Annual Report - Miba

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56 Miba Aktiengesellschaft, Laakirchen Notes to the Annual Financial Statement for the 2004/05 Fiscal Year I Application of the Regulations of the Commercial Code The company is a large stock corporation according to Article 221 of the Austrian Commercial Code (HGB). The 2004/05 financial statements were prepared according to the regulations of the Austrian Commercial Code. The income statement was prepared in report form using the total cost method. The presentation form previously used by the company was retained when compiling the present report. However, because of the realignment of the accounts according to the company’s operational processes in the context of the SAP introduction, a comparison of the other operational expenses and income with the previous year is only possible to a limited extent. In order to convey as accurate a view as possible of the company’s net worth, financial and earnings positions of the company, additional disclosure, if necessary, has been included in the Notes. The company is included in the consolidation of the Mitterbauer Beteiligungs-Aktiengesellschaft. The parent company presenting the consolidated accounts for the largest group of companies is the Mitterbauer Beteiligungs-Aktiengesellschaft. This consolidated financial statement is on record at the company register in Wels. The (partially) consolidated financial statements compiled by the company itself are also on record at the company register in Wels.
The annual financial statements were prepared in accordance with the principles of proper accounting as well as the general premise of giving a true and fair view of the company’s net worth, financial and earnings positions. The annual financial statements were compiled according to the principle of completeness. The valuation was based on the assumption that the company will remain in business. The unit account method was applied in the valuation of assets and liabilities. The principle of caution was adhered to by reporting only revenue realized as of the balance sheet date. All recognizable risks and impending losses, which occurred during the 2004/05 fiscal year or in a previous fiscal year were taken into consideration. The valuation methods previously used were retained. Intangible assets are recognized at acquisition cost, if acquired against payment, and are depreciated over a period not exceeding five years. Property, plant and equipment are recognized at acquisition cost or cost of manufacturing, minus scheduled depreciation. Assets of minor value are depreciated in full during the year of acquisition. Unscheduled depreciation is carried out if a valuation at a lower value becomes necessary or if permitted by special tax provisions. Financial assets are either valued at acquisition cost or at a lower attributable value, if applicable. Receivables and other assets are reported at nominal value. II Reporting and Valuation Principles The allocations to provisions take into account all discernible risks and impending losses, as required by law. The provisions for severance payments and similar payments (anniversary bonuses) are calculated according to standard actuarial principles based on a 4.75 % interest rate (5.0 % in the previous year), a 2.5% annual salary increase and a fluctuation discount based on years of service. The assumed retirement age is the earliest possible age for entitlement to the (preliminary) retirement pension as defined by the 2004 Pension Reform and under consideration of the transitional regulations. The calculation was based on the “projected unit credit method” according to IAS 19. 57
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Innovation in Motion Annual Report
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Income Statement (in EUR million) 2
Page 7 and 8:
Annual Report 2004/05 Innovation in
Page 9 and 10:
Preface by the Chief Executive Offi
Page 11 and 12: DI DDr. h.c. Peter Mitterbauer, Cha
Page 13 and 14: Ing. Alfred Hörtenhuber, Chief Exe
Page 15: The Supervisory Board would like to
Page 19 and 20: Excellent performance The Miba Shar
Page 21: Development of the Miba stock in th
Page 24 and 25: 18 Highlights 2004/05 Highlights Fe
Page 26 and 27: 20 Miba Bearings US LLC, USA Miba H
Page 28 and 29: 22 In 2004/05, Miba Bearing Group a
Page 30 and 31: 24 Sales volume by markets NAFTA 15
Page 33 and 34: Business Report 27
Page 35 and 36: One of the main pillars of Miba’s
Page 37 and 38: Miba Group Employees (yearly averag
Page 39 and 40: Technological leadership strengthen
Page 42 and 43: 36 At present, the West-European au
Page 44 and 45: 38 The product group gears showed c
Page 46 and 47: 40 In the past fiscal year 2004/05,
Page 48 and 49: 42 In Europe, Miba Bearing Group wa
Page 50 and 51: 44 2004/05 was a highly successful
Page 52 and 53: 46 In the preceding fiscal year, th
Page 54 and 55: 48 Risk Report Risk Report As a par
Page 57 and 58: Financial Statements 2004/05 of Mib
Page 59 and 60: A. Shareholders’ Equity: 01/31/20
Page 61: Miba Aktiengesellschaft, Laakirchen
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 112 and 113:
106 E. Other information 30. Cash f
Page 114 and 115:
108 The contracts are stated as of
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110 35. Earnings per share Accordin
Page 118 and 119:
112 Miba Aktiengesellschaft, Laakir
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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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