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2012 FINANCIAL STATEMENTS AND RELATED NOTES4.8. Financial assets available for sale, other financial assets and financialliabilitiesFINANCIAL ASSETSIn accordance with the recommendations of IAS 39 – Financial instruments: recognition andmeasurement, the shares of non-consolidated companies belong to the asset category “financial assetsavailable for sale”. They are initially recognised at fair value, corresponding to their original acquisitioncost, and are then revalued at fair value through equity at each balance sheet date. Loans andreceivables, as well as assets held until maturity are measured at fair value and then revalued at theiramortised cost.Financial assets at fair value through profit or loss comprise:- assets that are regarded as held for trading, which comprise assets that the company intends tosell in the short term in order to realise a gain, which are part of a portfolio of financial instrumentsthat are managed together and for which there is evidence of a recent actual pattern of short-termprofit taking (mainly cash and cash equivalents and other cash management financial assets);- assets explicitly designated by the Group upon initial recognition as financial instruments, thechanges in fair value of which are recognised in profit or loss. This designation is used when suchuse results in the provision of better quality financial information and enhances the consistency ofthe financial statements.The following assets are tested for impairment at each period end:- loans and receivables issued by the entity and held-to-maturity assets: when there is an objectiveindication of impairment, the amount of the impairment loss is recognised in profit or loss;- assets available for sale: unrealised gains and losses on financial assets held for sale arerecognised as other items of comprehensive income until the sale, collection or exit of the financialasset on any other ground or where there is an objective indication that all or part of the value ofthe financial asset has been impaired. The cumulative gain or loss, which had so far beenrecognised under other items of comprehensive income, is transferred to the income statement onthat date.Impairment is evidenced in the case the following conditions are met simultaneously:- the Group share of equity or an objective estimate (i.e. from experts or resulting from a transactionor planned transaction) results in a value which is less than the value of the securities;- a business plan or other objective information demonstrates the inability of the entity in which theGroup holds an equity investment to create value through the generation of cash inflows.FINANCIAL LIABILITIESFinancial liabilities valued at fair value through the income statement result in the realisation of profit dueto short-term variations in price. This applies only to liabilities resulting from short sales of shares or otherfinancial assets or derivatives which are not hedge derivatives.Other financial liabilities are valued at amortised cost, with the exception of derivative financial instrumentswhich are valued at fair value.Derivative instruments relating to cash flow hedges are valued at fair value at each balance sheet date,and the change in the fair value of the ineffective portion of the hedge is recognised in the incomestatement and the change in the fair value of the effective portion of the hedge in other items ofcomprehensive income.168 - M6 GROUP - 2012 REGISTRATION DOCUMENT
2012 FINANCIAL STATEMENTS AND RELATED NOTESFAIR VALUEThe fair value is determined by reference to a quoted price in an active market where such a market priceexists. Failing that, it is calculated using a recognised valuation technique such as the fair value of asimilar and recent transaction or the discounting of future cash flows, based on market data. However,the fair value of short-term financial assets and liabilities can be deemed to be similar to their balancesheet value due to the short maturity of these instruments.4.9. Income taxIncome tax includes current tax and deferred tax charges. Tax is recognised against profit and lossexcept where it relates to items directly recognised as other items of comprehensive income or underequity, in which case it is recognised under equity as other items of comprehensive income or underequity.Current tax is the estimated amount of income tax payable in respect of the taxable income of a period,measured using taxation rates adopted or virtually adopted at the balance sheet date, before anyadjustment of current tax payable in respect of previous periods.Deferred tax is measured and recognised according to the liability method balance sheet approach for alltemporary differences between the book value of assets and liabilities and their tax base.However, the following items do not give rise to the recognition of deferred tax:- the initial recognition of an asset or liability as part of a transaction that is not a businesscombination and that affects neither book profit nor taxable profit;- temporary differences, to the extent that they may not be reversed in the foreseeable future.Deferred tax assets are recognised to the extent that it is probable that the Group will generate sufficienttaxable profit in the future against which corresponding temporary differences may be offset. Deferred taxassets are examined at each balance sheet date and are adjusted, if necessary, in the light of estimatedfuture taxable profits.Recognised deferred tax assets reflect the best estimate of the schedule of taxable temporary differencereversal and realisation of future taxable profits in the tax jurisdictions concerned. These future taxableprofit forecasts are consistent with business and profitability assumptions used in budgets and plans andother forecast data used to value other balance sheet items.Furthermore, deferred tax is not recognised in case of a taxable temporary difference generated by theinitial recognition of goodwill.Deferred tax assets and liabilities are valued at the income tax rate expected to apply to the period inwhich the asset will be realised or the liability settled, based on tax regulations that have been adopted orvirtually adopted at the balance sheet date.In accordance with IAS 12 – Income tax, deferred tax assets and liabilities are not discounted and areoffset if a legally enforceable right to offset current tax assets and liabilities exists and if it concernsincome tax collected by the same tax authority, either from the same taxable entity or from differenttaxable entities, which intend to settle current tax assets and liabilities based on their net value or torealise the assets and pay the tax liabilities at the same time.4.10. InventoriesInventories consist of programmes, broadcasting rights and merchandise inventories.M6 GROUP - 2012 REGISTRATION DOCUMENT - 169
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DisclaimerThis report is an English
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M6 GROUP PRESENTATION1. M6 Group pr
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M6 GROUP PRESENTATION1.4.2. 2012 fi
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CORPORATE GOVERNANCECORPORATE GOVER
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CORPORATE GOVERNANCESHARE CAPITAL33
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SHARE CAPITALStock market performan
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SHARE CAPITALTreasury shares alloca
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SHARE CAPITALControlled companies h
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SHARE CAPITAL3.10.4.4. Identificati
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COMBINED GENERAL MEETING OF 13 MAY
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COMBINED GENERAL MEETING8.2. Report
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OTHER INFORMATION14. ADMINISTRATIVE
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OTHER INFORMATIONiv.Reports of the
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288 - M6 GROUP - 2012 REGISTRATION
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