- The Stories
- Investor Relations
- Corporate Governance
- Financial Report 2022
- Chief financial officer’s report
- Five-year consolidated data
- Consolidated financial statements
- Notes to the consolidated financial statements
- 1 Reporting entity
- 2 Summary of significant accounting policies
- 3 Scope of consolidation
- 4 Sales – Revenue from contracts with customers
- 5 Sales – Income from operating lease arrangements (group as lessor)
- 6 Segment information
- 7 Operating expenses by nature
- 8 Research and development
- 9 Other operating result
- 10 Financial result
- 11 Earnings per share
- 12 Employee benefits
- 13 Income taxes
- 14 Cash and cash equivalents
- 15 Other current financial assets
- 16 Trade accounts receivable
- 17 Inventories
- 18 Non-current financial assets
- 19 Property, plant and equipment
- 20 Right-of-use assets (group as lessee)
- 21 Intangible assets and goodwill
- 22 Financial liabilities
- 23 Contract liabilities
- 24 Government grants
- Statutory Auditor´s Report on the Consolidated Financial Statements
- Balance sheet of Tecan Group Ltd.
- Income statement of Tecan Group Ltd.
- Notes to the financial statements of Tecan Group Ltd.
- 1 Reporting entity
- 2 Summary of significant accounting policies
- 3 Investments in subsidiaries
- 4 Bond
- 5 Provision for general business risks
- 6 Shareholders’ equity
- 7 Gain on sale of financial investments
- 8 Number of employees
- 9 Number of shares and share options
- 10 Guarantees in favor of third parties
- 11 Liabilities from lease arrangements not included in the balance sheet
- 12 Subsequent events
- Statutory Auditor`s Report on the Financial Statements of Tecan Group Ltd.
- Global
21 INTANGIBLE ASSETS AND GOODWILL
21.1 AMOUNTS RECOGNIZED IN THE FINANCIAL STATEMENTS
| Software | Develop- | Patents | Acquired order backlog | Acquired brand | Acquired client relationships | Acquired technology | Goodwill | Total 2021 |
CHF 1,000 |
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At cost |
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Balance at January 1, 2021 | 34,600 | 104,884 | 341 | - | 5,595 | 26,420 | 21,100 | 136,098 | 329,038 |
Acquisition through business combination | - | - | - | 16,218 | 11,597 | 224,692 | 58,801 | 624,901 | 936,209 |
Internally developed | 3,004 | 9,579 | - | - | - | - | - | - | 12,583 |
Translation differences | (6) | 136 | 4 | 123 | 194 | 2,018 | 660 | 6,099 | 9,228 |
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Balance at December 31, 2021 | 37,598 | 114,599 | 345 | 16,341 | 17,386 | 253,130 | 80,561 | 767,098 | 1,287,058 |
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Accumulated amortization and impairment losses |
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Balance at January 1, 2021 | 28,023 | 68,520 | 341 | - | 1,656 | 8,167 | 8,423 | - | 115,130 |
Annual amortization | 1,471 | 8,107 | - | 13,637 | 977 | 6,049 | 3,943 | - | 34,184 |
Translation differences | (16) | (20) | 4 | (19) | 5 | 34 | (13) | - | (25) |
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Balance at December 31, 2021 | 29,478 | 76,607 | 345 | 13,618 | 2,638 | 14,250 | 12,353 | - | 149,289 |
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Net book value | 8,120 | 37,992 | - | 2,723 | 14,748 | 238,880 | 68,208 | 767,098 | 1,137,769 |
| Software | Develop- | Patents | Acquired order backlog | Acquired brand | Acquired client relationships | Acquired technology | Goodwill | Total 2022 |
CHF 1,000 |
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At cost |
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Balance at January 1, 2022 | 37,598 | 114,599 | 345 | 16,341 | 17,386 | 253,130 | 80,561 | 767,098 | 1,287,058 |
Additions | - | - | 239 | - | - | - | - | - | 239 |
Internally developed | 1,364 | 11,561 | - | - | - | - | - | - | 12,925 |
Disposals | - | - | - | (17,095) | (382) | - | - | - | (17,477) |
Translation differences | (57) | 61 | (6) | 754 | 182 | 2,864 | 734 | 8,042 | 12,574 |
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Balance at December 31, 2022 | 38,905 | 126,221 | 578 | - | 17,186 | 255,994 | 81,295 | 775,140 | 1,295,319 |
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Accumulated amortization and impairment losses |
