13 Feb 2026
DER AKTIONÄR interviews COO Sebastian Schwertlein on Clusterix and international expansion
DER AKTIONÄR features an interview with COO Sebastian Schwertlein on innoscripta’s development since the IPO, the technological positioning of the all-in-one platform Clusterix and the company’s expansion plans in Germany and across Europe. The discussion highlights platform differentiation, integrated R&D process tools and strategic growth priorities for the coming years.
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03 Sept 2026
How international R&D incentives impact financial statements: A guide for CFOs
It is becoming sustainable and productive for multinational groups to view R&D tax incentives from across jurisdictions as strategic financing tools instead of solitary programmes from different governments. When comparing international R&D incentives, CFOs should not only look at the headline funding rate. The financial value of an incentive also depends on where the benefit appears in the financial statements. A government incentive can improve cash flow, reduce tax expense, increase operating income, lower personnel costs or affect several of these metrics at the same time. This distinction is important because EBITDA, EBIT, net income and cash flow are used for different purposes: investor reporting, bank covenants, management KPIs, valuation discussions and internal performance measurement. In practice, the same nominal incentive amount can have a very different financial statement impact depending on the country, the legal structure of the incentive and the applicable accounting framework.The key question for CFOs is therefore not merely:How much funding can we receive?It's also aboutWhere does the benefit appear in our financial statements?EBITDA, EBIT, Tax expense and cash flow: The key distinctionTo understand the financial impact of R&D incentives, it is important to distinguish between four different levels of financial reporting.Revenue- Operating expenses= EBITDA- Depreciation and amortization= EBIT- Interest= Profit before tax- Tax expense= Net incomeIf an R&D incentive is recognised as other operating income or as a reduction of operating expenses, it can improve EBITDA and EBIT.If it is recognised as a tax benefit, it reduces tax expense and improves net income, but it does not improve EBITDA and EBIT.If it is paid out or offsets a tax liability, it improves cash flow, regardless of whether it is presented above or below the tax line.This means that cash-flow impact and Profit&Loss presentation are not the same thing.Why is tax expense not always reduced?Tax expense is the tax cost reported in the profit and loss statements, typically under "income taxes" or "taxes on income and earnings." An incentive reduces tax expenses only when it is accounted for as a tax item. However, an incentive being administered through the tax system does not automatically mean it is recognised as a reduction of tax expense. Some R&D incentives are legally processed through the tax assessment while still being presented in the financial statements as operating income or as a reduction of operating costs.This distinction is particularly relevant in Germany.Example: Germany's ForschungszulageThe Forschungszulage programme of the German government is administered through the tax assessment, It can either be offset against the company's tax liability or paid out when the allowance exceeds the tax payable. However, the method used to settle the incentive does not automatically determine how it is presented in the profit and loss statement. Under German GAAP, the Forschungszulage is commonly recognised as other operating income once the claim is sufficiently certain. When recognized in this way, the benefit improves both EBITDA and EBIT. Under another accounting framework or group policy, the appropriate treatment may require a separate assessment and could potentially differ. For example, the incentive may be treated as a tax-related item.Example 1: Recognition as other operating incomeA company has the following figures:EBIT before Forschungszulage: €1,000,000Taxable profit: €1,000,000Income tax expense: €300,000Forschungszulage: €100,000If the Forschungszulage is recognized as other operating income, the P&L effect is:EBIT before Forschungszulage: €1,000,000+ Other operating income: €100,000= EBIT after Forschungszulage: €1,100,000Tax expense: €300,000Net income: €800,000In this case, the Forschungszulage improves:MetricEffectEBITDAPositive impactEBITPositive impactTax expenseNo direct reductionNet incomePositive impactCash flowPositive impact through tax offset or payoutThe subsequent tax offset or payout affects liquidity, while the accounting recognition of the benefit has already occurred above the tax line.Example 2: Recognition as tax benefitIf the same €100,000 benefit were instead treated as a reduction of tax expense, its P&L effect would be different:EBIT: €1,000,000Tax expense before incentive: €300,000- Forschungszulage: €100,000= Tax expense after incentive: €200,000Net income: €800,000In this case, the