Sisal Annual Report 2011 - Permira

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Payables to employees include the 14th month salary, bonuses, vacation, formerholidays, outstanding amounts due and overtime accrued at the end of the yearbut not paid.Payables to collaborators include compensation similar to employee remunerationand compensation due to members of the board of directors and board of statutoryauditors, which will be paid upon issue of specific pay slips and/or receipt ofinvoices.Other payable to third parties include other payables related to the current portionof debt incurred for the purchase of the business Merkur Interactive Italia S.p.A.(EUR 562 thousand), for the purchase of the company Arezzo Giochi (EUR 145thousand), for ‘purchase of the business related to the group Mazzilli (EUR 848thousand) and the purchase of the company Ilio SpA to EUR 6,750 thousand andthe remaining debt from the acquisition of a business unit of Costanzelli S.r.l. andSlotmatic S.r.l.Liabilities relating to fair value of derivative instruments amounting to EUR 6,591thousand include, in accordance with IAS 39, the negative fair value as of December31, 2011 of the interest rate swaps put into place in the years 2006-2010in parallel with the previously mentioned loans received by the Parent and othercompanies of the Group. The main characteristics are as follows:SWAPs - Hedges on loanFrom To Notional Hedging Fix Rate12.31.2010 3.31.2011 380000,000 4.197%3.31.2011 6.30.2011 380000,000 4.197%6.30.2011 9.30.2011 380000,000 4.197%9.30.2011 12.31.2011 380000,000 4.197%12.31.2011 3.31.2012 280000,000 1.510%3.31.2012 6.30.2012 280000,000 1.510%6.30.2012 9.30.2012 280000,000 2.810%9.30.2012 12.31.2012 280000,000 2.810%The hedging rate is at the 1-month or 3-month Euribor.95 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2011
Taxation payable (25)Taxation payable comprises the following:Taxation payable(in thousands of Euro)At12.31.2011At12.31.2010Payables for IRAP tax to tax authorities 3,371 1,163Payables for IRPEF payroll tax to tax authorities 2,128 2,007Payables for withholding tax on RBS loan to tax authorities 80 310Other payables to tax authorities 3,903 4Payables for substitute tax to tax authorities 29 11Payables for VAT to tax authorities 3 95Payables for IRES tax income tax consolidation 6,623 5,904Total 16,135 9,494This line item includes taxation payable by the Group as of December 31, 2011.Other payables to tax authorities, for EUR 3,903 thousand, are composed of theshort-term payable relating to the act for the proposal to settle the NoF issued bythe Guardia di Finanza (Financial Police) and signed by the Parent at the end of theyear. IRPEF payroll tax payable on payrolls and services performed by external selfemployedcollaborators has been duly paid in the early part of 2012 on their duedates. IRAP tax payable at year-end is net of advances already paid, as is IRES taxpayable, on the basis of the results of the national tax consolidation.96 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
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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
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 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: Payables for winnings include jackp
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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Sisal Annual Report 2011 - Permira

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