Annual Report 2007 - Muehlhan AG

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66 14. DEFERRED TAx LIABILITIES the company’s deferred tax liabilities relate to the items shown below as follows: in kEur 31 December 2007 31 December 2006 Non-current assets 286 152 Current assets 458 439 provisions and other liabilities 348 442 Total 1,093 1,033 deferred tax liabilities developed as follows: in kEur 2007 2006 at 1 January 1,033 692 allocation affecting net income in the Group consolidated income statement 60 341 At 31 December 1,093 1,033 15. PROVISIONS AND CONTINGENT LIABILITIES the development of tax provisions is presented as follows: in kEur At 1 January 2007 Exchange differences Utilization Release Addition At 31 December 2007 tax provisions 2,077 -24 1,605 67 1,080 1,461 tax provisions mainly comprise taxes on income incurred in the financial year 2007 but not yet paid as well as tax payments expected for prior years. No deferred taxes are included. reference is made to no. 8 of these notes. the tax provisions are expected to result in an outflow of funds in the following financial year.
other provisions developed as follows: in kEur At 1 January 2007 Exchange differences Utilization Release Addition At 31 December 2007 Warranties 738 -40 273 96 48 376 anticipated losses 735 25 760 34 34 phantom shares 0 60 60 Total 1,473 -16 1,033 96 143 470 the accrual for anticipated losses at 31 december 2006 was fully utilized in 2007. in our opinion, other accruals will result in an outflow of funds in the following financial year. in the Management report (Heading: uS activities have a significant negative effect on 2007 business development) it has been stated that a client is asserting claims totaling Eur 2.2 million (uS$ 3.3 million) for damages and additional expenditures. a potential obligation is involved that results from past activities and whose existence is dependent on the occurrence or non-occurrence of several uncertain future events, and therefore is not completely under our control. Since there are more arguments in favour than opposed that a current obligation does not exist, we have not set up any liabilities or accruals for this. We have withheld a remaining installment from the acquisition of CCC of Eur 0.7 million (uS$ 1.0 million), which would have been due in the third quarter of 2007. it is possible that we will assert claims for damages against the seller. Since realization is not regarded as probable, i. e. more likely than not to occur, we have not reduced the liability. there are no contingent liabilities which are likely to result in an outflow of funds. 16. TRADE PAYABLES ManaGeMent divisions share Group ManaGeMent report group Consolidated FinanCial stateMents the fair value of trade payables corresponds to the carrying amount. all liabilities have a residual term of up to one year. 67
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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 19 and 20: One is successful not primarily as
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Page 25 and 26: The marine markets are interconnect
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Page 65 and 66: sand (previous year: Eur 13,053 tho
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Page 79 and 80: Statement of the Auditors´ Report
Page 81 and 82: ussia Muehlhan Morflot OOO 198035 S
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Annual Report 2007 - Muehlhan AG

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