The ‘Intangible assets’ relate primarily to software/licences and websites.
The ‘Land and buildings’ items refer primarily to renovations of leased premises.
FINANCIAL FIXED ASSETS
The ‘Associates’ item represents a 99.9% interest in Casa Holding B.V. (EUR 269.0 million), arising from the deconsolidation in 2014 and a 20% interest in Dennenhoorn B.V. (EUR 1.1 million), both of which have their registered offices in Laren.
Receivables in the amount of EUR 12.7 million relate to receivables from associates as a result of the deconsolidation of Casa in 2014. These receivables have a maturity of 1 to 5 years; no securities have been created.
The other receivables, in the amount of approximately EUR 0.7 million, have a maturity of less than one year.
In connection with the change in the provision for obsolescence, an amount of EUR 8.2 million has been charged to the income statement (2013/14: EUR 11.7 million gain).
The receivables in the amount of approximately EUR 0.5 million (2013/14: EUR 3.2 million) have a maturity of more than one year.
‘Other receivables’ includes an amount of EUR 25.7 million (2013/14: EUR 13.6 million) related to profit tax and EUR 1.0 million (2013/14: EUR 2.8 million) related to deferred tax assets.
The total amount in tax losses not included in the recognition of tax deferrals is approximately EUR 5.8 million (2013/14: EUR 4.1 million).
For an explanation of changes in shareholders’ equity, please see the Notes to the Company Balance Sheet.
The provision for deferred tax liabilities concerns future tax liabilities resulting from temporary differences between valuation principles for commercial and tax purposes.
The provision for restructuring is intended to cover the costs related to reorganisations of parts of the group and unprofitable contracts.
The provision for warranty obligations is recognised for the estimated costs expected to arise from the warranty obligations at the balance sheet date in relation to goods and services provided. Costs arising from meeting warranty obligations are deducted from the provision. Additions and withdrawals were netted in the transition summary.
The provision for jubilee benefits is recognised based on the long-service policy at the balance sheet date, taking into account the likelihood of the employee remaining at the company, future trends in wage costs, and discount rate.
The provision for legal proceedings relates to current disputes, claims and court cases.
The remaining provisions include, among other things, a provision for the large-scale maintenance of buildings owned by the company.
Of the total balance of provisions, approximately EUR 39.0 million (2013/14: EUR 28.5 million) is current; the remainder is likely to be of a long-term nature.
Most of the non-current liabilities have a maturity of up to five years and consist mainly of debts payable to affiliated companies and debts to associates. No collateral is provided.
Liabilities to affiliated companies amount to EUR 131.7 million (2013/14: EUR 71.5 million). The interest rate is fixed on a quarterly basis and comprises the average of the three-month and twelve-month Euribor rates at the start of each quarter (average for 2014/15: 0.33%; 2013/14: 0.375%). The debts to associates are related to the deconsolidation of Casa in 2014 and amount to EUR 162.0 million (2013/14: EUR nil) at interest rates ranging from 1.0% to 2.2%.
INFORMATION NOT SHOWN IN THE CONSOLIDATED BALANCE SHEET
RENT AND LEASE COMMITMENTS
An amount of approximately EUR 228 million (2013/14: EUR 274 million) is payable in connection with long-term leasing contracts and leases. Contracts expire each year, and a number of contracts in effect at the balance sheet date have a remaining maturity of one to five years (total lease amount: approx. EUR 524 million) while other contracts have a remaining term of more than five years (total lease amount is roughly EUR 330 million).
BANK GUARANTEES AND LETTERS OF CREDIT
An amount of approximately EUR 19 million has been frozen in the bank accounts (2013/14: EUR 20 million) in connection with bank guarantees and letters of credit, including EUR 15 million at Dutch companies (2013/14: EUR 8 million).
Investment commitments at year-end 2014/15 totalled approximately EUR 7.4 million (2013/14: EUR 27.7 million).
At the balance sheet date, outstanding purchasing commitments totalled approximately EUR 210 million (2013/14: EUR 270 million).
The risks associated with financial instruments are detailed below.
CURRENCY EXCHANGE RISKS
Currency exchange risks are almost exclusively related to purchases of goods in currencies other than the euro. The Group’s currency policy is aimed at managing currency exchange risks. In this context, forward foreign currency exchange contracts are used. The foreign currency component of forward currency exchange contracts, which serve as hedge instruments for future transactions, are stated at cost as long as the hedged position has not yet been included in the balance sheet.
The fair value of forward foreign currency exchange contracts on the balance sheet date was EUR 11.4 million (2013/14: EUR - 0.7 million).
INTEREST RATE RISKS
The company has not used any instruments in connection with hedging interest rate risks.
Credit risks relate to trade debtors and other current receivables. Sufficient provision has been made for these.