Annual Report 2001 - Bohler Uddeholm materializing visions

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Notes to the Consolidated Financial Statements 2001 60 BÖHLER-UDDEHOLM Annual Report 2001 2. ALLOCATION OF DEFERRED TAXATION Temporary differences between the carrying amount and tax base of the following items led to deferred taxes as follows: 2001 2000 in m€ Individual companies in total Assets Liabilities Assets Liabilities Pension provisions 3.5 4.7 Severance provisions 3.4 3.1 Tax losses carried forward 12.9 18.0 Untaxed reserves 23.2 19.8 Other 8.8 14.4 10.6 15.7 Subtotal 28.6 37.6 36.4 35.5 Consolidation Intercompany profit elimination 13.3 (3.0) 12.7 (2.9) Revalued assets 9.6 9.6 Other 13.1 0.3 8.5 Future tax benefits/provision for deferred taxes 55.0 44.5 57.6 42.2 Deferred taxes were not recorded on differences resulting from investments in subsidiaries in accordance with IAS 12.39 (Income Taxes — revised 2000). Deferred tax assets were not recorded on losses of 42.0 m€ carried forward (previous year: 38.1 m€). 3. INVENTORIES in m€ 31/12/2001 31/12/2000 Raw materials and consumables 65.1 55.3 Work in progress 122.3 94.3 Finished goods 214.2 204.5 Merchandise 106.8 114.9 As yet unbillable services 1.4 1.0 Payments on account 18.8 0.3 Total 528.6 470.3 No reversals of write-downs were made in accordance with IAS 2.31 (Inventories — revised 1993). 4. ACCOUNTS RECEIVBALE FROM TRADE in m€ 31/12/2001 31/12/2000 Accounts receivable from trade 313.0 317.1 Thereof over one year 0.7 0.9 Thereof secured by bills of exchange 6.1 7.0 Impairment losses on receivables of 4.6 m€ (previous year: 5.5 m€) were recorded during the financial year.
5. ACCOUNTS RECEIVBALE FROM AFFILIATED ENTERPRISES in m€ 31/12/2001 31/12/2000 Accounts receivable from affiliated enterprises 4.1 4.2 Thereof over one year 0.0 0.0 Thereof from trade 2.9 2.4 Receivables from affiliated companies involve receivables from non-consolidated affiliated enterprises. 6. OTHER RECEIVABLES in m€ Accounts receivable from enterprises 31/12/2001 31/12/2000 in which shares are held 1.4 1.2 Thereof over one year 0.0 0.0 Thereof from trade 0.8 0.6 Other receivables 36.2 47.7 Thereof over one year 0.6 0.3 Total 37.6 48.9 Thereof over one year 0.6 0.3 Thereof from trade 0.8 0.6 7. SHARE CAPITAL The share capital of the company remained unchanged at 79,970 k€; it is divided into 11 million shares with zero par value. The Management Board was authorized by the AGM of 17 May 1999 to increase the share capital of the company by 39,985 k€ through the issue of 5,500,000 zero par value shares within a period of five years from the amendment of the articles of association. 8. CAPITAL RESERVES Appropriated capital reserves (premium) remained unchanged at 105.4 m€ and free capital reserves remained unchanged at 159.2 m€. 9. TREASURY SHARES As part of the share repurchase program (see also chapter C. Accounting and Valuation Principles-Treasury Shares) 159,440 zero par value shares (amounts up to 1.45% resp.1,159.1 k€ of total share capital) were purchased for 6,990.5 k€. 10. REVENUE RESERVES Revenue reserves were increased to the extent necessary to match the balance sheet profit in the consolidated group accounts with the comparable figure in the annual accounts of BÖHLER- UDDEHOLM AG. BÖHLER-UDDEHOLM Annual Report 2001 61
Page 1 and 2:
ANNUALREPORT 2001
Page 3 and 4:
Annual Report 2001 Products made of
Page 6 and 7:
BÖHLER-UDDEHOLM at a Glance 6 BÖH
Page 8 and 9:
Organizational Chart BÖHLER-UDDEHO
Page 10 and 11: Foreword from the Chairman of the M
Page 13: The Management Board (above left) K
Page 16 and 17: Directors’ Report 2001 Sales in m
Page 18 and 19: Directors’ Report 2001 Earnings b
Page 21 and 22: Segment Reporting STRUCTURES, PRODU
Page 23: Segment Reporting STRUCTURES, PRODU
Page 32 and 33: Overview of Key Segment Figures SEG
Page 34 and 35: Investor Relations / Corporate Gove
Page 37 and 38: The number of employees in the BÖH
Page 39: The maintenance and distribution of
Page 42 and 43: Report of the Supervisory Board 42
Page 44 and 45: Balance Sheet as at 31 December 200
Page 46 and 47: Changes in Equity BÖHLER-UDDEHOLM
Page 48 and 49: Cash Flow Statement 2001 BÖHLER-UD
Page 50 and 51: Notes to the Consolidated Financial
Page 72 and 73: Statement of Fixed Assets as at 31
Page 74 and 75: Table of Holdings as at 31 December
Page 76 and 77: Table of Holdings Abbreviation Comp
Page 78 and 79: Table of Holdings Abbreviation Comp
Page 81 and 82: RETURN ON SALES (ROS) Earnings befo
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