Annual Report 2001 - KSPG AG

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100 Consolidated financial statements 2001 of Kolbenschmidt Pierburg AG Notes Comments on the consolidated income statement (27) Other operating expenses €million 2000 2001 M&R 47.7 55.1 Other general administration 36.7 43.8 Selling, promotion and advertising 29.7 25.7 Rheinmetall Group allocations and service fees 13.1 16.9 Legal, consultancy and audit fees 7.3 10.9 Rents 11.2 10.4 Other payroll incidentals 12.4 9.0 Non-income taxes 6.5 6.6 Losses from damaging events 0.4 5.9 Severance packages, termination benefits, preretirement part-time work 5.6 5.8 Insurances 6.0 5.6 Outsourced support services 3.6 2.7 Warranties 7.1 2.2 Write-down of current assets 6.4 1.8 All other 45.1 7.8 (28) Net interest expense Income from the release of accruals was offset at €20.6 million (up from 238.8 210.2 €11.6 million) against other operating expenses. €million 2000 2001 Interest income return on plan assets 7.0 6.9 from long-term loans and financial receivables 0.0 0.2 other interest and similar income 1.7 0.9 Interest expense 8.7 8.0 from capital leases (2.6) (2.8) compounding of pensions (23.0) (23.9) compounding of other noncurrent accruals (0.3) (0.4) other interest and similar expenses (15.7) (21.7) (41.6) (48.8) (32.9) (40.8) (29) Net investment income and other financial results (30) Income taxes €million 2000 2001 Net investment income from joint ventures 0.0 0.4 from associated affiliates 0.5 2.8 from other long-term securities 0.7 0.8 Other financial results 1.2 4.0 from foreign exchange 3.3 0.3 from financial derivatives 0.0 (0.3) The table below reconciles the expected to the recognized tax expense, which is determined by multiplying EBT by a tax rate of 40 percent (down 4.5 4.0 €million 2000 2001 Current income tax expense 31.1 18.1 Refunds for prior years (0.5) (4.0) Deferred taxes (16.4) 3.6 14.2 17.7 from 50). This tax expense comprises German corporate income tax, the solidarity surtax thereon, and municipal trade tax. €million 2000 2001 EBT 21.6 49.5 Expected tax expense 10.8 19.8 Differences from German tax rates 1.0 (1.0) Differences from foreign tax rates (1.4) (1.3) Losses of subsidiaries not subjected to deferred taxation 11.4 11.1 Tax-exempt income and nondeductible expenses (5.3) (3.5) Nondeductible goodwill amortization 0.7 1.2 Adjustment for nonperiod income taxes 0.6 (0.5) Reduction of deferred taxes due to tax rate change (1.3) 0.0 Tax privileges for capital expenditures 0.0 (2.4) Tax changes from accounting for the tax burden on next-year distribution (3.3) (4.9) Other 1.0 (0.8) Effective tax expense 14.2 17.7 Effective tax rate in % 66% 36% Expected tax rate in % 50% 40% 101
102 Consolidated financial statements 2001 of Kolbenschmidt Pierburg AG Notes Comments on the consolidated income statement (31) Minority interests Minority interests in profit came to €0.9 million (down from €1.4 million) and in loss to €1.2 million (down from €1.6 million). (32) Earnings per share (EpS) EpS is obtained by dividing the weighted average number of shares issued and outstanding in the fiscal year into the Group’s earnings. The capital was increased by issuing 1,400,200 new no-par shares in mid-July 2001. Neither as of December 31, 2001 nor 2000, were any shares outstanding that could dilute earnings per share. Therefore, both in the year under review and the previous year, the undiluted EpS equals the diluted EpS. € 2000 2001 Group earnings (after minority interests) 7,563,080 32,123,570 Weighted average number of shares 26,603,195 27,244,953 Earnings per share (EpS) 0.28 1.18 Comments on the cash flow statement (33) Cash flow statement The cash flow statement conforms with IAS 7 and breaks down into the cash flows generated by operating, investing and financing activities. The effects of changes in the consolidation group are eliminated but they and parity changes, if impacting on cash & cash equivalents, are shown in separate lines. Starting from the beginning of period (BoP) balance of cash & cash equivalents, this statement shows a slightly higher cash flow of €174.4 million. The net cash provided by operating activities was virtually unchanged at €127.5 million and included a cash inflow from interest of €1.1 million (down from €1.7 million) and a cash outflow for interest of €21.3 million (up from €15.3 million). Income taxes paid came to €37.6 million (up from €21.5 million), those refunded totaling €1.5 million (down from €2.6 million). The dividends received from associated affiliates and investees amounted to €0.7 million (up from €0.6 million). The net cash used in investing activities sank €9.6 million to €164.3 million. The cash outflow for acquisitions totaled €11.6 million and represented the purchase price of Kolbenschmidt Pierburg Shanghai Nonferrous Components Co Ltd., an investee carried at equity. The disposal of Pierburg Instruments Inc. produced a cash inflow of €6.0 million. When the stake in Pierburg Instruments GmbH was transferred, a €14.4 million loan was repaid. All acquisitions and disposals were settled in cash. Cash inflows and outflows from financing activities almost balanced. The remaining finance requirements are shown in the change in cash & cash equivalents. Cash & cash equivalents are identical in the cash flow statement and balance sheet. 103
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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 53: 98 Consolidated financial statement
Page 57 and 58: 106 Consolidated financial statemen
Page 59 and 60: 110 Consolidated financial statemen
Page 61: 114 Consolidated financial statemen
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Annual Report 2001 - KSPG AG

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