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Balance at January 1, 2022 | 29,478 | 76,607 | 345 | 13,618 | 2,638 | 14,250 | 12,353 | - | 149,289 |
Annual amortization | 1,727 | 10,400 | 3 | 2,849 | 1,666 | 12,435 | 6,522 | - | 35,602 |
Disposals | - | - | - | (17,095) | (382) | - | - | - | (17,477) |
Translation differences | (20) | (71) | 2 | 628 | (44) | (361) | (236) | - | (102) |
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Balance at December 31, 2022 | 31,185 | 86,936 | 350 | - | 3,878 | 26,324 | 18,639 | - | 167,312 |
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Net book value | 7,720 | 39,285 | 228 | - | 13,308 | 229,670 | 62,656 | 775,140 | 1,128,007 |
The amortization charge is recognized in the following line items of the statement of profit or loss:
| 2021 | 2022 |
CHF 1,000 |
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Cost of sales | 13,637 | 2,849 |
Sales and marketing | 7,026 | 14,101 |
Research and development | 12,050 | 16,924 |
General and administration | 1,471 | 1,728 |
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Total amortization | 34,184 | 35,602 |
21.2 IMPAIRMENT TESTS
For the purpose of impairment testing, goodwill is allocated to a cash-generating unit or to a group of cash-generating units that are expected to benefit from the synergies of the corresponding business combination. Subsequently, the recoverable amount of the cashgenerating unit (higher of fair value less costs of disposal and value in use) is compared to its carrying amount. An impairment loss is only recognized if the carrying amount of the cash-generating unit exceeds its recoverable amount. Value in use is normally assumed to be higher than the fair value less costs of disposal; therefore, fair value less costs of disposal is only investigated when value in use is lower than the carrying amount of the cash-generating unit.
Value in use is calculated according to the discounted cash flow method. The cash flow projections are based on a five-year financial planning period. Cash flows beyond the five-year period are extrapolated applying the estimated long-term growth rates stated below. The expected growth in sales is based on external market studies and internal assessments prepared by management. Future cash flows are discounted using the weighted average cost of capital (WACC). The discount rates applied are pre-tax.
21.2.1 Financial year 2022
The Group performed impairment tests on cash-generating units containing goodwill in June 2022, using the following key assumptions:
Goodwill Cash-generating unit | Method | Carrying amount (CHF 1,000) | Test date | Basis for | Pre-tax discount rate | Projection period | Long-term growth rate |
Goodwill Life Sciences Business Life Sciences Business | DCF-method | 110,908 | June 2022 | Value in use | 9.5% | 5 years | 0.0% |
Goodwill Partnering Business Partnering Business | DCF-method | 664,232 | June 2022 | Value in use | 9.4% | 5 years | 0.0 % |
In addition, the Group prepared mandatory impairment tests for capitalized development costs relating to products that are not yet launched on the market at August 31, 2022.
Based on the impairment tests 2022, there was no need for the recognition of any impairment. Management believes that no reasonably possible change in any of the above key assumptions would cause the carrying amount of the cash-generating unit to materially exceed its recoverable amount.
21.2.2 Financial year 2021
The Group performed impairment tests on cash-generating units containing goodwill in June 2021, using the following key assumptions:
Goodwill Cash-generating unit | Method | Carrying amount (CHF 1,000) | Last test date | Basis for | Pre-tax discount rate | Projection period | Long-term growth rate |
Goodwill Life Sciences Business Life Sciences Business | DCF-method | 110,966 | June 2021 | Value in use | 7.8% | 5 years | 0.0% |
Goodwill Partnering Business Partnering Business | DCF-method | 656,132 | December 2021 | Value in use | 7.2% | 5 years | 0.0 % |
In addition, the Group prepared mandatory impairment tests for capitalized development costs relating to products that are not yet launched on the market at August 31, 2021.
Based on the impairment tests 2021, there was no need for the recognition of any impairment.
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