Annual Financial Statement P&I Personal & Informatik AG April 1 ...

deferred and will be included in the sales figures after the seminar event has been
completed.
8. DEFERRED TAX LIABILITIES
Deferred taxes were calculated using the balance-orientated temporary concept introduced
by BilMoG for the first time after the temporary differences were taken into consideration.
The non-amended tax rate used during the previous year was 31.23 per cent.
Temporary differences, which arose before the transition to the BilMoG regulations, were
included in the calculations for the first time as part of the initial implementation of BilMoG.
The initial deferred tax liabilities of 870,000 euros that were formed were offset in the first
instance against revenue reserves and then against the net profit in the balance sheet
changeover on April 1, 2010, in compliance with Art. 67 Para. 6, Sentence 1, EGHGB.
The assets and deferred tax liabilities are based solely on the measured differences in the
balance sheet and are listed as follows:
Details in 000 euros
Balance sheet P & L
March 31, 2011 April 1, 2010 2010/2011
Deferred tax assets
Current Assets 20 0 20
Other 43 8 35
Total 63 8 55
Deferred tax liabilities
intangible assets
-1.122 -878
-244
Total -1.122 -878 -244
Deferred tax revenue/
Deferred tax liabilities -1.059 -870 -189
9. CONTINGENCIES AND BUSINESS NOT INCLUDED IN THE BALANCE SHEET
Contingencies
Credit by way of bank guarantee
The Company has a master agreement with the Dresdner Bank AG on furnishing collateral
("credit by way of bank guarantee“) for its liabilities to a total amount of 820,000 euros
(previous year: 820,000 euros). As at balance sheet date, availment of credit by way of bank
guarantee to the amount of 803,000 euros (previous year: 814,000 euros) was made use of.
Group guarantee
The Company has declared that in the event that P&I Personeel & Informatica, B.V.,
Amsterdam, Netherlands is unable to fulfil the contact it has concluded with a major client, it
will enter fully into the contractual obligations agreed between P&I Personeel & Informatica,
B.V., Amsterdam, Netherlands and the client.
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