Annual Report • Oct 24, 2013
Annual Report
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Business Year July 01, 2012 – June 30, 2013
Content
FORTEC is systems supplier for manufacturers of industrial high-tech-products. Its target potential are high-tech companies of long-term and predictable positioning, especially in the growing market segments of industrial automation, informative technologies, security, medicine and automotive. The reason of FORTEC's success is a large number of customer business relations over years. Its distribution strategy is to find partnerships with top-customers preferable market leaders in their special segment. FORTEC's competence is efficient support in application, tailor-made products for customers – and last not least complete development for customers of the large-scale industry as well as for those with smaller and/or medium order volume. For almost 30 years, FORTEC has been successful for years in sales and results with its proved business model without having any losses.
Within the business year reported, the expected cyclical decrease of the industrial economy took place as predicted.
The group's result in BY 2012/13 of 44.5 million EUR was below that of last year (47.8 million EUR); however considerably increased that of BY 2009/10 of merely 36 million EUR – which was due to recession.
The last good year before the burst of the biggest recession after war in Germany – caused by the Lehman tragedy in September 2008 – was our BY 2007/8 recording 42.8 million EUR in sales. By December 2008 the down-hill of the electronic industry started. In BY 2009/10, the financial bottom was reached with a turnover of 36 million EUR; yet then, followed by an extraordinary upswing in BY 2010/11 which was the most successful year in FORTEC's 25 years of business.
Since mid 2011, business turned to normal again. In total, the industry in the Eurozone decelerated due to the strong saving measures of the countries-in-debt; Business is frosty, pressure on margins increased. Again these influences reflect in FORTEC's turnover and result in BY 2012/13.
The group's total result amounts to 44.5 million EUR (prev. year 47.8 million EUR), whereas the costs of goods and material was 34.3 million EUR (prev.year 36.7 million EUR). Thus, there is a changed rate of 76.6 % in 2011/12 to 77.1 % in 2012/13 which causes the continuous pressure on prices. The change in the company's result is as follows: first, by the sales increase in the field of data visualisation of 0.9 million EUR (-4.8%) and second, by the sales decrease in the segment power supplies of 2.3 million EUR (-8.2%). Thus, these segments add up to the company's total result; 18.6 million EUR data visualisation and 26.0 million EUR power supplies.
The decrease of costs of personnel from 5.6 million EUR to 5.4 million EUR is due to a lower allowance reflected on business result. Compared to the total result, the costs in personnel raised by 0.4% from 11.7 (BY 2011/12) to 12.1% (BY 2012/13).
Other company expenses were reduced by savings from 3.6 million EUR to 3.4 million EUR – however raised by approx. 0.15 % compared to total result.
The company's result (EBIT) of 2.4 million EUR in BY 2012/13 was slightly below that of last year of 2.9 million EUR; based mainly on a lower turnover at reduced margin – however hardly changed cost structure. Compared in total, the result is reduced by 0.7% to 5.3 % this year compared to 6% last year.
The group's EBIT consists of 0.7 million EUR data visualisation (-10.7% compared to prev. year) and 1.6 million EUR power supply (- 26.0 % compared to prev. year).
Net income of BY 2012/13 decreased by approx. 0.4 million EUR to now 1.8 million EUR compared to BY 2011/12 and thus complies with the expectations given in last year's report. The profit margin reduced by 0.7 % from 4.6% (BY 2011/12) to 3.9 % (BY 2012/13).
The result per share reduced from 0.75 EUR last year to now 0.59 EUR. In view of the planned dividend payment of again 0.50 EUR per share; again this year, the payment was earned in operating business.
As to balancing 2012/13, we took all necessary steps again for any risks involved and carefully evaluated the assets.
The financial situation is considered to be extraordinary and compared to companies of similar business model also persuades by an equity capital quota higher than above-average.
As concerns total assets at a balance sum of 26.1 million EUR (prev. year 27.7 million EUR), the long-term assets amounted to 4.3 million EUR (prev. year 4.5 million EUR). Therefore, the goodwill of 2.8 million EUR (prev. year 2.9 million EUR) resulting from the acquisition of companies these last years dominates – followed by assets/investments of 1.1 million EUR (prev. year 1.3 million EUR).
As to the value of short-terms assets of 9.46 million EUR (prev. year 9.6 million EUR); stock amounting to 36.2 % is the biggest item in balance (prev. year 34.7%); followed by cash-on-hand of 7.2 million EUR (prev. year 8.7 million EUR). Receivables resulting from deliveries and service amount to 4.7 million EUR (prev. year 4.8 million EUR) at balance issue date. Cash balance decreased from 31.3% to 27.7% of balance sum caused by payment of last year's tax liabilities.
The company works on own capital only without any bank liabilities. Having a capital quota of 84 % (prev. year 79%), the company possesses sufficient own capital. Due to the actual cash-on-hand stock, it is possible to make major acquisitions. Definite focus is to further extend the group in Europe.
Cash-flow in operative business in BY 2012/13 was only slightly positive by 0.2 million EUR (prev. year 2.8 million EUR) mainly due to a considerable payment of liabilities.
The cash-flow as regards investments of – 0.2 million EUR (prev. year 0.2 million EUR) is a result from selling of financial assets last year resp. of investments to assets during business year.
Cash-flow from financing activities of -1.5 million EUR (prev. year -1.5 million EUR) includes payment of dividends.
In total, cash-flow is 1.4 million EUR (prev. year 1.1 million EUR).
The number of shares is 2.954.943 at a nominal value of 1 EUR. At present, there is no limited or proved capital, nor any program for repurchase of stock.
The signed capital is exclusively common stock drawn to bondholders who are entitled to vote. There are neither limitations as concerns the right to vote nor the purchase.
Appointment and dismissal of the board is in accordance with legal regulations (§§ 84, 85 AktG). The compensation as regards the management board breaks down to a fix and a variable part. On 15.12.20011, the general shareholders board decided, that the required statements in the financial report can be omitted as per § 314 Abs.1 No. 6 Art. 5-9 HGB. It is not agreed that there are any refunds to be made in case of change of control and/or any takeover offer. If change of control based on a takeover offer takes place, it is agreed that the suppliers' contracts essential for the company may be cancelled by the principals. Especially, when there is a potential risk that a competitor will take over.
According to the company's statutes, the board consists of 3 persons. The regular mandate of the current board ends as per day of the annual board's meeting, which reports on BY 2013/14.
Alterations of articles of the association, especially dismissal of the supervisory board requires a majority of board votes of 75%.
Any occurances of considerable importance did not happen after final balance date.
FORTEC's focus is the distribution of standard components. Due to vast and always available information via internet, there is a continuous trend seen as to reduction of margins in industrial business. FORTEC's goal is to compensate this development by own added-value.
When connecting the product segments of power supplies, display technology (industrial displays incl. controls) and embedded computer technology (single-board computer) to create an Embedded Solution System, FORTEC possesses for a long time now a very attractive rare domain. Marketing starts with delivery of systemproved and tested standard kits, accompanied by customers' service in hard- and software with the sale of standard units and ends in specific customer development e.g. base-board design accompanied by the development and installation of these customer-specific products.
In the field of power supplies, FORTEC domains completely open-frame boards and DC/DC convertors produced as standard in the Far East or modifies these units in Germany ranging to tailor-made and user-specific developments to be manufactured in our Czech subsidiary.
In every respect, FORTEC provides service to industrial final customers. Target customers are mainly manufacturers in the field of industry automation, medicine technology as well as providers for the railway and security instruments. With this portfolio, FORTEC thus covers the fields of health, information, security and mobility as well as build-up of industrial manufacture, which at present are the big trends of worldwide dynamic increase of demand.
Our big competence is to provide technology know-how in combination with sales at site. Years of business relations to thousands of customers are the basis of our success. Our core countries namely Germany, Austria and Switzerland still offer considerable potential. We manufacture in our sites in Germany and the Czech Republic. Moreover, we are represented in the Benelux by participation to an electronic distribution company.
Due to our product portfolio, our strategy is to continuously achieve profitable margins by own added-value, which, after cost deduction, still allows a reasonable interest rate of the company capital.
The risks mentioned in categories below could influence our entire company (total risk), our financial situation (financial risk) and our results (result risk). Further risks are that of personnel and technique; we have to face these risks continuously. These risks are not definite, however others may occur which at present, we do not know nor do consider as important.
Risks that could endanger the company at present are not reported. The total risk of doom can practically not been determined at this time.
Balance risks as regards finances (re annexe no. 15), at balance day have been considered by appropriate accruals. The company has taken care of all possibilities to deal with any possible risks. At balancing day, the evaluation of these risks was made to our best knowledge, yet could not be sufficient in total.
Elementary risks are covered by considerable insurances and are thoroughly checked each year; in special cases it may not be sufficient.
Potential risks which have to be taken into consideration to exist within the market are the risks of distribution, products and marketing as well as the dependency from other suppliers.
Another enormous risk - yet not to be underestimated - is the system-related risk of the close co-operation with only few strategic partners in our product portfolio. Already a change in personnel could lead to the loss of an existent and successful business co-operation and this mainly in view of suppliers in the Far East with whom there are often relationships for many years and even of private matter.
