Rolf Group International Financial Reporting ... - Irish Stock Exchange

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Rolf Group Notes to the Consolidated Financial Statements � 31 December 2006 3 Critical Accounting Estimates, and Judgements in Applying Accounting Policies (Continued) Estimated income and deferred taxes. Group companies are subject to income tax mainly in the Russian Federation, where tax, currency and customs legislation is subject to varying interpretations. Significant judgement is frequently required in estimating liabilities and provisions for income taxes, additional taxes and deferred taxes, which are carried at a net total of US$ 9,532. Deferred tax assets for deductible temporary differences and tax loss carry forwards are recorded only to the extent that there are sufficient taxable temporary differences, or that it is probable that future taxable profit will be available, against which the deductions can be utilised. In determining future taxable profits and the amount of tax benefits that are probable in the future, Management makes judgements and applies estimations based on expectations of future results that are believed to be reasonable under the circumstances. Increases in Management‘s estimates of the Group’s tax liabilities and decreases in estimates of future taxable profits would reduce profit for the year, and changes in those estimates in the opposite direction would increase profit for the year, in each case by the same amount as the change in the estimates. The Group has not recorded a deferred tax liability in respect of taxable temporary differences of US$ 54,597 (2005: US$ 33,771) associated with investments in subsidiaries as the Group is able to control the timing of the reversal of those temporary differences and does not intend to reverse them in the foreseeable future. Vehicles in transit. Vehicles in transit are accounted for at the time when the risks and rewards of ownership have been transferred to the Group, usually at the time of shipment from the country of their manufacture. The Group acquires legal title to these vehicles only when full payment has been made. Financing for vehicles in transit is accounted for as a liability when the vehicles are in transit and the Group intends to take ownership of the vehicles on their delivery. Management has made the judgement that the Group acquires the risks and rewards of ownership at the point of shipment from the port in the country where the cars are manufactured. 4 Adoption of New or Revised Standards and Interpretations, and New Accounting Pronouncements Listed below are those new or amended standards or interpretations, effective from 1 January 2006, which in the future could be relevant to the Group’s operations. The effect of adoption of the new or revised standards and interpretations on the Group’s financial position at 31 December 2006 and 31 December 2005 and on the results of its operations for the years then ended was not significant. IFRIC 4, Determining whether an Arrangement contains a Lease. IAS 39 (Amendments) � The Fair Value Option, Cash Flow Hedge Accounting of Forecast Intragroup Transactions, and Financial Guarantee Contracts. IAS 21 (Amendment) - Net Investment in a Foreign Operation. IAS 19 (Amendment) - Employee Benefits. IFRIC 5, Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds. IFRIC 6, Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment. The Group has not early adopted the following new standards and interpretations that are mandatory for the Group’s accounting periods beginning on or after 1 January 2007 or later periods. Management is currently evaluating the effects that they will have on the Group’s financial statements: IFRS 7 Financial Instruments: Disclosures and a complementary Amendment to IAS 1 Presentation of Financial Statements - Capital Disclosures (from 1 January 2007). IFRS 8, Operating Segments (annual periods beginning on or after 1 January 2009). * IAS 23 (revised) (annual periods beginning on or after 1 January 2009).* IFRIC 7, Applying the Restatement Approach under IAS 29 (from 1 January 2007). IFRIC 8, Scope of IFRS 2 (effective for periods beginning on or after 1 May 2006, that is from 1 January 2007). IFRIC 9, Reassessment of Embedded Derivatives (annual periods beginning on or after 1 June 2006). F-20 16
Rolf Group Notes to the Consolidated Financial Statements � 31 December 2006 4 Adoption of New or Revised Standards and Interpretations, and New Accounting Pronouncements (Continued) IFRIC 10, Interim Financial Reporting and Impairment (annual periods beginning on or after 1 November 2006). IFRIC 11, IFRS 2�Group and Treasury Share Transactions (effective for annual periods beginning on or after 1 March 2007). IFRIC 12, Service Concession Arrangements (annual periods beginning on or after 1 January 2008).* (* not adopted by the European Union at the date of issuing these financial statements). 5 Segment Reporting The Group’s primary format for reporting segment information is business segments and the secondary format is geographical segment, which is the Russian Federation. The Group is organised on the basis of two main business segments: • Distribution – representing the distribution of Mitsubishi and Hyundai (vehicles and spare parts) • Retail and other – representing retail of all vehicles, maintenance activities and other services Transactions between the business segments are on normal commercial terms and conditions. Internal charges between segments have been reflected in the performance of each business segment. Other operations of the Group mainly comprise logistics and commission income, neither of which are of a sufficient size to be reported separately. Unallocated costs represent corporate expenses. Segment assets consist primarily of property, plant and equipment, intangible assets, inventories, receivables and operating cash, and mainly exclude investments and income tax balances. Segment liabilities comprise operating liabilities and exclude items such as taxation and corporate borrowings. Capital expenditure comprises additions to property, plant and equipment and intangible assets. Impairment loss provisions relate only to those charges made against allocated assets. Segment information for the main reportable business segments of the Group for the years ended 31 December 2006 and 2005 is set out below: In thousands of US dollars Distribution Retail and other Eliminations Group 2006 Sales – external 1,445,800 1,281,841 - 2,727,641 Sales to other segments 720,567 19,141 (739,708) - Total revenue 2,166,367 1,300,982 (739,708) 2,727,641 Segment result 218,529 45,768 - 264,297 Unallocated expenses (68,735) Operating profit 195,562 Net foreign exchange gain/(loss) on cash and borrowings 16,157 Net finance costs (29,272) Profit before income tax 182,447 Income tax expense (47,508) Profit for the year 134,939 Segment assets 392,495 525,563 (32,616) 885,442 Current and deferred tax assets 22,201 Other unallocated assets 49,941 Total assets 957,584 Segment liabilities 82,230 75,061 (32,616) 124,675 Current and deferred tax liability 31,744 Other unallocated liabilities 467,739 Total liabilities 624,158 Capital expenditure 1,498 129,265 130,763 Depreciation and amortisation (150) (19,346) (19,496) Other non-cash income/(expenses) 8,358 1,637 9,995 F-21 17
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U.S.$250,000,000 Colgrade Limited (
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IMPORTANT INFORMATION ABOUT THIS PR
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PRESENTATION OF FINANCIAL AND OTHER
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ENFORCEABILITY OF JUDGMENTS A signi
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OVERVIEW OF ROLF Summary Rolf is a
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OVERVIEW OF THE OFFERING Provisions
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l Limited Liability Company ‘‘R
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of whatever nature imposed, levied,
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RISK FACTORS An investment in the N
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Rolf faces the risk of product liab
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Risks Relating to Rolf’s Financia
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hostage-taking at a school in Besla
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the Currency Control Law and the re
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Underdevelopment of the Russian tax
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In certain circumstances, the Issue
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SELECTED CONSOLIDATED FINANCIAL INF
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Consolidated Cash Flow Data For the
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CAPITALISATION The following table
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For the year ended 31 December 2006
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wholesale prices for most of the mo
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The table below provides a breakdow
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U.S.$9,532 thousand for the year en
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For the year ended 31 December 2006
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Cash flows Operating cash flows bef
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isk, is not involved in any of the
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Established relationship with consu
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The following chart describes the G
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As at 31 December 2006, the Guarant
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The following table gives details o
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Insurance repairs As one of Russia
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Mitsubishi spare parts arrive in Ru
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Spare parts, options and accessorie
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liquidity to further its strategic
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MEMBERS OF THE SENIOR MANAGEMENT TE
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