Annual Report 2005

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$HP Latex Printing Technologies - Neschen$

38 Cash Flow Cash flow as of 31/12 2004 2005 €k €k Net income/net loss - 15,126 - 9,350 + Write-offs/write-ups on fixed assets 7,202 6,354 + Increase/decrease in provisions 180 - 28 + Increase/decrease in deferred tax debt 0 - 127 + Increase/decrease in deferred taxation liabilities 328 81 + Profit/loss from disposals of fixed assets 112 134 + Exchange rate-controlled changes in the values of fixed assets 678 980 Cash Flow -6,626 -1,956 + Increase/decrease in inventories 1,264 3,593 + Increase/decrease in trade receivables 1,035 459 + Increase/decrease in other assets 2,066 208 + Increase/decrease in short-term reserves 1,064 395 + Increase/decrease in trade liabilities - 2,291 - 3,850 + Increase/decrease in other liabilities 300 1300 Change in net assets 3,456 2,105 = Inflow/outflow of funds from current operations - 3,170 149 + Earnings from losses in assets 2,452 193 - Payments for investments in fixed assets - 4,126 - 1,386 = Inflow/outflow of funds from investment activities - 1,674 - 1,193 + Increase in capital 12,180 0 - Payments to minority shareholders - 43 - 148 + Payments received/made from financial loans received - 6,308 190 = Inflow/outflow of funds from financing activities 5,820 42 = Total changes in cash affecting payments 985 - 1,002 + Cash at beginning of period 704 1,689 = Cash at end of period 1,689 687
Investments The total investments of the past business year amount to 1.4 million Euros (previous year 3.7 million Euros) and are therefore substantially below the level of depreciation of 6.4 million Euros (previous year 7.2 million Euros). In 2005, a capital increase was completed by both partners in the production joint venture in the USA in order to improve structures. The NESCHEN share of the increase amounted to approximately 0.1 million Euros. In order to enable the joint venture to operate independently, both partners also each contributed a long-term loan of 0.3 million Euros which has provided a firm financial basis for the joint venture. A total of approximately 0.7 million Euros was invested in technical equipment, machinery and plant and machinery in process of construction. Between 2001 and 2005, NESCHEN invested more than 51.0 million Euros in fixed capital assets including intangible assets. As a result, investments during this period in relation to turnover are well above the average for the industry. There are currently no plans for additional coating sites or other large single-item investments. All of the sites now have state-of-the-art technology and are directed towards potential growth. As a result of the optimisations in England and the new production site in the USA, NESCHEN has created adequate capacities for future growth as well as for the expansion of the business unit “Special Products”. Assuming a normal course of business, the investments in the coming years will be significantly below the annual levels of depreciation. This will ensure that NESCHEN maintains its high level of technology. Development of investments in fixed capital assets in €k (from 2004 in accordance with IFRS) 30,000 25,500 20,000 15,000 10,000 5,000 0 19,380 2002 8,079 3,676 1,386 2003 2004 2005 Development of depreciation in €k (from 2004 in accordance with IFRS) 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 4,917 2002 6,862 7,202 6,354 2003 2004 2005 39
Page 1: Annual Report 2005
Page 4 and 5: 4 Financial Overview HGB IFRS IFRS
Page 6 and 7: 6 Neschen AG · Consolidated Compan
Page 8 and 9: 8 Foreword by the Spokesman for the
Page 10 and 11: 10 Foreword by the Spokesman for th
Page 12 and 13: 12 Business Units NESCHEN AG has le
Page 14 and 15: 14 Market Strategy NESCHEN AG has h
Page 16 and 17: 16 Restructuring Program the site o
Page 18 and 19: 18 Business Unit “Graphics” The
Page 20 and 21: 20 Business Unit “Graphics” The
Page 22 and 23: 22 Business Unit “Documents” Th
Page 24 and 25: 24 Business Unit “Special Product
Page 26 and 27: 26 Quality Management During the pa
Page 28 and 29: 28 Corporate Governance Code With t
Page 30 and 31: 30 Report of the Supervisory Board
Page 32 and 33: 32 Course of business and Group’s
Page 34 and 35: 34 Profit and Loss Statement During
Page 36 and 37: 36 Profit and loss statement The re
Page 40 and 41: 40 Personnel development As of 31.1
Page 42 and 43: 42 Forecast We plan to achieve sale
Page 44 and 45: 44 Research and Development Approxi
Page 46 and 47: 46 Outlook The past year - 2005 - h
Page 48 and 49: 48 Consolidated balance sheet Conso
Page 50 and 51: 50 Notes relating to the consolidat
Page 78 and 79: 78 Neschen AG balance sheet (in acc
Page 80 and 81: 80 Income statement of Neschen AG F
Page 82: 82 Imprint Imprint The Annual Repor

Annual Report 2005

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