A considerable risk is disposition of stock. Wrong planning could result in considerable losses because there is a continuous trend to local suppliers. The risk to have unsellable merchandise on stock, is not only the result of false material planning, but also depends on the different quality standards set by customers and producers. Mainly, the important fact is that of the configuration of the merchandise with origin Far East as well as the political EU requirements as to its contents and its usage.
Compared to a few years ago, the product liability is an increasing risk to the company which is controlled and noted by choice of suppliers and their ratings. However, as concerns different quality standards, frauds and/or criminal actions of suppliers, we - as importer/supplier - are liable towards our customers.
A yet steady growing risk is the customer's requirements as concerns a prolonged time of warranty and the usual terms of a suppliers' contract. During these past years, the customers started to develop a certain aggressiveness for claims which is obviously against and at expenses of the supplier. Claims resulting of a supplier's contract may accelerate considerably the delivered value of the product; resulting in more legal proceedings including corresponding risk.
Another main topic of the risk management is the often bad credit worthiness of some middle-sized companies. Here, careful examination of its solvency is made, yet observing mainly the requirements of the insurance company. In view of a possible economic slow-down, we will definitely expect further problems.
Our success also strongly depends on the vast and years of experience of our personnel (personnel risk). A big change in staff yet especially of key-persons would definitely endanger our current success.
A big question would endanger our business model as importer of technical highquality products i.e. the change in customers' behaviour to no longer produce in Middle Europe and turn to local suppliers. In the future, the same effect would have the behaviour of our suppliers to sell directly to industrial customers and not any more within their distribution channels. Another negative aspect could be a concentration process expected from the supplier's side which could result – in worst case – to a contract cancellation towards the supplier. In addition, similar effects could arise if the costs decrease because of the reduction of margins due to competitor's information available to all customers via internet. This basically influences the personnel costs applied in the German speaking area.
Due to the EDP – networking of the entire group, a break-down (technical risk) or a serious interference in the computer system could cause enormous damage to the company. An abuse by externals or internals, especially theft of information, business interruptions or IT – system breakouts or insufficient means for data security could extremely endanger the company.
Foreign currency risks are excluded, if possible, in case of larger project by invoicing directly in the relevant currency. However, there could be negative impulses on our company in normal business especially due to a further change of the dollar and yen parity as well as fluctuations of the Swiss Franc towards Euro, Dollar and Yen.
The existing growth strategy of the group does not only involve organic increase but also company acquisitions. Here, the figure above the net asset value is balanced as goodwill and checked each year as to its recoverability. If the expectations of the purchased company are not met and/or – as a consequence of economic unstableness – the expected cash-flow result cannot be achieved, then depreciations in the group's balance as per IFRS have to be done. In spite of the economic setback and the carefully made income planning for the next two to three years, an additional need for depreciation may not be eliminated if economic recovery fails.
The risk management system of the FORTEC group assures that the daily business transactions may not be endangered by well-known and/or new risks to be made transparent and thus be controlled and/or even avoided.
The risk management is part of the management system enabling to recognise risks and limit their consequences as much as possible.
The risk management is a continuous task. Therefore, it is necessary to involve all personnel and especially the persons-in-charge to recognize any possible company risks.
Considering the statutes of risk analysis of the individual FORTEC companies, appropriate measures were taken and responsible persons-in-charge appointed.
Controlled by quarterly risk reporting, the management is informed regularly of the actual state of risk, however being updated of a sudden risk at any time. The formal implement of the risk management system will be of help; more important however is a continuous sensitising of all personnel for any possible risks and their immediate handling.
Goal of the risk management is that any possible risk is immediately recognized by personnel and/or the persons-in-charge before any company damage may occur and to try to find an appropriate and in-time solution by the responsible personnel as well as persons-in-charge.
The control and risk management is an integral part of all processes of the FORTEC group and is based on a global system of risk identification, its evaluation as well as its controlling. The board of directors holds sole responsibility of control and risk management. Active monitoring are to support its identification, evaluation and processing within the specific business sectors of the FORTEC AG and its subsidiaries.
Monthly statements of the FORTEC AG and its subsidiaries help to recognize in time any changes as concerns order income, order book, stock as well as turnover and consequently take necessary steps as to the raw margin and costs. The value of receivables, especially those of the debtors is controlled on a regular basis. The value of share holdings is controlled once a year by a so-called impairment test and corrected if necessary.
The measures of the internal control system assure the correctness and reliability of the group's balance, which, in accordance with legal regulations, is covered properly and in time; furthermore, inventory is made correctly and group's assets and depths are listed and evaluated appropriately. It is guaranteed that balancing documents provide reliable and understandable information.
The balancing regulations are in accordance with the International Financial Reporting Standards (IFRS) and are basis for FORTEC's balancing and evaluation standards also applying to its German and foreign subsidiaries.
The group's auditor and others e.g. the tax auditor use process independent controlling. Especially as regards the group's final balancing process, a specific autonomous monitoring is applied at issue of the group's year balance.
The worldwide economy still is in a phase of weakness. The reasons are: tax increases in the USA at the beginning of this year, governmental saving's programs in all of Europe as well as the reasonable noted "down-cooling" of the Chinese economy.
For 5 years, central banks worldwide supported the economy with extraordinary measures and now, we obviously have to face the end of this expansive money policy.
During BY 2013/14 the world's economy might again become dynamic after the continuous corrected economic expectations of leading economy research institutes and the final end of the recession phase within the Euro-zone – which lasted longer than expected.
In the United States of America, the upswing should work by itself; within the Eurozone the atmosphere seems to improve according to current research. Yet, there are still big pending problems and an escalation of the Euro crisis might again be possible within short.
Considering the latent insecurities, however, we do not expect an increase in sales at least for first half of BY 2014/15; nor do we see a profit rise in operative business based on the continuous pressure on margins during the entire year. This prognosis comprises our fields of data visualisation as well as power supplies. Other operating company income of previous years do not seem to be reproduceable.
As to BY 2014/15 we are optimistic according to the economic expectations in general and hope to be able to increase again sales as well as operative business.
Based on our business policy proven during many cycles, we succeeded to make profit above average year after year for 29 years now, without having only one single year of losses. However, there is no guarantee for the future, we still are confident that our business model continues to run successfully for the years to come. And we are positive that continuous long-term growth is possible after ending of the finance and debt crises which started in 2008.
Landsberg/Germany, 15.10.2013
FORTEC Elektronik AG
| Dieter Fischer | Markus Bullinger | Jörg Traum |
|---|---|---|
| CEO | Board Member | Board Member |
Wir versichern nach bestem Wissen, dass gemäß den anzuwendenden Rechnungslegungsgrundsätzen der Konzernabschluss ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage des Konzerns vermittelt und im Konzernlagebericht der Geschäftsverlauf einschließlich des Geschäftsergebnisses und die Lage des Konzerns so dargestellt sind, dass ein den tatsächlichen Verhältnissen entsprechendes Bild vermittelt wird, sowie die wesentlichen Chancen und Risiken der voraussichtlichen Entwicklung der Gesellschaft beschrieben sind.
Landsberg/Germany, 15.10.2013
FORTEC Elektronik AG
| Dieter Fischer | Markus Bullinger | Jörg Traum |
|---|---|---|
| CEO | Vorstand | Vorstand |
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| I. | O P E R A T I V E R B E R E I C H |
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FORTEC Elektronik AG issues its group's final report according to § 315 a of HGB and according to the current valid regulations of International Financial Reporting Standards (IFRS) of the International Accounting Standards Board (IASB), London as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) as recommended in the EU taking into consideration all standards at balancing day. Basis thereof is the obligation to fulfil § 315a Art. 1 HGB and Art. 4 of regulation (EG) Nr. 1606/2002 of the European Parliament and Council dated July 19, 2002 re: use of the international balancing standards. All standards to report as per balancing day have been observed. Besides all information compulsory according to IFRS, also all statements and explanations will be made as per § 315a Art. 1 HGB, which German Trade Law requires for a group's report according to IFRS.
The year's report of the FORTEC AG as well as of the group was issued in EUR, e.g. that there could be slight but not considerable differences in amounts.
The consolidated balance sheet as well as the income statement is issued according to the total cost procedure.
In order to improve clear understanding, some items in the consolidated balance sheet and in the income statement as well as in the balance are summarized; they are explained in detail in the annex.
The IASB resp. IFRIC announced the following standards, interpretations and changes, yet not in effect for BY 2012/13. Application of these new regulations was not yet made. At present, FORTEC AG analyses the effects of these new standards as concerns its situation of assets, finance and profit as well as cash-flow.
To be applied for BY starting 01.01.2013
Changes of various standards as regard to "annual improvements 2009-2011; Published in May 2012; to be applied for BY starting 01.01.2013.
Changes to define transition-line period in IFRS 10 re IFRS 10 "Company's result", IFRS 11 "Common agreements" and IFRS 12 "Publication re take-over of other companies", published in June 2012; to be applied for BY starting 01.01.2013.
Changes as regards consolidation – investment companies as per IFRS 10 "Company results", IFRS 12 "Publication re take-over of other companies" and IAS 27 "Separate Results" (changed 2011(), published in October 2012; to be applied for BY starting 01.01.2014.
For this business year, FORTEC Elektronik AG did accept and apply the following IASB published standards:
Changes as to IAS 1 - "Presentation of Company's Report" as regards the "total other result". Standard shall be applied for BY starting 01.07.2012. First report did not considerably effect the report of FORTEC AG's situation as concerns assets, finance, earning as well as cash-flow.
