ANNUAL REPORT 2008 - Gorenje Group

94
2008
that are expected to be applied to the temporary differences when they reverse, based on the laws
that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities
are offset if there is a legally enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on the same taxable entity, or on different
tax entities, but they intend to settle current tax liabilities and assets on a net basis or their
tax assets and liabilities will be realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilised. Deferred tax assets are reviewed
at each reporting date and are reduced to the extent that it is no longer probable that the related
tax benefit will be realised.
(r) Earnings per share (EPS)
The Group presents basic earnings per share (EPS) data for its ordinary shares, which is the same
as diluted EPS, because the Group has not issued any preference shares or convertible notes. Basic
EPS is calculated by dividing the profit or loss attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the period.
( s ) C o m p a r a t i v e i n f o r m a t i o n
Comparative information has been mainly harmonised with the presentation of information in the
current year. Where required, adjustment of comparative data was carried out in order to comply
with the presentation of information in the current year.
( t ) S e g m e n t r e p o r t i n g
A segment is a distinguishable component of the Group that is engaged either in providing related
products or services (business segment), or in providing products or services within a particular
economic environment (geographical segment), which is subject to risks and returns that are different
from those of other segments. Segment information is presented in respect of the Group’s
business and geographical segments. The Group’s primary format for segment reporting is based
on business segments. The business segments are determined based on the Group’s management
and internal reporting structure.
Inter-segment pricing is determined on an arm’s length basis.
Segment results, assets and liabilities include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis. Unallocated items comprise mainly investments
(other than investment property) and related revenue, loans and borrowings and related expenses,
corporate assets (primarily the Company’s headquarters) and head office expenses, and income
tax assets and liabilities.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant
and equipment, and intangible assets other than goodwill.
(u) New standards and interpretations not yet adopted
A number of new standards, amendments to standards and interpretations are not yet effective for
the year ended 31 December 2008, and have not been applied in preparing these consolidated financial
statements:
• IFRS 8 Operating Segments (effective as from 1 January 2009) introduces the
“management approach” to segment reporting. IFRS 8, which becomes mandatory
for the Group’s 2009 financial statements, will require the disclosure of
segment information based on the internal reports regularly reviewed by the
Group’s Chief Operating Decision Maker in order to assess each segment’s performance
and to allocate resources to them.
Currently the Group presents segment information in respect of its business and
geographical segments (see note 43 and 44).