Annual Report 2001 - KSPG AG

More documents

Recommendations

Info

88 Consolidated financial statements 2001 of Kolbenschmidt Pierburg AG Notes Comments on the consolidated balance sheet (11) Inventories (12) Receivables and sundry assets €million 12-31- 12-31- 2000 2001 Raw materials and supplies 79.7 81.0 Work in process 75.9 54.9 Finished products and merchandise 104.4 107.1 Prepayments made 4.9 1.3 The book value of inventories stated at the lower NRV totals €68.9 million (down from €74.7 million). In the year under review, €2.8 million (down from €4.9 million) of inventories pre- The disclosed book values of the monetary assets covered by these items approximate their fair values. Under an ABT program, the Kolbenschmidt Pierburg Group sells trade receivables on a revolving basis up to a maximum volume of €129 million. After these receivables had still re- 264.9 244.3 viously written down was written up as NRV had risen. Inventories do not collateralize any liabilities. €million thereof thereof 12-31- due after 12-31- due after 2000 1 year 2001 1 year Trade receivables thereof due from 280.5 0.0 203.6 0.1 group companies 0.0 0.0 3.4 0.0 joint ventures and associated affiliates 0.0 0.0 1.2 0.0 All other receivables and sundry assets 19.3 1.2 34.5 3.4 299.8 1.2 238.1 3.5 quired recognition as assets in 2000, contract amendments effective as from 2001 resulted in the sold receivables being treated as such pursuant to IAS 39 and hence no longer recognized in the balance sheet. As of Dec. 31, 2001, the receivables sold had a par value of €99.0 million. Breakdown of the remaining receivables and sundry assets: (13) Cash & cash equivalents (14) Income tax assets The deferred taxes include tax reduction claims of €22.4 million (up from €16.6 million) derived from loss carryovers utilizable in future periods. Loss carryovers are stated on the basis of corporate planning data at the amount of budgeted future taxable income. €million 12-31- 12-31- Accounts due for/from 2000 2001 non-income taxes 5.9 11.2 financing 1.9 7.8 prepayments made 1.1 6.2 guaranty fund 1.5 1.3 investment grants/allowances 1.0 0.9 sundry assets 7.9 7.1 €million 12-31- 12-31- 2000 2001 Cash on hand and in bank (incl. checks) 47.1 21.2 Due under intercompany finance arrangements 7.7 0.0 The accounts due under intercompany finance arrangements result from the investment of monies due on demand from Rheinmetall Finanz GmbH. Over and above the deferred tax assets from loss carryovers and tax credits, German and foreign tax loss carryovers exist at a total €131.7 million (up from €92.4 million) which was not recognizable. The German loss carryovers are not subject to expiration 19.3 34.5 54.8 21.2 Such investments are not exposed to any valuation risk. Their fair value approximates their book value. €million 12-31- 12-31- thereof thereof not 2000 2001 recognized in recognized in Deferred taxes net income net income from temporary differences 22.7 18.4 18.3 0.1 from loss carryovers 16.6 22.4 22.4 0.0 39.3 40.8 40.7 0.1 Income tax refundable by the tax office 7.0 4.5 4.5 0.0 46.3 45.3 45.2 0.1 whereas the foreign ones as a rule are (e.g., in the United States utilizable within 20 years). Furthermore, deferred tax assets from temporary differences at a total €104.6 million (up from €93.3 million) were not recognized. Deferred taxes adjusted 89
90 Consolidated financial statements 2001 of Kolbenschmidt Pierburg AG Notes Comments on the consolidated balance sheet in prior periods were written up at €0.6 million (up from €0 million). According to the German Tax Reduction Act of Oct. 23, 2000, the changeover from the imputation system to the split rate system (split income taxation) is accompanied by a 15-year transition period during which dividends distributed from EK-40 equity portions formerly subject to the full (15) Total equity Kolbenschmidt Pierburg AG’s capital stock amounts to €87.1 million and is divided into 28,003,395 no-par bearer shares of fully voting common stock. There is no unpaid capital subscribed. The Executive Board is authorized to raise the capital stock on or before June 30, 2003, after first obtaining the Supervisory Board’s approval, by issuing once or several times new stock against cash contributions for an aggregate maximum of €25.6 million, duly granting the stockholders their subscription rights. However, the Executive Board is authorized with the Supervisory Board’s prior approval to exclude subscription rights to fractions and, moreover, to the extent required to grant the holders of option or conversion rights under bonds (whether floated or yet to be issued) the same statutory subscription right of Kolbenschmidt Pierburg AG stockholders as if such stock options or conversion rights had already been exercised (authorized capital I). In the year under review, part of the authorized capital I was utilized pursuant to Art. 4(2) of the Company’s articles of association to raise the capital stock by €3.6 million by issuing 1,400,200 no-par bearer shares of common stock. After this increase, a total 28,003,395 bearer shares of issued common stock have been outstanding. German income tax now entail a corporate income tax reduction and those distributed from EK-02 equity portions exempt from corporate income tax increase corporate income tax. As of December 31, 2001, EK-40 