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Parent Company Financial Report |
EXPLANATORY NOTES
2014 Annual Report
Prysmian Group
282
1,390,000 treasury shares during the months of November
and December 2014 at a cost of Euro 19,954 thousand.
Share capital
The share capital of Prysmian S.p.A. increased during
2014 following the exercise of 2,120,687 options under the
The 2014 financial statements represent the separate
financial statements of Prysmian S.p.A., the Parent Company.
The present financial statements have been prepared on a
going concern basis, with the directors having assessed that
there are no financial, operating or other kind of indicators
that might provide evidence of the Company's inability to
meet its obligations in the foreseeable future and particularly
in the next 12 months. Section C. Financial risk management
and Section C.1 Capital risk management of these Explanatory
Notes contain a description of how the Company manages
financial risks, including liquidity and capital risks.
Under Legislative Decree 38 of 28 February 2005 "Exercise
of the options envisaged by art. 5 of European Regulation
1606/2002 on international accounting standards", issuers
are required to prepare not only consolidated financial state-
ments but also separate financial statements for the Parent
Company in accordance with the International Financial
Reporting Standards (IFRS) issued by the International Ac-
counting Standards Board (IASB) and published in the Official
Journal of the European Union.
The Company has elected to present its income statement
according to the nature of expenses, whereas assets and
liabilities in the statement of financial position have been
classified as either current or non-current. The statement of
cash flows has been prepared using the indirect method.
stock option plan, taking the total number of shares at 31
December 2014 to 216,712,397 (including 2,819,649 treasury
shares).
The financial statements contained herein were approved
by the Board of Directors on 25 February 2015.
Basis of preparation
Reporting formats and disclosures
The term IFRS refers to all the International Financial
Reporting Standards, all the International Accounting
Standards (IAS), and all the interpretations of the Interna-
tional Financial Reporting Interpretations Committee (IFRIC),
previously known as the Standing Interpretations Committee
(SIC).
IFRS have been applied consistently to all the periods
presented in this document. The Company's financial
statements have, therefore, been prepared in accordance
with IFRS and related best practice; any future guidance and
new interpretations will be reflected in subsequent years, in
the manner established from time to time by the relevant
accounting standards.
The financial statements have been prepared on the historical
cost basis, except for the valuation of certain financial assets
and liabilities, including derivatives, which must be reported
using the fair value method.
The Company has also applied the provisions of Consob
Resolution 15519 dated 27 July 2006 concerning financial
statement formats and the requirements of Consob Commu-
nication 6064293 dated 28 July 2006 regarding disclosures.
All the amounts shown in the tables in the following Notes
are expressed in thousands of Euro, unless otherwise stated.