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the particular assets. this means that the asset has<br />
been recognized at a net acquisition value, on which<br />
the size of depreciation has been based.<br />
2.18 Discontinued operations<br />
<strong>Haldex</strong> has prepared its year-end financial statements<br />
in accordance with IFRS 5 non- Current assets Held<br />
for Sale and discontinued operations, whereby the<br />
consolidated income statement is separated into<br />
continuing and discontinued operations and, in the<br />
consolidated balance sheet, assets and liabilities held<br />
for sale have been lifted out and reported on separate<br />
lines.on december 17, 2010, <strong>Haldex</strong> reached<br />
an agreement with BorgWarner Inc. concerning the<br />
divestment of the traction Systems division. the<br />
transaction was finalized on January 31, <strong>2011</strong>.<br />
In a previous press release, <strong>Haldex</strong> aB’s Board<br />
stated that it intended to propose a demerger of<br />
the Group, whereby the Hydraulic Systems division<br />
would be listed as an independent company. the<br />
<strong>Haldex</strong> Group was restructured during 2010 and<br />
<strong>2011</strong>, and in June <strong>2011</strong> the Hydraulic Systems<br />
division was listed as separate company.<br />
In the income statement for 2010 and <strong>2011</strong>,<br />
both divisions – traction Systems and Hydraulics<br />
Systems – are reported as discontinued operations.<br />
also, the capital gain from the divestment of the<br />
traction Systems division, revaluation of Hydraulic<br />
Systems net assets and all costs attributable to the<br />
Group restructuring are classified as discontinued<br />
operations.<br />
It is not possible to compare the figures recognized<br />
within the definition of discontinued operations<br />
with the segment figures since the segment<br />
figures include allocations of Group-wide costs.<br />
2.19 new standards, amendments and inter-<br />
pretations to existing standards that have not<br />
yet been endorsed and have not been early<br />
adopted by the Group<br />
IAS 19 – Employee benefits<br />
the impact on the group will be as follows: to eliminate<br />
the corridor approach and recognise all actuarial<br />
gains and losses in other Comprehensive Income<br />
as they occur; to immediately recognise all past service<br />
costs; and to replace interest cost and expected<br />
return on plan assets with a net interest amount that<br />
is calculated by applying the discount rate to the net<br />
defined benefit liability (asset). the Group intends to<br />
apply the amended standard for the financial year<br />
beginning 1 January 2013. the estimated negative<br />
impact on equity transition will be SeK 48 m pre tax.<br />
the standard has not yet been endorsed by the eu.<br />
IFRS 9 – Financial instruments<br />
this deals with the classification, valuation and reporting<br />
of financial liabilities and assets and replaces parts<br />
of IaS 39. IFRS 9 requires that financial assets be classified<br />
into two different categories and determined<br />
at initial recognition. For financial liabilities there are<br />
smaller changes, which refers to liabilities that are<br />
designated at fair value. the Group intends to apply<br />
the new standard by the financial year beginning 1<br />
January 2015 and has not yet evaluated the effects.<br />
the standard has not yet been endorsed by the eu.<br />
IFRS 13 – Fair Value Measurement<br />
provides a precise definition and a single source of<br />
fair value measurement and disclosures and guidance<br />
on the application when other IFRSs already require<br />
or permit fair value measurement. the Group has<br />
not yet evaluated the full impact of IFRS 13 on the<br />
financial statements. the Group intends to apply the<br />
new standard, the financial year beginning 1 January<br />
2013. the standard has not yet been endorsed by<br />
the eu.<br />
none of the other IFRS and IFRIC interpretations<br />
that have not yet entered into force, expected to<br />
have a material impact on the Group.<br />
<strong>Haldex</strong> <strong>annual</strong> report <strong>2011</strong> | 37<br />
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