17. intangible assets/property, plant and equipment
acquisition cost
T€ 1 nov. 2014 additions disposals 30 sept. 2015
intangible assets 468 553 0 1,021
Property, plant,
equipment 2,744 459 423 2,780
3,212 1,012 423 3,801
depreciation / amortisation carrying amount
T€ 1 nov. 2014 additions disposals 30 sept. 2015 30 sept. 2015 31 oct. 2014
intangible assets 317 88 0 405 616 151
Property, plant, equipment 1,434 420 265 1,589 1,191 1,310
1,751 508 265 1,994 1,807 1,461
acquisition cost
T€ 1 nov. 2013 additions disposals 31 oct. 2014
intangible assets 336 135 3 468
Property, plant,
equipment 2,475 551 282 2,744
2,811 686 285 3,212
depreciation / amortisation carrying amount
T€ 1 nov. 2013 additions disposals 31 oct. 2014 31 oct. 2014 31 oct. 2013
intangible assets 302 18 3 317 151 34
Property, plant, equipment 1,194 400 160 1,434 1,310 1,281
1,496 418 163 1,751 1,461 1,315
depreciation and amortisation on property, plant and equip-ment and intangible assets in the reporting year exclusively re late to regular depreciation.
18. financial assets
T€ 30 sept. 2015 31 oct. 2014
interests in co-investment vehicles 206,347 119,741
interests in portfolio companies 33,975 30,264
international fund investments 5,097 8,300
other financial assets 2,276 5,125
247,695 163,430
Financial StatementS
Financial assets are measured at fair value through profit or loss (see note 6).
this item exhibited the following movements in the reporting year:
T€ 1 nov. 2014 additions disposals
Value
movements 30 sept. 2015 interests
in co- investment
vehicles 119,741 90,034 22,016 18,588 206,347
interests in portfolio
companies 30,264 0 1,982 5,693 33,975
international fund
invest-ments 8,300 0 4,352 1,149 5,097
other
finan-cial assets 5,125 55 25 -2,879 2,276
163,430 90,089 28,375 22,551 247,695
T€ 1 nov. 2013 additions disposals Value
movements 31 oct. 2014 interests in
co-in-vestment
vehicles 97,107 22,606 15,726 15,754 119,741
interests in portfolio
companies 79,193 0 49,116 187 30,264
international fund
invest-ments 10,359 58 2,245 128 8,300
other
finan-cial assets 5,102 0 0 23 5,125
191,761 22,664 67,087 16,092 163,430
the additions relate to capital calls by the co-investment vehicles for investment in portfolio companies (see manage-ment report, page 61ff.).
the disposals within co-investment vehicles result from distri-butions following repayments of shareholder loans or bridge- over loans that were extended to portfolio companies.
movements in value are recorded under the caption „net result of investment activity“ in the consolidated statement of com-prehensive income (see note 9).
For further information on income from financial assets, we refer to the management report (see pages 66ff.).
19. loans and receivables
T€ 2014 / 2015 2013 / 2014
11 months 12 months
at start of financial year 0 0
additions 2,516 0
disposals 0 0
Value movements (22) 0
at end of financial year 2,494 0
the additions in financial year 2014 / 2015 contain a loan to a portfolio company. the value movements result from currency rate changes.
20. other non-current assets
T€ 30 sept. 2015 31 oct. 2014
tax assets 214 421
We refer to the commentary in note 24.
21. Receivables
T€ 30 sept. 2015 31 oct. 2014
Receivables from associates 141 53
Receivables from portfolio companies 2,936 2,405
3,077 2,458
Receivables from associates mainly exist from a co-investment vehicle (see note 4).
Receivables from portfolio companies largely relate to receiv-ables from a clearing account with one portfolio company.
these receivables are recognised at fair value outside profit or loss and are subjected to an impairment test at every reporting date (see note 6).
impairment losses developed as follows:
T€ 2014 / 2015 2013 / 2014
11 months 12 months
at start of financial year 0 60
additions 0 0
disposals 0 60
at end of financial year 0 0
disposals in the amount of t€60 (previous year: t€594) relate to impairment losses on a receivable from a disinvested port-folio company. the receivable was derecognised through profit or loss in financial year 2013 / 2014.
22. securities
Securities held at 30 September 2015 were exclusively acquired as investments of cash and cash equivalents not immediately required.
Floating-rate notes (3-month euribor) 0 25,026
Floating-rate notes (6-month euribor) 0 10,000
Fixed-rate securities 30,111 77,309
30,111 112,335
classification of securities by maturity:
T€ 30 sept. 2015 31 oct. 2014
due < 1 year 3,741 31,344
due between 1 and 2 years 0 3,921
due between 2 and 3 years 0 5,000
due between 3 and 4 years 10,460 0
due between 4 and 5 years 10,533 22,773
due > 5 years 5,377 49,297
30,111 112,335
all securities have been designated to the category of “avail-able-for-sale financial assets” (see note 6).
the change in fair value of t€145 (previous year: t€306) is recognised in the consolidated statement of comprehensive income in “Unrealised gains / (losses) on available-for-sale securities”. a gain of t€23 (previous year: loss of t€43) arising from disposals of securities from this category in the reporting year was reclassified to net income.
23. other financial instruments
T€ 30 sept. 2015 31 oct. 2014
Short-term equity shares 2,134 2,245
Short-term equity shares relate to shares that are to be sold to the managements of portfolio companies within a year.
24. tax assets, tax provisions and deferred taxes
T€ 30 sept. 2015 31 oct. 2014
tax assets
other non-current assets 214 421
income tax assets 5.554 5.335
tax provisions 0 803
tax assets contain imputable taxes and corporation tax assets of deutsche Beteiligungs aG capitalised at net present value. the major portion of income tax assets results from imputable invest-ment income tax of t€4,015 (previous year: t€2,506) arising from a distribution by deutsche Beteiligungsgesellschaft mbH as well as corporation tax credits of deutsche Beteiligungs aG of t€446 (previous year: t€652). another part of tax assets stems from imputable investment income taxes of t€312 arising from interest income on securities and bank accounts, as well as of t€465 from distributions from investments.
Financial StatementS
tax provisions reflect expected tax expenses, without account-ing for imputable taxes and tax prepayments.
deferred tax assets and liabilities are offset in conformity with iaS 12.74. there were no deferred tax liabilities in 2014 / 2015, or in the preceding year.
tax loss carryforwards have been recognised in deferred taxes as follows:
T€ 30 sept. 2015 31 oct. 2014
tax loss carryforward, corporation tax 63,606 57,566
thereof, usable 0 0
tax loss carryforward, trade tax 9,341 9,410
thereof, usable 0 0
Based on the type of business activities and their tax treatment, it is unlikely that the Group companies concerned will achieve sufficient future taxable profits against which the loss carry-forwards can be used.
25. other current assets
T€ 30 sept. 2015 31 oct. 2014
Receivables from reimbursable costs 2,034 4,693
Fees receivable for management services 622 1,638
Fees receivable for advisory services 3 4,827
Receivables from dBaG funds 2,659 11,158
Value-added tax 546 1,026
interest receivable on securities 449 478
loans 433 573
lease security deposit 414 413
Purchase price retention 288 1,879
other receivables 1,055 981
5,844 16,508
Value-added tax pertains to outstanding refunds of input tax credits.
loans chiefly result from deferred purchase price payments ex-ten ded to managers of portfolio companies from disposals of short-term shareholdings in incorporated companies.
the purchase price retention covers possible representation and warranty risks from the divestment of a portfolio company.
other receivables contain prepaid expenses.
26. equity