össur annual report2009 - Euroland

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Össur hf. consolidated financial stateMents 2009 9. fees to auditors <strong>annual</strong> report 09 78 2009 2008 Audit of Financial Statements 839 710 Review of Interim Financial Statements 243 252 Other services 118 235 10. financial incoMe / (eXpenses) fINANCIAL INCOME: 1,200 1,198 2009 2008 Interests on bank deposits 205 204 Income from other financial assets 11 0 Fair value changes of derivatives 0 640 Other financial income 38 20 fINANCIAL ExpENSES: 254 864 Interest on bank overdrafts and loans ( 15,479 ) ( 17,627 ) Expenses from other financial assets 0 ( 131 ) Other financial expenses ( 108 ) ( 545 ) ( 15,587 ) ( 18,303 ) Net-exchange rate differences ( 2,670 ) ( 286 ) Net Financial income / (expenses) ( 18,003 ) ( 17,725 ) 11. incoMe taX 2009 2008 Current tax expenses ( 4,996 ) ( 465 ) Deferred tax expenses ( 2,479 ) ( 9,280 ) ( 7,475 ) ( 9,745 ) 2009 2008 AMOUNT % AMOUNT % Profit before taxes 30,237 38,233 Income tax calculated at 15% ( 4,536 ) 15% ( 5,735 ) 15% Effect of different tax rates of other jurisdictions ( 2,645 ) 9% ( 1,585 ) 4% Effect of nondeductible expenses 450 ( 1% ) ( 1,126 ) 3% Effect of change in tax rate 518 ( 2% ) ( 590 ) 2% Other changes ( 1,262 ) 4% ( 709 ) 2% Deferred tax: ( 7,475 ) 25% ( 9,745 ) 25% 2009 2008 Origination and reversal of temporary differences 5,907 5,600 Write-downs (reversals of previous w-d) of deferred tax assets 47 936 Losses recognised and utilised ( 4,008 ) 2,088 Effect of changes in tax rate and laws 533 656 Total deferred tax expense 2,479 9,280
Deferred tax balances: OpENING RECOGNISED IN RECOGNISED ACqUISITIONS / ExC. RATE 2008 BALANCE INCOME STATEMENT DIRECTLY IN EqUITY DISpOSALS DIffERENCE RECLASSIfIED NET Goodwill 44,706 ( 5,918 ) 1,361 7,322 47,471 Intangible assets ( 30,988 ) 4,021 ( 930 ) 821 ( 27,076 ) Operating fixed assets 452 1,203 15 ( 821 ) 849 Tax loss carry forward 6,180 ( 1,594 ) 185 4,771 Inventories 3,440 ( 284 ) 131 3,287 Provisions 2,091 250 ( 221 ) 63 2,183 Current liabilities 7,199 ( 5,540 ) 216 1,875 Other 1,186 ( 1,418 ) 1,412 ( 53 ) 1,127 Total 34,266 ( 9,280 ) 1,191 0 988 7,322 34,487 OpENING RECOGNISED IN RECOGNISED ACqUISITIONS / ExC. RATE 2009 BALANCE INCOME STATEMENT DIRECTLY IN EqUITY DISpOSALS DIffERENCE RECLASSIfIED NET Goodwill 47,471 ( 6,125 ) ( 661 ) 222 ( 16,051 ) 24,856 Intangible assets ( 27,076 ) 5,245 221 ( 594 ) 16,051 ( 6,153 ) Operating fixed assets 849 ( 24 ) 43 868 Tax loss carry forward 4,771 ( 682 ) 147 359 4,595 Inventories 3,287 ( 893 ) 3 2,397 Provisions 2,183 ( 1,666 ) 100 ( 700 ) ( 83 ) Current liabilities 1,875 ( 420 ) 73 10 1,538 Other 1,127 2,086 240 ( 128 ) 3,325 Total 34,487 ( 2,479 ) 313 ( 293 ) 15 ( 700 ) 31,343 All amounts in thousands of USD 79 <strong>annual</strong> report 09 Össur hf. consolidated financial stateMents 2009
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össur annual report 2009
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table of contents annual report 200
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“The results for 2009 are good an
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strategy Össur focus is on improvi
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Market and environMent Össur opera
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Össur is in the business of keepin
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operations Össur is a global ortho
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The Company believes that the combi
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We provide products and services to
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locations china asia china Asian He
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The world’s most requested ligame
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project management office engineeri
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R&D is essential to future developm
Page 29 and 30: talent ManageMent One of Human Reso
Page 31 and 32: transforming through acquisitions a
Page 34 and 35: corporate governance In line with t
Page 36 and 37: for a term of one year. Board Membe
Page 38 and 39: according to previously established
Page 40 and 41: the reMuneration and shareholding o
Page 42: ○○ MiaMi luMbar The Miami Lumb
Page 45 and 46: Product liability claims could adve
Page 47 and 48: Össur’s aim is to maintain and i
Page 49 and 50: In 2009 Össur celebrated its 10 ye
Page 51 and 52: publication schedule for reports Fi
Page 54 and 55: perforMance overvieW 2009 Total sal
Page 56 and 57: Currently, Össur has favorable fin
Page 59 and 60: FINANCIAL RATIOS CONSOLIDATED STATE
Page 61 and 62: INDEPENDENT AUDITOR’S REPORT To t
Page 63 and 64: CONSOLIDATED STATEMENTS OF COMPREHE
Page 65 and 66: 31 DECEMBER 2009 AND 31 DECEMBER 20
Page 67 and 68: CONSOLIDATED STATEMENT OF CHANGES I
Page 69 and 70: controlled by the Company (its subs
Page 71 and 72: 3.11 share-based payMents Equity-se
Page 73 and 74: 3.16 inventories Inventories are st
Page 75 and 76: A derivative is presented as a non-
Page 77 and 78: 6. geographical segMents The Compan
Page 79: 7. other incoMe Included in other i
Page 83 and 84: 14. property, plant and equipMent O
Page 85 and 86: Depreciation classified by operatio
Page 87 and 88: Amortization classified by operatio
Page 89 and 90: 18. other financial assets fINANCIA
Page 91 and 92: 25. retained earnings RETAINED EARN
Page 93 and 94: 30. provisions CURRENT NON-CURRENT
Page 95 and 96: The Company’s exposures to intere
Page 97 and 98: unaudited inforMation The following
Page 99 and 100: annual report 2009 Production: Öss
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össur annual report2009 - Euroland

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