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)
2012 improvement projects, includes explanations on the following standards:
IFRS 1 (*) First time adoption of International Financial Reporting Standards 1 January 2013
IAS 1 (*) Financial statement presentation 1 January 2013
IAS 16 (*) Property plant and equipment 1 January 2013
IAS 32 (*) Financial instrument; Presentation 1 January 2013
IAS 34 (*) Interim financial reporting 1 January 2013
New standards and amendments
IFRS 1 (*) Accounting for government grants and disclosure of government assistance 1 January 2013
IFRS 10 (*) Consolidated financial statements – transitional provision 1 January 2013
IFRS 10 (*) Consolidated financial statements – investment companies 1 January 2014
IFRS 11 (*) Joint arrangements – transitional provision 1 January 2013
IFRS 12 (*) Disclosures of interests in other entities – transitional provision 1 January 2013
IFRS 12 (*) Disclosures of interests in other entities statements – investment companies 1 January 2014
(*)
Not yet adopted by the European Union.
ONO in 2012
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The Group is analysing the possible impact that the application of the standards described above will have on the consolidated annual
accounts and is not likely to be significant.
2.4. Consolidation
a) Subsidiaries
Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and operating
policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights
that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
The Group uses the acquisition method to account for business combinations. The consideration transferred for the acquisition of a
subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration
transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs
are expensed as incurred. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest
in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.
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