Tiscali 2014 Annual Report Download - page 75

Annual financial report as at 31 December 2014
Date
File Name
Status
Page
-
Annual Report as at 31
December 2014
75
All figures shown in the statements and explanatory notes, unless otherwise specified, are in
thousands of Euro.
Segment reporting
Under Regulation (EC) No. 1358/2007 dated 21 November 2007, the European Commission approved
the introduction of IFRS 8 “Operating Segments” to replace IAS 14 “Segment Reporting”. IFRS 8 lays
down the information to provide in the financial statements concerning the operating segments where
the company operates.
Operating segment means the unit of an entity:
 that undertakes business activities that generate revenues and costs (including revenues and
costs related to transactions with other units of the same entity);
 whose operating results are regularly reviewed by upper level management in order to make
decisions on the resources to allocate to the segment and assess results;
 who has separate financial statements.
Unlike the provisions of IAS 14, this standard essentially requires one to determine and report the
results of operating segments according to the "management approach", i.e., according to methods
used by management for internal reporting to assess performance and allocate resources to the
various segments.
The Company applies the “management approach” for the definition of the segment reporting, on a
consistent basis with the operating segments in which the Group’s activities are in fact split into.
The operating segments identified are the following:
 Italy (BTC and BTB connectivity);
 Veesible (Media & Advertising);
 Corporate.
Assets held for sale and discontinued operations
Non-current assets and/or groups of assets undergoing disposal (‘Assets Held for Sale and
Discontinued Operations)’, as required by IFRS 5, were classified under a specific item in the
statement of financial position and are assessed at the lower of the asset’s previous book value and
market value, net of any sales costs, until the disposal of the assets themselves.
The assets in this financial statement item are thus classified if it is estimated that their book value will
be recovered by disposal rather than by continued use. This condition is observed only when the sale
is highly probable, the asset is available for immediate sale in its present condition and the Board of
Directors of the parent company is committed to the sale, completion of which should be expected
within one year from the date of classification.
After the sale, the remaining values were reclassified in the different statement of financial position
items.
Gains and losses on assets held for sale and/or assets disposed of were listed and continue to be
listed under the item ‘Results from assets disposed of and/or intended to be disposed of (discontinued
operations) if the conditions listed below and established by IFRS 5 apply to such assets:
a) they represent an important independent line of business or geographic business area;
b) they are part of a single co-ordinated plan to dispose of an independent major line of
business or geographic business area;