Forschungszulage improves:MetricEffectEBITDANo impactEBITNo impactTax expenseReducedNet incomePositive impactCash flowPositive impact through tax offset or payoutAt the net income level, the economic result is the same: in both examples, net income improves by €100,000.The impact on individual KPIs, however, is different:PresentationEBITDAEBITTax expenseCash flowOther operating incomeImprovesImprovesNo direct reductionImprovesTax benefitNo impactNo impactReducedImprovesThis illustrates why accounting treatment matters. Two companies can receive the same amount of R&D funding while reporting different effects on operating performance.Country-by-country financial statement impactGermanyThe Forschungszulage, introduced on January 1, 2020 and recently updated on January 1, 2026. is highly relevant from both an operating performance and cash-flow perspective. Under German GAAP, the allowance is commonly recognised as other operating income once the claim is sufficiently certain, which means that it can improve EBITDA and EBIT. The later settlement through the tax assessment, either by offset against tax liabilities or by direct payout, primarily affects cash flow. For IFRS reporting, the treatment requires a separate assessment. The key question is whether the benefit is closer to a government grant or to an income tax benefit.MetricImpactEBITDAUsually positive under HGBEBITUsually positive under HGBTax expenseNot necessarily reduced if recognised as operating incomeCash flowPositive through tax offset or payoutKey pointSettlement through tax system does not automatically mean tax expense treatmentFranceFrance’s Crédit d’Impôt Recherche is economically a tax credit, but its accounting presentation can vary depending on the applicable accounting framework and company policy.If the CIR is presented as an operating subsidy or government-grant-style income, it can improve EBITDA and EBIT. If it is presented as a tax benefit, it reduces tax expense and improves net income, but does not affect operating profit.The cash-flow effect is significant in both cases because the credit can reduce tax payments or lead to reimbursement under the applicable rules.MetricImpactEBITDAPossible, depending on presentationEBITPossible, depending on presentationTax expenseReduced if treated as tax creditCash flowPositive through tax offset or reimbursementKey pointPresentation can differ between operating income and tax benefitUnited KingdomThe UK RDEC-style system and the Merged Scheme, which took effect for accounting periods beginning on or after April 1, 2024, are designed as above-the-line credits. This means the credit is generally visible in the profit and loss statement above the tax line. As a result, the UK incentive typically improves EBITDA and EBIT before the related tax effect is considered. Because the credit itself is taxable, the net benefit is lower than the gross headline rate. This makes the UK particularly attractive for companies that want government support for R&D to be visible in operating performance.MetricImpactEBITDAUsually positiveEBITUsually positiveTax expenseAlso affected because the credit is taxableCash flowPositive through tax offset or payable creditKey pointDesigned to be visible in operating performanceNetherlandsThe Dutch WBSO is not a classic income tax credit. It reduces wage tax and social security contributions for employees working on qualifying R&D activities. The WBSO was last updated on January 1, 2026, expanding the first-bracket ceiling to €391,020 to provide greater payroll tax relief for innovative businesses. Since the benefit lowers payroll-related costs, it typically reduces operating expenses, and usually improves EBITDA and EBIT. The cash-flow effect is direct and recurring since companies pay lower payroll taxes during the year instead of waiting for a year-end reimbursement.MetricImpactEBITDAPositiveEBITPositiveTax expenseNot primarily affected as corporate income taxCash flowPositive through reduced payroll tax paymentsKey pointPayroll cost reduction rather than tax creditAustriaAustria’s Forschungsprämie, last updated on April 1, 2026, is a cash premium for eligible R&D expenditure. It is credited through the tax account and can create a cash benefit even where no current taxable profit exists. From an accounting perspective, the operating profit impact depends on the applicable accounting framework and recognition policy. In many cases, it may be treated similarly to grant income or other income, which can improve EBITDA and EBIT. However, since the premium is administered through the tax account, the presentation should be assessed carefully.MetricImpactEBITDAOften positive, depending on treatmentEBITOften positive, depending on treatmentTax expenseDepends on presentationCash flowPositive through tax account credit or paymentKey pointClear cash benefit; P&L classification depends on accounting policyDenmarkDenmark’s R&D incentive is mainly relevant for loss-making companies. It allows companies to monetise part of the tax value of R&D-related losses. Since the mechanism is closely