Milan, 31 October 2012 – 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 30 September 2012.
1) Net Financial Position, with current and non-current items reported separately. Prelios Group’s Net Financial Position at 30 September 2012 was a negative 522.5 million euro, compared with the -519.8 million euro in August 2012. Given an essential equilibrium between debits and credits in the month of September, this slight worsening was due to the recurring monthly provision of about 4 million euro of financial charges.
For the same reason, Prelios S.p.A.’s Net Financial Position at 30 September 2012 was a negative 562.1 million euro, compared with the -559.4 million euro in August 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 9.8 million euro, an improvement on the 13.8 million euro in August 2012, currently reduced to some 8.2 million euro following the payment of about 1.6 million euro in October.
Prelios S.p.A. ’s past due trade payables total about 4 million euro, an improvement on the 6.2 million euro in August 2012, currently reduced to 2.9 million euro following the payment of 1.1 million euro in October.
This situation reflects normal business relations with the suppliers of Prelios Group. About 70% of the past due amount refers to one supplier for which actual payment terms are longer than those envisaged contractually, as a result of the complicated payables/receivables structure.
There are no legal disputes 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, especially, 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.
We point out that the 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., updated at September and here following, refer to 30 June 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 intervening months.
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The Financial Reporting Officer of Prelios S.p.A., Mr. Riccardo Taranto, 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.
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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, especially, 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.
We point out that the 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., updated at September and here following, refer to 30 June 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 intervening months.
The Financial Reporting Officer of Prelios S.p.A., Mr. Riccardo Taranto, 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.