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3. Accounting policies

3.1 Changes in accounting policies

The treatment of tax expenditures in connection with unrealised income and expenses from investments that are already taxable under local tax law has been corrected for prior financial years. In the 2012 financial year this resulted in an increase in retained earnings that was recognised outside income and a reduction in unrealised gains and losses on investments in amounts of EUR 5.7 million respectively. Retrospective adjustment of the disclosure for the previous year would have led to a reduction in tax expenditure of EUR 0.3 million. Adjustment of the previous year was omitted in view of the relative insignificance of the amounts involved.


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