english - About Heraeus

08
notes to the Consolidated Financial statements
of Heraeus Holding GmbH, Hanau, for financial year 2012
Basis oF pResentation
The consolidated financial statements for the Heraeus Group issued by Heraeus Holding
GmbH as the parent company have been prepared in accordance with standard accounting
and valuation principles. In accordance with Section 315a HGB, the International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB)
and the International Financial Reporting Interpretations Committee (IFRIC), which are
endorsed by the European Union and are valid as of the balance sheet date, as well as the
additional commercial law requirements to be applied in accordance with Section 315a
HGB (1), have been applied.
The financial year encompasses the calendar year. The consolidated financial statements
were prepared in euros. Unless noted otherwise, all amounts are stated in millions of euros
(€ million).
To improve the clarity of presentation and transparency of the annual financial statements,
various items in the balance sheet and income statement have been combined and stated
separately in the notes to the consolidated financial statements. The income statement has
been prepared using the nature of expense method. The balance sheet is divided by the
maturity of the assets and liabilities. Assets are considered current if they are intended to
be sold within one year or within the company’s normal business cycle. Liabilities are
considered current if they are due within one year or within the company’s normal business
cycle. The normal business cycle is defined as beginning with the procurement of the
resources necessary for the production process and ending with the receipt of cash or cash
equivalents as consideration for the sale of the goods or services produced in that process.
Trade receivables and payables and inventories are always presented as current items.
Deferred tax assets and liabilities and pension provisions are presented as non-current
items.
On March 8, 2013, the Board of Management released to the Supervisory Board the consolidated
financial statements and the group management report issued on December 31,
2012.