Henkel Annual Report 2011 - Henkel AG & Co. KGaA Annual Report ...

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116 Consolidated financial statements Notes to the consolidated statement of financial position Henkel Annual Report 2011 (3) Other financial assets Analysis December 31, 2010 December 31, 2011 in million euros Non-current Current Total Non-current Current Total Financial receivables from other investments – 2 2 1 5 6 Financial receivables from third parties 26 27 53 23 22 45 Derivative financial instruments 187 144 331 194 70 264 Financial investments 22 – 22 19 – 19 Receivables from Henkel Trust e.V. – 9 9 – 115 115 Securities and time deposits – 362 362 – 362 362 Sundry financial assets 1 3 140 143 9 174 183 Total 1 238 684 922 246 748 994 1 Prior-year figures adjusted (see “Recognition and measurement methods” on pages 108 and 109). With the exception of derivatives, securities and time deposits, other financial assets are measured at amortized cost. The receivables from Henkel Trust e.V. relate to pension payments made by Henkel AG & Co. KGaA to retirees, for which reimbursement can be claimed from Henkel Trust e.V. Included under securities and time deposits are monies deposited as part of our short-term financial management arrangements. The securities involved are primarily floating interest bonds from industrial companies and financial institutions. All the bonds are publicly listed and can be sold at short notice. (4) Other assets Analysis Sundry non-current financial assets include receivables from employees. The sundry current financial assets include the following: • A surety payment related to a pending litigation in France in the amount of 92 million euros (previous year: 0 million euros). • Amounts due from sureties and guarantee deposits of 31 million euros (previous year: 32 million euros). • Receivables from suppliers of 15 million euros (previous year: 21 million euros). • Receivables from employees amounting to 10 million euros (previous year: 10 million euros). December 31, 2010 December 31, 2011 in million euros Non-current Current Total Non-current Current Total Tax receivables 10 134 144 – 123 123 Payments on account – 26 26 – 21 21 Overfunding of pension obligations 1 Reimbursement rights related to 15 – 15 4 – 4 employee benefits 1 90 9 99 79 9 88 Accruals 6 38 44 5 46 51 Sundry other assets 14 12 26 15 38 53 Total 1 135 219 354 103 237 340 1 Prior-year figures adjusted (see “Recognition and measurement methods” on pages 108 and 109).
Henkel Annual Report 2011 Disclosed under other assets for the first time are the overfunding of pension obligations, and reimbursement rights related to employee benefits. For further explanation of the adjustments of prior-year amounts, please refer to pages 108 and 109. Of the reimbursement rights related to employee benefits, 84 million euros (previous year: 90 million euros) is for reimbursement rights related to defined-benefit pension obligations, both of which are reported unnetted in the statement of financial position in accordance with IAS 19. The other reimbursement rights relate to liabilities to employees disclosed under other liabilities. (5) Deferred taxes Deferred taxes arise from differences between financial statement valuations and valuations prescribed for determining taxable income. They emanate from the following factors: • Timing differences between the valuation of an asset or a liability in the financial statement and the relevant tax base. • Unused tax losses expected to be utilized. • Tax credits. No deferred taxes are allocated in respect of the temporary differences arising from the first-time recognition of goodwill. Deferred taxes are calculated on the basis of tax rates that apply in the individual countries as of the year-end date. Deferred tax assets are netted with deferred tax liabilities where the company has a legally enforceable claim to set off corresponding current tax assets against current tax liabilities and the taxes are levied by the same tax authority. Deferred tax assets are only recognized to the extent that it is probable that the resultant future tax advantages will be utilized. An impairment test is conducted annually in this regard as of the year-end date. The breakdown of claims in respect of the various items in the statement of financial position is indicated under Note 30 “Taxes on income” on pages 140 to 142. (6) Inventories In accordance with IAS 2, reported under inventories are those assets that are intended for sale in the normal course of business (finished products and merchandise), those undergoing manufacture ready for sale (unfinished products) and those to be utilized or consumed in the course of manufacture or the provision of services (raw materials and supplies). Payments on account made for the purpose of purchasing inventories are likewise disclosed under the inventories heading. Inventories are measured at the lower of cost and net realizable value. Consolidated financial statements Notes to the consolidated statement of financial position Inventories are measured using either the “first in, first out” (FIFO) or the average cost method. Manufacturing cost includes not only the direct costs but also appropriate portions of necessary overheads (for example goods-in department, raw material storage, filling, costs incurred through to the finished goods warehouse), production-related administrative expenses, the costs of the retirement pensions of people who are employed in the production process, and production- related depreciation and amortization. The overhead add-ons are calculated on the basis of average capacity utilization. Not included, however, are interest expenses incurred during the manufacturing period. The net realizable value is determined as an estimated selling price less costs yet to be incurred through to completion and necessary selling and distribution costs. Write-downs to the net realizable value are made if, as of year-end, the carrying amounts of the inventories are above their realizable fair values. The resultant valuation allowance for fiscal 2011 amounts to 105 million euros (previous year: 108 million euros). Analysis of inventories December December in million euros 31, 2010 31, 2011 Raw materials and supplies 446 475 Work in progress 61 61 Finished products and merchandise 950 1,010 Payments on account for merchandise 3 4 Total 1,460 1,550 (7) Trade accounts receivable Trade accounts receivable amount to 2,001 million euros (previous year: 1,893 million euros), all due within one year. Valuation allowances have been recognized in respect of specific risks as appropriate. Overall, the total valuation allowances recognized amount to 23 million euros (previous year: 24 mil lion euros). (8) Cash and cash equivalents Recognized under cash and cash equivalents are liquid funds, sight deposits and other financial assets with an original term of not more than three months. In accordance with IAS 7, also recognized under cash equivalents are shares in money market funds which, due to their first-class credit rating and investment in extremely short-term money market securities, undergo only minor value fluctuations and can be readily converted within one day into known amounts of cash. Utilized bank overdrafts are recognized in the statement of financial position as liabilities to banks. 117
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