annual Report 2009 - STRATEC Biomedical AG

Invitek was included in the consolidated financial statements of STRATEC AG as of the acquisition date (April 23, 2009).
Consolidated sales increased by u 1,621 thousand on account of the Invitek acquisition. If the business combination
had already occurred as of January 1, 2009, then the Group’s sales would have increased by a further u 420 thousand.
Consolidated net income for the 2009 financial year includes a loss of u -209 thousand at Invitek and expenses of
u -188 thousand due to the subsequent consolidation of the company. If the business combination had already occurred as
of January 1, 2009, then consolidated net income would have included a loss of u -246 thousand at Invitek and expenses
of u -239 thousand due to the subsequent consolidation.
The following four subsidiaries have not been fully consolidated in the consolidated financial statements as of
December 31, 2009 as they were of immaterial overall significance for the net asset, financial and earnings position of
the Group (these companies have been reported in the consolidated financial statements at cost):
Share capital
Shareholding
in %
STRATEC NewGen GmbH, Birkenfeld, Germany 25,000.00 EUR 100.0
STRATEC Biomedical Inc., Hamden, CT, USA 15,000.00 USD 100.0
Sanguin International Inc., Hamden, CT, USA 1,000.00 USD 90.0
STRATEC Biomedical Systems S.R.L., Cluj-Napoca, Romania 87,750.00 RON 100.0
The level of the shareholding held by Sanguin International Ltd., Burton on Trent, UK, in Sanguin International Inc., Hamden,
CT, USA, increased from 85.0 % to 90.0 % in the 2009 financial year.
The aggregate sales, earnings, equity and total assets of the subsidiaries not fully consolidated in the consolidated financial
statements account for less than 1.0 % of the respective group figures.
3. Currency translation
Receivables and liabilities denominated in foreign currencies in the separate financial statements of group companies
have been translated using the exchange rate at the balance sheet date. Differences arising upon translation are recognized
through profit or loss in the statement of comprehensive income.
Pursuant to IAS 21, the separate financial statements of group companies outside the European currency union have
been translated into euros in line with the functional currency concept. Currency translation differences of u 232 thousand
were thus offset against other equity without any impact on earnings in the 2009 financial year (previous year:
u -391 thousand).
For the Swiss subsidiary Robion AG and the British subsidiary Sanguin International Ltd. application has been made of the
modified reporting date exchange rate method, as these companies’ operations are autonomous in financial, economic
and organizational terms. Assets and liabilities have therefore been translated at the rate on the balance sheet date, while
income and expenses have been translated at annual average exchange rates. Equity has been translated at the historic rate
valid upon initial consolidation (EUR 1 = CHF 1.55 / EUR 1 = GBP 0.6946). Equity components arising at the subsidiaries
since their affiliation to the Group have been translated at the (historic) rates valid upon the respective date of addition.
Differences arising upon currency translation have been recognized under other equity.
The exchange rates between major currencies and the euro developed as follows:
Rate on reporting date
Average rate
EUR 1 2009 2008 2009 2008
UK GBP 0.89 0.95 0.89 0.80
Usa USD 1.44 1.39 1.39 1.47
Switzerland CHF 1.48 1.49 1.51 1.59
62 stratec Annual Report 2009