Notes to Group Financial Statements Reporting Entity
year in which the respective circumstances have occured.
COLTENE Holding AG (former Medisize Holding AG ) – the
holding company of the COLTENE Group (“the Group”) – is a stock corporation according to Swiss Code of Obliga tions. The Company’s legal domicile is in Altstätten, Switzerland. COLTENE Holding AG was founded in accor dance with Swiss company law on December 15, 2005. The Group was originally active in the dental and medical markets. COLTENE Holding AG was established to inte grate the former Health Care division of Gurit Holding AG under one company as well as to list COLTENE Holding AG as an independent company at the SIX Swiss Exchange on June 23, 2006. After the sale of the entire medical business on April 30, 2008, the Group is fully focused on the dental business.
Operating Segments and Products Under the umbrella brand COLTENE the Group develops, manufactures, and sells mainly via distribu tion channels a broad and comprehensive range of disposables and tools for dentists and dental laboratories. The Group operates one operating segment defined in line with management structure, the organizational setup, the reporting and allocation of resources by the chief decision maker and the products of the Group. Therefore internal and external reporting are aligned.
Principles of Consolidation General Remarks The Group financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS ). The figures are based on the historical cost convention except for certain financial assets and liabilities carried at fair value. The preparation of financial statements requires the use of certain critical accounting estimates which could impact the assets, liabilities, and contingent liabilities at the balance sheet date as well as income and expenses of the reporting period. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. If at a later point of time such judgments and estimates made by management differ from the actual circumstances, the original judgments and estimates made are changed for the
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The International Accounting Standards Board ( IASB ) and the IFRS Interpretation Committee ( IFRIC ) issued the following new and amended IFRS and interpretations to be applied for annual periods beginning on or after January 1, 2013: – Amendment to IAS 1, “Presentation of financial state ments – Presentation of items of other comprehensive income“ – IFRS 10, “Consolidated financial statements” – IFRS 11, “Joint arrangements” – IFRS 12, “Disclosure of interests in other entities” – Amendments to IFRS 10, IFRS 11 and IFRS 12 – Transition guidance – IFRS 13, “Fair value measurement“ – IAS 19 (revised), “Employee benefits” – IAS 28 (revised), “Investments in associates and joint ventures“ Forthcoming standards and interpretations are: – Amendment to IAS 32, “Financial instruments: Presentation“ – Offsetting financial assets and financial liabilities – Amendment to IAS 39, “Financial instruments: Recognition and measurement” – Novation of deriva tives and continuation of hedge accounting – IFRIC 21, “Levies” – IFRS 9, “Financial instruments” – IAS 19 revised amendment – Annual improvements (2010 – 2012 and 2011 – 2013 cycle) The Group does not anticipate any significant impact of these changes on future consolidated financial statements and no early adoption is foreseen. The Group financial statements are based on the single audited financial statements of the Group’s subsi d iaries, prepared according to consistent Group accounting princi ples as of December 31. The Group financial statements were prepared in accordance with Swiss company law and IFRS which are the listing regulations of the SIX Swiss Exchange. If no information to the contrary is provided, the applicable currency unit shall be thousand Swiss francs ( TCHF ). Swiss francs are the functional currency of the Holding company as well as the reporting currency of the Group.
Financials COLTENE Group
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