1998 SUMMARY FINANCIAL STATEMENTS (in ITL)
(available also in Euro)
| COMPANY IDENTIFICATION | |
| Company name: | WINGS INTERNATIONAL S.P.A. |
| Legal form: | JOINT STOCK COMPANY - SP |
| Registered office: | VIA CENTOQUATTRO N. 14 CAP 10125 TORINO (TO) |
| CCIAA/NREA | TO/X15 |
| Tax code: | F104XXXXXXXXXX |
| Balance sheet: assets | ||
| Item description | Amount (ITL) | %Total assets |
| SUBSCRIBED CAPITAL UNPAID | 0 | 0 |
| FIXED ASSETS | 11,615,590,079,519 | 75.09 |
| INTANGIBLE ASSETS | 5,972,859,012 | 0.04 |
| TANGIBLE ASSETS | 226,754,783,547 | 1.47 |
| LAND & BUILDINGS | 200,485,370,397 | 1.30 |
| FINANCIAL ASSETS | 11,382,862,436,960 | 73.59 |
| AMOUNTS OWED BY ASSOC./AFFILIATED CO.S | 50,000,000,000 | 0.32 |
| EQUITY INVESTMENTS | 11,332,715,466,292 | 73.26 |
| OWN SHARES | 0 | 0 |
| CURRENT ASSETS | 3,835,411,481,958 | 24.79 |
| STOCKS | 1,559,482,043,151 | 10.08 |
| FINISHED GOODS & WORK IN PROGRESS | 0 | 0 |
| Working in progress | 21,021,453,700 | 0.14 |
| DEBTORS | 2,273,558,575,022 | 14.70 |
| SHORT-TERM DEBTORS | 2,259,317,188,810 | 14.61 |
| TRADE DEBTORS | 153,814,137,127 | 0.99 |
| SHORT-TERM TRADE DEBTORS | 153,814,137,127 | 0.99 |
| FINANCIAL ASSETS | 1,890,662,648 | 0.01 |
| OWN SHARES | 0 | 0 |
| CASH AND BANK | 480,201,137 | 0 |
| PREPAYMENTS & ACCRUED INCOME | 17,943,865,239 | 0.12 |
| TOTAL ASSETS | 15,468,945,426,716 | 100 |
| Balance sheet: liabilities & shareholders' equity | ||
| Item description | Amount (ITL) | %Total liabilities |
| SHAREHOLDERS' EQUITY | 13,101,650,888,500 | 84.70 |
| SHARE CAPITAL | 5,506,050,000,000 | 35.59 |
| SHARE PREMIUM RESERVE | 3,167,743,001,986 | 20.48 |
| REVALUATION RESERVES | 43,741,999,615 | 0.28 |
| PROVISIONS FOR RISKS & CHARGES | 81,816,404,373 | 0.53 |
| PROVISION FOR TAXATION | 43,812,921,852 | 0.28 |
| PROVISION FOR SEVERANCE INDEMNITY | 51,599,181,787 | 0.33 |
| CREDITORS | 2,233,790,446,126 | 14.44 |
| SHORT-TERM CREDITORS | 2,232,143,319,838 | 14.43 |
| TRADE CREDITORS | 162,610,383,202 | 1.05 |
| AMOUNTS DUE TO BANKS - MEDIUM/LONG-TERM | 0 | 0 |
| AMOUNTS DUE TO BANKS - SHORT-TERM | 125,330 | 0 |
| PART/ADVANCE PAYMENTS | 1,598,885,700,515 | 10.34 |
| ACCRUED EXPENSES AND DEFERRED INCOME | 88,505,930 | 0 |
| TOTAL LIABILITIES | 15,468,945,426,716 | 100 |
| MEMORANDUM ACCOUNTS | 12,327,858,337,412 | |
| ACCUMULATED DEPRECIATION OF TANGIBLE ASSETS | ||
| Profit & loss account | ||
| Item description | Amount (ITL) | %Production Value |
| VALUE OF PRODUCTION | 424,425,371,590 | 100 |
| Revenues | 301,907,221,864 | 71.13 |
| Change in work in progress | 9,699,883,252 | 2.29 |
| Change in stocks of finished goods & work in progress | 0 | 0 |
| Other revenues | 112,818,266,474 | 26.58 |
| PRODUCTION COSTS | 375,741,198,220 | 88.53 |
| PURCHASE OF RAW MATERIALS & GOODS | 1,020,322,092 | 0.24 |
| CHANGE IN MATERIALS | 0 | 0 |
| CONSUMPTION OF MATERIALS | 1,020,322,092 | 0.24 |
| OVERHEADS | 129,516,537,538 | 30.52 |
| Provisions for risks & other | 0 | 0 |
| VALUE ADDED | 293,888,511,960 | 69.24 |
| STAFF COSTS | 177,176,021,500 | 41.74 |
| Provision for severance indemnity | 49,382,856,575 | 11.64 |
| G.O.M. | 3,894,223,986 | 0.92 |
| AMORTISATION/DEPRECIATION/WRITEDOWNS | 13,931,164,219 | 3.28 |
| Amortisation of intangible assets | 4,148,592,251 | 0.98 |
| Depreciation of tangible assets | 9,782,571,968 | 2.30 |
| PROFIT / (LOSS) FROM ORDINARY OPERATING ACTIVITIES | -10,036,940,233 | -2.36 |
| OTHER INCOME / CHARGES | 1,183,769,305,782 | 278.91 |
| Interest receivable & similar income | 1,125,048,192,179 | 265.08 |
| OPERATING PROFIT / (LOSS) | 1,173,732,365,549 | 276.55 |