portions no longer existed and, therefore, no potential for any deferred tax relief did either. The potential for deferred tax burdens amounts to €0.5 million. Furthermore, the Executive Board is authorized to raise the capital stock on or before June 30, 2003, after first obtaining the Supervisory Board’s approval, by issuing once or several times new stock against cash contributions for an aggregate maximum of €6.6 million. With the Supervisory Board’s prior approval, the Executive Board may generally exclude the subscription rights if issuing the new stock at a price that is not significantly below the market price. If the Executive Board does not exercise its authority to exclude subscription rights, such subscription may with the Supervisory Board’s approval nonetheless be excluded for fractions and to the extent required to grant the holders of option or conversion rights under bonds (whether already floated or yet to be issued) the same statutory subscription right of Kolbenschmidt Pierburg AG stockholders as if such stock options or conversion rights had already been exercised (authorized capital II). Moreover, the Executive Board has been authorized to acquire on or before December 12, 2002, treasury stock equivalent to an aggregate maximum of 10 percent of the current capital stock. In the year under review, the authority to repurchase any of the Company’s stock was not exercised. €million Upon transfer of the stock premium from the capital increase, the additional paid-in capital rose by €11.9 million to €174.0 million. The other reserves include, besides the reserves retained by Kolbenschmidt Pierburg AG from earnings, also the other comprehensive income, which breaks down into the reserve for adjustments due to the first-time application of the IAS (which are recognized in equity only), differences from currency translation, as well as reserves from fair valuation. The analysis in 2001 of such reserves presents the following picture: Initial application of IAS 39 (Jan. 1, 2001) Deferred taxes on differences 0.0 21.6 21.6 from the first-time application of IAS 39 (Jan. 1, 2001) 0.0 (8.7) (8.7) Balance at January 1, 2001 0.0 12.9 12.9 Changes in the fair valuation of derivatives (0.4) 0.0 (0.4) Deferred taxes on changes in the hedge reserve 0.1 0.0 0.1 Balance at December 31, 2001 (0.3) 12.9 12.6 (16) Accruals for pensions and similar obligations Hedge reserve The differences from the fair valuation of interest rate swaps (which mature in 2005) were transferred to the hedge reserve. These accruals provide for obligations under vested rights and current pensions payable to eligible active and former employees and their surviving dependants. Such commitments primarily encompass pensions, both basic and supplementary. The individual confirmed pension entitlements are based on benefits that vary according to country and company and, as a rule, are measured according to service years and employee pay. Being a noncurrent provision for the accumulated postretirement benefit obligation, the accrued health care obligations to the retirees of some US group companies are also included in the pension accruals recognized hereunder. Securities available for sale Reserves from fair valuation The separate financial statements of Kolbenschmidt Pierburg AG close the fiscal year with net earnings of €14.0 million, proposed to be distributed in full to pay a cash dividend of €0.50 per no-par share of stock. The company pension system consists of both defined-contribution and defined-benefit plans. Under a DCP, the company incurs no obligations other than the payment of contributions to earmarked funds. These pension expenses are shown within personnel expenses. In the year under review, a total €32.6 million (up from €31.9 million) was paid to DCPs. Under defined benefit plans, a company is obligated to meet its confirmed commitments to active and former employees. In accordance with IAS 19, the projected unit credit (PUC) method is used to measure accrued defined benefit obligations. To this end, the present value of the defined benefit 91
Page 1 and 2: Kolbenschmidt Pierburg AG Rheinmeta
Page 3 and 4: Kolbenschmidt Pierburg at a glance
Page 5 and 6: Contents Agenda of the annual stock
Page 7 and 8: 6 Kolbenschmidt Pierburg AG Supervi
Page 9 and 10: 10 Kolbenschmidt Pierburg AG Letter
Page 11 and 12: 14 Management report on the Kolbens
Page 13 and 14: 18 Management report on the Kolbens
Page 15 and 16: Tool setting prior to machining the
Page 17 and 18: Coating unit for high-duty plain be
Page 19 and 20: Production line for car engine bear
Page 21 and 22: Final assembly of the variable inta
Page 23 and 24: Assembly of the steplessly variable
Page 25 and 26: Alfinizing of diesel piston ring mo
Page 27 and 28: 46 Lagebericht und Konzernlageberic
Page 29 and 30: Testing an engine block for leakage
Page 31 and 32: The PLU 401/121 for continuous fuel
Page 33 and 34: Ecotec test rig at the Neckarsulm p
Page 35 and 36: 62 Kolbenschmidt Pierburg AG Balanc
Page 37 and 38: Consolidated financial statements 2
Page 39 and 40: 70 Consolidated financial statement
Page 47: 86 Consolidated financial statement
Page 55 and 56: 102 Consolidated financial statemen
Page 61: 114 Consolidated financial statemen

Annual Report 2001 - KSPG AG

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?