2011 Half-year report - Tod's

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TOD’S Group 2011 Half Year Financial Report 06.30.2011 management’s best valuation. Estimates and assumptions are reviewed regularly . If these estimates and assumptions should change in future from the actual circumstances, they will obviously be modified for the period in which those circumstances changed. Specifically with regard to determination of eventual impairment losses affecting fixed assets, complete tests are performed only when the annu al report is prepared, when all information as might be necessary are available, unless there are indications that require immediate valuation of eventual impairment losses or the occurrence of events that required re iteration of the procedure. The analyses carried out at this reporting date have not revealed any impairment indicators. Presentation of financial statements drafted in foreign currency. The rates applied for translation of the financial statements of subsidiaries using a functional currency other than the currency used for consolidation, are illustrated in the following table and compared with those used in the previous period: Jan. - June 2011 Jan. - June 2010 Exch. rate at Average Exch. rate at Average Base June 30 th exch. rate June 30 th exch. rate US Dollar 1 0.691 0.713 0.815 0.755 UK pound sterling 1 1.108 1.153 1.223 1.150 Swiss franc 1 0.828 0.788 0.753 0.697 Hong Kong dollar 100 8.891 9.167 10.466 9.714 Japanese yen 100 0.860 0.870 0.919 0.826 Hungarian forint 1,000 3.758 3.713 3.496 3.683 Singapore dollar 1 0.563 0.567 0.583 0.541 Korean WON 1,000 0.648 0.647 0.667 0.654 Chinese Renminbi 100 10.705 10.906 12.017 11.061 Macao Pataca 100 8.636 8.905 10.169 9.438 Albanian Lek 100 0.708 0.711 0.732 0.725 Indian Rupia 100 1.549 1.585 1.755 1.649 3. Seasonal or ciclical nature of interim transactions TOD’S Group engages in a business that, while not manifesting significant seasonal or cyclical changes in overall annual sales, is impacted by monthly differences in the flows of revenues and costs generated by its industrial activity over the course of the year. 4. Alternative indicators of performances In order to strip the effects of changes in exchange rates from the average values of the first six months of 2011 from the results for the six months of 20 10, the typical economic indicators (Revenues, EBITDA, EBIT) have been recalculated by applying the average exchange rates for the six months of 2010, thereby rendering them fully comparable with those of the pre vious period. 24 Supplementary notes
TOD’S Group 2011 Half Year Financial Report 06.30.2011 These criteria for measuring business performance must not be considered alternative to those established by IFRSs. Furthermore – as it has already been mentioned in the preceding paragraph, the Group’s cash flow is uneven from quarter to qua rter, largely on account of its industrial activity. Consequently, the analysis of interim results and financial statement indicators (EBITDA, EBIT, financial position and working capital) cannot be considered fully representative, and it would thus be imp roper to consider the indicators for the reference period to be in proportion to the results for the entire financial year. 5. Scope of consolidation On November 26th 2010, the Group acquired full ownership of Holpaf B.V., the real estate company that owns the Tokyo building that, since 2005, pursuant to a lease agreement, houses both TOD’S Japan KK’s administrative offices and the largest TOD’s flagship store in Japan (for further details see the financial statements for 2010). The entire absorption of this company represents the only change in the reporting entity covered under the half-year condensed financial statements as at June 30th 2010. It is assumed that the Group controls those companies in which it does not own more than 50% of the capital, and thus disposes of the same percentage of voting power at the Shareholders’ Meeting, where the Group has the power to exercise direct or indirect control of those companies’ financial and operating policies in view of realizing benefits from their activities. The following list illustrates the entire scope of consolidation at June 30th, 201 1: Parent Company TOD’S S.p.a. S.Elpidio a Mare - Italy Share Capital (S.C.) - Euro 61,218,802 Direct subsidiaries TOD’S Deutsch. Gmbh TOD’S France Sas An.Del. USA Inc. TOD’S Internat. BV Dusseldorf - Germany Paris - France New York - U.S.A Amsterdam –Netherlands S.C. - Euro 153,387.56 S.C. - Euro 780,000 S.C. - Usd 3,700,000 S.C. - Euro 2,600,200 % held: 100% % held: 100% % held: 100% % held: 100% Del.Com S.r.l. Holpaf B.V. S.Elpidio a Mare – Italy Amsterdam - Netherlands S.C. - Euro 31,200 S.C. - Euro 5,000,000 % held: 100% % held: 100% Indirect subsidiaries Cal.Del. USA Inc. Colo.Del. USA Inc. Deva Inc. Flor.Del. USA Inc. Beverly Hills, Ca - U.S.A. Denver, Co - U.S.A. Wilmington, DE – U.S.A. Tallahassee, Fl - U.S.A. S.C. - Usd 10,000 S.C. - Usd 10,000 S.C. - Usd 500,000 S.C. - Usd 10,000 % held: 100% % held: 100% % held: 100% % held: 100% 25 Supplementary notes
Page 1 and 2: Group 2011 IAS/IFRS Half Year Repor
Page 3 and 4: TOD’S Group 2011 Half Year Financ
Page 9 and 10: Euro TOD’S Group 2011 Half Year F
Page 11 and 12: Group Interim Report
Page 23 and 24: Group Half-year Interim Report Supp
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Page 35 and 36: Group Half-year Interim Report Fina

2011 Half-year report - Tod's

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