Milan, 30 April 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 March 2014.
The data at 31 March 2014 reported in this press release - issued in compliance with the law as mentioned above - are preliminary data, not yet approved and subject to changes, even significant, in relation to the definition of the Interim Report at the same date.
1) Net Financial Position, with current and non-current items reported separately.
It should be noted that, as reported in the press release circulated on 9 April 2014, in relation to the results for the financial year 2013, the presuppositions occurred for the automatic conversion of the convertible debenture loan and the consequent implementation of the share capital increase for the exclusive service of the conversion. Consequently, also the values relating to the Net Financial Position are reported, factoring in such transaction.
Prelios Group Net Financial Position at 31 March 2014 is negative for
408.5 million euro, compared to -395.5 million euro at February 2014. Considering the conversion of the convertible debenture loan - as above indicated - the NFP at 31 March 2014 is negative for 172.1 million euro.
Prelios S.p.A. Net Financial Position at 31 March 2014 is negative for 437.9
million euro, compared to -422 million euro at February 2014. Considering the conversion of the convertible debenture loan - as above indicated - the NFP at 31 March 2014 is negative for 201.4 million euro.
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 11.1 million euro (12.7 million euro at February 2014), today reduced to 6.9 million euro following to payment of 4.2 million euro in April.
This situation falls within the scope of the customary business relations with Prelios Group suppliers.
Prelios S.p.A. past due trade payables total 4.5 million euro (7.2 million euro at February 2014), today reduced to 2.5 million euro following to payment of 2 million euro in April.
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 be noted that 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, relating to March 2014, reported below, is compared with the data that refer to last 31 December 2013 with regard to balance sheet data and with the data at 31 March 2013 with regard to income statement data. 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., 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