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Company information
Company name: INTERPOLIMERI SPA
Headquarters: VIA CAPITANO GUIDO NEGRI NO. 11 LIMENA PD
Share capital: 10,000,000.00
Fully paid-in share capital: Yes
Chamber of Commerce ID code: PD
VAT number: 01830880280
Tax code: 01830880280
EAR number: 183448
Legal form: SOCIETA' PER AZIONI (JOINT-STOCK COMPANY)
Main sector of activity (ATECO): 467620
Company in liquidation: no
Company with sole shareholder: no
Company subject to third-party management and no
coordination:
Name of the company or institution that carries out
management and coordination activities:
Belonging to a group: no
Name of the parent company:
Country of the parent company:
Cooperative company registration number:
Balance sheet
31/12/2017 31/12/2016
Assets
B) Fixed assets
31/12/2017 31/12/2016
1) equity investments in - -
2) receivables - -
C) Current assets
I - Inventories - -
II - Receivables - -
31/12/2017 31/12/2016
Liabilities
1) for severance & pension liabilities and similar obligations 165,675 77,136
D) Payables
6) advances 8,598 -
13) payables due to pension and social security institutions 149,589 151,776
31/12/2017 31/12/2016
Income statement
31/12/2017 31/12/2016
A) Value of production
B) Production costs
6) for raw, ancillary and consumable materials and goods 150,803,673 133,949,614
9) for personnel - -
d) write-downs of current receivables and of cash and cash equivalents 100,784 83,037
11) changes in inventories of raw and ancillary materials, consumables and goods (4,410,449) (140,060)
31/12/2017 31/12/2016
d) other income - -
20) Current, deferred and prepaid income tax for the year
Total current, deferred and prepaid income tax for the year 616,580 595,505
Amount as of Amount as of
31/12/2017 31/12/2016
1) Profit (loss) for the year before income taxes, interest, dividends and gains/losses from disposals 2,099,801 2,144,414
Adjustments for non-monetary items without an offsetting counterpart in net working capital
Total adjustments for non-monetary items without an offsetting counterpart in net working capital 532,840 457,342
Other adjustments
Amount as of Amount as of
31/12/2017 31/12/2016
Divestments 11,850
Third-party financing
Total cash and cash equivalents at the beginning of the year 419,782 764,156
Total cash and cash equivalents at the end of the year 1,225,613 419,782
Balancing difference
‘Organismo Italiano di Contabilità’ (‘Italian Accounting Board’). They provide a true and correct representation
of the company’s balance sheet and financial position, as well as the result for the year.
The content of the Balance Sheet and Income Statement is that envisaged by arts. 2424 and 2425 of the
(Italian)Civil Code, while the Cash Flow Statement has been drawn up pursuant to art. 2425-ter).
The purpose of these Explanatory Notes, drawn up pursuant to art. 2427 of the (Italian) Civil Code, is to
illustrate, analyse and, in certain cases, integrate financial statement data. They also contain all necessary or
useful information to provide a true and correct representation of the company’s balance sheet and financial
position, as well as its result for the year, even though such information is not specifically required by specific
legal provisions.
It is to be noted that the publication of (Italian) Legislative Decree no.139 dated 18th August 2016 in the Italian
Official Journal of 4th September 2015 (Italian Legislative Decree no. 139/2015), completed implementation of
the Directive 2013/34/EU. As a result, the provisions of the (Italian) Civil Code regarding financial statements
were duly updated.
It also hereby specified that, when drawing up these financial statements, the Italian accounting standards
referred to by art. 9 bis, paragraph 1, letter a) of (Italian) Legislative Decree no. 38 dated 28/02/2015 were
applied, as updated by the Organismo Italiano di Contabilità (OIC - the Italian Accounting Board) based on the
provisions included in the same Decree and amended by the document issued on 29th December 2017.
With regard to the preparation of support documents to the financial statements, please be informed that the
Directors' Report has been drawn up as per art. 2428 of the (Italian) Civil Code.
