A rePort: How is a head- liner actually produced? friedrich ... - polytec

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In the fi nancial year 2005, expenditure which can be allocated to
the IPO were recorded as expenses since it had been unclear at
the time of preparation of the Consolidated Financial Statements
whether an IPO would actually take place. In the fi nancial year
2006, expenditure which arose in this calendar year in accordance
with IAS 32.35 was set off directly with equity.
6. Depreciation and Amortisation
As was the case in the previous year, depreciations on intangible
assets and tangible assets of TEUR 17,740.4 (previous year:
TEUR 16,903.6) does not include any extraordinary depreciation.
For a break-down according to individual items, please refer to the
Consolidated Movement of Assets.
According to IFRS 3 (Business Combinations), goodwill will no
longer be amortised beginning with the fi nancial year 2005, but
subjected to an annual impairment test. Such impairment test
resulted in the fact that no impairment of goodwill was necessary
in 2006, as was the case in the previous year.
7. Financial Result
IN TEUR 2006 2005
Income from other investments 66.2 67.5
Interest and income from securities 1,365.4 1,110.4
Write-offs of fi nancial assets -73.2 -215.0
Bond interest
Interest component of
0.0 -350.9
pension commitments -352.2 -325.4
Other interest expenses -3,658.3 -3,733.7
Other fi nancial results -287.3 31.0
Total -2,939.4 -3,416.1
The Interest component of pension commitments is a non-cash
item. All other interest expenses or income are cash items.
8. Taxes on Income
IN TEUR 2006 2005
Current income taxes 6,978.3 6,500.6
thereof non-periodic -241.3 1,496.7
Deferred income taxes 2,057.0 567.3
thereof non-periodic 0.0 0.0
Total 9,035.3 7,067.9
thereof non-periodic -241.3 1,496.7
POLYTEC
ANNUAL REPORT 2006
NOTES
The taxes on income in the fi nancial year 2006 amount to TEUR
9,035.3 (previous year: TEUR 7,067.9) and is TEUR 2,202.0 (previous
year: TEUR 1,666.4) higher than the calculated taxes on
income of TEUR 6,833.6 (previous year: TEUR 5,401.5) which was
calculated by using the tax rate of 25% on the earnings before
income tax of TEUR 27,334.5 (previous year: TEUR 21,606.1).
The reasons for the difference between the calculated and the disclosed
consolidated taxes on income are described as follows:
IN TEUR 2006 2005
Earnings before tax
at which 25% calculated
27,334.5 21,606.1
tax on income
Change in the provision
6,833.6 5,401.5
for deferred tax assets 261.3 -833.6
Effects of tax audit
Non profi t-related elements
-184.8 -1,136.7
of the income taxes
Tax free income from non
385.5 237.6
consolidated investments
Non decuctible write-off
-16.6 -38.6
of investments
Differences from the discrepancy
between the local and consolidated
112.1 0.0
tax rate
Permanent differences from the
consolidation (amortization of goodwill,
release of negative goodwill and
2,226.2 1.714.4
consolidation of debts) -337.6 245.7
Other items -3.1 -19.1
Taxes on income for the reporting period 9,276.6 5,571.2
Non-periodic income tax expense/revenue -241.3
Disclosed consolidated tax
1,496.7
on income 9,035.3 7,067.9
9. Intangible Assets
The classifi cation of the intangible assets summarized in the Consolidated
Balance Sheet and relevant changes are shown in the
Consolidated Movement of Assets (Enclosure 1 to the Notes).
TEUR 16.9 (previous year: TEUR 0.0) of the intangible assets are
mortgaged or pledged as a security for liabilities due to banks.