Annual Report 2010 (PDF) - Schulthess Group

Impairment test
The impairment test for goodwill was made in September 2010 for the financial year 2010. The same procedure was followed for the acquired trade
marks of Genvex A/S and KKT Kraus Kälte- und Klimatechnik GmbH
The value-in-use for goodwill is based on the following essential assumptions:
Cash-generating unit (CGU)
31. December 2010
Book value
of
goodwill
Book value
of
trade marks
Currency
Gross
Margin
Growth
rate
Discount
rate
(WACC)
Projection
period
Alpha-InnoTec Schweiz AG 3 195 0 CHF 33.0 % 5.0 % 9.2 % 5 Jahre
Alpha-InnoTec GmbH (inkl. Alpha-InnotecTec Sun GmbH) 4 837 0 EUR 47.0 % 6.0 % 8.8 % 5 Jahre
Genvex A/S 946 1 421 DKK 45.0 % 6.0 % 8.8 % 5 Jahre
KKT Kraus Kälte- und Klimatechnik GmbH 7 826 4 944 EUR 46.0 % 9.0 % 8.8 % 5 Jahre
Total in CHF 1 000 16 804 6 365
31. December 2009
Alpha-InnoTec Schweiz AG (früher Calmotherm AG) 3 195 0 CHF 32.0 % 10.0 % 9.0 % 5 Jahre
Alpha-InnoTec GmbH 2 724 0 EUR 46.0 % 15.0 % 8.5 % 5 Jahre
Genvex A/S 946 1 421 DKK 45.0 % 15.0 % 8.5 % 5 Jahre
KKT Kraus Kälte- und Klimatechnik GmbH 9 723 6 142 EUR 44.0 % 4.0 % 8.5 % 5 Jahre
Alpha-InnoTec Sun GmbH 3 170 0 EUR 23.0 % 17.0 % 9.0 % 5 Jahre
Total in CHF 1 000 19 758 7 563
Values for goodwill (1) and trade marks (2) are allocated to the segments as follows:
1. Goodwill Heating Technology Cooling Technology Total
in CHF 1 000 31.12.2010 31.12.2009 31.12.2010 31.12.2009 31.12.2010 31.12.2009
Switzerland 3 195 3 195 0 0 3 195 3 195
Germany 4 837 5 894 7 826 9 723 12 663 15 617
Denmark 946 946 0 0 946 946
Total 8 978 10 035 7 826 9 723 16 804 19 758
2. Trade marks Heating Technology Cooling Technology Total
in CHF 1000 31.12.2010 31.12.2009 31.12.2010 31.12.2009 31.12.2010 31.12.2009
Germany 0 0 4 944 6 142 4 944 6 142
Denmark 1 421 1 421 0 0 1 421 1 421
Total 1 421 1 421 4 944 6 142 6 365 7 563
The book value of the purchased goodwill at 31 December 2010 amounts to CHF 16.8 million (2009: CHF 19.8 million) resp. CHF 6.4 million
(2009: CHF 7.6 million) for trade marks. This was allocated to the cash generating units. The recoverable amount for a cash generating unit is based
on a value-in-use calculation. The cashflow projection is based on a medium-term plan covering a 5 year period set by management and approved
by the board of directors. The cashflows expected after this period were extrapolated based on an infinite growth rate of 1.9 %. These growth rates
are in line with past experience for the expected long-term average growth in the corresponding business segment. The gross profit margin set by
management is based on past experience. The applied discount rate (WACC) is after tax. Based on the impairment test there was no need for impairment
for the financial year 2010 (2009: CHF 0).
60 Schulthess Group
Notes to the consolidated financial statements