CONSOLIDATED FINANCIAL STATEMENTS >
EXPLANATORY NOTES
216
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
29. CONTINGENT LIABILITIES
30. COMMITMENTS
31.
RECEIVABLES FACTORING
As a global operator, the Group is exposed to legal risks
primarily, by way of example, in the areas of product liability
and environmental, antitrust and tax rules and regulations. The
outcome of legal disputes and proceedings currently in progress
cannot be predicted with certainty. An adverse outcome in one
or more of these proceedings could result in the payment of
costs that are not covered, or not fully covered, by insurance,
which would therefore have a direct effect on the Group’s
financial position and results.
As at 31 December 2013, the contingent liabilities in respect
of which the Group has not recognised any provision for risks
and charges, on the grounds that an outflow of resources is
unlikely, but which can nonetheless be reliably estimated,
amount to approximately Euro 25 million.
(a) Commitments to purchase property, plant and equipment
and intangible assets
Contractual commitments already entered into with third
parties as at 31 December 2013 and not yet reflected in
the financial statements amount to Euro 21 million for
investments in property, plant and equipment (Euro
25 million at the end of 2012) and to Euro 1 million for
investments in intangible assets (Euro 2 million at the end
of 2012).
The dividend paid in 2013 amounted to approximately Euro
89 million (Euro 0.42 per share). A dividend of Euro 0.42 per
share for the year ended 31 December 2013 will be proposed
at the annual general meeting to be held on 16 April 2014 in a
single call; based on the number of outstanding shares, the
above dividend per share equates to a total dividend pay-
out of approximately Euro 89 million. The current financial
statements do not reflect any liability for the proposed
dividend.
b) Operating lease commitments
Future commitments relating to operating leases are as follows:
(in millions of Euro)
31 December 2013
31 December 2012
Due within 1 year
40
21
Due between 1 and 5 years
20
39
Due after more than 5 years
16
25
Total
76
85
With reference to factoring programmes, the Group has made use of without-recourse factoring of trade receivables.
The amount of receivables factored but not yet paid by customers was Euro 309 million at 31 December 2013 (Euro 231 million at 31
December 2012).
