Annual Report

Transcription

Annual Report

2011
Annual Report

Annual Report
Società Italiana per le Imprese all’Estero - SIMEST S.p.A.
REGISTERED OFFICE: Corso Vittorio Emanuele II, 323 - 00186 Rome
Telephone +39 06 686351 - www.simest.it - [email protected]
Paid-up share capital Euro 164.646.231,88
Rome company register No. 04102891001
R.E.A. No. 730445
Tax code and VAT reg. No. 04102891001
SIMEST IS THE DEVELOPMENT FINANCE INSTITUTION
CHARGED WITH SUPPORTING AND PROMOTING ITALIAN
COMPANIES’ ACTIVITIES IN ITALY AND ABROAD
 SIMEST was set up as a limited company in 1991 to promote foreign investment by Italian companies
and to provide technical and financial support for investment projects. It is controlled by the Ministry
of Economic Development; its private-sector shareholders include banks and trade associations.
 Since 1999 it has administered various forms of public support for the international expansion
of Italian firms.
 For firms it is a one-stop shop for assistance on every aspect of the development of business
abroad and, since 2011, in Italy as well.
INVESTMENT IN EQUITY CAPITAL OF COMPANIES OUTSIDE THE EU
 SIMEST, working alongside Italian companies, can acquire up to 49% of the equity capital of foreign
firms, both directly and through a Venture Capital Fund, to support foreign investment in countries
outside the European Union. Its participation also gives the Italian company making the investment
access to interest rate support for loans granted to finance its equity interest in the non-EU company.
INVESTMENT IN EQUITY CAPITAL OF COMPANIES IN ITALY AND WITHIN THE EU
 SIMEST can acquire stakes of up to 49% in Italian companies and/or their EU subsidiaries that
develop investments in production and in innovation and research at market terms without support.
AS REGARDS OTHER ACTIVITIES ABROAD, SIMEST
 supports export credits for investment goods produced in Italy;
 finances feasibility studies and technical assistance programmes connected with investment projects;
 finances programmes for entering foreign markets;
 finances programmes for capitalising SME exporters.
SIMEST also provides Italian companies seeking to internationalise their businesses with technical
assistance and advisory services. Its broad range of activities in this field include:
• seeking out foreign partners and investment opportunities, as well as foreign commercial contracts;
• prefeasibility and feasibility studies;
• advice on financial, legal and corporate questions concerning investment projects abroad.
SIMEST is also closely involved in training that:
• supports banks and business associations in training managers with skills in international
expansion;
• develops specialised courses to train young Italian and foreign economists and engineers with
skills in international expansion.
As a member of EDFI (European Development Finance Institutions), SIMEST can help Italian firms by
activating a worldwide network of contacts and sources of information.
More information is available on SIMEST’s website: www.simest.it
HIGHTLIGHTS
1991-2011
€ MILLIONS
Profit for the year
Dividends and bonus shares
2011
€ MILLIONS
2010
€ MILLIONS
12.2
6.3
11.1
6.3
154.8
85.4
INVESTMENTS
NO.
PROJECTS APPROVED
New projects - non-EU companies
Project supplements and revisions non-EU companies
Equity investments acquired - EU
EQUITY
INVESTMENTS SOLD
FULLY OPERATIONAL
Capital spending
Equity capital
VENTURE
NO.
2011
€ MILLIONS
NO.
2010
€ MILLIONS
1,157
1,167.5
54
117.9
58
108.1
221
141.2
13
11.5
15
15.4
8
41.0
8
41.0
-
-
525.1
28
41.6
31
36.1
124.1
20
13.4
20
12.9
3
16.2
3
16.2
-
-
380
326.8
20
19.6
31
32.4
EQUITY INVESTMENTS ACQUIRED
New equity investments - non-EU companies 633
Capital increases and revisions
- non-EU companies
246
New equity investments - EU companies
2004-2011
€ MILLIONS
PROJECTS
24,535
10,913
1,441
1,028
755
716
CAPITAL FUND INVESTMENTS
NO.
New equity investments in foreign companies 222
Capital increases and revisions
60
FINANCIAL
2004-2011
€ MILLIONS
179.4
26.7
NO.
24
13
2011
€ MILLIONS
13.3
5.0
NO.
19
7
2010
€ MILLIONS
11.2
2.7
SUPPORT TO FIRMS
OPERATIONS APPROVED
1999-2011
NO.
€ MILLIONS
OPERATIONS APPROVED
2011
NO. € MILLIONS
OPERATIONS APPROVED
2010
NO. € MILLIONS
Support for exports
(Legislative Decree 143/98, amending Law 227/77)
Support for direct investment abroad
(Laws 100/90 and 19/91)
Foreign market penegration programme
(Law 133/08, Art. 6(2) (a))
1,683
44,124.7
134
4,282.7
140
3,108.0
935
2,651.2
43
127.5
59
153.8
1,626
1,749.3
103
91.8
92
96.7
Capitalisation of exporter SMEs
(Law 133/08, Art. 6(2)(c))
433
202.7
309
144.8
124
57.9
Subsidies for feasibility studies and
technical assistance programmes
Law 133/08, Art. 6(2)(b))
546
124.7
11
2.0
14
2.6
BOARD OF DIRECTORS
Giancarlo Lanna
Chairman
Anna Paola Ferla (from 19 May 2011)
Paola Piccinini Tosato (until 17 February 20.11)
Vice Chairman
Vice Chairman
Massimo D’Aiuto
Chief Executive Officer
Giorgio Lampugnani
Piero Mastroberardino
Cesare San Mauro
Giuseppe Scognamiglio
Director
Director
Director
Director
BOARD OF AUDITORS
Stefano Tomasini
Chairman
Giampietro Brunello
Giulio Di Clemente
Auditor
Auditor
DIRECTOR DESIGNATED BY STATE AUDIT COURT
(LAW 259/1958)
Maurizio Zappatori
GENERAL MANAGER
Massimo D’Aiuto
SUPERVISORY BODY
Stelio Mangiameli
Chairman
Francesco Vella
Maurizio Di Marcotullio
Member
Member
EXTERNAL AUDITOR
PricewaterhouseCoopers S.p.A.
We would like to thank the following companies for graciously
allowing us to use the images of their foreign operations
established in collaboration with SIMEST:
3F Chimica S.p.A. - U.S.A.
Pages 20, 56
Bitron Industries S.p.A. - Turkey
Page 44
C.M.D. S.p.A. - Marval S.r.L - China
Page 11
Fagioli S.p.A. - India
Pages 22, 32
Lamp San Prospero S.p.A. - Serbia
Page 40
Metalfer S.p.A. - Brazil
Page 51
PMP Industries S.p.A. - China and India
Pages 60, 71
Same Deutz - Fahr Italia S.p.A. - Croatia
Pages 14/15, 25
Sigit S.p.A. - Serbia
Page 37
Sira Group S.p.A. - China
Page 26
SMA Serbatoi S.p.A. - Serbia
Page 12
Terruzzi Fercalx S.p.A. - India
Pages 19, 43, 65
Tre Zeta Group S.r.L. - Tunisia
Pages 16, 68
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SIMEST SpA
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Index
Annual Report
SIMEST
3
HIGHLIGHTS
4
CORPORATE BODIES
5
REPORT ON OPERATIONS
9
The economic background
Promotional and development activities
Services
Investments projects approved
Equity investments acquired
The Unified Venture Capital Fund managed by SIMEST on behalf
of the Ministry of Economic Development
The financial support funds
Hedging transactions for the financial support funds
Organisational structure
Analysis of the main items of the balance sheet and income statement
9
16
23
26
34
Subsequent events
67
Outlook for operations
70
FINANCIAL STATEMENTS AT 31 DECEMBER 2011
BALANCE SHEET
INCOME STATEMENT
NOTES TO THE FINANCIAL STATEMENTS
Part
Part
Part
Part
A - Accounting policies
B - Information on the balance sheet
C - Information on the income statement
D - Other information
1. Employees
2. Compensation of directors and statutory auditors
3. Cash flow statement
4. Statement of changes in shareholders' equity
PROPOSED ALLOCATION OF NET PROFIT FOR THE YEAR
44
50
60
61
62
73
74
76
79
79
81
90
96
96
96
97
98
99
REPORT OF THE BOARD OF AUDITORS
100
REPORT OF THE EXTERNAL AUDITORS
102
APPROVAL OF THE FINANCIAL STATEMENTS AT 31 DECEMBER 2011
104
ANNEX
105
Equity investments in foreign companies at 31 December 2011
106
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REPORT ON OPERATIONS
THE ECONOMIC BACKGROUND
The international environment
Although it appeared at the start of the year that
the recovery that began in 2010 would continue,
in 2011 global economic conditions took a
downward turn.
The pace of growth in the major emerging
economies slowed (although it remains rapid),
affected in part by economic policy measures
adopted in the first half of the year. Overall,
economic performance in the United States was
satisfying, aided by an expansionary economic
and monetary policy.
The slowdown in the world economy
contributed to the sovereign debt crisis in several
of the euro-area countries. The increased
perception of risk by investors as a result has led
to higher funding costs for banks, accompanied,
in various cases, by a reduction in lending.
Polices to reign in excessive public debt have
drained resources, resulting in a decline in
domestic consumption. In this situation, the
most dynamic enterprises have been those that
export to areas that are still expanding.
The uncertainties still surrounding the economic
situation in general, and when the euro-area will
emerge from the sovereign debt crisis in
particular, as well as those concerning the
effective implementation of mutual support
instruments and programmes to stimulate
growth, make it impossible to predict when a
real, stable global economy recovery will occur.
Developments in GDP
and world trade in 2011
World GDP was less dynamic last year, with
growth slowing from 5.3% in 2010 to 3.9% in
2011. The expansion of world trade also slowed,
from 13.8% 2010 to 5% in 2011.
The global recovery was once again driven by
the most dynamic emerging economies, with
China and India in the lead. China’s GDP grew
by 9.2% and although lower than the 10.4%
growth posted in 2010, it still shows that the
country is expanding at a rapid pace. India
also posted a significant increase in GDP
(7.2%, although this, too, was down from
10.6% in 2010).
Central and South America saw GDP expand by
4.5% in 2011, slowing somewhat from the
6.2% registered in 2010. However, there was a
sharp decline in the growth rate in Brazil, which
went from 7.5% in 2010 to 2.7% in 2011.
In the United States, GDP rose by 1.7% in 2011,
compared with 3.0% in 2010.
As to the other major countries, Japan’s GDP
contracted by 0.7%, reflecting factors
concentrated mainly in the first half of the year,
namely the impact of the tsunami and the
resulting catastrophe at the Fukushima nuclear
power plant in March 2011. The decline came
after a 2010 when the country experienced a
strong recovery, with 4.4% growth in GDP.
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Growth also slowed in the euro area, with the
pace of expansion slipping from 1.9% in 2010
to 1.4% in 2011. However, the aggregate
figures for the area mask considerable
differences in performance by country. The
positive performance of the German economy
(3.6% in 2010 and 3.1% in 2011) contrasts with
an essentially stagnant Italian economy, which
grew by 0.4% following a moderate recovery
(1.8%) in 2010. Spain reported a modest rise in
GDP of 0.7%, compared with a contraction of
0.1% in 2010. This varied performance
accentuated the divide between the euro-area
countries. Compatible growth and productivity
rates should be achieved over the short term,
mainly through measures to contain public
spending and to reduce the costs and tax burden
on the productive system.
Inflation measured by the consumer price index
in the developed countries rose from 1.5% in
2010 to 2.7% in 2011, while in the emerging
and developing countries it increased from 6.1%
in 2010 to 7.1% in 2011.
Direct investment
Despite the uncertain international economic
situation, the latest figures released by UNCTAD
show that global flows of FDI in 2011 rose by
17% compared with 2010, to $1,509 billion,
exceeding the average for the three years prior
to the global crisis (2005-2007) of $1,472 billion.
The growth was distributed across the different
areas: in 2011, after a period of contraction, FDI
in mature economies rose by 18%, due more to
mergers & acquisitions connected with corporate
and production reorganizations than to new
investment.
Investments in emerging and transition
economies continued to represent around half
of total world FDI flows, rising by 15% over the
previous year, thanks mainly to investments in
new projects.
Among the advanced economies, there was an
expansion of 32% in FDI flows to the European
Union countries, with flows to Italy tripled,
largely as a result of major acquisitions in the
main sectors of the Italian economy, which has
therefore not yet benefitted from significant
new foreign investment in expanding the
production base.
The United States reported a decline of around
8% in FDI flows, while there was no significant
change in Japan.
FDI flows to Central and South America
expanded by 35%, while Asia (excluding the
Middle East) posted an increase of 11%, thanks
mainly to considerable investment flows to
China, Hong Kong, Singapore, India and
Indonesia. Specifically, FDI flows to India rose
by 38%, while those to China, up 8%, were
the greatest in absolute terms, estimated at
$124 billion.
In the Middle East, FDI contracted by 13%
compared with 2010, although FDI flows to
Turkey rose by 45%. FDI in Africa was
essentially stagnant (down 0.7%), reflecting
the decline in FDI flows to the countries along
the Mediterranean shore (a contraction of 92%
for Egypt).
Finally, FDI in the transition economies of Southeastern Europe and the C.I.S. rose by 31%, with
a 23% increase in FDI flows to Russia.
The outlook for 2012
The 3.9% increase in world GDP in 2011, after
the buoyant recovery of 5.3% in 2010, reflected a
slowdown in the emerging economies and a
contraction in the euro-area economies at the tail
end of the year. Considering the global importance
of this area, which accounts for around 19.3% of
world GDP, these difficulties may be felt in other
areas if a number problems that are undermining
a strong recovery are not addressed soon. The
current decline in consumption reduces imports,
which therefore dims the outlook for emerging
countries that concentrate on exports, although
to a lesser extent than in the years preceding the
crisis of 2008.
Therefore, forecasts for 2012 point to a further
slowdown in growth, with an expansion of 3.5%,
compared with the 3.9% reported for 2011.
With expected growth in the emerging and
developing countries of 5.7%, the expansion of
the GDP of the developed countries will be
limited to 1.4%, mainly due to the difficulties
faced in the euro area.
The GDP growth of the emerging and
developing countries is expected to remain brisk,
although it is projected to slow from 6.2% in
2011 to 5.7% in 2012. More specifically, China’s
GDP should increase by 8.2%, compared with
9.2% in 2011, while India’s GDP is expected to
rise by 6.9%, compared with 7.2% in 2011.
GDP is projected to rise by 3.7% in 2012 in
Central and South America, compared with
4.5% in 2011.
C.M.D. S.p.A. - Marval S.r.L - China

The United States, where the recovery is closely
tied to continuation of the current expansionary
economic and monetary policy, is forecast to
expand by 2.1%. Growth is also expected in
Japan, with GDP projected to rise by 2.0%,
compared with the contraction of 0.7% in 2011.
The European Union as a whole is expected to
remain essentially stagnant (0.0% in 2012,
compared with 1.6% in 2011), while GDP within
the euro area should decline slightly (-0.3%),
with more significant contractions in those
countries that have adopted policies of
budgetary rigour and cuts in public spending. In
fact, while Germany (0.6% in 2012, compared
with 3.1% in 2011) and France (0.5% in 2012,
compared with 1.7% in 2011) are expected to
post modest growth, sharp declines are forecast
for Italy (-1.9% in 2012, compared with +0.4%
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in 2011) and Spain (-1.8% in 2012, compared
with +0.7% in 2011), as well as for other minor
countries in difficulty.
These forecasts reflect the impact of the budget
correction policies of some of the euro-area
countries and, as a result, a reduction in interest
rates on the government securities of these
countries, in addition to reduced pressure on
borrowing costs.
World trade is expected to continue expanding
in 2012, though at a slower rate, with forecast
growth of 3.7%.
Consumer prices are projected to rise by 1.9%
in the mature economies and 6.2% in the
emerging and developing countries in 2012.
Unexpected increases in inflation, particularly in
the emerging countries, could force the
adoption of economic and monetary policies
that would slow the pace of economic growth.
The outlook for global FDI flows points to
modest growth in 2012. However, this scenario
is subject to the uncertainties surrounding the
global economic situation described above.
The Italian economy
After the recovery seen in 2010, the Italian
economy stalled in 2011, particularly in the
second half of the year.
The large stock of public debt in Italy and the
high deficit/GDP ratio, the failure of the initial
measures to reduce that ratio which were
perceived by the markets as weak and too
protracted in their implementation – together
with the continued existence of a burdensome
SMA Serbatoi S.p.A. - Serbia
bureaucracy, corporatist protections and a rigid
labour market, contributed to a sudden
widening of the spread on Italian government
securities with respect to those issued by the
most virtuous countries in the euro area.
The increased riskiness of Italian government
debt has resulted in a higher cost of servicing of
that debt. Italian banks, holding a large volume
of government securities previously deemed risk
free in their portfolios, have been their stock
prices fall sharply and, following examinations by
European authorities, have in some cases been
forced to undertake major recapitalisations.
This has led to a credit squeeze, resulting in
financing difficulties for many enterprises, which
have already been operating in precarious
conditions because of lower domestic demand
and the erosion of profit margins.
The situation is expected to improve with the
deficit reduction programme implemented by
the current interim government
with the
consent of the major political parties as well as
with liberalization, simplification and labour
market reform measures already implemented
or being drafted.
It was also necessary to adopt urgent measures
to control the public debt by raising taxes and
reducing expenditure, particularly on pensions.
The imperative to create a favourable economic
environment for investment and private initiative
in Italy means that these reforms must be carried
out immediately.
In this complex and challenging environment,
the companies that have coped best with the
adverse macroeconomic situation have been
those more focused on exports and, in general,
on international expansion.
To overcome current difficulties and successfully
compete in international markets, Italian
enterprises must increase their equity, thereby
countering
the
adverse
effects
of
undercapitalisation and a consequent imbalance
in sources of financing. Only adequately
structured and capitalised companies are
capable of tackling the challenges of
international competition over the long term. In

this environment, it is important to encourage
business combinations, including through the
creation of networks, to achieve stable and
coordinated penetration of foreign markets.
In 2011, Italy's GDP expanded by 0.4%, down
from the growth of 1.8% posted in 2010. The
expansion, which was much smaller than that
for the euro area as a whole (1.4%), stands in
contrast with the performance of other main
European countries such as Germany (3.1%),
France (1.7%) and, to a lesser extent, the United
Kingdom (0.7%).
Inflation averaged 2.8% in 2011, a
considerable increase on the 1.5% registered in
2010. The effects of higher taxes, particularly in
the latter part of the year, resulted in a decline in
domestic demand and imports of commodities
(with the exception of energy products).
ISTAT figures show that in 2011 employment
rose by 0.4% year-on-year (+95,000 units), for
an overall employment rate of 56.9% (+0.1%
over 2010) and an unemployment rate of 8.4%,
unchanged from the previous year. Nevertheless,
there was decline in employment in the last few
months, with the unemployment rate rising from
8.3% in August to 8.9% in December.
Gross fixed investment fell by 1.9%. Sectors
contributing to the contraction included
construction (-2.8%), machinery and equipment
(-1.5%) and intangible assets (-1.3%).
Conversely, there was an increase in investment
in transport equipment (1.5%).
Exports of goods and services rose by 5.6%,
while imports increased by just 0.4%.
Final domestic consumption was unchanged
from 2010.
The trade balance posted a deficit of €24.3
billion in 2011; excluding energy products, the
balance showed a surplus of €37.1 billion (€25.1
billion in 2010).
Industrial output remained unchanged on
average in 2011 compared with 2010. A yearon-year comparison of the averages shows
increases of 3.2% in capital goods and 0.8% in
intermediate goods; by contrast, there was a
2.9% contraction in consumer goods (-3.1% for
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non-durable goods and -1.8% for durables), and
a decline of 2.2% in energy.
Forecasts for 2012 are affected by the time it will
take to emerge from the sovereign debt crisis in
the euro area, the impact of this crisis on banks’
ability to lend, and reversing the downturn in
domestic consumption and restoring the
competitiveness of Italian companies after the
impact of the budget correction measures. The
International Monetary Fund’s most recent
forecasts continue to point to a contraction in
Italian output: GDP is projected to contract by
1.9%, compared with a more contained decline
for the euro area as a whole (-0.3%), with
modest increases in the other main European
countries, including Germany (0.6%), France
(0.5%) and the United Kingdom (0.8%). A
quicker recovery in investor confidence in
response to the effects of current economic
policies could lessen the severity of Italy’s
recession and accelerate the recovery.
According to recent Bank of Italy figures, in
2010 inward FDI flows amounted to around
€21 billion (up from the €7 billion registered in
2010), mainly due to acquisitions, as discussed
above, while outward FDI flows came to €34
billion, an increase from the €25 billion posted
the previous year.
The general picture for the Italian economy at
present and its short-term outlook mean that it is
even more urgent that ever that manufacturers
expand their presence in international markets,
particularly in those countries where demand is
still rising.
Italian enterprises, typically small and mediumsized enterprises and, as a result, with special
flexibility and decision-making speed, must be
supported in entering new foreign markets with
funding and capitalisation policies aimed at
promoting the development of networks of
enterprises and building infrastructure and
logistics platforms for stable penetration of
markets that are often far away and that have
economic and legislative systems that require
expert help to navigate, help that is often not
available at sustainable costs for individual small
or medium-sized enterprises.
The direct presence of Italian companies abroad,
with the establishment of manufacturing and
commercial facilities, must be promoted and
encouraged by the government with assistance
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and financial support for enterprises capable of
competing. Focus must be placed on these
companies, in particular, to ensure more
adequate capitalisation in Italy, making it
possible for them to expand their manufacturing
base and innovate.
To achieve these goals, it will be necessary to
support the development of SMEs in particular,
and to guarantee the necessary public resources
for the international expansion instruments
managed by SIMEST and to strengthen SIMEST
with new financial resources, sufficient to
support the development of Italian firms in nonEU countries and, with the expansion of the
scope of SIMEST’s operations, directly assist
enterprises in Italy and their subsidiaries in the
European Union.
Same Deutz - Fahr Italia S.p.A - Croatia
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PROMOTIONAL AND DEVELOPMENT ACTIVITIES
In 2011, promotional and development
activities focused on domestic programmes to
disseminate information among Italian
companies about SIMEST’s products and
services, particularly those launched the
previous year, and on taking part in foreign
missions during which the Company provided
ample technical support to participating Italian
companies.
Activities involving the
business community and
institutional missions abroad
SIMEST offered its assistance to the Italian
businesses attending the business forums,
seminars and international fairs held during the
various foreign missions, at the thousands of
BtoB meetings. The Company aided them in
gaining further information on topics of
interests and problems concerning investment
opportunities in the various countries, with the
goal of promoting meetings with local firms in
order to establish partnerships.
 Serbia (Belgrade) – The institutional and
trade mission, attended by members of the
Ministry of Economic Development, with the
participation of the top management of
SIMEST, focused on the energy and
telecommunications sector for which
numerous bilateral meetings were held.
 Angola (Luanda) – SIMEST’s top
management took part, along with
representatives of SACE, in an institutional
mission centering on a series of meetings
with local authorities in order to develop
economic relations with that country.
 India (Delhi and Mumbai) – SIMEST, along
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
with ANCE and Federprogetti, organised a
trade mission focusing specifically on the
infrastructure sector in order to strengthen
bilateral economic ties, gaining a deeper
understanding of the Indian government’s
priority economic targets and discussing in
greater detail development projects planned
for the coming years.
Afghanistan (Herat and Kabul) – The
institutional and trade mission, attended by
SIMEST’s
top
management
and
representatives of the Ministry of Economic
Development, concentrated on three issues
of particular importance for Afghanistan’s
development: infrastructure, energy and
mineral resources, and industry/trade.
Serbia (Belgrade and Kragujevac) –
During the institutional and trade mission,
held in conjunction with the auto parts
trade show in Kragujevac, SIMEST took part
in meetings between businesses and signed
the Framework Cooperation Agreement
with FINEST and SIEPA (Serbia Investment
and Export Promotion Agency).
Tunisia (Tunis) - SIMEST took part in the
mission with the Ministry of Economic
Development, during which the Company
attended institutional meetings with
Tunisian authorities and organised a
seminar, open to Italian and local
companies, on “Opportunities and tools for
Italian/Tunisian cooperation”, in which the
Company’s top management participated.
Saudi Arabia, UAE, Iraq (Riyadh, Abu
Dhabi, Erbil, Baghdad) – During the
institutional and trade mission, in which the
Ministry of Economic Development and
SIMEST’s top management took part,
numerous meetings were arranged with
local authorities. During the stop in
Kurdistan, the “First Italian-Kurdistan
Regional Round Table” was organised,
attended by representatives of the local
ministries and several Italian firms.
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 U.S.A. (Washington, D.C.) – The mission,
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


attended by SIMEST’s top management, was
organised around the annual convention of
NIAF (National Italian Foundation), with
numerous prominent Americans and Italians
present, representing an important occasion
for political and economic discussion.
India (Delhi and Chennai) – SIMEST played
an active role in the “System mission”,
covering a number of industries (automotive,
engineering, infrastructures, renewable
energies), organised by Confindustria, ABI
and Unioncamere, in partnership with the
Ministry of Foreign Affairs and the Ministry
of Economic Development. The Company
contributed by taking part in meetings with
Indian ministries and in meetings between
companies.
China (Beijing and Hong Kong) –
SIMEST’s top management took part in the
mission, centering on a series of meetings
with local representatives of Italian banks
that focused on discussing in greater detail
possible ways of collaborating so that
SIMEST can provide support for Italian
companies in China.
South Korea (Seoul) – The “System
mission” in South Korea, organised by
Confindustria, ABI, the Ministry of Foreign
Affairs and the Ministry of Economic
Development, focused on developing trade
relations, particularly in the auto parts,
engineering,
plant
and
machinery
construction, automation, logistics and
consumer goods sectors. During the
mission, SIMEST was an active participant in
technical seminars for the various sectors
and BtoB meetings.
Macedonia (Skopie) - SIMEST participated in
the institutional and trade mission sponsored
by the Macedonian Embassy to Italy,
contributing during institutional meetings
with Macedonian authorities and actively
participating in meetings between businesses.
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Activities with business
and institutions in Italy
In Italy, too, in connection with the country
presentation and the thematic sectoral meetings
held to present the investment opportunities
and instruments available for international
expansion, SIMEST played an active role,
operationally, by providing assistance to those
businesses involved, and by organising events
and overseeing institutional relations.
In 2011 SIMEST undertook a comprehensive
promotional programme involving the main
entities and institutions active in promoting the
international expansion of businesses.
Collaboration with the Ministry of Foreign
Affairs - SIMEST participated in 27 initiatives
with the Ministry of Foreign Affairs, including
country presentations, meetings for coordinating
scheduled missions abroad and meetings to
brainstorm on issues of special interest.
Specifically, SIMEST helped in the preparation of
the 5th Italy-Latin America Conference, the
12th Session of the Council on Italian-Russian
Cooperation, and participated in the work of
the “Commodities Monitoring Unit”.
Collaboration with Confindustria – Various
Confindustria entities were involved in the
promotional activities carried out by SIMEST in
2011. Specifically, effort was put into
developing relationships with local industry
associations, with which the Company
organized numerous “country seminars” and
subsequent BtoB meetings. These seminars
were conducted with associations throughout
Italy: Confindustria Agrigento, Ascoli Piceno,
Bergamo, Catania, Chieti, Padua, Perugia,
Pescara, Treviso, Udine, Verona, Vicenza. In
particular, a SIMEST information desks was set
up with local Confindustria entities to provide
services to businesses, in addition to those
already offered by the Company through the
regional international expansion offices.
These include the establishment of the
information desk with Confindustria Vicenza
and the signing of an agreement with
Unindustria Treviso for a new information desk.
During the year, a conference was held at the
headquarters of ANIMA (the federation of
national associations of the various engineering
industries) at which enterprises were given
information about instruments and services
available from SIMEST.
Collaboration with Chambers of Commerce
– In 2011 SIMEST continued to be involved in
promotional activities with various Italian
Chambers of Commerce: Unioncamere,
Provincial Chambers of Commerce, special
agencies and Assocamerestero.
The initiatives were held in various regions of
Italy and were of an operational nature,
focusing on foreign areas of special interest and
on presenting SIMEST tools for helping
enterprises expand internationally.
Collaboration with the Italian Banking
Association (ABI) and the banking system The collaboration with ABI continued through
institutional and trade missions abroad. SIMEST
participates in the “ABI Country Risk Forum tracking developments in the country risk of
emerging economies”, making its contribution
based on operations in these countries.
Existing collaboration with the major banking
groups was strengthened during the year and
work proceeded on expanding the network of
relationships with other Italian banks.
 BNL - BNP Paribas Group – Following the
agreement signed with BNL, SIMEST
continued to collaborate with the bank,
leading, among other things, to a meeting
at the Rome headquarters with the five local
directors of the International Area and the
28 Business Area managers. SIMEST has
organised two events with BNL for
businesses in Turin and Catania.

