Sisal Annual Report 2011 - Permira

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Depreciation of property, plant and equipment and amortisationof intangible assetsThe cost of property, plant and equipment and intangible assets is depreciated/amortised on a straight line basis over the estimated useful life of each asset. Theeconomic useful life of fixed assets is determined at the time of purchase, basedon historical experience for similar assets, market conditions and expected futureevents which may affect them, such as technological changes. The effective economicaluseful life may, therefore, be different from its estimated useful life. Eachyear the technological and business segment developments, any contractual andlegislative changes related to the utilisation of the assets and their recovery valueare reviewed to update the residual useful life. Such updating may modify the periodof depreciation and consequently the annual rate and charge for the currentand future periods.Deferred tax assetsDeferred tax assets are recorded on the basis of expectations of future taxableincome. The assessment of expected future taxable income for the purpose ofrecognising deferred tax assets depends on factors which may vary over time andmay have significant effects on the measurement of this line item.Provision for risks and chargesThe Group accrues in this provision the probable liabilities relating to litigationsand controversies with staff, suppliers, third parties and in general expenses arisingfrom any commitments. The quantification of such provision is based on assumptionsand estimates based on presently available knowledge of factors which mayvary over time. Thus the final outcomes may be significantly different from thoseconsidered during the preparation of the financial statements.Provision for impairment of receivablesThis provision reflects the estimated losses on receivables. The provision coversthe estimate of the risk of losses which derives from past experience with similarreceivables, from the analysis of overdue receivables (current and historical), oflosses and recoveries and finally from monitoring economic trends and forecastsboth currently and prospectively to the company’s business.Severance indemnity provisionThe measurement of the severance indemnity provision (TFR) is carried out by externalactuaries; the computation considers the TFR matured on past service and isbased upon various assumptions, both demographic and economic/financial. Suchassumptions, also based on the company’s experience and relevant best practice,are periodically reviewed.65 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2011
Changes in accounting standards adoptedThere are no changes in the accounting policies applied compared to the previousaccounting period. In particular, with regard to the application of recently issuedaccounting standards applicable from January 1, 2011, the following accountingstandards, although having no impact on the financial statements for the yearended December 31, 2011, are applicable in the typical business of the Group andcould have significance in future:∏∏Amendment to IAS 24 – Related party disclosures (Revised)IAS 24 amends the definition of related party and provides an exemption oncertain related party disclosure requirements for transactions with a governmentand with entities controlled, under common control or significantly influencedby a government.∏∏Improvements to IFRS (Annual improvements 2010)On February 18, 2011 Commission Regulation (EU) 149-2011 was issuedwhich adopted the improvements to IFRS beginning January 1, 2011 referringto the following: IFRS 3, IFRS 7, IAS 1, IAS 27, IAS 34 and IFRIC 13. Theseare improvements aimed a clarifying terminology and certain areas of difficultinterpretation.The following principles, amendments and interpretations, in effect from January1, 2011, address situations and circumstances that are currently not presentin the Group. Should they apply to future transactions they will be identified andcorrectly treated:∏∏∏∏∏∏Amendment to IAS 32 – Financial Instruments:Presentation – Classification of rights issues (revised)The amendment introduces a change in the definition of financial liabilities forpurposes of the classification of rights issues in foreign currency (and certainoptions and warrants) as equity instruments provided the entity offers theseinstruments pro rata to all of its existing owners of the same class of its ownnon-derivative instruments, or for the purchase of a fixed number of equityinstruments of the entity for a fixed amount of any currency.Amendment to IFRIC 14 – Prepayments of a Minimum FundingRequirementThe amendment permits an entity to treat an early payment of contributions tocover minimum funding requirements as an asset.IFRIC 19 – Extinguishing Financial Liabilities with Equity InstrumentsIFRIC 19 addresses the accounting treatment that must be applied when therenegotiation of the terms of a financial liability determines the issue of equityinstruments to a creditor to extinguish all or part of the same financial liability.66 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
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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 and 64: The severance indemnity cost in the
Page 65: Any charges related to disputes wit
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
Page 117 and 118:
116 SISAL ANNUAL REPORT 2011
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Sisal Holding Istituto di Pagamento
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