Download Annual Report 2003 - Mühlbauer Group

Preface Security with a System The Share Management
Report
Consolidated
Financial
Statements
Independent
Auditor’s
Report
Report of the
Supervisory Board
Glossary
company (no including incidental costs) must not
exceed the price determined on the trading day by the
opening auction in the XETRA system of the Deutsche
Börse AG or another system replacing the XETRA
system by more than 5 percent. The minimum price must
not be more than 25 percent lower than that price.
If the purchase of the shares takes place by means of a
public offer of sale to all shareholders, the offered
purchase price or the limits of the offered purchase price
spread per share (not including incidental costs) must
not exceed the closing price in the XETRA system of the
Deutsche Börse AG or another system replacing the
XETRA system on the third trading day before the day of
publication of the offer of sale by more than 10 percent,
and the minimum price must be no lower than 10
percent below that price. The volume of the offer can be
limited. As far as the entire application of the offer
exceeds this volume, the acceptance must take place on
a pro-rata basis. The privileged acceptance of a small
quantity of up to 100 tendered shares of the
shareholders is permissible.
In the year 2003 the company exercised the
authorization granted on April 26 th, 2002 to purchase a
total of 18,647 shares from the market in the report year.
Furthermore, in the year 2003 the company exercised
the authorization granted on April 29 th, 2003 to
purchase a total of 33,064 shares from the market. Of
these, the company still owned 203,765 shares
(previous year: 170,425) or 3.25 percent (previous year
2.71 %) of the share capital as of December 31st, 2003.
The price for the shares purchases in the reported year
totaled 697 TEUR. In the context of the sale of shares,
144 TEUR were realized. The assessment of the own
shares is based on the par value method. The
development of the own shares is presented in note 24.
D. FURTHER EXPLANATIONS
(27) BALANCE SHEET AND RESULTS BOOKING OF FINANCING INSTRUMENTS
December 31, 2003 December 31, 2002
Book value Market value Book value Market value
TEUR TEUR TEUR TEUR
Assets
Cash and cash equivalents 12,597 12,597 13,110 13,110
Securities under current assets 3,498 3,498 2,261 2,261
Accounts receivables 20,758 20,729 19,161 19,161
Other current assets 1,382 1,382 978 978
Securities under financial assets 9,241 9,241 7,383 7,383
Liabilities
Short-term share of long-term financial liabilities 986 986 1,010 1,010
Convertible loans 0 0 37 37
Long-term financial liabilities 1,913 1,913 3,001 3,001
In the case of cash and cash equivalents and short-term
financial liabilities the book value is equivalent to the
market value from the cut-off date. The accounts
receivable indicated in the book value includes a longterm
portion to the amount of 410 TEUR at a market
value of which has been appropriately discounted (see
hereto also note 15). The other accounts receivable are
solely short-term receivables. As a consequence their
book values correspond approx. to their marker values.
The long-term proportion of the finance liabilities have
been subject to interest at the usual market interest
rates. There were no longer any convertible bonds in the
book to December 31st 2003. In the previous year the
market value of the convertible bonds given by the
company were determined regularly by the internal value
(rate of the Mühlbauer share less added payment for
conversion). To December 31st, 2002 non-nominal share
of the company was 58% under the subscription price.
Therefore the market value of the bonds corresponded
with the book value at this given point in time.
(28) SEGMENT REPORT
The company develops, produces and sells products for
the chip card, smart label and semiconductor industries.
The main customers are the smart card, smart label and
semiconductor industries. Due to the high density of the
individual business sectors, which contributes to the use
of comprehensive synergy effects, the reporting is
conducted in accordance with SFAS No. 131
"Disclosures about Segments of an Enterprise and
Related Information" in a single segment.
59