Consolidated Financial Statements of <strong>SinnerSchrader</strong> <strong>AG</strong>Notes69In the <strong>2008</strong>/<strong>2009</strong> and 2007/<strong>2008</strong> financial years, the total expenditure for rental and leasing contracts was€ 1,169,592 and € 936,259, respectively. In the current financial year, rental expenses of € 43,902 are to beattributed to the newly added Group subsidiary newtention technologies GmbH.In addition, <strong>SinnerSchrader</strong> has certain regular contingent liabilities that arise in the ordinary course ofbusiness activities. The Company will form accrued expenses for these if there is an over-50 % chance thatfuture expenditures will be have to be made in this regard and that such expenditures can be estimated withsufficient reliability.As of the balance sheet date, the consolidated companies that are part of the <strong>SinnerSchrader</strong> Group were opento one legal claim, which is based on the conversion of the former company building. As of 31 August <strong>2009</strong>and 31 August <strong>2008</strong>, the reserve with respect to this legal claim amounted to € 100,000. It is part of the otheraccrued expenses shown in 4.10.In the course of renting office space at the Hamburg and Frankfurt am Main locations, the landlords eachdemanded securities, which were provided in the form of bank guarantees.Further securities in the form of bank guarantees were provided to the vendors of spot-media <strong>AG</strong> in the2007/<strong>2008</strong> financial year to secure future purchase price instalments.As of 31 August <strong>2009</strong>, the volume of this guarantee was € 617,855 (previous year: € 867,855). With a guaranteeof this scope, <strong>SinnerSchrader</strong> can dispose of its liquid funds only with the explicit approval of the guaranteeingbank.4.14 Financial Instruments, Information according to IFRS 7Cash and cash equivalents, accounts receivable and unbilled services as well as other liabilities are mainlyshort-term (remaining terms less than three months or less than one year). Due to the slight failure risk of theaccounts receivable, reserves for bad debts have been necessary only to a minor extent in recent financialyears. In the current financial year, <strong>SinnerSchrader</strong> had no notable bad debt losses to report, and no additionshad to be made to the reserves for bad debts. The book value of the financial assets as of 31 August <strong>2009</strong>almost corresponds to the current value to be ascribed.Trade accounts payable and other current liabilities are also due within one year. The book values correspond tothe current values to be ascribed.The long-term liability in the amount of € 620,000 for the fifth and sixth purchase price instalment from theacquisition of spot-media <strong>AG</strong> as well as the last purchase price instalment from the acquisition of a customerbase in the amount of € 117,000, which are linked to an earn-out clause with respect to future EBIT expectations,were reported with their cash value. This corresponds to the current value to be ascribed to them.
70NotesConsolidated Financial Statements of <strong>SinnerSchrader</strong> <strong>AG</strong>Summarised according to categories pursuant to IAS 39, the picture presented in Table 9a results for the financialinstruments reported in the <strong>SinnerSchrader</strong> <strong>AG</strong> Consolidated Financial Statements as of 31 August <strong>2009</strong>:Table 9a | Financial instruments acc. to IFRS 7 in € 000s31.08.<strong>2009</strong> 31.08.<strong>2008</strong>Category ofmeasurementacc. to IAS 39Book value Fair value Book value Fair valueCash and cash equivalents LaR 3,215 3,215 9,075 9,075Maketable securities AfS 4,773 4,773 – –Accounts receivable, net LaR 4,754 4,754 4,830 4,830Receivables from production orders (POC) LaR 448 448 1,246 1,246Other current assets and prepaid expenses LaR 15 15 242 242Cash, cash equivalents and receivables 13,205 13,205 15,393 15,393Trade accounts payable FLaC 2,021 2,021 1,923 1,923Accrued expenses for reporting and auditing FLaC 92 92 63 63Liabilities LaR 775 775 810 810Non-current liabilities LaR 737 737 738 738Financial liabilities 3,625 3,625 3,534 3,534AfSLaRavailable-for-sale financial assetsloans and receivablesFLaC financial liabilities at amortised costThe net profits and losses from financial instruments arising in the financial year are shown in Table 9b:Table 9b | Net income from financial instruments acc. to IFRS 7 in €Fromfair-valuemeasurementFrom subsequent measurementFrom amortisationFromof acquisi-componding/tion costs discountingFromdisposalsNet gains/lossesLoans and receivables LaR – – - 28,006 – - 28,006Available-for-salefinancial assets AfS 25,075 48,316 – 59,004 132,39525,075 48,316 - 28,006 59,004 104,389AfSLaRavailable-for-sale financial assetsloans and receivables
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