The parallel amendment of IFRS 7 introduces a specific section on new disclosure requirements for those financial
assets and liabilities that are booked net on the balance sheet and also for those financial instruments that are subject
to a legally enforceable net offsetting agreement or similar, regardless of whether or not they are presented offset in
accordance with IAS 32.
It is not expected that the entry into effect of these amendments will have a material impact on the Group.
- Improvements to IFRSs, 2009-2011 cycle
These improvements to the IFRSs imply minor changes and clarifications to IAS 1 Presentation of financial statements,
IAS 32 - Financial instruments: Presentation and IAS 34 Interim financial reporting.
The amendments will be applied retrospectively for the periods commencing 1 January 2013. It is not expected that
the entry into effect of these amendments will have a material impact on the Group.
c) Use of estimates
The Group’s consolidated profits and the determination of its equity are determined by the accounting policies and
rules, measurement bases and estimates applied by management in drawing up the consolidated financial state-
ments. The main accounting policies and rules and measurement bases used are disclosed in Note 2.
These consolidated financial statements rely occasionally on estimates made by the executives of the Group and of
the consolidated entities in order to quantify certain assets, liabilities, revenue, expenses and commitments recog-
nised. These estimates basically relate to the following:
- The assessment of potential impairment losses on certain assets (Notes 2, 5, 6, 7, 8, 9, 10 and 16).
- Assumptions used in the actuarial calculation of provisions for long-term employee benefits (Notes 2-k and 13).
- The useful life of property, plant and equipment and of intangible assets (Notes 2-c, 2-d, 5 and 6).
- Goodwill impairment measurement (Notes 2-b and 5).
- The fair value of certain financial instruments (Notes 2-e and 7).
- The calculation of provisions (Notes 2-i, 2-j, 2-k, 12 and 13).
- Assumptions used to determine share-based payment schemes (Notes 2-m and 19-c).
These estimates were drawn up on the basis of the best information available at 31 December 2012. However, it is
feasible that future events may require them to be modified (upwards or downwards) in subsequent years. Under IAS
8, any changes in accounting estimates are accounted for prospectively, and the impact of the changes in estimates is
recognised on the consolidated income statement in the period of the change.
d) Environmental impact
In view of the business activities carried on by the Group companies, it does not have any environmental liability,
expenses, assets, provisions or contingencies that might be material with respect to its consolidated equity, finan-
cial position or performance. Therefore, no specific disclosures relating to environmental issues are included in these
notes to the consolidated financial statements.
e) Events after the balance sheet date
The Company’s Board of Directors will propose to the shareholders at their ordinary annual general meeting that an
extraordinary dividend be distributed with a charge to voluntary reserves of €30,980 thousand, pending shareholder
approval of the proposed distribution of profit for 2012, described in Note 3 to the consolidated financial statements.
No other significant events occurred between 1 January 2013 and the date of approval of these consolidated financial
statements that have not been disclosed herein.
64
Annual Accounts
6
Notes to the consolidated financial statements for the year ended 31 December 2012
Annual
Report 2012
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