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18Financial Statements of Axel Springer SEfor the period ending December 31, 2018
2
3 Balance Sheet
4 Income Statement
5 Notes to the Financial
Statements
5 General information
5 Accounting policies
7 Notes to the balance sheet
13 Notes to the income statement
15 Other disclosures
24 Responsibility Statement
25 Independent Auditor’s Report
The combined management report of Axel Springer SE
and Axel Springer Group is published in the Axel
Springer Group’s 2018 annual report.
Content
Financial Statements 2018
Axel Springer SE Balance Sheet
3
€ millions Note 12/31/2018 12/31/2017
Fixed assets (1) 5,999.9 5,797.3
Current assets 230.2 276.4
Prepaid expenses 5.2 4.0
ASSETS 6,235.3 6,077.6
€ millions Note 12/31/2018 12/31/2017
Equity (4) 2,541.2 2,632.7
Provisions (5) 168.6 333.2
Liabilities (6) 3,497.1 3,086.7
Deferred income 28.4 25.0
EQUITY AND LIABILITIES 6,235.3 6,077.6
Balance Sheet
Financial Statements 2018
Axel Springer SE Income Statement
4
€ millions Note 2018 2017
Net income 124.3 271.9
Distributable profit 226.6 215.8
Income Statement
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
5
General information
Axel Springer SE is a European exchange-listed stock
corporation (Societas Europaea) with its head office in
Berlin, Germany. The company is registered with the
commercial register of Berlin-Charlottenburg Local Court
under the number HRB 154517 B.
The annual financial statements were prepared in ac-
cordance with the provisions of the German Commercial
Code (Handelsgesetzbuch, “HGB”) and the German
Stock Corporation Act (Aktiengesetz, “AktG”) in conjunc-
tion with Article 61 of Council Regulation (EC) No
2157/2001.
The balance sheet and income statement correspond to
the classification requirements of the HGB; the income
statement was prepared using the total cost (nature of
expense) method. The annual financial statements were
prepared in euros (€); all amounts are reported in € mil-
lions unless otherwise indicated. Totals and percentages
were calculated based on the non-rounded euro
amounts and may differ from a calculation based on the
reported amounts in millions of euros. To improve clarity
and legibility, individual line items were aggregated in the
balance sheet and income statement and then pre-
sented separately in the notes to the annual financial
statements.
The annual financial statements and the combined man-
agement report of the Company and Axel Springer
Group will be published in the Federal Gazette.
Accounting policies
Fixed assets
Intangible assets and tangible fixed assets that have
been purchased are recognized at cost. Finite-lived as-
sets are depreciated systematically using the straight-line
method over the expected useful life. Additional write-
downs to the lower fair value on the balance sheet date
are charged if the impairment is expected to be perma-
nent.
Systematic depreciation and amortization was based on
the following typical useful lives:
in years Useful life
Non-current financial assets are recognized at acquisi-
tion cost or at the lower fair value on the balance sheet
date if impairments are expected to be permanent. Since
the financial year 2018 write-ups of non-current financial
assets are presented under income from non-current fi-
nancial assets. Previously they were recognized under
other operating income and expenses. The prior year’s
figure has been adjusted by € 1.1 million accordingly.
Current assets
Raw materials and supplies as well as merchandise are
measured at acquisition cost or the lower fair value on
the balance sheet date. Inventory risks associated with
the storage period or reduced utility are accounted for
through appropriate allowances.
Receivables and other assets are recognized at nominal
value or acquisition cost or the lower fair value on the
balance sheet date. Individual risks are accounted for
through adequate allowances.
Cash and cash equivalents include cash on hand, cash
in banks as well as checks and are recognized at nomi-
nal value or the lower fair value on the balance sheet
date.
Notes to the Financial Statements
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
6
Provisions and liabilities
Provisions for pensions and similar obligations (“pension
provisions”) are measured on the basis of actuarial calcu-
lations according to the projected unit credit method and
reflect future compensation and pension adjustments.
Discounting is based on the average market interest rate
of the past ten financial years on the basis of an as-
sumed remaining maturity of 15 years.
In order to secure and fulfill pension obligations of Axel
Springer SE a so-called Contractual Trust Arrangement
exists. The legally independent registered association,
Axel Springer Pensionstreuhand e.V., Berlin, is responsi-
ble for the management in trust of assets that serve only
to fulfill pension obligations and are protected from ac-
cess by all other creditors (plan assets). The plan assets
are measured at fair value and netted with the pension
provisions.
Provisions for taxes and other provisions are recognized
based on prudent business judgment for contingent lia-
bilities and expected losses from executory contracts in
the necessary settlement amount, taking into account
expected price and cost increases. Provisions with a re-
maining term of more than one year are discounted at
the matching average market interest rate of the past
seven financial years.
Net interest income only includes interest from the com-
pounding of provisions attributable to the financial year.
Income and expenses from plan assets are combined
with the interest cost of pension provisions. Income and
expenses resulting from changes in the actuarial interest
rate are recognized under other operating income and
personnel expenses respectively.
Liabilities are recognized at the settlement amount.
Taxes
Deferred taxes
Deferred taxes are calculated for temporary differences
between the tax bases of assets and liabilities and the
carrying amounts of those assets and liabilities in the
separate financial statements as well as for interest and
losses carried forward. Dependent enterprises in the fis-
cal unit for income tax purposes and partnerships in
which Axel Springer SE is invested are also included in
the calculation. Deferred tax assets and liabilities are net-
ted; any resulting net deferred tax assets are not recog-
nized.
Other taxes
Expenses for other taxes have been reported under
other operating expenses and are listed separately in the
notes.
Currency translation
As a rule, receivables and other assets, cash and cash
equivalents, and liabilities denominated in foreign cur-
rency are translated at the mean spot exchange rate pre-
vailing on the balance sheet date.
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
7
Notes to the balance sheet
(1) Fixes assets
Intangible assets
€ millions
Rights and
licenses
Advanced
payments
Intangible
assets
Acquisition or production cost
12/31/2018 117.9 2.6 120.5
Accumulated amortization and impairments
12/31/2018 106.6 0.8 107.4
Carrying amounts
12/31/2018 11.3 1.8 13.0
Impairments of intangible assets in the amount of
€ 0.8 million (PY: € 1.3 million) were recognized in the
reporting period.
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
8
Property, plant and equipment
€ millions
Land and
buildings
Technical
equipment
and
machinery
Other
equipment,
operational
and office
equipment
Advanced
payments
and
construction
in progress
Property,
plant and
equipment
Acquisition or production cost
12/31/2018 31.0 6.5 48.5 166.0 252.0
Accumulated depreciation and impairments
12/31/2018 0.2 6.5 39.6 0.0 46.3
Carrying amounts
12/31/2018 30.8 0.0 8.8 166.0 205.7
In the prior year impairments of property, plant and
equipment in the amount of € 0.8 million were recog-
nized.
Disposals of the financial year particularly related to the
transfer of the Axel Springer high-rise (main building) in
Berlin into plan assets at the beginning of 2018 (see note
(5) and note (8)), advanced payments and construction in
progress related to the construction of the new Axel
Springer building in Berlin.
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
9
Non-current financial assets
€ millions
Shares in
affiliated
companies
Loans to
affiliated
companies
Other
investments
Loans to
other
investments Other loans
Non-current
financial
assets
12/31/2018 5,756.1 330.6 36.2 0.0 0.5 6,123.4
Accumulated impairments
12/31/2018 222.3 108.0 11.9 0.0 0.0 342.2
Carrying amounts
12/31/2018 5,533.8 222.6 24.4 0.0 0.5 5,781.2
Impairments of non-current financial assets in the amount
of € 177.8 million (PY: € 37.2 million) were recognized in
the reporting period.
The additions largely related to additional contributions to
affiliated companies' additional paid-in capital and loans
to affiliated companies in order to finance company ac-
quisitions. Further, additions and disposals related to in-
tra-Group restructuring.
(2) Inventories
€ millions 12/31/2018 12/31/2017
Inventories 5.0 2.6
(3) Receivables and other assets
€ millions 12/31/2018 12/31/2017
Receivables and other assets 164.0 228.6
Receivables from affiliated companies mainly included fi-
nancial receivables from Group-wide cash management.
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
10
(4) Equity
Subscribed capital
The fully paid-in capital stock of € 107.9 million com-
prises 107,895,311 registered no-par-value shares, each
with a notional value of € 1.00 per share. Shares can
only be transferred with the Company's consent.
Authorized capital
The Executive Board is authorized, pursuant to Section
5 (4) of the Articles of Association and based on the res-
olution of the annual shareholders’ meeting of April 18,
2018, to increase the capital stock by April 17, 2023,
subject to the approval of the Supervisory Board, by is-
suing new registered no-par value shares against contri-
butions in cash and/or in kind (including mixed contribu-
tions in kind) on one or more occasions by a total of up
to € 10.5 million (authorized capital). In principle, the
shareholders must be granted a subscription right. How-
ever, the Executive Board is authorized, with the ap-
proval of the Supervisory Board, to exclude the subscrip-
tion right of the shareholders in certain cases. The au-
thorization granted by the annual shareholders’ meeting
on April 14, 2015, to increase the share capital and to
exclude subscription rights in Section 5 (4) of the Articles
of Association of the company was cancelled with the
new authorized capital taking effect.
Additional paid-in capital
As at the balance sheet date, the additional paid-in capi-
tal remained unchanged at € 547.9 million.