These Explanatory Notes do not provide the information referred to by article 2427-bis, second paragraph, of
the (Italian) Civil Code, as the conditions stated therein do not apply.
Company activities
As you know, your company operates in the plastics distribution sector, in particular as a distributor of
thermoplastic granules.
Accounting principles
The principles used to prepare the financial statements are the same as those provided for by art. 2423-bis of
the (Italian) Civil Code; in particular:
individual items were assessed with due caution and with the prospect of normal company activity
continuing;
income and expenses were recorded on an accrual basis regardless of when the associated cash
movements took place;
any risks and losses for the year were taken into consideration, even if they became known after the close
of the financial year;
only profits actually made during the year were taken into account;
different elements making up the single items under assets and liabilities were indicated separately, in
order to avoid any item compensation;
items were reported and presented taking into account the scope of the transaction or the scope of the
contract;
during the previous year and in the months prior to the approval of the financial statements, there were no
exceptional circumstances requiring recourse to the exceptions provided for by art. 2423 of the (Italian)
Civil Code in order to provide a true and correct representation of the financial statements.
Pursuant to article 2423, paragraph 5, of the (Italian) Civil Code, amounts stated in the financial statements and
the explanatory notes are expressed in EURO.
Structure and contents of the financial statements
The Balance Sheet, Income Statement and Cash Flow Statement and accounting information contained in the
present Explanatory Notes are directly taken from the duly kept accounting records.
No items preceded by Arabic numerals were grouped together in the Balance Sheet and Income Statement, as
is optionally provided for by art. 2423 ter of the (Italian) Civil Code.
Pursuant to art. 2424 of the (Italian) Civil Code, it is hereby confirmed that there are no assets or liabilities that
fall under more than one financial statement item.
Accounting criteria
The criteria used to assess financial statement items and value adjustments comply with the provisions of the
(Italian) Civil Code and the accounting principles issued by the ‘Organismo Italiano di Contabilità’ (‘Italian
Accounting Board’).
In particular, the accounting criteria used to assess each individual item comply with the provisions of art. 2426
of the (Italian) Civil Code, as integrated and amended with the implementation of EEC Directive no.
2013/34/EU. The criteria applied were the same as those used to draw up the financial statements for the
previous year.
The information contained in this document is presented in the order in which the relevant items are listed in the
Balance Sheet and Income Statement. The accounting criteria adopted are specifically commented upon for
each individual item.
Fixed assets
Amortisation (accumulated
175,641 719,942 895,583
amortisation)
Amortisation (accumulated
211,738 750,397 962,135
amortisation)
- equipment: 15%
- vehicles: 25%
- furniture: 12%
- heavy trucks: 20%
- electronic office equipment: 20%
- furnishings: 15%
- anti-theft system: 30%
- neon sign: 10%
- company transport: 20%
- data processor: 20%
All goods with a unit cost not exceeding € 516.46 are fully depreciated over the year, since their value of use is
not significant. Moreover, this criterion complies with the relevant tax provision (article 102, paragraph 5, of the
TUIR - Italian Income Tax Consolidation Act).
It should be noted that there was no need to make any write-downs as per art. 2426, paragraph 1, no. 3, of the
(Italian) Civil Code since there were no indicators of potential impairment to the value of tangible assets, as
provided for by accounting standard OIC 9 (issued by the Italian Accounting Board)
The residual value of assets, taking into account the depreciation applied, is in fact proportionate to their
remaining useful life.
Industrial and
Plants and Other tangible fixed Total tangible fixed
Lands and buildings commercial
machinery assets assets
equipment
Value at the
beginning of the
year
Depreciation
(accumulated 29,745 91,783 36,235 846,069 1,003,832
depreciation)
Increases for
- 2,090 21,894 144,184 168,168
acquisitions
Decreases for
disposals (of book - - - 29,248 29,248
value)
Industrial and
Plants and Other tangible fixed Total tangible fixed
Lands and buildings commercial
machinery assets assets
equipment
(accumulated
depreciation)
Changes in equity investments, other securities and non-current derivative financial instruments
The breakdown of and changes to financial fixed asset costs are reported in the following table.
