Milan, 31 January 2013 – In compliance with the request sent by Consob on 13 September 2012, in accordance with paragraph 5 of article 114, Law Nº. 58/1998, the following information is provided on Prelios S.p.A. and its Group, as of 31 December 2012.
1) Net Financial Position, with current and non-current items reported separately:
Prelios Group’s Net Financial Position at 31 December 2012 was a negative 520.5 million euro, compared with -513.2 million euro in November 2012. The decline compared to the preceding month of November is limited to approximately 7.3 million euro as a result of the Company’s attentive monitoring and management of the working capital in order to align to the target of the Company extraordinary restructuring project; the accurate management is geared to favour compliance with the corporate events calendar for which the preliminary agreement with the various lending entities involved is necessary.
Prelios S.p.A.’s Net Financial Position at 31 December 2012 was a negative 542.2 million euro, substantially unchanged from -540.7 million euro in November 2012.
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’s past due trade payables total 2.9 million euro (10.8 million euro in November 2012), today reduced to 1.8 million euro following to the payment of 1.1 million euro made in January.
The reduced amount in past due trade payables against 30 November 2012 is attributed for approximately 7.8 million euro to the definition of an agreement with an important supplier in December. In accordance with the agreement, payables were offset against Prelios Group receivables, several tranches of net debt were paid, and the outstanding balance was rescheduled.
Prelios S.p.A.’s past due trade payables total about 2.3 million euro (4.3 million euro in November 2012), now reduced to 1.7 million euro following the payment of 0.6 million euro in December.
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, with parties related to directors (in our case, specifically, 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.
This preliminary disclosure sets out the updated monthly information regarding dealings with other related parties, while the figures below relating to dealings with associated companies, joint ventures and other companies of the Prelios Group, as well as with subsidiaries of Prelios S.p.A., refer to 30 September 2012. This is due to the fact that the Group’s internal invoicing cycle is essentially quarterly and no significant accounting provisions are made with subsidiary and associated companies in the intervening months. This especially affects operating revenues and costs, financial income and charges, current trade receivables and payables, which are items that do not therefore vary significantly in the intervening months.