E_mg_GB_03_vorne-29_3_04

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122 Retained Earnings The Executive Board was authorized by the Annual Shareholders’ Meeting resolution of June 3, 2003 to purchase the company’s outstanding shares pursuant to section 71 (1) No. 8 AktG. Based on this authorization, mg technologies ag purchased a total of 1,269,838 of its own shares in August and October 2003. In October 2003, the company sold all of its own shares it had purchased during that year. The resultant book profit of a1.154 million was transferred directly to the company’s retained earnings. The following schedule gives a monthly breakdown of the shares purchased and sold by mg technologies ag in 2003: Amount of Percentage of Purchase/ Number of Capital Stock Capital Stock Selling Price Month Shares t ’000 % t ’000 Purchased in August 650,000 1,662 0.33 5,524 Purchased in October 619,838 1,584 0.32 6,337 Sold in October 1,269,838 – 3,246 – 0.65 13,015 Balance at 12/31/2003 0 0 0 1,154 Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss were as follows: 12/31/2003 12/31/2002 u ’000 t ’000 Accumulated other comprehensive loss at beginning of period under review – 94,579 – 79,049 Unrealized holding gains on available-for-sale securities 4,187 859 Realized losses on available-for-sale securities 4,400 500 Tax effect of available-for-sale securities – 3,374 – 515 Total gains on available-for-sale securities 5,213 844 Unrealized holding gains on cash flow hedges 21,343 8,705 Realized gains on derivatives – 12,882 – 3,346 Tax effect of derivatives – 4,441 – 1,874 Total gains on derivatives 4,020 3,485 Foreign currency translation adjustments – 70,144 – 16,785 Change in minimum pension liability – 30,505 – 5,374 Tax effect of change in pension liability 13,029 2,300 Total gains (losses) on change in pension liability 17,476 – 3,074 Accumulated other comprehensive loss at end of year – 172,966 – 94,579 The change in the minimum pension liability covers the amounts attributable to both continued and discontinued operations. a28.457 million (prior year: a5.393 million) of the increase in minimum pension liability is attributable to continued operations. 9) Minority Interests At December 31, 2003, minority interests consisted largely of the 27.7% (prior year: 27.7%) holding in the Menzolit Fibron Group and the 1.96% (prior year: 1.98%) stake in GEA.
MANAGEMENT SHARE STRATEGY SPECIAL SECTION MANAGEMENT REPORT FINANCIAL STATEMENTS FURTHER INFORMATION Consolidated Balance Sheets • Statements of Income • Statements of Cash Flows • Statements of Changes in shareholders’ Equity • Fixed Assets Schedule • Notes • Independent Auditors’ Report 10) Provisions and Accrued Liabilities Provisions and accruals are composed as follows: 12/31/2003 12/31/2002 u ’000 t ’000 Provisions for pensions and similar obligations 910,177 875,869 Provisions for taxes 47,961 52,141 Other provisions and accruals 869,470 695,105 Total 1,827,608 1,623,115 Provisions and accruals of a423.630 million are attributable to Dynamit Nobel (prior year: a393.707 million. Provisions and accruals due after more than one year were as follows: 12/31/2003 12/31/2002 u ’000 t ’000 Provisions for pensions and similar obligations 868,180 833,885 Provisions for taxes 6,003 12,201 Other provisions and accruals 158,037 140,855 Due after more than one year 1,032,220 986,941 a) Provisions for Pensions and Similar Obligations These are broken down as follows: 12/31/2003 12/31/2002 u ’000 t ’000 Pension liabilities (pension plans) 842,449 806,552 Other postretirement benefits 57,005 58,083 Other accrued pension-related obligations 10,723 11,234 aa) Pension Plans 910,177 875,869 The mg Group provides pension benefits to the majority of its employees. The benefits in Germany usually consist of pension payments. Employees generally receive fixed pension amounts per year of service. The subsidiaries outside Germany operate country-specific pension plans, some of which are funded. Benefit obligations in Germany are primarily unfunded. With the exception of GEA, the German subsidiaries’ ongoing pension liabilities up to September 30, 1999 are valued using the Chemie 1996R pension fund mortality tables, while ongoing pension plans after September 30, 1999 and all benefits are valued using 1998 Heubeck tables modified for Groupspecific disability probabilities (35% for women and 50% for men). The Heubeck tables are used throughout for GEA. 123
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“2003 was a year of transition fo
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Consolidated Key Figures 2003 RESUL
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Creating freedom for action CONTENT
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MANAGEMENT SHARE STRATEGY SPECIAL S
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zation As the world’s population
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The pharmaceutical industry will co
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Milk Last year, over 160 million co
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The MODUL tablet press produced by
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For a technology-driven organizatio
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Key Figures for the mg Group RESULT
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E_mg_GB_03_vorne-29_3_04

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