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1 Significant accounting policies
1.1 Basis of preparation
Autoneum Holding Ltd (“the Company”)
was incorporated on December 2, 2010, as a
Swiss corporation domiciled in Winterthur.
The Company has been listed on the SIX Swiss
Exchange (AUTN, ISIN: CH0127480363) since
May 13, 2011. Autoneum Holding Ltd together
with its subsidiaries will henceforth be referred
to as “Autoneum Group”, “Group” or “Autoneum”.
A list of subsidiaries, associated companies
and non-consolidated investments of Autoneum
Group can be found in note 36 on page 111.
The consolidated financial statements have
been prepared in accordance with International
Financial Reporting Standards (IFRS). The
consolidated financial statements are based on
historic cost, with the exception of specific fi-
nancial instruments, which are measured at fair
value. The consolidated financial statements
were authorized for issue by the Board of Direc-
tors on March 1, 2017, and are subject to
approval by the Annual General Meeting of
shareholders on March 30, 2017.
The consolidated financial statements are
published exclusively in English. Due to round-
ing, numbers presented throughout this report
may not add up precisely to the totals provided.
All ratios and variances are calculated using
the underlying amount rather than the presented
rounded amount.
1.2 Significant accounting judgments,
estimates and assumptions
The preparation of the Group’s consolidated
financial statements requires management
to make judgments, estimates and assumptions
that affect the application of the Group’s ac-
counting policies and the reported amounts of
revenues, expenses, assets and liabilities, and
the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about
these assumptions and estimates could result
in outcomes that require a material adjust-
ment to the carrying amount of assets or liabili-
ties in future periods. Other disclosures
relating to the Group’s exposure to risks and
uncertainties includes the risk management
process (refer to note 2, page 79) and the sensi-
tivity analyses of defined benefit plans (refer
to note 25, page 101).
Judgments
In the process of applying the Group’s
accounting policies, management has made
the following judgment in connection with
the consolidation of entities in which the Group
holds less than the majority of voting rights.
Assessing whether Autoneum has control
over an entity includes all facts and circum-
stances that may indicate that the Group is able
to direct the relevant activities and key
decisions. Autoneum concludes that it has
control over certain entities in which it
holds 50% or more (refer to note 23, page 99),
based on specific rights allocated. Facts
and circumstances indicating that Autoneum
controls an entity may change and lead to a
reassessment of the management’s conclusion.
Estimates and assumptions
Key assumptions and estimation uncertainties
that have a significant risk of resulting in a mate-
rial adjustment in the year ending December 31,
2016, include the following:
Impairment losses on tangible assets are
assessed based on estimated cash flows, which
may vary from actual cash flows. Important
assumptions to consider are useful lives, growth
rates, achievable margins as well as
discount rates (refer to note 13, page 91).
Notes to the consolidated financial statements
70
Autoneum
Financial Report 2016
Consolidated Financial Statements