Retained earnings
Retained earnings developed as follows:
€ millions
Statutory
reserve
Other
retained
earnings
Retained
earnings
Balance at 12/31/2018 10.2 1,648.6 1,658.8
As of December 31, 2018, retained earnings of
€ 44.8 million (PY: € 41.2 million) were subject to a profit
distribution restriction. The restriction amount resulted
from the fair value measurements of plan assets in the
amount of € 5.8 million (PY: € 5.8 million and from the
measurement of the settlement amount of pension obli-
gations in the amount of € 25.1 million (PY: € 22.7 mil-
lion), see Note (5). Additionally, deferred tax liabilities rec-
ognized to these effects led to a calculative surplus of
deferred tax assets, which raised the restricted retained
earnings in the amount of € 13.9 million (PY: € 12.8 mil-
lion).
(5) Provisions
€ millions 12/31/2018 12/31/2017
Provisions 168.6 333.2
Pension provisions
Pension provisions were determined as follows:
€ millions 12/31/2018 12/31/2017
Pension provisions 20.0 145.7
Pension provisions were recognized to account for obli-
gations arising from vested pension rights and current
benefits of former and active employees of Axel Springer
SE and their surviving dependents, based on individual
contracts, labor management agreements, and contribu-
tions made to company pension plans by way of salary
conversion.
The settlement amount of the pension obligations was
determined based on an actuarial interest rate of 3.2 %
(PY: 3.7 %) p.a. as well as a pension and qualifying trend
of 1.6 % (PY: 1.5 %) p.a. The life expectancy was taken
from Dr. Klaus Heubeck's Mortality Tables 2018 G (PY:
Mortality Tables 2005 G).
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
11
The settlement amount of pension obligations using an
interest rate based on the average market interest rate of
the past seven financial years (2.3 %; PY: 2.8 %)
amounted to € 347.1 million (PY: € 323.7 million). The
difference of € 36.5 million (PY: € 32.9 million) compared
to the amount actually recognized (€ 310.6 million;
€ 290.8 million) was subject to a profit distribution re-
striction, taking deferred taxes into account (see Note
(4)).
Plan assets comprised the following:
€ millions 12/31/2018 12/31/2017
Fair value of plan assets 290.7 145.0
Land and buildings included the Axel Springer high-rise
(main building) in Berlin, which was transferred into plan
assets in the financial year (see note (8)). At the reporting
date the fair value amounted to € 160.7 million and was
calculated by an expert based on a discounted cashflow
method using a discount rate of 4.5 % and a capitaliza-
tion interest rate of 3.7 %.
Non-current securities exclusively comprised shares in a
special alternative investment fund (AIF) as defined in the
German Capital Investment Code (investment assets),
which particularly invests in securities, money market in-
struments, and derivatives. The recognized market value
of the investment assets corresponded to their share
value. Cash and cash equivalents were recognized at the
nominal amount. Insurance claims consisted of pledged
reinsurance policies which were recognized at the asset
value.
The following acquisition costs were incurred for plan as-
sets:
€ millions 12/31/2018 12/31/2017
Acquisition cost of plan assets 282.3 136.7
Other provisions
Other provisions included, in particular, provisions for
performance-dependent compensation and share-based
payment plans (€ 46.5 million; PY: € 74.1 million), struc-
tural measures (€ 15.6 million; PY: € 18.0 million), com-
mitments based on partial retirement agreements
(€ 11.9 million; PY: € 12.3 million) and outstanding sup-
plier invoices ((€ 17.9 million; PY: € 20.4 million).
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
12
(6) Liabilities
Remaining term Remaining term
€ millions 12/31/2018
up to 1
year
longer
than 1
year, up to
5 years
longer
than 5
years 12/31/2017
up to 1
year
longer
than 1
year, up to
5 years
longer
than 5
years
Liabilities 3,497.1 2,339.4 763.8 394.0 3,086.7 1,888.7 732.0 466.0
Liabilities to affiliated companies included mainly financial
liabilities arising from Group-wide cash management.
Other liabilities included tax liabilities of € 16.8 million
(PY: € 7.2 million).
(7) Contingent liabilities
As of the balance sheet date, the following contingent li-
abilities existed:
€ millions 12/31/2018 12/31/2017
Contingent liabilities 58.8 51.6
The claims from the cited contingent liabilities are not ex-
pected to be asserted based on the beneficiaries' previ-
ous payment practices and taking into account the
knowledge acquired leading up to the preparation date.
(8) Transactions not included on the balance sheet
At the beginning of January 2018, the Axel Springer
high-rise (main building) in Berlin was transferred in trust
with a remaining carrying amount of € 7.7 million to the
Axel Springer Pensionstreuhand e.V., Berlin (“associa-
tion”), for recognition as plan assets. The plan assets,
measured at fair value, amounted to € 156.0 million, thus
the profit before tax resulting from the transfer amounted
to € 148.3 million (see note (12)). The association paid
an amount of € 15.6 million in return. Therefore, plan as-
sets increased by the amount of € 140.4 million. For the
continued use of the building a lease contract over a pe-
riod of 30 years was concluded between Axel Springer
SE and the association. In the reporting year lease ex-
penses amounted to € 5.9 million. Lease payments will
be adjusted in accordance with the consumer price index
every two years. Based on the circumstances at the re-
porting date, the estimated lease expenses over the con-
tractual term will amount to € 170.7 million.
At the end of financial year 2017 the Axel-Springer-Pas-
sage in Berlin was sold at a purchase price of € 330.0
million. Taking into account the remaining carrying
amount at the disposal date (€ 48.2 million) the profit be-
fore tax resulting from the disposal amounted to € 281.8
million. A lease contract was concluded with the pur-
chaser of the property. Started on January 1, 2018, this
contract includes the lease back of the complete Axel-
Springer-Passage for a period of three years and a lease
back of sub-areas for further periods of five and seven
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
13
years. In the reporting year, lease expenses amounted to
€ 10.9 million. Lease payments will partly be adjusted in
accordance with the consumer price index every two
years. Based on the circumstances at the reporting date,
estimated lease expenses over the contractual term will
amount to € 41.1 million.
(9) Other financial commitments
Other financial commitments as of the reporting date
amounted to € 247.4 million (PY: € 241.9 million),
thereof € 33.6 million (PY: € 0.0 million) to affiliated com-
panies. This resulted predominantly from the construc-
tion of the new building at the Berlin location.
(10) Deferred taxes
Deferred taxes were calculated based on a combined in-
come tax rate of 31.0 %, remaining unchanged from last
year. As in the previous year, the calculation of taxes as
of December 31, 2018, resulted in net deferred tax as-
sets. This was mainly the result of the lower measure-
ment of pension obligations for tax purposes.
Notes to the income statement
(11) Revenues
€ millions 2018 20171)
Revenues 851.1 823.2
1) Prior-year figures adjusted according to restructuring of revenues.
Revenues were realized almost entirely in Germany.
(12) Other operating income and expenses
Income unrelated to the accounting period from the dis-
posal of fixed assets (€ 149.6 million; PY: € 282.4 mil-
lion), from the reversal of provisions (€ 16.1 million; PY:
€ 6.6 million), from receivables written down in previous
years (€ 14.9 million; PY: € 9.3 million) was recognized
under other operating income. In the previous year, addi-
tional income from compensation payments amounting to
€ 7.2 million was included.
In the financial year’s income from the disposal of fixed
assets an amount of € 148.3 million (PY: € 281.8 million)
was exceptional and resulted from the transfer of the
Axel Springer high-rise (main-building) in Berlin, in the
previous year from the sale of the Axel-Springer-Passage
in Berlin.
Currency translation in the reporting period resulted in
gains of € 1.9 million (PY: € 1.1 million) and losses of
€ 3.0 million (PY: € 0.9 million).
Other operating expenses contained expenses from
other taxes in the amount of € 3.2 million (PY: € 3.9 mil-
lion).
(13) Purchased goods and services
€ millions 2018 2017
Purchased goods and services 221.6 199.9
(14) Personnel expenses
€ millions 2018 2017
Personnel expenses 210.0 240.4
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
14
The average number of employees during the year was
as follows:
2018 2017
Total employees 1,341 1,427
(15) Income from non-current financial assets
€ millions 2018 2017
Profit and loss transfer 211.3 231.0
Net income from non-current financial
assets 68.2 216.8
(16) Net interest income
€ millions 2018 2017
Net interest income – 22.3 – 33.2
Interest expenses from the compounding of pension pro-
visions (€ 4.6 million; PY: € 8.6 million) included income
from plan assets in the amount of € 6.0 million (PY:
€ 2.4 million).
(17) Income taxes
In the previous year income taxes included expenses
from the reversal of a tax reserve in the amount of
€ 33.4 million.
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
15
Other disclosures
(18) Supervisory Board
Dr. Giuseppe Vita
Chairman of the Supervisory Board of Axel Springer SE
Seats on comparable boards in Germany and abroad:
UniCredit S.p.A., Italy (Chairman of the Board of Directors, until April 2018)
Dr. h. c. Friede Springer
Vice Chairwoman of the Supervisory Board of Axel Springer SE
William E. Ford (until April 2018)
CEO General Atlantic
Seats on comparable boards in Germany and abroad:
▪ Authentic Brands Group L.L.C., USA (Board of Directors, until April 2018)
▪ Black Rock Inc., USA (Board of Directors, since March 2018)
▪ IHS Markit Ltd., United Kingdom (Board of Directors)
▪ Oak Hill Advisors, L.P., USA (Partnership Committee, until February 2018)
▪ TBG AG, Switzerland (Board of Directors, until April 2018)
▪ Tory Burch LLC, USA (Board of Directors)
Oliver Heine
Attorney at law and partner in the law firm Heine & Partner
Seats on comparable boards in Germany and abroad:
▪ YooApplications AG, Switzerland (Board of Directors, until October 2018)
Dr. Alexander Karp (since April 2018)
CEO Palantir Technologies Inc.
