ANNUAL REPORT - HSE

(3) Long-term investments
€ 51,541,008
During consolidation, € 948,506,794 of long-term investments
in Group companies were eliminated.
During consolidation, the value of investments in associates
accounted for using the equity method increased
by € 93,960. The increase was recorded as
revaluation surplus.
An investment in the subsidiary Golte, which is not
consolidated, represents an important increase in interests
in group companies.
In 2007 other long-term investments also included
the fair value of derivatives. Due to a drop in interest
rates, the fair value of these instruments was negative
at the end of 2008 and was therefore recorded under
other long-term financial liabilities.
Cost and revaluation of long-term investments other than loans
INTERESTS INTERESTS OTHER
AND SHARES AND SHARES INVESTMENTS OTHER
IN GROUP IN IN SHARES LONG-TERM
AS AT 31/12/2008 COMPANIES ASSOCIATES AND INTERESTS INVESTMENTS TOTAL
Cost 3,034,734 1,015,126 47,294,798 120,815 51,465,473
Revaluation 0 0 362,355 362,355
Carrying amount 3,034,734 1,015,126 46,932,443 120,815 51,103,118
in €
Changes in long-term investments other than loans
in €
INTERESTS INTERESTS OTHER
AND SHARES AND SHARES INVESTMENTS OTHER
LONG-TERM IN GROUP IN IN SHARES LONG-TERM
INVESTMENTS COMPANIES ASSOCIATES AND INTERESTS INVESTMENTS TOTAL
Carrying amount
as at 31/12/2007
26,928 1,060,227 46,909,871 1,429,295 49,426,321
Acquisitions 3,016,569 74,919 1,044,117 36,664 4,172,269
Disposals -8,763 -120,020 -659,571 -1,345,144 -2,133,498
Revaluation 0 0 -361,974 0 -361,974
Carrying amount
as at 31/12/2008
3,034,734 1,015,126 46,932,443 120,815 51,103,118
ANNUAL REPORT HSE | FINANCIAL REPORT OF THE HSE GROUP
(4) Deferred tax assets
€ 19,300,196
In 2008 deferred tax assets were created anew in connection
with the following:
• creation of provisions for jubilee and termination
benefits,
• impairment of long-term and short-term investments,
• differences between operating and tax depreciation
and amortisation,
• unused tax losses at two companies and other.
Deferred tax assets are used in connection with:
• use of provisions for jubilee and termination benefits,
• reversal and use of other provisions,
• reconciliation of deferred tax assets to a lower tax
rate.
In the consolidated income statement for the year
2008 created deferred tax assets amounted to €
4,135,437, with reversed deferred tax assets totalling
€ 9,128,374. In the consolidated balance sheet,
the amount of created deferred tax assets stood at €
325,462.
The Group’s deferred tax liabilities stood at € 2,639 at
the end of 2008.
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