 Cariparma
Collaboration with CONFAPI – The
collaboration with CONFAPI established with
the signing of the agreement in 2010,
continued in 2011 with the organisation of
seminars for its member enterprises. SIMEST
also took part in the “1st Business Forum for
SMEs” held in Rome in February 2011.

Collaboration with the National Foreign
Trade Institute (ICE) – There were 28 joint
events,
between
“country
seminars”,
workshops, economic forums and meetings
with foreign delegations.




Friuladria – Under the
collaboration agreement, SIMEST developed
promotional activities aimed at providing
up-to-date information to bank employees
involved in international expansion activities,
and at launching a promotional initiative in
Veneto,
involving
Banca
Friuladria
–Cariparma Group and FINEST.
Intesa Sanpaolo – In 2011 meetings were
held with business customers in Cuneo,
Milan, Naples, Palermo and Rome. Two
meetings were also arranged with the local
managers of the Group’s Padua and Milan
branches to provide them with up-to-date
information.
Banca Popolare di Lodi – In 2011 a number
of training courses were held for bank
employees in international expansion areas at
the bank’s Lodi and Verona branches.
Banca Popolare di Vicenza – The strong
collaborative relationship with this bank
continued in 2011, with four events
organised in Arzignano, Schio, Treviso and
Vicenza focusing on the international
expansion of enterprises.
Banca Popolare di Sondrio – The longtime collaboration with this bank was given
a boost with a workshop held at the Bank’s
headquarters to bring employees in the
bank’s Foreign Area up to date on SIMEST
products.
Collaboration with other banks – SIMEST
also developed promotional initiatives for
other banks in 2011. These include
providing training for the foreign experts of
the Banco Popolare Group and UBI Banca,
and organising a seminar with Banca
Agricola Popolare Ragusa for business
customers on the topic of international
expansion. Finally, SIMEST and Unicredit
launched a joint training programme on
“network contracts, in addition to initiatives
conducted as part of its long-standing
collaboration with the National Council of
the Accounting Profession.
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There were also meetings held to update ICE
employees on SIMEST instruments. ICE also
continued to distributed SIMEST information
sheets to Italian enterprises that took part in
foreign missions.
Collaboration with the National Council of
the Accounting Profession – Collaboration
with the National Council of the Accounting
Profession in 2011 took the form of 6 events
organised in Lazio, Campania and the Marches
to educate and raise awareness among
members about SIMEST’s instruments for
enterprises
interested
in
international
expansion. The distinguishing feature of these
encounters was that they were targeted at
experts on these issues.
Regional international
expansion offices
In 2011 SIMEST continued to provide
operational support for the regional
international expansion offices (SPRINT)
promoted by the Ministry of Economic
Development. SIMEST has been a member of
SPRINT since the project got under way. Its goal
is to held Italian companies in their
international expansion initiatives through an
integrated system of information and financial
services. SIMEST representatives are found in all
the SPRINTs, proactively providing services
aimed at enterprises and forging collaboration
between the various local entities interested in
international expansion.
Expanding the network
of economic institutional
relationships
Based on an operational decision made at the
very start of its operations, that of promoting
collaboration with a variety of partners involved
in international expansion to combine their
various expertise to help Italian enterprises
succeed in international markets, SIMEST
signed important collaboration agreements in
2011 with Italian and foreign entities, of which
the following are the main ones:
 ATF Bank JSC - UniCredit Group (Kazakhstan)
– Considering the growing importance of
Kazakhstan for Italian firms, SIMEST and ATF
Bank signed an agreement to promote the
development of business ties between Italian
and Kazakh companies and to encourage
direct investments in Kazakhstan, focusing
particularly on the special economic zone
being created in Aktau.
 SIEPA - Serbia Investment and Export
Promotion Agency (Serbia) – In order to
contribute to strengthening the presence of
Italian companies in Serbia, SIMEST signed a
Framework Cooperation Agreement with
SIEPA and FINEST. The agreement sets out
how the parties will cooperate to promote
Italian investment in Serbia, starting with the
automotive sector, through instruments and
services provided by each, offering joint
assistance to Italian businesses.
 ENARSA – Energia Argentina SA (Argentina)
– On the occasion of the institutional visit to
Italy by Argentine President Cristina
Fernandez de Kirchner, SIMEST signed an
important memorandum of understanding
with ENARSA, Argentina’s public energy
agency, and API Nova Energia to identify
and develop joint projects in the renewable
energy sector.

 UCINA (Confindustria association for Italian
shipyards) and RINA (Registro Navale Italiano
S.pA.). An agreement was signed to support
international expansion in the nautical
sector, which is a very important industry for
the “made in Italy” brand.
 SME Development Fund - Small and
Medium Enterprise Development Fund of
Mongolia (Mongolia) – On the occasion
of the institutional visit of the Mongolian
government to Italy, SIMEST signed a
memorandum of understanding with the
SME Development Fund to form a leasing
company to facilitate the export of Italian
machinery and technologies and to
promote trade between the two
countries.
 UNINDUSTRIA TREVISO – The agreement
provides the establishment of a SIMEST
information
desk
at
Unindustria’s
headquarters to help member companies
applying for subsidised financing, where
they can obtain information on SIMEST
instruments and receive assistance in
evaluating their needs and various
development initiatives.
Communication initiatives
Communications were strengthened further in
2011 with the goal of promoting SIMEST’s
activities to Italian companies, its primary target
audience. Numerous campaigns, more than in
the previous year, were undertaken with the
major news agencies, newspapers and business
newspapers and magazine, which provided
ample coverage of SIMEST’s work alongside
Italian companies, in Italy and abroad, with its
own tools and with specialized services and
assistance. Communication campaigns were
conducted during all the major missions, both
those relating to the “system” missions, and
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institutional and trade missions carried out
during the year. The campaigns emphasised the
work that SIMEST has done alongside Italian
companies. An intense communication effort
was conducted to mark investment agreements
in Italy and abroad with major Italian companies
and the signing of collaboration agreements
with industry associations and institutions.
In the latter part of the year, SIMEST’s
advertising, tied in with the Company’s 20th
anniversary, was carried in business and
general-interest newspapers and specialised
magazines and on the radio. The Company also
prepared special inserts on the topics of
international expansion and SMEs, particularly
with regard to SIMEST’s activities over the past
20 years, to be included in publications.
Once again this year, SIMEST took part in the
compilation of the “Business Atlas 2011”, in
collaboration with Assocamerestero. It is a
useful manual for enterprises that are searching
for practical, operational information on
international markets.
SIMEST has long focused on training. In 2011,
it sponsored the “SIMEST Award for University
Theses”, under the aegis of the Leonardo
Committee, which promotes foreign awareness
of Italy’s contributions to economics, culture,
technology and science. The award is given to a
recent graduate who has written a thesis on the
topic of development finance.

SERVICES
SIMEST supplies specialist advisory services and
assistance to Italian firms, especially SMEs, in all
the phases involved in the planning,
implementation and financial support of
investment projects abroad.
The Company's advisory activity, which is generally
subsidiary and ancillary to its mission of promoting
investment abroad, is therefore performed both in
the form of technical support to major trade
missions and in the implementation of specific
investment projects.
Services supplied in 2011 therefore covered the
following areas:
• identifying investment opportunities and
potential local partners;
• seeking out Italian or foreign partners for
possible
integration
of
productive,
operational and commercial processes;
• identifying appropriate sites for new facilities;
• assessing investment projects and assisting in
the preparation of feasibility studies;
• carrying out economic and financial analyses
of proposed investments and evaluating their
profitability;
• advising on corporate and contractual issues;
• identifying suitable sources of local and/or
international finance;
• legal, corporate and contractual assistance.
SIMEST’s activity
as financial advisor
Based on the specific requested made by
interested enterprises, SIMEST provided advice on
economic and financial issues and how to finance
foreign enterprises, as well as dealing with local
partners and foreign and international
institutions.
SIMEST SpA
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MA in International
Expansion and
Communications
in Mediterranean
Production Systems
The fifth edition of the Masters course
organised by SIMEST in collaboration with the
University for Foreigners in Perugia and the
Italian Army Foreign Language School was
completed in 2011. The aim of the course is to
instruct young professionals – who will go on
to work in institutions and firms in Italy and
the other Mediterranean countries – in the
implementation of investments and the
transfer of technical and productive knowhow. Young Italian and foreign graduates from
countries such as Algeria, Egypt, Libya,
Morocco, Tunisia and Turkey are attending the
course with the support of study grants.
The programme lasts nine months and
attendance is mandatory. The full-time
programme is structured in three parts: the first
part, lasting four months, consists of an intensive
language module Italian for foreign participants
and Arabic for Italian students (provided,
respectively, by the University for Foreigners in
Perugia and the Italian Army Foreign Language
School in Perugia); the second part, lasting three
months, contains specialized modules on legal
and business topics run by the University for
Foreigners in Perugia and by SIMEST; the third
part is an 8-week internship, with the foreign
and Italian companies in which SIMEST has
invested or for which it has provided financing.
Twenty-nine students (11 foreigners and 18
Italians), who received study grants, took part in
the fifth edition of the Masters course.
24
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
Masters in International
Development and Tourism
The first edition of the Masters course (level 1) in
“International Tourism and Development”,
organised in collaboration with the University of
Genoa - Business Department – Imperia Campus
was started in October 2011. The aim of the
course is to instruct young professionals in
supporting processes for the international
expansion of the Italian tourism system, through
an interdisciplinary learning approach consisting
of language, legal and business training. Open
to Italian citizens and the citizens of various
countries (Egypt, Turkey, Russia, Ukraine, Poland,
Romania, Hungary and the Czech Republic), the
6-month course consists of 4 months of
classroom instruction and a 2-month internship
and attendance is mandatory. The first edition
of the Masters course drew 170 applications
from which 14 students were accepted into the
programme.
Business scouting
SIMEST worked with Italian companies in their
search for foreign orders, investments and
partners by offering the services of its
professional staff, who have a comprehensive
understanding of international markets. In 2011
this service was provided to Italian enterprises
even in the absence of funding from the
Ministry of Economic Development. The search
for partners and investment opportunities
focused mainly on the international expansion
of
companies,
particularly
those
in
infrastructures, building/construction and
renewable energy, and developing collaboration
agreements with industry associations and
Assocamerestero (the Association of Italian
Chambers of Commerce Abroad). In 2011,
SIMEST entered into a collaboration agreement
with the Italian Chambers of Commerce in
Singapore and in Mumbai.
In the second half of the year, SIMEST was asked
by the Ministry of Economic Development to
draw up the master plan for renovating the
Herat airport in Afghanistan. To ensure that the
highest levels of expertise and experience go into
the project, SIMEST selected a team of qualified
technical experts, agreeing its choices with the
Ministry of Economic Development. SIMEST
acted as team coordinator for the master plan
and analysed and evaluated the economic and
financial feasibility of the project drawn up by
the experts for a general redevelopment of the
airport, transforming it from military to civil use
in preparation for the gradual withdrawal of
international military forces from that country.
Activities eligible
for EU funding
Starting in 2009, SIMEST was accredited as a
European institution authorised to propose
projects eligible for Community funding under
the Neighbourhood Investment Facility
Programme (NIF), which has €700 million in
total funding available. The funds can be used
to carry out feasibility studies, provide technical
assistance, provide grants for building
integrated infrastructure systems and aid for
SMEs in countries in neighbouring areas
(South-eastern
Balkan
nations
and
Mediterranean countries).
In addition, the European Union established
similar facilities for the areas of Latin America
(LAIF - Latin American Investment Facility) and
Central Asia (IFCA - Infrastructure Facility for
Central Asia). In 2011, SIMEST presented to
and received from the Financial Institutions
Group permission to submit to the LAIF’s
Operational Board for EU funding for a windpower project in Mexico, co-financed with a
multilateral development bank. Furthermore,
these instruments could complement SIMEST’s
efforts to develop industrial parks and special
economic zones.
SIMEST was also chosen as the Italian financial
entity for projects under the trust fund managed
by the EIB for infrastructure to be built in SubSaharan African countries.
Finally, under an initiative introduced by the
Ministry of Foreign Affairs with the support of
ABI, the process of creating the Mediterranean
Same Deutz - Fahr Italia S.p.A. - Croatia

Partnership Fund got under way. Its aim is to
support the expansion of Italian businesses,
especially SMEs, in the Mediterranean region. In
furtherance of this, SIMEST signed a
memorandum of understanding with ABI and
the Union of Arab Banks to establish a work
group to develop the project.
SIMEST SpA
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
INVESTMENT PROJECTS APPROVED
In 2011, the Board of Directors approved 75
projects:
 62 new investment projects;
 11 capital increases by companies in which
SIMEST already had an equity interest;
 2 revisions of previously approved projects.
The companies in which SIMEST approved
investment in 2011 envisage:
 a total investment by SIMEST of €170.4
million;
 total share capital of €1,028.5 million;
 total investment of €1,440.7 million.
Following the entry into force of the Decree of
the Ministry of Economic Development of 23
December 2008, 8 investment projects in Italian
companies and their EU subsidiaries were
approved in 2011. Specifically, of those
mentioned above, 4 projects where in Italy and
4 projects were in other EU countries, for a total
SIMEST commitment of €41 million.
As to non-EU areas, the geographical breakdown
of investments approved in 2011 shows that
Central and Eastern Europe, Central and Latin
America and Asia are the areas of interest for
Italian companies investing abroad (with regard
to the number of projects approved).
Sira Group S.p.A. - China

With regard to SIMEST’s commitment in terms
of the significance of the equity interest to be
acquired, the areas mentioned above are also
the most important. SIMEST also has significant
commitments in North America where 4 new
projects were approved.
More specifically, with respect to SIMEST’s
investment in non-EU countries, the focus of
Italian companies was mainly directed towards
the following countries: 11 new projects in
Brazil, 9 new projects in China, 5 in Russia, 4
each in India and Serbia, and 3 in Tunisia.
The investment projects, both for non-EU and EU
activities, were mainly in the following sectors:
Strong interest was shown in 2011 in Brazil,
which has a growing market and permits
companies to “cover” the bordering markets.
This is seen in the number of projects approved
(11) and the scale of the investments (€382
million), with a SIMEST commitment of €43.3
million.
China remained a strong draw in Asia, seen both
in the number of projects approved (9) and the
scale of investments (€184 million), with a
SIMEST commitment of €21.3 million.

Another market attracting great interest is India,
with 4 new projects in 2011.
Russia stood out again this year, with 5 new
projects approved for a total investment of €26
million and a SIMEST commitment of €7.2 million.
Investment in the Mediterranean area and the
Middle East has been affected by the social and
political events that have swept through the
area, with 7 new projects approved (compared
with 11 in 2010) and an overall SIMEST
commitment at €4.7 million, with Tunisia being
the preferred destination for investment (3 new
projects approved).
 engineering (23 new projects with a SIMEST



commitment of €61.5 million);
energy and agriculture/food products (6
new projects with a SIMEST commitment of
€40.9 million);
chemicals/pharmaceuticals and services (5
€31.3 million).
rubber/plastics (4 new projects with a SIMEST
commitment of €2.2 million);
building/construction and textile/clothing (2
€6.6 million).
The countries and sectors involved both inside
and outside the EU in 2011 are listed and
described in detail in the summary tables below,
showing total amounts and figures for new
intra-community initiatives undertaken in 2011.
From the start of the Company's operations up
to 31 December 2011, the Board of Directors
has approved a total of:
 1,165 investments in new foreign companies;
 68 project revisions;
 153 supplements at companies in which
SIMEST already had an equity interest;
 with a total SIMEST commitment of
€1,349.7 million.
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
INVESTMENTS
BY
IN COMPANIES APPROVED IN
GEOGRAPHICAL AREA (EU AND NON-EU)
GEOGRAPHICAL
NEW
AREA
2011
NUMBER
OF
PROJECTS
PLANNED
CAPITAL
SPENDING
(€ MILLIONS)
PROJECTS
Central and Eastern Europe and EU
Mediterranean and Middle East
Sub-Saharan Africa
Asia and Oceania
Central and South America
North America
PLANNED
SHARE
CAPITAL
(€ MILLIONS)
PLANNED
SIMEST INVESTMENT
(€ MILLIONS)
20
7
2
14
15
4
397.7
42.0
1.8
195.1
618.6
143.9
127.2
26.3
1.5
155.8
444.7
123.4
58.9
4.7
0.4
25.0
55.7
14.3
62
1.399.1
878.9
159.0
Previously approved projects
Capital increase/increase
in amount appropriated
Plan revisions
11
2
41.6
0.0
149.6
0.0
11.5
0.0
TOTAL
75
1.440.7
1.028.5
170.5
INVESTMENTS
BY
SECTOR (EU
IN COMPANIES APPROVED IN
SECTORS
NEW
2011
AND NON-EU)
NUMBER
OF
PROJECTS
PLANNED
CAPITAL
SPENDING
(€ MILLIONS)
PROJECTS
PLANNED
SHARE
CAPITAL
(€ MILLIONS)
PLANNED
SIMEST INVESTMENT
(€ MILLIONS)
Engineering
Agriculture/Food Products
Energy
Chemicals/Pharmaceuticals
Services
Rubber/Plastics
Other
Building/Construction
Textiles/Clothing
Paper/Paper Products
Electronics/IT
Wood/Furniture
Basic metals/Steel
Tourism/Hotels
23
6
6
5
5
4
4
2
2
1
1
1
1
1
578.5
124.4
359.3
216.0
28.8
22.2
8.8
5.9
25.1
7.1
1.5
7.3
12.1
2.1
373.9
16.1
249.9
150.2
20.3
10.7
5.8
8.4
21.9
4.2
1.9
1.5
12.0
2.1
61.5
14.9
26.0
23.9
7.4
2.2
4.9
4.4
2.2
1.6
0.4
2.5
6.5
0.6
TOTAL
62
1.399.1
878.9
159.0
Previously approved projects
Capital increase/increase
in amount appropriated
Plan revisions
11
2
41.6
0.0
149.6
0.0
11.5
0.0
TOTAL
75
1.440.7
1.028.5
170.5
NEW PROJECTS
INVESTMENTS
BY
IN
EU
COMPANIES APPROVED IN

2011
COUNTRY
COUNTRY
NEW
NUMBER
PLANNED
OF
PROJECTS
(€ MILLIONS)
PLANNED
(€ MILLIONS)
PLANNED
SIMEST INVESTMENT
(€ MILLIONS)
CAPITAL
SPENDING
PROJECTS
SHARE
CAPITAL
Italy
Other EU countries
4
4
155.1
149.8
22.7
63.3
20.2
20.8
TOTAL
8
304.9
86.0
41.0
INVESTMENTS
IN
EU
COMPANIES APPROVED IN
2011
BY SECTOR
SECTOR
NEW
NUMBER
PLANNED
OF
PROJECTS
(€ MILLIONS)
PLANNED
(€ MILLIONS)
PLANNED
SIMEST INVESTMENT
(€ MILLIONS)
CAPITAL
SPENDING
PROJECTS
SHARE
CAPITAL
Engineering
Energy
Agriculture/Food Products
Jewellery
Paper/Paper Products
Wood/Furniture
2
2
1
1
1
1
35.8
145.0
103.8
6.0
7.0
7.3
32.6
34.1
13.5
0.1
4.2
1.5
9.3
13.7
11.0
2.9
1.6
2.5
TOTAL
8
304.9
86.0
41.0
Investments in foreign companies
Projects approved cumulative at 31 December
Investments in foreign companies
approved in 2011
Number of projects by geographical area
1200
3%
1,165
11%
1,103
23%
1,045
1000
988
939
863
800
788
716
32%
638
600
569
24%
479
418
400
361
7%
300
23% Asia and Oceania
250
210
200
164
127
7% North America
3% Sub-Saharan Africa
Project approved
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1993
2
0
1992
11% Mediterranean and Middle East
1991
32% Central and Eastern Europe and EU
92
47
1994
24% Central and South America
SIMEST SpA
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
INVESTMENTS IN FOREIGN COMPANIES APPROVED FROM START OF OPERATIONS THROUGH 31 DECEMBER 2011 BY REGION*
390
LOMBARDY
EMILIA-ROMAGNA
304
297
155
105
VENETO
146
145
PIEDMONT
115
125
LAZIO
85
43
TUSCANY
58
55
46
45
MARCHE
FRIULI-VENEZIA GIULIA
30
40
UMBRIA
27
CAMPANIA
74
31
12
PUGLIA
22
20
18
22
22
12
14
TRENTINO-ALTO ADIGE
SICILY
LIGURIA
6
ABRUZZO
15
15
BASILICATA
7
1
3
3
2
2
1
1
1
SARDINIA
VALLE D'AOSTA
CALABRIA
MOLISE
72
MULTI-REGIONAL **
63
0
50
€ millions
100
150
200
Number of projects
* Region in which the Italian company making the investment is located.
** Projects carried out by Italian companies from more than one region
250
300
350
400
INVESTMENTS IN FOREIGN COMPANIES APPROVED FROM START OF OPERATIONS THROUGH 31 DECEMBER 2011
Number of projects by country
CHINA
ROMANIA
POLAND
BRAZIL
U.S.A.
RUSSIA
TUNISIA
INDIA
HUNGARY
CROATIA
BULGARIA
ALBANIA
CZECH REPUBLIC
ARGENTINA
MEXICO
TURKEY
SLOVAK REPUBLIC
SERBIA-MONTENEGRO
EGYPT
MOROCCO
SLOVENIA
UKRAINE
CANADA
SAUDI ARABIA
BOSNIA HERZEGOVINA
SOUTH AFRICA
THAILAND
ITALY
CHILE
MOLDOVA
MALTA
CUBA
ALGERIA
ISRAEL
OTHER
178
111
62
62
60
56
51
47
45
37
34
29
29
27
26
25
22
22
20
16
16
14
10
10
9
9
7
7
6
5
5
5
4
4
95
63
0
20
40
60
80
100
120
140
160
180

SIMEST SpA
31
Annual Report
200
32
SIMEST SpA
Annual Report

Projects by country (€ millions)
CHINA
U.S.A.
BRAZIL
RUSSIA
ROMANIA
POLAND
INDIA
TUNISIA
TURKEY
ARGENTINA
SERBIA-MONTENEGRO
HUNGARY
BULGARIA
EGYPT
MEXICO
SAUDI ARABIA
CROATIA
CZECH REPUBLIC
CHILE
ITALY
SOUTH AFRICA
CANADA
SLOVENIA
SLOVAK REPUBLIC
ALBANIA
UKRAINE
ISRAEL
CUBA
BOSNIA HERZEGOVINA
MALTA
MOROCCO
THAILANDIA
ALGERIA
MOLDOVA
OTHER
191
120
110
93
71
66
49
49
40
39
29
29
28
27
27
27
25
23
23
21
20
20
18
15
14
13
10
7
6
6
5
5
3
2
63
0
20
40
60
80
119
100
120
140
160
180
200

Number of projects by sector
ENGINEERING
317
148
TEXTILES/CLOTHING
95
BUILDING/CONSTRUCTION
91
AGRICULTURE/FOOD PRODUCTS
78
RUBBER/PLASTICS
76
SERVICES
68
WOOD/FURNITURE
62
CHEMICALS/PHARMACEUTICALS
42
BASIC METALS/STEEL
37
TOURISM/HOTELS
32
ELECTRONICS/IT
BANKING
27
15
PAPER/PAPER PRODUCTS
6
ENERGY
2
TELECOMMUNICATIONS
69
OTHER
0
50
100
150
200
250
300
350
INVESTMENTS IN COMPANIES APPROVED FROM START OF OPERATIONS THROUGH 31 DECEMBER 2011
By sector (€ millions)
ENGINEERING
373
122
SERVICES
110
103
TEXTILES/CLOTHING
101
87
BASIC METALS/STEEL
83
RUBBER/PLASTICS
67
WOOD/FURNITURE
49
BANKING
47
43
TOURISM/HOTELS
31
ELECTRONICS/IT
31
26
ENERGY
0,3
TELECOMMUNICATIONS
77
OTHER
0
50
100
150
200
250
300
SIMEST SpA
33
Annual Report
350
400
34
SIMEST SpA
Annual Report

Equity investments
In 2011 SIMEST:
 acquired 28 new equity investments in
foreign companies for €41.6 million;
 subscribed 12 capital increases and 8
revisions by companies in which it already
held a stake at 31 December 2010 for
€13.4 million;
 acquired 3 new equity investments in Italian
companies for €16.2 million.
In 2011, the economic situation remained
challenging, with businesses suffering from an
increasing shortage of liquidity and a decline in
domestic demand. Nevertheless, Italian companies
that undertook international expansion of their
businesses in previous years, by growing their
commercial presence through exports and their
manufacturing footprint with direct investments,
were also able to take advantage of the growing
demand in certain foreign markets in the BRIC
countries, Asia, South Africa and Continental
Europe (Russia in particular).
The Italian companies investing in foreign
markets remained largely SMEs, despite new
investments proposed by major Italian groups.
Acquisitions were largely concentrated in the
engineering sector (41.9%), followed by the
electronics/IT sector (9.7%).
These new projects represented an investment
of €41.6 million.
The new investments mainly regarded countries
in Asia (45%), Central and Eastern Europe and
EU (29%), the Americas (16%) and Africa (10%).
China remained the country of greatest interest
to Italian companies, with 8 new investments for
a total of €57.5 million once the projects are
completed, with a total SIMEST investment of
€6.8 million.
There was renewed interest in India in 2011,
with 4 new investments for a total of €9.6
million once the projects are completed, with a
total SIMEST investment of €1.3 million.
In Serbia, where 3 investments had been
acquired in 2010, another 3 were made in 2011
for a total SIMEST outlay of €5.0 million and
total investments of €40.1 million once projects
are completed. The automotive industry was the
primary sector for investment in that country.
Two major Italian groups are considerably
committed to developing initiatives in Russia,
with investments totalling €39.1 million and a
total SIMEST investment of €14.1 million.
After 5 new projects in the United States in
2010, there were 3 additional initiatives in 2011
for a total of €59.1 million and a total SIMEST
investment of €4.9 million.
In 2011, in accordance with the contractual
arrangements with partner companies, 20
investments were sold for a total of €19.6 million.
The disposals generated capital gains of €3.3
million.
Following the changes in the portfolio of
investments, at the end of the year – after
writedowns SIMEST held equity interests valued
at €322.4 million in 253 non-EU companies.
Please bear in mind that in this document equity
investments in non-EU countries refer to those
acquired in countries that did not belong to the
European Union as of the subscription date.
Unpaid share capital subscriptions at 31
December 2011 amounted to €6.6 million and
will be paid in accordance with the terms of the
related contracts.
In 2011, a new line of “intra-EU” investments
(undertaken in Italy or within the EU) was
inaugurated. There were 3 new investments in
Italy for a total outlay by SIMEST of €16.2 million
in the high-end jewellery, agriculture/food
industry and energy sectors.
From the start of operations up to the end of
2011 SIMEST has:
 acquired shareholdings in 636 companies
and subscribed 246 capital increases and
revisions for a total of €665.4 million;
 sold 380 shareholdings for a total of €326.8
million, after writedowns.
The geographical distribution of the 636
companies in which SIMEST had invested as at
the end of last year did not change significantly
on the previous year:
 48% in Central and Eastern Europe and EU;
 24% in Asia and Oceania;
 20% the Americas;
 8% in Africa.
At 31 December 2011 the commitments of
SIMEST's Italian partners to purchase its
investments in foreign companies not secured
by bank or insurance guarantees amounted to
€191.5 million (compared with €137.4 million
at 31 December 2010). Of the total, €105.5
million (€90.7 million at 31 December 2010)
regard commitments not secured by thirdparty guarantees (of which €3.5 million
regarding investments by Italian banks in
foreign banks) and €86 million (€46.7 million
at 31 December 2010) regard commitments
backed by corporate guarantees.
Commitments to repurchase investments
secured by bank or insurance guarantees
amounted to €130.3 million (€137.3 million at
31 December 2010).
Italian partners' commitments to repurchase
investments, taking account of the effective
financial exposure, break down as reported in
the table below:
%
31.12.2011
€ MILLIONS
%
31.12.2010
€ MILLIONS
Commitments not backed by guarantees
Commitments backed by corporate guarantees
32.8%
26.7%
105.5
86.0
33.0%
17.0%
90.7
46.7
Subtotal
59.5%
191.5
50.0%
137.4
Commitments guaranteed by financial
institutions and insurance companies
40.5%
130.3
50.0%
137.3
131.7
divided as follows:
- banks

