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Download BasicNet 2013 Annual Report 2013 Annual...  2013 ANNUAL REPORT AND ACCOUNTS CONSOLIDATED AND SEPARATE

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  • 2013 ANNUAL REPORT

    AND ACCOUNTS

    CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS AS AT DECEMBER 31, 2013

    DIRECTORS REPORT

    GROUP CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES

    BASICNET S.P.A. FINANCIAL STATEMENTS AND EXPLANATORY NOTES

  • BasicNet Group Consolidated and Separate Financial Statements as at December 31, 2013 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

    CONTENTS

    CCOONNTTEENNTTSS

    Corporate Boards of BasicNet S.p.A. .............................................................................................................. 1 2013 Operational Overview and Events .......................................................................................................... 5 2013 Financial Performance Overview ........................................................................................................... 7 The Group ....................................................................................................................................................... 7 The Parent Company ..................................................................................................................................... 10 Reconciliation between consolidated net profit and Parent Company net profit ........................................... 12 The BasicNet share price ............................................................................................................................... 12 The Group at a glance ................................................................................................................................... 13 Human Resources .......................................................................................................................................... 18 Information on the Environment ................................................................................................................... 18 Principal risks and uncertainties .................................................................................................................... 19 Subsequent Events to the year-end and Outlook ........................................................................................... 21 Proposal to the Shareholders Meeting for the allocation of the net profit for the year ................................ 22 Other Information .......................................................................................................................................... 23 Treasury Shares ............................................................................................................................................. 23 Stock Option plans ........................................................................................................................................ 23 Shares held by Directors and Statutory Auditors .......................................................................................... 23 Transactions with holding companies, associates, other investments and related parties ............................. 23 Research & Development .............................................................................................................................. 24 Corporate Governance and Ownership Structure Report .............................................................................. 24 BasicNet Group Consolidated Income Statement ......................................................................................... 42 Comprehensive Consolidated Income Statement .......................................................................................... 43 BasicNet Group Consolidated Balance Sheet ................................................................................................ 44 Consolidated Cash Flow statement of the BasicNet Group ........................................................................... 45 Statement of changes in Consolidated Shareholders' Equity ......................................................................... 46 Consolidated Net Financial Position ............................................................................................................. 47 Explanatory Notes ......................................................................................................................................... 48 Disclosure pursuant to Article 149 duodecies of the Consob Issuers Regulation ........................................ 94 Companies included in the consolidation under the line-by-line method ...................................................... 95 Companies included in the consolidation under the proportional method ..................................................... 96 Investments at December 31, 2013 ................................................................................................................ 97 Declaration of the consolidated financial statements pursuant to Article 154-bis paragraph 5 and 5-bis

    of legislative Decree No. 58 of February 24, 1998 Finance Act on financial intermediation ...... 98 BasicNet S.p.A. Income Statement .......................................................................................................... 100 BasicNet S.p.A. Comprehensive income statement ................................................................................. 101 BasicNet S.p.A. Balance Sheet ................................................................................................................. 102 BasicNet S.p.A. Cash flow Statement ...................................................................................................... 103 BasicNet S.p.A. - Statement of changes in Shareholders' Equity ................................................................ 104 BasicNet S.p.A. Net Financial Position .................................................................................................... 105 BasicNet S.p.A. 2013 Income Statement as per Consob Resolution 15519 of July 27, 2006 .................. 106 BasicNet S.p.A. Balance Sheet at December 31, 2013 Consob Resolution 15519 of July 27, 2006 ........ 107 BasicNet S.p.A. Cash Flow Statement at December 31, 2013 Consob Resolution 15519 of July 27,

    2006............................................................................................................................................... 108 Explanatory Notes ....................................................................................................................................... 110 Investments at December 31, 2013 .............................................................................................................. 152 Investments at December 31, 2013 .............................................................................................................. 155 Declaration of the financial statements pursuant to Article 154-bis paragraph 5 and 5-bis of legislative

    Decree No. 58 of February 24, 1998 Finance act on financial intermediation .......................... 156 Disclosure pursuant to Article 149 duodecies of the Consob Issuers Regulation ...................................... 157

  • BasicNet Group Consolidated and Separate Financial Statements as at December 31, 2013 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

    CORPORATE BOARDS

    1

    CORPORATE BOARDS of BasicNet S.p.A.

    Board of Directors

    Marco Daniele Boglione Chairman Daniela Ovazza Vice Chairman Franco Spalla Chief Executive Officer Paola Bruschi Directors Paolo Cafasso Giovanni Crespi (1) Alessandro Gabetti Davicini Adriano Marconetto (1) Carlo Pavesio Elisabetta Rolando (1) Independent directors

    Remuneration committee

    Carlo Pavesio Chairman Adriano Marconetto Daniela Ovazza

    Control and Risks Committee

    Giovanni Crespi Chairman Alessandro Gabetti Davicini Adriano Marconetto

    Board of Statutory Auditors Massimo Boidi Chairman Carola Alberti Standing Auditors Maurizio Ferrero Fabio Pasquini Alternate Auditors Alessandra Vasconi

    Independent Audit Firm PricewaterhouseCoopers S.p.A.

  • BasicNet Group Consolidated and Separate Financial Statements as at December 31, 2013 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

    DIRECTORS REPORT

    2

    We bring together a large number of entrepreneurs across the world for a common goal. We manage all the critical data along the supply chain. We earn service commissions for approx. one-third of the added value generated by the entire process, capitalising all the enhanced value of the trademarks from the development of sales. We achieve this through continually sourcing state-of-the-art software technologies and peerless internet integration to manage all the processes of our business.

  • BasicNet Group Consolidated and Separate Financial Statements as at December 31, 2013 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

    DIRECTORS REPORT

    3

    Dear Shareholders, 2013 was a very good year for the Group. A significant improvement in all of the key performance indicators and a consolidated net profit of Euro 4.5 million were reported. The international expansion of the Brands continued thro

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