Group - L. Possehl & Co. mbH

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18. other operating Expenses in E ’000 2007 2006 Freight charges 21,051 18,970 Other selling costs 38,791 38,255 Maintenance costs 15,327 18,167 Rental and leasing expenses 15,015 14,351 Other operating expenses 19,647 13,666 Legal, IT, and consultancy expenses 12,344 13,639 Insurance expenses 6,664 4,773 Currency losses 4,596 2,765 Other administrative expenses 16,013 18,278 Personnel leasing expenses 4,144 4,551 Other employee expenses 5,685 5,732 Expenses for individual and general write downs 2,830 2,473 Other impairment losses on current assets 2,279 1,233 Losses on disposal of fixed assets 230 705 Losses on disposal of fully consolidated subsidiaries 164 87 Other 10,698 9,101 19. result of Equity investments 46 175,478 166,746 in E ’000 2007 2006 Earnings from equity investments in associates 8,556 5,267 Earnings from securities (dividend income) 3,915 3,397 Earnings from affiliated companies 0 177 20. interest result 12,471 8,841 in E ’000 2007 2006 Interest income on loans and securities held as fixed financial assets 206 276 Other interest and similar income 6,747 3,576 Interest paid and similar expense -17,276 -17,865 -10,323 -14,013 Affiliated companies account for interest expense of e 1,000 (previous year: e 19,000). 21. other financial result in E ’000 2007 2006 Write downs on financial assets -119 -1 In contrast to the previous year, dividend income is included in equity investments. The previous year’s amount of e 3,397,000 was reclassified accordingly. 22. Extraordinary income/Extraordinary result The indicated amount relates to the gain on the sale of the equity stake in Norddeutsche Affinerie AG. The previous year’s amount related solely to the gain on the sale of shares in Süd-Chemie AG. 23. Extraordinary Expense The indicated amount relates solely to the allocation of the difference resulting from the conversion to valuing pension provisions in line with IAS 19. 24. income taxes Income taxes cover taxes, paid or due, on income in the individual countries as well as deferred taxes. Taxes on income consist of trade tax, corporation tax, solidarity surcharge, and the equivalent foreign income taxes. Deferred taxes recognized in the individual financial statements are adopted insofar as they conform to uniform Group accounting principles. Otherwise, deferred taxes are eliminated, e.g. deferred tax assets on tax loss carryforwards. To the extent that consolidation procedures result in deferred taxes, tax rates of 7.5 % and 40 % are applied depending on the business and the country. In the reporting year, income taxes include a net deferred tax gain of e 4,035,000. In determining deferred taxes, a reduction in the corporate tax in Germany to approximately 30 % beginning in 2008 was taken into account. Of total tax expense, a net gain of e 1,877,000 is due to prior years. 25. other taxes This item primarily consists of land tax, real estate transfer tax, and vehicle taxes as well as sales tax not deductible abroad.
NotES to tHE CoNSoLidatEd CaSH fLoW StatEMENt In accordance with GAS 2, the cash flow statement shows changes in the net cash position of the Possehl Group over the course of the year from positive and negative cash flows. Cash flows from operating activities are derived indirectly via consolidated net profit. Cash and cash equivalents disclosed as per the balance sheet date is the total of cash in hand, bank balances, and checks and is consistent with the carrying amount in the balance sheet. Other non-cash expenses mainly include additions to individual write downs and expenses due to impairment or disposal of fixed or current assets. Non-cash income primarily consists of changes in equity valuations, reversals of individual write downs, and write backs in inventories. NotES to SEGMENt rEPortiNG Group activities are primarily divided into segments according to the internal reporting lines and divisional Group management. The division according to geographical regions is secondary. Businesses and regions not allocated elsewhere are combined in a category of their own. divisions The Production segment covers the divisions Electronics, Precious Metals Processing, Special-purpose Construction, Elastomer Pro cessing, Cleaning Machines, and Textile Finishing Systems. The trading segment consists of Group companies dealing in international trading of minerals, ores, metals, plastics, and chemicals. The range of services is supplemented by upstream and downstream processing, milling, and recycling. The segment Services includes Group companies involved in Environmental Protection and Broker Activities. Letter from the Executive Board Company Boards Report of the Controlling Boards Successful over the Long Term Group Management Report Consolidated Financial Statements Further Information Central head office services provided by Holding and interim Holding Companies are combined in this segment, along with the equity investments managed by them. Geographical regions The secondary division is into the regions of Germany, other Europe, Asia, America, and other regions. Segment data The data in the segment reporting is based on the accounting principles used for the consolidated financial statements and explained in the notes. They have been prepared as for financially and legally independent companies, i.e. without eliminating transactions between segments. Reconciliation of balances and movements within the items of the consolidated balance sheet and consolidated income statement therefore represents the extent of consolidation between segments. External net sales include sales income from the sale of products and services to third parties. Inter-segment sales result from sales of products and services between individual segments. Offsetting takes place at market prices. The segment result is shown as earnings before taxes (EBT). It does not include extraordinary earnings and therefore corresponds to earnings from ordinary operations. To isolate the segment assets, tax claims are deducted from gross assets. Segment liabilities include provisions and long-term and shortterm liabilities as well as financial liabilities. Liabilities from income taxes are not segmented. Investments include expenditures for fixed intangible assets as well as property, plant, and equipment. The balance of other non-cash items primarily consists of write backs, depreciation, and amortization of current assets, changes in inventories, and capitalized own work as well as changes in write downs and provisions. For the geographical segmentation, sales are divided according to the location of the customer. Segment assets and investments are calculated based on the location of the Group company. 47
Page 1 and 2: Annual Report 2007 Successful over
Page 3 and 4: Possehl - the Entrepreneurs’ Gr C
Page 5 and 6: Table of Contents Letter from the E
Page 7 and 8: Uwe Lüders, Born 1952, Dipl.-Volks
Page 9 and 10: dr. Lutz Peters Letter from the Exe
Page 11 and 12: All of this is essential for the su
Page 13 and 14: The organizational structure of Pos
Page 15 and 16: Possehl initially becomes deeply in
Page 17 and 18: Possehl views each of its companies
Page 19 and 20: ovErviEW of tHE ECoNoMiC CoNditioN
Page 21 and 22: StratEGiC dirECtioN aNd MaNaGEMENt
Page 23 and 24: The increase in net sales came prim
Page 25 and 26: Cleaning Machines: Significant Grow
Page 27 and 28: BALANCE SHEET STRUCTURE Fixed asset
Page 29 and 30: Letter from the Executive Board Com
Page 31 and 32: The regular reporting is supplement
Page 33 and 34: EPort oN SUBSEqUENt EvENtS, oPPortU
Page 35 and 36: Consolidated Balance Sheet as of De
Page 37 and 38: Consolidated Cash flow Statement fr
Page 39 and 40: Cumulative 01/01/2007 Exchange rate
Page 41 and 42: Group shareholders’ equity withou
Page 43 and 44: Equity is consolidated under the eq
Page 45 and 46: The biometric data underlying the m
Page 47 and 48: As per the balance sheet date, the
Page 49: NotES to tHE CoNSoLidatEd iNCoME St
Page 53 and 54: auditors’ report * We have audite
Page 55 and 56: Name Registered in Letter from the
Page 57 and 58: CONTACT AND IMPRINT L. Possehl & Co

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