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comprehensive income instead of in the income statement, unless this results in an incorrect presentation. The Group will analyze the further phases of IFRS 9, as soon as these are adopted by IASB. IFRS 10 “Consolidated Financial Statements” builds on existing foundations. The focus of IFRS 10 is on the introduction of a uniform consolidation model for all companies, which is based on the control of the subsidiary by the parent company. The standard also contains additional guidelines – particularly useful in difficult cases – for determining whether an entity is controlled. As of now, the Group currently does not expect significant effects on the consolidated annual financial statements from this amendment. IFRS 11 “Joint Arrangements” outlines the accounting by entities that jointly control an arrangement. Joint control involves the contractual sharing of control and arrangements subject to joint control. Joint arrangements are classified as either a joint venture (representing a share of net assets and equity accounted) or a joint operation (representing rights to assets and obligations for liabilities, accounted for accordingly). As of now, the Group does not expect this to have any significant effect on the consolidated financial statements. IFRS 12 “Disclosure of Interests in Other Entities” combines the revised disclosure obligations under IAS 27 and IFRS 10, IAS 31 and IFRS 11, and IAS 28 in one standard. The Group has not yet evaluated the full effects of IFRS 12 and will implement IFRS 12 at the latest in the financial year beginning on January 1, 2013. IFRS 13 “Fair Value Measurement” aims to improve the continuity of valuations and to reduce complexity. This standard describes how to define fair value, how to determine the valuation, and which disclosures are required. The regulations that involve bringing IFRS into alignment with US GAAP do not extend the scope of application of fair value measurement, but explain how fair value is to be applied in cases where this is already required or permitted by the standards. 15
16 aCCoUntinG poliCies Cash and cash equivalents and securities Cash and cash equivalents and securities consist of cash on hand, bank balances, and time deposits. The item “Securities” includes primarily short-term financial assets that can be converted into cash at any time. These are available-for-sale financial assets and financial assets at fair value through profit and loss. Cash and cash equivalents are reported at their nominal value. Foreign currency balances are converted using the exchange rate on the reporting date. Trade receivables Trade receivables are stated at fair value of the consideration provided. Necessary allowances are recognized for individual risks. These are recorded in the income statement with an effect on net income. Trade receivables are normally due within one year so that discounting is not applied. Examples of objective evidence that a receivable could be impaired: evidence of significant financial difficulties on the part of the client or a group of clients, which indicates a measurable decrease in estimated cash flow, or non-compliance with payment objectives or non-payment of interest or capital sums. If it subsequently becomes clear that the reasons for the impairment no longer exist, a write-up will be recorded with an effect on net income up to the level of the original acquisition costs. Miscellaneous receivables and other assets The miscellaneous receivables and other assets are stated at amortized cost. Appropriate allowances are formed for discernible individual risks.
Page 1 and 2: Consolidated Financial statements 2
Page 3 and 4: 02 Consolidated Balance sheet of He
Page 5 and 6: 04 Consolidated income statement of
Page 7 and 8: 06 Consolidated Cash Flow statement
Page 9 and 10: 08 notes to the Consolidated Financ
Page 11 and 12: 10 lead to a shift between two item
Page 13 and 14: 12 In business combinations, the ac
Page 15: 14 Application of new or amended st
Page 19 and 20: 18 The precious metal trading stock
Page 21 and 22: 20 asset item UseFUl liFe in YeaRs
Page 23 and 24: 22 The classification depends on th
Page 25 and 26: 24 If hedging transactions used to
Page 27 and 28: 26 Pension Regulation II 2001, whic
Page 29 and 30: 28 Scope of consolidation The conso
Page 31 and 32: 30 of Midwest Instrument Company, a
Page 33 and 34: 32 It was possible to cover the pre
Page 35 and 36: 34 (3) The following table shows th
Page 37 and 38: 36 (5) Intangible assets in € mil
Page 39 and 40: 38 Other intangible assets At € 0
Page 41 and 42: 40 In financial year 2012, impairme
Page 43 and 44: 42 (8) (9) Other non-current assets
Page 45 and 46: 44 (10) Trade payables Trade payabl
Page 47 and 48: 46 Non-current provisions for perso
Page 49 and 50: 48 The provisions for pensions and
Page 51 and 52: 50 The fair value of the plan asset
Page 53 and 54: 52 Of the total expenses for pensio
Page 55 and 56: 54 in € million deC. 31, 2012 deC
Page 57 and 58: 56 notes to tHe Consolidated inCome
Page 59 and 60: 58 (17) Other operating income Othe
Page 61 and 62: 60 (20) Financial result The financ
Page 63 and 64: 62 The following deferred tax asset
Page 65 and 66: 64 The item “Change in other net
Page 67 and 68:
66 Interest rate swaps come under t
Page 69 and 70:
68 addition, credit lines with vari
Page 71 and 72:
70 Values of derivative financial i
Page 73 and 74:
72 in € million deC. 31, 2012 FIN
Page 75 and 76:
74 Notes to the income statement Th
Page 77 and 78:
76 Analysis of maturities The follo
Page 79 and 80:
78 otHeR disClosURes Contingent lia
Page 81 and 82:
80 Auditor’s expenses The expense
Page 83 and 84:
82 name oF CompanY ReGisteRed oFFiC
Page 85 and 86:
84 name oF CompanY ReGisteRed oFFiC
Page 87 and 88:
86 aUditoR’s RepoRt We have audit
Page 90:
Heraeus Holding GmbH Corporate Comm
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