construcción de conocimientos después del Programa de Intervención TT
Chapter 3: Learning through talk: educational approaches to group work
4.2 Purpose of the study
4.3.2 The Sessions
(K€) 2012 2011
Subscriptions 1,220,188 1,035,247
Hardware 42,896 34,137
Advertising revenues 29,673 24,242
Wholesale 13,321 13,946
Other revenues 27,123 31,167
Total 1,333,201 1,138,740
(K€) 2012 2011
Programm –795,556 –737,872
Technology –169,383 –168,560
Customer service and other cost of sales –86,112 –74,688
Hardware –68,653 –62,025
Total –1,119,704 –1,043,145
Financial Statements
135
(K€) 2012 2011
Income for compensation 6,244 3,733
Income from dunning charges relating
to prior period – 791
Miscellaneous 1,830 3,368
Total 8,074 7,893
3.3 Selling and general and administrative expenses
The selling and general and administrative expenses are made up as follows:
Selling expenses increased by K€13,663 from K€216,622 in 2011 to K€230,286 in 2012. This increase is mainly the result of increased sales expenses as a result of higher gross subscriber additions and higher marketing expenses in connection with marketing campaigns.
General and administrative expenses increased by K€17,406 from K€96,661 in 2011 to K€114,068 in 2012. This increase was primarily a result of higher IT expenses and higher personnel expenses, particularly relating to the share-based compensation programs as well as pension expenses.
3.4 Other operating income
A variety of individually immaterial items is accumulated under the item “Miscellaneous”.
3.5 Other operating expenses
Other operating expenses are made up as follows:
A variety of individually immaterial items is accumulated under the item “Miscellaneous”.
3.6 Personnel expenses, depreciation and amortisation
Personnel expenses and depreciation and amortisation of fixed assets were charged to operating profit.
In addition to higher expenses in connection with shared-based compensation programs (2012: K€8.784, 2011: K€1,375) and pension expenses (2012: K€3,769, 2011: K€409) the year-on-year increase in personnel expenses is primarily driven by increased expenses in connection with Sky Sport News HD, the expansion of the customer service center located in Schwerin and personnel expenses associated with the expansion of the business.
(K€) 2012 2011
Personnel, incl. termination benefits –44,034 –30,120
Legal, consulting and administrative expenses –10,419 –10,949
Facilities –7,456 –8,825
Other –2,770 –2,261
General and administrative expenses –114,068 –96,661
(K€) 2012 2011
Loss on sale of property and equipment –31 –387
Allocation to allowances for doubtful receivables 9 86
Miscellaneous –591 –1,511
Total –613 –1,812
(K€) 2012 2011
Wages and salaries –114,262 –88,546
Social security –20,140 –15,744
Other personnel expenses (incl. anniversary expense) –6,014 –4,456
Termination benefits –914 –1,401
Pension expense and similar expense –3,769 –409
Personnel expenses –145,098 –110,556
Amortisation of subscriber bases –1,390 –8,285
Depreciation of property, plant and equipment,
including impairment losses –47,243 –35,805
Amortisation of other intangible assets –24,693 –19,950
Amortisation of program library –327 –327
Depreciation and amortisation –73,653 –64,367
136
Sky Deutschland AG | Annual Report 2012
The decrease in the amortisation of the subscriber bases is due to the fact the subscriber base relating to an acquisition in 2003 was fully amortised in the first quarter of 2011.
The increase in amortisation and impairments recognised as cost of sales is mainly driven by the higher volume of rented receivers and the corresponding amortisation of the receivers over their useful lives of five to seven years.
In the past financial year, an amortisation expense in the amount of K€21 (2011: K€27) was recognised on financial assets.
3.7 Financial result
Interest income and interest expenses from interest derivatives comprise gains and losses on the retirement and measurement of interest swap transactions and current interest on these financial instruments. The existing interest swaps expired in early 2012.
Other interest income mainly comprises current account interest and interest on the collection of receivables.
Other interest expenses comprise primarily interest for the corporate financing.
In 2012 interest in the amount of K€34,241 (2011: K€32,720) was incurred in connection with the bank financing and was recognised in profit and loss. Of this interest expense, an amount of K€26,821 was paid (2011: K€20,820). As of the balance sheet date K€2,071 (2011: K€1,672) was recognised as accrued interest payable and K€19,128 (2011:
K€19,128) was added to the loan volume.
In connection with the shareholder financing by News Adelaide Holdings B.V an interest expense in the amount of K€25,376 (2011: K€16,255) was incurred, of which K€17,334 (2011: K€15,207) relate to the convertible bond based on an effective interest rate of 12.0 percent p.a. and K8,042 (2011: K€1,048) to the shareholder loan. The year-on-year increase in interest expense is mainly due to the fact, that the shareholder loan in the amount of K€58,015 was drawn in December 2011. Of this interest expense, an amount of K€6,669 (2011: K€4,985) was paid in the financial year.