Over the course of 2017, the company acquired an additional 1% of the share capital of INTERPOLIMERI
SPAIN (SPE), giving it a shareholding equal to 73.5% of the company.
On 30/10/2017, INTERPOLIMERI HUNGARY was established, a company incorporated under Hungarian law,
with headquarters in Budapest, Andrássy út 100. The share capital of the newly-established subsidiary is HUF
15,000,000, of which Interpolimeri holds an 85% stake (HUF 12,750,000), equal to Euro 41,083.
Value at the
Changes during Value at the end Amount due Amount due after
beginning of the
the year of the year during the year the year
year
The company has interest-bearing/non-interest bearing loans in place granted to controlled companies, in order
to allow them to carry out their planned investments. Since the aforementioned loans are intended to serve the
financial needs of the controlled companies over the long term, they have been considered, in part, due after
the financial year.
In particular, the company granted an interest-bearing loan to the controlled company IP Portugal SA for Euro
750,000, and a new interest-bearing loan to the controlled company Interpolimeri Spain for Euro 1,100,000.
Changes to the loans granted to controlled companies are shown below:
Net value at Net value at
Description Increase Decrease Moving items
31/12/2016 31/12/2017
Interpolimeri
Spain 2,000,000 438,356 2,576,938 1,894,049 73.500 1,914,486
Spain SL
Interpolimeri
Hungary 48,336 (16,602) 31,734 26,974 85.000 41,083
Hungary
Total 1,988,569
Interpolimeri Spain S.L. markets, imports, exports and distributes processed plastics and raw materials.
The equity investment has been recorded at a higher purchase cost than the corresponding share of
Shareholders’ Equity at 31/12/2017 due to the expected cash flows resulting from the various initiatives.
IP Interpolimeri Portugal S.A. markets, imports, exports and distributes processed plastics and raw materials.
Interpolimeri Hungary markets, imports, exports and distributes processed plastics and raw materials.
The equity investment has been recorded at a higher purchase cost than the corresponding share of
Shareholders’ Equity at 31/12/2017 due to the expected cash flows resulting from the various initiatives.
There are no share availability restrictions for the investor company and there are no option rights or other
privileges, without prejudice to the pre-emption right in favour of other shareholders as provided for by the
articles of association.
EU 2,981,507 2,981,507
Current assets
Current assets refer to the items stated below.
Inventories
Inventories relating to finished products and goods are valued at either their acquisition or production cost or at
their net realizable value based on market conditions, whichever is lower, applying the moving weighted
average method.
Should the cost, as determined above, be higher than the market value at the end of the year, then inventories
are valued at said lower value.
The market value, which is compared with the cost, refers to the average repurchase price as determined by
ICIS LOR lists.
As far as the single items are concerned, the following should be noted.
Trade receivables
The breakdown of trade receivables is illustrated with the aid of the following tables, which also document the
changes in the bad debt provision.
Total Variation
Details 2017 2016
variations %
Total Variation
Details 2017 2016
variations %
The nominal value of receivables was adjusted to their estimated realizable value using a specific bad debt
provision, which underwent the following changes over the course of the financial year:
Total Variation
Details 2017 2016
variations %
Tax credits
Total Variation
Details 2017 2016
variations %
As shown in the table above, tax credits at the closing date of these financial statements relate to:
• the tax credit in place at the end of the financial year with regard to the so-called “Renzi Bonus”;
• the tax credit related to the balance of income taxes for the year, made up of the IRES surplus, the
composition of which can be found in the table below:
Description Values
IRES-IRAP compensation
Total Variation
Details 2017 2016
variations %
Pursuant to art. 2427 no. 14 of the (Italian) Civil Code, the following table provides details of the temporary
differences leading to deferred and prepaid taxes. The tax rate used was equal to 24% for IRES (corporate
income tax) and 3.9% for IRAP (regional income tax).