Seats on comparable boards in Germany and abroad:
▪ The Economist Newspaper Limited, United Kingdom (Board of Directors)
Rudolf Knepper (until April 2018)
Entrepreneur
Iris Knobloch (since April 2018)
Président Warner Bros. Entertainment France S.A.S.
Seats on comparable boards in Germany and abroad:
▪ Accor S.A., France (Vice Chairwoman of the Board of Directors and
Senior Independent Director)
▪ Central European Media Enterprises Ltd., Bermuda (Board of Directors,
until March 2018)
▪ Lazard Ltd., Bermuda (Board of Directors, since April 2018)
Lothar Lanz
Member of various Supervisory Boards
Seats on other mandatory supervisory boards in Germany:
▪ Bauwert AG (Vice Chairman)
▪ Dermapharm Holding SE
▪ Home 24 AG (Chairman)
▪ TAG Immobilien AG (Vice Chairman)
▪ Zalando SE (Chairman)
Seats on comparable boards in Germany and abroad:
▪ Kinnevik AB, Sweden (Board of Directors, until May 2018)
Dr. Nicola Leibinger-Kammüller
President and Chairwoman of the Managing Board of TRUMPF
GmbH + Co. KG
Seats on other mandatory supervisory boards in Germany:
▪ Siemens AG
▪ Voith GmbH & Co. KGaA (until March 2018)
Seats on comparable boards in Germany and abroad:
▪ Berthold Leibinger Beteiligungen GmbH, Germany (Board of Directors)
▪ TRUMPF Schweiz AG, Switzerland (Chairwoman of the Board of
Directors)
Prof. Dr.-Ing. Wolfgang Reitzle
Entrepreneur
Seats on other mandatory supervisory boards in Germany:
▪ Continental AG (Chairman)
▪ Linde AG (Chairman)
▪ Medical Park AG (Chairman)
▪ Willy Bogner GmbH & Co. KGaA (Chairman, since January 2018)
Seats on comparable boards in Germany and abroad:
▪ Ivoclar Vivadent AG, Liechtenstein (Board of Directors)
▪ Linde plc, United Kingdom (Chairman of the Board of Directors, since
October 2018)
Martin Varsavsky
Entrepreneur
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
16
(19) Executive Board
Dr. Mathias Döpfner
Chairman and Chief Executive Officer, Journalist
Seats on comparable boards in Germany and abroad:
▪ Axel Springer Schweiz AG, Switzerland (Chairman of the Board of
Directors)
▪ eMarketer Inc., USA (Chairman of the Board of Directors)
▪ Insider Inc., USA (Chairman of the Board of Directors)
▪ Netflix Inc., USA (Board of Directors, since September 2018)
▪ Ringier Axel Springer Schweiz AG, Switzerland (Board of Directors)
▪ Time Warner Inc., USA (Board of Directors, until June 2018)
▪ Vodafone Group Plc., United Kingdom (Board of Directors, until
July 2018)
▪ Warner Music Group Corp., USA (Board of Directors)
Jan Bayer
President News Media International (until December 31, 2018
President News Media), Media scholar
Seats on comparable boards in Germany and abroad:
▪ eMarketer Inc., USA (Board of Directors)
▪ Insider Inc., USA (Board of Directors)
▪ Media Impact GmbH & Co. KG, Germany (Chairman of the Advisory
Board)
▪ ONET S.A., Poland (Supervisory Board)
▪ Ringier Axel Springer Media AG, Switzerland (Vice chairman of the
Board of Directors)
▪ Ringier Axel Springer Schweiz AG, Switzerland (Chairman of the
Board of Directors)
▪ Visoon Video Impact Management GmbH, Germany (Supervisory
Board, since January 2019)
Dr. Stephanie Caspar
President News Media National & Technology (From March 1,
2018 until December 31, 2018 President Technology and Data),
Master’s Degree in Business Administration
Seats on comparable boards in Germany and abroad:
▪ Media Impact GmbH & Co. KG, Germany (Supervisory Board)
▪ Visoon Video Impact Management GmbH, Germany (Supervisory
Board, until December 2018)
Julian Deutz
Chief Financial Officer, Master’s Degree in Business Administration
Seats on mandatory supervisory boards in Germany:
▪ AWIN AG
Seats on comparable boards in Germany and abroad:
▪ Axel Springer Beteiligungen Schweiz AG, Switzerland (Board of Directors)
▪ Axel Springer Digital Classifieds France SAS, France (Supervisory Board)
▪ Axel Springer International AG, Switzerland (Chairman of the Board of
Directors)
▪ Axel Springer Schweiz AG, Switzerland (Board of Directors)
▪ CompuTel Telefonservice AG, Switzerland (Chairman of the Board of
Directors)
▪ Do∕an TV Holding A.S., Turkey (Supervisory Board, until May 2018)
▪ Jean Frey AG, Switzerland (Chairman of the Board of Directors)
▪ Ringier Axel Springer Media AG, Switzerland (Board of Directors)
▪ SeLoger.com SAS, France (Supervisory Board)
▪ StepStone GmbH, Germany (Supervisory Board)
Dr. Andreas Wiele
President Classifieds Media (until March 1, 2018 President
Classifieds und Marketing Media), Lawyer
Seats on mandatory supervisory boards in Germany:
▪ AWIN AG (Chairman)
▪ Immowelt AG (Chairman)
▪ Immowelt Holding AG (Chairman)
Seats on comparable boards in Germany and abroad:
▪ @Leisure Holding B.V., Netherlands (Chairman of the Board of Directors)
▪ Aufeminin S.A., France (Board of Directors, until April 2018)
▪ Axel Springer Digital Classifieds France SAS, France (Chairman of the
Supervisory Board)
▪ Car & Boat Media SAS, France (Chairman of the Supervisory Board)
▪ Coral-Tell Ltd., Israel (Chairman of the Board of Directors)
▪ Elvaston Capital Management GmbH, Germany (Advisory Board)
▪ Homeday GmbH, Germany (Supervisory Board, since December 2018)
▪ Immoweb SA, Belgium (Chairman of the Board of Directors)
▪ Insider Inc., USA (Board of Directors)
▪ Magnolia International AG, Switzerland (Chairman of the Board of Directors)
▪ meinestadt.de GmbH, Germany (Chairman of the Supervisory Board,
until February 2018)
▪ Project A Ventures GmbH & Co. KG, Germany (Advisory Board, since
March 2018)
▪ Purplebricks Group plc, United Kingdom (Board of Directors, since
April 2018)
▪ SeLoger.com SAS, France (Chairman of the Supervisory Board)
▪ StepStone GmbH, Germany (Chairman of the Supervisory Board)
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
17
(20) Compensation of the Supervisory Board and the Executive Board
The remuneration of the members of the Supervisory
Board in the reporting period amounted to € 3.0 million
(PY: € 3.0 million).
The remuneration of the members of the Executive
Board of Axel Springer SE amounted to € 21.4 million
plus a long-term stock-based compensation component
of € 1.0 million (PY: € 19.7 million, without the award). In
the financial year 225,000 stock appreciation rights were
issued to the member of the Executive Board, who does
not participate in the Long-Term Incentive Plan granted
in 2016. The stock appreciation rights bound by various
conditions have a term of six years and can be exercised
first in four years. The fair value of the stock appreciation
rights at the grant date was determined using a Black-
Scholes model to be € 1.0 million.
In the previous year, the members of the Executive
Board were granted additionally a bonus of € 12.0 mil-
lion by the Supervisory Board as part of a voluntary one-
time special payment made by global growth investor
General Atlantic to Axel Springer in recognition of the
outstanding success of the joint investment in the online
classifieds business which did not result in expense for
the comp-any. In the previous year, the Executive Board
thus received € 31.7 million, including the award.
The remuneration of former members of the Executive
Board and their surviving dependents in the reporting
period amounted to € 2.5 million (PY: € 2.5 million); pro-
visions in the amount of € 27.0 million (PY: € 26.3 mil-
lion) were recognized for pension obligations.
(21) List of investments
Significant investments as of December 31, 2018 are
listed below.
No. Company
Share-
holding
in %
Via
No.
Equity
€ million1)
Net in-
come
€ million1)
1 @Leisure Holding B.V., Rotterdam,
Netherlands 51.0 25 7.5 1.0
2 AanZee VillaXL B.V., Bergen, Netherlands 100.0 1 8.4 0.8
3 AC3 SAS, Guipavas, France 40.0 23 16.9 0.8 3)
4 Admiral Strand Feriehuse ApS, Nørre
Nebel, Denmark 100.0 69 2.2 0.7
5 affilinet Limited, London, United Kingdom 100.0 13 1.8 0.4
6 Airbnb, Inc., San Francisco, USA 0.1 - - 5)
7 ANTENNE BAYERN GmbH & Co. KG,
Ismaning 16.0 - - 5)
8 APM Print d.o.o., Belgrade, Serbia 100.0 112 6.2 1.0
9 AS TV-Produktions- und Vertriebsges.
mbH, Hamburg 100.0 3.2 0.3
10 AS TYFP Media GmbH & Co. KG, Berlin 50.0 23.3 0.0
11 AS-NYOMDA Kft, Kecskemét, Hungary 100.0 113 1.9 1.0
12 Autobazar.EU portál s.r.o., Nové Mesto
nad Váhom, Slovakia 100.0 138 4.4 – 0.3
13 AWIN AG, Berlin 80.0 26 184.9 7.1
14 AWIN Inc., Wilmington, USA 100.0 15 – 46.5 – 4.4
15 AWIN Ltd., London, United Kingdom 100.0 13 85.2 5.9
No. Company
Share-
holding
in %
Via
No.
