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Consolidated Financial Report |
EXPLANATORY NOTES
2014 Annual Report
Prysmian Group
182
Details of investments in equity-accounted companies are as follows:
31 December 2014
31 December 2013 (*)
Yangtze Optical Fibre and Cable Joint Stock Limited Company
109
-
Oman Cables Industry (SAOG)
67
55
Kabeltrommel Gmbh & Co.K.G.
8
8
Elkat Ltd.
8
10
Rodco Ltd.
3
2
Eksa Sp.Zo.o
3
3
Total investments in associates
198
78
Yangtze Optical Fibre and Cable Joint Stock Limited Company
-
104
Yangtze Optical Fibre & Cable (Shanghai) Co. Ltd.
21
17
Power Cables Malaysia Sdn Bhd
5
5
Precision Fiber Optics Ltd.
1
1
Total investments in joint ventures
27
127
Total investments in equity-accounted companies
225
205
(*) The previously published prior year consolidated financial statements have been restated following the adoption of IFRS 10 and IFRS 11. Further details can
be found in Section C. Restatement of comparative figures.
Investments in associates
Information about the nature of the main investments in associates:
Company name
Registered office
% owned
Yangtze Optical Fibre and Cable Joint Stock Limited Company
China
28.12%
Oman Cables Industry (SAOG)
Sultanate of Oman
34.78%
Kabeltrommel Gmbh & Co.K.G.
Germany
43.18%
Elkat Ltd.
Russia
40.00%
Yangtze Optical Fibre and Cable Joint Stock Limited Company,
a Chinese company formed in 1988, is a joint venture between
three partners: China Telecommunications Corporation,
Wuhan Yangtze Communications Industry Group Company
Ltd. and the Prysmian Group. The company is one of the
industry’s most important manufacturers of optical fibre
and cables. The company’s products and solutions are sold in
more than 50 countries, including the United States, Japan,
the Middle East and Africa.
The prospectus for the public offering and the listing of the
company’s shares was published on 26 November 2014.
Following closure of the offering period, the company’s
shares commenced trading on the Main Board of the Hong
Kong Stock Exchange on 10 December 2014. The offering
involved an increase in the company’s share capital, with
a consequent dilution of the Prysmian Group’s holding to
28.12%. This dilution has resulted in the recognition of a
non-recurring gain of Euro 8 million. In accordance with the
IFRS 10 definition of control, the value of the investment
has been reclassified from investments in joint ventures to
investments in associates.
At 31 December 2014, the fair value of the investment in
(in millions of Euro)