297 348
297
The following table breaks down trade and other receivables according to the currency in which they are expressed:
31 December 2014 31 December 2013
Euro
703,404
666,994
British Pound
19,064
95,823
US Dollar
1,657
3,004
Australian Dollar
-
468
Other currencies
-
237
Total
724,125
766,526
"Trade receivables" at 31 December 2014 mainly refer to
charges made by Prysmian S.p.A. to its subsidiaries for head
office services and the resale of strategic materials.
The book value of trade receivables approximates their fair
value.
Trade receivables are all due within the next year and do not
include any significant past due balances.
"Tax receivables" of Euro 34,555 thousand mainly refer to:
• tax credits for withholdings paid abroad (Euro 10,361
thousand);
• residual credits for IRES - Italian corporate income tax
(Euro 4,890 thousand), after duly offsetting against the
provision of Euro 4,904 thousand;
• VAT credits (Euro 17,579 thousand).
"Financial receivables" mostly comprise the credit balance
of Euro 489,552 thousand on the current account with
Prysmian Treasury S.r.l., the Group's central treasury
company (Euro 553,744 thousand at 31 December 2013).
"Prepaid finance costs" of Euro 6,744 thousand mainly
relate to:
• Euro 6,274 thousand for the Company's portion of the
costs incurred for the Syndicated Revolving Credit
Facility 2014 agreed with a syndicate of leading banks on
27 June 2014 (for more details, see Note 10. Borrowings
from banks and other lenders); the Company is amortis-
ing these costs over the term of the agreement, i.e. until
27 June 2019;
• Euro 451 thousand for the Company's portion of the
costs incurred for the Euro 100 million Revolving Credit
Facility 2014 agreed with Mediobanca – Banca di Credito
Finanziario S.p.A. on 19 February 2014 (for more details,
see Note 10. Borrowings from banks and other lenders);
the Company is amortising these costs over the term of
the agreement, i.e. until 19 February 2019.
At 31 December 2014, "Other" mainly comprises:
• Euro 8,976 thousand in receivables from Group
companies for the chargeback of user licences for
patents and know-how;
• Euro 24,385 thousand in receivables from Italian Group
companies for the transfer of IRES (Italian corporate
income tax) under the group tax consolidation (art. 117
et seq of the Italian Income Tax Code).
The book value of financial receivables and other current
receivables approximates the respective fair value.
(in thousands of Euro)