Equity
€ million1)
Net in-
come
€ million1)
16 AWIN SAS, Paris, France 100.0 13 – 1.3 – 0.5
17 AWIN VEICULAÇÃO DE PUBLICIDADE NA
INTERNET LTDA., São Paulo, Brazil
0.0 73 2.2 1.1 6)
100.0 13 2.2 1.1
18 Axel Springer All Media GmbH, Berlin 100.0 3.4 0.0 2)
19 Axel Springer Asia GmbH, Hamburg 100.0 36 61.0 0.0
20 Axel Springer Audio GmbH, Berlin 100.0 0.0 0.0 2)
21 Axel Springer Auto-Verlag GmbH, Hamburg 100.0 3.0 0.0 2)
22 Axel Springer Beteiligungen Schweiz AG,
Zurich, Switzerland 100.0 44 6.7 5.5
23 Axel Springer Digital Classifieds France
SAS, Paris, France 100.0 25 709.6 71.6
24 Axel Springer Digital Classifieds GmbH,
Berlin 100.0 26 1,006.2 0.0 2)
25 Axel Springer Digital Classifieds Holding
GmbH, Berlin 100.0 24 1,050.4 0.0 2)
26 Axel Springer Digital GmbH, Berlin 100.0 3,107.4 0.0 2)
27 Axel Springer Digital Ventures GmbH, Berlin 100.0 26 691.2 0.0 2)
28 Axel Springer Digital Ventures US GmbH,
Berlin 100.0 27 4.5 0.0
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
18
No. Company
Share-
holding
in %
Via
No.
Equity
€ million1)
Net in-
come
€ million1)
29 Axel Springer Digital Ventures US II GmbH,
Berlin 100.0 27 12.8 0.0
30 Axel Springer Druckhaus Spandau GmbH
& Co. KG, Berlin 100.0 2.0 – 5.7
31 Axel Springer España S.A., Madrid, Spain 100.0 3.4 – 0.3
32 Axel Springer France S.A.S., Paris, France 100.0 5.9 3.0
33 Axel Springer Ideas Engineering GmbH,
Berlin 100.0 49 0.9 0.0 2)
34 Axel Springer ideAS Ventures GmbH, Berlin 100.0 49 4.8 0.0 2)
35 Axel Springer International GmbH, Berlin 100.0 1,912.3 0.0 2)
36 Axel Springer International Holding GmbH,
Berlin 100.0 35 1,953.6 0.0 2)
37 Axel Springer International Limited, London,
United Kingdom 100.0 36 282.2 – 0.1
38 Axel Springer Kundenservice GmbH,
Hamburg 100.0 0.5 0.0 2)
39 Axel Springer Mediahouse Berlin GmbH,
Berlin 100.0 1.1 0.0 2)
40 Axel Springer Norway AS, Oslo, Norway 100.0 37 0.3 1.6
41 Axel Springer Offsetdruckerei Ahrensburg
GmbH & Co. KG, Ahrensburg 100.0 24.9 – 0.5
42 Axel Springer Offsetdruckerei Kettwig
GmbH & Co. KG, Essen 100.0 6.3 – 2.8
43 Axel Springer Plug and Play Accelerator
GmbH, Berlin 50.0 27 3.8 – 0.4
44 Axel Springer Schweiz AG, Zurich,
Switzerland 100.0 37 13.2 – 0.1
45 Axel Springer Services & Immobilien
GmbH, Berlin 100.0 2.2 0.0 2)
46 Axel Springer Sport Verlag GmbH,
Hamburg 100.0 1.3 0.0 2)
47 Axel Springer Syndication GmbH, Berlin 100.0 49 0.5 0.0 2)
48 Axel Springer TV Productions GmbH,
Hamburg 100.0 3.2 0.0 2)
49 "Axel Springer Verlag" Beteiligungsgesell-
schaft mbH, Berlin 100.0 170.9 0.0 2)
50 B.Z. Ullstein GmbH, Berlin 100.0 49 15.4 0.0 2)
51 Belles Demeures S.A.S., Paris, France 100.0 105 5.9 1.5
52 Belvilla Nederland B.V., Den Haag,
Netherlands 100.0 1 2.3 – 0.3
53 Belvilla Services B.V., Eindhoven,
Netherlands 100.0 1 11.3 6.1
54 Bilanz Deutschland Wirtschaftsmagazin
GmbH, Hamburg 100.0 49 0.0 0.0 2)
55 BILD GmbH, Berlin 100.0 70.8 0.0 2)
56 Blikk Kft., Budapest, Hungary 100.0 114 3.2 2.9
57 Bonial Holding GmbH, Berlin 72.5 26 – 36.2 – 40.7
58 Bonial International GmbH, Berlin 100.0 57 18.6 0.0 2)
59 Bonial SAS, Paris, France 98.0 58 – 3.8 – 0.9
60 Bonial Ventures GmbH, Berlin 74.9 – 9.8 – 0.9
61 Car&Boat Media SAS, Paris, France 61.0 25 74.9 13.7
61 Car&Boat Media SAS, Paris, France 39.0 23 74.9 13.7
62 CaribbeanJobs Ltd, George Town,
Cayman Islands 100.0 121 1.6 0.3
63 Commerz-Film GmbH, Berlin 100.0 36 328.9 6.8
64 comparado GmbH, Lüneburg 100.0 83 1.4 1.2
65 COMPUTER BILD Digital GmbH, Hamburg 100.0 0.6 0.0 2)
No. Company
Share-
holding
in %
Via
No.
Equity
€ million1)
Net in-
come
€ million1)
66 Concept Multimédia SAS, Aix-en-Provence,
France 100.0 23 6.4 2.6
67 Coral-Tell Ltd., Tel Aviv, Israel 100.0 25 25.8 15.1
68 CV Keskus OÜ, Tallinn, Estonia 100.0 114 2.6 1.7
69 DanCenter A/S, Copenhagen, Denmark 100.0 1 31.5 1.3
70 Dreizehnte "Media" Vermögensverwal-
tungsges. mbH, Hamburg 100.0 – 3.2 0.0
71 Editions Mondadori Axel Springer (EMAS)
S.E.N.C., Montrouge Cedex, France 50.0 32 5.8 5.7
72 eMarketer Inc., New York, USA 95.1 27 18.2 10.3
73 eprofessional GmbH, Hamburg 100.0 13 2.9 0.2
74 Finanzen Corporate Publishing GmbH,
Berlin 100.0 – 11.3 0.0
75 finanzen.net GmbH, Karlsruhe 75.0 27 5.4 10.1
76 Fünfundachtzigste "Media" Vermögensver-
waltungsges. mbH, Berlin 100.0 25 0.0 0.0
77 Funk & Fernsehen Nordwestdeutschland
GmbH & Co. KG, Hannover 7.6 20 0.2 0.5
78 Garantie System SAS, Paris, France 100.0 61 6.6 0.7
79 Good & Co Labs, Inc., San Francisco, USA 100.0 127 – 0.6 – 2.3
80 Group Nine Media, Inc., New York, USA 13.4 27 67.9 – 21.2
81 ICI Formations SAS, Paris, France 100.0 126 1.4 0.8
82 ictjob SPRL, Waterloo, Belgium 1.0 128 5.2 1.6
82 ictjob SPRL, Waterloo, Belgium 99.0 124 5.2 1.6
83 Idealo Internet GmbH, Berlin 74.9 26 38.9 21.4
84 Immoweb SA, Brussels, Belgium 94.5 23 27.7 16.6
85 Immowelt AG, Nuremberg 100.0 87 20.8 13.6
86 Immowelt Hamburg GmbH, Hamburg 100.0 87 36.8 12.6
87 Immowelt Holding AG, Nuremberg 55.0 25 160.7 11.4
88 Insider Inc., New York City, USA 100.0 27 14.9 – 6.8
89 Jobs LU Ltd, Dublin, Ireland 100.0 121 1.0 0.9
90 Jobs.ie Ltd, Dublin, Ireland 100.0 121 9.8 3.9
91 Jobsite UK (Worldwide) Limited, London,
United Kingdom 100.0 131 9.7 3.6
92 Lakestar II LP, Guernsey, Guernsey 5.7 27 170.2 – 14.3
93 Lamudi Global S.à.r.l., Senningerberg,
Luxembourg 10.0 76 47.8 0.3
94 Lerer Hippeau Ventures IV, LP, New York,
USA 1.6 27 101.7 – 1.1
95 Lerer Hippeau Ventures V, LP, New York,
USA 1.8 27 87.8 – 2.3
96 MAZ & More TV-Produktion GmbH, Berlin 100.0 149 0.0 0.0 2)
97 Media Impact GmbH & Co. KG, Berlin 74.9 18 – 4.6 – 13.3
98 meinestadt.de GmbH, Cologne 100.0 124 10.2 0.0 2)
99 NeoLotto Limited, Ta' Xbiex, Malta 13.0 – 4.3 – 7.1
100 Newspaper Impact GmbH, Hamburg 100.0 2.7 0.0 2)
101 Ozy Media, Inc., Mountain View CA, USA 16.8 27 -8.1 -7.8
102 PACE Paparazzi Catering & Event GmbH,
Berlin 100.0 0.3 0.0 2)
103 Pnet (Pty) Ltd, Johannesburg, South Africa 100.0 121 5.7 – 0.1
104 Praxis SARL, Chambery, France 100.0 105 1.4 0.8
105 PressImmo On Line S.A.S., Paris, France 100.0 122 220.6 46.8
106 profession.hu Kft, Budapest, Hungary 100.0 114 10.7 9.2
107 Project A Ventures GmbH & Co. KG, Berlin 26.3 26 51.7 9.8
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
19
No. Company
Share-
holding
in %
Via
No.