linked to taxable losses, it is usually more tax-related than operating-income related. Therefore, CFOs should generally not assume an automatic EBITDA or EBIT impact.The main advantage is cash flow: Denmark can convert part of R&D-driven tax losses into liquidity.MetricImpactEBITDAUsually no direct impactEBITUsually no direct impactTax expenseTax-related effectCash flowPositive through refundable tax value of lossesKey pointPrimarily a cash-flow tool for loss-making companiesSwedenSweden’s Forskningsavdrag reduces employer social security contributions for qualifying R&D employees. As the benefit directly reduces personnel-related operating costs, it generally improves EBITDA and EBIT. The cash-flow impact is also direct since the company pays lower employer contributions instead of receiving a later corporate income tax refund.MetricImpactEBITDAPositiveEBITPositiveTax expenseNot primarily affected as corporate income taxCash flowPositive through reduced employer contributionsKey pointReduction of R&D personnel costsUnited StatesThe US federal R&D tax credit is generally a credit against income tax and it is often accounted for as a tax benefit rather than operating income. The credit reduces tax expense and improves net income, but does not improve EBITDA or EBIT. The cash-flow effect can still be significant because the credit reduces current or future tax payments. Special cases may require separate analysis, for example payroll tax offsets for qualified small businesses or refundable state-level incentives.MetricImpactEBITDAUsually no direct impactEBITUsually no direct impactTax expenseUsually reducedCash flowPositive through reduced tax payments or specific offsetsKey pointGenerally tax-line benefit, not operating-income benefitExecutive comparisonCountryEBITDA / EBIT impactTax expense impactCash flow impactAccounting treatmentGermanyGenerally yes under HGBNot necessarilyYesOther operating income vs tax settlementFranceVaries by accounting treatmentVaries by accounting treatmentYesOperating subsidy or tax credit presentationUnited KingdomGenerally yesYesYesAbove-the-line taxable creditNetherlandsYesNot primarilyYesPayroll tax reductionAustriaOften positive, subject to accounting treatmentVaries by accounting treatmentYesResearch premium / grant-style treatmentDenmarkGenerally noYesYesTax value of R&D-related lossesSwedenYesNot primarilyYesEmployer contribution reductionUnited StatesGenerally noYesYesIncome tax creditCFO takeawayThe financial impact of an R&D incentive cannot be assessed solely on the basis of its payment mechanism. A cash payout does not automatically result in recognition as an operating income. Similarly, a tax offset does not automatically mean that the benefit must be recognised as a reduction of tax expense. What ultimately determines the financial statement impact is the accounting treatment required under the applicable reporting framework.For CFOs, this leads to three practical questions:Does the incentive improve EBITDA and EBIT?Does it reduce tax expense?Does it improve cash flow through payment, offset or cost reduction?A global R&D incentive strategy should address all three questions. The objective is not simply to maximise the nominal amount of funding available, but also to understand how each incentive affects financial performance, liquidity, and reporting transparency across the group.For companies conducting R&D across several countries, managing incentives effectively requires more than identifying the highest available funding rate. Each country has its own incentive mechanisms, eligibility requirements, accounting treatment, and documentation requirements. Thus, multinational companies need a holistic approach that gives a clear view of R&D activities and their financial impact across the entire group.This is where innoscripta and Clusterix add value. By bringing R&D activities, projects, costs, and incentive-related information into a centralised framework, companies can manage their R&D funding landscape across different jurisdictions more consistently. This helps finance and R&D teams understand not only which incentives are available, but also how they affect operating performance, tax expense, cash flow across the organisation, and treat R&D incentives as a strategic financing tool. For CFOs, the objective is therefore not simply to maximise R&D funding country by country. It is to establish a transparent and scalable approach to managing R&D incentives across the group. innoscripta, together with the software platform Clusterix, can support this process by helping companies coordinate their international R&D activities and create greater transparency around the financial value of innovation.Note: The content of this article is provided for general informational purposes only and does not constitute legal, tax, or accounting advice. The specific legal, tax, and accounting treatment may vary depending on the individual circumstances and the applicable accounting standards. We therefore recommend seeking qualified legal, tax, or accounting advice for specific questions.
