Changes in major accounting policies

With the exception of the following changes, the Group applied the described accounting policies consistently to all periods presented in these consolidated financial statements.

The Group applied the following new standards and amendments to standards, including all subsequent amendments to other standards whose date of first-time application is 1 January 2013.



Amendment Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters



Amendment Deferred Tax: Recovery of Underlying Assets



Fair Value Measurement



Employee Benefits (2011)



Presentation of Items of Other Comprehensive Income (Amendment)



Stripping Costs in the Production Phase of a Surface Mine



Disclosures - Offsetting Financial Assets and Financial Liabilities - Amendments to IFRS 7



Government Loans - Amendment



Annual Improvements 2011

The application of these new mandatory IFRSs has the following effects on the consolidated financial statements:

Fair value measurement

IFRS 13 creates a standard framework for the measurement of fair value and disclosures of fair value measurements when such measurements are required or permitted by other IFRSs. This standard defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The standard replaces and enhances the disclosure requirements regarding fair value measurements in other IFRSs, including IFRS 7. As a result, the Group made additional disclosures in this regard.

In compliance with the transitional provisions of IFRS 13, the Group applied the new fair value measurement regulations prospectively and made no comparative information from the previous year available for new disclosures. Nonetheless, the change had no material effects on the measurement of the Group’s assets and liabilities.

Presentation of Items of Other Comprehensive Income

As a result of the amendments to IAS 1, the Group changed the presentation of items of other comprehensive income in its statement of comprehensive income in order to report items to be reclassified to profit or loss separately from items that will never be reclassified. The comparative information was adjusted accordingly.

Defined benefit plans for post-employment benefits

As a result of IAS 19, the Group had already changed its accounting policy regarding the principles of calculating income or expenses connected to its defined benefit plans for post-employment benefits in 2011.

Pursuant to IAS 19 (2011), the Group calculates net interest expenses (net interest income) on the net liability (asset) from defined benefit plans for the reporting period by applying the discount rate used to measure the defined benefit obligation at the start of the annual reporting period to the net liability (asset) from defined benefit plans on this date. Any changes in the net liabilities (assets) from defined benefit plans that resulted from contribution and benefit payments over the course of the reporting period are taken into account. As a result, net interest on the net liability (asset) from defined benefit plans now includes: interest expense for the defined benefit obligation, interest income from plan assets and interest on the effect of the asset ceiling. Previously, the Group determined the interest income from plan assets on the basis of the expected long-term rate of return.

As the Group already recognised actuarial gains and losses in OCI in line with the former IAS 19, this has no quantitative effects.

All other new mandatory IFRSs were either inapplicable for the Group or had no effects.

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