Annual Report 2007 - Muehlhan AG

More documents

Recommendations

Info

6 supervisory board dr Wulf-dieter H. Greverath philip percival dr Gottfried Neuhaus Dr Wulf-Dieter H. Greverath Hamburg Chairman of the Supervisory board from 1981 to 2005 Managing partner and chairman of the Muehlhan Group holding company’s management board. Philip Percival richmond, Great britain deputy Chairman of the Supervisory board Managing director of the SG Capital Europe ltd, london Dr Gottfried Neuhaus Hamburg Member of the Supervisory board Managing partner of Neuhaus partners GmbH, Hamburg
ManageMent divisions share Group ManaGeMent report Group Consolidated FinanCial stateMents Report of the Supervisory Board Muehlhan AG looks back on an eventful 2007 fiscal year. After the successful initial public offering during the 2006 fiscal year, the company had to rise to new challenges and make trend-setting strategic decisions during the past year. In doing so, the primary objective was to permanently overcome potential hurdles and shape the orientation of the company for the future. As the Supervisory Board, we accompanied the work of the company’s management during the reporting year to the extent specified by law and by the Articles of Incorporation. Review of management of the company and supporting advice for the Executive Board by the Supervisory Board during the 2007 fiscal year, the Executive board provided regular reports to the Supervisory board in writing and verbally regarding the commercial development of Muehlhan aG and of the Muehlhan Group. in doing so, special attention was given to the company’s complex market situation in light of general economic development. the Executive board also provided comprehensive reports regarding the financial position of the corporation and of the subsidiary companies, their earnings performance, and corporate planning. in a total of five joint meetings, the Supervisory board and the Executive board discussed personnel and business policy processes and a collective course. additionally, the Supervisory board attended to the situation of the Group in several internal telephone conferences. Key topics at all the meetings were the strategic orientation of the Muehlhan Group and the resulting operational implementation. at the same time, the development of the company’s four main areas of business in the international markets was discussed. other key topics were the current state of business performance and finances. the Executive board provided required additional information to the Supervisory board without delay verbally and in writing. Even between meetings, the Supervisory board was in direct contact with the Executive board, so that individual questions about important developments and business transactions at Muehlhan could be discussed and decided without time delays. Focal points during the 2007 deliberations the following topics were discussed as focal points during the meetings of the Supervisory board during the 2007 fiscal year: the successful ipo in the year 2006, and thus the acceptance of the business model by the capital market, aroused expectations for the year 2007, which Muehlhan was unable to fulfill to the extent in the short-term. in addition, Muehlhan came under pressure at an early stage as a result of individual factors like the challenging business development for the uS subsidiary companies. from the beginning, the project difficulties at the California Golden Gate bridge were a subject of the deliberations between the Supervisory board and the Executive board such that the subsidiary company Certified Coatings Company was able to assert the legal claims in a timely manner and in close coordination. during the course of the fiscal year, the Supervisory board regularly informed itself about the current developments for the project. there was a similar regular exchange regarding other elements of uS activities, including the situation for the offshore service provider Meaux and the continued weakness in the marine sub-markets in the uSa. the Supervisory board included the various individual factors in its considerations when it engaged in the evaluation of the recommendations of the Executive board for a restructuring of the american subsidiary companies. in the deliberations with management of the Muehlhan Group, the Supervisory board was able to procure comprehensive insight into the extent and effectiveness of the measures, and to support them. 7
Page 1 and 2: Annual Report 2007
Page 3 and 4: The Group is represented locally in
Page 5 and 6: Content 2 ManageMent 2 Foreword 5 E
Page 7 and 8: ManageMent divisions share Group Ma
Page 9: Executive Bodies executive board Dr
Page 19 and 20: One is successful not primarily as
Page 21 and 22: Continued and consistently good bus
Page 23 and 24: ManaGeMent divisions share Group Ma
Page 25 and 26: The marine markets are interconnect
Page 29 and 30: In our industry segments, a technol
Page 31 and 32: ManaGeMent divisions share group Ma
Page 37 and 38: We issued a letter of credit for uS
Page 53 and 54: Retained earnings Equity Minority i
Page 61 and 62:
ManaGeMent divisions share Group Ma
Page 63 and 64:
3. FINANCIAL ASSETS ManaGeMent divi
Page 65 and 66:
sand (previous year: Eur 13,053 tho
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
other provisions developed as follo
Page 73 and 74:
eakdown by divisions: ManaGeMent di
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Statement of the Auditors´ Report
Page 81 and 82:
ussia Muehlhan Morflot OOO 198035 S
Page 83 and 84:
Contacts and Financial Calendar mue
show all

Annual Report 2007 - Muehlhan AG

Create successful ePaper yourself

Delete template?

Save as template?