243
Unless specifically indicated below, the reasons behind
the more significant changes in individual items within
the Prysmian S.p.A. statement of financial position
are described in the Explanatory Notes to the Financial
Statements of Prysmian S.p.A., to which reference should be
made.
Net fixed assets basically comprise the controlling interests
in Prysmian Cavi e Sistemi S.r.l., Draka Holding N.V. and in
the Group’s Italian companies.
The increase in investments in subsidiaries of Euro 67,538
thousand since 2012 is due to Euro 25,757 thousand for a
capital increase by the subsidiary Prysmian Treasury S.r.l.,
Euro 40,000 thousand in capital contributions paid to the
Other income of Euro 102,068 thousand (Euro 111,038
thousand in 2012) mostly refers to amounts charged back
by Prysmian S.p.A. to Group companies for coordination
activities, for services provided by headquarters functions and
for royalties relating to patents and know-how.
Operating costs of Euro 501,444 thousand in 2013 versus Euro
53,484 thousand in 2012, refer to the purchase of strategic
materials and other consumables (Euro 453,015 thousand
in 2013 versus Euro 2,017 thousand in 2012), to the fair value
change in metal derivatives ( a positive Euro 38 thousand in
2013) and to personnel costs (Euro 48,467 thousand in 2013
versus Euro 51,467 thousand in 2012).
Net finance costs amount to Euro 38,775 thousand (Euro
35,408 thousand in 2012), mainly relating to interest accruing
on the bonds and to interest payable under the Credit
Agreement 2010 and Credit Agreement 2011.
Net income from investments amounts to Euro 219,861
subsidiary Fibre Ottiche Sud – F.O.S. S.r.l. and to a total
of Euro 1,781 thousand in increases for the pay-related
component of stock option plans, with underlying Prysmian
S.p.A. shares, for employees of other Group companies to
which no costs are recharged.
Investments in “Property, plant and equipment” and
“Intangible assets” amount to Euro 24,094 thousand in
2013 (Euro 11,573 thousand in 2012). The main investments
relate to the finance lease taken over on the Ansaldo 16
building, Research and Development function headquarters
(Euro 13,093 thousand) and to software costs (Euro 5,838
thousand), chiefly in connection with the SAP Consolidation
project. More details can be found in Note 1. Property, plant
thousand, compared with Euro 150,000 thousand in the prior
year, and mainly refers to dividends paid by the subsidiaries
Prysmian Cavi e Sistemi S.r.l. and Prysmian PowerLink S.r.l..
Income taxes are a positive Euro 28,244 thousand (Euro 21,216
thousand in 2012) and comprise the recognition of a negative
Euro 2,847 thousand for deferred tax liabilities and a positive
Euro 31,091 thousand for current taxes. The latter mainly
reflect the net positive effects of the relief provided by tax
losses transferred from some Italian companies under the
rules of the group tax consolidation.
More details about the Italian companies which have elected
to file for tax on a group basis with Prysmian S.p.A. can be
found in Note 22. Taxes, contained in the Explanatory Notes to
the Parent Company Financial Statements.
Research and development costs are fully expensed to income
as incurred; more details can be found in Note 32. Research
and development, contained in the Explanatory Notes to the
Parent Company Financial Statements.
STATEMENT OF FINANCIAL POSITION
The Parent Company’s statement of financial position is summarised as follows:
Note: The composition and method of calculating the above indicators are discussed in the Directors’ Report contained in the Group Annual Report.
(in thousands of Euro)
31 December 2013 31 December 2012
Net fixed assets
1,787,648
1,721,587
- of which: Investments in subsidiaries
1,728,516
1,660,978
Net working capital
(116,147)
114,087
Provisions
(31,477)
(27,619)
Net capital employed
1,640,024
1,808,055
Employee benefit obligations
6,305
15,880
Equity
1,021,052
871,588
Net financial position
612,667
920,587
Total equity and sources of funds
1,640,024
1,808,055
