154 348
Consolidated Financial Report |
EXPLANATORY NOTES
2014 Annual Report
Prysmian Group
154
C.
RESTATEMENT OF COMPARATIVE FIGURES
The consolidated financial statements at 1 January 2013
and at 31 December 2013, presented in the current annual
financial report for comparative purposes, have undergone
some amendments compared with the previously published
figures. Details of these amendments are discussed below:
Adoption of IFRS 10 and IFRS 11
Following the adoption of
IFRS 10 - Consolidated Financial
Statements
and
IFRS 11 - Joint Arrangements
, applicable
retrospectively from 1 January 2014, the Group’s consolidated
figures have been restated as from 1 January 2013.
In particular, the changes introduced by
IFRS 11 - Joint Ar-
rangements
have eliminated the possibility of proportionate
consolidation; accordingly, the companies Yangtze Optical
Fibre and Cable Joint Stock Limited Co., Yangtze Optical Fibre
and Cable (Hong Kong) Co. Ltd., Precision Fiber Optics Ltd.
and Power Cables Malaysia Sdn Bhd, previously consolidated
using the proportionate method, have now been consolidated
using the equity method.
In addition, further to the changes introduced by
IFRS 10 -
Consolidated Financial Statements
, the Chinese company
Yangtze Optical Fibre & Cable (Shanghai) Co. Ltd., previously
consolidated line-by-line, has now been consolidated
using the equity method; the Brazilian company Sociedade
Produtora de Fibras Opticas S.A., previously consolidated
line-by-line, has been defined as a “joint operation” and so
is now being consolidated according to the rights and obliga-
tions arising under the contractual arrangement.
The following table summarises the changes made to the
scope of consolidation:
Reclassification of share of net profit/(loss)
of equity-accounted companies
The Group has adopted a new method of classifying its share
of the net profit/(loss) of associates and joint ventures,
whereby it recognises this amount as a component of
“Operating income” when relating to companies that operate
in the same market as the Group. The comparative figures
have been reclassified accordingly.
The consolidated financial statements at 1 January 2013 and
at 31 December 2013 have therefore been restated as follows:
Method of consolidation
31 December 2012
From 1 January 2013
China
Yangtze Optical Fibre and Cable Joint Stock Limited Co.
Proportionate
Equity
Yangtze Optical Fibre and Cable (Hong Kong) Co. Ltd.
Proportionate
Equity
Yangtze Optical Fibre & Cable (Shanghai) Co. Ltd.
Line-by-line
Equity
Japan
Precision Fiber Optics Ltd.
Proportionate
Equity
Malaysia
Power Cables Malaysia Sdn Bhd
Proportionate
Equity
Brazil
Sociedade Produtora de Fibras Opticas S.A.
Line-by-line
Line-by-line (*)
(*) Company defined as a joint operation, which is being consolidated line-by-line according to the rights and obligations arising under the contractual
arrangement.