39.1%
125.8
48.0%
- insurance companies
1.0%
3.2
1.6%
4.6
- loan guarantee consortia
0.4%
1.3
0.4%
1.0
SIMEST SpA
35
Annual Report
36
SIMEST SpA
Annual Report

In 2011 SIMEST's portfolio of equity investments
earned a return of €18.1 million, including
dividends received from investee companies.
by partners or other guarantors that are not
listed on a stock exchange;
IV. generic
Pursuant to Article 2428 of the Civil Code,
with regard to the main risks and uncertainties
to which the Company is exposed in its equity
investments, SIMEST has implemented policies
for managing financial risk, including the
exposure to price risk, credit risk, liquidity risk
and market risk.
In order to avoid excessive concentrations of
financial risk, the Company’s units conduct
comprehensive analyses of the risk associated
with the investments. The subsequent
monitoring of acquisitions covered by third-party
guarantees makes it possible to attenuate the
impact of such risks.
The continuing difficulties faced by most of the
world’s economies counsel a prudent approach
in considering the possible economic effects on
those companies with the greatest exposure to
investments in foreign markets.
Accordingly, compared with the methods used
to determine provisions described below, specific
attention has been focused on assessing possible
interaction between the country risk associated
with an investment and the emergence of
financial risk in respect of the partner company.
The main policies adopted in assessing the
financial risk to which SIMEST is exposed during
its management of the financial instruments
representing its equity investments are as
follows:
I.
no provisions are recognised where the
investments are secured by guarantees
issued by banks or insurance companies;
provisions are recognised for
potential losses on investments guaranteed
by partners or other guarantors listed on a
stock exchange;
country risk;
V. generic
by partners or other guarantors that, in the
case of changes in the situation of the
partner or guarantor, would expose SIMEST
to larger financial risks.
Investments in Italy
Under Law 19/1991 SIMEST holds an interest of
€5.4 million (acquired at a cost of €5.2 million)
in FINEST S.p.A. of Pordenone corresponding to
3.9% of the company’s paid-up share capital of
€137.2 million at 31 December 2011.
In 2011, FINEST paid out a total of €20.4 million
in support of the business community in the
Triveneto regions:
 it carried out 13 new transactions totalling
€15 million, acquiring 7 new shareholdings
and subscribing 6 capital increases in
companies in which it had already invested;
 it granted 1 loan amounting to €5.4 million
to foreign companies in which it had
invested.
Its portfolio at the balance-sheet date of 30 June
2011 held 95 equity investments for a total cost
of 69.7 million and €33.4 million in loans
granted.
II. generic
III. generic
SIMEST has an interest in in the IECAF Consortium
(Consorzio Italian Engineers & Contractors for Al
Faw) which brings together 9 leading Italian
construction/major works companies to design,
build and manage the new container terminals at
the Al Faw port in Iraq (Province of Basra). The
port would handle 22 million tonnes of dry goods
and 36 million tonnes of container goods for an
investment of €4.5 billion. This project will help
the companies involved in obtaining contracts for
the execution phase.

The engineering contract with the Iraqi
contracting entity is worth around €0.47 billion.
This was the first year of actual operation for the
Consortium, with invoicing of the initial revenues
by SIMEST for the work done.
Sigit S.p.A. - Serbia
SIMEST SpA
37
Annual Report
38
SIMEST SpA
Annual Report

NEW EQUITY INVESTMENTS IN NON-EU COMPANIES ACQUIRED IN 2011
NO.FOREIGN COMPANY
ITALIAN PARTNER
COUNTRY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
TRE ZETA GROUP S.R.L
3F CHIMICA SPA
BITRON INDUSTRIE S.P.A.
SEDA INTERNATIONAL PACKAGING GROUP SPA
ANTONIO ZAMPERLA SPA
LA LEONESSA S.p.A./BREVINI POWER TRASMISSION S.p.A.
MARIVEN S.R.L.
OFFICINE MACCAFERRI SPA
INDUSTRIA GRAFICA EUROSTAMPA SPA
META SYSTEM S.p.A.
TERRUZZI FERCALX S.P.A.
MECCANOTECNICA UMBRA SPA
SOFALAND SRL
METEC SRL
SIGIT S.p.A.
PLASTIK S.P.A.
LAMP SAN PROSPERO SPA
LEGNANO TEKNOELECTRIC COMPANY SPA
METALFER S.P.A.
FIAMM SPA
PMP INDUSTRIES SPA
PMC AUTOMOTIVE SPA
FAGIOLI S.P.A.
TECNOGAL SERVICE S.R.L.
F.LLI DE CECCO DI FILIPPO - FARA SAN MARTINO - SPA
TUNISIA
U.S.A.
CHINA
CHINA
U.S.A.
CHINA
CHINA
RUSSIA
CHINA
U.S.A.
CHINA
TURKEY
INDIA
INDIA
CHINA
TUNISIA
SERBIA
TUNISIA
SERBIA
DUBAI
BRAZIL
CHINA
INDIA
SERBIA
BRAZIL
INDIA
OMAN
RUSSIA
NO.FOREIGN COMPANY
ITALIAN PARTNER
COUNTRY
1
2
3
4
5
6
7
8
9
10
11
12
JAZMINE SrL
INDIA
PARMACOTTO SpA
FAAM SPA
GUALA DISPENSING S.P.A.
BREVINI WIND S.R.L.
IGUZZINI ILLUMINAZIONE SPA
DEDAGROUP S.P.A.
L'ISOLANTE K-FLEX SRL
FIAMM SPA
U.S.A.
CHINA
CHINA
MEXICO
U.S.A.
CHINA
MEXICO
INDIA
CHINA
CHINA
CHINA - Hong Kong
NO.EU COMPANY
ITALIAN PARTNER
COUNTRY
1 MARIO BUCCELLATI ITALIA SRL
2 PARMACOTTO SPA
3 SOLCAP SrL
BUCCELLATI HOLDING ITALIA SPA
COFIRM SRL
GREEN NETWORK SpA
ITALY
ITALY
ITALY
TRE ZETA GROUP TN SARL
3F CHIMICA AMERICAS, INC.
BITRON INDUSTRY CHINA CO. LTD.
3D ELECTRONIC QINGDAO CO. LTD.
NEWCO SEDA AMERICAS INC.
ZAMPERLA AMUSEMENT RIDES (SUZHOU) CO. LTD.
LEONESSA BREVINI YANGCHEN
MARCEGAGLIA RU
MACCAFERRI ASIA LTD
EUROSTAMPA NORTH AMERICA INC.
META SYSTEM ELECTRONICS CO LTD
BITRON ELEKTROMECANIC LIMITED Sirteki
VULCAN ENGINEERS LIMITED
MECCANOTECNICA HTA INDIA PRIVATE LTD
JIAXING MD MILANO DESIGN FURNITURE CO. LTD
METEC INTERNATIONAL S.A.R.L
SIGIT SERBIA DOO
PLASTIK NORD AFRIQUE S.A.R.L.
LAMP EAST DOO
LEGNANO TEKNOELECTRIC COMPANY MIDDLE EAST FZCO
ARVEDI METALFER DO BRASIL LTDA
FIAMM AUTOTECH CO. LTD.
PMP DRIVE SYSTEMS INDIA PVT LTD
PMC AUTOMOTIVE d.o.o.
MACCAFERRI DO BRASIL HOLDING PARTECIPACOES EMPRESARIAIS E IMOBILIARIAS LTDA
FAGIOLI PSC INDIA PVT LTD
TECNOGAL SERVICES LLC
EXTRA M O.J.S.C.
UTP-UNDERCARRIAGE & TRACTOR PARTS PVT. LTD.
PARMACOTTO USA INC
MACCAFERRI ASIA LTD
FAAM ASIA Ltd
GUALA DISPENSING MEXICO S.A. DE C.V.
BREVINI WIND USA INC.
IGUZZINI LIGHTING (CHINA) CO LTD
DEDAMEX S. de R.L. de C.V.
L'ISOLANTE K-FLEX (SUZHOU) CO. LTD.
MACCAFERRI ASIA LTD
NEW EQUITY INVESTMENTS IN EU COMPANIES ACQUIRED IN 2011
SECTOR
SHARE CAPITAL
CURRENCY
AMOUNT
OTHER
ELECTRONICS/IT
ELECTRONICS/IT
PACKAGING
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
ELECTRONICS/IT
ELECTRONICS/IT
ENGINEERING
ENGINEERING
WOOD/FURNITURE
ENGINEERING
RUBBER/PLASTICS
RUBBER/PLASTICS
ENGINEERING
METALS/STEEL
ENGINEERING
ENGINEERING
ENGINEERING
SERVICES
ENGINEERING
TND
USD
EUR
USD
USD
EUR
EUR
RUB
HKD
USD
USD
TRV
INR
INR
USD
TND
EUR
EUR
EUR
AED
BRL
EUR
INR
EUR
BRL
INR
RO
RUB
SIMEST'S HOLDING
SIMEST'S HOLDING
(AT € COST)
DATE
ACQUIRED
951.750
1.394.918
1.215.000
1.750.000
5.000.000
250.000
1.000.000
451.036.978
2.400
400.000
1.060.000
1.750.000
7.200.000
12.800.000
2.450.000
949.490
550.000
410.000
600.000
3.600.000
11.956.000
375.000
34.057.000
3.850.000
4.197.604
732.574
99.707
640.000
€500.000,00
€979.686,31
€1.215.000,00
€1.280.456,57
€3.589.890,87
€250.000,00
€1.000.000,00
€11.366.000,00
€238,00
€284.313,03
€784.878,04
€711.382,11
€537.399,68
€211.225,43
€1.881.874,44
€500.000,00
€550.000,00
€410.000,00
€600.000,00
€713.365,70
€4.880.000,00
€375.000,00
€500.000,00
€3.850.000,00
€1.760.000,00
€11.100,00
€195.000,00
€2.687.432,90
11-Jan-11
21-Jan-11
28-Jan-11
28-Jan-11
4-Mar-11
4-Mar-11
25-Apr-11
16-May-11
24-May-11
25-May-11
22-Jul-11
1-Aug-11
2-Aug-11
8-Aug-10
27-Sep-11
20-Oct-11
27-Oct-11
31-Oct-11
8-Nov-11
9-Nov-11
24-Nov-11
25-Nov-11
7-Dec-11
13-Dec-11
14-Dec-11
30-Dec-11
29-Dec-11
30-Dec-11
28
€41.624.243,08
SIMEST'S HOLDING
SIMEST'S HOLDING
(AT € COST)
DATE
ACQUIRED
€301.560,00
€2.548.000,00
€1.729.322,00
€244.563,12
€1.674.051,00
€3.222.059,36
€400.000,00
€360.424,00
€138.658,30
€1.000.000,00
€625.000,00
€1.120.000,00
19-May-11
21-Jun-11
27-Jun-11
1-Jul-11
13-Sep-11
29-Sep-11
14-Oct-11
18-Oct-11
12-Dec-11
29-Dec-11
29-Dec-11
%
IN LOCAL
CURRENCY
24,85%
26,32%
9,00%
10,94%
25,00%
25,00%
17,86%
41,03%
24,00%
5,33%
18,76%
9,72%
7,58%
20,00%
24,50%
24,56%
25,00%
10,25%
20,00%
6,55%
34,86%
25,00%
18,92%
38,50%
43,77%
1,47%
19,50%
15,09%
Total new non-EU equity investments
no.
SECTOR
SHARE CAPITAL
CURRENCY
AMOUNT
%
IN LOCAL
CURRENCY
ENGINEERING
ENGINEERING
ENGINEERING
RUBBER/PLASTICS
ENGINEERING
WOOD/FURNITURE
ELECTRONICS/IT
ENGINEERING
RUBBER/PLASTICS
ENGINEERING
INR
USD
HKD
HKD
MXN
USD
USD
MXN
INR
EUR
EUR
HKD
4,54%
19.064.154
3.627.333
19.024.942
2.717.830
28.336.000
4.396.500
540.000
6.448.634
22.000.000
1.000.000
625.000
11.760.000
3.830.000
5.299.671
13.500.000
16.000.000
20.000.000
1.000.000
5.600.000
1.099.325.256
10.000
7.500.000
5.650.000
18.000.000
95.000.000
64.000.000
10.000.000
3.866.000
2.200.000
4.000.000
3.000.000
55.000.000
34.300.000
1.500.000
180.000.000
10.000.000
9.590.000
50.000.000
511.320
4.240.000
420.000.000
7.536.760
77.780.000
32.089.388
762.000.000
9.000.000
5.400.000
31.585.925
110.000.000
2.000.000
2.500.000
31.500.000
48,13%
24,46%
8,47%
3,72%
48,85%
10,00%
20,42%
20,00%
50,00%
25,00%
37,33%
SHARE CAPITAL
CURRENCY
AMOUNT
JEWELRY
ENERGY
EUR
EUR
EUR
1.000.000
13.464.700
3.560.000
Total new equity investments in Italy (EU)
Total new equity investments/ revisions 2011
5-Apr-11
12
8
48
€13.363.637,78
SIMEST'S HOLDING
SIMEST'S HOLDING
(AT € COST)
DATE
ACQUIRED
05-lug-11
29-set-11
22-dic-11
Total capital increases/expansions
no.
Revisions
no.
Total new equity investments 2011 -- Non-EU no.
SECTOR

€54.987.880,86
%
IN LOCAL
CURRENCY
49,00%
15,60%
49,00%
490.000
2.101.000
1.744.400
€2.940.000,00
€11.000.000,00
€2.294.000,00
n.
n.
3
51
€16.234.000,00
€71.221.880,86
SIMEST SpA
39
Annual Report
40
SIMEST SpA
Annual Report

Investments acquired in foreign
companies in 2011
Investments acquired in foreign companies from
start of operations through 31 December 2011
10%
8%
16%
45%
20%
48%
29%
24%
10% Africa
8% Africa
16% Americas
20% Americas
Lamp San Prospero S.p.A. - Serbia

By year (number)
70
65
64
62
60
62
57
54
54
53
52
51
51
50
45
41
41
39
39
40
37
36
33
32
31
31
30
26
19
20
21
19
15
20
14
13
12
21
20
19
10
6
2
3
2
0
1992
1993
1994
1995
1996
1997
1998
Equity investments acquired by SIMEST
1999
2000
2001
2002
2003
Capital increases subscibed
2004
2005
2006
2007
2008
2009
2010
2011
Equity investments sold by SIMEST
By year (€ millions)
80
71.9
70.9
70
60
55.8
54.7
49.0
50
41.6
38.3
40
37.1
36.1
36.0
33.7
31.1
28.8
30
30.2
32.4
31.7
26.7
24.8
22.5
22.3
20.8 21.1
20
23.9
19.5
19.6
17.1
15.6
13.3
10.5
10.1
11.8
13.3
10.1
10
5.8
2.5
0.6
1.3
0.7
0
1992
1993
1994
1995
1996
SIMEST SpA
41
Annual Report
1997
Equity investments acquired by SIMEST
1998
1999
2000
2001
Capital increases subscibed
2002
2003
2004
2005
2006
2007
Equity investments sold by SIMEST
2008
2009
2010
2011
42
SIMEST SpA

Annual Report
EQUITY INVESTMENTS ACQUIRED FROM START OF OPERATIONS THROUGH 31 DECEMBER 2011
number of projects by country/size
53
CHINA
43
108
20
ROMANIA
18
26
64
24
9
2
U.S.A.
35
9
8
18
POLAND
35
13
BRAZIL
11
9
33
11
8
9
HUNGARY
28
6
11
10
TUNISIA
27
9
4
12
CROATIA
25
13
6
4
RUSSIA
23
18
5
INDIA
23
7
ALBANIA
3
10
20
6
BULGARIA
7
5
18
6
8
4
ARGENTINA
18
9
MEXICO
4
4
17
7
CZECH
SLOVAK
12
4
2 5
4
15
7
14
8
TURKEY
5
13
5
EGYPT
3 2
10
22
6
SLOVENIA
10
49
OTHER
29
22
100
0
20
Large
40
60
80
100
120
Small
Medium-sized
EQUITY INVESTMENTS ACQUIRED FROM START OF OPERATIONS THROUGH 31 DECEMBER 2011
number of projects by sector/size
80
ENGINEERING
62
36
178
41
TEXTILE/CLOTHING
30
13
84
23
12
17
52
17
20
10
RUBBER/PLASTICS
47
12
19
14
45
17
SERVICES
9
WOOD/FURNITURE
8
16
11
41
17
37
10
12
14
15
BASIC METALS/STEEL
6
TOURISM/HOTELS
6
11
ELECTRONICS/IT
6
7
43
7
36
28
19
18
9 11
11
BANKING
61
7
ENERGY
TELECOMMUNICATIONS
3
3
11
2
10
8
OTHER
0
10
28
50
Large
Medium-sized
100
Small
150
200

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Annual Report

THE UNIFIED VENTURE CAPITAL FUND MANAGED
BY SIMEST ON BEHALF OF THE MINISTRY OF
ECONOMIC DEVELOPMENT
The year 2011 – the seventh year of the Unified
Venture Capital Fund, which began operating
in 2004 – saw confirmation, in an environment
made difficult by the continuance of the severe
economic crisis that began in late 2008, of the
Fund’s role as one of providing help and
support in international expansion by Italian
companies, particularly small and medium-sized
enterprises.
Following the deep recession that has affected
all the world’s major economies since the end
of 2008, the recovery that gradually emerged in
2010 was interrupted by the resurgence of the
financial crisis of 2011.
This crisis has drastically accentuated the gap
between the “advanced” economies – already
hit hard by the earlier crisis, they are facing a
moderate recession, with some hope for
modest growth starting in 2013 – and the
“emerging” countries, which, having come
through the worst of the turmoil, are once
again growing rapidly, with strong, expanding
domestic demand and competitive advantages
tied to the availability of raw materials and
strategic natural resources and an abundant
supply of labour.
It appears that in this situation, companies (and
SMEs
in
particular)
are
increasingly
understanding that to escape the crisis, they
must look to foreign markets, especially the socalled BRIC countries (Brazil , Russia, India and
China), the true drivers of the recent growth
and, especially, that in the near future.
This awareness is being supported by the
Unified Venture Capital Fund, an instrument
that has proven to be effective in improving
Italian companies’ capacity to access and
consolidate their position in international
markets, but its role has become further
amplified and crucial at a time, like now,
marked by considerable instability and
uncertainty.
However, there is still the severe limitation
imposed by the clear scarcity of resources
available, in the absence of new appropriations
and allocations of additional resources for the
near future and until investments made are
gradually recouped at the end of the statutory
maximum 8-year investment period (the most
significant gains are expected for the 20122013 period, bearing in mind the impact of the
current economic difficulties).
Bitron Industrie S.p.A. - Turkey
Projects approved
In 2011, a total of 33 investments were
approved by the Guidance and Oversight
Committee, of which 28 involving new
investments and 5 regarding capital increases
(for expansion and/or development of
companies in which SIMEST has already
invested). The figure does not include plan
revisions and updates, which totalled 31 in 2011.
The approved projects envisage:
 total
commitment under the Unified
Venture Capital Fund of €22.4 million;
 total investment by the foreign companies
of €648.9 million, funded by share capital of
€404.6 million.
There was an increase in medium-sized projects
approved due to a drop in the number of
overall projects (33 in 2011 compared with 43
in 2010), while the absolute amount of the
overall commitments approved remained
essentially the same (€22.4 million compared
with €23.7 million in 2010).
In response to the gradual decline in the
resources available, the Guidance and
Oversight Committee continued in its stance to
contain the total value of investments
approved during the year.
This reduction in commitments made in
relation to the size of the projects approved,
with investments totalling around €649
million, in part attributable to projects in
specific sectors, such as steel and applications
for the automotive sector, serves to
strengthen the Fund’s institutional role in
supporting investment in distant or difficultto-approach markets.
Reflecting the present economic situation, the
geographical breakdown of the projects
approved shows a strong concentration in
countries and areas with high economic growth
rates and expanding opportunities in 2011,
mainly the BRIC countries, especially Brazil,

India and China, with the sole exception of
Russia, which is going through a period of
stagnation and where doing business is
perceived as challenging, particularly by SMEs.
One positive exception is Serbia, which has
attracted 4 initiatives, partly related to the
structuring of satellite industries around the
considerable investment that FIAT has made in
the Kragujevac district. The contribution of
Africa, the Mediterranean and the Middle East
was smaller (5 projects compared with 10 in
2010), due to a sharp decline sparked by events
affecting North Africa in early 2011.
A sectoral breakdown of investments in 2011
once again showed the dominance of the
electrical and mechanical engineering sector,
both in terms of the number of projects approved
and the amounts approved (18 projects approved
and €11.5 million, respectively), making it a
driving force in the domestic productive structure.
Other sectors in which investments were
approved include chemical/pharmaceuticals (3
projects approved, with a commitment of €2.8
million) and rubber/plastics (3 projects
approved, with a commitment of €2.7 million).
In 2011, acquisitions of equity investments
through the Unified Venture Capital Fund
totalled €18.3 million and involved:
 24 new equity investments in companies
abroad – in addition to the stakes acquired
directly by SIMEST and/or FINEST – for
€13.3 million;
 8 capital increases and 5 plan revisions in
companies abroad in which the Unified
Fund had already invested at 31 December
2010 in the amount of €5.0 million.
Once again, the geographical distribution of new
investments by the Fund showed a preference for
China (14 equity investments acquired, of which
6 capital increases), for a total of €8.5 million.
SIMEST SpA
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46
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Annual Report

New equity investments were made in a
number of different countries (Argentina,
Senegal, Turkey), although Italian companies
displayed a continuing interest in Serbia (3 new
equity investments for 1.7 million), India (5 new
equity investments for €1.3 million) and Tunisia
(2 new equity investments for €0.6 million),
despite the political events affecting that
country which is on the path to normalisation.
In 2011, under agreements with partner
companies, SIMEST divested 8 equity investments
for a total of €4.1 million, in addition to 1 partial
sale for €0.3 million. There were also foreign
exchange gains of €0.2 million. The sales
generated capital gains of €0.1 million, which were
collected in the same year. Furthermore, a new
Italian partner replaced another in one project.
VENTURE CAPITAL FUND
EQUITY INVESTMENTS APPROVED
IN
2011
Following these changes, at the end of 2011
SIMEST held equity investments through the
Venture Capital Fund in 190 companies abroad
(174 in 2010) totalling €183.2 million (€169.5
million in 2010).
The equity investments at the end of 2011
show a geographical distribution similar to that
for 2010 and are especially concentrated in the
following countries:
 China
(69 companies with a total
commitment for the Fund of €68.3 million);
 Romania (25 companies with a total
commitment for the Fund of €17.5 million);
 Russia (10 companies with a total
commitment for the Fund of €21.6 million).
BY AREA
NUMBER
OF PROJECTS
PLANNED
INVESTMENTS
(€ MILLIONS)
SHARE
CAPITAL
(€ MILLIONS)
FUND
INVESTMENT
(€ MILLIONS)
Asia and Oceania
Africa, Middle East and the Mediterranean
Eastern Europe
14
5
9
5
203.6
18.1
362.6
64.6
150.0
16.5
206.7
31.4
7.7
2.5
8.3
3.9
Total
33
648.9
404.6
22.4
of which:
Capital increase/
increase in appropriation
5
33.2
34.6
3.3
broken down as follows:
Asia and Oceania
3
2
16.7
16.5
16.6
18.0
2.0
1.3
Venture Capital Fund
Equity investments approved in 2011
Distribution by area (number)

Equity investments approved in 2011
Distribution by area (amount)
15%
11%
43%
34%
27%
37%
18%
15%
15% Africa, Middle East and the Mediterranean
15% Eastern Europe
18% Eastern Europe
IN
2011
BY COUNTRY
NUMBER
OF PROJECTS
PLANNED
INVESTMENTS
(€ MILLIONS)
SHARE
CAPITAL
FUND
INVESTMENT
(€ MILLIONS)
(€ MILLIONS)
6
1
8
1
5
2
1
1
4
1
2
1
340.0
6.1
159.0
4.7
9.6
16.5
7.2
1.1
57.4
35.0
3.3
9.0
180.7
8.0
122.3
3.0
10.2
18.0
7.2
0.8
24.2
17.5
3.9
8.8
6.0
1.0
4.4
0.5
2.2
1.3
0.9
0.2
3.0
1.1
0.9
0.9
33
648.9
404.6
22.4
of which:
Capital increase/
increase in appropriation
5
33.2
34.6
3.3
broken down as follows:
China
Mexico
3
2
16.7
16.5
16.6
18.0
2.0
1.3
Brazil
Chile
China
Egypt
India
Mexico
Russia
Senegal
Serbia
Thailand
Tunisia
Turkey
Totale
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SIMEST SpA
Annual Report

Equity investments approved from start
of operations through 31 December 2011
by area (number)
Equity investments approved from start of operations
through 31 December 2011
by area (amount)
18%
18%
10%
9%
39%
38%
33%
35%
35% Eastern Europe
33% Eastern Europe
FROM START OF OPERATIONS UP TO
NUMBER
OF PROJECTS
31 DECEMBER 2011
BY AREA
PLANNED
INVESTMENTS
(€ MILLIONS)
SHARE
CAPITAL
(€ MILLIONS)
FUND
INVESTMENT*
(€ MILLIONS)
Africa. Middle East and the Mediterranean
Asia and Oceania
Eastern Europe
75
37
159
143
900.9
1,049.4
1,273.2
1,247.4
538.4
486.4
888.4
831.3
64.0
34.9
138.2
115.3
Total
414
4,470.9
2,744.5
352.4
* Gross of waivers/cancellations and contractual reimbursements
FROM START OF OPERATIONS THROUGH
NUMBER
OF PROJECTS
31 DECEMBER 2011
BY COUNTRY
PLANNED
INVESTMENTS
(€ MILLIONS)
(€ MILLIONS)
SHARE
CAPITAL
FUND
INVESTMENT*
(€ MILLIONS)
Albania
Algeria
Angola
Saudi Arabia
Argentina
Bosnia
Brazil
Bulgaria
Chile
China
Croatia
Egypt
Eritrea
Guatemala
India
Cape Verde
Israel
Kosovo
Kuwait
Libya
Macedonia
Morocco
Mauritius
Mexico
Nigeria
Moldova
Romania
Russia
S. Vincent & The Grenadines
Senegal
Serbia-Montenegro
South Africa
Thailand
Tunisia
Turkey
Ukraine
5
1
2
1
2
5
18
11
3
127
11
12
2
1
29
1
2
1
1
3
2
5
1
12
1
1
48
33
1
2
21
4
3
28
9
5
102.4
0.8
26.2
382.5
3.9
41.5
434.1
137.2
343.7
1,071.7
101.6
91.0
5.1
180.6
162.2
28.0
14.7
6.1
0.6
34.7
16.2
11.5
0.5
83.0
4.7
0.5
231.4
472.6
4.1
2.6
115.6
47.6
39.2
159.7
90.8
22.3
49.6
1.0
10.3
156.9
5.9
24.8
260.4
62.3
55.7
735.7
58.0
52.4
5.8
86.4
127.6
22.0
9.9
5.0
0.8
17.1
16.2
11.8
0.7
72.3
5.5
0.4
153.3
330.2
5.6
2.3
120.9
22.5
25.2
141.5
77.9
10.6
5.8
0.1
2.7
4.2
0.4
3.4
16.9
8.4
4.4
115.4
5.1
8.2
1.8
4.2
20.1
6.6
2.8
1.1
0.1
1.7
2.7
2.7
0.2
7.5
0.4
0.1
29.9
45.6
1.6
0.6
11.2
5.2
2.5
20.4
6.3
2.1
Total
414
4,470.9
2,744.5
352.4
* Gross of waivers/cancellations and contractual reimbursements

