Annual Report 2009 - Von Roll

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Financial Reporting 2009 – Consolidated Financial Statements 45The following new and revised standards and interpretations are issued by the IASB. These standards were noteffective for the reporting period and have not been adopted prematurely in the present consolidated financialstatements. The following table shows the impact estimated by the Executive Management:Effective forannual periodsbeginning onor afterPlanned adoption byVon RollNew StandardsIFRS 9 Financial Instruments: Measurement and Classification 1 January 2013 Financial year ***2013Amendments to StandardsIAS 24 (revised Related Party Disclosures 1 January 2011 Financial year * *2009)2011IAS 27 revised Consolidated and Separate Financial Statements 1 July 2009 Financial year ***2010Amendments to Financial Instruments: Presentation – Classification of 1 February 2010 Financial year * *IAS 32Rights Issues2011Amendments to Financial Instruments: Recognition and Measurement – 1 July 2009 Financial year ***IAS 39 Eligible Hedged Items2010IFRS 1 revised First-time Adoption of International Financial Reporting 1 July 2009 Financial year * *Standards2010Amendments to First-time Adoption of International Financial Reporting 1 January 2010 Financial year * *IFRS 1Standards – Additional Exemptions2010Amendments to Group Cash-settled Share-based Payment Transactions 1 January 2010 Financial year * *IFRS 22010IFRS 3 revised Business Combinations 1 July 2009 Financial year ***2010Amendments to Non-current Assets Held for Sale and Discontinued1 July 2009 Financial year * *IFRS 5 Operations2010Misc. Changes in IFRS (Annual improvements, April 2009) 1 July 2009 Financial year ***1 January 20102010New interpretationsIFRIC 17 Distributions of Non-cash Assets to Owners 1 July 2009 Financial year * *2010IFRIC 19 Extinguishing Financial Liabilities with Equity1 July 2010 Financial year * *Instruments2011Amendments to InterpretationsAmendment toIFRIC 14IAS 19 – The Limit on a Defined Benefit Asset, MinimumFunding Requirements and their Interaction –Prepayments of a Minimum Funding Requirement1 January 2011 Financial year2011**** No or no material effects are expected on the consolidated financial statements of Von Roll.** Additional disclosures or changes in the presentation of the consolidated financial statements of Von Roll are mainly expected.*** The effects on the consolidated financial statements of Von Roll can not yet be reliably determined.
46 Financial Reporting 2009 – Consolidated Financial StatementsScope of consolidationAll companies in which the Company holds a majority equity investment and the majority of the voting rights orexercises control in some other way are fully consolidated. A list of the significant consolidated companies is providedin Note 23 of this Annual Report.Associated companies (investments of between 20 and 50 % in a company’s equity) are consolidated using theequity method, where Von Roll exercises a significant influence. Other investments with a shareholding of up to 20 %are valued at fair value.Principles of consolidationThe financial statements of consolidated companies have been prepared as of the date of the consolidated finan cialstatements, using the historical cost convention as modified by the revaluation of financial assets at fair valuethrough profit and loss and applying uniform valuation and presentation principles. The purchase method of accountingis used for acquired businesses.Minority interestsMinority interests have been included as part of the Group’s equity in the consolidated financial statements insteadof a separate category and are no longer deducted in order to obtain the Group’s net income figure.Foreign currency translationIncome, expense and cash flows of consolidated companies have been translated into Swiss francs using the respectiveaverage-weighted exchange rates. The balance sheet values are translated using the year-end exchangerates. Exchange rate differences from variations in exchange rates compared to previous years arising from thetranslation of equity in subsidiaries and long-term intercompany loans (only loans of an equity nature) and differencesresulting from the translation of net income are allocated to the other comprehensive income. Translationdifferences resulting from the application of this method are classified as equity until the disposal of the investment.Current foreign currency gains and losses are shown in net financial income.Revenue recognitionSales are recognised when the material risks and rewards of ownership of the goods or services rendered havebeen transferred to a third party and are reported net of sales tax. Provisions for rebates and discounts to customersbased on contract terms are recognised in the same period as related sales are recorded.Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interestrate applicable. Dividend income from investments is recognised when the shareholder’s rights to receive paymenthave been established.Cash and cash equivalentsCash and cash equivalents and short-term cash investments comprise cash on hand and deposits with banks,including sight deposits, as well as short-term, risk-free investment instruments which can be converted into cashwithin 90 days.Trade accounts receivableThe reported values represent the invoiced amounts. Valuation allowances for troubled loans are determinedperiodically.Other accounts receivable and prepaid expenseOther accounts receivable comprise receivables from social security institutions for indirect taxes and othernon-operating receivables from third parties due within one year. They also include prepaid expense.Construction contractsWhere the outcome of a construction contract can be reliably estimated, revenue and costs are recognised by referenceto the stage of completion of the contract activity at the balance sheet date, measured based on the proportionof contract costs incurred for work performed to date relative to the estimated total contract costs, expectwhere this would not be representative of the stage of completion. Variations in contract work, claims and incentivepayments are included to the extent that they have been agreed with the customer.
Page 1 and 2: 09Annual ReportWe Enable Energy
Page 3 and 4: Share of total salesNet sales by re
Page 5 and 6: 2 Letter to shareholdersDear Shareh
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Page 17 and 18: SEGMENTSAPPLICATIONGeneratorsRotati
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Glossary 101Quality assuranceIn tod
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Our product portfolioVon Roll is th
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Annual Report 2009 - Von Roll

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