Bilancio Ansaldo - Ansaldo Energia

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32. Changes in inventories of finished goods, work in progress and semi-finished goods Euro/thousand 2011 2010 Changes in inventories of finished goods, work in progress and semi-finished goods (860) (34,092) The change of Euro 33,232 thousand compared with the previous year is due basically to standard machines in production for contracts in the process of personalisation and to the transition to production of alternators for stock. 33. Depreciation, amortisation and impairment Euro/thousand 2011 2010 Depreciation and amortisation: intangible assets 1,985 1,353 property, plant and equipment 23,031 21,830 Write-downs: operating receivables 25,016 23,183 Total depreciation, amortisation and impairment 25,016 23,183 The amortisation of fixed-life intangible assets (Euro 1,985 thousand) refers to development costs. Depreciation of property, plant and equipment represents the residual working life of the various assets. 34. Capitalisation of internal construction costs Increases in fixed assets as a result of internally generated assets refer to the cost of labour and materials in connection with intangible assets (Euro 19 thousand) and with plant, property and equipment (Euro 6,542 thousand). Euro/thousand 2011 2010 Personnel costs 6,542 6,435 Materials 19 129 6,561 6,564
35. Financial income and expense ANSALDO ENERGIA ANNUAL REPORT 2011 115 Euro/thousand 2011 2010 Income Expense Net Income Expense Net Dividends 1.900 1.900 1.000 1.000 Interest cost on defined-benefit plans Discounting back of receivables, 1.022 (1.022) 943 (943) liabilities and provisions – – Interests 369 150 219 794 266 528 Commission Premiums paid/collected on 497 (497) 298 (298) forward instruments 64 64 254 23 231 Exchange rate differences 429 1.628 (1.199) 1.201 1.651 (450) Equity investment value adjustments 917 8.539 (7.622) 1.210 26.274 (25.064) Non-effective portion of forward coverage 192 (192) – Other financial income and charges – – Financial income/charges from related parties 3.713 59 3.654 2.533 49 2.484 7.392 12.087 (4.695) 6.992 29.504 (22.512) Of 2011 dividends, Euro 1,900 thousand was collected from subsidiary Ansaldo Nucleare. Interest income basically refers to interest on current accounts in foreign currencies and deposits (Euro 326 thousand) and interest collected from defaulting countries through SACE (Euro 42 thousand). The charges mainly relate to currency exchange and bank guarantee commissions (Euro 497 thousand), to bank and other interest (Euro 90 thousand) and to interest expense payable to other lenders in connection with research work (Euro 60 thousand). Of adjustments to the value of equity investments, Euro 7,000 thousand refers to the writedown of the investment in subsidiary company Ansaldo Thomassen and Euro 1,539 thousand to the alignment of the investment to the shareholders’ equity of Ansaldo ESG. 36. Income taxes Income tax expense can be broken down as follows: Euro/thousand 2011 2010 Corporate income tax (I.Re.S.) 31,339 25,863 Regional business tax (IRAP) 9,357 8,438 Other taxes paid in foreign countries 1,902 1,318 Tax related to previous periods (499) (3,758) Provisions for tax disputes Lieu tax 5,121 6,650 Net deferred taxes payable (receivable) 6,111 13,193 53,331 51,704 The table below shows the reconciliation between the average effective tax rate and the applicable tax rate: NOTES TO THE FINANCIAL STATEMENTS AT 31 DECEMBER 2011
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2011 A N N U A L R E P O R T
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Disclaimer This Annual Report 2011
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84_5 Significant non-recurring even
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Boards and Committees
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Report on operations
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Shareholders The main feature of th
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On 26 September 2011, in the framew
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operations in currencies other than
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Analysis of performance and financi
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The balance of other net operating
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Financial position
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Transactions with related parties
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Alternative non-GAAP performance in
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2011 stands at Euro -16.2 million,
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Information on the management and c
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Performance
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ongoing transition in the rest of t
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Plant and machinery New orders for
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Production Despite the continuing g
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machine tools continued in 2011. On
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Research, Development and Innovatio
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control systems based on this techn
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Human Resources
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Outgoing employees open-ended contr
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Security Policy Statement (Legislat
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Environment San Severo combined cyc
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� REACH REGULATION - Regulation (
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Health and safety at work
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Performance and highlights of the m
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Ansaldo Thomassen BV (ATH) This com
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Outlook
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Registered offices of the Company A
Page 66 and 67: Report of the Board of Directors an
Page 68 and 69: Financial statements and related no
Page 70 and 71: Statement of Financial Position (Ba
Page 72 and 73: Statement of Cash Flows Euro/thousa
Page 74 and 75: Statement of Comprehensive Income E
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Page 78 and 79: Development costs Development costs
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Page 82 and 83: Cash Flow Hedge Changes in the fair
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Page 88 and 89: 6. Segment information The Company
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Page 92 and 93: List of equity investments at 31 De
Page 94 and 95: Euro/thousand Current Trade Other T
Page 96 and 97: that induced the Company to make th
Page 98 and 99: Gross WIP atl Advances at Net WIP a
Page 100 and 101: � a receivable from NLC Neyveli f
Page 102 and 103: Other reserves Euro/thousand Retain
Page 104 and 105: 21. Provisions for risks and charge
Page 106 and 107: Electricity Authority (“Prepa”)
Page 108 and 109: The amount recognised in the income
Page 110 and 111: Euro/thousand Operating lease contr
Page 112 and 113: Euro thousand Revenues Other Costs
Page 114 and 115: 29. Other operating income (costs)
Page 118 and 119: Euro/thousand 2011 2010 Basis Tax P
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Page 122 and 123: At 12.312011 Other customers Euro/t
Page 124 and 125: Detailed schedules
Page 126 and 127: Schedule 1 - Equity investments Eur
Page 128 and 129: Schedule 2 - List of equity investm
Page 130 and 131: Schedule 3 - Non current receivable
Page 132 and 133: Schedule 6 - Assets by geographical
Page 134 and 135: Schedule 9 - Liabilities in foreign
Page 136 and 137: Schedule 12 - Highlights of the fin
Page 138 and 139: Report of the Board of Statutory Au
Page 140 and 141: - it assessed and monitored the ade
Page 143: ANSALDO ENERGIA ANNUAL REPORT 2011
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Bilancio Ansaldo - Ansaldo Energia

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