SIMEST SpA
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
THE FINANCIAL SUPPORT FUNDS
Expanding operations abroad is still viewed as
unnecessary, too costly and too risky. However,
international expansion gives companies access
to a wider customer base, a larger number of
suppliers or a greater impetus to use new
technologies. In general, international expansion
opens up opportunities for increasing profits,
provides a path to long-term survival and makes
firms more competitive, all of which are the main
advantages of this type of strategy.
There are a number of tools available to Italian
companies to help them pursue international
expansion. Among these tools, SIMEST has been
entrusted with administering the financial
facilities for the public support of exports and
other forms of international expansion of the
Italian economy. The activity regards:


the Fund established by Article 3 of Law
295/1973; the activity consists in:
• stabilising interest rates, in accordance
with the OECD rules for public support for
export credit (Legislative Decree 143/1998,
Chapter II);
• providing interest rate support for loans
for direct investment in foreign firms (Law
100/1990, Article 4, and Law 317/1991,
Article 14);
the revolving Fund established by Article
2 of Law 394/1981 which, pursuant to Law
133 of 6 August 2008, is allocated to
granting loans at below-market rates for:
• undertaking foreign market penetration
programmes ( Law 133/08, Article 6,
paragraph 2, letter a, Interministerial
Committee for Economic Planning (CIPE)
Resolution 113/09);
• pre-feasibility and feasibility studies and
technical assistance programmes connected
with Italian investment abroad (Law 133/08,
Art. 6(2)(b) - CIPE Resolution 113/09);
• improving and safeguarding the financial
stability of exporter SMEs so that they will
be better equipped to compete in foreign
markets (hereinafter referred to as
“exporter SMEs” - Law 133/08, Article 6,
paragraph 2, letter c –CIPE Resolution
112/09).
Under the terms of an agreement with FINEST
and on the latter's behalf, the Company also
manages the preliminary proceedings and
disbursement of contributions drawing on the
Fund set up by Law 295/1973 for operations
pursuant to Law 19/1991.
The support programmes are governed by two
agreements between SIMEST and the then
Ministry of Foreign Trade, one for each fund (Fund
established by Law 295/1973 and Fund
established by Law 394/81). A Support Committee
is responsible for administering the Funds.
On the basis of SIMEST analyses, in 2011 the
Committee approved 600 operations totalling
€4,648.8 million (compared with 429 operations
totalling €3,419.0 million in 2010), of which:


177 with a value of €4,410.2 million (199
with a value of €3,261.8 million in 2010)
involving interest rate support drawing on
the Fund established by Law 295/1973;
423 with a value of €238.6 million (230 with
a value of €157,2 million in 2010) involving
facilitated loans drawing on the Fund
established by Law 394/81.
Law 295/1973 Fund
deferred payment (with or without SACE
insurance coverage), enabling them to hedge
credit risk at a cost comparable with that of
the products typical of other ECAs (insurance
policies, guarantees, direct financing). The
financial instruments found to be crucial to
programme’s effectiveness are the so-called
“multi-delivery contracts” entered into by
traders or directly by individual manufacturers
with foreign distributors concerning one or
more types of machinery, plant or other
capital goods (with delivery over a regulated
period, currently two years and six months).
a) Export credit (Legislative Decree 143/98,
Chapter II)
This programme is aimed at supporting sectors
involved in the production of capital goods
(plants, machinery, infrastructure, public
transportation, telecommunications, etc.) that
offer deferrals of payment on medium/long-term
orders to foreign customers located, to a large
extent, in emerging countries.
The public support programme uses methods
that neutralise the effects that the systems
employed by the Export Credit Agencies (ECAs)
of other countries have on the competitiveness
of Italian exports. SIMEST’s programmes are
designed to protect the foreign customer from
the risk of changes in the interest rate, allowing
foreign customers to obtain medium/long term
financing at the CIRR (Commercial Interest
Reference Rate) fixed rate, which is set by the
OECD, through the buyer and supplier credit
mechanisms. The support programmes –
supplier credit and buyer credit– are designed to
meet the needs of different industrial sectors.

The supplier credit programme identifies
cases in which the exporter directly extends
deferred payment to the foreign customer,
setting the terms and conditions
(medium/long-term) of payment in the
contract. SIMEST’s programme makes it
possible for the exporter to assign on a
without recourse basis the instruments issued
by the foreign debtor in exchange for
Metalfer S.p.A. - Brazil


The buyer credit programme applies
where a financial institution grants a loan
to a foreign customer to pay the purchase
price to an Italian supplier. Unlike the
supplier credit system, the customer pays
the exporter in cash drawing on the
funding granted by the bank at the CIRR
fixed rate. The SIMEST programme,
through
so-called
“interest
rate
stabilisation policies”, makes it possible for
the bank raise funds at floating rates while
charging the CIRR fixed rate to the foreign
buyer. The programme is normally used for
large-value transactions (more than €10
million) with an average maturity of more
than 7 years, for the supply of plant,
infrastructure and transport equipment.
These operations generally require
insurance coverage from SACE.
With the exception of the shipbuilding and
aeronautical manufacturing industry, in 2011
SIMEST SpA
51
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52
SIMEST SpA
Annual Report

volumes for suppliers of machinery and plant,
which comprise the target for the SIMEST
programmes, remained at levels similar to 2010.
With regard to support for exports, the problems
connected with the credit squeeze have been
joined since the summer of 2011 by the
heightening of the sovereign debt crisis, making
it difficult to access financing and increasing
borrowing costs.
In SIMEST’s interest rate support programmes,
the increase in the margins demanded by banks
was absorbed fully by the borrowers/customers,
since the OECD countries (including Italy)
decided in 2011 to not increase the banks’ yield
in transactions covered by interest make-up
agreements (IMU). In response, the banking
system has systematically raised the CIRR rate
charged to the foreign debtor by an average of
around 75 basis points.
180
160
140
120
100
80
60
40
20
0
1/2009
1/2010
1/2011
12/2011
margin in basis points
Despite these restrictions, exporters have
generally affirmed the importance of having
the SIMEST programmes available in permitting
them to maintain a volume of turnover that
would otherwise have been reduced further. An
example of the critical role export credit
programmes play in sustaining production
levels is offered by the civil aeronautics sector,
which requires long-term financing (10-12
years), represented by the Italian-French
consortium for the manufacture of the ATR
turboprop aircraft, in the case of Italy. As
shown in the following chart, recourse to
SIMEST’s interest rate stabilisation programme
rose by around 140% over 2010.
Deferred principal amount for the aeronautics sector:
2008 - 2011 (€ millions)
335,9
350
300
250
200
140,8
150
100
127,6
77,7
50
0
2008
2009
2010
2011
In 2011, the SIMEST’s programmes came to
€4,282.7 million in terms of deferred principal
amount, higher than the average annual amount

of approvals by volume (€3.5 billion) between
2002 and 2010.
SIMEST EXPORT CREDIT PROGRAMMES
DEFERRED PRINCIPAL AMOUNT AND EXPENDITURE COMMITMENT IN € MILLIONS (2002 - 2011)
5,891.9
6,000
5,000
1,844.0
4,449.0
4,282.7
4,000
3,784.8
3,714.5
1,321.1
3,414.8
3.108,0
3,000
990.6
2,698.8
2,147.3
2,358.6 2,674.0
593.8
1,806.8
2,514.2
2,475.9
192.3
228.3
598.4
1,062.7
2,000
4,047.9
1,839.7
2,424.2
2,100.4
3,127.9
610.4
1,611.3
1,637.5
1,000
1,355.9
1,229.3
220.9
228.6
85.4
152.1
135.4
141.2
328.1
234.1
0
2002
2003
Supplier credit
2004
Buyer credit
2005
2006
2008
2009
2010
2011
Expenditure commitments
The following factors contributed to keeping the
volumes of use of the SIMEST programme high:
stability, represented by the possibility of
offering the debtor a fixed rate associated
with a public support programme during a
period in which these are available at
historically low levels;
b. flexibility in utilizing credit lines, commercial
contracts and so-called “multi-delivery
contracts”, making it possible to maintain
the original financial support conditions
when there are delays in deliveries due to the
crisis. These operations, with some €2.5
billion approved in 2011, represent 99% of
the entire supplier credit programme.
a.
2007
Out of the €4,282.7 million total in deferred
principal amount approved, €2,475.9 million
(57.8%) relates to the supplier credit programme
for medium-sized plant, machinery and parts,
29.2% of which for SMEs. The remaining
€1,806.8 million (42.2%) allocated to the buyer
credit programme was used for transactions
involving large companies under major supply
contracts (74.6%) involving large orders.
Specifically, the shipbuilding industry represented
44.7% of the total, followed by chemicals and
petrochemicals (25.6%) and aeronautics (18.5%).
These percentages relate to suppliers who have
signed export agreements. It is normal for all
suppliers of capital goods to involve smaller firms
as sub-contractors to varying degrees.
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As regards the geographical distribution of
operations by approved deferred principal
amount, 46.4% is classified as “other non-EU
countries”, essentially reflecting the multidelivery contracts that make use of distributors
active on the international market and for which
individual deliveries are established after the
conclusion of the contract. For the remainder,
which regards exports to individual countries,
the largest shares regarded the European Union
(27.4%) and the Mediterranean and Middle
East (12.7%).
Export credit support
supplier credit and buyer credit
Geographical distribution of deferred
principal amount approved in 2011
1.5% 0.9%
4.0% 1.0% 0.7%
0.6%
4.8%
12.7%
46.4%
b) Support for investment in foreign
companies (Article 4 of Law 100/1990 and
Article 2 of Law 19/1991)
The mechanisms envisaged under Article 4 of
Law 100/90 provide for Italian firms to receive
interest rate support for loans taken out to
finance part of their equity investments in
foreign companies in non-EU countries in which
SIMEST has acquired an interest.
A similar mechanism is in place for investments
in foreign companies in which FINEST has
acquired an interest under Art. 2, paragraph 7
of Law 19/91, with respect to companies located
in the Triveneto area for loans taken out to
finance part of their equity investments in
Central and Eastern Europe and C.I.S. countries.
The support is granted, for a loan from a bank
authorised to operate in Italy, for a maximum of
8 years, up to 50% of the reference rate for the
industrial sector (in 2011, the average reference
rate and the average support rate were 4.956%
and 2.478% respectively). The operation covers
90% of the equity investment of the applicant
Italian company, up to 51% of the share capital
of the foreign company.
In 2011, 43 operations were approved with a
value of €127.5 million.
27.4%
46.4% Other non-EU
27.4% European Union
12.7% Mediterranean and Middle East.
4.8% Central and Eastern Europe and C.I.S.
4.0% Latin America and the Caribbean
1.5% Oceania
1.0% North America
0.9% Sub-Saharan Africa
0.7% Asia
0.6% Non-EU Western Europe
Over the last ten years, as shown in the chart
below, an average of 75 operations per year
were approved. The decline reported in 2006 is
not only attributable to the elimination of
support for investments in countries recently
admitted to the EU, but also to the global crisis
over the last four year.

SUPPORT FOR INVESTMENTS IN FOREIGN COMPANIES
DEFERRED PRINCIPAL AMOUNT IN € MILLIONS AND NO. OF OPERATIONS APPROVED (2002-2011)
400
363.5
350
300
274.2
268.2
264.7
250
206.6
200
171.4
162.2
150
153.8
139.9
127.5
115
111
100
78
84
83
73
60
59
50
50
43
0
2002
2003
No. operation approved
2004
2005
2006
2007
2008
2009
2010
2011
Deferred principal amount
The geographical distribution of projects
approved in 2011 shows Latin America and the
Caribbean countries in first place (35.8%). The
leading country is Brazil, where investments have
been made in a variety of sectors (chemicals,
engineering, construction).
Support for investments in foreign companies
Geographical distribution of deferred principal
amount approved in 2011
10.0%
11.6%
9.3%
4.7%
As for Italian companies making investments,
Emilia Romagna is the region with the largest
number of projects (23%), followed by
Lombardy and Piedmont (both at 18.6%),
although the latter leads in terms of amount
financed (28.6%). There was a 66% decline in
projects by the Triveneto area, in part due to the
decrease in projects in which FINEST has
acquired an interest.
35.8%
28.6%
35.8% Latin America and the Caribbean
The breakdown by industry confirms that
engineering remains on top, with over 40%
both in terms of number of operations (46.5%)
and amount of loans granted (41.25%).
As to the size of the Italian companies receiving
28.6% Asia
4.7% Sub-Saharan Africa
11.6% Central and Eastern Europe and C.I.S.
10.0% Mediterranean and Middle East.
9.3% Nord America
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support, large companies accounted for an even
larger portion of total programmes (72%) and
amount financed (89.3%).
Law 394/81 Revolving Fund
The reform of the system of support under the
Revolving Fund established under Article 2 of
Law 394/81, was implemented with Law 133/08
of 6 August 2008, which, following completion
of the relevant legislative process, specifies new
eligibility categories under Regulation (EC) no.
1998/2006 concerning de minimis aid.
More specifically, the Interministerial Committee
for Economic Planning (CIPE) adopted two
resolutions (nos. 112 and 113 of 6 November
2009) establishing the terms, procedures and
conditions for the new capitalisation support
programme for exporter SMEs, as well as for
programmes already provided for under Fund
394/81, regarding foreign market penetration
programmes, pre-feasibility and feasibility
studies and technical assistance programmes
associated with investment projects.
The two CIPE resolutions came into force on 13
April 2010, after being published in the Gazzetta
Ufficiale and following the Support Committee's
approval of a series of decisions collected in
three circulars (nos. 2/2010, 3/2010 and
4/2010). The circulars address, respectively, the
regulations applicable to foreign market
penetration programmes, studies and technical
assistance programmes and capitalisation for
exporter SMEs. Taken as a single document, the
three circulars represent all the terms, procedures
and conditions for support under Fund 394/81,
as well as the specific implementing resolutions
issued by the Support Committee.
After three years of transition, 2011 can be
viewed as the first year of “full” application of
the regulatory reform.
The results differed based on the type of
support, with a rise in loan applications
approved for foreign market penetration
programmes, as against a slight drop in the
number of loan applications received, a decline
in pre-feasibility and feasibility studies and for
technical assistance programmes, in terms both
of application submitted and accepted, and
better-than-expected results for the new SME
capitalisation programme, for which a significant
number of applications were submitted and
were approved by the Committee.
A careful analysis of the data clearly shows that
even more companies are seeking to expand
internationally than in the past, when such
operations were taken on almost exclusively by
large companies.
This trend can be seen particularly in the more
extensive commitment of Italian SMEs to
international expansion and, in fact, there was
a further increase in the percentage of SMEs as
recipients of support under Fund 394/81 in
2011. Consumer preferences and tastes have
translated into a demand that is increasingly
moving away from strictly domestic circles. No
company, no matter what its size or industry, is
untouched by the internationalisation process.
The development of new approaches to
expansion abroad beyond traditional trade
arrangements seeks to remove a large portion of
the obstacles to the free movement of goods,
services, capital, people and know-how. These
include the instruments to promote international
expansion by Italian businesses mentioned above.
a) Support for foreign market penetration

A breakdown of loans approved by geographical
area in 2011 shows the main area of interest are
Asia (23%), followed by North America (22%),
Central and South America (19%) and Central
and Eastern Europe (15%). The most popular
area in 2010 was North America.
The United States remains the main destination
country, with 22 loans approved.
A breakdown by size of the firms that carry out
foreign market penetration programmes shows
that SMEs represent 84%, confirming the
growth reported in 2010 (82%), compared with
72% in 2009.
Commercial penetration programmes
Geographical distribution of the number
of loans granted in 2011
programmes (Law 133/08, Article 6,
paragraph 2, letter a)
5%
The terms, procedures and conditions for this
type of support were established by CIPE
Resolution no. 113/09, which came into force
following the Support Committee's approval of
a series of implementing measures, collected in
Circular no. 2/2010.
With regard to content, the support programme
has been improved and simplified, extending the
period during which costs are covered,
introducing a lump-sum amount for costs not
documented with invoices, reducing the
subsidized rate and raising the amount advanced
to up to 30% of the approved amount.
The loans have a maximum term of seven years,
including a two-year grace period, and are
limited to 85% of the planned costs for the
foreign market penetration programme.
In 2011, loans approved numbered 103 (92 in
2010), and their value amounted to €91.8 million.
1%
23%
15%
15%
22%
19%
23% Asia
22% Nord America
19% Latin America and the Caribbean
15% Central and Eastern Europe and C.I.S.
5% Sub-Saharan Africa
1% Non-EU Western Europe
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b) Support for pre-feasibility and feasibility
studies and technical assistance programmes (Legislative Decree 133/08,
Article 6, paragraph 5, letter b)
Prefeasibility and feasibility studies
Geographical distribution of the number of loans
granted in 2011
9%
Law 133/08 limits eligibility for support to prefeasibility and feasibility studies and technical
assistance programmes related to investments.
The main characteristics of this form of support
are set out in CIPE Resolution no. 113/09, which,
as stated above, came into force following the
Support Committee's approval of a series of
decisions collected in Circular no. 3/2010.
More specifically, the period during which
eligible costs could be incurred was also
extended for this programme and the interest
rate was reduced, while the amount that can
be advanced was standardised for both studies
and technical assistance programmes at 70%
of the loan.
18%
46%
27%
46% Central and Eastern Europe
18% Asia
The loans have a maximum term of up to five
years, including a two-year grace period. The
maximum loan amount is:
 €100,000.00
for studies related to
commercial investments;
 €200,000.00 for studies related to
productive investments;
 €300,000.00 for technical assistance
programmes.
A total of 11 loans were approved in 2011, of
which 9 for studies and 2 for technical assistance
programmes, with a total value of €2.0 million.
A breakdown of loans by geographical area
shows Central and Eastern Europe in first place,
followed by Central and Latin America and Asia.
Serbia and Brazil were the countries with the
largest number of operations, with 3 and 2
projects respectively, followed by China,
Macedonia, Russia, Chile, Indonesia and the
UAE, with 1 project each.
Finally, in terms of size of applicant firms, SMEs
represent 45% of the total projects approved.
c) Support to improve and safeguard the
financial stability of exporter SMEs so
that they will be better equipped to
compete in foreign markets (Law 133/08,
Article 6, paragraph 2, letter c)
CIPE Resolution no. 112/2009 sets the terms,
procedures and conditions for the new support
programme to provide subsidised finance for
the capitalisation of exporter SMEs. Like
Resolution no. 113/09, this measure came into
force on 13 April 2010, after the issue by the
Support Committee of an implementing
circular (no. 4/2010) containing the rules for
this type of support.
The resolution sets out the main characteristics
of the new programme, summarised as follows:
loans may be granted in an amount of up to
25% of equity, with a maximum of
€500,000.00, to SMEs with export revenues
averaging at least 20% of total revenues for the
last three years. The SMEs must be organised as
joint-stock companies (società per azioni) at the
time the loan is disbursed.
The goal of the programme is to improve the
capital
strength
threshold
considered
appropriate for a growing business, currently set
at 0.65, if the most recent financial statements
report it as below this level, or to maintain or
exceed it if the threshold has already been
reached or surpassed. The CIPE resolution details
the loan procedures, terms and conditions. One
of the most innovative aspects of the
programme is that no guarantee is required
during the initial phase if the company, upon
entering the programme, reports a strength level
equal to or above 0.65.
In 2011, the first full year in which this instrument
was available, 575 applications for a total of €266
million were submitted, of which the Support
Committee approved 309 for about €144.8
million. Between April 2010 (the arrival date of
the first capitalisation operation) and the end of
that year, 302 applications totalling €139.7 million
were submitted, of which the Support Committee
approved 124 for €57.9 million.
A regional breakdown of applications approved
in 2011 shows that firms in Lombardy submitted
the most successful applications (110) followed
by Veneto and Piedmont, with 48 and 44
applications approved, respectively.
As regards the size of the companies that
submitted capitalisation funding applications,
CIPE Resolution no. 112 states that only SMEs
are eligible for support.
These figures demonstrate the interest that this
FINANCIAL
new instrument has sparked with its target
audience, since it is both flexible (it can be used in
line with the recipient’s internal strategies), and
because it can be obtained without having to
supply a bank or insurance guarantee if the capital
strength of the applicant at the time application is
made is equal to or above the 0.65 threshold.
However, the copious flow of applications for
financing, particularly in the second half of
2011, led to a significant depletion in Fund
394/81 resources. Therefore, on 12 December
2011, the Support Committee suspended the
acceptance of new applications so as to avoid
compromising the primary purpose of the
instrument, which is foreign market penetration
programmes (and the secondary purpose of
supporting studies and technical assistance
programmes) and the whole of Fund 394/81.
Moreover, CIPE plans to adopt, a year and half
after the programme has been in place, new
terms and conditions for capitalization projects.
Furthermore, the Support Committee will
periodically check the funding available under
Fund 394/81 so that it can, once conditions so
permit, re-open the application mechanism,
although this will not occur prior to the approval
of the new terms and conditions for such
projects by CIPE.
SUPPORT ACTIVITIES FOR FIRMS ON BEHALF OF THE STATE
OPERATIONS
Export credit
(Legislative Decree 143/1998, Chapter II)
(€ MILLIONS)
APPROVED IN
Buyer credit
Supplier credit
2011 OPERATIONS
OUTSTANDING AT
31.DEC.2011
1,806.8
2,475.9
5,058.5
2,183.7
Direct investment abroad
(Laws 100/1990 and 19/1991)
127.5
694.7
Market penetration projects
(Laws 394/1981 and 133/2008)
91.8
116.6
//
0.1
2.0
7.6
144.8
135.6
Participation in international tenders
(Law 304/90)
Pre-feasibility and feasibility studies
and technical assistance programmes
(Legislative Decree 143/1998 Article 22.5 – Law 133/2008)
Capitalisation support
(Law 133/08)

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HEDGING TRANSACTIONS
FOR THE FINANCIAL SUPPORT FUNDS
As the manager of the Fund set up under Law
295/1973 for interest stabilization purposes,
SIMEST is authorized by the Ministry of the
Economy and Finance to hedge the Fund's
interest rate and foreign exchange risk in order
to optimise the management of the cost of such
risks to the State.
DEFERRED
CURRENCY
USD
EUR
PRINCIPAL AMOUNT
At 31 December 2011 there were 59 interest
rate swaps with 9 leading international banks
within the framework of the Directive issued by
the Ministry.
The year-end portfolio of transactions for which
the full amount of support had been disbursed
was as follows:
(€ MILLIONS)
TOTAL
2,770.7
784.6
UNHEDGED
HEDGED
1,130.5
344.9
1,640.2
439.7
%
HEDGED
59.20 %
56.04 %
PMP Industries S.p.A. - China

ORGANISATIONAL STRUCTURE
There were no changes in the organisational
structure from the previous year.
Training continued to be tailored to develop the
Company’s professional skill base and provide
specialised skill upgrading (specialised technical
courses to improve business process
management, in line with national and
international regulations). Other training
activities focused on enhancing the
organisational skills necessary to ensure even
more
effective
working
practices
(organisational courses focusing on developing
behavioural and technical skills that can
improve performance).
The Company also held courses to develop IT
skills and language training.
In 2011, two recent university graduates were
hired from among the best of the sixth edition
of the Masters course for Financial and Business
Analysts completed at the end of the previous
year. Thus SIMEST has proven to be one of
those companies that can generate its own
recruiting stream, taking on the most qualified
candidates. A junior IT staff member was added
to bolster internal IT development.
EMPLOYEES
PERSONNEL AT
31.12.2011
Senior management
Middle management
Other employees
Total
In March 2011, the yearly renewal inspection
was performed for ISO Quality Certification
9001:2008, and the certification of the
Occupational Health and Safety Management
System under OHSAS 18001:2007 was
successfully completed.
As in the past, attention continued to be
devoted to environmental issues, with the
implementation of a number of energy saving
initiatives, such as exclusive use of recycled
paper
and
careful
management
of
differentiated waste collection.
At the end of 2011 the Company had 158
employees, an increase of three from the
previous year. During the year two people (one
middle manager and an office employee) were
seconded to the Ministry of the Economic
Development to handle liaison duties regarding
the activities and programmes entrusted to
SIMEST. The composition of staff changed as a
result of promotions and turnover, with the
number of middle managers remaining high in
view of the specific requirements of SIMEST'S
various lines of business.
AVERAGE
9
74
72
158
155
The figures include part-time personnel:
30 staff at 31 December 2011
(a decrease of one from 31 December 2010)
PAYROLL IN
PERSONNEL AT
31.12.2010
11
73
74
Senior management
Middle management
Other employees
Total
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AVERAGE 2011
AVERAGE 2010
9.00
70.65
65.51
8.00
70.95
64.83
145.16
143.78
62
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
ANALYSIS OF THE MAIN ITEMS OF THE BALANCE
SHEET AND INCOME STATEMENT
BALANCE SHEET
At 31 December 2011, the Company’s balance
sheet showed assets of €393.9 million (€340.5
at 31 December 2010), an increase of €53.4
million compared with the previous year.
The change in assets primarily concerned the
substantial rise in the value of the portfolio of
equity investments, which went from €292.2
million at 31 December 2010 to €343.8 million
at the end of last year, the net outcome of new
acquisitions amounting to €71.2 million and
disposals totalling €19.6 million.
At 31 December 2011, receivables (which
comprise receivables from customers, other
assets and accrued income and prepaid
expenses) came to €49.7 million, an increase of
€2.9 million on the previous year, due primarily
to the increase in receivables relating to equity
investments (+€4.2 million).
Expenditure on property, plant and
equipment and intangible assets amounted
to €0.2 million, mainly for the upgrading of the
software used to manage SIMEST’s operating
activities, while amortisation and depreciation
totalled €0.3 million.
On the liabilities side, at 31 December 2011
payables (comprising other liabilities, accrued
expenses and deferred income, provisions for
staff severance benefit and the tax provision)
totalled €42.5 million an increase of €8.5 million
compared with €34.0 million at 31 December
2010, mainly attributable to a significant
increase in payables in respect of the disposal of
equity investments.
Developments in financial items in 2011,
resulting mainly from flows in respect of
investments and disposals in equity investments
and the considerable expansion in the portfolio
once again required use of a line of credit,
leaving financial payables in the amount of
€49.4 million at 31 December 2011.
At 31 December 2011, provisions for
liabilities and contingencies amounted to
about €62.2 million, a rise of €7.1. The increase
was prompted by the need to take account of
any risks associated with our business, bearing
in mind the impact of the continuing
international financial and economic crisis on
SIMEST’s activities and providing further proof of
SIMEST’s financial stability. These provisions were
increased significantly to cover possible financial
risks, insolvencies and unrecoverable assets
attributable to the current economic
environment.
More specifically, the provision for general
financial risks amounted to €52.1 million, an
increase of €6.2 with respect to the previous year
to provide both for the generic risk of losses on
equity investments taking account of the size of
the portfolio at the end of year, the mix of
guarantees on repurchase commitments from
partners or guarantors and country risk - and the
risk borne by SIMEST as manager of the financial
support funds under Laws 295/73 and 394/81
and the Venture Capital Fund.
The provision for potential losses on
receivables at 31 December 2011 was
increased by €0.4 million to €5.0 million to cover
potential future losses on receivables due to
insolvency or uncollectibility, while the provision
for other liabilities and contingencies was
increased by €0.4 million to €5.0 million, to take
account of any charges that the company could
incur in the future.
Shareholders’ equity at 31 December 2011
amounted to €239.8 million (€233.9 at 31
December 2010) of which all is invested in equity
investments abroad, which at the balance-sheet
date were equal to 143% of shareholders’
equity. The change for the year is explained in
RECLASSIFIED
BALANCE SHEET FOR THE LAST FIVE YEARS:

