Uster Technologies Ltd | Annual Report 2009 Uster Technologies ...

More documents

Recommendations

Info

Report of the Statutory Auditor on the ConsolidatedFinancial StatementsTo the General Meeting of Uster Technologies Ltd, UsterZurich, 16 February 2010As statutory auditor, we have audited the accompanying consolidated financial statements of Uster TechnologiesLtd, which comprise the statement of comprehensive income, statement of financial position,consolidated statement of cash flows, consolidated statement of changes in equity, and notes on pages 52to 97 for the year ended 31 December 2009.Board of Directors’ responsibilityThe Board of Directors is responsible for the preparation and fair presentation of the consolidated financialstatements in accordance with International Financial Reporting Standards (IFRS) and the requirementsof Swiss law. This responsibility includes designing, implementing and maintaining an internalcontrol system relevant to the preparation and fair presentation of consolidated financial statements thatare free from material misstatement, whether due to fraud or error. The Board of Directors is further responsiblefor selecting and applying appropriate accounting policies and making accounting estimates that arereasonable in the circumstances.Auditor’s responsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit.We conducted our audit in accordance with Swiss law and Swiss Auditing Standards and International Standardson Auditing (ISA). Those standards require that we plan and perform the audit to obtain reasonableassurance whether the consolidated financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in theconsolidated financial statements. The procedures selected depend on the auditor’s judgment, includingthe assessment of the risks of material misstatement of the consolidated financial statements, whether dueto fraud or error. In making those risk assessments, the auditor considers the internal control system relevantto the entity’s preparation and fair presentation of the consolidated financial statements in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of accounting estimates made, aswell as evaluating the overall presentation of the consolidated financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.OpinionIn our opinion, the consolidated financial statements for the year ended 31 December 2009 give a true andfair view of the financial position, the results of operations and the cash flows in accordance with IFRS andcomply with Swiss law.98 Report of the Statutory Auditor on the Consolidated Financial Statements
Report on other legal requirementsWe confirm that we meet the legal requirements on licensing according to the Auditor Over-sight Act (AOA)and independence (Art. 728 CO and Art. 11 AOA) and that there are no circumstances incompatible withour independence.In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that aninternal control system exists, which has been designed for the preparation of consolidated financial statementsaccording to the instructions of the Board of Directors.We recommend that the consolidated financial statements submitted to you be approved.Ernst & Young LtdDaniel ZauggLicensed audit expert(Auditor in charge)Peter Z. EgliLicensed audit expertReport of the Statutory Auditor on the Consolidated Financial Statements 99
Page 1 and 2:
Uster Technologies Ltd | Annual Rep
Page 3 and 4:
Achievements 2009• EBITA margin m
Page 5:
PortraitThe Uster Group is the lead
Page 8 and 9:
Table of ContentsInhaltsverzeichnis
Page 10 and 11:
Max-Ulrich Zellweger, Geoffrey Scot
Page 12 and 13:
Quality means the customercomes bac
Page 14 and 15:
Operational ReviewOperativer Rückb
Page 16 and 17:
Inconsistent quality meansloss of p
Page 18 and 19:
position as the world leader and au
Page 20 and 21:
Poor quality can destroybrand reput
Page 22 and 23:
Sales and MarketingVertrieb und Mar
Page 24 and 25:
The hidden cost of poor qualityThin
Page 26 and 27:
Research and InnovationForschung un
Page 28 and 29:
OperationsProduktion und LogistikIn
Page 30 and 31:
OutlookAusblickSeveral trends and l
Page 32 and 33:
Corporate GovernanceThe information
Page 34 and 35:
• On February 10, 2009, Lombard O
Page 36 and 37:
2.4 Shares and Participation Certif
Page 38 and 39:
Board of DirectorsMembers of the Bo
Page 40 and 41:
Harald Rönn, Member of the Board o
Page 42 and 43:
The Board of Directors may entrust
Page 44 and 45:
Nomination and Compensation Committ
Page 46 and 47:
Executive CommitteeMembers of the E
Page 48 and 49:
4 Executive Committee4.1 Members of
Page 50 and 51:
Harold R. Hoke Jr., Head of Sales a
Page 52 and 53:
6.2 Statutory QuorumsUnless mandato
Page 54 and 55: 9 Information PolicyUster Technolog
Page 56 and 57: Comment on the Consolidated Financi
Page 58 and 59: Uster Group - Consolidated Financia
Page 60 and 61: Consolidated Statement of Cash Flow
Page 62 and 63: Consolidated Statement of Changes i
Page 64 and 65: 2.5 Impairment of Goodwill and Inta
Page 66 and 67: Standards, Amendments and Interpret
Page 68 and 69: 3.4 Intangible AssetsBusiness Combi
Page 70 and 71: 3.6 Financial InstrumentsFinancial
Page 72 and 73: 3.7 InventoriesInventories are meas
Page 74 and 75: 3.13 Revenue RecognitionRevenue fro
Page 76 and 77: The carrying amount of financial as
Page 78 and 79: The table below sets out the carryi
Page 80 and 81: The fair value of the bank loans ha
Page 82 and 83: 8.4 Personnel Expensein CHF 1,000 J
Page 84 and 85: 12 Intangible Assetsin CHF 1,000 Cu
Page 86 and 87: 13 Impairment Testing of Goodwill a
Page 88 and 89: 14 Property, Plant and Equipmentin
Page 90 and 91: The changes in the present value of
Page 92 and 93: 16 Income TaxStatement of Comprehen
Page 94 and 95: Movements in Temporary DifferencesT
Page 96 and 97: The ageing of these receivables is
Page 98 and 99: 21.3 DividendsThe holders of regist
Page 100 and 101: Restructuring ProvisionsThe Company
Page 102 and 103: 26 Operating Lease CommitmentsNon-c
Page 106 and 107: Uster Technologies Ltd - Financial
Page 108 and 109: Uster Technologies Ltd - Notes to t
Page 110 and 111: 10 Investments in SubsidiariesAs of
Page 112 and 113: Executive Committeein CHF 2008Name
Page 114 and 115: Report of the Statutory Auditor on
Page 116 and 117: Information for InvestorsShare Info
Page 118 and 119: Key Figuresin CHF 1,000 Jan 1 -Dec
Page 120 and 121: in CHF 1,000 2009 2008 2007 2006 1)
Page 122: ImprintContent Concept and EditingI
show all

Uster Technologies Ltd | Annual Report 2009 Uster Technologies ...

Create successful ePaper yourself

Delete template?

Save as template?