Consolidated Financial Statements >
CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES
166
| 2012 annual report prysmian group
On 1 October 2012, Prysmian Telecomunicaoes Cabos e
Sistemas do Brasil S.A., Draka Comteq Brasil Holding Ltda and
Telcon Fios e Cabos para Telecomunicacoes S.A. completed
their merger into Prysmian Draka Brasil S.A..
On 1 October 2012, Draka USA, LLC (formerly Draka USA Inc.
– see “Name changes”) completed its merger into Prysmian
Cables and Systems (US) Inc..
On 21 December 2012, the merger was completed of Draka
Denmark Copper Cable A/S into Draka Comteq Denmark A/S
(which concurrently changed its name to Prysmian Denmark
A/S – see “Name changes”).
The above mergers have not had any effects on the Group’s
consolidated financial statements.
Liquidations
On 10 January 2012, the process of winding up Draka UK
(EXDCC) Pension Plan Trust Company Ltd was completed with
the company’s removal from the local company registry.
On 24 January 2012, the process of winding up Prysmian Cables
Ltd. and Prysmian Focom Ltd. was completed with their
removal from the local company registry.
On 31 January 2012, the process of winding up Draka UK
Services Ltd., Draka Cardinal Ltd. and RMCA Holdings Ltd. was
completed with their removal from the local company registry.
On 17 February 2012, the process of winding up NKF Americas
N.V. and NKF Caribe N.V., both registered in the Dutch Antilles,
was completed with their removal from the local company
registry.
On 1 June 2012, the process of winding up the German company
Sykonec GMBH was completed with its removal from the local
company registry.
On 16 July 2012, the process was completed of winding up the
Finnish company Conex Cables OY, 50% of whose share capital
was held by Draka NK Cables OY.
On 28 September 2012, the process of winding up the Indian
company Pirelli Cables (India) Private Ltd. was completed
with its removal from the local company registry.
On 1 October 2012, the U.S. company Prysmian
Communication Cable Corporation was liquidated.
With effect from 31 December 2012, the Germany
company Usb-elektro Kabelkonfektions GmbH went into
liquidation, concurrently changing its name to Usb-elektro
Kabelkonfektions GmbH i.L..
With effect from 31 December 2012, the German company
Kaiser Kabel Vertriebs GmbH went into liquidation,
concurrently changing its name to Kaiser Kabel Vertriebs
GmbH i.L..
Ravin Cables Limited
At the beginning of 2010 the Prysmian Group acquired a
51% interest in the Indian company Ravin Cables Limited.
During the first few months of 2012 relations with the
minority shareholders have deteriorated significantly
and, in these circumstances, Prysmian has also initiated
arbitration proceedings at the London Court of International
Arbitration (LCIA). From the second quarter of the year, it has
been impossible for Prysmian to be able to obtain reliable,
updated financial information about the Indian company.
In view of the continuation of this situation, the Group has
acknowledged that it has lost control of Ravin Cables Limited
and has therefore deconsolidated it, along with its subsidiary
Power Plus Cable Co. LLC, recording it as an investment at the
net book value of the assets and liabilities last consolidated.
Based on what has been said above, attention is drawn to
the fact that Ravin Cables Limited and its subsidiary Power
Plus Cable Co. LLC have been consolidated line-by-line until
31 March 2012.
Appendix A to these notes contains a list of the companies
included in the scope of consolidation at 31 December 2012.