Part D of the notes to the financial statements.
Financial commitments at 31 December 2011
included €210.7 million for purchases of
SIMEST’s share of equity interests in projects that
have been approved, an increase of €52.7
million on the previous year.
(€ MILLION)
AT
2011
31 DECEMBER
2010
2009
2008
2007
343.8
--49.7
292.2
1.0
46.8
275.6
0.1
37.7
240.5
17.7
34.6
235.1
1.2
37.3
0.4
0.5
0.7
1.0
1.2
393.9
340.5
314.1
293.8
274.8
42.5
49.4
34.0
17.5
24.3
15.3
26.7
-
27.9
-
62.2
55.1
45.4
42.2
25.6
Total liabilities
154.1
106.6
85.0
68.9
53.5
SHAREHOLDERS' EQUITY
Share capital
Reserves and share premium account
Net profit for the year
164.6
63.0
12.2
164.6
58.2
11.1
164.6
54.0
10.5
164.6
50.3
10.0
164.6
47.7
9.0
Total shareholders' equity
239.8
233.9
229.1
224.9
221.3
Total liabilities and shareholders' equity
393.9
340.5
314.1
293.8
274.8
ASSETS
Equity investments
Liquid assets
Receivables
Property, plant and equipment and
intangibles
Total assets
LIABILITIES AND PROVISIONS
Payables and tax provisions
Financial debt
Provisions for liabilities
and contingencies
Guarantees issued
Commitments for equity investments
to be completed
---
---
---
---
---
210,7
158,0
116,4
92,0
76,3
ROE
7.4%
6.7%
6.4%
6.1%
5.5%
The cash flow statement for 2011, with
comparative figures for 2010, is reported in Part
D of the notes to the financial statements.
At 31 December 2011, current assets (€40.7
million) exceeded current liabilities (€38.8
million) with a beneficial impact on SIMEST’s
general liquidity position.
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
INCOME STATEMENT
Last year closed with a net profit of €12.2
million, up on the €11.1 million posted in
2010, after provisions of €6.6 million for current
and deferred income tax (€6.1 million in 2010).
As a result ROE rose from 6.7% to 7.4%.
Total net revenues remained high in 2011 at
€45.0 million (€45.6 million in 2010) and rose
consistently across the various business lines,
with the exception of revenues from the
management
of
international-expansion
programmes on behalf of the Ministry, as the
funding was not appropriated.
Revenues from equity investments came to
€18.1 million, an increase of €1.2 million due
to positive developments in new acquisitions and
disposals of equity investments, which
generated fees from equity investments of €18.0
million, the highest level since the start of
business and an increase of €1.3 million on
2010, and €0.1 million in dividends.
Revenues from professional services came to
€8.2 million in 2011, slightly down from 2010,
underscoring the fact that the Company has
maintained a high target for operations despite
the decrease in funding allocated for
programmes on behalf of the Ministry, as
mentioned above. They include income from the
management of the Venture Capital Fund,
whose portfolio of equity investments grew
considerably again in 2011, and specialised
consulting and assistance services for foreign
investment projects. They also include revenues
from the administration of international
expansion programmes, such as business
scouting, SPRINT, the fifth edition of the Masters
in International Expansion and Communications
in the Mediterranean Production System, as well
as the introduction of new programmes of
international scope, including the Masters in
Tourism and International Development and the
special programme on business scouting in
Afghanistan.
Net expenses in respect of liquid assets
came to € 0.4 million in 2011 (compared with
net expenses of €0.5 million in 2010) as a result
of expenses relating to the use of a line of credit
to cover the cash flow requirements in respect
of equity investments and expenses relating to
the writedown of current receivables.
The management of the financial support
funds generated substantial fees in 2011 (€16.9
million for the Fund set up under Law 295/73
and €4.7 million for that set up under Law
394/81), exceeding by 14% the cap of €18.9
million, taking into account the current
methodologies for calculating the fees and
commissions provided for in the agreement with
the government for the administration of the
support funds and the present absence of
agreements
covering
certain
support
instruments.
It should be noted in this respect that, although
the responsible Ministry has yet to give its
authorisation, a portion of the inflation
adjustment of the fees for managing these
activities (based upon the methodologies for
calculating fees and commissions noted
elsewhere) was attributed to revenues as
provided for in the agreements.
The Company’s direct costs (€22.6 million)
decreased considerably compared with the
previous year, despite the significant increase in
business volumes and management of export
support activities. Administrative and operating
costs (€21.4 million) declined a substantial €0.4
million from 2010, in spite of the continuous
qualitative and quantitative expansion of
corporate processes and the impact of inflation
on such costs and the effect of the renewal of
the national collective bargaining agreement and
the supplementary company agreement. Costs
in respect of professional services declined
considerably in 2011 and comprise both the
costs for the use of in-house resources and the
additional cost of outsourced professional
services. Total additional costs for external
professional services, which are matched by
corresponding revenues in the programmes of
the Ministry of Economic Development
entrusted to SIMEST, came to €1.2 million
compared with €2.8 million in 2010.
Operating profit amounted to €22.4 million,
compared with €21.0 million in 2010, a
substantial increase of €1.4 million.
Provisions and writedowns for the year
amounted to €7.2 million. The provisions for
liabilities add up to a significant total amount
with the aim of protecting the Company from
any risks associated with its business operations,
taking account of the continuing domestic and
international recession, in line with a prudent
assessment of business activities and risks.
Net extraordinary revenues came to €3.6
million, the result of capital gains on equity
investments and €0.3 million in other net
extraordinary revenues.
Capital gains on equity investments regard
revenues from the disposal of equity
investments, appropriately reclassified to

underscore the extraordinary nature of this
income and amounted to a considerable €3.3
million in 2011. Despite their extraordinary
nature, they reflect the care devoted to targeted
disposals, as well as the generally high quality of
internal processes, from the assessment of
projects to the acquisition of equity investments.
Accordingly, after the provisions and gains
reported above, profit before tax came to
€18.8 million, compared with €17.2 million
in 2010, an increase of €1.6 million.
Taxes for 2011 amounted to €6.6 million. As
a result, net profit amounted to €12.2
million (€11.1 million in 2010). From this
one can infer that the volume of total net
revenues remained high and that there
was a significant containment of
operating costs led to the achievement of
substantial profitability growth with
respect to 2010 as well as the strongest
performance since the establishment of
the Company (1991), capping five years of
constant improvement.
SIMEST SpA
65
Annual Report
66
SIMEST SpA
Annual Report
RECLASSIFIED

INCOME STATEMENT FOR THE LAST FIVE YEARS
(€ MILLION)
2011
2010
2009
2008
2007
ORDINARY OPERATIONS
Income from equity investments
Revenues from services
Current revenues (expenses) in respect of liquid assets
Other operating revenue (expense)
Fees for administering financial support programmes
18.1
8.2
-0.4
0.2
18.9
16.9
10.4
-0.5
0.2
18.6
14.7
10.8
0.1
0.2
18.4
14.5
9.3
0.2
0.2
18.2
13.6
8.1
0.6
0.2
17.7
TOTAL
45.0
45.6
44.2
42.4
40.2
Operating costs
Additional costs for external professional services
-21.4
-1.2
-21.8
-2.8
-21.4
-3.3
-20.8
-2.4
-20.4
-1.6
DIRECT
-22.6
-24.6
-24.7
-23.2
-22.0
22.4
21.0
19.5
19.2
18.2
-6.2
-8.8
-2.7
-15.3
-2.1
-0.5
-1.1
-0.6
-1.5
-0.4
-0.5
-0.1
-0.1
---
---
-7.2
-10.0
-3.4
-16.8
-2.5
3.3
0.3
5.1
1.1
0.5
0.3
13.9
0.1
0.7
-0.3
18.8
17.2
16.9
16.4
16.1
Income taxes
-6.6
-6.1
-6.4
-6.4
-7.1
NET
12.2
11.1
10.5
10.0
9.0
NET REVENUES
COSTS
OPERATING
PROFIT
Allocations to provisions for
general financial risks
Allocations to provisions and writedowns
for potential losses on receivables
Allocations to provisions for other liabilities
and contingencies
ALLOCATIONS
TO PROVISIONS AND NET WRITEDOWNS
Capital gains (losses) on equity investments
Extraordinary revenue (expense)
PROFIT
BEFORE TAX
PROFIT FOR THE YEAR

SUBSEQUENT EVENTS
In accordance with Article 2364 of the Civil Code
and Article 12 of the bylaws, the Board of
Directors gives the reasons in the Report on
Operations for the decision to invoke the time
limit of 180 days (rather than the ordinary 120day limit) from the end of the fiscal year for the
annual meeting of shareholders. Specifically, in
valuing the equity investments recognised in the
balance sheet and determining the amount of
the provision for general financial risks, it is
necessary to obtain up-to-date information
regarding the financial statements both of the
issuers of the guarantees ensuring that SIMEST
recovers the cost of its equity investments and
of the foreign companies that are its partners,
so as to be able to provide a true and fair view
of its own situation.
This need has been a feature of the closure of
SIMEST’s financial statements since its
establishment in 1991.
Significant post-period events include:
 in a note dated 9 March 2012, the Ministry of
Economic Development provided SIMEST with
guidelines concerning the agriculture and food
products sector, designed to ensure that
consumers are provided with clear and
accurate information on the origin of products
from abroad, so that specific aspects of the
products or their packaging do not mislead
consumers to believe that the products are
Italian in origin. SIMEST will therefore modify
the provisions of contracts already in place
with agriculture and food products companies
in order to provide further protection against
products that mislead consumers as to their
geographical origin.
We expect similar guidelines to be adopted
with respect to the management bodies of
SIMEST SpA
67
Annual Report




public support funds, which SIMEST is
responsible for administrating;
the process currently under way for
formalising the decree of the Ministry of
Economic Development reassigning the
dividends for 2011 owed to that Ministry so
as to provide support for business scouting
programmes, the regional international
expansion offices and masters programmes;
the completion of the first Master in Tourism
and
International
Development,
in
collaboration with the University of Genoa,
seeks to develop an inter-disciplinary learning
process directly aimed at providing an
understanding of the Italian tourism system
and the financial tools that provide support
for international expansion;
the annual inspection, performed on 20 and
21 March 2012, for ISO Quality Certification
9001 – 2008 concerning the management of
all corporate activities;
the annual inspection, performed on 20 and
21 March 2012, of the Occupational Health
and Safety Management System under
OHSAS 18001:2007.
In the first four months of 2012, the SIMEST
Board of Directors approved 20 new projects,
of which 17 new investment projects and 3
capital increases/project revisions, involving total
investment on the part of the foreign companies
of €191.8 million, with planned SIMEST
investment of €24.2 million. These include the
first 2 EU-area projects that were recently
launched, for a total investment on the part
of the companies of €52.4 million and
SIMEST commitment of €5.0 million.
In the same period, SIMEST also acquired 5
equity investments for a total of €10.9
million, as well as 2 capital increases for €2.4
68
SIMEST SpA
Annual Report

million in a company in which SIMEST already
had a stake at 31 December 2011. New
acquisitions include the investment of €7.1
million in Adler Plastic SpA, which enabled the
Italian company to acquire control of the
German group HP Pelzer. Preparations are under
way for the upcoming acquisition of a further 6
equity investments for €24.6 million, and 2
capital increases for €0.7 million.
As regards the Venture Capital Fund, during
the first four months of 2012 the Guidance and
Oversight Committee approved participation in
21 projects, of which 15 new investment
projects and 6 capital increases/project revisions,
with a total appropriation of €9 million. Also
during this period, SIMEST, acting on behalf of
the Venture Capital Fund, subscribed 4 new
equity investments for a total of €1.4 million,
as well as 3 capital increases in companies in
which SIMEST already had a stake at 31
December 2011 for €1.4 million.
As regards SIMEST’s management of financial
support facilities, during the first four months
of 2012 the Support Committee approved 275
new operations for the considerable sum of
€1,568.9 million, reflecting the continued
interest by Italian companies in the support
instruments managed by SIMEST.
For export credit transactions under the Law
295/73 Fund, these figures confirm the substantial
stability of Italian exports of capital goods, while
for the subsidies under the Law 394/81 Fund,
performance in terms of the number and value of
operations improved significantly, especially in
relation to the new programme providing support
for the capitalisation of exporter SMEs. Finally,
despite the Support Committee’s decision in
December 2011 to suspend the acceptance of
new loan applications, the numerous applications
still under review will be recorded in 2012 once
approved.
Activity is detailed below:
 interest rate support for export credit: 51




transactions were approved for a total of
€1,423.4 million. Of these transactions,
buyer credit operations (“stabilization
intervention”) amounted to €421.7 million
and supplier credit operations in the form of
fixed-rate discounting amounted to
€1,001.7 million;
support for investments in foreign
companies: 14 applications were approved
for a total of €33.2 million.
foreign market penetration programmes: 34
new subsidised loans were granted for a total
of €32.2 million;
prefeasibility and feasibility studies and
technical assistance programmes: 5 new
loans were approved for a total of €0.6
million (all for studies);
a total of 171 projects were accepted in the
first four months of 2012 for programmes in
support of the capitalisation of exporter
SMEs for €79.5 million.
Promotional and
development activity
January
In January, SIMEST signed a memorandum of
understanding with Confindustria Vicenza to
support the international expansion of
Vicenza-area firms, specifically as to their
presence in international markets and making
business investments.
SIMEST also took part, through its SPRINT
representatives, in 14 regional meetings and in
the road show to present the “State-Region
mission system” in Brazil. Finally, the schedule
of SPRINT activities was agreed with the
regional economic activities departments of
the major regions.
February
In collaboration with ANCE (National Builders’
Association), SIMEST took part in the SME
mission to Tunis, during which the Italian firms
met with their local counterparts to consider
possible opportunities for collaboration. Also
in February, a “law and tax day”, organised by
FEDEREXPORT, the Confindustria federation
for exporters, was held with the contribution
of SIMEST.
March
A press conference was held in Rome in
March, attended by numerous news agencies
and business newspapers, to announce the
acquisition of the German group HP Pelzer by
the Adler di Ottaviano group, with the support
of SIMEST.
SIMEST, along with Confindustria and ANCE,
organised and institutional and trade mission

to Doha (Qatar), attended by representatives
of the Ministry of Economic Development,
focusing on the infrastructure sector, in which
over 70 Italian firms took part in examining the
Emirate’s plans for development with Qatari
government officials. The Company’s top
management also took part in the mission.
During the mission, SIMEST signed a
partnership agreement with Concordia Capital,
a privately-held Qatari financial company, to
promote the forging of economic ties between
Italian and Qatari companies.
As part of SIMEST’s collaboration with the
chambers of commerce, and the national-level
Unioncamere in particular, SIMEST took part in
the trade mission to Serbia, holding a
workshop on partnership opportunities
between Serbia and Italy, in addition to
numerous BtoB meetings.
April
SIMEST executives signed an agreement ABI,
Cassa Depositi e Prestiti and SACE to
strengthen the financial support for Italian
exporters in order to make them more
competitive internationally. The agreement,
which extends the “Export Bank” agreement
by one year, supplements the instrument by
establishing
the
terms
of
SIMEST’s
involvement. In addition, SIMEST executives
signed a collaboration agreement with Banca
Popolare di Vicenza to provide support to
companies
engaged
in
international
expansion. Finally, SIMEST developed new
collaborative projects with the National
Council of the Accounting Profession,
including the publication of an electronic guide
to preparing business plans.
SIMEST SpA
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
OUTLOOK FOR OPERATIONS
The outlook for 2012 reflects the less-thanstellar general economic outlook. World GDP is
expected to grow by 3.5%, with sharp
differences in growth rates from region to
region. In fact, growth in 2012 is expected
continue at a rapid clip in the emerging
economies (+5.7%), while recovery should be
slow in the USA and Japan (2% for both
countries) and stagnant in the EU, particularly in
the euro area (-0.3%), where performance is
affected by the high levels of public debt of
various countries, limiting government stimulus
measures, while the more exposed countries
present high default risks.
This situation has also been adversely affected by
political tensions that spread from North Africa to
the Middle East. The instability of this macro-area
also has an impact on Europe, especially Italy,
which is highly dependent on these countries for
oil and gas, and because these countries are also
important markets for Italian products.
Although faced with this challenging scenario,
many companies have taken the initiative to seek
out new markets for export and investment.
Accordingly, SIMEST’s activities take on special
importance, both its business activities and its
management of the support funds. With respect
to its business activities, despite an early 2011
characterised by the uncertainty noted above
and the resulting impact on the time to
implement investments, in these first four
months the most dynamic enterprises have
shown a strong desire to develop projects that
take advantage of the growth in the emerging
economies and acquisition or development
opportunities in mature markets and the
European Union. Specifically with regard to
opportunities in the European Union, since 2011
SIMEST has successfully begun to support Italian
enterprises in developing projects to expand
production and innovation in Italy and to acquire
control of companies and their associated shares
of the EU market, as was accomplished in
Germany by a major automotive group in late
March 2012.
As regards the management of financial support
facilities, there is a growing need for support for
international expansion by companies. With
specific regard to export credit, we believe that
this activity can continue at levels higher than
those reported prior to the crisis. This confirms
the relative strength of exports of capital goods
and the importance of the OECD support
mechanism in the current financial climate.
As to financing under Fund Law 394/81, the
changes in existing instruments and, especially,
the new programme to strengthen the capital
strength of exporter SMEs already produced a
significant increase in 2011.
Although the Support Committee suspended
the acceptance of new applications for
capitalisation loans as a result of the large flow
of applications received over the course of the
year, we believe that the number of projects
approved will remain high in 2012, especially if
the fund is replenished, making it possible to
resume capitalization-related activity in the
second half of the year.
From an operational standpoint, taking into
account the performance in the first four months
of the year, it is reasonable to expect positive
developments in all activities in 2012, particularly
business activities, for which, despite the
external factors discussed above, demand by
enterprises for support in expanding in non-EU
and EU countries alike is growing.
We therefore expect to achieve adequate profit
margins thanks to careful management of the
costs relating to the variety of activities in which
SIMEST engages and a continuing qualitative and
quantitative development of business processes.
SIMEST’s overall development is therefore solid
and continuous, testifying to the Company’s
close attention to operating efficiently and
effectively – as reflected in its performance and
financial position in recent years – and the
renewed vigour of Italian companies’ foreign
activities, with increasing interest in SIMEST’s
operations in the European Union as well. This
interest is clearly linked to the importance of the
instruments available to support exports and
international growth, particularly the business
activities (equity investments and specialised
support provided by our experts), with which
SIMEST works alongside companies and public
and private institutions to strengthen and
leverage the competitive capacity of Italian
companies in the international marketplace.

There is therefore a growing need to support the
development of business activities, which
SIMEST has done so far through self-financing
and limited use of borrowing. It is now the time
to ensure that there are adequate financial
resources to enable the Company to expand
more rapidly over the medium/long term in order
to meet the expectations of the most
competitive Italian companies, which, despite
the difficult economy, are focusing on
development in Italy and abroad with SIMEST by
their side.
FOR THE BOARD OF DIRECTORS
(Ing. Massimo D’Aiuto)
PMP Industries S.p.A. - India
SIMEST SpA
71
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BilancioReport
e Relazioni
Annual
d’Esercizio


The Company's financial statements have been
prepared, as were those for the previous year, in
accordance with the provisions of Legislative
Decree 87 of 27 January 1992, the regulations
issued by the Bank of Italy in circular 103 of 31
July 1992 and other laws, interpreted and
supplemented pursuant to the recommendations
of the Accounting Standards Committee of the
Consiglio Nazionale dei Dottori Commercialisti e
degli Esperti Contabili (National Council of the
Italian accounting profession).
The balance sheet and the income statement
also show the figures for the previous year.
Consideration was also given to the need to
ensure that the financial statements provided a
true and fair view of the Company’s assets and
liabilities, financial position and profit for the year.
These schedules are contained in part D (“Other
information”) and constitute an integral part of
the annual report.
The annual report includes the following
documents:
 the report on the Company’s operations and
performance;
 the balance sheet and the income statement;
 the notes to the financial statements,
comprising:
part A - accounting policies;
part B - information on the balance sheet;
part C - information on the income statement;
part D - other information.
In addition, in order to provide fuller disclosure,
the usual supplementary schedules have also
been prepared, comprising the cash flow
statement and the statement of changes in
shareholders’ equity, which are presented in the
generally accepted formats recommended by the
Consiglio Nazionale dei Dottori Commercialisti e
degli Esperti Contabili.
Pursuant to Article 2409-bis of the Civil Code,
the Shareholders’ Meeting of 7 July 2009
appointed PricewaterhouseCoopers S.p.A. to
perform the statutory audit of the Company’s
financial statements until the approval of the
financial statements for 2011.
SIMEST’s finance operations are subject to the
oversight of “Corte dei Conti” pursuant to
Article 12 of Law 259/1958.
SIMEST SpA
73
Financial Statements at 31 december 2011
Annual Report
74
SIMEST SpA
Annual Report
FINANCIAL
BALANCE

STATEMENTS AT
31 DECEMBER 2011
SHEET (AMOUNTS IN EUROS)
ASSETS
31.12.2011
31.12.2010
VARIAZIONI
7,587
11,544
-3,957
15,503
15,503
-
963,945
963,945
-
-948,442
-948,442
-
29,729,364
31,179,328
-1,449,964
-
-
-
343,805,587
292,171,788
51,633,799
90. Intangible assets:
- start-up and expansion costs
- other costs with long-term benefits
196,951
196,951
259,797
259,797
-62,846
-62,846
100. Property, plant and equipment
158,114
215,634
-57,520
19,726,003
15,398,862
4,327,141
235,311
5,700
229,611
266,116
994
265,122
-30,805
4,706
-35,511
393,874,420
340,467,014
53,407,406
10. Cash on hand
20. Receivables from banks:
(a) demand
(b) other
40. Receivables from customers
50. Bonds and other debt securities
70. Equity investments
130. Other assets
140. Accrued income and prepaid expenses:
(a) accrued income
(b) prepaid expenses
TOTAL
ASSETS
FINANCIAL
BALANCE
STATEMENTS AT

31 DECEMBER 2011
SHEET (AMOUNTS IN EUROS)
LIABILITIES
AND SHAREHOLDERS' EQUITY
31.12.2011
31.12.2010
VARIAZIONI
10. Payable to banks
(a) demand
(b) other
49,443,451
49,443,451
-
17,471,625
17,471,625
-
31,971,826
31,971,826
-
50. Other liabilities
38,545,205
30,179,537
8,365,668
-
-
-
70. Staff severance
benefit
3,711,958
3,688,847
23,111
80. Provisions for liabilities and contingencies:
(b) provision for taxes and duties
(c) other provisions
5,233,474
253,381
4,980,093
4,669,004
136,911
4,532,093
564,470
116,470
448,000
90. Provision for potential losses on receivables
5,039,900
4,609,900
430,000
52,136,728
45,936,728
6,200,000
164,646,232
164,646,232
-
1,735,551
1,735,551
-
140. Reserves:
(a) legal reserve
(d) other reserves
61,197,043
19,441,002
41,756,041
56,425,807
18,885,813
37,539,994
4,771,236
555,189
4,216,047
170. Net profit (loss) for the year
12,184,878
11,103,783
1,081,095
60. Accrued expenses and deferred income
(a) accrued expenses
(b) deferred income
100. Provision for general financial risks
120. Share capital
130. Share premium account
TOTAL
SHAREHOLDERS' EQUITY
239,763,704
233,911,373
5,852,331
TOTAL
LIABILITIES
393,874,420
340,467,014
53,407,406
-
-
-
GARANZIE E IMPEGNI
10. Guarantees
20. Commitments:
equity investments in non-EU
and EU companies
210,726,000
158,015,249
52,710,751
210,726,000
158,015,249
52,710,751
TOTAL
210,726,000
158,015,249
52,710,751
GUARANTEES AND COMMITMENTS
SIMEST SpA
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SIMEST SpA
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FINANCIAL
INCOME

STATEMENTS AT
31 DECEMBER 2011
STATEMENT (AMOUNTS IN EUROS)
EXPENSES
2011
2010
CHANGE
331,227
227,417
103,810
-
170,130
(170,130)
22,276,223
13,790,060
9,728,576
2,986,254
768,383
306,847
8,486,163
24,184,468
13,581,062
9,481,328
2,919,536
726,188
454,010
10,603,406
(1,908,245)
208,998
247,248
66,718
42,195
(147,163)
(2,117,243)
50. Amortisation and depreciation
323,628
482,404
(158,776)
70. Allocations to provisions for liabilities and
contingencies
500,000
130,000
370,000
80. Allocations to provisions for potential
losses on receivables
430,000
935,000
(505,000)
90. Writedowns of bad debts
424,027
708,474
(284,447)
-
-
-
112,103
274,937
(162,834)
120. Increases for the provision for
general financial risks
6,200,000
8,800,000
(2,600,000)
130. Income taxes for the year
6,582,669
6,138,863
443,806
37,179,877
42,051,693
(4,871,816)
12,184,878
11,103,783
1,081,095
10. Interest expense and similar charges
30. Losses on financial transactions
40. Administrative expenses
(a) staff costs
- wages and salaries
- social security contributions
- staff severance benefit
- business travel
(b) other administrative expenses
100. Writedowns of financial assets
110. Extraordinary expenses
TOTAL
EXPENSES
140. NET
PROFIT FOR THE YEAR
FINANCIAL
INCOME
STATEMENTS AT

31 DECEMBER 2011
STATEMENT (AMOUNTS IN EUROS)
REVENUES
2011
2010
VARIAZIONI
227,471
3,345
224,126
300,560
1,591
298,969
(73,089)
1,754
(74,843)
20. Dividends and other revenues:
(b) on equity investments
18,091,186
16,943,047
1,148,139
25. Revenues for services
27,106,770
29,064,270
(1,957,500)
106
115,396
(115,290)
42,844
21,129
21,715
229,883
223,321
6,562
3,666,495
6,487,753
(2,821,258)
49,364,755
53,155,476
(3,790,721)
10. Interest income and similar revenues:
(a) on securities
(b) on bank deposits
(c) on other receivables
40. Gains on financial transactions
50. Writebacks of bad debts
70. Other operating revenues
80. Extraordinary income
TOTAL
REVENUES
SIMEST SpA
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e Relazioni
Annual
d’Esercizio


NOTES TO THE FINANCIAL STATEMENTS
PART A. ACCOUNTING POLICIES
The general accounting policies comply with
current Civil Code regulations and the
provisions of Legislative Decree 87 of 27
January 1992.
performed, in determining the provision for
potential losses on receivables, in order to take
account of merely potential risk of losses on
receivables; the related provisions are not
intended to adjust the value of the receivables.
Cash and cash equivalents
Cash on hand are recognized at nominal value.
Funds in foreign currencies are translated into
euros at the end of the year using the exchange
rate prevailing at the balance-sheet date.
Receivables and provisions
for receivables
Receivables from banks regard balances on
bank current accounts recognized at nominal
value and the investment of liquidity for
treasury purposes in repurchase operations
involving the forward resale of the securities
issued in the transactions, in any. The carrying
amount is equal to the spot price.
For transactions maturing in the following year,
interest and revenues accrued between the start
of the operation (spot) and the balance-sheet
date are recognized under accrued income.
Receivables from customers are carried at
their estimated realisable value, adjusting their
nominal value on the basis of estimates of
losses expected as of the date the financial
statements are approved. The estimated
realisable value is calculated specifically for
individual positions, taking account of the
solvency of the debtor.
A prudent assessment of generic risk is also
Bonds and other debt
securities
All of the debt securities held by the company are
classified as current assets and are therefore
recognized at market price. Since the securities are
listed, market price is the arithmetic mean of
prices in the final month of the year.
Equity investments
Equity investments, including those listed on
regulated markets, are classified as non-current
assets and are recognized at purchase or
subscription cost, including incidental costs.
The cost value is written down in the event of
lasting impairment losses where the investee
has incurred losses that cannot be rectified in
the short term and there are no repurchase
commitments that would ensure recovery of
the cost of the investment, taking account of
any guarantees.
Intangible assets
and amortization
Intangible assets are recognized at cost, including
any directly attributable incidental expenses, less
amortization, which is calculated on the basis of
the estimated future utility of the assets.
SIMEST SpA
79
Notes to the Financial Statements
Annual Report
80
SIMEST SpA
Annual Report

Property, plant and equipment
and depreciation
Intangible assets are recognized at cost, including
any directly attributable incidental expenses, less
amortization, which is calculated on the basis of
the estimated useful life of the assets.
Other assets
Other assets are recognized at their estimated
realisable value.
in relation to the mechanism provided for in the
agreements with the Ministry of Economic
Development for the management of the
financial support programmes as well as
provisions for charges whose amount or timing
are uncertain as of the balance-sheet date.
Provisions for general
financial risks
Allocations are made to this provision for
prudential reasons to cover general business risk.
Accordingly, the provision can be treated as an
equity reserve.
Accruals and deferrals
These items are calculated on an accruals basis.
Payables to banks
These refer to current bank account overdrafts
for covering cash flow requirements in respect
of equity investments. The carrying amount is
equal to the nominal value.
Commitments
Commitments in respect of equity investments
in foreign companies are recognized in the
amount of the equity interest the company
intends to acquire. Repurchase transactions are
recognized at the forward price agreed with the
counterparty.
Foreign currency transactions
Other liabilities
Other liabilities are recognized at nominal value.
Staff severance benefit
The liability is calculated on the basis of the
provisions of Article 2120 of the Civil Code and
current national collective bargaining agreements.
Assets and liabilities denominated in foreign
currencies are translated at the spot exchange
rate prevailing on the balance-sheet date, with
the exception of equity investments, which are
carried at purchase or subscription cost in the
presence of commitments to repurchase the
interest that ensure the recovery of the cost of
the investment.
Expenses and revenues
Provisions for liabilities
and contingencies
These include provisions for income taxes
accrued for the year, provisions for the charge
These are recognized on an accrual basis.

