Business Report 2005 - Interseroh

linked in contrast to HGB to very strict requirements and provisions for restructuring formed according
to HGB may not be applied under IFRS.
Overall the provisions dropped by EUR 4.11 million per 1 January 2004 and by EUR 2.98
million per 31 December 2004. In the income statement for 2004 other operating expenses of EUR
1.13 million and an increase in the (deferred) income tax expenditure by EUR 0.2 million resulted from
the adjustment of the corresponding provisions.
h) Further, some obligations that are to be shown as provisions according to HGB, e.g. provisions for
outstanding incoming invoices or vacation remuneration, must be shown as short-term liabilities
according to IFRS.
The corresponding neutral reorganisations led to a reduction in the long and short-term other
provisions by a total of EUR 49.87 million per 31 December 2004 (EUR 47.94 million per 1 January
2004) and an increase in trade accounts payable by EUR 34.51 million per 31 December 2004 (EUR
31.73 million per 1 January 2004) as well as the long and short-term other liabilities by a total of EUR
15.36 million per 31 December 2004 (EUR 16.21 million per 1 January 2004).
i) Deviations not resulting from the change to IFRS
Due to information acquired after preparation of the HGB consolidated balance sheet, the value rate
for a long-term receivable of EUR 0.94 million was already increased in the IFRS opening balance
sheet per 1 January 2004 by EUR 0.84 million to EUR 1.78 million and discounted to EUR 1.48 million
per 31 December 2004.
In addition to this – also as of 1 January 2004 – an individual value adjustment was formed in
full amount. In the IFRS consolidated financial statements for 2004 the increase in the receivable
(EUR 0.84 million from the other operating income) and the discounting (EUR 0.30 million from the
interest expense) were consequently eliminated. Instead a mark-up to the receivable of EUR 0.08
million to EUR 1.48 million was entered (against interest earnings), which has also been value-
adjusted in full (other operating expenses).
In the IFRS consolidated income statement it was also necessary to move receiving and
freight costs from the other operating expenses to cost of materials (total EUR 4.79 million). This did
not result in any effects on the balance sheet or the net income.
j) The above-mentioned changes increased the deferred tax claims to be shown – based on a tax rate
of 39.90 percent – as follows:
Note 31.12.2004 01.01.2004
EUR million EUR million
Goodwill a -0.77 0.00
Property, plants and equipment b -0.30 0.00
Finance-leasing c 0.08 0.10
Inventories d -0.55 0.00
Provisions for pensions e 1.86 1.74
Obligations to return property to original condition f -0.07 0.00
Other provisions g -0.13 -0.44
HGB options follows 1.82 3.72
Loss carry-forwards for tax purposes follows 3.47 3.78
5.40 8.89
The balance sheet as of 1 January 2004 shows deferred tax claims of EUR 10.25 million and
deferred tax liabilities of EUR 1.36 million. As of 31 December 2004 the deferred tax claims amounted
to EUR 9.06 million and the deferred tax liabilities to EUR 3.66 million.
The effect on the income statement for 2004 was an increase in income tax expenditure by
EUR 3.49 million.
Whereas an accounting option exists for active deferred taxes according to HGB, deferred
taxes are generally to be formed according to IFRS for all temporary (and quasi-permanent)
differences between the value rates of the tax balance sheet and the consolidated balance sheet.
The deferred taxes are calculated using a standardised group tax rate of 39.90 percent or
26.38 percent if the difference for municipal trade tax does not have to be considered.
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