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Inventories – excluding precious metals Raw materials and supplies, merchandise, as well as work-in-progress and finished goods are carried at the lower of cost and net realizable value. Advance payments on inventories are recognized at the prepayment amount. In addition to direct costs (production material and wages), costs of conversion also include the parts of the material and production overheads incurred in production in accordance with IAS 2. Costs of similar inventories are calculated using the weighted average method. Inventories are written down if the net realizable value is lower than the acquisition or manufacturing cost carried in the balance sheet. Appropriate additional allowances are formed for individual risks. Precious metals Depending on their use, precious metal inventories are broken down into three categories. The relevant classification is used to calculate the value of the precious metal inventories. The precious metal on stock consists of the precious metal inventories used in the production process as well as precious metal inventories held permanently in the company for strategic reasons. These precious metal inventories are carried at weighted average historical cost. On each closing date, a determination is made if the carrying amount is above the net realizable value so that an impairment loss would have to be recognized. If the reasons for an impairment no longer exist, the impairment loss is reversed and the inventory item written up to no higher than its original cost. The precious metal on demand includes any precious metal inventories that are held in the company only temporarily and are used to cover peak demands for precious metal in the production process exceeding the normal holdings. The precious metal for precious metal on demand is valued at the purchased price for which a contract has been entered into with the client, if available. The remaining precious metal is recognized at the lower of average cost and net realizable value (market price as of the closing date.) 17
18 The precious metal trading stock is the supply of precious metal held by the Group’s trading companies. It is normally recognized at the lower of average cost and net realizable value. Coverage obligations fulfilled by forward purchase transactions maturing after the closing date are stated at the amount required to fulfill the obligation as of the closing date. The FIFO method is used to calculate acquisition costs of the precious metal inventories. Goodwill According to IFRS 3, goodwill recognized as an asset is not amortized on a systematic basis but tested for impairment annually and whenever there is an indication of impairment. The impairment test is based on the underlying cash generating unit. If the recoverable amount of the respective unit falls below the carrying amount, impairment losses in accordance with IAS 36 are recognized. Reversal of impairment losses is not allowed. If goodwill has been completely written off, its disposal will be imputed to the consolidated statement of changes in assets. Other intangible assets Intangible assets acquired for consideration are capitalized at their acquisition cost. If they have a finite useful life, they are amortized using the straight-line method over their economic useful life. Amortization is based on useful lives of between three and ten years. Intangible assets with an indefinite useful life are capitalized at cost and are tested for impairment annually and whenever there is an indication of impairment. If the carrying amount exceeds the recoverable amount, an impairment loss is recognized and the asset is reduced to its recoverable amount. If the reasons for the impairment no longer exist, the impairment loss is reversed. The revised amount recognized in income cannot exceed the amortized carrying amount that would have been determined, had no impairment loss been recognized for the asset, or a lower recoverable amount.
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 and 16: 14 Application of new or amended st
Page 17: 16 aCCoUntinG poliCies Cash and cas
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
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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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