Annual Financial Report for the period from 1st of January to the 31st of December 2012
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The relevant loss is immediately transferred to the period’s profit and loss. The impairment losses, i.e. when
there is objective evidence that the Group is unable to collect all the amounts owed based on the contractual
terms, are recognized in the income statement.
3.14 Cash and cash equivalents
Cash and cash equivalents include cash in the bank and in hand as well as short term highly liquid investments
such as money market products and bank deposits. Money market products are financial assets which are
valued at fair value through the profit and loss account.
3.15 Non-current assets classified as Held for sale
The assets available for sale also include other assets (including Goodwill) and tangible fixed assets that the
Group intends to sell within one year from the date they are classified as “Held for sale”.
The assets classified as “Held for sale” are valued at the lowest value between their book value immediately
prior to their classification as available for sale, and their fair value less the sale cost. Assets classified as “Held
for sale” are not subject to depreciation. The profit or loss that results from the sale and reassessment of as-
sets “Held for sale” is included in “other income” and “other expenses” respectively, in the income statement.
3.16 Share capital
Expenses incurred for the issuance of shares reduce, after deducting the relevant income tax, the proceeds
from the issue. Expenses related to the issuance of shares for the purchase of companies are included in the
acquisition cost of the company acquired.
Where any Group company purchases the Company’s equity share capital (Treasury shares), the consideration
paid, including any directly attributable incremental costs is deducted from equity attributable to the Compa-
ny’s equity holders until the shares are cancelled, reissued or disposed of. Where such shares are subsequent-
ly sold or reissued, any consideration received, net of any directly attributable incremental transaction costs, is
included in equity attributable to the Company’s equity holders. Treasury stock does not hold any voting rights.
3.17 Income tax & deferred tax
The tax for the period comprises current income tax and deferred tax, i.e. the tax charges or tax credits that
are associated with economic benefits accruing in the period but have been assessed by the tax authorities in
different periods. Income tax is recognized in the income statement of the period, except for the tax relating
to transactions that have been booked directly to Equity. In such case the related tax is, accordingly, booked
directly to Equity.
Current income taxes include the short-term liabilities or receivables from the fiscal authorities that relate to
taxes payable on the taxable income of the period and any additional income taxes from previous periods (tax
audit differences).
