Medion MIM 2230
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Medion MIM 2230 Laptop & Notebook, size: 3.5 MB
Medion MIM 2230
Netzteil Ladekabel mit Schalter 19V 3,42A FSP065 ASC f r Medion ...
User reviews and opinions
|xkrama||9:58am on Wednesday, July 21st, 2010|
|Replacement Laptop / notebook AC / DC Adaptor Ordered this item late on Sunday evening and received it Tuesday morning!|
|keithrw||5:14am on Thursday, March 11th, 2010|
|Review Very good service. The device did not work on my laptop so i sent it back and the company gave me a refund straight away.|
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Compliance information On December 7 and 14, 2009 and January 11 and 18, 2010, all affected management executives were provided with information in four briefings concerning the new compliance requirements, the current regulations and their practical implementation in the MEDION Group. These briefings also covered information about the insider trading laws, anticorruption laws and antitrust regulations as well as the presentation of code of conduct requirements. Furthermore, information was provided concerning the necessity of erecting Chinese walls, the handling of possible insider information in accordance with the law, the new data protection requirements and the role of management executives as models for their respective areas. The names of all persons having access to insider information (including employees and non-employees), for whom the access to information is essential for the fulfillment of their responsibilities to MEDION, are recorded in insider directories which are maintained in the Human Resources department.
Accounting and Auditing The accounts of the MEDION Group are prepared in accordance with International Financial Reporting Standards (IFRS) as mandatory in the EU. In addition, the provisions of section 315a (1) of the German Commercial Code (HGB) are applied. The separate financial statements of the parent company, MEDION AG, are prepared in accordance with HGB. The statutory auditors are selected by the Annual Shareholders Meeting and appointed by the Supervisory Board. In order to ensure the independence of the statutory auditors, the Supervisory Board asks them for a declaration that there are no existing grounds for exclusion or partiality.
Accounting and Auditing
When appointing the auditors, the Supervisory Board obtains their consent to inform the Chairman of the Supervisory Board without delay of any grounds for exclusion or partiality arising during the audit that are not immediately eliminated. Furthermore, the auditors must notify the Supervisory Board without undue delay of all findings and incidents material to the duties of the Supervisory Board of which they become aware in the course of the audit. The auditors must also inform the Supervisory Board or make a note in the Audit Report if they ascertain facts during the course of the audit that do not correspond with the declaration of compliance submitted by the Management Board and Supervisory Board in accordance with Section 161 of the Stock Corporation Act.
On behalf of the Supervisory Board
On behalf of the Management Board
Dr. Rudolf Sttzle (Chairman)
Gerd Brachmann (Chairman)
4 Design and Marketing
MEDION makes use of creative centers that are steeped in tradition, yet look to the future. We maintain design studios in the heart of the European Capital of Culture RUHR.2010 as well as in the host city of the EXPO 2010, Shanghai. The numerous awards that our products have gained worldwide bear testimony to our designers creativity.
The latest technologies render new product applications possible. Data compression almost without compromises in quality makes it possible to store lots of music, photo and video files on tiny devices. MEDION embraced the challenge to offer a compact, innovative product solution.
MP4 Player MEDION LIFE P61004/MD82288 Think you have to leave your music, movies and photos behind when youre on the road? Think again. The P61004 multimedia player is the perfect traveling companion. Entertainment and memories spring to life at the touch of a button, stored in a pocket-sized device no bigger than a credit card. The MEDION LIFE MP4 player features clean-line styling with an easy-to-use 2.8 touch screen. Its internal 4 GB of memory are expandable thanks to a MicroSD slot. The slender silver frame lends an elegant accent while integrating various ports and function buttons. Recipient of the red dot design award
MP3 players are rather personal products. We carry them on us or hold them in our hand while enjoying music. Which is why an MP3 player should also feel good. Nature served as our model here. A soft, pleasing form, inspired by pebbles, was the result. The reverse motif of concentric triangles is reminiscent of the circles generated by a pebble tossed into a pond.
