Annual Report 2008 (PDF) - Schulthess Group

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Schulthess Group 53
Notes Provisions Financial statements
18. Provisions
in CHF 1 000
Warranty
Earn out payments
for acquisition
of subsidiaries
Long-term
provision for
p e r s o n n e l Total
Balance at 1 January 2007 4 210 270 250 4 730
Acquisition of subsidiaries 0 1 900 0 1 900
Creation 3 559 28 0 3 587
Utilisation –3 455 –270 0 –3 725
Currency translation differences 62 0 0 62
Balance at 31 December 2007 4 376 1 928 250 6 554
Thereof short-term 2 662 0 0 2 662
Thereof long-term 1 714 1 928 250 3 892
Balance at 1 January 2008 4 376 1 928 250 6 554
Acquisition of subsidiaries –5 0 0 –5
Creation 4 331 270 0 4 601
Utilisation –3 503 –338 0 –3 841
Currency translation differences –261 0 0 –261
Balance at 31 December 2008 4 938 1 860 250 7 048
Thereof short-term 3 036 0 0 3 036
Thereof long-term 1 902 1 860 250 4 012
The Schulthess Group grants a warranty on its products as a rule for 2 years.
During this period products are repaired or replaced free of charge. The provision is calculated on
actual costs for warranty and replacement in relation to the sales achieved.
The medium-term plan forms the basis for earn out payment for acquisitions of subsidiaries.
The provision of CHF 1.860 million (2007: 1.928 million) applies only to Corona Solar GmbH.