Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
62
Explanatory Notes to the Consolidated Financial Statements of the F.I.L.A.
Group
Introduction
The F.I.L.A. Group operates in the creativity tools market, producing colouring, design, modelling,
writing and painting objects, such as pencils, crayons, modelling clay, chalk, oil colours, acrylics,
watercolours, paints
and paper for the fine arts, school and leisure.
The Parent F.I.L.A. S.p.A., Fabbrica Italiana Lapis ed Affini (hereafter “the Company”) is a limited
liability company with registered office in Pero (Italy), Via XXV April, 5. The ordinary shares of the
Company were admitted for trading on the MTA, STAR Segment, organised and managed by Borsa
Italiana S.p.A. from November 12, 2015.
The consolidated financial statements of the F.I.L.A. Group were prepared in accordance with
International Financial Reporting Standards (IFRS) adopted by the European Union. They include the
financial statements of F.I.L.A. S.p.A. and its subsidiaries. For the subsidiaries the financial
statements are reported upon in specific financial reporting packages, for the purposes of the Group
financial statements, in order to comply with international accounting standards (IFRS).
The present consolidated financial statements are presented in Euro, as the functional currency in
which the Group operates and comprise the Consolidated Statement of Financial Position, in which
assets and liabilities are classified under current and non-current, the Statement of Comprehensive
Income, the Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the
Explanatory Notes and are accompanied by the Directors’ Report.
All amounts reported in the Consolidated Statement of Financial Position, the Statement of
Comprehensive Income, the Statement of Cash Flows, the Consolidated Statement of Changes in
Equity and in the Explanatory Notes are expressed in thousands of Euro, except where otherwise
stated.
With reference to Consob Resolution No. 15519 of July 27, 2006 in relation to the format of the
Financial Statements, significant transactions with related parties and non-recurring items are
indicated separately.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
63
Accounting principles and policies
The consolidated financial statements of the F.I.L.A. Group and of the Parent F.I.L.A. S.p.A.
(hereafter also “Parent”, “Company”) at December 31, 2016, prepared by the Board of Directors of
F.I.L.A. S.p.A., were drawn up in accordance with International Financial Reporting Standards
(IFRS), issued by the International Accounting Standards Board (IASB) and approved by the
European Union.
The IFRS were applied consistently for all the periods presented in the present document.
For the consolidated financial statements of the F.I.L.A. Group, the first year of application of IFRS
was 2006, while for the separate financial statements of F.I.L.A. S.p.A. the first year of application of
IFRS was 2007.
The accounting standards, amendments and interpretations applied from January 1, 2016 are reported
below.
Amendments to IAS 19 Employee Benefits - Defined benefit plans: employee contributions
The
amendment, issued by the IASB in November 2013, introduces simplifications for the accounting
of defined benefit plans which include contributions by employees or third parties. In particular, the
amendments to IAS 19 enable the recognition of these contributions as a reduction of service costs in
the period in which
the services are rendered, where the contributions are:
-
formally established
under the plan conditions;
-
related
to the services provided; and
-
independent from the number of years of service.
In all other cases, these contributions must be attributed to the individual periods of the plan through
the actuarial calculation of the relative liability. For the IASB, the amendments entered into force
from financial statements beginning or subsequent to July 1, 2014. For the European Union, the entry
into force was postponed to financial statements beginning or subsequent to February 1, 2015.
Improvements to IFRS: 2010-2012 Cycle
On December 12, 2013, the IASB published the “Annual Improvements to IFRS’s:
2010-2012 Cycle”
document, which includes the amendments to the standards within the annual improvement process.
For the IASB, the amendments entered into force from financial statements beginning or subsequent
to July 1, 2014. For the European Union, the entry into force was postponed to financial statements
beginning or subsequent to February 1, 2015.