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

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SwitzerlandOn 6 May 2009, Samas NV sold its Swiss operations to private equity firm Nimbus.The cash consideration for 100% of the shares in Sitag and Provenda amounts to approximately€ 9 million. The intention to divest the Swiss operations was announced in 2008,following a study of strategic options and was necessary to further reduce group borrowings.The assets and liabilities related to the Swiss operations were transferred to assetsand liabilities held for sale on 31 March 2009. The result of the revaluation to fair value lesscosts to sell has been accounted for as an impairment charge on assets.Balance from disposed Swiss operations at balance date(in thousands of euros)31-03-2009Assets held for saleProper ty, plant & equipment 2,593Intangible assets 204Investments in associates 531Non-current assets 3,328S a m a s2 0 0 82 0 0 958Inventories 4,044Trade and other receivables 4,269Cash and cash equivalents 618Current assets 8,931Total assets held for sale 12,259Liabilities held for saleDeferred tax liabilities 1,646Non-current liabilities 1,646Trade payables 830Taxes and social security premiums 177Borrowings 9,000Other current liabilities 606Current liabilities 10,613Total liabilities held for sale 12,259Net asset value 0
Profit for the year from disposed Swiss operationsThe results of the discontinued operations in the year ended 31 March 2009 are set outbelow.(in thousands of euros)2008/2009 2007/2008Revenue 25,874 28,814Cost of raw andauxiliar y materials 11,693 13,242Gross profit 14,181 15,572Operating costs 13,136 14,765Operating profitbefore impairment 1,045 807Impairment charge -10,884 0Operating profit -9,839 807Net finance costs(incl. share profit in ass.) 361 288Result before income ta x -9,478 1,095Income tax -205 -44Result for the year -9,683 1,051S a m a s2 0 0 82 0 0 9Cash flows for the year from disposed Swiss operations(in thousands of euros)59Net cash flow from operating activities 3,744Net cash flow from investing activities -1,859Net cash flow from financing activities -2,151Movement in cash and cash equivalents -266Cash and cash equivalents at 1 April 2008 884Movements in cash and cash equivalents -266Cash and cash equivalentsat 31 March 2009 618
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ContentsForeword 5Information for s
Page 4 and 5:
S a m a sS a m ga rso e p2 0 0 280
Page 6 and 7:
S a m a s2 0 0 82 0 0 96household.
Page 8: Key figures per share 2008/2009 200
Page 11 and 12: Alongside the above-mentioned struc
Page 13 and 14: Report by the Executive BoardMarket
Page 15 and 16: Result from continued operationsThe
Page 17 and 18: Liabilities, net debt and financing
Page 19 and 20: To gain market share, SITAG aims to
Page 21 and 22: In Germany, Samas has a single comb
Page 23 and 24: management, where continuing attent
Page 25 and 26: Report by the Supervisor y BoardTo
Page 27 and 28: the Chief Executive Officer and the
Page 30 and 31: S a m a s2 0 0 82 0 0 9dation does
Page 32 and 33: Corporate of ficersS a m a s2 0 0 8
Page 34 and 35: S a m a s2 0 0 82 0 0 934
Page 36 and 37: 1 Consolidated balance sheet(in tho
Page 38 and 39: 2 Consolidated income statement(in
Page 40 and 41: 4 Consolidated cash flow statements
Page 42 and 43: 6.1 Basis of preparation: Financing
Page 44 and 45: Eastern Europe: *Samas Polska sp. z
Page 46 and 47: LandBuildingsPlant and machiner yOf
Page 48 and 49: and the current fair value, less an
Page 50: 6.16 Trade payablesTrade payables a
Page 53 and 54: monitored. Sales to retail customer
Page 55 and 56: 9 Assets held for sale and disconti
Page 57: Profit for the year from disposed F
Page 61 and 62: Profit for the year from disposed B
Page 63 and 64: Profit for the year from disposed G
Page 65 and 66: 11 Property, plant and equipmentMac
Page 67 and 68: 13 AssociatesInvestment in associat
Page 69 and 70: Temporar yDif ferences Other TotalD
Page 71 and 72: Legal reservesThe legal reserve rel
Page 73 and 74: 21 Pension and restructuring provis
Page 75 and 76: 25 Depreciation and amortisation200
Page 77 and 78: 30 Long-term commitmentsLong-term c
Page 79 and 80: 34 Remuneration of Executive Board
Page 81 and 82: Share option Fair value per Total f
Page 83 and 84: 36 Company balance sheet as at 31 M
Page 85 and 86: 37 Company income statement for the
Page 87 and 88: 40 Non-current assetsMovements in n
Page 89 and 90: Other information44 Remuneration of
Page 91 and 92: 47 Independent auditor’s report t
Page 93 and 94: S a m a s2 0 0 82 0 0 993
Page 95 and 96: Ten yearSamas-Groepin figures(in mi
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Annual Report Samas NV 2008 2009 Annual ... - Alle jaarverslagen

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