Siegfried Annual Report 2009

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3. Intangible assets Trademarks, Capitalized Licenses, Technology, Development In 1000 CHF Goodwill Patents Client base costs Software Total Acquisition cost As of January 1, 2008 (before restatement) 22 150 15 081 7 442 7 512 6 545 58 730 Restatement – – – 23 637 – 23 637 As of January 1, 2008 (after restatement) 22 150 15 081 7 442 31 149 6 545 82 367 Translation differences –1 338 –739 –450 –631 –74 –3 232 Additions – 829 – 20 309 1 783 22 921 Disposals – –1 169 – – – –1 169 As of December 31, 2008 20 812 14 002 6 992 50 827 8 254 100 887 Translation differences –361 –199 –121 –459 –55 –1 195 Additions – 748 – 14 298 1 555 16 601 Disposals – – – – –22 –22 As of December 31, 2009 20 451 14 551 6 871 64 666 9 732 116 271 Accumulated amortization and impairments As of January 1, 2008 (before restatement) – 2 750 1 922 1 140 4 047 9 859 Restatement – – – 5 843 – 5 843 As of January 1, 2008 (after restatement) – 2 750 1 922 6 983 4 047 15 702 Impairments 20 812 2 086 992 6 635 671 31 196 Translation differences – –161 –159 –152 –39 –511 Depreciation charge – 589 717 2 329 1 095 4 730 Disposals – –1 169 – –313 – –1 482 As of December 31, 2008 20 812 4 095 3 472 15 482 5 774 49 635 Impairments 1 – – – 16 209 – 16 209 Translation differences –361 –92 –87 –366 –33 –939 Depreciation charge – 481 612 4 647 1 400 7 140 Disposals – – – – –22 –22 As of December 31, 2009 20 451 4 484 3 997 35 972 7 119 72 023 Net book value December 31, 2009 – 10 067 2 874 28 694 2 613 44 248 Net book value December 31, 2008 2 – 9 907 3 520 35 345 2 480 51 252 1 Based on changed market expectations and corresponding adjustments of the plan figures impairments on Development projects were recognized, this on a basis of value in use calculation with a pre-tax discount rate of 8.1%: In the Division Siegfried Actives CHF 9.1 million and in the Division Siegfried Generics CHF 7.1 million. 2 Net book value January 1, 2008, see restatement on page 73 88 Financial Statements Siegfried Group
4. Investments in associated companies and joint ventures The share of the Siegfried Group in the assets, liabilities and results of associated companies is set out in the following table: In 1000 CHF 2009 Country Assets Liabilities Net sales Profit/(Loss) Share in percent Carrying amount Associate SCI Pharmtech Inc. Taiwan 6 760 1 698 4 711 918 1 16.11% 5 238 Joint ventures Alpine Dragon Pharmaceuticals Ltd. China 736 3 – –12 49.00% 733 Total 906 5 971 In 1000 CHF 2008 Country Assets Liabilities Net sales Profit/(Loss) Share in percent Carrying amount Associate SCI Pharmtech Inc. Taiwan 6 191 926 5 410 1 293 1 16.67% 5 265 Joint ventures Alpine Dragon Pharmaceuticals Ltd. China 784 25 – –41 49.00% 759 Total 1 252 6 024 1 Based on expected results In 1000 CHF 2009 2008 Change in Investments in associated companies and Joint Ventures As of January 1 6 024 5 477 Share in results 906 1 252 Other equity movements –941 –311 Translation differences –18 –394 As of December 31 5 971 6 024 The investment in SCI Pharmtech is included as an associated company, because as a result of the seat in the Board of Directors the opportunity for significant influence exists. The shares in this company are listed on the stock exchange in Taiwan. Calculated on the stock market quotation the fair value of Siegfried’s interest in this company amounted at 31.12. 2009 to about CHF 15.4 million (31.12.2008: CHF 10.5 million). Because at the time of preparing this Annual Report the annual accounts were not yet available, estimates of the result, based on publicly available reports and estimates by independent financial analysts, were used. Alpine Dragon Pharmaceuticals Ltd. was incorporated during 2007 as a joint venture with the Chinese company, Gansu Medical Alkaloids, Inc. The joint venture company is at present in the development stage and therefore no sales have yet been made and the impact on the financial statements is immaterial. There are no contingent liabilities or payment commitments in connection with this joint venture. The investments in associated companies and joint ventures include no goodwill at the reporting date. Financial Statements Siegfried Group 89
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Siegfried Annual Report 2009
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Key numbers Siegfried Group 2009 20
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Letter from the Chairman & CEO Dear
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preconditioning the physical charac
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eaching 25% by the end of 2009. Pro
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election. Bernard Siegfried first j
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Roland Schuermann Head Chemical Ope
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0. Foreword and general framework R
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Participation structure of Siegfrie
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2. Capital structure 2.1 Capital Th
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Name Birthyear Position Entry Elect
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Bernard A. Siegfried, Ph.D., Honora
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Malcolm Perkins Malcolm Perkins (19
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3.6 Executive management informatio
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Group Management From left to right
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4.2 Portraits Dr. Rudolf Hanko, CEO
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Marianne Späne, President Siegfrie
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4.3 Management Contracts Siegfried
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Shareholders with at least 250,000
Page 43 and 44: Dr. Tanja Westphal Manager Pharmace
Page 45 and 46: IntroductionSituation ‘Sustainabi
Page 47: 2009 Audits Site Inspections (Custo
Page 50 and 51: Compliance Introduction Siegfried i
Page 52 and 53: Our goal is to cultivate a quality
Page 54 and 55: External audits During 2009, nation
Page 56 and 57: the Siegfried teams pedaled the dis
Page 58 and 59: Energy consumption 2009 2008 2007 2
Page 60 and 61: Water consumption Water consumption
Page 62 and 63: Reclaimed solvents 2009 2008 2007 2
Page 64 and 65: Fines and non-monetary penalties Si
Page 66 and 67: Total workforce by region as of Dec
Page 69 and 70: Ken Zrebiec Director of Operations
Page 71 and 72: elated to the Deliver project. In a
Page 73 and 74: Consolidated income statement In 10
Page 75 and 76: Consolidated statement of changes i
Page 77 and 78: Reclassification of Balance sheet J
Page 79 and 80: exchange rates prevailing on the tr
Page 81 and 82: of discounted future cash flows. Va
Page 83 and 84: production overheads related to the
Page 85 and 86: Financial risk management Financial
Page 87 and 88: to 20.5% (2008: 17.7%) and 13.4% (2
Page 89 and 90: ealized, the obligation to eliminat
Page 91: 2. Property, plant and equipment La
Page 95 and 96: 6. Financial and other non-current
Page 97 and 98: 8. Inventories In 1 000 CHF 2009 20
Page 99 and 100: 13. Treasury shares Treasury shares
Page 101 and 102: 19. Employee benefits and personnel
Page 103 and 104: The following table shows how the a
Page 105 and 106: CHF 1.2 million) were purchased fro
Page 107 and 108: In addition to sales of products ne
Page 109: Five-year overview 2005 - 2009, con
Page 112 and 113: Financial Statements Siegfried Hold
Page 114 and 115: Transparency Law Art. 663b and Art.
Page 116 and 117: Siegfried Group, in which the risks
Page 118 and 119: Stock market data 2009 2008 2007 20
Page 120: Publisher’s note This annual repo
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Siegfried Annual Report 2009

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