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The following table reports the movements in these provisions during the period:
The provision for restructuring costs reports a net decrease of Euro 1 million.
In particular, Euro 27 million in new provisions has been recognised during the period, while Euro 26 million
has been utilised, mostly in connection with projects underway in the Netherlands, Italy and France.
The provision for contractual and legal risks, amounting to Euro 210 million at 31 December 2015, has
decreased by Euro 24 million since 31 December 2014, mainly due to a net reduction of Euro 27 million in
the provision for antitrust investigations in various jurisdictions.
More specifically, the European Commission, the US Department of Justice and the Japanese antitrust
authority started investigations in late January 2009 into several European and Asian electrical cable
manufacturers to verify the existence of alleged anti-competitive practices in the high voltage underground
and submarine cables markets. Subsequently, the Australian Competition and Consumers Commission
("ACCC") and the New Zealand Commerce Commission also started similar investigations. During 2011, the
Canadian antitrust authority also started an investigation into a high voltage submarine project dating back to
2006. The investigations in Japan, New Zealand, Canada and the United States have all ended without any
sanctions for Prysmian; the other investigations are still in progress, except for the one by the European
Commission, which has ended with the adoption of the decision described below.
In Australia, the ACCC has filed a case before the Federal Court arguing that Prysmian Cavi e Sistemi S.r.l.
and two other companies violated antitrust rules in connection with a high voltage underground cable project
awarded in 2003. Prysmian Cavi e Sistemi S.r.l. has filed its objections and presented its preliminary
defence, with the hearing to discuss the case held recently.
In Brazil, the local antitrust authority has started an investigation into several cable manufacturers, including
Prysmian, that operate in the high voltage underground and submarine cables market. Prysmian has
presented its preliminary defence, which has been rejected by the local competition authorities in a
statement issued in February 2015. The preliminary stage of the proceedings will now ensue, at the end of
which the authorities will publish their concluding observations, to which the parties may respond with all
their arguments in defence before a final decision is taken.
On 2 April 2014, the European Commission adopted a decision under which it found that, between 18
February 1999 and 28 January 2009, the world's largest cable producers, including Prysmian Cavi e Sistemi
S.r.l., adopted anti-competitive practices in the European market for high voltage submarine and
underground power cables. The European Commission held Prysmian Cavi e Sistemi S.r.l. jointly liable with