189
The convertible bond (equity component and debt
component) has a fair value of Euro 339 million at 31
December 2013, of which the fair value of the debt component
is Euro 265 million. In the absence of trading on the relevant
market, fair value has been determined using valuation
techniques that refer to observable market data (Level 2 of
the fair value hierarchy).
Other borrowings from banks and financial institutions and
Finance lease obligations
These have reported the following changes during 2013:
• the receipt of Euro 55 million in new funds, mainly
comprising Euro 26 million by the joint venture Yangtze
Optical Fibre and Cables Joint Stock Co. Ltd., Euro 11 million
by Prysmian S.p.A. in respect of the finance lease for
the “Ansaldo 16” building and other financial liabilities
contracted by Spanish and German subsidiaries;
• repayments of Euro 122 million, primarily relating to
extinguishment of the securitization agreement and to
repayments by Brazilian and Chinese subsidiaries.
(1) Includes the accelerated amortisation of Euro 5 million in bank fees following the early repayments of the Credit Agreement 2010.
(2) “Drawdowns/New funds” pertaining to the convertible bond are stated net of the equity component of Euro 39 million and of Euro 4 million in related
expenses.
(1) “Drawdowns/new funds” are stated net of Euro 10 million in bank fees relating to the Term Loan Facility 2010.
(in millions of Euro)
Credit
Non-convertible Convertible bond
(2)
Other borrowings/
Total
Agreement
bond
Finance lease
obligations
Balance at 31 December 2012
1,060
413
-
321
1,794
Business combinations
(1)
-
-
(20)
(21)
Drawdowns/new funds
-
-
257
55
312
Repayments
(486)
-
-
(122)
(608)
Amortisation of bank and financial fees and other expenses
(1)
8
1
-
-
9
Interest and other movements
(1)
-
7
-
6
Total movements
(480)
1
264
(87)
(302)
Balance at 31 December 2013
580
414
264
234
1,492
The following tables report movements in borrowings from banks and other lenders:
(in millions of Euro)
Credit
Non-convertible
Convertible bond Other borrowings/
Total
Agreement
bond
Finance lease
obligations
Balance at 31 December 2011
1,070
412
-
380
1,862
Business combinations
-
-
-
15
15
Effects of deconsolidation
-
-
-
(16)
(16)
Currency translation differences
(4)
-
-
(11)
(15)
Drawdowns/new funds
(1)
660
-
-
134
794
Repayments
(670)
-
-
(181)
(851)
Amortisation of bank and financial fees and other expenses
4
1
-
-
5
Interest and other movements
-
-
-
-
-
Total movements
(10)
1
-
(59)
(68)
Balance at 31 December 2012
1,060
413
-
321
1,794
