Business Report 2005 - Interseroh

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Other Notes and Information (28) Notes on the cash flow statement Pursuant to IAS 7 (Cash Flow Statement), the cash flow statement prepared by the indirect method shows how the cash in the group changed in the course of the year under review as a result of the inflow and outflow of funds. The cash flow statement differentiates between cash flows from current business activity, investment activity and financing activity. The cash balance comprises cheques, cash on hand and cash in banks. Apart from income tax payments, interest earnings and payments are also assigned to the cash flow from current business activity because they in the first instance serve financing of current business activity. The income from dividends is also contained in the cash flow from current business activity. They mainly concern distributions by associated companies. The consolidated result declined by EUR 10.63 million compared to the previous year. The fact that the cash flow from current business nevertheless rose by EUR 14.67 million over the previous year is mainly the result of the high commitment of funds in the net operating assets in the previous year, especially the inventories and trade accounts receivable, which in turn can be attributed to the exceptionally high price level at the turn of the year 2004/2005 compared to the turn of the year 2003/2004, especially in the steel and metal recycling segment. The net cash flow after deduction of payments for interest and income tax developed accordingly, although the increased income tax payments resulting from the high result of the previous year and corresponding advance tax payments for the current year could only be partly compensated for by the lower payments for interest resulting from considerable repayment activity. The outflow of funds in the field of investment activity in the year under review was at EUR 20.98 million (previous year: EUR 6.10 million) three times higher than in the previous year. This was due to extensive investments in the financial year, especially in property, plants and equipment. The funds were used mainly for alterations to several sites and the construction of a wood processing plant, a recycling plant and two large plants in the steel and metal sector. The amount of the investment shown in the fixed assets as outflow of funds differs from the accruals shown in the statement of fixed assets largely due to the non payment-effective accruals from finance-leasing. The cash flow from financing activity shows an outflow of funds totalling EUR 16.60 million (previous year: EUR 11.10 million) in the year under review. The outflows result – as in the previous year – mainly from the payment of the dividends for the past financial year at EUR 8.46 million. In addition to this, more on the balances of the financial liabilities were repaid than in the previous year, namely EUR 8.60 million (previous year: EUR 2.59 million). In spite of the high investment activity and repayments of financial liabilities, the year under review only experienced a payment-effective reduction of funds of EUR 1.75 million (previous year: increase by EUR 4.09 million). The named amounts could therefore be defrayed almost completely from the current cash flow. (29) Description of segments The companies in the INTERSEROH Group are divided into two segments, with all the companies engaged in steel and metal recycling belonging to the steel and metal recycling segment and all the other companies to the services and raw materials trading segment. INTERSEROH AG belongs completely to the services and raw materials trading segment. 58
The segments performed as follows in the past financial year according to IAS 14: Turnover Services and raw materials trading 2005 EUR million 2004 EUR million Steel and metal recycling 2005 EUR million 2004 EUR million Inter-segment consolidations 2005 EUR million 2004 EUR million 2005 EUR million Group 2004 EUR million External sales 248.75 229.66 698.16 810.49 0.00 0.00 946.91 1,040.15 Sales between the segments 0.41 0.36 2.67 1.17 -3.08 -1.53 0.00 0.00 249.16 230.02 700.83 811.66 -3.08 -1.53 946.91 1,040.15 Services and raw materials trading 2005 EUR million 2004 EUR million Steel and metal recycling 2005 EUR million 2004 EUR million Inter-segment consolidations Group 2005 EUR million 2004 EUR million 2005 EUR million 2004 EUR million Segment result 19.87 27.25 16.13 30.17 -2.96 -8.09 33.04 49.33 including: Inter-segment income from investments -2.96 -8.90 0.00 0.00 2.96 8.90 0.00 0.00 Adjusted segment result 16.91 18.35 16.13 30.17 0.00 0.81 33.04 49.33 including: Depreciations on intangible assets and property, plants and equipment - Scheduled 5.05 5.89 6.44 6.72 0.00 -0.81 11.49 11.79 - Extraordinary 0.79 0.00 0.00 0.00 0.00 0.00 0.79 0.00 Result from associated companies 0.00 0.00 0.87 2.49 0.00 0.00 0.87 2.49 Result from other holdings 0.01 0.00 0.10 0.07 0.00 0.00 0.10 0.07 Segment assets 117.10 101.67 177.93 189.52 0.72 3.47 295.75 294.66 including Interests in associated companies 0.00 0.00 6.64 6.43 0.00 0.00 6.64 6.43 Investments in long-term assets (property, plants and equipment and intangible assets) 12.38 7.15 13.28 5.59 0.08 0.09 25.75 12.83 Segment debts 79.82 70.18 79.14 85.17 -12.21 -9.50 146.75 145.85 Since all consolidated companies are assigned to the two segments described, the transfer of the segment totals to the corresponding closing figures results exclusively from the inter-segment capital, debt and income/expense consolidations indicated. Extraordinary depreciations on property, plants and equipment of EUR 0.79 million are only contained in the segment result for services and raw materials trading for 2005. 59
Page 1 and 2:
2005 BUSINESS REPORT INTERSEROH AG
Page 3 and 4:
KEY GROUP FIGURES Group 2005 * 2004
Page 5 and 6:
CONTENTS Key Figures 3 The Manageme
Page 7 and 8: undiminished resolve and work with
Page 9 and 10: Corporate Governance The Supervisor
Page 11 and 12: financial year and years before who
Page 13 and 14: 2. Business in Services Expanded; P
Page 15 and 16: 3. Raw Materials Trading Under One
Page 17 and 18: Secondary raw materials 2004/2005 i
Page 19 and 20: INTERSEROH Wins Top Job Third Time
Page 21 and 22: Praetorium 61. VV GmbH currently ho
Page 23 and 24: Formation of New Companies Formatio
Page 25 and 26: 2. Financial Position 31.12.2005 31
Page 27 and 28: 3. Key Consolidated Ratios in % Bal
Page 29 and 30: • organisational manual as bindin
Page 31 and 32: Since the services segment will con
Page 33 and 34: ANNUAL FINANCIAL STATEMENTS OF THE
Page 35 and 36: CONSOLIDATED NOTES FOR THE FINANCIA
Page 37 and 38: Current cash in banks or bank liabi
Page 39 and 40: According to IAS 39 (Financial Inst
Page 41 and 42: Notes on the Income Statement The c
Page 43 and 44: (8) Result from investment in assoc
Page 45 and 46: Notes on the Balance Sheet (12) Int
Page 47 and 48: The leased and capitalised assets i
Page 49 and 50: (15) Financial assets 2005 EUR mill
Page 51 and 52: The amounts named contain the follo
Page 53 and 54: The net liabilities developed as fo
Page 55 and 56: to the passage of time, the discoun
Page 57: Of the other liabilities, EUR 0.04
Page 61 and 62: 2005 EUR million 2004 EUR million W
Page 63 and 64: (36) Management Board and Superviso
Page 65 and 66: Mr. Friedrich Merz, Arnsberg (since
Page 67 and 68: (39) Events after the closing date
Page 69 and 70: The book values of property, plants
Page 71 and 72: In addition to this - and in contra
Page 73 and 74: 4. Praetorium 61. VV GmbH, Berlin,
Page 75 and 76: Annex 1 Statement of Equity Changes
Page 77 and 78: Annex 2 Consolidated Cash Flow Stat
Page 79: Published by: INTERSEROH Aktiengese
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Business Report 2005 - Interseroh

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