Annual Report - Miba

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80 Notes on the Financial Statements for the 2004/05 Fiscal Year A. General Information Miba Aktiengesellschaft, Laakirchen Miba Aktiengesellschaft is a group of companies with international activities and with its headquarters in Austria. The core business of the Group is composed of the following product segments: sintered components, bearings and friction materials. The Group's Head Office is located at Dr.-Mitterbauer-Straße 3, 4663 Laakirchen, Austria The Group's parent company is the Mitterbauer Beteiligungs-Aktiengesellschaft, Laakirchen. The accompanying consolidated financial statements of Miba Aktiengesellschaft for the 2004/05 fiscal year (February 1, 2004 to January 31, 2005) were prepared in accordance with the International Financial Reporting Standards (IFRS) and the interpretations of the International Financial Reporting Interpretation Committee (IFRIC). The reporting standard IFRS 3 on “Business Combinations” and the revision of the standards IAS 36 “Impairment of Assets” and IAS 38 “Intangible assets” were applied ahead of schedule from February 1, 2004 onwards and in their entirety according to IFRS 3.85 (limited retrospective application). All other standards subject to revision in the context of improvement projects as well as the new IFRS Standards 1, 2, 4 and 5 were not applied ahead of schedule. The attached financial statements of all consolidated domestic and foreign companies that are subject to audit requirements according to national regulations are audited by independent certified public accountants and provided with an unqualified audit certificate. The consolidated financial statements meet the requirements of § 245a ÖHGB (Austrian Commercial Code) according to which a parent company preparing consolidated financial
statements and a group management report according to internationally accepted accounting principles is exempt from preparing financial statements based on the national requirements of the Commercial Code. Differences between IFRS and the Austrian reporting requirements The reporting requirements according to IFRS have the objective of providing investors with relevant information for decision-making. Therefore, according to IFRS, commercial reporting and tax reporting are strictly separated, accruals for expenditures are not allowed, the definition of realized profits differs in some cases, reporting and valuation rights are more narrowly defined and notes and explanations to the financial statements are more extensive. Goodwill from consolidation of capital: According to IFRS 3, goodwill is capitalized and annually subjected to an impairment test. Since the 2004/05 fiscal year, goodwill is no longer systematically amortized. According to the Austrian Commercial Code, an allocation to reserves with a neutral effect on income or a capitalization with depreciation on a straightline basis is allowed. Deferred taxes: Under the Austrian reporting regulations, deferred tax liabilities are allowed only to the extent that there are temporary differences affecting income, whereas deferred tax assets may be optionally capitalized. According to IFRS rules, all temporary differences are subject to deferred taxes at the currently applicable tax rate. This also applies in relation to tax losses carried forward insofar as these are expected to be reversed by future gains. Other accruals: With regard to accruals, the IFRS and the Austrian Commercial Code differ in their interpretation of the principle of caution. The IFRS tend to have stricter requirements regarding the probability of relevant events and the definition of accruable amounts. Financial assets: Current financial assets are reported at market prices (market value as of the balance sheet date). In contrast to the Austrian Commercial Code, an upward revaluation is not limited by the acquisition costs. Foreign currency valuation: The two reporting systems differ in recognizing unrealized gains from the valuation of foreign currency as of the balance sheet date. According to Austrian law, only unrealized losses must be reported in accordance with the imparity principle, whereas according to IFRS, unrealized gains also have to be included, and therefore, any foreign currency fluctuation will immediately affect income. According to IFRS, unrealized exchange rate gains or losses from intercompany loans are reported under shareholder’s equity with a neutral effect on income. Receivables from production on contract: According to the Austrian Commercial Code, sales and profits will not be recognized until the customers have been invoiced (completed contract method). According to IAS 11, production on contract is reported in accordance 81
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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
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 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 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 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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