Tiscali 2013 Annual Report Download - page 67

Annual financial report as at 31 December 2013
Date
File Name
Status
Page
-
Annual Report as at 31
December 2013
67
The Company decided to apply the “management approach” to segment reporting, so as to render it
more coherent with the operating segments in which the Group’s activities are in fact split into.
The rationale applied in the past based on the reporting by geographic area was abandoned and
replaced by the reporting by business. The new operating segments identified correspond to the
strategic and business areas into which the company is divided, in which the group resources are
allocated and for which specific managerial responsibilities and specific internal segment reporting
exist.
The new operating segments identified using the management approach logic are as follows.
 Italy (BTC and BTB connectivity);
 Veesible (Media & Advertising);
 Corporate and other business (minor Italian companies and corporate activities).
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 balance
sheet 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 balance sheet 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;
c) they involve subsidiaries originally acquired exclusively with a view to resale.
The income statement item entitled ‘Results from assets disposed of and/or destined to be disposed
of’ contains the following, in a single item and net of the related tax effects:
the results for the period achieved by subsidiaries held for sale, including any adjustment of
their net assets to market value (fair value);
the result of the ‘discontinued’ operations, including the result for the period achieved by
subsidiaries up to the date of transfer of control to third parties, together with gains and/or
losses deriving from disposal.
Analysis of the composition of the overall results for the assets concerned is indicated in the
explanatory notes.
The financial effects and effects on equity from the disposals described above are shown in the note
Operating assets disposed of and/or assets held for sale.