össur annual report2009 - Euroland

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Össur hf. consolidated financial stateMents 2009 17. the consolidation NAME Of SUBSIDIARY pLACE Of REGISTRATION AND OpERATION OWNERSHIp % pRINCIpAL ACTIVITY Össur Holding, AB Sweden 100% Holding Össur Nordic, AB Sweden 100% Sales, distribution and services Össur Nordic, AS Norway 100% Sales, distribution and services Össur Americas Holdings, Inc. USA 100% Holding Össur Americas, Inc. USA 100% Manufacturer, sales, distribution and services Empower Reimbursement Services Inc. USA 100% Services Empower Business Solutions, Inc USA 100% No operation Team Makena LLC USA 62% Distribution Össur Funding LLC USA 100% Holding Össur Canada, Inc. Canada 100% Manufacturer, sales, distribution and services Össur Europe Holding, Bv Netherlands 100% Holding Össur Europe, Bv Netherlands 100% Sales, distribution and services Össur UK, Holdings, Ltd UK 100% Holding IMP Holdings, Ltd UK 100% Holding Össur UK, Ltd UK 100% Sales, distribution and services TIM Holdings, Ltd UK 100% Holding TIM, Ltd UK 100% Distribution and services IMP. Ltd UK 100% No operation Ortex, Ltd. UK 100% No operation Medistox, Ltd UK 100% No operation Össur Iberia SA Spain 100% Sales, distribution and services Össur Holding France SAS France 100% Holding La tour Finance SAS France 100% Holding Gibaud Pharma EURL France 100% Immaterial Operations Gibaud SAS France 100% Manufacturer, sales, distribution and services Tournier Bottu SAS France 100% Manufacturer Gibaud Suisse SA Swiss 100% Sales, distribution and services Össur Asia Pacific PTY, Ltd. Australia 100% Sales, distribution and services Össur Prosth. & Rehabilit. Co, Ltd. China 100% Manufacturer, sales, distribution and services Össur Holding Bv Netherlands 100% Holding Össur Hong Kong Limited Hong Kong 100% No operation Gentleheal ehf. Iceland 100% No operation Össur hf. operates a finance branch in Switzerland to govern certain intercompany long-term liabilities. Three new companies were established in 2009, Empower Reimbursement Services Inc., Össur Holding Bv and Össur Hong Kong Limited. Furthermore, the company acquired a 62,25% stake in Team Makena LLC, which is a distribution company in America. <strong>annual</strong> report 09 86
18. other financial assets fINANCIAL ASSETS CARRIED AT fAIR VALUE THROUGH pROfIT OR LOSS (fVTpL) 31.12.2009 31.12.2008 Investment in associates 1,445 96 Loans and receivables 2,122 1,060 INVESTMENTS IN ASSOCIATES NAME Derby Finances, SAS Dashe Orthopedic Supplies, Inc. pLACE Of REGISTRATION AND OpERATION OWNER- SHIp % 3,567 1,156 pRINCIpAL ACTIVITY 31.12.2009 31.12.2008 France 50% Manufacturer 21 22 USA 50% Distribution 1,424 0 Orthomart Inc USA 30% Distribution 0 74 1,445 96 The Company acquired a 50% stake in Dashe Orthopedic Supplies Inc, which is a distribution company in America. 19. assets classified as held for sale The Company intents to dispose of its office facilities in Aliso viejo, California. The book value of these assets is USD 2.3 million in December 2009. The assets have been put on sale and will be vacated when the Company headquarters in the Americas will be relocated in March 2010. 20. bank balances and cash 31.12.2009 31.12.2008 Bank accounts 76,619 27,836 Bankers draft received 2,818 2,840 Cash and other cash equivalents 395 230 21. inventories All amounts in thousands of USD 87 <strong>annual</strong> report 09 79,831 30,906 31.12.2009 31.12.2008 Raw material 14,397 16,756 Work in progress 3,170 5,191 Finished goods 25,959 33,871 43,526 55,818 In the preparation of the Consolidated Financial Statements, accumulated gains in inventories from intercompany transactions amounting to 8.1 million (2008: 10.2 million) were eliminated. This has an effect on the income tax expense of the consolidated companies, and an adjustment of 2.1 million (2008: 2.6 million) is made in the Consolidated Financial Statements to reduce income tax expense to account for this. 22. accounts receivables and other assets 31.12.2009 31.12.2008 Nominal value 47,940 47,552 Allowances for doubtful accounts ( 3,521 ) ( 3,016 ) Allowances for sales return ( 726 ) ( 715 ) 43,693 43,821 The average credit period on sales of goods is 43 days (2008: 49 days). Allowance has been made for doubtful accounts and sales returns, this allowance has been determined by management in reference to past default experience. The directors consider that the carrying amount of receivables approximates their fair value. 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
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corporate governance In line with t
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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 and 84: 14. property, plant and equipMent O
Page 85 and 86: Depreciation classified by operatio
Page 87: Amortization classified by operatio
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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