Airbus 2015 Annual Report Download - page 273

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 91 l
Notestothe IFRSCompanyFinancialStatements
4.
4.1 Basis of Presentation
1. The Company
The Company’s principal activity is acting as a holding and
management company for the subsidiaries of AirbusGroup
SE, the “Company”, a listed company in the form of a European
Company (Societas Europaea), legally seated in Amsterdam
(current registered office at Mendelweg30, 2333 CS Leiden,
The Netherlands). On 28May 2015, the legal form of the
Company has changed from a Dutch public limited company
(formerly AirbusGroupN.V.) to a European company (SE) and
is consistently subject to the laws of the Dutch Civil Code. The
Company has its listings at the European Stock Exchanges
in Paris, Frankfurt am Main, Madrid, Barcelona, Valencia and
Bilbao. The IFRS Financial Statements were authorised for issue
by the Company’s Board of Directors on 23February 2016.
They are prepared and reported in euro (“€”) and all values are
rounded to the nearestmillion appropriately.
2. Significant Accounting Policies
Change of Accounting Framework
asof1January 2015
Until end of financial year2014, the Company made use of the
option provided in section2:362 (8) of the Dutch Civil Code, which
allows that the principles for the recognition and measurement
of assets and liabilities and determination of the result of the
Company Financial Statements are the same as those applied
for the Consolidated EU-IFRS Financial Statements.
As of 1January 2015, the Company changed the basis for
preparing the Company Financial Statements to IFRS as
adopted by the European Union being applicable for Company
Financial Statements (a.o. IAS27 “Consolidated and Separate
Financial Statements”), as permitted by section2:362 (8) of the
Dutch Civil Code.
As an internationally operating Company, AirbusGroup SE
has global institutional and private shareholders as well as
other stakeholders who are used to IFRS as internationally
accepted and applied accounting standards, rather than to
Dutch GAAP requirements under the formerly applied option.
Airbus’ management considers that the recognition of its
investments at cost less impairment in the Company Financial
Statements is a more appropriate approach to provide a fair
insight into the Company’s Financial Position with regards to
the determination of distributable equity and provides additional
insight relating to the dividend upstream within the Group and
therefore complements the AirbusGroup’s IFRS Consolidated
Financial Statements.
As a result of the change in accounting framework in the
Company Financial Statements, the following main differences
can be identified:
 subsidiaries will now be measured at historic cost less
impairment instead of net asset value;
 in the statement of income, dividend income is recognised
instead of results from investments in accordance with the
equity method; and
 back-to-back hedges with subsidiaries are no longer
presented on a net basis in the statement of financial position.
The comparative figures have been adjusted accordingly as
from 1January 2014 (transition date).
Reconciliation from Previous GAAP to EU-IFRS
The overview below presents the impact of the change in accounting basis from Dutch GAAP into EU-IFRS shareholders’ equity
in the Company financial statements as per 1 January 2014 and 31 December 2014:
(In € million) 31 December 2014 1 January 2014
Previous GAAP 7,0 61 10,864
Restatement of investments from net asset value to EU-IFRS 3,047 (1,068)
Restatement of investments at historical cost 1,487 1,487
Impairment of investments and intercompany financial assets (1,273) (1,230)
EU-IFRS 10,322 10,053
Financial Statements 2015
11 22 33 44 55
QRegistration Document 2015
Annual Report 2015 Financial Statements 2015
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