Equity
€ million1)
Net in-
come
€ million1)
108 Purplebricks Group plc, Solihull, United
Kingdom 12.5 76 90.8 3.5
109 QWANT SAS, Paris, France 18.1 27 9.9 – 8.6
110 Radio Hamburg GmbH & Co. KG, Hamburg 35.0 20 4.5 7.5
111 RADIO/TELE FFH GmbH & Co. Betriebs-
KG, Bad Vilbel 15.0 20 - - 5)
112 Ringier Axel Springer d.o.o., Belgrade,
Serbia 100.0 114 13.7 2.5
113 Ringier Axel Springer Magyarország Kft,
Budapest, Hungary 100.0 114 7.3 2.6
114 Ringier Axel Springer Media AG, Zurich,
Switzerland 50.0 37 530.2 7.0
115 Ringier Axel Springer Polska Sp. z o. o.,
Warsaw, Poland 100.0 114 287.5 2.0
116 Ringier Axel Springer Schweiz AG, Zurich,
Switzerland 50.0 22 10.6 – 10.9
117 Ringier Axel Springer SK, a.s., Bratislava,
Slovakia 87.5 114 - - 4)
118 Room 49 GmbH, Berlin 100.0 34 1.4 0.0 2)
119 Saknai Net Ltd., Tel Aviv, Israel 100.0 67 3.5 3.5
120 Sales Impact GmbH, Hamburg 100.0 0.5 0.0 2)
121 Saongroup Limited, Dublin, Ireland 100.0 131 10.4 5.2
122 SeLoger.com SAS, Paris, France 100.0 23 289.4 – 0.1
123 ShareASale.com Inc., Chicago, USA 100.0 14 – 5.6 – 6.4
124 StepStone Continental Europe GmbH,
Berlin 100.0 127 248.0 0.0 2)
125 StepStone Deutschland GmbH, Düsseldorf 100.0 124 27.7 0.0 2)
126 StepStone France SAS, Paris, France 100.0 124 3.3 – 0.5
127 StepStone GmbH, Berlin 100.0 25 453.6 0.0 2)
128 StepStone NV, Brussels, Belgium 0.0 129 0.7 – 0.1 6)
128 StepStone NV, Brussels, Belgium 100.0 124 0.7 – 0.1
129 StepStone Österreich GmbH, Vienna,
Austria 100.0 125 0.3 – 0.5
130 StepStone Services Sp. z o.o., Warsaw,
Poland 100.0 124 1.6 0.4
131 StepStone UK Holding Limited, London,
United Kingdom 100.0 127 288.5 16.1
No. Company
Share-
holding
in %
Via
No.
Equity
€ million1)
Net in-
come
€ million1)
132 Tecoloco International Inc, Panama City,
Panama 100.0 121 – 3.6 – 0.6
133 Topreality.sk s.r.o., Nové Mesto nad
Váhom, Slovakia 100.0 138 4.1 – 0.6
134 Totaljobs Group Limited, London, United
Kingdom 100.0 131 10.1 1.7
135 Transfermarkt GmbH & Co. KG, Hamburg 51.0 55 1.7 1.4
136 Traum-Ferienwohnungen GmbH, Bremen 50.0 53 6.5 4.1
137 Ullstein GmbH, Berlin 100.0 49 3.7 0.0 2)
138 United Classifieds s.r.o., Bratislava, Slovakia 60.0 117 3.8 – 0.7
139 Universum Communications Holding Inc.,
New York, USA 100.0 143 0.3 0.0
140 Universum Communications Inc., New
York, USA 100.0 139 – 1.4 1.2
141 Universum Communications Ltd, London,
United Kingdom 100.0 143 1.6 1.2
142 Universum Communications Pte Ltd,
Singapore, Singapore 100.0 143 – 2.3 – 0.2
143 Universum Communications Sweden AB,
Stockholm, Sweden 100.0 127 1.2 – 1.5
144 upday GmbH & Co. KG, Berlin 100.0 – 0.8 – 14.1
145 Verimi GmbH, Frankfurt am Main 6.5 35.7 – 4.5
146 Vertical Media GmbH, Berlin 88.0 149 – 2.7 – 1.1
147 Visual Meta GmbH, Berlin 96.0 83 5.1 3.9
148 WEBIMM SAS, Paris, France 65.0 122 3.1 1.4
149 WeltN24 GmbH, Berlin 100.0 36.3 0.0 2)
150 YOURCAREERGROUP GmbH, Düsseldorf 100.0 124 2.1 0.0 2)
151 YOURCAREERGROUP Österreich GmbH,
Vienna, Austria 100.0 124 1.1 0.1
1) Unless otherwise stated, equity and net income according to local statutory financial state-
ments of the financial year 2017. Amounts in foreign currency translated at the exchange rate
prevailing on December 31, 2018. 2) Control and profit and loss transfer agreement or profit transfer agreement. 3) Equity and net income for the business year ended as at September 30, 2017. 4) The company was newly founded. Financial statements have not been available yet. 5) Equity and net income are not mentioned as the financial statements are not published. 6) Shareholding less than 0.0 %.
(22) Declaration of conformity with the German Corporate Governance Code
In accordance with section 161 of the German Stock
Corporation Act (Aktiengesetz – “AktG”), Axel Springer
SE has made the declaration of conformity with the Ger-
man Corporate Governance Code issued by the Execu-
tive Board and Supervisory Board permanently available
to the shareholders on the Company's website at
www.axelspringer.de → Investor Relations → Corporate
Governance. The declaration of conformity is also pub-
lished in the Company's 2018 annual report.
(23) Duty of disclosure concerning investments
The number of shares with voting rights, instruments,
and the share of voting rights respectively cited in the
notifications below each relate to the date specified in
the relevant notification. In particular, it must be pointed
out that a 1:3 stock split was carried out effective
May 31, 2011, which tripled the number of shares, and
that due to a capital increase the Company's subscribed
capital increased from € 98,940,000 to € 107,895,311
effective December 9, 2015; since that time, it comprises
107,895,311 registered no-par-value shares (previously
98,940,000).
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
20
The following information represent the last notification of
a person subject to the notification to the company, if
not, for reasons of transparency, the presentation of fur-
ther notifications is required.
Axel Sven Springer, date of birth: January 13, 1966, noti-
fied us (via a notification dated November 29, 2018),
that, due to the acquisition/disposal of shares with voting
rights, his share of voting rights in Axel Springer SE,
Axel-Springer-Straße 65, 10888 Berlin, as of November
26, 2018 amounts to 7.36 %. 7 % (corresponding to
7,548,029 of a total of 107,895,311 voting rights in Axel
Springer SE) relate to the security identification number
ISIN DE0005501357, 0.37 % (corresponding to 396,738
of a total of 107,895,311 voting rights in Axel Springer
SE) relate to the security identification number ISIN
DE0005754238, whereby these voting rights correspond
to voting rights that are directly attributable to him in ac-
cordance with Section 33 of the German Securities Trad-
ing Act (WpHG, new version; the numeration has
changed effectively as of January 3, 2018).
Dr. h .c. Friede Springer, date of birth: August 15, 1942
(name of shareholders holding directly 3 % or more vot-
ing rights, if different from the person subject to the noti-
fication obligation: Axel Springer Gesellschaft für Publizis-
tik GmbH & Co. KG), notified us (via a notification dated
November 29, 2018), that, due to the acquisition/dis-
posal of shares with voting rights, his share of voting
rights in Axel Springer SE, Axel-Springer-Straße 65,
10888 Berlin, as of November 26, 2018 amounts to
44.48 % (previous notification: 58.70 %), whereby with
regard to the security identification number ISIN DE
DE0005501357 5.10 % (corresponding to 5,502,450 of
a total of 107,895,311 voting rights in Axel Springer SE)
are held directly by her in accordance with section 33
WpHG (new version) and 1.83 % (corresponding
1,978,800 of a total of 107,895,311 voting rights in Axel
Springer SE) corresponds to voting rights that are at-
tributable to her in accordance with Section 34 WpHG
(new version), and with regard to the security identifica-
tion number ISIN DE0005754238 37.54 % (correspond-
ing to 40,505,262 of a total of 107,895,311 voting rights
in Axel Springer SE) corresponds to voting rights that are
attributable to her in accordance with Section 34 WpHG
(new version). The following were specified as the full
chain of subsidiaries, beginning with the ultimate control-
ling party: Dr. h. c. Friede Springer (44.48 % of the voting
rights), Friede Springer Verwaltungs GmbH, Friede
Springer GmbH & Co. KG (6.42 % of the voting rights),
AS Publizistik GmbH, Axel Springer Gesellschaft für Pub-
lizistik GmbH & Co. KG (37.54 % of the voting rights), Dr.
h. c. Friede Springer (44.48 % of the voting rights), Friede
Springer GmbH & Co. KG (6.42 % of the voting rights),
Axel Springer Gesellschaft für Publizistik GmbH & Co.
