Download Annual Report 2003 - MÃ¼hlbauer Group

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Preface The Share Management Report Consolidated Financial Statements Independent Auditor’s Report Report of the Supervisory Board Glossary Smart Card Asia is to make the start. 190 million credit cards are to be equipped completely with a chip by 2008. Global replacement is to be completed by 2010. Many competitors are following this example. The reason for the billion US Dollar expensive action is the reversal in the liability clauses in the credit card business as from the year 2005 onwards. And, what is more in view of the dramatic increase in the number of credit card frauds in recent years. As sole supplier Mühlbauer offers a complete system solution for the production of Smart Cards world-wide, everything from the silicon to the final personalization. In this last step the operating system is recorded first on the chip - a highly specialized minicomputer - and finally the ID data of the card holder is added. The software stored on the chip is coded and protects the background customer data. In this case the entire production process calls for maximum security standards. This is a head start which is very important: in many countries throughout the world Mühlbauer has already a market share of over 50 percent. And the lead continues to grow. However, credit cards are but only one variant. The revolution in the plastic card trading world is imminent. In the future the chip of a Smart Card will be able to count the gained bonus points in an incentive program. By means of biometric recognition features these ID cards provide protection against fraud. They determine the vehicle data in the registration papers. They store the case history of the owner in the health pass as well as incompatibility in the case of specific medicines and for using a simple handy at mobile bank cash points. 5
24 second long eternity In goods logistics 24 seconds are sometimes a little eternity. A real revolution ist that now only 5 seconds instead of the previously 29 seconds are needed for clearing a pallet complete with goods. This can also mean billions of EURO extra turnover. Smart labels could be the key to this. 6
Page 1 and 2: uilding the future ANNUAL REPORT 20
Page 3 and 4: Summary of Selected Financial Data
Page 5 and 6: FOCUSING HIGH-POTENTIAL FUTURE MARK
Page 7: One chip safeguards 775,000,000,000
Page 11 and 12: 6,374,859,000 hope for good health
Page 13 and 14: 57,800,000 dreams of security The d
Page 15 and 16: A question of 0.002 millimeters Saf
Page 17 and 18: Research & development Shorter inno
Page 19 and 20: Service & Support The customer is f
Page 21 and 22: Employees Dedicated employees - a d
Page 23 and 24: Corporate Governance Dedicated high
Page 25 and 26: The Mühlbauer shares • Mühlbaue
Page 27 and 28: PREFACE CHIEF FINANCIAL OFFICER In
Page 29 and 30: pansive money policy ensured an inc
Page 31 and 32: The Precision Parts & Systems busin
Page 33 and 34: ence of 1.0 million EUR resulting f
Page 35 and 36: Mühlbauer Group amounted to 39.9 m
Page 37 and 38: CONSOLIDATED STATEMENTS OF INCOME (
Page 39 and 40: CONSOLIDATED STATEMENTS OF CASHFLOW
Page 41 and 42: NOTES A. BASIC PRINCIPLES OF THE CO
Page 43 and 44: NOTES SALES RECOGNITION Sales are i
Page 45 and 46: NOTES STOCK COMPENSATION PLAN The c
Page 47 and 48: NOTES The foreign currency gain and
Page 49 and 50: NOTES C. EXPLANATIONS ON THE COMPAN
Page 51 and 52: NOTES (13) FIXED ASSETS The breakdo
Page 53 and 54: NOTES (19) OTHER ACCRUALS The other
Page 55 and 56: NOTES In the reporting year the pro
Page 57 and 58: NOTES The following table reflects
Page 59 and 60:
NOTES Own shares The development of
Page 61 and 62:
NOTES The profit share to which the
Page 63 and 64:
NOTES The additional information re
Page 65 and 66:
NOTES activities. The balance sheet
Page 67 and 68:
NOTES Article 6.6: The spread of th
Page 69 and 70:
INDEPENDENT AUDITORS‘ REPORT We h
Page 71 and 72:
TECHNICAL GLOSSARY Assembly & packa
Page 73 and 74:
FINANCIAL GLOSSARY Balance sheets:
Page 75 and 76:
IMPRINT: Published by: Mühlbauer H
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