Annual report 2012 - Comrod

Annual report 2012 30/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement Notesto the extent that it is probable that thetemporary differences will reverse in theforeseeable future and taxable profit will beavailable against which the temporarydifferences can be utilised.The carrying amount of deferred income taxassets is reviewed at each balance sheet date andreduced to the extent that it is no longer probablethat sufficient taxable profit will be available toallow all or part of the deferred income tax assetto be utilised. Unrecognised deferred incometax assets are reassessed at each balance sheetdate and are recognised to the extent that it hasbecome probable that future taxable profit willallow the deferred tax asset to be recovered.their geographical areas. These business areascompromise the basis for primary segmentreporting. Financial information relating tosegments and geographical areas is presented innote 4. The group implemented IFRS 8 “OperatingSegments” (replaced by IAS 14 “SegmentReporting”) from accounting year 2007.In the segment reporting, internal gains on salesbetween segments are eliminated.2.23 Contingent liabilities and contingent assetsContingent liabilities are not recognised in theannual accounts. Significant contingent liabilitiesare disclosed, with the exception of contingentliabilities that are unlikely to be incurred.Deferred income tax assets and liabilities aremeasured at the tax rates that are expected toapply in the year when the asset is realised orthe liability is settled, based on tax rates (and taxlaws) that have been enacted or substantivelyenacted at the balance sheet date.Deferred income tax relating to items recogniseddirectly in equity is recognised in equity and not inthe income statement.Deferred income tax assets and deferred incometax liabilities are offset, if a legally enforceableright exists to set off current tax assets againstcurrent income tax liabilities and the deferredincome taxes relate to the same taxable entity andthe same taxation authority.Contingent assets are not recognised in the annualaccounts but are disclosed if there is a certainprobability that a benefit will be added to theGroup.2.24 Risks associated with capital investmentIn terms of capital investment, the Group’s aim isto safeguard the Company as a going concern inorder to secure returns for shareholders and otherstakeholders, and to maintain a capital structurethat minimizes the cost of capital.In order to improve its capital structure, theGroup can issue new shares or sell assets in orderto repay debt. The capital structure can alsobe adjusted by paying dividends or be repayingshareholders’ capital.2.22 SegmentsFor management purposes, the Group isorganized into three business areas according toIn the same way as other enterprises inthe industry, the Group monitors its capitalinvestment on the basis of its gearing.30