2. Marco Teórico
2.2 Bases teóricas
2.2.4 Modo de acción de los insecticidas
Deferred tax assets are to be created for all unused tax losses carried forward insofar as it is probable that adequate taxable income will be generated in the future so that the tax losses carried forward can be utilized. When identifying the amount of deferred tax assets that can be capitalized, the management must exercise discretion with regard to the anticipated date of occurrence and the amount of the future taxable income and also the future tax planning strategies.
The Group has corporation tax losses carried forward totaling EUR 14.0 m (previous year: EUR 20.4 m) as well as trade tax losses carried forward totaling EUR 13.2 m (previous year: EUR 19.7 m). As a result of the consolidated net profit in 2014 as well as the positive earnings development based on the future corporate forecast and the existing opportunities to carry forward losses, the Management Board believes that it will be possible to use these losses carried forward in full.
If actual results differ from the Management Board’s expectations, this could have a negative impact on the net assets, financing position and results of operations. Further details on deferred taxes can be found in Note 8.
5. Property, plant and equipment
Carrying amounts as of December 31, 2013 531
in kEUR
Carrying amounts as of December 31, 2014 756
Property, plant and equipment consists exclusively of fixtures, fittings and equipment at the company’s premises. There were no signs of impairment in line with IAS 36 on the reporting date as in previous years.
NotesKonzernjahresabschlussKonzernlageberichtAn die Aktionäre
As of January 1, 2013 535 2,751 21 250 3,557
Additions 0 2,592 0 518 3,110
Foreign currency valuation 0 -2 0 0 -2
Reclassifications 0 452 0 -452 0
Disposals 0 -35 -21 0 -56
As of December 31, 2013 535 5,758 0 316 6,609
Accumulated depreciation
As of January 1, 2013 479 919 21 0 1,419
Additions 56 247 0 0 303
Foreign currency valuation 0 -1 0 0 -1
Disposals 0 -15 -21 0 -36
As of December 31, 2013 535 1.150 0 0 1,685
Carrying amounts as of December 31, 2013 0 4,608 0 316 4,924
in kEUR Software
As of January 1, 2014 535 5,758 0 316 6,609
Additions 0 4,175 0 1 4,176
Foreign currency valuation 0 0 0 0 0
Reclassifications 0 245 0 -245 0
Disposals 0 -819 0 -72 -891
As of December 31, 2014 535 9,359 0 0 9,894
Accumulated depreciation
As of January 1, 2014 535 1,150 0 0 1,685
Additions 0 440 0 0 440
Foreign currency valuation 0 0 0 0 0
Disposals 0 -819 0 0 -819
As of December 31, 2014 535 771 0 0 1,306
Carrying amounts as of December 31, 2014 0 8,588 0 0 8,588
Intangible assets comprise concessions, industrial property rights and similar rights as well as licenses to such rights of which the remaining useful life is up to three years. During the financial year 2014, no amortization on development costs was recorded in the income statement (2013: kEUR 56). No development costs that can be capitalized were incurred during the financial year 2014. No research costs were generated.
The significant rise in software / licenses resulted from the implementation of a new transaction system for shop, order management and finance management as well as the corresponding expenses and internal labor that can be capitalized.
There are no restrictions to the rights of disposal for the intangible assets. Furthermore no material intangible assets have been pledged as collateral for debts.
There were no signs of impairment on the reporting date.
7. Other financial assets
in kEUR 2014 2013
Interests in associated companies 48 48
Total 48 48
The interests in associated companies encompass:
• The wholly-owned subsidiary zooplus EE TOV, Kiev, Ukraine with equity of kEUR 10 and founded in the second quarter 2011
• The wholly-owned subsidiary zooplus Nederland B.V., Rotterdam, the Netherlands, which was founded in November 2012 with equity of kEUR 10
• The wholly-owned subsidiary zooplus d.o.o., Zagreb, Croatia, with equity of kEUR 3 and founded in February 2013
• The wholly-owned subsidiary Tifuve GmbH, Munich, Germany, with equity of kEUR 25 and founded in May 2013 These four companies did not conduct any business activities during the financial year and are therefore not included in the scope of consolidation due to their lack of importance. In accordance with IAS 39, the interests are classed as financial assets available for sale and recognized on the balance sheet at the cost of purchase, as no market prices exist for a publicly accessible market in this case and the fair value cannot be determined in another way. There is no intention of selling the interests.
