Annual Report 2010 - Frauenthal Holding AG

More documents

Recommendations

Info

96 Annual Report 2010 Consolidated Financial Statements Frauenthal Holding Group 2010 The Frauenthal Group does not anticipate that application of the standards and interpretations in question will have any material effects on its assets, finances and earnings. IFRS 9 Financial Instruments This standard, published on 12 November 2009, represents the first phase of a project aimed at replacing IAS 39. IFRS 9 deals with the classification and measurement of financial assets. The former “loans and receivables”, “held to maturity”, “available for sale” and “at fair value through profit or loss” categories are to be replaced by new “fair value” and “at amortised cost” asset classes. Classification of a financial asset as “at amortised cost” is on the basis of the entity’s business model and the characteristics of the financial instrument in question. Non-fulfilment of the relevant conditions leads to recognition at fair value through profit or loss. In exceptional cases some equity instruments may be measured at fair value but not through profit or loss. However any subsequent changes in fair value must then be irrevocably presented in other comprehensive income, and can no longer be recognised in profit or loss. The IASB issued a new version of IFRS 9 on 28 October, having added requirements for the classification and measurement of financial liabilities, and decided to carry forward the requirements in IAS 39 for the derecognition of financial assets and financial liabilities. IFRS 9 does not change the basic accounting model for financial liabilities under IAS 39. There are still two measurement categories: fair value through profit or loss and amortised cost. Financial liabilities held for trading are measured at fair value through profit or loss (FVTPL), and all other financial liabilities are measured at amortised cost unless the entity voluntarily designates them as FVTPL (“fair value option”) at initial recognition. The amendments are likely to become effective for annual periods beginning on or after 1 January 2013. Early application was permitted from 2009 onwards, subject to endorsement by the EU, but this is still pending. Improvements to IFRS made by the 2008–2010 annual improvements projects On 6 May 2010 the IASB published amendments to six standards (IFRS 1, IFRS 3, IFRS 7, IAS 1, IAS 27 and IAS 34) and one interpretation (IFRIC 13), made as part of the 2008–2010 annual improvements project cycle. The amendments reflect issues that were addressed by the draft of proposed amendments to IFRSs published in August 2009. The publication also includes an amendment to IFRS 1 applicable to entities with operations subject to rate regulation. This was included in the Rateregulated Activities exposure draft, published in July 2009. Unless otherwise specified, the amendments are effective for annual periods beginning on or after 1 January 2011, with earlier application permitted. Adoption by the EU is still pending. Amendments to IFRS 7: Improving Disclosures about Financial Instruments The IASB published these amendments on 7 October 2010. They concern improvements to disclosures regarding transfers of financial assets. The amendments are likely to become effective for annual periods beginning on or after 1 July 2011. Adoption by the EU is still pending. Amendments to IFRS 1: Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters On 20 December 2010 the IASB published two minor amendments to IFRS 1. The first replaces references to a fixed date for first-time adopters, 1 January 2004, by “the date of transition to IFRSs”. The second provides guidance on how to resume presenting IFRS financial statements for entities that have been unable to comply with IFRS for some time because their functional currencies were subject to severe hyperinflation. Both amendments will become effective on 1 July 2011. Early application is permitted. Adoption by the EU is still pending. Amendments to IAS 12: Deferred Tax: Recovery of Underlying Assets On 20 December 2010 the IASB published amendments to IAS 12 based on proposals in an exposure draft issued in September 2010. The amendments provide a practical solution to the problem of assessing whether recovery of the carrying value of an asset will be through use or through sale by introducing a presumption that recovery will normally be through sale. As a result of the amendments, SIC-21 Income Taxes – Recovery of Revalued Non-Depreciable Assets would no longer
Consolidated Financial Statements Frauenthal Holding Group 2010 apply to investment properties carried at fair value. The amendments also incorporate in IAS 12 the remaining guidance previously contained in SIC-21, which is accordingly withdrawn. The amendments are likely to become effective for annual periods beginning on or after 1 January 2012. Adoption by the EU is still pending. The other accounting and measurement policies, and approaches to calculation and presentation applied to the consolidated financial statements are unchanged from the previous year. Unless otherwise stated all amounts are rounded to the nearest thousand euro (EUR ’000). A glossary, including abbreviations of Group companies’ names used in these notes, is appended hereto. 97
Page 1 and 2:
ANNUAL REPORT 2010 Strength through
Page 3 and 4:
CONSOLIDATION AND SOLID EARNINGS PE
Page 5 and 6:
JuMp in earningS at induStrial hone
Page 7 and 8:
taSk Franz Haring, 47, testing and
Page 9 and 10:
Senior leadership team (Slt) The se
Page 11 and 12:
CORPORATE GOVERNANCE Corporate gove
Page 13 and 14:
volume in the automotive Components
Page 15 and 16:
in 2012, and we’re confident that
Page 17 and 18:
produCt SHT now operates six logist
Page 19 and 20:
CorPorate governanCe PoliCy Frauent
Page 21 and 22:
Honeycombs Division). He is also a
Page 23 and 24:
indePendenCe oF the SuPerviSory Boa
Page 25 and 26:
Governance, and monitored by the au
Page 27 and 28:
ut the market still has much ground
Page 29 and 30:
key Share ratioS Investor Relations
Page 31 and 32:
Strength through diverSitY
Page 33 and 34:
in Toruń, Poland, from Necks Inves
Page 35 and 36:
8 1 2 3 4 5 6 7 Linnemann-Schnetzer
Page 37 and 38:
„in the frauenthal group, pioneer
Page 39 and 40:
solid stabilisers, but up to 15kg l
Page 41 and 42:
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
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: IFRIC 19 Extinguishing Financial Li
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
Page 135 and 136: 2000 1800 1600 1400 1200 1000 800 6
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
Page 151 and 152:
income statement Company Financial
Page 153 and 154:
gloSSarY
Page 155 and 156:
p.a. Poa PoC PoFa Pln reg. no. roCe
Page 157 and 158:
Frauenthal Liegenschaftsverwaltung
Page 159:
impressum Financial calender 2011 1
show all

Annual Report 2010 - Frauenthal Holding AG

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?