CONSOLIDATED FINANCIAL STATEMENTS >
EXPLANATORY NOTES
154
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
(in millions of Euro)
31 December 2013
Due within Due between Due between
Due after
1 year
1 - 2 years
2- 5 years
5 years
Borrowings from banks and other lenders
368
448
721
3
Finance lease obligations
3
3
4
11
Credit lines guaranteed by securitized receivables
-
-
-
-
Derivatives
42
3
4
-
Trade and other payables
2,169
7
6
11
Total
2,582
461
735
25
Unused committed lines of credit at 31 December 2013 refer
both to Revolving Credit Facilities (Euro 797 million) and to
the EIB loan (Euro 100 million); at 31 December 2012 they
comprised Euro 75 million for the securitization programme
and Euro 796 million for Revolving Credit Facilities.
The line serving the securitization programme was terminated
at the end of July 2013.
and external assessments within ceilings approved by local
country management. The utilisation of credit limits is periodically
monitored at local level.
During 2013 the Group had a global insurance policy in place to
provide coverage for part of its trade receivables against any
losses.
As for credit risk relating to the management of financial and
cash resources, this risk is monitored by the Group Finance
Department, which implements procedures aimed at ensuring that
Group companies deal with independent, high standing, reliable
counterparties. In fact, at 31 December 2013 (like at 31 December
2012) almost all the Group’s financial and cash resources were
held with investment grade counterparties. Credit limits relating
The following table includes an analysis, by due date, of
payables, other liabilities, and derivatives settled on a net
basis; the various due date categories are determined on
the basis of the period between the reporting date and the
contractual due date of the obligations.
to the principal financial counterparties are based on internal
and external assessments, within ceilings defined by the Group
Finance Department.
(e) Liquidity risk
Prudent management of the liquidity risk arising from the Group’s
normal operations involves the maintenance of adequate levels
of cash and cash equivalents and short-term securities as well as
availability of funds by having an adequate amount of committed
credit lines.
The Group Finance Department uses cash flow forecasts to
monitor the projected level of the Group’s liquidity.
The amount of liquidity reserves at the reporting date is as
follows:
(in millions of Euro)
31 December 2013 31 December 2012
Cash and cash equivalents
561
812
Financial assets held for trading
94
78
Unused committed lines of credit
897
871
Total
1,552
1,761
(in millions of Euro)
31 December 2012
Due within Due between Due between
Dueafter
1 year
1 - 2 years
2- 5 years
5 years
Borrowings from banks and other lenders
327
654
831
2
Finance lease obligations
2
2
7
9
Credit lines guaranteed by securitized receivables
75
-
-
-
Derivatives
24
33
8
-
Trade and other payables
2,104
4
5
18
Total
2,532
693
851
29
