2010 Model Fs

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International FinancialReporting Standards

Model financial

statements 2010

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Contacts

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International GAAP Holdings Limited

Financial statements for the year ended 31

The model financial statements of International GAAP Holdings Limited for the year e

presentation and disclosure requirements of International Financial Reporting Standar

considered to be best practice, particularly where such disclosures are included in illu

International GAAP Holdings Limited is assumed to have presented financial stateme

Therefore, it is not a first-time adopter of IFRSs. Readers First-time Adoption of Intern

for specific requirements regarding an entitys first IFRS financial statements, and to t

Checklist for details of the particular disclosure requirements applicable for first-time a

be downloaded from Deloitt www.iasplus.com

The model financial statements have been presented without regard to local laws or rensure that the options selected under IFRSs do not conflict with such sources of reg

regimes but these financial statements illustrate the presentation and disclosures re

IAS 16 Property, Pla ). In addition, local laws or securities regulations may spe

(e.g. in relation to directors remuneration). Preparers of financial statements will cons

comply with such additional local requirements.

The model financial statements do not include separate financial statements for the p

may be prepared voluntarily. Where an entity presents separate financial statements t

and Separate Financial Stat will apply. Separate statements of comprehensive incom

for the parent will generally be required, together with supporting notes.

Suggested disclosures are cross-referenced to the underlying requirements in the text

generally to the most recent version of the relevant Standard or Interpretation (unless

been adopted by International GAAP Holdings Limited. Therefore, references to IFRS

In these 2010 model financial statements, we have illustrated the impact of the adopti

Interpretations (see note 2 to the financial statements for details).

For the purposes of presenting the statements of comprehensive income and cash flo

have been illustrated. Preparers should select the alternatives most appropriate to thei

consistently.

Note that in these model financial statements, we have frequently included line items f

although not applicable to International GAAP Holdings Limited, are commonly encou

illustrated all possible disclosures. Nor should it be taken to mean that, in practice, ent

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December 2010

ded 31 December 2010 are intended to illustrate the

ds (IFRSs). They also contain additional disclosures that are

trative examples provided with a specific Standard.

ts in accordance with IFRSs for a number of years.

tional Financial Reporting Standards

e IFRS 1 section of Deloittes Presentation and Disclosure

dopters. Deloittes Presentation and Disclosure Checklist can

gulations. Preparers of financial statements will need to lation (e.g. the revaluation of assets is not permitted in certain

uired when an entity adopts the revaluation model under

cify disclosures in addition to those required by IFRSs

quently need to adapt the model financial statements to

rent, which may be required by local laws or regulations, or

at comply with IFRSs, the r Consolidated

, financial position, changes in equity and cash flows

s of the relevant Standards and Interpretations. References are

specified otherwise) where the Standard or Interpretation has

3 and IAS 27 are to IFRS 3 and IAS 27 as revised in 2008.

n of a number of new and revised Standards and

s, the alternatives allowed under IFRSs for those statements

ir circumstances and apply the chosen presentation method

or which a nil amount is shown, so as to illustrate items that,

tered in practice. This does not mean that we have

ities are required to display li

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Page

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3

5

7

9

10

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Index to the notes to the consolidated financial statements

1 General information2 Application of new and revised International Financial Reporting Standa

3 Significant accounting policies

4 Critical accounting judgements and key sources of estimation uncertain

5 Revenue

6 Segment information

7 Investment income

8 Other gains and losses

9 Finance costs

10 Income taxes relating to continuing operations

11 Discontinued operations

12 Assets classified as held for sale

13 Profit for the year from continuing operations14 Earnings per share

15 Property, plant and equipment

16 Investment property

17 Goodwill

18 Other intangible assets

19 Subsidiaries

20 Investments in associates

21 Joint ventures

22 Other financial assets

23 Other assets

24 Inventories

25 Trade and other receivables

26 Finance lease receivables27 Amounts due from (to) customers under construction contracts

28 Issued capital

29 Reserves

30 Retained earnings and dividends on equity instruments

31 Non-controlling interests

32 Borrowings

33 Convertible notes

34 Other financial liabilities

35 Provisions

36 Other liabilities

37 Trade and other payables38 Obligations under finance leases

39 Retirement benefit plans

40 Financial instruments

41 Deferred revenue

42 Share-based payments

43 Related party transactions

44 Business combinations

45 Disposal of subsidiary

46 Cash and cash equivalents

47 Non-cash transactions

48 Operating lease arrangements

49 Commitments for expenditure

50 Contingent liabilities and contingent assets

51 Events after the reporting period

52 Approval of financial statements

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Page

12 rds 12

19

y 36

38

39

44

45

46

47

52

53

5456

59

62

63

66

68

69

71

72

73

73

74

7677

78

81

85

85

86

87

88

89

90

9091

92

95

111

112

115

117

120

121

121

122

123

123

124

124

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Source International GAAP Holdings Limited

IAS 1.10(b), Consolidated statement of comprehensive income51(b),(c) for the year ended 31 December 2010

IAS 1.113

IAS 1.51(d),(e)

Continuing operations

IAS 1.82(a) Revenue

IAS 1.99 Cost of sales

IAS 1.85 Gross profit

IAS 1.85 Investment income

IAS 1.85 Other gains and lossesIAS 1.99 Distribution expenses

IAS 1.99 Marketing expenses

IAS 1.99 Administration expenses

Other expenses

IAS 1.82(b) Finance costs

IAS 1.82(c) Share of profits of associates

IAS 1.85 Gain recognised on disposal of interest in former associate

IAS 1.85 Other [describe]

IAS 1.85 Profit before tax

IAS 1.82(d) Income tax expense

IAS 1.85 Profit for the year from continuing operations

Discontinued operations

IAS 1.82(e) Profit for the year from discontinued operations

IAS 1.82(f) Profit for the year

Other comprehensive income, net of income tax

IAS 1.82(g) Exchange differences on translating foreign operations

IAS 1.82(g) Net gain on available-for-sale financial assets

IAS 1.82(g) Net gain on hedging instruments entered into for cash flow hedges

IAS 1.82(g) Gain on revaluation of properties

IAS 1.82(h) Share of other comprehensive income of associates

IAS 1.85 Other comprehensive income for the year, net of tax

IAS 1.82(i) Total comprehensive income for the year

Profit attributable to:IAS 1.83(a) Owners of the Company

IAS 1.83(a) Non-controlling interests

Total comprehensive income attributable to:

IAS 1.83(b) Owners of the Company

IAS 1.83(b) Non-controlling interests

1

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[Alt 1]

Notes Year Year

ended ended

31/12/10 31/12/09

CU000 CU000

5 140918 151840

-87897 -91840

53021 60000

7 3608 2351

8 647 1005-5087 -4600

-3305 -2254

-13129 -17325

-2801 -2612

9 -4418 -6023

20 1186 1589

20 581

30303 32131

10 -11564 -11799

13 18739 20332

11 8310 999527049 30327

-39 85

66 57

39 20

1150

66 1312

27115 31639

23049 27564

4000 2763

27049 30327

23115 28876

4000 2763

27115 31639

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Consolidated statement of comprehensive incomefor the year ended 31 December 2010 continued

Note Year Year

ended ended

31/12/10 31/12/09

CU000 CU000

Earnings per share 14

From continuing and discontinued operations

IAS 33.66 Basic (cents per share) 132.2 137.

