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Kabel Deutschland GmbH Notes to the consolidated financial statements 3 1. General Information Kabel Deutschland GmbH (hereinafter referred to as “KDG GmbH” or the “Company”) and its consolidated Group Entities (together “KDG” or the “Group” and individually the “Group Entities”) is the largest cable network operator in Germany in terms of subscribers, revenues and residential units that can be connected to KDG’s network (‘‘homes passed’’). KDG offers a variety of television and telecommunications services to its subscribers, including Basic Cable services, Premium-TV services, broadband internet access, fixed-line phone and mobile phone services. Kabel Deutschland GmbH was founded on December 17, 2002. KDG GmbH’s registered office is in Unterfoehring, Betastrasse 6 - 8 (commercial register of Munich HRB 145837), Germany. KDG GmbH’s sole shareholder is Kabel Deutschland Holding AG (“KDH AG”, formerly Kabel Deutschland Holding GmbH). Cable Holding S.A. (“LuxCo”; formerly Cable Holding S.à r.l.), Luxemburg, is the major shareholder of KDH AG. LuxCo is wholly owned by Cayman Cable Holding L.P. (“Cayman Cable”), George Town, Cayman Islands which is itself majority owned by Providence Equity Partners, London, United Kingdom. The operating business is predominantly performed by Kabel Deutschland Vertrieb und Service GmbH & Co. KG (“KDVS”), a wholly owned subsidiary of KDG GmbH. Since commencement of market trading of KDH AG stocks on March 22, 2010, the parent company of KDG GmbH has been listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange under ISIN DE000KD88880. The Company primarily performs management and administrative tasks by providing services related – among other things – to finance, law and personnel for the Group and its affiliated companies. As the parent company of the Group, the Company performs all central management functions for its affiliated companies. The Group’s operative business is primarily conducted by the relevant operating subsidiaries, the most important being Kabel Deutschland Vertrieb und Service GmbH & Co. KG (“KDVS”). The consolidated financial statements of the Group as of and for the year ended March 31, 2010 comprise KDG GmbH and its subsidiaries and the Group’s interest in associates. The annual consolidated financial statements of the Group were authorized for issuance by a resolution of the directors in accordance with IAS 10 on July 20, 2010.
Kabel Deutschland GmbH Notes to the consolidated financial statements 4 1.1 Acknowledgement The consolidated financial statements of the Group for the three years ended March 31, 2010, March 31, 2009 and March 31, 2008 have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU), as well as in accordance with Section 315a para. 3 German Commercial Code (HGB). All IFRSs issued by the IASB, effective at the time of preparing the consolidated financial statements and applied by the Group, have been adopted for use in the European Union (EU) by the European Commission. The consolidated financial statements of KDG thus also comply with IFRS as issued by the IASB and take into account the additional disclosures required by Section 315a para. 1 HGB in connection with Section 315a para. 3 HGB. 1.2 Basis of Presentation The Group’s fiscal year is the twelve month period ending March 31. The consolidated financial statements and notes have been prepared and are presented in Euros, which is the Company’s functional currency and all values are rounded to the nearest thousand (T€) except where otherwise stated. Totals in tables were calculated on the basis of precise figures and rounded to T€. The Group’s financial statements have been prepared using consistent accounting and consolidation methods for all periods presented. The Group’s consolidated statement of income has been prepared using the cost of sales method under IFRS. The consolidated financial statements have been prepared on a historical cost basis except for derivative financial instruments and liabilities related to shares in Cayman Cable Holding L.P. (“Cayman Cable” or the “Partnership”) granted under former Management Equity Participation Programs (“MEP”) and still outstanding that have been measured at fair value. The preparation of financial statements in conformity with International Financial Reporting Standards requires judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and actions, actual results ultimately may differ from those estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. With respect to key judgments and estimation uncertainty, refer to note 2.15.
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Audit opinion We have audited the c
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