Annual Report 2005

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$HP Latex Printing Technologies - Neschen$

72 Notes relating to the consolidated annual accounts Other operating expenditure includes extraordinary expenditure amounting to 4.1 million Euros. 1.5 million Euros of the extraordinary expenditure relates to the closure of the Raalte site, 2.0 million Euros relates to expenditure from the redundancy payment scheme and consultancy costs for Neschen AG and 0.5 million Euros relates to restructuring costs at the USA site. Financial result in €k 2005 2004 Income from interest 118 212 Interest expenditure - 4,906 - 4,797 Total - 4,788 - 4,585 Result from participating interests in €k 2005 2004 Joint venture Neschen GBC Graphic Films LLC, Elkridge/USA - 168 - 581 Other participating interests Neschen Portugal S.A., Mem Martins/Portugal 0 3 Total -168 -578 Taxes in €k 2005 2004 Income taxes 752 1,256 Other taxes 392 346 Deferred taxes - 141 - 12 Total 1,003 1,590 Allocation of deferred taxes 31.12.2005 31.12.2004 in €k To assets To liabilities To assets To liabilities Intangible assets 85 459 18 321 Tangible assets 0 1,745 0 1,988 Financial assets 0 69 0 21 Inventories 262 3 307 0 Receivables and other assets 48 52 152 128 Provisions 10 118 12 121 Liabilities 141 42 357 87 Loss carry-forwards 1,866 0 1,620 0 Total from individual accounts 2,412 2,488 2,466 2,666 Deferred taxes from consolidation 990 301 1,054 287 Balancing - 2,287 - 2,287 - 2,532 - 2,532 Balance sheet items 1,115 502 988 421 G. Information on the Group cash flow statement The cash flow statement shows how cash flow has developed within the Group during the course of the year under report via funds inflows and outflows in accordance with IAS 7 “Cash flow statements”. It distinguishes between changes in funds from current business activity, investment activity and financial activity. The funds from the cash flow statement include all the liquid assets shown in the balance sheet, i.e. cash assets, cheques and bank funds as long as they can be made available within three months. These funds will not be subject to any restraint on disposal. The cash flows from investment activity and financial activity are defined by payment while the cash flow from operating activity is derived indirectly based on the net income for the year after income tax. Indirect derivation takes account of changes in balance sheet items in connection with current business activity excluding effects from currency conversion and changes in the consolidation group. Therefore these cannot be reconciled with the corresponding changes based on the published Group balance sheet.
Notes relating to the consolidated annual accounts In the year under report, 149,000 Euros (previous year - 3,170,000 Euros) was generated from current business activities. The cash flow from investment activities amounts to a funds outflow of - 1,193,000 Euros (previous year - 1,647,000 Euros) in the year under report. The funds inflow from financial activity in the year under report amounts to 42,000 Euros (previous year 5,829,000 Euros). H. Other notes I. Segment reporting The activities of the Neschen Group are divided into the segments “Graphics” and “Documents”. Both segments generally use existing resources equally in production and administration. Areas which can be directly allocated to the segments include sales, material costs, specific assets, finished products and commodities as well as some personnel expenses. The other items will be divided between sales or production accordingly or in accordance with items already assigned. We have taken great care to define the items correctly. Expenditure and income have been allocated according to economic criteria which sometimes differ from the Group’s profit and loss account. Investments by segment and the number of employees in each segment have been derived from the values determined. Annual average number of employees: Number Segments: Graphics 552 Documents 72 624 Investments: in €k Segments: Graphics 865 Documents 522 1,387 1. Profit and loss account Graphics Documents Total in €k in €k in €k Sales 120,707 15,467 136,174 Changes in inventories and own performance shown as assets - 752 - 46 - 798 Total operating revenue 119,955 15,421 135,376 Material costs - 71,271 - 6,716 - 77,987 Gross return 48,684 8,705 57,389 Personnel expenses - 23,062 - 3,959 - 27,021 Other income 2,337 161 2,498 Other expenditure - 27,055 - 3,240 - 30,295 Depreciation - 5,452 - 902 - 6,354 Financial result - 4,480 - 308 - 4,788 Investment result - 168 0 - 168 Taxes - 401 - 210 - 611 Segment result - 9,597 247 - 9,350 Outside shareholders’ interests - 194 - 14 - 208 Group result - 9,791 233 - 9,558 EBIT - 4,716 766 - 3,950 EBITDA 736 1,668 2,404 73
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Annual Report 2005
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4 Financial Overview HGB IFRS IFRS
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6 Neschen AG · Consolidated Compan
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8 Foreword by the Spokesman for the
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10 Foreword by the Spokesman for th
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12 Business Units NESCHEN AG has le
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14 Market Strategy NESCHEN AG has h
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16 Restructuring Program the site o
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18 Business Unit “Graphics” The
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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 38 and 39: 38 Cash Flow Cash flow as of 31/12
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
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Annual Report 2005

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