1 Basis for the presentation of the consolidated financial statements
The consolidated financial statements of Heidelberger Druckmaschinen Aktiengesellschaft were prepared in accordance with the International Financial Reporting Standards (IFRS) as applicable in the European Union and in accordance with the supplemental provisions of Section § 315a, (1) of the German Commercial Code (HGB). The consolidated financial statements also comply with the IFRS in force as of the balance sheet date.
Certain income statement and balance sheet items have been combined to improve the clarity of presentation. A breakdown of these items is presented in the notes to the consolidated financial statements. Deferred liabilities for outstanding invoices and deferred staff liabilities are reported under trade payables and other liabilities respectively in line with IAS 37 (provisions, contingent liabilities and contingent assets). The figures for the previous year have been restated accordingly (see notes 27 and 30). The income statement has been prepared in line with the nature of expense method.
All amounts are stated in € thousand. For subsidiaries located in countries that are not members of the European Monetary Union, the annual financial statements prepared in local currency are translated into € (see note 5).
These financial statements relate to financial year 2007/2008 (April 1, 2007 to March 31, 2008).