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Parent Company Financial Report |
DIRECTORS’ REPORT
2014 Annual Report
Prysmian Group
266
Unless specifically indicated below, the reasons behind
the more significant changes in individual items within
the Prysmian S.p.A. statement of financial position are
described in the Explanatory Notes to the Parent Company
Financial Statements, to which reference should be made.
Net fixed assets basically comprise the controlling interests
in Prysmian Cavi e Sistemi S.r.l., Draka Holding B.V. and in the
Group's other Italian companies.
The increase in investments in subsidiaries of Euro 89,883
thousand since 2013 reflects a capital increase by Prysmian
PowerLink S.r.l. (Euro 50,000 thousand), and capital
contributions paid to Fibre Ottiche Sud – F.O.S. S.r.l. (Euro
5,000 thousand), Prysmian PowerLink S.r.l. (Euro 30,000
thousand) and Draka Holding B.V. (Euro 33,000 thousand).
The overall increase also reflects a decrease in the value of
the investment in Fibre Ottiche Sud – F.O.S. S.r.l. following
its spin-off of the Ansaldo 20 property complex (Euro 14,772
thousand), the impairment of the investment in the same
subsidiary (Euro 16,465 thousand) and increases totalling
Euro 3,120 thousand for the pay-related component of stock
option plans, with underlying Prysmian S.p.A. shares, for
employees of other Group companies.
Investments in "Property, plant and equipment" and "Intan-
gible assets" totalled Euro 28,159 thousand in 2014 (Euro
24,094 thousand in 2013). These investments mainly reflect
the effects of spinning off the Ansaldo 20 property complex
from the subsidiary Fibre Ottiche Sud – F.O.S. S.r.l. for con-
version into the new headquarters of the Prysmian Group
(Euro 14,772 thousand), and software costs (Euro 10,951
thousand), mostly in connection with the SAP Consolidation
project. More details can be found in Note 1. Property, plant
and equipment and Note 2. Intangible assets, contained
in the Explanatory Notes to the Parent Company Financial
Statements.
Net working capital is a negative Euro 41,906 thousand and
comprises:
• Euro 105,745 thousand as the net negative balance
between trade receivables and trade payables (see Notes
6 and 11 to the Parent Company Financial Statements);
• Euro 63,839 thousand as the net positive balance of
other receivables/payables and financial receivables/
payables (see Notes 6 and 11 to the Parent Company
Financial Statements).
Provisions, presented above net of deferred tax assets,
amount to Euro 13,129 thousand at 31 December 2014 (see
Notes 4 and 12 to the Parent Company Financial Statements)
compared with Euro 31,477 thousand at 31 December 2013.
Equity amounts to Euro 1,107,027 thousand at 31 December
2014, reporting a net increase of Euro 85,975 thousand since 31
December 2013, mainly due to the net profit for the year, net of
the dividend distribution and the purchase of treasury shares.
A more detailed analysis of the changes in equity can be
found in the specific table presented as part of the Parent
Company Financial Statements.
The Group's consolidated equity at 31 December 2014 and
consolidated net profit for 2014 are reconciled with the cor-
responding figures for the Parent Company Prysmian S.p.A.
in a table presented in the Directors' Report contained in the
Group Annual Report.
The Net financial position reports Euro 726,381 thousand in
net debt at 31 December 2014, compared with Euro 612,667
thousand at 31 December 2013.