Description Amount for the 2017 Tax effect Amount for the 2016 Tax effect
financial year financial year
PREPAID TAXES
Total Variation
Details 2017 2016
variations %
The amount of cash and other equivalents is limited to immediate liquidity needs.
Other cash and cash equivalents correspond to the accounting of temporary positive balances relating to
ordinary bank accounts, including interest receivable accrued during the year.
Accrued income - 71 71
Details of the breakdown of this item are as follows (art. 2427, first paragraph, no. 7, of the Italian Civil Code).
Description Value
Total 277.679
Shareholders' equity
Items are presented in the balance sheet at their book value according to accounting standard OIC 28 (issued
by the Italian Accounting Board).
Extraordinary
8,870,810 1,079,651 - 4,500,000 - 5,450,461
reserve
Miscellaneous
1 - - - - 1
other reserves
Total other
8,870,811 1,079,651 - 4,500,000 - 5,450,462
reserves
Value at 31/12/2016
Allocation of
Value at the
previous year's Other changes - Other changes - Profit (loss) for Value at the end
beginning of the
profit - Other Increases Decreases the year of the year
year
allocations
Extraordinary
5,450,461 2,104,149 1 - - 7,554,611
reserve
Miscellaneous
1 - - 4 - (3)
other reserves
Total other
5,450,462 2,104,149 1 4 - 7,554,608
reserves
Value at 31/12/2017
Allocation of
Value at the
previous year's Other changes - Profit (loss) for the Value at the end of
beginning of the
profit - Other Increases year the year
year
allocations
Miscellaneous other
(3) - 3 - -
reserves
Share capital
The share capital as of 31/12/2017, fully issued and paid-up, is equal to Euro 10,000,000.00, made up of
10,000,000.00 ordinary shares each with a nominal value of Euro 1.00.
Legal reserve
Pursuant to art. 2430, paragraph 1, of the (Italian) Civil Code, the reserve has been increased by 1/20 of the
profit made in the previous financial year.
Other reserves
As of 31st December 2017, this item was made up of the "Extraordinary reserve", which was increased using
the profit from the 2016 financial year for a sum of
Euro 1,330,946, as per the resolution passed to approve the corresponding annual financial statements.
Summary of uses in
the three previous
Description Amount Origin/Nature Possible use Available share
years - for other
reasons
Summary of uses in
the three previous
Description Amount Origin/Nature Possible use Available share
years - for other
reasons
Non-distributable
-
amount
Residual distributable
8,885,557
amount
Key: A: for capital increase; B: to cover losses; C: for distribution to shareholders; D: for other statutory constraints; E: other
The use of the Extraordinary Reserve for Euro 4,500,000 refers to the free share capital increase carried out
over the course of the 2015.
The following table provides a breakdown and details of the changes to this item:
Total Variation
Details 2017 2016
variations %
Provision for directors' TFM (end of mandate indemnity) 146,502 66,800 79,702 119
The table below shows the changes to this item during the financial year.
Value at the Changes during
Changes during Changes during Value at the end
beginning of the the year -
the year - Use the year - Total of the year
year Provision
STAFF SEVERANCE
473,876 113,857 11,945 101,912 575,788
INDEMNITY
The provision for staff severance indemnity has been calculated by taking into account the existing rules on
severance indemnities in accordance with art . 2120 of the (Italian) Civil Code and covers the amounts accrued
for employees at 31/12/2017 in relation to existing contractual obligations and applicable legislation.
Any amounts paid out to employees who terminated their employment during the year, amounts optionally
allocated to pension funds and, where appropriate, amounts paid as an advance on the liquidation, were
deducted from the provision. The provision includes the allocations made for employees of the Company at
31/12/2017, net of the substitute tax of 17%.
