Annual Report • Oct 31, 2011
Annual Report
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Business Year July 01, 2010 – June 30, 2011
Content
After having seen the end of the down-hill in the electronic industry in summer 2009 which started in December 2008 - the recovery continued in BY 2010/11. During second half year and especially in last quarter of this business year, the boom of 2008 again was present. The impression was that in a short period of time, all business lost during recession could be made up again.
In BY 2010/11, the company's result of 47.5 million EUR considerably topped previous year's figures of 36 million EUR – difficult due to recession and even outnumbered the turnover before recession of successful BY 2007/08 by more than 10%.
The result of usual business before interest and tax (EBIT) of 3.7 million EUR in BY 2010/11 was considerably above 0.9 million EUR of previous year, mainly based on the economic increase in turnover with no change in expenses. The monetary effect of the market up-swing clearly reveals in the profit increase before interest and tax of approx. 1 million EUR compared to EBIT of 2.8 million EUR in record BY 2007/08.
The net income increased accordingly by 0.7 million EUR in BY 2010/11 to 2.8 million EUR and is, therefore, in accordance with the expectations and forecast given. At begin of this business year - we called BY 2010/11 as "change-over" year yet we expected these successful results in BY 2011/12 earliest.
The group's total result increased unproportionally from 1.3 million EUR in previous year to 3.4 million EUR this year. The total result is based on a change in equity capital on year's net income 2010/11, yet based on the currently strong Swiss Franc of the Swiss company which added on to the profit.
As to balancing 2010/11, 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, the long-term assets amounted to 5.4 million EUR having been reduced by 0.9 million EUR to 4.5 million EUR when profitably selling stockmarket shares. This transaction mainly resulted in an increase in active assets of cash-on-hand of 6.3 million to 7.6 million.
The value of short-terms assets considerably increased according to the raised business volume and is now 9.6 million EUR as per 30.06.2011 (prev. year 6.7 million EUR).
Receivables from deliveries and service – also in accordance with raised business volume - amount to 5.1 million EUR (prev. year 4.3 million EUR) at issue date of balancing.
The company works on own capital only without any bank liabilities. Having a capital quota of 78 % at a balance volume of 27 million EUR, the company possesses sufficient own capital. Due to the actual cash-on-hand stock, it is possible to make major acquisitions.
Cash-flow in operative business in BY 2010/11 – in spite of a considerable growth in business involving built-up of more stock and increase in debtors - was definitively positive by more than 1 million EUR (prev. year 2.8 million EUR) and clearly reveals the financial strength of the company.
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. The AK Industriebeteiligungen GmbH, Norderfriedrichskog possesses 10% of the company's capital since 02.09.2003 and owns 513.336 shares as per 20.01.2007.
Appointment and dismissal of the board is in accordance with legal regulations (§§ 84, 85 AktG). The compensation of the supervisory board breaks down to a fix, a variable and a share-based part.
On 13.12.2006, 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 latter. Especially, when there is a potential risk that a competitor will take over.
Alterations of articles of the association, especially dismissal of the supervisory board requires a majority of board votes of 75%. The regular mandate of the current board ends as per day of the annual board's meeting, which reports on BY 2013/14.
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 powersupplies, 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 modified units from 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 an increased participation of 36% in BY 2010/11 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 below could influence our entire company, our financial situation and our results and 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.
Balance risks, if any, 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 the same 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 next year, we will expect considerable problems within the next years.
Our success also strongly depends on the vast and years of experience of our personnel. 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 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 parity.
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 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 AG and its subsidiaries.
Monthly statements of the 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 completely 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.
BY 2010/11 was the most successful year in FORTEC's history of more than 25 years: On one hand due to the accumulated need of the investment industry and on the other hand presumably due to earlier-made deliveries of the industry in general being uncertain of the delivery ability of Japanese sub-suppliers because of the Fukushima effect.
Since mid 2011, the chances for a further positive development increased considerably. In view of the strong saving policy of the countries-in-debts, the economy within the EURO region in general decelerated and the climate became frosty. After the export boom of the German economy during first half year 2011, we expect a considerable slow-down in growth heading towards normalisation.
Yet, the actual economic situation is, without doubts, better than the atmosphere in the financial markets. Due to the European debt's crisis and the heavy turbulences within the stock market, however, we expect a slow-down of the growth during these next quarters. Sooner or later, these turbulences will influence the real economy. Although we do not appreciate the rumours of a long-lasting recession within the EURO zone, we realise that the current slow-down cannot be stopped and therefore, the market break-in could even be harder. This is based on the merely present fiscal political scope and the increasing ineffectiveness of the money saving programs.
During these next years, we strive to achieve a turnover of more than 50 million and make considerable profit. However, due to the negative economic atmosphere during late summer 2011, we cannot eliminate that the extraordinary figures of BY 2010/11 can again be achieved during next business year.
Based on our business policy proven during many cycles, we succeeded to make profit above-average year after year since 27 years now, without having only one year of loss. However, there is no guarantee for the future – and still we are confident that this business model continues to run successfully in the future and involves longterm growth.
