össur annual report2009 - Euroland

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Össur hf. consolidated financial stateMents 2009 14. property, plant and equipMent (continued) BUILDINGS MACHINERY fIxTURES 2009 & SITES & EqUIpMENT & OffICE EqUIp. TOTAL COST At 1 January 2009 17,073 34,029 29,828 80,930 Reclassification 0 302 0 302 Classified as held for sale ( 3,214 ) 0 0 ( 3,214 ) Additions 850 5,008 3,771 9,629 Acquired on acquisition of subsidiary 0 1,496 89 1,585 Exchange rate differences 347 1,004 537 1,888 Eliminated on disposal 0 ( 1,392 ) ( 532 ) ( 1,924 ) Fully depreciated assets 0 ( 110 ) ( 26 ) ( 136 ) At 31 December 2009 15,056 40,337 33,667 89,060 ACCUMULATED DEpRECIATION At 1 January 2009 8,521 21,130 18,352 48,003 Reclassification 0 274 0 274 Classified as held for sale ( 906 ) 0 0 ( 906 ) Charge for the period 429 3,338 4,413 8,180 Acquired on acquisition of subsidiary 0 1,289 83 1,372 Exchange rate differences 200 833 326 1,359 Eliminated on disposal 0 ( 1,138 ) ( 234 ) ( 1,372 ) Fully depreciated assets 0 ( 110 ) ( 26 ) ( 136 ) At 31 December 2009 8,244 25,616 22,914 56,774 Carrying Amount at 31 December 2009 6,812 14,721 10,753 32,286 <strong>annual</strong> report 09 82
Depreciation classified by operational category, is shown in the following schedule: 2009 2008 Cost of goods sold 3,594 3,507 Sales and marketing expenses 603 678 Research and development expenses 317 319 General and administrative expenses 3,666 4,223 The following useful lives are used in the calculation of depreciation: 8,180 8,727 Buildings 20 - 50 years Fixtures & furniture 3 - 10 years Machinery & equipment 4 - 10 years ASSETS pLEDGED AS SECURITY All the Company´s assets have been pledged in relation to financing arranged by Arion Bank. The Company is not allowed to pledge the assets as security to raise further financing. 15. goodWill 2008 / 2009 COST At 1 January 2008 342,359 Reclassification of Goodwill to deferred tax ( 7,322 ) Addition due to previous acquisitions 2,399 Exchange rate differences ( 15,055 ) At 31 December 2008 322,381 Arising on acquisition of subsidiaries 7,083 Exchange rate differences 5,380 At 31 December 2009 334,844 During the year, the Company assessed the recoverable amount of goodwill and determined that none of the Company´s cash-generating units have suffered an impairment loss. 15.1 allocation of goodWill to cash-generating units In April 2009 improvements to IAS 36 were issued that apply prospectively for periods beginning on or after 1. January 2010. The Company adopted the amendment before effective date. The effect of the early adoption is a reallocation of the Company’s goodwill to the operating segments. The carrying amount of goodwill was allocated to the following cash-generating units: WACC % 2009 2008 Americas 11.72 / 10.03 205,312 196,280 EMEA 12.03 / 11.03 126,611 123,524 Asia 11.57 / 11.33 2,921 2,577 All amounts in thousands of USD 83 <strong>annual</strong> report 09 334,844 322,381 The recoverable amount of the cash-generating units is determined based on a value in use calculation which uses cash flow projections based on the financial budget for 2010 approved by the directors. The discount rate of 11.57. - 12.03% (2008: 10.0 - 11.3%) per annum was used. Cash flows beyond 2014 have been extrapolated using a steady 3% per annum growth rate. This growth rate does not exceed the long-term average growth rate for the market in each market area. The directors believe that any reasonably further change in the key assumptions on which recoverable amount is based would not cause the carrying amount to exceed its recoverable amount. 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
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talent ManageMent One of Human Reso
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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 and 80: 7. other incoMe Included in other i
Page 81 and 82: Deferred tax balances: OpENING RECO
Page 83: 14. property, plant and equipMent O
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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