IAS 33.66 Diluted (cents per share) 115.5 130.5

From continuing operations

IAS 33.66 Basic (cents per share) 84.5 87.3

IAS 33.66 Diluted (cents per share) 74. 83.2

Note: Alt 1 above illustrates the presentation of comprehensive

illustrates the presentation of comprehensive income in t

Whichever presentation is selected, the distinction is retai

items recognised in other comprehensive income. The o

statement approaches is that, for the latter, a total is stru

year' (this is the same amount as is presented as a sub-t

the year' is then the starting point for the statement of co

presented immediately following the income statement. U

profit for the year' between the amount attributable to the

to non-controlling interests is presented at the end of the

Irrespective of whether the one-statement or the two-stat

other comprehensive income, additional presentation opti

IAS 1.90 The individual components may be presen

(as illustrated on the previous page), or the

(see page 7). Whichever option is selected

income must be disclosed, either in the sta

IAS 1.93 For reclassification adjustments, an aggre

the current year gain or loss and reclassific

Alternatively, using a disaggregated prese

adjustments are shown separately in the stAlt 1 aggregates expenses according to their function.

IFRS model financial state 2

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income in one statement. Alt 2 (see next pages)

o statements.

ined between items recognised in profit or loss and

ly difference between the one-statement and the two-

k in the separate income statement at profit for the

tal under the one-statement approach). This profit for

prehensive income, which is required to be

nder the two-statement approach, the analysis of

owners of the parent and the amount attributable

separate income statement.

ment approach is followed, for the components of

ons are available, as follows.

ed net of tax in the statement of comprehensive income

y may be presented gross with a single line deduction for tax

, the income tax relating to each component of comprehensive

tement of comprehensive income or in the notes (see note 29).

ated presentation may be adopted, with separate disclosure of

ation adjustments in the notes (see previous page and note 29).

tation, the current year gain or loss and reclassification

atement of comprehensive income (see page 7).

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IAS 1.10(b), Consolidated income statement81(b), 51(b),( for the year ended 31 December 2010

IAS 1.113

IAS 1.51(d),(e)

Continuing operations

IAS 1.82(a) Revenue

IAS 1.85 Investment income

IAS 1.85 Other gains and losses

IAS 1.99 Changes in inventories of finished goods and work in progress

IAS 1.99 Raw materials and consumables usedIAS 1.99 Depreciation and amortisation expenses

IAS 1.99 Employee benefits expense

IAS 1.82(b) Finance costs

IAS 1.99 Consulting expense

Other expenses

IAS 1.82(c) Share of profits of associates

IAS 1.85 Gain recognised on disposal of interest in former associate

IAS 1.85 Other [describe]

IAS 1.85 Profit before tax

IAS 1.82(d) Income tax expense

IAS 1.85 Profit for the year from continuing operations

Discontinued operations

IAS 1.82(e) Profit for the year from discontinued operations


Attributable to:

IAS 1.83(a) Owners of the Company

IAS 1.83(a) Non-controlling interests

Earnings per share

From continuing and discontinued operations

IAS 33.66, 67 Basic (cents per share)

IAS 33.66, 67 Diluted (cents per share)From continuing operations

IAS 33.66, 67 Basic (cents per share)

IAS 33.66, 67 Diluted (cents per share)

Note: The format outlined above aggregates expenses accordi

See the previous page for a discussion of the format of th

where the two-statement approach is adopted (above an

income statement must be displayed immediately before

3

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[Alt 2]

Notes Year Year

ended ended

31/12/10 31/12/09

CU000 CU000

5 140918 151840

7 3608 2351

8 647 1005

-7134 2118

-70391 -8541313 -11193 -13878

13 -9803 -11655

9 -4418 -6023

-3120 -1926

-10578 -7877

20 1186 1589

20 581

30303 32131

10 -11564 -11799

13 18739 20332

11 8310 999527049 30327

23049 27564

4000 2763

27049 30327

14

132.2 137.

115.5 130.5

84.5 87.3

74. 83.2

g to their nature.

e statement of comprehensive income. Note that

on the next page), as required by IAS 1.12, the

the statement of comprehensive income.

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IAS 1.10(b) , Consolidated statement of comprehensive income81(b), 51(b),(c) for the year ended 31 December 2010

IAS 1.113

IAS 1.51(d),(e)


Other comprehensive income

IAS 1.82(g) Exchange differences on translating foreign operations

Exchange differences arising during the year

Loss on hedging instruments designated in hedges of the

Reclassification adjustments relating to foreign operationReclassification adjustments relating to hedges of the net

foreign operations disposed of in the year

IAS 1.82(g) Available-for-sale financial assets

Net gain on available-for-sale financial assets during the

Reclassification adjustments relating to available-for-sale

disposed of in the year

IAS 1.82(g) Cash flow hedges

Gains arising during the year

Reclassification adjustments for amounts recognised in p

Adjustments for amounts transferred to the initial carrying

of hedged items

IAS 1.82(g) Gain on revaluation of properties

IAS 1.82(h) Share of other comprehensive income of associates

Income tax relating to components of other comprehensi

IAS 1.82(i) Total comprehensive income for the year

Total comprehensive income attributable to:

IAS 1.83(b) Owners of the Company

IAS 1.83(b) Non-controlling interests

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[Alt 2]

Year Year

ended ended

31/12/10 31/12/09

CU000 CU000

27049 30327

75 121

net assets of -12

disposed of i -166 assets of

46.

-57 121

ear 94 81

financial assets

94 81

436 316

rofit or loss -123 -86

amounts-257 -201

56 29

1643

e income -27 -562

27115 31639

23115 28876

4000 2763

27115 31639


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IAS 1.10(a),(f Consolidated statement of financial position51(b),(c) at 31 December 2010

IAS 1.113 Notes 31/12/10 31/12/09

IAS 1.51(d),(e) CU000 CU000

Assets

IAS 1.60 Non-current assets

IAS 1.54(a) Property, plant and equipme 15 109783 135721

IAS 1.54(b) Investment property 16 1968 1941

IAS 1.55 Goodwill 17 20285 24060

IAS 1.54(c) Other intangible assets 18 9739 11325

IAS 1.54(e) Investments in associates 20 7402 7270IAS 1.54(o) Deferred tax assets 10 2083 1964

IAS 1.55 Finance lease receivables 26 830 717

IAS 1.54(d) Other financial assets 22 10771 9655

IAS 1.55 Other assets 23

Total non-current assets 162861 192653

IAS 1.60 Current assets

IAS 1.54(g) Inventories 24 31213 28982

IAS 1.54(h) Trade and other receivables 25 19249 14658

IAS 1.55 Finance lease receivables 26 198 188

IAS 1.55 Amounts due from custome 27 240 230

IAS 1.54(d) Other financial assets 22 8757 6949

IAS 1.54(n) Current tax assets 10 125 60

IAS 1.55 Other assets 23

IAS 1.54(i) Cash and bank balances 46 23446 19778

83228 70845

IAS 1.54(j) Assets classified as held for 12 22336

Total current assets 105564 70845

Total assets 268425 263498

Note: IAS 1.10(f) requires that an entity should present a state

earliest comparative period when it applies an accounting

restatement of items in its financial statements, or when i

However, IAS 1 does not provide further clarification as t

statement of financial position.

IAS 1.31 states that an entity need not provide a specificmaterial. In determining whether it is necessary to presen

should consider the materiality of the information that wo

financial position and whether this would affect economic

statements. Specifically, it would be useful to consider fa

disclosures provided and whether the change in accounti

beginning of the comparative period. Specific views from

This model includes the additional statement of financial

only in order to show the level of detail to be disclosed wh

circumstances and exercising judgement, conclude that t

presented.

