Sisal Annual Report 2011 - Permira

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Trade receivables from network represent the sums due from the customer networkof AWP gaming machines for which the Company, as the concessionaire, offersthe interconnecting service to the Authority for the Administration of the Monopoliesof the State (AAMS) computer network. These receivables are composedof the consideration due to the concessionaire, PREU (Prelievo Erariale Unico) forthe single tax and the AAMS concession fee.Trade receivables from betting agencies represent wagers on horse races andsports events, accepted by the agencies operating under partnership contract, notyet paid over to Sisal Match Point S.p.A. bank accounts.Trade receivables from gaming customers reflect the incremental National TotalisatorNumber Games (NTNG) margin relating to the combinations of the SicilyRegion accrued in the years 2009/2010 and 2010/2011 and not yet collected.Doubtful receivables for EUR 33,485 thousand represent unpaid amounts generatedby subject-to-collection receivables from outlets under recovery procedures,including legal actions, except for the amount representing normal situationswhich can be resolved in the short term referring to the month of December 2011.The provision for impairment of receivables as of December 31, 2011 comprises:Provision for impairment of receivables(in thousands of Euro)At12.31.2011At12.31.2010Provision for impairment of network trade receivables (40,385) (31,801)Provision for impairment of other trade receivables (649) (562)Total (41,034) (32,364)The changes during the year are as follows:Provision for impairment of receivablesAt12.31.2010Change during the year 2011(in thousands of Euro) Increases DecreasesAt12.31.2011Provision for impairment of network trade receivables (31,727) (12,352) 3,694 (40,385)Provision for impairment of other trade receivables (637) (20) 8 (649)Total (32,364) (12,372) 3,702 (41,034)The increase during the year after utilizations reflects the directors’ prudent assessmentof the recoverability of certain receivables, in particular the amountsdue from insolvent outlets and from the area represented by the network of AWPgaming machines. This change is due in part to the significant growth duringthe year in the receipts of the betting networks and certainly also to a generallyunfavourable economic situation. It can also be ascribed to the risk of the uncollectibilityof certain receivable positions overdue for some time relating to gamingequipment and believed, after a thorough analysis, that they would be difficult torecover also due to the processes involving the disposal and renewal of the totalinventory of gaming machines installed at direct points of sale and under partnerships.The Group constantly monitors changes in doubtful receivables and adopts,when possible and appropriate, recovery procedures by mutual consent throughrecovery plans, assisted, where necessary, by guarantees.81 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2011
Current financial assets (10)Current financial assets amount to EUR 1,004 thousand and mainly representMonte dei Paschi di Siena securities for EUR 1,002 thousand, held by one of thecompanies acquired at the end of the year.Current financial assets(in thousands of Euro)At12.31.2011At12.31.2010Other securities 1,004 2Total 1,004 2Other current assets (11)Other current assets amount to EUR 39,781 thousand and comprise the following:Other current assets(in thousands of Euro)Other receivables from third parties:At12.31.2011At12.31.2010Receivables from employees 347 411Other receivables from third parties 5,989 5,143Other receivables from the Public Administration 30,642 15,101Provision for impairment of other receivables (271) (449)Total 36,708 20,207Accrued income and prepaid expenses:Accrued income 42 8Prepaid expenses 3,031 4,403Total 3,073 4,411Total other current assets 39,781 24,617Other receivables from third parties total EUR 5,989 thousand and include, amongother things, receivables of approximately EUR 4,041 thousand relating to advanceson the supply of the new “Microlot” gaming terminals.Other receivables from the Public Administration, equal to EUR 30,642 thousand,refer mainly to receivables of EUR 21,775 thousand for security deposits withAAMS, under the concession transactions relating to gaming receipts using AWPgaming machines, EUR 6,951 thousand for receivables from PREU and EUR 1,082thousand for receivables from AAMS, claimed by Sisal Match Point S.p.A. for adjustmentson the horse race and sports betting concession in 2011 and recoveredin January 2012. The receivables for security deposits decreased during 2011 asa result of the reimbursement of the sums at one time deposited as guarantees(equal to 0.5% of receipts), referring to the year 2010, for a total of EUR 13.1million, on the basis of the levels of service reached and investments made. As forthe amounts referring to 2011, corresponding to the levels of service reached andthe percentage of PdA (access points) updated using GPS technology, Sisal SlotS.p.A. recorded a net positive amount in the income statement of approximatelyEUR 21.7 million, equal to 0.498% of the receipts received during the year; the82 SISAL ANNUAL REPORT 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
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 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: Inventories of finished goods and m
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
Page 119 and 120: Sisal Holding Istituto di Pagamento
Page 121: Printed by Arti Grafiche MeroniLiss
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