Annual Report 2007 - Muehlhan AG

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52 as of 31 december 2007, the newly acquired companies procon Emirates l.l.C. abu dhabi and procon Emirates l.l.C. dubai were included in the consolidation entity. the converted purchase price of the companies was Eur 1.2 million, which led to goodwill of Eur 0.6 million. the effects of the initial consolidation on the consolidated balance sheet entail not just goodwill but also increases in trade receivables of Eur 1.0 million and financial liabilities of Eur 0.4 million. in august 2007, the previously fully consolidated Muehlhan polska Holding Sp. z o.o., with headquarters in Szczecin, poland, was deconsolidated. the company was liquidated. the proceeds from the liquidation accrued to Muehlhan aG. Effective 2 January 2008, Geuer Korrosionsschutz GmbH & Co. KG, Kiel, was merged with Muehlhan bremen GmbH (MHb). Geuer Korrosionsschutz Verwaltungs GmbH, Hamburg, Muehlhan Grand bahama ltd. and aiS-allround-industrie- Service GmbH, Haan-Gruiten, are not included in the consolidation entity because they are of minor importance in relation to the requirement to present a true and fair view of the net assets, financial position and operations of the Group. the following companies are included in the consolidated financial statements: Symbol Company Shareholding in % held by MyaG Muehlhan aG, Hamburg parent company GKS Geuer Korrosionsschutz GmbH & Co. KG, Kiel 100 MyaG GMH Gerüstbau Muehlhan GmbH, Hamburg 100 MyaG MrW Muehlhan rostock GmbH, rostock 100 MyaG MES Muehlhan Equipment Services GmbH, Hamburg 100 MyaG ME Muehlhan GmbH, Emden 100 MyaG MHb Muehlhan bremen GmbH, bremen 100 MyaG MdK Muehlhan a / S, Vissenbjerg – denmark 100 MyaG MNo Muehlhan Norge aS, Stavanger – Norway 100 MdK MG Muehlhan Sp. z o.o., Gdansk – poland 100 MyaG MSpp Maritime Surface protection poland Sp. z o.o., Szczecin – poland 100 MyaG Mpl Muehlhan Steel Services Sp. z o.o., Szczecin – poland 100 MyaG Mf Muehlhan S.a.r.l., St. Nazaire – france 100 MyaG MMf Muehlhan Morflot ooo, St. petersburg – russia 70 MyaG MNl Muehlhan b.V., Vlaardingen – Netherlands 100 MyaG MGb Muehlhan Surface protection ltd., aberdeen – Great britain 100 MyaG
ManaGeMent divisions share Group ManaGeMent report group Consolidated FinanCial stateMents Symbol Company Shareholding in % held by MGr Muehlhan Hellas S.a., athens – Greece 51 MyaG MSpu Muehlhan Surface protection inc., Houston – uSa 100 MyaG MMi Muehlhan Marine inc., Houston - uSa (formerly: Sipco Surface protection inc.) 100 MSpu MSp Meaux Surface protection inc., lafayette – uSa 100 MSpu CCC Certified Coatings Company, Concord – uSa 100 MSpu MCC Muehlhan Certified Coatings inc., Concord – uSa 100 MSpu Moi Muehlhan offshore inc., lafayette – uSa 100 MSpu Mui Muehlhan united inc., Houston – uSa 100 MSpu HSG Haraco Services pte. ltd. – Singapore 100 MyaG MSG Muehlhan pte. ltd. – Singapore 100 HSG MSpS Muehlhan Surface protection Singapore pte. ltd. – Singapore 100 HSG MME Muehlhan Surface protection Middle East l.l.C., dubai – uaE 100 MyaG Mda Muehlhan dehan l.l.C., abu dhabi – uaE 100 MME MdQ Muehlhan dehan Qatar W.l.l., doha – Qatar 100 MME MMEH Muehlhan Middle East Holding limited, dubai – uaE 100 MyaG pra procon Emirates l.l.C. abu dhabi – uaE 100 MMEH prd procon Emirates l.l.C. dubai – uaE 100 MMEH MCN Muehlhan Surface protection Service (Shanghai) Co. ltd., Shanghai – China 100 MyaG the following companies are not included in the consolidated financial statements: Symbol Company Share- holding in % Equity at 31 Dec. 2007 in kEur Profit / loss for the year 2007 in kEur GKV Geuer Korrosionsschutz Verwaltungs GmbH, Hamburg 100 23.2 0.4 Mfp Muehlhan Grand bahama ltd, Nassau, bahamas 100 0.1 -0.1 aiS aiS-allround-industrie-Service GmbH, Haan-Gruiten 51 72.9 31.6 the share in aiS is indirectly held via MGr. Foreign currency translation Monetary items denominated in foreign currencies shown in the single entity financial statements of Group companies included in the consolidation are, in principle, translated at the rate of exchange at the balance sheet date. the resulting exchange gains and losses are directly taken to income or expense. 53
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Annual Report 2007
Page 3 and 4:
The Group is represented locally in
Page 5 and 6: Content 2 ManageMent 2 Foreword 5 E
Page 7 and 8: ManageMent divisions share Group Ma
Page 9 and 10: Executive Bodies executive board Dr
Page 19 and 20: One is successful not primarily as
Page 21 and 22: 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 55: ManaGeMent divisions share Group Ma
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 and 74: 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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