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

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Germany and Central & Eastern EuropeOn 19 June 2009, the shareholders agreed to divest the operations in Germany andCentral & Eastern Europe. Following this approval, 94% of the shares were sold to aconsortium of investors, consisting of Innovation Change GmbH and local management,supported by local government. Following this divestment, the operations in Germanyand Central & Eastern Europe can continue as a whole on a standalone basis, supportedby new external funding.The assets and liabilities related to these operations were transferred to assets andliabilities held for sale in March 2009 and the result of the revaluation to fair value lesscosts to sell has been accounted for as an impairment charge on assets. The result onthis transaction after tax will be recorded in 2009/2010.Balance from disposed Germany and Central & Eastern Europe operationsat balance date(in thousands of euros)S a m a s2 0 0 82 0 0 96231-03-2009Assets held for saleProper ty, plant & equipment 7,513Intangible assets 499Investments in associates 4,302Long term receivables 582Non-current assets 12,896Inventories 14,197Trade and other receivables 16,099Cash and cash equivalents 2,309Current assets 32,605Total assets held for sale 45,501Liabilities held for saleDeferred tax liabilities 396Pension provision 9,680Provisions for other liabilities 678Non-current liabilities 10,754Trade payables 6,995Taxes and social security premiums 1,054Borrowings 18,095Other current liabilities 5,747Current liabilities 31,891Total liabilities held for sale 42,645Net asset value 2,856
Profit for the year from disposed Germany and Central & Eastern Europe operationsThe results of the discontinued operations in the year ended 31 March 2009 are set out below.(in thousands of euros)2008/2009 2007/2008Revenue 179,574 190,748Cost of raw andauxiliar y materials 94,184 97,365Gross profit 85,390 93,383Operating costs 90,283 91,502Operating profitbefore impairment - 4,893 1,881Impairment charge -34,427 0Operating profit -39,320 1,881Net finance costs(incl. share profit in ass.) -3,511 -6,055Result before income ta x - 42,831 - 4,174Income tax -6,367 -1,714Result for the year - 49,198 -5,888S a m a s2 0 0 82 0 0 9Cash flows for the year from disposed German and Central & Eastern Europe operations(in thousands of euros)63Net cash flow from operating activities 5,680Net cash flow from investing activities -1,409Net cash flow from financing activities -3,422Movement in cash and cash equivalents 849Cash and cash equivalents at 1 April 2008 1,460Movements in cash and cash equivalents 849Cash and cash equivalentsat 31 March 2009 2,309
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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 and 58: Profit for the year from disposed F
Page 59 and 60: Profit for the year from disposed S
Page 61: Profit for the year from disposed B
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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