01 Gothaer Konzern_E_09_Umschl - Gothaer Allgemeine ...

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Consolidated Financial Statements Consolidated statement of financial position Consolidated statement of comprehensive income Assets €million 31 Dec. 2008 Adjustment IAS 8 31 Dec. 2008 Annual Report 2008 Annual Report 2009 G. Reinsurers’ share of underwriting reserves IV. Other underwriting reserves 58.7 –64.2 –5.5 J. Tax assets II. from deferred taxes 317.1 9.1 326.2 Equity and Liabilities €million 31 Dec. 2008 Adjustment IAS 8 31 Dec. 2008 Annual Report 2008 Annual Report 2009 A. Equity III. Consolidated profit for the year attributable to shareholders of the parent company 61.7 0.4 62.1 B. Gross underwriting reserves IV. Other underwriting reserves Reserves for premium refunds 1,657.5 –68.2 1,589.3 D. Other accruals II. Accruals for taxes 125.2 –125.2 0.0 E. Liabilities V. Other liabilities 1,847.8 –2.4 1,845.4 F. Tax debts I. for current taxation 25.9 125.2 151.1 II. for deferred taxes 407.1 15.1 422.2 Statement of Income €million 31 Dec. 2008 Adjustment IAS 8 31 Dec. 2008 Annual Report 2008 Annual Report 2009 5. Investment result 711.5 0.1 711.6 8. Policyholder benefits a) Gross 2,674.0 4.9 2,678,9 b) Reinsurers’ share 233.8 8.9 242,7 2,440.2 –4.0 2,436.2 10. Other expenses 256.7 –2.4 254.3 13. Taxes on income 39.8 6.0 45.8 15. Minority interests 2.6 –0.1 2.6 16. Consolidated profit for the year attributable to shareholders of the parent company 61.7 0.4 62.1 118 Gothaer Group Annual Report 2009
Accounting policies of different items Intangible assets Consolidated Financial Statements In the case of intangible assets, a distinction is made between goodwill and other intangible assets. Goodwill is recognized under intangible assets in the consolidated financial statements upon first-time consolidation if the cost of an acquisition exceeds the proportionate share of the equity acquired after the release of hidden reserves. Goodwill is regularly tested for impairment within the meaning of IAS 36 (impairment only approach). For the purpose of impairment testing, the book values of the companies, including the goodwill allocated to the companies, are set against the relevant recoverable amount. The recoverable amount is based on fair value, which is also the value in use, less costs to sell. If no direct market prices can be observed, valuation is normally by the capitalized earnings value method. Calculation of the capitalized earnings value is based on the latest financial projections approved by the Management, which normally have a planning horizon of 3 to 5 years. For the period beyond the detailed planning horizon, a detailed analysis of past experience is used to establish a reasonable going concern value that is extrapolated into the future based on growth assumptions appropriate for the market. If goodwill is found to be impaired, an impairment loss is recognized. The loss is recorded under other expenses. Negative goodwill is considered in the same item as positive goodwill. The latter is reversed directly through profit or loss in the year of occurrence. Reversals are recognized as other income. Other intangible assets include purchased as well as internally generated software. All internally generated intangible assets meet the requirements of IAS 38. They are recognized at cost less any impairment losses and amortized over their useful lives (3 to 10 years) by the straight-line method. Other intangible assets are also regularly tested for impairment in line with IAS 36 and impairment losses are recorded if necessary. Writedowns are reported in the statement of income and, in the case of an insurance company, spread over investment expenses, policyholder benefits and underwriting expenses. Where write-downs result from a non-insurance company, they are reported in other expenses. Gothaer Group Annual Report 2009 119
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108141 - 03.2009 The Gothaer Group
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Financial Highlights The Business U
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Gothaer Versicherungsbank VVaG Grou
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Foreword Rich in tradition, but for
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Competence for small and medium siz
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Target group SMEs Target group SMEs
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Target group SMEs Healthy staff - t
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Employees: our most important resou
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Passion for performance Employees I
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Employees Personnel and management
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190 Years Gothaer brand 18 Gothaer
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Topical Subject 190 Years Gothaer b
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Topical Subject Why a strong brand
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Topical Subject Positioning since 2
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Topical Subject ASSTEL - the direct
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Management Report 28 Gothaer Group
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Management Report General Economic
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Management Report The run-off of th
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Management Report Underwriting risk
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Management Report Corporate client
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Management Report Reinsurance In 20
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Auditors’ Report We audited the c
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The financial strength ratings carr
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Gothaer Versicherungsbank VVaG Arno
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