Matth. Hohner AG

Notes to the Consolidated Financial Statements for Business Year 2010/2011
The following table provides financial information for this associated company as of
August 31, 2010 and August 31, 2009:
Hohner-Konservatorium Trossingen GmbH
August
31, 2010
August
31, 2009
TEUR TEUR
Current assets 134 660
Non-current assets 825 8
959 668
Current liabilities 44 15
Non-current liabilities 223 0
267 15
Revenues 483 417
Personnel expenses -311 -312
Administrative expenses -94 -82
Depreciation and amortization -27 -2
Financial income 2 4
Financial expenses -7 0
Total income before income taxes 46 25
4. Deferred tax assets and deferred tax liabilities
Deferred taxes were as follows on the balance sheet date:
March
31, 2011
March
31, 2010
TEUR TEUR
Deferred tax liabilities
Depreciation differences on non-current assets 330 270
Bad debt allowances 0 0
Write-down differences on inventories 0 129
Capitalization of finance leases 0 37
Other 28 19
Currency hedging 0 0
Differences provisions 14 21
Deferred tax assets
372 476
Bad debt allowances 51 37
Depreciation differences on non-current assets 239 233
Write-down differences on inventories 1,143 885
Finance leases recognized as liabilities 0 0
Differences pension provisions 137 105
Differences provisions 39 109
Unused tax losses 418 403
Other 170 89
2,197 1,861
In business year 2010/2011, tax loss carry forwards totaling TEUR 418 (prior year: TEUR 403) were carried as
deferred taxes in the consolidated financial statements. The anticipated tax savings as a result of unused tax
losses based on the five year forecast and the expected likelihood of realization of the planned results were
capitalized.
As of March 31, 2011, there were unused tax loss carry forwards for which no deferred tax assets were
recognized in the balance sheet at Matth. Hohner Aktiengesellschaft in the amount of TEUR 89,293 (prior
year: TEUR 91,559) (corporation tax). These are temporally unlimited available to the Group in line with
German tax rules for offsetting with future taxable earnings. In addition, there are unused tax losses (trade
tax) in the amount of TEUR 99,626 (prior year: TEUR 98,484) at Matth. Hohner Aktiengesellschaft.
Taking into account the corporate income tax rate of 15 %, the municipal rate of 360 and the solidarity
surcharge of 5.5 %, this results in a total tax rate for domestic companies of 28.425 % (prior year: 28.425
%). Foreign tax rates remain between 22 % and 38 % as in the prior year.
In accordance to IAS 12.39 deferred tax liabilities at an amount of TEUR 5,859 (prior year: TEUR 4,884) is
recognized for all temporary differences associated with investments in subsidiaries and associates.
Notes to the CoNsolidated FiNaNCial statemeNts Notes to the CoNsolidated FiNaNCial statemeNts
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