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noteS TO THE CONSolidated FINANCIAL StatementS
conSolidated FINANCIAL StatementS FOR THE Year ENDED 31 DECEMBER 2011
USE OF EStimateS AND JudgementS
The preparation of the consolidated financial statements requires the use of estimates and assumptions, which
may influence the reported values of assets, liabilities and financial obligations at the balance sheet date, as well
as the income and expenses of the financial year. Actual results may differ from these estimates. The true and fair
view principle is fully applied in the use of all estimates.
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet
date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are disclosed in the following.
(16) IMPAIRMENT OF NON-financial ASSetS
The impairment tests performed by PALFINGER regarding goodwill, intangible assets with indefinite useful lives and
uncompleted capitalized development projects are based on calculations of the value in use, for the purpose of
which a discounted cash flow model was applied. The recoverable amount strongly depends on the discount rates
used under the discounted cash flow model and the expected future cash inflows.
Further details on the impairment of non-financial assets are presented in Note (26) Intangible assets and Note (27)
Property, plant and equipment.
(17) DEFERRED TAX ASSetS
Deferred tax assets are reported for all unused tax-loss carry forwards in the amount of taxable income probably
available so that the loss carry forwards may actually be used. In the case of carry forwards not subject to expiry,
their usability during the next five years is taken as the decisive factor. For the purpose of determining the amount
of the deferred tax asset that may be capitalized, material judgements by the management on the anticipated
time of occurrence and the amount of the future taxable income as well as on the future tax planning strategies
are required.
paLFINGER reported as assets tax-loss carry forwards amounting to EUR 50,812 thousand (previous year:
EUR 50,000 thousand). Capitalized tax-loss carry forwards of EUR 34,021 thousand (previous year:
EUR 30,438 thousand) are not subject to expiry.
Further details on deferred taxes are disclosed in Note (30) Deferred tax assets and liabilities.
palfinger Annual Report 2011
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