Annual Report Samas NV 2008 2009 Annual ... - Alle jaarverslagen

6.1 Basis of preparation: Financing and continuityThe consolidated financial statements of Samas N.V. have been prepared in accordancewith the International Financial Reporting Standards (IFRS) as adopted by the EuropeanUnion.Further to the disposals of its subsidiaries Samas France in September 2008 andErco Interieurbouw in February 2009, Samas N.V. disposed of the operating activities inSwitzerland on 6 May 2009, the Benelux operations on 11 June 2009 and the remainingoperating activities in Germany and Eastern Europe on 1 July 2009.These divestments have given the operating companies access to extra financingto secure their continuity. The remaining Holding companies will follow a plan in orderto facilitate a dismantlement of group activities which are important for these activities,especially in the ICT-area.Following the operating results of 2008/2009 and the necessary impairments causedby the above-mentioned divestments, equity per 31 March 2009 amounted€13.8 million negative. At this moment, no funds are available to secure the continuity ofthe Holding activities for a period of over 1 year. As a result, pursuant to IAS 1 §25, the2008/2009 Consolidated Financial Information is no longer prepared on a going concernbasis.S a m a s2 0 0 82 0 0 942Accordingly, financial statements have been prepared under the following principles:• The results of the disposal group (comprising disposed operations and held for saleinvestment) have been reclassified in the income statement for 2008/2009in “discontinued operations”. Prior year information has also been representedto be consistent with the 2008/2009 financial statement presentation.• In accordance with IFRS 5, all assets and liabilities from the disposal group havebeen reclassified in the balance sheet in “assets held for sale” and “liabilitiesrelated to assets held for sale”. A detailed breakdown of these assets and liabilitiesis disclosed in note 9 of the consolidated financial information.• Assets and liabilities from continuing corporate activities have been valued at thelower of net book value and recoverable amount less cost to sell.• All assets and liabilities within continuing corporate activities that are expectedto be recovered or are due over 12 months have been classified as non-current.All other assets and liabilities are classified as current.The preparation of financial statements in conformity with IFRS requires the use ofcertain critical accounting estimates. It also requires management to exercise its judgementin the process of applying the group’s accounting policies. The areasinvolving a higher degree of judgement or complexity, or areas where assumptionsand estimates are significant to the consolidated financial statements, are disclosedin note 8.6.2 Consolidation policies1 Group companies – The consolidated financial statements include the accountsof Samas N.V. and its Group companies. Group companies are legal entities over whichSamas N.V. has the power to govern the financial and operating policies generallyaccompanying a shareholding of more than one half of the voting rights.