| INTEREST PAYABLE & SIMILAR CHARGES | 7,195,139,183 | 1.70 |
| PROFIT / (LOSS) BEFORE EXTRAORDINARY OP. | 1,166,537,226,366 | 274.85 |
| ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS | -647,432,489 | -0.15 |
| EXTRAORDINARY INCOME/CHARGES | -99,168,713,551 | -23.37 |
| PROFIT / (LOSS) BEFORE TAXATION | 1,066,721,080,326 | 251.33 |
| TAXATION | 276,834,006,803 | 65.23 |
| PROFIT (LOSS) FOR THE PERIOD | 789,887,073,523 | 186.11 |
| CASH FLOW | 803,818,237,742 | 189.39 |
| EMPLOYEES | 256 | 0 |
| RATIOS | |
| Returns ratios | |
| Value | |
| R.O.E. (Return on
Equity) (Profit for the period/Shareholders' Equity) |
6.03% |
| R.O.I. Cerved (Return
on Investment) (Operating profit / (loss)/Total Assets) |
-0.06% |
| R.O.S. (Return on
Sales) (Profit / (Loss) prior to Financial Operations/Revenues.) |
15.62% |
| R.O.A. Cerved (Return
on Assets) (Profit (Loss) prior to Financial Operations/Total Assets) |
0.31% |
| G.O.M. on
Returns (Gross Operating Margin / Revenues) |
1.25% |
| Turnover ratios | |
| Value | |
| Invested Capital
Turnover (Revenues/Total Assets) |
2.01% |
| Current Assets
Turnover (Revenues/Current Assets) |
8.12% |
| Warehouse
Turnover (Revenues/Stocks) |
19.98% |
| Equity and financial ratios | |
| Value | |
| Fixed Assets
Cover (Shareholders' Equity/Fixed Assets) |
112.79% |
| Banks on Current
Assets (Total amounts owed to Banks/Current Assets) |
0% |
| Short-term Banks on
Current Assets (Short-term Amounts owed to Banks/Current Assets) |
0% |
| Gearing (Debts/Total Assets) |
15.30% |
| Shareholders' Equity
/ Invested Capital (Shareholders' Equity / Total Assets) |
84.70% |
| Financial Charges on
Turnover (Financial Charges/Revenues) |
2.31% |
| Financial Charges on
G.O.M. (Financial Charges/G.O.M.) |
184.76% |
| Productivity ratios | |
| Value | |
| Turnover per
Employee (Revenues/Average Employees) |
1,217,215,254(ITL) |
| Operating Value Added
per Employee (Operating Value Added/Average Employees) |
1,148,001,999(ITL) |
| Labour Cost per
Employee (Staff/Average Employees) |
692,093,833(ITL) |
| Labour Cost on
Turnover (Staff/Revenues) |
56.86% |
| Value Added on
Turnover (Value Added/Revenues) |
94.31% |
| Liquidity ratios | |
| Value | |
| Current
Ratio (Current Assets/Current Liabilities) |
171.99% |
| Acid-Test
Ratio (((Current Assets - Stocks)/Current Liabilities)) |
102.12% |
| Days of Credit to
Customers or Duration of Amounts owed by Customers (360 days * (Amounts owed by Customers/Revenues)) |
177.70 |
| Days of Credit from
Suppliers or Duration of Amounts owed to Suppliers (360days*[suppliers/(purchase+services+expenses for usage of third-party goods)]) |
448.45 |
| Days of Stocks or
Duration of Stocks (360 days * (Stocks/Revenues)) |
1,801.67 |
| Rate of intensity of
Current Assets (Current Assets/Revenues) |
1,000% |
| Incidence ratios for costs | |
| Value | |
| Consumption of
Materials on Costs (Consumption of Materials/Production Costs) |
0.27% |
| External Costs on
Costs ((Consumption of Materials + Overheads - Provisions for Risks and Other)) |
34.74% |
| Labour Costs on
Costs (Staff/Production Costs) |
47.15% |
| Depreciation and
Devaluation on Costs (Depreciation and Devaluation/Production Costs) |
3.71% |
| Development ratios | |
| Value | |
| Revenues
Variations ([R.(t)-R.(t-1)]/R.(t-1)) |
-12.75% |
| Variations in
Production Costs ([P.C.(t)-P.C.(t-1)]/P.C.(t-1)) |
11.58% |
| Variations in
Shareholders' Equity ([S.E.(t)-S.E.(t-1)]/S.E.(t-1)) |
0.74% |
| Variations in Total
Assets ([T.A.(t)-T.A.(t-1)]/T.A.(t-1)) |
4.79% |
| End of Summary financial statements | 10/05/2000 |