5

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01/01/09

CU000

161058

170

23920

12523

57061843

739

7850

213809

29688

13550

182

697

5528

81

9082

58808

58808

272617

ent of financial position as at the beginning of the

policy retrospectively or makes a retrospective

reclassifies items in its financial statements.

when an entity is required to present an additional

disclosure required by an IFRS if the information is not t an additional statement of financial position, entities

ld be contained in the additional statement of

decisions made by a user of the financial

tors such as the nature of the change, the alternative

g policy actually affected the financial position at the

regulators should be considered in the assessment.

osition and the related notes for illustrative purposes

en entities, after considering the specific facts and

he additional statement of financial position should be

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Consolidated statement of financial positionat 31 December 2010 continued

Notes

Equity and liabilities

Capital and reserves

IAS 1.55 Issued capital 28

IAS 1.55 Reserves 29

IAS 1.55 Retained earnings 30

IAS 1.55 Amounts recognised directly in equity relating toassets classified as held for sale 12

IAS 1.54(r) Equity attributable to owners of the Company

IAS 1.54(q) Non-controlling interests 31

Total equity

IAS 1.60 Non-current liabilities

IAS 1.55 Borrowings 32

IAS 1.54(m) Other financial liabilities 34

IAS 1.55 Retirement benefit obligation 39

IAS 1.54(o) Deferred tax liabilities 10

IAS 1.54(l) Provisions 35

IAS 1.55 Deferred revenue 41

IAS 1.55 Other liabilities 36

Total non-current liabilities

IAS 1.60 Current liabilities

IAS 1.54(k) Trade and other payables 37

IAS 1.55 Amounts due to customers under construction contracts 27

IAS 1.55 Borrowings 32

IAS 1.54(m) Other financial liabilities 34

IAS 1.54(n) Current tax liabilities 10

IAS 1.54(l) Provisions 35

IAS 1.55 Deferred revenue 41

IAS 1.55 Other liabilities 36

IAS 1.54(p) Liabilities directly associated with assets classified

as held for sale 12

Total current liabilities

Total liabilities

Total equity and liabilities

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31/12/10 31/12/09 01/01/09

CU000 CU000 CU000

32439 48672 48672

4237 3376 1726

110805 94909 73824

147481 146957 124222

147481 146957 124222

24316 20005 17242

171797 166962 141464

20221 31478 28014

15001

508 352 739

6729 5657 4436

2294 2231 4102

59 165 41180 270

44992 40153 37332

16373 21220 52750

36 15 245

22446 25600 33618

116 18

5270 5868 4910

3356 3195 2235

265 372 63

90 95

47952 56383 93821

3684

51636 56383 93821

96628 96536 131153

268425 263498 272617


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IAS 1.10(c), Consolidated statement of changes in equity51(b),(c) for the year ended 31 December 2010

IAS 1.106

IAS 1.51(d),(e)

Balance at 1 January 2009

Profit for the year

Other comprehensive income for the year, net of income tax

Total comprehensive income for the year

Recognition of share-based payments

Payment of dividendsBalance at 31 December 2009

Profit for the year

Other comprehensive income for the year, net of income tax

Total comprehensive income for the year

Payment of dividends

Additional non-controlling interests arising on the acquisition

of Subsix Limited (note 44)

Additional non-controlling interests relating to outstanding

share-based payment transactions of Subsix Limited (note 44)

Disposal of partial interest in Subone Limited (note 19)

Recognition of share-based payments

Issue of ordinary shares under employee share option plan

Issue of ordinary shares for consulting services performed

Issue of convertible non-participating preference shares

Issue of convertible notes

Share issue costs

Buy-back of ordinary shares

Share buy-back costs

Transfer to retained earnings

Income tax relating to transactions with owners

Balance at 31 December 2010

Note: The single-line presentation for other comprehensive inc

amendments to IAS 1 arising from Improv IFRSs

7

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Properties

Share Share General revaluation

capital premium reserve reserve

CU000 CU000 CU000 CU000

23005 25667 807 51

1150

1150

23005 25667 807 1201

314 3 5

100

-6

-5603 -10853

-277

-3

84

17819 14620 807 1198

me illustrated above reflects the Groups application of the

issued in 2010 in advance of their effective date.

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Equity-settled Foreign Option

Investments employee Cash flow currency premium on

revaluation benefits hedging translation convertible Retained

reserve reserve reserve reserve notes earnings

CU000 CU000 CU000 CU000 CU000 CU000

470 258 140 73824

27564

57 20 85

57 20 85 27564

338

-6479527 338 278 225 94909

23049

66 39 -39

66 39 -39 23049

-6635

34

206

8 8

834

-555

3

-242

593 544 317 186 592 110805

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Attributable to Non-

owners controlling

of the parent interests Total

CU000 CU000 CU000

124222 17242 141464

27564 2763 30327

1312 1312

28876 2763 31639

338 338

-6479 -6479146957 20005 166962

23049 4000 27049

66 66

23115 4000 27115

-6635 -6635

127 127

5 5

34 179 213

206 206

314 314

100 100

834 834

-6 -6

-17011 -17011

-277 -277

-158 -158

147481 24316 171797


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IAS 1.10(d), Consolidated statement of cash flows51(b),(c) for the year ended 31 December 2010

IAS 1.113

IAS 1.51(d),(e)

IAS 7.10 Cash flows from operating activities

IAS 7.18(a) Receipts from customers

Payments to suppliers and employees

Cash generated from operations

IAS 7.31 Interest paid

IAS 7.35 Income taxes paidNet cash generated by operating activities

IAS 7.10 Cash flows from investing activities

Payments to acquire financial assets

Proceeds on sale of financial assets

IAS 7.31 Interest received

Royalties and other investment income received

IAS 24.17(a) Dividends received from associates

IAS 7.31 Other dividends received

Amounts advanced to related parties

Repayments by related parties

Payments for property, plant and equipment

Proceeds from disposal of property, plant and equipment

Payments for investment property

Proceeds from disposal of investment property

Payments for intangible assets

IAS 7.39 Net cash outflow on acquisition of subsidiaries

IAS 7.39 Net cash inflow on disposal of subsidiary

Net cash inflow on disposal of associate

Net cash (used in)/generated by investing activities

IAS 7.10 Cash flows from financing activities

Proceeds from issue of equity instruments of the Company

Proceeds from issue of convertible notes

Payment for share issue costs

Payment for buy-back of shares

Payment for share buy-back costsProceeds from issue of redeemable preference shares

Proceeds from issue of perpetual notes

Payment for debt issue costs

Proceeds from borrowings

Repayment of borrowings

Proceeds from government loans

IAS 7.42A Proceeds on disposal of partial interest in a subsidiary that

does not involve loss of control

IAS 7.31 Dividends paid on redeemable preference shares

IAS 7.31 Dividends paid to owners of the Company

Net cash used in financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the year

IAS 7.28 Effects of exchange rate changes on the balance of cash

held in foreign currencies

Cash and cash equivalents at the end of the year

Note: The above illustrates the direct method of reporting cash

9

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[Alt 1]

Notes Year Year

ended ended

31/12/10 31/12/09

CU000 CU000

211190 214497

-163020 -183000

48170 31497

-4493 -6106

-13848 -1334029829 12051

-1890

51

2315 1054

1137 1143

30 25

156 154

-738 -4311

189 1578

-22932 -11875

11462 21245

-10 -22

58

-6 -358

44 -477

45 7566

120

-3198 8862

414

4950

-6

-17011

-277 15000

2500

-595

16953 24798

-37761 -23209

3000

213

-613

-6635 -6479

-22868 -1890

3763 19023

19400 561

-80 -184

46 23083 19400

flows from operating activities.

