• Abstract and Figures
• Public Full-text

Financial Statements of Axel Springer SE for the period ending 18December 31, 2018 Content 3 Balance Sheet 4 Income Statement 5 Notes to the Financial Statements 5 General information 5 Accounting policies 7 Notes to the balance sheet 13 Notes to the income statement 15 Other disclosures 24 Responsibility Statement 25 Independent Auditor’s Report The combined management report of Axel Springer SE and Axel Springer Group is published in the Axel Springer Group’s 2018 annual report. 2 Financial Statements 2018 Axel Springer SE Balance Sheet Balance Sheet € millions Note 12/31/2018 12/31/2017 Fixed assets (1) 5,999.9 5,797.3 Current assets 230.2 276.4 Prepaid expenses 5.2 4.0 ASSETS 6,235.3 6,077.6 € millions Note 12/31/2018 12/31/2017 Equity (4) 2,541.2 2,632.7 Provisions (5) 168.6 333.2 Liabilities (6) 3,497.1 3,086.7 Deferred income 28.4 25.0 EQUITY AND LIABILITIES 6,235.3 6,077.6 3 Financial Statements 2018 Axel Springer SE Income Statement Income Statement € millions Note 2018 2017 Net income 124.3 271.9 Distributable profit 226.6 215.8 4 Financial Statements 2018 Axel Springer SE Notes to the Financial Statements Notes to the Financial Statements General information Systematic depreciation and amortization was based on the following typical useful lives: Axel Springer SE is a European exchange-listed stock corporation (Societas Europaea) with its head office in in years Useful life Berlin, Germany. The company is registered with the commercial register of Berlin-Charlottenburg Local Court under the number HRB 154517 B. The annual financial statements were prepared in ac- cordance with the provisions of the German Commercial Code (Handelsgesetzbuch, “HGB”) and the German Stock Corporation Act (Aktiengesetz, “AktG”) in conjunc- tion with Article 61 of Council Regulation (EC) No 2157/2001. The balance sheet and income statement correspond to the classification requirements of the HGB; the income statement was prepared using the total cost (nature of expense) method. The annual financial statements were Non-current financial assets are recognized at acquisi- prepared in euros (€); all amounts are reported in € mil- tion cost or at the lower fair value on the balance sheet lions unless otherwise indicated. Totals and percentages date if impairments are expected to be permanent. Since were calculated based on the non-rounded euro the financial year 2018 write-ups of non-current financial amounts and may differ from a calculation based on the assets are presented under income from non-current fi- reported amounts in millions of euros. To improve clarity nancial assets. Previously they were recognized under and legibility, individual line items were aggregated in the other operating income and expenses. The prior year’s balance sheet and income statement and then pre- figure has been adjusted by € 1.1 million accordingly. sented separately in the notes to the annual financial statements. Current assets The annual financial statements and the combined man- Raw materials and supplies as well as merchandise are agement report of the Company and Axel Springer measured at acquisition cost or the lower fair value on Group will be published in the Federal Gazette. the balance sheet date. Inventory risks associated with the storage period or reduced utility are accounted for Accounting policies through appropriate allowances. Fixed assets Receivables and other assets are recognized at nominal value or acquisition cost or the lower fair value on the Intangible assets and tangible fixed assets that have balance sheet date. Individual risks are accounted for been purchased are recognized at cost. Finite-lived as- through adequate allowances. sets are depreciated systematically using the straight-line method over the expected useful life. Additional write- Cash and cash equivalents include cash on hand, cash downs to the lower fair value on the balance sheet date in banks as well as checks and are recognized at nomi- are charged if the impairment is expected to be perma- nal value or the lower fair value on the balance sheet nent. date. 5 Financial Statements 2018 Axel Springer SE Notes to the Financial Statements Provisions and liabilities expenses resulting from changes in the actuarial interest rate are recognized under other operating income and Provisions for pensions and similar obligations (“pension personnel expenses respectively. provisions”) are measured on the basis of actuarial calcu- lations according to the projected unit credit method and Liabilities are recognized at the settlement amount. reflect future compensation and pension adjustments. Discounting is based on the average market interest rate Taxes of the past ten financial years on the basis of an as- sumed remaining maturity of 15 years. Deferred taxes Deferred taxes are calculated for temporary differences In order to secure and fulfill