mdg-annual-report-2013

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84 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSThe carrying amount of deferred tax assets is examined on every balance sheet date and reduced to the extent that itis no longer likely that sufficient taxable income will be available against which the deferred tax asset can be used, atleast in part.Deferred taxes which relate to items reported in other comprehensive income or directly in shareholders’ equity arealso stated in other comprehensive income or shareholders’ equity.Deferred tax assets and liabilities are measured using tax rates expected to be valid for the period in which an asset isrealised or a debt is settled. This is based particularly on country-specific tax rates and laws applicable as per thebalance sheet date. Deferred tax assets and liabilities are offset against one another if the tax assets and incometaxes pertain to the same taxable entity, have matching maturities, and are levied by the same tax authority.(21) LeasingLease agreements in which the Group is the lessee and a significant share of the risks and rewards associated withowning the leasing object remain with the lessor are classified as operating leases. Payments made in connection withoperating leases are recognised in the income statement over the period of the lease using the straight-line method.There are no leases for property, plant or equipment in which the Group is the lessee and bears the significant risks.(22) Revenue recognitionRevenue is recognised when the economic benefit is likely to flow to the Group and the amount of the income can bedetermined reliably. In the reporting period, Medigene posted revenue from product sales, milestone and licence feepayments, research grants and other income.Revenue from product sales and recurring licence paymentsRevenue from product sales are realised as soon as the risks and rewards associated with ownership have been transferredand the product or active ingredient has been delivered to the buyer. Moreover, Medigene receives licence feepayments for the product sales generated by the licensee in the market. These are invoiced on a quarterly basis.Revenue from upfront, milestone, and non-recurring licence fee paymentsUpfront (one-time) payments which Medigene receives from pharmaceutical partners upon concluding a new contractare accrued on the liabilities side in accordance with IAS 18 »Revenue« over the relevant contractual or patent termand stated on a straight-line basis or collected in instalments once certain milestones are achieved. The reversal isposted in the income statement in product sales under milestones from product revenue. Provided that all criteria ofIAS 18.14 are fulfilled, sales are immediately realised in full. Non-recurring licence fee payments which entail all risksand rewards being transferred to the licensee are immediately recognised as income.Medigene receives milestone payments for the official acceptance of applications submitted to authorities, the marketapproval of products by the authorities, the market launch of new products by partners, the achievement of certaincontractually agreed annual revenue targets, and the achievement of research and development milestones definedin cooperation agreements. No accrual is needed in these cases. Accordingly, these payments are recognisedimmediately as income provided that no additional payments have been agreed.
MEDIGENE AG ANNUAL REPORT 2013 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 85R&D payments received from partners and other incomeIncome from research cooperation is collected as income in accordance with IAS 18 if the contractually agreed targetsare reached and/or the relevant research and development services have been supplied. Contractually agreedpayments and scheduled payments not linked to a future performance are collected as income on the condition thatthe cooperation partner confirms that the contractual agreements have been met.Interest incomeInterest income is recognised when interest becomes payable.(23) Research and development expensesResearch and development expenses are recognised as expenses in the period in which they arise. These expensesinclude personnel expenses, third party expenses, laboratory material costs, patent and licence fees, consultancy feesand other costs such as rent and electricity, as well as depreciation.(24) Earnings per shareThe net result per share is determined in accordance with IAS 33 »Earnings per Share«. This result is also subdividedinto continued and discontinued operations in accordance with IFRS 5.Basic earnings per shareThe basic earnings per share are calculated by dividing the overall result for the period, the result for the period ofcontinued operations, and the result for the period of discontinued operations to which the equity providers are entitled(the numerator), by the weighted average number of shares issued (the denominator) that are in circulation duringthe fiscal year.Diluted earnings per shareThe diluted earnings per share are calculated by increasing the weighted average number of shares in circulation by allof the option rights (denominator). The total comprehensive income for the period and result from discontinued anddiscontinued operations are adjusted for all changes in income or expense that would result from the conversion ofthe potential ordinary shares with dilution effects. For the stock options, it is calculated how many shares could beacquired at fair value (determined by the average stock market value of the Company’s shares over the course of theyear). The number of shares thereby calculated is compared with the number that would have resulted had the stockoptions been exercised. The conversion of potential ordinary shares is deemed to be completed on commencement ofthe period, or on the day, when the potential ordinary shares were issued.
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Medigene AG Annual report 2013 Kapi
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134 REPORT OF THE SUPERVISORY BOARD
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144 FINANCIAL CALENDAR/ TRADEMARKS/
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