ANNUAL REPORT

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4. DETERMINATION OF FAIR VALUES A number of the Group’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and disclosure purposes based on the following methods. Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. 4.1. Property, plant and equipment The fair value of property, plant and equipment recognized as a result of a business combination is based on market values. The market value of property is the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. The market value of items of plant, equipment, fixtures and fittings is based on the quoted market prices for similar items. 4.2. Intangible assets 4.3. Inventories The fair value of inventories acquired in a business combination is determined based on its estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and a reasonable profit margin based on the effort required to complete and sell the inventories. 4.4. Investments in equity and debt securities The fair value of financial assets at fair value through profit or loss, held-to-maturity investments and available for sale financial assets is determined by reference to their quoted bid price at the reporting date. The fair value of held-to-maturity investments is determined for disclosure purposes only. 4.5. Trade and other receivables The fair value of trade and other receivables, excluding construction work in progress, is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date. The fair value of patents and trademarks acquired in a business combination is based on the discounted estimated royalty payments that have been avoided as a result of the patent or trademark being owned. The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the use and eventual sale of the assets. 52
FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED MARCH 31, 2009 5. USE OF ESTIMATES AND JUDGMENTS The preparation of its financial statements in conformity with IFRS requires the Company to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable in the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. 6. SEGMENT <strong>REPORT</strong>ING Segment information is presented with respect to the Company’s business and geographical segments. The primary format, business segments, is based on the Company’s management and internal reporting structure. 6.1. Business segments The Company comprises the following main business segments: • Asahi Tec; • CME; • HIT; • Niles; and • Phoenix Seagaia Resort. In particular, information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amount recognized in the financial statements are described in the following notes: • Note 8 – Acquisitions • Note 15 – Measurement of the recoverable amount for property, plant and equipment of cash-generating units • Note 16 – Measurement of the recoverable amount for intangible assets of cash-generating units • Note 19 – Utilization of tax losses • Note 26 – Measurement of defined benefit obligations • Note 27 – Measurement of share-based payments • Note 28 – Provisions • Note 30 – Valuation of financial instruments • Note 33 – Contingencies. 53
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ANNUAL REPORT Year Ended March 31,
Page 5: PART I LETTER TO SHAREHOLDERS AND B
Page 8 and 9: Support to our portfolio companies
Page 10 and 11: The evolution of the book value of
Page 12 and 13: Consolidated Financial Statements F
Page 14 and 15: Asahi Tec Corporation • Headquart
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Page 18 and 19: Honsel International Technologies S
Page 20 and 21: Niles Co., Ltd. • Headquarters: J
Page 22 and 23: Columbia Music Entertainment, Inc.
Page 24 and 25: Phoenix Resort K.K. • Headquarter
Page 26 and 27: Shaklee Global Group, Inc. • Indu
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Page 31 and 32: FINANCIAL STATEMENTS FOR THE FISCAL
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FINANCIAL STATEMENTS FOR THE FISCAL
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PART III CORPORATE GOVERNANCE
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CORPORATE GOVERNANCE The Belgian Co
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CORPORATE GOVERNANCE The following
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CORPORATE GOVERNANCE (1997 to 2000)
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CORPORATE GOVERNANCE INVESTMENT AND
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CORPORATE GOVERNANCE Mr. Fischer ha
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CORPORATE GOVERNANCE OTHER TERMS RH
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CORPORATE GOVERNANCE STATUTORY AUDI
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CORPORATE GOVERNANCE 121
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PART IV SHAREHOLDERS’ INFORMATION
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SHAREHOLDERS’ INFORMATION SHARE P
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NOTES 127
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Co-ordination and Production : IPAC
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ANNUAL REPORT

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