MP3 Player MEDION LIFE P61006 The MEDION LIFE P61006 series MP3 players allow people to enjoy music anywhere. The integrated memory can also record dictated memos as well as juggle the daily data of life on the go. A color display depicts functions selected from the clearly conceived keypad. The soft contours of the housing are fashioned to fit the hand. The typical MEDION design elements the silver line and distinctive triangle set it apart whether in classical black, in white, or in one of the available color options. Recipient of the Good Design Award
Successful brands compete by demonstrating uniqueness. Regardless of innovations and trends, our goal is to equip products with characteristics that set them apart, giving them a unique identity. The challenge of design is to strike the proper balance between rapid technical advances and the desire for longevity.
MEDION pursues its unique design strategy further MEDION is extending its design strategy, aimed at a high degree of brand recognition, to its notebooks and navigation aids. Our international design studios held numerous workshops to devise a visual vocabulary to blend existing stylistic elements. The silver stripe and the triangle of the previous design line now merge to form LineaTre, a striking detail easily identifiable on mobile products of the MEDION AKOYA and MEDION GoPal series. Awards began to pile up for LineaTre soon after market launch. Jurors of international design institutions have bestowed numerous distinctions on MEDION products.
MEDION LIFE Digital Camera
MEDION AKOYA Notebook
MEDION LIFE MP4 Player
MEDION AKOYA PC
MEDION LIFE DECT Telephone
MEDION LIFE Blu-ray Player
MEDION LIFE MP3 Player
MEDION GoPal Navigation System
MEDION LIFE Camcorder
MEDION LIFE Internet Radio
MEDION LIFE LCD TV
MEDION LIFE 8-in-1 Remote Control
Top Quality the Best Argument
Last year, MEDION was once again able to go head to head with the best in the high-tech business, chalking up some remarkable results along the way. Our guiding principle to offer innovative technology possessing a high degree of functionality at top value was able to sway numerous national and international magazines and trade journals.
Joining our products in the winners circle was our product design. Elegant and stylish, it garnered several prestigious design awards.
Get in Touch. International trade fairs are an ideal place to communicate product innovations to customers and retail partners and achieve a high level of awareness. The close cooperation between our design and marketing specialists guarantees a unified corporate identity and effectively supports MEDIONs sales activities.
Trade Fairs and Events
Bringing innovation to life We were again able to set some major milestones in 2009 on the way to making our brand with its attractive product portfolio unmistakable. One of them was doubtless our launch event for MEDION THE TOUCH in Frankfurt am Main, at which Adrian Sutil unveiled our high-tech wonder to the international press. MEDION had a large stand at the IFA 2009, the tradeshow for the biggest and best of the industry, and once again, our exhibits drew spectators like a magnet. MEDION THE TOUCH was the absolute highlight of the exhibit which featured MEDIONs entire product line. The successful presentation of the all-in-one PC became the talk of the town in Berlin, reported in international press releases including the evening news and on prime time on the German television news channel n-tv. The consistent communications strategy of the innovative products featuring the MEDION design line showcased every detail, both at the stand and at the event.
The MEDION Brand
MEDION has made the Democratization of Technology its mission right from the beginning. The Companys high-quality consumer electronics products are trendy and stylishly designed. At the same time, these products are marketed at prices that are affordable to a broad spectrum of consumers. In addition, MEDION is increasingly developing and marketing a complementary line of services in the areas of telecommunications, software downloads and online services.
MEDION is an unconventional, future-oriented brand that stands for both quality products and excellent value. In order to sharpen the profile of the MEDION brand and bolster the brands image, the above positioning was communicated outside of Germany using traditional marketing efforts, supported by innovative communication approaches. These advertising and communication initiatives were intended to generate awareness and trigger buying impulses. MEDION will continue to help grow its brand in 2010 using targeted communication initiatives. In addition to existing campaigns such as MEDION THE TOUCH, we will launch new international campaigns to coincide with product launches. Beyond classic media channels, we intend to focus on new media, such as social media, in order to appeal to new target groups, expanding our media mix.
At MEDION, we are constantly on the lookout for new ideas. There couldnt be an idea more innovative and advanced than MEDION THE TOUCH, combining the Internet, telecommunications, audio, video, Blu-ray, DVD and TV all in one system.
With this unique concept, MEDION has positioned itself as a technology leader and innovator in the German consumer-electronics market. MEDION THE TOUCH consists of a powerful multimedia PC, entertainment center, and communications hub with innovative multi-touch display and touch-optimized software. An extraordinary innovation such as MEDION THE TOUCH demands attentiongetting communications that will do justice to its innovative multimedia qualities. A major launch event with international press marked the kickoff. Extensive efforts with components of print advertising, viral marketing, on-line communications, and events supported the campaign.
The slogan GET THE TOUCH is an invitation to join MEDION in becoming acquainted with the next generation of touch screen computers. We successfully targeted opinion leaders using an unconventional campaign featuring a handprint as its key visual symbolizing the many possibilities of MEDION THE TOUCH.
Viral marketing, such as the commercial spot, stood at the forefront of the campaign. The spot brings the tactile theme to life in a creative, modern fashion, and reaffirms the connection to the campaigns slogan and key visual. The spot also conveys emotion and a spirit which viewers associate with the MEDION brand and the product. This innovative mix of classic and viral communication and marketing was an essential component of the successful launch.
1 Figures for the German consumer electronics market reflect the consumer electronics market index (CEMIX) published jointly by the Gesellschaft fr Unterhaltungs- und Kommunikationselektronik (gfu) and the Gesellschaft fr Konsumforschung (GfK).
Market for Consumer Electronics
TV and audio As in previous years, devices such as high-resolution flat-screen televisions and all devices that permit mobile use of media were again in particularly high demand in 2009. The market for TV displays rose by 5.5% to 6.013 billion, and the market for home audio by 10.4% to 826 million. In terms of televisions, LCD TVs recorded sales of 5.29 billion (7.5 million units sold) in Germany in 2009, and plasma TVs 635 million (0.7 million units sold). Overall, 8.6 million television sets (+15.7%) were sold in Germany in 2009 (including projection TVs, mobile TV receivers, and CRT devices).
Notebooks Sales growth in the consumer electronics market was also supported by the continued strong and rising demand for notebooks. The information technology market segment achieved sales of 6.826 billion overall, an increase of 19.0%. Growth in the PC/multimedia area was driven primarily by notebooks, with volume sales rising by 42.6% to 6.32 million units sold. Sales revenues grew by 21.5% to 3.743 billion, while average unit prices fell by 14.8% to 592. Consumer demand for mobility was the main growth driver in this segment as evidenced by the continued market success of netbooks. Desktop PCs climbed by 7.1% to a sales level of 0.921 billion, benefiting from the launch of all-in-one products. Unit sales of desktop PCs rose 13.5% to 1.531 million units sold.
Navigation devices As expected, unit sales of navigation devices kept their high level, declining only slightly by 5.3% to 4.098 million units sold. As the average price fell further by 12.7% to 178 per unit, revenues declined by 17.3% to 731 million in this market segment. MEDIONs core competency and sales focus is the PC/multimedia business, which contributes 56% of total Group sales. The entertainment electronics/services business is increasing its share of sales and contributes 44% of total sales.
The MEDION Group
MEDIONs Business Model
MEDIONs business model, which has proven itself nationally and internationally over the past 20 years, focuses on cooperating with retail partners to provide consumers with highly functional and innovative trend products in appealing designs at the cutting edge of technology. These consumer electronics products reflect the best price-performance ratio, making them accessible to a broad range of buyers at an early stage in the market cycle. In addition to its traditional marketing campaign business with consumer electronics products, MEDION is increasingly concentrating on developing and marketing a complementary line of services, particularly in the areas of telecommunications/MEDIONmobile, the MEDION Photo Service, software downloads, and online services. MEDION products are also marketed over the Internet and in the Companys own Webshops in Germany and important Central European markets. In its relationships with its customers, the internationally established large retail chains, MEDION acts not only as a supplier but also as a full-service provider that manages and controls the entire value creation chain, from the development of the product idea through manufacturing and logistics to after-sales service. As a rule, high-volume sales campaigns are structured and implemented jointly with the customer; in many cases, these take place simultaneously in several countries or sometimes even on several continents. With its full-service expertise, MEDION reduces the workload for its retail customers so that they can focus fully on distributing the products. MEDION does not perform all steps of the value creation chain using its own capacities, but instead uses its global procurement process to integrate highly capable international partners into the various stages of a project. After the product idea and design have been developed by MEDION in coordination with the customer, the components and products are procured from well-known manufacturers with global operations, thus incorporating their know-how and production expertise into the procurement process. MEDION structures, manages, and monitors the logistics process, which is carried out by highly capable forwarding agents. A key success factor for MEDION as well as its customers is MEDIONs comprehensive, efficient after-sales service. This service ensures that the end customer receives any support needed in setup and operation 365 days a year and, if necessary, facilitates fast repair or equipment exchange. By engaging the most efficient and capable partners, particularly in the investment-intensive links of the value creation chain, MEDION guarantees its flexibility with respect to both the product range offered and the cost structure. In this way, it is able to offer its customers the most cutting-edge products at extremely favorable price-performance ratios.
21.8 19.3 -10.4 -36.0 4.1 -6.5 -8.8 -31.9 -30.0 -17.1 2.3
Trade payables Tax provisions Other provisions Other current liabilities Total current liabilities Non-current liabilities Shareholders equity less purchased own shares Shareholders equity as reported in the balance sheet (IFRS) Total shareholders equity and liabilities
144.7 2.0 190.6 8.5 345.8 2.7 414.9 -47.1 367.8
20.2 0.3 26.6 1.2 48.3 0.4 57.9 -6.6 51.3
128.4 5.8 187.5 20.7 342.4 2.5 398.4 -43.0 355.4
18.3 0.8 26.8 3.0 48.9 0.4 56.9 -6.2 50.7
16.3 -3.8 3.1 -12.2 3.4 0.2 16.5 -4.1 12.4
12.7 -65.5 1.7 -58.9 1.0 8.0 4.1 -9.5 3.5
Compared to the previous year, the total assets of the Group increased by 16.0 million (2.3%) to 716.3 million. MEDIONs very solid balance sheet structure continued to improve in fiscal year 2009. Despite the higher deduction of own shares by 4.1 million after the acquisition of additional own shares, equity increased by 12.4 million to 367.8 million. The equity-to-assets ratio is accordingly 51.3% (2008: 50.7%). Before acquisition of own shares, the equity-to-assets ratio is even 57.9% (2008: 56.9%). On the asset side, cash and cash equivalents in particular rose by 40.1 million to 224.3 million (2008: 184.2 million), a 21.8% increase. The higher capital commitment due to the increase in inventories by approximately 31 million is offset by a reduction in trade receivables of approximately 25 million, which partially reflects the change of the sales structure. With due consideration of the increase in trade payables by approximately 16 million, the working capital declined in the year under review by approximately 11 million to around 263 million. The reduction in other assets as of December 31, 2009 is primarily the result of lower prepayments for a reduced level of anticipated customer credit notes.
Cash Flow Statement
Earnings before interest and taxes (EBIT) Depreciation, amortization and other non-cash expenses Gross cash flow
Changes in net current assets Changes in other provisions Payments for taxes/cash receipts from tax refunds Cash flow from operating activities
32.7 3.3 -8.6 51.3
-2.4 9.6 -3.7 42.7
35.1 -6.3 -4.9 8.6
> 100.0 -65.6 > -100.0 20.1
Cash used for investing activities
Free cash flow
Payments for the purchase of own shares Dividends paid Payments of financial liabilities (net) Cash used for financing activities
Changes in Employee Numbers
The average number of employees in the MEDION Group in 2009 decreased by 5.3% from 1,072 (all figures are full-time equivalents) in 2008 to 1,015 in 2009. Of these employees, 848 worked for MEDION AG and its domestic subsidiaries (2008: 848) and 167 worked for foreign subsidiaries (2008: 224). Despite the reduced number of employees, personnel expenses rose slightly in the year under review. At 47.3 million, personnel expenses increased by 0.6 million (+1.3%) compared to 2008 (46.7 million). This change is related to a higher degree of specialization and professionalism of some functions within the MEDION Group in 2009. The cost savings in accordance with the plan can be attributed essentially to personnel reductions through attrition. These personnel changes affected every division of the Company. The measures introduced in previous years for structural improvement, process streamlining, and increased efficiency were consistently continued under consideration of the changes in the overall environment. The relocation of the after sales service warehouses and repair workshops of the MEDION foreign subsidiaries in France and the Netherlands also impacted personnel expenses in 2009. The corporate decision to have an external company perform warehousing and repairs that had previously been performed by the MEDION foreign subsidiaries in France and the Netherlands is intended to increase efficiency in the area of services in the future. The repair workshop at MEDION Service GmbH was partially closed in 2007. In 2008, the warehousing activities were relocated to external service providers to make it possible to achieve significant synergy effects in international services through the creation of uniform warehousing and repair processes across Europe.
