Annual Report 2007 - Muehlhan AG

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60 the development of deferred tax assets is analyzed as follows: in kEur 2007 2006 at 1 January 2,467 709 allocation affecting net income in the Group consolidated income statement 1,764 1,757 at 31 december 4,231 2,467 5. INVENTORIES inventories are analyzed as follows: in kEur 31 December 2007 31 December 2006 raw materials, consumables and supplies 3,128 2,973 prepayments 109 54 Total 3,237 3,026 6. TRADE RECEIVABLES trade receivables are analyzed as follows: in kEur 31 December 2007 31 December 2006 accounts receivable from finished goods 28,007 27,064 accounts receivable from work in progress 24,819 14,308 prepayments received on account of work in progress -15,060 -7,005 Total 37,766 34,367 accounts receivable from sales and services have a term of up to one year. in general, accounts receivable from work in progress have also a term of up to one year. as agreed with customers, we have already received or will receive prepayments on account of construction contracts to be invoiced only in 2009. Hence a maturity of up to one year can be assumed in such instances as well. Sales amounting to Eur 196,092 thousand (previous year: Eur 184,389 thousand) include contract revenues from long-term make-to-order production (additions to work in progress during fiscal year) amounting to Eur 23,494 thou-
sand (previous year: Eur 13,053 thousand). the accumulated costs pertaining to construction contracts in progress at the balance sheet date amount to Eur 23,415 thousand (previous year: Eur 13,247 thousand) and the accumulated profits / losses amount to Eur 1,404 thousand (previous year: Eur 1,061 thousand). in the Management report (Heading: uS activities have a significant negative effect on 2007 business development) it has been stated that we are currently prosecuting an action against a client for a total amount of Eur 4.3 million (uS$ 6.3 million). Since the realization of this income is not regarded as probable, i. e. more likely than not to occur, and the negotiations for supplementary claims have been broken off. and therefore it is not foresee able whether the client is likely to accept these supplementary claims, we have not capitalized our claims except for the recognized portion in the amount of Eur 0.9 million (uS$ 1.3 million). 7. LIQUID ASSETS ManaGeMent divisions share Group ManaGeMent report group Consolidated FinanCial stateMents Cash and cash equivalents amounted to Eur 7.6 million at 31 december 2007 (previous year: Eur 29.0 million). they comprise available cash and mainly call money. on average, liquid assets carried interest at 2.0% at the balance sheet date. there were no drawing restrictions. 8. OTHER CURRENT ASSETS other current assets are analyzed as follows: in kEur 31 December 2007 31 December 2006 Current tax receivables 4,936 2,235 prepaid expenses 1,277 891 receivables from related parties 0 818 Sundry 3,873 3,238 Total 10,086 7,182 a substantial portion of the increase in current tax receivables involves the value-added tax receivables of MGr. in addition, MSpu has significant income tax receivables in 2007 as a result of tax loss carrybacks. in the previous year, receivables from related parties existed with respect to GMiS, which is associated with the property of the Chairman of the Supervisory board dr Wulf-dieter H. Greverath. the loan was paid off as agreed in 2007. the other short-term assets have a term of up to one year. the fair value corresponds to the carrying amount. 61
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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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ManageMent divisions share Group Ma
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Page 25 and 26: The marine markets are interconnect
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Page 37 and 38: We issued a letter of credit for uS
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Page 71 and 72: other provisions developed as follo
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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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