Judgements, estimates and assumptions

The preparation of the consolidated financial statements was based on a number of judgements, estimates and assumptions that had an effect on the value and presentation of the reported assets, liabilities, income and expenses as well as contingent liabilities. Further details on the listed topics and, where applicable, the respective carrying amounts, are included in the notes to the consolidated financial statements in the numbers indicated in the following list.

Judgements

The following topics, in particular, required judgements in the preparation of these consolidated financial statements:

  • Determination of the consolidation group by assessing control opportunities (chapter “Consolidation group”). Aside from special purpose entities this concerns, in particular, investments where control is not necessarily tied in with a majority of voting rights due to special regulations in the Articles of Association.
  • Classification of leases as finance lease or operating lease – including sale-and-lease-back transactions (no. 20 “Tangible assets”)
  • Classification of real estate assets as investment properties (no. 21 “Investment properties”)
  • Classification of financial instruments to the category “held to maturity” (no. 39 “Carrying amounts and fair values according to measurement category”)

Estimates and assumptions

Estimates and underlying assumptions with significant effects relate to the following circumstances, in particular:

Although great care has been taken in making these estimates and assumptions, actual values may deviate from them in individual cases. The estimates and assumptions used in the consolidated financial stetements are regularly reviewed. Changes are taken into account at the time new information becomes available.