Notes on income and expenses General information
Profit or loss is determined as the differences between the
temporary differences at the balance sheet date between the
realizable value of the goods delivered and services rendered,
tax bases of assets and liabilities and their carrying amount for
and the costs and other charges for the year. Gains or losses
financial reporting purposes.
on transactions are recognized in the year in which they are
Deferred income tax assets are recognized for all deductible
realized; losses are taken as soon as they are foreseeable.
temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable
Foreign currencies
profit will be available against which the deductible temporary
Transactions denominated in foreign currencies are translated
differences, and the carry forward of unused tax credits and
at the exchange rates ruling as at transaction date.
unused tax losses can be utilized. The carrying amount of deferred income tax assets is reviewed
Net turnover
at each balance sheet date and reduced to the extent that it is
Net turnover comprises invoiced amount to third parties for
no longer probable that sufficient taxable profit will be available
provided services during the financial year, net of sales related
to allow all or part of the deferred income tax asset
taxes and after elimination of intercompany transactions within
to be utilized. Unrecognized deferred income tax assets are
the financial year.
reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable
Direct costs
profit will allow the deferred tax asset to be recovered.
Direct costs include costs of transportation charged by third
Deferred income tax assets and liabilities are measured at
parties, the costs of own and external means of transport
the tax rates expected to apply to the year when the asset is
(excluding depreciation and interest) and all other costs directly
realized or the liability is settled, based on tax rates (and tax
related to net turnover for the year under review.
laws) that have been enacted or substantively enacted at the balance sheet date.
Depreciation and amortization
Deferred income tax assets and deferred income tax liabilities
Depreciation of tangible fixed assets and amortization of
are offset, if a legally enforceable right exists to set off current
intangible fixed assets are based on a fixed percentage of the
tax assets against current income tax liabilities and the
cost of the assets concerned.
deferred income tax relates to the same taxable entity and the same taxation authority.
Taxation
The Company and its Dutch subsidiaries form a fiscal unity
Income from minority interests
for corporate income taxes. The participants report all taxes
Includes the pro rata share in the results of minority interests
separately after allocation. The Company accounts for
the Company has, after deduction of applicable taxes.
corporate income taxes on a stand-alone basis. Transactions
Dividend income is recognized as soon as the right to that
within the Group are based on arms length principles.
income is obtained.
Current income tax
Cash flow statement
prior periods are measured at the amount that is expected to
statement. Bank overdrafts are presented as current liability.
be recovered from, or paid, to the taxation authorities. The tax
Dividends received from minority participating interests and
rates and tax laws used to compute the amount are those that
profits after tax are presented under cash flow from operating
are enacted or substantively enacted by the balance sheet
activities.
date. Current income tax relating to items recognized directly in
Non-cash transactions relating to financial leases have
equity is recognized in equity and not in the income statement.
been excluded from the cash flow statement. The current
Current income tax assets and liabilities for the current and
The indirect method is used in preparing the cash flow
presentation reflects cash flows from continuing operations and from discontinued operations to the extent that the
Deferred income tax
Deferred income tax is provided using the liability method on
proceeds have been received.
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