Annual Report 2010 (PDF) - Schulthess Group

Notes
Notes to the consolidated financial statements
1. General information
The Schulthess Group‘s core activities are the development, manufacture and marketing of products and services of its
divisions: Heating Technology, Cooling Technology and Washing Technology.
In the Heating Technology division, the Schulthess Group develops, manufactures and markets heat pumps, commercial
and industrial cooling systems and controlled residential ventilation. The heat pumps are manufactured at the Alpha-
InnoTec GmbH production plant in Kasendorf, Germany. Systems and appliances for controlled residential ventilation are
manufactured at Genvex A/S in Haderslev (Denmark).
In the Cooling Technology division, KKT Kraus Kälte- und Klimatechnik GmbH in Kasendorf (Germany) is a manufacturer
of systems and appliances in the field of cooling and air conditioning technology.
In the Washing Technology segment, the Schulthess Group is a leading manufacturer of washing machines and -dryers
and operates in both the household market as well as in the commercial and industrial markets. All the household and
laundry appliances marketed by this division are developed and manufactured by Schulthess Maschinen AG in Bubikon-Wolfhausen.
The parent or holding company, the Schulthess Group AG, has its head office at Landstrasse 37, CH-8633 Bubikon-
Wolfhausen, Zurich (Switzerland). The Schulthess Group AG has been listed on the SIX Swiss Exchange since April 1998.
The German version of these consolidated financial statements should be used as reference.
These group consolidated financial statements were authorised for issue by the board of directors on 2 March 2011 and
will be presented to the general meeting on 14 April 2011.
2. Summary of significant accounting principles
2.1 Basis of preparation
The Schulthess Group‘s consolidated financial statements are based on the individual financial statements of the Group
companies prepared according to uniform guide lines. They have been prepared under the historical cost convention,
unless otherwise stated in the accounting principles set out below, and in accordance with the International Financial
Reporting Standards (IFRS) which have been approved by the International Accounting Standards Board (IASB). The consolidated
financial statements comply with both, Swiss law and the accounting regulations of the SIX Swiss Exchange‘s
listing requirements. The presented consolidated financial statements are in Swiss Francs (CHF), i.e. the functional and
presentation currency used by the parent company and the Group.
The following accounting principles have been consistently applied for all periods presented. The accounting principles
are consistently applied by all Group companies.
Schulthess Group has adopted the following new and amendment IFRSs as of 1 January 2010:
IFRS 2 Share-based Payment (amendment)
IFRS 3 Business combinations (amendment)
IAS 27 Consolidated and separate financial statements (amendment)
IAS 39 Financial Instruments Recognition and Measurement
Annual improvements to IFRS - adjustments to various standards
These amendments have no or no material impact on the consolidated financial statements.
44 Schulthess Group
Notes to the consolidated financial statements