Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
97
the consolidation of the companies acquired in the year. We particularly highlight the contribution at
the acquisition date of the Canson Group of a net carrying amount of Euro 7,528 thousand and of
Euro 2,834 thousand by the Daler-Rowney Lukas Group.
Group investments totalled Euro 646 thousand and concern in particular Writefine Products Private
Limited (India); these investments were undertaken for the development of production facilities in the
year.
Group depreciation totalled Euro 1,290 thousand, of which Euro 292 thousand concerning the
companies acquired in the year for the period between the acquisition date and December 31, 2016.
“Plant and Machinery” amounted to Euro 35,574 thousand (Euro 20,917 thousand at December 31,
2015). The increase on the previous year totalled Euro 14,657 thousand and principally concerned the
net carrying amount contributed by the companies acquired at the consolidation date; in particular, the
Canson Group for Euro 6,908 thousand, the Daler-Rowney Lukas Group for Euro 3,433 thousand and
St. Cuthberts Mill for Euro 2,498 thousand.
Investments in the year totalled Euro 5,712 thousand and were undertaken to extend plant production
capacity at the Group companies, in particular at F.I.L.A. S.p.A. (Euro 1,329 thousand), Writefine
Products Private Limited (Euro 2,485 thousand) and Daler Rowney Ltd (Euro 804 thousand).
The increase relating to the entry into use of assets in progress totalled Euro 2,377 thousand and
relates to various Group companies, including FILA Dixon Stationery (Kunshan) Co. Ltd. (Euro 650
thousand), F.I.L.A. S.p.A. (Euro 503 thousand), Canson SAS (Euro 360 thousand) and Omyacolor
S.A. (Euro 281 thousand).
Depreciation was Euro 5,544 thousand, of which Euro 1,455 thousand concerning the “business
combinations” for the period between the acquisition date and December 31, 2016.
“Industrial and Commercial Equipment” amounted to Euro 1,932 thousand at December 31, 2016
(Euro 919 thousand at December 31, 2015). The increase of Euro 1,013 thousand is due for Euro
1,630 thousand to the change in the consolidation scope and for Euro 710 thousand to investments
made in the year. The increase is offset by total depreciation of Euro 1,310 thousand.
Investments in Industrial and Commercial Equipment principally relate to the acquisition of new
production moulds and technological upgrades to existing plant; the increase particularly concerns
F.I.L.A. S.p.A. (Euro 325 thousand) and the companies of the Daler-Rowney Lukas Group (Euro 200
thousand).
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
98
“Other Assets” amount to Euro 2,654 thousand at December 31, 2016 (Euro 1,490 thousand at
December 31, 2015) and include furniture and office equipment, EDP and motor vehicles. The
increase is particularly due to the change in the consolidations scope, with a contribution at the
acquisition date of Euro 1,061 thousand. Other investments totalled Euro 1,081 thousand and
principally concern Writefine Products Private Limited (Euro 358 thousand), F.I.L.A. S.p.A. (Euro
193 thousand), the Daler-Rowney Lukas Group (Euro 230 thousand) and the Canson Group (Euro 103
thousand).
Depreciation amounted to Euro 1,018 thousand, of which Euro 281 thousand related to the companies
entering the consolidation scope and matured in the period between the acquisition date and
December 31, 2016.
“Assets in Progress” include internal constructions undertaken by the individual companies of the
Group which are not yet operational. The increase in the net carrying amount at December 31, 2016
(Euro 1,505 thousand) compared to 2015 is mainly due to the change in the consolidation scope, with
a total contribution at the acquisition date of Euro 752 thousand.
There is no property, plant and equipment subject to restrictions.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
99
Note 3 – Financial Assets
“Financial Assets” amount to Euro 3,984 thousand at December 31, 2016 (Euro 2,055 thousand at
December 31, 2015).
Euro thousands
Loans and Receivables
Derivative Financial
Instruments
Other Financial Assets
Total
December 31, 2015
354
-
1,701
2,055
non-current portion
354
-
1,433
1,787
current portion
-
-
268
268
December 31, 2016
355
462
3,167
3,984
non-current portion
355
462
2,892
3,709
current portion
-
-
275
275
Change
1
462
1,466
1,929
non-current portion
1
462
1,459
1,922
current portion
-
-
7
7
Note 3.A - FINANCIAL ASSETS
Loans and Receivables
These amount to Euro 355 thousand and concern the issue of a loan to third parties by F.I.L.A. S.p.A.
for Euro 350 thousand and by Omyacolor SA for Euro 5 thousand.
Derivative Financial Instruments
Financial instruments presented in the consolidated financial statements at December 31, 2016
concern the fair value measurement of derivative hedging instruments related to the loan (hedged
instrument) issued by the banks in 2016 for the acquisition of the Daler-Rowney Lukas Group, the
Canson Group and St. Cuthberts Holding.
F.I.L.A. S.p.A., exposed to future cash flow fluctuations in relation to the interest rate indexing
mechanism under the loan agreed, considered a hedge based on the payment of a fixed rate against the
variable rate necessary. The financial instruments, qualifying as hedges and concerning Interest Rate
Swaps, present characteristics in line with those of the hedged instrument, such as the same maturity
and the same repayment plan broken down into quarterly instalments with interest in arrears, in
addition to a variable interest rate indexed to the Euribor at 3 months.
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