PART B. INFORMATION ON THE BALANCE SHEET
(AMOUNTS IN THOUSANDS OF EUROS)
The following section comments the content of the balance sheet accounts and the most significant
changes with respect to the previous year.
Assets
AT
ITEM 10
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
8
12
(4)
Cash on hand
This item reports cash on hand at 31 December in euros and foreign currencies.
AT
31.DEC.2011
ITEM 20 (A)
Receivables from banks: repayable on demand
16
CHANGE
31.DEC.2010
2011-2010
964
(948)
This item reports balances on bank deposits at 31 December 2011 and includes interest income
credited by the banks.
AT
ITEM 40
31.DEC.2010
2011-2010
29.729
31.179
(1.450)
Receivables from customers
BREAKDOWN
CHANGE
31.DEC.2011
OF RECEIVABLES AT ESTIMATED REALISABLE VALUE:
VOCI
• receivables in respect of equity investments
• receivables for contributions
• receivables for fees for management
of public funds under agreements with the Ministry
of Economic Development
• other receivables
AT 31.DEC.2011
AT 31.DEC.2010
13,163
1,388
12,047
4,630
14,322
856
13,967
535
29,729
31,179
SIMEST SpA
81
Annual Report
82
SIMEST SpA
Annual Report
BREAKDOWN
(NOMINAL
•
•
•
•

BY AVERAGE MATURITY OF RECEIVABLES:
VALUES)
AT
31.DEC.2011
up to 3 months
from more than 3 months up to 1 year
unspecified (1)
less writedowns (net of revaluations)
VALUE
OF RECEIVABLES RECOGNIZED
AT
31.DEC.2010
10,037
14,198
7,596
(2,102)
9,877
16,383
6,644
(1,725)
29,729
31,179
Of total writedowns (€2,102 thousand), €424 thousand were recognized in 2011.
Writeoffs of fully written-down receivables at 31 December 2011 totalled €1,285 thousand.
(1) Breakdown of receivables with "unspecified maturity": (nominal values)
•
past due receivables
of which
- receivables from the Ministry of Economic Development
- receivables in respect of bankruptcy proceedings or bad debts
- receivables for default interest
7,596
6,644
4,296
3,146
154
4,296
2,239
109
Receivables from the Ministry of the Economic Development, the majority shareholder, are reported
gross of the allocation to the provision for liabilities and contingencies in the amount of €4,296
thousand for the mechanism in the agreements with the Ministry for the management of financial
support programmes.
Pursuant to Article 2427 of the Civil Code, the company reports that there are no receivables or
payables with a residual maturity of more than five years. All receivables and payables are with
counterparties in Italy, with the exception of a receivable of €317 thousand in respect of a
Venezuelan counterparty for fees relating to equity investments.
In addition, no significant effects from exchange rate variations have arisen subsequent to the
balance-sheet date.
CHANGE
AT
ITEM 70
Equity investments
• in non- EU companies
• in EU companies
• in Italian companies
31.DEC.2011
31.DEC.2010
2011-2010
322,407
16,234
5,164
287,008
5,164
35,399
16,234
-
343,805
292,172
51,633
The equity investments shown on the balance sheet are recognized in one of two ways:
• at purchase or subscription cost (book value). The book value is not written down, even if greater
than fair value, since recovery of that amount is guaranteed by commitments to repurchase the
investment, which may be secured by guarantees, including bank and/or insurance guarantees;
• at market value as calculated using generally accepted valuation techniques. The market value
of the asset is in fact recognized only in the event of lasting impairment losses that cannot be
rectified in the short term and the absence of commitments ensuring recovery of the cost (book

value) of the investment. Market value is measured either on the basis of the objective criterion
of the equity value of the investment or an obligatory appraisal in the event of a compulsory sale
of the investment.
Using this criteria, in 2011 no impairments were recognized in respect of equity investments.
At 31 December 2011, the overall value of equity investments reported under assets regarded
256 non-EU and EU companies with a cost of €338,641 thousand, of which €321,715 thousand
paid up, and the equity investment in FINEST S.p.A. of Pordenone subscribed pursuant to Law
19/1991 in the amount of €5,164 thousand and the equity investment (0.4%) in the “Al Faw”
Consortium in Italy.
COMPOSITION
AND CHANGES IN THE YEAR:
2011
ITEMS
Equity investments at the start of the year
Increases of which:
• acquisition of new equity investments
• increase in equity interest
Decreases of which:
• sales of equity investment to partner (total)
• sales and transfers of share of equity investment
AMOUNT
245
287,008
245
270,461
31
31
12
71,221
57,857
13,364
31
31
12
49,026
36,067
12,959
(20)
(16)
(4)
19,588
12,110
7,478
(31)
(21)
(10)
32,428
25,248
7,180
Writedowns/increased (reduced) commitments,
exchange rate differences
NO.
AMOUNT
-
Net change in the year
EQUITY
2010
NO.
INVESTMENTS AT THE END OF THE YEAR
(51)
11
51,633
-
16,547
256
338,641
245
287,008
At 31 December 2011, the commitments of Italian partners for the purchase and forward payment
of shares of equity investments subscribed and paid up by SIMEST were secured in the total amount
of €216,250 thousand by third-party guarantees.
The breakdown of equity investments acquired in 2011 is reported in the report on operations in the
table “Equity investments in foreign companies”.
AT
ITEM 90
31.DEC.2010
2011-2010
197
260
(63)
Intangible assets
COMPOSITION
CHANGE
31.DEC.2011
OPENING
ITEMS
PURCHASES
AMORTIZATION
BALANCE
CLOSING
BALANCE
Other costs with long-term utility
260
182
(245)
197
TOTAL
260
182
(245)
197
SIMEST SpA
83
Annual Report
84
SIMEST SpA
Annual Report

Other costs with long-term utility include expenditure for the purchase of software. The item includes
expenses for updating IT procedures used to manage company operations.
Software costs are amortised on a straight-line basis over a maximum of five years.
AT
ITEM 100
Property, plant and equipment
COMPOSITION
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
158
216
(58)
OPENING
ITEMS
PURCHASES
DISPOSALS
DEPRECIATION
BALANCE
Electromechanical and electronic
plant and machinery
Commercial equipment
Other assets
TOTAL
161
14
55
216
CLOSING
BALANCE
-
(65)
110
7
-
(14)
48
-
-
-
-
21
-
(79)
158
Depreciation is calculated on a straight-line basis in relation to the use of the assets and their residual
useful lives.
Depreciation is calculated on a 5-year straight line basis for electromechanical and electronic plant and
machinery, while commercial equipment is depreciated on a straight-line basis over a period of up to
10 years.
Purchases during the year mainly regard hardware for the IT system.
AT
ITEM 130
Other assets
BREAKDOWN
•
•
•
•
•
•
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
19,726
15,399
4,327
2011
2010
13,996
2,799
552
127
1,994
258
9,765
2,812
374
217
2,002
229
OF THE ITEM:
Receivables in respect of transfer of equity investments
Loans to employees
Deposits and advances for supplies and business travel
Receivables for tax advances
Receivables for prepaid IRES (corporate income tax)
Receivables for prepaid IRAP (regional tax on business activities)

“Receivables in respect of transfer of equity investments” regard receivables from partners for
transfers of equity investments in the process of being completed.
“Loans to employees” comprises €2,335 thousand in mortgage loans to customers for which the
residual maturity of more than 5 years amounts to €1,135 thousand.
The composition of “receivables for prepaid IRES and IRAP” is described under “Taxes” in the
income statement.
AT
ITEM 140
ACCRUED INCOME AND PREPAID
(a) accrued income
(b) prepaid expenses
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
6
230
1
265
5
(35)
236
266
(30)
EXPENSES
Prepaid expenses regard operating costs accruing in the following year.
COMPOSIZIONE
DEI RATEI ATTIVI:
ITEM 140 (A)
AT
• other
31.DEC.2011
AT
31.DEC.2010
6
1
6
1
2011
2010
1
3
(1)
(3)
• collection of interest on investments of
liquidity accruing in previous years
-
-
• interest on security deposits accruing in the year
6
1
ACCRUED
6
1
COMPOSITION
ACCRUED
INCOME AT START OF THE YEAR
CHANGES IN THE YEAR:
• collection of interest on security deposits accruing in previous years
INCOME AT END OF THE YEAR
SIMEST SpA
85
Annual Report
86
SIMEST SpA
Annual Report

Liabilities and shareholders' equity
AT
ITEM 10 (A)
Payables to banks: repayable on demand
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
49,443
17,472
31,971
This item refers to current account overdrafts at the end of the year, mainly used for covering cash
flow requirements in respect of equity investments. The carrying amount is equal to the nominal
value and includes accrued fees.
AT
ITEM 50
Other liabilities
CHANGE
31.12.2011
31.12.2010
2011-2010
38,545
30,180
8,365
COMPOSITION:
AT 31.DEC.2011
• creditors for equity investments to be paid
• payables to suppliers and employees
• advances received for disposal of equity investments
• EU financial support for foreign company projects
to be transferred to beneficiary companies
• social security contributions
• withholding tax for employees and self-employed workers and VAT
• dividends to shareholders
• other payables
6,619
3,900
24,156
3,567
3,411
18,666
43
1,066
420
1,949
392
43
1,031
486
1,334
1,642
38,545
30,180
AT
ITEM 70
Staff severance benefit
AT 31.DEC.2010
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
3,712
3,689
23
The item represents the severance liability with respect to employees in service at the end of the
year, under the terms of current national collective bargaining agreements and the changes to
social security regulations introduced as from 2007. Changes regarded allocations for the period of
€768 thousand, less benefits paid to employees who left service, contributions paid on behalf of
employees to the supplemental pension fund pursuant to Law 297/82 and benefits transferred
pursuant to Legislative Decree 124/93 as amended totalling €745 thousand.

Pursuant to the provisions of the 2007 Finance Act and the related implementing rules and
circulars, contributions for severance benefits accruing as from 1 January 2007 are paid into
supplementary pension schemes. As a result, the liability to employees in respect of severance
benefits does not increase.
AT
ITEM 80
PROVISIONS
FOR LIABILITIES AND CONTINGENCIES
THIS INCLUDES:
(B) PROVISION FOR TAXES
- current taxes
- deferred taxes
(C)
AND DUTIES, OF WHICH:
OTHER PROVISIONS
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
5,233
4,669
564
253
253
-
137
137
-
116
116
-
4,980
4,532
448
"Other provisions” includes €4,296 thousand in allocations for the potential total charge associated
with the mechanism provided for in the agreements with the Ministry of Economic Development
for the management of the financial support programme and €684 thousand in allocation for
potential charges that the Company could incur.
The provision for current taxes includes the regional tax on business activities (IRAP) payable for the
tax period, net of any advance paid, amounting to €1,593 thousand.
AT
ITEM 90
Provision for potential losses on receivables
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
5,040
4,610
430
The provision for potential losses on receivables was raised to €5,040 thousand in 2011 to cover
potential future losses on receivables due to insolvency or uncollectibility.
AT
ITEM 100
Provision for general financial risks
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
52,137
45,937
6,200
The provision was increased by €6,200 thousand in 2011 to cover general business risk. It can be
considered an equity reserve. The adjustment was made to protect the Company against the potential
risks associated with its business activities, taking account of the impact of the actions taken by
SIMEST to face any financial risks connected with the current international economic and political
environment.
SIMEST SpA
87
Annual Report
88
SIMEST SpA
Annual Report

AT
ITEM 120
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
164,646
164,646
-
Share capital
At 31 December 2011, share capital amounted to €164,646 thousand, fully subscribed and paid
up. It is represented by 316,627,369 shares with a par value of €0.52 each.
AT
ITEM 130
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
1,735
1,735
-
31.DEC.2010
2011-2010
Share premium account
The share premium account regarded a total of 22,403,298 shares.
AT
ITEM 140
31.DEC.2011
CHANGE
Reserves of which:
(a) legal reserve
61,197
19,441
56,426
18,886
4,771
555
(b) other reserves of which:
• pursuant to Article 88.4 of Presidential Decree 917/86.
• extraordinary reserve
41,756
5,165
36,595
37,540
5,165
32,375
4,216
4,216
The legal reserve increased by €555 thousand, corresponding to 5% of net profit for 2010 pursuant
to the resolution of the Shareholders' Meeting of 21 June 2011.
The reserve pursuant to Article 88.4 of Presidential Decree 917/86 regards the capital contribution
received from the Ministry of Economic Development to subscribe the equity investment in FINEST
S.p.A. of Pordenone, as established by Law 19 of 9 January 1991.
The extraordinary reserve increased by €4,216 thousand following the allocation of part of net
profit for 2010.
AT
ITEM 170
Net profit for the year
CHANGE
31.DEC.2011
31.DEC.2010
12,185
11,104
2011-2010
1,081
During 2011 the shareholders were paid dividends totalling €6,333 thousand. The remainder of the
profit for 2010 in the amount of €4,771 thousand was allocated to reserves as reported above.
At 31 December 2011 shareholders' equity totalled €239,764 thousand, an increase of €5,852
thousand on the previous year due to net profit for 2011, less dividends paid.
Pursuant to the accounting standards governing shareholders’ equity, the following additional
information is provided.
Reserves or other provisions that in the event of their distribution do not form part of the
Company’s taxable income, regardless of the period over which they were established.
RESERVES (AMOUNTS
IN EUROS)

AMOUNT
Reserve pursuant to Article 88.4 of Presidential Decree 917/86
Extraordinary reserve
1,735
5,165
36,591
TOTAL
43,491
The following schedule details shareholders’ equity:
NATURA/DESCRIZIONE
AMOUNT
POSSIBLE
AMOUNT
AVAILABLE
USES
(*)
USES IN THE
USES IN THE
LAST THREE
YEARS TO
COVER LOSSES
LAST THREE
YEARS FOR OTHER
REASONS
Share capital
Legal reserve
Reserve pursuant to Article 88.4
of Presidential Decree 917/86
Extraordinary reserve
164,646,232
1,735,551
19,441,002
B
A, B, C (**)
B
164,646,232
1,735,551
19,441,002
-
-
5,164,569
36,591,472
A, B, C
A, B, C
5,164,569
36,591,472
-
-
TOTAL
227,578,826
227,578,826
-
-
(*) A: for capital increase; B: for coverage of losses; C: for distribution to shareholders
(**) The distribution of the share premium account is subject to the legal reserve reaching an amount equal to 20% of share capital
GUARANTEES
AND COMMITMENTS
AT
ITEM 10
CHANGE
31.DEC.2011
31.DEC.2010
-
-
2011-2010
GUARANTEES
issued for promotional projects
-
At 31 December 2011 SIMEST had issued no guarantees in favour of third parties.
AT
ITEM 20
Commitments of which:
equity investments in non-EU and EU
comanies
CHANGE
31.DEC.2011
31.DEC.2010
2011-2010
210,726
158,015
52,711
210,726
158,015
52,711
The item comprises commitments to purchase equity interests in non-EU and EU companies.
Composition and changes in the year:
COMPOSITION
ITEMS
Commitments to purchase equity interests in foreign companies at 31 December 2010
158.015
OPERATIONS IN 2010:
+ commitments approved for equity investments in foreign companies
- commitments implemented with acquisition of equity investments
- excess commitments for equity investments acquired and cancellation of projects
170,450
(71,222)
(46,517)
= COMMITMENTS
210,726
TO PURCHASE EQUITY INTERESTS IN FOREIGN COMPANIES AT
31 DECEMBER 2011
SIMEST SpA
89
Annual Report
90
SIMEST SpA
Annual Report

PART C. INFORMATION ON THE INCOME STATEMENT
Expenses
ITEM 10
Interest expense and similar charges
2011
2010
331
227
CHANGE
104
The item reports interest expense accrued on bank current account overdrafts, opened mainly to
meet cash flow requirements in respect of equity investments.
2011
2010
-
170
2011
2010
22.276
24.184
ITEM 40 (A)
2011
2010
•
•
•
•
9,729
2,986
768
307
9,481
2,920
726
454
248
66
42
(147)
13,790
13,581
209
ITEM 30
Losses on financial transactions
ITEM 40
Administrative expenses
INCLUDES
CHANGE
(170)
CHANGE
(1.908)
STAFF COSTS:
wages and salaries
social security contributions
staff severance benefit
business travel
CHANGE

OTHER ADMINISTRATIVE EXPENSES:
ITEM 40 (B)
2011
2010
operating costs
taxes and duties and non-deductible VAT
insurance and other staff expenses
fees and expenses for corporate bodies
fees and expenses for auditing and certification
of financial statements
3,954
1,024
907
749
4,007
1,406
835
741
(53)
(382)
72
8
30
30
-
sub total
6,664
7,019
(355)
724
1,032
(308)
7,388
8,051
(663)
programmes on behalf of the Ministry
of Economic Development
1,098
2,552
TOTALE
8.486
10.603
2011
2010
324
482
fees and expenses for outsourced professional service
CHANGE
AND EXTERNAL COSTS INCURRED FOR PROGRAMMES:
ALTRE SPESE AMMINISTRATIVE
ITEM 50
Amortisation and depreciation
(1,454)
(2.117)
CHANGE
(158)
Includes the amortisation and depreciation detailed in “Property, plant and equipment and intangible
assets” under assets on the balance sheet.
ITEM 70
2011
2010
CHANGE
Allocations to provisions for liabilities
and contingencies
500
130
370
An allocation was made to the provisions for liabilities and contingencies to cover any possible
charges that the Company may incur in the future.
ITEM 80
2011
2010
CHANGE
Allocations to provision for
potential losses on receivables
430
935
(505)
SIMEST SpA
91
Annual Report
92
SIMEST SpA
Annual Report

It was found necessary to adjust the provision to cover the potential risk of insolvency or
uncollectibility.
ITEM 90
2011
2010
CHANGE
Writedowns of bad debts
424
708
(284)
This essentially comprises the writedowns reported under item 40 of assets on the balance sheet.
ITEM 110
2011
2010
CHANGE
Extraordinary expenses
112
275
(163)
This item essentially contains the expenses with respect to out-of-period expenses recognised during
the year.
ITEM 120
2011
2010
CHANGE
Increases in the provision
for general financial risks
6,200
8,800
(2,600)
The allocation reflects the need to cover potential general business risks in respect of both the
generic risk of losses on equity investments and the generic risk borne by SIMEST as manager of the
financial support funds under Laws 295/73 and 394/81 and the Venture Capital Fund.
ITEM 130
2011
2010
CHANGE
INCOME TAXES FOR THE YEAR:
(+) Current taxes, of which:
IRES
IRAP
6,582
6,603
4,757
1,846
6,139
6,427
4,805
1,622
443
176
(48)
224
8
8
-
-
8
8
-
(29)
(29)
(288)
(278)
(10)
(259)
(278)
19
(+) Deferred tax liabilities, of which:
IRES
IRAP
(-) Deferred tax assets, of which:
IRES
IRAP

In 2011 allocations for current and deferred tax liabilities amounted to €4,765 thousand in respect
of IRES and €1,817 thousand in respect of IRAP.
For deferred tax items, on the basis of the calculation of deferred tax assets and liabilities at 31
December 2011, a receivable of €2,252 thousand was recognized.
The following table details the calculation of deferred tax items:
RECOGNITION
OF DEFERRED TAX LIABILITIES AND ASSETS (AMOUNTS IN EUROS)
2011
DEFERRED
2010
AMOUNT
TAX
TAX
AMOUNT
OF TEMPORARY
DIFFERENCES
RATE
EFFECT
OF TEMPORARY
DIFFERENCES
%
TAX
RATE
TAX
EFFECT
%
TAX ASSETS:
Entertainment expenses
Employee bonuses and renewal
of collective bargaining agreement
INPS contributions on employee
bonuses and renewal of collective
bargaining agreement
Provision for indemnity for
management of financial
support programmes
Provision for interest on indemnity
for management of financial
support programmes
Provision for fees and expenses
accruing in other financial years
-
33,07
-
5,021
32,47
1,631
1,260,000
27,50
346,500
1,100,000
27,50
302,500
340,880
33,07
112,729
316,175
32,47
102,662
4,131,655
33,07
1,366,338
4,131,655
32,47
1,341,549
164,839
33,07
54,512
164,839
32,47
53,523
64,786
27,50
17,816
50,000
27,50
13,750
Provision for sundry liabilities
469,002
27,50
128,976
249,299
27,50
68,557
Writedowns of bad debts
818,249
27,50
225,019
1,262,205
27,50
347,106
2,251,890
7,279,194
-
-
TOTAL
DEFERRED
7,249,411
TAX LIABILITIES (DECREASE):
TOTAL
NET
DEFERRED TAX ASSETS (LIABILITIES) OF WHICH:
IRES
IRAP
2,231,278
-
-
-
-
2,251,890
2,231,278
1,993,588
258,302
2,001,778
229,500
In accordance with the principle of prudence, deferred tax assets in respect of allocations to the
provision for general financial risks and the provision for potential losses on receivables are not
recognised since, partly in view of the nature of the items, which can be treated as equity reserves,
it is not reasonably certain that such items would be reversed.
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SIMEST SpA
Annual Report

Revenues
ITEM 10
INTEREST INCOME AND SIMILAR
(a) on securities
(b) on bank deposits
(c) on other receivables
COMPOSITION
REVENUES OF WHICH:
2011
2010
CHANGE
227
3
224
301
2
299
(74)
1
(75)
2011
2010
VARIAZIONE
224
299
(75)
224
299
(75)
2011
2010
CHANGE
18,091
16,943
1,148
OF INTEREST INCOME AND SIMILAR REVENUES ON OTHER RECEIVABLES:
Revenues on investment of liquidity
Other interest income and revenues on receivables
ITEM 20
DIVIDENDS AND OTHER REVENUES:
(b) on equity investments
This item comprises fees received for technical assistance provided to partner companies in the
amount of €17,989 thousand (€16,718 thousand in 2010), dividends of €102 thousand (€225
thousand in 2010) net of €5,208 thousand in dividends transferred to partners in performance of
contractual obligations.
2011
2010
CHANGE
REVENUES FOR SERVICES OF WHICH:
27,107
• fees for administering financial support programmes 18,870
• revenues for cost defrayment fees and professional services 8,237
29,064
18,645
10,419
(1,957)
225
(2,182)
2011
2010
CHANGE
• fees for administering financial support
programmes provided for in Laws 295/73
and 394/81 under agreements with
the Ministry of Economic Development
18,870
18,645
225
• fees for administering the Venture Capital Fund
5,806
5,787
19
• cost frayment payments for costs of Ministry
of Economic Development programmes
2,309
4,630
(2,321)
122
2
120
27,107
29,064
(1,957)
ITEM 25
COMPOSITION:
• fees for technical assistance to
companies for foreign projects

Fees for the administration of financial support programmes in 2011 came to €16,952 thousand
for Law 295/73 and €4,667 thousand for Law 394/81 programmes. For both Funds, the Company
reports the maximum amount of €18,870 thousand provided for in the agreement with the
Ministry of Economic Development for the administration of the Funds, which takes account of the
inflation-adjustment of the fees envisaged in the agreement, although the Ministry must still
authorise such adjustment.
2011
2010
CHANGE
-
115
(115)
2011
2010
CHANGE
43
21
22
ITEM 70
2011
2010
CHANGE
Other operating revenues
230
223
7
ITEM 40
Gains on financial transactions
ITEM 50
Writebacks of bad debts
This mainly includes the payments to defray costs for services associated with the administration of
financial support programmes and the Venture Capital Fund and the reimbursement of business
travel to investee companies.
ITEM 80
2011
2010
CHANGE
Extraordinary income
3,666
6,488
(2,822)
Extraordinary income regards gains on the sale of equity investments in foreign companies in the
amount of €3,345 thousand (€5,091 thousand in 2010) and out-of-period revenues of €321
thousand (€1,397 thousand in 2010).
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Annual Report

PART D. OTHER INFORMATION
1. Employees
At 31 December 2011 the company had 158 employees, of which 11 senior managers, 73 middle
managers and 74 office employees. In 2011, the average payroll was 145.2 employees.
EMPLOYEES
31.DEC.2010
TERMINATIONS
Senior managers
Middle managers
Other employees
TOTAL
CHANGE IN
2011
HIRES
9
74
72
155
-
EMPLOYEES
31.DEC.2011
PROMOTIONS
3
+2
+1-2
-1
11
73
74
3
-
158
Promotions are reported as the net change in the categories.
2. Compensation of directors and statutory auditors
In 2011 compensation and attendance fees paid to directors and statutory auditors amounted to
€586,442, broken down as follows:
• €455,707 to directors;
• €130,735 to statutory auditors.

