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Consolidated companies

The following companies listed with their equity share were included in the MPC Münchmeyer Petersen Capital AG, Hamburg, consolidated financial statements in accordance with IAS 27:

The companies were consolidated with effect from the later of January 1, 2000 or the time of their formation or acquisition.

The following joined the list of consolidated companies in 2005: MPC Münchmeyer Petersen Life Plus Consulting GmbH (on January 1, 2005), MPC Münchmeyer Petersen Financial Services AG (on August 12, 2005), MPC Erste Vermögensverwaltungs-gesellschaft mbH (on January 1, 2005) and MPC Dritte Vermögensverwaltungsgesellschaft mbH (on July 15, 2005). These are all 100% participations of MPC Münchmeyer Petersen Capital AG and MPC Münchmeyer Petersen Capital Vermittlung GmbH. MPC Münchmeyer Petersen Life Plus Consulting GmbH provides consultancy services for life insurance funds. The fact that the business was only fully completed in 2005 means that there are no material effects for the balance sheet due to the first consolidation of this company.

MPC Münchmeyer Petersen Financial Services AG currently operates as a marketing and structuring partner. MPC Erste Vermögensverwaltungsgesellschaft mbH and MPC Dritte Vermögensverwaltungsgesellschaft mbH hold participations in incorporated firms or partnerships. In this respect, we refer you to the explanations in the management report.

The 30.25% interest of MPC Münchmeyer Petersen Asset Consulting GmbH, Hamburg, in Global Vision AG Private Equity Partners, Munich, the 25.1% interest of MPC Münchmeyer Petersen Capital AG, Hamburg, in MPC Münchmeyer Petersen Steamship GmbH & Co. KG, Hamburg, and the 50.1% interest of MPC Münchmeyer Petersen Capital Vermittlung GmbH in Talleur GmbH, as well as the 49.8% interest of MPC Münchmeyer Petersen Capital N.V., Hilversum, Netherlands, in MPC Münchmeyer Petersen Steamship B.V., Groningen, Netherlands, were consolidated at equity in accordance with IAS 28. The 50.1% interest of MPC Münchmeyer Petersen Capital Vermittlung GmbH in Talleur GmbH, Hamburg, was not fully consolidated due to this not being a controlling interest. There is no controlling interest, despite MPC Münchmeyer Petersen Capital Vermittlung GmbH holding a majority of the shares (50.1%), as important decisions for Talleur GmbH can only be taken with the agreement of all the shareholders. In this respect, a joint venture in accordance with IAS 31 exists. Use was made of the right of election in accordance with IAS 31.38, so that Talleur GmbH was consolidated at equity as an associated company in accordance with IAS 28. These companies are regarded as associated companies.

Owing to the current voting right of 50%, the 57.5% interest in MPC Münchmeyer Petersen Capital N.V., MPC Münchmeyer, Petersen Real Estate B.V., Stone Hedge B.V., MPC Münchmeyer, Petersen Real Estate C.V., all based in Hilversum, Netherlands, and in Noord Nederlandse Trustmaatschappij B.V., Groningen, Netherlands, were consolidated pro rata in accordance with IAS 31. In accordance with the share capital, the consolidation ratio amounts to 57.5%.

The participations in Stone Hedge L.P., Atlanta, USA, and Stone Hedge Partner L.L.C., Atlanta, USA, were fully consolidated at the level of Stone Hedge B.V., Hilversum, Netherlands, and subsequently consolidated in the MPC Münchmeyer Petersen Capital Group at a ratio of 57.5%. The 50% interest in Hanseatische i-Bank AG, Hamburg, was consolidated pro rata in accordance with IAS 31 (joint venture).

The 100% participations of MPC Münchmeyer Petersen Capital Group, Hamburg, in the general limited liability companies of the public corporations (a total of 114) were not included in the "Consolidated companies", since the companies, as general limited liability companies, do not carry out operating activities. The purchase costs of these participations are booked as shares in affiliated companies.

A consolidation of the general limited liability companies would have resulted in a decrease in the shares in affiliated companies and an increase in the liquid funds on the asset side. In the case of general limited liability companies with whom the Group has entered into a loan agreement, the receivables and payables due to consolidated companies would have been reduced. The consolidation of the aforementioned companies would have had no considerable effects on the Group results.

The 100% interest of the Group in MPC Münchmeyer Petersen FundXchange GmbH, Hamburg, was not fully consolidated due to the lower level of operating activities. The participation is booked at purchase costs.

The following assets and liabilities and income and expenditure were attributed to the pro rata consolidated companies: