Business Report 2005 - Interseroh

(15) Financial assets
2005
EUR million
2004
EUR million
Long-term
Interests in associated companies 1.40 1.26
Other holdings 0.31 0.74
Loans 2.51 2.78
Securities 0.01 0.01
4.23 4.80
Short-term
Receivables from factoring company 1.22 0.00
Loans 0.73 0.26
Financial derivatives 0.00 0.03
1.95 0.28
The interests in associated companies concern companies that are not included in the
consolidated financial statements in spite of the group holding an interest of more than 50 percent in
them due to their subordinate significance. The other holdings concern holdings in which the group
holds an equity or voting-right rate of less than 20 percent. Extraordinary depreciations totalling EUR
0.39 million (previous year: EUR 0.18 million) were effected for these groups of assets as a result of
impairment tests.
The list of shareholdings of the INTERSEROH Group are contained in the annex to these
Notes.
The long-term loans shown concern mainly loans to non-group companies as well as longterm
tied security payments. No extraordinary depreciations were made on loans and securities in the
group financial year 2005 (previous year: EUR 0.18 million).
The receivable from factoring concerns a short-term receivable from the sale of trade accounts
receivable to the factoring company. The underlying agreement is to be seen as a financing
transaction because not all risks in connection with the legally assigned receivables went over to the
factor. The corresponding repayment obligation is shown under the short-term financial liabilities.
After consideration of the extraordinary depreciations effected, the book values of all other
financial liabilities shown correspond to their current values on the closing date.
Regarding further information on the financial derivatives, reference is made to the notes (32)
and (33).
(16) Deferred tax claims and liabilities
The deferred taxes entered in the balance sheet can be assigned to the individual balance sheet items
by cause as follows:
Deferred taxes 2005 Deferred taxes 2004
Assets
EUR million
Liabilities
EUR million
Assets
EUR million
Liabilities
EUR million
Goodwill 2.93 0.99 3.33 0.77
Other intangible assets 0.00 0.23 0.00 0.26
Property, plants and equipment 0.40 1.78 0.54 2.03
Inventories 0.00 0.25 0.00 0.55
Provisions for pensions 1.90 0.00 1.86 0.00
Other provisions 1.71 0.74 1.29 0.17
Financial liabilities 1.69 0.00 1.82 0.00
Loss carry-forwards for tax purposes 0.56 0.00 3.47 0.00
Reserves
(from consolidation entries) 0.00 2.27 0.00 3.13
9.19 6.26 12.31 6.91
Balance -3.39 -3.39 -3.25 -3.25
5.80 2.87 9.06 3.66
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