NotesKonzernjahresabschlussKonzernlageberichtAn die Aktionäre
8. Taxes on income
The significant components of income tax expense for the financial years 2014 and 2013 are as follows:
in kEUR 2014 2013
Actual taxes on income
Current taxes on income -1,551 -861
Deferred taxes on income
from temporary differences 146 255
from losses carried forward -2,135 -1,443
Total -3,540 -2,049
In order to identify current taxes in Germany, a uniform corporation tax rate of 15 % (previous year: 15 %) is applied with a solidarity surcharge of 5.5 % (previous year: 5.5 %) to distributed and retained profits. In addition to corporation tax, trade tax was charged for the profits generated in Germany. Taking into account the possibility of deducting the trade tax as an operating expense, there is an average trade tax rate of 17.15 %. This results in a total tax rate in Germany of approx. 33 %.
When calculating the deferred tax assets and liabilities, the tax rates are used that apply on the date the asset is realized or the liability is fulfilled. Deferred tax assets and liabilities are measured using the total tax rate of 33 %.
The calculation for converting the income tax to the product of the profit / loss for the reporting period and the Group tax rate for the financial years 2014 and 2013 is as follows:
in kEUR 2014 2013
Earnings before taxes (EBT) 8,756 3,831
Anticipated income tax expenses (32.98 %) -2,887 -1,263
Deviation owing to the tax base used for trade tax -82 -55
Deviation from the expected tax rate -74 11
Losses carried forward without applying capitalized deferred taxes and impairments -158 -321
Non-deductible expenses from stock options -291 -287
Other non-deductible operating expenses -27 -107
Income taxes relating to other periods -25 -21
Other deviations 4 -6
Effective income tax expenses -3,540 -2,049
Deferred taxes as of balance sheet data are as follows:
in kEUR 2014 2013
Deferred taxes
Derivative financial instruments (passive) / (active in previous year) -759 26
Long-term incentive 191 142
Inventories 272 175
Losses carried forward 4,471 6,606
4,175 6,949
As of December 31, 2014, deferred taxes of EUR 2.3 m (previous year: EUR 4.6 m) are classified as non-current.
For 2014, deferred taxes as assets on losses carried forward and temporary differences were formed totaling EUR 4.2 m (previous year: EUR 6.9 m), as the Group anticipates tax gains in future. Overall within the Group, domestic corporation tax losses carried forward totaled EUR 14.0 m (previous year: EUR 20.4 m), domestic trade tax losses carried forward came in at EUR 13.2 m (previous year: EUR 19.7 m) while foreign trade tax losses carried forward totaled EUR 1.9 m (previous year: EUR 1.1 m). No deferred tax assets were formed on foreign losses carried forward totaling EUR 1.9 m (previous year: EUR 1.1 m).
No deferred tax liabilities were formed for temporary differences in connection with interests in subsidiaries.
As of December 31, 2014, tax liabilities existed totaling kEUR 2,001 (previous year: kEUR 770). These are made up of provisions for corporation taxes totaling kEUR 955 as well as provisions for trade taxes of kEUR 1,046 and largely relate to German income taxes.
9. Inventories
in kEUR 2014 2013
Raw materials, consumables and supplies 901 938
Goods 64,130 42,720
Total 65,031 43,658
Raw materials, consumables and supplies generally consist of packaging for the mail order trade. As of the balance sheet date, goods was impaired by kEUR 2,076 (previous year: kEUR 467). The company’s inventories are used as security for securing the loans received.
NotesKonzernjahresabschlussKonzernlageberichtAn die Aktionäre
10. Advance payments
These are payments made in advance for upcoming deliveries of goods to be added to inventory.
