Annual report 2012 - VDL

General
Provisions
Applicability of provisions
The annual accounts have been prepared in accordance with the provisions
of Section 9, Book 2 of the Dutch Civil Code. The valuation of assets and
liabilities and determination of the result are based on the historical cost
convention. Unless otherwise indicated in the discussion of the relevant
principle for the specific balance sheet item, assets and liabilities are stated
at face value. Income and expenses are allocated to the year to which they
apply. Profit is only included when realized on the balance sheet date.
Liabilities and any losses originating before the end of the year under review
are only accounted for if they were known before the annual accounts were prepared. The explanations provided on the
consolidated balance sheet and profit and loss account are also applicable to the consolidated profit and loss account, unless
otherwise stated.
Consolidation
The consolidated annual accounts of VDL Groep bv include the financial details of all companies belonging to the group and
other legal entities over which a controlling interest can be exercised either directly or indirectly. The consolidated annual
accounts have been prepared in accordance with the provisions for the valuation and determination of results of VDL Groep bv.
Financial information relating to the group companies and other legal entities and companies included in the consolidation, are
fully included in the consolidated financial statements, eliminating the intercompany relationships and transactions. Investments
in third parties and results of group companies are separately disclosed in the consolidated financial statements.
Acquisition of shareholdings in group companies
The results of newly acquired group companies and other legal entities and companies included in the consolidation are included
from the acquisition date. The assets, provisions and liabilities are measured at fair values as at that date. The results of divested
shareholdings, or shareholdings that no longer fulfil the criteria of group companies, are accounted for in the annual accounts
until the date the group relationship ended. Any differences between the acquisition price and share of the net asset value at the
start of the year under review of the companies acquired during the financial year are, in the case of goodwill, capitalized under
intangible fixed assets and amortized over the useful economic life. If the case of negative goodwill, the difference between the
acquisition price and the share of net assets acquired is put into a statutory reserve.
Foreign currencies
Amounts in foreign currency on the balance sheet are converted into euro at fixed exchange rates that approximate the
exchange rates valid on the balance sheet date. Exchange rate differences that originate from group companies having claims
on or debts to third parties or one another are debited or credited to the profit and loss account. Exchange rate differences
that originate from the conversion of equity belonging to shareholdings into euro will be booked directly to equity. Turnover,
costs and results of the shareholdings are booked to the profit and loss account after being converted into euro at fixed rates
that approximate the exchange rates valid on the balance sheet date.
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