333
Interest on borrowings relates to Euro 675 thousand on the
portion of the Term Loan received by Prysmian S.p.A. under
the Credit Agreement, to Euro 5,848 thousand on the portion
of the Term Loan received by Prysmian S.p.A. under the Credit
Agreement 2010 and to Euro 9,072 thousand on the Term Loan
Facility 2011. The increase compared with 2011 is mainly due
to higher interest on the new loan (Credit Agreement 2010)
agreed on 21 January 2010 and activated on 3 May 2012 (more
details can be found in Note 8).
The bond interest refers to interest accruing in the year on the
bond issued on 9 April 2010.
Amortisation of bank and financial fees and other expenses
mainly reflects the Company’s share of the annual costs
relating to the loans obtained under the Credit Agreement, the
Credit Agreement 2010 and the Credit Agreement 2011.
Sundry bank fees decreased significantly in 2012, most of
which due to fees incurred in the previous year in relation to
the Credit Agreement 2010 (Euro 7,871 thousand).
Other finance costs refer to the Company’s share of the annual
costs relating to the receivables securitization.
Interest income from banks and other financial institutions
includes Euro 299 thousand in interest earned on the current
account balance with Prysmian Treasury S.r.l., the Group’s
cash management company (Euro 1,362 thousand in 2011).
Other finance income mainly refers to:
• the recharge to Group companies of Euro 1,819 thousand
for part of the bank fees incurred by Prysmian S.p.A. after
entering the Credit Agreement 2010 (Euro 5,662 thousand
in 2011);
• the recharge to Group companies of Euro 2,549 thousand in
costs incurred by Prysmian S.p.A. for undrawn credit lines
(Euro 4,003 thousand in 2011);
• the recharge to Group companies of Euro 10,982 thousand
in fees for guarantees given by the Company on their
account.
Finance income is detailed as follows:
(in thousands of Euro)
2012
2011
Interest income from banks and other financial institutions
308
1,383
Other finance income
15,364
11,224
Finance income
15,672
12,607
Foreign currency exchange gains
173
200
Total finance income
15,845
12,807
