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CONSOLIDATED FINANCIALSTATEMENTS BarryCallebaut Annual Report2010/11 Additions to development costs amount to CHF 28.9 million in fiscal year 2010/11 (2009/10: CHF 24.0 million). In both years,additions mainly included costs related to various projects of internally generated software, amounting to CHF 21.3 million in fiscal year 2010/11 (2009/10: CHF 21.1 million). Costs related to the development of recipes and innovations of CHF 2.6 million werecapitalized as development costs (2009/10: CHF 2.5 million). During its annually performed review of the useful lives of assets,the Group has come to the conclusion that certain strategic software related intangible assets have auseful life longer than the previously used maximum term of five years. Consequently any new software projects with aresidual value have been assessed and useful lives been adapted according to outcome.The useful life span for software intangibles has therefore been increased to not exceeding eight years.The effect of the reassessment of useful lives led to adecrease of the amortization charge for fiscal year 2010/11 by CHF 2.2 million, which is accounted for as achange in estimates in accordance with IAS 8. The remaining amortization period for brand names varies between three and five years,for licenses up to ten years, for software between two and eight years and for other including patents between four and fourteen years.The amortization charge is included in the position General and administration expenses in the Consolidated Income Statement. Impairmenttesting forcash-generating units containing goodwill The carrying amount of goodwill for the Group amounts to CHF 366.4 million (2009/10: CHF 429.1 million). The allocation to the segments is as follows: as of August 31, 2011 2010 in thousands of CHF Global Sourcing &Cocoa 140.5 149.5 Europe (excluding discontinued operations for fiscal year 2010/11) 193.5 248.9 Americas 27.7 25.2 Asia-Pacific 4.7 5.5 Total 366.4 429.1 Goodwill acquired in abusiness combination is allocated to the respective segment that is expected to benefit from the synergies of the combination, at acquisition date. Due to the Group’s fully integrated business in the regions, the segments represent the lowest level within the entity at which the goodwill is monitored for internal management purposes.Thus, the impairment test is performed on asegment level. For the impairment test, the recoverable amount of acash-generating unit is based on its value in use and is compared to the carrying amount of the corresponding cash-generating unit. Futurecash flows arediscounted using apre-tax rate that reflects current market assessments based on the weighted average cost of capital (WACC). The Group performs its impairment test during the fourth quarter of the fiscal year. This approach was chosen since the Mid-Term Plan covering the next three fiscal years is updated annually at the beginning of the fourth quarter. The Mid-Term Plan is based on the assumption that there are no major changes to the Group’s organization. The residual value is calculated from an estimated continuing value,which is primarily based on the third year of the Mid-Term Plan.Theterminal growth rate used for determining the residual value does not exceed the expected long-term growth rate of the industry. 102
CONSOLIDATED FINANCIALSTATEMENTS BarryCallebaut Annual Report2010/11 Key assumptions used for value-in-use calculations Discount rate 2011 2010 Terminal growth rate Discount rate Terminal growth rate Global Sourcing &Cocoa 9.2% 2.2% 9.5% 1.5% Europe (excluding discontinued operations for fiscal year 2010/11) 9.1% 1.3% 9.3% 1.0% Americas 10.4% 1.2% 10.7% 0.9% Asia-Pacific 10.2% 4.1% 9.5% 3.8% Due tothe discontinuation of the European Consumer Products business (please refer to note 26 “Discontinued operations and assets held for sale and liabilities directly associated with assets held for sale”), the impairment testing for 2010/11 excluded the discontinued European Consumer Products business (which was mainly affecting Region Europe). Impairment of Goodwill related to the discontinued operations was tested separately (see note 26). Based on the impairment tests, noneed for recognition of impairment losses in fiscal year 2010/11 has been identified. Thekey sensitivities in the impairment test arethe WACC as well as the terminal growth rate. Therefore, the Group has carried out asensitivity analysis, containing various scenarios. Taking reasonable possible changes in key assumptions into account, no impairment losses have been revealed. 19 Deferred tax assets and liabilities Movement indeferred tax assets and liabilities Inventories Property,plant, equipment/ intangible assets Other assets Provisions Other liabilities Taxloss carryforwards Total in thousands of CHF as of August 31, 2009 (7,235) (45,502) (5,927) (12,940) 9,710 45,357 (16,537) Chargedtothe income statement (continuing operations) 5,407 (7,089) (6,181) 13,401 (831) 7,596 12,303 Chargedtothe income statement (discontinued operations) (375) (173) (40) – (204) (2,052) (2,844) Chargedtoequity – – – – 1,585 – 1,585 Effectofacquisitions – (1,697) (110) – 1,085 – (722) Currency translation effects 159 5,722 109 684 (1,877) (5,942) (1,145) as of August 31, 2010 (2,044) (48,739) (12,149) 1,145 9,468 44,959 (7,360) Chargedtothe income statement (continuing operations) (2,508) 43,609 (2,165) 340 (403) 10,003 48,876 Chargedtothe income statement (discontinued operations) (1,053) 662 (542) – (271) – (1,204) Chargedtoequity – – (1,208) – (3,531) – (4,739) Effectofacquisitions – 616 – – – – 616 Reclassified to held forsale 387 5,423 41 – (1,793) (8,988) (4,930) Currency translation effects (2) 2,204 516 (162) (389) (6,807) (4,640) As of August 31, 2011 (5,220) 3,775 (15,507) 1,323 3,081 39,167 26,619 Theeffect of acquisitions for fiscal year 2009/10 is related to the fair value measurement at acquisition of Chocovic. 103
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ANNUALREPORT 2010/11
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Barry Callebaut aims to significant
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KEY FIGURES BarryCallebaut Annual R
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FIVE REASONS TO INVEST IN BARRY CAL
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INTERVIEWWITH THE CHAIRMAN AND THE
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EMPLOYEES BarryCallebaut Annual Rep
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EMPLOYEES BarryCallebaut Annual Rep
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REGION EUROPE BarryCallebaut Annual
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REGION EUROPE BarryCallebaut Annual
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REGION AMERICAS BarryCallebaut Annu
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REGION ASIA-PACIFIC BarryCallebaut
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GLOBALSOURCING&COCOA BarryCallebaut
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INNOVATION BarryCallebaut Annual Re
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CorporateSocial Responsibility andS
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GLOSSARY BarryCallebaut Annual Repo
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BarryCallebaut AG (head office) Wes
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