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2014 Annual Report
Prysmian Group
258
Consolidated Financial Report |
AUDIT REPORT
AUDITORS’ REPORT IN ACCORDANCE WITH ARTICLES 14 AND 16 OF LEGISLATIVE
DECREE N° 39 OF 27 JANUARY 2010
To the Shareholders of
Prysmian SpA
1
We have audited the financial statements of Prysmian SpA as of 31 December 2014 which
comprise the statement of financial position, income statement, statement of comprehensive
income, statement of changes in equity and statement of cash flows and the related
explanatory notes. The Directors of Prysmian SpA are responsible for the preparation of these
financial statements in accordance with the International Financial Reporting Standards as
adopted by the European Union, and with the regulations issued to implement article 9 of
Legislative Decree N° 38/2005. Our responsibility is to express an opinion on these financial
statements based on our audit.
2
We conducted our audit in accordance with the auditing standards recommended by Consob,
the Italian Commission for listed Companies and Stock Exchange. Those standards require
that we plan and perform the audit to obtain the necessary assurance about whether the
financial statements are free of material misstatement and, taken as a whole, are presented
fairly. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of significant estimates made by the
Directors. We believe that our audit provides a reasonable basis for our opinion.
For the opinion on the financial statements of the prior year, which are presented for
comparative purposes, reference is made to our report dated 20 March 2014.
3
In our opinion, the financial statements of Prysmian SpA as of 31 December 2014 comply with
the International Financial Reporting Standards as adopted by the European Union, and with
the regulations issued to implement article 9 of Legislative Decree N° 38/2005; accordingly,
they have been prepared clearly and give a true and fair view of the financial position as of 31
December 2014, the result of operations and cash flows of Prysmian SpA for the year then
ended.
4
As described in note 12 to the financial statements, “Provisions for risks and charges”, in 2009
certain anti-trust authorities started investigations with respect to the Prysmian Group and
other European and Asian electrical cable manufacturers to verify the existence of anti-
competitive practices in the high voltage submarine and underground cables markets. On 2
April 2014, the European Commission issued a decision under which it found that, between 18
February 1999 and 28 January 2009, the world's largest cable producers, including Prysmian
Cavi e Sistemi Srl, adopted anti-competitive practices in the European market for high voltage