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

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2.5 Impairment of Goodwill and Intangible AssetsThe Uster Group determines at least on an annual basis whether goodwill and intangible assets with indefiniteuseful lives are to be impaired or not. For intangible assets with definite useful lives the useful life isreviewed each year and assessed for impairment whenever there is an indicator that the intangible asset maybe impaired. This requires an estimation of the value in use of the cash-generating units to which the goodwilland the intangible assets are allocated. Estimating the value in use requires to make an estimate of thefuture cash flows of the cash-generating units and to choose a suitable discount rate for the calculation ofthe present value of those cash flows (see note 13 Impairment Testing of Goodwill and Intangible Assets withIndefinite Useful Lives). These estimations are based on internal and external sources of information.2.6 Pension BenefitsThe cost of defined benefit pension plans is determined using actuarial valuations. The actuarial valuationinvolves making assumptions about discount rates, expected rates of return on assets, future salary increases,mortality rates and future pension increases. Due to the long-term nature of these plans, such estimatesare subject to significant uncertainty (see note 15 Pension Benefits).3 Summary of Significant Accounting Policies3.1 Changes in Accounting PoliciesThe accounting policies adopted in the preparation of these consolidated financial statements are consistentwith those followed in the preparation of the Group’s annual financial statements for the year ended December31, 2008, except that the Uster Group has adopted the following new and amended IFRS and IFRIC interpretationsduring the year. The principal effects of these changes in policies are discussed below.Standards, Amendments and Interpretations Effective in 2009 and Relevant for the GroupStandard /InterpretationTitleEffective DateIAS 1 Presentation of Financial Statements – Revised January 1, 2009IFRS 7 Improving Disclosures about Financial Instruments January 1, 2009IFRS 8 Operating Segments January 1, 2009IAS 1: Presentation of Financial Statements – RevisedThis amendment requires information in financial statements to be aggregated on the basis of shared characteristicsand to introduce a statement of comprehensive income. This will enable readers to analyze changesin a company’s equity resulting from transactions with owners in their capacity as owners (such as dividendsand share repurchases) separately from “non-owner” changes (such as transactions with third parties). IAS 1 Rrequires entities to present a comparative statement of financial position as at the beginning of the earliestcomparative period when the entity has applied an accounting policy retrospectively, makes a retrospectiverestatement, or reclassifies items in the financial statements.The Group has elected to present a single statement of comprehensive income.The Group has not presented three statements of financial position in these financial statements because ithas not applied an accounting policy retrospectively, made a retrospective restatement of items in its financialstatements, or reclassified items in its financial statements that affected the statement of financial positionat the beginning of the earliest comparative period.58 Uster Group – Notes to the Consolidated Financial Statements 2009
IFRS 7: Financial Instruments: Disclosures – AmendedThe amended standard requires additional disclosures about fair value measurement and liquidity risk. Fairvalue measurements related to items recorded at fair value are to be disclosed by source of inputs using athree level fair value hierarchy by class for all financial instruments recognised at fair value. In additionreconciliation between the beginning and ending balance for level 3 fair value measurements is now requiredas well as significant transfers between levels in the fair value hierarchy.IFRS 8: Operating SegmentsThis standard was published in November 2006 and replaces IAS 14 Segment Reporting. IFRS 8 requires entitiesto define operating segments and segment performance in the financial statements based on informationused by the chief operating decision-maker. This new standard has no impact on the segments currentlyreported. It led to changes in the disclosures due to the different disclosure requirements of IFRS 8.Standards, Amendments and Interpretations Effective in 2009 not Relevant for the GroupStandard /InterpretationTitleEffective DateIFRS 1 First-time Adoption of International Financial Reporting Standards –January 1, 2009Cost of an Investment in a Subsidiary, Jointly Controlled Entity orAssociate – AmendmentsIFRS 2 Share-based Payment – Vesting Conditions and Cancellations –January 1, 2009AmendmentIAS 23 Borrowing Costs – Revised January 1, 2009IAS 27 Consolidated and Separate Financial Statements – Cost of an Investmentin a Subsidiary, Jointly Controlled Entity or Associate –AmendmentsJanuary 1, 2009IAS 32 andIAS 1Financial Instruments – Amended and Presentation of FinancialStatements – AmendmentJanuary 1, 2009IFRIC 13 Customer Loyalty Programmes July 1, 2008IFRIC 15 Agreements for the Construction of Real Estate January 1, 2009IFRIC 16 Hedges of a Net Investment in a Foreign Operation October 1, 2008Improvements to IFRS January 1, 2009Uster Group – Notes to the Consolidated Financial Statements 2009 59
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Uster Technologies Ltd | Annual Rep
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Achievements 2009• EBITA margin m
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PortraitThe Uster Group is the lead
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Table of ContentsInhaltsverzeichnis
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Max-Ulrich Zellweger, Geoffrey Scot
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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 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 104 and 105: Report of the Statutory Auditor on
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
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Report of the Statutory Auditor on
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Information for InvestorsShare Info
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Key Figuresin CHF 1,000 Jan 1 -Dec
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in CHF 1,000 2009 2008 2007 2006 1)
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ImprintContent Concept and EditingI
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