PDF (3.6 MB) - Valora

Financial RepoRt ValoRa 2009
notEs to tHE consolIdatEd fInancIal statEmEnts
The changes to IFRIC 14 ’The Limit on a Defined Benefit Asset, Minimum Funding Requirements
and their Interaction’ set out by the International Accounting Standards Board (IASB) in November
2009, have already been taken into account. Their retro-active application as of January 1,
2008 did not result in any changes.
Neither the changes to IFRS 7 ’Liquidity Risk and Fair Value Disclosures’, nor the Annual Improvements
(2008) which came into effect on January 1, 2009 had any material effect on Valora’s
accounts.
In addition the treatment of actuarial gains and losses on defined-benefit pension plans was
changed. In accordance with IAS 19, Valora switched from the corridor method to the direct recognition
in equity approach (Comprehensive Income Method). As required by IAS 8, this change in accounting
method was applied retro-actively as of January 1, 2008.
Future implementation of International Financial Reporting Standards (IFRS) and interpretations
thereof. These consolidated financial statements have not yet adopted the following new
standards or modifications to existing standards and their interpretation, all of which the Valora
Group will be required to apply in its accounts for 2010 or thereafter:
The changes to IAS 27 ’Consolidated and Separate Financial Statements’ and IFRS 3 ’Business
Combinations’ will not have any financial consequences for the Valora Group. Future business
combinations will be affected.
The new IFRIC 17 interpretation ’Distribution of Non-cash Assets to Owners’ will not have any
effect on the Valora Group’s accounts.
The effects of IFRIC 18 ’Transfer of Assets from Customers’ are not material.
The changes to IAS 39 ’Exposures Qualifying for Hedge Accounting’ will not have any effect on
the Valora Group’s accounts. The effects of the changes in IFRS 2 ’Group Cash-settled Share-based
Payments’ are not material.
The changes to IFRIC 9 ’Reassessment of Embedded Derivatives’, IAS 32 ’Classification of
Rights Issues’ and IFRIC 19 ’Extinguishing Financial Liabilities with Equity Instruments’ will not
have any effect on the Valora Group.
The changes to IAS 24 ’Related Party Disclosures’, IFRS 9 ’Financial Instruments’ and the Annual
Improvements (2009) which will come into effect on January 1, 2010 or thereafter will not
have any material effect on the Valora Group.
Restatement of the consolidated financial statements. In accordance with IAS 19, the Valora
Group switched from the corridor method to the direct recognition in shareholders’ equity method
for actuarial gains and losses (Comprehensive Income Method). As stipulated in IAS 8, this change
in accounting method was applied retro-actively with effect from January 1, 2008. This resulted in
an increase in the valuation of the pension fund asset by CHF 40 359 thousand and an increase in
the long-term pension obligations by CHF 996 thousand. The opening balance of the retained earnings
account was therefore increased by a correponding amount, which was reduced by the effect
of the CHF 7 787 thousand adjustment in deferred taxes.
In addition, pension reinsurance contracts concluded abroad did not meet the criteria required
for recognition as pension plan assets, and long-term pension obligations had been recognised
as short-term liabilities. Contrary to IAS 19 requirements, no accruals had historically been
recognised in respect of employment annniversary awards to employees. These errors from prior
accounting periods were corrected retro-actively with effect from January 1, 2008, in accordance
with IAS 8 ’Accounting Policies, Changes in Accounting Estimates and Errors’. This resulted in an
increase in financial investments of CHF 2 327 thousand, an increase in other current liabilities of
CHF 1 738 thousand, an increase in long-term pension obligations of CHF 4 065 thousand, an increase
in other non-current liabilities of CHF 9 307 thousand and an increase in deferred income
tax assets of CHF 2 093 thousand.
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