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9. Fixed assets

a) Intangible assets
The "goodwill" item was not extrapolated in accordance with IFRS 3.

For further information, refer to the development of Group fixed assets for the 2005 financial year.

Goodwill and other intangible assets were evaluated at purchase cost.

The other intangible assets are depreciated on a straight-line basis over their expected limited useful lives of approx. one to three years under the item "depreciation on tangible and intangible assets".

The goodwill of TVP Treuhand- und Verwaltungsgesellschaft für Publikumsfonds mbH results from the acquisition of company shares from a former shareholder and was no longer written down in 2005 in accordance with IFRS 3. There are no indications they will decline in value.

b) Tangible assets

Tangible assets relate solely to office furniture and equipment. They are valued at purchase cost. The office furniture and equipment are depreciated on a straight-line basis over their expected useful lives of approx. two to thirteen years under the item "depreciation on tangible and intangible assets".

c) Financial assets
Financial assets are composed as follows:

The financial assets were valued at purchase cost.

Participation in 317 fund companies in 2005, each between 0.1% and 1%, are reported at purchase costs under "shares in fund companies".

Reference is made to the development of Group fixed assets for the 2005 financial year.

A list of all companies not listed in the "Consolidated companies" item and in which MPC Münchmeyer Petersen Capital AG or one of its subsidiaries possesses more than a 20% stake has been submitted to the Commercial Register of the Hamburg local court.