CAPITULO 3. FUNDAMENTACIÓN TEÓRICA II: MIOCARDIOPATÍA DILATADA Y
3.1. Alcohol y Miocardiopatía dilatada Fundamentos
During the year under review, HHLA decided to roll out an em ployee stock purchase plan in 2012. Each eligible member of staff will be given the opportunity to purchase Class A shares worth € 180 to € 910 at a reduced price. Shares will be offered with a total reduc- tion of 50 to 100 % of the stock market price. The plan will be open to all Group employees with a permanent, unterminated contract of employment or training contract on 31 December 2011 and on the day the share price is determined. A fi nal decision has yet to be made on the specifi c regulations which will apply to the employee stock purchase plan. Provisions of € 1,612 thousand were formed for this obligation based on the anticipated uptake in line with the advertised conditions. They were recorded in personnel expenses.
14. Other Operating Expenses
Other operating expenses were made up as shown:
in € thousand 2011 2010
Leasing 42,554 41,342
External maintenance services 39,767 28,405 Consultancy, services, insurance
and auditing expenses 31,389 24,783 Expenses from exchange rate differences 2,949 1,956 Travel expenses, advertising
and promotional costs 2,918 2,768 Venture expenses 2,748 1,968 External and internal cleaning costs 2,590 2,630 Other personnel expenses 2,076 2,175
Other taxes 1,950 2,099
Postage and telecommunications costs 1,892 1,757 Expenses from other accounting periods 1,621 1,273 Losses on the disposal of property,
plant and equipment 1,242 813
Other 9,178 9,077
142,874 121,046
See Note 44 for further details of leasing expenses.
Notes to the Consolidated Financial Statements
Notes to the Income Statement
15. Depreciation and Amortisation
Depreciation and amortisation in the fi nancial year was as follows:
in € thousand 2011 2010
Intangible assets 9,786 6,404 Property, plant and equipment 102,294 92,709 Assets classifi ed as fi nance leases 5,533 3,823 Investment property 8,814 11,044
126,427 113,980
A classifi cation of the depreciation and amortisation by asset cat- egory is shown in the fi xed asset movement schedule. Impairment losses totalling € 6,653 thousand (previous year: € 5,160 thousand) were recognised in the reporting year (see Notes 22 and 23).
16. Financial Result
The fi nancial result was as follows:
in € thousand 2011 2010
Earnings from associates accounted for
using the equity method 335 208
Interest income from bank balances 2,893 1,173 Income from exchange rate effects 1,938 1,396 Interest income from non-affi liated
companies 1,634 1,539
Income from the adjustment of settlement
obligations to non-controlling interests 1,568 0 Interest income from non-consolidated
affi liated companies 623 264 Income from interest rate hedges 612 395 Interest income from plan assets
for working lifetime accounts 328 246 Income from lending of fi nancial assets 2 2
Interest income 9,598 5,015
Interest portion of pension provisions 15,185 15,652 Interest expenses on bank borrowing 10,775 11,146 Interest included in lease payments 4,475 1,479 Interest expenses to non-consolidated
affi liated companies 3,034 2,983 Interest portion of other provisions 2,667 3,052 Interest expenses to non-affi liated
companies 2,625 1,965
Expenses from exchange rate differences 2,036 2,181 Expenses from interest rate hedges 1,527 1,491
Interest and similar expenses 42,324 39,949
Earnings from associates accounted for using the equity method related to the pro rata annual earnings of CuxPort GmbH, Cuxhaven. For details of interest income from the adjustment of settlement obligations to shareholders with non-controlling interests, please see Notes 37 and 46.
17. Research Costs
In the fi nancial year, research costs of € 1,356 thousand (previous year: € 2,532 thousand) were recognised as an expense. These primarily related to research for software development.
18. Income Tax
Paid or outstanding taxes on income and deferred taxes are shown under the item income taxes. Income taxes are made up of corporation tax, solidarity surcharge and trade tax. Companies domiciled in Germany pay corporation tax of 15.0 % and a soli- darity surcharge of 5.5 % of the corporation tax expense. These companies and German-based subsidiaries in the form of limited partnerships are also liable for trade tax, which is imposed at dif- ferent local rates. Trade tax no longer reduces the amount of a company’s profi ts on which corporation tax is payable.
Income tax expenses mainly consisted of the following:
in € thousand 2011 2010
Deferred and current income taxes
Deferred taxes on temporary differences
Domestic 3,466 - 2,285
Foreign 1,598 124
5,064 - 2,161
Deferred taxes on losses carried forward
Domestic 306 970
Foreign 0 169
306 1,139
5,370 - 1,022
Current income tax expense
Domestic 42,119 36,848
Foreign 8,564 8,762
50,683 45,610 Income tax expense recognised in
the income statement 56,053 44,588
Notes to the Consolidated Financial Statements
Notes to the Income Statement
Deferred tax assets and liabilities result from temporary differences and tax loss carry-forwards as follows:
in € thousand Deferred tax assets Deferred tax liabilities
31.12.2011 31.12.2010 31.12.2011 31.12.2010
Intangible assets 0 1,004 56 1,293
Property, plant and equipment and fi nance leases 0 5,602 14,199 15,812
Investment property 0 0 13,020 13,144
Financial assets 0 699 101 368
Inventories 23 0 99 82
Receivables and other assets 2,479 763 668 737
Pension and other provisions 32,528 41,372 2,996 797
Liabilities 5,542 872 2,330 99
Tax losses carried forward 1,582 1,889 0 0
42,154 52,201 33,468 32,332
Netted amounts - 19,911 - 19,435 - 19,911 - 19,435
Balance sheet items 22,243 32,766 13,557 12,897
The offsetting and reconciliation between the income tax expenses and hypothetical tax expenses based on the IFRS result and the Group’s applicable tax rate are as follows:
in € thousand 2011 2010
Profi t before tax 174,841 158,518
Income tax expense at hypothetical income tax rate of 32.28 %
(previous year: 32.28 %) 56,439 51,170 Adjustment in current income taxes
for prior years - 1,342 - 973 Effect of tax rate changes - 102 - 1,552 Tax-free income - 151 - 78 Non-deductible expenses 101 312 Trade tax additions and reductions 1,758 973 Differences in tax rates - 4,617 - 4,737 Impairment losses on deferred tax assets 2,954 0 Other tax effects 1,014 - 527
56,053 44,588
Deferred taxes are calculated on the basis of the tax rates cur- rently in force in Germany or those expected to apply at the time of realisation. A tax rate of 32.28 % was used for the calculations in both 2010 and 2011. This is made up of corporation tax at 15.0 %, solidarity surcharge of 5.5 % and the trade tax payable in Hamburg of 16.45 %. Limited partnerships are also liable for trade tax. Due to special rules, property management companies generally do not pay trade tax. Trade tax no longer reduces the amount of a company’s profi ts on which trade tax is payable; neither does it
lessen the amount on which corporation tax is paid. Due to rules on minimum taxation, tax loss carry-forwards are only partially usable in Germany. Tax losses of up to € 1 million can be set off against taxable profi ts without restriction, and higher tax losses up to a maximum of 60 %.