Intangible assets (without goodwill) as well as tangible assets are calculated according to purchase cost minimized by the accumulated depreciation and being depreciated according to plan for the period of use.
This period is said to be 3-5 years for software, 10 years for company building, for vehicles 3-6 years, for tools and equipment 4 years, for office equipment 3-5 years and for other company and business equipment 4 -10 years. Costs for repair are calculated according to FORTEC Elektronik AG's expenses.
At balance day, the achieved proceeds from the equipment assets were not below the book value. As depreciation method, only linear depreciation is used. Incomes are depreciated according to "pro rata temporis"; minor cost merchandise is depreciated for 5 years.
At each balance day, the book values are examined as to possible depreciation in value.
The long-term financial assets are investments. If there is no active demand in market for these companies and "fair- values" could not be calculated effectively, then their respective purchase costs are listed; however low "fair-values" are taken into account. At present, it is not intended to sell these financial assets.
The stocks asset is evaluated to purchase costs plus additional costs and minus discount. As concerns price alterations, only mixed prices are changed accordingly. Therefore, the average method was used; the lowest value principle was observed. If the net sales value was below purchase cost, the lower net sales value was used. Financing costs are not activated. Obligations from deliveries, services and others are evaluated as to their nominal amount. Necessary value corrections were done right away. Individual debtors risks were evaluated separately.
The evaluation of payment means and/or equivalents is done by their net value.
Taken into consideration the necessary caution, reserves which the company might have to deal with were not made. It was not required to calculate interests. Pension reserves were not made.
Obligations with return payment were made. As per balance day, there were no obligations with a remaining period of more than 5 years.
Deferred taxes are made considering temporary differences of the balance report and the financial values. The future average tax (KSt, SolZ and GewSt) amounts to 29 % (prev.year 29%). Balancing of deferred tax return claims and tax debts was made of TEUR 25 (prev.year TEUR 5).
Currency exchange rates of any transactions, obligations, liabilities and monetary assets and debts per balance day were made at daily EUR rate. Exchange rate differences are stated.
The report of the Swiss company Altrac AG is calculated according to IAS 21 of functional currency into EUR. The valid currency for Altrac AG is the country's currency, as the company is considered independent financially, economically and logistically. At groups' balance all considerable balance data – based on exchange rates – were calculated at daily rate of the balance day; investments and earnings at average annual rate as well as company capital at average yearly rate (modified day method).
Earnings/Returns – whenever payment date was – were recorded when service rendered. They will be evaluated according to date for payment; taxes will be calculated proportionally and in time.
Other capital costs made during business year were recorded as expenses.
Regulations in structure remain same as previous year. "Short-term" means assets and obligations if due within one year. Accounts receivables from deliveries, service and stock are in general considered short-term. Deferred claims on tax and/or obligations are considered longterm according to IAS 1.56.
The issue of the group's report in accordance with IFRS requires decisions and estimations as concerns the book value of balanced assets and liabilities, profit and obligations as well as possible accounts payable. However, if necessary these amounts may differ. Changes will be observed successfully until improved information is available.
Insecurities as to the estimations mainly relate to the amount and evaluation of assets and liabilities that may result in a incalculable risk for the coming business years.
Liabilities as to deliveries and services are examined on estimated basis as to their realisation in view of a possible global single value correction.
The sum of provisions for guarantee was calculated on estimated and expected costs and their due date taking into consideration past-time values and current transactions.
Besides the parent company, this group report includes the German subsidiaries of Blum Stromversorgungen GmbH, Thannhausen, Emtron electronics GmbH, Nauheim, Rotec technology GmbH, Rastatt and Autronic Steuer- und Regeltechnik GmbH, Sachsenheim as well as the Swiss Altrac AG, Dietikon. The reports of each subsidiary are dated at the day of issue of the group's report, being examined and certified by independent financial auditors with unlimited comments.
The group's balance is made by FORTEC Elektronik AG together with four active national and one foreign company having the majority of votes. Thus all subsidiaries were consolidated. As FORTEC Elektronik AG holds the entire capital of all subsidiaries, there are no minority shares. The most important figures according to IFRS of the relevant companies (before consolidation) are shown in the following chart as per 30.06.2013:
| FORTEC | Blum SV | Emtron | Rotec | Autronic | Altrac | |
|---|---|---|---|---|---|---|
| AG | GmbH | GmbH | GmbH | GmbH | AG | |
| TEuro | ||||||
| Turnover | 20.758 | 450 | 12.330 | 1.615 | 4.614 | 6.504 |
| previous year | 22.151 | 769 | 12.126 | 2.233 | 5.525 | 6.871 |
| Company result (EBIT) | 982 | 6 | 1.122 | 85 | -40 | 219 |
| previous year | 615 | -18 | 1.236 | 129 | 355 | 252 |
| Financial result | 55 | 4 | 41 | -20 | -29 | 0 |
| previous year | 154 | -3 | 66 | -39 | -53 | -3 |
| Taxes | 288 | 2 | 325 | 19 | -10 | 44 |
| previous year | 199 | 18 | 366 | 27 | 86 | 86 |
| Year's earning (as per IFRS) | 749 | 8 | 838 | 46 | -58 | 176 |
| previous year | 570 | -17 | 936 | 63 | 216 | 163 |
Participation figures of the results of all group members/subsidiaries are as follows:
| Blum SV GmbH | Emtron electronic | ROTEC GmbH | Autronic | Altrac AG | |
|---|---|---|---|---|---|
| GmbH | |||||
| Thannhausen | Nauheim | Rastatt | Sachsenheim | Dietikon (CH) | |
| Goodwill (IFRS) (€) | 69.339 | 167.146 | 0 | 0 | 2.592.771 |
| previous year | 69.339 | 167.146 | 0 | 0 | 2.659.583 |
| Nominal value of | |||||
| participation (€) | 250.000 | 250.000 | 250.000 | 250.000 | 160.000 |
| previous year | 250.000 | 250.000 | 250.000 | 250.000 | 160.000 |
| Economic equity | |||||
| capital (€) | 473.070 | 6.205.229 | 364.929 | 615.938 | 2.570.287 |
| previous year | 464.978 | 5.367.592 | 319.144 | 673.797 | 2.458.792 |
| Capital-/Shareholders (%) | 100,00% | 100,00% | 100,00% | 100,00% | 100,00% |
| previous year | 100,00% | 100,00% | 100,00% | 100,00% | 100,00% |
| Acquistion | 17.12.1992 | 17.12.1998 | 02.07.2003* | 01.01.2004 | 30.08.2000 |
*Note: Rotec technology GmbH was founded by FORTEC AG on 2.7.03.
The day of issue of all reports of all group members/subsidiaries equals the date of the group's report (30.06.2013).
Altrac AG made its annual report in Swiss Francs. The year's result as per 30.06.2013 is converted in EUR according to IAS 21 and the concept of functional currency.
At balance day, FORTEC holds 36.6% (prev.year 36.6%) of the capital stock of Advantec Electronics B.V. Oudenbosch (NL) as well as 25% of EOS Europe B.V., Oudenbosch (NL). These companies are not considered subsidiaries in terms of IAS 27.13, as there is no command/control function.
Besides Advantec Electronics B.V. and EOS Europe B.V. are non-associated companies according to IAS 28.2 i.V.m. IAS 28.6, as the indication catalogue of IAS 28.5 not being relevant. As concerns companies with shares of 20 to 50 %, it is foreseen in general that these are nonassociated companies, unless it is assumed that there is considerable influence. We assume the latter, because there is no affiliation, nor important decisions made, nor important business between us and these companies, no exchange of management personnel and no important technical information/date to be provided. Therefore, consolidation of both companies is omitted.
According to law and regulations, the reports of each company were issued for completion of the group's report in accordance with the valid balancing and evaluation methods of FORTEC Elektronik AG and/or appropriately adapted for consolidation. Similar positions were added together.
Accounts receivables and liabilities within the group were eliminated; hand in hand with successful consolidation, all internal sales and revenues/returns were set against costs and purchases.
The capital consolidation was made according to IFRS 3 and the benchmark method. Settlement of "fair values" was done with own capital of each subsidiary of the group's financial statement at date of purchase. Similar items were added.
The difference of Blum Stromversorgungen GmbH accumulates completely towards goodwill because the time values of the acquired values and debts are in conformity with the relevant book values. At Emtron electronic GmbH, the difference accumulates to "quiet" reserves at capital assets – namely on corporate income tax and goodwill. At ALTRAC AG, there are "quiet" reserves in acquired values and in goodwill.
The differences from capital consolidation – if not applicable to "quiet" reserves – are defined as goodwill in the acquired assets. Goodwill is noted as assets and checked yearly by impairment test. Each reduction in value is immediately and successfully noted.
According to IAS 1, the group's balance is listed in long- and short-term assets and liabilities. Assets and liabilities are considered short-term if they are due within one year. According to IAS 1.56, deferred taxes are long-term assets and liabilities.
The listed goodwill results from the acquisition of the subsidiaries Altrac AG, Blum Stromversorgungen GmbH and Emtron electronic GmbH (company values).
As payment generating units and same as last year, the segments "data visualisation" and "power supplies" were identified as individually generating payment units for business year 2012/13.
