Sisal Annual Report 2011 - Permira

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Income taxes (40)The charge for the year comprises:Income taxes 12.31.2011 12.31.2010(in thousands of Euro)Current income taxes 31,152 13,720Deferred tax liabilities - (benefit) (4,851) (6,755)Deferred tax assets - (benefit) (9,624) (1,676)Total 16,677 5,289Deferred income taxes include the tax benefit or charge for deferred taxes on thepositive and negative components of income of the consolidated companies andany temporary difference between the results of those companies and those determinedafter consolidation adjustments.Overall the Group reports a current and deferred tax charge of EUR 16,677 thousandon a pre-tax loss of EUR 12,668 thousand. This amount also includes the effectof the proposal to settle the NoF issued at the end of the year to the Parent bythe Tax Authorities (on the years 2006-2009) for a total of EUR 7.1 million (includingfines) and voluntary disclosure of the unreported taxes in the process of beingpresented, relating to the tax year 2010, for about EUR 1.4 million. The differencebetween the reported tax charge and the theoretical tax charge computed on thepre-tax result using the tax rate of 31.7% is mainly due to the non-deductibility ofassimilated personnel and collaborator costs for IRAP purposes, the effect of theabove prior years’ taxes charges and also the partial deductibility (96%) of interestexpenses charged during the year by the Parent.Result attributable to assets held for sale/discontinued operations(41)There are neither assets held for sale nor discontinued operations recorded in 2011.Other comprehensive income (42)There is no other comprehensive income in 2011.Significant events occurring after the end of the yearReference should be made to the Report on Operations.Milan, May 30, 2012On behalf of the Board of DirectorsThe ChairmanProf. Augusto Fantozzi113 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2011
Annex 1List of Companies Included in and Excludedfrom the Consolidation AreaCompanies consolidated line-by-lineName Headquarters Closing Date Share Capital % OwnershipDirect and indirectin Euro 2011SHIP S.p.A. Milan Dec 31 102,500,000 PARENTSHIP S.p.A. Milan Dec 31 125,822,467 99.81%Services sectorSisal Point S.p.A. Milan Dec 31 600,000 99.81%AWP (Amusement With Prizes) gamingmachines (slot machines) sectorSisal Slot S.p.A. Milan Dec 31 2,131,622 99.88%Betting and gaming halls sectorSisal Bingo S.p.a. Milan Dec 31 120,000 99.81%Sisal Match Point S.p.a. Rome Dec 31 24,020,000 99.81%Ilio S.p.A. Trani Dec 31 1,500,000 99.81%La Martingala S.r.l. Trani Dec 31 250,000 99.81%Arezzo Giochi S.r.l. Rome Dec 31 100,000 99.81%Thomas Morden Course Ltd*Pound sterlingByfleetGreat BritainDec 31 30,000* 99.81%Companies accounted for using the equity methodName Headquarters Closing Date Share Capital Equity2011% OwnershipDirect and indirectin Eurothousandsof Euro2011Consorzio Promoippica in liquidation Rome Dec 31 25,825 88 25.23%114 Sisal Bilancio Consolidato 2011
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Sisal Annual Report 2011
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Finally, we focused on expanding ou
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Group CompaniesSisal Holding Istitu
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Ugo Nespolo, Polvere e basalto (det
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(in million of Euro) 2007 2008 2009
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ne10.3%4,4004,0183,9093,8492,596-16
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co-In the context of a market which
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Within the Group, the aforementione
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• The “convenience services bus
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The excellent level of operating pr
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• In Director’s Decree of Augus
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The Court therefore wished to clari
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Equally dubious and untrue is AAMS
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If the national Court of Auditors s
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Principal risks and uncertainties t
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At the same time the above inspecti
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In December 2011, a general tax ins
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As we know, the tenders for the awa
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Number and nominal value of treasur
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• issue of bank guarantees by the
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Statement of Financial Position - E
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Statement of Changes in EquityATTRI
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Explanatory Notes to the Consolidat
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The second refers to the finalisati
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Translation of financial statements
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Intangible assetsThe intangible ass
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Financial assetsFinancial assets ar
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InventoriesInventories of playslips
Page 63 and 64: The severance indemnity cost in the
Page 65 and 66: Any charges related to disputes wit
Page 67 and 68: Changes in accounting standards ado
Page 69 and 70: Liquidity riskLiquidity risk is the
Page 71 and 72: Other informationAs part of a proce
Page 73 and 74: Property, plant and equipment, as d
Page 75 and 76: During the course of the year, the
Page 77 and 78: Intangible assets (3)Intangible ass
Page 79 and 80: Deferred tax assets (5)The informat
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Page 83 and 84: Current financial assets (10)Curren
Page 85 and 86: Cash and cash equivalents (13)Cash
Page 87 and 88: The plans thus structured co-exist
Page 89 and 90: Sisal S.p.A.Amortisation PlanResidu
Page 91 and 92: Deferred tax liabilities (17)The in
Page 93 and 94: C) Current LiabilitiesTrade and oth
Page 95 and 96: Payables for winnings include jackp
Page 97 and 98: Taxation payable (25)Taxation payab
Page 99 and 100: Categories of financial assets and
Page 101 and 102: ReclassificationThe Group has not c
Page 103 and 104: • Other receivables include insur
Page 105 and 106: Market riskMarket risk is the risk
Page 107 and 108: Notes to the Statementof Comprehens
Page 109 and 110: Purchases of materials, consumables
Page 111 and 112: Lease and rent expenses (32)These e
Page 113: Finance income and similar (36)Fina
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Page 119 and 120: Sisal Holding Istituto di Pagamento
Page 121: Printed by Arti Grafiche MeroniLiss
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Sisal Annual Report 2011 - Permira

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