PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial Statements 149recognised in the statement of the comprehensive income. Deferred tax assets for futurefinancial benefits arising from tax-loss credits were also reported in the balance sheet.However, deferred tax assets for all deductible temporary differences and for tax losscarry forwards were only recognised to the extent that it is probable that future taxableprofit will be available against which the temporary differences or unused tax losses canbe utilised. The deferred taxes were calculated on the basis of income tax rates that,pursuant to ias 12 “Income Taxes”, apply on the evaluation date or have been enacted inthe individual countries in accordance with the legal status on that date. Deferred taxassets and liabilities were balanced out only to the extent that an offset is legally permissible.Deferred tax assets and liabilities were not discounted in accordance with theprovisions contained in ias 12 “Income Taxes”.Provisions and liabilitiesProvision for pensions is determined according to the projected unit credit methodpursuant to ias 19 “Employee Benefits”. Under this method, not only those pensions andpension rights known or accrued at the end of the reporting period are recognised, butalso expected future increases in pension payments and salaries by estimating the relevantfactors impacting such payments. Calculation is based on actuarial reports taking intoaccount biometric calculation principles. The amounts not yet shown in the statement ofthe financial position emanate from actuarial gains and losses from inventory changesand deviations between assumptions made and actual development. Actuarial gains andlosses are only recognised as income or expense if they exceed a 10% margin of thedefined benefit obligation. Distribution is carried out over the participating employees’expected average remaining period of service. The option pursuant to ias 19.93a to fullyrecognise actuarial gains and losses and to set these off against revenue reserves was notused. The service cost is reported under employee expenses and the interest componentin appropriation to pension provisions is reported in the financial result.Pursuant to ias 37 “Provisions, Contingent Liabilities and Contingent Assets”, otherprovisions were only recognised in the case of an existing present obligation to thirdparties from an event in the past, the use of which is probable and if the anticipatedamount of the required provision can be reliably estimated. In this case the probabilityof occurrence must exceed 50%. In each case the most probable amount of performancewas recognised. The calculation is made at production-related full cost taking intoaccount possible increases in price and cost. The calculation is carried out using thebest estimate of the amount required to settle the obligation at the end of the reportingperiod. Provisions with a remaining term of more than one year were discounted at thecustomer conditions.consolidated financialstatements