Annual Report 2010 - Frauenthal Holding AG

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100 Annual Report 2010 Consolidated Financial Statements Frauenthal Holding Group 2010 As in the previous year, associates are accounted for by applying the equity method. End of reporting period 31 Dec. Domicile Holding Direct Indirect Ceram Liegenschaftsverwaltung GmbH Vienna, Austria 50,00% Draeger Consult GmbH, Siegburg, Germany (50 % interest) has not been included in consolidation because it was inactive during the period under review. The company’s influence on the Group’s assets, finances and earnings is immaterial. [2] Effects of changes in the scope of consolidation The formation of Linnemann-Schnetzer Ahlen GmbH and the merger of CERAM Catalysts GmbH with Linnemann-Schnetzer Deutschland GmbH left the total number of consolidated companies unchanged. [3] Consolidation of investments in subsidiaries Investments in subsidiaries are consolidated at fair value. The purchase method was used to consolidate new subsidiaries. This involves allocating the cost of the acquisition to the identifiable assets and liabilities (including contingent liabilities) of the acquiree. The excess of the acquisition cost over the fair value of the net assets is reported as goodwill. Under IFRS 3 goodwill acquired may not be amortised, and must instead be tested for its future economic benefits at the least at the end of each reporting period. Any excess of the amount over the anticipated future benefits is recognised as an impairment loss in profit or loss. Pursuant to IFRS 3, goodwill arising on acquisitions made before 31 December 2005 is tested for its future economic benefits at the end of each reporting period in the same way as with new acquisitions. [4] Elimination of intragroup balances When eliminating intragroup balances, intragroup loans, trade receivables, other receivables, prepayments and deferred assets are offset against the corresponding liabilities or provisions. [5] Elimination of intragroup profits or losses Where material, intragroup profits or losses are eliminated. Intragroup sales of plant and equipment to a value of EUR 1,590,000 took place in 2010 (2009: EUR 572,000). The resultant book profit of EUR 299,000 (2009: EUR 8,000) was eliminated. [6] Elimination of intragroup income and expenses When eliminating intragroup income and expenses, income from intragroup transactions (internal revenues) is offset against the expenses attributable to it. Here, too, the principle of materiality is applied. [7] Currency translation Where the annual financial statements of subsidiaries are presented in foreign currencies they are translated into euro in accordance with the functional currency principle (IAS 21 The Effects of Changes in Foreign Exchange Rates) using the modified closing rate method. Since the subsidiaries carry on their business independently in financial, economic and organisational terms, the functional currency is their local currency. Income and expenses in statements presented in foreign currencies are translated at the average rate for the year, and assets and liabilities at the mean rate ruling at the end of the reporting period.
Consolidated Financial Statements Frauenthal Holding Group 2010 Exchange differences arising on translation of equity are offset against the other reserves. Exchange differences resulting from the application of differing exchange rates in the income statement are likewise reported under the “Other reserves and currency translation balancing item”, and are not recognised in profit or loss. In the separate financial statements of Frauenthal Holding AG and its subsidiaries, foreign currency receivables and payables are measured at the exchange rate prevailing at the date of the transaction. Exchange gains and losses arising at the end of the reporting period are recognised in profit or loss. Movements in the euro exchange rates of the main currencies on which translation was based were as follows: 31 dec. 2010 31 Dec. 2009 2010 2009 Poland (PLN) 3.9750 4.1045 4.0049 3.5278 Republic of Korea (KRW) 1,499.0600 1,666.9700 1,529.728 1,770.0442 Romania (RON) 4.2620 4.2363 4.2169 4.2391 USA (USD) 1.3362 1.4406 1.3207 1.3943 Accounting and measurement policies EUR 1 Closing rate Average rate The annual financial statements of all consolidated companies are presented using uniform accounting policies as required by IAS 27. Immaterial variations in the separate financial statements of foreign subsidiaries and associates are disregarded. All the consolidated Group companies submitted audited financial statements drawn up to 31 December 2010. [8] General Assets are normally recognised at cost less depreciation or amortisation, and receivables and liabilities at amortised cost. An impairment loss is recognised whenever there are indications of impairment. The carrying amounts of intangible assets, and property, plant and equipment are compared with the recoverable amount, and an impairment loss recognised where necessary. [9] Revenue recognition Revenue from the sale of products is recorded when title and the risk of ownership is transferred to the customer, provided that a price has been agreed or can be determined, and its payment is probable. Revenue is stated net of discounts and customer bonuses. Revenue accruing to Porzellanfabrik Frauenthal GmbH, Vienna from long-term construction contracts is realised in accordance with the percentage of completion (PoC) method, in conformity with IAS 11. Interest is calculated using the effective interest method, in accordance with IAS 39. 101