Payables
Payables are recorded under liabilities at their nominal value, considered equal to their estimated realizable
value; they have not been recorded in the financial statements according to the amortised cost method since,
pursuant to art. 2423, paragraph 4 of the (Italian) Civil Code, it has been established that the application of said
method is irrelevant for the purpose of providing a true and correct representation of the company’s balance
sheet and financial position as well as its result for the year.
Payables originating from the acquisition of assets are recorded when the relative risks, charges and benefits
are transferred; payables for services are recorded when the service is carried out; financial payables and other
payables are recorded when the payable amount is due.
Pursuant to paragraph 6 and 6-ter of art. 2427 of the (Italian) Civil Code, it is hereby specified that:
there are no payables due after five years;
there are no payables secured by real guarantees on company assets;
there are no payables relating to transactions involving repurchase agreement obligations for the buyer.
Value at the
Changes during Value at the end Amount due Amount due after
beginning of the
the year of the year during the year the year
year
Value at the
Changes during Value at the end Amount due Amount due after
beginning of the
the year of the year during the year the year
year
As far as the single items are concerned, the following should be noted.
Payables due to banks
Total Variation
Details 2017 2016
variations %
The balance of payables due to banks at 31/12/2017 expresses the actual payable amount due for capital,
interest and matured ancillary costs.
With reference to art. 2427, point no. 6 of the (Italian) Civil Code, it should be noted that the Company has no
payables in place that are backed by company assets.
Advances
The table below shows the advances received from clients with reference to commercial transactions.
Total Variation
Details 2017 2016
variations %
Advances from third-party clients and expense accounts 8,598 - 8,598 100
Trade payables
Trade payables are recorded net of trade discounts and are rectified on the basis of rebates and returns
(invoicing adjustments) according to the amount defined with the counterpart; details are as follows:
Total Variation
Details 2017 2016
variations %
Total Variation
Details 2017 2016
variations %
Total Variation
Details 2017 2016
variations %
Tax payables
Tax payables are represented by liabilities for certain and specific taxes.
Total Variation
Details 2017 2016
variations %
As shown in the table, Tax Payables at the closing date of these financial statements relate to:
the payable in place at the end of the year in relation to the deductions made on self-employment income
and employees’ income, paid in the first months of the following year;
the payable relating to the VAT balance for the month of December 2017;
the payable relating to the substitute tax on matured staff severance indemnity.
Total Variation
Details 2017 2016
variations %
Total Variation
Details 2017 2016
variations %
Other payables
The “Other payables” item is made up of the following:
Total Variation
Details 2017 2016
variations %
Clients with advances in the name and on behalf of - 18,924 (18,924) (100)
Sundry payables to third parties also include payables due to the previous shareholders of the controlled
companies CHEMITEC PLASTICOS SLU and Interpolimeri Spain SA for Euro 270,000, following the
acquisition of shares in said companies completed in 2014.
Payables due
Payables due to pension
Geographic Payables due Trade Other
Advances to controlled Tax payables and social Payables
area to banks payables payables
companies security
institutions
Value of production
Revenues from sales of products are recognized upon transfer of ownership, normally coinciding with the
delivery or shipment of goods.
Revenues from services are recognized upon obtaining the right to their perception and therefore on a legal
and accrual basis.
Italy 148,816,154
EU 11,927,776
Non-EU 1,546,099
Total 162,290,029
Total Variation
Item Description Details 2017 2016
variations %
Total Variation
Item Description Details 2017 2016
variations %
Capital gains from the sale of assets 4,119 21,828 (17,709) (81)
Production costs
Costs and expenses are recognized on an accrual basis, respecting the principle of matching them with
revenues, and are recorded under the relative items in accordance with accounting standard OIC 12 (issued by
the Italian Accounting Board).
Costs for the purchase of goods and services are recorded in the income statement net of adjustments for
returns, discounts, allowances and rebates.
