idated annual financial statements in accordance with IFRSs adopted by the European Union and provides that for
the remaining financial statements, the presentation templates be adjusted to the formats or provisions which, in
this connection, are stipulated by the regulatory framework applicable to the Group. Accordingly, the presentation
formats of the aforementioned financial statements contained herein do not significantly differ from those contained
in CNMV Circular 1/2008, of 30 January. The present additional disclosures for some headings by including lines items
provided for in CNMV Circular 9/2008, of 10 December (amended by CNMV Circular 6/2011, of 12 December) to
provide readers with a better understanding.
All mandatory accounting principles and measurement bases with a significant effect on the consolidated financial
statements were applied.
i. Adaptation to new standards and interpretations issued
Standards and interpretations effective in 2013
The following Standards and Interpretations, adopted by the EU and the Group, became effective in 2013, but did not
have a significant impact on the consolidated financial statements:
- IAS 19 Employee Benefits (Amendment) The amendment to IAS 19 results in a significant change in the recognition
and measurement of defined benefit plans and termination benefits, as well as disclosures of all benefits paid to
employees. Changes in IAS 19 included the following:
- Actuarial gains and losses (now called “remeasurements”) may only be recognised in other comprehensive
income. The options of deferring the recognition of actuarial gains and losses using the“corridor approach”and
recognising them directly in profit and loss have been eliminated. Gains and losses recognised in other compre-
hensive income cannot be transferred to profit or loss.
- Past service cost must be recognised in the period of the plan amendment; unvested benefits in a period of
future service may not be deferred. Curtailments only occur when there is a significant reduction in the number
of employees covered by a plan. Gains and losses on curtailments are recognised in the same manner as the
past service cost.
- The annual expense of a funded benefits plan shall include the net interest income or expense, calculated by
applying the discount rate to the net defined asset or liability.
- Benefits that require a future service shall not be considered termination benefits.
IAS 19 as amended is applied retrospectively and is mandatory for annual periods beginning on or after 1 January
The application of this amendment had an impact on the Group, as until then past service cost had been deferred,
but after the amendment became effective it was recognised in equity (Notes 11 and 13). The Group’s directors
estimate that applying this standard retrospectively from 1 January 2012 to 31 December 2012 would have reduced
equity and profit for the year, net of the tax effect, by €653 thousand (less than 0,2% of equity) and €202 thousand,
respectively, compared to the figures presented in the consolidated financial statements for the year ended 31
December 2012.
- IAS 1
Presentation of Financial Statements (Amendment)
: The amendment changed the presentation of items other
comprehensive income, requiring this section to include line items grouped into two categories between those
items that may be reclassified subsequently to profit or loss and those that cannot be reclassified to profit or loss.
Items that are not to be reclassified to profit or loss, such as revaluation surpluses relating to property, plant and
equipment, are presented separately from those that will affect the income statement in subsequent periods, e.g.
gains and losses on cash flow hedges. This amendment is mandatory for all annual periods beginning on or after 1
July 2012.
This standard did not have a significant effect on the consolidated annual accounts, although it required changes in
the presentation of certain items in the consolidated statement of recognised income and expense.
- IFRS 1
(Amendment) Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters:
The amendments
related to severe hyperinflation provide guidance on how to present, for the first time, or resume presenting IFRS
financial statements after a period when the entity was unable to comply with IFRSs because its functional currency
was subject to severe hyperinflation. This amendment is mandatory for all annual periods beginning on or after 1
January 2013.
- IAS 12
Deferred Tax:
Recovery of Underlying Assets
The amendment to IAS 12 offers a practical approach to meas-
uring deferred tax assets and liabilities related to
investment property
measured at fair value, which is one of the
measurement options provided in IAS 40 Investment Property. This amendment is mandatory for all annual periods
beginning on or after 1 January 2013.
- IFRS 13
Fair Value Measurement:
IFRS 13 explains how to measure items at fair value and is designed to improve and
expand disclosure requirements about fair value. It does not establish which items must be measured at fair value
or add new requirements for fair value measurement relative to existing requirements. Fair value is defined as the
price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date (exit price). Disclosure requirement in the new standard include,
inter alia
the measurement methods used, the inputs used in valuations and change in valuation techniques used. The new
standard is mandatory for all annual periods beginning on or after 1 January 2013.
Annual Accounts
Consolidated annual accounts and directors’report for the year ended 31 December 2013
Report 2013
1...,62,63,64,65,66,67,68,69,70,71 73,74,75,76,77,78,79,80,81,82,...236