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16Financial Statements of Axel Springer SE

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16Financial Statements of Axel Springer SE Financial Statements of Axel Springer SE for the period ending 16December 31, 2016 Financial Statements of Axel Springer SE 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 Auditor’s Report The combined management report of Axel Springer SE and Axel Springer Group is published in the Axel Spring- er Group’s 2016 annual report. 2 Financial Statements 2016 Axel Springer SE Balance Sheet Balance Sheet € millions Note 12/31/2016 12/31/2015 Fixed assets (1) 5,605.9 5,572.5 Current assets 298.1 283.4 Prepaid expenses 4.5 1.7 ASSETS 5,908.5 5,857.6 € millions Note 12/31/2016 12/31/2015 Equity (4) 2,565.8 2,463.6 Provisions (5) 266.7 327.1 Liabilities (6) 3,051.8 3,033.6 Deferred income 24.2 33.3 EQUITY AND LIABILITIES 5,908.5 5,857.6 3 Financial Statements 2016 Axel Springer SE Income Statement Income Statement € millions Note 2016 2015 Net income 296.4 213.5 Distributable profit 205.0 194.2 4 Financial Statements 2016 Axel Springer SE Notes to the Financial Statements Notes to the Financial Statements General information As a result of the outsourcing of the company's automo- tive, computer, and sports magazine activities on legally Axel Springer SE is a European exchange-listed stock independent subsidiaries with economic effect as of corporation (Societas Europaea) with its head office in January 1, 2016, especially revenues, purchased goods Berlin, Germany. The company is registered with the and services, and other operating expenses declined commercial register of Berlin-Charlottenburg Local Court significantly compared with the previous year. To this under the number HRB 154517 B. extent, the previous year's figures are not comparable with the figures for the year under review. The annual financial statements were prepared in ac- cordance with the provisions of the German Commercial Fixed assets Code (Handelsgesetzbuch – HGB) and the German Stock Corporation Act (Aktiengesetz – AktG) in conjunc- Intangible assets and tangible fixed assets that have tion with Article 61 of Council Regulation (EC) No been purchased are recognized at cost. Finite-lived 2157/2001. assets are depreciated systematically using the straight- line method over the expected useful life. Additional The balance sheet and income statement correspond to write-downs to the lower fair value on the balance sheet the classification requirements of the HGB; the income date are charged if the impairment is expected to be statement was prepared using the total cost (nature of permanent. expense) method. The annual financial statements were prepared in euros (€); all amounts are reported in Systematic depreciation and amortization was based on € millions unless otherwise indicated. Totals and per- the following typical useful lives: centages were calculated based on the non-rounded Euro amounts and may differ from a calculation based in years Useful life on the reported amounts in millions of Euros. To improve clarity and legibility, individual line items were aggregated in the balance sheet and income statement and then presented separately in the notes to the annual financial statements. The annual financial statements and the combined man- agement report of the Company and Axel Springer Group will be published in the Federal Gazette. Accounting policies The accounting regulation reforms under the Accounting Directive Implementation Act (Bilanzrichtlinie-Umsetzungs- gesetz – BilRUG) were fully implemented in the reporting period. The resulting effects on the recognition, meas- Non-current financial assets are recognized at acquisi- urement, and presentation of individual line items of the tion cost or at the lower fair value on the balance sheet financial statements have been noted in the following date if impairments are expected to be permanent. presentation of accounting policies and in the notes to the balance sheet and the income statement, respective- ly. 5 Financial Statements 2016 Axel Springer SE Notes to the Financial Statements Current assets liabilities and expected losses from executory contracts in the necessary settlement amount, taking into account Raw materials and supplies as well as merchandise are expected price and cost increases. Provisions with a measured at acquisition cost or the lower fair value on remaining term of more than one year are discounted at the balance sheet date; semi-finished and finished goods the matching average market interest rate of the past are measured at production cost. In addition to direct seven financial years. material and labor costs, production cost includes an appropriate share of the necessary indirect material