PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG PDF, 1.2 MB - Pfleiderer AG
90 being focused: being better 6. Intangible assets unit employing a specific number of employees. All constraints relating to these grants were assigned to the purchasing party when the Insulation Technology Business Center was sold. The grant for the wind converter was posted to income, as expenses for developing this plant in fiscal 2002 are shown under expenses for research and development. Property, plant and equipment of 3,088 thousand euros less accumulated depreciation of 954 thousand euros was capitalized under capital leases (carrying value 2,134 thousand euros). Individual assets were only assigned as collateral in the USA. The collateral assignment worth 1,132 thousand euros was accepted as part of an ongoing acquisition deal from the previous fiscal year. Dec. 31, 2002 Dec. 31, 2001 ‘000 euros ‘000 euros Licenses, software and patents 8,965 13,614 Goodwill 89,412 90,083 Payments on account 4,058 3,818 Total 102,435 107,515 Amortization of other intangible assets in fiscal 2002 came to 9,978 thousand euros (2001: 15,385 thousand euros). Additions to intangible assets totaled 5,694 thousand euros. Following amortization, the carrying value as of December 31, 2002 was 4,610 thousand euros. Apart from scheduled amortization, intangible assets in fiscal 2002 were written down by a higher amount of 5,000 thousand euros due to reduction of the estimated useful life of software in the service area, shown under administrative expenses. From January 1, 2002 the Company is applying the new accounting standard SFAS No. 142 (Goodwill and Other Intangible Assets) to corporate acquisitions. This particularly relates to goodwill, as laid down by the Financial Accounting Standard Board in July 2001. Under SFAS No. 142, goodwill is no longer subject to scheduled amortization; instead the Company must carry out an annual impairment test. In line with this, the Company subjected goodwill carried in the consolidated financial statements to an impairment test. In fiscal 2001, the Company charged 8,040 thousand euros to scheduled amortization of goodwill, plus impairment of 1,612 thousand euros. Net income of continued operations, net of taxes for fiscal 2001, excluding scheduled amortization of goodwill and intangible assets no longer written down under SFAS 142, came to 53,526 thousand euros. This also takes account of tax effects on goodwill. Pro-forma profit per share of continued operations was 1.18 euros (calculated net of minority interests).
7. Financial assets 8. Other long-lived assets consolidated financial statements notes pfleiderer ag 91 Estimated future write-down on intangible assets still subject to scheduled amortization is as follows: 2003 ‘000 euros 2,844 2004 2,506 2005 1,609 2006 1,023 2007 429 Thereafter 554 8,965 The composition and change in financial assets is shown in the analysis of consolidated fixed assets. Dec. 31, 2002 Dec. 31, 2001 ‘000 euros ‘000 euros Shares in affiliated companies 1,606 2,233 Investments 60 181 Other loans 406 7,169 Total 2,072 9,583 Other loans include 6,250 thousand euros as of Dec. 31, 2001 as a loan to a previously affiliated company. The loan was fully repaid in fiscal 2002. In fiscal 2002, extraordinary amortization of 1,819 thousand euros (2001: 480 thousand euros) was offset against financial assets marked to market. This mainly relates to investments in a non-consolidated affiliated company. This write-down of 1,000 thousand euros was calculated using the discounted future cash flow method. Other long-lived assets in the reporting year came to 2,802 thousand euros (2001: 880 thousand euros).
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7. Financial assets<br />
8. Other long-lived assets<br />
consolidated financial statements notes pfleiderer ag 91<br />
Estimated future write-down on intangible assets still subject to scheduled amortization is as<br />
follows:<br />
2003<br />
‘000 euros<br />
2,844<br />
2004 2,506<br />
2005 1,609<br />
2006 1,023<br />
2007 429<br />
Thereafter 554<br />
8,965<br />
The composition and change in financial assets is shown in the analysis of consolidated fixed<br />
assets.<br />
Dec. 31, 2002 Dec. 31, 2001<br />
‘000 euros ‘000 euros<br />
Shares in affiliated companies 1,606 2,233<br />
Investments 60 181<br />
Other loans 406 7,169<br />
Total 2,072 9,583<br />
Other loans include 6,250 thousand euros as of Dec. 31, 2001 as a loan to a previously<br />
affiliated company. The loan was fully repaid in fiscal 2002.<br />
In fiscal 2002, extraordinary amortization of 1,819 thousand euros (2001: 480 thousand<br />
euros) was offset against financial assets marked to market. This mainly relates to investments<br />
in a non-consolidated affiliated company. This write-down of 1,000 thousand euros was<br />
calculated using the discounted future cash flow method.<br />
Other long-lived assets in the reporting year came to 2,802 thousand euros (2001:<br />
880 thousand euros).
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