Robert Bosch GmbH_ Notes to the Financial Statements Principles and Methods

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5/11/2014 Robert Bosch GmbH: Notes to the financial statements Principles and methods

https://finanzberichte.heureka.de/bosch/en/annual-report-2013/consolidated-financial-statements/notes/notes-to-the-financial-statements-principles-and-methods

Annual Report 2013

The Bosch Vision

Key Data

The Bosch Group

Foreword to the 2012 Annual Report

Board of Management

Report of the Supervisory Board

Supervisory Board

Highlights

Robert Bosch Stiftung

Group Management Report

Consolidated Financial Statements

Income statement

Statement of comprehensive

income

Statement of financial position

Statement of changesin equity

Statement of cash flows

Notes

Notes to the financial statements

Principles and methods

Consolidation

Notes to theincome statement

Notes to the statement of

financial position

Other notes

List of shareholdings of the

Bosch Group as of December 31,

2012

Auditors Report

Ten-Year Summary of the Bosch

Group

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icons.

Notes to the financial statements

Principles and methods

General explanations

The consolidated financial statements of the Bosch Group for the year ended December

2013, have been prepared according to the standards issued by the International

Accounting Standards Board(IASB), London. The International Financial Reporting

Standards(IFRSs) and the Interpretations of the International Financial Reporting

Interpretations Committee(IFRS IC) applicable in the EU at end of the reporting period h

been applied. The previous-year figures have been determined using the same principles

The consolidated financial statements are in line with the provisions of Sec. 315a HGB

[Handelsgesetzbuch: German Commercial Code] and Regulation (EC) No 1606/2002 o

the European Parliament and of the Council of July 19, 2002, on the application of

international accounting s tandards.

The EU-endorsed standards IFRS 10 Consolidated Financial Statements,IFRS 11 Join

Arrangements,and IFRS 12 Disclosures of Interests in Other Entities(mandatory adop

for fiscal years beginning on or after January 1, 2014), as well as the amendments to IA

Separate Financial Statements,IAS 28 Investments in Associates and Joint Ventures,

IAS 32 Financial Instruments: Presentation(mandatory adoption for fiscal years beginn

on or after January 1, 2014) will not be early adopted. The first-time adoption of these

standards is not expected to have any significant effects on the consolidated financial

statements of the Bosch Group.

Effects of amended accounting and measurement methods are explained in the section

Impact of changes in accounting policies.

To enhance the clarity and transparency of the consolidated financial statements, individ

items of the consolidated income statement and the consolidated statement of financia

position have been combined. These items are explained separately in the notes to the

consolidated financial statements. The income statement has been prepared using the

function of expense method.

The preparation of consolidated financial statements in accordance with IFRSs requires

assumptions be made for some items. These assumptions have an effect on the amoun

the assets and liabilities, income and expenses, and contingent liabilities disclosed in t

consolidated statement of financial position.

The group currency is the euro (EUR). Unless otherwise stated, all figures are in millions

euros (EUR million).

The consolidated financial statements prepared as of December 31, 2013, were authoriz

for disclosure by management on March 13, 2014. The consolidated financial statemen

and group management report will be filed with the Federal Gazette [Bundesanzeiger] a

published there.

Basis of consolidation

Besides Robert Bosch GmbH, the consolidated financial statements include all subsidi

for which Robert Bosch GmbH fulfills the criteria pursuant to IAS 27 Consolidated and

Separate Financial Statements,or to which the interpretation of the Standing Interpretat

Committee SIC 12 Consolidation Special Purpose Entitiesapply. These entities are

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included in the consolidated financial s tatements from the date on which the Bosch Gro

obtains control. Conversely, subsidiaries are no longer included when control of the entit

lost.

The capital of the companies consolidated in the fiscal y ear for the first time is consolid

pursuant to IFRS 3 Business Combinationsusing the purchase method of accounting. A

the time of combination, the purchase cost of the shares acquired is offset against pro-r

revalued equity. Assets , liabilities, and c ontingent liabilities are carried at fair value.