The following overview shows changes in employee numbers (full-time equivalents) as of December 31, 2009, compared with the same date in 2008.
development of number of employees (full-time equivalents as of dec. 31)
2 -67 -3 -68
7 -42 -18 -33
Overall Risk Situation
By continuing efforts to increase cost efficiency and to optimize the product portfolio, MEDION was able to further improve significant cost items in 2009. Despite the marked financial crisis in all economic areas of significance for MEDION and the resulting decline in sales, MEDION was able to maintain its gross margin at 11.2%, nearly at the same level of the previous year (11.5%). Structural costs were reduced by roughly 7% thanks to cost efficiencies achieved, even against nearly unchanged expenses for marketing and product advertising. It was therefore possible to compensate the approximately 26 million decline in the gross margin due to the decline in sales by approximately 11 million. Further measures in customer and supplier management and the control of production and logistics processes also made it possible to optimize the structure of working capital. The result is a further improvement of the liquidity position to approximately 224 million (2008: 184 million). Although MEDION is coming out of the economically difficult year of 2009 with greater strength with regard to financial risk positions, uncertainties continue to exist with regard to evaluating the trend of business in 2010. While some market research institutions are assuming a general recovery or are predicting an above-average performance particularly for the discount sector, an important sales channel for MEDION, the manufacturers and vendors of entertainment electronics are not yet predicting this trend for all of their products. Whilst a positive overall sentiment has been evident in the relevant consumer environment since the fourth quarter of 2009, the restructuring of capacities among producers and logistics providers initiated during the global financial crisis, especially in the core sourcing market of Asia, may lead to reduced flexibility in order management and thus keep the competition under pressure. For that reason, MEDION will continue its very successful measures for risk management and stabilization of the revenue items with increased intensity in 2010.
Subsequent Events / Outlook
Events after the balance sheet date (Subsequent events) There were no events after the balance sheet date which could have a material impact on MEDIONs financial position and financial performance.
Outlook Economic Climate The German Federal Government expects an average increase in the gross domestic product (GDP) of 1.4% in real terms (Annual Economic Report 2010 of the German Federal Government, p. 58 et seq.) for the entire year 2010. The report assumes a slight decline in private consumer spending , due in particular to concern about jobs. In addition, it is assumed that private households will have to pay more on the whole for energy products (electricity, gas, oil) in 2010 than in 2009. The German Federal Government also expects to see a possible deterioration in the overall labor market situation for the year 2010. Moreover, domestic demand could also experience another downturn after the economic stimulus programs in Germany and in the eurozone have been exhausted.
Countries in which the real estate and financial crises have had particularly strong effects are facing a significant threat of decline in domestic demand. The comprehensive set of measures taken by the individual countries have only provided temporary improvement of the situation in the eurozone and in Germany.
Sales Expansion of the range of services in the Companys direct business as well as the successful start in project business in 2010 have resulted in improved ordering behavior by MEDIONs most important customers for Q1 and Q2 2010. Given these circumstances, the Management Board of MEDION AG assumes that a sales increase on the order of 5-10% is probable in the first half of 2010. The trend for the second half-year 2010 cannot yet be forecast with sufficient probability; so that given stabilization of consumer demand, overall growth in sales at MEDION on the order of 5-7% can be assumed in the case of gradual economic recovery in the eurozone and in Germany in particular for financial year 2010.
Gross earnings Gross margins will continue to be under pressure because of sustained intense competition. The Management Board of MEDION assumes, however, that MEDION will be able to maintain its good market position, and that a gross margin at a level of 10.5% to 11.5% is possible.
Liquidity MEDION most probably will continue in 2010 to require no borrowings for the financing of high-volume projects. If at all, these funds should be used only for a very short time and only to a very limited degree. We do, however, expect to record some cash outflows for the payment of fees in connection with licenses and intellectual property rights for which provisions have been created and which have no effect on income.
