annual Report 2009 - STRATEC Biomedical AG

More documents

Recommendations

Info

Standards, interpretations and amendments already published, but not yet applied No premature application has been made of the following IASB accounting standards already adopted but not yet requiring mandatory application: Standard Title IASB publication Effective date* EU endorsement New standards and interpretations IFRS 9 Financial Instruments: Revision and Replacement of All Existing Standards (Classification and Measurement) 11.12.2009 01.01.2013 outstanding IFRIC 17 Distributions of Non-cash Assets to Owners 11.27.2008 07.01.2009 11.27.2009 IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 11.26.2009 07.01.2010 Expected Q2 2010 * for financial years beginning on or after this date Standard Title IASB publication Effective date* EU endorsement Revised standards and interpretations (amendments) IAS 24 Related Party Disclosures 11.04.2009 01.01.2011 Expected Q2 2010 IAS 32 Financial Instruments: Presentation (Classification of Rights Issues) 10.08.2009 02.01.2010 12.23.2009 IAS 39 Financial Instruments: Recognition and Measurement (Eligible Hedged Items) 07.31.2008 07.01.2009 09.16.2009 IFRS 1 Restructuring of Standard 11.27.2008 07.01.2009 11.26.2009 IFRS 1 Additional Exemptions for First-Time Adopters 07.23.2009 01.01.2010 Expected Q2 2010 IFRS 2 Share-based Payment (Group Cash-settled Share-based Payment Transactions) 06.18.2009 01.01.2010 Expected Q1 2010 IFRIC 14 The Limit of a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (Prepayments of a Minimum Funding Requirement) 11.26.2009 01.01.2011 Expected Q2 2010 Sundry IFRS Improvements (Annual Improvement Project 2007 – 2009) 04.16.2009 various** Expected Q1 2010 * for financial years beginning on or after this date ** earliest application for financial years beginning on or after 01.01.2009 STRATEC AG does not intend to make any voluntary, premature application of these standards and interpretations. In the interests of reporting efficiency, only those standards and interpretations have been outlined below which, based on the information currently available and given the business model and business transactions customary at the STRATEC Group, are very likely to have implications for the accounting policies or for the reporting and disclosure of information in STRATEC’s consolidated financial statements in future financial years. • IFRS 9 “Financial Instruments” Given the complexity of this topic, it is currently not possible to provide any reliable information about the detailed implications of this standard. Application of the standard is currently not expected to be required before the 2013 financial year. 56 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 3. Basic principles The consolidated financial statements have been prepared on the assumption that the company constitutes a going concern. Up to the conclusion of the preparation of these consolidated financial statements there were no further events with any significant influence on the net asset, financial and earnings position of the Group. The financial statements have in principle been prepared based on historic cost, except for derivative financial instruments, securities available for sale, and securities held for trading, which have been measured at fair value. The annual financial statements of the companies included have been based on uniform accounting and valuation principles. The separate financial statements of the companies included have been prepared as of the same balance sheet date as the consolidated financial statements. The statement of comprehensive income has been prepared using the total cost method. In the interests of clarity, individual items have been summarized in the statement of comprehensive income and the balance sheet. These are explained in the notes to the financial statements. Pursuant to IAS 1 (Presentation of Financial Statements), a distinction has been made in the balance sheet between non-current and current items. All assets and liabilities with maturities within the next twelve months are classified as current. Assets and liabilities earmarked for realization in the company’s usual course of business are also classified as current, even when their maturities exceed twelve months. In the case of loan liabilities, a distinction has been made between the repayment installments due for payment within the next twelve months (current financial liabilities) and the long-term portions (non-current financial liabilities). Assumptions and estimates The preparation of the consolidated financial statements requires a certain number of estimates and forward-looking assumptions to be made which have implications for the volume and method of statement for the assets, liabilities, expenses, income and contingent liabilities thereby recognized. Specifically, assumptions and estimates are required for the assessment of the criteria governing capitalization of intangible assets pursuant to IAS 38, the establishment of uniform useful lives for non-current assets at the Group, the fairvalue measurement of the stock options granted, the determination of the costs still to be incurred and percentage of completion for construction contracts, the period of amortization for capitalized customer-specific development services, the measurement of provisions, and the recognition of deferred taxes on tax loss carryovers. Moreover, estimates are also required in the context of company acquisitions when determining the fair values of the assets, liabilities and contingent liabilities thereby acquired, as well as of contingent purchase price components (earnout components). In particular, the identification and measurement of intangible assets offers substantial discretionary scope. Fair values are determined on the basis of forecast future cash flows. Depending on the type of asset and the information available, application is made of valuation methods based on cost, market prices or capitalized values. Values based on assumptions and estimates may deviate from actual values. The assumptions and estimates are reviewed on an ongoing basis, with resultant amendments being recognized through profit or loss upon more accurate information becoming available. stratec Annual Report 2009 57
Page 1 and 2:
2009 Annual Report
Page 3 and 4:
Key figures at a glance and Locatio
Page 5 and 6:
committed to quality proven partner
Page 7 and 8:
Report of the board of Management R
Page 9 and 10: Report of the board of Management R
Page 13 and 14: 6:50 7:30 7.00 a.m. Getting ready t
Page 15 and 16: 10:38 11:40 8.38 a.m. Talking to th
Page 17 and 18: 3:08 4:12 1.55 p.m. Analyzing the b
Page 19 and 20: 6:55 7:25 4.20 p.m. Getting the res
Page 21 and 22: 10:08 10:20 Just one example of wha
Page 59: Report of the board of Management R
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
show all

annual Report 2009 - STRATEC Biomedical AG

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?