Other business of considerable importance did not occur after end of business year.
I herewith assure to my best knowledge that in accordance with the regulations of balancing, the group's result reveals the actual conditions of its situation of assets, finance and balance. In the group's report, the course of business incl. the results represents the actual situation as well as the considerable chances and risks of its expected development.
Landsberg, September 28, 2011 FORTEC Elektronik AG Dieter Fischer CEO
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FORTEC Elektronik AG issues a 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.
Alterations as concerns assets of oil and gas as well as statement, if an agreement contains a leasing ratio.
These alterations will be valid beginning business year January 1st, 2010.
These alterations will be valid beginning business year January 1st, 2010.
These alterations will be valid beginning business year January 1st, 2011
IAS 19 – Limitation of a service-related asset, regulation as to minimum financing and its effects – changes of Nov. 2009 as to optional pre-payments
These alterations will be valid beginning business year January 1st, 2011
These alterations will be valid beginning business year January 1st, 2011
For this business year, FORTEC Elektronik AG did not use the new resp. revised IFRS standards which are not compulsory per 30.06.2011 except IFRS 8.
Following the future application of the aforementioned standards and interpretations, no considerable influence is relevant on the groups' situation as to assets, financial and earnings (revenue/income) – except an upgraded group's annexe.
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 year's report of the FORTEC AG as well as of the group was issued in EUR.
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 issue of the group's report in accordance with the International Financial Reporting Standards requires a variety of evaluations, estimations from the management, which have direct influence for the balance and evaluation methods as well as to values of assets and debts, statements of receivables and liabilities at balance day as well as turnover and expenses during business year. Although the board of directors gives all information to its best knowledge, there may be differences to the actual results.
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 asset is evaluated "fair- value" at the group's balance day. Changes in value compared to previous year are taken into consideration at own capital. Assets of financial investments are classified as "available-for-sale".
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 fluids and payment 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 15 (prev.year EUR 1). Latent taxes from the loss of Autronic GmbH were omitted.
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).
At group's balance, expense reserves according to IFRS were not made.
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 at 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 long-term 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.
The 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 the provisions for guarantee was calculated based on estimated and expected costs and their due date taking into consideration past-time values as well as current transactions.
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 30.06.2011:
| FORTEC | Blum SV | Emtron | Rotec | Autronic | Altrac | |
|---|---|---|---|---|---|---|
| AG | GmbH | GmbH | GmbH | GmbH | AG | |
| TEuro | ||||||
| Turnover | 22.342 | 868 | 12.483 | 2.179 | 5.157 | 6.292 |
| previous year | 19.011 | 705 | 8.096 | 1.356 | 3.975 | 4.502 |
| Company result (EBIT) | 1.584 | 74 | 1.562 | 289 | 446 | 167 |
| previous year | 148 | 14 | 811 | 124 | -132 | 124 |
| Financial result | 112 | -7 | 69 | -38 | -57 | -1 |
| previous year | 99 | -4 | 43 | -37 | -52 | 1 |
| Taxes | 348 | 18 | 458 | 0 | 118 | 40 |
| previous year | 8 | 3 | 242 | -1 | -94 | 38 |
| Year's earning (as per IFRS) | 1.348 | 49 | 1.173 | 251 | 271 | 126 |
| previous year | 239 | 7 | 612 | 88 | -90 | 87 |
Participation figures of the results of all group members are to be seen in the following:
| Blum SV GmbH | Emtron electronic | ROTEC GmbH | Autronic | Altrac AG | |
|---|---|---|---|---|---|
| at Thannhausen | GmbH at Nauheim |
at Rastatt | at Sachsenheim | at Dietikon (CH) | |
| Goodwill (IFRS) (€) | 69.339 | 167.146 | 0 | 0 | 2.653.848 |
| previous year | 69.339 | 167.146 | 0 | 0 | 2.408.559 |
| 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 (€) | 482.611 | 4.431.311 | 256.524 | 458.146 | 2.291.824 |
| previous year | 433.209 | 3.258.547 | 5.094 | 187.043 | 1.956.568 |
| 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 is date of the group's report (30.06.2011).
Altrac AG made its annual report in Swiss Francs. The year's result as per 30.06.2011 is converted in EUR according to IAS 21 and the concept of functional currency.
At balance day (same as previous year), FORTEC holds 36.6% (prev.year 25%) of the capital stock of Advantec Electronics B.V. Oudenbosch (NL) as well as 25% of Advantec B.V., Oudenbosch (NL). These companies are not subsidiaries in terms of IAS 27.13, as there is no command/control function.
Besides Advantec Electronics B.V. and Advantec 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 non- associated 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.
The difference of Blum Stromversorgungen GmbH (formerly Microscan Vertriebs GmbH and Powertrade 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 and Autronic GmbH (former nbn GmbH) 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 into long- and short-term assets. 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 value).
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 2010/11.
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. Here, the net bookings of the company's values expected on intermediate term are opposed to the discounted payments; discount rate is 8%.