The interest expense for the past financial year includes interest expenses of K€29,518 (2011: K€25,709) calculated in accordance with the effective interest method.
3.8 Net gains/losses by measurement categories
Net gains or losses by measurement categories of financial instruments are influenced by changes in fair value, impairments, fluctuations in exchange rates and derecognitions.
The net gains or losses on financial assets and liabilities held for trading relate to the gains or losses on the disposal and the subsequent measurement of these financial instruments (2012: losses of K€372; 2011: gains of K€914). Interest effects are reported in the interest result (see also 3.7 Financial result), whereas the valuation of certain foreign exchange forward contracts that have not been designated for hedge accounting is shown in other financial result (see also 1.6.1.7 Derivative financial instruments).
(K€) 2012 2011
Interest income from interest rate swaps – 205
Other interest income 1,457 1,022
Financial income 1,457 1,227
Interest expenses from interest rate swaps –14 –
Other interest expense –64,729 –54,927
Financial assets or liabilities held for trading –372 914
Available-for-sale financial assets
- Gains or losses on changes in fair value
recog-nised in equity –109 –21
- Gains or losses on disposal and
measurement recognised in profit or loss –120 –95
Financial liabilities measured at amortised cost –1,450 588
Total –17,003 –13,387 Financial Statements
137
3.9 Income taxes
Income tax expense comprises the following:
Deferred tax expense within income taxes substantially results from changes in temporary differences. Deferred tax liabilities recognised as of the balance sheet date indicate commitments which will lead to current tax expenses in future periods.
Deferred taxes are measured based on a tax rate of 27.38 percent (2011: 27.38 percent), taking into account, in addition to corporate income tax of 15.0 percent (2011: 15.0 percent), the solidarity surcharge at 5.5 percent (2011: 5.5 percent) on the corporate income tax and trade tax on income of 11.55 percent (2011: 11.55 percent).
Differences in recognition and measurement result in the following recognised deferred tax assets and liabilities:
Recognition of deferred tax liabilities primarily results from the difference in subsequent valuation of goodwill in the consolidated statements and its tax base.
Deferred tax assets for the carryforward of unused tax losses and interest as well as deductible temporary differences in the amount of K€11,157 (2011: K€0) were not recognised as of the balance sheet date mainly because of the history of losses of the entity. As of the balance sheet date deferred tax assets on deductible temporary differences would have been recognised in the amount of K€3,054 (2011: K€0).
Deferred tax assets recognised directly in other comprehensive income amount to K€100 (2011: K€–384). This effect results from the valuation of foreign exchange forward contracts designated for hedge accounting.
Trade receivables 46 – 102 –
Finance lease receivables – 72 - 231
Finance leases – 25 – 194
Property, plant and
equipment 24 – 84 –
Intangible assets 117 55,126 396 49,840
Other assets and other
financial assets – 988 – 1,041
Borrowings 32 524 131 887
Trade payables – 196 225 –
Provisions for pensions 585 – 516 –
Other provisions – 194 47 –
Other liabilities and other
financial liabilities 1,194 – 941 –
Total 1,998 57,125 2,442 52,194
of which current 969 1,661 538 1,895
of which non-current 1,029 55,464 1,904 50,299
Offset –1,963 –1,963 –2,430 –2,430
Per balance sheet 35 55,161 12 49,763
(K€) 2012 2011
Current tax income (+)/expense (-) 803 –23
Deferred tax expense –5,859 –4,547
Total –5,057 –4,570
138
Sky Deutschland AG | Annual Report 2012
Deferred tax assets and liabilities are offset provided they are with the same tax authority and current taxes are offset.
The reported tax expense differs from the expected tax expense that would have arisen if the nominal tax rate of 27.38 percent (2011: 27.38 percent) had been applied to the IFRS pre-tax earnings.
The reconciliation of the differences is shown below:
The line item Other includes current income tax for prior years in the amount of K€722 (2011: K€0)
As of the balance sheet date the Company has accumulated corporate tax losses of K€2,456,111 (2011: K€2,289,158), of which K€244,372 (2011: K€237,839) relate to Sky Österreich and accumulated trade tax losses in the amount of K€2,309,274 (2011:
K€2,143,605). In addition, there is an interest carry-forward of K€180,879 (2011:
K€145,690) (§ 8a Corporate Income Tax Act).
On the basis of the existing law in 2008 the Company lost corporate tax loss carry forwards in the amount of K€ 225,917 and trade tax loss carry forwards in the amount of K€ 16,461 due to the acquisition of 25.01 percent of the share capital of the Sky Deutschland AG by the News Corporation.
