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FINANCIAL STATEMENTS
This interpretation provides guidance on accounting for the following types of non-reciprocal distributions of assets
by an entity to its owners acting in their capacity as owners: (a) distributions of non-cash assets and (b) distributions
that give owners a choice of receiving either non-cash assets or a cash alternative. This interpretation is not expected
to impact the Company’s financial statements.
• IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments (effective for annual periods beginning on or after
1 July 2010)
This interpretation addresses the accounting by the entity that issues equity instruments to a creditor in order to settle,
in full or in part, a financial liability. This interpretation is not relevant to the Company’s operations. This amendment
has not yet been endorsed by the EU.
• IFRIC 14 (Amendment) - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
(effective for annual periods beginning on or after 1 January 2011)
The amendments apply in limited circumstances: when an entity is subject to minimum funding requirements and
makes an early payment of contributions to cover those requirements. The amendments permit such an entity to treat
the benefit of such an early payment as an asset. This interpretation is not relevant to the Company’s operations. This
amendment has not yet been endorsed by the EU.
c) Amendments to standards that form part of the IASB’s annual improvements project
The amendments set out below describe the key changes to IFRSs following the publication in July 2009 of the results
of the IASB’s annual improvements project. These amendments have not yet been endorsed by the EU. Unless otherwise
stated the following amendments are effective for annual periods beginning on or after 1 January 2010. In addition, unless
otherwise stated, the following amendments will not have a material impact on the Company’s financial statements.
(Bullets on the followings)
• IFRS 2 “Share-Based payment” (effective for annual periods beginning on or after 1 July 2009)
The amendment confirms that contributions of a business on formation of a joint venture and common control
transactions are excluded from the scope of IFRS 2.
• IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”
The amendment clarifies disclosures required in respect of non-current assets classified as held for sale or discontinued
operations.
• IFRS 8 “Operating Segments”
The amendment provides clarifications on the disclosure of information about segment assets.
• IAS 1 “Presentation of Financial Statements”
The amendment provides clarification that the potential settlement of a liability by the issue of equity is not relevant
to its classification as current or non-current.
• IAS 7 “Statement of Cash Flows”
The amendment requires that only expenditures that result in a recognized asset in the statement of financial position
can be classified as investing activities.
• IAS 17 “Leases”
The amendment provides clarification as to the classification of leases of land and buildings as either finance or
operating.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 23 OF 69
This interpretation provides guidance on accounting for the following types of non-reciprocal distributions of assets
by an entity to its owners acting in their capacity as owners: (a) distributions of non-cash assets and (b) distributions
that give owners a choice of receiving either non-cash assets or a cash alternative. This interpretation is not expected
to impact the Company’s financial statements.
• IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments (effective for annual periods beginning on or after
1 July 2010)
This interpretation addresses the accounting by the entity that issues equity instruments to a creditor in order to settle,
in full or in part, a financial liability. This interpretation is not relevant to the Company’s operations. This amendment
has not yet been endorsed by the EU.
• IFRIC 14 (Amendment) - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
(effective for annual periods beginning on or after 1 January 2011)
The amendments apply in limited circumstances: when an entity is subject to minimum funding requirements and
makes an early payment of contributions to cover those requirements. The amendments permit such an entity to treat
the benefit of such an early payment as an asset. This interpretation is not relevant to the Company’s operations. This
amendment has not yet been endorsed by the EU.
c) Amendments to standards that form part of the IASB’s annual improvements project
The amendments set out below describe the key changes to IFRSs following the publication in July 2009 of the results
of the IASB’s annual improvements project. These amendments have not yet been endorsed by the EU. Unless otherwise
stated the following amendments are effective for annual periods beginning on or after 1 January 2010. In addition, unless
otherwise stated, the following amendments will not have a material impact on the Company’s financial statements.
(Bullets on the followings)
• IFRS 2 “Share-Based payment” (effective for annual periods beginning on or after 1 July 2009)
The amendment confirms that contributions of a business on formation of a joint venture and common control
transactions are excluded from the scope of IFRS 2.
• IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”
The amendment clarifies disclosures required in respect of non-current assets classified as held for sale or discontinued
operations.
• IFRS 8 “Operating Segments”
The amendment provides clarifications on the disclosure of information about segment assets.
• IAS 1 “Presentation of Financial Statements”
The amendment provides clarification that the potential settlement of a liability by the issue of equity is not relevant
to its classification as current or non-current.
• IAS 7 “Statement of Cash Flows”
The amendment requires that only expenditures that result in a recognized asset in the statement of financial position
can be classified as investing activities.
• IAS 17 “Leases”
The amendment provides clarification as to the classification of leases of land and buildings as either finance or
operating.
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 23 OF 69