As per 30.06.2013, book value of goodwill for power supplies amounts to EUR 2.592.771 (prev.year EUR 2.659.583).
The goodwill difference to previous year amounts to TEUR 67 (prev.year TEUR 6) and is based on the exchange rate reduction of the Swiss Franc compared to last year and in view of the participation rate of ALTRAC AG. The difference in exchange rate is added to own capital.
In spite of the planed depreciation of goodwill resulting from capital consolidation, a lower value based on impairment test according to IAS 36 i.V.m. IFRS 3 was determined.
This test comprises the listing of the company's identified value based on the discounted cashflow procedure.
The annual impairment test was done in fourth quarter based on payments generated. The achievable figure was calculated based on fair value; considering accepted projects/planning of the next 5 years by the company management. For the period after the 5th year, a terminal value was stated in view of the up-date of last project year. These projects/plans are calculated based on gathered experiences, current business results and best possible management estimations as regards future development of specific facts i.e. costs for expenses, personnel and profit margins.
For the impairment test, a specific important capital cost rate after tax is necessary using the capital asset pricing model. Its components are risk-free interest, a market risk percentage as well as a surplus as to the financial risk. The impairment test was made according to a certain capital cost value of 8%. This is calculated on the basic interest for national loans in consideration of inflation and risk surplus.
The intrinsic value of the mentioned goodwill may also occur at a change of growth prognosis and/or at a discount rate of +/- 0.5 %. When impairment test during past BY and previous year was done, there were no decreases in value of either business or company value.
The development of asset at historical purchase costs and depreciation in business year are to be seen in the "consolidated gross fixed assets movement".
Intangible and tangible assets are reduced to purchase costs for in-time depreciation. Exclusively linear depreciations were made; low value industrial goods are depreciated on a linear basis within 5 years.
Depreciations on intangible and tangible assets are considered in the "consolidated income statement" under no. 6 depreciations.
In the "consolidated gross fixed assets movement" an additional column "differences in currency exchange rates" is added. Here, the differences in assets of Altrac AG are listed based on exchange differences at balance day of this independent foreign company at various exchange rate.
The financial assets as per 30.06.2013 are as follows:
| Group (in €) 30.06.2012 |
Group (in €) 30.06.2013 |
|
|---|---|---|
| Participations | 94.288 | 94.288 |
| TOTAL Financial Assets | 94.288 | 94.288 |
The participations are as follows: 36.6 % (prev.year 36.6 %) for Advantec Electronics B.V., Oudenbosch (NL) amounting to nominal TEUR 46, the unchanged 25 % for EOS Europe B.V., Oudenbosch (NL) amounting to nominal TEUR 46 as well as the 99 % for Alltronic spol s.r.o. (via AUTRONIC) amounting to TEUR 48.
Based on the actual economic figures of Advantec Electronics B.V., there is no change compared to previous year. The evaluation was made at original acquisition costs which correspond to the current value at balance day.
In BY 2007/08, the participation of EOS Europe B.V., Oudenbosch (NL) amounting to nominal TEUR 46 (25%) was depreciated to TEUR 0 because of eventual reduction in value.
At balance day and same as last year, the subsidiary AUTRONIC Steuer- und Regeltechnik GmbH acquired a 99 % share of Alltronic elektronické stavebni skupiny a komponenty spol. s.r.o., Dýsina, Czech Republic (TEUR 48). Current value at balance day is considered approx. purchase price. There was no partial company's report made as per 30.06.2013 by AUTRONIC GmbH (IAS 27.10). The statement of shares of Alltronic is recorded in the group as financial asset according to IAS 39, as the company is of minor economic importance according to IAS 1.15 and 1.30.
The financial assets are classified "financial assets available-for-sale" as per IAS 39. Changes in value compared to previous year are listed success-neutral in market value reserve as per IAS 39.55b. At balance day, the market evaluation reserve was totally cleared.
| His to ris ch e A ch aff ko ste ns un gs n |
Ab hre ibu sc ng en |
Bu | ch rte we |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pu rch as e c os |
ts | De cia tio pre n |
Ne t b k v alu oo e |
||||||||||
| St d a an m |
Zu än g ge |
Ab än g ge |
WK -D iff |
St d a an m |
St d a an m |
Zu än g ge |
Ab än g ge |
WK -D iff |
St d a an m |
St d a an m |
St d a an m |
||
| Ba lan ce on |
Ad dit ion s |
Re tir ts em en |
Ex ch an ge |
Ba lan ce o |
n B ala nc e o n |
Ad dit ion s |
Re tir ts em en |
Ex ch an ge |
Ba lan ce o |
n B ala nc e o |
n B ala nc e o n |
||
| 01.0 7.2 012 |
20 12/2 013 |
20 12/2 013 |
Dif fer en ce |
30. 06. 20 13 |
01.0 7.2 012 |
20 12/2 013 |
20 12/2 013 |
Dif fer en ce |
30. 06. 20 13 |
01. 07. 20 12 |
30 .06 .20 13 |
||
| Im ter iel le Ve ö- ma rm |
Int ibl ets an g e a ss |
||||||||||||
| rte ge ns we |
|||||||||||||
| So ftw are - |
So ftw are - |
472 .718 |
102 .23 9 |
13.3 40 |
-2.5 34 |
559 .08 3 |
392 .67 2 |
25 .54 5 |
13.3 35 |
-2. 584 |
402 .29 8 |
80 .04 6 |
156 .78 5 |
| Su Im t.V rte m. ma erm .we |
To tal in tan ibl et g e a ss |
472 .718 |
102 .23 9 |
13.3 40 |
-2.5 34 |
559 .08 3 |
392 .67 2 |
25 .54 5 |
13.3 35 |
-2. 584 |
402 .29 8 |
80 .04 6 |
156 .78 5 |
| Sa ch lag an en |
Ta ibl ets ng e a ss |
||||||||||||
| Gr und stü cke - |
Pr ert op y - |
25 3.3 75 |
0 | 0 | 0 | 253 .37 5 |
0 | 0 | 0 | 0 | 0 | 253 .37 5 |
253 .37 5 |
| Ge bäu de - |
Pl ant Bu ildi ngs - , |
53 8.3 83 |
0 | 0 | 0 | 538 .38 3 |
140 .36 7 |
33 .37 6 |
0 | 0 | 173 .74 3 |
39 8.0 16 |
364 .64 0 |
| Au ße lag nan en - |
tdo fac ilitie ou or s - |
43 .00 1 |
0 | 0 | 0 | 43 .00 1 |
8.3 62 |
2.8 67 |
0 | 0 | 11.2 29 |
34 .63 9 |
31. 772 |
| Fa hrz eug e - |
Ve hic les - |
47 1.18 1 |
35 .50 0 |
38 .33 7 |
-3.5 04 |
464 .84 0 |
374 .02 8 |
33 .210 |
31.3 07 |
-3. 332 |
372 .59 9 |
97 .153 |
92 .24 1 |
| We rkz eug e - |
Sm all too ls - |
49 .23 2 |
2.7 42 |
647 | 0 | 51.3 27 |
36 .68 8 |
6.8 80 |
646 | 0 | 42 .92 2 |
12.5 44 |
8.4 05 |
| hni sch e A nla /M tec gen asc - |
h lan ach ine t, m - p ry |
29 8.3 20 |
0 | 0 | 0 | 298 .32 0 |
109 .00 2 |
23 .518 |
0 | 0 | 132 .52 0 |
189 .318 |
165 .80 0 |
| Bü inri cht roe ung - |
Of fice fur nis hin gs - |
78 8.5 06 |
27 .63 1 |
12.2 53 |
-10 .47 0 |
793 .414 |
654 .139 |
59 .49 2 |
12. 185 |
-9. 729 |
69 1.71 7 |
134 .36 7 |
101 .69 7 |
| Be trie bs- d G un e- - |
Of fice d p lan t an - |
||||||||||||
| äft sch sst att sau ung |
ipm ent equ |
34 20 5.5 |
5.2 83 |
8.2 63 |
-1.1 42 |
34 1.39 8 |
232 .29 4 |
22 .60 6 |
8.2 59 |
-1.1 37 |
24 05 5.5 |
113 .22 6 |
95 .89 3 |
| GW G - |
- Lo alu e it w-v em s |
110 .33 7 |
14.6 69 |
22 .56 0 |
0 | 102 .44 6 |
67 .88 2 |
21.2 47 |
22 .56 0 |
0 | 66 .56 9 |
42 .45 5 |
35 .87 7 |
| Su e S ha nla mm ac ge n |
To tal ibl ta ets ng e a ss |
2.8 97. 855 |
85 .82 5 |
82 .06 0 |
-15 .116 |
2.8 86. 504 |
1.62 2.7 62 |
203 .196 |
74 .95 7 |
-14 .198 |
1.73 6.8 04 |
1.2 75. 093 |
1.14 9.7 00 |
| Fin zie lle Ve ög an rm en sw |
. F ina ial ts nc as se |
140 .46 4 |
0 | 0 | 0 | 140 .46 4 |
46 .176 |
0 | 0 | 0 | 46 .176 |
94 .28 8 |
94 .28 8 |
| Su e A nla ög mm ge ve rm en |
To tal ts as se |
3.5 11.0 37 |
188 .06 4 |
95 .40 0 |
-17 .65 0 |
3.5 86 .05 1 |
2.0 61. 610 |
22 8.7 41 |
88 .29 2 |
-16 .78 2 |
2.1 85 .27 8 |
1.4 49 .42 7 |
1.4 00 .77 3 |
| hric htli ch: Vo rja hr 2 010 /20 11 nac |
|||||||||||||
| Imm ate riel le V ö- erm |
Inta ible set ng as s |
432 .09 5 |
58 .02 7 |
17.6 22 |
218 | 472 .718 |
336 .75 2 |
73 .310 |
17.6 08 |
218 | 392 .67 2 |
95 .34 3 |
80 .04 6 |
| ert gen sw |
|||||||||||||
| Sa cha nla gen |
ible tan set g as s |
2.8 94. 635 |
141 .22 7 |
139 .25 4 |
1.24 8 |
2.8 97. 855 |
1.52 6.4 73 |
232 .88 8 |
139 .22 3 |
2.6 24 |
1.62 2.7 62 |
1.36 8.16 2 |
1.2 75. 093 |
| Fin iell e V ög anz erm ens w. |
fina nci al a ts sse |
140 .46 4 |
1.98 0.5 69 |
1.9 80. 569 |
0 | 140 .46 4 |
46 .176 |
0 | 0 | 0 | 46 .176 |
94 .28 8 |
94 .28 8 |
| Su e V orj ahr mm |
tot al a ts sse |
3.4 67. 194 |
2.1 79. 823 |
2.1 37. 445 |
1.46 6 |
3.5 11.0 37 |
1.90 9.4 00 |
306 .198 |
156 .83 1 |
2.8 42 |
2.0 61.6 10 |
1.55 7.7 93 |
1.44 9.4 27 |
These are the unpaid security deposits for the rented offices in Landsberg and Vienna. Also, these are liabilities from assurances of pension-part-time contracts, tax liabilities from reduced value of corporate income tax of TEUR 66 (prev.year TEUR 80) with a remaining duration of more than 1 year.
The stock/inventories as per 30.06.2013 are as follows:
| Group (in €) 30.06.2012 |
Group (in €) 30.06.2013 |
|
|---|---|---|
| Goods/raw material/operating supplies Finished/Unfinished products Payments made |
8.582.121 1.029.315 21.157 |
8.046.251 1.246.443 156.057 |
| Total stock value | 9.632.593 | 9.448.751 |
The goods like raw material and others total up together with purchase costs taken into consideration the purchase related extra costs and effective average prices. If necessary, depreciation was made on the lower value – which is the net sales value. All foreseen risks have been taken into consideration by relevant reductions.
The goods produced and/or semi-finished are calculated as per production costs not taking into consideration the direct costs (like salaries and material costs) as well as fix and variable general production costs (production and material costs) – i.e. costs as per IAS 2.16.
These accounts receivables as per 30.06.2013 are as follows:
| Group (in €) 30.06.2012 |
Group (in €) 30.06.2013 |
|
|---|---|---|
| Receivables re: deliveries and service Tax receivables other accounts receivables |
4.767.201 58.156 109.341 |
4.675.707 317.957 123.309 |
| TOTAL accounts receivables | 4.934.698 | 5.116.973 |
As concerns these receivables, all foreseen risks were eliminated by correcting each value item. The value corrections of receivables from deliveries and services according to IFRS 7.16 are as follows:
| Group (in €) 30.06.2012 |
Group (in €) 30.06.2013 |
|
|---|---|---|
| Date of value correction per 01.07. Allocations Usage/ cancellations |
132.420 100 -90.920 |
41.600 0 -14.000 |
| Date of value correction as per 30.06. | 41.600 | 27.600 |
All accounts receivables mentioned in chart above are of a remaining maturity of less than one year.
Besides the claim of overpaid taxes during 2012 and 2013, the tax liabilities are among others the credit balance resulting from the corporate tax of TEUR 18 (prev.year TEUR 18), with a remaining term of less than one year (also see remarks under no. 9).
Further and other receivables in the group are mainly due to the loan of TEUR 20 (prev.year TEUR 40) granted to the consolidated company Alltronic s.r.o., Dýsina, Czech Republic, a payment for advertising expenses of a supplier of TEUR 46 as well as active invoice amount of TEUR 39 (prev.year TEUR 39).
Receivables from deliveries and services as well as credits are financial instruments as per IAS 39 and are classified under "credits and receivables". Evaluation is made according to purchase costs.
Cash-on-hand and/or other equivalent capital per 30.06.2013 are as follows:
| Group (in €) 30.06.2012 |
Group (in €) 30.06.2013 |
|
|---|---|---|
| Cash-on-hand /postage machine | 9.327 | 7.172 |
| Bank credit and post giro | 8.685.500 | 7.229.666 |
| Total | 8.694.827 | 7.236.838 |
Bank credits which are in US-\$, Japanese Yen or Swiss Francs were evaluated at the middle currency conversion rate valid at balance day. Bank credits in other currencies do not exist.
The mentioned value of the liquid capital equals market value.
All payment capital can be disposed of without restriction.
The capital stock of FORTEC Elektronik AG at balance day amounts to EUR 2.954.943.00 (prev.year same amount). The companies' shares are divided into 2.954.943.00 non-value shares (Bond No. 577410/ISIN DE 0005774103). The value of each share is EUR 1.00 of the basic capital.
| Basic Capital EUR |
Capital- reserve EUR |
Differences re: currency exchange EUR |
Profit reserve/ accumulated Profit reserve/ EUR |
TOTAL EUR |
|
|---|---|---|---|---|---|
| Balance 01.07.2012 | 2.954.943 | 8.689.364 | 1.142.249 | 9.044.584 | 21.831.140 |
| Purchase Currency exchange Dividend Year's earnings |
-130.925 | -1.477.472 1.758.370 |
-130.925 -1.477.472 1.758.370 |
||
| Balance 30.06.2013 | 2.954.943 | 8.689.364 | 1.011.325 | 9.325.482 | 21.981.114 |
The groups' capital during reported period is as follows.
Since July 1st, 1998, the capital reserve of TEUR 256 continued to increase to TEUR 8.689 based on the additional capital surplus (agio) in 1999 of TEUR 5.233 minus the change in capital reserve and the increase in limited capital. There are no changes during this BY.
The market value reserves consist of the changed results from the evaluation at day of financial instruments (bonds and shares) and are considered included success-neutral. No market value reserve was listed.
Since several years, the group clearly states that the expansion is build exclusively on owncapital financing while strictly aiming for balancing own-capital quota of >= 50% after dividend. The definition "own-capital" does not imply hybrid forms of company capital like in previous years.
Notice is given to the company capital statement to be obligatory as per IAS 1.10 c) which is part of this groups report.
a) Financial Assets
According to IFRS 7 and IAS 39, financial assets are classified as
The group states his financial assets for the first time.
For a first statement, financial assets are evaluated at time value. In case of financial investments that cannot be evaluated at time value, there will be transactions stated directly to purchase of assets.
The group's financial assets include payments and short-term invitations, account receivables from deliveries and service, others, noted and non-noted financial instruments.
The group differentiates the financial assets as to their classification:
There are no financial assets evaluated at appropriate time value.
Credits and account receivables are non-derivative financial instruments at fix and noted payments, not noted in the market. At first statement and as evaluation, such instruments will be evaluated as purchase costs minus possible decrease in value. These losses are included in the "consolidated income statement" as financial expenses.
Financial assets available-for-sale is considered company capital, not evaluated for trade and at no definite time value.
After first evaluation and for further report periods, these financial assets available for sale will be evaluated at time value. Not realised profit or loss will be stated as other results in the market value statement.
At each balance day, the group examines if there are signs of decrease in value of a financial asset or a group of financial assets.
In the affirmative, the amount of decrease in value is the difference between book value and cash value of expected future cash flow.
First statement and Evaluation
As per IFRS 7 and IAS 39, financial obligations are considered obligations evaluated at time value, credits and receivables, loans or others.
The group states the classification of his financial obligations for the first time and at time value. These financial obligations include receivables from deliveries and service as well as others.
The group differentiates the financial assets as to their classification:
Credits and account receivables are non-derivative financial instruments as concerns fix and noted payment terms, not noted at the market. At first statement and as evaluation, such instruments will be evaluated as purchase costs minus possible decrease in value.
| Continously stated purchase costs |
Fair value | T O T A L | |
|---|---|---|---|
| 30.06.2013 | 30.06.2013 | 30.06.2013 | |
| Financial assets | 94.288 | 0 | 94.288 |
| Previous year | 94.288 | 0 | 94.288 |
| Long term accounts receivables | 93.609 | 0 | 93.609* |
| Previous year | 133.283 | 0 | 133.283 |
| Receivables re: deliveries and service | 4.675.707 | 0 | 4.675.707 |
| Previous year | 4.767.201 | 0 | 4.767.201 |
| Other assets | 83.823 | 0 | 83.823 |
| Previous year | 69.857 | 0 | 69.857 |
| Payments and/or similars Previous year |
7.236.838 | 0 | 7.236.838 |
| VJ | 8.694.827 | 0 | 8.694.827 |
| T o t a l Previous year |
12.184.265 | 0 | 12.184.265 |
| VJ | 13.759.456 | 0 | 13.759.456 |
According to IFRS 7.6. the financial instruments are as follows:
As per par. "other assets" of TEUR 123 (prev.year TEUR 109) in the balance sheet, the amount of TEUR 39 (prev.year TEUR 39) is not stated as financial instrument.
