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Financial Statements of Axel Springer SE As of December 31, 2019

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Financial Statements of Axel Springer SE As of December 31, 2019 Financial Statements of Axel Springer SE for the period ending December 31, 2019 Content 3 Balance Sheet 4 Income Statement 5 Notes to the Financial Statement 5 General Information 5 Accounting policies 7 Notes to the balance sheet 14 Notes to the income statement 16 Other disclosures 27 Responsibility Statement 28 Independent Auditor’s Report The combined management report of Axel Springer SE and Axel Springer Group is published in the Axel Springer Group’s 2019 annual report. 2 Financial Statements 2019 Axel Springer SE Balance Sheet Balance Sheet € millions Note 12/31/2019 12/31/2018 Intangible assets 10.0 13.0 Property, plant and equipment 306.6 205.7 Non-current financial assets 6,467.5 5,781.2 Fixed assets (1) 6,784.1 5,999.9 Inventories (2) 3.8 5.0 Receivables and other assets (3) 216.5 164.0 Cash and cash equivalents 72.9 61.2 Current assets 293.2 230.2 Prepaid expenses 6.1 5.2 ASSETS 7,083.3 6,235.3 € millions Note 12/31/2019 12/31/2018 Subscribed capital 107.9 107.9 Additional paid-in capital 547.9 547.9 Retained earnings 1,666.3 1,658.8 Distributable profit 125.2 226.6 Equity (4) 2,447.3 2,541.2 Provisions (5) 264.7 168.6 Liabilities (6) 4,344.0 3,497.1 Deferred income 27.4 28.4 EQUITY AND LIABILITIES 7,083.3 6,235.3 3 Financial Statements 2019 Axel Springer SE Income Statement Income Statement € millions Note 2019 2018 Revenues (11) 806.8 851.1 Internal costs capitalized 1.1 1.4 Other operating income (12) 10.1 188.9 Purchased goods and services (13) – 204.3 – 221.6 Personnel expenses (14) – 303.8 – 210.0 Amortization, depreciation and impairments of intangible assets and property, plant and equipment (1) – 7.8 – 10.0 Other operating expenses (12) – 485.5 – 467.3 Net income from non-current financial assets (15) 338.1 68.2 Net interest income (16) 4.2 – 22.3 Income taxes – 26.0 – 54.1 Net income 132.7 124.3 Withdrawal from other retained earnings (4) 0.0 102.3 Transfer to other retained earnings (4) – 7.5 0.0 Distributable profit 125.2 226.6 4 Financial Statements 2019 Axel Springer SE Notes to the Financial Statements Notes to the Financial Statements General information systematically using the straight-line method over the expected useful life. Additional write- Axel Springer SE is a European exchange-listed downs to the lower fair value on the balance stock corporation (Societas Europaea) with its sheet date are charged if the impairment is ex- head office in Berlin, Germany. The company is pected to be permanent. registered with the commercial register of Ber- lin-Charlottenburg Local Court under the num- Systematic depreciation and amortization were ber HRB 154517 B. based on the following typical useful lives: The annual financial statements were prepared in years Useful life in accordance with the provisions of the Ger- Intangible assets man Commercial Code (Handelsgesetzbuch) Software 3 - 5 and the German Stock Corporation Act Licenses 3 - 5 (Aktiengesetz) in conjunction with Article 61 of Supply rights 3 Council Regulation (EC) No 2157/2001. Internet platform 3 The balance sheet and income statement cor- Purchased titles and publishing rights 15 respond to the classification requirements of Property, plant and equipment the German Commercial Code (Handelsgesetz- Buildings 50 buch); the income statement was prepared us- Leasehold improvements 3 - 10 ing the total cost (nature of expense) method. Technical equipment and machinery 3 - 25 The annual financial statements were prepared Other operational and business equipment 3 - 15 in euros (€); all amounts are reported in € mil- lions unless otherwise indicated. Totals and per- centages were calculated based on the non- Non-current financial assets are recognized at rounded euro amounts and may differ from a acquisition cost or at the lower fair value on the calculation based on the reported amounts in balance sheet date if impairments are ex- millions of euros. To improve clarity and legibil- pected to be permanent. Write-ups of non-cur- ity, individual line items were aggregated in the rent financial assets are presented under in- balance sheet and income statement and then come from non-current financial assets. presented separately in the notes to the annual financial statements. Current assets The annual financial statements and the com- Raw materials and supplies as well as merchan- bined management report of the Company and dise are measured at acquisition cost or the Axel Springer Group will be published in the Fed- lower fair value on the balance sheet date. In- eral Gazette. ventory risks associated with the storage period or reduced utility are accounted for through Accounting policies appropriate allowances. Fixed assets Receivables and other assets are recognized at nominal value or acquisition cost or the lower Intangible assets and tangible fixed assets that fair value on the balance sheet date. Individual have been purchased are recognized at cost. risks are accounted for through adequate al- Finite-lived assets are depreciated lowances. 