Hornbach-Baumarkt-AG Group

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96 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Explanatory notes on the principles and methods applied in the consolidated financial statements quired to date under IAS 27, IAS 28 und IAS 31. The new standard requires first-time application in financial years beginning on or after January 1, 2014. First-time application of the amended standard is not expected to lead to extended note disclosures in the consolidated financial statements of HORNBACH- Baumarkt-AG. • IFRS 13 "Fair Value Measurement": This standard lays down uniform requirements for fair value measurement in IFRS financial statements. In future, all fair value measurements called for by other standards will have to comply with the uniform requirements of IFRS 13. Only IAS 17 and IFRS 2 will continue to be governed by their own requirements. IFRS 13 defines fair value as the exit price, i.e. as the price that would be obtained upon the sale of the asset, or the price that would have to be paid to assign a liability. A three-level hierarchy system graded in terms of dependence on observable market prices is to be introduced in line with the system already known for the fair value measurement of financial assets. This new method of fair value measurement may result in values that differ from those determined in line with existing requirements. The new standard requires first-time application in financial years beginning on or after January 1, 2013. First-time application of the amended standard is not expected to have any material implications for the future consolidated financial statements of HORNBACH-Baumarkt-AG. Standards, interpretations and amendments published as of the balance sheet date, but not yet adopted into European law by the EU Commission The following requirements had been published in English by the IASB and the IFRIC but not yet endorsed by the EU as of the balance sheet date. • IFRS 9 "Financial Instruments": The recognition and measurement of financial instruments in line with IFRS 9 is set to replace IAS 39. In future, financial assets will be classified and measured in only two groups - at amortized cost and at fair value. The group of financial assets measured at amortized cost consists of those financial assets which only provide for a right to payment of interest and principal amounts at specified dates and which are also held within a business model whose objective is the holding of assets. All other financial assets belong to the group measured at fair value. As previously, financial assets in the first category may be redesignated to the fair value category in specific circumstances ("fair value option"). Changes in the value of financial assets in the fair value category must basically be recognized through profit or loss. For specific equity instruments, however, use may be made of the option of recognizing changes in value under other comprehensive income; dividend claims relating to these assets must nevertheless be recognized through profit or loss. The requirements for financial liabilities have basically been taken over from IAS 39. The main difference relates to the recognition of value changes for financial liabilities measured at fair value. In future, these will have to be broken down. The portion allocable to a company's proprietary credit risk must be recognized under other comprehensive income, while the remaining portion of the change in value must be recognized through profit or loss. Subject to adoption into EU law, which is still outstanding, IFRS 9 will require first-time application in financial years beginning on or after January 1, 2015. • Amendments to IFRS 9 and IFRS 7 “Mandatory Effective Date and Transition Disclosures”: These amendments enable users to forego stating adjusted previous year’s figures upon the first-time application of IFRS 9. Originally, this relief was only possible if premature application was made of IFRS 9 prior to January 1, 2012. This relief involves additional note disclosures for IFRS 7 upon the date of transition. Subject to adoption into EU law, which is still outstanding, these amendments – by analogy with the requirements of IFRS 9 – will require first-time application in financial years beginning on or after January 1, 2015.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Explanatory notes on the principles and methods applied in the consolidated financial statements 97 • Amendments to IFRS 10, IFRS 12 and IAS 27 “Investment Entities”: The amendments include a definition of the concept of investment entities and remove such companies from the scope of IFRS 10 “Consolidated Financial Statements”. Accordingly, investment entities do not consolidate the companies they control in their IFRS consolidated financial statements. This exception to general principles is not to be viewed as an option. Rather than fully consolidating participating interests held for investment purposes, investment entities recognize such interests at fair value and recognize period-based fluctuations in value through profit or loss. The amendments do not have any implications for consolidated financial statements that include investment entities unless the group parent company is itself an investment entity. Subject to adoption into EU law, which is still outstanding, these amendments will require first-time application in financial years beginning on or after January 1, 2014. • Amendments to IFRS 10, IFRS 11 and IFRS 12 “Transition Guidance”: These amendments include clarification and offer additional relief upon the transition to IFRS 10, IFRS 11, and IFRS 12. Adjusted comparative information is thus only required for the preceding comparative period. Furthermore, in connection with note disclosures on non-consolidated structured entities, the obligation to disclose comparative information for periods prior to first-time application of IFRS 12 has also been waived. Subject to adoption into EU law, which is still outstanding, the amendments to IFRS 10, IFRS 11 and IFRS 12 will require firsttime application in financial years beginning on or after January 1, 2014. • Improvements to IFRS 2009-2011: Amendments were made to five standards within the annual improvement project. The adjustments made to the formulations contained in individual IFRS standards are intended to clarify existing requirements. Alongside these, there are also amendments with implications for accounting, recognition, and measurement, as well as for note disclosures. These relate to the following standards: IAS 1, IAS 16, IAS 32, IAS 34, and IFRS 1. The implications of IFRS 9, which is expected to require application from 2015, for the consolidated financial statements are currently being investigated. From a current perspective, the other requirements are not expected to have any material implications.
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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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AUDITOR’S REPORT 159 AUDITOR’S
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Germany Baden-Württemberg Binzen E
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