Annual Report 2011

More documents

Recommendations

Info

88 Consolidated financial statements –– 31. Exchange rates CHF 1’000 2011 2010 Average rates (for income statement and cash flow statement) 1 EUR 1.2469 1.4027 1 USD 0.8968 1.0563 1 GBP 1.4370 1.6322 1 CNY 0.1387 0.1581 CHF 1’000 31.12.2011 31.12.2010 Year end rates (for balance sheet) 1 EUR 1.2303 1.2587 1 USD 0.9509 0.9470 1 GBP 1.4652 1.4625 1 CNY 0.1508 0.1435 32. Acquisition of Dörries Scharmann Technologie GmbH On January 19, 2011 StarragHeckert Holding AG acquired 100 % of the shares of Dörries Scharmann Technologie GmbH based in Mönchengladbach, Germany, for a cash consideration of CHF 85.6 million. An additional CHF 3.6 million receivable due from the seller to Dörries Scharmann Technologie GmbH was also satisfied. During the period from the date of acquisition to 31 December 2011 Dörries Scharmann Technologie GmbH generated sales revenues of CHF 151.5 million and a net profit of CHF 2.6 million. If the company had already been consolidated as of 1 January 2011, Starrag Group’s sales revenues would have been CHF 9.0 million higher and net profit CHF 0.4 million lower. Dörries Scharmann Technologie GmbH produces machining tools under the renowned brands Dörries, Droop+Rein, Ecospeed, Scharmann and Berthiez that are used for boring, turning, milling and grinding of mid-sized to large workpieces and it ranks among the industry’s technology leaders. This acquisition represents an ideal add-on to Starrag Group’s product portfolio. Thanks to the complementary product lines, Dörries Scharmann Technologie GmbH clearly strengthens Starrag Group’s position in its target markets of aerospace, energy, transport and industrial engineering.
Net assets and goodwill arising from the transaction and included in these consolidated financial statements are listed in the following table: CHF 1’000 Fair value Cash and cash equivalents 25’719 Receivables 40’768 Other financial assets 13’901 Current income tax 4’705 Inventories 16’545 Tangible fixed assets 38’478 Intangible assets 27’097 Current financial liabilities -256 Other current liabilities -67’468 Provisions -5’264 Non-current financial liabilities -5’821 Deferred income tax -18’433 Acquired net assets 69’971 Goodwill 15’730 Cash consideration 85’701 Less cash and cash equivalents acquired -25’719 Net cash drain 59’982 The reported goodwill that is not assigned to any asset category represents strategic advantages resulting from the business combination. These include complementary product portfolios, potential market growth, anticipated synergies and the acquired know-how. It is assumed that the recognized goodwill will not be tax-deductible. The fair value of the receivables consists of the gross contractual receivables of CHF 42.1 million less valuation impairments of CHF 1.3 million. The transaction costs amounted to CHF 0.5 million and are stated under administrative costs. 33. Events after balance sheet date Starrag Group Annual Report 2011 89 –– The consolidated financial statement was approved and released for publishing by the Board of Directors on 6 March 2012. Furthermore, it is subject to the shareholders’ acceptance at the annual general meeting which will take place on 20 April 2012.
Page 1 and 2:
Starrag Group Annual Report 2011
Page 3 and 4:
Berthiez Dörries Droop+Rein Hecker
Page 5 and 6:
High-precision machine tools for gr
Page 7 and 8:
Asia - the market of the future Sta
Page 9 and 10:
At a glance Order intake Order back
Page 11 and 12:
Share price 90 80 70 60 50 40 30 20
Page 13 and 14:
Starrag Group New look, new image W
Page 15 and 16:
Swiss Equity Award received In Sept
Page 17 and 18:
the integration of diverse machines
Page 19 and 20:
ness cycle. The Starrag Group is th
Page 21 and 22:
High precision cylindrical grinding
Page 23 and 24:
Synonymous with high performance la
Page 25 and 26:
Complete machining solutions with s
Page 27 and 28:
Productive precision for complex pa
Page 29 and 30:
Machining centers for emerging mark
Page 31 and 32:
The newly formed Starrag Group will
Page 33 and 34:
was roughly unchanged from the prev
Page 35 and 36:
operations we broadened the monthly
Page 37 and 38: standards. We collect information o
Page 39 and 40: Group structure and shareholders Ma
Page 41 and 42: The registered shares of StarragHec
Page 43 and 44: Distribution of profit can be decid
Page 45 and 46: He was elected Chairman of the Boar
Page 47 and 48: Executive Board Members of the Exec
Page 49 and 50: Günther Eller (1960, Swiss) has be
Page 51 and 52: Daniel Rosenthal (1970, German) has
Page 53 and 54: Shareholders’ participation and p
Page 55 and 56: Information policy The company info
Page 57 and 58: Financial Commentary Net profit of
Page 59 and 60: On a comparable basis, EBIT was exp
Page 61 and 62: Consolidated income statement Starr
Page 63 and 64: Consolidated cash flow statement CH
Page 65 and 66: Starrag Group High-precision machin
Page 67 and 68: The operating activities of these B
Page 69 and 70: Key accounting principles Basis of
Page 71 and 72: companies’ staff is in accordance
Page 73 and 74: Segment information 1. Reporting by
Page 75 and 76: 7. Depreciation and amortization 8.
Page 77 and 78: 11. Other financial assets 12. Inve
Page 79 and 80: 16. Financial liabilities CHF 1’0
Page 81 and 82: 20. Share capital The following reg
Page 83 and 84: 24. Pension benefits Starrag Group
Page 85 and 86: 25. Income tax The anticipated tax
Page 87: 29. Other commitments CHF 1’000 3
Page 91 and 92: StarragHeckert Holding AG Annual Re
Page 93 and 94: Balance sheet Starrag Group Annual
Page 95 and 96: 4. Sureties, guarantees and pledges
Page 97 and 98: Report of the statutory auditor Sta
Page 99 and 100: Five-year overview Starrag Group An
Page 101 and 102: Credits Publisher StarragHeckert Ho
show all

Annual Report 2011

Create successful ePaper yourself

Delete template?

Save as template?