Results Despite the persistently difficult environment in 2010, the MEDION Group will be able to increase results above the 2009 level. Thanks to its solid financial position with an equityto-assets ratio of more than 50%, the Company can continue to successfully pursue its business model; in doing so, it will focus in particular on expanding its portfolio with design-oriented, technologically innovative products as well as direct business with new offerings outside of Germany as well. Thus due to the Companys efficient cost structures the Management Board expects to see an increase in the operating result (EBIT) in the range of 15-20%, and thus a stronger increase than in sales. In this forecast, the Management Board presumes that the current economic prospects will not worsen again. It must also be considered that the fourth quarter of the fiscal year is traditionally the strongest sales quarter for MEDIONs industry sector, and until firm customer orders have been received for the fourth quarter, the forecasts of sales and profits will still include uncertainties. A further forecast for 2011 is very difficult to make due to the rapid change in the consumer electronics market environment and the structure of the MEDION business model. Should the economic risks recede and the discretionary income of consumers rise, the Management Board will expect increased sales and earnings.
The management of MEDION, a listed German corporation, is primarily determined by the German Stock Corporation Act (AktG) and also by the rules set forth in the latest version of the German Corporate Governance Code. At MEDION, good corporate governance is a standard we extend to all areas of the Company. Enhancing corporate governance and compliance at MEDION serves to justify the trust that our shareholders, business partners, employees, and the public have placed in us. We have therefore taken all organizational measures needed to not only comply with the legal requirements but also to ensure a responsible and transparent corporate management that is committed to sustained growth. In line with statutory regulations, MEDION is subject to what is termed the dual governance system, which is characterized by a strict separation of the Management Board as a managing body and the Supervisory Board as a monitoring body. The Management Board and the Supervisory Board work closely together in the interests of the Company. The Management Board manages the Company, aiming to create lasting added value, for which it assumes responsibility. In this regard, the principle of overall responsibility applies, i.e. the members of the Management Board share the overall responsibility for managing the Company. They develop the corporate strategy and coordinate efforts with the Supervisory Board to see that it is implemented. The principles of the MEDION Management Boards cooperation have been summarized in the rules of procedure for the Management Board. In particular, they establish the areas for which the individual Management Board members are responsible, the matters reserved for the consent of the Supervisory Board, the required majorities for passing resolutions, and the rights and duties of the Chairman of the Management Board. The Management Board of MEDION consists of two members. The Management Board regularly, promptly and comprehensively informs the Supervisory Board concerning all issues related to business performance that are material to the MEDION Group, major transactions as well as the current earnings situation along with the Companys risk position and risk management. Deviations in the business trend from preceding forecasts and targets are commented and reasoned in detail. Furthermore, the Management Board regularly reports on compliance, i.e. actions taken to adhere to statutory regulations and internal Company policies, an issue for which the Management Board is also responsible. The Supervisory Board advises the Management Board in managing the Company and monitors its activity. It appoints and dismisses the members of the Management Board, determines the compensation system for Management Board members, and establishes the total compensation for each of them. It is involved in all decisions that are of fundamental importance to MEDION. The Supervisory Board of MEDION consists of three members. The principles of the MEDION Supervisory Boards cooperation have been summarized in the rules of procedure for the Supervisory Board.
repurchased using equity derivatives. The Management Board is authorized, with the consent of the Supervisory Board, to purchase options entitling the Company to purchase MEDION shares upon their exercise (call options). The Management Board is further authorized, with the consent of the Supervisory Board, to sell options requiring the Company to purchase MEDION shares upon exercise of the options by their holders (put options). In addition, the purchase may occur using a combination of call and put options or using other equity derivatives as specified below. All share purchases using call options, put options, a combination of call and put options, or other equity derivatives are limited to shares making up no more than 5% of the share capital existing at the time of the resolution of the Annual Shareholders Meeting or, if lower, the share capital existing at the time the respective authorizations are exercised. The options must be entered into with a financial institution at near-market conditions. They must be arranged such as to ensure that the options are only supplied with shares purchased in compliance with the principle of equal treatment for all shareholders. To adhere to such requirement, it is sufficient that the shares be purchased on the stock exchange at the market price prevailing at the time of purchase. The term of the options must be selected such that no shares are purchased by exercise of the options after November 12, 2010. The consideration paid for one share of MEDION stock upon exercise of a call option may not exceed or fall below the average stock exchange price for the Companys shares in closing trading on the Xetra electronic trading system (or an equivalent successor system) on the Frankfurt Stock Exchange over the three trading days preceding the date of exercise of the call option by more than 10% (excluding transaction costs in each case), whereby the residual value of the call option is not taken into account. The consideration paid for one share of MEDION stock upon exercise of a put option may not exceed or fall below the average stock exchange price for the Companys shares in closing trading on the Xetra electronic trading system (or an equivalent successor system) on the Frankfurt Stock Exchange over the three trading days preceding the date of issue of the put option by more than 10% (excluding transaction costs). Moreover, an arrangement may be made with a financial institution whereby the financial institution supplies the Company with Company shares in a quantity previously determined or in a previously determined euro amount within a time period specified in advance. The price at which the Company purchases the treasury stock must include a discount from the arithmetic mean of the volume-weighted average price of MEDION stock in Xetra trading, calculated over a previously specified number of stock exchange trading days. Moreover, the financial institution must commit to buying the shares to be supplied on the stock exchange at prices within the range that would apply if the Company itself were purchasing the shares directly on the stock exchange.
