Sisal Annual Report 2011 - Permira

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Available-for-sale financial assets:are non-derivative financial instruments either designated in this category or notclassified in any of the other categories. These assets are measured at fair valueand the gains or losses arising from such valuation are recorded in an equity reserve;gains or losses are recognised in the statement of comprehensive incomeonly when the asset is sold (or extinguished) or, in the case of cumulative negativechanges, when it is deemed that the impairment loss already recorded in equitycannot be recovered in the future. If the fair value cannot reasonably be determined,such assets are measured at cost adjusted by impairment losses extrapolatedfrom converging indicators which evidence the incapacity of the asset to recoverits original carrying amount. The classification between current and non-currentassets depends on the strategic choices concerning the duration of ownership ofthe asset and its effective negotiability: those expected to be disposed of within 12months from the end of the reporting period are accounted for in current assets.Financial assets are derecognised from the statement of financial position whenthe right to receive cash flows from the instrument expires and the company hassubstantially transferred all risks and rewards related to the instrument and itscontrol.InvestmentsInvestments in associates are accounted for using the equity method which providesfor the recognition, in a separate line of the statement of comprehensiveincome, of the Group’s share of the results of the companies in which a significantinfluence is exercised.Investments in third-party companies, in accordance with IAS 39 and IAS 32, aremeasured at fair value except in those cases when it is not available; in that case,cost is adopted. Gains or losses from adjustments in value are recognized as othercomponents of the statement of comprehensive income, accumulated in a specificequity reserve. If there is objective evidence that an asset may be impaired, thecumulative loss that was recorded in the statement of comprehensive income mustbe reclassified from equity to the result for the year as a reclassification adjustmenteven if the financial asset was not eliminated.59 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2011
InventoriesInventories of playslips and rolls of paper for gaming terminals are stated at thelower of purchase cost, using the weighted average cost method, and the cost ofreplacement by reference to the market price as of December 31, 2011.Inventories of spare parts for the gaming terminals are stated at the weightedaverage cost based on purchase prices.Obsolete and slow-moving inventories are written down according to their possibilityof utilization or realization by setting up a specific provision recorded directlyas a deduction of the asset.The inventories of virtual and scratch refill cards for telephone and television contentare stated at the weighted average cost of the purchase prices.Cash and cash equivalentsCash and cash equivalents are recorded at their nominal value.Assets held for sale and discontinued operationsAssets held for sale and discontinued operations include assets and/or lines ofbusiness held for sale under a committed plan to sell a business segment or noncurrentassets purchased exclusively for resale.An asset is classified as held for sale if its carrying amount will be recovered principallythrough a sale transaction rather than through continuing use.The results of discontinued operations represented by the profit (loss) of the discontinuedoperations and gains or losses on disposal, if any, are presented net oftaxes in the statement of comprehensive income on a separate line.Debt and financial liabilitiesFinancial liabilities, comprising debt, trade payables and other financial obligationsare measured at amortised cost, applying the effective interest rate method.Financial liabilities are classified as current liabilities, unless the Company has anunconditional right to defer payment for at least 12 months after the year end.Financial liabilities are derecognised from the statement of financial position at thetime of extinction and when the Company has transferred all risks and rewardsrelated to the instrument.Provisions for risks and chargesProvisions for risks and charges are set up to cover losses or liabilities whose existenceis certain or probable but which at the end of the reporting period are uncertainas to amount or as to the date on which they will arise. Provisions are recognisedonly when there is a current obligation (legal or constructive) for a futureoutflow of resources deriving from a past event and it is probable that the outflowwill be necessary to fulfil the obligation. This amount represents the best estimateof the present value of the expenditures required to extinguish the obligation.60 SISAL ANNUAL REPORT 2011
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Sisal Annual Report 2011
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Finally, we focused on expanding ou
Page 9 and 10: Group CompaniesSisal Holding Istitu
Page 12 and 13: Ugo Nespolo, Polvere e basalto (det
Page 15 and 16: (in million of Euro) 2007 2008 2009
Page 17 and 18: ne10.3%4,4004,0183,9093,8492,596-16
Page 19 and 20: co-In the context of a market which
Page 21 and 22: Within the Group, the aforementione
Page 23 and 24: • The “convenience services bus
Page 25 and 26: The excellent level of operating pr
Page 27 and 28: • In Director’s Decree of Augus
Page 29 and 30: The Court therefore wished to clari
Page 31 and 32: Equally dubious and untrue is AAMS
Page 33 and 34: If the national Court of Auditors s
Page 35 and 36: Principal risks and uncertainties t
Page 37 and 38: At the same time the above inspecti
Page 39 and 40: In December 2011, a general tax ins
Page 41 and 42: As we know, the tenders for the awa
Page 43 and 44: Number and nominal value of treasur
Page 45 and 46: • issue of bank guarantees by the
Page 47 and 48: Statement of Financial Position - E
Page 49 and 50: Statement of Changes in EquityATTRI
Page 51 and 52: Explanatory Notes to the Consolidat
Page 53 and 54: The second refers to the finalisati
Page 55 and 56: Translation of financial statements
Page 57 and 58: Intangible assetsThe intangible ass
Page 59: Financial assetsFinancial assets ar
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
Page 81 and 82: Inventories of finished goods and m
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
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Lease and rent expenses (32)These e
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Finance income and similar (36)Fina
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Annex 1List of Companies Included i
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116 SISAL ANNUAL REPORT 2011
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Sisal Holding Istituto di Pagamento
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Sisal Annual Report 2011 - Permira

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