As per 30.06.2011, book value of goodwill amounts to EUR 2.890.333 (prev.year EUR 2.645.044).
The goodwill difference to previous year amounts to TEUR 245 (prev.year TEUR 310) 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.
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 linear over 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" was 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 30.06.2011 are as follows:
| Group (in €) 2009/2010 |
Group (in €) 2010/2011 |
|
|---|---|---|
| Participations € | 56.371 | 94.288 |
| Stock /shares € | 1.003.950 | 0 |
| TOTAL Financial Assets in € | 1.060.321 | 94.288 |
The participation noted is 36.6 % (prev.year 25%) on Advantec Electronics B.V.,Oudenbosch (NL) amounting to nominal TEUR 46 as well as of nominal TEUR 46 (26%) of Advantec B.B., Oudenbosch (NL).
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 2009/10, the Advantec 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 30.06.2011 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 bonds are shares traded at the stock market; these had been entirely sold during business year.
| His tor isc he |
An ha ffu sk sc ng |
ten os |
Ab hre ibu sc ng en |
Bu chw ert e |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pu | rch sts ase co |
De | cia tio pre n |
Ne t b k v alu oo e |
|||||||||
| Sta nd am Ba lan ce on 01 .07 .20 10 |
Zu än g ge Ad dit ion s 20 10 /20 11 |
Ab än g ge Re tire nts me 20 10 /20 11 |
WK -D iff. Ex ch an ge Dif fer en ce |
St d a an m Ba lan ce on 30 .06 .20 11 |
Sta nd am Ba lan ce on 01 .07 .20 10 |
Zu än g ge Ad dit ion s 20 10/ 20 11 |
Ab än g ge Re tir ts em en 20 10/ 20 11 |
WK -D iff. Ex ch an ge Dif fer en ce |
Sta nd am Ba lan ce on 30 .06 .20 11 |
Sta nd am Ba lan ce on 01 .07 .20 10 |
St d a an m Ba lan ce on 30 .06 .20 11 |
||
| Im ter iell e V ö- ma erm |
Int ible ts an g as se |
||||||||||||
| rte ge ns we |
|||||||||||||
| - S oftw are |
- S oftw are |
40 4.2 25 |
19 .15 3 |
57 9 |
9.2 96 |
43 2.0 95 |
24 4.4 24 |
83 .61 0 |
57 8 |
9.2 96 |
33 6.7 52 |
15 9.8 01 |
95 .34 3 |
| Su e I Ve at. rte mm mm rm .we |
To tal in ibl tan ets g e a ss |
40 4.2 25 |
19 .15 3 |
57 9 |
9.2 96 |
43 2.0 95 |
24 4.4 24 |
83 .61 0 |
57 8 |
9.2 96 |
33 6.7 52 |
15 9.8 01 |
95 .34 3 |
| Sa ch lag an en |
Ta ibl ets ng e a ss |
||||||||||||
| - G dst ück run e |
- P ert rop y |
25 3.3 75 |
0 | 0 | 0 | 25 3.3 75 |
0 | 0 | 0 | 0 | 0 | 25 3.3 75 |
25 3.3 75 |
| - G eb äud e |
- P lan Bu ildi t, ngs |
53 8.2 42 |
14 1 |
0 | 0 | 53 8.3 83 |
73 .61 5 |
33 .37 6 |
0 | 0 | 10 6.9 91 |
46 4.6 27 |
43 1.3 92 |
| - A uße lag nan en |
utd r fa cili tie - o oo s |
43 .00 1 |
0 | 0 | 0 | 43 .00 1 |
2.6 28 |
2.8 67 |
0 | 0 | 5.4 95 |
40 .37 3 |
37 .50 6 |
| - F ah rze uge |
- V eh icle s |
48 2.5 00 |
.86 1 74 |
67 .53 8 |
12 .85 5 |
50 2.6 78 |
37 3.8 99 |
50 .59 7 |
66 .01 8 |
13 .58 7 |
37 2.0 65 |
10 8.6 01 |
13 0.6 13 |
| - W erk zeu ge |
- S ll to ols ma |
45 .95 7 |
4.9 40 |
1.6 65 |
0 | 49 .23 2 |
24 .50 5 |
6.5 78 |
1.6 64 |
0 | 29 .41 9 |
21 .45 3 |
19 .81 3 |
| - te ch n. A nla n/M ch ge as |
lan t, m hin - p ac ery |
23 6.1 75 |
70 .33 7 |
11 .80 0 |
0 | 29 4.7 12 |
60 .39 3 |
28 .62 9 |
7.2 06 |
0 | 81 .81 6 |
17 5.7 82 |
21 2.8 96 |
| - B üro ein rich tun g |
- O ffic e f ish ing urn s |
68 9.8 54 |
75 .53 6 |
33 .31 7 |
35 .05 2 |
76 7.1 25 |
55 7.1 11 |
64 .89 2 |
33 .29 3 |
35 .77 8 |
62 4.4 88 |
13 2.7 44 |
14 2.6 37 |
| - B etr ieb und G s- e- |
- O ffic nd lan t e a p |
||||||||||||
| häf tsa tatt sc uss un g |
uip nt eq me |
30 3.8 86 |
31 .09 2 |
9.1 75 |
4.1 91 |
32 9.9 93 |