In 2009 the German Parliament passed a “turnaround clause” (Sanierungsklausel) regarding tax loss and interest carry forwards (“§ 8c KStG”) with retrospective effect for the tax assess-ment period 2008. Based on an examination, the EU Commission decided on 26 January 2011 that the turnaround clause is considered to entail state aid. In defense of its own legal opinion, Sky lodged a complaint in due time on 2 December 2011 with the European Court against the EU Commission for the annulment of the above mentioned decision.
In November 2012, Sky received an advanced ruling from the Munich tax authorities granting approval on the general technical approach regarding the application of the hidden reserve clause of the German Corporate Tax Act (Körperschaftsteuergesetz) to protect German tax losses and tax loss carry-forwards in the event of certain changes to the Company’s shareholder structure (e.g., increase of the shareholding of News Adelaide Holdings B.V. to 54.45 percent on 15 January 2013). While the Munich tax authorities did only issue comments on the methodology for the determination of hidden reserves and did not comment on valuation results, management believes that pursuant to this ruling the Company should be able to retain a significant part of its current German tax losses and tax loss carry-forwards in the event of relevant changes to the Company’s shareholder structure.
3.10 Earnings per share
Basic earnings per share are calculated as the ratio of the Group earnings and the weighted average number of ordinary shares outstanding during the year.
Upon completion of the capital raising entered into the commercial register on 13 February 2012 the number of shares issued by Sky Deutschland AG amounts to 778,909,762 shares. For the financial year 2012, the capital increase resulted in a weighted average of 770,590,557 registered shares.
In the previous year, Sky issued a convertible bond to News Adelaide Holdings B.V. through a private placement. The bond can be converted into 53,914,182 ordinary registered shares sourced from the Contingent Capital.
Upon conversion of the bond into ordinary registered shares, the weighted average number of outstanding shares would have increased to 824,504,739. Due to the consolidated loss incurred in the financial year 2012, the diluted earnings per share correspond to the basic earnings per share.
1/1/ – 31/12/
2012 2011
Earnings attributable to stockholders
of Sky Deutschland AG (K€) –195,184 –277,538
Weighted average number of outstanding shares
(thousand) 770,591 708,100
Basic earnings per share total (€) –0.25 –0.39
(K€) 2012 2011
Loss before taxes –190,137 –272,992
Expected tax benefit 52,050 74,732
Reconciliation
Change in non-recognition of deferred taxes –55,177 –77,231
Non-deductible expenses –2,447 –1,947
Other 518 –123
Tax expense –5,057 –4,570
Financial Statements
139
4.1 Financial risk management 4.1.1 Financial risk factors
The Group is exposed in particular to interest and foreign currency risks in connection with its operating activities. It is the Group’s policy to avert or restrict these risks through hedging transactions. All hedging measures are coordinated, carried out and monitored on a centralised basis by the Group’s Treasury & Corporate Finance department.
4.1.1.1 Foreign currency risk
Fluctuations in exchange rates could result in unforeseeable volatility in earnings and cash flows. Sky uses foreign currency forward contracts to hedge the foreign currency risk. These transactions are related to the hedging of cash flows in foreign currencies in connection with the purchase of film and other licenses.
Fair value gains or losses from re-measurement of foreign currency forward contracts as of the balance sheet date are recognised in profit or loss only in the case that they had not been designated for hedge accounting pursuant to IAS 39.
Of the total payments in US dollars and pound sterling, K€60,761 were hedged during the past financial year (2011: K€66,208) using foreign currency forward contracts.
The total trade payables of K€277,117 (2011: K€235,825) include K€32,741 (2011:
K€28,198) in foreign currency.
Foreign currency sensitivity is determined firstly by aggregating the net positions of the operating business denominated in foreign currency. The foreign currency risk is arrived at by multiplying the nonhedged foreign currency position by a 10.0 percent mark-up or devaluation of the US dollar and the pound sterling respectively compared with the euro.
In addition, all foreign currency forward contracts which are not designated for hedge accounting are subjected to a currency sensitivity analysis as changes in the exchange rate of the US dollar on which the transactions are based would affect profit and loss (gain or loss on the adjustment of the fair value).
A 10.0 percent depreciation of the US dollar and the pound sterling respectively compared with the euro would result in a negative effect from the foreign currency forward contracts at the same time as a positive effect from the US dollar and pound sterling denominated financial liabilities, so that a net positive effect of altogether K€1,344 on the earnings for the past financial year would result from this (2011: a positive effect in the amount of K€467). A 10.0 percent appreciation of the US dollar and the pound sterling respectively compared with the euro would have a total negative effect in the amount of K€916 on earnings for the financial year (2011: a positive effect in the amount of K€56).