This year, for the first time, the Mecaer Aviation Group’s annual report has been prepared as an integrated report, in which the mandatory financial data are integrated with strategic, organisational and business information to better present the shape of the group that Mecaer Aviation Group S.p.A. (“MAG”) heads, in terms of the sustainability of its business model and development path, while also providing information on the group’s activities with respect to their economic and social impact, for example.
This decision takes the group one step further towards increasingly sophisticated reporting, a key communication tool and a way of expressing not only the relationship between financial and non-financial performance, but also the highly integrated view of business from the various perspectives of the stakeholders directly and indirectly involved in MAG’s progress over the years.
In this way, the integrated report marks another milestone in the crucial development path, in which myriad initiatives and processes implemented over time, frequently far ahead of or seemingly in contrast with the group’s size and primary needs, have taken a clear and meaningful shape.
A corporate governance system that has grown increasingly complex over time can be distilled into the strategic priorities and expectations of stakeholders, beginning with the shareholders themselves, and thereby encouraging the parent’s and the group’s identity to mature. This process has involved analysis and planning, diagnosis and self-checks, all on a voluntary basis.
Although the structuring of these processes cannot be considered complete, a foundation has been laid for widespread awareness throughout the organisation of the complexity of business activities and the multi-dimensional perception that is now seen as a key factor for running a business, in terms of sustainability or responsibility in its many different meanings.
In addition to constituting a key word in the group’s product and technology offer, the term integrated therefore refers to both the need to integrate information in various fields and the aim of giving an integrated view of stakeholders’ necessarily differing perspectives.
The inclusion of non-financial or not only financial data and information makes results easier to understand, as it contextualises them in a broader context, which includes the group’s strategic orientation and its business model, corporate governance and its system of values, highlighting as much as possible, the consistency of management choices.
This pursuit is, moreover, essential if one considers the length and complexity of cycles in the aerospace production industry, which make it difficult to convey – for managers of the information, and to perceive – for users of such information – how the decisions and investments contribute to creating value when their economic (or social) effects arise in the medium to long term.
With respect to methodology, certain clearly identified sections in the first part of this report include information that the group has provided on a voluntary basis with reference to the principles and recommendations issued by the IIRC.
The 2014 Annual Report also includes the Group performance, the Consolidated financial statements as at and for the year ended 30 september 2014 and the Separate financial statements as at and for the year ended 30 September 2014.