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PRYSMIAN GROUP | DIRECTORS’ REPORT
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NET WORKING CAPITAL
The following table analyses the main components of net working capital:
(*)
The originally published 2013 figures have been restated following the introduction of IFRS 10 and IFRS 11.
Net working capital of Euro 342 million at 31 December 2015 was Euro 65 million lower than the
corresponding figure of Euro 407 million at 31 December 2014 (or Euro 40 million lower excluding the impact
of the fair value change in derivatives). Net operating working capital amounted to Euro 383 million (5.3% of
sales) at 31 December 2015, compared with Euro 423 million (5.8% of sales) at 31 December 2014, and
was affected by the following factors:
an increase of Euro 233 million in working capital as a result of business combinations;
a significant reduction in working capital employed in multi-year Submarine projects, linked to their
stage of completion with respect to contractual deadlines, and in the High Voltage underground
business;
a reduction in the level of inventories of finished goods, raw materials and semi-finished products,
partly thanks to lower strategic metal prices than the year before, as well as a reduction in the level
of past due trade receivables;
a slight reduction of Euro 4 million in without-recourse factoring transactions;
a reduction of Euro 6 million for exchange rate differences.