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
3. Measurement of stock option rights granted upon contractual commitment and calculation of the resultant personnel
expenses and amount allocated to capital reserve
the calculation of the fair value of option rights granted, which amount is then distributed as personnel expenses
over the vesting period, requires forward-looking estimates to be made. In particular, the selection of the option
price model underlying the calculation is made on the subjective assessment of the management. The management
is convinced that the Black-Scholes model used represents a suitable valuation model for the stock options granted
at the STRATEC Group.
the principal parameters involving estimates (expected future volatility, dividend yield, turnover of subscription beneficiaries)
have been presented in Section III “Disclosures relating to the balance sheet / (13) Shareholders’ equity / Stock
option programs”.
4. Recognition of deferred taxes for temporary differences and tax loss carryovers eligible for future use
in its assessment that the – mainly short-term – differences between the figures recognized for tax purposes and
the figures recognized in the IFRS consolidated financial statements will reverse in subsequent financial years, the
management is bound pursuant to IAS 12 by the requirements of tax law valid as of the balance sheet date. Future
legislative amendments could therefore make it necessary to adjust these figures through profit or loss.
in its assessment that it will be possible to offset the tax loss carryovers recognized against profits arising in future,
the management relies on its short and medium-term budget forecasts. The actual materialization of future profits is
based on discretionary assessments.
5. Calculation of guarantee obligations
When calculating the future expenses to be accounted for as guarantee provisions, the management takes due account
of historic values from previous years and projects these onto sales involving guarantee commitments in the financial
year under report. Actual expenses in future financial years may deviate from the estimated figures.
There are no other significant forward-looking assumptions and major sources of uncertainty concerning estimates at the
balance sheet date which involve any substantial risk of material adjustments being required in the assets and liabilities
thereby recognized within the coming financial year.
II. Principles of the consolidated financial statements
1. Consolidation methods
Capital consolidation has been performed using the purchase method by offsetting the consideration paid for investments
against the share of the equity of the subsidiaries acquired at the time of acquisition. The date of acquisition is the date
on which the acquiring company gains control over the company thereby acquired. According to IFRS 3 (revised), starting
in the 2009 financial year transaction costs incurred in connection with acquisitions must be recognized directly through
profit or loss. Furthermore, according to the revised version of IFRS 3, conditional purchase price components (earn-out
components) are included in the consideration paid for the company acquisition at an amount assessed by the management
as probable at the time of acquisition. Any deviations compared with the purchase price estimated at the time of
acquisition due to the fulfillment or non-fulfillment of the agreed conditions are generally recognized upon subsequent
measurement by adjusting the relevant liability through profit or loss. For acquisitions made in or after the 2009 financial
year, therefore, retrospective adjustments to goodwill only occur within the first twelve months following the acquisition
date. Assets and liabilities have been recognized at fair value. Any remaining credit difference resulting from the capital
consolidation has been recognized as goodwill and is tested annually for impairment pursuant to IFRS 3.
stratec Annual Report 2009
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