E_mg_GB_03_vorne-29_3_04

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158 Declaration on the German Corporate Governance Code The declarations prescribed by section 161 of the German Joint Stock Corporation Act have been submitted and made permanently available to shareholders of mg ag and its listed subsidiaries GEA Aktiengesellschaft and mg vermögensverwaltungs-ag. Accumulated Loss The annual financial statements of mg technologies ag report an accumulated loss of a559.362 million at December 31, 2003. There is therefore no proposal from the Executive Board and Supervisory Board for the appropriation of profit. The accumulated loss will be carried forward to the next period. CONVERSION OF ACCOUNTING TO IFRS EU Regulation No. 1606/2002 of the European Parliament and the Council concerning the use of International Accounting Standards was adopted on July 19, 2002. This regulation states that consolidated financial statements must be prepared in accordance with International Financial Reporting Standards (IFRS) as from 2005. The mg Group, however, has decided to adopt the recommendations of the Committee of European Securities Regulators (CESR) and will thus already publish its quarterly reports in 2005 in accordance with the IFRS. This means that the first financial statements that mg publishes in accordance with the IFRS will be its report for the first quarter (January 1 through March 31) of 2005, which will contain a balance sheet, a statement of income, a statement of cash flows, a reconciliation of shareholders’ equity at the end of the comparative period, and a reconciliation of profit or loss for the comparative period. As the first financial statements published in accordance with the IFRS will also have to state the comparative figures for the prior year, mg will have to prepare opening accounts in accordance with the IFRS at January 1, 2004. The preparation of the IFRS opening accounts will immediately follow the preparation of the year-end accounts at December 31, 2003 and should be completed by mid-April 2004. During 2004, the mg Group will prepare its accounts in accordance with both U.S. GAAP and the IFRS. As from 2004, the mg Group's planning processes – with the exception of its outlook for the current year – will be performed exclusively in accordance with the IFRS. The outlook for 2004 will be prepared in accordance with both the IFRS and U.S. GAAP. In preparation for the introduction of the IFRS, mg offered its employees around the world training on this issue in the summer and fall of last year. Frankfurt am Main, March 23, 2004 The Executive Board Udo Stark Karlheinz Hornung Klaus Moll Jürg Oleas Peter Steiner
MANAGEMENT AKTIE STRATEGIE SONDERTEIL LAGEBERICHT KONZERNABSCHLUSS WEITERE ANGABEN Consolidated Balance Sheets • Statements of Income • Statements of Cash Flows • Statements of Changes in shareholders’ Equity • Fixed Assets Schedule • Notes • Independent Auditors’ Report INDEPENDENT AUDITORS’ REPORT We have audited the consolidated financial statements, comprising the balance sheet, the income statement and the statements of changes in shareholders’ equity and cash flows as well as the notes to the financial statements prepared by mg technologies ag, Frankfurt am Main, for the business year from January 1 through December 31, 2003. The preparation and the content of the consolidated financial statements in accordance with United States Generally Accepted Accounting Principles (U.S. GAAP) are the responsibility of the Company's Executive Board. Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit of the consolidated financial statements in accordance with German auditing regulations and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that it can be assessed with reasonable assurance whether the consolidated financial statements is free of material misstatements. The evidence supporting the amounts and disclosures in the consolidated financial statements is examined on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements give a true and fair view of the net assets, financial position, results of operations and cash flows of the Group for the business year in accordance with U.S. GAAP. Our audit, which also extends to the group management report prepared by the Executive Board for the business year from January 1 through December 31, 2003, has not led to any reservations. In our opinion, on the whole the group management report provides a suitable understanding of the Group’s position and suitably presents the risks of future development. In addition, we confirm that the consolidated financial statements and the group management report for the business year from January 1 through December 31, 2003 satisfy the conditions required for the Company’s exemption from its duty to prepare consolidated financial statements and the group management report in accordance with German law. Frankfurt am Main, March 23, 2004 KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Prof. Dr. Nonnenmacher Wagenseil Wirtschaftsprüfer (German Public Auditor) Wirtschaftsprüfer (German Public Auditor) 159
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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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mg's mission is to ensure sustainab
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Page 185: Key Figures for the mg Group RESULT
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