3. Cash flow statement for 2011 with comparative
figures for 2010
(THOUSANDS
OF EUROS)
2011
2010
(16,496)
(15,194)
Liquidity generated by operations
Net profit
Amortisation and depreciation for the year
Change in provisions for liabilities and contingencies/staff severance benefit
(a)
12,185
324
7,217
19,726
11,104
482
9,402
20,988
Change in working capital
Receivables, accrued income and prepaid expenses
Payables and accrued expenses
(b)
(2,846)
8,365
5,519
(9,155)
9,965
810
Outflows for investments
Capital goods
Dividends
(c)
203
71,221
6,333
77,757
220
49,026
6,333
55,579
Inflows for investments
Equity investments sold
(d)
19,588
19,588
32,479
32,479
(32,924)
(1,302)
(49,420)
(16,496)
I. CASH
AND CASH EQUIVALENTS
II.CHANGE
III. CASH
- OPENING
IN CASH AND CASH EQUIVALENTS
AND CASH EQUIVALENTS
BALANCE
= (A +
- CLOSING
B
BALANCE
-
C
+ D)
= ( I + II )
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
4. Statement of changes in shareholders' equity
in the years ending at 31 December 2011
and 2010
(THOUSANDS
SHARE
CAPITAL
SHARE
PREMIUM
ACCOUNT
LEGAL
RESERVE
OTHER RESERVES
NET PROFIT
ART. 88,
EXTRAFOR THE
PARA. 4
ORDINARY
YEAR
PRES. DECREE
917/86
Shareholders' equity
at 31 December 2009
Allocation of net profit for 2009
Dividends
Net profit for 2010
at 31 December 2010
Allocation of net profit for 2010
Dividends
Net profit for 2011
at 31 December 2011
OF EUROS)
TOTAL
RESERVE
164,646
1,735
18,361
525
5,165
28,726
3,649
10,507
(4,174)
(6,333)
11,104
229,140
(6,333)
11,104
164,646
1,735
18,886
555
5,165
32,375
4,216
11,104
(4,771)
(6,333)
12,185
233,911
(6,333)
12,185
164,646
1,735
19,441
5,165
36,591
12,185
239,763
FOR THE BOARD OF DIRECTORS
(Ing. Massimo D’Aiuto)

PROPOSED ALLOCATION OF NET PROFIT FOR THE YEAR
(AMOUNTS IN EUROS)
Net profit
 5% to legal reserve
12,184,878
609,244
 dividend of 2.0 cents per share
6,332,547
 to extraordinary reserve
5,243,087
SIMEST SpA
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SIMEST SpA
Annual Report

Società Italiana per le Imprese all’Estero - SIMEST S.p.A.
Registered office: Corso Vittorio Emanuele II, 323 - Rome
Paid-up share capital €164,646,231.88
Tax ID and Rome Company Register No. 04102891001 – R.E.A. No. 73044
***
REPORT OF THE BOARD OF AUDITORS
TO THE SHAREHOLDERS’ MEETING PURSUANT
TO ARTICLE 2429 OF THE CIVIL CODE
***
Shareholders,
We would first like to note that the bylaws of Società Italiana per le Imprese all’Estero – SIMEST
S.p.A., amended in compliance with Legislative Decree 6/2003, adopt the so-called “traditional”
system referred to in Articles 2380 et seq. of the Italian Civil Code in the administration and control
area. PricewaterhouseCoopers has been engaged, with the resolution of the Shareholders’ Meeting
of 7 July 2009, to perform the statutory audit of the accounts until the approval of the financial
statements for 2011.
 Oversight activity
During the year ended at 31 December 2011, our activity was carried out in compliance with the
rules of conduct for boards of auditors recommended by the National Council of the Italian
accounting profession.
We monitored compliance with the law and the articles of incorporation and with the principles of
sound administration.
We participated in the Shareholders’ Meeting of 21 June 2011 and the meetings of the Board of
Directors (7), which were conducted in compliance with the provisions of the bylaws and applicable
legislation. We can reasonably assure you that the actions resolved comply with the law and the
bylaws and were not manifestly imprudent or otherwise prejudicial to the integrity of the
Company’s assets.
During the year, at the intervals established by Article 2381.5 of the Civil Code, the Board of
Directors provided us information on the general performance of operations and expected future
developments, as well as on transactions of particular significance, either owing to their size or
features, and we can reasonably assure you that the actions taken comply with the law and the
bylaws. Based on the information obtained from the directors and through meetings with the
independent auditors responsible for the statutory audit we found no atypical and/or unusual
transactions during 2011. Transactions with related parties carried out under agreements signed
with the Ministry for Economic Development (the majority shareholder) appear to have been carried
out in the interests of the Company and on appropriate financial terms. Please refer to the financial
statements for more information on the characteristics and financial terms of these transactions.
We examined and monitored, within the scope of our responsibilities, the organisational structure

of the Company and the administrative and accounting system, as well as the reliability of the latter
in correctly representing operational events, by obtaining information from individual department
heads and the external auditors and by examining corporate documentation.
We received no complaints pursuant to Article 2408 of the Civil Code.
We monitored the work of the Supervisory Body by virtue of the Company’s adoption of the
compliance model envisaged under Legislative Decree 231/01.
In addition, SIMEST's finance operations are subject to the oversight of the State Audit Court
pursuant to Article 12 of Law 259/1958.
During the course of our oversight activity, no significant facts emerged that would require special
mention in this report.
The Board of Auditors held 6 meetings, including 2 periodic meetings with the external auditors
responsible for the statutory audit, during which no significant information emerged that would
require special mention in this report.
 Financial statements and report on operations
We have examined the draft financial statements for the year ended 31 December 2011, provided
to us in accordance with Article 2429 of the Civil Code and which report a net profit of
€12,184,878, and offer the following comments.
As we are not responsible for performing the statutory audit of the financial statements, we
monitored the general approach to their preparation and their general compliance with the provisions
of law concerning their formation and structure, and we have no special comments in this regard.
We ascertained that the financial statements correspond to the information at our disposal,
following the performance of our duties, and we have no special comments in this regard.
We also verified compliance with the provisions of law governing the preparation of the report on
operations and have no comments that would require special mention here. In their audit report,
the external auditors certified that the report on operations is consistent with the Company's
financial statements.
To the best of our knowledge, in preparing the financial statements the Board of Directors did not
have recourse to the departures admitted pursuant to Article 2423.4 of the Civil Code.
In view of the foregoing and taking account of the findings of the external auditors responsible for
the statutory audit, which are contained in their report accompanying the financial statements
issued on 24 May 2012, we recommend that you approve the financial statements for the year
ended 31 December 2011, noting that the proposed allocation of net profit for the year does not
conflict with the provisions of law or the bylaws.
Rome, 24 May 2012
The Board of Auditors
Stefano Tomasini
Giampietro Brunello
Giulio Di Clemente
(Chairman)
(Auditor)
(Auditor)
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SIMEST SpA
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

SIMEST SpA
Report of the External Auditors
Annual Report
103
APPROVAL OF THE FINANCIAL STATEMENTS
AT 31 DECEMBER 2011
On 26 June 2012 the Ordinary Shareholders’ Meeting, representing 96.85% of the share capital,
unanimously approved the financial statements for the year ended 31 December 2011 and the
allocation of the net profit of €12,184,878 as follows:
 5% or €609,244 to the legal reserve;
 €6,332,547 to the shareholders in the amount of 2.0 cents per share;
 the remainder of €5,243,087 to the extraordinary reserve.

SIMEST SpA
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ANNEX
106
SIMEST SpA
Annual Report

EQUITY INVESTMENTS IN FOREIGN COMPANIES AT 31 DECEMBER 2011
COUNTRY
FOREIGN COMPANY
ITALIAN PARTNER
SECTOR
Albania
NIKO & K. PRECOMPRESSI SH.P.K.
Albania
Albania
Albania
Albania
Total Albania
GTS SH.P.K.
INTESA SANPAOLO BANK ALBANIA SH.A.
LA PETROLIFERA ITALO ALBANESE SH.A.
MACCAFERRI BALKANS SH.P.K.
LATERIFICIO PUGLIESE S.P.A.
CO.RA.SIDER S.R.L.
SOL S.P.A.
INTESA SANPAOLO S.P.A.
LA PETROLIFERA ITALO RUMENA S.P.A.
OFFICINE MACCAFERRI S.P.A.
Bosnia Herzegovina
Bosnia Herzegovina
Total Bosnia Herzegovina
PRESAL EXTRUSION D.O.O.
SUJICA TERNI D.O.O.
PREDIERI METALLI S.R.L.
SOCIETÀ TERNANA INVESTIMENTI INTERNAZIONALI S.R.L.
BASIC METAL/STEEL
WOOD/FURNITURE
Bulgaria
Bulgaria
Total Bulgaria
STRATUS S.R.L.
METECNO BULGARIA A.D.
GERVASONI SPA
METECNO S.P.A.
ENGINEERING
Croatia
Croatia
Croatia
Croatia
Total Croatia
SAME DEUTZ-FAHR CROAZIA D.D.
KRVENA LUKA D.D.
DUCATI KOMPONENTI D.O.O.
BIJELA HARMONIJA D.O.O.
SAME DEUTZ - FAHR ITALIA S.P.A.
OCTAVIA S.R.L.
DUCATI ENERGIA S.P.A.
ARMONIA HOLDING S.P.A.
ENGINEERING
TOURISM/HOTELS
ENGINEERING
SERVICES
Italy
Italy
Italy
Total Italy
MARIO BUCCELLATI ITALIA SRL
PARMACOTTO SPA
SOLCAP SrL
BUCCELLATI HOLDING ITALIA SPA
COFIRM SRL
GREEN NETWORK S.P.A.
OTHER
OTHER
Kosovo
Total Kosovo
SOL - K.L.L. CO.
SOL S.P.A.
Macedonia
Total Macedonia
SOL SEE S.R.L.
SOL S.P.A.
Poland
Poland
Poland
US.EN.EKO.SP.ZO.O.
ADLER POLSKA SP. ZO.O.
COSMAR POLSKA SP.ZO.O.
SERVICES
ENGINEERING
TOURISM/HOTELS
Poland
Total Poland
I.C.T. POLAND SP.Z.O.O.
SER.EN.I.A. S.R.L.
ADLER PLASTIC S.P.A.
DUE ERRE S.P.A.
CO.GE.I. ITALIA S.R.L.
IMMOBILIARE MILANESE CARLERO S.R.L.
I.C.T. INDUSTRIE CARTARIE TRONCHETTI S.P.A.
Czech Republic
Total Czech Republic
GRANDI STAZIONI CESKA REPUBLIKA A.S.
GRANDI STAZIONI S.P.A.
SERVICES
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
Romania
LACTITALIA S.R.L.
EAST STICKS & PACKAGING S.A.
S.C.- PIR - POOL & IDROESSE ROMANIA S.A.
S.C. GHIMAR S.R.L.
TRICOTEX S.A.
S.C. CIATTI HT SEBES S.R.L.
BELLINI CONSTRUCTII S.R.L.
ROTER ROMANIA S.R.L.
LCL ROMANIA S.R.L.
FILECA INDUSTRY S.R.L.
S.C. W.S.C. (WORLD STARTEL COMMUNICATIONS EUROPA) S.A.
S.C. MAGNETTI BUILDING S.R.L.
DOROTEX S.R.L.
S.I.R.F.I.T. S.R.L.
SIAD ROMANIA S.R.L.
G. CANALE & C. S.R.L.
IMM HYDRO EST S.R.L.
ROINVEST S.R.L.
FABBRICA ITALIANA LAVORAZIONE CARTE E AFFIN NI S.P.A.
POOL ENGINEERING S.P.A.
INTERNATIONAL COMPANY S.R.L.
I.M.M. S.P.A.
CIATTI S.R.L.
PREFAB DI BELLINI GEOM. PIETRO & C. S.N.C.
ROTER S.P.A.
LINCLALOR S.P.A.
ECAFIL BEST S.P.A. INDUSTRIA FILATI
WORLD STARTEL COMMUNICATIONS S.P.A.
MAGNETTI BUILDING S.P.A.
ARFIL S.R.L.
FONDERIE E OFFICINE MECCANICHE TACCONI S.P.A.
SIAD S.P.A.
G. CANALE & C. S.P.A.
I.M.M. RUBBER INDUSTRIES S.R.L.
IMM HYDRAULICS S.P.A.
WOOD/FURNITURE
SERVICES
ENGINEERING
TEXTILES/CLOTHING
WOOD/FURNITURE
ENGINEERING
TEXTILES/CLOTHING
TEXTILES/CLOTHING
SERVICES
TEXTILES/CLOTHING
ENGINEERING
SERVICES
RUBBER/PLASTICS
European countries
BANKING
SERVICES

SIMEST SpA
107
Annex
Annual Report
SHARE CAPITAL
CURRENCY
AMOUNT
SIMEST'S HOLDING
%
IN LOCAL CURRENCY
SIMEST'S HOLDING
IN EUROS
ALL
100.000.000
20,00
20.000.000
165.499
EUR
ALL
ALL
ALL
2.389.256
5.116.267.674
2.165.800.000
306.000.000
11,97
0,64
3,00
9,50
286.000
32.537.993
64.965.000
29.070.000
286.000
854.043
540.118
211.418
2.057.079
BAD
BAD
19.558.300
2.501.045
14,00
11,73
2.738.162
293.370
1.400.000
150.000
1.550.000
BGN
BGN
5.100.000
7.000.000
9,00
10,70
459.000
749.000
234.683
383.081
617.764
HRK
HRK
HRK
HRK
56.357.000
46.509.000
25.000.000
14.720.000
6,60
22,10
21,25
12,00
3.719.562
10.278.000
5.312.500
1.766.400
510.640
2.188.000
739.896
245.682
3.684.218
EUR
EUR
EUR
1.000.000
13.464.700
3.560.000
49,00
15,60
49,00
490.000
2.101.000
1.744.400
2.940.000
11.000.000
2.294.000
16.234.000
EUR
3.510.000
23,00
807.300
807.300
807.300
EUR
8.116.000
12,00
973.920
974.174
974.174
PLN
PLN
PLN
7.100.000
45.000.000
60.390.275
16,55
8,00
14,24
1.175.000
3.600.000
8.600.000
433.917
808.337
1.942.344
PLN
105.000.000
4,76
5.000.000
1.135.535
4.320.132
CSK
284.400.000
8,44
24.000.000
814.641
814.641
RON
RON
RON
RON
RON
RON
RON
RON
EUR
RON
RON
RON
RON
RON
RON
RON
RON
10.570.000
3.737.000
2.051.675
4.019.120
6.454.107
23.180.080
2.477.300
8.000.000
4.691.877
11.887.020
4.125.440
24.646.620
5.905.000
13.507.740
66.241.870
45.944.206
14.104.600
12,00
15,00
14,99
14,91
5,86
6,87
9,00
23,20
10,66
8,99
15,00
4,29
15,83
7,10
10,26
7,91
12,00
1.268.400
560.550
307.500
599.340
378.272
1.591.710
222.960
1.856.065
500.000
1.068.267
618.816
1.058.000
934.657
959.137
6.795.484
3.634.095
1.692.600
350.844
273.908
75.026
150.080
253.064
390.570
54.133
1.114.537
500.193
292.591
119.001
280.087
258.111
903.291
1.957.815
1.150.185
532.976
108
SIMEST SpA
Annual Report

COUNTRY
FOREIGN COMPANY
ITALIAN PARTNER
SECTOR
Romania
Romania
MAB EUROPE S.R.L.
BRAINOX S.R.L.
TEXTILES/CLOTHING
ENGINEERING
Romania
Romania
Romania
Romania
Romania
Total Romania
FLENCO EAST EUROPE S.R.L.
AMBIENT SERVICE S.R.L.
S.C. INTERNATIONAL LAMER GROUPE S.R.L.
DRYMON S.R.L.
DUCATI ENERGIA S.A.
MATEX S.R.L.
LI.MA.INOX S.R.L.
LAVINOSS S.R.L.
FLENCO S.P.A.
AMBIENT SERVICE S.R.L.
LAMER LEGNO SNC DI MERAFINA CRISTINA E C. SNC
AGROALIMENTARE F.LLI MONALDI S.P.A.
DUCATI ENERGIA SPA
ENGINEERING
WOOD/FURNITURE
ENGINEERING
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Russia
Total Russia
TONUTTI WOLAGRI LTD
GLENKO Z.A.O.
KERAMOGRANITNJI ZAVOD Z.A.O.
LA FORTEZZA EST Z.A.O.
PB SAMARA OOO
RIM SCANDOLARA OOO
TECNOPLAST SAN PIETROBURGO LTD
ZAO COLUSSI RUS
MARCEGAGLIA RU
EXTRA M O.J.S.C.
TONUTTI S.P.A.
MAGLIFICIO MAGREB S.P.A.
CERAMICHE ATLAS CONCORDE S.P.A.
LA FORTEZZA S.P.A.
PIETRO BARBARO S.P.A.
SCANDOLARA HOLDING S.R.L.
TECNOPLAST S.R.L.
COLUSSI S.P.A.
MARIVEN SRL
F.LLI DE CECCO DI FILIPPO - FARA SAN MARTINO - SPA
ENGINEERING
TEXTILES/CLOTHING
WOOD/FURNITURE
SERVICES
RUBBER/PLASTICS
RUBBER/PLASTICS
ENGINEERING
Serbia
Serbia
Serbia
Serbia
Serbia
Serbia
Serbia
Serbia
Serbia
Total Serbia
FABRIKA SECERA TE-TO A.D.
INDUSTRIJSKI I MEDICINSKI GASOVI - IMG D.O.O.
BALKAN SYLEX D.O.O.
SMA D.O.O.
SIRMIUM STEEL TRADING LTD
BELA HARMONIJA D.O.O.
SIGIT SERBIA DOO
LAMP EAST DOO
PMC AUTOMOTIVE d.o.o.
FINANZIARIA SACCARIFERA ITALO-IBERICA S.P.A.
SOL S.P.A.
GALILEO VACUUM SYSTEMS S.P.A.
SMA SERBATOI S.P.A.
STG GROUP S.P.A.
ARMONIA HOLDING S.P.A.
SIGIT S.p.A.
LAMP SAN PROSPERO SPA
PMC AUTOMOTIVE SPA
RUBBER/PLASTICS
ENGINEERING
BASIC METAL/STEEL
SERVICES
RUBBER/PLASTICS
ENGINEERING
Slovakia
Slovakia
Slovakia
Total Slovakia
EURO TRANCIATI SR S.R.O.
KOSIT A.S.
PRIMA POPRAD S.R.O.
ALTER S.R.L.
4 ITALY S.R.L. ENERGY & ENVIRONMENT
PRIMA S.P.A.
WOOD/FURNITURE
SERVICES
RUBBER/PLASTICS
Slovenia
Total Slovenia
ENERGETIKA D.O.O.
SOL S.P.A.
Switzerland
Total Switzerland
WORLD'S WING S.A.
ALENIA AERONAUTICA S.P.A.
ENGINEERING
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Turkey
Total Turkey
CIMENTAS - IZMIR CIMENTO FABBRIKASI TURK A.S.
ELMEK A.S.
SINTERAMA TASDELEN LTD
KARS CIMENTO SANAYI VE TICARET A.S.
EPTA ISTANBUL SANAYI VE TICARET LIMITED SIRKETI
MIROGLIO ISTANBUL TEKSTIL
BITRON ELEKTROMECANIC LIMITED Sirteki
CEMENTIR HOLDING S.P.A.
COMEM S.P.A.
SINTERAMA S.P.A.
ALFACEM S.R.L.
EPTA S.P.A.
MIROGLIO S.P.A.
ENGINEERING
TEXTILES/CLOTHING
ENGINEERING
TEXTILES/CLOTHING
ELECTRONICS/IT
Ukraine
Ukraine
Total Ukraine
ZEUS KERAMIK C.J.S.C.
LAURA TZOV
EMILCERAMICA S.P.A.
FILO' S.R.L.
TEXTILES/CLOTHING
Hungary
Total Hungary
FAREST R.T.
STUDIO DE CAPOA E ASSOCIATI
SERVICES
Total European Countries (81)

SIMEST SpA
109
Annex
Annual Report
SHARE CAPITAL
CURRENCY
AMOUNT
SIMEST'S HOLDING
%
IN LOCAL CURRENCY
SIMEST'S HOLDING
IN EUROS
RON
RON
4.653.920
1.280.180
24,80
20,00
1.153.963
256.038
338.043
71.951
RON
RON
EUR
RON
RON
6.819.800
4.458.600
1.461.810
40.320.200
12.007.500
15,00
20,00
7,04
24,50
25,63
1.022.970
891.720
102.900
9.878.400
3.077.250
302.923
240.000
102.900
2.940.000
750.241
13.402.470
RUB
RUB
RUB
RUB
RUB
RUB
RUB
RUB
RUB
RUB
35.000.000
355.848.128
859.840.000
314.000.000
595.156.040
72.734.101
46.205.000
998.000.000
1.099.325.256
4.240.000
19,60
10,70
12,00
17,30
19,57
25,00
19,70
34,87
41,03
15,09
6.861.640
38.080.777
103.180.800
54.335.600
116.485.618
18.183.525
9.102.500
348.022.400
451.036.978
640.000
200.151
545.767
3.012.879
1.352.894
2.943.690
725.000
251.103
9.953.440
11.366.000
2.687.433
33.038.357
CSD
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
581.080.000
2.414.753
1.800.500
2.000.000
11.487.524
2.000.000
2.200.000
3.000.000
10.000.000
7,14
10,77
13,89
20,00
30,47
12,00
25,00
20,00
38,50
41.500.800
260.000
250.000
400.000
3.500.000
240.000
550.000
600.000
3.850.000
497.433
260.000
250.000
400.000
3.500.000
240.000
550.000
600.000
3.850.000
10.147.433
SKK
EUR
SKK
40.160.000
16.795.658
159.436.000
9,96
3,95
25,00
4.000.000
663.860
39.859.000
100.118
462.577
999.315
1.562.010
SIT
239.544.630
7,33
17.558.621
151.000
151.000
CHF
121.100.000
5,01
6.072.000
4.053.127
4.053.127
TRY
TRY
TRY
TRY
TRY
TRY
TRY
36.540.000
9.961.834
9.000.000
3.000.000
3.500.000
92.850.000
18.000.000
2,46
2,91
8,50
1,81
10,00
6,00
9,72
897.330
290.000
765.000
54.286
350.000
5.571.000
1.750.000
4.567.183
159.638
438.228
2.000.233
189.723
2.865.078
711.382
10.931.465
UAH
UAH
53.577.521
15.035.421
6,79
10,55
3.636.000
1.585.735
597.420
255.016
852.436
HUF
22.000.000
25,00
5.500.000
21.983
21.983
105.219.589
110
SIMEST SpA
Annual Report

COUNTRY
FOREIGN COMPANY
ITALIAN PARTNER
SECTOR
Saudi Arabia
Total Saudi Arabia
DUFERCO GULF LTD
DUFERCO ITALIA HOLDING S.P.A.
BASIC METAL/STEEL
Argentina
Argentina
Total Argentina
EMER LATINOAMERICANA S.A.
COES SUDAMERICA S.A.
EMER S.P.A.
COES S.P.A.
ENGINEERING
RUBBER/PLASTICS
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
MAGNETTO AUTOMOTIVE DO BRASIL LTDA
ITBR PARTECIPACOES LTDA
M&G RESINAS PARTECIPACOES LTDA
CISE NEWCO BRASIL LTDA
DEFENDI DO BRASIL LTDA
ADLER DO BRAZIL LTDA
ZANINI INDUSTRIES CO. LTZANINI INDUSTRIA
DE AUTOPECAS LTDA
SOILMEC DO BRASIL
MAGNETTO AUTOMOTIVE S.P.A.
BRIT S.R.L.
M&G FINANZIARIA S.R.L.
CISE S.P.A.
DEFENDI ITALY S.R.L.
ADLER PLASTIC S.P.A.
ENGINEERING
TEXTILES/CLOTHING
ENGINEERING
ENGINEERING
ZANINI S.P.A.
COLLIDRILL SPA
SOILMEC SPA
CISA S.P.A.
VDS HOLDING S.R.L.
METALFER S.P.A.
RUBBER/PLASTICS
ENGINEERING
Other countries
Brazil
Brazil
Brazil
Brazil
Brazil
CISABrazil LTDA
VDS EXPORT LTDA
ARVEDI METALFER DO BRASIL LTDA
MACCAFERRI DO BRASIL HOLDING PARTECIPACOES
EMPRESARIAIS E IMOBILIARIAS LTDA
ENGINEERING
BASIC METALS/STEEL
Total Brazil
Canada
Canada
Canada
Total Canada
P&WC TURBO ENGINES CORPORATION
COLACEM CANADA INC.
OPACMARE AMERICAS CORPORATION
PIAGGIO AERO ENGINES CANADA S.P.A.
COLACEM S.P.A.
OPACMARE S.P.A.
ENGINEERING
ENGINEERING
Cape Verde
Total Cape Verde
EUROTURISTICA S.A.
PROGETUR S.P.A.
TOURISM/HOTELS
Chile
Chile
Total Chile
METECNO DE CHILE S.A.
INVERSIONES ASSIMCO LIMITADA
METECNO S.P.A.
ASTALDI CONCESSIONI S.R.L.
HYDROELECTRIC
China
China
FARAM (CHINA) CO. LTD
FLENCO NINGBO POWER AUXILIARY EQUIPMENT
& SYSTEMS CO. LTD
GOGLIO (TIANJIN) PACKAGING CO. LTD
JIANGMEN EMAK OUTDOOR DYNAMIC EQUIPMENT CO. LTD
JIANGYIN SHENGHAI INDUSTRIAL CO. LTD
SHANGHAI SINO-ITALY BUSINESS ADVISORY CO. LTD
TIAN XIN YI GARMENT CO. LTD
FMMG TECHNICAL TEXTILES (SUZHOU) CO. LTD
MANULI HYDRAULICS SUZOHU CO. LTD
FIAMM ENERTECH CO. LTD
SHANGHAI DA-SHEN CELLULOSE PLASTICS CO. LTD
CHINA METALS PROCESSING HK LTD
RHEINPERCHEMIE LUZHOU CO. LTD
ELCO GUANGDONG (HK) LTD
REFCOMP COMPRESSORS SHANGHAI CO. LTD
GHISAMESTIERI IRON CRAFT (NINGBO) CO. LTD
MECCANOTECNICA UMBRA (QINGDAO) CO. LTD
BREMBO CHINA BRAKE SYSTEMS CO. LTD
SOMACIS HK LTD
ZOPPAS INDUSTRIES HANGZHOU CO. LTD
ASIAN BUSINESS GROUP HONG KONG LTD
DALIAN MATO FURNITURE & COMPONENTS CO. LTD
SUXIA ESTATE & CO. LTD
FARAM S.P.A.
WOOD/FURNITURE
FLENCO S.P.A.
GO-PACK PROMOTION S.P.A.
EMAK S.P.A.
PETTINATURA DI VERRONE S.P.A.
SASCH S.P.A.
FIL MAN MADE GROUP S.R.L.
MANULI RUBBER INDUSTRIES S.P.A.
FIAMM S.P.A.
MAZZUCCHELLI 1849 S.P.A.
TENOVA S.P.A.
INTERNATIONAL RHEINPERCHEMIE S.R.L.
ELCO ELECTRONIC COMPONENTS ITALIANA S.P.A.
REFCOMP S.P.A.
GHISAMESTIERI S.R.L.
MECCANOTECNICA UMBRA S.P.A.
BREMBO S.P.A.
SOMACIS S.P.A.
IRCA INDUSTRIA RESISTENZE CORAZZATE E AFFINI S.P.A.
ABG INVESTMENT ITALIA S.R.L.
MOBILCLAN S.P.A.
CLAM S.P.A.
INVESTA S.R.L.
ENGINEERING
RUBBER/PLASTICS
ENGINEERING
TEXTILES/CLOTHING
BANKING
TEXTILES/CLOTHING
TEXTILES/CLOTHING
ENGINEERING
ENGINEERING
RUBBER/PLASTICS
ENGINEERING
ELECTRONICS/IT
ENGINEERING
ENGINEERING
ENGINEERING
ELECTRONICS/IT
ENGINEERING
SERVICES
WOOD/FURNITURE
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China

