| COMPANY IDENTIFICATION | |
| Company name: | WINGS INTERNATIONAL S.P.A. |
| Tax code: | 104XXXXXXX |
| Legal form: | JOINT STOCK COMPANY |
| Activity: | Manufacture of aircrafts and spacecrafts |
| Official registration number (CCIAA/NREA): | NA/53XXXX |
| Registered office: | GRAZZANISE (NA) |
| Balance sheet: assets (Amount x 1,000,000,000) | ||||
| Item description | 1997 (Amount) |
%Assets | 1998 (Amount) |
%Assets |
| SUBSCRIBED CAPITAL UNPAID | 0.0 | 0.0 | 0.0 | 0.0 |
| FIXED ASSETS | 11,378.4 | 77.1 | 11,615.6 | 75.1 |
| INTANGIBLE ASSETS | 9.0 | 0.1 | 6.0 | 0.0 |
| TANGIBLE ASSETS | 279.5 | 1.9 | 226.8 | 1.5 |
| LAND & BUILDINGS | 250.5 | 1.7 | 200.5 | 1.3 |
| FINANCIAL ASSETS | 11,089.9 | 75.1 | 11,382.9 | 73.6 |
| AMOUNTS OWED BY ASSOC./AFFILIATED CO.S | 50.0 | 0.3 | 50.0 | 0.3 |
| EQUITY INVESTMENTS | 11,039.7 | 74.8 | 11,332.7 | 73.3 |
| OWN SHARES | 0.0 | 0.0 | 0.0 | 0.0 |
| CURRENT ASSETS | 3,379.6 | 22.9 | 3,835.4 | 24.8 |
| STOCKS | 1,131.6 | 7.7 | 1,559.5 | 10.1 |
| FINISHED GOODS AND WORK IN PROGRESS | 0.0 | 0.0 | 0.0 | 0.0 |
| DEBTORS | 2,246.0 | 15.2 | 2,273.6 | 14.7 |
| SHORT-TERM DEBTORS | 2,234.3 | 15.1 | 2,259.3 | 14.6 |
| TRADE DEBTORS | 57.0 | 0.4 | 153.8 | 1.0 |
| SHORT-TERM TRADE DEBTORS | 57.0 | 0.4 | 153.8 | 1.0 |
| FINANCIAL ASSETS | 1.4 | 0.0 | 1.9 | 0.0 |
| OWN SHARES | 0.0 | 0.0 | 0.0 | 0.0 |
| CASH AND BANK | 0.6 | 0.0 | 0.5 | 0.0 |
| PREPAYMENTS & ACCRUED INCOME | 3.7 | 0.0 | 17.9 | 0.1 |
| TOTAL ASSETS | 14,761.7 | 100.0 | 15,468.9 | 100.0 |
| Balance sheet: liabilities & shareholders' equity (Amount x 1,000,000,000) | ||||
| Item description | 1997 (Amount) |
%liabilities | 1998 (Amount) |
%liabilities |
| SHAREHOLDERS' EQUITY | 13,005.9 | 88.1 | 13,101.7 | 84.7 |
| SHARE CAPITAL | 5,506.1 | 37.3 | 5,506.1 | 35.6 |
| SHARE PREMIUM RESERVE | 3,167.7 | 21.5 | 3,167.7 | 20.5 |
| REVALUATION RESERVES | 43.7 | 0.3 | 43.7 | 0.3 |
| PROVISIONS FOR RISKS & CHARGES | 60.9 | 0.4 | 81.8 | 0.5 |
| PROVISION FOR TAXATION | 25.0 | 0.2 | 43.8 | 0.3 |
| PROVISION FOR SEVERANCE INDEMNITY | 58.4 | 0.4 | 51.6 | 0.3 |
| CREDITORS | 1,636.3 | 11.1 | 2,233.8 | 14.4 |
| SHORT-TERM CREDITORS | 1,634.3 | 11.1 | 2,232.1 | 14.4 |
| TRADE CREDITORS | 61.4 | 0.4 | 162.6 | 1.1 |
| AMOUNTS DUE TO BANKS - MEDIUM/LONG TERM | 0.0 | 0.0 | 0.0 | 0.0 |
| AMOUNTS DUE TO BANKS - CURRENT | 0.1 | 0.0 | 0.0 | 0.0 |
| ACCRUED EXPENSES AND DEFERRED INCOME | 0.1 | 0.0 | 0.1 | 0.0 |
| TOTAL LIABILITIES | 14,761.7 | 100.0 | 15,468.9 | 100.0 |
| MEMORANDUM ACCOUNTS | 11,378.2 | N/A | 12,327.9 | N/A |
| ACCUMULATED DEPRECIATION OF TANGIBLE ASSETS | N/A | N/A | N/A | N/A |
| Profit & loss account (Amount x 1,000,000,000) | ||||
| Item description | 1997 (Amount) |
