AEG 21604 G Manual de usuario descargar pdf (Pagina 261)

F-20

3. Significant accounting policies

With effect from January 1, 2010, the Group has adopted the IFRS 3 (revised) Business Combinations. Transac-

tion costs directly attributable to the acquisition are reported in the consolidated statement of income. Also

adopted was IAS 27 in respect of non-controlling (minority) interests. As a consequence upon acquisition the

non-controlling interest is valued at fair value with any subsequent changes being recorded through the consoli-

dated statement of income.

All other accounting policies applied by the Group in these condensed consolidated financial interim financial

statements are either the same as those applied by the Group in its consolidated financial statements as at and for

the year ended December 31, 2009, or the other new standards did not had any impact on these condensed con-

solidated interim financial statements.

4. Financial risk management

The aspects of the Company’s financial risk management objectives and policies are consistent with those dis-

closed in the consolidated financial statements as at and for the year ended 31 December 2009. However the

Directors note that some of the Group’s traditional markets have not yet recovered as fast as originally antici-

pated from the effects of the economic crisis, such that, while quotation activity remains buoyant, conversion to

orders has been slower than anticipated. Although this is expected to improve in the last quarter, the Group is

conducting a review of its activities in this segment with a view to improving its performance and economic

resilience.

5. Operating segments

The Group had previously identified two reportable segments, New Energies and Communications. New Ener-

gies comprised the Group’s Control, Solar and Protect Power product lines while Communications included the

Telecom products. During the course of the first half of 2010, order intake performance in the New Energies

segment has exceeded expectations driven primarily by demand in solar. This is expected to continue and the

Group sees exciting opportunities for growth in renewable energies. To aid this growth and to add focus to the

activity the Directors have decided to collect all the Group’s activities in renewables into one operating segment

called Renewable Energy Solutions which will now comprise the Control and Solar product lines. The Group’s

new subsidiary, skytron, will also be reported within this segment to further capitalise on the benefits expected to

accrue from the combined strengths of AEG Power Solutions (“AEG PS”) and skytron. As a result of this

change, Protect Power products will now be combined with Telecom and the previously discontinued converter

activity into one segment called Energy Efficiency Solutions. Accordingly the results of the Group are now pre-

sented in these two segments which also reflect the presentation of information to the Group’s Chief Executive,

who has been identified as the chief operating decision maker (“CODM”).

Segment results

The results by segment for the period ended September 30 are as follows:

a) 9 month period ended September 30, 2010

In millions of euro

Renewable

Energies

Solutions

Energy Effi-

ciency Soluti-

ons

Unallocated

amounts Total

Revenue........................................................................ 75.564 135.570 - 211.134

Segment operating income / (loss).............................. 13.193 (5.109) (0.835) 7.249

Restructuring costs........................................................ - - (2.084) (2.084)

Capitalised development costs (net of amortisation)..... 2.039 (0.430) - 1.609

Central overheads.......................................................... - - (11.428) (11.428)

PPA

adjustments.......................................................... (19.473) (8.165) (261) (27.899)

Loss from operating activities .................................... (4.241) (13.704) (14.608) (32.553)

1 2 ... 256 257 258 259 260 261 262 263 264 265 266 ... 650 651

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