Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
106
Excluding the effect of the changes in the consolidation scope and considering the impact of the
negative currency differences for Euro 3,428 thousand, total receivables reduced Euro 684 thousand,
due to improved payment times, principally at F.I.L.A. S.p.A. and Dixon Ticonderoga Company
(U.S.A.).
Trade receivables broken down by country are illustrated below:
Euro thousands
December 31, 2016
December 31, 2015
Change
Europe
34,162
23,537
10,625
North America
26,156
9,206
16,950
Central/South America
33,785
33,004
781
Asia
4,278
1,452
2,826
Rest of the world
4,308
2,399
1,909
Total
102,689
69,598
33,091
TRADE RECEIVABLES: REGION
The changes in the doubtful debt provision to cover difficult recovery positions are illustrated in the
table below.
Euro thousands
December 31, 2015
3,966
Provisions
1,086
of which Change in Consolidation Scope
149
Utilisations
(548)
of which Change in Consolidation Scope
(220)
Release
(267)
Change in consolidation scope
588
Exchange Differences
(31)
December 31, 2016
4,794
Change
828
Note 9.C - CHANGES IN DOUBTFUL DEBT PROVISION
The movement in the doubtful debt provision is mainly due to the change in the consolidation scope,
with a contribution to the consolidated financial statements at the acquisition date totalling Euro 588
thousand (Euro 404 thousand concerning the Daler-Rowney Lukas Group and Euro 184 thousand
concerning the Canson Group).
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
107
The provision in the year of Euro 1,086 thousand principally concerns F.I.L.A. S.p.A. (Euro 603
thousand), Dixon Ticonderoga Company (Euro 163 thousand) and Daler Rowney Ltd (Euro 109
thousand).
“Tax Receivables” totalled Euro 4,070 thousand (Euro 3,375 thousand at December 31, 2015) and
include VAT receivables (Euro 3,065 thousand) and other tax receivables for local taxes other than
direct income taxes (Euro 1,005 thousand).
“Other Receivables” amount to Euro 4,314 thousand (Euro 3,838 thousand at December 31, 2015)
and mainly concern employee receivables (Euro 334 thousand), social security institutions (Euro 81
thousand) and advances paid to suppliers (Euro 2,236 thousand), principally concerning the Indian
and Chinese subsidiaries. The carrying amount of “Other Receivables” represents the “fair value” at
the reporting date.
All of the above receivables are due within 12 months.
Note 10 - Cash and Cash Equivalents
“Cash and Cash Equivalents” at December 31, 2016 amount to Euro 59,519 thousand (Euro 30,683
thousand at December 31, 2015).
Euro thousands
Bank and Post Office
Deposits
Cash in hand and
similar
Total
December 31, 2015
30,551
132
30,683
December 31, 2016
59,446
73
59,519
Change
28,895
(59)
28,836
Note 10 - CASH AND CASH EQUIVALENTS
"Bank and post office deposits" consist of temporary liquidity positions generated within the treasury
management and mainly relating to ordinary current accounts of F.I.L.A. S.p.A. for Euro 19,185
thousand and current accounts of the subsidiary companies for Euro 40,261 thousand, in particular:
Dixon Ticonderoga Company (Euro 10,137 thousand), companies of the Canson Group (Euro 8,208
thousand) and Omyacolor S.A. (Euro 3,942 thousand) and the Chinese subsidiaries of the Dixon
Group (Euro 2,136 thousand).
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
108
“Cash in hand and similar” amount to Euro 73 thousand, of which Euro 8 thousand relates to the
Parent F.I.L.A. S.p.A and Euro 65 thousand to the various subsidiaries.
The carrying amount approximates the “Fair Value” at the reporting date.
Bank and post office deposits are remunerated at rates indexed to inter-bank rates such as Libor and
Euribor.
There are no bank and postal deposits subject to restrictions.
Reference should be made to the paragraph: “Statement of Financial Position” for comments relating
to the Net Financial Position of the F.I.L.A. Group.
Note 11 - Net Financial Position
The F.I.L.A. Group “Net Financial Position” at December 31, 2016 was a net debt of Euro 223,437
thousand, improving Euro 184,693 thousand on December 31, 2015.
December 31, 2016
December 31, 2015
Change
A
Cash
73
132
(59)
B
Other cash equivalents
59,446
30,551
28,895
C
Securities held-for-trading
-
-
-
D
Liquidity ( A + B + C)
59,519
30,683
28,836
E
Current financial receivables
275
268
7
F
Current bank payables
(52,879)
(67,319)
14,440
G
Current portion of non-current debt
(24,158)
(715)
(23,443)
H
Other current financial payables
(16,497)
(505)
(15,992)
I
Current financial debt ( F + G + H )
(93,534)
(68,539)
(24,995)
J
Net current financial debt (I + E+ D)
(33,740)
(37,588)
3,848
K
Non-current bank payables
(189,902)
(1,404)
(188,498)
L
Bonds issued
-
-
-
M
Other non-current financial payables
(150)
(106)
(44)
N
Non-current financial debt ( K + L + M )
(190,052)
(1,510)
(188,542)
O
Net financial debt (J+N)
(223,792)
(39,098)
(184,694)
P
Loans issued to third parties
355
354
1
Q
Net financial debt (O + P) - F.I.L.A. Group
(223,437)
(38,744)
(184,693)
Note:
3) At December 31, 2016 there were no transactions with related parties which impacted the net financial debt.
Euro thousands
1) The net financial debt calculated at point “O” complies with Consob Communication DEM/6064293 of July 28, 2006, which excludes non-current financial
assets. The net financial debt of the F.I.L.A. Group differs from the above communication by Euro 355 thousand in relation to the non-current loans granted to
third parties by F.I.L.A. S.p.A. (Euro 350 thousand) and Omyacolor S.A. (Euro 5 thousand)
2) The Market Warrants recognised to the financial statements at December 31, 2015 of Euro 21,504 thousand are not considered an integral part of the net
financial debt as cashless financial instruments.
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