Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
225
Note 27 – Financial Income
Financial income, together with the comment on the main changes on the previous year, was as
follows:
Euro thousands
December 31, 2016
December 31, 2015
Change
Investment Income
8,504
18,275
(9,771)
Dividends
8,504
3,223
5,281
Other Income from Investments measured at cost
0
15,052
(15,052)
Interest and Income from Group Companies
1,673
84
1,589
Interest on Bank Deposits
0
483
(483)
Other Financial Income
822
826
(4)
Unrealised Exchange Gains on Financial Transactions
-
4
(4)
Realised Exchange Gains on Financial Transactions
61
12
49
Total_11,060_19,684_(8,624)_Note_27_–_FINANCIAL_INCOME'>Total
11,060
19,684
(8,624)
Note 27 – FINANCIAL INCOME
“Financial Income” includes dividends received from the subsidiary Dixon Ticonderoga Co. (U.S.A.
Euro 4,497 thousand), the subsidiary Omyacolor S.A. (France – Euro 1,899 thousand), F.I.L.A.
Hispania S.L. (Spain – Euro 968 thousand), the subsidiary Writefine Products PVT Ltd (India – Euro
512 thousand), the subsidiary Lyra KG (Germany – Euro 498 thousand) and the subsidiary FILA
Hellas S.A. (Greece – Euro 130 thousand).
“Interest and Income from Group companies” mainly relates to interest recharged to the subsidiaries
of the Daler Group (Euro 1,170 thousand), the subsidiaries of the Canson Group (Euro 348 thousand),
the subsidiary Licyn Mercantil Industrial Ltda (Brazil – Euro 85 thousand), the subsidiary FILA S.A.
(Pty) Ltd. (South Africa – Euro 25 thousand), the subsidiary Fila Stationery O.O.O. (Russia – Euro 20
thousand), the subsidiary Industria Maimeri S.p.A. (Italy - Euro 19 thousand), calculated on the loans
granted by F.I.L.A. S.p.A..
For further information, reference should be made to “Note 3 - Financial Assets”.
“Other Financial Income” principally includes income on the interest rate hedge (forward contract)
undertaken following the acquisition of the Daler Group in February 2016 on the English currency
(Euro 750 thousand).
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
226
Note 28 - Financial Expense
Financial expense, together with the comment on the main changes on the previous year, was as
follows:
Euro thousands
December 31, 2016
December 31, 2015
Change
Interest on Bank Overdrafts
(86)
(151)
65
Interest on Bank Loans
(2,408)
(157)
(2,251)
Other Financial Charges
(1,602)
(64,121)
62,519
Realised Exchange Losses on Financial Transactions
(686)
(50)
(637)
Total
(4,782)
(64,479)
59,697
Note 28 - FINANCIAL EXPENSE
“Other Financial Charges” amounted to Euro 1,602 thousand in 2016 (Euro 64,121 thousand in 2015)
and are broken down as follows:
financial commissions (Euro 525 thousand) applied by credit institutions issuing the loan for
the acquisitions carried out in 2016 (for further details, reference should be made to “Note 13
- Financial Liabilities”;
charges in 2016 relating to the amortised cost (Euro 488 thousand) (for further details,
reference should be made to “Note 13 - Financial Liabilities”).
For comparative purposes, in 2015 the parent F.I.L.A. S.p.A. reported the following:
the difference of Euro 45,791 thousand between the Fair Value of Space at May 31, 2015 (the
market capitalisation of shares at May 29, 2015) and the relative book equity at the same date,
due to the above-mentioned merger between Space S.p.A. and F.I.L.A. S.p.A.. This difference
in fact derives from the application of IFRS 2, which establishes the accounting of Space
S.p.A at Fair Value (in accounting terms defined as the company acquired or “accounting
acquirer”). However, this amount could not be recognised to fixed assets as goodwill or an
intangible asset as not having been generated by a business combination (as in accounting
terms Space is not a business) and does not fulfil the recognition requirements of IAS 38;
the adjustments to the Fair Value of the market warrants not exercised at December 31, 2016
(Euro 15,989 thousand); the fair value was established utilising level 1 of the hierarchy as
market warrants are listed on an active market;
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
227
financial charges related to the Market Warrants (Euro 1,647 thousand) to compensate
financially such parties following the alteration of the terms and conditions of the Market
Warrant regulation following any distribution of reserves.
“Interest Charges on Bank Loans” include interest matured on loans undertaken by F.I.L.A. S.p.A.
(Euro 2,151 thousand) against the acquisitions executed in 2016. In addition, the account includes the
interest differentials paid following the issue of interest rate hedging instruments on the notional of
the overall loan (Euro 257 thousand). For further details, reference should be made to “Note 13 -
Financial Liabilities”.
Note 29 - Foreign Currency Transactions
Exchange differences on financial and commercial transactions in foreign currencies in 2016 are
reported below.
Euro thousands
December 31, 2016
December 31, 2015
Unrealised Exchange Losses on Commercial Transactions
(2)
(7)
Realised Exchange Losses on Commercial Transactions
(382)
(214)
Unrealised Exchange Gains on Commercial Transactions
96
40
Realised Exchange Gains on Commercial Transactions
158
119
Total exchange differences on commercial transactions
(130)
(62)
Unrealised Exchange Gains on Financial Transactions
-
4
Realised Exchange Gains on Financial Transactions
61
12
Unrealised Exchange Losses on Financial Transactions
0
0
Realised Exchange Losses on Financial Transactions
(686)
(50)
Total exchange differences on financial transactions
(625)
(34)
Total net value of exchange differences
(755)
(96)
Note 29 - FOREIGN CURRENCY TRANSACTIONS
Exchange differences in 2016 arose from transactions in US Dollars against the Euro, in addition to
the movement in the year of assets and liabilities in foreign currencies, following commercial and
financial transactions.
Note 30 - Income Taxes
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