Technologies · Systems · Solutions - Dürr

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86 6. Consolidated group Any remaining debit differences are shown as goodwill under intangible assets. When the company is removed from consolidation, the goodwill is released to profit and loss. Any negative differences are shown separately in the consolidated balance sheet under non-current assets and released in accordance with IFRS 3. Companies over which the Company exercises significant influence (associates) are measured using the equity method; this is generally the case with a voting share of 20% to 50%. Any goodwill is disclosed under investments in associates. All other investments are accounted for under the cost method of accounting because market values are not available or determinable. Intercompany sales, expenses and income as well as intercompany receivables and liabilities or provisions are eliminated. Intercompany profits which are not realized by sale to third parties are eliminated. Besides Dürr AG, the consolidated financial statements as of December 31, 2004, contain all domestic and foreign companies which Dürr AG can control, either directly or indirectly (control concept). The companies are included in the consolidated financial statements from the date when control was obtained. Besides Dürr AG as the parent company, the number of companies in the consolidated group is as follows: 2004 2003 Number of fully consolidated companies Germany 25 26 Foreign 85 84 110 110 2004 2003 Number of companies acounted for at equity Germany 1 1 Foreign 6 6 7 7 The consolidated financial statements contain nine (2003: nine) companies in which minority shareholders hold interests. The financial statements of consolidated companies are generally prepared as of December 31, 2004. Three associates have a different balance sheet date. In these cases, the most recent financial statements as of December 31, 2003, March 31, 2004, and September 30, 2004, were used; the time lag in reporting is consistent from period to period. Dürr does not anticipate any material impact on the net assets, financial situation and results of operations as a result of the inclusion of more recent financial statements.
7. Changes in the consolidated group Dürr Paintshop Systems Engineering (Shanghai) Co. Ltd. Behr Industrial Systems Inc. Premier Manufacturing Support Services S.L. Consolidated financial statements of Dürr AG The following table gives an overview of the companies included in the consolidated Group for the first time. Effective March 1, 2004, Dürr founded Dürr Paintshop Systems Engineering (Shanghai) Co. Ltd., Shanghai (P. R. China). The company is a wholly owned subsidiary of Dürr Systems GmbH, Stuttgart. The company is equipped with a capital contribution of 2,680 thousand US dollars. The company produces and sells industrial paint systems. As of June 22, 2004, Behr Systems Inc., Auburn Hills (Michigan/USA), founded Behr Industrial Systems Inc. with its registered office in Windsor (Ontario/Canada) with a capital contribution of 10 thousand Canadian dollars. The company works in the field of applications technology. Premier Manufacturing Support Services S.L., San Sebastián (Spain), was founded as of July 2, 2004, with capital stock of € 3 thousand by Premier Manufacturing Support Services (UK) Limited, Warwick (United Kingdom). The company offers manufacturing support services such as plant maintenance and servicing. 87 Capital share Date of first-time in % consolidation Explanation Paint Systems business unit Dürr Paintshop Systems Engineering (Shanghai) Co. Ltd., Shanghai/P. R. China Behr Industrial Systems Inc., 100 March 1, 2004 Formation Windsor, Ontario/Canada Services business unit Premier Manufacturing Support Services S.L., 100 June 22, 2004 Formation San Sebastián/Spain Premier Manufacturing Support Services – Michigan LLC, 100 July 2, 2004 Formation Plymouth, Michigan/USA Measuring Systems business unit 100 December 10, 2004 Formation Schenck Austral S.A., Santiago de Chile/Chile 75 June 28, 2004 Formation Premier Manufacturing Support Services – Michigan LLC Schenck Austral S.A. Carl Schenck AG Premier Manufacturing Support Services – Michigan LLC, Plymouth (Michigan/USA), was founded by Premier Manufacturing Support Services Inc., Cincinnati (Ohio/USA), as of December 10, 2004. A capital payment was not necessary. The company offers manufacturing support services such as plant maintenance and servicing. Effective June 28, 2004, Schenck Austral S.A., Santiago de Chile (Chile), was founded. Dürr holds 75% of the shares in this company. The company is equipped with capital stock totaling 300,000 thousand Chilean pesos. The purpose of the company is both the sale and maintenance of products in the area of oscillating conveyors/oscillating screens. During 2004, Dürr acquired a further 19,918 (approx. 1.28%) no par value shares in Carl Schenck AG, Darmstadt, for a cash purchase price of € 3,417 thousand, giving rise to goodwill of € 2,546 thousand. As a result, the Dürr Group held 100% of the shares in Carl Schenck AG as of December 31, 2004.
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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
Page 39: Dürr Ecoclean systems ensure optim
Page 43 and 44: Automatic wheel mounting system of
Page 45: Measuring Systems Product lines Bal
Page 49 and 50: Paint distribution center in an aut
Page 51 and 52: Discontinued operations Development
Page 53 and 54: September PUSH symposium On behalf
Page 55 and 56: Sales of passenger cars and light t
Page 57 and 58: Consolidated management report Impr
Page 59 and 60: Consolidated management report Cons
Page 61 and 62: Amounts in €m Total incoming 2004
Page 63 and 64: Amounts in €m 2004 2003 Total inc
Page 65 and 66: 100 90 80 70 60 50 40 30 20 10 Fina
Page 67 and 68: Consolidated management report Curr
Page 69 and 70: Consolidated management report In d
Page 71 and 72: 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: 4. New accounting standards 5. Cons
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 and 124: Credit risk Currency risk Interest
Page 125 and 126: 36. Other notes Subsequent events G
Page 131 and 132: Property, plant and equipment Amoun
Page 139 and 140: Italy Olpidürr S.p.A. Novegro di S
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Financial calendar for 2005 April 2
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