- Letter to Shareholders
- Interim consolidated financial statements 2024
- Interim consolidated statement of profit or loss
- Interim consolidated statement of profit or loss and other comprehensive income
- Interim consolidated balance sheet
- Interim Consolidated statement of cash flows
- Interim Consolidated statement of changes in equity
- Notes to the consolidated financial statements
- 1 Reporting entity
- 2 Basis of preparation and material accounting policies
- 3 Change in scope of consolidation: Acquisition through business combination
- 4 Revenue from contracts with customers and reconciliation to segment information
- 5 Segment information by business segments
- 6 Operating expenses by nature
- 7 Income taxes
- 8 Shareholders’ equity and employee participation plans
- 9 principal exchanges rates
- 10 Financial instruments and fair value disclosures
- 11 Subsequent events
- Global
2 BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES
2.1 Basis of preparation
These unaudited financial statements are the interim condensed consolidated financial statements of Tecan Group Ltd. and its subsidiaries (together referred to as the ‘Group’) for the six-month period ending June 30, 2024. The financial statements are prepared in accordance with International Accounting Standard (IAS) 34 ‘Interim Financial Reporting’ and should be read in conjunction with the consolidated financial statements 2023 as they provide an update of previously reported information. The interim condensed consolidated financial statements were authorized for issue on August 8, 2024.
The preparation of these interim condensed consolidated financial statements requires management to make assumptions and estimates that affect the reported amounts of revenues, expenses, assets, liabilities, and disclosure of contingent liabilities at the date of these interim condensed consolidated financial statements. If in the future such assumptions and estimates deviate from the actual circumstances, the original assumptions and estimates will be modified as appropriate in the period in which the circumstances change.
The Group operates in industries where significant seasonal or cyclical variations in total sales are not experienced during the financial year.
Income tax expense is recognized based on the best estimate of the weighted average annual income tax rate expected for the full financial year.
2.2 Introduction of new and revised/ amended standards and interpretations
The accounting policies applied in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the annual consolidated financial statements 2023, except for the adoption of the following amended standards, effective as from January 1, 2024:
Standard1 |
IAS 1 ‘Presentation of Financial Statements’ amended – Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants |
IFRS 16 ‘Leases’ amended – Lease Liability in Sale and Leaseback |
IAS 7 ‘Statement of Cash Flows’ and IFRS 7 ‘Financial instruments – Disclosures’ amended – Disclosures: Supplier Finance Arrangements |
- IAS = International Accounting Standards, IFRS = IFRS Accounting Standards
The adoption of the amended standards did not result in material changes to the Group’s accounting policies.
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