07 Sept 2026
Forschungszulage for Germany's automotive industry
In the German economy, the automotive industry is one of the highly contributing sectors to its growth over the decades. The automotive sector adds value to the country's economy by having more than 800,000 people employed in various vehicle manufacturing companies, revenue generated over several hundred billion euros, and having a leading international trade position. And the automotive industry alone accounts for around 30% of the expenditure incurred within the German enterprise sector.Innovations and R&D in the automotive sector have experienced a closely interwoven connection between technical universities and research institutions like the Fraunhofer Institutes focusing on developing new technologies in the field. The research and innovation here is not limited to the globally famous car brands, but the ecosystem also includes the OEMs (Original Equipment Manufacturers), which include Tier 1 suppliers of complex vehicle components, Tier 2 manufacturers of standard parts, and Tier 3 suppliers of raw materials. Germany's automotive brilliance is specifically defined by the objective of making premium automobile products. Technological innovations are a core activity in this sector prior to any new market launch.Challenges the automotive industry faces in innovation and R&DEven with disruptive automobile production and innovation, the automotive sector faces transformational challenges. The focus on sustainable and emission-free mobility is changing the mode of international competition in terms of R&D and also with manufacturing components and supply chain. An upper hand on traditional advantages like mere engineering excellence and manufacturing capacity is no longer sufficient to maintain international leadership. Some of the key challenges redefining the industry include escalating cost pressures, strict environmental regulations, high technology demands, and geopolitical and supply chain uncertainty.Challenges in accessing ForschungszulageThe Research Allowance Act introduced in 2020, offers a tax based incentive to the companies commencing R&D aimed at strengthening innovation and research. Even though encompassing wider eligibility criteria and a less bureaucratic process in the application stages, there are a few barriers the automotive research projects face in successfully claiming research allowance.Common hurdles include:1. Complexity in ApplicationGaining in-depth understanding of Forschungszulage, its eligibility criteria and documentation of R&D activities in compliance with standard regulations is an extensive and complex step for the teams focusing on core research work.2. Lack of Awareness There is a chance that the companies with good research projects, especially the smaller companies, are unaware of the research allowance and that they qualify to claim it. This may result in unclear documentation of research work and costs which are important and need accuracy if they decide to seek research allowance in the future.3. Communication gap between technical team and funding application requirementsIn most of the cases of research projects, the technical team focuses only on pure research activities and funding support for the project is generally not part of their responsibilities. But to prepare a successful application for Forschungszulage, the technical team's involvement is crucial as it requires clear definitions of the technical complexities of the research work. Here, when the internal teams lack coordination, it may lead to an ambiguous application draft while claiming research allowance.Examples of R&D activities that qualify for Forschungszulage claimA few examples of the research work that are eligible and not eligible to claim research allowance include,Focus areaEligible R&D scopeStandard engineering (Ineligible)E-MobilityDeveloping novel thermal management architectures or power electronics integrations.Routine scaling or assembly optimization of existing battery packs.Autonomous drivingEngineering predictive sensor-fusion algorithms or novel LiDAR calibration under extreme conditions.Implementing or calibrating off-the-shelf ADAS software components.Sustainable designMaterial science research to achieve structural lightweighting with untried composite materials.Geometric redesigns using standard automotive steel for aesthetics.Connected systemsDeveloping proprietary, low-latency V2X communication protocols or over-the-air (OTA) security architectures.Routine UI/UX design or integration of standard infotainment features.ConclusionGermany's automotive industry is experiencing a transformation like never before. With shifting market conditions and an intensified focus on sustainable, emission-free mobility, the way ahead demands cutting-edge innovation, strategic investments, and robust government backing.The Forschungszulage is a vital mechanism in this transition, serving as a strategic tool designed specifically to maintain and enhance Germany's engineering excellence. Rather than treating it as a routine year-end tax task, automotive companies must view this allowance as a core asset to de-risk and scale their R&D initiatives.Connect with innoscripta today to seamlessly align your engineering workflows with the strict application requirements, ensuring your R&D projects receive the full financial backing they deserve.