It is to be noted that the company has set up fixed-term contracts to hedge the exchange rate risk (for the
dollar) with regard to specific purchase contract commitments; the differences in exchange rates, due to their
business nature, directly rectify the cost of raw materials.
The following tables provide a breakdown of their composition:
Costs for raw and ancillary materials, consumables and goods
Total Variation
Details 2017 2016
variations %
Total Variation
Details 2017 2016
variations %
Total Variation
Details 2017 2016
variations %
Fees for agents and sales representatives 61,935 15,144 46,791 309
Total Variation
Details 2017 2016
variations %
Rents and ancillary costs for vehicle rental 109,116 114,316 (5,200) (5)
Personnel costs
Total costs for employees are detailed below:
Total Variation
Item Description Details 2017 2016
variations %
Total Variation
Item Description Details 2017 2016
variations %
Total Variation
Item Description Details 2017 2016
variations %
Total Variation
Item Description Details 2017 2016
variations %
Depreciation of lightweight
3,346 3,346 - -
constructions
Write-downs of current
10 d) receivables and of cash and
cash equivalents
Total Variation
Details 2017 2016
variations %
Total Variation
Details 2017 2016
variations %
Total Variation
Details 2017 2016
variations %
The table below shows the interest received and the financial charges incurred during the year, broken down
pursuant to article 2427, point 12), of the (Italian) Civil Code.
Total Variation
Item Description Details 2017 2016
variations %
Total Variation
Item Description Details 2017 2016
variations %
Total Variation
Details 2017 2016
variations %
Total Variation
Item Description Details 2017 2016
variations %
Total Variation
Item Description Details 2017 2016
variations %
Employment figures
The average company headcount, broken down by category, is detailed below.
Average number 1 40 12 53
Fees, advances and credits granted to directors and statutory auditors and commitments
made on their behalf
Pursuant to the law, the total remuneration due to directors and statutory auditors is provided below (article
2427, first paragraph, no. 16 of the Italian Civil Code).
10,000,000 1 10,000,000 1
Commitments, guarantees and contingent liabilities not disclosed in the balance sheet
The memorandum accounts show the risks, commitments and guarantees issued by the company in favour of
third parties, which are not already included in the balance sheet.
As of the closing date of the financial year, surety guarantees had been received from Unicredit Banca in favour
of lessors for Euro 26,100.
It should be noted that the company has also received the following guarantees:
- Stand-by credit letter issued by Unicredit Banca in favour of a foreign supplier for Euro 4,000,000;
- Stand-by credit letter issued by Cariveneto in favour of a foreign supplier for Euro 5,000,000;
- Stand-by credit letter issued by Intesa San Paolo in favour of a foreign supplier for Euro 2,000,000;
- 2 surety guarantees issued by Atradius Insurance in favour of the (Italian) Customs Agency for the payment
of customs duties for Euro 950,000.
- 2 stand-by credit letters issued by BPM and BNL in favour of the controlled company Interpolimeri Spain
SA, for Euro 1,100,000 and Euro 1,000,000, respectively;
- 2 stand-by credit letters issued by Unicredit Banca in favour of the controlled company IP Portugal SL, for
Euro 2,000,000 and Euro 1,000,000, respectively;
As of 31/12/2017, the company also held third-party goods on its premises for a value of Euro 76,277.
Other than the above, there are no memorandum accounts recorded in the financial statements, nor any other
commitments that are not recorded in the Balance Sheet, which would otherwise require mention in the
Explanatory Notes as they would be useful in order to assess the balance sheet and financial position of the
company as of 31/12/2017.
Information on assets and funds for the purposes of a specific business transaction
In relation to the information requirements provided for by art. 2427, no. 21 of the (Italian) Civil Code, it is
hereby stated that, as at the closing date of the financial statements, there were no loans in place for a specific
transaction.
Total 1.331.080,86
The financial statements are true and real and correspond to accounting entries.
Limena (PD), 30th March 2018