Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
104
Deferred tax assets recognised at the reporting date concerned the amounts of probable realisation on
the basis of management estimates on future assessable income.
Note 7 - Current Tax Receivables
At December 31, 2016, tax receivables relating to corporation tax amounted overall to Euro 5,105
thousand (Euro 5,020 thousand at December 31, 2015) and refer principally to the parent F.I.L.A.
S.p.A. for Euro 1,387 thousand, Writefine Private Products Limited (India) for 1,229 thousand and
Dixon Ticonderoga Co. (U.S.A.) for Euro 1,566 thousand.
Note 8 - Inventories
Inventories at December 31, 2016 amount to Euro 177,406 thousand (Euro 118,519 thousand at
December 31, 2015).
Euro thousands
Raw Materials,
Ancillary and
Consumables
Work-in-progress
and Semi-finished
Products
Finished Products
and Goods
Total
December 31, 2015
33,439
13,229
71,851
118,519
December 31, 2016
43,994
22,542
110,871
177,406
Change
10,554
9,313
39,020
58,887
Note 8.A - INVENTORIES
The increase in inventories of Euro 58,887 thousand relates principally to the change in the
consolidation scope which at December 31, 2016 totalled Euro 49,161 thousand (mainly relating to
the Canson Group, Euro 19,801 thousand, and the Daler-Rowney Lukas Group, Euro 27,867
thousand). Excluding the increase from the business combination effect, inventories totalled Euro
128,245 thousand, increasing Euro 9,726 thousand on December 31, 2015.
The increase is mainly due
to the procurement policies to support production planning and demand for finished products.
Inventories are presented net of the inventory obsolescence provision relating to raw materials (Euro
2,086 thousand), work-in-progress (Euro 396 thousand) and finished products (Euro 4,714 thousand).
The provisions refer to obsolete or slow moving materials for which it is not considered possible to
recover their value through sale.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
105
Euro thousands
Raw Materials,
Ancillary and
Consumables
Work-in-progress
and Semi-finished
Products
Finished Products
and Goods
Total
December 31, 2015
866
108
1,907
2,880
Provisions
237
157
2,040
2,434
of which Change in Consolidation Scope
45
72
323
440
Utilisations
(255)
(99)
(1,609)
(1,963)
of which Change in Consolidation Scope
(41)
-
(300)
(341)
Release
(2)
-
(26)
(27)
Change in consolidation scope
1,245
228
2,391
3,864
Translation differences
(5)
2
11
8
December 31, 2016
2,086
396
4,714
7,195
Change
1,220
288
2,807
4,315
Note 8.B- CHANGE IN INVENTORY OBSOLESCENCE PROVISION
The inventory obsolescence provision at December 31, 2016 increased Euro 4,315 thousand,
principally due to the change in the consolidation scope for Euro 3,864 thousand. Excluding the
increase from the contribution at the consolidation date of the companies subject to business
combinations, the obsolescence provision reported an increase of Euro 451 thousand, principally
concerning Fila Dixon Stationery (Kunshan) Co., Ltd. (China, Euro 186 thousand) and Dixon
Ticonderoga Co. (U.S.A., Euro 168 thousand).
Note 9 – Trade and Other Receivables
Trade and other receivables amount to Euro 113,582 thousand (Euro 77,731 thousand at December
31, 2015).
Euro thousands
December 31, 2016
December 31, 2015
Change
Trade Receivables
102,689
69,598
33,091
Tax Receivables
4,070
3,375
695
Other Receivables
4,314
3,838
476
Prepayments and Accrued Income
2,509
920
1,589
Total
113,582
77,731
35,851
Note 9.A - TRADE AND OTHER RECEIVABLES
Trade receivables increased on December 31, 2015 by Euro 33,091 thousand. The change principally
concerns the alteration in the consolidation scope, with the portion at December 31, 2016 concerning
the companies subject to business combinations in fact amounting to Euro 37,203 thousand, of which
Euro 21,077 thousand concerning the Daler-Rowney Lukas Group and Euro 15,840 thousand the
Canson Group.