22 3.3 04 |
20 .40 5 |
8.5 16 |
4.1 94 |
23 9.3 87 |
80 .58 3 |
90 .60 6 |
| - G W G |
- L lue ite ow -va ms |
96 .23 4 |
29 .90 9 |
10 .00 7 |
0 | 11 6.1 36 |
53 .89 7 |
22 .92 2 |
10 .00 7 |
0 | 66 .81 2 |
42 .33 7 |
49 .32 4 |
| Su e S ha nla mm ac ge n |
To tal ta ibl ets ng e a ss |
2.6 89 .22 4 |
28 6.8 16 |
13 3.5 02 |
52 .09 8 |
2.8 94 .63 5 |
1.3 69 .35 2 |
23 0.2 66 |
12 6.7 04 |
53 .55 9 |
1.5 26 .47 3 |
1.3 19. 875 |
1.3 68 .16 2 |
| Fin z. V mö an er ge nsw |
Fin cia l as ts an se |
1.3 15 .99 9 |
37 .91 7 |
1.2 13. 45 2 |
0 | 14 0.4 64 |
25 5.6 77 |
0 | 20 9.5 02 |
0 | 46 .17 5 |
1.0 60 .32 1 |
94 .28 8 |
| To tal An lag ög ev erm en |
To tal set as s |
4.4 09 .44 8 |
34 3.8 86 |
1.3 47 .53 3 |
61 .39 4 |
3.4 67 .19 4 |
1.8 69 .45 3 |
31 3.8 76 |
33 6.7 84 |
62 .85 5 |
1.9 09 .40 0 |
2.5 39 .99 7 |
1.5 57 .79 3 |
| hri cht lich : V orj ah r 20 09/ 20 nac |
10 | ||||||||||||
| Im ter iell e V ö- ma erm |
Int ible set ang as s |
38 6.6 96 |
64 .67 9 |
58 .88 0 |
11 .72 9 |
40 4.2 25 |
20 7.8 99 |
83 .69 4 |
58 .86 9 |
11 .69 9 |
24 4.4 23 |
17 8.7 97 |
15 9.8 01 |
| ert ge nsw Sa cha nla ge n |
ible tan set g as s |
2.4 61 .57 5 |
66 1.7 01 |
49 6.2 54 |
62 .20 3 |
2.6 89 .22 4 |
1.1 31 .05 6 |
22 9.0 71 |
51 .49 5 |
60 .72 0 |
1.3 69 .35 2 |
1.3 30 .51 9 |
1.3 19 .87 5 |
| Fin z. V öge an erm nsw |
fin cia l as set an s |
1.3 15 .99 9 |
0 | 0 | 0 | 1.3 15. 999 |
36 2.7 65 |
0 | 10 7.0 88 |
0 | 25 5.6 77 |
95 3.2 34 |
1.0 60 .32 1 |
| To tal Vo rja hr |
tot al a ts sse |
4.1 64 .27 0 |
72 6.3 80 |
55 5.1 34 |
73 .93 2 |
4.4 09 .44 8 |
1.7 01 .72 0 |
31 2.7 65 |
21 7.4 52 |
72 .41 9 |
1.8 69 .45 2 |
2.4 62 .55 0 |
2.5 39 .99 7 |
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 off, as the evaluation increases respectively decreases successfully reported during past years were realised by the sale of dividends in 2010/11.
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 95 (prev.year TEUR 108) with a remaining duration of more than 1 year.
The stocks/inventories (in €) as per 30.06.2011 are as follows:
| Group (in €) 2009/2010 |
Group (in €) 2010/2011 |
|
|---|---|---|
| Goods/raw material/operating supplies Finished/Unfinished products Payments made |
5.935.310 656.255 75.610 |
8.831.718 694.217 68.395 |
| Total stock value | 6.667.175 | 9.594.330 |
The goods like raw material and others are noted together with purchase costs taken into consideration the purchase related extra costs and 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. Inventories have been reduced to the lower net sales value of TEUR 0 (prev.year TEUR 25) by TEUR 214 (prev.year TEUR 911).
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 30.06.2011 are as follows:
| Group (in €) 2009/2010 |
Group (in €) 2010/2011 |
|
|---|---|---|
| Receivables re: deliveries and service Tax receivables other accounts receivables |
4.294.450 60.245 241.004 |
5.052.522 58.896 175.249 |
| TOTAL accounts receivables | 4.595.699 | 5.286.667 |
As concerns these receivables, all foreseen risks were eliminated by corrections of each value item. The value corrections of receivables from deliveries and services according to IFRS 7.16 developed as follows:
| Group (in €) 2009/2010 |
Group (in €) 2010/2011 |
|
|---|---|---|
| Date of value correction per 01.07. Allocations Usage/ cancellations |
222.196 37.535 -122.159 |
137.572 17.850 -34.502 |
| Date of value correction per 30.06. | 137.572 | 120.920 |
All accounts receivables mentioned in chart above have a remaining maturity of less than one year. Accounts receivables of more than 5 years do not exist.
