Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
216
In accordance with the 2016 Stability Law, reducing the IRES rate from the current 27.5% to 24%
from the tax period subsequent to December 31, 2016, the company, for the identifiable elements,
applied the new rate for the calculation of deferred taxes.
Note 17 - Financial Instruments
“Financial Instruments” amount to Euro 0 thousand at December 31, 2016 (Euro 21,504
thousand at December 31, 2015).
On January 4, 2016, the period for the exercise of the “F.I.L.A.
S.p.A. Market Warrants” concluded. Overall, 8,153,609 Market Warrants were exercised between
December 1, 2015 and January 4, 2016 (“Deadline” as communicated by the Issuer on December 1,
2015) against the subscription of 2,201,454 ordinary shares.
Against the above-stated subscription, the liabilities at December 31, 2015 were released with a
positive effect on the Equity reserves of Euro 4,502 thousand and on Retained
Earnings/Accummulated losses of Euro 16,941 thousand.
In addition, as established by paragraph 5.1 of the “F.I.L.A. S.p.A. Market Warrants” Regulation, the
remaining 22,685 unexercised “F.I.L.A. S.p.A. Market Warrants” are cancelled and entirely invalid.
The unexercised market warrants generated financial income of Euro 60 thousand recognised to the
income statement.
Nota 18 - Tax Liabilities
The account totalled Euro 1,567 thousand at December 31, 2016 (Euro 0 thousand at December 31,
2015) and includes the tax charge of Article 167 of Presidential Decree 917/1986 concerning
“Controlled Foreign Companies”.
An analysis was conducted on the foreign subsidiaries in order to establish whether concerning parties
qualifying as “Controlled Foreign Companies”. For companies for which these requirements were
considered met, the national tax charge borne by FILA S.p.A. was calculated in relation to income
earned abroad (Euro 1,197 thousand).
In addition, we report the tax charge against German tax representation of the subsidiary Lyra KG
(Germany - Euro 274 thousand).
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
217
Note 19 - Trade and Other Payables
The breakdown of “Trade and Other Payables” of F.I.L.A. S.p.A.is reported below:
Euro thousands
December 31, 2016
December 31, 2015
Change
Trade Payables
19,411
19,099
312
Tax Payables
370
414
(44)
Other Payables
3,407
1,987
1,420
Accrued Liabilities & Def.Income
84
0
84
Third parties
23,272
21,500
1,772
Trade payables - Subsidiaries
1,406
2,436
(1,030)
Other Payables - Subsidiaries
57
25
32
Subsidiaries
1,463
2,461
(998)
Total_24,735_23,961_774_Note_19.A_-_TRADE_AND_OTHER_PAYABLES'>Total
24,735
23,961
774
Note 19.A - TRADE AND OTHER PAYABLES
“Trade and Other Payables” at December 31, 2016 amount to Euro 24,735 thousand (Euro 23,961
thousand at December 31, 2015).
The movement is related to business levels in the period.
The breakdown of trade payables by region is reported below:
Euro thousands
December 31, 2016
December 31, 2015
Change
Europe
18,792
18,071
721
North America
39
55
(16)
Central/South America
12
0
12
Asia
565
0
565
Rest of the World
3
973
(970)
Total
19,411
19,099
312
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.
Trade payables from subsidiaries at December 31, 2016 amount to Euro 1,463 thousand (Euro 2,461
thousand at December 31, 2015).
The movement is related to business levels in the period.
“Tax Payables” to third parties includes taxes other than corporation tax. Other tax payables refer to
consultant withholding taxes.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
218
Current tax payables amount to Euro 370 thousand at December 31, 2016 (Euro 414 thousand at
December 31, 2015).
“Other Payables” amount to Euro 3,407 thousand at December 31, 2016 (Euro 1,987 thousand at
December 31, 2015).
social
security
contributions
to
be
paid
amount
to
Euro
465
thousand (Euro 576 thousand at December 31, 2015);
employee payables for remuneration amounts to Euro 1,234 thousand (Euro 1,078 thousand at
December 31, 2015);
Payables for short-term variable compensation of the Chief Executive Officer and the
Executive Director (Euro 1,263 thousand) related to the achievement of the targets fixed
under board motions.
The carrying amount of “Other Payables” and “Tax Payables” at the reporting date approximate their
fair value.
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