PARENT COMPANY >
FINANCIAL STATEMENTS AND EXPLANATORY NOTES
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| 2012 annual report prysmian group
The 2012 financial statements represent the separate financial
statements of the Parent Company Prysmian S.p.A..
The present financial statements have been prepared on a
going concern basis, with the directors having assessed that
there are no financial, operating or other kind of indicators
that might provide evidence of the Company’s inability to
meet its obligations in the foreseeable future and particularly
in the next 12 months. The risk factors relating to the business
are described in the Directors’ Report. Section C. Financial
risk management and Section C.1 Capital risk management
of these Explanatory Notes contain a description of how the
Company manages financial risks, including liquidity and
capital risks.
Under Legislative Decree 38 of 28 February 2005 “Exercise
of the options envisaged by art. 5 of European Regulation
1606/2002 on international accounting standards”, issuers are
required to prepare not only consolidated financial statements
but also separate financial statements for the Parent Company
in accordance with the International Financial Reporting
Standards (IFRS) issued by the International Accounting
Standards Board (IASB) and published in the Official Journal of
the European Union.
The term IFRS refers to all the International Financial
Reporting Standards, all the International Accounting
Standards (IAS), and all the interpretations of the
International Financial Reporting Interpretations Committee
(IFRIC), previously known as the Standing Interpretations
Committee (SIC).
IFRS have been applied consistently to all the periods
presented in this document. The Company’s financial
statements have, therefore, been prepared in accordance
with IFRS and related best practice; any future guidance and
new interpretations will be reflected in subsequent years, in
the manner established from time to time by the relevant
accounting standards.
The financial statements have been prepared on the historical
cost basis, except for the valuation of certain financial assets
and liabilities, including derivatives, which must be reported
using the fair value method.
The Company has elected to present its income statement
according to the nature of expenses, whereas assets and
liabilities in the statement of financial position have been
classified as either current or non-current. The statement of
cash flows has been prepared using the indirect method.
BASIS OF PREPARATION
REPORTING FORMATS AND DISCLOSURES
The Company has also applied the provisions of Consob
Resolution 15519 dated 27 July 2006 concerning financial
statement formats and the requirements of Consob
Communication 6064293 dated 28 July 2006 regarding
disclosures.
