Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
100
The accounting treatment adopted for the hedging instruments, based on IAS 39, is based on hedge
accounting and in particular that concerning “cash flow hedges” and involving the recognition of a
financial asset or liability and an equity reserve.
As per IFRS 7, the Fair Values of the derivative instruments at December 31, 2016 and the
characteristics of the hedge exercised on the underlying loan are outlined below:
in Euro
IRS
Date agreed Loan
%
Hedge
Fixed
Rate
Variable
Rate
Fair Value
Notional
Fair Value
Notional
Fair Value
Notional
Fair Value
Notional
Fair Value
Notional
IRS 1 09/06/2016
Facility A1
50%
0.06%
-0.302%
(93,367)
13,128,000
(55,654)
7,876,800
(111,308)
15,753,600
(111,308)
15,753,600
(371,638)
52,512,000
IRS 2 08/07/2016
Facility A1
50%
-0.08%
-0.281%
(42,650)
13,128,000
(25,423)
7,876,800
(50,846)
15,753,600
(50,846)
15,753,600
(169,764)
52,512,000
IRS 3 03/11/2016
FacilityTLA2
50%
-0.035%
-0.308%
(6,120)
1,330,389
(3,672)
798,234
(7,344)
1,596,467
(7,344)
1,596,467
(24,482)
5,321,557
IRS 4 28/10/2016
FacilityTLA2
50%
0.056%
-0.308%
(9,477)
1,330,389
(5,686)
798,234
(11,372)
1,596,467
(11,372)
1,596,467
(37,908)
5,321,557
IRS 5 03/11/2016
FacilityTLB1a_B1b
50%
0.10%
-0.308%
(80,917)
10,237,500
(48,550)
6,142,500
(97,100)
12,285,000
(97,100)
12,285,000
(323,668)
40,950,000
IRS 7 28/10/2016
FacilityTLB1a_B1b
50%
0.196%
-0.308%
(131,268)
10,237,500
(78,761)
6,142,500
(157,521)
12,285,000
(157,521)
12,285,000
(525,071)
40,950,000
IRS 6 03/11/2016
FacilityTLB2A
50%
0.10%
-0.336%
(6,891)
856,250
(4,135)
513,750
(8,270)
1,027,500
(8,270)
1,027,500
(27,566)
3,425,000
IRS 8 28/10/2016
FacilityTLB2A
50%
0.196%
-0.336%
(10,896)
856,250
(6,538)
513,750
(13,076)
1,027,500
(13,076)
1,027,500
(43,586)
3,425,000
Total
(381,587)
51,104,278
(228,419)
30,662,568
(456,838)
61,325,134
(456,838)
61,325,134
(1,523,681)
204,417,114
NOTE 17.A FINANCIAL INSTRUMENTS
Intesa Sanpaolo S.p.A.
Banca Nazionale del
Lavoro S.p.A.
Mediobanca Banca di
Credito Finanziario S.p.A.
UniCredit S.p.A.
In addition, the timing of the projected cash flows from the derivative instruments is the same as that
expected and reported for the loan underlying the hedge.
The amount reclassified to other comprehensive income during the year was Euro 462 thousand.
Reference should be made to Note 11 concerning the net financial position at December 31, 2016 of
the F.I.L.A. Group.
Other Financial Assets
The non-current portion of “Other Financial Assets” totalled Euro 2,892 thousand (Euro 1,433
thousand at December 31, 2015), increasing Euro 1,459 thousand and mainly due the change in the
consolidation scope (at December 31, 2016 concerning the acquired companies for Euro 1,026
thousand). The residual movement relates to increases reported by Dixon Ticonderoga Company
(Euro 239 thousand) and Dixon, S.A. de C.V. (Euro 48 thousand).
The financial assets in question principally concern the deposits required for guarantee purposes on
goods and service supply contracts of the various Group companies, including in particular Canson
SAS (Euro 794 thousand), Writefine Products Private Limited (Euro 596 thousand) and F.I.L.A.-
Dixon, S.A. de C.V. Group (Euro 339 thousand). For Dixon Ticonderoga Company (U.S.A.), the
Euro 752 thousand so classified concerns financial assets subject to indemnity plans to be paid to
personnel.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
101
The current portion of “ Other Financial Assets” amounts to Euro 275 thousand (Euro 268 thousand at
December 31, 2015), also concerning deposits on supply contracts maturing within 12 months.
The carrying amount of financial assets represents their “Fair Value” at the reporting date.
Note 4 - Investments Measured at Equity
Euro thousands
Inv. in Associates
December 31, 2015
322
Increases in the year
292
Increases (Investments)
290
Increase Translation Differences
2
Decreases in the year
(343)
Decreases
(324)
Movement in Investments at Equity
(19)
December 31, 2016
271
Change
(51)
Note 4.A INVESTMENTS MEASUED AT EQUITY
The Investments measured at equity amount to Euro 271 thousand (Euro 322 thousand at December
31, 2015).
On May 1, 2016, Writefine Products Limited (India) acquired an additional 2% of the equity of
Pioneer Stationery Pvt Ltd (India), therefore increasing its holding from 49% to 51%. The operation
resulted in acquisition of control of the Indian company and consolidation was carried out “line-by-
line”. The decrease of Euro 324 thousand therefore relates to Pioneer Stationery Pvt Ltd (India).
On
July 1, 2016, Writefine Products Limited (India) acquired 35% of Uniwrite Pens and Plastics Pvt
Ltd (India), an Indian company specialised in writing tools and in particular ballpoint pens. As
concerning an associated company the investment was consolidated at Equity, with an initial
recognition value of Euro 290 thousand. At December 31, 2016, the “Carrying amount” of the
investment was adjusted, in line with the Equity holding of the associate, for a reduction of Euro 19
thousand.
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