Technologies · Systems · Solutions - Dürr

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120 Accounting and disclosure of derivative financial instruments and hedge accounting 35. Additional local disclosure requirements Exemption pursuant to Sec. 264b No. 4 of the HGB Exemption from the requirement to prepare consolidated financial statements for a Spanish sub-group On the balance sheet date the Company had the following derivatives: Amounts in €k The fair value of the derivative financial instruments was estimated using the following methods and assumptions: The fair values of currency swaps were estimated on the basis of the difference between the contractually agreed exchange rates and forward rates prevailing on the balance sheet date. The fair values of the interest rate swaps are estimated as the present value of expected future cash flows. Nominal value Positive fair value Negative fair value Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003 Dec. 31, 2004 Dec. 31, 2003 Derivative financial instruments Interest swaps Forward exchange 34,663 279,347 – – –1,315 –15,081 contracts 203,656 101,543 6,835 6,320 –1,196 –1,864 Currency swaps and interest rate swaps are recognized in the consolidated balance sheet at fair value. If the criteria for hedge accounting are fulfilled, the changes in fair value are accounted for as cash flow hedges as described in the following paragraph. Otherwise the changes in market value are recorded in the consolidated income statement as of each balance sheet date. Cash flow hedges The effective portion of the change in market value of interest swaps and forward exchange transactions classified as cash flow hedges is recorded through other comprehensive income. When the hedged transaction affects earnings, the amount from the interest swaps and forward exchange transactions recorded in other comprehensive income is reclassified into interest expense (interest swaps) and cost of sales (forward exchange contracts) in the income statement. Due to the ineffectiveness of the interest swaps, a net loss of € 9 thousand (2003: net loss of € 112 thousand) was recorded for the 2004 reporting period. Due to the improved liquidity situation, the interest hedges of a number of expected liabilities to banks were discontinued in the 2003 reporting period and losses were reclassified from equity to the income statement. It is anticipated that through the occurrence of the underlying € 120 thousand (2003: € 210 thousand) of net losses included in other comprehensive income will be reclassified into income during the next 12 months upon realization of the hedged interest payments. The company Premier Manufacturing Support Services GmbH & Co. KG, Stuttgart, has made use of the exemption provision of Sec. 264b No. 4 of the HGB. The company Ingenieria Agullo S.A., Barcelona (Spain), has made use of the exemption option from the preparation of consolidated financial statements pursuant to Spanish law.
36. Other notes Subsequent events German Corporate Governance Code: Declaration of compliance pursuant to Sec. 161 of the AktG Average headcount Consolidated financial statements of Dürr AG New Group structure Effective March 1, 2005, the Dürr Group has been given a new Group structure. In the new Group structure there are two divisions. 121 The former Paint Systems and Final Assembly Systems business units were combined in the new Paint and Assembly Systems division. In addition, the former Ecoclean and Measuring Systems business units were combined in the new Measuring and Process Systems division. In the course of the strategic realignment of the Group structure, Dürr sold the Services business unit represented by the Premier group in the 2005 reporting period subject to the approval of the antitrust authorities. Dürr is examining the various options for Development Test Systems (DTS) such as a minority shareholding or a complete sale. Combination of legally independent subsidiaries Effective January 1, 2005, the US companies Behr Systems Inc., Auburn Hills, Acco Systems Inc., Warren, Dürr Environmental Inc., Plymouth, and Dürr Production Systems Inc., Farmington, were merged into Dürr Systems Inc., Plymouth (formerly Dürr Industries Inc.). In 2005 the German companies Dürr Environmental GmbH, Stuttgart, Dürr Automotion GmbH, Stuttgart, and DS Engineering GmbH, Darmstadt, are going to be merged into Dürr Systems GmbH, Stuttgart. The declaration of compliance prescribed by Sec. 161 of the AktG was submitted by the Board of Management and the Supervisory Board of Dürr AG on December 17, 2004, in Stuttgart and made accessible to the shareholders on the Internet. The annual average number of employees: As of December 31, 2004, Dürr employed 13,295 people (2003: 12,747). 2004 2003 Manual workers 6,419 6,127 Salaried employees 6,364 6,500 Trainees/apprentices 296 330 13,079 12,957 of which Services business unit 4,884 4,479
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Technologies · Systems · Solution
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Continuing operations Paint Systems
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Technologies · Systems · Solution
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Contents 4 Letter from the Chairman
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Letter from the Chairman of the Boa
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Board of Management of Dürr AG Ste
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Report of the Supervisory Board The
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Report of the Supervisory Board Mem
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Bond ISIN (Reg S): XS0195957658 ISI
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Dürr on the capital market 15 With
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Dürr on the capital market We repo
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Application of powder paint base co
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RoDip dip-painting process: In the
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Dürr designs and supplies perfectl
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Final Assembly Systems Product line
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Cylinder head cleaning: A highpress
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Dürr Ecoclean systems ensure optim
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Automatic wheel mounting system of
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Measuring Systems Product lines Bal
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Paint distribution center in an aut
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Discontinued operations Development
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September PUSH symposium On behalf
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Sales of passenger cars and light t
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Consolidated management report Impr
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Consolidated management report Cons
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Amounts in €m Total incoming 2004
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Amounts in €m 2004 2003 Total inc
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100 90 80 70 60 50 40 30 20 10 Fina
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Consolidated management report Curr
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Consolidated management report In d
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Consolidated management report Purc
Page 73 and 74: Consolidated management report Succ
Page 75 and 76: Consolidated management report GmbH
Page 77 and 78: Fully automated vehicle painting pr
Page 79 and 80: Independent auditors’ report Inde
Page 81 and 82: Consolidated financial statements o
Page 89 and 90: 4. New accounting standards 5. Cons
Page 91 and 92: 7. Changes in the consolidated grou
Page 93 and 94: 9. Discontinued operations Consolid
Page 95 and 96: 10. Accounting and measurement prin
Page 97 and 98: Investments in associates Financial
Page 99 and 100: Cash and cash equivalents Borrowing
Page 101 and 102: Dependence on a few customers Use o
Page 103 and 104: 15. Other investment income/loss 16
Page 107 and 108: Amounts in €k Impairment test for
Page 109 and 110: 21.Trade receivables Consolidated f
Page 111 and 112: Nature and purpose of reserves Divi
Page 117 and 118: 29. Segment reporting Paint Systems
Page 121 and 122: 31. Contingent liabilities 32. Othe
Page 123: Credit risk Currency risk Interest
Page 131 and 132: Property, plant and equipment Amoun
Page 139 and 140: Italy Olpidürr S.p.A. Novegro di S
Page 141 and 142: Financial calendar for 2005 April 2
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