Remaining debit differences are accounted for as goodwill. Any credit differences are

recognized through profit or loss. Any difference resulting from the purchase of additiona

non-controlling interests is offset against equity.

Joint ventures as defined by IAS 31 Interests in Joint Venturesare accounted for using

equity method.

Pursuant to IAS 28 Investments in Associates,investments are also included in

consolidation using the equity method if s ignificant influence can be exercised. A t prese

no associates have been accounted for using the equity method.

Within the consolidated group, intercompany profits and losses, sales, expenses and o

income, as well as all receivables and liabilities or provisions are eliminated. In the case

consolidation measures with an effect on income, the effects for income tax purposes ar

considered and deferred taxes disclosed.

Currency translation

In the separate financial statements of the group companies, all receivables and liabilitie

denominated in currencies other than the euro are measured at the closing rate at the e

of the reporting period, regardless of whether they are hedged or not. Exchange-rate gai

and losses from remeasurements are recorded in profit or loss.

The financial statements of the consolidated companies outside the euro zone are

translated into euros in accordance with IAS 21 The Effects of Changes in Foreign

Exchange Rates.Ass ets and liabilities are translated at the closing rate at the end of th

reporting period, while equity is t ranslated at historical rates. The positions of the incom

statement are translated into euros at the annual average exchange rate. Any resulting

exchange-rate differences are recorded as other comprehensive income until the disposa

the subsidiaries, and disclosed as a separate position in equity.

For the most important non-euro currencies of the Bosch Group, the following exchange

rates apply:

Closing rate Average r

1 EUR = 31/12/2013 31/12/2012 2013 2

Australia AUD 1.54 1.27 1.38

Brazil BRL 3.26 2.70 2.87

China CNY 8.42 8.32 8.22

Czech Republic CZK 27.43 25.14 25.97 2

Hungary HUF 296.91 291.29 296.97 28

India INR 85.37 72.56 77.93 6

Japan JPY 144.72 113.61 129.66 10

Korea KRW 1,450.93 1,406.04 1,455.91 1,44

Poland PLN 4.15 4.07 4.20

Russian Federation RUB 44.97 40.23 42.29 3

Sw itzerland CHF 1.23 1.21 1.23

Turkey TRY 2.96 2.36 2.53

United Kingdom GBP 0.83 0.82 0.85

USA USD 1.38 1.32 1.33

Accounting policies

Cash and cash equivalentsconsist of cash, reserve bank deposits, and bank balance


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with an original maturity of less than 90 days. Measurement is at amortized cost.

Trade receivables, income tax receivables, other assets (current), and other

financial assets (non-current)are measured at amortized cost. A ll discernible specific

risks and general credit risks are accounted for by appropriate valuation allowances.

According to internal group guidelines, the carrying amounts of receivables are generally

corrected via a valuation allowance account. For finance leases under which the Bosch

Group is the lessor, a receivable is disclosed equivalent to the net investment value. Lea

under which substantially all risks and rewards in connection with ownership have been

transferred to the lessee are classified as finance leases. Derivative financial instruments

are measured at fair value.

Inventoriesinclude raw materials, consumables, and supplies, work in process, finishe

goods and merchandise, and prepayments. Inventories are stated at purchase cost or c

of conversion using the average cost method. In addition to direct cost, cost of conversio

includes an allocable portion of necessary materials and production overheads as well

depreciation that can be directly allocated to the production process. Appropriate allowa

is made for risks associated with holding and selling inventories due to obsolescence.

Inventories are devalued further when the net selling price of the inventories has fallen be

cost.

Property, plant, and equipmentare measured at cost of purchase or production cost

less depreciation and, if necessary, impairment losses. Depreciation is charged on a

straight-line basis over the economic useful life.

Depreciation is based on the following ranges of useful lives:

Usefu

Buildings 10 50 y

Plant and equipment 8 11 y

Other equipment, f ixtures, and furniture 3 25 y

In accordance with IAS 36 Impairment of Assets,impairment losses are recorded on

property, plant, and equipment if the recoverable amount has fallen below the carrying

amount. Impairment losses are reversed if the reasons for the impairment loss from prev

years no longer apply. Repair costs are recognized in the income statement.