(37.54 % of the voting rights); Dr. h. c. Friede Springer
(44.48 % of the voting rights), Friede Springer GmbH &
Co. KG (6.42 % of the voting rights), AS Publizistik
GmbH, Axel Springer Gesellschaft für Publizistik GmbH &
Co. KG (37.54 % of the voting rights).
EuroPacific Growth Fund, Boston, Massachusetts, USA,
notified us (via a notification dated March 7, 2018) that,
due to the acquisition/disposal of shares with voting
rights, its share of voting rights in Axel Springer SE, Axel-
Springer-Straße 65, 10888 Berlin, as of March 2, 2018
amounts to 3.07 % (corresponding to 3,309,617 of a to-
tal of 107,895,311 voting rights in Axel Springer SE),
whereby these voting rights are attributable to it in ac-
cordance with Section 34 of the WpHG (new version).
The Capital Group Companies, Inc., California, Los An-
geles, USA, notified us (via a notification dated January
25, 2018) that, due to the acquisition/disposal of shares
with voting rights, its share of voting rights in Axel
Springer SE, Axel-Springer-Straße 65, 10888 Berlin, as
of January 22, 2018 amounts to 5.04 % (corresponding
to 5,439,476 of a total of 107,895,311 voting rights in
Axel Springer SE, previous notification: 3.36 %), whereby
these voting rights are attributable to it in accordance
with Section 34 of the WpHG (new version). The follow-
ing were specified as the full chain of subsidiaries, begin-
ning with the ultimate controlling party: The Capital
Group Companies, Inc., Capital Research and Manage-
ment Company (voting rights: 5.04 %).
Dr. Mathias Döpfner, date of birth: January 15, 1963,
(name of shareholders holding directly 3 % or more vot-
ing rights, if different from the person subject to the noti-
fication obligation: Axel Springer Gesellschaft für
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
21
Publizistik GmbH & Co., Dr. h.c. Friede Springer) notified
us (via a notification dated December 18, 2017, cor-
rected on December 22, 2017) that, due to the acquisi-
tion/disposal of shares with voting rights, his share of
voting rights in Axel Springer SE, Axel-Springer-Straße
65, 10888 Berlin, as of December 13, 2017 amounts to
49.93 % (previous notification: 50.19 %), whereby with
regard to the security identification number ISIN
DE0005501357 1.95 % (corresponding to 2,105,145 of
a total of 107,895,311 voting rights in Axel Springer SE)
are held directly by him in accordance with section 21
WpHG (previous version, the numeration changed effec-
tively as of January 3, 2018) and 10.07 % (corresponding
10,865,514 of a total of 107,895,311 voting rights in Axel
Springer SE) corresponds to voting rights that are at-
tributable to him in accordance with Section 22 WpHG,
and with regard to the security identification number ISIN
DE0005754238 37.91 % (corresponding to 40,902,000
of a total of 107,895,311 voting rights in Axel Springer
SE) corresponds to voting rights that are attributable to
him in accordance with Section 22 WpHG. The following
were specified as the full chain of subsidiaries, beginning
with the ultimate controlling party: Dr. Mathias Döpfner
(49.08 % of the voting rights) and Brilliant 310. GmbH.
FMR LLC, Wilmington, Delaware, USA, notified us (via a
notification dated July 25, 2017) that, due to the acquisi-
tion/disposal of shares with voting rights, its share of vot-
ing rights in Axel Springer SE, Axel-Springer-Straße 65,
10888 Berlin, as of July 19, 2017 amounts to 2.94 %
(previous notification: 3.79 %), whereby 2.94 % (corre-
sponding to 3,171,903 of a total of 107,895,311 voting
rights in Axel Springer SE, previous notification: 3.65 %)
corresponds to voting rights that are attributable to it in
accordance with Section 22 WpHG; 0.13 % (corre-
sponding to 144,617 of a total of 107,895,311 voting
rights in Axel Springer SE) which were attributable to in-
struments in terms of Section 25 (1) No 1 WpHG accord-
ing to the previous notification are no longer notified. The
following were specified as the full chain of subsidiaries,
beginning with the ultimate controlling party: FMR LLC,
Fidelity Management & Research Company, as well as
FMR LLC, FIAM Holdings Corp., Fidelity Institutional As-
set Management Trust Company, as well as FMR LLC,
FIAM Holdings Corp., FIAM LLC.
Fidelity Investment Trust, Boston, Massachusetts, USA,
notified us (via a notification dated July 13, 2017) that,
due to the acquisition/disposal of shares with voting
rights, its share of voting rights in Axel Springer SE, Axel-
Springer-Straße 65, 10888 Berlin, as of July 10, 2017
amounts to 2.99 % (previous notification: 3.06 %),
whereby 2.99 % (corresponding to 3,221,075 of a total
of 107,895,311 voting rights in Axel Springer SE, previ-
ous notification: 3.03 %) are held directly by it in accord-
ance with Section 21 WpHG; 0.03 % (corresponding to
32,862 of a total of 107,895,311 voting rights in Axel
Springer SE) which were attributable to instruments in
terms of Section 25 (1) No 1 WpHG according to the
previous notification are no longer notified. The company
subject to notification is not controlled and does not con-
trol any other company holding voting rights in Axel
Springer SE.
Axel Springer Gesellschaft für Publizistik GmbH & Co.,
Berlin, Germany, notified us (via a notification dated De-
cember 17, 2015, corrected on January 15, 2016) that,
due to a change in the total number of voting rights, its
total share of voting rights in Axel Springer SE, Axel-
Springer-Straße 65, 10888 Berlin, Germany, as of De-
cember 9, 2015 amounts to 47.27 % (corresponding to
51,000,030 of a total of 107,895,311 voting rights in Axel
Springer SE, previous notification: 50.0000294 %),
whereby these voting rights are held directly by it in ac-
cordance with Section 21 WpHG. The following were
specified as the full chain of subsidiaries, beginning with
the ultimate controlling party: Dr. h.c. Friede Springer
(voting rights: 54.2 %, total: 54.2 %), Friede Springer Ver-
waltungs GmbH (general partner of Friede Springer
GmbH & Co. KG), Friede Springer GmbH & Co. KG (vo-
ting rights: 53.69 %, total: 53.69 %), AS Publizistik GmbH
(general partner of Axel Springer Gesellschaft für Publi-
zistik GmbH & Co.), Axel Springer Gesellschaft für Publi-
zistik GmbH & Co. (voting rights amounting to 47.27 %,
total: 47.27 %).
AS Publizistik GmbH, Berlin, Germany (name of share-
holders holding directly 3 % or more voting rights, if dif-
ferent from the company subject to the notification obli-
gation: Axel Springer Gesellschaft für Publizistik GmbH &
Co.), notified us (via a notification dated
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
22
December 17, 2015, corrected on January 15, 2016)
that, due to a change in the total number of voting rights,
its total share of voting rights in Axel Springer SE, Axel-
Springer-Straße 65, 10888 Berlin, Germany, as of De-
cember 9, 2015 amounts to 47.27 % (corresponding to
51,000,030 of a total of 107,895,311 voting rights in Axel
Springer SE, previous notification: 50.0000294 %),
whereby these voting rights are attributable to it in ac-
cordance with Section 22 WpHG. The following were
specified as the full chain of subsidiaries, beginning with
the ultimate controlling party: Dr. h.c. Friede Springer
(voting rights: 54.2 %, total: 54.2 %), Friede Springer Ver-
waltungs GmbH (general partner of Friede Springer
GmbH & Co. KG), Friede Springer GmbH & Co. KG (vo-
ting rights: 53.69 %, total: 53.69 %), AS Publizistik GmbH
(general partner of Axel Springer Gesellschaft für Publi-
zistik GmbH & Co.), Axel Springer Gesellschaft für Publi-
zistik GmbH & Co. (voting rights: 47.27 %, total:
47.27 %).
Friede Springer GmbH & Co. KG, Berlin, Germany, noti-
fied us in January 2006 in accordance with Sections
21 f. WpHG that at midnight on December 31, 2005/12
a.m. on January 1, 2006, its share of voting rights in Axel
Springer AG had exceeded the threshold of 50 % and
simultaneously also the thresholds of 5 %, 10 %, and
25 % and thus amounts to around 59.82 % (this corre-
sponds to 20,337,710 shares with voting rights with re-
spect to Axel Springer AG’s capital stock totaling
34,000,000 shares with voting rights). Friede Springer
GmbH & Co. KG holds voting rights amounting to
50.0000294 % as a result of the attribution of voting
rights held directly by Axel Springer Gesellschaft für Pub-
lizistik GmbH & Co. (corresponding to 17,000,010
shares carrying voting rights) in accordance with Sec-
tion 22 (1) sentence 1 No 1 WpHG, and amounting to
around 9.82 % as a result of the attribution of voting
rights held as treasury shares by Axel Springer AG (cor-
responding to 3,337,700 shares) in accordance with
Section 22 (1) sentence 1 No 1 WpHG.
