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General accounting principles

The consolidated financial statements of MPC Münchmeyer Petersen Capital AG, Hamburg, to December 31, 2005 were produced taking into account the IFRS, as they are to be applied in the EU, and the supplementary regulations pertaining to commercial law contained in Article 315 a Section 1 of the German Commercial Code as well as the IFRS overall.

The specific presentation requirements and recommendations of the IASC were taken into account in the transition of the annual financial statements of the subsidiaries of MPC Münchmeyer Petersen Capital AG, Hamburg, included in the consolidated financial statements. Circumstances that would have required a valuation differing from International Financial Reporting Standards ("IFRS") did not arise or were categorised as immaterial in accordance with the materiality concept of the IFRS.

The reporting currency is the euro. The following information is presented in thousands of euros (TEUR). Financial statements denominated in Canadian dollars (CAD), British pounds (GBP), Swiss francs (CHF) and US dollars (USD) were translated at a rate of 1 EUR = 1.3803 CAD, 1 EUR = 0.6882 GBP, 1 EUR = 1.5582 CHF and 1 EUR = 1.1843 USD as at the reporting date.

The previous year's figures are based on the audited consolidated financial statements of MPC Münchmeyer Petersen Capital AG, Hamburg.

The annual financial statements of all included German companies were prepared and audited as at the consolidated financial statement reporting date. Audited group report documents for Hanseatische i-Bank AG and for important companies based abroad are available.

The profit and loss accounts were prepared in accordance with the cost of production method.