Accounting, Finance and Control - Computer Engineering

Completed notes of the course - Part Prof M.

Complete course

͑͗ϰ͙͐ ACCj™c”JcAϡϚ?JcAcCEϚЮϚCjc”ˆj\ JijϚIJÎijƆϚéĻIJŖÎijėõŝϡϚŦĔõϚÎéŦėžėŦėõŝϚřõĬÎŦõïϚŦĻϚÎééĻūijŦėijčϡϚƲijÎijéõϚÎijïϚéĻijŦřĻĬϚÎřõϚčřĻūŖõïϚŦĻčõŦĔõřϚėijϚÎϚ ïõïėéÎŦõïϚĻřčÎijėŝÎŦėĻijÎĬϚūijėŦϠϚ”ĔėŝϚūijėŦϚėŝϚĻČŦõijϚéÎĬĬõïϚ Administration, Finance and Control (A,F&C) ϡϚ ÎĬŦĔĻūčĔϚėijϚŖřÎéŦėéõϚėŦϚėŝϚŝĻIJõŦėIJõŝϚřõČõřřõïϚŦĻϚŝėIJŖĬƆϚÎŝϚŦĔõϚ Finance department ϠϚ”ĔõϚŖõřŝĻijϚƀĔĻϚ ĬõÎïŝϚŦĔėŝϚūijėŦϚėŝϚŦĔõϚ Chief Financial Officer (CFO) ϡϚĻijõϚĻČϚŦĔõϚIJĻŝŦϚėIJŖĻřŦÎijŦϚõƅõéūŦėžõŝϚėijϚŦĔõϚ éĻIJŖÎijƆϠϚ”ĔõϚC?jϚĔÎŝϚïėřõéŦϚřõŝŖĻijŝėçėĬėŦƆϚĻžõřϚĔĻƀϚƲijÎijéėÎĬϚřõŝĻūřéõŝϚÎřõϚIJÎijÎčõïϚÎijïϚřõŖĻřŦõïϡϚ ÎijïϚŖĬÎƆŝϚÎϚé õijŦřÎĬϚřĻĬõϚėijϚŦĔõϚéĻIJŖÎijƆЎŝϚŝūééõŝŝϠ The CFO Role ”ĔõϚCĔėõČϚ?ėijÎijéėÎĬϚjưėéõřϚėŝϚŦĔõϚõƅõéūŦėžõϚřõŝŖĻijŝėçĬõϚČĻřϚŦĔõϚƲijÎijéėÎĬϚŝŦřÎŦõčƆϚÎijïϚïÎƆ ϲŦĻϲïÎƆϚ ƲijÎijéėÎĬϚĻŖõřÎŦėĻijŝϚĻČϚŦĔõϚçūŝėijõŝŝϠϚ”ĔõϚC?jϚřõŖĻřŦŝϚïėřõéŦĬƆϚŦĻϚŦĔõϚCEjϡϚƀĔėéĔϚĔėčĔĬėčĔŦŝϚŦĔõϚ ėIJŖĻřŦÎijéõϚĻČϚŦĔėŝϚřĻĬõϚƀėŦĔėijϚŦĔõϚĻřčÎijėŝÎŦėĻijϠϚ”ĔõϚC?jЎŝϚėij ƳūõijéõϚõƅŦõijïŝϚÎéřĻŝŝϚĨõƆϚÎřõÎŝϚŝūéĔϚÎŝϚ ėijžõŝŦIJõijŦŝϡϚŦĔõϚéĻIJŖÎijƆЎŝϚéÎŖėŦÎĬϚŝŦřūéŦūřõϡϚĬėŘūėïėŦƆϚÎijïϚIJĻijõƆϚIJÎijÎčõIJõijŦϡϚÎŝϚƀõĬĬϚÎŝϚŦĔõϚ ïõƲijėŦėĻijϚÎijïϚŝūŖŖĻřŦϚĻČϚĬĻijč ϲŦõřIJϚçūŝėijõŝŝϚŝŦřÎŦõčėõŝϠ ”ĔõϚïūŦėõŝϚĻČϚŦĔõϚC?jϚÎřõϚçřĻÎïϠϚ”ĔõƆϚėijéĬūïõϚƲijÎijéėÎĬϚŖĬÎijijėijčϡϚřėŝĨϚIJÎijÎčõIJõijŦϡϚIJĻijėŦĻřėijčϚéÎŝĔϚ ƳĻƀϚÎijïϚõƅŖõijïėŦūřõŝϡϚÎijïϚïõÎĬėijčϚƀėŦĔϚŦÎƅÎŦėĻijϚėŝŝūõŝϚÎijïϚřõĬÎŦõïϚřėŝĨŝϠϚ”ĔõϚC?jϚÎĬŝĻϚïõžõĬĻŖŝϚÎijïϚ õijČĻřéõŝϚƲijÎijéėÎĬϚÎijïϚÎééĻūijŦėijčϚŖĻĬėéėõŝϚŦĔÎŦϚõijŝūřõϚé ĻIJŖĬėÎijéõϚƀėŦĔϚĬõčÎĬϚÎijïϚėijŦõřijÎĬϚŝŦÎijïÎřïŝϠϚ AijĻŦĔõřϚéřūéėÎĬϚřõŝŖĻijŝėçėĬėŦƆϚėŝϚIJÎijÎčõIJõijŦϚÎééĻūijŦėijčϚÎijïϚéĻijŦřĻĬϡϚƀĔėéĔϚėijžĻĬžõŝϚIJõÎŝūřėijčϚÎijïϚ ÎijÎĬƆŝėijčϚŖõřČĻřIJÎijéõϠϚ?ėijÎĬĬƆϡϚŦĔõϚC?jϚėŝϚėijϚéĔÎřčõϚĻČϚŖřõŖÎřėijčϚÎijïϚŖřõŝõijŦėijčϚƲijÎijéėÎĬϚřõŖĻřŦŝϚČĻřϚ ŦĔõϚçĻÎřïϚ ĻČϚïėřõéŦĻřŝϚÎijïϚÎéŦėžõĬƆϚéĻijŦřėçūŦėijčϚŦĻϚŦĔõϚŝŦřÎŦõčėéϚïėřõéŦėĻijϚĻČϚŦĔõϚéĻIJŖÎijƆϠ The Three Main Areas 1. Accounting jijõϚĻČϚŦĔõϚIJĻŝŦϚžėŝėçĬõϚřõŝŖĻijŝėçėĬėŦėõŝϚĻČϚŦĔõϚC?jϚėijϚŦĔõϚÎřõÎϚĻČϚÎééĻūijŦėijčϚėŝϚ Investor Relations ϠϚ”ĔėŝϚ ÎéŦėžėŦƆϚėŝϚÎçĻūŦϚIJÎėijŦÎėijėijčϚŦřÎijŝŖÎřõijŦϚÎijïϚõưõéŦėžõϚéĻIJIJūijėéÎŦėĻijϚƀėŦĔϚŝĔÎřõĔĻĬïõřŝϚÎijïϚ ŖĻŦõijŦėÎĬϚėijžõŝŦĻřŝϠϚŒūéĔϚéĻIJIJūijėéÎŦėĻijϚūŝūÎĬĬƆϚŦÎĨõŝϚŦĔõϚČĻřIJϚĻČϚÎijijūÎĬϚřõŖĻřŦŝϡϚėijŦõřėIJϚřõŖĻřŦŝϚÎijïϚ ĻŦĔõřϚČĻřIJŝϚĻČϚïėŝéĬĻŝūřõϠϚDõŖõijïėijčϚĻijϚŦĔõϚřõčūĬÎŦĻřƆϚ ČřÎIJõƀĻřĨϡϚŝĻIJõϚĻČϚŦĔõŝõϚřõŖĻřŦŝϚÎřõϚ IJÎijïÎŦĻřƆϡϚƀĔėĬõϚĻŦĔõřŝϚÎřõϚėŝŝūõïϚžĻĬūijŦÎřėĬƆϚŦĻϚŝŦřõijčŦĔõijϚŦřūŝŦϚƀėŦĔϚŝŦÎĨõĔĻĬïõřŝϠ JijžõŝŦĻřϚřõĬÎŦėĻijŝϚČĻéūŝϚĻijϚŦĔõϚƲijÎijéėÎĬϚŖõřČĻřIJÎijéõϚĻČϚŦĔõϚéĻIJŖÎijƆϠϚ”ĔõƆϚÎřõϚijĻŦϚĬėIJėŦõïϚŦĻϚ ŝĔÎřõĔĻĬïõřŝϢϚŦĔõƆϚÎĬŝĻϚėijéĬūïõϚéĻIJIJūijėéÎŦėĻijϚƀėŦĔϚçÎijĨŝϚÎijïϚĻŦĔõřϚƲijÎijéėÎĬϚėijŝŦėŦūŦėĻijŝϚŦĔÎŦϚ ŖřĻžėïõϚĬĻÎijŝϚŦĻϚŦĔõϚéĻIJŖÎijƆϠϚ”ĔõŝõϚÎéŦĻřŝϚÎřõϚÎĬŝĻϚéĻijŝėïõřõïϚЋėijž õŝŦĻřŝЌϚėijϚÎϚçřĻÎïõřϚŝõijŝõϡϚ çõéÎūŝõϚŦĔõƆϚƲijÎijéõϚŦĔõϚçūŝėijõŝŝϚÎijïϚŦĔõřõČĻřõϚřõŘūėřõϚéĬõÎřϚÎijïϚřõĬėÎçĬõϚėijČĻřIJÎŦėĻijϚÎçĻūŦϚėŦŝϚ ƲijÎijéėÎĬϚĔõÎĬŦĔϠ 2. Finance ”ĔõϚƲijÎijéõϚÎřõÎϚIJÎėijĬƆϚėijžĻĬžõŝϚ Corporate Finance ϠϚ”ĔėŝϚėŝϚŦĔõϚŖÎřŦϚĻČϚŦĔõϚC?jЎŝϚřõŝŖĻijŝėçėĬėŦėõŝϚŦĔÎŦϚ ïõÎĬŝϚƀėŦĔϚĔĻƀϚŦĔõϚéĻIJŖÎijƆЎŝϚÎéŦėžėŦėõŝϚÎřõϚČūijïõïϚÎijïϚĔĻƀϚŦĔõϚƲijÎijéėÎĬϚŝŦřūéŦūřõϚėŝϚIJÎijÎčõïϠϚ CĻřŖĻřÎŦõϚƲijÎijéõϚéĻžõřŝϚŦĔõϚçÎĬÎijéõϚçõŦƀõõijϚïõçŦϚÎijïϚõŘūėŦƆϚϽŦĔõϚDõçŦϰEŘūėŦƆϚřÎŦėĻϾϡϚŦĔõϚřÎėŝėijčϚĻČϚ ČūijïŝϚ ČřĻIJϚõƅŦõřijÎĬϚŝĻūřéõŝϡϚÎijïϚŦĔõϚõưėéėõijŦϚÎĬĬĻéÎŦėĻijϚĻČϚŦĔõŝõϚČūijïŝϚƀėŦĔėijϚŦĔõϚĻřčÎijėŝÎŦėĻijϠϚJŦϚÎĬŝĻϚ ėijéĬūïõŝϚČĻřƀÎřï ϲĬĻĻĨėijčϚÎéŦėžėŦėõŝϚŝūéĔϚÎŝϚƲijÎijéėÎĬϚŖĬÎijijėijčϚÎijïϚõijŝūřėijčϚŦĔÎŦϚŦĔõϚéĻIJŖÎijƆϚĔÎŝϚŦĔõϚ řõŝĻū řéõŝϚėŦϚijõõïŝϚŦĻϚŝūŖŖĻřŦϚčřĻƀŦĔϚÎijïϚĻŖõřÎŦėĻijŝϠ 3. Control ”ĔõϚéĻijŦřĻĬϚÎřõÎϚėŝϚČĻéūŝõïϚĻijϚ Performance Management support ϠϚ”ĔėŝϚIJõÎijŝϚŖřĻžėïėijčϚŦĔõϚŦĻĻĬŝϡϚ ïÎŦÎϚÎijïϚÎijÎĬƆŝõŝϚŦĔÎŦϚĔõĬŖϚIJÎijÎčõřŝϚÎijïϚõƅõéūŦėžõŝϚIJÎĨõϚėijČĻřIJõïϚïõéėŝėĻijŝϠϚ…õřČĻřIJÎijéõϚ IJÎijÎčõIJõijŦϚŝūŖŖĻřŦϚėijéĬūïõŝϚŦĔõϚŖřõŖÎřÎŦėĻijϚĻČϚçūŝėijõŝŝϚŖĬÎijŝϡϚéĻijïūéŦėijčϚŝéõijÎřėĻϚÎijÎĬƆŝõŝϡϚÎijïϚ řūijijėijčϚЋƀĔÎŦ ϲėČЌϚÎijÎĬƆŝõŝϚŦĻϚõžÎĬūÎ ŦõϚŖĻŝŝėçĬõϚČūŦūřõϚĻūŦéĻIJõŝϠ JijϚÎïïėŦėĻijϡϚŦĔõϚéĻijŦřĻĬϚČūijéŦėĻijϚéĻžõřŝϚŖĬÎijijėijčϚÎijïϚéĻijŦřĻĬϚÎéŦėžėŦėõŝϡϚŦĔõϚŖřõŖÎřÎŦėĻijϚĻČϚçūïčõŦŝϡϚÎijïϚ ŦĔõϚřõŖĻřŦėijčϚĻČϚŖõřČĻřIJÎijéõϠϚ”ĔõŝõϚÎéŦėžėŦėõŝϚÎřõϚõŝŝõijŦėÎĬϚçõéÎūŝõϚŦĔõƆϚéřõÎŦõϚÎϚïėřõéŦϚĬėijĨϚçõŦƀõõijϚ ŦĔõϚéĻIJŖÎijƆЎŝϚŝŦřÎŦõčƆϚÎijïϚėŦŝϚƲijÎijéėÎĬϚÎijïϚĻŖ õřÎŦėĻijÎĬϚŖõřČĻřIJÎijéõϠϚBƆϚŝūŖŖĻřŦėijčϚïõéėŝėĻij ϲIJÎĨėijčϚ ÎijïϚIJĻijėŦĻřėijčϚřõŝūĬŦŝϡϚŦĔõϚéĻijŦřĻĬϚÎřõÎϚõijŝūřõŝϚŦĔÎŦϚŦĔõϚéĻIJŖÎijƆϚřõIJÎėijŝϚĻijϚŦřÎéĨϚŦĻϚÎéĔėõžõϚėŦŝϚ ĻçĥõéŦėžõŝϠ CFO to CPO Financial Controller (’70s –’80s): ?