Annual Report 2010 - Frauenthal Holding AG

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94 Annual Report 2010 Consolidated Financial Statements Frauenthal Holding Group 2010 of the 2007–2009 annual improvements project cycle, and these were adopted by the EU on 23 March 2010. Most of the amendments will be effective for annual periods beginning on or after 1 January 2010. Earlier application is possible. In order to ease the burden of adjusting accounting policies, the 2007–2009 annual improvements include summaries of the amendments contained in the Proposed Amendments to IFRS exposure drafts published in October 2007, August 2008 and January 2009. Reconsideration of two IAS 39 issues raised in the August 2008 exposure draft was postponed. The amendments are not relevant to the Frauenthal Group. Standards and interpretations not yet applied or applicable Application of the following new, amended or revised standards and interpretations is not mandatory until subsequent reporting periods. The Frauenthal Group has decided not to make use of any elective rights to adopt standards and interpretations early where these will not become effective until subsequent reporting periods. new interpretation 1) New and amended standards and interpretations already endorsed by the EU Applicable from iFriC 19 Extinguishing Financial Liabilities with Equity Instruments 01 Jul. 2010 revised and amended standards 1) iaS 32 Financial Instruments: Presentation (Classification of Rights Issues) 01 Feb. 2010 iFrS 1 First-time Adoption of International Financial Reporting Standards (Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters) 01 Jul. 2010 iaS 24 Related Party Disclosures (revised in 2009) 01 Jan. 2011 iFriC 14 IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction (Prepayments of a Minimum Funding Requirement) 01 Jan. 2011 improvements Improvements to IFRS made No common new interpretation 1) by the 2008-2010 annual improvement projects effective date Expected to be New and amended standards and interpretations not yet endorsed by the EU applicable voraussichtlicher from iFrS 9 Financial Instruments 01 Jan. 2013 revised and amended standards and interpretations 1) iFrS 7 Financial Instruments Disclosures (Improving Disclosures about Financial Instruments) 01 Jul. 2011 iFrS 1 First-time Adoption of International Financial Reporting Standards (Removal of Fixed Dates for First-time Adopters) 01 Jul. 2011 iFrS 1 First-time Adoption of International Financial Reporting Standards (Severe Hyperinflation) 01 Jul. 2011 iaS 12 Income Taxes (deferred Tax: Recovery of Underlying Assets) 01 Jan. 2012 1) The standards and interpretations are applicable from the annual periods beginning on or after the effective dates stated in EU Official Journal.
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments Consolidated Financial Statements Frauenthal Holding Group 2010 IFRIC 19, published on 26 November 2009, provides guidance on the application of IFRS where an entity extinguishes all or part of a financial liability by issuing shares or other equity instruments (debt for equity swap). The interpretation specifies that: a) the issue of an entity’s equity instruments to a creditor to extinguish all or part of a financial liability is consideration paid in accordance with paragraph 41 IAS 39; b) such equity instruments are to be measured at fair value (or if the fair value of the equity instruments cannot be reliably measured, at the fair value of the extinguished liability); and c) the difference between the carrying amount of the financial liability extinguished and the initial carrying amount of the equity instruments issued is to be recognised in profit or loss. The interpretation is effective in annual periods beginning on or after 1 July 2010, but earlier application is permitted. The EU adopted the interpretation in July 2010. It is not relevant to the Frauenthal Group. Amendments to IAS 32: Classification of Rights Issues These amendments to IAS 32 were published on 8 October 2009, and adopted by the EU on 23 December 2009. They are effective for annual periods beginning on or after 1 February 2010. They relate to the accounting treatment of rights, options and warrants denominated in a foreign currency, issued to acquire a fixed number of an entity’s own equity instruments. While it would have been necessary to classify such instruments as derivative liabilities under the previous rules, rights issued to existing shareholders for a fixed amount on the basis of the number of shares they already own must now be classified as equity instruments, irrespective of the currency of the exercise price. These amendments are not relevant to the Frauenthal Group. Amendment to IFRS 1: Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters An amendment to IFRS 1, granting a limited exemption from the comparative IFRS 7 disclosures for first-time adopters introduced by an amendment to IFRS 7 (Improving Disclosures about Financial Instruments) in March 2009, was published on 28 January 2010. The amendment grants the same transitional exemptions to first-time adopters as those conferred by the amendments to IFRS 7 to entities already applying IFRS. The amendment became effective on 1 July 2010. Earlier applicable is permitted. This amendment is not relevant to the Frauenthal Group. IAS 24 Related Party Disclosures (revised in 2009) The IASB published a revised version of IAS 24 on 4 November 2009. The amendments relax the disclosure requirements for entities under state control or significant state influence. Whereas previously it was necessary to disclose information on all transactions with other companies controlled or significantly influenced by the same government, now only the amount of detail necessary for users of the financial statements to understand transactions is required. There is an exemption for the disclosure of transactions where the information could only be provided at prohibitive cost or would not be helpful for users. In addition, the definition of a related party has been made clearer. The revised version will be effective for annual periods beginning on or after 1 January 2011, but earlier application is permitted. The revised standard was adopted by the EU in July 2010. The amendments are not relevant to the Frauenthal Group. Amendments to IFRIC 14: Prepayments of a Minimum Funding Requirement The amendments to IFRIC 14 published on 15 November 2009 concern cases in which an entity is subject to minimum funding requirements and makes prepayments to fulfil them. The amendments permit recognition of the economic benefits available from such prepayments as assets. The amendments will be effective for annual periods beginning on or after 1 January 2011, but earlier application is permitted. The EU adopted the amendments in July 2010. They are not relevant to the Frauenthal Group. The following new and amended standards and interpretations were published prior to the end of the reporting period, but will not become effective until subsequent reporting periods, as they have not yet been adopted by the EU. 95
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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 -
Page 43 and 44: taSk Bernd Eichelberger, 49, Lothar
Page 45 and 46: SHT Haustechnik AG is Austria’s l
Page 47 and 48: 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
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Page 67 and 68: In 2010 the impairment review resul
Page 69 and 70: indicator system supports internal
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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: Consolidated Financial Statements F
Page 97 and 98: Consolidated Financial Statements F
Page 99 and 100: 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
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opinion on the group operating revi
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CoMpanY finanCial StateMentS
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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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