Annual Report 2007 - hci hammonia shipping ag

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The Company Management Report Financial Statements Notesperformance, as well as qualitative and quantitative disclosures with respect to the nature and theextent of risks arising from financial instruments.The amendment of IAS 1, which was issued by the IASB in August 2005, requires disclosures of informationthat enable users of financial statements to evaluate the objectives, policies and processes formanaging capital. The amendment is required to be applied for financial years beginning on or after 1January 2007.The HCI HAMMONIA SHIPPING Group applied IFRS 7 and IAS 1, which are required to be applied forfinancial years beginning on or after 1 January 2007, for the first time in the financial year 2007, takinginto account the relevant information of the comparative period.The following standards and interpretations issued by the IASB and the IFRIC, respectively, until thedate of preparation of the consolidated financial statements, were not applied by the HCI HAMMONIASHIPPING Group in the IFRS consolidated financial statements as at 31 December 2007 due to the factthat they are not yet required to be applied or had not been adopted by the European Union:■ Amendment to IAS 23 “Borrowing Costs”■ IAS 1 (revised 2007) “Presentation of Financial Statements”■ Amendment to IAS 27 “Consolidated and Separate Financial Statements”■ Amendment to IFRS 2 “Share-Based Payment: Vesting Conditions and Cancellations”■ IFRS 3 (revised 2008) “Business Combinations”■ IFRS 8 “Operating Segments”■ IFRIC 12 “Service Concession Arrangements”■ IFRIC 13 “Customer Loyalty Programmes”■ IFRIC 14 “IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirementsand their Interaction”The HCI HAMMONIA SHIPPING Group expects that the application of these standards, with the exceptionof the amendments to IAS 1, at the time that the above-mentioned standards and interpretations arerequired to be applied, will not result in material effects on the financial position and performance of theHCI HAMMONIA SHIPPING Group.As a result of the amendments made to IAS 1 “Presentation of Financial Statements”, which is required tobe applied for financial years beginning on or after 1 January 2009, we expect to make changes in thepresentation of the individual statements. We plan to apply the standard early, based on the assumptionthat the standard will be adopted by the European Union in the financial year 2008.The impacts of the amendments to IAS 27 and IFRS 3 on the Group’s financial position and performancewill depend particularly on the acquisitions of companies and the disposals of investments or interests incompanies carried out by the HCI HAMMONIA SHIPPING Group after the date of application of thesetwo standards.48
NotesNotes to the consolidated balance sheet(5) Intangible assetsThe changes of the individual items of intangible assets of the HCI HAMMONIA SHIPPING Group areshown in the statement of changes in non-current assets.(a) Acquired intangible assetsAcquired intangible assets can be broken down as follows:EUR 000’s 31 Dec 2007 31 Dec 2006Ship purchase contracts 9,213 0Costs for internet presence 14 09,227 0In the year under review, within the context of business combinations, the Group acquired contracts onthe purchase of seagoing vessels with fair values (as at the purchase date) of EUR 10,698 thousand(see Note 2 (c)). The capitalised contracts are reclassified upon purchase of the seagoing vessels toproperty, plant and equipment and depreciated over their respective useful lives from the date of theacquisition of the vessels. An amount of EUR 1,484 thousand was reclassified in the year under reviewas a result of the purchase of three seagoing vessels. The other four seagoing vessels are expected tobe delivered in 2008.The costs for the internet presence relate to HCI HAMMONIA SHIPPING AG. The amounts capitalisedin the year under review are amortised on a straight-line basis over an expected useful life of three years.The remaining useful life amounted to two years and ten months, as at 31 December 2007.(b) GoodwillIn the year under review, goodwill arose upon the first-time consolidation of three companies in a totalamount of EUR 4,879 thousand (see Note 2 (c)). Goodwill was allocated to the following cash-generatingunits for impairment testing purposes. The cash-generating units correspond to the acquired subsidiaries.The carrying amounts of goodwill were allocated to the cash-generating units before the recognition ofimpairment losses as follows:EUR 000’sMS ”WESTPHALIA“ Schiffahrts GmbH & Co. KG 1,921MS ”SAXONIA“ Schiffahrts GmbH & Co. KG 1,919MS ”HAMMONIA BAVARIA“ Schiffahrts GmbH & Co. KG 1,0394,879All cash-generating units represent shipping limited partnerships. MS ”WESTPHALIA“ SchiffahrtsGmbH & Co. KG and MS ”SAXONIA“ Schiffahrts GmbH & Co. KG operate one seagoing vessel each.MS ”HAMMONIA BAVARIA“ Schiffahrts GmbH & Co. KG has concluded a purchase contract for thepurchase of one seagoing vessel. It is expected to be delivered in 2009.49
Page 2 and 3: Key figuresShip portfolioDate Capac
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Page 15 and 16: The ShareThe ShareSuccessful stock
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