309
These are detailed as follows:
Movements in deferred tax assets are detailed as follows:
4. DEFERRED TAX ASSETS
(in thousands of Euro)
31 December 2012
31 December 2011
Deferred tax assets:
Deferred tax assets recoverable beyond 12 months
3,809
2,300
Deferred tax assets recoverable within 12 months
2,192
2,614
Total deferred tax assets
6,001
4,914
(in thousands of Euro)
Employee benefit
Provisions for Capital increase
Other
Total
obligations
risks
costs
Balance at 31 December 2011
980
1,281
1,049
1,604
4,914
Impact on income statement
1,747
457
-
(998)
1,206
Impact on equity
143
-
(262)
-
(119)
Balance at 31 December 2012
2,870
1,738
787
606
6,001
- on 5 March 2012, Prysmian Cavi e Sistemi S.r.l and Prysmian
S.p.A. respectively acquired 99.99% and 0.01% of the shares
in Jaguar Communication Consultancy Services Private Ltd,
an Indian company formed on 31 January 2012;
- on 1 June 2012, the Company acquired a 0.01% interest in
Prysmian Surflex Umbilicais e Tubos Flexiveis do Brasil Ltda
from its subsidiary Prysmian Cavi e Sistemi S.r.l;
- on 30 November 2012, the Company made capital
contributions 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;
- increases totalling Euro 935 thousand for the compensation-
related component of stock options over Prysmian
S.p.A. shares held by managers employed by other Group
companies, as explained in Note 15. Personnel costs. This
component has been treated like a capital contribution to the
subsidiaries and so reported as an increase in the value of
the investments in the subsidiaries in which these managers
are directly or indirectly employees. These increases are
matched by a corresponding movement in the specific equity
reserve. Further information can be found in Note 7. Share
capital and reserves.
Demerger:
With effect from 1 October 2012 Prysmian S.p.A. received
through demerger:
- from the subsidiary Prysmian Cavi e Sistemi S.r.l., the
interests in Prysmian Cavi e Sistemi Italia S.r.l. (100%),
Prysmian PowerLink S.r.l. (84.8%), Prysmian Treasury S.r.l.
(100%) and Fibre Ottiche Sud – F.O.S. S.r.l. (100%);
- from the subsidiary Prysmian Cavi e Sistemi Italia S.r.l., a
minority interest in Prysmian PowerLink S.r.l. (15.2%).
For completeness of disclosure, it is reported that the demerger
took the form of a business combination involving entities or
business under common control, and so was outside the scope
of IFRS 3.
The financial statements for the year ended 31 December 2012
have therefore been prepared by applying the principle of
continuity in values for the beneficiary. The values at which the
Company has recognised the investments acquired with the
demerger have been determined on the basis of net assets (of
each demerged company), with a consequent proportionate
reduction in the value of the investment in the subsidiary
Prysmian Cavi e Sistemi S.r.l..
