Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
43
Financial liabilities to “Other lenders” principally concern the price adjustment contractual
mechanism, based on the net working capital and net financial position at the acquisition date,
adopted for the acquisition of the Canson Group, with F.I.L.A. S.p.A. recognising Euro 15,572
thousand to the counterparties involved in the business combination.
Receivables at December 31, 2015 and 2016 were as follows:
Euro thousands
December 31, 2016
December 31, 2015
Trade Receivables
102,689
69,598
Tax Receivables
4,070
3,375
Other Receivables
4,314
3,838
Prepayments and Accrued Income
2,509
920
Total
113,582
77,731
Payables at December 31, 2016 were as follows:
Euro thousands
December 31, 2016
December 31, 2015
Trade Payables
63,170
38,412
Tax Payables
5,291
4,775
Other Payables
20,490
8,787
Accrued Liabilities & Def.Income
1,494
1,011
Total
90,445
52,985
In relation to “Trade and Other Payables” and “Trade and Other Receivables”, reference should be
made to “Note 9.A - Trade and Other Receivables” and “Note 20.A - Trade and Other Payables”.
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
44
Sensitivity Analysis
In accordance with IFRS 7 and further to that outlined in the “Directors’ Report – Financial Risks”,
the following is reported:
Currency risk
Net exposure of the main currencies:
(in Euro thousands)
USD
MXN
CNY
USD
MXN
CNY
Trade Receivables
25,309
519,389
7,960
9,036
509,860
0
Financial Assets
60,285
7,378
1,761
541
6,314
381
Financial Liabilities
(15,037)
(389,424)
(29,913)
(17,958)
(435,952)
(41,536)
Trade Payables
(10,430)
(147,461)
(22,756)
(2,888)
(79,127)
(26,574)
Net Balance sheet Exposure
60,126
(10,118)
(42,949)
(11,269)
1,095
(67,729)
December 31, 2016
December 31, 2015
The impact on the income statement and balance sheet, both negative, following an increase of 10%
in the exchange rate of the main foreign currencies against the Euro, would total approx. Euro 4,611
thousand (Euro 1,807 thousand at December 31, 2015).
Closing exchange rates applied:
Currency
December 31, 2016
December 31, 2015
USD /€
1.054
1.089
MXN /€
21.772
18.915
CNY /€
7.320
7.061
Year-End Exchange Rate
effect of a 10% increase on the Euro exchange rate:
Currency
December 31, 2016
December 31, 2015
USD /€
5,185
(941)
MXN /€
(42)
5
CNY /€
(533)
(872)
Total
4,611
(1,807)
Change in Equity
Interest rate risk
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
45
The current F.I.L.A. Group policy is to maintain variable interest rates, monitoring the interest rate
curve.
The financial assets and liabilities at variable rates are reported below:
Euro thousands
December 31, 2016
December 31, 2015
Financial Liabilities
283,586
70,049
Financial assets/liabilities at variable rate
283,586
70,049
The financial instruments at variable rates typically include liquidity, loans granted to a number of
Group companies and part of the financial payables.
A change of 100 “basis points” in the interest rates applicable to financial assets and liabilities at
variable rates in place at December 31, 2016 would result in the following income statement and
balance sheet impacts on an annualised basis.
Euro thousands
+ 100 bps
- 100 bps
December 31, 2016
Financial Assets/Liabilities at Variable Rate
2,836
(2,836)
December 31, 2015
Financial Assets/Liabilities at Variable Rate
700
(700)
Equity
Change 100 bps
The same variables are maintained to establish the income statement and balance sheet impact at
December 31, 2016.
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