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Consolidated Financial Statements - L. Possehl & Co. mbH

Consolidated Financial Statements - L. Possehl & Co. mbH

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14. Property, plant and equipment<br />

in €T 12/31/2005 12/31/2004<br />

1. Land, equivalent titles and<br />

buildings (including on leased land) 40,564 35,693<br />

2. Production plant and machinery 37,997 33,358<br />

3. Other plant, factory<br />

and offi ce equipment 9,667 7,611<br />

4. Prepayments and<br />

construction in progress 1,985 1,239<br />

90,213 77,901<br />

The production costs include appropriate shares of required material<br />

and production overhead as well as production plant related depreciation.<br />

Low value assets are completely written off in the year of purchase<br />

and recorded in the fi xed asset analysis as disposals.<br />

The linear depreciation of the purchase/production costs – reduced by<br />

grants, if necessary – is mainly based on the following assumed useful<br />

economic life:<br />

Buildings 20 – 50 years<br />

Production plant and machinery 5 – 10 years<br />

Tools 1 – 3 years<br />

Offi ce furniture 10 years<br />

Offi ce equipment 3 – 5 years<br />

Transportation vehicles 3 – 5 years<br />

In order to take into account the highly fl uctuating utilization rates<br />

of the tools used in the Electronics division, a method combining<br />

depreciation by usage with a maximum term of depreciation of four<br />

years is applied.<br />

15. <strong>Financial</strong> assets<br />

in €T 12/31/2005 12/31/2004<br />

1. Shares of affi liated companies 8,745 8,732<br />

2. Loans to affi liated companies 70 0<br />

3. Investments in associated companies 14,005 13,044<br />

4. Other investments<br />

5. Loans to companies with<br />

which the company is linked<br />

621 2,498<br />

by participation 0 4,431<br />

6. Long-term investments 32,519 36,291<br />

7. Other long-term loans 2,239 2,653<br />

58,199 67,649<br />

The list of shareholdings has been fi led and deposited with the Local<br />

<strong>Co</strong>urt of Lübeck under No. HRB 9.<br />

The following Germany-based subsidiaries made use of the exemption<br />

provision of Article 264 Para. 3 HGB during the reporting year 2005:<br />

Heimerle + Meule G<strong>mbH</strong>, Pforzheim<br />

Harburg-Freudenberger Maschinenbau G<strong>mbH</strong>, Hamburg<br />

<strong>Possehl</strong> Erzkontor G<strong>mbH</strong>, Lübeck<br />

<strong>Possehl</strong> Beteiligungsverwaltung G<strong>mbH</strong>, Lübeck<br />

The associated participations valued at-equity are carried with their<br />

prorated earnings, taking into account profi t distributions. The changes<br />

are reported in the analysis of fi xed assets as additions and disposals,<br />

respectively.<br />

The not fully consolidated shares in subsidiaries and the other participations<br />

are carried at historical cost – if applicable, less non-scheduled<br />

depreciation. Interest-free or low-interest bearing loans are reported at<br />

cash value. Personnel loans are reported at their nominal value.<br />

The non-current marketable securities are carried at cost.<br />

41

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