Siegfried Annual Report 2009

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7. Income taxes Income taxes in the Consolidated Financial Statements In 1000 CHF 2009 2008 1 Current income taxes –108 322 Deferred income taxes –4 949 –13 621 Total –5 057 –13 299 1 restated, see page 74 Analysis of expected and actual (effective) income taxes In 1000 CHF 2009 2008 Loss before taxes –40 320 –88 183 Expected tax rate (percent) 21.5 38.8 Expected tax income –8 684 –34 198 Non-taxable income –6 –274 Effect of expenses not tax deductible – 10 211 Effect of unrecognized deferred tax assets 4 044 17 615 Reversal of deferred tax liabilities –428 –6 391 Effect of different effective tax rates – –3 Previous years’ adjustments and other items 17 –259 Actual tax income –5 057 –13 299 As percentage of pre-tax loss 12.5 15.1 The expected average tax rate is calculated by multiplying the taxable results of the individual group companies by the applicable tax rate. In the previous year the expected Group tax rate was comparatively high as companies with high local tax rates suffered losses. The lower expected tax rate in the reporting period is due to comparatively high losses in countries with low tax rates. The effective taxable income differs from the expected taxable income mainly as a result of unrecognized deferred tax assets deriving from local tax losses in the reporting period. The deferred tax liabilities comprise the following significant elements: The deferred tax liabilities 2009 will for the most part be realized after more than 12 months. Tax losses not recognized Tax losses carried forward, tax credits and deferred tax assets on temporary differences are recognized only to the extent that it is probable that future taxable profits will be available against which they can be utilized. Management reviews annually the financial position and the profit expectations of the group companies concerned. Based on the loss situation in earlier years tax assets deriving from accumulated tax losses have not been recognized. The following unrecognized tax losses are available to Siegfried: In 1000 CHF 2009 2008 Expiry of unrecognized tax losses and tax credits Within one year 1 532 417 Between one and five years 21 723 12 021 More than five years 244 805 154 736 Total unrecognized tax losses and tax credits 268 060 167 174 Taxes on retained earnings of Group companies As of December 31, 2009 the total retained earnings of all Group companies were CHF 91.1 million (2008: CHF 110.9 million). In CHF 1000 2009 2008 Movements in recognized deferred income taxes, net Deferred tax liabilities, net, as of January 1 573 25 428 Credited to the consolidated income statement –4 949 –13 621 Charged/credited to equity 4 863 –10 687 Foreign currency translation and other –51 –547 Deferred tax liabilities, net, as of December 31 436 573 1 restated, see page 73 In 1000 CHF 2009 2008 Deferred tax liabilities Property, plant and equipment 190 860 Intangible assets –108 –479 Financial assets 85 332 Inventories 200 2 067 Provisions 152 1 069 Pension liabilities –82 –3 306 Other –1 30 Total deferred tax liabilities 436 573 92 Financial Statements Siegfried Group
8. Inventories In 1 000 CHF 2009 2008 1 1.1.2008 1 Raw materials 21 166 29 885 30 566 Work in progress 44 449 56 554 61 819 Finished goods and trade merchandise 45 440 44 402 55 637 Total inventories 111 055 130 841 148 022 1 restated, see page 73 Work in progress includes capitalized development costs of service projects of the Siegfried Actives Division to be sold to third parties in the total amount of CHF 1.6 million (2008: CHF 3.9 million). The carrying amount of inventories includes valuation allowances of CHF 13.3 million (2008: CHF 14.3 million) for slow-moving and obsolete inventory items. In the Income Statement CHF 6.8 million (2008: CHF 8.2 million) was written off as impairments to costs of goods sold. The allowances for doubtful accounts are calculated using the difference between the nominal amount of the receivables and the estimated net amount collectible. The net amount collectible is estimated on the basis of experience. Receivables more than 6 months overdue in the amount of CHF 0.3 million (2008: CHF 2.0 million) are included in the allowance. 2009 already impaired receivables in the amount of CHF 1.9 million (2008: CHF 0.1 million) are booked out. In 1000 CHF 2009 2008 Change in the allowances for doubtful accounts Allowance at January 1 –2 327 –2 738 Allowances utilized 1 906 89 Cash received from receivables provided for in prior years 170 527 Changes in allowances charged against income –20 –257 Currency translation –18 52 Allowance at December 31 –289 –2 327 The trade receivables are denominated in the following currencies: 9. Trade receivables In 1000 CHF 2009 2008 Trade receivables 45 751 65 470 Provision for impairment –289 –2 327 Total trade receivables 45 462 63 143 In 1000 CHF 2009 2008 Currency CHF 10 197 29 226 USD 26 890 25 877 EUR 8 375 8 040 Total trade receivables 45 462 63 143 The ageing structure of the trade receivables is as follows: In 1000 CHF 2009 2008 Ageing structure of the trade receivables Not yet due 40 111 53 892 Overdue up to 1 month 4 483 5 699 Overdue between 1 and 3 months 840 3 509 Overdue between 3 and 6 months – 389 Overdue between 6 and 12 months – 62 Overdue more than 12 months 317 1 919 Total trade receivables 45 751 65 470 Allowances for doubtful accounts –289 –2 327 Total trade receivables 45 462 63 144 10. Other current assets In 1 000 CHF 2009 2008 Other receivables 6 981 6 842 Prepaid expenses 3 412 3 878 Total other current assets 10 393 10 720 Other current assets include Value Added Tax receivables of CHF 2.6 million (2008: CHF 3.7 million) as well as a receivable from the sale of a license of CHF 4.0 million. Prepaid expenses include miscellaneous prepayments and accruals. Financial Statements Siegfried Group 93
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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
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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 and 92: 2. Property, plant and equipment La
Page 93 and 94: 4. Investments in associated compan
Page 95: 6. Financial and other non-current
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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