As per IFRS 7.8, the fair value is accounted towards book value (in €).
| Evaluation category | Book value | Fair value | T o t a l | |
|---|---|---|---|---|
| IAS 39 | 30.06.2013 | 30.06.2013 | 30.06.2013 | |
| Financial assets | available for sale | 94.288 | 94.288 | 94.288 |
| Previous year | AfS | 94.288 | 94.288 | 94.288 |
| Long-term receivables | loans & receivables | 93.609 | 93.609 | 93.609 |
| Previous year | LaR | 133.283 | 133.283 | 133.283 |
| Receivables re: deliveries /service | loan & receivables | 4.675.707 | 4.675.707 | 4.675.707 |
| Previous year | LaR | 4.767.201 | 4.767.201 | 4.767.201 |
| Other assets | loan & receivables | 83.823 | 83.823 | 83.823 |
| Previous year | LaR | 69.857 | 69.857 | 69.857 |
| Cash-on-hand and equivilents | loan & receivables | 7.236.838 | 7.236.838 | 7.236.838 |
| Previous year | LaR | 8.694.827 | 8.694.827 | 8.694.827 |
| T O T A L | 12.184.265 | 12.184.265 | 12.184.265 | |
| Previous year | 13.759.456 | 13.759.456 | 13.759.456 |
All other figures are evaluated at purchase costs. Evaluation is in accordance with IFRS 7.27 and at exchange value at balance day.
| Continously stated | Fair value | T o t a l | ||
|---|---|---|---|---|
| Purchase costs | ||||
| 30.06.2013 | 30.06.2013 | 30.06.2013 | ||
| Receivables re: deliveries /service | 2.104.292 | 0 | 2.104.292 | |
| Previous year | 2.437.789 | 0 | 2.437.789 | |
| Other receivables | 532.814 | 0 | 532.814 | |
| Previous year | 325.628 | 0 | 325.628 | |
| T o t a l | 2.637.106 | 0 | 2.637.106 | |
| Previous year | 2.763.417 | 0 | 2.763.417 |
Equity and Liabilities (in €) are as follows:
In par. "other assets" of TEUR 956 (prev.year TEUR 821) mentioned in balance sheet, an amount of TEUR 423 (prev.year TEUR 495) "payments for employees" is not stated as financial instrument. All figures are evaluated at purchase costs.
There are no changes when comparing book value to fair value
| Evaluation category IAS 39 |
Book value 30.06.2013 |
Fair value 30.06.2013 |
T o t a l 30.06.2013 |
|
|---|---|---|---|---|
| Liabilities re: deliveries/service | FLAC* | 2.104.292 | 2.104.292 | 2.104.292 |
| Previous year | 2.437.789 | 2.437.789 | 2.437.789 | |
| Other liabilities | FLAC | 532.814 | 532.814 | 532.814 |
| Previous year | 325.628 | 325.628 | 325.628 | |
| T o t a l | 2.637.106 | 2.637.106 | 2.637.106 | |
| Previous year | 2.763.417 | 2.763.417 | 2.763.417 |
*financial liabilities and amortised costs
| In € | Addition 2012/2013 |
Value correction 2012/2013 |
Depreciation 2012/2013 |
|---|---|---|---|
| Financial Assets | 0 | 0 | 0 |
| Previous year | 0 | 0 | 0 |
| Long-term receivables | 0 | 0 | 0 |
| Previous year | 0 | 0 | 0 |
| Receivables re: deliveries and service Previous year |
-14.000 -90.820 |
||
| Other assets | 0 | 0 | 0 |
| Previous year | 0 | 0 | 0 |
| Cash-on-hand and/or equivilents | 0 | 0 | 0 |
| Previous year | 0 | 0 | 0 |
| T o t a l | 0 | -14.000 | 0 |
| Previous year | 0 | -90.820 | 0 |
The risk for drop-out of certain items is as follows (in €):
| T o t a l 30.06.2013 |
Drop-out risk 30.06.2013 |
||
|---|---|---|---|
| Financial assets | 100% | 94.288 | 94.288 |
| Previous year | 100% | 94.288 | 94.288 |
| Long-term receivables | 30% | 93.609 | 27.843 |
| Previous year | 40% | 133.283 | 52.815 |
| Receivables re: deliveries / service….20% | 4.675.707 | 935.141 | |
| Previous year | 20 % | 4.767.201 | 953.440 |
| Other assets …… ………………. | 100% | 123.309 | 123.309 |
| Previous year | 100% | 109.341 | 109.341 |
| Payment means and equivilents | 7.236.838 | 0 | |
| Previous year | 0 % | 8.694.827 | 0 |
| T o t a l | 12.223.751 | 1.180.581 | |
| Previous year | 13.798.940 | 1.209.884 |
Drop-out risk for payments and/or equivalent is not relevant, as our business partners are of best reputation as concerns monetary and capital aspects.
Drop-out risk of corporate tax credit amounting to EUR 65.765,69 (prev.year EUR 80.468,04) included in long-term liabilities does not exist. Therefore, drop-out risk reduces from 40% last year to now 30%.
A liquidity risk as per IFRS 7.39 for "Liabilities re: deliveries and service" does not exit, since payments/liabilities have already been covered at balance day. Other liabilities are also been paid at most at balance day.
Both the drop-out risk as well as liquidity risk could endanger operative business, yet there is no danger as to the company's existence.
Reserves within the group as per 30.06.2013 are as follows:
| Balance | Consumption | Dissolution | Addition | Balance | |
|---|---|---|---|---|---|
| 01.07.2012 | 2012/2013 | 2012/2013 | 2012/2013 | 30.06.2013 | |
| Other Accruals | |||||
| - longterm | 265.557 | 0 | 63.768 | 1.150 | 202.939 |
| - shortterm | 756.581 | 161.000 | 470.610 | 30.474 | 155.445 |
| re: warranties incl. | 951.088 | 150.000 | 534.378 | 20.624 | 287.334 |
| 1.022.138 | 161.000 | 534.378 | 31.624 | 358.384 |
Other accruals were listed according to IAS 37 in consideration of all foreseable liabilities with their scheduled maturity. Deduction of interests was made accordingly.
The long-term liabilities comprise reserves (years 2 – 10) for the legal responsibility to keep safe the company's records as well as the liabilities for warrenty.
Other liabilities are short-term (less than 1 year). Refunds are not expected.
Short-term liabilities mainly are accruals resulting from guarantee and personnel, which are likely to be paid in amount and at due date. Basis as to evaluation of these assets are figures made from experience during past years.
Liabilities as per 30.06.2013 are as follows:
| Group (in €) 30.06.2012 |
Group (in €) 30.06.2013 |
|
|---|---|---|
| Liabilities from deliveries/service | 2.437.789 | 2.104.292 |
| Tax liabilities | 1.263.886 | 407.382 |
| Others | 820.620 | 955.791 |
| TOTAL liabilities | 4.522.295 | 3.467.465 |
Evaluation of the liabilities was made at payment amounts.
The tax liabilities of the current BY amount to TEUR 404 (prev.year TEUR 701) which are splitted into tax on earnings TEUR 182 (prev.year TEUR 457), sales tax TEUR 159 (prev.year TEUR 180) and income tax TEUR 63(prev.year TEUR 94); TEUR 3 (prev.year TEUR 561) apply to profit tax payments due from previous years.
Among other liabilities are so-called limited accruals amounting to TEUR 625 (prev.year TEUR 719), which according to HGB are "reserves" but according to IFRS are liabilities. In general, these are liabilities against personnel (TEUR 423; prev.year TEUR 495) as well as year's end costs TEUR 165 (prev.year TEUR 167).
Liabilities of more than 5 years are not listed. All liabilities have a maturity of less than 1 year.
The defining of deferred taxes is done according to the "temporary-concept" of IAS 12 as regards balancing differences and evaluation differences as well as consolidation measures of the related balance and figures according to IFRS. For calculation of deferred tax, legal valid rates were used valid at terms of realisation at balance day.
Calculation of passive deferred taxes is based upon the average company income tax (church tax, social fee and trade income tax) of 29 % (prev.year 29%). Calculating deferred tax on profits of Altrac AG (CH), an income tax rate of 25% was taken into account.
Tax latences due to evaluation differences are as follows:
| in TEuro | 30.06.2012 | 30.06.2013 | ||
|---|---|---|---|---|
| active | passive | active | passive | |
| deferred | deferred | deferred | deferred | |
| taxes | taxes | taxes | taxes | |
| Tangible assets (GWG) | 2 | 0 | 24 | 0 |
| Financial assets | 1 | 0 | 1 | 0 |
| Stocks /inventories | 0 | 127 | 0 | 133 |
| Receivables | 0 | 36 | 0 | 46 |
| Other assets | 2 | 0 | 0 | 0 |
| Reserves | 0 | 206 | 0 | 163 |
| Liabilities | 0 | 1 | 0 | 1 |
| 5 | 370 | 25 | 344 | |
| Netting | -5 | -5 | -25 | -25 |
| 0 | 365 | 0 | 319 |
The discounting of active and passive deferred taxes is made according to IAS 12.71.