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IAS 1.10(d), Consolidated statement of cash flows51(b),(c) for the year ended 31 December 2010

IAS 1.113

IAS 1.51(d),(e)

IAS 7.10 Cash flows from operating activities

IAS 7.18(b) Profit for the year

Adjustments for:

Income tax expense recognised in profit or loss

Share of profits of associates

Finance costs recognised in profit or loss

Investment income recognised in profit or lossGain on disposal of property, plant and equipment

Gain arising on changes in fair value of investment property

Gain on disposal of a subsidiary

Gain on disposal of interest in former associate

Net (gain)/loss arising on financial liabilities designated as at

fair value through profit or loss

Net (gain)/loss arising on financial assets classified as held for trading

Net loss/(gain) arising on financial liabilities classified as held for tradin

Hedge ineffectiveness on cash flow hedges

Net (gain)/loss on disposal of available-for-sale financial assets

Impairment loss recognised on trade receivables

Reversal of impairment loss on trade receivables

Depreciation and amortisation of non-current assets

Impairment of non-current assets

Net foreign exchange (gain)/loss

Expense recognised in respect of equity-settled share-based payments

Expense recognised in respect of shares issued in

exchange for consulting services

Amortisation of financial guarantee contracts

Gain arising on effective settlement of claim against Subseven Limited

Movements in working capital:

Decrease/(increase) in trade and other receivables

(Increase)/decrease in amounts due from customers

under construction contracts(Increase)/decrease in inventories

(Increase)/decrease in other assets

Decrease in trade and other payables

Increase/(decrease) in amounts due to customers

under construction contracts

Increase/(decrease) in provisions

(Decrease)/increase in deferred revenue

(Decrease)/increase in other liabilities

Cash generated from operations

IAS 7.31 Interest paid

IAS 7.35 Income taxes paid

Net cash generated by operating activities

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[Alt 2]

Year Year

ended ended

31/12/10 31/12/09

CU000 CU000

27049 30327

14724 14797

-1186 -1589

4418 6023

-3608 -2351-6 -67

-30 -297

-1940

-581

-125

-156 -72

51

-89 -68

63 430

-103

14179 173501439

-819 -474

206 338

8

6 18

-40

53460 64365

1861 -2797

-10 467-2231 204

-4847 -29979

21 -230

224 -941

-213 43

-95 365

48170 31497

-4493 -6106

-13848 -13340

29829 12051


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Consolidated statement of cash flowsfor the year ended 31 December 2010 continued

IAS 7.10 Cash flows from investing activities

Payments to acquire financial assets

Proceeds on sale of financial assets

IAS 7.31 Interest received

Royalties and other investment income received

IAS 24.17(a) Dividends received from associatesIAS 7.31 Other dividends received

Amounts advanced to related parties

Repayments by related parties

Payments for property, plant and equipment

Proceeds from disposal of property, plant and equipment

Payments for investment property

Proceeds from disposal of investment property

Payments for intangible assets

IAS 7.39 Net cash outflow on acquisition of subsidiaries

IAS 7.39 Net cash inflow on disposal of subsidiary

Net cash inflow on disposal of associate

Net cash (used in)/generated by investing activities

IAS 7.10 Cash flows from financing activities

Proceeds from issue of equity instruments of the Company

Proceeds from issue of convertible notes

Payment for share issue costs

Payment for buy-back of shares

Payment for share buy-back costs

Proceeds from issue of redeemable preference shares

Proceeds from issue of perpetual notes

Payment for debt issue costs

Proceeds from borrowings

Repayment of borrowings

Proceeds from government loans

IAS 7.42A Proceeds on disposal of partial interest in a subsidiary that doesnot involve loss of control

IAS 7.31 Dividends paid on redeemable cumulative preference shares

IAS 7.31 Dividends paid to owners of the Company

Net cash used in financing activities

Net increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the year

IAS 7.28 Effects of exchange rate changes on the balance of

cash held in foreign currencies

Cash and cash equivalents at the end of the year

Note: The above illustrates the indirect method of reporting cas

11

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[Alt 2 continued]

Notes Year Year

ended ended

31/12/10 31/12/09

CU000 CU000

-1890

51

2315 1054

1137 1143

30 25156 154

-738 -4311

189 1578

-22932 -11875

11462 21245

-10 -22

58

-6 -358

44 -477

45 7566

120

-3198 8862

414

4950

-6

-17011

-277

15000

2500

-595

16953 24798

-37761 -23209

3000

213

-613

-6635 -6479

-22868 -1890

3763 19023

19400 561

-80 -184

46 23083 19400

h flows from operating activities.

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IAS 1.10(e), Notes to the consolidated financial statements51(b),(c) for the year ended 31 December 2010

1. General information

IAS 1.138(a), International GAAP Holdings Limited (the Company) is a limited compa

IAS 24.12 holding company is International Group Holdings Limited. Its ultimate co

its registered office and principal place of business are disclosed in the i

activities of the Company and its subsidiaries (the Group) are described

2. Application of new and revised International Financial Reportin

2.1 New and revised IFRSs affecting amounts reported in the current y

IAS 8.28 The following new and revised IFRSs have been applied in the current

these financial statements. Details of other new and revised IFRSs applmaterial effect on the financial statements are set out in section 2.2.

New and revised IFRSs affecting presentation and disclosure only

IFRS 5.44E Amendments to IFRS 5 The amendments to IFRS 5

Non-current Assets Held IFRS 5 do not apply to non-c

for Sale and Discontinued discontinued operations unle

Operations (as part of non-current assets (or dispo

Improvements to IFRSs operations, or (ii) disclosure

issued in 2009) group that are not within the

disclosures are not already

Disclosures in these consoli

above clarification.

IAS 1.139D Amendments to The amendments to IAS 1 cl

IAS 1 Presentation of equity is not relevant to its cl

Financial Statements

(as part of Improvements In line with the revised Stand

to IFRSs issued in 2009) convertible notes issued in t

settlement is required to be

reported in prior years beca

nature.

IAS 7.56 Amendments to IAS 7 The amendments to IAS 7 s

Statement of Cash Flows in the statement of financial

(as part of Improvements in the statement of financial

to IFRSs issued in 2009) statement of cash flows. Th

change in the presentation o

meet the criteria in IAS 38 Ingenerated intangible asset.

Specifically, development co

flows from operating activitie

costs of CU317,000 paid in

activities in the consolidated

IFRS 7.44L Amendments to IFRS 7 The amendments to IFRS 7

Financial Instruments: collateral held and provide r

Disclosures (as part of renegotiated loans. The Gro

Improvements to IFRSs date (annual periods beginni

issued in 2010) applied retrospectively.

IAS 1.139F Amendments to IAS 1 The amendments to IAS 1 cl

Presentation of Financial analysis of items of other co

Statements (as part of equity or in the notes to the f

Improvements to IFRSs in advance of their effective

issued in 2010) The amendments have bee

IFRS model financial state

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y incorporated in A Land. Its parent and ultimate

ntrolling party is Mr. John Banks. The addresses of

introduction to the annual report. The principal

in note 6.

