Annual Report 2006

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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
7. Other Notes Notes to the Consolidated Financial Statements 2006 of the Mikron Group 7.1 Discontinued operations Seropa Technology was deconsolidated as at June 30, 2006 since Mikron has relinquished control of this company due to the insolvency proceedings that are now in progress. Seropa France, the sole shareholder in Seropa Technology, was likewise removed from the scope of consolidation as of the same date. In December 2005, the components segment was sold to a group of Swiss investors. Furthermore, several Finance companies were liquidated or merged with other subsidiaries during 2005. Total results and cash flows of the discontinued operations are as follows: CHF 1‘000 2006 2005 Net sales 6‘148 125‘009 Operating Expenses -6‘741 -122‘232 Impairments -339 -3‘219 Loss on sale -839 -25‘443 Exchange differences reversed from equity -119 -9‘834 Financial result - net -104 -2‘308 Net earnings before taxes -1’994 -38‘027 Income Taxes -6 307 Net earnings from discontinued operations -2’000 -37‘720 CHF 1‘000 2006 2005 Cash flow from operating activities -1‘587 6‘184 Cash flow from investing activities -39 -4‘506 Cash flow from financing activities 33 -3‘471 Effect of exchange rate changes on cash -27 371 Closing Balance cash and cash equivalents within assets held for sale 0 -544 Net cash flow from discontinued operations -1’620 -1‘966 The major classes of assets and liabilities held for sale, measured at the lower of carrying amount and fair value less costs to sell, are as follows: CHF 1‘000 31.12.2006 31.12.2005 Current assets 0 7‘537 Non-current assets 0 59 Total assets held for sale 0 7‘596 CHF 1‘000 31.12.2006 31.12.2005 Current liabilities 0 5‘105 Long-term liabilities 0 1‘522 Total liabilities held for sale 0 6‘627 65
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Engineering Intelligence for Custom
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Table of Contents Key Figures 2 Bri
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Key Figures 2006 in CHF million 200
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Corporate Structure Corporate Servi
Page 9 and 10:
Mikron Group in which it found itse
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Mikron Group I can sum up by statin
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Productivity the key to success Sol
Page 15 and 16: Precision in production Reliable pr
Page 17 and 18: Investments that pay off Our holist
Page 19 and 20: Summary Key figures Production Equi
Page 21 and 22: The Mikron Machining Technology man
Page 23 and 24: Shop floor at Mikron SA Boudry (Swi
Page 25 and 26: Assembly solution featuring the new
Page 27 and 28: Capital Structure Capital The Mikro
Page 29 and 30: Anton Affentranger lic. oec. Born i
Page 31 and 32: Corporate Governance Committees Two
Page 33 and 34: Group Management Corporate Governan
Page 35 and 36: Franz Wyss Dipl. Ing. FH/NDU Born i
Page 37 and 38: Shareholders’ Participation Right
Page 39: Information Policy Mikron Holding A
Page 42 and 43: 40 Consolidated Financial Statement
Page 44 and 45: 42 Consolidated Financial Statement
Page 46 and 47: 44 Notes to the Consolidated Financ
Page 74 and 75: 72 5-Year Financial Summary 5-Year
Page 77 and 78: Table of Contents Financial Report
Page 79 and 80: Balance Sheet Financial Statements
Page 81 and 82: 8. Statement of Shareholders’equi
Page 83 and 84: Report of the statutory auditors to
Page 85: Headquarters Production, sales/Serv
Page 88: www.mikron.com 03.07.1000.e
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Annual Report 2006

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