Besides the claim of overpaid taxes during 2010, the tax liabilities are among others the credit balance resulting from the corporate tax of TEUR 18 (prev.year TEUR 18), which has 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 70 (prev.year TEUR 100) granted to the consolidated company Alltronic s.r.o., Dýsina, Czech Republic and active invoicing of TEUR 39 (prev.year TEUR 81).
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 bank accounts (in €) per 30.06.2011 are as follows:
| Group 30.06.2010 |
Group 30.06.2011 |
|
|---|---|---|
| Cash-on-hand /postage machine | 15.004 | 12.615 |
| Bank credit and post giro | 6.340.455 | 7.576.481 |
| Total payments | 6.355.459 | 7.589.096 |
Credits at banks which are in US-\$ or Japanese Yen 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 means equals market value.
All payment means 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 (No. 577410/ISIN DE 0005774103). Each share is worth EUR 1.00 of the basic capital.
The groups' capital during reported period is as follows.
| Basic Capital EUR |
Capital- reserve EUR |
Differences re: currency exchange EUR |
Market value reserves EUR |
Profit reserve/ accumulated Profit reserve/ EUR |
TOTAL EUR |
|
|---|---|---|---|---|---|---|
| Balance 01.07.2010 | 2.954.943 | 8.689.364 | 687.536 | -206.002 | 6.394.640 | 18.520.481 |
| Purchase Currency exchange Market evaluation Dividend Year's earnings |
447.516 | 206.002 | -886.483 2.785.613 |
447.516 206.002 -886.483 2.785.613 |
||
| Balance 30.06.2011 | 2.954.943 | 8.689.364 | 1.135.053 | 0 | 8.293.770 | 21.073.130 |
Since July 1st, 1998, the capital reserve of TEUR 256 continued to increase to TEUR 8.689 based on the additional capital surplus in 1999 of TEUR 5.233 minus the change in capital reserve and the increase in limited capital.
The enlistment change of the market value reserve results from the evaluation at day of the financial instruments (bonds and shares) to be found under "available for sale" and these changes in value were included success-neutral.
Since several years, the group clearly states that the expansion is build exclusively on owncapital financing while striving 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. The capital quota of 78% in BY 2010/11 is a result of the improved result of the group at moderate dividend payout.
Notice has to be 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
First statement and Evaluation
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:
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.
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 cash flow.
b) Financial Obligations
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 at fix and noted payments, not noted at 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.
According to IFRS 7.6. the financial instruments are as follows:
| Continously stated | Fair value | T O T A L | |
|---|---|---|---|
| purchase costs | |||
| 30.06.2011 | 30.06.2011 | 30.06.2011 | |
| Financial assets | 94.288 | 0 | 94.288 |
| Previous year | 56.371 | 1.003.950 | 1.060.321 |
| Long term accounts receivables | 162.430 | 162.430 | |
| Previous year | 127.692 | 127.692 | |
| Receivables re: deliveries and service | 5.052.522 | 5.052.522 | |
| Previous year | 4.294.450 | 4.294.450 | |
| Other assets | 135.994 | 135.994 | |
| Previous year | 169.004 | 169.004 | |
| Payments and/or similars | 7.589.096 | 7.589.096 | |
| Previous year VJ |
6.355.459 | 6.355.459 | |
| T o t a l | 13.034.330 | 13.034.330 | |
| Previous year | |||
| VJ | 11.002.976 | 1.003.950 | 12.006.926 |
Under par. "other assets" of TEUR 175 (prev.year TEUR 241) in the balance sheet, an amount of TEUR 39 (prev.year TEUR 7288) is not stated as financial instrument. As per IFRS 7.8, the fair value is accounted towards book value.
| Evaluation category | Book value | Fair value | T o t a l | |
|---|---|---|---|---|
| IAS 39 | 30.06.2011 | 30.06.2011 | ||
| Financial assets | available for sale | 94.288 | 94.288 | 94.288 |
| Previous year | AfS | 1.060.321 | 1.060.321 | 1.060.321 |
| Long-term receivables | loans & receivables | 162.430 | 162.430 | 162.430 |
| Previous year | LaR | 127.692 | 127.692 | 127.692 |
| Receivables re: deliveries /service | loan & receivables | 5.052.522 | 5.052.522 | 5.052.522 |
| Previous year | LaR | 4.294.450 | 4.294.450 | 4.294.450 |
| Other assets | loan & receivables | 135.994 | 135.994 | 135.994 |
| Previous year | LaR | 169.004 | 169.004 | 169.004 |
| Payments and similar | loan & receivables | 7.589.096 | 7.589.096 | 7.589.096 |
| Previous year | LaR | 6.355.459 | 6.355.459 | 6.355.459 |
| T o t a l | 13.034.330 | 13.034.330 | 13.034.330 | |
| Previous year | 12.006.926 | 12.006.926 | 12.006.926 |
Except bonds, all other figures are evaluated at purchase costs. Evaluation is in accordance with IFRS 7.27 and at exchange value at balance day.
