annual Report 2009 - STRATEC Biomedical AG

Report of the board of Management
Report of the supervisory board
THE share
Corporate Governance
Group Management report
Consolidated financial statements
Service
Liquid funds are invested solely in the form of short-term deposits (with maximum terms of three months) at financial
institutions with high-quality ratings.
The maximum default risk is reflected on the one hand by the carrying amount of the financial assets reported in the
balance sheet. However, these figures do not account for the hedging measures outlined above.
Derivative financial instruments not hedging a hedged item are classified as trading financial instruments and measured at fair
value as of the balance sheet date. Any differences between cost and fair value are recognized through profit or loss.
Derivative financial instruments hedging a hedged item, such as those deployed to hedge against currency and interest
rate risks, are recognized through profit or loss or in equity depending on whether the hedge in question is intended to
secure the fair value or the future cash flow.
Capital management
Capital management at STRATEC AG pursues the primary objective of maintaining the company’s financial substance
and safeguarding its debt servicing capacity.
In monitoring its achievement of these objectives, the management refers to the equity ratio and the ratio of financial
receivables to financial liabilities.
The equity ratio amounted to 69.1 % as of December 31, 2009, and was thus only slightly lower than in the previous year
(71.3 %). The target range for this figure amounts to 50 % to 75 %.
The ratio of current financial assets to current financial liabilities amounted to 2.2 as of December 31, 2009, compared
with 2.9 in the previous year. This ratio should not fall short of 1.5.
STRATEC bases its calculation of current financial assets on receivables and other assets, securities and cash and cash
equivalents.
The internal assessment of the company’s debt servicing capacity is based on the ratio of current and non-current financial
liabilities to the company’s actual cash flow during the financial year, plus the cash flows budgeted for the following
two years.
Financial liabilities include the debt capital reported in the balance sheet, less provisions and deferred taxes
in v thousand 2009 2008
Current and non-current financial liabilities 23,455 18,083
Actual cash flows 1,967 -889
in v thousand 2008 2007
Current and non-current financial liabilities 18,083 15,499
Actual cash flows -889 8,183
The comparison of the actual figures for the financial year under report and the previous year reflects the level of target
achievement for the 2009 and 2008 financial years (2008 and 2007).
stratec Annual Report 2009
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