Annual Report - Miba

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86 On August 27, 2001, the bearing manufacturing plant in McConnelsville, Ohio, USA was acquired under an asset deal. Most of the difference resulting from the consolidation of capital was capitalized under goodwill and amortized over 15 years, the last time during the 2003/04 fiscal year. The allocation of the acquisition cost was finalized during the 2002/03 fiscal year and goodwill was adjusted in accordance with IAS 22.71. Along the lines of the draft at hand at the time, “Exposure Draft ED 3 Business Combinations” and in view of the planned harmonization of regulations of the International Financial <strong>Report</strong>ing Standards regarding the US-GAAP instructions for mergers, based on the value of existing customer relations, goodwill for the McConnelsville plant was reduced by EUR 31.7 million and subsequently customer relations (without contractual bind) capitalized by the same amount. From the 2004/05 fiscal year onwards, the recognition criteria for customer relations according to IAS 38 were fulfilled, due to the early application of IFRS 3 in combination with IAS 36 and IAS 38 (in the version revised in 2004). The value of customer relations was determined by means of a discounted cash flow valuation based on estimated sales to the nine largest customers of the McConnelsville plant. At the time of acquisition, the current market value of the customer relations thus established amounted to USD 28.4 million. Customer relations are depreciated over an anticipated average life of 10 to 15 years (in line with the product life cycle). In accordance with IAS 16, property, plant & equipment is valued at acquisition or manufacturing cost minus scheduled straight-line depreciation or at the lower market value. Repair and maintenance expenses are reported as current expenditures. Assets of low value are fully depreciated in the year they were acquired. Interest on loans for tangible assets manufactured or acquired over a longer period of time is not capitalized. If there are any indications of a loss in asset values and if the cash value in use or the net selling price should fall below the respective book value, unscheduled depreciation is required according to IAS 36 to the relevant lower reportable value. If the reasons for the unscheduled depreciation cease to exist, the assets will be revaluated upward accordingly. For internally produced fixed assets, the manufacturing costs consist of the directly allocable production costs and the pro rata fixed and variable production overhead, including pro rata costs for the employee pension plan and voluntary social benefits.
The scheduled straight-line depreciation is based primarily on the following depreciation rates: Asset group Depreciation rate Buildings 3.0–10.0 % Plant and machinery 10.0–25.0 % Other furniture and fixtures, tools and equipment 10.0–25.0 % According to IFRS provisions, property, plant & equipment in the consolidated financial statements also includes items used on the basis of lease agreements. Lease agreements under which the Group substantially holds all risks and benefits related to the use of the assets are treated as financial leasing. The assets underlying the lease agreements are stated based on the current value of the capitalized lease payments at acquisition and depreciated over their useful life. The assets are offset by the cash value of the liabilities from the lease payments that are outstanding on the balance sheet date. Items leased under all other lease agreements are treated as operative leasing and are therefore attributed to the lessor. Lease payments are charged to expenses. During the past fiscal year, investment allowances in the amount of TEUR 210 were reported under liabilities (TEUR 287 in the previous year). These allowances will be reversed in accordance with the useful life of the capital assets. During the 2004/05 fiscal year, subsidies from public authorities amounting to TEUR 2,146 (TEUR 1,240 in the previous year) were received for research and development and for activities supporting the job market and were reported so as to affect on net income. Equity interests in associated companies are reported in the consolidated financial statements at their pro rata equity capital value according to the equity method. The reporting and valuation methods of certain individual balance sheet items were adjusted. Investments in affiliated companies, unless fully consolidated, are reported under Other financial investments at acquisition cost or at the relevant lower cost or market value. This item also includes long-term securities to cover provisions for severance and other personnel-related payments, which, in principle, are reported at market value as of the balance sheet date according to IAS 39.69. 87
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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
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 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 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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