Annual Report - Miba

58
III Comments on the Balance Sheet
Provisions for pension payments are calculated according to standard actuarial principles
using the projected unit credit method according to IAS 19 based on a calculated 4.75 %
interest rate (5.00 % in the previous year) and a of 2.75 % annual increase in accrued
benefits (2.5% in the previous year) based on the calculation principles for pension funds
Actuarial Association of Austria (AVÖ) 1999-P.
Liabilities are reported at their repayment value. Foreign currency liabilities are valued
according to the strict principle of highest value.
Fixed Assets
The break-down of fixed assets and their development during the year under review is
shown in the table Development of Fixed Assets (see Appendix 1 to the Notes).
Use of fixed assets not reported on the balance sheet consisted of liabilities due to longterm
rental, lease and leasing agreements and amounted to EUR 269,161.92 (TEUR 251.1
in the previous year). The total amount of liabilities for the next 5 years amounts to EUR
1,014,765.50 (TEUR 1,095.8 in the previous year).
Appreciation pursuant to Article 208 of the Austrian Commercial Code (HGB) amounting
to EUR 62,536.97 (TEUR 93.9 in the previous year) was not calculated, since the retention
of the lower valuation according to the Commercial Code also applies to the determination
of profits for tax purposes. A future tax burden from this valuation amounting to EUR
15,634.24 (TEUR 30.0 in the previous year) is anticipated.
Long-term securities (loan stock rights) were acquired to cover the provisions for
severance payments and pensions as required by law.
Total loans to affiliated companies with a remaining term of less than one year amounts to
EUR 1,330,501.69 (TEUR 1,702.3 during previous year).
The list of equity investments is included in the report on equity interest holdings, which
is on record at the company register of Upper Austria at the Wels District Court.