Sofidel Integrated Report 2011
INFORMATION ON THE CONSOLIDATED BALANCE SHEET Assets Each single item reported under assets in the consolidated balance sheet is broken down as follows, and shows the following changes when compared to the previous financial year: Description B) Fixed assets C) Current assets D) Accrued income and prepaid expenses Total
31/12/2010 1.025.023 639.962 6.148 1.671.133
31/12/2011 1.019.412 613.744 3.697 1.636.853
Change (5.611) (26.218) (2.451) (34.280)
The breakdown and changes of each single item posted under balance sheet liabilities are shown below.
B) FIXED ASSETS These total 1,019,412 and are broken down as follows: I. Intangible fixed assets II. Tangible fixed assets III. FInancial fixed assets
49.985 968.281 1.146
The composition and movements of each item are as follows.
I. Intangible fixed assets These show the following changes compared to the previous year: BALANCE AS AT 31/12/2010 56.162
BALANCE AS AT 31/12/2011 49.985
CHANGE (6.177)
The following information is provided on individual items.
Start-up and expansion costs Research, development and advertising costs Patents and know-how Franchise, licenses, trademarks and similar rights Goodwill Work in progress and advance payments Other Total
The item “Start-up and expansion costs” includes the costs incurred to support the launch of corporate activities and mainly refers to “Papyros Paper Mill S.a” (903). The item “R&D and advertising costs” is almost entirely composed of costs relative to investments in advertising that were capitalised before the acquisition of the shareholding from “Comceh S.a.” (129); the residual amount is almost entirely relative to investments in communications that are implemented by “Delisoft G.m.b.H.” (7) for the launch of the Regina® brand within the German market. The item “patents and know-how” includes the costs incurred for the acquisition and/or registration of patents mainly by “Sofidel Kagit” (19) and “Delicarta S.p.a.” (12).
INITIAL BALANCE 1.474 160 99 44.459 7.607 871 1.492 56.162
INCREASES 777 3 3.054 939 4.773
DECREASES (626) (217) (843)
AMORTISATION EXCHANGE-RATE OTHER /DEPRECIATION DIFFERENCE TRANSACTIONS (1.219) 79 (60) (2) (37) (12) (2) (47) (6.560) (37) 888 (2.500) (5) (38) (2) (213) (211) (1) (129) (10.561) (49) 503
The item “costs for franchise, licences, trademarks and similar rights” includes: - the transfer value of the Regina® brand owned by “Soffass S.p.a.” (32,000), which was subject to monetary revaluations in the past; - the costs sustained for the acquisition of the brand Softis® (3,574) and the trademarks Le Trefle® (1,214) and Sopalin® (80) always on the part of “Soffass S.p.a.”; - the costs incurred for the acquisition of the SAP management software, owned by the Parent Company (2,867); - the costs incurred for the acquisition of some brands by “Delitissue Sp.z.o.o.” (308). Residual amounts are represented by the costs incurred for the registration of other corporate trademarks and the
TOTAL 1.111 65 37 41.178 5.065 656 1.873 49.985
acquisition of other licensed software, primarily from “Delipapier S.a.” (725) and from “Ibertissue S.l.u.” (159). Increases mainly refer to costs incurred for the acquisition of modules and implementations of the SAP, APO and SEM software, on the part of the Parent Company. The item “goodwill” almost entirely includes the positive difference arising from the consolidation of “Papyros Paper Mill S.a.”; the residual amount, equal to 195, refers to the goodwill paid for the transfer of a company branch during the course of 2005. The item “Work in progress and advance payments” includes the advance payments disbursed for the SAP – APO implementation modules on the part of the Parent Company (522); the residual amount is relative 61