| Step 1 | Step 2 | Step 3 | T o t a l | |
|---|---|---|---|---|
| 30.06.2011 | 30.06.2011 | |||
| Financial assets | 0 | 0 | ||
| Previous year | 1.003.950 | 1.003.950 | ||
| T o t a l | 0 | 0 | ||
| Previous year | 1.003.950 | 1.003.950 |
Equity and Liabilities are as follows:
| Continously stated Purchase costs |
Fair value | T o t a l | |
|---|---|---|---|
| 30.06.2011 | 30.06.2011 | 30.06.2011 | |
| Receivables re: deliveries /service | 2.634.843 | 0 | 2.634.843 |
| Previous year | 1.698.831 | 0 | 1.698.831 |
| Other receivables | 333.697 | 0 | 333.697 |
| Previous year | 445.788 | 0 | 445.788 |
| T o t a l | 2.968.540 | 0 | 2.968.540 |
| Previous year | 2.144.619 | 0 | 2.144.619 |
Under par. "other assets" of TEUR 896 (prev.year TEUR 1.119) in the balance sheet, an amount of TEUR 562 (previous year TEUR 674) payments for employees is not stated as financial instrument. All figures are evaluated at purchase costs.
| Evaluation category IAS 39 |
Book value 30.06.2011 |
Fair value 30.06.2011 |
T o t a l 30.06.2011 |
|
|---|---|---|---|---|
| Liabilities re: deliveries/service | FLAC* | 2.634.843 | 2.634.843 | 2.634.843 |
| Previous year | 1.698.831 | 1.698.831 | 1.698.831 | |
| Other liabilities | FLAC | 333.697 | 333.697 | 333.697 |
| Previous year | 445.788 | 445.788 | 445.788 | |
| T o t a l | 2.968.540 | 2.968.540 | 2.968.540 | |
| Previous year | 2.144.619 | 2.144.619 | 2.144.619 |
*financial liabilities and amortised costs
| Addition 2010/2011 |
Value correction 2010/2011 |
Depreciation 2010/2011 |
|
|---|---|---|---|
| Financial Assets | 0 | 0 | 0 |
| Previous year | 107.098 | 0 | 0 |
| Long-term receivables | 0 | 0 | 0 |
| Previous year | 0 | 0 | 0 |
| Receivables re: deliveries and service | -16.652 | ||
| Previous year | -84.624 | ||
| Other assets | 0 | 0 | 0 |
| Previous year | 0 | 0 | 0 |
| Payments and similar | 0 | 0 | 0 |
| Previous year | 0 | 0 | 0 |
| T o t a l | 0 | -16.652 | 0 |
| Previous year | 107.0980 | -84.624 | 0 |
The risk for drop-out is as follows:
| T o t a l 30.06.2011 |
Drop-out risk 30.06.2011 |
||
|---|---|---|---|
| Financial assets | 94.288 | 94.288 | |
| Previous year | 100% | 1.060.321 | 1.060.321 |
| Long-term receivables | 162.430 | 67.876 | |
| Previous year | 100% | 127.692 | 19.668 |
| Receivables re: deliveries / service | 5.052.522 | 1.010.504 | |
| Previous year | 20 % | 4.294.450 | 858.890 |
| Other assets | 175.249 | 175.249 | |
| Previous year | 100% | 169.004 | 169.004 |
| Payments and similar | 7.589.096 | 0 | |
| Previous year | 0 % | 6.355.459 | 0 |
| T o t a l | 13.073.585 | 1.357.017 | |
| Previous year | 12.006.926 | 2.107.883 |
Drop-out risk for payments and similar not relevant, as our business partners are of best reputation as concerns monetary and capital aspects.
A liquidity risk as per IFRS 7.39 for "Liabilities re: deliveries and service" does not exit, because payments have already been made at balance day. Other liabilities are also paid in bulk at balance day.
As per IFRS 33, 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 30.06.2011 are as follows:
| Balance | Consumption | Dissolution | Addition | Balance | |
|---|---|---|---|---|---|
| 01.07.2010 | 2010/2011 | 2010/2011 | 2010/2011 | 30.06.2011 | |
| Other Accruals | |||||
| - longterm | 267.907 | 50.000 | 0 | 102.728 | 320.635 |
| - shortterm | 908.991 | 34.250 | 113.619 | 150.238 | 911.360 |
| re: warranties incl. | 1.120.907 | 81.900 | 95.900 | 176.728 | 1.119.835 |
| 1.176.898 | 84.250 | 113.619 | 252.966 | 1.231.995 |
Other accruals were listed according to IAS 37 in consideration of all foreseeable 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; previous year was adjusted accordingly. 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 (in €) as per 30.06.2011 are as follows:
| Group 30.06.2010 |
Group 30.06.2011 |
|
|---|---|---|
| Liabilities from deliveries/service | 1.698.831 | 2.634.843 |
| Tax liabilities | 248.204 | 925.947 |
| Others | 1.119.788 | 896.363 |
| TOTAL liabilities | 3.066.823 | 4.457.153 |
Evaluation of the liabilities was made at payment amounts.