Standards (IFRSs)

ar (and/or prior years)

eriod and have affected the amounts reported in

ied in these financial statements that have had no

clarify that the disclosure requirements in IFRSs other than

urrent assets (or disposal groups) classified as held for sale or

ss those IFRSs require (i) specific disclosures in respect of

al groups) classified as held for sale or discontinued

about measurement of assets and liabilities within a disposal

scope of the measurement requirement of IFRS 5 and the

rovided in the consolidated financial statements.

ated financial statements have been modified to reflect the

arify that the potential settlement of a liability by the issue of

assification as current or noncurrent.

ard, the Group has classified the liability component of

e current year as non-current based on when cash

ade. This amendment has had no effect on the amounts

se the Group has not previously issued instruments of this

ecify that only expenditures that result in a recognised asset

osition can be classified as investing activities in the

osition can be classified as investing activities in the

application of the amendments to IAS 7 has resulted in a

f cash outflows in respect of development costs that do not

tangible Assets for capitalisation as part of an internally his change has been applied retrospectively.

sts paid in the current year of CU302,000 are included in cash

s in the consolidated statement of cash flows. Development

009 have been reclassified from investing to operating

statement of cash flows for consistent presentation.

clarify the required level of disclosures about credit risk and

lief from disclosures previously required regarding

p has applied the amendments in advance of their effective

ng on or after 1 January 2011). The amendments have been

arify that an entity may choose to present the required

prehensive income either in the statement of changes in

inancial statements. The Group has applied the amendments

ate (annual periods beginning on or after 1 January 2011).

applied retrospectively.

ents 2010 12

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Notes to the consolidated financial statementsfor the year ended 31 December 2010 continued

New and revised IFRSs affecting the reported financial performance an

IAS 8.28(a) IFRS 3 (revis Business Combinations

IAS 8.28(b) IFRS 3(2008) has been applied in the current year prospectively to busi

on or after 1 January 2010 in accordance with the relevant transitional p

for business combinations in the current year.

IAS 8.28(c), ( The impact of the application of IFRS 3(2008) is as follows.

IFRS 3(2008) allows a choice on a transaction-by-transa

the date of acquisition (previously referred to as minority

interests share of recognised identifiable net assets of thacquisition of Subsix Limited, the Group has elected to m

acquisition. Consequently, the goodwill recognised in res

between the fair value of the non-controlling interests and

assets of the acquiree.

IFRS 3(2008) changes the recognition and subsequent a

Previously, contingent consideration was recognised at th

consideration was probable and it could be measured reli

consideration were always made against the cost of the a

consideration is measured at fair value at the acquisition

recognised against the cost of the acquisition only to the

the measurement period (a maximum of 12 months from

acquisition. All other subsequent adjustments to continge

recognised in profit or loss.

IFRS 3(2008) requires the recognition of a settlement gai

pre-existing relationship between the Group and the acqu

IFRS 3(2008) requires acquisition-related costs to be acc

leading to those costs being recognised as an expense in

accounted for as part of the cost of the acquisition.

Note: When IFRS 3(2008) was issued, it was unclear as to whe

should be applied to contingent consideration arising fro

application of IFRS 3(2008). Improvements to IFRSs

issued in 2010 to clarify that the new requirements for co

not be applied to business combinations whose acquisitio

The amendments are effective for annual periods beginni

permitted. At the date of the application of IFRS 3(2008),consideration arrangements arising from business combi

application of IFRS 3(2008), they should consider early a

IAS 8.28(a) As part of Improvement issued in 2010, IFRS 3(2008) was amende

IAS 8.28(b),(d regarding non-controlling interests at the date of acquisition (see above

IAS 8.28(c) interests that are present ownership interests and that entitle their holde

assets in the event of liquidation. All other types of non-controlling intere

value, unless another measurement basis is required by other Standard

In addition, as Improvements to IFRSs issued in 2010, IFRS 3(2008

the accounting for share-based payment awards held by the acquirees

that share-based payment transactions of the acquiree that are not repl

IFRS 2 Share-based at the acquisition date (market-based mea

13

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/or financial position

ess combinations for which the acquisition date is

rovisions. Its adoption has affected the accounting

tion basis for the measurement of non-controlling interests at

interests) either at fair value or at the non-controlling

e acquiree. In the current year, in accounting for the easure the non-controlling interests at fair value at the date of

ect of that acquisition reflects the impact of the difference

their share of the recognised amount of the identifiable net

counting requirements for contingent consideration.

e acquisition date only if payment of the contingent

ably; any subsequent adjustments to the contingent

cquisition. Under the revised Standard, contingent

date; subsequent adjustments to the consideration are

xtent that they arise from new information obtained within

the acquisition date) about the fair value at the date of

nt consideration classified as an asset or a liability are

n or loss when the business combination in effect settles a

iree.

ounted for separately from the business combination, generally

profit or loss as incurred, whereas previously they were

ther the new requirements for contingent consideration

business combinations that took place before the

tingent consideration set out in IFRS 3(2008) should

n date preceded the application of IFRS 3(2008).

ng on or after 1 July 2010, with earlier application

where entities have outstanding contingent ations whose acquisition dates preceded the

plication of the amendments.

d to clarify that the measurement choice

is only available in respect of non-controlling

rs to a proportionate share of the entitys net

sts are measured at their acquisition-date fair

s.

) was amended to give more guidance regarding

employees. Specifically, the amendments specify

ced should be measured in accordance with

sure).

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The amendments to IFRS 3(2008) as part Improvement issued in 201

in advance of their effective dates (annual periods beginning on or after

been applied prospectively from 1 January 2010 in accordance with the

the accounting for the acquisition of Subsix Limited in the current year.

employees of Subsix Limited had vested before the date of the acquisiti

As required by the amended Standard, all outstanding vested share opti

been measured at their market-based measure in accordance with IFR

non-controlling interests. The market-based measure of these outstandi

The application of the amendments has resulted in an additional amoun

market-based measure of CU5,000 and the grant-date measure of CU4

interests in Subsix Limited.IAS 8.28(f)(i) In the current year, the above changes in policies have affected the acc

Subseven Limited as follows:

Consolidated statement of financial position

Excess of the fair value of non-controlling interests in Subsix Limited ov

recognised identifiable net assets (reflected in non-controlling interests)

Additional non-controlling interests in Subsix Limited relating to outstan

held by the employees of Subsix Limited (reflected in non-controlling int

Liability recognised in respect of the fair value of contingent considerati

recognised under the previous version of the Standard (reflected in oth

Adjustment to the cost of the acquisition to reflect the effective settleme

Group in relation to the Groups lawsuit against Subseven Limited (refle

Acquisition-related costs recognised as an expense when incurred (refl

Additional goodwill recognised as result of the application of IFRS 3(20

Consolidated statement of comprehensive income

Gain recognised to reflect the effective settlement of the Groups lawsui

Subseven Limited (included in other gains and losses)

Cost of share-based payment awards allocated to post-combination serDecrease/(increase) in fair value of liabilities recognised for contingent

Acquisition-related costs recognised as an expense when incurred (incl

Decrease in profit for the year as a result of the application of IFRS 3(2

Results in future periods may be affected by future impairment losses r

fair value of contingent consideration recognised as a financial liability.

IFRS model f

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(as described above) have been applied

1 July 2010). Specifically, the amendments have

relevant transitional provisions and have affected

ll outstanding share options held by the

on and were not replaced by the Group.

ions held by the employees of Subsix Limited have

2 at the acquisition date and included as part of

ng options at the acquisition date is CU5,000.

t of CU1,000 (being the difference between the

,000) being recognised in the non-controlling

ounting for the acquisition of Subsix Limited and

31/12/10

CU000

er their share of the

57

ing vested share options

erests) 1

n that would not have been

r financial liabilities) 75

nt by Subseven Limited to the

cted in profit or loss) 40

cted in profit or loss) -145

8) 28

Year ended

31/12/10

CU000

t against

40

vice onsideration

ded in other expenses) -145

08) -105

lating to the increased goodwill, and by changes in the

nancial statements 2010 14

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IAS 8.28(a) IAS 27 (revis Consolidated and Separate Financial Statements

IAS 8.28(b),(dThe application of IAS 27(2008) has resulted in changes in the Groups

IAS 8.28(c) interests in subsidiaries.

