Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
102
Note 5 - Investments Measured at Cost
The Investments measured at cost, amounting to Euro 31 thousand, relate to the shareholding in
Maimeri S.p.A. by F.I.L.A. S.p.A. for a value of Euro 28 thousand, corresponding to 1% of the share
capital, and the quota held in the consortiums Conai, Energia Elettrica Zona Mugello and Energia
Elettrica Milano by F.I.L.A. S.p.A. at December 31, 2016.
Note 6 – Deferred Tax Assets
“Deferred Tax Assets” amount to Euro 20,842 thousand at December 31, 2016 (Euro 14,032 thousand
at December 31, 2015).
The movement of “Deferred Tax Assets” is illustrated in the table below with indication of the
opening balance, changes during the year and the closing balance at December 31, 2016.
Euro thousands
December 31, 2015
14,032
Provisions
10,107
of which Change in Consolidation Scope
1,755
Utilisations
(10,420)
of which Change in Consolidation Scope
(1,654)
Change in consolidation scope
7,051
Translation differences
(133)
Change in Equity
205
December 31, 2016
20,842
Change
6,810
Note 6.A - CHANGES IN DEFERRED TAX ASSETS
The account at December 31, 2016 mainly includes deferred tax assets calculated on “Intangible and
Tangible Assets”, “Personnel”, “Risk and Charges Provisions not deductible”, “ACE” and
“Inventories”.
The table below illustrates the breakdown of deferred tax assets based on the nature of the provision:
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
103
Euro thousands
2016
Contribution from
Change in Consol.
Scope
2016
2015
2016
2015
Intangible Assets
865
-
928
(63)
(176)
-
-
Property, Plant and Equipment
1,035
748
776
(489)
264
-
-
Provisions for Risks
539
-
160
379
5
-
-
Trade and Other Receivables
1,041
25
1,109
(93)
360
-
-
Inventories
4,712
619
2,252
1,841
1,154
-
-
Personnel
2,033
1,347
948
(467)
(81)
205
41
Exchange adjustments
53
-
51
2
31
-
-
Dividends Dixon Ticonderoga Inc. (Canada)
1,401
-
1,485
(84)
(79)
-
-
Translation reserve difference
(133)
-
339
(339)
(437)
(133)
339
Other
3
770
116
(883)
(23)
-
-
Tax Losses Carried Forward
3,399
3,149
1,656
(1,406)
(1,072)
-
-
Deferred deductible costs
2,576
393
1,946
237
937
-
-
ACE
3,317
-
2,266
1,051
899
-
-
Total deferred tax assets
20,842
7,051
14,032
(313)
1,782
72
380
2015
NOTE 6.B - BREAKKDOWN OF DEFERRED TAX ASSETS
Statement of Financial Position
Income Statement
Equity
The provisions for deferred tax assets amount to Euro 20,842 thousand and mainly refer to the Parent
F.I.L.A. S.p.A. (Euro 5,371 thousand), to the subsidiary Dixon Ticonderoga Company (U.S.A. - Euro
3,814 thousand) and Canson SAS (France, Euro 3,076 thousand).
The movement in the year, in addition to a net effect to the income statement of Euro 313 thousand, is
principally due to the change in the consolidation scope, with a total contribution at the acquisition
date of Euro 7,051 thousand.
In addition, following the favourable opinion issued by the Tax Agency concerning the acceptance of
the application to carry forward to subsequent years prior year tax losses generated by the company
Space S.p.A. in the first period of the year (January 1, 2015 - May 31, 2015), in addition to the
previous year, amounting to approx. Euro 16 million, F.I.L.A. S.p.A. recognised to the financial
statements Euro 4,390 thousand of deferred tax assets not prudently recognised to the financial
statements at December 31, 2015 as subject to consultation and whose outcome was uncertain at the
preparation date of the financial statements (it is noted that the company Space S.p.A. did not
recognise in the above-stated years these deferred tax assets as the requirements for future
recoverability did not exist due to the nature of the business).
The amount recognised of Euro 4,390 thousand was subject to reversal in the same year of recognition
in coverage of the IRES assessable income generated in 2016.
The deferred tax assets were recognised by each company of the Group assessing the projected future
recovery of these assets, presently considered very probable, on the basis of updated strategic plans
and relative tax planning.
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