236 348
Consolidated Financial Report |
EXPLANATORY NOTES
2014 Annual Report
Prysmian Group
236
30. COMMITMENTS
(a) Commitments topurchase property, plant and equipment
and intangible assets
Contractual commitments already entered into with third
parties as at 31 December 2014 and not yet reflected in
the financial statements amount to Euro 37 million for in-
vestments in property, plant and equipment (Euro 21 million
at the end of 2013) and to Euro 1 million for investments in
intangible assets (Euro 1 million at the end of 2013).
(b) Operating lease commitments
Future commitments relating to operating leases are as
follows:
2014
2013 (*)
Due within 1 year
18
40
Due between 1 and 5 years
30
20
Due after more than 5 years
7
16
Total
55
76
(*) 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.
31.
RECEIVABLES FACTORING
With reference to factoring programmes, the Group has made
use of without-recourse factoring of trade receivables. The
amount of receivables factored but not yet paid by customers
was Euro 262 million at 31 December 2014 (Euro 290 million at
31 December 2013).
32. FINANCIAL COVENANTS
The credit agreements in place at 31 December 2014, details
of which are presented in Note 12, require the Group to
comply with a series of covenants on a consolidated basis.
The main covenants, classified by type, are listed below:
a) Financial covenants
• Ratio between EBITDA and Net finance costs (as defined
in the relevant agreements);
• Ratio between Net Financial Position and EBITDA (as
defined in the relevant agreements).
(in millions of Euro)