Specifically, the revised Standard has affected the Groups accounting

its subsidiaries that do not result in loss of control. In prior years, in the

in interests in existing subsidiaries were treated in the same manner as

bargain purchase gain being recognised, when appropriate; for decreas

involve a loss of control, the difference between the consideration recei

interests was recognised in profit or loss. Under IAS 27(2008), all such i

no impact on goodwill or profit or loss.When control of a subsidiary is lost as a result of a transaction, event or

the Group to derecognise all assets, liabilities and non-controlling intere

fair value of the consideration received. Any retained interest in the for

date control is lost. The resulting difference is recognised as a gain or l

These changes in accounting policies have been applied prospectively f

transitional provisions.

IAS 8.28(f)(i) The adoption of the revised Standard has affected the accounting for th

IAS 7.42A Subone Limited in the current year. The change in policy has resulted in

consideration received of CU213,000 and the non-controlling interests r

in equity, instead of in profit or loss. Therefore, the change in accountin

the year of CU34,000. In addition, the cash consideration received in th

cash flows from financing activities.

IAS 8.28(a) IAS 28 (revis Investments in Associates

IAS 28.41E The principle adopted under IAS 27(2008) (see above) that a loss of co

of any retained interest at fair value is extended by consequential amen

influence over an associate is lost, the investor measures any investme

any consequential gain or loss recognised in profit or loss.

As part of Improvement issued in 2010, IAS 28(2008) has been am

IAS 28 regarding transactions where the investor loses significant influe

prospectively. The Group ha Improvement issued in 2010

in advance of their effective dates (annual periods beginning on or after

IAS 8.28(b) to This change in policy has affected the accounting for the partial disposa

current year. The difference of CU104,000 between the carrying amoun

fair value has been recognised in profit or loss in the current year, net o

Groups previous accounting policy been followed, the carrying amountregarded as cost for the purpose of subse Financial

Instruments: Recognition an and the movement in fair value (and relate

recognised in other comprehensive income. The profit reported for 201

result of the change in accounting policy. This increase will be offset by

the investment is disposed of in future accounting periods.

15

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accounting policies for changes in ownership

olicies regarding changes in ownership interests in

bsence of specific requirements in IFRSs, increases

the acquisition of subsidiaries, with goodwill or a

es in interests in existing subsidiaries that did not

ed and the adjustment to the non-controlling

ncreases or decreases are dealt with in equity, with

other circumstance, the revised Standard requires

sts at their carrying amount and to recognise the

er subsidiary is recognised at its fair value at the

ss in profit or loss.

rom 1 January 2010 in accordance with the relevant

e Groups disposal of part of its interest in

the difference of CU34,000 between the

ecognised of CU179,000 being recognised directly

policy has resulted in a decrease in the profit for

current year of CU213,000 has been included in

trol is recognised as a disposal and re-acquisition

ments to IAS 28. Therefore, when significant

nt retained in the former associate at fair value, with

ended to clarify that the amendments to

nce over an associate should be applied

1 July 2010).

l of the Groups interest in E Plus Limited in the

t of the interest retained in E Plus Limited and its

a deferred tax expense of CU32,000. Had the

of the investment retained would have been

deferred tax) would have been

has therefore been increased by CU72,000 as a

a decrease in profits of an equivalent amount when

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2.2 New and revised IFRSs applied with no material effect on the conso

The following new and revised IFRSs have also been adopted in these

these new and revised IFRSs has not had any material impact on the a

may affect the accounting for future transactions or arrangements.

Amendments to IFRS 1 The amendments provide t

First-time Adoption of to oil and gas assets, and th

International Financial lease.

Reporting Standards

Additional Exemptions for

First-time AdoptersAmendments to IFRS 2 The amendments clarify the

Share-based Payment cash-settled share-based pa

Group Cash-settled statements of an entity recei

Share-based Payment shareholder has the obligati

Transactions

Amendments to IFRS 5 The amendments clarify that

Non-current Assets Held as held for sale when the Gr

for Sale and Discontinued that subsidiary, regardless o

Operations (as part of the subsidiary after the sale.

Improvements to IFRSs

issued in 2008)

Amendments to IAS 39 The amendments provide cl

Financial Instruments: inflation as a hedged risk or

Recognition and

Measurement Eligible

Hedged Items

IFRIC 17 Distributions of The Interpretation provides

Non-cash Assets to Owners entity distributes assets othe

IFRIC 18 Transfers of Assets The Interpretation addresse

from Customers and equipment from custom

equipment transferred meet

recipient, the recipient shoul

transfer, with the credit bein

Improvements to IFRSs Except for the amendments

issued in 2009 application of Improvementamounts reported in the con

2.3 New and revised IFRSs in issue but not yet effective

Note: Entities are required to disclose in their financial stateme

have been issued but are not yet effective. The disclosur

The potential impact of the application of any new and re

but before the financial statements are issued should als

8/12/2019 2010 Model Fs

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lidated financial statements

onsolidated financial statements. The application of

ounts reported for the current and prior years but

o exemptions when adopting IFRSs for the first time relating

determination as to whether an arrangement contains a

scope of IFRS 2, as well as the accounting for group

yment transactions in the separate (or individual) financial

ing the goods or services when another group entity or

n to settle the award.

all the assets and liabilities of a subsidiary should be classified

oup is committed to a sale plan involving loss of control of

whether the Group will retain a non-controlling interest in

rification on two aspects of hedge accounting: identifying

portion, and hedging with options.

uidance on the appropriate accounting treatment when an

r than cash as dividends to its shareholders.

the accounting by recipients for transfers of property, plant

ers and concludes that when the item of property, plant and

the definition of an asset from the perspective of the

recognise the asset at its fair value on the date of the

recognised as revenue in accordance wit Revenue 0

to IFRS 5, IAS 1 and IAS 7 described earlier in section 2.1, the

to IFRSs issued in 2009 has not had any material effect on olidated financial statements.

ts the potential impact of new and revised IFRSs that

s below reflect a cut off date of 31 October 2010.

ised IFRSs issued by the IASB after 31 October 2010

be considered and disclosed.


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IAS 8.30 The Group has not applied the following new and revised IFRSs that ha

IAS 8.31

Amendments to IFRS 1 Limited Exemption from Co

Amendments to IFRS 7 Disclosures Transfers of F

IFRS 9 (as amended in 2010) Financial Instruments

IAS 24 (revised in 2009) Related Party Disclosures

Amendments to IAS 32 Classification of Rights Issu

Amendments to IFRIC 14 Prepayments of a Minimum

IFRIC 19 Extinguishing Financial Liabi

Improvements to IFRSs issued in 2010 (except for the amendment

6

earlier in section 2.1)

1

Effective for annual periods beginning on or after 1 July 2

2


3

Effective for annual periods beginning on or after 1 Janua

4

Effective for annual periods beginning on or after 1 Janua

5

Effective for annual periods beginning on or after 1 Febru

6


IAS 8.30(a) IFRS 9 Financial Instruments issued in November 2009 an

classification and measurement of financial assets and financial liabilitie

IFRS 9 requires all recognised financial assets that are w

and Measure to be subsequently measured at amortised

held within a business model whose objective is to collecflows that are solely payments of principal and interest on

amortised cost at the end of subsequent accounting perio

measured at their fair values at the end of subsequent ac

The most significant effect of IFRS 9 regarding the classi

accounting for changes in fair value of a financial liability

to changes in the credit risk of that liability. Specifically, u

fair value through profit or loss, the amount of change in t

changes in the credit risk of that liability is recognised in o

effects of changes in the liabilitys credit risk in other com

mismatch in profit or loss. Changes in fair value attributa

reclassified to profit or loss. Previously, under IAS 39, the

liability designated as at fair value through profit or loss w

IFRS 9 is effective for annual periods beginning on or after 1 January 2

IAS 8.30(b) The directors anticipate that IFRS 9 that will be adopted in the Groups

period beginning 1 January 2013 and that the application of the new Sta

reported in respect of the Groups financial assets and financial liabilitie

reasonable estimate of that effect until a detailed review has been com

IAS 8.30(a) The amendments to IFRS 7 titled Disclosures Transfers of F

transactions involving transfers of financial assets. These amendments

risk exposures when a financial asset is transferred but the transferor r

The amendments also require disclosures where transfers of financial a

period.

