Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
170
Notes to the Separate Financial Statements of F.I.L.A. S.p.A.
Introduction
The financial statements of the Parent F.I.L.A. S.p.A. (hereafter also “Parent” or “Company”) at
December 31, 2016, prepared by the Board of Directors of F.I.L.A. S.p.A., were drawn up in
accordance with International Financial Reporting Standards (IFRS) issued by the International
Accounting Standards Board (IASB) and approved by the European Union.
The IFRS were applied consistently for all the periods presented in the present document.
For the separate financial statements of F.I.L.A. S.p.A. the first year of application of IFRS was 2013.
The separate financial statements of F.I.L.A. S.p.A. are comprised of the Statement of Financial
Position, the Statement of Comprehensive Income, the Statement of Cash Flows, the Statement of
Changes in Equity and the Explanatory Notes.
The presentation of these financial statements at December 31, 2016, in line with the consolidated
financial statements, is as follows:
Statement of Financial Position: in accordance with IAS 1, the assets and liabilities must be
classified between current and non-current or, alternatively, according to the liquidity order.
The Company chose the classification between
current and non-current;
Statement of Comprehensive Income: IAS requires alternatively classification based on the
nature or allocation of the items. The Company chose the classification by nature of income
and
expenses;
Statement of Changes in Equity: IAS 1 requires that this statement illustrates the changes in
the year of each individual equity account or which illustrates the nature of income and
charges recorded in the financial statements. The Company chose to utilise this latter in the
statement, providing the reconciliation statement of the opening and closing amounts of each
item within
the explanatory notes;
Statement of Cash Flows: IAS 7 requires that the cash flow statement includes the cash flows
for the period between operating, investing and financing operations. The cash flows deriving
from operating activities may be represented by the direct method or utilising the indirect
method. The Company decided to utilise the indirect method.
The financial statements of F.I.L.A. S.p.A. are presented together with the Directors’ Report, to which
reference should be made in relation to the business activities, subsequent events to year-end and
Consolidated Financial Statements of the F.I.L.A. Group
Separate Financial Statements of F.I.L.A. S.p.A.
171
transactions with related parties, the cash flow statement, the reclassified income statement and
balance sheet and the outlook.
The financial statements of F.I.L.A. S.p.A. were prepared in accordance with the general historical
cost criterion.
During the year, no special circumstances arose requiring recourse to the exceptions allowed under
IAS 1.
The preparation of the financial statements and the relative notes in application of IFRS require that
management make estimates and assumptions. These estimates and relative assumptions are based on
historical experience and other factors considered reasonable and were adopted to determine the
carrying amount of the assets and liabilities which are not easily obtained from other sources, are
reviewed periodically and the effects of each change are immediately reflected in the income
statement. However as they concern estimates, it should be noted that the actual results may differ
from such estimates reflected in the financial statements.
The estimates are used to value the provisions for risk on receivables, depreciation and amortisation,
write-down
of assets, employee benefits, income taxes and other provisions.
The accounting policies utilised in the preparation of the financial statements and
the composition and
changes of the individual accounts are illustrated below.
For a better comparison
of the data, the figures for the prior year were adjusted where necessary.
All values are
expressed in thousands of Euro, unless otherwise stated.
Accounting Policies of the Separate Financial Statements
Intangible assets
An intangible asset is a clearly identifiable non-monetary asset without physical substance, subject to
control and capable of generating future economic benefits. They are recognised at acquisition cost
where acquired separately and are capitalised at Fair Value at the acquisition date where acquired
through business combinations.
The interest charge on loans for the purchase and the construction of intangible assets, which would
not have been incurred
if the investment was not made, are not capitalised.
Intangible assets
with indefinite useful life
Intangible assets with indefinite useful lives mainly consist of assets which do not have limitations in
terms of useful life as per contractual, legal, economic and competitive conditions. This category
includes only the “goodwill” account. Goodwill is represented by the excess of the purchase cost