The tax liabilities amount to TEUR 926 (prev.year TEUR 248) which are splitted into tax on earnings TEUR 634 (prev.year TEUR 117), sales tax TEUR 231 (prev.year TEUR 64) and income tax TEUR 59(prev.year TEUR 67).
Among other liabilities are so-called limited accruals amounting to TEUR 761 (prev.year TEUR 810), which according to HGB are "reserves" but according to IFRS are liabilities. In general, these are liabilities against personnel EUR 563 (prev.year TEUR 674) as well as annual year's end costs TEUR 169 (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.
| in TEuro | 30.06.2010 | 30.06.2011 | ||
|---|---|---|---|---|
| active deferred |
passive deferred |
active deferred |
passive deferred |
|
| taxes | taxes | taxes | taxes | |
| Tangible assets (GWG) | 0 | 1 | 0 | 0 |
| Financial assets | 1 | 0 | 1 | 0 |
| Stocks /inventories | 0 | 64 | 0 | 104 |
| Receivables | 0 | 26 | 0 | 34 |
| Other assets | 0 | 0 | 14 | 0 |
| Reserves | 0 | 182 | 0 | 193 |
| Liabilities | 0 | 0 | 0 | 1 |
| 1 | 273 | 15 | 332 | |
| Netting | -1 | -1 | -15 | -15 |
| 0 | 272 | 0 | 317 |
Tax latences due to evaluation differences are seen as follows:
The discounting of active and passive deferred taxes is made according to IAS 12.71.
As per 30.06.2011, there is a non-used taxable loss of TEUR 158 (prev.year TEUR 536) resulting from corporate tax including social fee and TEUR 179 (prev.year TEUR 603) from business tax. Losses are on behalf of subsidiaries Autronic GmbH and Rotec GmbH.
The latent taxes of Autronic GmbH made these last years to compensate the financial losses were eliminated during this business year. As concerns Rotec GmbH, there were no latent taxes these next years; a positive income to be taxed may not be expected. Non-active latent taxes amount to TEUR 48 (prev. year TEUR 75).
At balance day, there are rental liabilities with the following terms:
| - | Up to 1 year | TEUR | 368 | (TEUR | 363) |
|---|---|---|---|---|---|
| - | 1 to 5 years | TEUR | 677 | (TEUR | 819) |
| - | more than 5 years | TEUR | 133 | (TEUR | 293) |
| T O T A L | TEUR | 1.178 | (TEUR | 1.476) |
FORTEC's share of the total liabilities is TEUR 160 (prev.year TEUR 298) as well as Autronic's GmbH of TEUR 933 (prev.year TEUR 1.093).
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 47.478 (prev.year TEUR 36.028) and breaks down to geographical segments as follows:
| Sales revenue of group | Data | Power | TOTAL |
|---|---|---|---|
| Visualisation | Supplies | ||
| TEUR | TEUR | TEUR | |
| Germany | 13.637 | 21.802 | 35.439 |
| previous year Germany | 12.408 | 15.373 | 27.781 |
| International | 4.869 | 7.170 | 12.039 |
| previous year International | 2.739 | 5.508 | 8.247 |
| TOTAL | 18.506 | 28.972 | 47.478 |
| previous year total | 15.147 | 20.881 | 36.028 |
Group internal revenues were eliminated in line with consolidation
This means, the decrease in stock of unfinished/finished goods of FORTEC AG of TEUR 58 (prev.year TEUR -58), increases of Rotec technology GmbH amounting to TEUR 15 (prev.year TEUR -25), of Autronic Steuer- und Regeltechnik GmbH of TEUR 81 (prev.year TEUR -85) and of Blum Stromversorgungen GmbH of TEUR 63 (prev.year TEUR -135).
Other company revenues are as follows:
| G ro u p | Gro u p | |
|---|---|---|
| 2009/2010 | 2010/2011 | |
| Oth er r eg ula r re ven ue s | 0 | 30 5.1 35 |
| R ed uctio n va lue corr ectio n | 12 2.1 59 | 2 8.0 00 |
| R ele as e of ac crua ls | 22 7.8 63 | 11 3.7 82 |
| Oth er r ev e nu es in l ine w ith ord in ar y bu s in es s a c ti v ity |
59 7.0 53 | 79 8.6 32 |
| TO TA L othe r c om pan y rev en u es | 94 7.0 75 | 1 .24 5.5 49 |
In general, other regular revenues are benefits to employees amounting to TEUR 82 (prev.year TEUR 89) as well as revenues recorded from exchange rate differences of TEUR 502 (prev.year TEUR 309).
Material purchases within the group were eliminated.