The effects of tax rates for domestic and foreign taxes that diverge from the Group parent company’s tax rate are reported in the offsetting and reconciliation under differences in tax rates. Deferred tax assets are recognised on tax loss carry-forwards and temporary differences if it is suffi ciently certain that they can be real- ised in the near future. The Group has corporation tax loss carry- forwards of € 6,557 thousand (previous year: € 5,765 thousand) and trade tax loss carry-forwards of € 3,137 thousand (pre vious year: € 5,866 thousand) which it can use without restriction. Corresponding deferred tax assets are carried as a result. No deferred tax assets were recognised for corporation tax loss carry- forwards of € 1,610 thousand (previous year: € 647 thousand) and trade tax loss carry-forwards of € 2,851 thousand (pre vious year: € 852 thousand). Under current legislation, the tax losses and interest can be carried forward in Germany without restriction. Deferred tax assets of € 425 thousand (previous year: € 512 thou- sand) and deferred tax liabilities of € 21,868 thousand (previous year: € 16,138 thousand) recognised directly in equity without ef- fect on profi t and loss come from actuarial gains and losses on pension provisions, cash fl ow hedges and unrealised gains/losses arising from available-for-sale fi nancial assets.
Notes to the Consolidated Financial Statements
Notes to the Income Statement
The income tax recognised in the statement of comprehensive income is made up as follows:
in € thousand 2011 2010
Gross Taxes Net Gross Taxes Net
Actuarial gains/losses 18,128 - 5,892 12,236 - 6,493 2,087 - 4,406
Cash fl ow hedges - 418 114 - 304 - 220 56 - 164
Unrealised gains/losses on available-for-sale
fi nancial assets - 101 33 - 68 18 - 3 15
17,609 - 5,745 11,864 - 6,695 2,140 - 4,555
19. Share of Results Attributable to
Non-Controlling Interests
Profits attributable to other shareholders amounting to € 29,506 thousand (previous year: € 37,703 thousand) mainly relate to shareholders with non-controlling interests in HHLA Container - Terminal Altenwerder GmbH, Hamburg, and METRANS a.s., Prague, Czech Republic.
As one co-shareholder was not entitled to a share in profi ts via the capital share scheme in the year under review, the profi ts attribut- able to non-controlling interests went down.
20. Earnings per Share
Basic earnings per share are calculated in accordance with IAS 33 by dividing the net profi t for the Group attributable to the share- holders of the parent company by the average number of shares. The following table illustrates the calculation for basic earnings per share:
2011 2010
Share of consolidated net profi t attributable to shareholders of the
parent company in € thousand 89,282 76,227 Number of common shares in circulation
(weighted average) 72,679,826 72,679,826
Basic earnings per share in € 1.23 1.05
The basic earnings per share were calculated for the subgroup Port Logistics as follows:
2011 2010
Share of consolidated net profi t attributable to shareholders of the
parent company in € thousand 84,017 69,890
2011 2010
Share of consolidated net profi t attributable to shareholders of the
parent company in € thousand 5,265 6,337 Number of common shares in circulation
(weighted average) 2,704,500 2,704,500
Basic earnings per share in € 1.95 2.34
The diluted earnings per share are identical to the basic EPS as there were no conversion or option rights in circulation during the reporting year. It is intended to issue new shares from the Authorised Capital for the agreed employee stock purchase plan for 2011. Based on the expected participation among employees the number of listed Class A shares outstanding may increase by clearly less than one percent.
21. Dividend per Share
The dividend entitlement for the share classes is based on the portion of the distributable profi t attributable to the relevant division. This is calculated in accordance with the German Commercial Code (HGB). A resolution was passed at the Annual General Meeting held on 16 June 2011 to distribute a dividend of € 41,732 thousand to holders of common shares in the reporting year for the 2010 fi nancial year. At the time of the distribution, the number of shares entitled to dividends amounted to 72,679,826, of which 69,975,326 are to be attributed to the subgroup Port Logistics (A division) and 2,704,500 to the subgroup Real Estate (S division). This resulted in dividends of € 0.55 per Class A share and € 1.20 per Class S share. The remaining undistributed profi t was carried forward to new account.
In 2012, dividends per share of € 0.65 for the subgroup Port Logistics and € 1.00 for the subgroup Real Estate are due to be paid.
Notes to the Consolidated Financial Statements
Notes to the Income Statement