As per 30.06.2013, there is a non-used taxable loss figure of TEUR 0 (prev.year TEUR 0) resulting from corporate tax including social fee and TEUR 74 (prev.year TEUR 20) from business tax. Losses are on behalf of subsidiaries Autronic GmbH (prev.year Rotec GmbH).
There are no latent taxes these next years; a positive income to be taxed may probably not be expected for about 5 years. Non-active latent taxes are TEUR 10 (prev. year TEUR 3).
At balance day, there are rental liabilities with the following terms:
| - | Up to 1 year | TEUR | 353 | (TEUR | 245) |
|---|---|---|---|---|---|
| - | 1 to 5 years | TEUR | 493 | (TEUR | 613) |
| - | more than 5 years | TEUR | 0 | (TEUR | 0) |
| T O T A L | TEUR | 846 | (TEUR | 858) |
FORTEC's share of the total liabilities is TEUR 151 (prev.year TEUR 85) as well as Autronic's GmbH of TEUR 613 (prev.year TEUR 773).
The sales revenue is calculated minus sales diminution and price reductions such as rebates, discounts, etc as well as reimbursements and returns. In general, the group's figure is as per IAS 18 and based on executed delivery and/or service rendered, if price is agreed and determined, the realisation of the corresponding liabilities is fixed.
The group' turnover amounts to TEUR 44.540 (prev.year TEUR 47.791) and breaks down to geographical segments as follows:
| Sales revenue of group | Data | Power | TOTAL |
|---|---|---|---|
| Visualisation | Supplies | ||
| TEUR | TEUR | TEUR | |
| Germany | 14.290 | 19.141 | 33.431 |
| previous year Germany | 15.560 | 20.970 | 36.530 |
| International | 4.273 | 6.836 | 11.109 |
| previous year International | 3.934 | 7.327 | 7.327 |
| TOTAL | 18.563 | 25.977 | 44.540 |
| previous year total | 19.494 | 28.297 | 47.791 |
Group internal revenues were eliminated in line with consolidation
These are decreases in stock of unfinished/finished goods of Blum Stromversorgungen GmbH of TEUR 250 (TEUR 114) and of Autronic Steuer- und Regeltechnik GmbH of TEUR 99 (prev.year TEUR -255) as well as the increases of Rotec technology GmbH amounting to TEUR 338 (prev.year TEUR 43).
Other company revenues are as follows:
| Group (in €) | Group (in €) | |
|---|---|---|
| 2011/2012 | 2012/2013 | |
| Other regular revenues | 89.381 | 0 |
| Reduction value correction | 84.450 | 14.000 |
| Release of accruals | 151.707 | 534.378 |
| Other revenues in line with ordinary business activity |
839.465 | 681.092 |
| TOTAL other company revenues | 1.165.003 | 1.229.470 |
In general, other regular revenues are benefits to employees amounting to TEUR 82 (prev.year TEUR 88) as well as revenues recorded from exchange rate differences of TEUR 331 (prev.year TEUR 446).
Material purchases amounting to TEUR 1.851 within the group were eliminated.
Expenses for personnel (in €) are as follows:
| 2011 /2012 | 2012 /2013 | |
|---|---|---|
| Salaries and wages Social costs and contributions |
4.713.966 | 4.601.027 |
| to retirement | 906.794 | 801.215 |
| TOTAL Costs Personnel | 5.620.760 | 5.402.242 |
Depreciation in business year is as follows:
| G r o u p (in €) 2011/2012 |
G r o u p (in €) 2012/2013 |
|
|---|---|---|
| Intangible assets Tangible assets and low-value items p |
73.310 232.888 |
25.545 203.196 |
| T O T A L depreciation | 306.198 | 228.741 |
Other company costs and expenses (in €) are as follows:
| Group 2011/2012 |
Group 2012/2013 |
|
|---|---|---|
| Office rentals | 574.533 | 568.744 |
| Insurances, contributions | 127.195 | 145.226 |
| Repairs, maintenance | 83.948 | 81.483 |
| Vehicles | 144.662 | 125.132 |
| Advertising/ travel expenses | 688.537 | 946.184 |
| Expenses for delivery | 321.517 | 266.211 |
| Misc. company costs/expenses | 961.573 | 900.151 |
| Loss re: assert retirements | 82.442 | 3.097 |
| Loss UV and value corrections | 131.670 | 19.453 |
| Other expenses in line with | ||
| Normal business | 501.643 | 357.283 |
| Total other company costs/expenses | 3.617.721 | 3.412.965 |
The costs of "goods sold" include warranty reserves/provisions of TEUR 20 (prev.year TEUR 109).
As concerns "other expenses in line with ordinary business activities" there are differences in currency exchange rates amounting to TEUR 345 (prev.year TEUR 501)
which are calculated based on payments made during relevant business year.
Interest is recorded from interest returns of TEUR 57 (prev.year TEUR 128) as well as interest expenses of TEUR 6 (prev.year TEUR 4).
The group's report record corporate income tax, social fee and trade income tax a well as income tax according to Swiss law of obligations taken into consideration the tax rates valid at balance day.
Tax on profit in the group is 27.5 % (prev.year 25.6%) and comprises incorporate and business/trade tax.
The tax figures are as follows (in TEUR):
| Group (in €) 2011/2012 |
Group (in €) 2012/2013 |
|
|---|---|---|
| Tax paid and/or owed | ||
| Germany | 686 | 662 |
| Switzerland | 32 | 43 |
| 718 | 705 | |
| Deferred Tax | ||
| from time differences | 46 | -38 |
| from loss revenues | 2 | 0 |
| 48 | -38 | |
| Income Tax | 766 | 667 |
FORTEC group's actual tax expense of TEUR 667 (prev.year TEUR 766) is TEUR 56 less than the theoretical tax expense resulting from an average tax rate to the group's result before tax.
Taken into consideration the theoretical expected tax expense compared to the actual tax expense recorded in the "consolidation income statement", the figures are as follows: (in TEUR):
| Group 2011 / 2012 |
Group 2012 / 2013 |
|
|---|---|---|
| Tax result before profit | 2.994 | 2.425 |
| Income tax incl. trade tax | 29,8% | 29,8% |
| Expected income tax expense at equal tax burden | 892 | 723 |
| Raise/Reduction of income tax expense by: | ||
| low tax expense foreign countries | -17 | -21 |
| Use of non-balanced losses | 0 | 0 |
| non deductable company expenses | 9 | 6 |
| tax-free income (amortisation profits) | -36 | -1 |
| tax payments prev. year | -55 | 0 |
| Depreciation re: investments | -8 | -31 |
| Trade tax (add-ons / deductions) | 0 | 0 |
| othg er discrepancies g g |
2 | 1 |
| Effective tax rate percentage | -21 | -21 |
| 766 | 667 | |
| 25.6% | 27.5% |
(Notional profit tax rate is 29.8 % re: exclusive German subsidiaries).
The company's range covers data visualisation and power supplies. Therefore, it is necessary to explain figures by report segments according to IFRS 8 as per 30th June 2013.
| Daten- | Power | T O T A L | ||
|---|---|---|---|---|
| visualisation | supplies | |||
| TEuro | TEuro | TEuro | ||
| Turnover | 18.563 | 25.977 | 44.540 | |
| previous year | 19.494 | 28.297 | 47.791 | |
| Regular depreciation * | 61 | 168 | 229 | |
| previous year | 107 | 199 | 306 | |
| Company result (EBIT) | 754 | 1.620 | 2.374 | |
| previous year | 681 | 2.189 | 2.870 | |
| Financial result | 18 | 33 | 51 | |
| previous year | 62 | 62 | 124 | |
| Tax on profit * | 217 | 450 | 667 | |
| previous year | 184 | 582 | 766 | |
| Annual result | 555 | 1.203 | 1.758 | |
| previous year | 559 | 1.669 | 2.228 | |
| Assets * | 10.281 | 15.845 | 26.126 | |
| national | 9.433 | 13.319 | 22.752 | |
| previous year | 10.594 | 13.593 | 24.187 | |
| international | 848 | 2.526 | 3.374 | |
| previous year | 926 | 2.628 | 3.554 | |
| Debts * | 1.386 | 2.759 | 4.145 | |
| previous year | 2.039 | 3.871 | 5.910 | |
| Investments * | 67 | 121 | 188 | |
| previous year | 62 | 149 | 211 |
* assessment after gross earning
The assessment (evaluation) principles and/or financial accounting principles for these segments conform to those of the company respectively the group.
The financial result consists of financial profit of TEUR 57 (prev.year TEUR 128) and financial expenses of TEUR 6 (prev.year TEUR 4). The issue of a segment report on the financial assets and expenses because of reasons of essence was omitted.
A total of TEUR -64 (prev.year TEUR 7) of differences in exchange/conversion rate within the company capital is listed as follows:
| Balance per 01.07.2011 | 1.135.052 |
|---|---|
| Addition 2011/2012 | 7.197 |
| Balance per 01.07.2012 | 1.142.249 |
| Addition 2012/2013 | -130.925 |
| Balance per 30.06.2013 | 1.011.324 |
Mainly figures result from currency exchanges of goodwill and capital of Altrac AG at balance day. Income statement shows TEUR -14 (prev.year TEUR -55) as currency conversion differences.