%value of production | 1998 (Amount) |
%value of production |
| VALUE OF PRODUCTION | 382.4 | 100.0 | 424.4 | 100.0 |
| Revenues | 348.8 | 91.2 | 301.9 | 71.1 |
| Change in stocks of finished goods & work in progress | 0.0 | 0.0 | 0.0 | 0.0 |
| Other revenues | 25.3 | 6.6 | 112.8 | 26.6 |
| PRODUCTION COSTS | 336.7 | 88.1 | 375.7 | 88.5 |
| PURCHASE OF RAW MATERIALS & GOODS | 1.1 | 0.3 | 1.0 | 0.2 |
| CHANGE IN RAW MATERIALS & GOODS | 0.0 | 0.0 | 0.0 | 0.0 |
| CONSUMPTION OF MATERIALS | 1.1 | 0.3 | 1.0 | 0.2 |
| OVERHEADS | 124.5 | 32.6 | 129.5 | 30.5 |
| Provisions for risks & other provisions | 0.0 | 0.0 | 0.0 | 0.0 |
| VALUE ADDED | 256.8 | N/A | 293.9 | 69.2 |
| STAFF COSTS | 151.8 | 39.7 | 177.2 | 41.7 |
| Provision for severance indemnity | 39.5 | 10.3 | 49.4 | 11.6 |
| G.O.M. | 79.8 | N/A | 3.9 | 0.9 |
| AMORTISATION/DEPRECIATION/WRITEDOWNS | 36.3 | 9.5 | 13.9 | 3.3 |
| Amortisation of intangible assets | 25.1 | 6.6 | 4.1 | 1.0 |
| Depreciation of tangible assets | 11.2 | 2.9 | 9.8 | 2.3 |
| PROFIT / (LOSS) FROM ORDINARY OPERATING ACTIVITIES | 43.5 | 11.4 | -10.0 | -2.4 |
| INCOME/CHARGES FROM OTHER ACTIVITIES | 758.8 | 198.4 | 1,183.8 | 278.9 |
| Interest receivable & similar income | 756.7 | 197.9 | 1,125.0 | 265.1 |
| OPERATING PROFIT / (LOSS) | 802.4 | 209.8 | 1,173.7 | 276.6 |
| INTEREST PAYABLE & SIMILAR CHARGES | 4.7 | 1.2 | 7.2 | 1.7 |
| PROFIT / (LOSS) PRIOR TO EXTRAORDINARY OP.S | 797.6 | 208.6 | 1,166.5 | 274.9 |
| ADJUSTMENTS TO VALUE OF FINANCIAL ASSETS | -0.3 | -0.1 | -0.6 | -0.2 |
| EXTRAORDINARY INCOME/CHARGES | 32.3 | 8.5 | -99.2 | -23.4 |
| PROFIT / (LOSS) PRIOR TO TAXATION | 829.6 | 216.9 | 1,066.7 | 251.3 |
| TAXATION | 189.9 | 49.7 | 276.8 | 65.2 |
| PROFIT (LOSS) FOR THE PERIOD | 639.7 | 167.3 | 789.9 | 186.1 |
| CASH FLOW | 676.0 | 176.8 | 803.8 | 189.4 |
| EMPLOYEES | 305.0 | N/A | 256.0 | N/A |
| RATIOS | ||
| Returns ratios | 31/12/1997 | 31/12/1998 |
| R.O.E. (Return on
Equity) (Profit for the period/Shareholders' Equity) |
4.9(%) | 6.0(%) |
| R.O.I. Cerved (Return
on Investment) (Operating profit / (loss)/Total Assets) |
0.3(%) | -0.1(%) |
| R.O.S. (Return on
Sales) (Profit / (Loss) prior to Financial Operations/Revenues.) |
12.8(%) | 15.6(%) |
| R.O.A. Cerved (Return
on Assets) (Profit (Loss) prior to Financial Operations/Total Assets) |
0.3(%) | 0.3(%) |
| G.O.M. on Returns
(Gross Operating Margin / Revenues) |
22.3(%) | 1.3(%) |
| Turnover ratios | 31/12/1997 | 31/12/1998 |
| Invested Capital
Turnover (Revenues/Total Assets) |
2.4(%) | 2.0(%) |
| Current Assets Turnover
(Revenues/Current Assets) |
10.6(%) | 8.1(%) |
| Warehouse Turnover
(Revenues/Stocks) |
31.6(%) | 20.0(%) |
| Equity and financial ratios | 31/12/1997 | 31/12/1998 |
