Hornbach-Baumarkt-AG Group

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102 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Explanatory notes on the principles and methods applied in the consolidated financial statements Accounting policies Assets have generally been measured at amortized cost. Derivative financial instruments and assets measured at fair value through profit and loss have been recognized at fair value. Revenues such as rental income, interest income and dividends have been deferred. Goodwill Goodwill is tested for impairment once a year. Should any events or changes in circumstances indicate any impairment in value, then such impairment test must be performed more frequently. Pursuant to IAS 36, the carrying amounts of the smallest cash generating units, including the share of goodwill allocated to such units, are compared with the higher of the fair value less costs to sell and the value in use (so-called recoverable amount) of such units. If the carrying amount of the cash generating unit exceeds its recoverable amount, then a write-down is required. The impairment loss for a cash generating unit is initially allocated to goodwill. Any remaining impairment loss is subsequently recognized for the other assets in the cash generating unit. However, assets may only be written down at maximum to the recoverable amount of the individual asset identified. Goodwill is not written up. Individual DIY stores are viewed as cash generating units at the HORNBACH-Baumarkt-AG Group. The value in use is calculated on the basis of the discounted future cash flows of a cash generating unit expected on the basis of the detailed financial budget for the coming financial year and in the strategic five-year plan. Periods reaching further into the future have been based on a growth factor of 1.0% (2011/2012: 1.0%). The strategic five-year plan is largely based on the developments expected in consumer spending as stated in economic forecasts published by economic research institutes. A detailed financial budget for the coming financial year is then compiled on this basis. Discounting is based on average equity and debt capital costs after taxes (WACC= Weighted Average Cost of Capital). The calculation of the costs of equity is based on the yield expected on a long-term risk-free federal bond. The costs of debt capital are based on the aforementioned base rate and include a risk premium. This risk premium is appropriate to the rating of HORNBACH-Baumarkt-AG or of a relevant peer group. The discount rates applied for the respective cash generating units take account of the specific equity capital structures of a peer group, and of country risk. Discount rates of between 5.1% and 7.2% were applied in the 2012/2013 financial year (2011/2012: 5.8% to 7.6%). Intangible assets (except goodwill) Intangible assets with finite useful lives are recognized at amortized cost.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Explanatory notes on the principles and methods applied in the consolidated financial statements 103 Amortization is determined using the straight-line method based on the following economic useful lives: Years Software and licenses 3 to 8 Other intangible assets 3 to 8 Impairment losses are recognized when there are indications of impairment and the recoverable amount falls short of the carrying amount. The recoverable amount is the higher of the fair value less costs to sell and the value in use. Corresponding write-ups are recognized when the reasons for impairment losses recognized in previous years no longer apply. There are no intangible assets with indefinite useful lives. Property, plant and equipment and investment property Property, plant and equipment and investment property are recognized at amortized cost. Depreciation is undertaken on a straight-line basis. If there are indications of any impairment in value and if the recoverable amount is less than the amortized cost, then impairment losses are recognized for the respective items of property, plant and equipment. Corresponding write-ups are recognized when the reasons for impairment losses recognized in previous years no longer apply. Depreciation is uniformly based on the following economic useful lives across the Group: Years Buildings and outdoor facilities (including rented property) 15 to 33 Other equipment, plant, and office equipment 3 to 15 Should major components of property, plant and equipment have different useful lives, then these components are recognized and measured separately. Financing costs incurred in connection with real estate development ("building interest") which can be directly allocated to the acquisition, construction or establishment of land and buildings ("qualifying assets") are capitalized as a component of costs in accordance with IAS 23 “Borrowing Costs (revised)". Leases Leased items of property, plant and equipment which are to be viewed in economic terms as asset purchases with long-term financing (finance leases) are recognized pursuant to IAS 17 “Leases” at fair value at the beginning of the leasing relationship, unless the present value of the leasing payments is lower. The relevant assets are depreciated over their economic useful lives or over the term of the contract if shorter. Application is made of the same method of depreciation applicable to comparable assets acquired or manufactured. Moreover, an equivalent financial liability is capitalized at the amount of the fair value of the asset or the present value of the minimum leasing payments, if lower. Where group companies act as lessees within an operating lease, i.e. when all significant risks and rewards remain with the lessor, then the leasing expenses are recognized on a straight-line basis in the income statement.
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Hornbach-Baumarkt-AG Group Annual R
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Key Group, Financial and Operating
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Time and Space Those are the dimens
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COMPANY PROFILE 7 Germany. The net
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10 TO OUR SHAREHOLDERS TO OUR SHARE
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12 REPORT OF THE SUPERVISORY BOARD
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14 REPORT OF THE SUPERVISORY BOARD
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16 DIRECTORS & OFFICERS DIRECTORS &
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The timesavers Got the internal fit
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CORPORATE GOVERNANCE 21 of its Boar
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CORPORATE GOVERNANCE 23 worked with
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CORPORATE GOVERNANCE 25 Dates of re
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CORPORATE GOVERNANCE 27 to a member
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30 THE HORNBACH-BAUMARKT SHARE THE
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32 THE HORNBACH-BAUMARKT SHARE Key
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The workhorses There’s one area o
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GROUP MANAGEMENT REPORT Macroeconom
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GROUP MANAGEMENT REPORT Macroeconom
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GROUP MANAGEMENT REPORT Sales Perfo
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NOTES TO THE CONSOLIDATED FINANCIAL
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AUDITOR’S REPORT 159 AUDITOR’S
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Germany Baden-Württemberg Binzen E
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