330 348
Parent Company Financial Report |
EXPLANATORY NOTES
2014 Annual Report
Prysmian Group
330
demand full or partial repayment of the amounts lent and
not yet repaid, together with interest and any other amount
due. No collateral security is required.
Actual financial ratios reported at period end, calculated at
a consolidated level for the Prysmian Group, are as follows:
• occurrence of events that may adversely and significantly
affect the business, the assets or the financial conditions
of the Group.
Should a default event occur, the lenders are entitled to
31 December 2014
31 December2013 (*)
EBITDA / Net finance costs
(1)
5.82
6.99
Net financial position / EBITDA
(1)
1.50
1.27
(*) The ratios are calculated on the basis of the definitions contained in the relevant agreements.
(1) The financial covenants have been recalculated following restatement of the previously published figures for the adoption of IFRS 10 and 11, the adoption of
a new method of classifying the share of net profit/(loss) of associates and joint ventures and of different timing for recognising the cash component of the
2011-2013 incentive plan.
instances of non-compliance with the financial and non-fi-
nancial covenants indicated above.
The above financial ratios comply with both the covenants
contained in the relevant credit agreements and there are no
excluding these items, net cash finance costs reflected in the
statement of cash flows amounted to Euro 18,135 thousand,
most of which referring to interest expense, bank fees and
other incidental expenses in connection with the Credit
Agreement 2011, the EIB Loan, the convertible bond and the
non-convertible bond.
Net cash flow used by financing activities includes the
receipt of the EIB Loan and the early repayment of the Credit
Agreement 2010.
Net cash flow used by operating activities was a negative Euro
56,726 thousand in 2014, inclusive of Euro 18,701 thousand
in taxes collected by the Group's Italian companies for IRES
transferred under the group tax consolidation (art. 117 et seq
of the Italian Income Tax Code).
Investing activities provided a net positive Euro 89,947
thousand in cash flow, after collecting Euro 221,071 thousand
in dividends from subsidiaries.
Net finance costs recognised in the income statement
came to Euro 38,862 thousand inclusive of non-cash items;
30. STATEMENT OF CASH FLOWS