Milan, 30 June 2014 – In compliance with the request sent by Consob on 13 September 2012, pursuant to article 114, paragraph 5, of Legislative Decree 58/1998, the following information is provided on Prelios S.p.A. and its Group, as at 31 May 2014.
1) Net Financial Position, with current and non-current items reported separately.
Prelios Group Net Financial Position at 31 May 2014 is negative for 181.9 million euro, compared to -176.3 million euro at April 2014.
Prelios S.p.A. Net Financial Position at 31 May 2014 is negative for 224.5 million euro, compared to -220.3 million euro at April 2014.
2) Past due payables, recorded by category (financial, trade, tax, social security and amounts due to employees) and any associated actions by creditors (reminders, injunctions, suspended deliveries, etc.):
Prelios Group past due trade payables total 11.8 million euro (12.1 million euro at April 2014), today reduced to 7.7 million euro following to payment of 4.1 million euro in June.
This situation falls within the scope of the customary business relations with Prelios Group suppliers.
Prelios S.p.A. past due trade payables total 5.4 million euro (6 million euro at April 2014), today reduced to 3.2 million euro following to payment of 2.2 million euro in June.
There are no legal disputes, court proceedings or suspended deliveries associated with the above items. Any payment reminders are part of normal business relations.
There are no past due amounts of a financial or tax nature, or amounts due to social security institutions or to employees.
3) Prelios Group and Prelios S.p.A. dealings with Related Parties:
Dealings with related parties consisting of subsidiary companies of Prelios S.p.A. or joint ventures and its associated companies (“Intragroup Dealings”), and dealings with related parties other than intragroup dealings (“Other Related Parties”), in particular Pirelli & C. S.p.A. and its subsidiaries, are of a trade and financial nature, falling within normal business operations, and are at arm’s length. There are no atypical and/or unusual transactions.
It should also be noted that Prelios Group consolidates (on a line-by-line basis or with the equity method) about 200 companies (which will be reduced to about 120, following the completion of the sale of the DGAG portfolio), most of which are minorities, valuated using the equity method, booked under item “Earnings from equity investments”. In order to have monthly data, it would therefore be necessary to implement a chain of processes involving all the companies in question, with an enormous outlay of resources and high costs, which would provide information of limited significance, when considering the business cycle of the real estate sector which updates valuations on a quarterly or half-yearly basis.
The Financial Reporting Officer of Prelios S.p.A., Dott. Marco Andreasi, attests – pursuant to Art. 154-bis, paragraph 2, of the Financial Markets Consolidation Act (Italian Legislative Decree 58/1998) – that the accounting disclosures contained in this press release correspond to the contents of the documents, registers and accounts of the Company.
For further information:
Prelios Press Office Tel. +39/02/6281.41571
Prelios Investor Relations Tel. +39/02/6281.4104