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EXPLANATORY NOTES
272
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
Trade receivables at 31 December 2013 mainly refer to charges
made by Prysmian S.p.A. to its subsidiaries for head office
services, for patent and know-how user licences, and for the
resale of strategic materials.
The book value of trade receivables approximates their fair
value.
Trade receivables are all due within the next year and do not
include any significant past due balances.
Tax receivables of Euro 21,814 thousand mainly refer to:
• tax credits for withholdings paid abroad (Euro 10,121
thousand);
• residual credits for IRES - Italian corporate income tax (Euro
3,340 thousand), after duly offsetting against the provision
of Euro 7,268 thousand;
• VAT credits (Euro 7,910 thousand);
• residual tax credit (Euro 406 thousand) for Research and
Development under art. 1, par. 280-283, of Law 296 dated 27
The following table breaks down trade and other receivables according to the currency in which they are expressed:
December 2006, as per the authorisation received from the
tax office on 15 June 2009.
Financial receivables mostly comprise the credit balance of
Euro 553,744 thousand on the current account with Prysmian
Treasury S.r.l., the Group’s central treasury company (Euro
197,440 thousand at 31 December 2012).
“Prepaid finance costs” of Euro 4,029 thousand relate to:
• Euro 2,437 thousand for the Company’s portion of the costs
incurred for the revolving credit facilities under the Forward
Start Agreement signed on 21 January 2010 (now termed
Credit Agreement 2010, see Note 10. Borrowings from banks
and other lenders for more details), that the Company is
amortising over the term of the agreement, i.e. until 31
December 2014;
• Euro 1,592 thousand in costs incurred to renegotiate the
Credit Agreement 2010, that the Company is amortising over
the term of the agreement, i.e. until 31 December 2014.
(in thousands of Euro)
31 December 2013
31 December 2012
Euro
666,994
375,927
British Pound
95,823
92
US Dollar
3,004
-
Australian Dollar
468
-
Other currencies
237
-
Total
766,526
376,019
(in thousands of Euro)
31 December 2012
Non-current
Current
Total
Trade receivables
-
107,679
107,679
T
otal trade receivables
-
107,679
107,679
Other receivables:
Tax receivables
-
2,010
2,010
Financial receivables
21
197,447
197,468
Prepaid finance costs
3,919
3,919
7,838
Receivables from employees
46
408
454
Other
15,034
45,536
60,570
Total other receivables
19,020
249,320
268,340
Total
19,020
356,999
376,019
