Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
137
Note 29 - Financial Expense
In 2016, these amounted to Euro 10,231 thousand (Euro 58,281 thousand in 2015).
Financial expense, together with the comment on the main changes on the previous year, were as
follows:
Euro thousands
December 31, 2016
December 31, 2015
Change
Interest on Bank Overdrafts
(189)
(316)
127
Interest on Bank Loans
(5,600)
(3,363)
(2,237)
Interest to Other Lenders
(75)
(7)
(68)
Other Financial Charges
(2,153)
(52,251)
50,098
Unrealised Exchange Losses on Financial Transactions
(1,317)
(2,141)
824
Realised Exchange Losses on Financial Transactions
(897)
(203)
(694)
Total
(10,231)
(58,281)
48,050
Note 29 - FINANCIAL EXPENSES
The increase in “Financial Expense” in 2016 from the change in the consolidation scope was Euro
1,740 thousand. Therefore, the net change at like-for-like scope was a decrease of Euro 46,310
thousand, principally due to the Fair Value adjustment of the investment in Space S.p.A. which
impacted this account for Euro 45,791 in 2015.
“Other Financial Charges” in 2016 principally include:
the Amortised Cost effect of Euro 488 thousand, calculated on the loan of the parent of Euro
214,376 thousand, received from a banking syndicate on February 3, 2016 (for further details,
see Note 13), in addition to the “global coordinator fees” applied by the banking syndicate on
issue of the loan for Euro 525 thousand;
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
138
financial discounts of Euro 339 thousand, recognised by the parent to leading clients against
the advance payment of invoices.
Note 30 - Foreign Currency Transactions
Exchange differences on financial and commercial transactions in foreign currencies in 2016 are
reported below.
Euro thousands
December 31, 2016
December 31, 2015
Change
Unrealised Exchange Gains on Commercial Transactions
12,796
2,390
10,406
Realised Exchange Gains on Commercial Transactions
4,178
2,528
1,650
Unrealised Exchange Losses on Commercial Transactions
(10,847)
(3,290)
(7,557)
Realised Exchange Losses on Commercial Transactions
(7,210)
(3,588)
(3,622)
Total exchange differences on commercial transactions
(1,083)
(1,960)
877
Unrealised Exchange Gains on Financial Transactions
3,239
988
2,251
Realised Exchange Gains on Financial Transactions
144
101
42
Unrealised Exchange Losses on Financial Transactions
(1,317)
(2,141)
824
Realised Exchange Losses on Financial Transactions
(897)
(203)
(694)
Total exchange differences on financial transactions
1,169
(1,254)
2,423
Total net value of exchange differences
86
(3,215)
3,301
Note 30 - FOREIGN CURRENCY TRANSACTIONS
The decrease in “Foreign currency transactions” in 2016 from the change in the consolidation scope
totalled Euro 921 thousand. The net decrease at like-for-like consolidation scope was Euro 835
thousand.
Exchange differences in 2016 principally arose from the movement of local currencies (principally the
South American currencies) against the Euro, in addition to the movement in the period of assets and
liabilities in foreign currencies, following commercial and financial transactions.
Note 31 – Income/Expense from Investments Valued at Equity
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
139
“Income/Expense from Investments Valued at Equity” report a charge of Euro 19 thousand (Euro 420
thousand in 2015) due to the adjustment of the investment in the associate Uniwrite Pens and Plastics
Pvt Ltd (India).
Note 32 - Income Taxes
These amounted to Euro 13,334 thousand in 2016 (Euro 8,286 thousand in 2015) and concern current
taxes for Euro 14,385 thousand (Euro 10,444 thousand in 2015) and net deferred tax income of Euro
1,051 thousand (Euro 2,158 thousand in 2015).
Note 32.A – Current Income Taxes
The breakdown is as follows.
Euro thousands
December 31, 2016
December 31, 2015
Change
Current Income Taxes - Italy
(961)
(1,575)
614
Current Income Taxes - Foreign
(13,423)
(8,869)
(4,555)
Total
(14,385)
(10,444)
(3,941)
Note 32.A - INCOME TAXES
Current Italian taxes concern F.I.L.A. S.p.A., Industria Maimeri S.p.A and Canson Italia S.r.l..
The breakdown of current overseas taxes is illustrated below.
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