The Management Board is responsible for internal control of the MEDION Group. EBIT is the key figure used for assessing the earnings power of the individual segments of the MEDION Group as well as for evaluating profit and resource allocation. Sales are allocated to the regions in which they are generated. Segment cash flow is calculated on the basis of the EBIT of the relevant segment plus segment depreciation and amortization and non-cash expenses. Segment assets include assets used to generate the relevant segments EBIT. Segment liabilities are reflected in the debt of the relevant segment. Intercompany assets and liabilities are eliminated in the Group reconciliation column. Capital expenditure includes additions to property, plant and equipment, intangible assets, and financial assets in the year under review.
Please refer to page 137 for an itemized presentation of the segment report. Income from third-party customers by region is presented in the notes on sales.
Pursuant to IFRS 8.34 MEDION is obliged to disclose information detailing the degree of dependence on major customers. MEDION maintains business relationships with key customers that are of material importance for the business development of MEDION. In the case of termination of any such business relationship, significant changes to sales revenues and additional negative impacts on the further development of MEDION might result. As of today, there are no indications that key customers will end their business relationship with MEDION. As a quantitative allocation of sales to the respective key accounts could, from the perspective of a prudent businessman, lead to significant negative effects for MEDION, the Management Board with the consent of the Supervisory Board has decided to refrain from disclosing such a break-down of its sales revenues despite the ensuing limitation of the audit certificate in respect of the disclosure of sales to key accounts as defined in IFRS 8.34.
Earnings per Share
Earnings per share are calculated by dividing the earnings attributable to shareholders of MEDION AG by the average number of shares outstanding. Shares repurchased during any period are taken into account only for the portion of the period during which they are outstanding. The weighted average of shares decreased due to the share buyback programs, amounting to 44,495,714 in fiscal 2009. There were no dilution effects resulting from potential ordinary shares during the period under review.
Weighted average number of shares outstanding Net income (in thousand) Earnings per share (basic, in ) Earnings per share (diluted, in )
44,495,714 14,155 0.32 0.32
45,952,956 26,376 0.57 0.57
Other Financial Obligations Other financial obligations include lease agreements for business premises and warehouses as well as operating leases. The latter relate to company cars, operating and office equipment and maintenance contracts. Future cash flows can be broken down as follows:
2009 in thousand < 1 year _
year < x < 5 years _
2009 > 5 years
Office and storage premises Operating leases
861 1,235 2,096
Risk Management and Financial Derivatives
1. Credit risk As indicated in IFRS 7, credit risk is the risk that one party to a financial instrument will cause financial loss to the other party by failing to discharge an obligation. At MEDION AG, credit risk primarily entails default risk. Material default risk may arise from trade receivables in the event customers are not able to meet their payment obligations when due. The maximum exposure to default risk is represented by the carrying amount of the trade receivables of 219,068 thousand (previous year: 244,451 thousand). MEDION AG generally reduces the risk by focusing on customers of top credit quality. Customers that cannot be classified into this category are of minor significance, and credit insurance policies are normally taken out for such customers. The maximum exposure to default risk for receivables sold under ABS transactions amounts to 3%. Any amounts due or past due are continuously monitored and reported to the Management Board on a monthly basis. Risk is mitigated through specific valuation allowances and portfolio-based valuation allowances.
2. Liquidity risk Liquidity risk is the risk that a company may not be able to meet obligations arising from financial liabilities. Explanations regarding liquidity management as well as an analysis of the maturities of the financial liabilities can be found in Note 17.
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