Report of the Supervisory Board - tuv nord italia

Notes
to the consolidated balance sheet and the consolidated profit and loss account
(1) Non-current assets
The structure of and movements in the noncurrent
assets of the Group are itemised in the
schedule of changes in non-current assets.
In the consolidated schedule of changes to
non-current assets the cumulative acquisition
and manufacturing costs and the depreciation
and amortisation of the consolidated
companies are included as at 1.1.2004.
Among the financial assets, claims arising
from reinsurance in the amount of
€486,448k are recognised. These are capi-
(2) Financial assets – Shareholdings
The list of shareholdings and major trade
investments has been filed with the Commercial
Register of Hanover Local Court under
registration number HRB 61566.
(3) Inventories
36
talised at the value of the shares in the guarantee
funds (nominal value). These assets
have not been depreciated to their surrender
value (fair current value), since these claims
relate to the reinsurance of pension
provisions and it is not envisaged that these
insurances will be terminated prematurely.
The surrender value currently represents
around 99% of the nominal value of the
guarantee fund shares (some €481,500k).
31. 12. 2004
€ ’000
Raw materials and supplies 877
Work in process 30,073
Finished products and merchandise 38
Payments on account 33
31,021