Report of the Supervisory Board - tuv nord italia

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Combined Notes to the Financial Statements of TÜV NORD Group and TÜV NORD GmbH for the 2004 business year 1. Preliminary remarks and general accounting principles With commercial effect as from 1.1.2004, TÜV Hannover/Sachsen-Anhalt e.V., TÜV NORD e.V. and RWTÜV AG merged their classic TÜV activities by transferring business operations and holdings to TÜV NORD GmbH. As a result, TÜV NORD GmbH is for the first time required to produce consolidated financial statements and a consolidated management report as at 31.12.2004, pursuant to Articles 290 ff. of the German Commercial Code (HGB). The consolidated annual financial statements and annual financial statements of TÜV NORD GmbH have been drawn up in accordance with the requirements of the German Commercial Code and the supplementary provisions of the German Private Limited Companies Act (GmbHG). The annual financial statements of TÜV NORD GmbH and the consolidated annual financial statements of the Group are explained jointly in these Notes. The details provided apply to both sets of financial statements, except where otherwise stated. In order to improve the clarity and information content of the tables, individual items have been aggregated in the balance sheet and the profit and loss account and then separately disclosed 32 and explained in the notes. By way of supplementing the format and classification prescribed by the German Commercial Code, the balance sheet item “III Financial Assets” has been extended to include the item “Shares of guarantee funds resulting from reinsurance”. The profit and loss account has been prepared using the costof-production method. 2. Scope of consolidation Included in the scope of the consolidated financial statements in addition to TÜV NORD GmbH as the parent company are the following seven main affiliated companies, together with their 42 subsidiaries: – TÜV NORD STRASSENVERKEHR GmbH & Co. KG – RWTÜV Fahrzeug GmbH – RWTÜV Systems GmbH – TÜV NORD Holding GmbH & Co. KG – TÜV NORD EnSys Hannover GmbH & Co. KG – TÜV NORD SysTec GmbH & Co. KG – RWTÜV Akademie GmbH Being of only minor significance with regard to the Group’s assets, financial situation and earnings, companies without business operations or with a low business volume are not included in the consolidated financial statements.
The associated companies are accounted for by the equity method. Companies that both individually and taken as a whole are immaterial to an assessment of the assets, financial situation and earnings of the Group have been recognised at book value. A list of shareholdings has been prepared in which the affiliated companies and other trade investments of TÜV NORD GmbH Group are shown individually; and in which not only the proportion of the capital held but also the amount of the company’s equity, its earnings and the method of consolidation and valuation are given. This comprehensive schedule of the shareholdings of the Group has been filed with the Commercial Register of Hanover Local Court under registration number HRB 61566. 3. Consolidation policy The annual financial statements of the companies included in the scope of consolidation are uniformly prepared in accordance with the Consolidated Accounts Directive, which incorporates the accounting, disclosure and valuation methods prescribed in the German Commercial Code. The subsidiaries included in the scope of consolidation are consolidated by the book value method. With this method, the book values of the holdings are set off against the pro rata amount of these companies’ equity recognised at the time of their acquisition or first-time consolidation. The first-time consolidation of the companies included took place as at 1.1.2004 when consolidated financial statements were first prepared. The differences resulting from the capital consolidation are then openly set off against capital reserves. Material shareholdings in associated companies are valued in the consolidated balance sheet at equity by the book value method. The same consolidation principles apply to these as indicated above. Where different valuation methods are applied by the associated companies, these are not adjusted to the uniform accounting and valuation methods as this would not have any material impact on the consolidated financial statements. Accounts receivable and payable between the companies included in the scope of consolidation are netted. Profits and losses arising out of intercompany transfers of assets that are to be included in the consolidated financial statements are eliminated unless they are immaterial. Sales revenues and other income earned between the consolidated companies are set off against the corresponding expenses. 33
Page 1 and 2: ANNUAL REPORT 2004
Page 3 and 4: Governing bodies Members of the Sup
Page 5 and 6: The Supervisory Board of TÜV NORD
Page 7 and 8: The Mobility business unit felt the
Page 9 and 10: in engines. Exhaustive series of te
Page 11 and 12: These consultancy services, which u
Page 13 and 14: inspection and servicing of transpo
Page 15 and 16: throughout the world and developing
Page 17 and 18: Training and Human Resources Accept
Page 19 and 20: Management Report and Consolidated
Page 21 and 22: products and services. The price cu
Page 23 and 24: funds (€486.5 million) reinsuring
Page 25 and 26: In the Mobility business unit, ther
Page 27 and 28: Consolidated Annual Financial State
Page 29 and 30: Consolidated Profit and Loss Accoun
Page 31: Depreciation and amortisation expen
Page 35 and 36: Apart from directly attributable co
Page 37 and 38: (4) Receivables and other assets Th
Page 39 and 40: (10) Liabilities of which with a re
Page 41 and 42: (15) Cost of materials 2004 € ’
Page 43 and 44: Annual Financial Statements 2004 of
Page 45 and 46: Profit and Loss Account of TÜV NOR
Page 47 and 48: Depreciation and amortisation expen
Page 49 and 50: (4) Receivables and other assets of
Page 51 and 52: (10) Other financial commitments Th
Page 53: (18) Taxes 2004 2003 € ’000 €
Page 56 and 57: List of Shareholdings of TÜV NORD
Page 58 and 59: Name and place of registration Shar
Page 60: TÜV NORD GmbH 30519 Hannover Am T

Report of the Supervisory Board - tuv nord italia

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