IAS 8.30(b) The directors do not anticipate that these amendments to IFRS 7 will ha

regarding transfers of trade receivables previously effected (see note 2

transfers of financial assets in the future, disclosures regarding those tr

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IAS 8.30(a) IAS 24 Related Party Disclosures (as revised in 2009) modifie

government-related entities.

17

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e been issued but are not yet effective:

1

parative IFRS 7 Disclosures for First-time Adopters

2

inancial Assets

3

4

5 s

4

Funding Requirement

1

lities with Equity Instruments

to IFRS 3(2008), IFRS 7, IAS 1 and IAS 28 described

010.

011.

ry 2013.

ry 2011.

ary 2010.

010 and 1 January 2011, as appropriate.

d amended in October 2010 introduces new requirements for the

s and for derecognition.

ithin the scope Financial Instruments: Recognition

cost or fair value. Specifically, debt investments that are

the contractual cash flows, and that have contractual cash the principal outstanding are generally measured at

ds. All other debt investments and equity investments are

counting periods.

ication and measurement of financial liabilities relates to the

designated as at fair value through profit or loss) attributable

der IFRS 9, for financial liabilities that are designated as at

he fair value of the financial liability that is attributable to

ther comprehensive income, unless the recognition of the

prehensive income would create or enlarge an accounting

le to a financial liabilitys credit risk are not subsequently

entire amount of the change in the fair value of the financial

as recognised in profit or loss.

13, with earlier application permitted.

onsolidated financial statements for the annual

ndard will have a signficant impact on amounts

. However, it is not practicable to provide a

leted.

inancial Asset increase the disclosure requirements for

are intended to provide greater transparency around

tains some level of continuing exposure in the asset.

ssets are not evenly distributed throughout the

ve a significant effect on the Groups disclosures

.2). However, if the Group enters into other types of

nsfers may be affected.

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the definition of a related party and simplifies disclosures for

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IAS 8.30(b) The disclosure exemptions introduced in IAS 24 (as revised in 2009) dogovernment-related entity. However, disclosures regarding related party

financial statements may be affected when the revised version of the St

because some counterparties that did not previously meet the defintion

the Standard.

IAS 8.30(a) The amendments to IAS 32 Classification of Rights Issu address the cl

IAS 8.30(b) denominated in a foreign currency as either an equity instrument or as

entered into any arrangements that would fall within the scope of the a

any rights issues within the scope ofhte amendments in future accounti

impact on the classification of those rights issues.

IAS 8.30(a) IFRIC 19 provides guidance regarding the accounting for the extinguish

IAS 8.30(b) instruments. To date, the Group has not entered into transactions of thi

such transactions in the future, IFRIC 19 will affect the required accountinstruments issued under such arrangements will be measured at their

amount of the financial liability extinguished and the fair value of equity i

loss.

IAS 8.30(a) [Describe the potential impact of the application of other new and revise

IAS 8.30(b)

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not affect the Group because the Group is not a transactions and balances in these consolidated

andard is applied in future accounting periods

of a related party may come within the scope of

assification of certain rights issues

financial liability. To date, the Group has not

endments. However, if the Group does enter into

g periods, the amendments to IAS 32 will have an

ment of a financial liability by the issue of equity

nature. However, if the Group does enter into any

ing. In particular, under IFRIC 19, equity air value, and any difference between the carrying

nstruments issued will be recognised in profit or

d IFRSs.]

IFRS model financial statements 2010 18

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IAS 1.112(a), 3. Significant accounting policies

Note: The following examples of the types of accounting p

statements. Entities are required to disclose in the summ

basis (or bases) used in preparing the financial statemen

relevant to an understanding of the financial statements.

the nature of the entitys operations even if amounts for t

In deciding whether a particular accounting policy should

disclosure would assist users in understanding how trans

the reported financial performance and financial position.

especially useful to users when those policies are selecteInterpretations.

Each entity considers the nature of its operations and the

expect to be disclosed for that type of entity. It is also app

that is not specifically required by IFRSs, but that is selec

Policies, Changes in Accounting Estimate 0

For completeness, in these model financial statements, a

immaterial items, although this is not required under IFR

3.1 Statement of compliance

IAS 1.16 The consolidated financial statements have been prepared in accordan

IAS 1.17(b) 3.2 Basis of preparation

IAS 1.17(b) The consolidated financial statements have been prepared on the histo

financial instruments that are measured at revalued amounts or fair val

Historical cost is generally based on the fair value of the consideration g

The principal accounting policies are set out below.

3.3 Basis of consolidation

The consolidated financial statements incorporate the financial stateme

purpose entities) controlled by the Company (its subsidiaries). Control i

govern the financial and operating policies of an entity so as to obtain b

Income and expenses of subsidiaries acquired or disposed of during th

comprehensive income from the effective date of acquisition and up to t

comprehensive income of subsidiaries is attributed to the owners of the

if this results in the non-controlling interests having a deficit balance.When necessary, adjustments are made to the financial statements of

line with those used by other members of the Group.

All intra-group transactions, balances, income and expenses are elimin

3.3.1 Changes in the Groups ownership interests in existing subsidiarie

Changes in the Groups ownership interests in subsidiaries that do not r

subsidiaries are accounted for as equity transactions. The carrying amo

interests are adjusted to reflect the changes in their relative interests in

amount by which the non-controlling interests are adjusted and the fair

recognised directly in equity and attributed to owners of the Company.

19

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licies that might be disclosed in this entitys financial

ary of significant accounting policies the measurement

s and the other accounting policies used that are

n accounting policy may be significant because of

e current and prior periods are not material.

be disclosed, management considers whether

actions, other events and conditions are reflected in

Disclosure of particular accounting policies is

d from alternatives allowed in Standards and

policies that users of its financial statements would

ropriate to disclose each significant accounting policy

ed and applied in accordan Accounting

ccounting policies have been provided for some

s.

e with International Financial Reporting Standards.

ical cost basis except for certain properties and

es, as explained in the accounting policies below.

iven in exchange for assets.

ts of the Company and entities (including special

achieved where the Company has the power to

nefits from its activities.

year are included in the consolidated statement of

he effective date of disposal, as appropriate. Total

Company and to the non-controlling interests even

ubsidiaries to bring their accounting policies into

ted in full on consolidation.

s

esult in the Group losing control over the

unts of the Groups interests and the non-controlling

he subsidiaries. Any difference between the

alue of the consideration paid or received is

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When the Group loses control of a subsidiary, the profit or loss on dispo

aggregate of the fair value of the consideration received and the fair val

carrying amount of the assets (including goodwill), and liabilities of the s

assets of the subsidiary are carried at revalued amounts or fair values a

recognised in other comprehensive income and accumulated in equity,

comprehensive income and accumulated in equity are accounted for as

relevant assets (i.e. reclassified to profit or loss or transferred directly to

The fair value of any investment retained in the former subsidiary at the

value on initial recognition for subsequent Financial Instruments: Reco

or, when applicable, the cost on initial recognition of an investment in a

3.4 Business combinationsAcquisitions of businesses are accounted for using the acquisition meth

combination is measured at fair value, which is calculated as the sum o

transferred by the Group, liabilities incurred by the Group to the former

issued by the Group in exchange for control of the acquiree. Acquisition

loss as incurred.

