KEY TO SYMBOLS
Criteri di riclassificazione Cerved
 Italian Francais German
Profit and loss
Revenue
Revenues of the year after returns, discounts, allowances. They include the variation of work in progress for the companies with multiyear production and real estate proceeds for real estate companies
Variations in stocks, semi-finished and finished products
Variation of the stocks for semi-finished and finished products
Tangible assets increase for internal works
Increase of tangible assets for internal works
Contributions
Contribution during current year
Production value
It coincides with the value of production of the balance sheet after other revenues
Purchases
Net purchases of current year
Variations in raw materials
Variation of stocks of raw material, half-finished products and goods
Charges for services and third-parties goods
Expenses for services (general, administrative, commercial ones,..) and enjoyment of third-parties goods
Added value
It represents the value the company was able to add to the inputs of external origin during the year
Staff cost
Wages, salaries, allocation for severance pay and other costs concerning employees
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Gross operating margin
Margin of characteristic operative management
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Depreciation tangible assets
Depreciation of tangible assets
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Operative provisions
They include operative allocations for risks and costs and loss of value of current assets
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Depreciation intangible assets
Depreciation of intangible assets
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Result of different expenses/revenues
Other revenues after other costs, excluding items concerning operative management. It includes also increases of value of intangible assets
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Operating profit
It expresses the result of the year before financial and extraordinary results and the payment of the taxes
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Financial income and charges
Result of net financial incomes and expenses
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Net financial incomes
Dividends and interests charged after depreciation of financial assets
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Financial charges
Interests paid and other financial expenses
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Profit of the year
Result of the year before the payment of taxes and adjustment of financial assets
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Financial assets adjustments
Loss of value of tangible, intangible and financial assets after re-evaluation
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Extraordinary result
Result of extraordinary incomes/expenses and capital gain/loss coming from sale of company's assets
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Result before taxes
Result before the payment of taxes
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Operating tax
Taxes on revenues, real estates and other direct taxes after possible fiscal credit
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Profit after tax
Result of the year before fiscal items and shareholders' contribution
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Other
It includes fiscal items and shareholders' contribution to cover losses
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Net result/loss
Gain (loss) of the year
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Cash flow
It is composed by the net result of the year and includes depreciations and allocations after non-monetary incomes/expenses
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Total assets
Fixed assets
It includes all the assets which fall beyond 12 months
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Intangible assets
It includes all the costs of plants, extension, Research & Development, patents, concessions, licenses, trademarks and goodwill
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Tangible assets
Grounds, real estate properties, plants, machines, equipment, real-estate investments, other goods. Items are shown after depreciations and sinking funds
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Financial assets
It includes participations and credits of any kind with expiry date above the following year
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Short-term assets
It includes all the assets which fall within 12 months
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Stocks
Raw materials, half-finished products, work in progress, finished products and prepayment to suppliers
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Trade debtors
Commercial credits towards third parties and towards the group
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Other short-term assets
Financial and other credits towards third parties, the group, accruals and deferred assets
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Liquidity
Cash, post and Bank accounts, bonds and other non-fixed financial assets
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Total liabilities
Shareholders' Equity
It corresponds to the book-keeping net shareholders' funds, to the net value of shares, shareholders contributions, dividends to be distributed
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Share capital
Nominal Share Capital
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Other reserves
Legal and statutory reserves, revaluation reserves, shareholders deposits, reserves for share premium, reserves from new profits after owned shares and credits towards shareholders for due deposits
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Reserve from Profit/Loss of the year
Net result of the year after approved dividends
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Consolidated funds and debts
They include funds and debts falling beyond the year
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Profit (loss) of the year
Net result of the year after approved dividends
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Debts towards banks
Financial debts towards Banks falling beyond the year
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Medium-long-term funds and other debts
Funds for risks and expenses, funds for severance pay, bonds and debts not towards Banks but falling beyond the year
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Short-term liabilities
It includes all debts and liabilities falling beyond the current year
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Short-time debts towards Banks
