ANNUAL REPORT 2010/11 - Schumag AG

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36 Group management reportIn times where politics and markets changespontaneously and where the general conditionsare subject to actionistic change, our approachestowards business extension and diversificationhave turned out to be hardly realizable. Thereforeour move towards a "green Schumag" has beenstopped.The economic and financial success of the entireplant engineering segment remains uncertain foran indefinite period.The financial resources of our company representan essential problem area. The risk could be clearlyreduced here if a clarification was obtained withinthe short term with regard to the strategic investorand/or financial investor.The clarification of this question also seems to bemore and more a prerequisite for being able tomaintain large customers and to further extendbusiness with them.RemarkThis Group Management Report includes detailsand forecasts which refer to the future developmentof Schumag. The forecasts reflect estimationsmade on the basis of all information available tous at this time. If the assumptions on which theforecasts are based fail to materialize or if the risksoccur which we mentioned in the risk report, theactual results may deviate from the currentlyexpected results.Aachen, April 12, 2013Schumag AktiengesellschaftThe Board of Executive DirectorsDr. Johannes OhlingerFor fiscal year 2011/12 we assume a negativeresult in total. As far as the two subsequent fiscalyears are concerned we expect an improvementof the situation taking the most probable scenarioas a basis. This improvement is to be achieved bya large number of cost reductions both in the areaof personnel costs and in the area of materialcosts. After a still slightly negative result in 2012/13we plan to reach the profit zone again in fiscal year2013/14.The liquidity situation currently continues to bestrained but can be kept stable at a low level dueto our strict liquidity management. A relief of theliquidity situation is expected from the second halfof fiscal year 2012/13 provided that the marketdoes not fall any further.
SCHUMAG AG 37FORSCHUNGUNDENTWICKLUNGSCHUMAG AGTABLE OF CONTENTSCONSOLIDATED FINANCIALSTATEMENTSCONSOLIDATED BALANCE SHEET 38CONSOLIDATED INCOME STATEMENT 39CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME 40CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 40CONSOLIDATED CASH-FLOW STATEMENT 41NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 421. Information on the company 422. Accounting standards 423. Acquisitions 554. Divestitures and discontinued operations 555. Reporting by segment 596. Other operating income 627. Personnel expenses 628. Other operating expenses 639. Financial result 6510. Taxes 6611. Earnings per share 6912. Intangible assets 7013. Property, plant and equipment 7114. Investment property 7315. Financial assets 7416. Inventories 7417. Receivables and other assets 7518. Liquid funds 7619. Shareholders' equity 7720. Pension provisions 7921. Other provisionsn 8222. Liabilities 8323. Other financial commitments 8624. Financial instruments 8725. Leasing 8926. Related parties 9227. Compensation of the Board of ExecutiveDirectors and the Supervisory Board 9428. Services of the auditor 9529. Details of existing shareholdings 9630. List of shareholdings 10631. Declaration according to § 161 of theGerman Stock Corporation Act 10632. Additional information on the groupcash-flow statement 106
Page 1 and 2: ANNUAL REPORT2010/11precise by trad
Page 3 and 4: CONTENTSLETTER TO THE SHAREHOLDERS
Page 5 and 6: SCHUMAG AG 3Date for the general me
Page 7 and 8: SCHUMAG AG 5At the first meeting of
Page 9 and 10: SCHUMAG AG 7audit report on the ann
Page 11 and 12: SCHUMAG AG 9within the scope of the
Page 13 and 14: SCHUMAG AG 11DECLARATION OF COMPLIA
Page 15 and 16: SCHUMAG AG 13According to the 3 rd
Page 17 and 18: SCHUMAG AG 15❚ COURSE OF BUSINESS
Page 19 and 20: SCHUMAG AG 17Compensation ReportThe
Page 22 and 23: 20 Group management reportStock Cor
Page 24 and 25: 22 Group management reportThe resul
Page 26 and 27: 24 Group management report❚ ASSET
Page 28 and 29: 26 Group management report
Page 30 and 31: 28 Group management reportAt our mo
Page 32 and 33: 30 Group management reportThe order
Page 34 and 35: 32 Group management reportInfrastru
Page 36 and 37: 34 Group management report❚ OPPOR
Page 40 and 41: 38Consolidated financial statements
Page 42 and 43: 40Consolidated financial statements
Page 44 and 45: 42 Notes to Consolidated Financial
Page 48 and 49: 46Notes to Consolidated Financial S
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86 Notes to Consolidated Financial
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106Notes to Consolidated Financial
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108 Independent Auditors' ReportIND
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precise by traditionSCHUMAG Aktieng
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ANNUAL REPORT 2010/11 - Schumag AG

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