Supercuts 2010 Annual Report Download - page 169
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PROVALLIANCE SAS
CONSOLIDATED FINANCIAL STATEMETS
DECEMBER 31, 2009 AND 2008
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(INFORMATION AS OF DECEMBER 31, 2009 AND FOR THE YEAR THEN ENDED NOT
COVERED BY AUDITORS' REPORT INCLUDED HEREIN)
1.1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Items of property, plant and equipment are depreciated over the following useful lives:
In the income statement, depreciation expense is recorded as an operating expense under the line "Depreciation, amortization and
impairment".
The Group no longer has any finance leases that need to be accounted for in accordance with IAS 17.
1.1.5.1 Margin on disposals of non-current assets
Franck Provost Coiffure acts as a central purchasing unit for non-current assets on behalf of its subsidiaries. Internal margins arising on
such transactions are eliminated in the consolidated financial statements.
1.1.6 Impairment of non-current assets
In accordance with IAS 36, the carrying amount of property, plant and equipment and intangible assets with finite useful lives is tested for
impairment whenever there is an indication that the asset may be impaired. The Group assesses whether any such indications exist at each
reporting date.
Goodwill and intangible assets with indefinite useful lives are tested for impairment at least once a year and more frequently if there is any
indication that they may be impaired. For the purpose of impairment testing, assets are allocated to cash-generating units (CGUs). A CGU is
defined as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets
or groups of assets.
1.1.6.1 Definition of cash-generating units
Previously, the Franck Provost Coiffure group's business was essentially operated through directly-owned salons under a single brand (as
Fabio Salsa was not significant). Following the various acquisitions carried out in 2008, the Group now has a multi-brand franchising business
and also manages license agreements.
As a result of these operational changes, the Group redefined its internal reporting structure, which is now based on the following three
core businesses:
• management of directly-owned salons
• management of franchise networks
• management of license agreements
162
•
Fixtures and fittings and leasehold improvements
10 years
•
Plant and equipment
4
-
5 years
•
Other property, plant and equipment
3
-
5 years