293 348
293
With a balance of Euro 1,818,399 thousand at 31 December 2014, these investments report the following movements over the year:
3.
INVESTMENTS IN SUBSIDIARIES
The change of Euro 89,883 thousand in the value of invest-
ments in subsidiaries is mainly attributable to the following
transactions:
• on 1 February 2014, as part of the corporate rationalisa-
tion following acquisition of the Draka Group, Prysmian
(Dutch) Holdings B.V., a company owned by the sub-
sidiary Prysmian Cavi e Sistemi S.r.l., was merged with
Draka Holding B.V.. This transaction, effective 1 January
2014 for accounting purposes, has increased the interest
of Prysmian Cavi e Sistemi S.r.l. in Draka Holding B.V. to
47.83%, and decreased the interest of Prysmian S.p.A. in
the same subsidiary from 63.43% to 52.17%;
• on 19 February 2014, the Ansaldo 20 property complex,
located in Milan, was spun off from the subsidiary Fibre
Ottiche Sud – F.O.S. S.r.l. to Prysmian S.p.A., more details
of which can be found in Note 1. Property, plant and
equipment. This spin-off, which was effective 1 March
2014, has led to a reduction of Euro 14,772 thousand in
the value of the investment in Fibre Ottiche Sud – F.O.S.
S.r.l.;
• on 8 April 2014, the share capital of the subsidiary
Prysmian PowerLink S.r.l. was increased by Euro 50,000
thousand;
• on 8 August 2014, a capital contribution of Euro 5,000
thousand was paid to the subsidiary Fibre Ottiche Sud –
F.O.S. S.r.l;
• on 26 August 2014, capital contributions were paid
to the subsidiaries Prysmian PowerLink S.r.l. (Euro
30,000 thousand) and Draka Holding B.V. (Euro 33,000
thousand);
• increases totalling Euro 3,120 thousand for the compen-
sation-related component of stock options over Prysmian
S.p.A. shares held by managers employed by other Group
companies, as explained in Note 17. Personnel costs. This
component has been treated like a capital contribution
and so reported as an increase in the value of the invest-
ments in the subsidiaries in which the plan beneficiaries
are directly or indirectly employees. These increases are
matched by a corresponding movement in the specific
equity reserve. Further information can be found in Note
9. Share capital and reserves.
The Company reviews the carrying amounts of its invest-
ments in accordance with the policy set out in Section B.
Accounting policies. In particular, as a result of impairment
testing, the Company has recognised an impairment loss of
Euro 16,465 thousand against the value of its investment in
Fibre Ottiche Sud – F.O.S. S.r.l..
31 December 2013
Capital
(Impairment)/
Capital
Effect 31 December 2014
contributions
Reversal of contributions of partial
impairment of
for stock spin-off
investments
options
Prysmian Cavi e Sistemi S.r.l.
278,522
-
-
449
-
278,971
Draka Holding B.V.
1,216,954
33,000
-
1,652
-
1,251,606
Prysmian Cavi e Sistemi Italia S.r.l.
49,159
-
-
712
-
49,871
Prysmian Power Link Srl
63,586
80,000
-
307
-
143,893
Fibre Ottiche Sud - F.O.S. S.r.l.
80,383
5,000
(16,465)
-
(14,772)
54,146
Prysmian Treasury Srl
37,757
-
-
-
-
37,757
Prysmian Kabel und Systeme GmbH
2,154
-
-
-
-
2,154
Prysmian Kablo SRO
1
-
-
-
-
1
Prysmian Pension Scheme Trustee Limited
-
-
-
-
-
-
Prysmian Surflex Umbilicais e Tubos Flexiveis do Brasil Ltda
-
-
-
-
-
-
Jaguar Communication Consultancy Services Private Ltd.
-
-
-
-
-
-
Prysmian Energia Cabos e Sistemas do Brasil S.A.
-
-
-
-
-
-
Total investments in subsidiaries
1,728,516
118,000
(16,465)
3,120 (14,772)
1,818,399
(in thousands of Euro)