Hornbach-Baumarkt-AG Group

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92 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Explanatory notes on the principles and methods applied in the consolidated financial statements NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Explanatory notes on the principles and methods applied in the consolidated financial statements Basis of preparation In line with § 315a of the German Commercial Code (HGB), HORNBACH-Baumarkt-AG prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as requiring mandatory application in the European Union. HORNBACH-Baumarkt-AG and its subsidiaries are included in the consolidated financial statements of HORNBACH HOLDING AG. The consolidated financial statements and group management report of HORNBACH HOLDING AG are published in the electronic Federal Official Gazette (Bundesanzeiger). HORNBACH-Baumarkt-AG is a publicly listed stock corporation whose legal domicile is in Bornheim, Germany. HORNBACH-Baumarkt-AG and its subsidiaries develop and operate DIY megastores with garden centers on an international basis. The financial year of HORNBACH-Baumarkt-AG and thus of the Group runs from March 1 of each year through to the final day of February of the following year. Individual items in the income statement and the balance sheet have been grouped together in the interests of clarity. These items have been reported separately in the notes to the financial statements. In line with IAS 1 “Presentation of Financial Statements”, a distinction has been made in the balance sheet reporting between non-current and current debt capital. Debt items are treated as current if they are due within one year. The consolidated financial statements have been compiled in euros. This represents the functional currency at HORNBACH-Baumarkt-AG. The figures have been rounded off to the nearest thousand or million euros. Such rounding up or down may result in minor discrepancies between the figures depicted in the various sections of these notes. Assumptions and estimates have been made when preparing the consolidated financial statements which have an effect on the recognition and/or measurement of assets, liabilities, income and expenses as presented. These assumptions and estimates mainly relate to uniform procedures applied across the Group in respect of economic useful lives, the recognition and measurement of provisions, the calculation of current market values and the ability to obtain future tax relief. The principal assumptions and estimates which, due to their uncertainty, may result in discrepancies in the level of assets and liabilities reported have been outlined in the notes to the respective items. Changes are accounted for as a credit or charge to operations upon receipt of further information. The Board of Management of HORNBACH-Baumarkt-AG prepared the consolidated financial statements and approved them for publication on May 2, 2013. The period in which adjusting events could be accounted for thus expired as of this date.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Explanatory notes on the principles and methods applied in the consolidated financial statements 93 Amendments to recognition and measurement methods as a result of new standards Application has been made of all International Financial Reporting Standards and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) valid and requiring mandatory application at the balance sheet date, to the extent that such are relevant for the HORNBACH-Baumarkt-AG Group. The following new standards, revised standards and interpretations required application for the first time in the 2012/2013 financial year: • Amendments to IFRS 7 “Disclosures – Transfer of Financial Assets”: The amendments to IFRS 7 involve extended note disclosure obligations upon transfers of financial assets. This is intended to clarify the nature of the relationships between financial assets not requiring complete derecognition and the corresponding financial liabilities. Furthermore, it should be possible to better judge the nature of and in particular the risks associated with any continuing involvement with derecognized financial assets. The amendments also require additional disclosures to be made when a disproportionately high number of transfers with continuing involvement arise, for example at around the end of a reporting period. These amendments have no implications for the consolidated financial statements of HORNBACH-Baumarkt-AG. Standards and interpretations not applied prematurely The IASB has issued the following standards, interpretations, and revisions to existing standards of relevance to the HORNBACH-Baumarkt-AG Group which only require mandatory application in later financial years and which the HORNBACH-Baumarkt-AG Group has also not applied prematurely: • Amendments to IAS 1 “Presentation of Items of Other Comprehensive Income”: These amendments affect the presentation of other comprehensive income within the statement of comprehensive income. In future, those items of other comprehensive income that are reclassified at a later date to the income statement (recycling) must be presented separately from items of other comprehensive income that will never be reclassified. Where items are recognized on a gross basis, i.e. without netting with deferred tax items, the deferred taxes should now no longer be recognized as an aggregate total, but rather allocated to the two groups of items. This amendment requires first-time application in financial years beginning on or after July 1, 2012. The amendments to the standard will lead to the presentation of the respective items being adjusted to the new requirements in future consolidated financial statements of HORNBACH-Baumarkt- AG. • Amendments to IAS 12 “Recovery of Underlying Assets”: In the case of investment property, it is often difficult to assess whether existing temporary tax differences will be reversed by further use or upon disposal. The amendment to IAS 12 clarifies that the measurement of deferred taxes should be based on the refutable assumption that such items will be reversed by disposal. This amendment requires first-time application in financial years beginning on or after January 1, 2013. The amendments have no implications for the consolidated financial statements of HORNBACH-Baumarkt-AG. • IAS 19 “Employee Benefits” (revised 2011): Alongside more extensive disclosure obligations for employee benefits, the revised standard has resulted in particular in the following amendments: There is currently an option as to how unexpected fluctuations in pension obligations, so-called actuarial gains and losses, may be presented in the financial statements. These may be recognized (a) through profit or loss in the income statement, (b) under other comprehensive income (OCI) or (c) over time using the so-called corridor method. To ensure greater transparency and comparability of these items, the revised version of IAS 19 has eliminated this option. In future, it will only be permitted to recognize these
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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 25 Dates of re
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CORPORATE GOVERNANCE 27 to a member
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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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AUDITOR’S REPORT 159 AUDITOR’S
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Germany Baden-Württemberg Binzen E
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Hornbach-Baumarkt-AG Group

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