and Net interest income only includes interest from the com- labor costs, including depreciation to the extent they are pounding of provisions attributable to the reporting year. related to production. Inventory risks associated with the Income and expenses from plan assets are combined storage period or reduced utility are accounted for with the interest cost of pension provisions. Income and through appropriate allowances. expenses resulting from changes in the actuarial interest rate are recognized under other operating income and Receivables and other assets are recognized at nominal personnel expenses respectively. value or acquisition cost or the lower fair value on the balance sheet date. Individual risks are accounted for Liabilities are recognized at the settlement amount. through adequate allowances. Taxes Cash and cash equivalents include cash on hand, cash in banks as well as checks and are recognized at nomi- Deferred taxes nal value or the lower fair value on the balance sheet Deferred taxes are calculated for temporary differences date. between the tax bases of assets and liabilities and the carrying amounts of those assets and liabilities in the Provisions and liabilities separate financial statements as well as for interest and losses carried forward. Dependent enterprises in the Provisions for pensions and similar obligations (“Pension fiscal unit for income tax purposes and partnerships in provisions”) are measured on the basis of actuarial calcu- which Axel Springer SE is invested are also included in lations according to the projected unit credit method and the calculation. Deferred tax assets and liabilities are reflect future compensation and pension adjustments. netted; any resulting net deferred tax assets are not Discounting is based on the average market interest rate recognized. of the past ten (PY: seven) financial years on the basis of an assumed remaining maturity of 15 years. Other taxes Since the reporting year, expenses for other taxes have In order to secure and fulfill pension obligations of Axel been reported under other operating expenses and are Springer SE a so-called Contractual Trust Arrangement listed separately in the notes. The prior-year figures have exists. The legally independent registered association, been adjusted accordingly. Axel Springer Pensionstreuhand e.V., Berlin, is responsi- ble for the management in trust of assets that serve only Currency translation to fulfill pension obligations and are protected from ac- cess by all other creditors (plan assets). The plan assets As a rule, receivables and other assets, cash and cash are measured at fair value and netted with the pension equivalents, and liabilities denominated in foreign curren- provisions. cy are translated at the mean spot exchange rate prevail- ing on the balance sheet date. Provisions for taxes and other provisions are recognized based on prudent business judgment for contingent 6 Financial Statements 2016 Axel Springer SE Notes to the Financial Statements Financial derivatives together with the underlying transactions in reporting units if the requirements for hedge accounting have been Financial derivatives can be used according to the Com- met. Otherwise, they are measured separately at fair pany's guidelines, in particular to hedge interest rate and value and unrealized losses are recognized in the income currency risks. Financial derivatives are normally grouped statement. Notes to the balance sheet (1) Fixed assets Intangible assets Rights and Advanced Intangible € millions licenses payments assets Acquisition or production cost 12/31/2016 120.4 2.0 122.4 Accumulated amortization and impairments 12/31/2016 102.3 0.0 102.3 Carrying amounts 12/31/2016 18.1 2.0 20.1 Impairments of intangible assets in the amount of € 1.8 million (PY: € 0.3 million) were recognized in the reporting period. 7 Financial Statements 2016 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 12/31/2016 263.5 14.9 60.4 46.9 385.7 Accumulated depreciation and impairments 12/31/2016 172.7 13.0 49.4 0.0 235.1 Carrying amounts 12/31/2016 90.8 1.9 11.0 46.9 150.6 The disposals of the financial year largely related to the sale of the office building complex in Hamburg. 8 Financial Statements 2016 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 Acquisition cost 12/31/2016 5,438.5 107.0 37.6 9.4 0.6 5,593.1 Accumulated impairments 12/31/2016 139.6 0.0 8.8 9.4 0.1 157.9 Carrying amounts 12/31/2016 5,298.9 107.0 28.8 0.0 0.5 5,435.2 Impairments of non-current financial assets in the amount to affiliated companies in order to finance company of € 18.8 million (PY: € 54.9 million) were recognized in acquisitions. Other loans decreased mainly as a result of the reporting period.
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