11. Accounts receivable
All accounts receivable have a remaining term of up to one year and are not subject to interest. As a rule they are due within 14 days. There are no restrictions on the rights to dispose over them. The company’s accounts receivable are used as security for securing the loans received.
The age distribution of accounts receivable as of December 31 is as follows:
in kEUR Acquisition
costs Not due and
not impaired Overdue and not fully impaired Overdue and impaired
< 30 days 30 - 90 days > 90 days
2014 16,453 9,317 2,038 392 57 4,649
2013 14,855 8,098 1,700 387 58 4,612
As of December 31, 2014, impairments totaling kEUR 4,402 (previous year: kEUR 4,070) were made. The company applies age structure time bands to determine impairments on accounts receivable. The overdue time bands are impaired by a percentage based on past empirical data. With regard to overdue but non-impaired receivables, there are no indications that the debtors will not fulfill their payment obligations.
The impairment account changed as follows:
in kEUR 2014 2013
As of January 1 4,070 3,655
Additions 2,087 1,846
Utilization -1,755 -1,431
As of December 31 4,402 4,070
12. Other current assets
in kEUR 2014 2013
Creditors with net debit balance 8,264 6,855
VAT receivable 3,013 3,125
Others 1,837 934
Total 13,114 10,914
Creditors with net debit balance refers to claims against suppliers due to advertising and marketing campaigns as well as volume discounts carried out in the financial year, and these are recognized net taking into account liabilities towards suppliers. Before offsetting, claims against suppliers totaled EUR 11.6 m. In contrast, outstanding supplier invoices of EUR 3.3 m existed. All other current assets have a term of up to one year.
Financial instruments came in at EUR 9.3 m (previous year: EUR 7.3 m).
13. Derivative financial instruments
in kEUR 2014 2013
Assets Liabilities Assets Liabilities
Forward exchange transactions – cash flow hedges 2,302 0 0 79
The derivative financial instruments held in hedge accounting are classified as current assets or liabilities, as the hedging horizon is less than one year. The derivative financial instruments refer to cash flow hedges for hedging the risk of foreign currency fluctuations from USD. The hedges use forward exchange transactions. No inefficiencies were detected in the hedging as of December 31, 2014.
The nominal amounts of outstanding forward exchange contracts totaled EUR 23.6 m as of December 31, 2014 (previous year EUR 5.2 m). The transactions hedged by the hedging activities in foreign currencies with a high probability of occurrence are expected to be realized at various points during the next nine months after the balance sheet date. Profits and losses of future agreements in foreign currencies as of December 31, 2014, which are reported in the hedging reserve in equity, are recorded in the income statement in the period in which the hedged, planned transaction becomes effective in the income statement (cost of materials). In general, this will occur in the next nine months.
As of December 31, 2014, the hedging reserve included the change of the fair value totaling kEUR 2,302 less deferred tax effects totaling kEUR -759, which corresponds to a total of kEUR 1,543. The hedging reserve as of December 31, 2013 totaling kEUR -53 (kEUR -79 less the deferred tax effects kEUR 26) was completely recognized in the income statement in the financial year 2014 due to transactions occurring.
14. Cash and cash equivalents
in kEUR 2014 2013
Bank balances 31,965 5,646
Cash on hand 1 1
Total 31,966 5,647
NotesKonzernjahresabschlussKonzernlageberichtAn die Aktionäre The increase is largely due to the successful placement of the capital increase from authorized capital in November 2014
with gross proceeds of EUR 37.5 m. Following the inflow of the proceeds from the capital increase, all liabilities to banks were reduced in the form of a short-term Euribor loan.
Bank balances are subject to variable interest for demand deposits.
In the previous year, the level of funds used to support the consolidated cash flow comprised the above-mentioned cash and cash equivalents less current overdraft liabilities. Cash flows from operating activities were prepared according to the indirect method. As of December 31, 2014, there were no current account liabilities.