Financial debts towards Banks falling within the current year
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Debts towards suppliers
Debts towards suppliers and pre-payments from customers
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Other debts
Financial debts not towards Banks, fiscal and other debts, accruals and deferred liabilities falling within the year
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Financial results
Net self-financing
It represents the potential of net financial resources produced by the company: it takes into consideration the operative and financial management, the management of extraordinary components of distribution costs (financial expenses, taxes, dividends and other issues)
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Change in net working capital
Increase (decrease) stocks, receivables and other credits after the variation of commercial and other debts
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CASH FLOW FROM OPERATING ACTIVITIES (A)
Self-financing after net variation of current assets
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Net fixed and intangible assets
Investments in tangible and intangible assets after disinvestments
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Net investments in financial assets
Investments in participations and other financial assets after disinvestments
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CASH FLOW FROM INVESTING ACTIVITIES (B)
Net investments in fixed assets
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FREE CASH FLOW (C=A-B)
Self-financing of the year after investments
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Net capital increases
Capital increases and reserves after distributions
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Net change in medium / long term debts
Issue of bonds and new medium and long term financing towards Banks and other financers after repayment of the year
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Net change in short term debts
Variation of short-term financial debts towards Banks and third parties
Should detailed data be missing, the share expiring within the year will be deducted on the basis of information contained in the accounts
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CASH FLOW FROM FINANCING ACTIVITIES (D)
New financing after repayments and net capital increases
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CHANGE IN CASH AND CASH EQUIVALENTS (C+D)
Variation of available liquidity, non-fixed financial assets and treasury of the group
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Development ratios
Variation % revenues
Percentage of increase of the revenues of the year
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Variation % production
Percentage of increase of the production
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Variation % added value
Percentage of increase of the added value
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Variation % assets
Percentage of increase of the assets
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Variation % shareholders' funds
Percentage of increase of the shareholders' assets
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Profitability indicators
R.O.S.
Relation between operating result before financial expenses and net revenues
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R.O.I.
Relation between rectified net result before financial expenses and invested capital (financial liabilities and shareholders' funds)
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R.O.E.
Net profitability for the shareholders calculated on the relation between result of the year before other components and average shareholders' funds used during the year
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Cash flow / Total assets
Relation between cash flow of the year and total amount of assets
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Turnover (revenues/assets)
Relation between revenues of the year and net assets
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Financial expenses/revenues
Relation between financial expenses and revenues of the year
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Productivity Indicators
Revenues per capita (euro/000)
Relation between revenues of the year and the number of average employees during the year
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Added value per capita (euro/000)
Relation between added value and the number of average employees during the year
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Work costs per capita (euro/000)
Relation between costs of work of the year and the number of average employees during the year
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Management of current assets
Current ratio
Relation between assets and liabilities falling within the following year
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Acid test
Relation between assets and liabilities falling within the following year, after the ones not immediately available (warehouse and prepayments)
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Average days of stock rotation
Stocks / revenues of the year * 360
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Credit towards customers in days
Average commercial credits / revenues of the year * 360
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Credit towards suppliers in days
Average commercial credits / purchases and services * 360
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Net working capital (euro/000)
It is obtained by the difference between assets and liabilities falling within the following year
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Financial structure
Treasury margin (euro/000)
Difference between short-term assets and liabilities after stocks
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Structure margin (euro/000)
Difference between shareholders' funds and fixed assets
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Debt ratio
Relation between consolidated and short-term and shareholders' funds
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Tangible shareholders' funds / total financial debts
Relation between shareholders' funds rectified by intangible assets and financial debts
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Short-term debts on production
Relation between debts falling within the year and value of production
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Indicatori economico finanziari
Crescita, Margini e Redditività Operativa
Var. % ricavi
Tasso percentuale di sviluppo dei ricavi dell'esercizio.
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MOL/ricavi netti
Rapporto tra il Margine Operativo Lordo e i ricavi d'esercizio
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Utile corrente ante gest. fin./ricavi netti
Rapporto tra il Risultato operativo prima della gestione finanziaria (attiva e passiva) e i ricavi netti
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Utile corrente ante oneri. fin./ricavi netti
Rapporto tra il Risultato operativo prima degli oneri finanziari (attiva e passiva) e i ricavi netti
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Turnover operativo
Rapporto tra i ricavi d'esercizio e il capitale operativo (immobilizzazioni materiali, immateriali e circolante operativo al netto di fondo TFR e fondi per rischi non finanziari)
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Ricavi netti/attivo operativo
Rapporto tra i ricavi d�esercizio e il capitale operativo (immobilizzazioni materiali, immateriali e circolante operativo al netto di fondo TFR e fondi per rischi non finanziari)
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Turnover
Rapporto tra i ricavi d�esercizio e il capitale operativo (immobilizzazioni materiali, immateriali e circolante operativo al netto di fondo TFR e fondi per rischi non finanziari)
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ROA operativo
Rappresenta la redditività degli asset operativi, calcolata come rapporto tra il risultato ante gestione finanziaria e il capitale operativo
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Margine / attivo operativo
Rappresenta la redditività degli asset operativi, calcolata come rapporto tra il risultato ante gestione finanziaria e il capitale operativo
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Gestione del Circolante
Scorte/Ricavi
Rimanenze / ricavi * 360
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Giorni medi di scorta
Rimanenze / ricavi * 360
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Clienti/Ricavi
Crediti commerciali medi / ricavi * 360
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Giorni credito clienti
Crediti commerciali medi / ricavi * 360
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Giorni credito fornitori
Debiti commerciali medi / acquisti e servizi * 360
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Fornitori/(Acquisti+Servizi)
Debiti commerciali medi / acquisti e servizi * 360
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Circolante operativo funzionale/ricavi netti
Rapporto tra il capitale circolante operativo medio (rimanenze, crediti commerciali e diversi al netto di debiti commerciali e diversi) e i ricavi
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Struttura Finanziaria ed Equilibrio Patrimoniale
Patrimonio netto tangibile / attivo tangibile
Rapporto tra il patrimonio netto, rettificato dalle azioni proprie, e l'attivo, entrambi al netto dalle immobilizzazioni immateriali
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Patrimonio netto tangibile/(debiti totali - liquidità)
Rapporto tra il patrimonio netto, rettificato dalle azioni proprie, e l'attivo, entrambi al netto dalle immobilizzazioni immateriali
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Patrimonio netto tangibile/(debiti fin.-liquidita')
Rapporto tra il patrimonio, al netto di azioni proprie e immobilizzazioni immateriali, e i debiti finanziari al netto della liquidit�
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Patrimonio netto tangibile/debiti totali
Rapporto tra il patrimonio netto, rettificato dalle azioni proprie, e l'attivo, entrambi al netto dalle immobilizzazioni immateriali
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Patrimonio netto tangibile/debiti fin.
Rapporto tra il patrimonio, al netto di azioni proprie e immobilizzazioni immateriali, e i debiti finanziari al netto della liquidità
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Debiti finanziari entro es.s./debiti finanziari totali
Peso dell'indebitamento finanziario corrente sull'indebitamento finanziario complessivo
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Liquidità a breve termine
Rapporto tra attività e passività scadenti entro l'esercizio successivo
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Liquidità / attivo
Peso delle disponibilità liquide e delle attività finanziarie a breve termine sul totale delle attività
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Capacità di Rimborso e Sostenibilità del Costo del Debito
Autofinanziamento netto/(debiti finanziari totali-liquidità)
Capacità potenziale di rimborso dell'indebitamento netto con le risorse generate dall'impresa
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Autofinanziamento netto/debiti finanziari
Capacit� potenziale di rimborso dell'indebitamento netto con le risorse generate dall'impresa
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Cash Flow/debiti finanziari
Capacità potenziale di rimborso dell'indebitamento netto con le risorse generate dall'impresa
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Cash Flow/(debiti totali - liquidità)
Capacità potenziale di rimborso dell'indebitamento netto con le risorse generate dall'impresa
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Cash Flow/(debiti finanziari-liquidita')
Capacità potenziale di rimborso dell'indebitamento netto con le risorse generate dall'impresa
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Cash Flow/debiti totali
Capacità potenziale di rimborso dell'indebitamento netto con le risorse generate dall'impresa
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(Oneri finanziari - proventi finanziari)/MOL
Capacità di sostenere sul conto economico il costo dell'indebitamento, compensati dalla presenza di proventi finanziari
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Capacità di Autofinanziamento e Redditività Complessiva
Autofinanziamento / ricavi netti
Valore delle risorse finanziarie generate dall'impresa sui ricavi d'esercizio
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Cash Flow / ricavi netti
Valore delle risorse finanziarie generate dall'impresa sui ricavi d'esercizio
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ROA
Il rapporto tra l'utile corrente ante oneri finanziari e l'attivo esprime la redditività complessiva dell'intero capitale impiegato
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ROI ante componenti straord.e imposte
Redditività corrente (utile ante imposte e componenti straordinari) del capitale investito complessivo
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Cash flow/attivo
Rapporto tra il cash flow e le attivit� complessive
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ROE
Redditività netta per gli azionisti ottenuta dal rapporto tra il risultato d'esercizio, ante altre componenti, e il patrimonio netto mediamente impiegato nell'esercizio.
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