ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

More documents

Recommendations

Info

CONSOLIDATED FINANCIAL STATEMENTS ACCORDING TO IFRS 108 Due to the specifi c structure of A.S. Création, interest rate or currency hedges as well as fi nancial derivatives play only a minor role. Such hedges are generally taken out only for specifi c underlying transactions. One interest rate hedge (interest rate swap) whose term ends on December 30, 2018 existed on the balance sheet date. This interest rate hedge was signed together with a long-term variable-rate loan. Both transactions form an economic unit and thus represent a long-term fi xed rate loan (synthetic fi xed rate loan). In this case, however, IAS 39 does not provide for the cash flows from the two transactions to be offset against each other but requires a separate valuation of the interest rate swap at fair market value (hedge accounting). Accordingly, a negative market value (after deferred taxes) in an amount of € 0.502 million (2010: € 0.414 million) was recognised in equity as at the balance sheet date. Of this total amount, € -0.088 million (2010: € -0.093 million) is show in the statement of comprehensive income. Going forward, the interest rate swap will have no impact on the bottom line. Trade receivables are exposed to default risks, which relate to the creditworthiness of the individual debtors. A.S. Création’s risk policy aims to limit the inherent risk. The company therefore uses available means such as credit insurance and bank guarantees to transfer the risk to third parties. These instruments do not always make economic sense, as they entail costs, and are not always available. Great importance is therefore attached to the monitoring of the agreed payment deadlines and credit lines in the context of internal debtor management. Despite these measures, not all default risks can be eliminated. The residual default risk is mitigated by allowances on trade receivables. The potential effects which a default could have on the net worth, financial and earnings position of A.S. Création can be assessed on the basis of the concentration of debtors. In this context, A.S. Création has identifi ed no potential risk that could jeopardise its continued existence. Of the total trade receivables in an amount of € 33.975 million (2010: € 35.715 million), € 7.174 million or 21.1% (2010: € 8.850 million or 24.8%) were accounted for by the five largest debtors. The liquidity risk is the risk of the company being unable to meet existing or future payment obligations due to a lack of cash or cash equivalents. To ensure that A.S. Création is able to meet its payment obligations, suffi cient credit lines and cash and cash equivalents are maintained on the basis of the fi nancial planning and systematic liquidity monitoring. As of the balance sheet date, the company had unused credit lines in an amount of € 17.132 million (2010: € 18.859 million). In view of the high cash flow and the sound financial structure, financing and/or liquidity bottlenecks are not expected.
(31) Additional disclosures on financial instruments The table below shows the carrying amounts and the amounts recognised as well as the fair values of the financial instruments: The loan to OOO A.S. & Palitra is shown under fi nancial assets. As this loan was granted at a market interest rate only in the past fi nancial year, the carrying amount on the balance sheet date was largely equivalent to the fair value. Trade receivables, other receivables and cash mostly have short remaining maturities. As a result, the carrying amounts on the closing date approximate the fair values. The fair values of the fi nancial liabilities and the liabilities from fi nance leases are equivalent to the present values of the payments under the underlying contracts. The current long-term capital market interest rate plus a company-specifi c surcharge is used as the discount factor. Due to the short remaining maturities of most of the trade payables and the other