Annual Report 2007 - Muehlhan AG

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23. EARNINGS PER SHARE
Earnings per share were calculated on the assumption that 4,000,000 new ordinary shares issued in october 2006
are included in the annual average for two full months. as regards the period prior to the company’s conversion into
a joint stock company, it was assumed for comparative purposes that the number of shares amounted to 15,500,000
in the previous year and up to the conversion date in 2006 since the subscribed capital of the former limited liabi lity
company had been unchanged. this resulted in an average of 16,166,667 ordinary shares in 2006 and an average
of 19,500,000 ordinary shares in 2007. Since there were no potential ordinary shares at the balance sheet date, basic
and diluted earnings per share are identical.
vi. other disclosures
24. TRANSACTIONS WITH RELATED PARTIES (COMPANIES AND PERSONS)
transactions between the company and its subsidiaries deemed to be related parties have been eliminated on consolidation
and are not commented on in these notes.
related companies and persons have been mentioned under para. 9. the composition of the Executive board and the
Supervisory board is described under para. 28 and para. 29. the Chairman of the Supervisory board, dr Wulf-dieter
H. Greverath, is a related person within the meaning of iaS 24.9 since he is also a major shareholder of Muehlhan aG
through companies controlled by him. dr Wulf-dieter H. Greverath and the companies controlled by him are characterized
as “Greverath property” in the following comments. pursuant to a purchase contract of 15 September 2006, Muehlhan
aG acquired all shares in Muehlhan Corrosion protection Service (Shanghai) Co., ltd., Shanghai, China (MCN) from
Greverath property. the purchase contract was entered into at terms usual in the market. the property (including
buildings) at Schlinckstrasse 3 in Hamburg (head office of the Group) has been leased by Muehlhan aG from Greverath
property at terms customary in the market. in 2007 the Group’s expenses with respect to Greverath property totaled
Eur 491 thousand for rent, real estate taxes, Supervisory board compensation, and reimbursements of costs. these
expenses were offset by income in 2007 in the amount of Eur 2,077 thousand, of which Eur 2,009 thousand are
attributable to a waiver of receivables and otherwise from interest income and cost transfers.
at the balance sheet date, there were trade receivables from cost transfers against the Greverath property in the amount
of Eur 20 thousand and trade payables in the amount of Eur 1,027 thousand. the payables involve the purchase price
for the acquisition of MCN, Supervisory board compensation and cost reimbursements.
25. OTHER FINANCIAL COMMITMENTS AND CONTINGENT LIABILITIES
at the balance sheet date, normal contingent liabilities existed in respect of consortium memberships.
other financial commitments consisting mainly of rental and lease payments amounted to Eur 3,364 thousand of which
Eur 1,309 thousand is due in 2008, Eur 833 thousand is due in 2009 and Eur 1,222 thousand is due at a later date.