Friede Springer Verwaltungs GmbH, Berlin, Germany,
notified us in January 2006 in accordance with Sections
21 f. WpHG that at midnight on December 31, 2005/12
a.m. on January 1, 2006, its share of voting rights in Axel
Springer AG had exceeded the threshold of 50 % and
simultaneously also the thresholds of 5 %, 10 %, and
25 % and thus amounts to around 59.82 % (this corre-
sponds to 20,337,710 shares with voting rights with re-
spect to Axel Springer AG’s capital stock totaling
34,000,000 shares with voting rights). Friede Springer
Verwaltungs GmbH holds voting rights amounting to
50.0000294 % as a result of the attribution of voting
rights held directly by Axel Springer Gesellschaft für Pub-
lizistik GmbH & Co. (corresponding to 17,000,010
shares carrying voting rights) in accordance with Sec-
tion 22 (1) sentence 1 No 1 WpHG, and amounting to
around 9.82 % as a result of the attribution of voting
rights held as treasury shares by Axel Springer AG (cor-
responding to 3,337,700 shares) in accordance with
Section 22 (1) sentence 1 No 1 WpHG.
Tweedy, Browne Company LLC, New York, USA, noti-
fied us in November 2003 (corrected via a notification in
August 2004) that it had exceeded the voting rights
threshold of 5 % on November 6, 2003, and that the
share of voting rights attributable to it amounts to 5.75 %
(rounded), corresponding to 1,955,211 of a total of
34,000,000 registered no-par-value shares in Axel
Springer AG with limited transferability and carrying vot-
ing rights. The shares are attributable to it in accordance
with Section 22 (1) No 6 WpHG.
Financial Statements 2018
Axel Springer SE Notes to the Financial Statements
23
(24) Profit utilization proposal
The Supervisory Board and Executive Board propose
that the Company applies the full amount of the distribut-
able profit of € 226.6 million (PY: € 215.8 million) to pay
a dividend of € 2.10 (PY: € 2.00) per qualifying share for
the 2018 financial year.
The company does not currently hold any treasury
shares, so that all the company’s shares qualify for divi-
dends. However, the number of shares qualifying for divi-
dends may be reduced in the time remaining before the
annual shareholders’ meeting. In that case, an adjusted
profit utilization proposal will be submitted to the annual
shareholders’ meeting, without changing the target divi-
dend of € 2.10 per qualifying share.
Financial Statements 2018
Axel Springer SE Responsibility Statement
24
To the best of our knowledge, and in accordance with
the applicable reporting principles, the annual financial
statements give a true and fair view of the assets, liabili-
ties, financial position, and profit or loss of the Company,
and the combined management report of the Company
and the Axel Springer Group includes a fair review of the
development and performance of the business and the
position of the Company, together with a description of
the principal opportunities and risks associated with the
expected development of the Company.
Berlin, February 21, 2019
Axel Springer SE
Dr. Mathias Döpfner Jan Bayer
Dr. Stephanie Caspar Dr. Julian Deutz
Dr. Andreas Wiele
Responsibility Statement
Financial Statements 2018
Axel Springer SE Independent Auditor’s Report
25
To the Axel Springer SE
Report on the audit of the annual financial statements and of the management report
Opinions
We have audited the annual financial statements of Axel
Springer SE, Berlin, which comprise the balance sheet
as at December 31, 2018, and the income statement for
the fiscal year from January 1 to December 31, 2018,
and notes to the financial statements, including the
recognition and measurement policies presented therein.
In addition, we have audited the combined management
report of Axel Springer SE and Axel Springer Group
(“management report”) for the fiscal year from January 1
to December 31, 2018. In accordance with the German
legal requirements, we have not audited the parts of the
management report as mentioned in the annex of the au-
ditor’s report.
In our opinion, on the basis of the knowledge obtained in
the audit,
◼ the accompanying annual financial statements com-
ply, in all material respects, with the requirements of
German commercial law applicable to business cor-
porations and give a true and fair view of the assets,
liabilities and financial position of the Company as at
December 31, 2018 and of its financial performance
for the fiscal year from January 1 to December 31,
2018 in compliance with German legally required ac-
counting principles, and
◼ the accompanying management report as a whole
provides an appropriate view of the Company’s posi-
tion. In all material respects, this management report
is consistent with the annual financial statements,
complies with German legal requirements and appro-
priately presents the opportunities and risks of future
development. Our opinion on the management report
does not cover the parts of the management report
mentioned in the annex to the auditor’s report.
Pursuant to Section 322 (3) sentence 1 of the German
Commercial Code (Handelsgesetzbuch, “HGB”), we de-
clare that our audit has not led to any reservations relat-
ing to the legal compliance of the annual financial state-
ments and of the management report.
Basis for the opinions
We conducted our audit of the annual financial state-
ments and of the management report in accordance with
Section 317 HGB and the EU Audit Regulation (No
537/2014, hereinafter “EU Audit Regulation”) and in
compliance with German Generally Accepted Standards
for Financial Statement Audits promulgated by the Insti-
tute of Public Auditors in Germany (Institut der
Wirtschaftsprüfer, “IDW”). Our responsibilities under
those requirements and principles are further described
in the “Auditor’s responsibilities for the audit of the an-
nual financial statements and of the management report”
section of our auditor’s report. We are independent of
the Company in accordance with the requirements of
European law and German commercial and professional
law, and we have fulfilled our other German professional
responsibilities in accordance with these requirements. In
addition, in accordance with Article 10 (2) f) of the EU
Audit Regulation, we declare that we have not provided
non-audit services prohibited under Article 5 (1) of the
EU Audit Regulation. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide
a basis for our opinions on the annual financial state-
ments and on the management report.
Key audit matters in the audit of the annual financial statements
Key audit matters are those matters that, in our profes-
sional judgment, were of most significance in our audit of
the annual financial statements for the fiscal year from
January 1 to December 31, 2018. These matters were
addressed in the context of our audit of the annual finan-
cial statements as a whole, and in forming our opinion
thereon; we do not provide a separate opinion on these
matters.
Independent Auditor’s Report
Financial Statements 2018
Axel Springer SE Independent Auditor’s Report
26
Below, we describe what we consider to be the key au-
dit matters:
(a) Measurement of non-current financial assets Reasons why the matter was determined to be a key au-
dit matter
In the financial statements of Axel Springer SE, the bal-
ance sheet item "Non-current financial assets" showed
shares in affiliated companies, investments, and loans
totaling € 5,781 million, accounting for approximately
93 % of the balance sheet total and exceeding the com-
pany's equity by € 3,240 million.
The company carries out an annual impairment test for
non-current financial assets in order to determine
whether there is a write-down or write-up requirement.
The result of these measurements depends to a large
extent on how the executive directors estimate future
cash inflows and derive the relevant discount rates.
Given the materiality of non-current financial assets com-
pared to both the balance sheet total and the equity, the
complexity underlying the valuation as well as the profes-
sional judgement that can be exercised as part of the
measurement, the measurement of non-current financial
assets constitutes a key audit matter within the context
of our audit.
Auditor’s response
As part of our audit, we examined the process imple-
mented by the executive directors of Axel Springer SE as
well as the accounting and measurement guidelines
used to calculate the fair values of non-current financial
assets in order to determine the possible risk of errors,
and we also acquired an understanding of the steps in-
volved in the process. We have established that the
company's methods of calculating capitalization rates
and extrapolating future earnings are in compliance with
the requirements of German commercial law and with
pronouncements issued by professional bodies.
We have analyzed the business plans by comparing ac-
tual past earnings and the current performance of busi-
ness figures. As part of our analysis, we also examined
the market performance of comparable companies
based on figures from the relevant financial year and
forecasted figures for future financial years. We have veri-
fied the key assumptions made in the business plan in
relation to growth and business performance by discuss-
ing these in detail with the executive directors of Axel
Springer SE. We assessed the appropriateness of these
assumptions on this basis.
The appropriateness of the various key valuation as-
sumptions, such as the discount rate and the growth
rate, for example, was examined with the support of in-
ternal valuation experts based on an analysis of market
indicators. We have analyzed the parameters that were
considered when calculating the discount rates to ensure
correct extrapolation, and have verified that the calcula-
tion is in compliance with the corresponding require-
ments of German commercial law.
By means of sensitivity analyses, we have assessed the
risk of impairment in the event of changes to the key
measurement assumptions. Further, we have verified the
mathematical accuracy of the valuation model taking into
account the requirements of German commercial law.
Write-ups and write-downs of non-current financial as-
sets recognized in the balance sheet were reconciled
with the results of the impairment test.
Based on our audit procedures, no reservations apply in
relation to the measurement of non-current financial as-
sets.
Reference to related disclosures
Information relating to the accounting and measurement
principles applied to non-current financial assets can be
found in the notes to the financial statements in the sec-
tion “Accounting policies”. The changes in non-current fi-
nancial assets are described in the section on notes to
the balance sheet, section (1) “Fixed assets”. This sec-
tion also contains an explanation of impairment losses
and write-ups to non-current financial assets.
Financial Statements 2018
Axel Springer SE Independent Auditor’s Report
27
(b) Revenue recognition Reasons why the matter was determined to be a key au-
dit matter
For the financial year 2018, Axel Springer SE achieved
revenues of € 851 million from circulation and advertising
activities mainly. Circulation revenues are generated from
the sales of newspapers and magazines ("print media")
as well as digital subscription models. Advertising reve-
nues are generated from the marketing of advertise-
ments and advertising space in online and print media.
The executive directors of Axel Springer SE issued de-
tailed accounting guidelines for the recognition of reve-
nue and implemented processes for the recognition of
revenue.
Given the large number of different contractual agree-
ments for the various activities, our view is that the reve-
nue recognition is complex. Given the material im-
portance and the complexity of the revenue recognition
issues, we consider revenue recognition as a key audit
matter.