5 Financial Statements 2019 Axel Springer SE Notes to the Financial Statements Cash and cash equivalents include cash on the financial year. Income and expenses from hand, cash in banks as well as checks and are plan assets are combined with the interest cost recognized at nominal value or the lower fair of pension provisions („net interest income from value on the balance sheet date. pension accounting“). Income and expenses re- sulting from changes in the actuarial interest Provisions and liabilities rate are recognized under other operating in- come and personnel expenses respectively. Provisions for pensions and similar obligations (“pension provisions”) are measured on the ba- Liabilities are recognized at the settlement sis of actuarial calculations according to the amount. projected unit credit method and reflect future compensation and pension adjustments. Dis- Taxes counting is based on the average market inter- est rate of the past ten financial years on the Deferred taxes basis of an assumed remaining maturity of 15 Deferred taxes are calculated for temporary years. differences between the tax bases of assets and liabilities and the carrying amounts of In order to secure and fulfill pension obligations those assets and liabilities in the separate fi- of Axel Springer SE a so-called Contractual nancial statements as well as for interest and Trust Arrangement exists. The legally independ- losses carried forward. Dependent enterprises ent registered association, Axel Springer Pen- in the fiscal unit for income tax purposes and sionstreuhand e.V., Berlin, is responsible for the partnerships in which Axel Springer SE is in- management in trust of assets that serve only vested are also included in the calculation. De- to fulfill pension obligations and are protected ferred tax assets and liabilities are netted; any from access by all other creditors (plan assets). resulting net deferred tax assets are not recog- The plan assets are measured at fair value and nized. netted with the pension provisions. Other taxes Provisions for taxes and other provisions are Expenses for other taxes have been reported recognized based on prudent business judg- under other operating expenses and are listed ment for contingent liabilities and expected separately in the notes. losses from executory contracts in the neces- sary settlement amount, taking into account Currency translation expected price and cost increases. Provisions with a remaining term of more than one year As a rule, receivables and other assets, cash are discounted at the matching average mar- and cash equivalents, and liabilities denomi- ket interest rate of the past seven financial nated in foreign currency are translated at the years. mean spot exchange rate prevailing on the bal- ance sheet date. Net interest income only includes interest from the compounding of provisions attributed to 6 Financial Statements 2019 Axel Springer SE Notes to the Financial Statements Notes to the balance sheet (1) Fixed assets Intangible assets Rights and Advanced Intangible € millions licenses payments assets Acquisition or production cost 01/01/2019 117.9 2.6 120.5 Additions 1.1 1.5 2.6 Transfers 1.4 – 1.5 – 0.1 Disposals – 3.2 – 0.8 – 4.0 12/31/2019 117.2 1.8 119.0 Accumulated amortization and impairments 01/01/2019 106.6 0.8 107.4 Amortization and impairments of the financial year 5.5 0.0 5.5 Disposals – 3.1 – 0.8 – 3.9 12/31/2019 109.0 0.0 109.0 Carrying amounts 12/31/2019 8.3 1.7 10.0 12/31/2018 11.3 1.8 13.0 Impairments of intangible assets in the amount of € 0.8 million were recognized in the previous year. 7 Financial Statements 2019 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 01/01/2019 31.0 6.5 48.5 166.0 252.0 Additions 0.0 0.0 2.6 101.8 104.4 Transfers 0.0 0.0 0.3 – 0.2 0.1 Disposals 0.0 – 5.1 – 5.7 0.0 – 10.8 12/31/2019 31.0 1.4 45.6 267.6 345.6 Accumulated depreciation and impairments 01/01/2019 0.2 6.5 39.6 0.0 46.3 Depreciation and impairments of the financial year 0.1 0.0 2.3 0.0 2.4 Disposals 0.0 – 5.1 – 4.6 0.0 – 9.7 12/31/2019 0.3 1.4 37.3 0.0 39.0 Carrying amounts 12/31/2019 30.7 0.0 8.3 267.6 306.6 12/31/2018 30.8 0.0 8.8 166.0 205.7 Advanced payments and construction in pro- gress mainly related to the construction of the new Axel Springer building in Berlin.
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