Annual Report 2007 - Muehlhan AG

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70 personnel expenses include: in kEur 2007 2006 Wages and salaries 59,846 62,742 Social security costs 12,540 11,064 post-employment benefit costs 295 223 Total 72,680 74,029 Employee investment in January 2007, Muehlhan aG introduced an investment program for executives of the Muehlhan Group in the form of a phantom share program. in doing so, the beneficiaries are granted a claim to a cash payment from the company that depends on reaching particular goals, and which places the beneficiaries in the same financial position as if they had acquired a company share at the issue price and resold the share at the market price at the exercise date (so-called virtual share option program). the phantom shares of the Muehlhan Group may be exercised only if the company shares have experienced an increase in value of at least 10% per year greater than the ipo price (Eur 5.80) since the allocation date as defined in greater detail in the terms and conditions. for each tranche of phantom shares allocated to him or her, the beneficiary is bound to a staggered waiting period that amounts to two years for a third of the allocated phantom shares, three years for another third, and four years for the last third. the maximum term of the phantom shares is six years; after that they expire. the issuance of up to 650,000 phantom shares had been planned to members of the Executive board, continental management, CEos of the subsidiary companies, and other Muehlhan aG executives. as of 31 december 2007, 328,000 phantom shares had been issued. an accrual of Eur 60 thousand was formed for the liability arising from the employee investment program. a corresponding expense for the allocation is included in personnel expenses. 20. ExPENSES IN RESPECT OF FINANCIAL INSTRUMENTS Expenses in respect of financial instruments include in 2007 interest expenses and an amount of Eur 126 thousand incurred in connection with the valuation of the loan at amortized cost (previous year: Eur 90 thousand). borrowing costs were expensed pursuant to iaS 23. No borrowing costs were capitalized since these costs could not be directly attributed to a qualifying asset. 21. OTHER OPERATING INCOME AND OTHER OPERATING ExPENSES other operating income (2007: Eur 6,535 thousand; previous year: Eur 4,498 thousand) mainly include income from GiVE’s waiver of receivables from MCN (Eur 2,009 thousand; previous year: Eur 0 thousand), exchange gains (Eur 1,939 thousand; previous year: Eur 1,564 thousand), income from the release of provisions and liabilities uncertain with regard to the amount (Eur 726 thousand; previous year: Eur 869 thousand), income from the realization of receiv ables written off (Eur 175 thousand; previous year: Eur 632 thousand) and insurance benefits (Eur 262 thousand; previous year: Eur 370 thousand).
ManaGeMent divisions share Group ManaGeMent report group Consolidated FinanCial stateMents other operating expenses (2007: Eur 30,267 thousand; previous year: Eur 25,065 thousand) mainly include travel expenses (Eur 5,082 thousand; previous year: Eur 4,374 thousand), rentals and incidental expenses (Eur 2,795 thousand; previous year: Eur 2,577 thousand), exchange losses (Eur 4,080 thousand; previous year: Eur 2,499 thousand), motor vehicle expenses (Eur 2,707 thousand; previous year: Eur 2,215 thousand), repairs (Eur 2,552 thousand; previous year: Eur 2,244 thousand), write-down and losses of receivables (Eur 1,493 thousand; previous year: Eur 542 thousand), legal and consultancy expenses (Eur 2,736 thousand; previous year: Eur 1,741 thousand), insurance premiums (Eur 1,953 thousand; previous year: Eur 1,608 thousand) and staff training and other personnel costs (Eur 2,151 thousand; previous year: Eur 1,492 thousand). the aforementioned exchange gains and losses relate to translation adjustments within the meaning of iaS 21.52a. 22. TAxES ON INCOME taxes on income are analyzed as follows: in kEur 2007 2006 Current tax expense -2,354 -2,967 deferred taxes 1,705 556 Total -649 -2,411 in principle, MyaG and its German subsidiaries are subject to the corporate tax and solidarity levy as well as trade tax, which in 2007 was still deductible from taxable income for corporate tax purposes. this results in a composite tax rate of 40% in the financial year. However, for 2008 a composite tax rate of 31.5% is assumed, as a result of tax reform in Germany. reconciliation of theoretical and actual tax expenses: in kEur 2007 2006 Earnings before taxes 1,101 6,333 theoretical tax expenses at the tax rate of MyaG: 40% -440 -2,533 adjustments as a result of the utilization or capitalization of hitherto unused tax loss carryforwards 130 377 Effects of differing tax rates -275 41 adjustments as a result of prior period tax refunds and tax expenses -64 -296 Actual tax expenses -649 -2,411 actual tax rate 59.0% 38.1% 71
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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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One is successful not primarily as
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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 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: 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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