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INCOME STATEMENT
The Parent Company’s income statement for 2012 reports
Euro 112,138 thousand in net profit, an increase of Euro 12,706
thousand on the prior year.
This result reflects:
Dividends
amount to Euro 150,000 thousand, compared with
Euro 161,332 thousand in the prior year, and entirely consist of
the dividends paid by the subsidiary Prysmian Cavi e Sistemi
S.r.l..
Personnel and operating costs net of revenue and other
income
amount to Euro 17,753 thousand, compared with Euro
14,711 thousand in 2011.
In detail:
•
Personnel and operating costs
of Euro 128,440 thousand
comprise Euro 48,488 thousand in personnel costs (Euro
38,108 thousand in 2011), and Euro 79,952 thousand in
other operating costs (Euro 68,286 thousand in 2011) which
consist of: Euro 69,250 thousand for services (see Note 17
to the Parent Company Financial Statements), Euro 8,685
thousand in amortisation and depreciation (see Note 16 to
the Parent Company Financial Statements) and Euro 2,017
thousand in raw materials and consumables used (see Note
14 to the Parent Company Financial Statements). Personnel
and operating costs recorded an overall increase of Euro
22,046 thousand, mainly because of costs incurred for
activities previously carried out by Draka Holding N.V. within
the former Draka Group.
•
Revenue and other income
of Euro 110,687 thousand (Euro
91,683 thousand in 2011) mostly refer to amounts charged
back by Prysmian S.p.A. to its subsidiaries for coordination
activities, for services provided by headquarters functions
and for royalties relating to patents and know-how. The
growth in revenue of Euro 19,004 thousand is the result of
extending chargebacks for centrally provided services to
former Draka Group companies.
Costs of non-recurring transactions
amount to Euro 6,267
thousand (Euro 50,380 thousand in 2011) and include Euro
2,979 thousand for personnel costs, Euro 2,690 thousand in
costs for special projects and Euro 589 thousand in provisions
for legal costs relating to the antitrust investigations.
Net finance costs
amount to Euro 35,408 thousand (Euro
39,176 thousand in 2011), mainly relating to interest payable
on the bond issued by the Company on 9 April 2010 and to
interest payable under the “Credit Agreement 2010” and
“Credit Agreement 2011” (see Note 8 to the Parent Company
Financial Statements).
Income
Taxes
are a positive Euro 21,216 thousand (Euro 42,367
thousand in 2011) and comprise Euro 1,206 thousand for
recognising deferred tax assets and Euro 20,010 thousand for
current taxes. The latter reflect the net benefits of not paying
tax on tax losses transferred from some Italian companies
under the group tax election.
More details about the Italian companies which have
elected to file for tax on a group basis with Prysmian S.p.A.
can be found in Note 20 to the Parent Company Financial
Statements.
