Annual Report 2007 - Muehlhan AG

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62 9. EQUITY Subscribed capital the parent company’s issued capital amounted to Eur 19,500 thousand at the balance sheet date. this corresponds to the subscribed capital shown in the Group balance sheet. it is split into 19,500,000 non-par-bearer shares, each with a Eur 1 share of the issued capital. in the previous year, Eur 15.500 thousand of issued capital was first contributed by means of conversion in accordance with Section 190 et seq. of the German Conversion act (umwG) of the previous Mühlhan Surface protection international GmbH, Hamburg. in october 2006, issued capital was increased by a Eur 4,000 thousand new share issue. on 28 March 2007, SG / GS Europe l.p., Edinburgh, SGCE investment Holdings i Sarl, luxembourg, SGCE investments i Sarl, luxembourg, SGCE Holding i Sarl, luxembourg, SG Capital Europe fund i l.p., london and SG Capital Europe ltd., london, advised us, in accordance with Section 20 para. 5 of the German Stock Corporation act (aktG), that they indirectly hold less than one fourth of the shares in Muehlhan aG, in accordance with Section 16 para. 2 and 4 aktG. on 3 May 2007, GiVE Maritime and industrial Services GmbH, itzehoe, informed us, in accordance with Section 20 para. 5 aktG, that it holds less than one fourth of the shares of the company. on 3 May 2007, dr Wulf-dieter H. Greverath and Ms. angelika Ebba Greverath advised us, in accordance with Section 20 para. 5 aktG, that they do not hold an indirect majority stake in the company and, in accordance with Section 16 para. 4 aktG, they indirectly hold more than one fourth of the shares, including their interests in GiVE Maritime and industrial Services GmbH, itzehoe and Greverath investment Verwaltungs- und Erhaltungs-Gbr, Hamburg, which they control. on 3 May 2007, Greverath investment Verwaltungs- und Erhaltungs-Gbr advised us, in accordance with Section 20 para. 5 aktG, that it holds less than one fourth of the shares in our company directly and, in accordance with Section 16 para. 4 aktG, it indirectly no longer holds a majority stake, including its interest in GiVE Maritime and industrial Services GmbH, itzehoe, which it controls. indirectly, including its interest in GiVE Maritime and industrial Services GmbH, it holds more than one fourth of our company, in accordance with Section 16 para. 4 aktG. the parent company’s authorized capital amounts to Eur 9,250 thousand. Capital reserves in the previous year, the premium from the issuance of 4 million new shares totaling Eur 19,200 thousand was allocated to capital reserves. Expenses in connection with the issuance of own stock less attributable tax charges in the net amount of Eur 1,205 thousand were offset against capital reserves.
ManaGeMent divisions share Group ManaGeMent report group Consolidated FinanCial stateMents Other reserves other reserves are analyzed as follows: in kEur 31 December 2007 31 December 2006 revenue reserves 4,903 4,111 Currency translation reserve -1,224 -1,520 revaluation reserve 16 0 reserve in connection with the first-time application of ifrS 589 589 Total 4,283 3,180 in the financial year 2007, in accordance with the resolution on appropriation of profits, Eur 50 thousand was transferred from retained profits brought forward to the parent company’s revenue reserves. Retained earnings in the financial year 2007, no dividends were distributed to shareholders (previous year: Eur 6,865 thousand). Minority interests due to the increase in MdK’s shares in MNo from 72% to 100% in January 2007, there are only minority interests in MGr and MMf at the balance sheet date. MyaG holds 70% of MMf and 51% of MGr. in the reporting year 2007, results totaling Eur 525 thousand (previous year: Eur 277 thousand) were allocated to other shareholders in these companies. 10. PENSION ACCRUALS pension accruals amounted to Eur 645 thousand (previous year: Eur 519 thousand). there are no plan assets. of the total amount some Eur 232 thousand (previous year: Eur 71 thousand) are attributable to companies abroad. in addition to contributory pension plans which do not result in additional pension obligations apart from current payments of contributions there are also defined benefit pension plans at two Group companies in Germany which relate almost entirely (97%) to pension obligations to a retired former managing director of a subsidiary. the valuation of these accruals was made on the basis of the life expectancy tables “2005 G” of dr Klaus Heubeck by applying the projected unit credit method under iaS 19. for 2007 and 2006 a discount factor of 5.0% or 4.0% was assumed, along with future pension payment increases of 1.75% or 0.8%. Since the only person covered by these pension plans is already retired, there was no need to take future salary increases and fluctuation of personnel into account. 63
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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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Page 15 and 16: ManageMent divisions share Group Ma
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Page 19 and 20: One is successful not primarily as
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Page 25 and 26: The marine markets are interconnect
Page 29 and 30: In our industry segments, a technol
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Page 37 and 38: We issued a letter of credit for uS
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Page 65: 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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Annual Report 2007 - Muehlhan AG

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