Annual Report - Miba

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106 E. Other information 30. Cash flow statement The cash flow statement was prepared in accordance with the indirect method. Cash and cash equivalents are comprised solely of cash on hand, checks, deposits at credit institutions and marketable securities. Interest received and interest paid are reported under current operations. Dividend payments are reported under financing activities. The effects of changes in the consolidation group are reported under the applicable items of each of the three segments. Taxes on income and earnings during 2004/05 fiscal year amounted to TEUR 5,822 (TEUR 10,869 in the previous year). 31. Financing instruments IAS 32 distinguishes between original and derivative financing instruments. Original financing instruments Original financing instruments are accounts receivable and accounts payable (basic transactions) and financial receivables and financial debt. The portfolio of original financing instruments is shown in the balance sheet and in the notes respectively, as are derivatives, provided that a market value is available. IAS defines credit risk as losses in assets resulting from the non-performance of contractual obligations by individual business partners. The credit risk inherent in <strong>Miba</strong> AG Group's core business is largely secured by credit insurance and by bank-type collateral (guarantees, letters of credit). The internal guidelines include credit criteria designed to control the credit risk related to original financing instruments, for example by means of bank limits or customer limits. In the assessment field, we only work together with financial partners that have an irreproachable credit standing. The credit risk of derivatives is limited to transactions with a positive market value and up to the replacement costs. Derivatives are based almost exclusively on standardized general contracts for financial futures. In principle, derivatives are not used for trading or speculative purposes.
Currency risk means that the value of a financing instrument may change due to exchange rate fluctuations. The primary protection against currency risks are naturally closed positions, for example where trade receivables in USD are offset by payables for raw materials (USD netting). Another method of protection is the use of derivative hedging instruments. <strong>Miba</strong> AG Group usually hedges the projected net foreign currency payments for the following 12 months primarily in the form of forward exchange contracts. Due to the disproportionate USD currency risk and the material significance of the USD exposure, only the USD currency risk is currently actively hedged through forward exchange contracts. Assessments are made by each of the Group's individual companies within the region of its local currency only, thus eliminating the currency risk. The interest risk risk is the result of fluctuations in the market rates which may cause the value of the financing instruments to fluctuate. An interest risk exists primarily for receivables and liabilities with a term of more than one year. Such terms are not material for operations, but they may be significant with regard to financial investments and debt. On the asset side, an interest risk exists only for the securities held under financial assets. Since these securities are principally held through investment funds and may be disposed of at any time, the interest risk is not deemed to be material. The average interest rate of the financial liabilities as of the balance sheet date was 2.76 % (3.05 % in the previous year). Most of the liabilities are subject to variable interest rates. Loans are the largest item of the financial liabilities with 45.22 % (54.99 % in the previous year), of which 47.73 % are USD loans. Export development credits represented 44.86 % (37.51% in the previous year) of financial liabilities. The remaining 9.92 % (7.50 % in the previous year) are liabilities payable to non-banks. Derivative financing instruments Derivative financing instruments are used solely for the purpose of hedging and currently consist of forward exchange contracts. 107
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Innovation in Motion Annual Report
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Income Statement (in EUR million) 2
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Annual Report 2004/05 Innovation in
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Preface by the Chief Executive Offi
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DI DDr. h.c. Peter Mitterbauer, Cha
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Ing. Alfred Hörtenhuber, Chief Exe
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The Supervisory Board would like to
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Excellent performance The Miba Shar
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Development of the Miba stock in th
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18 Highlights 2004/05 Highlights Fe
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20 Miba Bearings US LLC, USA Miba H
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22 In 2004/05, Miba Bearing Group a
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24 Sales volume by markets NAFTA 15
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Business Report 27
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One of the main pillars of Miba’s
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Miba Group Employees (yearly averag
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Technological leadership strengthen
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36 At present, the West-European au
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38 The product group gears showed c
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40 In the past fiscal year 2004/05,
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42 In Europe, Miba Bearing Group wa
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44 2004/05 was a highly successful
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46 In the preceding fiscal year, th
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48 Risk Report Risk Report As a par
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Financial Statements 2004/05 of Mib
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A. Shareholders’ Equity: 01/31/20
Page 61 and 62: Miba Aktiengesellschaft, Laakirchen
Page 63 and 64: The annual financial statements wer
Page 65 and 66: Receivables and other Current Asset
Page 67 and 68: Sales Revenue Per region: IV Commen
Page 69 and 70: The members of the Management Board
Page 71 and 72: Acquisition and Depreciation Manufa
Page 73 and 74: Miba Aktiengesellschaft, Laakirchen
Page 75 and 76: "The accounting and the financial s
Page 77: Consolidated Financial Statements 2
Page 80 and 81: 74 Miba Aktiengesellschaft, Laakirc
Page 86 and 87: 80 Notes on the Financial Statement
Page 88 and 89: 82 B. Principles of Consolidation w
Page 90 and 91: 84 3. Foreign Currency Translation
Page 92 and 93: 86 On August 27, 2001, the bearing
Page 94 and 95: 88 Deferred taxes reflect timing di
Page 96 and 97: 90 6. Estimates To a certain degree
Page 98 and 99: 92 5. Depreciation in TEUR 2004/05
Page 100 and 101: 94 10. Taxes on income and earnings
Page 102 and 103: 96 in TEUR 01/31/2005 01/31/2004 Ac
Page 104 and 105: 98 For the 2004/05 fiscal year, def
Page 106 and 107: 100 17. Cash and cash equivalents i
Page 108 and 109: 102 Provisions for post-retirement
Page 110 and 111: 104 Changes in accruals As at Forei
Page 114 and 115: 108 The contracts are stated as of
Page 116 and 117: 110 35. Earnings per share Accordin
Page 118 and 119: 112 Miba Aktiengesellschaft, Laakir
Page 120 and 121: 114 Changes in consolidated fixed a
Page 122 and 123: 116 Segment Reports Appendix 2 to t
Page 124 and 125: 118 Equity Interests as at January
Page 126 and 127: 120 Imprint Publisher Miba Aktienge
Page 128: www.miba.com
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Annual Report - Miba

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