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Deferred taxes Deferred taxes are recognized in accordance with IAS 12. They are determined based on timing differences between the stated values of assets and liabilities in the IFRS balance sheet and the tax balance sheet, on realizable loss carryforwards and on consolidation procedures. Deferred taxes are assessed on the basis of the tax rates expected in the individual countries at the time of recognition, which reflect the regulations valid or adopted as of the closing date. Deferred tax assets and deferred tax liabilities are netted against each other if levied by the same taxation authority. Revenue and other income Revenue is net revenue from the sale of own products, goods, and services. Revenue is stated less discounts, rebates, and similar reductions in earnings. Revenue is recognized when the delivery or service has been rendered and risk or ownership has been transferred. To an insignificant degree, revenue also includes income from services. Interest income is recorded proportionally using the effective interest method. License earnings are either realized immediately or limited and reported proportionally over time in accordance with the commercial content of the underlying agreements. Dividend earnings will be calculated at the time when the right to receive the payment is created. This will be when the resolution on the distribution of dividends is passed. 27
28 Scope of consolidation The consolidated financial statements of <strong>Heraeus</strong> Holding GmbH include subsidiaries over which <strong>Heraeus</strong> Holding GmbH has control within the meaning of IAS 27 of the financial and business policies in accordance with the articles of association or an affiliation agreement. The companies included in the consolidated Group are as follows: Consolidated subsidiaries 2012 2011 Total Domestic Foreign Total Domestic Foreign As of Jan. 1 117 28 89 121 28 93 Additions 5 – 5 1 – 1 Changes in companies consolidated 2 – 2 2 1 1 Disposals – – – – 2 – – 2 Mergers – 1 – – 1 – 5 – 1 – 4 As of Dec. 31 123 28 95 117 28 89 The financial year for all consolidated subsidiaries is the calendar year. The changes in the scope of consolidation have not materially affected comparability with the previous year’s consolidated financial statements. Overall, the changes did not have a significant effect on the asset, financial, or earnings position. Associates 2012 2011 Total Domestic Foreign Total Domestic Foreign As of Jan. 1 12 1 11 12 1 11 As of Dec. 31 12 1 11 12 1 11
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 and 18: 16 aCCoUntinG poliCies Cash and cas
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: 26 Pension Regulation II 2001, whic
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
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78 otHeR disClosURes Contingent lia
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80 Auditor’s expenses The expense
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82 name oF CompanY ReGisteRed oFFiC
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84 name oF CompanY ReGisteRed oFFiC
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86 aUditoR’s RepoRt We have audit
Page 90:
Heraeus Holding GmbH Corporate Comm
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