Business Report 2005 - Interseroh

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linked in contrast to HGB to very strict requirements and provisions for restructuring formed according to HGB may not be applied under IFRS. Overall the provisions dropped by EUR 4.11 million per 1 January 2004 and by EUR 2.98 million per 31 December 2004. In the income statement for 2004 other operating expenses of EUR 1.13 million and an increase in the (deferred) income tax expenditure by EUR 0.2 million resulted from the adjustment of the corresponding provisions. h) Further, some obligations that are to be shown as provisions according to HGB, e.g. provisions for outstanding incoming invoices or vacation remuneration, must be shown as short-term liabilities according to IFRS. The corresponding neutral reorganisations led to a reduction in the long and short-term other provisions by a total of EUR 49.87 million per 31 December 2004 (EUR 47.94 million per 1 January 2004) and an increase in trade accounts payable by EUR 34.51 million per 31 December 2004 (EUR 31.73 million per 1 January 2004) as well as the long and short-term other liabilities by a total of EUR 15.36 million per 31 December 2004 (EUR 16.21 million per 1 January 2004). i) Deviations not resulting from the change to IFRS Due to information acquired after preparation of the HGB consolidated balance sheet, the value rate for a long-term receivable of EUR 0.94 million was already increased in the IFRS opening balance sheet per 1 January 2004 by EUR 0.84 million to EUR 1.78 million and discounted to EUR 1.48 million per 31 December 2004. In addition to this – also as of 1 January 2004 – an individual value adjustment was formed in full amount. In the IFRS consolidated financial statements for 2004 the increase in the receivable (EUR 0.84 million from the other operating income) and the discounting (EUR 0.30 million from the interest expense) were consequently eliminated. Instead a mark-up to the receivable of EUR 0.08 million to EUR 1.48 million was entered (against interest earnings), which has also been value- adjusted in full (other operating expenses). In the IFRS consolidated income statement it was also necessary to move receiving and freight costs from the other operating expenses to cost of materials (total EUR 4.79 million). This did not result in any effects on the balance sheet or the net income. j) The above-mentioned changes increased the deferred tax claims to be shown – based on a tax rate of 39.90 percent – as follows: Note 31.12.2004 01.01.2004 EUR million EUR million Goodwill a -0.77 0.00 Property, plants and equipment b -0.30 0.00 Finance-leasing c 0.08 0.10 Inventories d -0.55 0.00 Provisions for pensions e 1.86 1.74 Obligations to return property to original condition f -0.07 0.00 Other provisions g -0.13 -0.44 HGB options follows 1.82 3.72 Loss carry-forwards for tax purposes follows 3.47 3.78 5.40 8.89 The balance sheet as of 1 January 2004 shows deferred tax claims of EUR 10.25 million and deferred tax liabilities of EUR 1.36 million. As of 31 December 2004 the deferred tax claims amounted to EUR 9.06 million and the deferred tax liabilities to EUR 3.66 million. The effect on the income statement for 2004 was an increase in income tax expenditure by EUR 3.49 million. Whereas an accounting option exists for active deferred taxes according to HGB, deferred taxes are generally to be formed according to IFRS for all temporary (and quasi-permanent) differences between the value rates of the tax balance sheet and the consolidated balance sheet. The deferred taxes are calculated using a standardised group tax rate of 39.90 percent or 26.38 percent if the difference for municipal trade tax does not have to be considered. 70
In addition to this – and in contrast to HGB – deferred tax claims on expected future tax reductions from the crediting of loss carry-forwards for tax purposes are capitalised according to IFRS if it is adequately probable that the loss carry-forwards can be used in the future. k) The effect of the above-mentioned conversions on the retained earnings are shown in the following table: Note 01.01.2004 31.12.2004 EUR million EUR million Goodwill a 0.00 4.61 Property, plants and equipment b 0.00 0.75 Finance-leasing c 0.09 0.12 Inventories e 0.00 1.40 Provisions for pensions f -4.32 -4.68 Obligations to return property to original condition d 0.00 0.19 Other provisions g 4.11 2.98 Deferred taxes j 7.70 3.95 Other i -0.58 -1.48 6.99 7.84 These effects are to be allocated to: Shareholders of the parent company 6.99 7.88 Minority interests 0.00 -0.04 6.99 7.84 l) The conversion of the income statement for 2004 to IFRS is shown in the following table: Note HGB Transition IFRS EUR million EUR million EUR million Turnover 1,040.15 0.00 1,040.15 Increase in inventories of finished goods and work in progress e 12.86 7.82 20.68 Other operating income f, i 13.75 -1.30 12.45 Cost of materials e, i -865.11 -11.21 -876.32 Personnel expenses f -65.51 0.85 -64.66 Depreciations a, b, c, d -15.73 3.94 -11.79 Other operating expenses c, d, g, i -79.17 5.43 -73.74 Other taxes -1.51 0.00 -1.51 Financial earnings i 3.49 0.07 3.56 Financial expenses c, d, f -4.54 -1.06 -5.60 Earnings before taxes 40.19 4.54 44.73 Taxes on income and earnings g, j -11.39 -3.74 -15.13 Consolidated net income 28.80 0.80 29.60 Profit/Loss for other shareholders -0.25 0.04 -0.21 Consolidated unappropriated net income 28.55 0.84 29.39 Earnings per share 2.90 0.09 2.99 71
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2005 BUSINESS REPORT INTERSEROH AG
Page 3 and 4:
KEY GROUP FIGURES Group 2005 * 2004
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CONTENTS Key Figures 3 The Manageme
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undiminished resolve and work with
Page 9 and 10:
Corporate Governance The Supervisor
Page 11 and 12:
financial year and years before who
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2. Business in Services Expanded; P
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3. Raw Materials Trading Under One
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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 and 58: Of the other liabilities, EUR 0.04
Page 59 and 60: The segments performed as follows i
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: The book values of property, plants
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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