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| 2012 annual report prysmian group
Net fixed assets amounted to Euro 2,311 million at 31
December 2012, compared with Euro 2,255 million at 31
December 2011, having increased by Euro 56 million mainly due
to the combined effect of the following factors:
• Euro 152 million in investments in property, plant and
equipment and intangible assets;
• Euro 4 million in retirements and disposals of property,
plant and equipment;
• Euro 188 million in depreciation, amortisation and
impairment charges for the period;
• line-by-line consolidation of Telcon Fios e Cabos para
Telecomuniçaoes S.A. as from the second quarter, involving
the addition of Euro 17 million (including Euro 4 million in
acquisition-related goodwill), and of Global Marine Systems
Energy Ltd as from the fourth quarter, involving the addition
of Euro 92 million (including Euro 49 million in acquisition-
related goodwill);
• Euro 15 million for the deconsolidation of Ravin Cables
Limited (India) and Power Plus Cable CO LLC (Middle East –
49% consolidated).
RECLASSIFIED STATEMENT OF FINANCIAL POSITION
Net working capital of Euro 479 million at 31 December 2012
was lower than the corresponding figure at 31 December 2011
(Euro 552 million) by Euro 73 million (a reduction of Euro
93 million excluding the impact of the fair value change in
derivatives), reflecting the following main factors:
• reduction in inventories relative to December 2011, thanks
to the Group’s actions to keep stock levels down as far as
possible in view of lower levels of demand;
• improvement of collections in the Submarine business,
particularly thanks to on-time achievement of milestones in
certain large, multi-year projects and to advances received
against some major orders secured during the year;
• general stability in the working capital committed in multi-
year High Voltage and Submarine projects, linked to their
state of completion relative to the agreed delivery dates;
such stability was achieved during the final quarter of the
year, after a significant increase in the first nine months;
• increase of Euro 12 million arising from the line-by-line
consolidation of Telcon Fios e Cabos para Telecomuniçaoes
S.A. since the second quarter;
• reduction of Euro 13 million linked to the deconsolidation of
Ravin Cables Limited (India) and Power Plus Cable CO LLC
(Middle East – 49% consolidated);
• increase of Euro 7 million linked to exchange rate
differences.
GROUP STATEMENT OF FINANCIAL POSITION
(in millions of Euro)
31 December 2012 31 December 2011
Change 31 December 2010
Net fixed assets
2,311
2,255
56
1,029
Net working capital
479
552
(73)
494
Provisions
(369)
(371)
2
(120)
Net capital employed
2,421
2,436
(15)
1,403
Employee benefit obligations
344
268
76
145
Total equity
1,159
1,104
55
799
of which attributable to non-controlling interests
47
62
(15)
43
Net financial position
918
1,064
(146)
459
Total equity and sources of funds
2,421
2,436
(15)
1,403
Consolidated Financial Statements >
Directors’ Report