SIMEST SpA
111
Annex
Annual Report
SHARE CAPITAL
CURRENCY
AMOUNT
SIMEST'S HOLDING
%
IN LOCAL CURRENCY
SIMEST'S HOLDING
IN EUROS
SAR
73.125.000
24,50
17.915.600
3.725.437
3.725.437
ARS
ARS
2.100.000
22.000.000
20,43
13,64
429.030
3.000.000
113.284
620.923
734.208
BRL
BRL
BRL
BRL
BRL
BRL
26.741.757
24.000.000
160.595.000
2.315.000
8.390.914
29.595.300
17,20
4,44
15,44
18,90
24,50
24,68
4.600.523
1.065.600
24.788.500
437.535
2.055.774
7.304.758
6.000.171
216.121
9.302.909
169.148
806.000
2.520.017
BRL
BRL
17.848.876
5.500.000
15,13
22,79
2.700.000
1.253.175
1.100.000
568.043
BRL
BRL
BRL
10.926.000
19.231.148
34.300.000
22,15
31,20
34,86
2.420.000
6.000.000
11.956.000
1.100.000
2.595.942
4.880.000
BRL
9.590.000
43,77
4.197.604
1.760.000
31.018.350
CAD
CAD
CAD
8.731.000
70.000.000
1.490.000
1,40
3,00
25,17
122.234
2.100.000
375.000
1.430.000
1.434.202
237.120
3.101.322
CVE
2.500.000.000
13,64
341.000.000
3.092.550
3.092.550
CLP
USD
2.645.090.787
40.633.000
20,61
31,39
545.235.757
12.753.200
778.247
8.908.447
9.686.693
HKD
25.000.000
9,60
2.400.000
291.682
EUR
USD
USD
USD
USD
USD
USD
USD
USD
CNY
HKD
EUR
USD
EUR
EUR
USD
USD
HKD
USD
EUR
EUR
EUR
4.000.000
14.500.000
3.278.000
9.000.000
1.560.000
10.000.000
28.000.000
17.000.000
10.250.000
75.152.000
46.180.000
3.500.000
7.000.000
2.600.000
1.000.000
3.500.000
12.500.000
114.000.000
9.000.000
1.113.000
6.000.000
14.000.000
12,50
23,45
20,00
6,50
25,00
16,65
16,58
20,59
8,29
8,16
19,86
14,00
19,41
14,54
16,50
21,13
15,00
15,00
8,89
14,02
4,00
14,00
500.000
3.400.000
655.600
585.000
390.000
1.665.000
4.642.400
3.500.000
850.000
6.133.000
9.170.600
490.000
1.359.000
378.000
165.000
739.500
1.875.000
17.100.000
800.000
156.000
240.000
1.960.000
500.229
2.698.497
513.460
538.237
303.942
456.949
2.639.232
2.752.445
630.798
616.506
927.391
490.147
997.355
378.000
165.000
568.240
1.524.439
1.800.346
651.000
156.042
240.000
1.960.688
112
SIMEST SpA
Annual Report

COUNTRY
FOREIGN COMPANY
ITALIAN PARTNER
SECTOR
China
China
China
China
China
China
China
China
China
JILIN JIMONT ACRYLIC FIBER CO. LTD
MONDO FLOORINGS (CHINA) CO. LTD
SIRA GROUP TIANJIN HEATING RADIATORS CO. LTD
IGUZZINI LIGHTING (CHINA) CO. LTD
FAAM ASIA CO. LTD
METECNO HOLDING HONG KONG LTD
RACO HONG KONG LTD
HUZHOU LUX HOME ELECTRICAL APPLIANCES CO. LTD
RANGER SHANGHAI CO. LTD
TEXTILES/CLOTHING
RUBBER/PLASTICS
ENGINEERING
WOOD/FURNITURE
ENGINEERING
ENGINEERING
ENGINEERING
RUBBER/PLASTICS
TEXTILES/CLOTHING
China
ALBA CHIARA HONG KONG LIMITED
China
China
GLOBAL DISPLAY SOLUTION (SUZHOU) CO. LTD.
INGLASS TOOLING & HOT RUNNER MANUFACTURING
(HANGZHOU) CO. LTD
PILOTELLI (XIAMEN) TEXTILE MACHINERY CO. LTD
SIRA (TIANJIN) ALUMINIUM PRODUCTS CO. LTD
IMF FOUNDRY MACHINERY (TIANJIN) CO. LTD
ZHANGJIAGANG OMIC AIR COMPRESSORO
MANUFACTORING CO. LTD
L'ISOLANTE K-FLEX (SUZHOU) CO. LTD
CRAI (BEIJING) COMMERCIAL LIMITED COMPANY
OCAP CHASSIS PARTS (KUNSHAN) CO. LTD
ARMONIA FURNITURE NANJING CO. LTD
ARISTON THERMO (CHINA) CO. LTD.
BREVINI (YANCHENG) FLUID POWER CO. LTD
CHANGSHA XIMAI MECHANICAL CONSTRUCTION CO. LTD.
CEFLA FINISHING EQUIPMENT (SUZHOU) CO. LTD.
PMP DRIVE SYSTEM (TAICANG) CO. LTD.
CAPRARI PUMPING MANIFACT.INDUSTRY (SHANGHAI) CO. LTD.
ANGELANTONI MECHANICAL EQUIPMENT (BEIJING) CO. LTD.
K-FLEX (HONG KONG) INSULATION CO. LTD.
FLENCO HUASHEN AUTOMOBILE TOOLS CO. LTD.
SUZHOU VICTOR MEDIACL EQUIPMENT CO. LTD.
JIANGYIN SHENGLONG TEXTILE TREATMENT CO. LTD.
MONTEFIBRE S.P.A.
MONDO S.P.A.
EMILPRESS GROUP S.R.L.
IGUZZINI ILLUMINAZIONE S.P.A.
FAAM S.P.A.
METECNO S.P.A.
DYNAMIC TECHNOLOGIES S.P.A.
TECNOWIND S.P.A.
GLOBAL SYSTEM INTERNATIONAL S.P.A.
E. BOSELLI & C. S.P.A.
LINEA AZZURRA MARE S.R.L.
PIAVE MAITEX S.P.A.
ROMI S.R.L.
TESSITURA TAIANA VIRGILIO S.P.A.
TEXTRA S.R.L.
GLOBAL DISPLAY SOLUTIONS S.P.A.
INGLASS S.R.L.
PILOTELLI MACCHINE TESSILI S.R.L.
SIRA GROUP S.P.A.
I.M.F. IMPIANTI MACCHINE FONDERIA S.R.L.
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
China
China
China
China
ELECTRONICS/IT
ING. ENEA MATTEI S.P.A.
L'ISOLANTE K-FLEX S.R.L.
TRADING AGRO CRAI S.P.A.
OCAP S.P.A.
FOPPA PEDRETTI S.P.A.
ARISTON THERMO INTERNATIONAL S.R.L.
BREVINI FLUID POWER S.P.A.
C.M.D. S.P.A. - MARVAL S.R.L.
CEFLA CAPITAL SERVICES S.P.A.
PMP INDUSTRIES S.P.A.
CAPRARI S.P.A.
ANGELANTONI INDUSTRIE S.P.A.
FLENCO S.P.A
CEFLA CAPITAL SERVICES S.P.A.
TINTORIA SANDIGLIANO & LEONES.P.A.
SOILMEC (WUJIANG) MACHINERY CO. LTD.
SOILMEC S.P.A.
COELMEGIC HIGH VOLTAGE SWITCHES CO. LTD.
COELME S.P.A.
VIR FAR EAST LTD.
VIR VALVOINDUSTRIA ING. RIZZIO S.P.A.
YANGZHOU ELECTRO BAOSHENG STEEL CORES CO.LTD.
NUOVA ELETROFER S.P.A.
ZANINI INDUSTRIES CO. LTD
ZANINI HOLDING S.P.A.
ALMAX HONG KONG LIMITED
ALMAX S.P.A.
POMELLATO PACIFIC LTD.
POMELLATO S.P.A.
GASKET (SUZHOU) VALVE COMPONENTS CO. LTD.
GASKET INTERNATIONAL S.P.A.
BREVINI (YANCHENG) PLANETARY DRIVES CO. LTD.
BREVINI POWER TRANSMISSION S.P.A.
WFOE MA AN SHAN SPANESI CAR REPAIR EQUIPMENT CO. LTD. SPANESI S.P.A.
BITRON INDUSTRY CHINA CO. LTD.
3D ELECTRONIC QINGDAO CO. LTD.
ZAMPERLA AMUSEMENT RIDES (SUZHOU) CO. LTD.
ANTONIO ZAMPERLA SPA
LEONESSA BREVINI YANGCHEN
LA LEONESSA SPA /BREVINI POWER TRASMISSION SPA
MACCAFERRI ASIA LTD
META SYSTEM ELECTRONICS CO LTD
META SYSTEM S.P.A
JIAXING MD MILANO DESIGN FURNITURE CO. LTD
SOFALAND SRL
FIAMM SPA
TEXTILES/CLOTHING
ENGINEERING
ENGINEERING
ENGINEERING
BASIC METALS/STEEL
RUBBER/PLASTICS
RUBBER/PLASTICS
OTHER
ENGINEERING
ENGINEERING
ENGINEERING
ELECTRONICS/IT
ELECTRONICS/IT
ENGINEERING
ENGINEERING
ENGINEERING
ELECTRONICS/IT
WOOD/FURNITURE
ENGINEERING
South Korea
Total South Korea
KITON KOREA CO. LTD.
CIRO PAONE S.P.A.
TEXTILES/CLOTHING
U.A.E.
MPB - MIDDLE EAST FZCO
INDUSTRIE POLIECO MPB S.R.L.
RUBBER/PLASTICS
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
China
Total China
ENGINEERING
RUBBER/PLASTICS
ENGINEERING
WOOD/FURNITURE
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
RUBBER/PLASTICS
ENGINEERING
ENGINEERING

SIMEST SpA
113
Annex
Annual Report
SHARE CAPITAL
CURRENCY
AMOUNT
SIMEST'S HOLDING
%
IN LOCAL CURRENCY
SIMEST'S HOLDING
IN EUROS
CNY
EUR
EUR
USD
HKD
HKD
HKD
EUR
EUR
HKD
450.000.000
9.900.000
4.300.000
11.600.000
49.010.000
65.000.000
39.200.000
2.000.000
4.000.000
49.794.411
4,40
8,08
11,63
10,00
19,95
11,22
17,50
16,00
20,00
18,29
19.800.000
800.000
500.000
1.160.000
9.777.495
7.294.000
6.860.000
320.000
800.000
9.108.000
2.014.633
800.221
500.153
877.973
951.272
787.099
700.000
320.000
800.000
843.126
USD
3.000.000
25,00
750.000
592.370
EUR
USD
CNY
EUR
6.500.000
5.148.750
105.000.000
2.500.000
25,01
18,60
17,63
25,00
1.625.359
957.632
18.510.000
625.000
1.625.359
667.752
1.793.598
625.000
EUR
EUR
EUR
EUR
USD
USD
EUR
EUR
USD
EUR
EUR
EUR
USD
EUR
USD
550.000
16.000.000
4.500.000
2.500.000
2.857.800
38.500.000
4.000.000
6.500.000
1.250.000
4.250.000
3.000.000
5.056.400
7.443.210
2.000.000
3.500.000
20,00
15,63
19,44
20,00
5,00
2,00
15,00
21,54
10,00
26,07
20,00
9,89
18,67
25,00
10,00
110.000
2.500.000
875.000
500.009
142.900
770.000
600.000
1.400.000
125.000
1.108.000
600.000
500.000
1.390.000
500.000
350.000
110.000
2.500.000
437.400
500.009
111.216
485.200
600.000
1.400.022
100.305
854.476
600.177
500.050
974.208
500.000
253.988
USD
EUR
EUR
HKD
EUR
EUR
HKD
HKD
EUR
EUR
EUR
EUR
USD
EUR
EUR
HKD
USD
USD
EUR
2.100.000
6.000.000
1.000.000
5.400.000
5.000.000
1.700.000
17.500.000
56.000.000
5.000.000
8.000.000
1.815.000
13.500.000
16.000.000
1.000.000
5.600.000
109.280.000
5.650.000
10.000.000
4.000.000
12,00
24,50
25,00
19,50
9,50
17,65
13,50
25,00
18,00
7,50
17,02
9,00
10,94
25,00
17,86
28,17
18,76
24,50
25,00
252.000
1.470.000
250.000
1.053.000
475.000
300.000
2.362.500
14.000.000
900.000
600.000
309.000
1.215.000
1.750.000
250.000
1.000.000
30.784.942
1.060.000
2.450.000
1.000.000
195.299
1.470.000
36.787
91.982
475.000
300.000
236.250
1.394.700
900.000
600.000
309.000
1.215.000
1.280.457
250.000
1.000.000
2.849.560
784.878
1.881.874
1.000.000
61.897.019
KRW
3.500.000.000
24,00
840.000.000
472.089
472.089
AED
19.200.000
25,00
4.800.000
1.034.295
114
SIMEST SpA
Annual Report

COUNTRY
FOREIGN COMPANY
ITALIAN PARTNER
SECTOR
U.A.E.
U.A.E.
Total U.A.E.
IK-INSULATION LIMITED
LEGNANO TEKNOELECTRIC COMPANY MIDDLE EAST FZCO
LEGNANO TEKNOELECTRIC COMPANY SPA
RUBBER/PLASTICS
ENGINEERING
Egypt
Egypt
Egypt
Egypt
AMA ARAB ENVIRONMENT COMPANY
INTERNATIONAL ENVIRONMENT SERVICES CO.
SAFE EGYPT
INSTANT RENTALS FOR VEHICLES S.A.E.
International Service Development S.r.l.
MEDITERRANEAN TEXTILE S.A.E.
FILMAR NILE TEXTILE S.A.E.
MEDITERRANEAN WOOL INDUSTRIES COMPANY
AMA INTERNATIONAL S.P.A.
GE.SE.N.U. S.P.A.
SAFE S.R.L.
JAZ INVESTMENT GROUP S.P.A.
SERVICES
SERVICES
ENGINEERING
SERVICES
COTONIFICIO ALBINI S.P.A.
FILMAR S.P.A.
TEXTILES/CLOTHING
TEXTILES/CLOTHING
TEXTILES/CLOTHING
Eritrea
Total Eritrea
ZAER PLC
COTONIFICIO ZAMBAITI S.P.A.
TEXTILES/CLOTHING
Japan
Total Japan
MARNI JAPAN CO. LTD
MARNI HOLDING S.R.L.
TEXTILES/CLOTHING
Guatemala
Total Guatemala
RENOVABLES DE GUATEMALA S.A.
ENEL GREEN POWER S.P.A.
ENERGY
India
India
India
India
India
India
India
India
India
India
India
India
India
Total India
METALMECCANICA FRACASSO INDIA PVT LTD
METECNO (INDIA) PVT LTD
MANIPAL PRESS PVT. LTD.
GNUTTI POWERTRAIN & CASTINGS PVT LTD
COGEME PRECISION PARTS PVT LTD
UTP-UNDERCARRIAGE & TRACTOR PARTS PVT. LTD.
DELL'ORTO INDIA PVT LTD
IM.SO.FER.MANUFACTURING INDIA PVT. LTD.
CORNAGLIA METALLURGICAL PRODUCTS INDIA PVT. LTD.
VULCAN ENGINEERS LIMITED
PMP DRIVE SYSTEMS INDIA PVT LTD
FAGIOLI PSC INDIA PVT LTD
METALMECCANICA FRACASSO S.P.A.
METECNO S.P.A.
L.E.G.O. S.P.A.
GNUTTI CARLO S.P.A.
COGEME SET S.P.A.
JAAZMINE S.R.L.
DELL'ORTO S.P.A.
FERRERO S.P.A.
OFFICINE METALLURGICHE CORNAGLIA SPA (formerly COR-TUBI SPA)
TERRUZZI FERCALX S.P.A.
PMP INDUSTRIES SPA
FAGIOLI S.P.A.
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
SERVICES
Israel
Israel
Total Israel
CUNIAL ANTONIO (ISRAEL ) LTD
ATURA LTD
TERRITALIA S.R.L.
ALBIS S.P.A.
RUBBER/PLASTICS
Mali
Total Mali
B.I.M. C.G. S.A.
GUERRATO S.P.A.
Morocco
Total Morocco
ALFA IRRIGAZIONE MAROC
PLASTICA ALFA S.R.L.
RUBBER/PLASTICS
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Mexico
Total Mexico
HILARYS PAGANI DE MEXICO S.A. DE C.V.
EUROTRANCIATURA MEXICO S.A. DE C.V.
EUROPROPERTIES MEXICO S.A. DE C.V.
FLENCO DE MEXICO S.A. DE C.V.
IMPRETECH INFRAESTRUCTURA S.A. DE C.V.
TECNOSTAMP TRIULZI MEXICO S. DE R.L. DE C.V.
GUALA DISPENSING MEXICO S.A. DE C.V.
PROGETTI AMERICA S.A. DE C.V.
ETROMEX S. DE R.L. DE C.V.
DEDAMEX S. DE R.L. DE C.V.
MATERIAS PLASTICAS Y ELASTOMEROS SA DE C.V.
HILARY`S PAGANI GROUP S.P.A.
EUROTRANCIATURA S.P.A.
EUROTRANCIATURA S.P.A.
FLENCO S.P.A.
IMPREGILO S.P.A.
TECNOSTAMP TRIULZI GROUP S.R.L.
GUALA DISPENSING S.P.A.
PROGETTI S.R.L.
C.L.N. S.P.A. - ISIL S.R.L.
DEDAGROUP S.P.A.
MPE S.R.L.
RUBBER/PLASTICS
ENGINEERING
ENGINEERING
ENGINEERING
RUBBER/PLASTICS
RUBBER/PLASTICS
ENGINEERING
ENGINEERING
ELECTRONICS/IT
RUBBER/PLASTICS
New Zealand
Total New Zealand
WENTWORTH DISTRIBUTORS NZ -LTD
VIANA S.R.L.
TEXTILES/CLOTHING
Egypt
Egypt
Egypt
Total Egypt

SIMEST SpA
115
Annex
Annual Report
SHARE CAPITAL
CURRENCY
AMOUNT
SIMEST'S HOLDING
%
IN LOCAL CURRENCY
SIMEST'S HOLDING
IN EUROS
AED
AED
50.000.000
55.000.000
25,00
6,55
12.500.000
3.600.000
2.500.012
713.366
4.247.673
EGP
EGP
USD
EGP
50.000.000
20.500.000
1.390.000
20.000.000
5,00
8,05
10,00
18,50
2.500.000
1.650.000
139.000
3.700.000
403.082
240.175
102.556
483.815
USD
USD
USD
11.000.000
7.500.000
10.000.000
12,50
10,00
25,00
1.375.000
750.000
2.500.000
873.571
482.207
1.730.104
4.315.510
EUR
5.060.000
16,00
809.600
809.758
809.758
481.000.000
22,47
108.100.000
772.362
772.362
GTQ
1.924.465.600
3,73
71.774.550
6.300.000
6.300.000
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
INR
400.000.000
415.084.030
94.872.340
350.000.000
1.400.000.000
420.000.000
595.000.000
787.517.500
105.000.000
95.000.000
110.000.000
180.000.000
50.000.000
15,94
23,37
6,32
24,00
11,12
12,14
20,17
11,89
14,18
7,58
20,00
18,92
1,47
63.775.000
96.996.400
6.000.000
84.000.000
155.684.500
50.969.754
120.000.000
93.650.000
14.892.203
7.200.000
22.000.000
34.057.000
732.574
1.035.134
1.695.072
2.440.347
1.131.311
2.500.025
782.163
1.744.987
1.548.714
257.250
537.400
349.884
500.000
11.100
14.533.387
ILS
ILS
1.000
35.250.000
5,00
24,47
50
8.624.000
490.687
1.517.036
2.007.723
XAF
1.300.000
25,00
325.000
500.153
500.153
DIRH
12.479.750
18,18
2.269.040
200.000
200.000
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
MXN
9.666.000
106.756.620
42.700.620
71.000.000
10.050.000
23.250.000
762.000.000
14.837.053
32.503.000
31.585.925
12.076.075
17,00
7,00
7,00
7,39
2,00
20,00
10,12
19,93
25,00
34,76
20,00
1.643.200
7.473.200
2.989.280
5.250.000
201.000
4.650.000
77.114.400
2.957.411
8.125.000
10.980.449
2.415.215
17.721
596.918
238.765
383.331
14.511
300.000
4.562.504
160.033
435.762
605.387
137.500
7.452.432
2.000.000
25,00
500.000
500.000
500.000
JPT
EUR
116
SIMEST SpA
Annual Report

COUNTRY
FOREIGN COMPANY
ITALIAN PARTNER
SECTOR
Oman
Total Oman
TECNOGAL SERVICES LLC
TECNOGAL SERVICE S.R.L.
ENGINEERING
Senegal
Total Senegal
OMEGA FISHING S.A.
RIUNIONE INDUSTRIE ALIMENTARI S.R.L.
South Africa
South Africa
South Africa
Total South Africa
SOUTH AFRICAN METAL PROCESSING PVT. LTD
MA AUTOMOTIVE SOUTH AFRICA PTY. LTD
MACCAFERRI SOUTH AFRICA PYT LTD
TENOVA S.P.A.
MAGNETTO AUTOMOTIVE S.P.A.
OFFICINE MACCAFERRI S.P.A.
BASIC METAL/STEEL
ENGINEERING
Thailand
Thailand
Total Thailand
CYKLOP MANUFACTURING (THAILAND) CO. LTD
METECNO PANNELLI (Thailand) PVT. LTD
CYKLOP S.R.L.
METECNO S.P.A.
RUBBER/PLASTICS
Tunisia
Tunisia
BANQUE INTERNATIONALE ARABE DE TUNISIE - BIAT
SICEP TUNISIE S.A.
SICEP S.P.A.
IMMOBILIARE ALPE S.R.L.
MI - STA TUNISIE SARL
MI-STA MINUTERIE E STAMPI S.P.A.
CIB - CORPORATE & INSTITUTIONAL BUILDING
APRI SVILUPPO S.P.A.
TEINTURERIE ED FINISSAGE MEDITERRANEENS SARL - TFM SARL NIGGELER & KUPFER S.P.A.
RICOT SARL
R.I.CO. - RAPPRESENTANZE INDUSTRIALI E COMMERCIALI S.R.L.
SICILFERRO MAGHREBINE SARL
HSG S.R.L.
GENERAL BETON TUNISIE SARL
GENERAL BETON TRIVENETA S.P.A.
EUROTRANCIATURA TUNISIA SARL
EURO GROUP S.P.A.
TRE ZETA GROUP TN SARL
TRE ZETA GROUP SRL
METEC INTERNATIONAL S.A.R.L
METEC SRL
PLASTIK NORD AFRIQUE S.A.R.L.
PLASTIK S.P.A.
ENGINEERING
SERVICES
TEXTILES/CLOTHING
ENGINEERING
ENGINEERING
OTHER (SHOE UPPERS)
ENGINEERING
RUBBER/PLASTICS
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
Total U.S.A.
GDS USA INC.
COIM USA HOLDING INC.
E-STONE USA CORPORATION
TECNOCAP ACQUISITION CORPORATION
METAL FORMING TECHNOLOGY INC.
PARMACOTTO USA INC.
FRATELLI BERETTA WEST INC.
FINCANTIERI USA INC.
COLAVITA INTERNATIONAL CORP.
ARKWRIGHT ADVANCED COATING INC.
TESMEC USA INC.
AIRCOM INDUSTRIES CO. LTD
BREVINI WIND USA INC.
LC INTERNATIONAL L.L.C.
POMELLATO USA INC.
3F CHIMICA AMERICAS, INC.
NEWCO SEDA AMERICAS INC.
EUROSTAMPA NORTH AMERICA INC.
GLOBAL DISPLAY SOLUTIONS S.P.A.
COIM S.P.A.
TREND GROUP S.P.A.
TECNOCAP S.P.A.
GNUTTI CIRILLO S.P.A.
PARMACOTTO S.P.A.
SALUMIFICIO FRATELLI BERETTA S.P.A.
FINCANTIERI CANTIERI NAVALI S.P.A.
COLAVITA S.P.A.
DIATEC HOLDING S.P.A.
TESMEC S.P.A.
BAGLIONI S.P.A.
BREVINI WIND S.R.L.
COMPAGNIA IMMOBILIARE AZIONARIA S.P.A.
POMELLATO S.P.A.
3F CHIMICA SPA
SEDA INTERNATIONAL PACKAGING GROUP SPA
INDUSTRIA GRAFICA EUROSTAMPA SPA
ELECTRONICS/IT
WOOD/FURNITURE
BASIC METAL/STEEL
BASIC METAL/STEEL
ENGINEERING
ENGINEERING
ENGINEERING
ENGINEERING
OTHER
PACKAGING
Venezuela
Total Venezuela
PETREVEN SERVICIOS Y PERFORACIONES PETROLERAS C.A.
PETREVEN S.P.A.
SERVICES
Vietnam
Total Vietnam
BONFIGLIOLI VIETNAM CO. LTD
BONFIGLIOLI RIDUTTORI S.P.A.
ENGINEERING
Tunisia
Tunisia
Tunisia
Tunisia
Tunisia
Tunisia
Tunisia
Tunisia
Tunisia
Tunisia
Total Tunisia
Total other countries (175)
TOTAL EQUITY INVESTMENTS IN EU AND NON-EU COMPANIES AT 31 DECEMBER 2011 (256)
BANKING

SIMEST SpA
117
Annex
Annual Report
SHARE CAPITAL
CURRENCY
AMOUNT
RO
SIMEST'S HOLDING
%
IN LOCAL CURRENCY
SIMEST'S HOLDING
IN EUROS
511.320
19,50
99.707
195.000
195.000
XOF
1.000.000.000
24,00
240.000.000
366.285
366.285
ZAR
ZAR
ZAR
55.000.000
1.059.280
58.207.900
24,50
3,37
26,29
13.475.000
35.679
15.300.000
1.544.413
2.689.432
1.485.000
5.718.845
THB
THB
57.000.000
60.845.760
25,00
19,59
14.250.000
11.916.800
300.000
280.087
580.087
TND
EUR
170.000.000
4.000.000
0,84
20,01
1.428.000
800.247
2.344.901
800.247
TND
TND
TND
TND
TND
TND
TND
TND
TND
EUR
2.040.000
30.000
13.490.000
1.263.200
7.950.000
14.080.000
7.660.000
3.830.000
3.866.000
4.000.000
20,00
7,83
7,97
10,00
27,50
16,24
24,51
24,85
24,56
10,25
408.000
2.350
1.075.000
126.320
2.186.200
2.287.065
1.877.500
951.750
949.490
410.000
240.000
10.444
602.579
69.933
1.148.214
1.219.768
980.141
500.000
500.000
410.000
8.826.227
USD
EUR
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
USD
6.600.000
35.000.000
7.150.000
17.509.331
4.000.000
11.831.249
100.010.000
106.361.359
17.400.000
24.925.803
21.200.000
2.500.000
26.000.000
7.500.000
7.986.452
5.299.671
20.000.000
7.500.000
40,98
2,14
24,79
46,72
20,00
49,00
2,50
14,43
15,00
4,01
25,00
25,00
48,85
19,60
25,98
26,32
25,00
5,33
2.705.000
750.179
1.772.569
8.180.000
800.000
5.796.808
2.500.000
15.349.150
2.610.000
1.000.000
5.300.000
625.000
12.701.000
1.470.000
2.074.688
1.394.918
5.000.000
400.000
1.952.283
750.179
1.518.475
6.658.373
545.332
4.263.000
1.701.838
10.700.000
1.776.133
670.062
3.694.667
461.595
9.450.398
1.466.517
1.569.593
979.686
3.589.891
284.313
52.032.335
VEB
16.044.700.000
15,93
2.555.700.000
8.999.115
8.999.115
USD
10.000.000
20,00
2.000.000
1.336.831
1.336.831
233.421.390
338.640.978
ART WORK, DESIGN AND PRINT BY
Marchesi Grafiche Editoriali SpA
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Printed by the end of July 2012
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Annual Report

Transcription

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