PARENT COMPANY >
EXPLANATORY NOTES
294
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
2012) and Euro 175 thousand (Euro 47 thousand in 2012), and
the fees of the independent auditors of Euro 803 thousand
(Euro 772 thousand in 2012).
Operating and other costs mainly refer to costs incurred for
promotional activities and attendance at exhibitions and
trade fairs.
Rental costs primarily refer to rent of Euro 2,360 thousand
for the Company’s office building (Euro 2,007 thousand
in 2012) and rent of Euro 1,884 thousand for the premises
and laboratories used by the Company’s Research and
Development department (Euro 2,056 thousand in 2012).
Finance costs are detailed as follows:
Interest on syndicated loans comprises Euro 2,555 thousand
on the share of the Term Loan received by Prysmian S.p.A.
under the Credit Agreement 2010, and Euro 6,063 thousand
on its share of the Term Loan Facility 2011. The decrease
compared with 2012 is mainly due to a reduction in interest
expense following early repayment of part of the Credit
Agreement 2010 (see Note 10. Borrowings from banks and
other lenders).
Amortisation of bank and financial fees and other expenses
mainly reflects the Company’s share of the annual costs
relating to the loans obtained under the Credit Agreement
2010 and the Credit Agreement 2011, and of the costs of the
convertible and non-convertible bonds.
Non-recurring finance costs mainly refer to the accelerated
amortisation of bank fees following early repayment of the
Credit Agreement 2010 (see Note 10. Borrowings from banks
and other lenders).
20. FINANCE INCOME AND COSTS
(in thousands of Euro)
2013
2012
Interest on syndicated loans
8,618
15,595
Interest on non-convertible bond
21,000
21,000
Interest on convertible bond - monetary component
3,062
-
Interest on convertible bond - non-monetary component
5,913
-
Amortisation of bank and financial fees and other expenses
7,620
6,989
Employee benefit interest costs
178
240
Other bank interest
58
39
Costs for undrawn credit lines
2,650
3,444
Sundry bank fees
618
3,726
Other
66
7
Non-recurring other finance costs
Amortisation of bank fees
2,311
-
Total non-recurring other finance costs
2,311
-
Finance costs
52,094
51,040
Foreign currency exchange losses
1,230
213
Total finance costs
53,324
51,253
