Download PDF version English(2664KB) - Hamon

Part 3 - Financial Statements
61
Except for IFRS 3 revised (see notes 11 and 15), the
adoption of those new standards and interpretations did
not cause any material impact on the consolidated
financial statements.
Early application of standards and interpretations
The Group has decided not to anticipate the application
of standards and interpretations.
At the approval date of the financial statements,
the following interpretations were published but not yet
applicable:
■ IFRS 9 Financial Instruments (applicable for the
annual period beginning on 1 January 2013).
■ Improvements to IFRS (2009-2010) (normally
applicable for the annual period beginning on 1
January 2011).
■ Amendment to IFRS 7 Financial Instruments:
Disclosures – Derecognition (applicable for the
annual period beginning on 1 January 2012).
■ Amendment to IAS 12 Income Taxes – Deferred Tax:
Recovery of Underlying Assets (applicable for the
annual period beginning on 1 January 2012).
■ Amendment to IAS 24 Related Party Disclosures
(applicable for the annual period beginning on
1 January 2011). This Standard supersedes IAS 24
Related Party Disclosures as issued in 2003.
■ Amendments to IAS 32 Financial Instruments:
Presentation – Classification of Rights Issues
(applicable for the annual period beginning on
1 January 2011).
■ IFRIC 19 Extinguishing Financial Liabilities with
Equity Instruments (applicable for the annual period
beginning on 1 January 2011).
■ Amendment to IFRIC 14 IAS 19 – The Limit on a
Defined Benefit Asset, Minimum Funding Requirements
and their Interaction – Prepayments of a
Minimum Funding Requirement (applicable for the
annual period beginning on 1 January 2011).
Adoption of these new standards and interpretations in
subsequent years will not cause any material impact on
the consolidated financial statements.
The financial statements also include the information
prescribed by the 4th and the 7th European directive.
Conversion of Foreign Currencies Operations
Foreign currency transactions (i.e. in a currency other
than the functional currency of the entity) are recorded
at the spot exchange rate on the date of the transaction.
At each closing date, monetary assets and liabilities
denominated in foreign currencies are translated using
the closing rate. Gains and losses arising from the
settlement of foreign currency monetary items or on
their re-evaluation at the closing date are recognized in
the Income statement in the ‘Other operating income/
(expenses)’; and in net finance costs for gains/losses
related to the financial debt.
The assets and liabilities of the Group activities whose
working currency is not the Euro are converted into
Euros at the financial year’s closing rate. Income and
charges are converted at the average rate of the period
except if the exchange rates have been subject to major
fluctuations. Resulting exchange gains and losses are
accounted for as a distinct component of the equity.
At the time of the disposal of an activity whose working
currency is not the Euro, the accumulated deferred
exchange gains and losses recorded under the
‘Translation reserve’ heading are reversed in the income
statement.
Goodwill and other adjustments of the fair value
resulting from the acquisition of an activity whose
working currency is not the Euro are treated as assets
and liabilities of the activity and posted in accordance
with the preceding paragraph.
Consolidation Principles
The consolidated financial statements include the
financial statements of all subsidiaries; joint ventures
consolidated according to the proportionate method
and associated companies accounted for using the
equity method. The consolidated financial statements
are prepared using uniform accounting policies
for transactions and events occurring in similar
circumstances. All intra-group balances and
transactions including income, dividends and expenses
are eliminated in the consolidation.