| Fixed Assets Cover
(Shareholders' Equity/Fixed Assets) |
114.3(%) | 112.8(%) |
| Banks on Current
Assets (Total amounts owed to Banks/Current Assets) |
0.0(%) | 0.0(%) |
| Short-term Banks
on Current Assets (Short-term Amounts owed to Banks/Current Assets) |
0.0(%) | 0.0(%) |
| Gearing (Debts/Total Assets) |
11.9(%) | 15.3(%) |
| Shareholders' Equity
/ Invested Capital (Shareholders' Equity / Total Assets) |
88.1(%) | 84.7(%) |
| Financial Charges
on Turnover (Financial Charges/Revenues) |
1.3(%) | 2.3(%) |
| Financial Charges
on G.O.M. (Financial Charges/G.O.M.) |
5.9(%) | 184.8(%) |
| Productivity ratios | 31/12/1997 | 31/12/1998 |
| Turnover per Employee
(Revenues/Average Employees) |
1.2(x 1.000.000.000) | 1.2(x 1.000.000.000) |
| Operating Value
Added per Employee (Operating Value Added/Average Employees) |
0.8(x 1.000.000.000) | 1.1(x 1.000.000.000) |
| Labour Cost per
Employee (Staff/Average Employees) |
0.5(x 1.000.000.000) | 0.7(x 1.000.000.000) |
| Labour Cost on Turnover
(Staff/Revenues) |
42.5(%) | 56.9(%) |
| Value Added on Turnover
(Value Added/Revenues) |
71.9(%) | 94.3(%) |
| Liquidity ratios | 31/12/1997 | 31/12/1998 |
| Current Ratio (Current Assets/Current Liabilities) |
206.3(%) | 172.0(%) |
| Acid-Test Ratio
(((Current Assets - Stocks)/Current Liabilities)) |
137.1(%) | 102.1(%) |
| Days of Credit to
Customers or Duration of Amounts owed by Customers (360 days * (Amounts owed by Customers/Revenues)) |
57.4(v) | 177.7(v) |
| Days of Credit from
Suppliers or Duration of Amounts owed to Suppliers (360days*[suppliers/(purchase+services+expenses for usage of third-party goods)]) |
176.0(v) | 448.5(v) |
| Days of Stocks or
Duration of Stocks (360 days * (Stocks/Revenues)) |
1,140.7(v) | 1,801.7(v) |
| Rate of intensity
of Current Assets (Current Assets/Revenues) |
944.1(%) | N,S,(%) |
| Incidence ratios for costs | 31/12/1997 | 31/12/1998 |
| Consumption of Materials
on Costs (Consumption of Materials/Production Costs) |
0.3(%) | 0.3(%) |
| External Costs on
Costs ((Consumption of Materials + Overheads - Provisions for Risks and Other)) |
37.3(%) | 34.7(%) |
| Labour Costs on
Costs (Staff/Production Costs) |
45.1(%) | 47.2(%) |
| Depreciation and
Devaluation on Costs (Depreciation and Devaluation/Production Costs) |
10.8(%) | 3.7(%) |
| Development ratios | 31/12/1997 | 31/12/1998 |
| Revenues Variations
([R.(t)-R.(t-1)]/R.(t-1)) |
N/A | -12.8(%) |
| Variations in Production
Costs ([P.C.(t)-P.C.(t-1)]/P.C.(t-1)) |
N/A | 11.6(%) |
| Variations in Shareholders'
Equity ([S.E.(t)-S.E.(t-1)]/S.E.(t-1)) |
N/A | 0.7(%) |
| Variations in Total
Assets ([T.A.(t)-T.A.(t-1)]/T.A.(t-1)) |
N/A | 4.8(%) |
| End of Trend | 09/05/2000 |