The unaudited consolidated financial statements of the Schaffner Group for the first half of the financial year were prepared in accordance with International Accounting Standard (IAS) 34 - Interim Financial Reporting. As these interim financial statements represent an update of the consolidated annual financial statements for the year ended 30 September 2010, they should be read in conjunction with those annual financial statements.
The consolidated financial statements for the six months ended 31 March 2011 were approved by the Board of Directors of Schaffner Holding AG on 11 May 2011 and released for publication. The Schaffner Group applied the same accounting principles as in the prior year, expect as modified by newly issued and amended standards and interpretations.
The Schaffner Group thus adopted the following changes in accounting principles with effect from 1 October 2010:
IFRS 1 – Amendments – Additonal Exemptions for First-time Adopters
IFRS 2 – Amendments – Group Cash-settled Share -based Payment Transactions
IAS 32 – Amendments – Classification of Rights Issues
IFRIC 19 – Extinguishing Financial Liabilities with Equity Instruments
Annual Improvements to IFRSs 2010
The application of these changes has no material impact on
the consolidated financial statements of the Schaffner Group.