In accordance with IAS 17 Leases,leased items of property, plant, and equipment whiceconomic purposes are deemed to be purchases of assets with long-term financing (fina

leases) are recognized at the time of addition at the lower of fair value or present value o

minimum lease payments. Depreciation is charged over the economic useful life. If it is

uncertain whether title to the leased asset will be transferred, the asset is depreciated ov

the term of the lease agreement (if shorter than the economic useful life). The finance

expense from these leases is disclosed under other financial expenses.

Investment propertyis measured at depreciated cost in acc ordance with IAS 40

Investment Property.

Government grants are only recognized pursuant to IAS 20Accounting for Government

Grants and Disclosure of Government Ass istanceif it is sufficiently certain that the

assistance will be granted and the conditions attached to the assis tance are satisfied.

Grants related to assets are deducted in order to calculate the carrying amount of theasset. Grants related to income are recognized in the income s tatement of the period in

which the expenses are incurred which the grants are intended to cover.

Purchased and internally generated intangible assetsare capitalized pursuant to I

38 Intangible Assetsif a future economic benefit will flow to the entity from the use of th

asset and the cost of the asset can be reliably determined. These assets are generally

carried at cost and amortized using the straight-line method over their economic useful l

As a rule, the useful life is four years. Intangible assets accounted for in the course of

business combinations have a useful life of up to 20 years.

Borrowing costsincurred in connection with the acquisition, construction, or productio

qualifying assets are included in the cost of this asset for the period of time until the ass

is commissioned and subsequently written off with the asset concerned. Other borrowin


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costs are recorded as expenses.

Goodwillfrom business combinations represents the difference between the purchase

price on the one hand and the pro-rata fair value of the equity at the time of acquisition o

the other. Goodwill is allocated to the cash-generating units and tested annually for

impairment. If the recoverable amount of the cash-generating unit does not cover the

carrying amount of the net asset, impairment losses are charged in accordance with the

requirements of IAS 36.

Pursuant to IFRS 1 First-time Adoption of International Financial Reporting S tandards,

goodwill existing as of January 1, 2004 (date of transition) was transferred at the carryin

amount in accordance with the provisions of the German Commercial Code. Goodwill is

tested for impairment pursuant to the provisions of IAS 36.

Intangible assetswith an indefinite useful life are tested annually for impairment. Intang

assets subject to wear and tear are only tested for impairment if there is any indication t

they may be impaired. Impairment losses are recorded in accordance with IAS 36

Impairment of Assetsif the recoverable amount of the asset concerned has fallen below

carrying amount. Impairment losses are reversed if the reasons for the impairment loss

previous years no longer apply.

Shares in jointly controlled entitiesare consolidated using the equity method. The

carrying amount of these shares is subsequently measured in accordance with the chan

in equity of the jointly controlled entity attributable to the Bosch Group.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity on

one hand and to a financial liability or equity instrument of a second entity on the other.

a rule, financial instruments are determined as of the settlement date. Financial instrum

are accounted for at amortized cost or fair value. In the case of a financial asset or finan

liability not accounted for at fair value through profit or loss, transaction costs that are

directly attributable to the acquisition or issue of the financial asset or financial liability a

taken into account. When determining the fair value, the input factors of the valuation

methods pursuant to IFRS 13 Fair Value Measurementare categorized as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities

that the accounting entity can access at the measurement date

Level 2: Inputs other than quoted prices included within level 1 that are observable fo

asset or liability, either directly or indirectly

Level 3: Inputs that are not based on observable market data

The fair value of current financial assets and liabilities corresponds to the carrying amou

Under IAS 39 Financial Instruments: Recognition and Measurement,the following

categories of financial instruments are used in the Bosch Group:

Held-to-maturity investments

Loans and receivables

Financial liabilities measured at amortized cost

Assets and liabilities held for trading

Available-for-sale financial assets

The fair-value option pursuant to IAS 39 is not exercised.

Financial investments held to maturity, loans and receivables, and current and non-curre

financial liabilities are measured at amortized cost using the effective interest method.

