annual Report 2009 - STRATEC Biomedical AG

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These differences, which are generally temporary, result from the following items in the balance sheet: in v thousand 12.31.2009 12.31.2008 Change through profit or loss Change recognized in equity Tax loss carryovers 63 0 63 0 Other provisions 9 3 6 0 Financial liabilities 32 0 0 32 Pension provisions 14 14 0 0 Deferred tax ASSETS before consolidation (A) 118 17 69 32 Deferred tax assets from currency translation of foreign companies 51 6 0 0 Deferred tax assets from elimination of intercompany profits 16 35 16 0 Total deferred tax ASSETS (A) 185 68 85 32 Intangible assets 1,139 657 -284 766 Financial assets 56 57 -1 0 Trade receivables 15 0 15 0 Future receivables from construction contracts 416 340 76 0 Inventories 41 86 -64 19 Deferred tax liabilities from currency translation of foreign companies 10 9 0 1 Other liabilities and provisions 19 8 11 0 Total deferred tax LIABILITIES (L) 1,696 1,157 -247 786 Net balance of deferred tax liabilities 1,511 1,089 -332 754 The reduction in net tax deferrals through profit or loss in the 2009 financial year (u -329 thousand; previous year: u -298 thousand) has been recognized in the statement of comprehensive income under “Deferred tax income”. The costs of capital increases after income taxes (u 2 thousand; previous year: u 2 thousand) have been offset against the capital reserve. The change in deferred taxes recognized in equity for intangible assets and significant portions of non-current financial assets results from the hidden reserves and liabilities identified upon the acquisition of the Invitek subsidiary on April 23, 2009, as well as from the currency translation of hidden reserves relating to three software components disclosed in the 2006 financial year upon consolidation of Sanguin International Ltd. and of the shareholding in Sanguin International Inc. (USA) as of the 2009 balance sheet date compared with the previous year’s balance sheet date. The translation differences have been allocated net of tax to the currency translation reserve within Group equity (other equity). 88 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 presents a reconciliation of the tax expenses expected and those reported for the respective financial years. An overall Group tax rate of 27.4 % has been applied to calculate the expected tax expenses (previous year: 27.4 %). This corresponds to the overall tax burden of the STRATEC AG parent company for the 2009 financial year. (-) Expenses / (+) Income in v thousand 2009 2008 Consolidated earnings before taxes 15,099 9,387 Expected tax expenses -4,137 -2,572 Deviations in German and foreign tax rates (current taxation of subsidiaries) 425 28 Reduction in effective tax rate at foreign subsidiaries in 2009 (deferred tax income from the devaluation of deferred liabilities) 52 0 Tax-exempt income from the disposal of financial assets and securities price gains 143 0 Expenses not deductible for tax purposes less tax reductions -39 -627 Personnel expenses IFRS (stock options) -60 -45 Deviations in foreign tax rates (deferred taxes on disclosed hidden reserves / capital consolidation) 83 22 Tax back payments / refunds for previous years 126 -47 Miscellaneous -18 -15 Total (current and deferred) tax expenses recognized in the statement of comprehensive income -3,425 -3,256 The following overview presents the maturities of the deferred taxes recognized as of the balance sheet date. Deferred taxes are categorized as current in cases where they are expected to be realized within twelve months following the balance sheet date. in v thousand 2009 2008 Current deferred tax assets 123 38 Non-current deferred tax assets 62 30 Current deferred tax liabilities 666 685 Non-current deferred tax liabilities 1,030 472 Net current deferred taxes -543 -647 Net non-current deferred taxes -968 -442 (16) Financial liabilities These liabilities are mainly due to banks and have been classified pursuant to IAS 39 as “Financial liabilities measured at amortized cost”. Long-term financial funds amounting to u 0 thousand were taken up in the past financial year (previous year: u 1,000 thousand). The weighted interest rate charged for loans amounted to 3.24 % (previous year: 3.29 %). As in the previous year, the company had no financial liabilities denominated in foreign currencies at the balance sheet date. Short-term credit facilities amounting to u 5,150 thousand were unutilized as of December 31, 2009 (previous year: u 5,148 thousand). Interest expenses of u 2 thousand for overdraft liabilities (previous year: u 25 thousand) and of u 212 thousand for loan liabilities (previous year: u 199 thousand) have been recognized under financial expenses for the financial year under report. stratec Annual Report 2009 89
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