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DIRECTORS’ REPORT
248
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
FINANCIAL RISK MANAGEMENT POLICIES
EVENTS AFTER THE REPORTING PERIOD
Financial risk management policies are discussed in Sections C and C.1 of the Explanatory Notes to the Parent Company Financial
Statements.
On 1 February 2014, Prysmian (Dutch) Holdings B.V., a
company owned by the subsidiary Prysmian Cavi e Sistemi
S.r.l., was merged with Draka Holding N.V.. This transaction,
effective 1 January 2014 for accounting purposes, has
increased the interest of Prysmian Cavi e Sistemi S.r.l. in
Draka Holding N.V. to 47.83%, and decreased the interest of
Prysmian S.p.A. in the same subsidiary to 52.17%.
On 5 February 2014, the European Investment Bank (EIB)
paid the Parent Company Prysmian S.p.A. the Euro 100
million loan, intended to fund the Prysmian Group’s
European Research & Development programmes over
the period 2013-2016. The loan agreement was signed in
December 2013 and will fund about 50% of the planned
investment expenditure by R&D centres in six countries:
France, Great Britain, the Netherlands, Spain, Germany
and Italy. The loan will be repaid in 12 equal half-yearly
instalments starting on 5 August 2015 and ending on 5
February 2021.
On 19 February 2014, Prysmian S.p.A. signed a loan
agreement for Euro 100 million with Mediobanca - Banca di
Credito Finanziario S.p.A.. The agreement has a five-year
term and is intended to refinance existing debt and working
capital requirements.
On 19 February 2014, the Ansaldo 20 building, located in
Milan, was spun off from the subsidiary Fibre Ottiche Sud
- FOS S.r.l. to Prysmian S.p.A.. This building will undergo
renovations in order to transform it into the Prysmian
Group’s new headquarters.
On 21 February 2014, the Group sent the syndicate of banks
party to the Credit Agreement 2010, a Prepayment Notice
that it would repay early the outstanding loan of Euro 88
million on 28 February 2014.
With regard to business outlook, please refer to the
Directors’ Report contained in the Group Annual Report.
