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3 Details in accordance with § 292a,
subsection II No. 4b HGB
The following significant differences exist between the consolidated
financial statements prepared according to IFRS and the individual
financial statements prepared according to HGB.
3.1 Foreign currency translation
The individual balance sheets of the consolidated companies show
monetary positions in foreign currency in accordance with IAS 21 at
the rate valid on the effective balance sheet date, whilst under HGB,
the “Imparitätsprinzip” is applied. This results in non-realised foreign
exchange gains.
3.2 Deferred taxes
The “Temporary” balance sheet-based concept is applied. According
to this concept, the period over which timing differences may be
recognised as deferred tax assets or liabilities is defined more widely
under IAS 12 (rev 1996) than HGB. In addition, in contrast to HGB,
tax claims on losses carried forward must be recognised as deferred
tax assets, provided that future realisation of such assets is
considered probable.
3.3 Finance leasing
The regulations for the capitalisation of leased assets deviate
between IFRS and HGB. According to IAS 17, assets acquired under
finance lease arrangements are capitalised on the balance sheet and
depreciated, whilst those under HGB are usually capitalised by the
lessor.
3.4 Derivative financial instruments
Under IAS 39, all derivative instruments are measured at fair value
and recognised on the balance sheet. Changes in the fair value of
derivatives that do not meet the criteria for hedge accounting are
recognised in the income statement. Under HGB, unrealised losses
on derivatives are recognised in the income statement while
unrealised gains are not recognised in the financial statements.
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4. Notes to the Consolidated
Balance Sheet
4.1 Accounts receivable and other assets
Trade accounts receivable are shown net of allowances for doubtful
receivables. Accounts receivable and other assets are receivable
within one year.
4.2 Inventories
Inventories are sub-divided as follows:
31.12.2002 31.12.2001
€ k € k
Finished goods
Less: provision for slow moving
5,066 9,959
and obsolete inventories -506 -196
Total inventories 4,560 9,763
4.3 Fixed assets
Changes in the book value of fixed assets are disclosed in the fixed
asset movement schedule (see Appendix to the Notes). During the
year the Group carried out a fair value review of the goodwill arising
from its investments and other fixed assets resulting in the
recognition of an impairment loss totalling €19,226k in the profit and
loss account.
4.4 Financial assets
Financial assets are analysed as follows:
31.12.2002 31.12.2001
€ k € k
Equity securities 5,147 5,117
Provision for impairment -2,229 -2,229
Fair Value 2,918 2,888
A provision for impairment was made in full against the Telenisus
investment in 2001.