Annual Report - Miba

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112 Miba Aktiengesellschaft, Laakirchen Auditor’s Report and Certification We have audited Miba Aktiengesellschaft’s consolidated financial statements as of January 31, 2005, prepared by the company in accordance with the International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB). The preparation and contents of these consolidated financial statements are the responsibility of the company’s Management Board. Our responsibility is to express an opinion on the consolidated financial statements based on our audit. In some cases, the year-end financial statements of subsidiaries included in the consolidated financial statements were audited by other auditors. As far as the local statements of such subsidiaries are concerned, our opinion is based solely on the opinion of such other auditors. We conducted our audit in accordance with the International Standards on Auditing (ISA) of the International Federation of Accountants (IFAC) and the professional principles and practices of auditing valid in Austria. These standards require that we plan and perform the audit so as to obtain reasonable assurance about whether the consolidated financial statements are free of significant material misstatements. The audit includes random sampling of the evidence supporting the amounts and disclosures in the consolidated financial statements. The audit also includes an assessment of the accounting principles used and significant estimates made by Company Management as well as an evaluation of the overall financial statement presentation. We believe that our audit as well as the reports from other auditors provide a sufficiently reasonable basis for our opinion. Without resulting in any restrictions on our audit for the current fiscal year, we want to point out that – as explained in Items C.1. and C.11. of the Group's Notes – customer relationships, which do not fulfill all of the recognition criteria according to IAS 38, have been capitalized. Due to the application of IFRS 3 ahead of time, in combination with IAS 36 and IAS 38 (in the version valid in 2004), this restriction becomes obsolete from February 1, 2004 onwards.
In our opinion, the consolidated financial statements present the Group’s financial position as at January 31, 2005 fairly in all material respects, as well as the results of its operations and its cash flows for the past fiscal year, in accordance with International Financial Reporting Standards (IFRS). Pursuant to Austrian commercial law, we are required to examine the Group Management Report and verify compliance with the legal provisions for exemption from the preparation of consolidated financial statements according to Austrian law. In our opinion, the Group Management Report is consistent with the consolidated financial statements and the legal requirements for exemption from the obligation to prepare consolidated financial statements in accordance with Austrian law have been met. Linz, April 28, 2005 KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft (Auditors and Tax Consultants Ltd.) Mag. Cäcilia Gruber Mag. Stephan Beurle Auditor and Tax Consultant Auditor and Tax Consultant 113
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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
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Miba Aktiengesellschaft, Laakirchen
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The annual financial statements wer
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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 112 and 113: 106 E. Other information 30. Cash f
Page 114 and 115: 108 The contracts are stated as of
Page 116 and 117: 110 35. Earnings per share Accordin
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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