annual Report 2009 - STRATEC Biomedical AG

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Notes to the Consolidated Financial Statements for the 2009 financial year of STRATEC Biomedical Systems AG I. Principles and methods 1. General disclosures STRATEC Biomedical Systems AG (hereinafter “STRATEC AG”) designs and manufactures fully automated systems for its partners in the fields of clinical diagnostics and biotechnology. These partners market such systems, in general together with their own reagents, to laboratories, blood banks and research institutes around the world. The company develops its products on the basis of its own patented technologies. The legal domicile of STRATEC AG is Gewerbestrasse 37, 75217 Birkenfeld, Germany. Its financial year corresponds to the calendar year. The declaration required by § 161 of the German Stock Corporation Act (AktG) in respect of the German Corporate Governance Code (the “Declaration of Conformity”) was submitted by the Board of Management and Supervisory Board of STRATEC Biomedical Systems AG on December 18, 2009 and made permanently available to shareholders in the Investor Relations section of the company’s website (www.stratec-biomedical.de). Due to its stock market listing in the Prime Standard segment of the regulated market of the Frankfurt Stock Exchange, STRATEC AG is obliged pursuant to § 315 a (1) of the German Commercial Code (HGB) to prepare consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). The consolidated financial statements of STRATEC AG have been compiled in euros. Unless otherwise stated, the amounts reported in the notes have been stated in thousand euros (u thousand). 2. Application of International Financial Reporting Standards (IFRS) and presentation of the implications of new accounting standards The consolidated financial statements prepared by STRATEC AG as the topmost parent company as of December 31, 2009 have been based on uniform accounting and valuation principles. Pursuant to § 315 a of the German Commercial Code (HGB), application has been made of the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB) as adopted by the European Union which are valid as of the balance sheet date. Account has been taken of the IAS and IFRS applicable as of the balance sheet date, as well as of the Interpretations of the Financial Reporting Interpretations Committee (IFRIC / SIC) valid for the financial year under report. The requirements of the standards and interpretations applied have been met without exception. The financial statements are therefore consistent with IFRS as required by IAS 1.16. The consolidated financial statements of STRATEC AG therefore provide a true and fair picture of the net asset, financial and earnings position, as well as of the cash flows, of the Group for the financial year under report. 52 stratec Annual Report 2009
Report of the board of Management Report of the supervisory board THE share Corporate Governance Group Management report Consolidated financial statements Service Standards, interpretations and amendments to standards and interpretations applied for the first time in the year under report The following standards and interpretations adopted by the IASB required mandatory application for the first time in the current 2009 financial year: Standard Title IASB publication Effective date* EU endorsement New standards and interpretations IFRS 8 Operating Segments 11.30.2006 01.01.2009 11.22.2007 IFRIC 13 Customer Loyalty Programmes 06.28.2007 07.01.2008 12.17.2008 IFRIC 15 Agreements for the Construction of Real Estate 07.03.2008 01.01.2009 07.23.2009 IFRIC 16 Hedges of a Net Investment in a Foreign Operation 07.03.2008 10.01.2008 06.05.2009 IFRIC 18 Transfers of Assets from Customers 01.29.2009 07.01.2009** 12.01.2009 * for financial years beginning on or after this date ** for assignments received by a company on or after this date Standard Title IASB publication Effective date* EU endorsement Revised standards and interpretations (amendments) IAS 1 Presentation of Financial Statements 09.06.2007 01.01.2009 12.18.2008 IAS 23 Borrowing Costs 03.29.2007 01.01.2009 12.17.2008 IAS 32 Financial Instruments (Puttable Instruments) 02.14.2008 01.01.2009 01.22.2009 IAS 39 / IFRIC 9 IFRS 1 IAS 27 IFRS 2 Financial Instruments: Recognition and Measurement / Reassessment of Embedded Derivatives 03.12.2009 06.30.2009** 12.01.2009 Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate 05.22.2008 01.01.2009 01.24.2009 Share-based Payment (Vesting Conditions and Cancellations) 01.17.2008 01.01.2009 12.17.2008 IFRS 7 Financial Instruments: Disclosures 03.05.2009 01.01.2009 12.01.2009 Sundry IFRS Improvements (Annual Improvement Project 2006 – 2008) 05.22.2008 01.01.2009 01.24.2009 * for financial years beginning on or after this date ** for financial years ending on or after this date In the interests of reporting efficiency, only those standards and interpretations with implications for the accounting policies or for the reporting and disclosure of information in the consolidated financial statements of STRATEC AG as of December 31, 2009, or which based on current information are very likely to have such implications in future financial years, have been outlined below. The application of these standards and interpretations in the 2009 financial year was consistent with the relevant transitional arrangements. Unless expressly required otherwise in individual standards and interpretations, and described separately below, the standards and interpretations have been applied retrospectively, that is the information has been presented as if the new accounting policies had always been applied. The previous year’s figures have been adjusted as appropriate. stratec Annual Report 2009 53
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