Download Annual Report 2006 - Mühlbauer Group

32 CONSOLIDATED FINANCIAL STATEMENTS, MANAGEMENT REPORT0.05 million. Other fixed assets rose by EUR 0.4 million toEUR 0.9 million and comprise the plan assets that exceedthe pension liabilities.Short-term liabilities. On the liabilities side the short-term liabilitiesdropped EUR 4.6 million to EUR 30.4 million. Shorttermtrade accounts payable climbed from EUR 6.1 millionto EUR 7.7 million and other accruals from EUR 8.3 millionto EUR 9.8 million. The rise in other accruals accounts forthe higher risks arising from sales activities and personnelobligations, in particular. The bank loans that amounted toEUR 1.0 million in the previous year were fully repaid in2006; deposits received dropped 45.3% to EUR 5.6 million.Other short-term liabilities declined from EUR 6.4 million toEUR 4.7 million, largely as a result of the legal alteration ofliabilities in respect of social insurance carriers.Balance sheets structure for liabilities in EUR million18013590450126.28.313.410.36.11.02005 2006140.39.811.85.67.70.0Shareholders’ equityOther accrualsAccrued income taxes andother liabilitiesDownpayments receivedon ordersTrade accountspayableDebtLong-term liabilities. On the reporting date, long-term liabilitiesamounted to EUR 4.5 million (PY: EUR 4.1 million).These include only the deferred taxes that IFRS has determinedas long-term liabilities.Shareholders’ equity. Shareholders’ equity rose from EUR126.2 million to EUR 140.3 million. The increase is primarilydue to the very good earnings situation, which is the resultof the rise in consolidated net earnings for the year toEUR 27.7 million (+20.4%). The rise was partially compensatedfor by the dividends paid to shareholders in the financialyear. The shareholders’ equity ratio improved from76.3% to 80.1%.Long-term capital, consisting of shareholders’ equity andlong-term liabilities, provides 218.7% coverage for thelong-term assets. At 168.1% (PY: 171.7%) the extendedcoverage of long-term assets (long-term capital in relationto the total of long-term assets and 50% of inventories)achieved a solid level.Ordinary share capital is posted as subscribed capital. Theordinary share capital of Mühlbauer Holding AG & Co.KGaA was EUR 8,037,376.00 on the reporting date and isdivided up into 6,279,199 no-par bearer shares and one noparregistered share with a nominal calculatory value of EUR1.28 each. All no-par limited partnership shares entitled tovote have one vote. The shareholding of the general partner,held by the personally liable shareholder of Mühlbauer HoldingAG & Co. Verwaltungs KG, that is not allocated to the ordinaryshare capital, amounts to EUR 10,773,600.00. Withthe agreement of the personally liable shareholder, the AnnualGeneral Meeting can resolve the conversion of the generalpartner’s share to ordinary share capital.SECURA Vermögensverwaltungs GmbH, headquarteredin Metten – a company fully controlled by the personally liableshareholder – participates in the ordinary share capitalof Mühlbauer Holding AG & Co. KGaA with 3,296,852no-par bearer shares or 52.50%. This value comprises2,000,000 no-par bearer shares or 31.85% of the ordinaryshare capital, in respect of which SECURA VermögensverwaltungsGmbH does not hold a voting proxy. The personallyliable shareholder has made a commitment to thecompany commencing on 9 September 2002 and for aterm of ten years – not to exercise the voting right for theseshares as long as he owns them. The only exclusion fromthis commitment are cases in which the exercise of thevoting right or the perception of the right to attend is necessaryto avert serious damage from the company or ifthe Annual General Meeting decides on matters that requireat least 75% of the entire ordinary share capital of thecompany, in accordance with the statutes of the company.The no-par registered share held by Ms. Anna-AntonieMühlbauer, Metten, grants her the right to appoint one thirdof all members of the Supervisory Board to the SupervisoryBoard. The right to appoint shall not apply insofar and tothe extent that the owner of the share granting the right toappoint is the personally liable shareholder, his personallyliable shareholder or one of the members of the ManagementBoard. The holder of the no-par registered shareshall neither hold this share as a trustee nor as a recipientof instructions issued by the personally liable shareholderor an affiliated person. The transfer of the no-par registeredshare is only permitted following agreement by the company;in accordance with the statutes the Supervisory Boardshall make a decision on such transfer at its discretion.Mühlbauer Holding AG & Co. KGaA is represented solelyby the personally liable shareholder. He is not subject tothe personnel competence of the Supervisory Board andcan therefore not be dismissed. In accordance with thestatutes of the company, the right of approval, which shareholdersof a limited partnership are entitled to in respect ofThe percentages were determined on the basis of the exact figures and may differ from the rounding figures