297
24. COMMITMENTS
The Company has the following types of commitments at 31
December 2013:
a) Commitments to purchase property, plant and equipment
and intangible assets
Contractual commitments, already given to third parties
at 31 December 2013 and not yet reflected in the financial
c) Comfort letters in support of bank guarantees given to
Group companies
Comfort letters in support of bank guarantees given in the
interest of Group companies amount to Euro 73 thousand, all
of which relating to P.T. Prysmian Cables Indonesia.
The comfort letters and guarantees given in the interest of
Group companies in (c) and (d) mainly refer to projects and
supply contracts and to the offsetting of VAT credits under the
Group VAT settlement. The increase is mainly attributable to the
guarantee issued to the subsidiary Prysmian PowerLink S.r.l. for
the Western HVDC Link project.
e) Comfort letters in support of bank guarantees given in the
interest of the Company
These amount to Euro 2,124 thousand, compared with Euro
2,440 thousand in the prior year.
statements, amount to Euro 941 thousand (Euro 1,228 thousand
at 31 December 2012), of which Euro 264 thousand in relation
to the SAP Consolidation project (Euro 446 thousand at 31
December 2012).
b) Operating lease commitments
Future commitments relating to operating leases are as follows:
d) Other guarantees given in the interest of Group
companies
These amount to Euro 961,456 thousand at 31 December 2013
(Euro 946,757 thousand at 31 December 2012), analysed as
follows:
As required by art. 2427 point 22-ter, it is reported that, in
addition to the above disclosures about commitments, there
are no other agreements that are not reflected in the statement
of financial position that carry significant risks or benefits
and which are critical for assessing the Company’s assets and
liabilities, financial position and results of operations.
(in thousands of Euro)
2013
2012
Due within 1 year
2,175
4,339
Due between 1 and 5 years
2,029
3,575
Due after more than 5 years
-
-
Total
4,204
7,914
(in thousands of Euro)
2013
2012
Prysmian Cavi e Sistemi S.r.l.
42,766
65,114
Prysmian Netherlands B.V.
47,740
42,804
Prysmian PowerLink S.r.l.
837,246
809,102
Prysmian Cables & Systems Limited
23,750
24,262
Prysmian Kabel und Systeme GmbH
242
271
Fibre Ottiche Sud - F.O.S. S.r.l.
7,712
5,204
Other companies
2,000
-
Total
961,456
946,757