ĻéūŝõïϚĻijϚŦõéĔijėéÎĬϚõƅéõĬĬõijéõϢϚÎééūřÎŦõϚƲijÎijéėÎĬϚřõŖĻřŦŝϡϚřõčūĬÎŦĻřƆϚéĻIJŖĬėÎijéõϡϚĻƀijõřŝĔėŖϚĻČϚ ƲijÎijéõϚŖřĻéõŝŝõŝϠϚ\ėIJėŦõïϚÎūŦĻIJÎŦėĻijϡϚIJÎėijĬƆϚĬĻéÎĬϚŝūŖŖĻřŦϚČūijéŦėĻijŝϠ Chief Financial Officer (’90s –’00s): EƅŖÎijïõïϚřõŝŖĻijŝėçėĬėŦėõŝϢϚĻžõřŝėčĔŦϚĻČϚéĻijŦřĻĬŝϡϚŝŦřĻijčõřϚéĻIJŖĬėÎijéõϡϚIJĻřõϚÎūŦĻIJÎŦėĻijϚ ϽŝĔÎřõïϰĻưŝĔĻřõϚŝõřžėéõŝϾϡϚÎijïϚéĬĻŝõřϚçūŝėijõŝŝϚŖÎřŦijõřėijčϠϚC?jϚçõčėijŝϚŦĻϚŖřĻžėïõϚėijŝėčĔŦŝϚçÎŝõïϚĻijϚ ƲijÎijéėÎĬϚïÎŦÎϚÎijïϚĬėijĨϚƲijÎijéõϚŦĻϚçūŝėijõŝŝϚŖõřČĻřIJÎijéõϠ Chief Performance Officer (2010s+): ŒŦřÎŦõčėéϚřĻĬõϢϚŝõŦŝϚŖõřČĻřIJÎijéõϚŦÎřčõŦŝϡϚėijŦõčřÎŦõŝϚƲijÎijéėÎĬϚÎijïϚijĻij ϲƲijÎijéėÎĬϚïÎŦÎϡϚūŝõŝϚÎijÎĬƆŦėéŝϚŦĻϚ ėïõijŦėČƆϚŖõřČĻřIJÎijéõϚïřėžõřŝϡϚéĻIJIJūijėéÎŦõŝϚŝŦřÎŦõčƆϡϚÎïžėŝõŝϚõƅõéūŦėžõŝϡϚÎijïϚřÎėŝõŝϚřõŝĻūřéõŝϠϚ ?ėijÎijéõϚçõéĻIJõŝϚČūĬĬƆϚõIJçõïïõïϚėijϚçūŝėijõŝŝϚŝŦřÎŦõčƆϚÎijïϚõƅõéūŦėĻijϠ Line and Staff Relationships of a CFO ”ĔõϚC?jϚėŝϚŖÎřŦϚĻČϚŦĔõϚ technostructure ϡϚĬõÎïėijčϚAïIJėijėŝŦřÎŦėĻijϡϚ?ėijÎijéõϚЮϚCĻijŦřĻĬϚƀĔėĬõϚéĻĻřïėijÎŦėijčϚ ƀėŦĔϚŝŦřÎŦõčėéϚŖĬÎijijėijčϡϚJC”ϡϚřėŝĨϚIJÎijÎčõIJõijŦϡϚŖřĻéõŝŝϚÎijÎĬƆŝŦŝϚÎijïϚėijŦõřijÎĬϚÎūïėŦĻřŝϠ ”ĔõƆϚėijŦõřÎéŦϚƀėŦĔϚŦĔõϚ strategic apex ϚϽBĻÎřïϚĻČϚDėřõéŦĻřŝϡϚCEjϾϚçƆϚŖřĻžėïėijčϚƲijÎijéėÎĬϚėijŝėčĔŦŝϚŦĻϚ ŝūŖŖĻřŦϚïõéėŝėĻij ϲIJÎĨėijčϠ ”ĔõƆϚƀĻřĨϚƀėŦĔϚŦĔõϚ middle line ϚϽĔõÎïŝϚĻČϚIJÎřĨõŦėijčϡϚŖřĻïūéŦėĻijϡϚŖřĻéūřõIJõijŦϡϚŝÎĬõŝϡϚçūŝėijõŝŝϚūijėŦŝϾϚ ŦĻϚÎĬĬĻéÎŦõϚçūïčõŦŝϡϚIJĻijėŦĻřϚŖõřČĻřIJÎijéõϚÎijïϚŝūŖŖĻřŦϚïõéėŝėĻijŝϚƀėŦĔϚƲijÎijéėÎĬϚïÎŦÎϠ ”ĔõƆϚÎĬŝĻϚéĻĬĬÎçĻřÎŦõϚƀėŦĔϚ support staff ϚŝūéĔϚÎŝϚĬõčÎĬϡϚŖūçĬėéϚřõĬÎŦėĻijŝϡϚˆЮDϡϚGˆϚÎijïϚčõijõřÎĬϚŝõřžėéõŝϡϚ õŝŖõéėÎĬĬƆϚĻijϚéĻIJŖĬėÎijéõϡϚéĻIJIJūijėéÎŦėĻijϡϚėijijĻžÎŦėĻijϚÎijïϚƀĻřĨČĻřéõϚIJÎijÎčõIJõijŦϠ ?ėijÎĬĬƆϡϚŦĔõėřϚïõéėŝėĻijŝϚėijïėřõéŦĬƆϚÎưõéŦϚŦĔõϚ operating core ϚϽŖūřéĔÎŝėijčϡϚŖřĻïūéŦėĻijϚƀĻřĨõřŝϡϚŝÎĬõŝϚ ŦõÎIJŝϡϚĬĻčėŝŦėéŝϾϡϚŝėijéõϚƲijÎijéėÎĬϚŖĬÎijijėijčϚėijƳūõijéõŝϚřõŝĻūřéõŝϚÎijïϚĻŖõřÎŦėĻijŝϠ JijϚŝĔĻřŦϡϚŦĔõϚC?jϚÎéŦŝϚÎŝϚÎϚéĻijijõéŦĻřϚçõŦƀõõijϚŝŦřÎŦõčƆϡϚĻŖõřÎŦėĻijŝϚÎijïϚƲijÎijéõϚÎéřĻŝŝϚŦĔõϚƀĔĻĬõϚ ĻřčÎijėŝÎŦėĻijϠ ?™cDAbEc”A\ŒϚj?Ϛ?JcAcCJA\ϚACCj™c”JcA Fundamentals of Financial Accounting ?ėijÎijéėÎĬϚÎééĻūijŦėijčϚėŝϚÎϚïėŝéėŖĬėijõϚČĻéūŝõïϚĻijϚėïõijŦėČƆėijčϡϚéĻĬĬõéŦėijčϡϚĻřčÎijėƐėijčϡϚÎijïϚéĻIJIJūijėéÎŦėijčϚ ƲijÎijéėÎĬϚïÎŦÎϚÎijïϚėijČĻřIJÎŦėĻijϠϚJŦŝϚŖřėIJÎřƆϚŖūřŖĻŝõϚėŝϚŦĻϚŖřĻžėïõϚÎϚéĬõÎřϚŖėéŦūřõϚĻČϚÎϚéĻIJŖÎijƆЕŝϚ ƲijÎijéėÎĬϚĔõÎĬŦĔϚŦĻϚõƅŦõřijÎĬϚŖÎřŦėõŝϡϚĨijĻƀijϚÎŝϚ shareholders ϚÎijïϚ stakeholders ϡϚƀĔĻϚïĻϚijĻŦϚĔΞõϚ ÎééõŝŝϚŦĻϚėijŦõřijÎĬϚĻřϚéĻijƲïõijŦėÎĬϚėijČĻřIJÎŦėĻijϠϚ”ĔėŝϚŖřĻéõŝŝϚėŝϚéÎřřėõïϚĻūŦϚėijϚéĻIJŖĬėÎijéõϚƀėŦĔϚ õŝŦÎçĬėŝĔõïϚřõčūĬÎŦėĻijŝϠ ”ĔõϚïėÎčřÎIJϚėĬĬūŝŦřÎŦõŝϚŦĔõϚƳĻƀϚĻČϚėijČĻřIJÎŦėĻijϚÎijïϚŦĔõϚřõĬÎŦėĻijŝĔėŖŝϚçõŦƀõõijϚŦĔõϚéõijŦřÎĬϚ Company Ϛ ÎijïϚėŦŝϚžÎřėĻūŝϚŝŦÎĨõĔĻĬïõřŝϠϚAŦϚŦĔõϚŦĻŖϚÎřõϚŦĔõϚ Shareholders ϡϚƀĔĻϚÎřõϚŦĔõϚĻƀijõřŝϚĻČϚŦĔõϚéĻIJŖÎijƆϚÎijïϚ řõéõėžõϚƲijÎijéėÎĬϚėijČĻřIJÎŦėĻijϚŦĻϚõžÎĬūÎŦõϚŦĔõėřϚėijžõŝŦIJõijŦϠϚjijϚŦĔõϚĬõČŦϡϚ Bondholders ϚÎijïϚ Banks Ϛ řõŖřõŝõijŦϚéřõïėŦĻřŝϚƀĔĻϚūŝõϚƲijÎijéėÎĬϚïÎŦÎϚŦĻϚIJĻijėŦĻřϚŦĔõϚéĻIJŖÎijƆЕŝϚÎçėĬėŦƆϚŦĻϚřõŖÎƆϚĬĻÎijŝϠϚjijϚŦĔõϚ řėčĔŦϡϚÎϚčřĻūŖϚĻČϚ Other Stakeholders ϚėijéĬūïõŝϚõIJŖĬĻƆõõŝϡϚéūŝŦĻIJõřŝϡϚŝūŖŖĬėõřŝϡϚÎijïϚŦĔõϚĬĻéÎĬϚ éĻIJIJūijėŦƆϡϚÎĬĬϚĻČϚƀĔĻIJϚūŝõ ϚƲijÎijéėÎĬϚėijČĻřIJÎŦėĻijϚŦĻϚÎŝŝõŝŝϚŦĔõϚéĻIJŖÎijƆЕŝϚŝŦÎçėĬėŦƆϚÎijïϚřõĬėÎçėĬėŦƆϠϚ ?