annual Report 2009 - STRATEC Biomedical AG

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The weighted exercise prices and weighted remaining contractual terms of the stock options outstanding at the end of the reporting period are presented in the following table: 2009 2008 Number of stock options 309,130 205,917 Weighted exercise price in u 15.55 16.81 Weighted remaining contractual term in months 66.8 17.4 Provisions (14) Provisions for pensions Pension and capital allowance commitments had been made to two members of the Board of Management of STRATEC AG as of the balance sheet date, as had a pension commitment to a Managing Director of Invitek, a subsidiary acquired in the 2009 financial year. Vested rights to these retirement pensions and capital allowances come into force upon the individuals reaching the age of 65. Reinsurance policies have been concluded to cover these pension obligations. Actuarial surveys have been obtained to ascertain the corresponding asset values at the balance sheet date. The obligations have been measured using the projected unit credit method in accordance with the requirements of IAS 19. The calculation has been based on the “2005G Guidelines published by Heubeck-Richttafeln GmbH, Cologne 2005”, using an assumed interest rate of 5.40 % (previous year: 5.80 %). An annual pension increase of 2.00 % has been assumed for the vested retirement pension rights (previous year: 2.00 %). Pension obligations have been carried in the balance sheet net of the pledged asset values of the reinsurance policies. Plan assets developed as follows: in v thousand 12.31.2009 12.31.2008 Fair value at 01.01. 378 324 Additions due to company acquisition 105 0 Contributions 20 48 Outgoing payments -126 0 Income 32 6 Fair value at 12.31. 409 378 Contributions to plan assets are expected to amount to u 40 thousand in the 2010 financial year (previous year: u 48 thousand). 84 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 Obligations developed as follows: in v thousand 12.31.2009 12.31.2008 Current value of vested rights at beginning of financial year 333 315 Additions due to company acquisition 83 0 Current service cost 21 16 Interest expenses 24 17 Current value of vested rights expected at end of financial year 461 348 Actual value of vested rights at end of financial year 488 333 Actuarial loss (+) / gain (-) on current value of vested rights 27 -15 Actuarial loss (+) / gain (-) on plan assets -11 10 Cumulative actuarial losses (+) / gains (-) 16 -5 Amortization of actuarial losses (-) / gains (+) -16 5 Gross obligation recognized in balance sheet 488 333 Fair value of plan assets accounting for limit stipulated in IAS 19.58 (b) -383 -333 Net obligation recognized in balance sheet 105 0 Due to the limit on the capitalization of plan assets stipulated by IAS 19.58 (b), an amount of u 26 thousand was not recognized as an asset (previous year: u 45 thousand). Personnel and interest expenses totaling u 29 thousand were recognized under personnel expenses (social security contributions, pension expenses and other benefits) in the statement of comprehensive income for the financial year under report (previous year: u 22 thousand). The expenses (previous year: income) for the immediate amortization of actuarial gains amounted to u -16 thousand (previous year: u 5 thousand). The following income and expenses are expected for the 2010 financial year: in v thousand Current service cost 17 Interest expenses (5.4 %) 26 Expected income on plan assets (4.65 %) 19 Expected net pension expenses 24 The limit stipulated in IAS 19.58 (b) is expected to result in additional expenses of u 15 thousand for the 2010 financial year. Furthermore, due to the retirement age being reached, payments of u 11 thousand are expected for the first time from plan assets. The expected scope of benefit is nevertheless still subject to the option of the relevant pension obligation being settled by way of lump sum capital settlement. The following table shows the results of the calculation of obligations based on alternative scenarios (sensitivity analyses). These have been based on the following economic assumptions: • Assumed interest rate of 4.9 % • Assumed interest rate of 5.9 % • Adjustment in current pensions of 1.50 % per annum • Adjustment in current pensions of 2.50 % per annum • Assumed interest rate of 5.80 % and adjustment in current pensions of 2.0 % (budgeting assumptions for 2008) stratec Annual Report 2009 85
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