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Notes concerning the Consolidated Financial Statement and the Annual Financial Statement 50/51
Liabilities were stated at their settlement amounts.
Business transactions in foreign currencies are
measured at the exchange rate on the day of the
transaction or at the less-favourable mean spot rate
on the reporting day; losses from exchange rate
movements are valued at the rate on the reporting
day. Assets and receivables denominated in foreign
currency with a remaining term of up to one year
are always measured at the mean spot rate on the
reporting day.
Payments made in the fiscal year under review for
the following years are recorded as prepaid/deferred
items.
Deferred tax assets and deferred tax liabilities for the
parent company Koelnmesse GmbH and for the
respective controlled company are stated where
future tax assessments or relief are expected. They
are created by differences in reporting requirements
for commercial balance sheets and tax balance
sheets. They result primarily from the following
obligations and generate an active surplus in the
separate financial statements and for the consolidat-
ed companies as a whole:
− Provisions for pensions
− Semi-retirement provisions
− Provisions for contingent losses
− Provisions for pending rental obligations
Loss carryforwards also lead to deferred tax assets if
a claim is expected.Within the group of companies,
deferred taxes lead to a single consolidated tax rate
of 30% on possible deferred tax assets in the
amount of EUR 22.2 million.
The company did not make use of its option to
record deferred tax assets resulting from tax
reductions (§274 par.1 cl. 2 HGB).
Deferred tax liabilities are disclosed in the consoli-
dated financial statements in accordance with
§306 cl. 1 HGB. Deferred tax liabilities are the result
of debt consolidation.
Applying the tax rate of approx. 30% applicable in
Germany, tax expense, earnings before tax in the
amount of TEUR 44,011 would result in tax expense
within the group of companies in the amount of
TEUR 13,203. Particularly as a result of existing loss
carryforwards at Koelnmesse GmbH, as well as
countervailing, non-deductible expenses, tax balance
sheet effects and addition of trade tax, the outcome
would be an effective tax expense in the amount of
TEUR 7,172 or an effective tax rate of 16.3%.
V. Notes regarding the balance
sheets
Fixed assets
For the period from 1 January to 31 December, 2015,
the composition and development of the consolidat-
ed companies’ fixed assets and the fixed assets of
Koelnmesse GmbH. are given in the following tables: