mdg-annual-report-2013

Recommendations

Info

80 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSImpairmentAs per every balance sheet date, an examination is carried out as to whether there are any objective indications of afinancial asset or a group of financial assets being impaired. In the event of shareholders’ equity instruments classifiedas available for sale, a significant or lasting decline in the fair value of these instruments below their acquisitioncost is considered when determining to what extent the shareholders’ equity instruments are impaired.With regard to outstanding amounts from customer receivables valued at amortised acquisition cost, the companyinitially determines whether there is any objective indication of significant financial assets being individually impairedor of insignificant financial assets being individually or jointly impaired. If the group determines that there is no objectiveindication of impairment for an individually tested financial asset – significant or not – it incorporates the assetinto a group of financial assets with comparable credit risk profiles and tests them jointly for impairment. Assetstested individually for impairment and for which a new or recurrent impairment is recorded are not included in a jointimpairment assessment. Any determined impairment loss is recognised through profit and loss.DerecognitionA financial asset (or, if applicable, part of a financial asset or part of a group of similar financial assets) is derecognisedif one of the following requirements is met:→→The contractual rights to receive cash flows from a financial asset have expired.The Group has transferred its contractual rights to receive cash flows from the financial asset to a third party orhas assumed a contractual obligation to immediately pay the cash flow to a third party as part of an agreementthat meets the condition in IAS 39 (pass-through agreement) and has thereby either (a) transferred all the significantrisks and rewards associated with owning the financial asset or (b) neither transferred nor retained all thesignificant risks and rewards associated with owning the financial asset but instead transferred control of theasset.(13) InventoriesInventories are stated at the lower of purchase cost and net realisable value in accordance with IAS 2 »Inventories«. Inthe process, the acquisition costs are fundamentally determined on the basis of direct costs including incidental acquisitioncosts.(14) Cash and cash equivalentsCash and cash equivalents include cash on hand as well as bank credit balances with banks and bank deposits with anoriginal maturity of up to three months. They are classified as financial assets held for trading and reported in thebalance sheet at their present value. If a financial investment is to be classified as a cash equivalent, it must be possibleto easily convert it into a particular cash amount. In addition, it must only be subject to insignificant value fluctuations.
MEDIGENE AG ANNUAL REPORT 2013 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 81(15) Shareholders’ equityOrdinary shares are classified as shareholders’ equity. Costs that are directly attributable to the issue of new sharesare included in shareholders’ equity net of tax as a deduction from the issue proceeds.(16) Share-based compensation: stock optionsAs an incentive to share in the Group’s long-term success, its employees and the members of its Executive Board receiveshare-based compensation in the form of equity instruments. For this purpose, the Group has set up a sharebasedcompensation plan that is fulfilled by issuing new shares. These equity capital instruments, such as options, arestated in accordance with IFRS 2. The costs arising from granting these instruments are measured at fair value at thetime they are granted. The fair value of stock options which Medigene grants as compensation for work performed byemployees is recorded as an expense. The instruments are valued with the help of the binomial model. The binomialmodel takes into consideration freeze periods, exercise thresholds, the volatility of the underlying instrument, andinterest rates among other things. The entire expense to be reported over the vesting period of the options is comprisedof the fair value of the options at the time they were granted. The expenses resulting from the granting ofshareholders’ equity instruments and the corresponding rise in shareholders’ equity are recognised over the period inwhich the exercise and performance conditions must be met (vesting period). This period ends on the first possibleexercise date, i.e. the date on which the relevant employee is irrevocably entitled to subscribe. In individual cases, thebenefit conditions have already been fulfilled upon issue of the stock options. In those cases, the expense is recordedupon granting of the options. No expenses are recognised for forfeited compensation rights.The estimated number of options expected to be exercised is examined on each balance sheet date. The effects of anypossible changes to the original estimates are included in the income statement and accounted for by carrying out therespective adjustment to shareholders’ equity over the remaining vesting period.When stock options are exercised, € 1 per option is reported in the share capital with the remaining amount shown inthe capital reserve.The dilution effect of the outstanding stock options is considered in the calculation of earnings per share as additionaldilution.(17) Financial liabilitiesInitial recognitionFinancial liabilities within the scope of IAS 39 are classified as financial liabilities at fair value through profit and lossor as loans. The Group determines the classification of its financial liabilities upon initial recognition and assessesthem at fair value, net of directly attributable transaction costs in the case of loans. Financial liabilities at fair valuethrough profit or loss comprise financial liabilities held for trading as well as other financial liabilities which are classifiedat fair value through profit or loss upon initial recognition. The Group has no financial liabilities which have beenmeasured at fair value through profit or loss.
Page 6 and 7:
6 Interview with the Executive Boar
Page 8 and 9:
8 KapitelT … as in TRANSACTIONSDe
Page 10 and 11:
10 KapitelT … as in THERAPEUTIC A
Page 12 and 13:
12 KapitelT … as in T cellsTechno
Page 14 and 15:
14 KapitelT … as in teamworkJoini
Page 16 and 17:
16 KapitelT … as in TRENDFinancia
Page 18 and 19:
18 pipelinepipelinemarketed drugsin
Page 20 and 21:
20productsVeregen®ProduCt Indicati
Page 22 and 23:
22productsRhuDex®Product Indikatio
Page 24 and 25:
24productsImmunotherapiesImmunother
Page 28:
28 the shareThe ShareShare price pe
Page 31 and 32: Medigene AG Annual report 2013 Kapi
Page 34 and 35: 34 GROUP MANAGEMENT’S DISCUSSION
Page 40: 40 GROUP MANAGEMENT’S DISCUSSION
Page 51 and 52: MEDIGENE AG ANNUAL REPORT 2013 GROU
Page 61 and 62: CONTENTCONSOLIDATED FINANCIAL STATE
Page 63 and 64: MEDIGENE AG ANNUAL REPORT 2013 CONS
Page 70 and 71: 70 NOTES TO THE CONSOLIDATED FINANC
Page 100 and 101: 100 NOTES TO THE CONSOLIDATED FINAN
Page 126 and 127: 126 AUDIT OPINIONAUDIT OPINIONWe is
Page 128 and 129: 128 RESPONSIBILITY STATEMENTRESPONS
Page 130 and 131:
130 REPORT OF THE SUPERVISORY BOARD
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
136 GLOSSARYGLOSSARYAAAVLPAdeno-ass
Page 138 and 139:
138 GLOSSARYEEBITDAEarnings before
Page 140 and 141:
140 GLOSSARYMMajor histocompatibili
Page 142 and 143:
142 GLOSSARYTecDAXIndex of the Germ
Page 144:
144 FINANCIAL CALENDAR/ TRADEMARKS/
show all

mdg-annual-report-2013

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

Delete template?

Save as template?