CONSOLIDATED FINANCIAL STATEMENTS >
DIRECTORS’ REPORT
66
| 2013 ANNUAL REPORT | PRYSMIAN GROUP
Net fixed assets amounted to Euro 2,190 million at 31
December 2013, compared with Euro 2,300 million at 31
December 2012, posting a decrease of Euro 110 million mainly
due to the combined effect of the following factors:
• Euro 144 million in investments in property, plant and
equipment and intangible assets;
• Euro 5 million in retirements and disposals of property,
plant and equipment;
• Euro 180 million in depreciation, amortisation and
impairment charges for the year;
• Euro 73 million in negative currency translation differences.
Net working capital of Euro 444 million at 31 December 2013
was Euro 38 million lower than the corresponding figure of
Euro 482 million at 31 December 2012, or Euro 39 million lower
excluding the impact of the fair value change in derivatives,
and was affected by the following main factors:
• a significant growth in working capital employed in multi-
year Submarine projects, linked to their stage of completion
with respect to the agreed delivery dates;
• a reduction linked to the increase of Euro 36 million in
amounts due to employees for the 2011-2013 long-term
RECLASSIFIED STATEMENT OF FINANCIAL POSITION
incentive plan, previously classified in employee benefit
obligations;
• a reduction in the level of working capital related to
the decline in volumes and strategic metal price trends
compared with the previous year;
• a growth of Euro 78 million in without-recourse factoring
transactions;
• a containment in working capital due to efficiencies
implemented by the Group during the reporting period;
• a decrease of Euro 10 million for exchange rate differences.
The net financial position of Euro 834 million at 31 December
2013 has decreased by Euro 84 million since 31 December 2012
(Euro 918 million), mainly reflecting the following factors:
• positive cash flow from operating activities (before changes
in net working capital) of Euro 482 million;
• negative impact of Euro 19 million from changes in working
capital;
• payment of Euro 64 million in taxes;
• net operating investments of Euro 114 million;
• receipt of Euro 11 million in dividends;
• payment of Euro 126 million in net finance costs;
• payment of Euro 92 million in dividends.
GROUP STATEMENT OF FINANCIAL POSITION
(*) The previously published figures have been amended. Further details can be found in Section C. Restatement of comparative figures at 31 December 2012
contained in the Explanatory Notes to the Consolidated Financial Statements.
(in millions of Euro)
31 December 2013 31 December 2012 (*)
Change 31 December 2011
Net fixed assets
2,190
2,300
(110)
2,255
Net working capital
444
482
(38)
552
Provisions
(297)
(361)
64
(371)
Net capital employed
2,337
2,421
(84)
2,436
Employee benefit obligations
308
344
(36)
268
Total equity
1,195
1,159
36
1,104
of which attributable to non-controlling interests
48
47
1
62
Net financial position
834
918
(84)
1,064
Total equity and sources of funds
2,337
2,421
(84)
2,436