ėijÎĬĬƆϡϚÎŦϚŦĔõϚçĻŦŦĻIJϡϚ Financial Analysts ϚŝŦūïƆϚŦĔõϚéĻIJŖÎijƆЕŝϚƲijÎijéėÎĬϚïÎŦÎϚŦĻϚŖřĻžėïõϚėijŝėčĔŦŝϚÎijïϚ řõéĻIJIJõijïÎŦėĻijŝϚŦĻϚėijžõŝŦĻřŝϠ ͑Ϡ ŖřĻƲŦÎçėĬėŦƆϚėŝϚÎĬŝĻϚÎijϚõéĻijĻIJėéϚ ŖřĻŝŖõéŦėžõϠϚ JijéĻIJõϚŝŦÎŦõIJõijŦϠϚ ͒Ϡ CÎŝĔϚƳĻƀϚŝŦÎŦõIJõijŦϠ The Strategic Relevance of Financial Accounting ”ĔõϚėijČĻřIJÎŦėĻijϚŖřĻžėïõïϚçƆϚƲijÎijéėÎĬϚÎééĻūijŦėijčϚėŝϚĻČϚŝŦřÎŦõčėéϚėIJŖĻřŦÎijéõϚçõéÎūŝõϚėŦϚĔÎŝϚÎϚ ŝėčijėƲéÎijŦϚėIJŖÎéŦϚĻijϚžÎřėĻūŝϚÎŝŖõéŦŝϚĻČϚÎϚéĻIJŖÎijƆϠϚ ”ĔėŝϚïÎŦÎϚïėřõéŦĬƆϚėijƳūõijéõŝϢ • Share Price and Market Capitalization: Ϛ”ĔõϚžÎĬūõϚĻČϚÎϚéĻIJŖÎijƆϚėŝϚïėřõéŦĬƆϚĬėijĨõïϚŦĻϚŦĔõϚ ƲijÎijéėÎĬϚėijČĻřIJÎŦėĻijϚΞÎėĬÎçĬõϚŦĻϚŦĔõϚŖūçĬėéϠϚ…ĻŝėŦėžõϚƲijÎijéėÎĬϚřõŝūĬŦŝϚŦƆŖėéÎĬĬƆϚĬõÎïϚŦĻϚÎijϚ ėijéřõÎŝõϚėijϚŝĔÎřõϚŖřėéõϚÎijïϚIJÎřĨõŦϚéÎŖėŦÎĬėƐÎŦėĻijϠ • Target Price in Mergers & Acquisitions (M&A) Deals: ϚAϚéĻIJŖÎijƆЕŝϚƲijÎijéėÎĬϚĔõÎĬŦĔϚėŝϚÎϚéřūéėÎĬϚ ČÎéŦĻřϚėijϚïõŦõřIJėijėijčϚėŦŝϚžÎĬūõϚïūřėijčϚÎϚIJõřčõřϚĻřϚÎéŘūėŝėŦėĻijϠϚAééūřÎŦõϚƲijÎijéėÎĬϚėijČĻřIJÎŦėĻijϚėŝϚ õŝŝõijŦėÎĬϚČĻřϚŝõŦŦėijčϚÎϚČÎėřϚÎéŘūėŝėŦėĻijϚŖřėéõϠ • Selling Price in an Initial Public Offering (IPO): ϚAijϚ IPO ϚėŝϚŦĔõϚŖřĻéõŝŝϚƀĔõřõϚÎϚŖřėžÎŦõϚ éĻIJŖÎijƆϚƲřŝŦϚĻưõřŝϚėŦŝϚŝĔÎřõŝϚŦĻϚŦĔõϚŖūçĬėéϠϚ”ĔõϚƲijÎijéėÎĬϚėijČĻřIJÎŦėĻijϚŖřõŝõijŦõïϚŦĻϚŖĻŦõijŦėÎĬϚ ėijžõŝŦĻřŝϚėŝϚČūijïÎIJõijŦÎĬϚėijϚïõŦõřIJėijėijčϚŦĔõϚėijėŦėÎĬϚŝõĬĬėijčϚŖřėéõϚĻČϚŦĔõϚŝĔÎřõŝϠ • Credit Rating: ϚAϚéĻIJŖÎijƆЕŝϚƲijÎijéėÎĬϚŖõřČĻřIJÎijéõϚÎijïϚŝŦÎçėĬėŦƆϚÎřõϚĨõƆϚČÎéŦĻřŝϚŦĔÎŦϚÎưõéŦϚėŦŝϚ éřõïėŦϚřÎŦėijčϡϚƀĔėéĔϚėijϚŦūřijϚėijƳūõijéõŝϚėŦŝϚÎçėĬėŦƆϚŦĻϚçĻřřĻƀϚIJĻijõƆϚÎijïϚŦĔõϚėijŦõřõŝŦϚřÎŦõŝϚėŦϚŖÎƆŝϠ • Reliability for Customers: Ϛ?ėijÎijéėÎĬϚïÎŦÎϚéÎijϚÎĬŝĻϚçõϚūŝõïϚçƆϚçĻŦĔϚéūřřõijŦϚÎijïϚŖřĻŝŖõéŦėžõϚ éūŝŦĻIJõřŝϚŦĻϚõžÎĬūÎŦõϚÎϚéĻIJŖÎijƆЕŝϚřõĬėÎçėĬėŦƆϚÎijïϚĬĻijč ϲŦõřIJϚžėÎçėĬėŦƆϚÎŝϚÎϚŝūŖŖĬėõřϚĻřϚŝõřžėéõϚ ŖřĻžėïõřϠ JijϚõŝŝõijéõϡϚƲijÎijéėÎĬϚÎééĻūijŦėijčϚÎéŦŝϚÎŝϚŦĔõϚūijėžõřŝÎĬϚĬÎijčūÎčõϚĻČϚçūŝėijõŝŝϡϚŖřĻžėïėijčϚÎϚŝŦÎijïÎřïėƐõïϚ ÎijïϚŦřÎijŝŖÎřõijŦϚIJõŦĔĻïϚČĻřϚÎϚéĻIJŖÎijƆϚŦĻϚéĻIJIJūijėéÎŦõϚėŦŝϚŖõřČĻřIJÎijéõϚÎijïϚžÎĬūõϚŦĻϚŦĔõϚƀĻřĬïϠ ˆõČõřõijéõϚŝŦÎijïÎřïŝϚŦĔÎŦϚÎřõϚ ūŝõïϚçƆϚéĻIJIJėŝŝėĻijŝϚŦĻϚIJÎĨõϚ ƲijÎijéėÎĬϚŝŦÎijïÎřïŝϚČĻřϚEūřĻŖõÎijϚ éĻūijŦřėõŝϠ Financial Accounting: The Reference Accounting Principles JijϚŦĔėŝϚéĻijŦõƅŦϡϚŦĔõϚřõČõřõijéõϚÎééĻūijŦėijčϚŝŦÎijïÎřïϚŝƆŝŦõIJϚėŝϚ IAS/IFRS ϠϚ”ĔõŝõϚŝŦÎijïÎřïŝϚÎřõϚïõžõĬĻŖõïϚ ÎijïϚėŝŝūõïϚϽÎijïϚŖõřėĻïėéÎĬĬƆϚřõžėŝõïϾϚçƆϚÎijϚėijïõŖõijïõijŦϚėijŦõřijÎŦėĻijÎĬϚçĻïƆϡϚŦĔõϚ IASB ϚϽJijŦõřijÎŦėĻijÎĬϚ AééĻūijŦėijčϚŒŦÎijïÎřïŝϚBĻÎřïϾϡϚƀĔėéĔϚƀÎŝϚČĻřIJõřĬƆϚĨijĻƀijϚÎŝϚŦĔõϚJAŒCϚϽJijŦõřijÎŦėĻijÎĬϚAééĻūijŦėijčϚ ŒŦÎijïÎřïŝϚCĻIJIJėŦŦõõϾϠϚ”ĔõϚçĻÎřïϚėŝϚIJÎïõϚūŖϚĻČϚõƅŖõřŦŝϚϽėijéĬūïėijčϚƲřIJϚÎééĻūijŦÎijŦŝϡϚC?jŝϡϚÎūïėŦĻřŝϡϚ ÎijïϚÎéÎïõIJėéŝϰřõŝõÎřéĔõřŝϾϚČřĻIJϚIJĻřõϚŦĔÎijϚ͑͐͐ϚéĻū ijŦřėõŝϡϚėijéĬūïėijčϚJŦÎĬƆϠ ”ĔõϚõijŦėřõϚŝõŦϚĻČϚJAŒϰJ?ˆŒϚŝŦÎijïÎřïŝϚïõžõĬĻŖõïϚçƆϚŦĔõϚJAŒBϚėŝϚĬÎřčõřϚŦĔÎijϚƀĔÎŦϚĔÎŝϚçõõijϚÎïĻŖŦõïϚçƆϚE™Ϛ řõčūĬÎŦĻřŝϠϚ”ĔõϚE™ϚéĻIJIJėŝŝėĻijŝϚūŝõϚŦĔõŝõϚřõČõřõijéõϚŝŦÎijïÎřïŝϚŦĻϚéřõÎŦõϚƲijÎijéėÎĬϚŝŦÎijïÎřïŝϚČĻřϚ EūřĻŖõÎijϚéĻūijŦřėõŝϡϚçūŦϚŦĔõƆϚĔΞõϚŝõĬõéŦõïϚÎϚ sub -set ϚĻČϚŦĔõϚČūĬĬϚéĻĬĬõéŦėĻijϠϚ”ĔėŝϚėŝϚçõéÎūŝõϚŝĻIJõϚĻČϚ ŦĔõϚŝŦÎijïÎřïŝϚƀõřõϚéĻijŝėïõřõïϚŦĻĻϚДřõžĻĬūŦėĻijÎřƆДϚÎijïϚŖĻŝõïϚŝėčijėƲéÎijŦϚėŝŝūõŝϚřõĬÎŦõïϚŦĻϚŦĔõϚ éÎĬéūĬÎŦėĻijϚĻČϚžÎĬūõŝϚÎijïϚÎūïėŦϚŖřĻéõŝŝõŝϠ JijϚŦõřIJŝϚĻČϚŦõřIJėijĻĬĻčƆϡϚŦĔõϚДĻĬïДϚŝŦÎijïÎřïŝϚėŝŝūõïϚçƆϚŦĔõϚJAŒCϚÎřõϚijÎIJõïϚ IAS ϡϚƀĔėĬõϚŦĔõϚДijõƀДϚĻijõŝϚ ėŝŝūõïϚÎČŦõřϚŦĔõϚĻřčÎijėƐÎŦėĻijЕŝϚijÎIJõϚéĔÎijčõϚÎřõϚijÎIJõïϚ IFRS ϠϚ”ĔėŝϚõƅŖĬÎėijŝϚŦĔõϚūŝõϚĻČϚŦĔõϚŦƀĻϚ ÎéřĻijƆIJŝϠϚJijϚÎijƆϚéÎŝõϡϚijõƀϚϽūŖïÎŦõïϾϚžõřŝėĻijŝϚĻČϚJAŒϚŝŦÎijïÎřïŝϚÎřõϚçõėijčϚřõijÎIJõïϚÎŝϚJ?ˆŒϡϚƀĔėéĔϚ IJõÎijŝϚŦĔÎŦϚŦĔõϚJAŒϚŝŦÎijïÎřïŝϚÎřõϚõƅŖõéŦõïϚŦĻϚčřÎïūÎĬĬƆϚïėŝÎŖŖõÎřϠ cĻŦϚÎĬĬϚéĻIJŖÎijėõŝϚūŝõïϚŦĔõŝõϚ ŝŦÎijïÎřïŝϠ Ϛ The Global Diffusion of IFRS ”ĔõϚJ?ˆŒϚÎééĻūijŦėijčϚŝŦÎijïÎřïŝϚÎřõϚéūřřõijŦĬƆϚŦĔõϚ reference accounting standards ϚėijϚIJĻŝŦϚéĻūijŦřėõŝϚ ÎřĻūijïϚŦĔõϚƀĻřĬïϠϚbÎijƆϚijÎŦėĻijŝϡϚėijéĬūïėijčϚCĔėijÎϡϚJijïėÎϡϚÎijïϚWÎŖÎijϡϚÎřõϚõėŦĔõřϚėijϚŦĔõϚŖřĻéõŝŝϚĻČϚ ŦřÎijŝėŦėĻijėijčϚČřĻIJϚŦĔõėřϚĬĻéÎĬϚŝŦÎijïÎřïŝϚŦĻϚJ?ˆŒϚĻřϚĔΞõϚŖĬÎijŝϚŦĻϚïĻϚŝĻϚėijϚŦĔõϚijõÎřϚČūŦūřõϠϚ”ĔėŝϚŦřõijïϚ ŦĻƀÎřïϚÎϚŝėijčĬõϚčĬĻçÎĬϚŝŦÎijïÎřïϚÎėIJŝϚŦ ĻϚõijĔÎijéõϚéĻIJŖÎřÎçėĬėŦƆϚÎijïϚŦřÎijŝŖÎřõijéƆϚÎéřĻŝŝϚėijŦõřijÎŦėĻijÎĬϚ IJÎřĨõŦŝϠ GĻƀõžõřϡϚÎŝϚƆĻūϚŖĻėijŦõïϚĻūŦϡϚ not all companies use these standards ϠϚ”ĔõřõϚėŝϚĻijõϚžõřƆϚėIJŖĻřŦÎijŦϚ õƅéõŖŦėĻijϢϚŦĔõϚ USA ϡϚƀĔėéĔϚĔÎŝϚėŦŝϚĻƀijϚïėŝŦėijéŦϚŝõŦϚĻČϚŝŦÎijïÎřïŝϚĨijĻƀijϚÎŝϚ US GAAP ϚϽAõijõřÎĬĬƆϚ AééõŖŦõïϚAééĻūijŦėijčϚ…řėijéėŖĬõŝϾϠϚ™ŒϚAAA…ϚėŝϚřõŘūėřõïϚČĻřϚÎĬĬϚŖūçĬėéĬƆϚĬėŝŦõïϚéĻIJŖÎijėõŝϚėijϚŦĔõϚ™ijėŦõïϚ ŒŦÎŦõŝϚÎijïϚėŝϚÎĬŝĻϚūŝõïϚÎŝϚÎijϚÎĬŦõřijÎŦėžõϚĻřϚÎĬĻijčŝėïõϚĬĻéÎĬϚřõčūĬÎŦėĻijŝϚėijϚŝĻIJõϚĻŦĔõřϚéĻūijŦřėõŝϡϚŝūéĔϚ ÎŝϚCÎijÎïÎϡϚŒƀėŦƐõřĬÎijïϡϚÎijïϚJŝřÎõĬϠ ”ĔõřõϚĔΞõϚçõõijϚõưĻřŦŝϚŦĻϚçřėïčõϚŦĔõϚčÎŖϚçõŦƀõõijϚJ?