Annual Report 2005

36
Profit and loss statement
The result for NESCHEN AG also includes depreciation of the book value of the investments
made by NESCHEN International B.V. in Raalte amounting to 8.5 million Euros. This was required
on account of NESCHEN International B.V. having converted liabilities in respect of US
companies of 8.5 million Euros into shares and then written them off.
The incursions into the capital of the Dutch company as a result of the depreciation were
compensated for by an 8.5 million Euro injection of capital provided by NESCHEN AG. All in
all, as a result of these transactions the capital of the US companies was increased by 8.5 million
Euros and balanced against losses incurred.
Excluding the special influences specified, NESCHEN AG made a loss in the amount of 1.6
million Euros (previous year - 3.0 million Euros).
We are expecting NESCHEN AG to achieve a positive result in the current financial year once
the full effect of the restructuring program and the improved gross profit margin has been
felt.
Development of cash flow
in €k (from 2004 in accordance with IFRS)
,.000
4,500
3,000
1,500
0
-1,500
-3,000
-4,500
-6,000
-7,500
5,551
2002
2,908
2003 2004 2005
-6,626
-1,956
Development of EBIT/EBITDA
in €k (from 2004 in accordance with IFRS)
10,000
8,000
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
-8,000
5,521
10,438
1,864
8,726
-9,296
-1,938
■ EBIT
■ EBITDA
■ excluding restructuring
costs in each case
-2,094
2,197
2002 2003 2004
2005
-3,950
3,983
2,404
8,251