annual report 2008 Pelikan Holding AG

Pelikan Holding AG, Feusisberg
NOTES TO THE FINANCIAL STATEMENTS 2008
1. Investments
The investments of Pelikan Holding AG are shown in the list of group companies pages 38 and 39. During the
financial year, the investments in subsidiaries increased due to the following:
• Acquisition of Pelikan Nordic AB (formerly known as Goldcup D 3135 AB); and
• Incorporation of Pelikan France SAS
2. Risk Management
Beside the assessment of strategies, the exploration of market opportunities and the periodical analysis of
results, the Board of Directors has also assessed the risks inherent in the business of the Group. The enterprise
risk management policy of Pelikan Group is to identify, measure and control risks that may prevent the Group
from achieving its business objectives. Pelikan Group seeks to apply risk management in all parts of its business
to ensure risks are minimized and opportunities are explored.
The key elements of the Group’s risk management strategies are:
- Clearly defined lines of accountability and delegated authority;
- Regular and comprehensive information provided to management, covering operating and financial
performance and key business indicators such as resource utilisation and cash flow performance;
- Detailed budgeting process where operating units prepare budgets for the coming year, which are approved
both at operating unit level and by the Board;
- Monthly monitoring of results against budget, with major variances being followed up and management
action taken; and
- Regular visits to operating units by members of the Board and senior management.
Pelikan Holding AG is integrated in this risk management process of Pelikan Group.
3. Extraordinary income
CHF (000) 2008 2007
Service of debt warrants granted in prior years 5,420 2,094
Waiver of debt from parent company 813 -
6,233 2,094
4. Extraordinary expenses
CHF (000) 2008 2007
Value adjustment for loan to subsidiary 6,385 241
Value adjustment for loan with debt warrant to subsidiary 1,926 1,575
Value adjustment for other receivables 92 100
Value adjustment for investment in subsidiary - 352
T Total 8,404 2,268
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