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CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATED MANAGEMENT REPORT 2015
The amendments clarify the requirements to be applied when additional subtotals are presented on the statement of
financial position, separate income statement, and other comprehensive income.These amendments become effective
for years starting January 1, 2016 or afterwards, although their early application is permitted.The Group does not expect
this standard to have an impact.
IAS 7 Cash flow statements: Disclosure initiative
These amendments require the Group to provide information on the changes in financial liabilities in a manner which
makes changes in Group debt understandable.These amendments will help the users of financial statements to evaluate
the changes in financial liabilities arising from financing activities, including changes in monetary and non-monetary
transactions (such as exchange differences).The modifications include tables reflecting examples of the reconciliation of
starting and ending balances for financial instruments which generate cash flows and are classified as financing activities,
excluding equity instruments, and separating movements with cash flows from those which do not generate them.
These modifications must be applied retroactively for the years commencing January 1, 2017 or after, although their
early application is permitted. It is not necessary to provide comparative information for the prior year.Therefore, these
amendments will not have any effects until 2017, when the information must be presented.
Amendments to IAS 12 - Recognition of deferred tax assets arising from unrealized losses
These amendments clarify the recognition of deferred tax assets corresponding to debt instruments valued at fair value.
They must be applied retroactively for the years commencing January 1, 2017 or after, although their early application
is permitted.These modifications will not have an impact on the Group, as it does not have any debt instruments which
are measured at fair value.
2.3. Responsibility for the information and use of estimates
The information in these consolidated financial statements is the responsibility of the Company’s directors.
In preparing the Group’s consolidated financial statements for 2015, certain estimates and assumptions were made on
the basis of the best information available at December 31, 2015 on the events analyzed. However, events that take place
in the future might make it necessary to change these estimates (upwards or downwards) in coming years. Changes
in accounting estimates would be applied prospectively, in accordance with the requirements of IAS 8, recognizing the
effects of the change in estimates in the related consolidated income statement.
Estimates and assumptions are reviewed on an ongoing basis.The impact of changes in accounting estimates is recognized
in the period in which the estimates are changed if they affect only that period or in the period of the changes and future
periods if they affect both current and future periods.The main hypothesis and assumptions regarding future events and
other uncertain sources of estimates at the date of preparation of the financial statements that may cause corrections
to assets and liabilities are as follows.
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Impairment of non-current assets
The Group assesses whether there are any indications of impairment for all non-financial assets at each reporting
date. Goodwill and other indefinite life intangible assets are tested for impairment annually and at any time when such
indications exists. Other non-financial assets are tested for impairment when there are indications that the carrying
amounts may not be recoverable.
If there is objective evidence that an impairment loss occurs, the amount of the impairment loss is measured as the
difference between the carrying amount of the assets and the present value of estimated future cash-flow discounting
using a proper discount rate.