These are mainly loans, trade receivables, and current and non-current other financial

assets and liabilities. Impairments of loans and receivables to allow for credit risks base

past experience are recognized in the form of specific and general doubtful debt allowan

When determining valuation allowances for the general credit risk, financial assets that

could potentially be impaired are grouped together by similar credit risk characteristics

collectively tested for impairment and, if necessary, written down.


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Financial assets and liabilities held for trading are measured at fair value. Changes in va

are recognized in profit or loss. These are derivative financial instruments which are main

used to limit currency, interest, and commodity risks in accordance with internal risk

management. Hedge accounting is not used in the Bosch Group.

Available-for-sale financial assets are those non-derivative financial assets t hat cannot b

allocated to any of the preceding categories. They are carried at fair value. Unrealized ga

and losses from changes in market value are disclosed in equity, net of deferred taxes,

they are realized. Interest received is generally recognized through profit and loss using

effective interest method. Dividends are recognized through profit and loss as soon as

payment is legally enforceable. If impairment losses are necessary, the accumulated ne

loss is eliminated from equity and disclosed in profit or loss. If an impairment loss recor

on equity instruments is reversed in accordance with IAS 39, this is offset directly again

equity. Reversals of impairment losses on debt instruments are recognized in profit or lo

They may not exceed the amount for which the impairment loss was recorded.

If the fair value of available-for-sale financial assets cannot be reliably determined, they a

accounted for at acquisition cost. These are investments for which there is no active

market. Necessary impairment losses are recognized in profit or loss and are not revers

As of the end of every reporting period, the carrying amounts of the financial assets whi

are not measured at fair value through profit or loss are examined for substantial objectiv

indications that an asset may be impaired. Such indications may, for instance, be serio

financial difficulties suffered by the debtor, the high probability that insolvency proceedin

will be instituted against the debtor, the loss of an active market for the financial asset, permanent drop in the fair value of the financial asset below amortized cost, or significan

changes in the technological, economic, or legal environment, or in the market of the iss

A possible impairment loss is given if the fair value of the asset is lower than the carryin

amount. The fair value of loans and receivables is the present value of the estimated futu

cash flows discounted using the original effective interest rate.

In accordance with IAS 12 Income Taxes,deferred tax assets and liabilitiesare

recorded for temporary differences between the tax carrying amounts and the carrying

amounts in the consolidated statement of financial position unless they arise from the in

recognition of an asset or liability in a transaction that is not a business combination an

the time of the transaction, affect neither the profit before tax nor the taxable profit. This

applies to unused tax losses and tax credits if there is assurance beyond reasonable d

that future taxable profit will be available against which they can be utilized. The deferred

item equals the estimated tax burden/relief in later periods. The tax rate applicable at thetime of realization is taken as a basis. Tax implications from profit distributions are

generally not considered until the resolution for the appropriation of profits has been

adopted. If it is uncertain whether recognized deferred taxes can be realized, they are

adjusted accordingly.

Non-current assets and lia bilities held for saleare classified as held for sale if most

their carrying amount will be redeemed by a sale and the sale is highly likely to be effec

They are valued at the lower of carrying amount or fair value, less selling cost.

Liabilitiesare measured at amortized cost. Liabilities from finance leases are disc lose

under other liabilities, at the present value of the future lease installments. The effective

interest method is applied when measuring bonds.

Pursuant to IAS 19 Employee Benefits,pension provisionsare recognized using the

projected unit credit method, taking into account future estimated increases in pensions

and salaries, among other things.

Tax provisionspertain to obligations relating to income tax and other taxes. Deferred

taxes are disc losed in separate positions of the s tatement of financial position.

Pursuant to IAS 37 Provisions, Contingent Liabilities, and Contingent Assets ,other

provisionsare recognized if there is a current obligation from a past event which will

probably lead to an outflow of resources in the future. In addition, it must be possible to

reliably estimate the amount of this outflow. Other provisions are measured at full cost .

Provisions due in more than one year are stated at their discounted settlement amount.

