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Reconciliation of reclassified financial statements

Reclassified balance sheet
(€ million) Dec. 31, 2009
Dec. 31, 2010
Reclassified balance sheet items
(where not stated otherwise,
items comply with statutory scheme)
Partial amounts
from statutory
scheme
Amounts
from reclassified scheme

Partial amounts from statutory scheme Amounts from reclassified scheme
A) Net tangible assets
  6,295   7,403
  Note 8 - Property, plant and equipment
6,295   7,403  
B) Net intangible assets
  756   760
  Note 9 - Intangible assets
756   760  
C) Investments
  118   105
  Note 10 - Investments accounted for using the equity method
118   115  
  Note 11 - Other investments
2   2  
  Recl. from E) - provisions for losses related to investments
(2)   (12)  
D) Working capital
  (449)   (506)
  Note 3 - Trade and other receivables
4,040   4,330  
  Recl. to I) - financing receivables not related to operations
(68)   (20)  
  Note 4 - Inventories
1,071   791  
  Note 5 - Current tax assets
113   72  
  Note 6 - Other current tax assets
285   218  
  Note 7 - Other current assets
256   275  
  Note 12 - Other financial assets
8   3  
  Recl. to l) - financing receivables not related to operations
(8)   (3)  
  Note 13 - Deferred tax assets
113   90  
  Note 14 - Other non-current assets
34   39  
  Note 16 - Trade and other payables (5,735)   (5,814)  
  Note 17 - Income tax payables
(115)   (166)  
  Note 18 - Other current tax liabilities
(124)   (107)  
  Note 19 - Other current liabilities
(227)   (149)  
  Note 23 - Deferred tax liabilities
(64)   (55)  
  Note 24 - Other non-current liabilitiesi (28)   (10)  
E) Provisions
  (198)   (152)
  Note 21 - Provisions for contingencies
(200)   (164)  
  Recl. to C) - provisions for losses related to investments
2   12  
Net assets available for disposal

-
-  
F) Provision for employee benefits
  (182)   (193)
  Note 22 - Provisions for employee benefits
(182)   (193)  
CAPITAL EMPLOYED, NET

6,340

7,417
G) Shareholders’ equity
  3,434   4,060
  Note 26 - Saipem shareholders’ equity
3,434   4,060  
H) Minority interest
  61   94
  Note 25 - Minority interest
61   94  
I) Net borrowings
  2,845   3,263
  Note 1 - Cash and cash equivalents
(986)   (930)  
  Note 2 - Other financial assets held for trading or available for sale
(36)   -  
  Note 15 - Short-term debt
1,797   1,002  
  Note 20 - Long-term debt
1,796   2,887  
  Note 20 - Current portion of  long-term debt
350   327  
  Recl. from D) - financing receivables held for non-operating purposes (Note 3)
(68)   (20)  
  Recl. from D) - financing receivables held for non-operating purposes (Note 12)
(8)   (3)  
SOURCES OF CAPITAL EMPLOYED/COVERAGE

6,340

7,417

Reclassified income statement

The only items of the reclassified income statement which differ from the statutory scheme are those stated hereafter:
- the other gains and losses deriving from ‘gains from sales of fixed assets’ (€ 1 million) and ‘compensation for damages’ (€ 2 million) have been recorded as increases under the corresponding cost items in the reclassified income statement;
- the items ‘financial income’ (€ 851 million), ‘financial expenses’ (-€ 995 million) and ‘derivatives’ (€ 34 million), which are indicated separately under the statutory scheme, are stated net under the item ‘finance (expense) income’ (-€ 110 million) in the reclassified income statement;
- the items ‘effect of accounting using the equity method’ (€ 12 million) and ‘other income (expenses) from investments’ (€ 18 million), which are indicated separately under the statutory scheme, are stated net under the items ‘net income from investments’ (€ 13 million) and ‘gain on disposals’ (€ 17 million) in the reclassified income statement;
- the item ‘income taxes’ (-€ 345 million) indicated in the statutory scheme is stated separately under the items ‘income taxes’ (-€ 344 million) and ‘taxation’ (-€ 1 million).
Le altre voci sono direttamente riconducibili allo schema obbligatorio.

Reclassified cash flow statement

The only items of the reclassified cash flow statement which differ from the statutory scheme are those stated hereafter:

- the items ‘depreciation and amortisation’ (€ 514 million), ‘net impairment of tangible and intangible assets’ (€ 3 million), ‘change in the provision for employee benefits’ (€ 13 million) and ‘other changes’ (-€ 1 million), indicated separately and included in cash generated from operating profit in the statutory scheme, are shown net under the item ‘depreciation/amortisation and other non-monetary items’ (€ 531 million);
- the items ‘interest income’ (-€ 8 million), ‘interest expense’ (€ 45 million) and ‘income taxes’ (€ 345 million), indicated separately and included in cash generated from operating profit in the statutory scheme, are shown net under the item ‘dividends, interests and taxes’ (€ 382 million);
- the items regarding changes in ‘inventories’ (€ 293 million), ‘trade receivables’ (-€ 313 million), ‘other assets and liabilities’ (-€ 213 million), ‘trade payables’ (€ 47 million) and ‘provisions’ (-€ 34 million), indicated separately and included in cash generated from operating profit in the statutory scheme, are shown net under the item ‘changes in working capital relating to operations’ (-€ 220 million);
- the items ‘dividends received’ (€ 6 million), ‘interest received’ (€ 6 million), ‘interest paid’ (-€ 39million) and ‘income taxes paid net of refunds of tax credits’ (-€ 219 million), indicated separately and included in cash generated from operating profit in the statutory scheme, are shown net under the item ‘dividends received, income taxes paid, and interest paid and received’ (-€ 246 million);
- the items relating to investments in ‘intangible assets’ (-€ 12 million) and ‘tangible assets’ (-€ 1,533 million), indicated separately and included in cash flow from investing activities in the statutory scheme, are shown net under the item ‘capital expenditure’ (-€ 1,545 million);
- the items relating to disposals of ‘tangible assets’ (€ 5 million), ‘consolidated subsidiaries and businesses’ (€ 14 million) and ‘investments’ (€ 34 million), indicated separately and included in cash flow from disposals in the statutory scheme, are shown under the item ‘Disposals’ (€ 53 million);
- the items ‘financing receivables’ (-€ 44 million), ‘securities’ (€ 36 million) and ‘financing receivables’ (€ 49 million), indicated separately and included in net cash used in investing activities in the statutory scheme, are shown net under the item ‘Borrowings (repayment) of debt related to financing activities’ (€ 41 million);
- the items ‘proceeds from long-term debt’ (€ 2,437 million), ‘repayments of long-term debt’ (-€ 1,400 million) and ‘increase (decrease) in short-term debt’ (-€ 778 million), indicated separately and included in net cash used in financing activities in the statutory scheme, are shown net under the item ‘changes in short and long-term financial debt’ (€ 259 million).