Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
125
On January 4, 2016, the period for the exercise of the Market Warrants still on the market concluded.
Of the residual portion at December 31, 2015, 8,153,609 Market Warrants, corresponding to Euro
21,444 thousand, were exercised, resulting in a similar increase in Equity; the remaining 22,685
F.I.L.A. S.p.A. Market Warrants which were not exercised were cancelled and are without validity,
generating financial income of Euro 60 thousand.
Note 18 - Current Tax Payables
The account “Current Tax Payables” totals Euro 4,951 thousand at December 31, 2016 (Euro 1,840
thousand at December 31, 2015), relating mainly to the Parent Company and the Indian company
Writefine Products Private Limited (India).
Note 19 - Trade and Other Payables
“Trade and Other Payables” at December 31, 2016 amount to Euro 90,445 thousand (Euro 52,985
thousand at December 31, 2015). The breakdown of “Trade and Other Payables” of the F.I.L.A.
Group is reported below:
Euro thousands
December 31, 2016
December 31, 2015
Change
Trade Payables
63,170
38,412
24,758
Tax Payables
5,291
4,775
516
Other Payables
20,490
8,787
11,703
Accrued Liabilities & Def.Income
1,494
1,011
483
Total_90,445_52,985_37,460_Note_19.A_TRADE_AND_OTHER_PAYABLES'>Total
90,445
52,985
37,460
Note 19.A TRADE AND OTHER PAYABLES
The increase in “Trade Payables” (Euro 24,758 thousand) principally concerns the change in the
consolidation scope. Trade payables at December 31, 2016 concerning the companies acquired during
the year amount to Euro 21,142 thousand (principally relating to the Daler-Rowney Lukas Group for
Euro 11,507 thousand and the Canson Group for Euro 9,038 thousand). Excluding the contribution
from corporate operations and currency differences of Euro 1,238 thousand, the total increase was
Euro 4,854 thousand and principally concerned higher purchases in support of increased production
volumes and consultancy charges incurred by the parent for “M&A” operations.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
126
The geographic breakdown of trade payables is shown below:
Euro thousands
December 31, 2016 December 31, 2015
Change
Europe
36,827
22,240
14,587
North America
5,506
3,102
2,404
Central/South America
4,204
2,717
1,487
Asia
14,069
9,804
4,265
Rest of the world
2,564
549
2,015
Total
63,170
38,412
24,758
Note 19.B TRADE PAYABLES THIRD PARTIES - REGIONAL BREAKDOWN
The carrying amount of trade payables at the reporting date approximates their “fair value”.
The trade payables reported above are due within 12 months.
The account “Tax Payables” to third parties amounts to Euro 5,291 thousand at December 31, 2016
(Euro 4,775 thousand at December 31, 2015), of which Euro 3,471 thousand VAT payables and Euro
1,820 thousand concerning tax payables other than current taxes. VAT payables principally concern
the Mexican subsidiary (Euro 2,224 thousand). Other Tax Payables concern consultants withholding
taxes, principally relating to F.I.L.A. S.p.A (Euro 370 thousand). The residual amount mainly refers
to the Chinese subsidiaries (Euro 348 thousand).
“Other Payables” amount to Euro 20,490 thousand at December 31, 2016 and principally include:
employee salary payables of Euro 9,908 thousand (Euro 5,111 thousand at December 31,
2015);
social security contributions to be paid of Euro 4,787 thousand (Euro 2,099 thousand at
December 31, 2015);
payables for agent commissions of Euro 339 thousand (Euro 172 thousand at December 31,
2015).
the residual payables of Euro 5,439 thousand principally concern advances to clients (Euro
1,405 thousand at December 31, 2015).
The carrying amount of “Tax Payables”, “Other Payables” and “Accrued Liabilities and Deferred
Income” at the reporting date approximate their fair value.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
127
With reference to the other non-current payables, the balance at December 31, 2016 amounted to Euro
105 thousand and refers to deposits paid by clients to guarantee long-term supply contracts of the
Indian company Writefine Products Private Limited (India).
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