ANNUAL REPORT 2008 | 2009 - SinnerSchrader AG

30Joint Status Report of SinnerSchrader AGreducing liquidity and contractor risks, which alsoimpaired the earnings potential. As in the previousyears, the interest expenditure listed in the Statementsof Operations is largely associated with liquiditycontrol within the Group. SinnerSchrader AG still hasno interest-bearing liabilities outside the Group.On balance, there was an annual pre-tax income of€ 2.1 million for 2008/2009, which was around € 0.1million higher than the previous year. After deductionof the income taxes to be assessed in the full extentfor the first time – the former loss carry-forwardspreviously in place in the AG had already been usedup in the previous year – an annual net incomeof € 1.4 million remained for the financial year. In2007/2008, the annual net income was € 1.6 million.The annual net income in the year of the report washigher than the earnings attributed to the Sinner-Schrader shareholders in the Consolidated FinancialStatements mainly because the losses of the newbusiness units not yet covering costs were notincluded in the AG.Together with the profit brought forward from theprevious year of € 0.3 million, the accumulated incomeof the 2008/2009 financial year amounts to € 1.7million.As at the Group level, the development of the AG’sasset and financial situation was characterised bythe further expansion of the business portfolio. Onthe assets side, the value of the shares in associatedcompanies rose by € 0.9 million to € 20.4 million.€ 0.7 million of this amount is accounted for by theexpansion of the business portfolio to include thenewtention group and next commerce GmbH. Theremaining € 0.2 million concerns the increase in theestimate for the total volume of the earn-out componentsfrom the acquisition of spot-media AG inFebruary 2008.In comparison to the balance sheet date of theprevious year, as of 31 August 2009 the receivablesfrom affiliated companies rose markedly by € 1.3million to € 2.3 million. This is largely due to the factthat there was a profit and loss transfer agreementwith spot-media AG for the first time as of 31 August2009.The rises in assets are countered by the fall in theliquid funds and securities (without treasury stock)held by the AG by € 1.8 million to € 7.2 million. € 0.3million of this was used to buy treasury stock. As of31 August 2009, there were 270,656 shares oftreasury stock with procurement costs of € 0.4million on the books.The total value of assets rose by € 0.6 million to € 31.0million in the 2008/2009 financial year.On the liabilities side, only the tax reserves rosemarkedly by € 0.8 million. Since the loss carryforwardsin the tax integration conducted by Sinner-Schrader AG had been used up in the previous year,the effective tax burden on the AG rose to a normallevel and, with it, the tax reserves.The AG treasury stock rose only slightly by € 0.1million and was € 28.2 million as of 31 August 2009.The positive effect from the annual net income earnedis largely compensated for by the dividend paymentof € 0.12 per share paid in December 2008. Theshareholders’ equity rate therefore fell slightly by justunder 2 percentage points, but at 91 % was still abovethe 90 % level.