Annual Report 2006

64
Notes to the Consolidated Financial
Statements 2006 of the Mikron Group
A group of investors holds 70.3% (prior year: 70.9%) of the voting rights of Mikron Holding AG. No other single shareholder
otherwise holds 5% or more voting rights. The group of investors, comprising Ammann Group Holding AG, Corporate
Investment Management Affentranger Holding AG, Personalfürsorgestiftung Rieter AG, Tegula AG and Mr Rudolf Maag, are
bound together until 2008 by a shareholder pooling agreement with a fixed term of five years.
6.15.2 Treasury shares On December 31, 2006, 25 registered treasury shares were held by Mikron Holding AG, Biel
(prior year: 2’199).
6.15.3 Reserves
Other Reserves
Capital Retained Translation Revaluation
CHF 1‘000 reserves earnings adjustment reserves
Balance at 31.12.2004 108‘670 92‘228 -10‘316 17‘231
Net Earnings 2005 -24‘558
Exchange differences on intra-Group loans with equity character 1‘603
Exchange differences on liquidated companies 9‘834
Change in revaluation, net of deferred taxes 5‘498 -5‘498
Transfer of depreciation on revalued tangible assets 110 -110
Translation adjustments -1‘472
Balance at 31.12.2005 108‘670 73‘278 -351 11‘623
Net Earnings 2006 3‘983
Exchange differences on intra-Group loans with equity character
Exchange differences on liquidated companies 119
Change in revaluation, net of deferred taxes 268 502
Transfer of depreciation on revalued tangible assets 94 -94
Translation adjustments 254
Balance at 31.12.2006 108‘670 77’623 22 12‘031
The capital reserves result from capital increases in 2003, less directly attributable costs.
Foreign exchange differences arising from the translation of the equity of consolidated companies that have a functional
currency different from the presentation currency are recognized directly in Group equity. Exchange differences on long-term
intra-Group loans with equity character are likewise taken directly to equity. When a foreign operation is sold, such exchange
differences are recognized in the income statement as part of the gain or loss on sale. Accumulated exchange differences
related to the deconsolidated companies Seropa Technology and Seropa France, existing at June 30, 2006, have been
reversed (see note 7.1).
Property is measured at fair value. The difference between the cost and the fair value of properties, except for investment
properties, is recognized in the revaluation reserve in equity, net of deferred taxes.
6.16 Changes in net working capital
CHF 1‘000 31.12.2006 31.12.2005
Movement in accounts receivable 1‘079 5‘452
Movement in inventories 1‘871 -11‘097
Movement in net assets from customer projects, other receivables and prepaid expenses -19‘680 10‘366
Movement in accounts payable 2‘092 -5‘519
Movement in net liabilities from customer projects, other current liabilities and accrued expenses -9‘487 -1‘386
Total changes in net working capital -24’125 -2‘184