Revenue from the supply of products and goods or from the provision of services is


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recognized when title and risk is transferred to the purchaser, less s ales deductions.

Interest and lease income is recorded according to the contractual agreement and, whe

appropriate, accrued pro rata temporis. In the case of finance leases, the payments are

divided up using actuarial methods.

Cost of salescontains the cost of internally manufactured goods and the cost price of

resold merchandise. The production cost of internally manufactured goods contains

materials and production cost that can be allocated directly, the allocable parts of indire

overheads, including the depreciation of production equipment and the amortization of ot

intangible assets, and the devaluation of inventories.

Development costthat cannot be recognized is charged against income in the period

incurred.

Impact of changed accounting policies

From the beginning of the fiscal year 2013, jointly controlled entities are no longer

consolidated proportionately but by using the equity method. This amendment was mad

way of exercising the option of IAS 31. Consolidation using the equity method provides

more reliable information about the B osch Groups share in jointly controlled entities.

Reporting on these entities to management has been changed accordingly.

In addition, the provisions of the revised IAS 19 were also applied from January 1, 2013.

Without this change, the provision for pensions and similar obligations would have been

EUR 31 million higher, the obligation for phased retirement EUR 88 million higher, and E

would have been EUR 46 million lower in the fiscal year 2013.

In accordance with IAS 8, the previous-year figures for the 2013 consolidated financial

statements were presented on a comparable basis in the income statement, the statem

of comprehensive income, the statement of financial position, the s tatement of changes

equity, the statement of cash flows, and the notes to the consolidated financial stateme

The effects of applying the equity method in accordance with IAS 31 and the amended

provisons of IAS 19 are presented in the following tables.

Impact on the income statement

In the following presentation of the income statement, the effects of the application of thprovisions contained in IFRS 5Non-current Assets Held for Sale and Discontinued

Operationsare presented in a separate column to allow the reconciliation to the figures

presented in the income statement.

Figures in millions of euros 2012 beforeadjustment

IAS 31 IAS 19 IFRS 5 2012 aadjustm

Sales revenue 52,464 7,285 476 44

Cost of sales 36,295 4,947 13 1,277 30

Gross profit 16,169 2,338 13 801 14

Distribution and administrative cost 9,961 1,510 4 100 8

Research and development cost 4,787 284 1 62 4

Other operating income 1,384 173 10 1

Other operating expenses 1,495 154 37 1

Result f rom investments measured at equity 399

EBIT 1,310 164 18 990 2

Financial income 2,924 94 2

Financial expenses 1,438 117 14 1

Profit before tax 2,796 141 18 1,004 3

Income taxes 454 124 3 154

Profit after tax from continuingoperations 2,342 17 21 850 3

Profit af ter tax from discontinued operations 850

Profit af ter tax 2,342 17 21 2


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of w hich attributable to non-controllinginterests 81 15

