2011 Half-year report - Tod's
2011 Half-year report - Tod's
2011 Half-year report - Tod's
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TOD’S Group<br />
<strong>2011</strong> <strong>Half</strong> Year Financial Report<br />
06.30.<strong>2011</strong><br />
These criteria for measuring business performance must not be considered alternative to those<br />
established by IFRSs.<br />
Furthermore – as it has already been mentioned in the preceding paragraph, the Group’s cash<br />
flow is uneven from quarter to qua rter, largely on account of its industrial activity. Consequently,<br />
the analysis of interim results and financial statement indicators (EBITDA, EBIT, financial position<br />
and working capital) cannot be considered fully representative, and it would thus be imp roper to<br />
consider the indicators for the reference period to be in proportion to the results for the entire<br />
financial <strong>year</strong>.<br />
5. Scope of consolidation<br />
On November 26th 2010, the Group acquired full ownership of Holpaf B.V., the real estate<br />
company that owns the Tokyo building that, since 2005, pursuant to a lease agreement, houses<br />
both TOD’S Japan KK’s administrative offices and the largest TOD’s flagship store in Japan (for<br />
further details see the financial statements for 2010). The entire absorption of this company<br />
represents the only change in the <strong>report</strong>ing entity covered under the half-<strong>year</strong> condensed<br />
financial statements as at June 30th 2010.<br />
It is assumed that the Group controls those companies in which it does not own more than 50%<br />
of the capital, and thus disposes of the same percentage of voting power at the Shareholders’<br />
Meeting, where the Group has the power to exercise direct or indirect control of those<br />
companies’ financial and operating policies in view of realizing benefits from their activities.<br />
The following list illustrates the entire scope of consolidation at June 30th, 201 1:<br />
Parent Company<br />
TOD’S S.p.a.<br />
S.Elpidio a Mare - Italy<br />
Share Capital (S.C.) - Euro 61,218,802<br />
Direct subsidiaries<br />
TOD’S Deutsch. Gmbh TOD’S France Sas An.Del. USA Inc. TOD’S Internat. BV<br />
Dusseldorf - Germany Paris - France New York - U.S.A Amsterdam –Netherlands<br />
S.C. - Euro 153,387.56 S.C. - Euro 780,000 S.C. - Usd 3,700,000 S.C. - Euro 2,600,200<br />
% held: 100% % held: 100% % held: 100% % held: 100%<br />
Del.Com S.r.l.<br />
Holpaf B.V.<br />
S.Elpidio a Mare – Italy Amsterdam - Netherlands<br />
S.C. - Euro 31,200 S.C. - Euro 5,000,000<br />
% held: 100% % held: 100%<br />
Indirect subsidiaries<br />
Cal.Del. USA Inc. Colo.Del. USA Inc. Deva Inc. Flor.Del. USA Inc.<br />
Beverly Hills, Ca - U.S.A. Denver, Co - U.S.A. Wilmington, DE – U.S.A. Tallahassee, Fl - U.S.A.<br />
S.C. - Usd 10,000 S.C. - Usd 10,000 S.C. - Usd 500,000 S.C. - Usd 10,000<br />
% held: 100% % held: 100% % held: 100% % held: 100%<br />
25 Supplementary notes