annual Report 2009 - STRATEC Biomedical AG

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Parameter Current value of vested rights at 12.31.2009 in v thousand Personnel / interest expenses 2010 in v thousand Assumed interest rate of 4.9% 521 18 Assumed interest rate of 5.9% 456 15 Pension increase of 1.5% 467 16 Pension increase of 2.5% 509 18 Parameters in 2008: Assumed interest rate of 5.8 %, Pension increase of 2.0 % 472 16 Further disclosures / five-year overview pursuant to IAS 19 Subsection 120A (p): in v thousand 12.31.2009 12.31.2007 31.12.2007 12.31.2006 12.31.2005 Present value of defined benefit obligation 488 333 315 327 269 Fair value of plan assets 409 377 324 274 225 Surplus obligation (prior to IAS 19.58 (b) limit) 79 -44 -8 53 44 Cumulative actuarial gains (-) and losses (+) 16 -5 -36 60 20 (15) Deferred taxes Taxes on income include all taxes based on the taxable earnings of the companies included in the consolidated financial statements. Other taxes not based on earnings have been reported under “Other operating expenses”. The following amounts have been recognized for deferred income taxes in the balance sheet: in v thousand 12.31.2009 12.31.2008 Deferred income tax receivables (assets) 126 0 Deferred income tax – receivables 59 68 Deferred income tax – liabilities 1,696 1,157 Net deferred income tax liabilities 1,637 1,089 Deferred taxes have been calculated using the liability method, which accounts for the deferred tax implications of temporary differences on the level of the individual companies between the values of assets and liabilities for tax purposes and the values of the same as reported in the IFRS consolidated financial statements. Furthermore, deferred taxes also arose on account of consolidation procedures. The amount of deferred taxes is determined taking account of the local tax rates expected to be valid in future, that is the tax rates applicable in the year in which the tax deferrals are realized. For STRATEC AG, this results in an overall tax rate of 27.4 % (previous year: 27.4 %). The calculation of tax rates accounts for trade tax, corporate income tax and the solidarity surcharge on corporate income tax. The overall tax rate of the German subsidiary acquired in the year under report amounts to 30.2 %. For foreign subsidiaries, the unweighted average underlying overall tax rate amounts to 18.5 % (previous year: 21.5 %). It was not necessary to state any write-downs on the value of deferred taxes recognized in the previous year or those recognized for the first time in the year under report. 86 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 The following table provides an overview of income tax expenses broken down in terms of their origin: in v thousand 2009 2008 Earnings before taxes on income (consolidated) Germany 11,356 8,726 International 3,743 661 15,099 9,387 Actual taxes on income Germany 3,552 3,492 International 202 63 3,754 3,555 Deferred taxes (income (-) /(+) expenses) Germany -87 -68 International -242 -231 -329 -299 Taxes on income 3,425 3,256 The net development in deferred taxes is presented in the following overview: in v thousand 2009 2008 Balance at 01.01. 1,089 1,474 Changes due to consolidation entries recognized in equity 754 -89 Changes due to consolidation entries recognized through profit or loss -301 -269 Changes due to temporary differences recognized in equity 0 4 Changes due to temporary differences recognized through profit or loss -31 -31 Balance at 12.31. 1,511 1,089 stratec Annual Report 2009 87
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annual Report 2009 - STRATEC Biomedical AG

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