ˆŒϚÎijïϚ™ŒϚAAA…ϠϚ?ĻřϚõƅÎIJŖĬõϡϚÎϚĥĻėijŦϚŖřĻĥõéŦϚ çõŦƀõõijϚŦĔõϚE™ϚÎijïϚŦĔõϚ™ŒAϚƀÎŝϚĬÎūijéĔõïϚƆõÎřŝϚÎčĻϚŦĻϚŦřƆϚÎijïϚĔÎřIJĻijėƐõϚŦĔõϚŦƀĻϚŝƆŝŦõIJŝϡϚçūŦϚėŦϚ ÎŖŖõÎřŝϚŦĻϚĔΞõϚŝŦÎĬĬõïϚïūõϚŦĻϚƀĔÎŦϚÎřõϚéĻijŝėïõřõïϚДėřřõéĻijéėĬÎç ĬõϚéĻijŦřÎŝŦŝϠДϚDõŝŖėŦõϚŦĔėŝϡϚŝėijéõϚ ͒͐͐͘ϡϚE™ϚéĻIJŖÎijėõŝϚŦĔÎŦϚÎřõϚŦřÎïõïϚĻijϚ™ŒϚŝŦĻéĨϚõƅéĔÎijčõŝϚĔΞõϚçõõijϚŖõřIJėŦŦõïϚŦĻϚūŝõϚ IAS/IFRS ϚÎŝϚ ÎijϚÎĬŦõřijÎŦėžõϚŦĻϚ™ŒϚAAA…Ϡ A Premise: The Focus of the Analysis ”ĔõϚéĻřõϚŖřõIJėŝõϚėŝϚŦĔÎŦϚ accounting standards aren't uniform across all companies ϣϚŦĔõƆϚéÎijϚžÎřƆϚ ŝėčijėƲéÎijŦĬƆϚČřĻIJϚĻijõϚŝõéŦĻřϚŦĻϚÎijĻŦĔõřϠϚ”ĔõϚŝĬėïõϚĔėčĔĬėčĔŦŝϚÎϚŝūçŝŦÎijŦėÎĬϚïėưõřõijéõϚçõŦƀõõijϚŦĔřõõϚ IJÎėijϚéÎŦõčĻřėõŝϚĻČϚƲřIJŝϢ • Industrial and Service Firms: Ϛ”ĔėŝϚçřĻÎïϚčřĻūŖϚėijéĬūïõŝϚéĻIJŖÎijėõŝϚėijžĻĬžõïϚėijϚ IJÎijūČÎéŦūřėijčϡϚČĻĻïϚÎijïϚçõžõřÎčõϡϚřõŦÎėĬϡϚĬĻčėŝŦėéŝϡϚŦřÎijŝŖĻřŦÎŦėĻijϡϚéĻijŝūĬŦėijčϡϚIJõïėÎϡϚÎijïϚJ”Ϛ ŝõřžėéõŝϠ • Banks and other Financial Sector Companies: Ϛ”ĔõŝõϚÎřõϚƲřIJŝϚŦĔÎŦϚĻŖõřÎŦõϚŝŖõéėƲéÎĬĬƆϚ ƀėŦĔėijϚŦĔõϚƲijÎijéõϚėijïūŝŦřƆϠ • Insurance Companies: Ϛ”ĔõŝõϚƲřIJŝϚĔΞõϚŦĔõėřϚĻƀijϚūijėŘūõϚŝõŦϚĻČϚÎééĻūijŦėijčϚřõŘūėřõIJõijŦŝϚ ïūõϚŦĻϚŦĔõϚŝŖõéėƲéϚijÎŦūřõϚĻČϚŦĔõėřϚçūŝėijõŝŝϠ ?ĻřϚŦĔõϚŖūřŖĻŝõϚĻČϚŦĔėŝϚéĻūřŝõϡϚŦĔõϚÎijÎĬƆŝėŝϚƀėĬĬϚéĻijéõijŦřÎŦõϚõƅéĬūŝėžõĬƆϚĻijϚŦĔõϚ first category ϢϚ ėijïūŝŦřėÎĬϚÎijïϚŝõřžėéõϚƲřIJŝϠ The Four Financial Statements ”ĔõϚÎijijūÎĬϚřõŖĻřŦϚIJūŝŦϚėijéĬūïõϚČĻūřϚéĻřõϚƲijÎijéėÎĬϚŝŦÎŦõIJõijŦŝϚŦĔÎŦϚŖřĻžėïõϚÎϚéĻIJŖřõĔõijŝėžõϚžėõƀϚĻČϚÎϚ éĻIJŖÎijƆЕŝϚƲijÎijéėÎĬϚŖĻŝėŦėĻijϚÎijïϚŖõřČĻřIJÎijéõϠ ͑Ϡ Balance Sheet: Ϛ”ĔėŝϚŝŦÎŦõIJõijŦϚŝĔĻƀŝϚŦĔõϚ monetary value of assets ϚÎijïϚŦĔõϚéĻřřõŝŖĻijïėijčϚ ĻçĬėčÎŦėĻijŝϚŦĻϚŝĔÎřõĔĻĬïõřŝϚϽ Equity ϾϚÎijïϚéřõïėŦĻřŝϚϽ Liabilities ϾϚÎŦϚÎϚŝŖõéėƲéϚŖĻėijŦϚėijϚŦėIJõϡϚĬėĨõϚ ŦĔõϚõijïϚĻČϚŦĔõϚřõŖĻřŦėijčϚŖõřėĻïϠϚJŦЕŝϚÎϚŝijÎŖŝĔĻŦϚĻČϚƀĔÎŦϚŦĔõϚéĻIJŖÎijƆϚĻƀijŝϚÎijïϚĻƀõŝϠ ͒Ϡ Statement of Income (or Income Statement): ϚAĬŝĻϚĨijĻƀijϚÎŝϚŦĔõϚ Profit and Loss Account (P&L) ϡϚŦĔėŝϚïĻéūIJõijŦϚïõŦÎėĬŝϚÎĬĬϚřõžõijūõŝϚÎijïϚéĻŝŦŝϚėijéūřřõïϚïūřėijčϚŦĔõϚřõŖĻřŦėijčϚŖõřėĻïϚϽõϠčϠϡϚ ĻijõϚƆõÎřϾϠϚJŦϚéÎĬéūĬÎŦõŝϚŦĔõϚéĻIJŖÎijƆЕŝϚ net profit ϚĻřϚĬĻŝŝϡϚŝĔĻƀėijčϚĔĻƀϚŦĔõϚéĻIJŖÎijƆϚŖõřČĻřIJõïϚ ĻžõřϚŦėIJõϠ ͓Ϡ Statement of Cash Flow (or Cash Flow Statement): Ϛ”ĔėŝϚŝŦÎŦõIJõijŦϚŦřÎéĨŝϚÎĬĬϚéÎŝĔϚ inflows and outflows ϚŦĔÎŦϚĻééūřřõïϚïūřėijčϚŦĔõϚřõŖĻřŦėijčϚŖõřėĻïϠϚJŦϚřõžõÎĬŝϚĔĻƀϚÎϚéĻIJŖÎijƆϚčõijõřÎŦõïϚ ÎijïϚūŝõïϚėŦŝϚéÎŝĔϡϚėijïėéÎŦėijčϚėŦŝϚĬėŘūėïėŦƆϚÎijïϚƲijÎijéėÎĬϚƳõƅėçėĬėŦƆϠ ͔Ϡ Statement of Changes in Shareholders' Equity: Ϛ”ĔėŝϚŝŦÎŦõIJõijŦϚŖřĻžėïõŝϚÎϚïõŦÎėĬõïϚ çřõÎĨïĻƀijϚĻČϚŦĔõϚéĔÎijčõŝϚėijϚŝĔÎřõĔĻĬïõřŝЕϚõŘūėŦƆϚČřĻIJϚŦĔõϚçõčėijijėijčϚŦĻϚŦĔõϚõijïϚĻČϚŦĔõϚ řõŖĻřŦėijčϚŖõřėĻïϠϚJŦϚéÎijϚçõϚžėõƀõïϚÎŝϚÎϚïõõŖõřϚĬĻĻĨϚÎŦϚŦĔõϚõŘūėŦƆϚŝõéŦėĻijϚĻČϚŦĔõϚBÎĬÎijéõϚŒĔõõŦϠ Additional Required Document ”ĔõϚƲřŝŦϚŦĔřõõϚŝŦÎŦõIJõijŦŝϚϽBÎĬÎijéõϚŒĔõõŦϡϚJijéĻIJõϚŒŦÎŦõIJõijŦϡϚÎijïϚCÎŝĔϚ?ĬĻƀϚŒŦÎŦõIJõijŦϾϚÎřõϚŦĔõϚIJĻŝŦϚ éřūéėÎĬϠϚGĻƀõžõřϡϚŦĔõƆϚIJūŝŦϚçõϚŝūŖŖĬõIJõijŦõïϚçƆϚÎϚƲČŦĔϚČūijïÎIJõijŦÎĬϚïĻéūIJõijŦϢϚŦĔõϚ Notes to Financial Statements ϠϚ”ĔõŝõϚijĻŦõŝϚÎřõϚõŝŝõijŦėÎĬϚÎŝϚŦĔõƆϚŖřĻžėïõϚ complementary data and information ϚijõõïõïϚŦĻϚŖřĻŖõřĬƆϚėijŦõřŖřõŦϚŦĔõϚČĻūřϚƲijÎijéėÎĬϚŝŦÎŦõIJõijŦŝϠϚ”ĔõϚijĻŦõŝϚŝŖõéėČƆϚŦĔõϚ rules and assumptions ϚūŝõïϚėijϚïřÎČŦėijčϚŦĔõϚÎijijūÎĬϚřõŖĻřŦϡϚĻưõřėijčϚéřūéėÎĬϚéĻijŦõƅŦϚČĻřϚÎĬĬϚŦĔõϚijūIJçõřŝϚ ŖřõŝõijŦõïϠ ͒͒ϰ͙͐ ϚDAϚˆJ?AˆEEEEEEEϥϥϥ Il "Directors' Report" (Relazione sulla gestione) CĻIJõϚžõïõŦõϚėijϚŘūõŝŦÎϚŖřėIJÎϚŝĬėïõϡϚėĬϚ Directors' Report ϚĂϚūijĻϚïõėϚïĻéūIJõijŦėϚéĻIJŖĬõIJõijŦÎřėϚéĔõϚĬõϚ ÎƐėõijïõϚϽėijϚŖÎřŦėéĻĬÎřõϚŘūõĬĬõϚïėϚčřÎijïėϚïėIJõijŝėĻijėϚõϚÎϚřõŝŖĻijŝÎçėĬėŦÞϚĬėIJėŦÎŦÎϾϚïõžĻijĻϚÎččėūijčõřõϚÎĬϚ çėĬÎijéėĻϚïЕõŝõřéėƐėĻϠ ‡ūõŝŦÎϚřõĬÎƐėĻijõϚĂϚŖřõŖÎřÎŦÎϚõϚƲřIJÎŦÎϚïÎĬϚ top management ϚïõĬĬЕÎƐėõijïÎϡϚéĔõϚŝėÎϚėĬϚCEjϚĻϚėĬϚCĻijŝėčĬėĻϚ ïėϚAIJIJėijėŝŦřÎƐėĻijõϠϚ\ÎϚŝūÎϚČūijƐėĻijõϚĂϚŘūõĬĬÎϚïėϚ spiegare al lettore del bilancio ϚĬÎϚŝėŦūÎƐėĻijõϚ éĻIJŖĬõŝŝėžÎϚïõĬĬЕÎƐėõijïÎϠϚcĻijϚŝėϚĬėIJėŦÎϚÎϚŖřõŝõijŦÎřõϚėϚijūIJõřėϡϚIJÎϚĬėϚéĻijŦõŝŦūÎĬėƐƐÎϠ JijϚŖřÎŦėéÎϡϚėĬϚDėřõéŦĻřŝЕϚˆõŖĻřŦϢ • Spiega le performance finanziarie ϚïõĬĬЕÎƐėõijïÎϡϚIJõŦŦõijïĻĬõϚėijϚřõĬÎƐėĻijõϚéĻijϚĬÎϚŝŦřÎŦõčėÎϚïėϚ çūŝėijõŝŝϡϚėĬϚéĻijŦõŝŦĻϚéĻIJŖõŦėŦėžĻϚõϚĬЕÎijïÎIJõijŦĻϚïõĬϚIJõřéÎŦĻϠ • Fornisce informazioni più dettagliate ϡϚŝėÎϚƲijÎijƐėÎřėõϚéĔõϚijĻijϚƲijÎijƐėÎřėõϡϚéĻIJõϚÎïϚõŝõIJŖėĻϚĬÎϚ řėŖÎřŦėƐėĻijõϚïõėϚřėéΞėϚŖõřϚÎřõÎϚčõĻčřÎƲéÎϚĻϚŖõřϚĬėijõÎϚïėϚŖřĻïĻŦŦĻϠ • Illustra gli investimenti più significativi ϚřõÎĬėƐƐÎŦėϚïÎĬĬЕÎƐėõijïÎϚõϚėϚŖřėijéėŖÎĬėϚ rischi ϚéĔõϚõŝŝÎϚ ïõžõϚÎưřĻijŦÎřõϠ JijϚŝėijŦõŝėϡϚĂϚėĬϚïĻéūIJõijŦĻϚÎŦŦřΞõřŝĻϚėĬϚŘūÎĬõϚėĬϚIJÎijÎčõIJõijŦϚŝėϚřėžĻĬčõϚÎčĬėϚŝŦÎĨõĔĻĬïõřϚŖõřϚŝŖėõčÎřõϚijĻijϚ ŝĻĬĻϚДéĻŝÎϚĂϚŝūééõŝŝĻДϡϚIJÎϚÎijéĔõϚДŖõřéĔöДϚĂϚŝūééõŝŝĻϚõϚŘūÎĬėϚŝĻijĻϚĬõϚŖřĻŝŖõŦŦėžõϚČūŦūřõϠ INGLESE ϚAŝϚƆĻūϚéÎijϚŝõõϚėijϚŦĔėŝϚƲřŝŦϚŝĬėïõϡϚŦĔõϚ Directors' Report ϚėŝϚĻijõϚĻČϚŦĔõϚéĻIJŖĬõIJõijŦÎřƆϚ ïĻéūIJõijŦŝϚŦĔÎŦϚéĻIJŖÎijėõŝϚϽõŝŖõéėÎĬĬƆϚĬÎřčõϡϚĬėIJėŦõï ϲĬėÎçėĬėŦƆϚĻijõŝϾϚIJūŝŦϚÎïïϚŦĻϚŦĔõėřϚƲijÎijéėÎĬϚ ŝŦÎŦõIJõijŦŝϠ ”ĔėŝϚřõŖĻřŦϚėŝϚŖřõŖÎřõïϚÎijïϚŝėčijõïϚçƆϚŦĔõϚéĻIJŖÎijƆЕŝϚ top management ϡϚƀĔõŦĔõřϚėŦЕŝϚŦĔõϚCEjϚĻřϚŦĔõϚ BĻÎřïϚĻČϚDėřõéŦĻřŝϠϚJŦŝϚŖūřŖĻŝõϚėŝϚŦĻϚ explain the company's overall situation to the reader of the financial statements ϠϚJŦϚïĻõŝijЕŦϚĥūŝŦϚŖřõŝõijŦϚŦĔõϚijūIJçõřŝϚçūŦϚŖřĻžėïõŝϚéĻijŦõƅŦϚČĻřϚŦĔõIJϠ ŒŖõéėƲéÎĬĬƆϡϚŦĔõϚDėřõéŦĻřŝЕϚˆõŖĻřŦϢ • Explains the company's overall financial performance ϡϚéĻijŦõƅŦūÎĬėƐėijčϚėŦϚėijϚĬėčĔŦϚĻČϚėŦŝϚ çūŝėijõŝŝϚŝŦřÎŦõčƆϡϚŦĔõϚéĻIJŖõŦėŦėžõϚĬÎijïŝéÎŖõϡϚŦĔõϚŝŦÎŦõϚĻČϚŦĔõϚĬĻéÎĬϰčĬĻçÎĬϚõéĻijĻIJƆϡϚÎijïϚŦĔõϚ IJÎėijϚõžõijŦŝϚŦĔÎŦϚĻééūřřõïϚïūřėijčϚŦĔõϚƆõÎřϠ • Provides more detailed information ϡϚçĻŦĔϚƲijÎijéėÎĬϚÎijïϚijĻij ϲƲijÎijéėÎĬϡϚŝūéĔϚÎŝϚÎϚçřõÎĨïĻƀijϚ ĻČϚřõžõijūõŝϚçƆϚçūŝėijõŝŝϚĻřϚčõĻčřÎŖĔėéÎĬϚÎřõÎϠ • Illustrates the major investments ϚIJÎïõϚçƆϚŦĔõϚéĻIJŖÎijƆϚÎijïϚŦĔõϚIJĻŝŦϚřõĬõžÎijŦϚ risks ϚėŦϚČÎéõŝϠ JijϚõŝŝõijéõϡϚėŦϚėŝϚŦĔõϚïĻéūIJõijŦϚŦĔřĻūčĔϚƀĔėéĔϚIJÎijÎčõIJõijŦϚÎïïřõŝŝõŝϚŝŦÎĨõĔĻĬïõřŝϚŦĻϚõƅŖĬÎėijϚijĻŦϚĻijĬƆϚ ДƀĔÎŦϚĔÎŖŖõijõïДϚçūŦϚÎĬŝĻϚДƀĔƆДϚėŦϚĔÎŖŖõijõïϚÎijïϚƀĔÎŦϚŦĔõϚČūŦūřõϚĻūŦĬĻĻĨϚėŝϠ The Report by the Statutory Auditors bĻžėijčϚĻijϚŦĻϚŦĔõϚŝõéĻijïϚŝĬėïõϡϚƀõϚƲijïϚÎϚïĻéūIJõijŦϚƀėŦĔϚÎϚžõřƆϚïėưõřõijŦϚŖūřŖĻŝõϢϚŦĔõϚ Report by the Statutory Auditors ϠϚ”ĔėŝϚřõŖĻřŦϚėŝϚIJÎijïÎŦĻřƆϚČĻřϚĬÎřčõϚéĻIJŖÎijėõŝϚƀėŦĔϚÎϚŦƀĻ ϲŦėõřϚčĻžõřijÎijéõϚŝƆŝŦõIJϠ ™ijĬėĨõϚŦĔõϚDėřõéŦĻřŝЕϚˆõŖĻřŦϡϚƀĔėéĔϚėŝϚÎϚŖÎřŦėŝÎijϚÎééĻūijŦϡϚŦĔėŝϚĻijõϚėŝϚïřÎČŦõïϚçƆϚÎijϚ independent control body ϡϚŦĔõϚ statutory auditors ϠϚ”ĔõėřϚřĻĬõϚėŝϚČūijïÎIJõijŦÎĬϚŦĻϚõijŝūřėijčϚŦĔõϚŦřÎijŝŖÎřõijéƆϚÎijïϚ éĻřřõéŦijõŝŝϚĻČϚŦĔõϚéĻIJŖÎijƆЕŝϚIJÎijÎčõIJõijŦϠ ”ĔõϚIJÎėijϚČūijéŦėĻijϚĻČϚŦĔėŝϚïĻéūIJõijŦϚėŝϚŦĻϚ ensure that the decisions made by management are consistent with shareholders' interests ϡϚÎijïϚŦĔÎŦϚŦĔõϚéĻIJŖÎijƆϚĻŖõřÎŦõŝϚėijϚéĻIJŖĬėÎijéõϚƀėŦĔϚŦĔõϚĬÎƀϚ ÎijïϚėŦŝϚĻƀijϚçƆĬÎƀŝϠ JijϚĻŦĔõřϚƀĻřïŝϡϚƀĔėĬõϚŦĔõϚDėřõéŦĻřŝЕϚˆõŖĻřŦϚõƅŖĬÎėijŝϚIJÎijÎčõIJõijŦЕŝϚéĔĻėéõŝϡϚŦĔõϚŒŦÎŦūŦĻřƆϚAūïėŦĻřŝЕϚ ˆõŖĻřŦϚ verifies and certifies ϚŦĔõėřϚéĻřřõéŦijõŝŝϚÎijïϚéĻIJŖĬėÎijéõϡϚÎéŦėijčϚÎŝϚÎϚДčūÎřïėÎijДϚŦĻϚŖřĻŦõéŦϚ ėijžõŝŦĻřŝϚÎijïϚĻŦĔõřϚŝŦÎĨõĔĻĬïõřŝϠ Cjc”Jc™jϚDE\\AϚ\E¿JjcEϚDE\Ϛ͒͒ϰ͙͐Ϛb AcCAcjϚCJˆCAϚ͔͐ϚbJc™”J ˆJA™AˆDAˆE ϤϠϚϚ JijϚŝĻIJõϚéÎŝõŝϡϚŖÎŝŦϚõžõijŦŝϚéĻijŝėŝŦϚėijϚ ėijŦõřijÎĬϚÎéŦėžėŦėõŝϚŦĔÎŦϚĬõÎïϚŦĻϚŦĔõϚ éĻijŝŦřūéŦėĻijϚĻČϚŦĔõϚřõŝĻūřéõϠϚ ”ĔõŝõϚřõŝĻūřéõŝϚÎřõϚŝūŖŖĻŝõïϚŦĔÎŦϚÎřõϚ ūŝõïϚçƆϚŦĔõϚéĻIJŖÎijƆϠϚ ÎŝŝõŦŝϚÎřõϚéĬÎŝŝėČƆϚėijϚ͒ϚéÎŦõčĻřėõŝϠϚ ”ĔõϚ éĻřõϚïėưõřõijéõϚçõŦƀõõijϚ non -current assets ϚÎijïϚ current assets ϚėŝϚŦĔõėřϚ liquidity ϚÎij