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Consolidated Financial Statements as of December 31, 2015
Notes to the Consolidated Financial Statements
Financial assets and liabilities, finance costs
Note 12
and other financial income and expenses
Accounting policies
They consist mainly of shares in non-consolidated companies.
Available-for-sale financial assets are measured at fair value, with
Non-derivative financial assets
changes in fair value recognized in "Other comprehensive income",
In accordance with IAS
39 –
Financial Instruments: Recognition and
under "Changes in the fair value of available-for-sale financial assets".
Measurement
, the main financial assets are classified in one of the When the assets are sold, the gains and losses accumulated in
following four categories:
shareholders’ equity are reclassified to the income statement.
financial assets at fair value through profit or loss;
●
However, in the event of a prolonged or significant fall in value of an
loans and receivables;
●
equity instrument or a decline in estimated cash flows from a debt
instrument, an impairment loss is recognized in the income
held-to-maturity investments;
●
statement. If, in a subsequent period, the impairment decreases, the
available-for-sale financial assets.
●
previously recognized impairment loss is released as follows:
Their classification determines their accounting treatment. They are
for equity instruments (shares and other): through "Other
●
classified by the Group upon initial recognition, based on the type of
comprehensive income";
asset and the purpose for which it was acquired. Purchases and sales of
financial assets are recognized on the trade date, defined as the date
for debt instruments (bonds, notes and other): where an increase is
●
on which the Group is committed to buying or selling the asset.
observed in estimated future cash flows, through profit or loss for an
amount not exceeding the previously recognized impairment loss.
Financial assets at fair value through profit or loss
(i)
The fair value of listed securities corresponds to their market price. For
These are financial assets held for trading,
i.e.
, assets acquired
unlisted securities, fair value is determined by reference to recent
principally for the purpose of selling them at a profit in the short term,
transactions or by using valuation techniques based on reliable and
or financial assets designated at the outset as at fair value through
observable market data. When it is impossible to obtain a reasonable
profit or loss.
estimate of an asset’s fair value, it is measured at historical cost.
They are measured at fair value with changes in fair value recognized in
Non-derivative financial assets held by the Group
the income statement, under financial income or expense.
The main non-derivative financial assets held by the Group are as
Loans and receivables
(ii)
follows:
Loans and receivables are non-derivative financial assets with fixed or
non-current financial assets, mainly comprising investments in
●
determinable payments that are not quoted in an active market and
non-consolidated companies and long-term loans;
that do not meet the criteria for classification as either held for trading
trade receivables (Note 5.4.3);
●
or available for sale.
other current financial assets, mainly available-for-sale financial
●
They are initially recognized at fair value and are subsequently
assets, measured at fair value, and short-term loans and deposits.
measured at amortized cost by the effective interest method. For
short-term receivables with no specified interest rate, fair value is
considered as being equal to the original invoice amount.
Non-derivative financial liabilities
These assets are tested for impairment when there is an indication Non-derivative financial liabilities are initially recognized at fair value
that their recoverable amount may be less than their carrying amount.
plus transaction costs and premiums directly attributable to their
If this is found to be the case, an impairment loss is recorded.
issue. They are subsequently measured at amortized cost.
This category includes receivables from non-consolidated companies,
Non-derivative financial liabilities held by the Group
other loans and receivables and trade receivables. They are reported
The main non-derivative financial liabilities held by the Group are as
under "Other financial assets" or "Trade receivables".
follows:
Held-to-maturity investments
(iii)
borrowings: "Long-term borrowings" and "Short-term borrowings"
●
Held-to-maturity investments are non-derivative financial assets other
include bonds and notes issued by the Group, finance lease
than loans and receivables with fixed or determinable payments and a
liabilities, other bank loans and financial liabilities related to
fixed maturity that the Group has the positive intention and ability to
securitized receivables for which the credit risk is retained by the
hold to maturity. They are initially recognized at fair value and are
Group;
subsequently measured at amortized cost by the effective interest
suppliers and other creditors (Note 5.4.4);
●
method.
other payables: other payables classified in current liabilities
●
The Group did not hold any assets classified as held-to-maturity at
correspond to all other operating payables (mainly accrued
December 31, 2015 or December 31, 2014.
employee benefits expense and amounts due to suppliers of
Available-for-sale financial assets
(iv)
non-current assets) and miscellaneous liabilities.
Available-for-sale financial assets are financial assets that do not meet
the criteria for classification in any of the other three categories.
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