December 17, 2010 | by Adval Tech Holding Ltd
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December 17, 2010, As announced on August 27, 2010, in the context of reporting on the semi-annual financial statements, the registered shares of Adval Tech Holding Ltd will in future be listed in the Domestic Standard segment of the SIX Swiss Exchange. The relevant application has been approved under SIX Swiss Exchange regulations. This change in trading segment is related to the change in financial reporting standards from IFRS (International Financial Reporting Standards) to Swiss GAAP FER (Schweizerische Fachempfehlung zur Rechnungslegung) and is being made in compliance with the relevant Reporting Guidelines (RLR, Art. 6). Adval Tech shares (stock symbol: ADVN; ISIN: CH0008967926) will be traded for the last time in the Main Standard segment on December 29, 2010, and for the first time in the Domestic Standard segment on December 30, 2010.
With the development of IFRS reporting standards their complexity is increasing continually. The effort involved in preparing financial statements is growing significantly. For medium-sized companies like the Adval Tech Group utilization of the modular concept of Swiss GAAP FER entails acceptable effort. Swiss GAAP FER also continues to ensure informative financial reporting providing a true and fair view of the company’s financial position, results of operations and cash flows.
In the context of the change in reporting standards, goodwill amounting to some CHF 69 million will be posted to shareholders’ equity. Employer contribution reserves of some CHF 2 million in the pension fund of Adval Tech Holding Ltd will also be stated and posted to shareholders’ equity. Shareholders’ equity on the date of the change (January 1, 2009) is therefore now CHF 131 million (previously CHF 198 million), and the equity ratio is equivalent to 38.1% (previously 48.3%). Adval Tech expects no material impact on the income statement.
The Board of Directors of Adval Tech Holding Ltd took note of the effects of this change at yesterday’s board meeting and approved its implementation.
Contact
Adval Tech Holding Ltd Jean-Claude Philipona Chief Executive Officer T.: +41 31 980 82 75 E.: jc.philipona@advaltech.com
Markus Reber Chief Financial Officer T.: +41 31 980 82 70 E.: markus.reber@advaltech.com
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Conclusion of this article: « Adval Tech shares now listed in the Domestic Standard segment of the SIX Swiss Exchange »
Source: Adval Tech Holding Ltd, Press release