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Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Statement of changes in consolidated equity
Consolidated statement of cash flows
Notes to the consolidated financial statements
Annexed tables
Any advance payments are subtracted from the value of work in progress within the limits of the contract revenues
accrued, the exceeding amounts are accounted as liabilities.
Inventories comprising software products are stated at the lower of cost and net realizable value. Cost comprises
direct material and, where applicable, direct labor costs and those overheads that have been incurred in bringing the
inventories to their present location and condition. Cost is calculated using the weighted average method.
Trade payables and receivables and other current assets and liabilities
Trade payables and receivables and other current assets and liabilities are measured at nominal value and eventually
written down to reflect their recoverable amount.
Write-downs are determined to the extent of the difference of the carrying value of the receivables and the present
value of the estimated future cash flows.
Receivables and payables denominated in non EMU currencies are stated at the exchange rate at period end provided
by the Eurospean Central Bank.
Cash and cash equivalents
The item cash and cash equivalents includes cash, banks and reimbursable deposits on demand and other short term
financial investments readily convertible in cash and are not subject to significant risks in terms of change in value.
Treasury shares
Treasury shares are presented as a deduction from equity. The original cost of treasury shares and proceeds of any
subsequent sale are presented as movements in equity.
Financial liabilities and equity investments
Financial liabilities and equity instruments issued by the Group are presented according to their substance arising
from their contractual obligations and in accordance to the definitions of financial liabilities and equity instruments.
The latter are defined as those contractual obligations that give the right to benefit in the residual interests of the
Group’s assets after having deducted its liabilities.
The accounting standards adopted for specific financial liabilities or equity instruments are outlined below:
Bank borrowings
Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs and subsequently
stated at its amortized cost, using the prevailing market interest rate method.
Equity instruments
Equity instruments issued by the Group are stated at the proceeds received, net of direct issuance costs.
Non current financial liabilities
Liabilities are stated according to the amortization cost.
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