PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

Consolidated Financial Statements of gildemeister Aktiengesellschaft: Notes to the Consolidated Financial Statements 159Expense for corporate communication, trade fairs and other advertising expense havefallen compared to the previous year due to a reduction in the central marketing budget.An increase in outward freight and packaging compared to the previous year is dueto a rise in sales and the associated higher transport costs. In addition to the rise in thenumber of machines sold, the proportionate increase in transport volume to Asia has alsoincrease outwards freight and packaging costs. Overall, expense for outward freight andpackaging did not rise disproportionately to the rise in sales.Other external services include expenses for temporary and freelance workers of€ 5,156 k (previous year: € 7,507 k).Exchange rate and currency losses in connection with exchange rate and currencygains can be seen in other operational income. On balance, exchange rates and currencygains arose in an amount of € 1,587 k (previous year: € –2,167 k).The transfer to provisions results primarily from expenses for warranty commitmentsand potential losses from pending transactions.An increase in the financial statements, legal and advisory expenses resulted mainlyfrom more advisory services in the business area of “Energy Solutions”. This arose outof extending the project business, as well as expanding sales and service activities inEurope and America.In the financial year 2010, € 778 k (previous year: € 894 k) accrued for the totalremuneration of Supervisory Board members; this was recognised under other externalservices. Further details on the remuneration of the Supervisory Board are given in theGroup Management Report. An individual and detailed presentation of the ExecutiveBoard remuneration in the financial year is set out in the chapter Corporate GovernanceReport on page 70 et seq.13 financial incomeInterest receivable and other income of the gildemeister group amounted to € 2,403 k(previous year: € 3,702 k). Other income includes income from equity investments of€ 831 k (previous year: € 518 k). Of these € 799 k (previous year: € 485 k) arose fromdividend payments made by Mori Seiki Co. Ltd. An amount of € 186 k (previous year:€ 0 k) includes interest income from discounting long-term provisions.14 financial expensesInterest expenses of € 34,288 k (previous year: 23,621 k) are related primarily tointerest expenses for group financial liabilities. The increase arises mainly from higherinterest rates.Finance expenses include an interest component of € 2,004 k (previous year:€ 1,766 k) of allocations to pension provisions. In addition, € 725 k (previous year: € 0 k)from the interest accrued on long-term other provisions have been taken into account.Under other financial expenses the amortised transaction costs that arose whentaking out the current syndicated loan facility of € 175.0 million (€ 677 k; previous year:€ 674 k) and when taking out the borrowers’ note (€ 286 k; previous year: € 431 k) arerecognised. In addition, further transaction costs from taking up the new syndicated loanin an amount of € 793 k and from the re-financing of the borrowers’ notes of € 1,125 khave arisen.consolidated financialstatements