Financial Statements 2009 - Manutencoop

Terms and conditions applying to transactions with related partiesthese transactions were carried out on normal market terms i.e. those that would have been appliedbetween independent parties. market prices are applied for both commercial and financial transactions;interest-free loans are only made in the case of proportional lending by consortium members totheir consortiums, where any interest charges would only be charged back to the members by theconsortiums concerned. such loans, if made on a long-term basis, are stated at their present value inthe financial statements. in addition to technical and productive services relating to its core businesses,the company also provides administrative and it services to certain Group companies. no guaranteeshave been given or received in relation to the amounts due to or from related parties. the companyhas not recorded any allowances for doubtful accounts regarding amounts due from related parties.the situation is reviewed at each year end by examining both the financial position of the relatedparties concerned and conditions in the markets in which they operate.the principal contracts with other Group companies are analysed below:> on 30 December 2004, manutencoop Facility management s.p.a. and manutencoop serviziambientali s.p.a. signed a contract whereby the former agreed to supply it services to thelatter. this contract came into force on 1 January 2009 and was terminated on 14 December2009. the annual consideration agreed was euro 450 thousand.> manutencoop Facility management s.p.a. and manutencoop società cooperativa have signedan agreement whereby the former agrees to supply it services to the latter. this contract cameinto effect on 1 January 2005 and will terminate on 31 December 2009 or on the later date thatcoincides with the date of termination of the investment agreements between the shareholders ofmanutencoop Facility management s.p.a., which were entered into on 23 December 2003 and 23December 2004.. manutencoop società cooperativa will pay euro 286 thousand to manutencoopFacility management s.p.a. for the above services provided in the 2009 calendar year.> manutencoop Facility management s.p.a. and mp Facility s.p.a. have signed an agreementwhereby the former agrees to supply the latter with the following services: environmentalhygiene, maintenance of green areas, materials handling management and maintenance ofmechanical and electrical installations, fire-prevention systems, lifts, building works, furniture,equipment, and facilities at several properties (specified in an annex to the contract) ownedby telecom italia s.p.a. and emsa s.p.a. this contract will terminate on 31 october 2010.as consideration for the above services, mp Facility s.p.a. will pay manutencoop Facilitymanagement s.p.a. an annual amount based on the volumes and unit prices for each type ofservice, as specified in a price list attached to the contract.> manutencoop società cooperativa has sublet to manutencoop Facility management s.p.a. aportion of the building at via poli 4, Zola predosa (bologna), covering a total area of 5,147 m 2 ,for use as office space. the duration of this contract is from 1 January 2005 to 31 December2010, with automatic renewal if neither party informs the other, by registered letter sent at least12 months prior to the expiry date, that it does not wish to renew. the annual rental is euro1,610 thousand, payable in 12 monthly instalments.> on 6 July 2007, the company entered into a framework agreement with manutencoop societàcooperativa, governing the key terms for the subsequent secondment of personnel frommanutencoop società cooperativa to the company, pursuant to chapter iii, section i of Decree276/2003. this five-year agreement will be renewed automatically unless formally terminatedat least 18 months prior to the end of the first five-year period. legally, this agreement is aregulatory contract that does not grant rights to third parties. Under its terms, the companyand manutencoop società cooperativa - which manages and coordinates the company'sactivities - specify the conditions governing any contracts for the future secondment of memberemployees of manutencoop società cooperativa, and the operational basis for entering intoand terminating such contracts.> on 1 august 2008, manutencoop Facility management s.p.a. and roma multiservizi s.p.a.signed a contract whereby the former agreed to supply it services to the latter. this contract cameinto force on 1 september 2008 and will expire on 30 august 2011. the annual considerationpayable is euro 1,250 thousand.as already stated, the company is subject to management and coordination by manutencoopsocietà cooperativa and, pursuant to para. 4 of art. 2497-bis of the italian civil code, the keyinformation reported in the latter's latest approved financial statements is presented below:manutenCoop soC.Coop.va - fInanCIal statements as of 31/12/2008(in thousands of Euro) 2008 2007 restatedbalanCe sheetassetsa) Unpaid capital due from shareholders 299 349b) Fixed assets 300,382 204,634c) operating assets 36,974 97,344D) accrued income and prepaid expenses 3,464 1,271total assets 341,119 303,598lIabIlItIes and shareholders' equItya) shareholders' equity:share capital 15,038 14,722reserves 252,261 203,513net profit (loss) for the year (597) 46,885b) provisions for risks and charges 2,568 1,421c) employee severance indemnities 4,436 4,583D) payables 66,526 31,681e) accrued expenses and deferred income 887 793total lIabIlItIes and equIty 341,119 303,598memorandum aCCounts 124,784 152,585InCome statementa) Value of production 45,059 35,546b) cost of production (48,179) (37,729)c) Financial income and charges 5,199 5,182D) adjustments to financial assets (3,710) (2,018)e) non-recurring financial income and charges 1,074 39,086income taxes for the year (41) 6,818net profit (loss) for the year (598) 46,885102 - Financial statements as oF 31 December 2009 - principles anD explanatory notes Financial statements as oF 31 December 2009 - principles anD explanatory notes - 103