278 348
2014 Annual Report
Prysmian Group
278
Parent Company Financial Report
2014
of which
2013
of which
related parties
related parties
(Note 25)
(Note 25)
Profit before taxes
175,420
156,441
Depreciation and impairment of property, plant and equipment
1,344
841
Amortisation and impairment of intangible assets
8,149
9,622
Impairment/(Reversal of impairment) of investments in subsidiaries
16,465
-
Net gains on disposal of property, plant and equipment,
intangible assets and other non-current assets
(85)
(62)
Share-based compensation
496
4,599
Dividends
(221,071)
(221,071)
(219,861)
(219,861)
Fair value change in metal derivatives
32
32
(38)
(38)
Net finance costs
38,862
16,190
38,776
13,132
Changes in inventories
1,125
(1,125)
Changes in trade receivables/payables
(89,824)
(44,882)
275,595
(2,291)
Changes in other receivables/payables
13,314
30,323
(12,013)
(50,775)
Taxes collected/(paid)
1
18,701
18,701
27,097
27,061
Utilisation of provisions (including employee benefit obligations)
(1,200)
(1,104)
Increases in/(Release of) provisions (including employee benefit obligations) (18,454)
4,578
Transfer of employee benefit obligations
-
(36)
A. Net cash flow provided by/(used in) operating activities
(56,726)
283,310
Investments in property, plant and equipment
(2,436)
(2,769)
Disposals of property, plant and equipment
263
90
Investments in intangible assets
(10,951)
(9,738)
Investments to recapitalise subsidiaries
(118,000)
(118,000)
(65,757)
(65,757)
Dividends received
221,071
221,071
202,286
202,286
B. Net cash flow provided by/(used in) investing activities
89,947
124,112
Capital increases
2
212
385
Dividend distribution
(88,857)
(88,857)
Purchase of treasury shares
(19,954)
-
Sale of treasury shares
416
-
Proceeds from convertible bond
3
-
296,150
EIB Loan
100,000
-
Early repayment of Credit Agreement
(87,916)
(232,084)
Finance costs paid
4
(37,361)
(1,747)
(38,448)
(980)
Finance income received
5
19,226
17,600
14,514
14,341
Changes in financial receivables/payables
78,727
64,192
(355,163)
(356,304)
C. Net cash flow provided by/(used in) financing activities
(35,507)
(403,503)
D. Total cash flow provided/(used) in the year (A+B+C)
(2,286)
3,919
E. Net cash and cash equivalents at the beginning of the year
4,600
681
F Net cash and cash equivalents at the end of the year (D+E)
2,314
4,600
STATEMENT OF CASH FLOWS
1 Refer to receipts relating to tax consolidation receivables from Italian Group companies for the transfer of IRES (Italian corporate income tax), net of the
Company’s payments of IRES and other taxes.
2 Refer to increases in share capital (Euro 212 thousand in 2014 and Euro 8 thousand in 2013) and in the share premium reserve (Euro 377 thousand in 2013), as
a result of exercising stock options.
3 The Bond became convertible following the resolution adopted by the Shareholders' Meeting on 16 April 2013.
4 Finance costs paid of Euro 37,361 thousand include Euro 33,569 thousand in interest expense paid in 2014 (Euro 32,517 thousand in 2013).
5 Finance income received of Euro 19,226 thousand includes Euro 7 thousand in interest receipts (Euro 2 thousand in 2013) as well as amounts collected from
Group companies for recharged fees for guarantees given by the Company on their behalf.
(in thousands of Euro)