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ANNUAL REPORT 2010 Strength through
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CONSOLIDATION AND SOLID EARNINGS PE
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JuMp in earningS at induStrial hone
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taSk Franz Haring, 47, testing and
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Senior leadership team (Slt) The se
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CORPORATE GOVERNANCE Corporate gove
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volume in the automotive Components
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in 2012, and we’re confident that
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produCt SHT now operates six logist
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CorPorate governanCe PoliCy Frauent
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Honeycombs Division). He is also a
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indePendenCe oF the SuPerviSory Boa
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Governance, and monitored by the au
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ut the market still has much ground
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key Share ratioS Investor Relations
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Strength through diverSitY
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in Toruń, Poland, from Necks Inves
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8 1 2 3 4 5 6 7 Linnemann-Schnetzer
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„in the frauenthal group, pioneer
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solid stabilisers, but up to 15kg l
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FaC has developed a new strategy -
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taSk Bernd Eichelberger, 49, Lothar
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SHT Haustechnik AG is Austria’s l
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positions. This is particularly cru
Page 49 and 50: operating revieW Operating Review 4
Page 51 and 52: Business performance All three divi
Page 53 and 54: taSk Monika Burian, 46, sorting fi
Page 55 and 56: evenue by geographical markets Prof
Page 57 and 58: 2010 2009 aSSetS EUR ’000 EUR ’
Page 59 and 60: Shareholder value Operating Review
Page 61 and 62: produCt SHT Haustechnik AG has six
Page 63 and 64: eference entity. This indicator imp
Page 65 and 66: Market riSk Economic conditions in
Page 67 and 68: In 2010 the impairment review resul
Page 69 and 70: indicator system supports internal
Page 71 and 72: at all stages of the goods flow. Th
Page 73 and 74: Die HR development is crucial to th
Page 75 and 76: In the power station catalyst busin
Page 77 and 78: ConSolidated finanCial StateMentS C
Page 79 and 80: Note 9,27 16 18 19 16 Consolidated
Page 81 and 82: Note 19 19 19 7,19 19 19 13,20,22 2
Page 83 and 84: Statement of changes in equity tota
Page 85 and 86: ChangeS in Carrying valueS Carrying
Page 87 and 88: ChangeS in Carrying valueS Carrying
Page 89 and 90: Automotive Components Wholesale Plu
Page 91 and 92: new interpretations 1) Consolidated
Page 93 and 94: Consolidated Financial Statements F
Page 95 and 96: IFRIC 19 Extinguishing Financial Li
Page 99: The following companies are fully c
Page 121 and 122: [21] Short-term provisions Changes
Page 123 and 124: Liabilities at 31 Dec. 2009 in EUR
Page 125 and 126: Sundry other income Consolidated Fi
Page 129 and 130: Change in deferred tax Consolidated
Page 131 and 132: e. StateMent oF CaSh FloWS Consolid
Page 133 and 134: EUR ’000 Consolidated Financial S
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Page 139 and 140: Liabilities EUR ’000 non-current
Page 145 and 146: opinion on the group operating revi
Page 147 and 148: CoMpanY finanCial StateMentS
Page 149 and 150: taSk Kamel Navarro, 31, aligning pa
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income statement Company Financial
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gloSSarY
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p.a. Poa PoC PoFa Pln reg. no. roCe
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Frauenthal Liegenschaftsverwaltung
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impressum Financial calender 2011 1
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Annual Report 2010 - Frauenthal Holding AG

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