Annual Report 2012 - Ono

The Figures
GRUPO CORPORATIVO ONO, S.A. AND SUBSIDIARIES (ONO GROUP)
NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEAR 2012 (Thousands of Euros)
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these consolidated annual accounts are set out below. These policies have
been consistently applied to all the years presented, unless otherwise stated.
2.1. Basis of presentation
The figures shown in the document, that comprise these consolidated annual accounts are the consolidated balance sheet, consolidated
income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement
of cash flow and notes, are expressed in thousands of Euros, unless otherwise stated.
The consolidated annual accounts of the Group have been prepared in accordance with International Financial Reporting Standards
adopted by the European Union (IFRS-UE, hereinafter “IFRS”) and IFRIC interpretations. The consolidated annual accounts have been
prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including derivative
instruments) at fair value.
The preparation of the annual accounts under IFRS requires the Group to use certain accounting critical estimates. It also requires to
the Management to exercise his judgment when applying Group’s accounting policies. In Note 4 are outlined those areas involving a
higher degree of judgment or complexity, or those in which the assumptions and estimates are significant to the consolidated financial
statements.
ONO in 2012
Who is ONO?
What does ONO do?
ONO’s
Responsibility
Financial analysis
Corporate
Governance Report
The Figures
Annexes
Contact
Information
These consolidated annual accounts have been prepared by the Board of Directors on 28 February 2013. These consolidated annual
accounts for the year 2012 have not been yet approved by the General Shareholders Meeting of the Parent Company. However, the Board
of Directors expects them to be approved without amendments.
2.2. Going Concern
At 31 December 2012, the Group has €210 million of negative working capital (365 million at 31 December 2011), which is a regular
circumstance of the Group´s business and financial structure, and does not offer any impediment for the business from being carried
out normally.
At 31 December 2012 and 31 December 2011 all short term commitments had been settled within their periods, and it is expected that all
debt maturities within the next twelve months will be settled in the required periods.
The Directors consider that the following factors reasonably mitigate any uncertainty on the capacity of the Group to generate enough
resources in order to operate under a going concern basis:
Print
Report
The Figures
180