New standards, amendments and interpretations
Mandatory application
starting from:
Approved for use in the European Union
IFRS 10 Consolidated Financial Statements (published inMay
2011)
Replaces the current consolidation requirements set by IAS
27
Annual periods starting from
1
January 2014
IFRS 12 Disclosure of Interests in Other Entities (published in
May 2011)
Single standard which sets forth the disclosure of interests in
subsidiaries, associates, joint ventures and unconsolidated
entities.
Annual periods starting from
1
January 2014
IAS 27 (Reviewed) Separate Financial Statements (published in
May 2011)
The standard has been reviewed, given that since the
issuance of IFRS 10 now only the separate financial
statements of an entity are included.
Annual periods starting from
1
January 2014
IAS 28 (Reviewed) Investments in Associates and Joint Ventures
(
published inMay 2011)
Parallel review pursuant to the issuance of IFRS 11 Joint
Arrangements
Annual periods starting from
1
January 2014
Transitional rules: Amendment to IFRS 10, 11 and 12 (published
in June 2012)
Clarification of the transitional rules for these standards.
Annual periods starting from
1
January 2014
Investment companies: Amendment to IFRS 10, IFRS 11 and IAS
27 (
published in October 2012)
Exception to consolidation for parent companies that
comply with the definition of investment companies.
Annual periods starting from
1
January 2014
Amendment to IAS 32 Financial Instruments: Presentation -
Offsetting Financial Assets and Financial Liabilities (published in
December 2011)
Further clarifications regarding the rules for offsetting
financial assets and liabilities under IAS 32.
Annual periods starting from
1
January 2014
Awaiting approval for use in the European Union as of the date of publication of this document
IFRS 9 Financial Instruments: Classification and valuation
(
published in November 2009 and October 2010) and limited
amendments to IFRS 9 and IFRS 7 regarding the effective date
and transition disclosures (published in December 2011) and
hedge accounting and additional amendments (published in
November 2013)
Replaces the requirements regarding classification,
measurement of financial assets and liabilities, derecognition
and hedge accounting in IAS 39
Annual periods starting from
1
January 2015
Amendment to IAS 36 - Recoverable amount disclosures for non-
financial assets (published inMay 2013)
Clarifies when certain disclosures are required and extends
the requirements when the recoverable amount is based on
the fair value less selling costs
Annual periods starting from
1
January 2014
Amendments to IAS 39 - Novation of derivatives and continuation
of hedge accounting (published in June 2013)
The amendments establish the cases and criteria in which
the novation of derivatives does not necessarily entail
discontinuing hedge accounting.
Annual periods starting from
1
January 2014
Amendments to IAS 19 - Defined benefit plans: employee
contributions (published in November 2013)
The amendment was issued to make it possible to deduct
these costs from the service cost in the same period in which
they are paid when certain requirements are met.
Annual periods starting from
1
July 2014
2010-2012
and 2011-2013 IFRS Annual Improvements Cycles
(
published in December 2013)
Minor amendments to a series of standards
Annual periods starting from
1
July 2014
IFRIC 21 Levies (published inMay 2013)
Interpretation of when to recognise a liability as regards
levies that are dependent on the entity's participation in an
activity on a given date.
Annual periods starting from
1
January 2014
The directors have assessed the potential impact of applying these standards in the future and estimate that their entry into force will not have a material impact on the
consolidated financial statements.
2.2
Information relating to 2012
As required by IAS 1, the information from 2012 contained in this consolidated annual report is presented solely for comparison with the information from 2013 and
consequently does not in itself constitute the Group’s consolidated annual accounts for 2012.
Duringthisfinancialyear,theGrouphaschosentoapplyIRFS11JointArrangementsandIAS19EmployeeContributionsearly.Accordingly,theconsolidatedstatement
of financial position, the consolidated comprehensive income statement, the consolidated statement of changes in equity and the consolidated cash flow statement
included in the consolidated annual accounts for 2012 have been amended for the purposes of comparison with the 2013 figures. The impact of these amendments is
featured in Note 2.1.1 of this consolidated annual report.
2.3
Currency of presentation
These consolidated financial statements are presented in euros. Any foreign currency transactions have been booked in accordance with the criteria described in Note
4.10.
REPORT ONTHE CONSOLIDATED FINANCIAL STATEMENTS
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