Annual Report 2007 - Muehlhan AG

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58 pursuant to ifrS 3, goodwill has not been regularly amortized since 1 January 2005. an impairment test was made in accordance with iaS 36 in the past financial year by applying the discounted cash flow method based on the respective business planning data. No write-down was necessary in the financial year 2007. the impairment test was based on the following assumptions: an interest rate of 7% was used as a basic discount factor. it corresponds to the interest rate payable with respect to the loan issued by us plus a markup of some 1% to cover the general risk. the discount factor is increased by 2% to reflect the risk of changing cash flows resulting from fluctuating exchange rates. the discount factor is also increased by 2% to take into consideration the low level of planning certainty at newly established or acquired companies and companies in the process of restructuring. the development of intangible fixed assets for the financial years 2007 and 2006 is shown in the fixed assets movements schedule included in the Group consolidated financial statements. 2. PROPERTY, PLANT AND EQUIPMENT property, plant and equipment is analyzed as: in kEur 31 December 2007 31 December 2006 land, land rights and buildings including buildings on third-party land 6,957 5,955 technical equipment and machinery 19,433 14,953 other equipment, operating and office equipment 3,276 2,584 prepayments and assets under construction 115 63 Total 29,781 23,555 Net book values of tangible fixed assets are deduced from their purchase costs. accumulated depreciation on tangible fixed assets amounted to Eur 42.8 million (previous year: Eur 39.7 million). tangible fixed assets include leased assets in the amount of Eur 0.1 million (previous year: Eur 0.2 million). they pertain to operating and office equipment at a subsidiary. Capital expenditures amounted to Eur 12.5 million in 2007. they mainly refer to capital spending on replacements. the acquisition of tangible assets through the initial consolidation of newly acquired companies entailed Eur 2.6 million of purchase and production costs and Eur 1.3 million of residual book values. the development of property, plant and equipment for the financial years 2007 and 2006 is shown in the fixed assets movements schedule included in the Group consolidated financial statements.
3. FINANCIAL ASSETS ManaGeMent divisions share Group ManaGeMent report group Consolidated FinanCial stateMents financial assets are analyzed as follows: in kEur 31 December 2007 31 December 2006 Shares in affiliated companies 54 135 investments 1 19 Securities 10,028 0 Total 10,083 154 Shares in affiliated companies pertain to companies that are immaterial with respect to the evaluation of the Group’s net assets, financial and earnings position and have, therefore, not been included in the consolidation. Securities involve investments in money market funds and are categorized as financial assets available for sale in accordance with iaS 39; they are stated at the fair value (market value). the account in which the money market funds are held was pledged to the lender (see note 11). the development of financial assets for the financial years 2007 and 2006 is shown in the fixed assets movements schedule included in the Group consolidated financial statements. 4. DEFERRED TAx ASSETS deferred tax assets pertain to the following items: in kEur 31 December 2007 31 December 2006 accumulated tax loss carryforwards 3,681 2,172 Non-current assets 145 116 Current assets 83 145 provisions and other liabilities 323 33 Total 4,231 2,467 in Germany, there are trade tax loss carryforwards of Eur 14.5 million and corporate income tax loss carryforwards of Eur 8.9 million as of the balance sheet date. there are tax loss carryforwards of Eur 7.4 million abroad. on the basis of the medium-term planning of the companies involved, a tax benefit in the amount of Eur 3,681 thousand will accrue over the next five years. We already have capitalized this amount now since the probability is almost certain that the results will be realized by the companies in question. 59
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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
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Executive Bodies executive board Dr
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Page 25 and 26: The marine markets are interconnect
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Page 79 and 80: Statement of the Auditors´ Report
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Annual Report 2007 - Muehlhan AG

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