Page 43 - Hoftex Annual Report 2018 EN

(10) Cash and cash equivalents
Letter to Shareholders Supervisory Board Report Group Management Report Consolidated Financial Statements Annexes
The cash and cash equivalents relate to cash-in-hand, cheques and bank balances.
(11) Deferred tax assets and liabilities
Temporary differences between the book value and the tax base are recognised primarily for tangible fixed assets, receivables and other assets, long-term financial assets, other provisions and pension
provisions. Tax loss carry-forwards are also recognised.
Deferred tax assets and liabilities are only recognised in the annual financial statements of the Group companies where deferred tax liabilities exceed deferred tax assets. The increase in deferred tax lia- bilities of EUR 672 thousand is attributable to the expansion in the consolidated companies. EUR 1,107 thousand in deferred tax assets were also recognised for consolidation entries during the 2018 fiscal year.
The following table shows the development of deferred tax assets and liabilities during fiscal 2018:
Deferred tax assets 1,107 Deferred tax liabilities 684
1,195 -88 12 672
(12) Subscribed capital
The subscribed capital of HOFTEX GROUP AG amounts to EUR 13,919,988.69 and is divided into 5,444,800 no-par value bearer shares, with each share carrying one vote. One share represents a notional par value of EUR 2.56 (rounded) in the share capital.
(13) Authorised capital
With a resolution dated 7 July 2014, the Management Board is authorised, with the consent of the Supervisory Board, to increase the share capital by up to EUR 5,000 thousand on one or more occasions on or before 6 July 2019, whereby the shareholders’ subscription rights may be excluded. To date, the Management Board has not exercised its authority to increase the share capital.
2018
2017 Change
(14) Capital reserves
HOFTEX GROUP AG reported capital reserves amounting to EUR 41,158 thousand. Pursuant to Section 272(2) no. 1 HGB, this figure includes a premium of EUR 2,199 thousand from the capital increase im- plemented in 2008 as well as capital contributions from former shareholders.
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