pension obligations of Axel between the tax bases of assets and liabilities and the Springer SE a so-called Contractual Trust Arrangement carrying amounts of those assets and liabilities in the exists. The legally independent registered association, separate financial statements as well as for interest and Axel Springer Pensionstreuhand e.V., Berlin, is responsi- losses carried forward. Dependent enterprises in the fis- ble for the management in trust of assets that serve only cal unit for income tax purposes and partnerships in to fulfill pension obligations and are protected from ac- which Axel Springer SE is invested are also included in cess by all other creditors (plan assets). The plan assets the calculation. Deferred tax assets and liabilities are net- are measured at fair value and netted with the pension ted; any resulting net deferred tax assets are not recog- provisions. nized. Provisions for taxes and other provisions are recognized Other taxes based on prudent business judgment for contingent lia- Expenses for other taxes have been reported under bilities and expected losses from executory contracts in other operating expenses and are listed separately in the the necessary settlement amount, taking into account notes. expected price and cost increases. Provisions with a re- maining term of more than one year are discounted at Currency translation the matching average market interest rate of the past seven financial years. As a rule, receivables and other assets, cash and cash equivalents, and liabilities denominated in foreign cur- Net interest income only includes interest from the com- rency are translated at the mean spot exchange rate pre- pounding of provisions attributable to the financial year. vailing on the balance sheet date. Income and expenses from plan assets are combined with the interest cost of pension provisions. Income and 6 Financial Statements 2018 Axel Springer SE Notes to the Financial Statements Notes to the balance sheet (1) Fixes assets Intangible assets Rights and Advanced Intangible € millions licenses payments assets Acquisition or production cost 12/31/2018 117.9 2.6 120.5 Accumulated amortization and impairments 12/31/2018 106.6 0.8 107.4 Carrying amounts 12/31/2018 11.3 1.8 13.0 Impairments of intangible assets in the amount of € 0.8 million (PY: € 1.3 million) were recognized in the reporting period. 7 Financial Statements 2018 Axel Springer SE Notes to the Financial Statements Property, plant and equipment Other Advanced Technical equipment, payments equipment operational and Property, Land and and and office construction plant and € millions buildings machinery equipment in progress equipment Acquisition or production cost 12/31/2018 31.0 6.5 48.5 166.0 252.0 Accumulated depreciation and impairments 12/31/2018 0.2 6.5 39.6 0.0 46.3 Carrying amounts 12/31/2018 30.8 0.0 8.8 166.0 205.7 In the prior year impairments of property, plant and Disposals of the financial year particularly related to the equipment in the amount of € 0.8 million were recog- transfer of the Axel Springer high-rise (main building) in nized. Berlin into plan assets at the beginning of 2018 (see note (5) and note (8)), advanced payments and construction in progress related to the construction of the new Axel Springer building in Berlin. 8 Financial Statements 2018 Axel Springer SE Notes to the Financial Statements Non-current financial assets Shares in Loans to Loans to Non-current affiliated affiliated Other other financial € millions companies companies investments investments Other loans assets 12/31/2018 5,756.1 330.6 36.2 0.0 0.5 6,123.4 Accumulated impairments 12/31/2018 222.3 108.0 11.9 0.0 0.0 342.2 Carrying amounts 12/31/2018 5,533.8 222.6 24.4 0.0 0.5 5,781.2 Impairments of non-current financial assets in the amount The additions largely related to additional contributions to of € 177.8 million (PY: € 37.2 million) were recognized in affiliated companies' additional paid-in capital and loans the reporting period. to affiliated companies in order to finance company ac- quisitions. Further, additions and disposals related to in- tra-Group restructuring. (2) Inventories (3) Receivables and other assets € millions 12/31/2018 12/31/2017 € millions 12/31/2018 12/31/2017 Inventories 5.0 2.6 Receivables and other assets 164.0 228.6 Receivables from affiliated companies mainly included fi- nancial receivables from Group-wide cash management. 9 Financial Statements 2018 Axel Springer SE Notes to the Financial Statements (4) Equity from the fair value measurements of plan assets in the amount of € 5.8 million (PY: € 5.8 million and from the Subscribed capital measurement of the settlement amount of pension obli- The fully paid-in capital stock of € 107.9 million com- gations in the amount of € 25.1 million (PY: € 22.7 mil- prises 107,895,311 registered no-par-value shares, each lion), see Note (5).

Load more

  30

Copy Link