At the acquisition date, the identifiable assets acquired and the liabilities

acquisition date, except that:

deferred tax assets or liabilities and liabilities or assets re

measured in accordance wit Employee Benefits

liabilities or equity instruments related to share-based pa

arrangements of the Group entered into to replace share-

in accordance Share-based at the acquisition date (see

assets (or disposal groups) that are classified as held for

Sale and Disc are measured in accordance with that Stan

Goodwill is measured as the excess of the sum of the consideration tra

interests in the acquiree, and the fair value of the acquirers previously

net of the acquisition-date amounts of the identifiable assets acquired a

the net of the acquisition-date amounts of the identifiable assets acquir

consideration transferred, the amount of any non-controlling interests in

previously held interest in the acquiree (if any), the excess is recognise

gain.

Non-controlling interests that are present ownership interests and entitl

entitys net assets in the event of liquidation may be initially measured e

interests proportionate share of the recognised amounts of the acquire

measurement basis is made on a transaction-by-transaction basis. Othat fair value or, when applicable, on the basis specified in another IFRS.

When the consideration transferred by the Group in a business combin

contingent consideration arrangement, the contingent consideration is

included as part of the consideration transferred in a business combinat

consideration that qualify as measurement period adjustments are adju

adjustments against goodwill. Measurement period adjustments are adj

obtained during the measurement period (which cannot exceed one ye

circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the continge

measurement period adjustments depends on how the contingent consi

that is classified as equity is not remeasured at subsequent reporting d

within equity. Contingent consideration that is classified as an asset or

dates in accordance with IA Provisions, Contingent Liabilities and Conti

the corresponding gain or loss being recognised in profit or loss.

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sal is calculated as the difference between (i) the

e of any retained interest and (ii) the previous

ubsidiary and any non-controlling interests. When

nd the related cumulative gain or loss has been

he amounts previously recognised in other

if the Company had directly disposed of the

retained earnings as specified by applicable IFRSs).

date when control is lost is regarded as the fair

nition and Measurement

associate or a jointly controlled entity.

od. The consideration transferred in a business

the acquisition-date fair values of the assets

wners of the acquiree and the equity interests

-related costs are generally recognised in profit or

assumed are recognised at their fair value at the

lated to employee benefit arrangements are recognised and

respectively;

ment arrangements of the acquiree or share-based payment

based payment arrangements of the acquiree are measured

.16.2); and

Non-current Assets Held for

dard.

sferred, the amount of any non-controlling

eld equity interest in the acquiree (if any) over the

nd the liabilities assumed. If, after reassessment,

d and liabilities assumed exceeds the sum of the

the acquiree and the fair value of the acquirers

immediately in profit or loss as a bargain purchase

their holders to a proportionate share of the

ither at fair value or at the non-controlling

s identifiable net assets. The choice of

r types of non-controlling interests are measured .

tion includes assets or liabilities resulting from a

easured at its acquisition-date fair value and

ion. Changes in the fair value of the contingent

ted retrospectively, with corresponding

ustments that arise from additional information

ar from the acquisition date) about facts and

nt consideration that do not qualify as

deration is classified. Contingent consideration

tes and its subsequent settlement is accounted for

liability is remeasured at subsequent reporting

, as appropriate, with

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When a business combination is achieved in stages, the Groups previo

remeasured to fair value at the acquisition date (i.e. the date when the

loss, if any, is recognised in profit or loss. Amounts arising from interest

have previously been recognised in other comprehensive income are re

would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the

combination occurs, the Group reports provisional amounts for the item

Those provisional amounts are adjusted during the measurement perio

recognised, to reflect new information obtained about facts and circums

if known, would have affected the amounts recognised at that date.

Business combinations that took place prior to 1 January 2010 were acof IFRS 3.

3.5 Goodwill

Goodwill arising on an acquisition of a business is carried at cost as est

(see 3.4 above) less accumulated impairment losses, if any.

For the purposes of impairment testing, goodwill is allocated to each of

cash-generating units) that is expected to benefit from the synergies of

A cash-generating unit to which goodwill has been allocated is tested fo

there is indication that the unit may be impaired. If the recoverable amo

carrying amount, the impairment loss is allocated first to reduce the car

and then to the other assets of the unit pro rata based on the carrying a

loss for goodwill is recognised directly in profit or loss in the consolidate

statement]. An impairment loss recognised for goodwill is not reversed i

On disposal of the relevant cash-generating unit, the attributable amoun

the profit or loss on disposal.

The Groups policy for goodwill arising on the acquisition of an associat

3.6 Investments in associates

An associate is an entity over which the Group has significant influence

joint venture. Significant influence is the power to participate in the finan

but is not control or joint control over those policies.

The results and assets and liabilities of associates are incorporated in t

equity method of accounting, except when the investment is classified a

accordance Non-current A. Under the equity method, an

investment in an associate is initially recognised in the consolidated statthereafter to recognise the Groups share of the profit or loss and other

Groups share of losses of an associate exceeds the Groups interest in

interests that, in substance, form part of the Groups net investment in t

its share of further losses. Additional losses are recognised only to the

constructive obligations or made payments on behalf of the associate.

Any excess of the cost of acquisition over the Groups share of the net f

contingent liabilities of an associate recognised at the date of acquisitio

within the carrying amount of the investment. Any excess of the Group

assets, liabilities and contingent liabilities over the cost of acquisition, af

profit or loss.

The requirements of IAS 39 are applied to determine whether it is nece

to the Groups investment in an associate. When necessary, the entire

goodwill) is te Impairment of as a single asset by comparing its

recoverable amount (higher of value in use and fair value less costs to

recognised forms part of the carrying amount of the the investment. An

accordance with IAS 36 to the extent that the recoverable amount of th

21

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usly held equity interest in the acquiree is

roup obtains control) and the resulting gain or

s in the acquiree prior to the acquisition date that

classified to profit or loss where such treatment

nd of the reporting period in which the

s for which the accounting is incomplete.

(see above), or additional assets or liabilities are

tances that existed at the acquisition date that,

ounted for in accordance with the previous version

blished at the date of acquisition of the business

he Groups cash-generating units (or groups of

he combination.

r impairment annually, or more frequently when

nt of the cash-generating unit is less than its

ying amount of any goodwill allocated to the unit

ount of each asset in the unit. Any impairment

[statement of comprehensive income/income

n subsequent periods.

t of goodwill is included in the determination of

is described at 3.6 below.

and that is neither a subsidiary nor an interest in a

cial and operating policy decisions of the investee

ese consolidated financial statements using the

s held for sale, in which case it is accounted for in

ement of financial position at cost and adjusted comprehensive income of the associate. When the

that associate (which includes any long-term

e associate), the Group discontinues recognising

xtent that the Group has incurred legal or

air value of the identifiable assets, liabilities and

is recognised as goodwill, which is included

share of the net fair value of the identifiable

er reassessment, is recognised immediately in

sary to recognise any impairment loss with respect

arrying amount of the investment (including

ell) with its carrying amount, Any impairment loss

reversal of that impairment loss is recognised in

investment subsequently increases.

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When a group entity transacts with its associate, profits and losses resu

recognised in the Groups consolidated financial statements only to the

related to the Group.

3.7 Interests in joint ventures

A joint venture is a contractual arrangement whereby the Group and oth

subjec

Documents

2010 Model Fs