Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
26
The increase in core business revenues before intercompany eliminations is attributable to the
following regional performances
:
“Europe” reported growth of Euro 5,610 thousand, mainly due to increased sales of coloured
pencils, paints, felt-tip pens, glues, plasticine and modelling clay by F.I.L.A. S.p.A, Fila
Stationary O.O.O. (Russia), Fila Hellas SA (Greece) and Fila Polska Sp. Z.o.o (Poland);
“North America” saw an improvement of Euro 4,396 thousand, principally by the subsidiary
Dixon Ticonderoga Company (U.S.A.) regarding sales of pencils and coloured felt-tip pens,
watercolours
and industrial products;
“Central-South America” reported a contraction of Euro 3,134 thousand, principally due to
movements of the South American currencies against the Euro. Excluding this effect, all of the
South American branches delivered improved revenues on the main product families, in particular
for glues, paints and industrial products
by the Mexican branch;
“Asia” reported revenue in line with the previous year.
“EBITDA” of Euro 44,302 thousand increased Euro 2,522 thousand, principally due to “Europe” and
“North America”, despite incurring in 2016 higher extraordinary charges of Euro 2,416 thousand
(mainly in “Europe” against the acquisitions made in the year).
“Net Financial Charges” in 2016 of Euro 5,305 thousand improved Euro 36,861 thousand on 2015,
principally due to the charges incurred in 2015 for the Fair Value measurement of Space S.p.A.
equity
at May 31, 2015 (Euro 45.8 million) and of the market warrants at December 31, 2015 (Euro 5.2
million), offset by the Fair Value re-measurement of the investment held in
Writefine Products Private
Limited (India, Euro 13.9 million).
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
27
Business Segments – Other Information
The “other information”, concerning tangible and intangible fixed asset investments of Group
companies by region for December 31, 2016 and December 31, 2015 is reported below:
December 2016
Euro thousands
Intangible Assets
756
75
831
Property, Plant and Equipment
5,257
755
1,173
4,311
119
11,615
Net Investments
6,013
755
1,173
4,386
119
12,446
* Allocation by "Entity Location"
Europe
North
America
Central - South
America
Asia
Rest of the
World
F.I.L.A.
Group
December 2015
Euro thousands
Intangible Assets
119
6
3
128
Property, Plant and Equipment
2,695
676
2,464
1,581
81
7,497
Net Investments
2,814
676
2,464
1,587
84
7,625
* Allocation by "Entity Location"
F.I.L.A.
Group
Europe
North
America
Central - South
America
Asia
Rest of the
World
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
28
Investments
Group investments for the year totalled Euro 12,593 thousand, broken down between “Intangible
Assets” for Euro 834 thousand and “Property, Plant and Equipment” for Euro 11,759 thousand,
undertaken both to achieve leaner production and to support sales volume growth.
The main intangible investments concerned F.I.L.A. S.p.A. for the installation of the new ERP and
residually “Concessions,
Licenses, Trademarks and Similar Rights”.
Investments in “Plant and Machinery” by the F.I.L.A. Group concerned the ongoing production
facility expansion and production process streamlining. We particularly highlight in 2016 the
investments of the parent F.I.L.A. S.p.A. (Euro 1,329 thousand) for the purchase of machinery at the
Rufina Scopeti facility, by Writefine Products Private Limited (India, Euro 2,485 thousand) and by
Daler Rowney Ltd (United Kingdom, Euro 804 thousand).
Investments in “Industrial and Commercial Equipment” in 2015 amounted to Euro 635 thousand, of
which Euro 325 thousand by the Parent F.I.L.A. S.p.A. at the production facilities of Rufina Scopeti
(Florence– Italy).
“Assets in Progress” at December 31, 2016 amount to Euro 3,610 thousand and related to F.I.L.A.
S.p.A. (Euro 1,065 thousand), Grupo F.I.L.A.-Dixon, S.A. de C.V. (Euro 680 thousand), Dixon
Stationery (Kunshan) Co. Ltd. (Euro 538 thousand) and Canson SAS (Euro 477 thousand).