Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
198
Note 6 - Current Tax Assets
“Current Tax Assets” amount to Euro 1,387 thousand at
December 31, 2016 (Euro 1,821 thousand at
December 31, 2015). The movement on December 31, 2015 principally concerns the IRAP tax
charge calculated according to the existing provisions (Euro 498 thousand).
We report, at the same time, the recognition of a current tax payable for foreign taxes related to the
German tax representation of the subsidiary Lyra KG (Germany - Euro 274 thousand), in addition to
the tax charge as per Article 167 of Presidential Decree 917/1986 concerning “Controlled Foreign
Companies” for Euro 1,197 thousand (reference should be made to “
Note 18 Current Tax
Liabilities”).
Note 7 - Inventories
Inventories at December 31, 2016 amount to Euro 29,453 thousand (Euro 30,198 thousand at
December 31, 2015).
The breakdown of inventories is as follows:
Euro thousands
Raw Materials,
Ancillary and
Consumables
Work-in-progress
and Semi-finished
Products
Finished Products
and Goods
Total
December 31, 2015
4,047
3,442
22,709
30,198
December 31, 2016
4,055
3,650
21,748
29,453
Change
8
208
(961)
(745)
Note 7.A - INVENTORIES
The values reported in the previous table are shown net of the inventory obsolescence provision
relating to raw materials, products in work-in-progress and finished products, amounting respectively
at December 31, 2016 to Euro 78 thousand (Euro 92 thousand at December 31, 2015), Euro 25
thousand (Euro 32 thousand at December 31, 2015) and Euro 295 thousand (Euro 267 thousand at
December 31, 2015), which refer to obsolete or slow moving materials for which it is not considered
possible to recover through sales.
No inventory is provided as a guarantee on liabilities.
The changes in the inventory obsolescence provision in the year were as follows:
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
199
Euro thousands
Raw Materials,
Ancillary and
Consumables
Work-in-progress
and Semi-finished
Products
Finished Products
and Goods
Total
December 31, 2015
92
32
267
391
Provisions
75
85
50
210
Utilisations
(89)
(92)
(22)
(203)
December 31, 2016
78
25
295
398
Change
(14)
(7)
28
7
Note 7.B- CHANGE IN INVENTORY OBSOLESCENCE PROVISION
During 2016 the provision was utilised for disposals and product scrapping. The allocation in the year
was made against obsolete materials and slow moving inventories at December 31, 2016.
Note 8 – Trade and Other Receivables
These totalled Euro 20,242 thousand and decreased on the previous year Euro 1,987 thousand.
The breakdown is illustrated below.
Euro thousands
December 31, 2016
December 31, 2015
Change
Trade Receivables
12,328
14,103
(1,775)
Tax Receivables
929
1,821
(892)
Other Receivables
505
547
(42)
Prepayments and Accrued Income
104
107
(3)
Third parties
13,866
16,578
(2,712)
Trade Receivables - Subsidiaries
6,376
5,651
725
Subsidiaries
6,376
5,651
725
Trade Receivables - Associates
-
-
-
Associates
-
-
-
Total
20,242
22,229
(1,987)
Note 8.A - TRADE AND OTHER RECEIVABLES
“Trade Receivables - Subsidiaries” amount to Euro 6,376 thousand at December 31, 2016 (Euro 5,651
thousand at December 31, 2015). For further information, reference should be made to the
“Directors’ Report - Transactions with Related Parties”.
The movement is related to business levels in the period.
The amounts of the previous table are shown net of the doubtful debt provision.
At December 31, 2016, there were no trade receivables subject to guarantees.
All of the above receivables are due within 12 months.