Annual Report 2009 - melitta.info

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54 Melitta Group Annual Report 2009 Consolidated Balance Sheet 55 Consolidated Balance Sheet Melitta Unternehmensgruppe Bentz KG as at 12-31-2009 (short version) Assets in € ’000 12-31-2009 12-31-2008 Intangible assets 15,436 17,649 Tangible assets Financial assets 167,323 163,955 Shares in affiliated companies 1,846 1,846 Participation interests 21,012 21,817 Other financial assets 940 1,012 Fixed assets 206,557 206,279 Inventories Receivables and other current assets 123,441 114,378 Trade receivables 173,840 200,582 Other receivables and current assets 46,378 71,555 Cash and cash equivalents 36,679 11,140 Current assets 380,338 397,655 Other assets 10,849 8,636 Assets total 597,744 612,570 Equity and Liabilities in € ’000 12-31-2009 12-31-2008 Equity (incl. share of other shareholders) 199,974 170,280 Pension accruals 129,588 130,471 Other accruals 136,864 144,355 Accruals 266,452 274,826 Debts 23,844 63,786 Trade payables 55,706 53,056 Other liabilities 47,852 46,418 Liabilities 127,402 163,260 Prepaid expenses 3,916 4,204 Equity and Liabilities total 597,744 612,570 Notes to the Consolidated Balance Sheet 1. Accounting and valuation principles Certain items of the consolidated financial statements, drawn up in accordance with Sec. 13 German Company Disclosure Law (PublG) in combination with Sec. 294-314 German Commercial Code (HGB), have been combined for the publication of this annual report for fiscal 2009. The consolidated financial statements include all domestic and foreign companies under the common control of Melitta Unternehmensgruppe Bentz KG. A list of the Group’s shareholdings concerning those companies included in the consolidated financial statements as of December 31, 2009 has been made separately and is available for inspection at the Group’s headquarters: Melitta Beratungs- und Verwaltungs GmbH & Co. KG, Marienstraße 88, 32425 Minden, Germany. Due to their minor importance for the assets, liabilities, financial position and earnings of the Group, nine companies were not included in the consolidated financial statements. Despite a shareholding of over 20%, three other companies were not included as associated companies as Melitta Unternehmensgruppe Bentz KG exerts no significant influence on their business and financial policy. According to Sec. 311 HGB, major participations are to be valued using the equity method, if a significant influence can be exerted. This is the case with two companies. The consolidated financial statements were prepared as at December 31, 2009. This is the balance sheet date for all affiliated companies included in the consolidated accounts. In the capital consolidation process, the acquisition cost or balance sheet valuation of the shareholding is offset against the proportional share of shareholders’ equity on the date of the initial consolidation. A balancing item from initial consolidation is formed for any resulting differences – insofar as these cannot be directly attributed to, and depreciated
56 Melitta Group Annual Report 2009 Consolidated Balance Sheet 57 with, individual asset items – and amortized over an expected useful life of no more than 15 years. This consolidation method is also used for investments in associated companies. Investments in associated companies are consolidated using the book value method. Inter-group trading profits from transactions with associated companies were not eliminated. Debt was consolidated according to Sec. 303 (1) HGB, while income and expenditure were consolidated pursuant to Sec. 305 (1) HGB and unrealized results eliminated in accordance with Sec. 304 (1) HGB. Uniform valuation of assets throughout the Group is guaranteed by the application of corporate guidelines, valid for all members of the Melitta Group. These corporate guidelines correspond to commercial law regulations. The annual statements of foreign Group companies were translated as of December 31, 2009 using the current rate method, while positions of the profit and loss accounts were translated using average annual exchange rates of 2009. Intangible assets are valued at cost, while property, plant and equipment is valued at acquisition or production cost; they are written down using the straight-line or diminishing balance method. In addition to direct costs, production costs also include a proportionate amount of overhead costs and depreciation. Financial assets are valued at the lower of cost and fair value. Inventories are valued at acquisition or production cost. Raw materials, supplies and merchandise are valued at the lower of average purchase prices and current values. Unfinished and finished goods are valued at production cost, which also includes a reasonable amount of necessary overhead cost and depreciation. Production costs are lowered accordingly, should this be necessary to avoid valuation losses. Suitable allowances are made to cover inventory risk. Advanced payments, accounts receivable and other assets are carried at their nominal values or the lower buying rate for foreign currencies and the lower rate in the case of recognizable risks. Lump-sum allowances have been made to cover general credit risks. Accruals for pensions are made on the basis of actuarial calculations in Germany and in accordance with tax regulations. A total of € 664k (prior year: € 753k) for pension commitments made before January 1, 1987 (Art. 28 EGHGB) is not considered in the balance sheet. Other accruals cover all recognizable risks and uncertain commitments. Liabilities are carried at their current repayment values. In all other cases, foreign currency receivables and payables or assets acquired in foreign currencies and the resulting income and expenses are always translated at the exchange rates valid on the date of acquisition or incurred, or at average monthly rates. The Melitta Group has issued internal binding guidelines regulating responsibilities, scope and control with regard to the use of derivative financial instruments. Derivative financial instruments are used by the Melitta Group to secure its operating business and the related risks. The instruments used are marketable options, foreign exchange futures and swaps. As of December 31, 2009, we held the following derivative positions: Nominal volumes Market values in € million 12-31-2009 12-31-2008 12-31-2009 12-31-2008 Foreign exchange futures and swaps 81 114 2.2 5.6 Foreign exchange options 131 71 5.8 7.6 Raw material swap 27 24 4.0 – 1.6 239 209 12.0 11.6 Market value figures are based on prices quoted by the banks. Financial instruments held to reduce currency risks are mainly in US dollar. Accruals of € 0.1 million (prior year: € 3.1 million) were formed for impending losses from financial derivatives. An amount of € 0.2 million (prior year: € 0.0 million) was written down for paid option bonuses.
Page 1 and 2: www.melitta.info Annual Report 2009
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