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)
2.6. Foreign currency translation
a) Functional and presentation currency
The euro is the functional and presentation currency of the Parent Company. The consolidated annual accounts are presented in thousands
of Euros, unless otherwise stated.
b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when
deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses are presented in the income
statement under the caption ‘Net financial result’.
2.7. Property, plant and equipment
The items of property, plant and equipment are recognised at their acquisition price or production cost, less accumulated depreciation and
the cumulative amount of the recognised losses.
ONO in 2012
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The amount of work carried out by the Group for its own property, plant and equipment is calculated by adding the direct or indirect costs
attributable to the assets to the acquisition price of the consumables.
If applicable, the acquisition price includes the initial estimate of the costs associated to dismantling or removing the asset and the restoral
of its location when, as a result of use of the asset, the Group is obliged to take said actions.
The costs of expansion, modernisation or improvement of property, plant and equipment are included in the asset as an increase in its value
only when they represent an increase in its capacity or productivity or a lengthening of its useful life, provided that it is possible to estimate
the carrying amounts of the assets that are removed from the inventory because they have been replaced.
Recurring repair and maintenance expenses are charged to the income statement in the year in which they are incurred.
Depreciation of property, plant and equipment, except for land, which is not depreciated, is calculated systematically using the straight-line
method over its estimated useful life, taking the impairment actually suffered due to operation, use and enjoyment into account.
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