össur annual report2009 - Euroland
össur annual report2009 - Euroland
össur annual report2009 - Euroland
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18. other financial assets<br />
fINANCIAL ASSETS CARRIED AT fAIR VALUE THROUGH pROfIT OR LOSS (fVTpL)<br />
31.12.2009 31.12.2008<br />
Investment in associates 1,445 96<br />
Loans and receivables 2,122 1,060<br />
INVESTMENTS IN ASSOCIATES<br />
NAME<br />
Derby<br />
Finances, SAS<br />
Dashe<br />
Orthopedic<br />
Supplies, Inc.<br />
pLACE Of<br />
REGISTRATION<br />
AND<br />
OpERATION<br />
OWNER-<br />
SHIp<br />
%<br />
3,567 1,156<br />
pRINCIpAL<br />
ACTIVITY 31.12.2009 31.12.2008<br />
France 50% Manufacturer 21 22<br />
USA 50% Distribution 1,424 0<br />
Orthomart Inc USA 30% Distribution 0 74<br />
1,445 96<br />
The Company acquired a 50% stake in Dashe Orthopedic Supplies Inc, which is a distribution<br />
company in America.<br />
19. assets classified as held for sale<br />
The Company intents to dispose of its office facilities in Aliso viejo, California. The book<br />
value of these assets is USD 2.3 million in December 2009. The assets have been put on<br />
sale and will be vacated when the Company headquarters in the Americas will be relocated<br />
in March 2010.<br />
20. bank balances and cash<br />
31.12.2009 31.12.2008<br />
Bank accounts 76,619 27,836<br />
Bankers draft received 2,818 2,840<br />
Cash and other cash equivalents 395 230<br />
21. inventories<br />
All amounts in thousands of USD 87 <strong>annual</strong> report 09<br />
79,831 30,906<br />
31.12.2009 31.12.2008<br />
Raw material 14,397 16,756<br />
Work in progress 3,170 5,191<br />
Finished goods 25,959 33,871<br />
43,526 55,818<br />
In the preparation of the Consolidated Financial Statements, accumulated gains in inventories<br />
from intercompany transactions amounting to 8.1 million (2008: 10.2 million) were<br />
eliminated. This has an effect on the income tax expense of the consolidated companies,<br />
and an adjustment of 2.1 million (2008: 2.6 million) is made in the Consolidated<br />
Financial Statements to reduce income tax expense to account for this.<br />
22. accounts receivables and other assets<br />
31.12.2009 31.12.2008<br />
Nominal value 47,940 47,552<br />
Allowances for doubtful accounts ( 3,521 ) ( 3,016 )<br />
Allowances for sales return ( 726 ) ( 715 )<br />
43,693 43,821<br />
The average credit period on sales of goods is 43 days (2008: 49 days). Allowance has<br />
been made for doubtful accounts and sales returns, this allowance has been determined<br />
by management in reference to past default experience. The directors consider that the<br />
carrying amount of receivables approximates their fair value.<br />
Össur hf. consolidated financial stateMents 2009
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