Sisal Annual Report 2011 - Permira

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Revenue recognitionRevenues are recognised initially at the fair value of the consideration received netof rebates and discounts. Revenues from services are recognised by reference tothe value of the services rendered as of the end of the reporting period.Revenues from sales of goods are recognised when the company has transferredsubstantially all the risks and rewards of ownership of the goods.In accordance with IAS 18, sums collected on behalf of third parties, such as in anagency relationship, which do not cause an increase in the company’s equity, areexcluded from revenues which, instead, are represented solely by the commissionsaccrued on the transaction. Specifically, the cost pertaining to the purchase of telephoneand television content cards and refills are shown as a deduction from grossrevenues to highlight that with these transactions the Group’s revenue is only thedifference between the sale price and the nominal cost of the card.Fixed odds betting incomeThe bets connected with fixed odds betting are recognised initially as a financialliability in accordance with IAS 39 at the date the bet is accepted. Subsequentchanges in the amount of the financial liability are recognised in the statement ofcomprehensive income under “Fixed odds betting income” until the date of theevent on which the bet was taken.Cost of purchased goods and servicesPurchases of goods and services are recognised in the statement of comprehensiveincome on the accrual basis as decreases of economic benefits, with the contraentryan outflow of cash resources or a reduction in the amount of an asset orincrease in the amount of a liability.Financial income and expensesFinancial income and expenses are recognised on an accrual basis using the effectiveinterest method.TaxationIncome taxes are provided on the basis of an estimate of the tax expense for theyear under current laws.The corresponding liability is shown under “Taxation payable”.In accordance with IAS 12, deferred tax assets and liabilities are recognised on thetemporary differences between the carrying amount of an asset or a liability in thestatement of financial position and its tax base. Deferred tax assets are recognisedonly to the extent that their recovery is considered probable.Deferred taxes assets and liabilities are classified as non-current assets and liabilities,respectively. They may be compensated when there is a legally enforceableright to offset and the net amount will be shown as “Deferred taxes assets” or“Deferred taxes liabilities” depending whether receivable or payable. When the effectsof a transaction are credited or charged directly to equity, the related currentand deferred taxation is also recognised directly in equity.Deferred tax assets and liabilities are measured at the tax rates that are expected toapply to the period when the asset is realised or the liability is settled to the extentthat such rates have been approved at the end of the reporting period.63 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, <strong>2011</strong>
Any charges related to disputes with the tax authorities and the correspondingfines are exposed in the item “Income taxes”.Use of estimatesThe preparation of the consolidated financial statements and the related explanatorynotes in accordance with international financial reporting standards requiresestimates and assumptions to be made which have an effect on the reportedamounts of assets and liabilities and on the disclosure of contingent assets andliabilities at the end of the reporting period. Actual results could differ from estimates.Below are briefly described the accounting policies which require more subjectiveestimates and for which a change in the underlying assumptions may have a significanteffect on the financial statements.GoodwillGoodwill is tested annually for impairment; any impairment losses arising are recognisedin the statement of comprehensive income. Specifically the test involvesthe allocation of goodwill to a Cash-Generating Unit (CGU) and then the determinationof the relative fair value; when the fair value is lower than the carryingamount of the CGU, an impairment loss is recognised on the goodwill allocated tothe CGU. The allocation of goodwill to a CGU and the determination of fair valuerequire assumptions and estimates based on factors which may change over time,with consequent effects, possibly significant, on the assessments.Impairment loss/reversal of fixed assetsNon-current assets are periodically tested for impairment and where indicators ofdifficulty in recovery are present an impairment loss is recorded. The existence ofsuch indicators can be verified through subjective valuations, based on informationavailable within the Group or externally and on historical experience. Moreover inthe presence of a potential impairment, this is determined with appropriate valuationtechniques. The correct identification of the factors, indicating a potentialimpairment and the estimates to determine the loss, may depend on conditionswhich vary over time, affecting the assessments and estimates. Similar considerationsregarding the existence of indicators and the use of estimates in the applicationof valuation techniques can be found in the valuations to be made in theevent of the reversal of impairment losses charged in previous periods.64 SISAL ANNUAL REPORT <strong>2011</strong>
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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
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 and 60: Financial assetsFinancial assets ar
Page 61 and 62: InventoriesInventories of playslips
Page 63: The severance indemnity cost in the
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
Page 111 and 112: Lease and rent expenses (32)These e
Page 113 and 114: Finance income and similar (36)Fina
Page 115 and 116:
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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