of w hich attributable to parent company 2,261 2 21 2

Impact on the statement of comprehensive income


IAS 31 IAS 19 2012 aadjustm

Profit after tax 2,342 17 21 2

Change from marketable f inancial instruments

recognized in other comprehensive income 535

of w hich attributable to non-controlling interests 6

transferred to profit or loss 1,293 1


Adjustment item from currency translation of entities outside theeuro zone 266 1


Items that will be reclassified to profit or loss 1,024 1 1

of w hich entities consolidated using the equity method 9

Remeasurement of pension provisions 1,179 25 1

of w hich attributable to non-controlling interests

Items that will not be reclassified to profit or loss 1,179 25 1

of w hich entities consolidated using the equity method 101

Other comprehensive income 2,203 1 25 2

Comprehensive income 139 18 4

of w hich attributable to non-controlling interests 61 15

of w hich attributable to parent company 78 3 4

Impact on the statement of financial position

Figures inmillions ofeuros

Dec. 31, 2012, IAS 31 IAS 19 Dec. 31, 2012 Jan. 1, 2012 IAS 31 IAS 19 Jan. 1, 2

Assets before

adjustment

after

adjustment

before

adjustment

a

adjustm

Currentassets

Cash and cashequivalents 3,587 467 3,120 3,328 436 2

Securities 760 26 734 718 44

Tradereceivables 9,169 1,620 7,549 9,156 1,586 7

Income taxreceivables 324 44 280 292 39

Other assets 2,153 196 1,957 1,816 231 1

Inventories 7,168 846 6,322 7,659 909 6

23,161 3,199 19,962 22,969 3,245 19

Non-currentassets

Financialassets 9,818 455 9,363 9,942 382

Income taxreceivables 152 152 139 1

Property, plant,and equipment 13,571 1,455 12,116 13,776 1,406 12

Intangibleassets 6,798 186 6,612 5,654 167 5

Investmentsmeasured atequity

1,828 1,828 1,856 1

Deferred taxes 2,826 222 26 2,578 2,136 154 25 1

33,165 490 26 32,649 31,647 254 25 31

Total assets 56,326 3,689 26 52,611 54,616 3,499 25 51

Equity and


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liabilities

Currentliabilities

Financialliabilities 1,364 100 1,264 437 286

Tradepayables 4,034 899 3,135 4,241 877 3

Income taxliabilities 165 23 142 176 15

Other liabilities 4,469 626 3,843 4,566 599 3

Income taxprovisions 373 24 349 413 7

Otherprovisions 2,543 333 2,210 2,688 365 2

12,948 2,005 10,943 12,521 2,149 10

Non-currentliabilities

Financialliabilities 3,297 491 2,806 3,851 343 3

Other liabilities 279 61 218 453 69

Pension

provisions 8,534 774 28 7,732 6,861 606 22 6

Income taxprovisions 347 60 287 337 50

Otherprovisions 3,034 231 71 2,732 2,866 229 63 2

Deferred taxes 1,003 15 5 993 810 17

16,494 1,632 94 14,768 15,178 1,314 85 13

Equity

Issued capital 1,200 1,200 1,200 1

Capital reserve 4,557 4,557 4,557 4

Retainedearnings 20,536 3 68 20,607 20,589 4 60 20

Unappropriatedearnings 88 88 88

Non-controllinginterests 503 55 448 483 40

26,884 52 68 26,900 26,917 36 60 26

Total assets 56,326 3,689 26 52,611 54,616 3,499 25 51

Impact on the statement of cash flows


IAS 31 IAS 19 2012 aadjustm

Profit before tax 2,796 141 18 2

Depreciation and amortization 3,320 276 3

Change in pension provisions 25 23 21

Change in non-current provisions 134 16 8

Gains on disposal of non-current assets 1,183 9 1

Losses on disposal of non-current assets 334 6

Gains on disposal of securities 439 16

Losses on disposal of securities 94 6

Gains from investments measured at equity 399

Financial income 654 45

Financial expenses 729 67

Interest and dividends received 400 201

Interest paid 248 25

Paid income taxes 770 158

Cash flow 4,538 480 5 4

Change in inventories 555 13

Change in receivables and other assets 364 16

Change in liabilities 785 30 5

Change in current provisions 257 13


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Cash flows from operating activities (A) 3,687 494 3

Acquisition of subsidiaries and other business units 1,060 1

Disposal of subsidiaries and other operating units 76 19

Additions to non-current assets 4,083 475 3

Proceeds from disposal of non-current assets 1,263 26 1

Purchase of securities 5,894 495 5

Disposal of securities 5,961 459 5

Cash flows from investing activities (B) 3,737 504 3

Acquisition of non-controlling interests 40

Borrow ing 1,291 548

Repayment of f inancial liabilities 828 506

Dividends paid 116 1

Cash flows from financing activities (C) 307 41

Change in liquidity (A+B+C) 257 31

Liquidity at the beginning of the period (January 1) 3,328 436 2

Exchange-rate related change in liquidity 6

Increase in liquidity due to changes in the consolidated group 8

Liquidity at the end of the period (December 31) 3,587 467 3

Aft er off setting reversals of impairments of EUR 84 million (before adjustment EUR 91 million)1)

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Robert Bosch GmbH_ Notes to the Financial Statements Principles and Methods

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