Annual Report (PDF) - Feintool

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26 Consolidated Statement of Cash Flows CHF 1,000 1999/00 1998/99 Cash flows from operating activities Net income 24,625 18,202 Minority interests 92 178 Net income from associated companies 0 –37 Depreciation on fixed assets 18,087 13,791 Change in provisions 231 –2,258 Increase in deferred tax 1,038 295 Result from disposal of fixed assets 178 –272 Income from trade with treasury shares –3,375 –4,201 Amortization of goodwill 1,647 169 Depreciation on other intangible assets 455 0 Change in capitalized costs for research and development –1,529 74 Increase in net working capital –18,080 –10,693 Cash flows from operating activities 23,369 15,248 Cash flows from investment activities Investments in fixed assets –27,951 –22,980 Investments in financial assets –786 0 Investments in intangible assets –6,854 –375 Disposal of fixed assets (incl. income) 3,564 2,620 Acquisition of subsidaries, net of cash acquired –38,188 –13,617 Cash flows from investment activities –70,215 –34,352 Operating cash flows -46,846 –19,104 Cash flows from financing activities Change in short-term liabilities 1,616 7,322 Change in long-term liabilities 51,785 6,479 Dividends paid –4,682 –3,025 Trade with treasury shares 4,743 1,822 Increase in share capital 60 0 Cash flows from financing activities 53,522 12,598 Translation differences –5,550 155 Net change in cash and cash equivalents 1,126 –6,351 Liquidity position Cash and cash equivalents at October 1 1999 12,233 18,584 Cash and cash equivalents at September 30 2000 13,359 12,233 Net change in cash and cash equivalents 1,126 –6,351
A. Consolidation and Valuation Principles General The consolidated financial statements for the 1999/00 financial year are based on the financial statements of the group companies as of September 30, which were prepared in accordance with uniform accounting policies. The financial statements of the group companies are audited by independent auditors to ensure adherence to the uniform accounting policies. The consolidated financial statements are prepared in accordance with the Swiss accounting standard ARR (Accounting and Reporting Recommendations). The accounting principles of the Listing Regulations of the Swiss Exchange have been observed. Consolidation Principles Notes to the Consolidated Financial Statements The consolidated financial statements encompass the financial statements of all group companies where Feintool International Holding directly or indirectly owns more than 50% of the voting rights. The capital consolidation is performed in accordance with the purchase method. Assets and liabilities as well as income and expenses are fully included in the consolidated statements. Minority interests in equity and income are disclosed separately. All intercompany accounts and transactions as well as profit on intercompany activities have been eliminated. When a newly acquired company is consolidated for the first time, its assets and liabilities are valued in accordance with the purchase method. Any goodwill remaining after such a valuation is stated under intangible assets and is depreciated on a straight-line basis over its useful life, usually over a period of 15 years. Any negative goodwill remaining after the valuation is stated as a provisional liability and is eliminated, usually over a period of five years, through the income statement. As an exception from the aforementioned rule, any goodwill resulting from the integration of minority interests in consolidated subsidiaries will be charged against equity. Investments between 20% and 50% are accounted for using the equity method. The change in share of the equity is shown in the annual financial statements as income/losses from equity investments and increase/decrease of the interests. Equity investments in companies where Feintool’s participation is below 20% are capitalized at the lower of cost or market value. Should the market value decrease below cost, then an appropriate write-down or provision will be made. The companies included in the consolidation are shown on page 37. The consolidated statement of cash flows shows the details of changes in the position cash and cash equivalents. 27
Page 3 and 4: Contents 2 Profile 3 Key Figures 4
Page 5 and 6: Feintool Group 1999/00 1998/99 1997
Page 7 and 8: Highlights The following highlights
Page 9 and 10: Asia America Europe The Group Manag
Page 11 and 12: ising order intake. The adoption of
Page 13 and 14: Brake discs have to absorb and cont
Page 15 and 16: The company plans to retain its tec
Page 17 and 18: IMA’s high-performance assembly p
Page 19 and 20: Highlights � Award of QS 9000 and
Page 21 and 22: Motorists and their passengers rely
Page 23: Shareholder structure (30.9.00) Num
Page 26 and 27: 24 Consolidated Balance Sheet CHF 1
Page 30 and 31: 28 Notes to the Consolidated Financ
Page 38 and 39: 36 5 Summary of property, plant and
Page 40 and 41: 38 Auditor’s Report on Consolidat
Page 42 and 43: 40 Balance Sheet of Feintool Intern
Page 44 and 45: 42 Notes to the Financial Statement
Page 46 and 47: 44 Notes to the Financial Statement
Page 48 and 49: 46 Report and Proposal of the Board
Page 50: 48 Adresses Switzerland Feintool In

Annual Report (PDF) - Feintool

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