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