3 Scope of the consolidation (page 1/3)
The consolidated financial statements of Heidelberger Druckmaschinen Aktiengesellschaft include a total of 73 (previous year: 71) domestic and foreign companies in which Heidelberger Druckmaschinen Aktiengesellschaft has a controlling influence as defined by IAS 27. Of these companies, 65 (previous year: 64) are located outside Germany. Control as defined by IAS 27 exists if the financial and operating policy of a company can be influenced in order to derive benefits from its activities. Inclusion in the consolidated financial statements occurs at the time that control is established. Subsidiaries that are of minor importance are not included. The list of the shareholdings of Heidelberger Druckmaschinen Aktiengesellschaft is published in the electronic Bundesanzeiger (Federal Gazette). The material subsidiaries included in the consolidated financial statements are listed in the notes to the consolidated financial statements in the appendix ‘Major shares in affiliated companies’.
The Heidelberg consolidated financial statements as of March 31 also include five companies whose balance sheet date is December 31. If these companies conduct material transactions between December 31 and March 31, they are included in the consolidated financial statements.
As against the previous year, the scope of the consolidation changed as follows:
- First-time consolidation:
In the first quarter of the 2008/2009 financial year, Heidelberg Graphic Equipment (Shanghai) Co. Ltd., Shanghai, China, and Heidelberg Consumables Holding GmbH, Heidelberg, Germany, were included in the scope of the consolidation for the first time. Heidelberg took over the British-Dutch coating manufacturer ‘Hi-Tech Coatings’, a group consisting of four companies, on May 27, 2008. 100 percent of shares were acquired in each of the following companies: Hi-Tech Coatings Limited, Aylesbury Bucks, UK, Hi-Tech Coatings International Limited, Aylesbury Bucks, UK, Hi-Tech Coatings B.V., Zwaag, the Netherlands, and Hi-Tech Coatings International B.V., Zwaag, the Netherlands. The provisional purchase price of € 42,177 thousand comprises a component of € 34,377 thousand that is not performance-related and two performance-related components (earn-out) totaling a maximum of € 7,800 thousand. The purchase price is to be paid in cash. The performance-related parts of the purchase price are to be paid at the end of the first and second years after the acquisition date (first and second earn-out year), respectively, if the earnings before interest and income taxes (EBIT) exceed a certain value. The earn-out is also dependent on previous owners continuing to work for Hi-Tech Coatings until 2009 or 2010. Incidental costs of acquisition amount to € 1,172 thousand.