Consolidated financial statements of the f. I. L. A

  
                              
                                           
 
Consolidated Financial Statements of the F.I.L.A. Group   
 
 
 
                  Separate Financial Statements of F.I.L.A. S.p.A. 
 
 
 
21 
 
Euro thousands
December 2016
December 2015
Opening Cash and Cash Equivalents
17,542
30,663
Cash and cash equivalents
30,683
32,473
Bank overdrafts
(13,141)
(1,810)
Closing Cash and Cash Equivalents 
53,973
17,542
Cash and cash equivalents
59,519
30,683
Bank overdrafts
(5,546)
(13,141)
 

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Consolidated Financial Statements of the F.I.L.A. Group   
 
 
 
                  Separate Financial Statements of F.I.L.A. S.p.A. 
 
 
 
22 
 
Operating segments 
 
In  terms  of  segment  reporting,  the  F.I.L.A.  Group  has  adopted  IFRS  8,  obligatory  from  January  1, 
2009.  
IFRS  8  requires  an  entity  to  base  segment  reporting  on  internal  reporting,  which  is  constantly 
reviewed  by  the  highest  level  of  management  in  order  to  allocate  resources  to the  various  segments 
and to analyse performance. 
Geographic  region  is  the  primary  basis  of  analysis  and  of  decision-making  by  F.I.L.A.  Group 
Management, therefore fully in line with the internal reporting prepared for these purposes.  
The  products  of  the  F.I.L.A.  Group  are  similar  in  terms  of  quality  and  production,  target  market, 
margins,  sales  network  and  clients,  even  with  reference  to  the  different  brands  which  the  Group 
markets. No diversification is therefore deemed to be present within the Segment, in consideration of 
the substantial uniformity of the risks and benefits relating to the products produced by the F.I.L.A. 
Group.  
The  segment  disclosure  accounting  standards  are  in  line  with  those  utilised  for  the  consolidated 
financial statements.  
Segment  disclosure  was  therefore  based  on  the  location  of  operations  (“Entity  Locations”),  broken 
down as follows: “Europe”, “North America”, “Central and South America” and “Rest of the World”. 
The “Rest of the World” includes the subsidiaries in South Africa and Australia. 
 
The  “Business  Segment  Reporting”  of  the  F.I.L.A.  Group  aggregates  companies  by  region  on  the 
basis of the “operating location”. 
 
For  disclosure  upon  the  association  between  the  regions  and  F.I.L.A.  group  companies,  reference 
should  be  made  to  the  attachments  to  the  report  in  the  “List  of  companies  included  in  the 
consolidation scope and other investments” paragraph.  
 
Reporting  by  region,  required  in  accordance  with  IFRS  8,  is  presented  below.  For  the  purposes  of 
providing  comparable  financial  statements,  the  figures  are  shown  net  of  the  change  in  the 
consolidation scope during 2016 following the acquisition of Pioneer Stationery Private Limited, St. 
Cuthberts Holding Limited and the companies of the Daler-Rowney Lukas and Canson Groups.  
 
 
 
 

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Consolidated Financial Statements of the F.I.L.A. Group   
 
 
 
                  Separate Financial Statements of F.I.L.A. S.p.A. 
 
 
 
23 
 
The segment reporting required in accordance with IFRS 8 is presented below. 
 
 
Business Segments – Statement of Financial Position 
 
The  key  statement  of  financial  position  figures  for  the  F.I.L.A.  Group  by  region,  at  December  31, 
2016 and December 31, 2015, are reported below: 
 
December 2016
Euro thousands
Intangible Assets
140,368
6,085
4,976
66,980
107
(76)
218,440
Property, plant & equipment
44,788
3,035
6,820
26,323
355
81,321
Total Intangible and Tangible Assets
185,156
9,120
11,796
93,303
463
(76)
299,761
of which Intercompany
(76)
0
Inventories
77,053
47,859
33,391
25,147
2,690
(8,734)
177,406
Trade and Other Receivables
91,382
32,166
62,315
8,431
1,979
(82,691)
113,582
Trade and Other Payables
(98,518)
(24,623)
(33,283)
(13,056)
(3,656)
82,691
(90,445)
Other Current Assets and Liabilities
(907)
1,524
(356)
(107)
154
Net Working Capital 
69,010
56,926
62,067
20,415
1,013
(8,734)
200,697
of which Intercompany
(3,677)
(3,892)
(689)
(290)
(185)
Net Financial Position
(184,961)
(14,052)
(20,923)
(776)
(2,725)
(223,437)
Consolidation
F.I.L.A. Group
Europe
North 
America
Central & South 
America
Asia
Rest 
of the World 
 
 
December 2015
Euro thousands
Intangible Assets
8,383
4,251
7,089
68,545
112
(224)
88,156
Property, plant & equipment
16,014
1,233
6,412
24,178
64
47,901
Total Intangible and Tangible Assets
24,397
5,484
13,501
92,723
176
(224)
136,057
of which Intercompany
(76)
(148)
0
Inventories
49,134
24,804
26,285
22,118
925
(4,747)
118,518
Trade and Other Receivables
39,064
12,375
36,536
15,375
337
(25,957)
77,731
Trade and Other Payables
(36,235)
(4,827)
(16,130)
(20,163)
(1,328)
25,698
(52,985)
Other Current Assets and Liabilities
1,869
1,488
(10)
(167)
3,179
Net Working Capital 
53,832
33,840
46,681
17,163
(66)
(5,006)
146,445
of which Intercompany
(2,350)
(2,003)
(411)
(3)
20
Net Financial Position
(5,505)
(5,524)
(22,831)
(4,126)
(1,017)
259
(38,744)
of which Intercompany
2,981
947
Consolidation
F.I.L.A. Group
Europe
North 
America
Central - South 
America
Asia
Rest 
of the World 
 
 
For  a  better  understanding  of  the  changes  between  the  comparative  periods,  the  F.I.L.A.  Group 
Business Segments for 2016 at like-for-like consolidation scope are reported below.   
 
December 2016 - LIKE-FOR-LIKE 
CONSOLIDATION SCOPE
Euro thousands
Intangible Assets
8,385
6,085
4,969
66,979
107
(76)
86,449
Property, plant & equipment
17,096
1,813
5,519
25,256
52
49,736
Total Intangible and Tangible Assets
25,481
7,898
10,488
92,235
159
(76)
136,185
of which Intercompany
(76)
0
Inventories
50,398
33,100
25,423
24,018
1,472
(5,872)
128,539
Trade and Other Receivables
37,222
13,583
34,083
6,412
513
(21,635)
70,178
Trade and Other Payables
(38,201)
(8,308)
(17,638)
(12,414)
(2,133)
21,635
(57,059)
Other Current Assets and Liabilities
(615)
1,407
(173)
20
639
Net Working Capital 
48,804
39,782
41,695
18,036
(148)
(5,872)
142,297
of which Intercompany
(2,668)
(2,735)
(289)
(86)
(93)
Net Financial Position
(169,006)
(2,621)
(17,659)
(3,099)
(906)
(193,291)
Consolidation
F.I.L.A. Group
Europe
North 
America
Central - South 
America
Asia
Rest 
of the World 
 
 

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