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Parent Company Financial Report |
EXPLANATORY NOTES
2014 Annual Report
Prysmian Group
322
Professional services mainly refer to outsourcing costs
(particularly for IT and personnel administration services) of
Euro 2,853 thousand (Euro 5,961 thousand in 2013), costs for
the use of personnel seconded from other Group companies
of Euro 8,059 thousand (Euro 7,587 thousand in 2013),
research and development costs of Euro 5,915 thousand
(Euro 3,170 thousand in 2013), and costs incurred to manage
the patents portfolio of Euro 2,562 thousand (Euro 2,709
thousand in 2013).
Professional services also include the compensation of the
directors and statutory auditors of Prysmian S.p.A., respec-
tively of Euro 430 thousand (Euro 414 thousand in 2013) and
Euro 175 thousand (Euro 175 thousand in 2013), and the fees
of the independent auditors of Euro 860 thousand (Euro 803
thousand in 2013).
Operating and other costs mainly refer to costs incurred for
promotional activities and attendance at exhibitions and
trade fairs.
Rental costs primarily refer to rent of Euro 2,371 thousand
for the Company's office building (Euro 2,360 thousand in
2013) and rent of Euro 587 thousand for the premises and
laboratories used by the Company's Research and Develop-
ment department (Euro 1,884 thousand in 2013).
Finance costs are detailed as follows:
20. FINANCE INCOME AND COSTS
2014
2013
Interest on credit facilities
6,654
8,618
Interest on non-convertible bond
21,000
21,000
Interest on convertible bond - monetary component
3,750
3,062
Interest on convertible bond - non-monetary component
7,528
5,913
Amortisation of bank and financial fees and other expenses
6,773
7,620
Employee benefit interest costs
176
178
Other bank interest
2,165
58
Costs for undrawn credit lines
3,806
2,650
Sundry bank fees
929
618
Other
-
66
Non-recurring other finance costs:
Amortisation of bank fees
1,655
2,311
Antitrust bank guarantee and interest costs
393
-
Total non-recurring other finance costs
2,048
2,311
Finance costs
54,829
52,094
Foreign currency exchange losses
3,585
1,230
Total finance costs
58,414
53,324
(in thousands of Euro)