Annual Report 2007 - Muehlhan AG

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56 Financial assets held for sale at the time of acquisition, financial assets are recorded at their acquisition costs (market value) plus related transaction costs. Subsequent valuation is at fair value (market value). Subsequent changes in value are recorded in equity (revaluation reserve) in a net effecting operating results manner after taking deferred taxes into account until the asset is sold or an impairment is recorded with an effect on net income. financial assets held for sale are shown as financial investments. Impairment of assets assets with an indeterminate useful life are not regularly depreciated or amortized. they are subject to an annual impairment test. tangible fixed assets and intangible assets with a defined useful life are also subject to an impairment test if there is an indication that the value of the respective asset is reduced. in this connection, the realizable amount (the higher of net realizable value and service value) is determined and compared with the asset’s carrying amount. if the realizable value is lower than the carrying amount, the balance is taken to expense. if the reason for the write-down has ceased to exist in the meantime, a write-up is recorded up to the amortized costs. No such write-up is made with respect to goodwill. the impairment test is made on the basis of the discounted cash flow method. the expected cash flow is based on business planning data. its present value is calculated by reference to an interest rate brought about by market forces. Pension accruals and similar obligations there are contributory pension plans which do not entail any additional pension obligation except for the current payment of contributions. there are also defined benefit pension plans at two companies which relate almost entirely to pension obligations to a retired former managing director of a subsidiary. the pension accruals with respect to the defined benefit pension plans are calculated in accordance with the projected unit credit method. this actuarial determination of the present value of accumulated plan benefits does not only take into account the current pension payments and vested rights of future pension payments at the balance sheet date but also the expected future increase in salaries and pensions. the 10% corridor method pursuant to iaS 19.92 is applied with respect to actuarial gains or losses. the accrual is reduced by the amount of potential plan assets. Service and interest costs are shown under personnel expenses. the actuarial present value of the defined benefit obligation is calculated by discounting the expected future payments at an interest rate attributable to top-rated corporate bonds denominated in the currency in which payments have to be made and at maturities matching the pension obligations. in respect of contributory pension plans, the payments of contributions are shown under personnel expenses. Contributions outstanding at the balance sheet date are recorded under pension accruals. Other provisions in accordance with iaS 37, other provisions are accounted for all risks discernible at the balance sheet date and third-party liabilities resulting from past transactions or events if the amounts and maturities involved are uncertain. provisions are based on the best estimate of the amount of the settlement. positive performance contributions are not netted. provisions are also set up with respect to onerous contracts. a contract is deemed to be onerous if the unavoidable costs exceed the economic benefit expected from the contract. Financial liabilities in principle, financial liabilities are stated at their attributable present value less transaction expenses and carried forward at amortized cost. Non-interest-bearing or low-interest liabilities with a term of at least one year are accounted for at their present value taking into account a market-oriented interest rate. liabilities originating from finance leases are accounted for at the present value of the minimum lease payments at the beginning of the lease transaction or the fair value, if lower, and reduced by the redemption payments included in the lease rentals. in principle, short-term financial liabilities include the portion of long-term loans with a term up to one year.
ManaGeMent divisions share Group ManaGeMent report group Consolidated FinanCial stateMents Research and development expenses research and development costs are taken to expense in the period incurred. the conditions necessary in accordance with iaS 38 for a capitalization of development expenses are not met. Trade payables trade payables are non-interest bearing and are stated at their repayment value. Deferred taxes deferred taxes resulting from temporary differences of valuations entered in the statutory and tax balance sheets of the individual companies as well as from consolidation entries are calculated separately for each fiscal jurisdiction and shown as deferred tax assets or liabilities. Moreover, deferred tax assets may include claims for tax reductions as a consequence of the expected utilization of existing loss carryforwards in the following years if their realization is ensured with enough certainty. deferred taxes are calculated on the basis of tax rates applicable to the reversal in the respective fiscal jurisdictions which are valid or resolved at the balance sheet date. in addition, deferred taxes can be calculated on the basis of accounting transactions without any effect on income. deferred tax assets are only accounted for to the extent in which the realization of the associated benefit appears to be likely. if this criterion is not met, provisions are set up taking into account earnings in the past and expected business development in the foreseeable future. Assumptions and estimates in connection with the preparation of the consolidated financial statements it is partly necessary to make assumptions and estimates which affect the amounts and classification of assets and liabilities, income and expenses as well as contingent liabilities. actual values may differ from the assumptions and estimates in particular instances. adjustments will affect results at the time when better knowledge is available. Government grants Government grants in respect of tangible fixed assets are deferred and released over the expected useful life of the related asset. iii. notes to the balance sheet 1. INTANGIBLE FIxED ASSETS intangible fixed assets are analyzed as follows: in kEur 31 December <strong>2007</strong> 31 December 2006 Concessions, industrial and similar rights and assets 804 720 Goodwill 24,725 22,201 prepayments 0 114 Total 25,529 23,036 57
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Annual Report 2007
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The Group is represented locally in
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Content 2 ManageMent 2 Foreword 5 E
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ManageMent divisions share Group Ma
Page 9 and 10: Executive Bodies executive board Dr
Page 11 and 12: ManageMent divisions share Group Ma
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 59: 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 71 and 72: other provisions developed as follo
Page 73 and 74: eakdown by divisions: ManaGeMent di
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
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Annual Report 2007 - Muehlhan AG

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