Auditor’s response
As part of our audit, we have verified the accounting and
measurement guidelines applied in the financial state-
ments of Axel Springer SE for the recognition of revenue
in accordance with the criteria defined in German com-
mercial law. We have verified the processes imple-
mented by the executive directors of Axel Springer SE in
relation to the revenue recognition, in particular by verify-
ing that returns and further sales discounts have been
taken into account correctly.
In addition, we have analyzed the key revenues for the fi-
nancial year 2018 to determine whether, inter alia, there
is a correlation with the associated trade receivables and
with payments received.
Furthermore, we have randomly verified revenue recogni-
tion on the basis of contractual agreements in terms of
the requirements of German commercial law concerning
the recognition of revenues. We have audited the reve-
nues for the financial year 2018 on a random basis with
regard to accrual accounting by performing case-by-
case assessments of revenue transactions before the re-
porting date. In addition, we obtained confirmation of ac-
counts receivable from clients on a random basis.
Based on our audit procedures, no reservations apply in
relation to the recognition of revenues from the sale of
circulation and advertising services.
Reference to related disclosures
Detailed information concerning the composition of reve-
nues can be found in the notes to the financial state-
ments, in the section on notes to the income statement,
note (11) "Revenues".
Other information
The Supervisory Board is responsible for the report of
the Supervisory Board. Furthermore, the executive direc-
tors are responsible for the other information. The other
information comprises the parts of the management re-
port as mentioned in the annex of the auditor’s report as
well as the other parts of the annual report, excluding the
audited financial statements and management report as
well as our auditor’s report, in particular the responsibility
statement in accordance with section 297 (2) sentence 4
HGB, the report of the Supervisory Board in accordance
with section 171 (2) of the German Stock Corporation
Act (Aktiengesetz, “AktG”) and the part “Group Key Fig-
ures”, the “Foreword”, the “Executive Board” and “The
Axel Springer Share”. We received a version of the other
information before issuing this auditor’s report.
Our opinions on the annual financial statements and on
the management report do not cover the other infor-
mation, and consequently we do not express an opinion
or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read
the other information and, in so doing, to consider
whether the other information
◼ is materially inconsistent with the annual financial
statements, with the management report or our
knowledge obtained in the audit, or
Financial Statements 2018
Axel Springer SE Independent Auditor’s Report
28
◼ otherwise appears to be materially misstated.
Responsibilities of the executive directors and the Supervisory Board for the annual financial statements and the management report
The executive directors are responsible for the prepara-
tion of the annual financial statements that comply, in all
material respects, with the requirements of German
commercial law applicable to business corporations, and
that the annual financial statements give a true and fair
view of the assets, liabilities, financial position and finan-
cial performance of the Company in compliance with
German legally required accounting principles. In addi-
tion, the executive directors are responsible for such in-
ternal control as they, in accordance with German legally
required accounting principles, have determined neces-
sary to enable the preparation of annual financial state-
ments that are free from material misstatement, whether
due to fraud or error.
In preparing the annual financial statements, the execu-
tive directors are responsible for assessing the Com-
pany’s ability to continue as a going concern. They also
have the responsibility for disclosing, as applicable, mat-
ters related to going concern. In addition, they are re-
sponsible for financial reporting based on the going con-
cern basis of accounting, provided no actual or legal cir-
cumstances conflict therewith.
Furthermore, the executive directors are responsible for
the preparation of the management report that, as a
whole, provides an appropriate view of the Company’s
position and is, in all material respects, consistent with
the annual financial statements, complies with German
legal requirements and appropriately presents the oppor-
tunities and risks of future development. In addition, the
executive directors are responsible for such arrange-
ments and measures (systems) as they have considered
necessary to enable the preparation of a management
report that is in accordance with the applicable German
legal requirements, and to be able to provide sufficient
appropriate evidence for the assertions in the manage-
ment report.
The Supervisory Board is responsible for overseeing the
Company’s financial reporting process for the prepara-
tion of the annual financial statements and of the man-
agement report.
Auditor’s responsibilities for the audit of the annual financial statements and of the management report
Our objectives are to obtain reasonable assurance about
whether the annual financial statements as a whole are
free from material misstatement, whether due to fraud or
error, and whether the management report as a whole
provides an appropriate view of the Company’s position
and, in all material respects, is consistent with the annual
financial statements and the knowledge obtained in the
audit, complies with the German legal requirements and
appropriately presents the opportunities and risks of fu-
ture development, as well as to issue an auditor’s report
that includes our opinions on the annual financial state-
ments and on the management report.
Reasonable assurance is a high level of assurance, but is
not a guarantee that an audit conducted in accordance
with Section 317 HGB and the EU Audit Regulation and
in compliance with German Generally Accepted Stand-
ards for Financial Statement Audits promulgated by the
Institute of Public Auditors in Germany (Institut der
Wirtschaftsprüfer, “IDW”) will always detect a material
misstatement. Misstatements can arise from fraud or er-
ror and are considered material if, individually or in the
aggregate, they could reasonably be expected to influ-
ence the economic decisions of users taken on the basis
of these annual financial statements and this manage-
ment report.
We exercise professional judgment and maintain profes-
sional skepticism throughout the audit. We also
◼ identify and assess the risks of material misstatement
of the annual financial statements and of the manage-
ment report, whether due to fraud or error, design
and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinions. The
risk of not detecting a material misstatement resulting
Financial Statements 2018
Axel Springer SE Independent Auditor’s Report
29
from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of in-
ternal control;
◼ obtain an understanding of internal control relevant to
the audit of the annual financial statements and of ar-
rangements and measures (systems) relevant to the
audit of the management report in order to design au-
dit procedures that are appropriate in the circum-
stances, but not for the purpose of expressing an
opinion on the effectiveness of these systems of the
Company;
◼ evaluate the appropriateness of accounting policies
used by the executive directors and the reasonable-
ness of estimates made by the executive directors
and related disclosures;
◼ conclude on the appropriateness of the executive di-
rectors’ use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or condi-
tions that may cast significant doubt on the Com-
pany’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are re-
quired to draw attention in the auditor’s report to the
related disclosures in the annual financial statements
and in the management report or, if such disclosures
are inadequate, to modify our respective opinions.
Our conclusions are based on the audit evidence ob-
tained up to the date of our auditor’s report. However,
future events or conditions may cause the Company
to cease to be able to continue as a going concern;
◼ evaluate the overall presentation, structure and con-
tent of the annual financial statements, including the
disclosures, and whether the annual financial state-
ments present the underlying transactions and events
in a manner that the annual financial statements give a
true and fair view of the assets, liabilities, financial po-
sition and financial performance of the Company in
compliance with German legally required accounting
principles;
◼ evaluate the consistency of the management report
with the annual financial statements, its conformity
with German law, and the view of the Company’s po-
sition it provides;
◼ perform audit procedures on the prospective infor-
mation presented by the executive directors in the
management report. On the basis of sufficient appro-
priate audit evidence we evaluate, in particular, the
significant assumptions used by the executive direc-
tors as a basis for the prospective information, and
evaluate the proper derivation of the prospective infor-
mation from these assumptions. We do not express a
separate opinion on the prospective information and
on the assumptions used as a basis. There is a sub-
stantial unavoidable risk that future events will differ
materially from the prospective information.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a
statement that we have complied with the relevant inde-
pendence requirements, and communicate with them all
relationships and other matters that may reasonably be
thought to bear on our independence and where appli-
cable, related safeguards.
From the matters communicated with those charged
with governance, we determine those matters that were
of most significance in the audit of the annual financial
statements of the current period and are therefore the
key audit matters. We describe these matters in our au-
ditor’s report unless law or regulation precludes public
disclosure about the matter.
Other legal and regulatory requirements
Further information pursuant to Article 10 of the EU Audit Regulation We were elected as auditor by the annual general meet-
ing on April 18, 2018. We were engaged by the
Financial Statements 2018
Axel Springer SE Independent Auditor’s Report
30
Supervisory Board on April 25, 2018. We have been the
auditor of Axel Springer SE without interruption since fis-
cal year 2007.
We declare that the opinions expressed in this auditor’s
report are consistent with the additional report to the au-
dit committee pursuant to Article 11 of the EU Audit
Regulation (long-form audit report).
In addition to the financial statement audit, we have pro-
vided to the Company or entities controlled by it the fol-
lowing services that are not disclosed in the annual finan-
cial statements or in the management report: Due dili-
gence services, auditing of voluntary financial state-
ments, advice in regards to payroll tax and social security
matters, reviewing of the interim consolidated financial
statements, auditing of the system to ensure compliance
with the requirements of Section 32 (1) of the German
Securities Trading Act (Wertpapierhandelsgesetz,
“WpHG”), as well as auditing of internal control systems
of service companies according to auditing standard
IDW PS 951 of the Institute of Public Auditors in Ger-
many (Institut der Wirtschaftsprüfer, “IDW”).
German Public Auditor responsible for the engagement The German Public Auditor responsible for the engage-
ment is Nathalie Mielke.
Annex to the auditor’s report:
Not audited parts of the management report
We have not audited the following parts of the manage-
ment report:
◼ Information contained in the “Corporate Governance
Report“ of the management report except for the
“Compensation Report”
Berlin, February 22, 2019
Ernst & Young GmbH
Wirtschaftsprüfungsgesellschaft
Ludwig Mielke
Wirtschaftsprüfer Wirtschaftsprüferin
(German Public Auditor) (German Public Auditor)