1) Net Financial Position, with current and non-current items reported separately.
Prelios Group Net Financial Position at 31 October 2013 is negative for 359.1 million euro, compared to -358.1 million euro at September 2013.
Prelios S.p.A. Net Financial Position at 31 October 2013 is negative for 377.2 million euro, compared to -374.8 million euro at September 2013.
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 11.7 million euro (11.7 million euro as in September 2013), today reduced to 7.8 million euro following the payment of 3.9 million euro in November.
This situation falls within the scope of the customary business relations with Prelios Group suppliers.
Prelios S.p.A. past due trade payables total about 6.8 million euro (7.1 million euro in September 2013), today reduced to 4.4 million euro following the payment of 2.4 million euro in November.
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, 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 preliminary disclosure concerning the dealings with associated companies, joint ventures and other companies of Prelios Group as well as Prelios S.p.A. subsidiaries, that is reported below, is relating to September 2013, and is compared with the data that refer to last 30 June 2013. 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.
***The Financial Reporting Officer of Prelios S.p.A., Mrs Elena Capra, 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. +39/02/6281.33549
Prelios Investor Relations Tel. +39/02/6281.4057