Annual Report 2007 - Muehlhan AG

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64 the development of the Group’s pension accruals is analyzed as follows: in kEur 2007 2006 at 1 January 519 520 interest with respect to earned pension entitlements 17 18 benefits paid -36 -33 addition of defined-contribution plans through initial consolidation 93 0 increase in accruals – contributory pension plans 52 14 At 31 December 645 519 it is assumed that pension payments in 2008 will correspond to the level of the previous year. actuarial gains or losses were not set off since they did not exceed the 10% corridor. 11. FINANCIAL LIABILITIES financial liabilities are analyzed by maturities as follows: in kEur 2007 Time to maturity 2006 Time to maturity Total 0-1 year 1-5 years > 5 years Total 0-1 year loans 34,527 0 7,000 27,527 34,401 0 0 34,401 liabilities to banks 1,984 1,984 0 0 233 233 0 0 Total 36,511 1,984 7,000 27,527 34,634 233 0 34,401 on 28 March 2006, the parent company issued a Eur 35 million loan. the loan is not collaterized and runs until 2016. repayment will be in five equal annual installments as from 2012. the loan carries interest at 5.77% payable every six months in arrears. the prudential insurance Company of america subscribed the loan. the transaction expenses of the loan amounted to nearly Eur 1.2 million. the loan is stated at amortized costs after taking into account the transaction expenses. all bank liabilities existing at the time of the issuance of the loan were repaid as a consequence of the inflow of funds. in the next four years, the loan will lead to annual outflows of funds of Eur 2,020 thousand, in 2012 to an outflow of Eur 8,818 thousand, and thereafter Eur 31,231 thousand. two performance-linked requirements of the loan could not be met due to weak profitability. an “amendment” was agreed with the lender in Mid-March 2008, according to which he waives the termination right to which he is entitled as a result of the violation of the bond terms. in return, in december 2007 we pledged half of the Eur 10.0 million amount for the expected term of 14 or 26 months. an interest adjustment could be avoided through the agreement of a one-time payment of Eur 120 thousand. to our knowledge, no active market exists for this loan, so that the fair value approximates the book value as far as we know. the liquidity situation of the Group is hereby not endangered (see also note no. 3). 1-5 years > 5 years
ManaGeMent divisions share Group ManaGeMent report group Consolidated FinanCial stateMents the MyaG Group has at its disposal credit lines totaling Eur 10.6 million (previous year: Eur 11.6 million), which can be used at MyaG’s discretion as cash loans and guarantee credits. Moreover, primarily Euler Hermes Kreditversicherungs aG and Zürich Versicherung aktiengesellschaft as well as other similar institutes have provided guarantee lines totaling Eur 31.6 million (previous year: Eur 26.9 million). apart from indebtedness to banks in the amount of Eur 2.0 million (previous year: Eur 0.2 million), guarantee credit totaled Eur 13.0 million (previous year: Eur 5.0 million) at 31 december 2007. apart from cash and cash equivalents, the company had at its disposal unused credit and guarantee lines in the amount of Eur 27.2 million (previous year: Eur 33.3 million) at 31 december 2007. the effective interest rate attributable to financial liabilities amounted to 6.1% on average during the financial year. 12. DEFERRED GOVERNMENT GRANTS Government grants in connection with tangible assets are treated as deferred income and are recorded as income over the expected useful life of the related asset. 13. OTHER LIABILITIES other liabilities can be categorized by maturity as follows: in kEur 2007 Time to maturity 2006 Time to maturity Total 0-1 year 1-5 years > 5 years Total 0-1 year tax liabilities 2,816 2,816 0 0 3,266 3,266 0 0 liabilities relating to social security 1,489 1,489 0 0 1,903 1,903 0 0 liabilities to personnel 4,599 4,599 0 0 4,212 4,212 0 0 lease liabilities 140 79 61 0 193 62 131 0 deferred income 357 357 0 0 617 617 0 0 Sundry liabilities 1,714 1,714 0 0 1,967 1,967 0 0 Total 11,115 11,054 61 0 12,158 12,027 131 0 liabilities with respect to finance leases amount to Eur 140 thousand (previous year: Eur 193 thousand) at the balance sheet date. the scope of the Group’s finance leases is insignificant and will further decrease since the liquidity will enable the Group to purchase assets in the future. Existing agreements will expire over the next two years. the liabilities will not be cleared prior to maturity from a cost point of view. the fair value of other liabilities corresponds to the carrying amount. 1-5 years > 5 years 65
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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 17 and 18: ManageMent divisions share Group Ma
Page 19 and 20: One is successful not primarily as
Page 21 and 22: Continued and consistently good bus
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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 63 and 64: 3. FINANCIAL ASSETS ManaGeMent divi
Page 65 and 66: sand (previous year: Eur 13,053 tho
Page 67: ManaGeMent divisions share Group Ma
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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