Annual Report 2001 - KSPG AG

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Consolidated financial statements 2001 of Kolbenschmidt Pierburg AG
Notes
Comments on the consolidated balance sheet
Rents falling due under capital leases
in the years ahead:
The tangible assets capitalized under
capital leases and from the consolidation
of special-purpose leasing
firms total €89.6 million (down from
€99.2 million), of which €44.8 million
(down from €46.2 million) is allocable
to a long-term property lease and to
the consolidation of several specialpurpose
leasing firms formed to fi-
Rents due in succeeding years under capital leases
nance various properties and buildings;
another €44.8 million (down
from €53.0 million) refers exclusively
to capital leases for production plant
and machinery used in current production.
Leases for personal property
principally provide for a purchase
option. Lease terms vary between
4 and 10 years.
€million 2002 2003-2006 after 2006
Rents 13.7 49.8 45.7
Discount 0.9 8.3 11.5
Present values 12.8 41.5 34.2
Rents include €37.4 million of
payments to banks of consolidated
special-purpose leasing firms.
Rents due in succeeding years under operating leases
€million 2002 2003-2006 after 2006
Land and buildings 2.0 5.5 23.1
Production plant and machinery 1.6 1.9 0.0
Other leases 0.6 1.4 0.0
The rents for land and buildings chiefly
refer to a long-term property lease that
neither includes a purchase option
nor a firmly agreed passage of title
and, therefore, is an operating lease.
4.2 8.8 23.1
In the year under review, €2.3
million was paid under operating
leases and recognized in net
income. No subleases existed.
(10) Financial assets Analysis of shares in joint ventures
and associated affiliates:
€million
Joint ventures
Kolbenschmidt Pierburg Shanghai
Nonferrous Components Co. Ltd. 0.0 11.6 0.5 0.0 0.0 0.1 12.0
Associated affiliates
Pierburg Instruments GmbH, a subsidiary
fully consolidated in 2000,
has been stated at equity as of
December 31, 2001.
Long-term securities
The Kolbenschmidt Pierburg Shanghai
Nonferrous Components Co. Ltd.
joint venture was formed with effect
as of April 1, 2001. The joint venture’s
€million
Book
value
1-1-2001 Additions
P/L share
Kolbenschmidt Shanghai Piston Co. Ltd. 5.2 0.0 0.5 0.6 2.5 0.0 7.6
Pierburg Instruments GmbH 0.0 7.9 0.0 0.0 0.0 0.0 7.9
5.2 7.9 0.5 0.6 2.5 0.0 15.5
Assets 1) 22.5
Equity 10.6
Debt 2) 12.0
Net sales 15.4
EBT 0.5
1) including income taxes and prepaid expenses & deferred charges
2) accruals, liabilities, income taxes, deferred income
The other long-term loans are carried
at amortized cost pursuant to IAS 39.
proratable assets, liabilities, income
and expenses presented the following
balances at Dec. 31, 2001:
€million 12-31- 12-31-
2000 2001
Book value 3.4 25.0
Fair value 25.0 25.0
Unrealized gain 21.6 21.6
All these securities are available for
sale. The first-time application of IAS
39 implied the initial fair valuation of
one investee. €21.6 million was recognized
as unrealized gain within equity.
Dividend
payments Write-up
Goodwill
amortization
Book
value
12-31-
2001
Long-term securities at a total book
value of €0.8 million for which no
quoted market price is available and
whose fair value cannot reliably be determined
are stated at amortized cost.
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