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Retroactively adjusted key figures in STADA’s income statement and STADA’s consolidated balance sheet
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Investor relations
FAQs
Retroactively adjusted key figures in STADA’s income statement and STADA’s consolidated balance sheet
FAQs
What retroactive impact does the the changed accounting treatment of BIOCEUTICALS Arzneimittel AG pursuant to IAS 8 have on the consolidated balance sheet and income statement?
In fiscal year 2008, the consolidated financial statements of STADA Arzneimittel AG as of December 31, 2007 as well as the Management Report for fiscal year 2007 were inspected (random sampling) in accordance with section 342b (2) sentence 3 no. 3 of the German Commercial Code (HGB) by the German Financial Reporting Enforcement Panel (Deutsche Prüfstelle für Rechnungslegung e.V.; DPR). As a result of the inspection the following observations were made:
- In its consolidated financial statements as of December 31, 2007, STADA Arzneimittel AG wrongly recognized BIOCEUTICALS Arzneimittel AG at acquisition cost. It must be assumed that STADA Arzneimittel AG has at least a substantial influence on BIOCEUTICALS Arzneimittel AG in accordance with IAS 28. Thereafter, BIOCEUTICALS Arzneimittel AG was to be recognized under the equity method in accordance with IAS 28.
- The financial obligation from a capital guarantee of up to EUR 25 million by STADA Arzneimittel AG towards BIOCEUTICALS Arzneimittel AG was, incorrectly, not recognized under liabilities in the consolidated financial statements of STADA Arzneimittel AG as of December 31, 2007. With this, IAS 32.25 was infringed. Overall, the Executive Board of STADA Arzneimittel AG deems the consequences of these observations for the balance sheet as well as the Group’s income statement as not serious and therefore decided, in order to avoid costs, to accept the observations made by DPR without further objections and to adapt the previous year’s consolidated financial statements as of December 31, 2007 pursuant to the observations. Accordingly, for the previous year, the result from the accounting of associated companies under the equity method amounts to EUR -0.9 million.
Details on this issue can be found in STADA’s Annual Report under Notes IFRS 1.5 or in the charts presented below.
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