annual Report 2009 - STRATEC Biomedical AG

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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
Report of the board of Management Report of the supervisory board THE share Corporate Governance Group Management report Consolidated financial statements Service 4. Accounting and valuation principles Goodwill Goodwill resulting from capital consolidation is not subject to scheduled amortization, but is rather assessed for impairment pursuant to IFRS 3 annually or upon occurrence of any significant event or change in circumstances (impairment test). Should any impairment be identified, then the amount recognized in the balance sheet must be adjusted through profit or loss. For the purpose of impairment tests, the goodwill resulting from the acquisition of Sanguin International Ltd. continues to be allocated to the “Sanguin Group” cash generating unit (CGU). The carrying amount of the goodwill accounts for a material share of the total carrying amount. In addition to goodwill, the total carrying amount includes other intangible assets (software) identified upon purchase price allocation and the shareholding held in Sanguin International Inc., Hamden, USA, (financial asset with direct relevance to services rendered). The recoverable amount of the unit has been calculated on the basis of its use value. Use values have been based on the future cash flows of the cash generating units determined using the discounted cash flow method. The cash flow forecasts are based on a detailed budget period of three years. They are calculated on a pre-tax basis at a discount rate of 8.56 % (previous year: 9.14 %). Cash flows beyond the detailed budget period are presented as perpetuity based on a free cash flow growth rate of 0.5 % (previous year: 5 %). This growth rate reflects the estimates made by the Board of Management and local management. The basis for determining the value of the underlying assumptions is as follows: Budgeted sales Based on historic values and market potential as assessed by the Board of Management and local management. Development in exchange rates Currency fluctuations are not expected to have any material implications for impairment tests. Budgeted margins Margins achieved in the past, taking due account of further efficiency enhancements based on increases already achieved. The results of the impairment test were as follows: in v thousand 2009 2008 Goodwill carrying amount 653 608 CGU carrying amount, including goodwill 3,633 3,476 Recoverable amount 5,948 9,683 Impairment loss 0 0 For the impairment test (assessment date: December 31, 2009), the goodwill resulting from the Invitek acquisition as allocated to the “Automated Nucleic Acid Purification Applications” cash generating unit. The carrying amount of the goodwill accounts for a material share of the total carrying amount. In addition to goodwill, the total carrying amount includes the intangible assets of technology and customer relationships identified upon the purchase price allocation, as well as current development projects. stratec Annual Report 2009 63
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annual Report 2009 - STRATEC Biomedical AG

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