Annual Report 2012 - Ono

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The Figures GRUPO CORPORATIVO ONO, S.A. AND SUBSIDIARIES (ONO GROUP) NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEAR 2012 (Thousands of Euros) 2.24.Employee benefits a) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to a termination when the entity has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value. b) Bonus Group companies recognise a provision when are contractually obliged or when there is a past practice that has created a constructive obligation. c) Long term incentive plan ONO in 2012 Who is ONO? What does ONO do? ONO’s Responsibility Financial analysis Corporate Governance Report The Figures Annexes Contact Information For cash-settled share-based payment transactions, the Group shall measure the liability incurred at the fair value, referred to the date when the requirements for recognition are met. Subsequently and until the liability is settled, the Group shall remeasure at the year-end the final value of each of the theoretical shares to be taken for the calculation of the incentive, with any changes in fair value recognised in profit and loss account for each period. 2.25. Provisions Provisions for restructuring costs, legal claims and other risks are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Restructuring provisions comprise lease termination penalties and employee termination payments. Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Print Report The Figures 196
The Figures GRUPO CORPORATIVO ONO, S.A. AND SUBSIDIARIES (ONO GROUP) NOTES TO THE CONSOLIDATED ANNUAL ACCOUNTS FOR THE YEAR 2012 (Thousands of Euros) Provisions maturing at one year or less with non material financial effect are not discounted. Contingent liabilities are considered as a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognised because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or the amount of the obligation cannot be measured with sufficient reliability. These contingent liabilities are not recognised but details are set forth in the notes to the consolidated annual accounts. 2.26. Revenue recognition Ordinary revenues comprise the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the Group’s activities. Revenue is shown net of Value-Added Tax, returns, rebates and discounts and after eliminating sales within the Group. The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Group’s activities as described below. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. The Group’s revenue comes from the individual or combined provision of telephone, television and broad-band internet services to residential direct-access customers, indirect-access customers and companies, together with the provision of services of interconnection with other operators. ONO in 2012 Who is ONO? What does ONO do? ONO’s Responsibility Financial analysis Corporate Governance Report The Figures Annexes Contact Information Commercial packages that combine different elements are analysed to determine whether it is necessary to separate the different elements identified, applying the appropriate revenue recognition policy in each specific case. Total revenue from the package is distributed among its identified elements in accordance with their respective fair values (i.e. the fair value of each individual component in relation to the total fair value of the package). Traffic is recognised as revenue as consumed. If traffic or other services are sold at a fixed rate for a determined time period (flat rate), revenue is recognised on a straight-line basis over the time period covered by the rate paid by the customer. The periodic charges for use of the network (Telephony, Internet and Television) are credited to the income statement on a straight-line basis over the period to which they relate. Rentals and other services are credited to the income statement as the service is provided. Revenue from interconnection and other services used by customers is recognised in the period in which the customers generate the traffic. Revenue from the sale of terminals and equipment is recognised when, in addition to the aforegoing, the sale is deemed to be completed, i.e. when the significant risks and rewards have been transferred and neither the management nor effective control of the items is held. This moment usually coincides with the time of delivery to the final customer. Print Report The Figures 197
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Contact Information ONO in 2012 Who
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Annual Report 2012 - Ono

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