2011 Half-year report - Tod's

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TOD’S Group 2011 Half Year Financial Report 06.30.2011 1. General notes The half-year Financial Report, which includes the half-year condensed financial statements of TOD’S Group at June 30th, 2011, has been prepared in accordance with Article 154 ter (2, 3 and 4) of the Consolidated Law on Financial Intermediation (“TUF”), introduced by Legislative Decree 195/2007 in implementation of Directive 2004/109/EC (the “Transparency” directive), and complies with IAS 34 – Interim Financial Reporting, adopted according to the procedure envisaged in Article 6 of EC Regulation no. 1606/2002. Consequently, this half-year condensed financial statements not include all the information required for the annual report and must be read together with the annual report prepared for the financial year at December 31st 20 10. It includes the half-year condensed financial statements of TOD’S S.p.A. and its Italian and foreign subsidiaries, together identified as TOD’S Group, drafted with the reference date of June 30th, 2011 (January 1st – June 30th). The half-year condensed financial statements (profit and loss account, comprehensive profit and loss account, Consolidated Statement of Financial position , Consolidated Statement of Cash Flows, and Consolidated statement of changes in equity) were drafted in the long form and are the same as those used for the consolidated financial statements at December 31st, 20 10. As envisaged in IAS 34, the notes to the financial statements were drafted in summary form and refer only to the components of the profit and loss account, balance sheet, and fund s flow statement, whose composition or change in amount or nature was significant. Thus, they illustrate additional information for accurate comprehension of Group’s financial position at June 30 th , 2011. The Half Year Financial Report at June 30th, 2011 was approved by the Board of Directors of TOD’S S.p.A. on August 5th, 2011, when its publication was authorised. It was audited (limited review) by the independent auditor Deloitte & Touche S.p.A. 2. Accounting policies The half-year condensed financial statements were prepared according International Accounting Standards (“IFRS”) issued by International Accounting Standards Board (“IASB”) and approved by the European Union. IFRS refers also to the International Accounting Standards (“IAS”), in force at reporting date, and all interpretative documents issued by International Financial Reporting Interpretations Committee (“SIC”) . The accounting standards used to prepare this half-year condensed financial statements are consistent with those used to prepare the consolidated annual report at 31 December 20 10, to which reference is made for full treatment. 22 Supplementary notes
TOD’S Group 2011 Half Year Financial Report 06.30.2011 i. Accounting standards, amendments and interpretations applied since Januar y 1 st 2011, relevant for the Group ‣ IAS 24 Revised – Related parties disclosures: it has been clarified the definition of a related party and simplified disclosures for government-related entities. ii. Accounting standards, amendments and interpretations a pplied since January 1 st 2011, not relevant for the Group The following accounting standards, amendments, improvements and interpretations, are applicable since 1 st January 2011 and refer to situations or cases that were not applied in the half-year condensed financial statements of TOD’S Group for the period ending at June 30 th 2011: ‣ IAS 34 Improvement – Interim financial reporting: it has been clarified the disclosure principle for significant transactions on interim financial reporting. ‣ IAS 1 Improvement – Presentation of financial statements : an entity, for each component of equity, may present the breakdown of other comprehensive income either in the statement of changes in equity or in the no tes to the financial statements. ‣ IFRS 1 Improvement – First time adoption: a first time adopter that changes its accounting policies or its use of IFRS 1 exemptions after publishing a set of IAS 34 interim financial information should explain those changes and include the effects of such changes in its opening reconciliations within the first annual IFRS financial statements; the exemption to use a ‘deemed cost’ arising from a revaluation , is extended to revaluations occurred during the period covered by the first IFRS financial statements; entities subject to rate regulation are permitted to use previous GAAP carrying amounts of property plant and equipment or intangible assets as deemed cost. ‣ IFRS 7 Improvement, Amendment – Financial instruments disclosures: it has been clarified disclosures on the nature and extent of risks arising from financial instruments; ‣ IFRIC 13 Improvement – Customer loyalty programmes: it has been clarified the meaning of the term ‘fair value’ in the context of measuring award cre dits under customer loyalty programmes. ‣ IFRIC 14 Amendment – The limit on a defined benefit asset, minimum funding requirements and their interaction: it has been clarified the conditions under which an asset could be recognised in the financial statements. ‣ IFRIC 19 – Extinguishing financial liabilities with equity instruments: it has been clarified the accounting treatment for renegotiating the term of a financial liability fully o partially issuing equity instruments. Estimates and assumptions. Preparation of the financial figures reported on the half-year condensed financial statements entails making estimates and assumptions based on the 23 Supplementary notes
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2011 Half-year report - Tod's

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