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DIRECTORS’ REPORT
242
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
FINANCIAL PERFORMANCE OF PRYSMIAN S.P.A.
The tables presented and discussed below have been
prepared by reclassifying the financial statements at
31 December 2013, which in turn have been drawn up in
accordance with the International Financial Reporting
Standards (IFRS) issued by the International Accounting
Standards Board (IASB) and endorsed by the European
Union, and with the provisions implementing art. 9 of
Legislative Decree 38/2005.
As from 1 July 2013, the activities of purchasing strategic
materials (copper, aluminium and lead) from third-party
suppliers and reselling them to the Group’s operating
companies have been centralised in Prysmian S.p.A..
This operation is part of the reorganisation of activities
within the Prysmian Group with the goal of having greater
control over what is considered a strategic business for the
Group.
Following the above operation, Prysmian S.p.A.’s “Revenue
from ordinary operations” relates to the sale of strategic
metals to Group operating companies, while “Other income”
primarily refers to services provided and royalties from
the licensing of patents and know-how to other Group
companies or even third parties.
(in thousands of Euro)
2013
2012
Revenue from ordinary operations
452,225
-
Other income
102,068
111,038
of which non-recurring other income
333
350
Operating costs
(501,444)
(53,484)
of which non-recurring income/(expenses)
(2,463)
(2,979)
of which personnel costs for stock option fair value
(4,599)
(5,557)
Other expenses
(67,031)
(72,539)
of which non-recurring other expenses
(1,666)
(3,289)
Amortisation, depreciation and impairment
(10,463)
(8,685)
Operating income
(24,645)
(23,670)
Net finance income/(costs)
(38,775)
(35,408)
of which non-recurring net finance income/(costs)
(2,311)
-
Net income from investments
219,861
150,000
Profit/(loss) before taxes
156,441
90,922
Taxes
28,244
21,216
Net profit/(loss) for the year
184,685
112,138
Unless specifically indicated below, the reasons behind the
more significant changes in individual items within the
Prysmian S.p.A. income statement are described in the
Explanatory Notes to the Financial Statements of Prysmian
S.p.A., to which reference should be made.
The Parent Company’s income statement for 2013 reports
Euro 184,685 thousand in net profit, showing an increase of
Euro 72,547 thousand on the prior year.
The items contributing to this result will now be discussed:
Revenue from ordinary operations of Euro 452,225 thousand
comprises Euro 451,100 thousand from the resale of strategic
materials (copper, aluminium and lead) to the Group’s
operating companies after this activity was centralised in the
Company from July 2013, and Euro 1,125 thousand from the
change in inventories of such strategic materials.
INCOME STATEMENT