liabilities, the carrying amounts on the closing date approximate the fair values. CONSOLIDATED FINANCIAL STATEMENTS ACCORDING TO IFRS Amount recognized Amount recognized Carrying amount according to IAS 39 according to IAS 17 Fair value 31.12.11 31.12.10 31.12.11 31.12.10 31.12.11 31.12.10 31.12.11 31.12.10 ¤ '000 ¤ '000 ¤ '000 ¤ '000 ¤ '000 ¤ '000 ¤ '000 ¤ '000 Financial assets 6,200 0 0 0 6,200 0 6,200 0 Trade receivables 33,975 35,715 0 0 33,975 35,715 33,975 35,715 Other receivables 2,723 2,407 0 0 2,723 2,407 2,723 2,407 Cash and cash equivalents 2,358 10,792 0 0 2,358 10,792 2,358 10,792 Loans and receivables Financial liabilities 45,256 48,914 0 0 45,256 48,914 45,256 48,914 (without finance lease) 28,057 22,862 0 0 28,057 22,862 26,785 22,344 Other liabilities 1,730 8,913 0 0 1,730 8,913 1,730 8,913 Trade payables Financial liabilities 9,256 9,352 0 0 9,256 9,352 9,256 9,352 measured at amortized cost 39,043 41,127 0 0 39,043 41,127 37,771 40,609 Financial derivative Liabilities from 724 597 0 0 724 597 724 597 finance lease 0 0 3,743 4,182 3,743 4,182 3,629 4,100 109
Page 1 and 2:
ANNUAL REPORT 2011 A.S. CRÉATION T
Page 3 and 4:
Foreword 8 Managing Board and Super
Page 5 and 6:
account, however, the A.S. Créatio
Page 7 and 8:
higher sales also in the Eastern Eu
Page 9 and 10:
January February April May November
Page 11 and 12:
Board has transferred decision-maki
Page 13 and 14:
• discussion about the recommenda
Page 15 and 16:
CORPORATE GOVERNANCE STATEMENT AND
Page 17 and 18:
Declaration of conformity pursuant
Page 19 and 20:
to the Supervisory Board in writing
Page 21 and 22:
Accounting and audit The consolidat
Page 23 and 24:
Introduction The A.S. Création Gro
Page 25 and 26:
possible. On the other hand, there
Page 27 and 28:
homing or cocooning, which they see
Page 29 and 30:
evenues generated by A.S. Création
Page 31 and 32:
the fiscal year is due to the revis
Page 33 and 34:
dards by an independent auditor on
Page 35 and 36:
with effect from March 1, 2011. In
Page 37 and 38:
Cash-flow in € m 17.6 19.0 2009 2
Page 39 and 40:
production facility in Russia, the
Page 41 and 42:
from the performance-oriented syste
Page 43 and 44:
up to € 4,500,000 through the iss
Page 45 and 46: or its Audit Committee for the audi
Page 47 and 48: product for PVC, which would result
Page 49 and 50: with supplies to joint customers. A
Page 51 and 52: 5% are projected for Russia’s GDP
Page 53 and 54: start-up losses incurred in Russia
Page 55 and 56: Political stock markets weigh on sh
Page 57 and 58: light of this fact, the Managing Bo
Page 59 and 60: Shareholder Structure Free float 41
Page 61 and 62: CONSOLIDATED FINANCIAL STATEMENTS A
Page 63 and 64: Equity and Liabilities Notes 31.12.
Page 65 and 66: A.S. Création Tapeten AG, Gummersb
Page 67 and 68: A.S. Création Tapeten AG, Gummersb
Page 69 and 70: of domestic and foreign companies i
Page 71 and 72: In accordance with IAS 21, foreign
Page 73 and 74: attributable cost but also the fact
Page 75 and 76: conditions, shorter useful lives re
Page 77 and 78: (2) Intangible fixed assets The tab
Page 79 and 80: (5) Other assets A breakdown of oth
Page 81 and 82: (8) Inventories Inventories compris
Page 83 and 84: As in the previous year, capital re
Page 85 and 86: (13) Other liabilities The breakdow
Page 87 and 88: The table below shows the changes i
Page 89 and 90: administrative offence proceedings.
Page 91 and 92: (21) Depreciation A breakdown of de
Page 93 and 94: Complementary information (26) Cash
Page 95: The table below shows a breakdown o
Page 99 and 100: (34) Supervisory Board In FY 2011,
Page 101 and 102: on its website. The declaration of
Page 103 and 104: In our opinion, based on the findin
Page 105 and 106: PROFIT APPROPRIATION PROPOSAL Balan
Page 107 and 108: Equity and Liabilities 31.12.2011 3
Page 109 and 110: March 22, 2012 Analyst presentation
Page 111: Cover photo: A fascinating microcos
show all

ANNUAL REPORT 2011 A.S. CRÉATION TAPETEN AG

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?