66
67
Annual Financial Statements
Notes on the Financial Statements
1. Information about MYTILINEOS HOLDINGS S.A.
68
1.1 General Information
68
1.2 Nature of activities
68
2. Basis for preparation of the financial statements
68
3. Basic accounting principles
68
3.1 New and amended accounting standards and interpretations of IFRIC
68
3.2 Consolidation
70
3.3 Segment reporting
71
3.4 Foreign currency translation
71
3.5 Tangible assets
71
3.6 Intangible assets
71
3.7 Impairment of Assets
72
3.8 Important accounting decisions, estimations and assumptions
72
3.8.1 Accounting decisions
73
3.8.2 Assumptions and estimations
73
3.9 Group Structure
75
3.9.1 Foundation & Acquisition
77
3.9.2 Sale and other changes
77
3.9.3 Important non-controlling interests
77
3.10 Significant information
78
3.11 Financial instruments
79
3.12 Inventories
80
3.13 Trade receivables
80
3.14 Cash and cash equivalents
80
3.15 Non-current assets classified as Held for sale
80
3.16 Share capital
80
3.17 Income tax & deferred tax
81
3.18 Employee benefits
81
3.19 Grants
82
3.20 Provisions
82
3.21 Recognition of income and expenses
82
3.22 Leases
82
3.23 Construction contracts
82
3.24 Dividend distribution
83
3.25 Proforma figure “Operating Earnings before Financial & Investment results,
Tax, Depreciation & Amortization” (Group EBITDA)
83
3.26 CO2 emission Liability
83
3.27 Hedging Accounting
83
4. Notes on the financial Statements
85
4.1 Tangible assets
85
4.2 Goodwill
87
4.3 Intangible Assets
88
4.4 Investments in associates companies
89
4.5 Deferred Tax
90
4.6 Inventories
93
4.7 Other receivables
93
4.8 Financial assets & liabilities
93
4.8.1 Financial Assets available for sale
94
4.8.2 Financial assets at fair value through profit or loss
94
4.8.3 Derivatives financial instruments
94
4.8.4 Other long-term receivables
94
4.8.5 Loan liabilities
95
4.8.6 Other long-term liabilities
96
4.9 Customers and other trade receivables
96
4.10 Cash and cash equivalents
96
4.11 Suppliers and other liabilities
97
4.12 Other short-term liabilities
97
4.13 Total Equity
97
4.13.1 Share Capital
97
4.13.2 Reserves
98
4.14 Employee benefit liabilities
100
4.15 Provisions
102
4.16 Current tax liabilities
103
4.17 Cost of goods sold
103
4.18 Administrative & Distribution Expenses
103
4.19 Other operating income / expenses
104
4.20 Financial income / expenses
105
4.21 Other financial results
105
4.22 Income tax
106
4.23 Earnings per share
107
4.24 Cash flows from operating activities
108
4.25 Discontinued Operations
108
4.26 Encumbrances
109
4.27 Commitments
109
4.28 Operating Leases
110
4.29 Financial Risk Factors
110
4.29.1 Market Risk
110
4.29.2 Credit Risk
111
4.29.3 Liquidity Risk
112
4.30 Fair Value Measurements
113
4.31 Capital Management
115
4.32 Dividend Proposed and Payable
115
4.33 Number of employees
115
4.34 Related Party transactions
116
4.35 Contingent Assets & Contingent Liabilities
118
4.35.1 Disclosures related to contingent liabilities
118
4.35.2 Other Contingent Assets & Liabilities
120
4.36 Post Balance Sheet events
122