The consolidated cash flow statement is issued according to the indirect method and separates into cash-flow operative business, investments and financial business.
Financial means (liquid) are cash-on-hand and bank accounts - details see no. 12. The financial means depend on no restrictions as to their disposition; at any time during BY, these financial means could be disposed of.
Cash flow operative business amounts to TEUR 213 (prev. year TEUR 2.802) and includes interest receipts of TEUR 57 (prev.year TEUR 128) and interest payments of TEUR 6 (prev.year TEUR 4).
Cash flow operative business also lists payments of income tax of TEUR 1.676 (prev.year TEUR 310).
Members of the supervisory board in BY are.
Michael Höfer (debuty board manager), Steingarden, Portfolio Manager Werner Heyer (representative), Neunkirchen-Seelscheid, Engineer Volker Gräbner (representative employees), Hamburg
In current fiscal year, the total revenues of the supervisory board members amount to TEUR 22.5 (prev. year TEUR 22.5).
Delegate board director Höfer is also member of the following committees:
Value-Holdings AG, Augsburg Deutsche Fallen Angels AG, Gersthofen Karwendelbach AG, Mittenwald
The board manager's wife, Mrs Maria Fischer is working as lawyer for the company and representing it in juridical cases as well as out of court. Mrs Fischer balances her accounts according to RVG. During BY 2012/13 TEUR 3 (prev.year TEUR 3) were paid to Mrs Fischer and recorded accordingly in balance sheet.
For the managing director of the national subsidiaries and the board manager of FORTEC AG as well as the administration board members of Altrac AG, Switzerland, expenses are as follows:
| 2011/2012 | 2012/2013 | |
|---|---|---|
| in TEUR | in TEUR | |
| Short-term payments to employees | 786 | 890 |
| Expenses to be paid after termination of employees' contracts | 0 | 0 |
| other long-term liabilities | 0 | 0 |
| Expenses in line with termination of employees' contracts | 0 | 0 |
| Benefits based on share | 0 | 0 |
| 786 | 890 |
Total benefits for board members of FORTEC AG amount to TEUR 406, inclusive TEUR 61 for success-dependant payments.
An individual listing of the benefits to persons in key-positions of the management is not required according to the decision of the annual general meeting on 15.12.2011: detailed listing may be omitted as per § 314 Abs. 1 Nr. 6a) Satz 5 – 9HGB as well as § 285 S. 1 Nr. 9 a) Satz 5-9 HGB for the period of 5 years thereon (§314 Abs. 2 S. 2 i.V.m. § 286 Abs. 5 HGB)
For services rendered for group's annual report by CAPMA GmbH auditing company, Koblenz, the following payments for BY 2012/2013 were made:
| 2011/2012 | 2012/2013 | |
|---|---|---|
| in TEUR | in TEUR | |
| Audits of annual financial statement | 55 | 52 |
| General expenses tax consultant | 0 | 0 |
| other expenses | 0 | 10 |
| 55 | 62 |
The expenses for the annual audit include the fees for the group's annual report as well as those of FORTEC Elektronik AG and its national subsidiaries.
At balance day, there are group leasing obligations of only minor economic importance.
During BY FORTEC Elektronik AG employed an average of 38 persons (prev.year 39) including 2 temporary helps (prev.year 1). The group employs an average of 113 persons (prev.year 112).
For BY 2012/13 and at day of balance the board of managers are as follows:
Dieter Fischer CEO and director of managers' board Markus Bullinger COO Data visualisation Jörg Traum COO Power supplies (distribution)
There were no changes between balance day of June 30, 2013 and the day when balance was published which need to be corrected as to any values or debts.
According to § 161 AktG, the board has made the required explanation to use the Corporate Governance Codex and reported to the auctioneers (via internet: www.fortecag.de) as per §285 No. 16 resp. 314(1) No. 8 HGB).
The board of managers suggests a dividend in the total amount of EUR 1,477.471,50 (prev. year EUR 1,477.471,50). Distribution right is given to a total of 2.954.943 shares of 0.50 EUR each.
In BY 2012/13 one announcements as per §15 a WpHG (reportable purchase of bonds) was published.
| Company subject to report | Day of report |
Voting right at deadline |
Percetage of reporting/ announcement |
|---|---|---|---|
| TRM Beteiligungs Gesellschaft | 31.08.2012 | 31,41% | 3%, 5% 10%15%, 20%, 25%,30%, |
| Scherzer Co KG | 09.11.2012 10.01.2013 |
3,05 % 5,07 % |
3 % 5 % |
| Scherzer Co KG | 26.02.2013 | 2,82 % | 5 % 3 % |
| AK Industriebeteiligung GmbH | 29.08.2012 | 0,00 % | 15%, 10% 5% 3 % |
| TAK Vermögensmanagement GmbH. | 23.07.2012 | 0,00 % | 3 % |
| RMK Vermögensmanagement GmbH | 23.07.2012 | 0,00 % | 3 % |
| MBK Vermögensmanagement GmbH. | 23.07.2012 | 0,00 % | 3 % |
During this BY, one ad-hoc announcement was published on 22.08.2012 (in English and German) with reference to a take-over statement of the managers' board.
The TRM Beteiligungsgesellschaft announced on 28.09.2012 with reference to an announcemtn as per § 23 Abs. 1 S.1 No. 3 WpÜG that she has 32.17% of FORTEC shares after end of the take-over dead-line.
The annual business statement was issued October 15, 2013 and released by the board of directors.
Landsberg, October 15, 2013
FORTEC Elektronik AG
Dieter Fischer Markus Bullinger Jörg Traum CEO board member board member
Based on the group's final balancing I herewith state to have issued to the company the following confirmation as per IDW PS 400:
Wir haben den von der FORTEC Elektronik AG aufgestellten Konzernabschluss bestehend aus Bilanz, Gewinn- und Verlustrechnung, Eigenkapitalveränderungsrechnung, Kapitalflussrechnung und Anhang - sowie den Konzernlagebericht für das Geschäftsjahr vom 1. Juli 2012 bis 30. Juni 2013 geprüft. Die Aufstellung von Konzernabschluss und Konzernlagebericht nach den IFRS, wie sie in der EU anzuwenden sind, und den ergänzend nach § 315 a Abs.1 HGB anzuwendenden handelsrechtlichen Vorschriften liegt in der Verantwortung des Vorstandes der Gesellschaft. Unsere Aufgabe ist es, auf der Grundlage der von uns durchgeführten Prüfung eine Beurteilung über den Konzernabschluss und den Konzernlagebericht abzugeben. Ergänzend wurden wir beauftragt zu beurteilen, ob der Konzernabschluss auch den IFRS insgesamt entspricht.
Wir haben unsere Konzernabschlussprüfung nach § 317 HGB unter Beachtung der vom Institut der Wirtschaftsprüfer (IDW) festgestellten deutschen Grundsätze ordnungsmäßiger Abschlussprüfung vorgenommen. Danach ist die Prüfung so zu planen und durchzuführen, dass Unrichtigkeiten und Verstöße, die sich auf die Darstellung des durch den Konzernabschluss unter Beachtung der anzuwendenden Rechnungslegungsvorschriften und durch den Konzernlagebericht vermittelten Bildes der Vermögens-, Finanz- und Ertragslage wesentlich auswirken, mit hinreichender Sicherheit erkannt werden. Bei der Festlegung der Prüfungshandlungen werden die Kenntnisse über die Geschäftstätigkeit und über das wirtschaftliche und rechtliche Umfeld des Konzerns sowie die Erwartungen über mögliche Fehler berücksichtigt. Im Rahmen der Prüfung werden die Wirksamkeit des rechnungslegungsbezogenen internen Kontrollsystems sowie Nachweise für die Angaben im Konzernabschluss und Konzernlagebericht überwiegend auf der Basis von Stichproben beurteilt. Die Prüfung umfasst die Beurteilung der Jahresabschlüsse der in den Konzernabschluss einbezogenen Unternehmen, der Abgrenzung des Konsolidierungskreises, der angewandten Bilanzierungs- und Konsolidierungsgrundsätze und der wesentlichen Einschätzungen der gesetzlichen Vertreter sowie die Würdigung der Gesamtdarstellung des Konzernabschlusses und des Konzernlageberichts. Wir sind der Auffassung, dass unsere Prüfung eine hinreichend sichere Grundlage für unsere Beurteilung bildet. Unsere Prüfung hat zu keinen Einwendungen geführt.
Nach unserer Beurteilung auf Grund der bei der Prüfung gewonnenen Erkenntnisse entspricht der Konzernabschluss den IFRS, wie sie in der EU anzuwenden sind, und den ergänzend nach § 315 a Abs. 1 HGB anzuwendenden handelsrechtlichen Vorschriften sowie den IFRS insgesamt und vermittelt unter Beachtung dieser Regelungen ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage des Konzerns. Der Konzernlagebericht steht im Einklang mit dem Konzernabschluss, vermittelt insgesamt ein zutreffendes Bild von der Lage des Konzerns und stellt die Chancen und Risiken der zukünftigen Entwicklung zutreffend dar." Mannheim, 20. Oktober 2013
METROPOL AUDIT GmbH Wirtschaftsprüfungsgesellschaft Gertrud K. Deffner WirtschaftsprüferIN
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