PARENT COMPANY >
DIRECTORS’ REPORT
274
| 2012 annual report prysmian group
STATEMENT OF FINANCIAL POSITION
The Parent Company’s statement of financial position is summarised as follows:
Fixed assets basically comprise the controlling interests in
Prysmian Cavi e Sistemi S.r.l. and Draka Holding N.V..
• The increase in investments in subsidiaries of Euro 263,821
thousand since 31 December 2011 is due to the acquisition
of 478,878 more ordinary shares in Draka Holding N.V. for
the sum of Euro 8,886 thousand, to capital contributions
made to the subsidiary Draka Holding N.V. for Euro 230,000
thousand, to the subsidiary Prysmian Treasury S.r.l. for
Euro 12,000 thousand and to the subsidiary Fibre Ottiche
Sud – F.O.S. S.r.l. for Euro 12,000 thousand, and to Euro
935 thousand in increases for the compensation-related
component of the stock option plan, with underlying
Prysmian S.p.A. shares, for certain managers employed by
other Group companies.
Investments in fixed assets amounted to Euro 11,573 thousand
in 2012 (Euro 10,029 thousand in 2011), most of which relating
to expenditure on realising the SAP Consolidation project
(more details can be found in Note 2 to the Parent Company
Financial Statements).
Net working capital of Euro 114,087 thousand comprises:
• Euro 80,026 thousand as the net positive balance between
trade receivables and trade payables (see Notes 5 and 9 to
the Parent Company Financial Statements);
• Euro 34,061 thousand in other receivables/payables (tax,
employees etc), net of financial receivables/payables
(see Notes 5 and 9 to the Parent Company Financial
Statements);
The increase of Euro 54,609 thousand compared with 31
December 2011 is primarily due to higher receivables as a result
of extending chargebacks to former Draka Group companies.
Provisions, presented above net of deferred tax assets,
amount to Euro 27,619 thousand at 31 December 2012 (see
Notes 4 and 10 to the Parent Company Financial Statements).
Equity amounts to 871,588 thousand at 31 December 2012,
reporting a net increase of Euro 85,149 thousand since 31
December 2011, mainly due to the increase in the stock option
reserve and to the net profit for the year.
A more detailed analysis of the changes in equity can be found
in the specific table presented as part of the Parent Company
Financial Statements.
The Group’s consolidated equity at 31 December 2012 and
consolidated net profit for 2012 are reconciled with the
corresponding figures for the Parent Company Prysmian S.p.A.
in a table presented in the Directors’ Report contained in the
Group Annual Report.
(in thousands of Euro)
31 December 2012
31 December 2011
Net fixed assets
1,721,587
1,444,443
- of which: Investments in subsidiaries
1,660,977
1,397,156
Net working capital
114,087
59,478
Provisions
(27,619)
(26,998)
Net capital employed
1,808,055
1,476,923
Employee benefit obligations
15,880
7,507
Equity
871,588
786,439
Net financial position
920,587
682,977
Total equity and sources of funds
1,808,055
1,476,923
Note: the composition and method of calculating the above indicators are discussed in the Directors’ Report contained in the Group Annual Report.
