 Approved financial statements a
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169 Inventories of raw materials co
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171 Other current receivables have
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173 As stated in note 3, commencing
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175 17. Provisions for risks and ch
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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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