Expenses for personnel are as follows:
| 2009 /2010 | 2010 /2011 | |
|---|---|---|
| Salaries and wages | 3.937.761 | 4.523.709 |
| Social costs and contributions | ||
| to retirement | 878.267 | 913.886 |
| TOTAL Costs Personnel | 4.816.028 | 5.437.595 |
Depreciation in business year is as follows:
| G r o u p 2009/2010 |
G r o u p 2010/2011 |
|
|---|---|---|
| Intangible assets Tangible assets and low-value items p |
83.694 229.070 |
83.610 230.265 |
| T O T A L depreciation | 312.764 | 313.875 |
Other company costs and expenses are as follows:
| G r o u p 2009 / 2010 |
G r o u p 2010 / 2011 |
|
|---|---|---|
| Office rent | 628.539 | 601.411 |
| Insurances, contributions | 120.886 | 134.982 |
| Repairs, maintenance | 92.376 | 95.484 |
| Vehicles | 123.718 | 133.426 |
| Advertising and travel expenses | 489.572 | 708.011 |
| Costs of delivery of goods | 1.057.905 | 392.645 |
| Misc. company costs/expenses | 820.495 | 960.527 |
| Loss from asset retirements | 225 | 2.115 |
| Loss UV and value corrections | 61.985 | 45.427 |
| Other expenses in line with | ||
| ordinary business activities | 433.185 | 731.051 |
| TOTAL other company costs/expenses | 3.828.887 | 3.805.080 |
The costs of "goods sold" include warranty reserves/provisions of TEUR 105 (prev.year TEUR 823).
Under "other expenses in line with ordinary business activities" are differences in currency exchange rates amounting to TEUR 720 (prev.year TEUR 427) which are calculated based on payments made during relevant business year.
Interest is recorded from interest receipts of TEUR 86 (prev.year TEUR 54) as well as interest expenses of TEUR 7 (prev.year TEUR 5).
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 26.1 % (prev.year 21.1%) and comprises incorporate and business/trade tax. The tax figures are as follows (in TEUR):
| Group 2009/2010 |
Group 2010/2011 |
|
|---|---|---|
| Tax paid and/or owed | ||
| Germany | 307 | 838 |
| Switzerland | 34 | 21 |
| 341 | 859 | |
| Deferred Tax | ||
| from time differences | -40 | 21 |
| from loss revenues | -105 | 103 |
| -145 | 124 | |
| Income Tax | 196 | 983 |
FORTEC group's actual tax expense of TEUR 983 (prev.year TEUR 196) is by TEUR 140 under 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: (in TEUR):
| Group 2009 / 2010 |
Group 2010 / 2011 |
|
|---|---|---|
| T ax result before profit | 931 | 3.768 |
| Incom e tax incl. trade tax | 29,8% | 29,8% |
| Expected income tax expense at equal tax burden | 277 | 1.123 |
| R aise/Reduction of income tax expense by: | ||
| low tax expense foreign countries | -6 | -8 |
| U se of non-balanced losses | -26 | -74 |
| non deductable company expenses | 47 | 25 |
| tax-free incom e (am ortis ation profits) | -2 | -130 |
| tax paym ents prev. year | -11 | 0 |
| D epreciation re: investm ents | -105 | 0 |
| T rade tax (add-ons / deductions) other discrepancies g g g |
1 21 |
3 44 |
| Effective tax rate percentage | 21,1% | 26,1% |
(Theoretical profit tax rate is 29.8 % with exclusive German TU). Taxes on profit of TEUR 0 (prev.year TEUR -71) were accounted to "own capital"; thereof TEUR 0 (prev.year TEUR -71) deferred taxes.
A total of TEUR 448 (prev.year TEUR 548) of differences in exchange/conversion rate within the company capital is listed as follows:
| 139.399 |
|---|
| 548.137 |
| 687.536 |
| 447.516 |
| 1.135.052 |
Mainly figures result from currency exchanges of goodwill and capital of Altrac AG at balance day. Income statement shows EUR – 217.998 resulting from currency conversion differences.
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 2011.
| Data | Power | TOTAL | |
|---|---|---|---|
| visualisation TEUR |
supplies TEUR |
TEUR | |
| Turnover | 18.506 | 28.972 | 47.478 |
| previous year | 15.147 | 20.881 | 36.028 |
| Regular depreciation * | 113 | 201 | 314 |
| previous year | 114 | 199 | 313 |
| Company result (EBIT) | 903 | 2.786 | 3.689 |
| previous year | -139 | 1.020 | 881 |
| Financial result* | 33 | 47 | 80 |
| previous year | 23 | 27 | 50 |
| Tax on profit* | 226 | 757 | 983 |
| previous year | 12 | 184 | 196 |
| Annual result | 710 | 2.076 | 2.786 |
| previous year | -128 | 863 | 735 |
| Assets* | 11.014 | 16.094 | 27.108 |
| thereof national | 10.390 | 13.892 | 24.282 |
| previous year | 8.753 | 11.473 | 20.226 |
| thereof international | 624 | 2.202 | 2.826 |
| previous year | 740 | 2.070 | 2.810 |
| Debts* | 1.866 | 4.169 | 6.035 |
| previous year | 1.237 | 3.279 | 4.516 |
| Investments* | 273 | 390 | 663 |
| previous year | 389 | 337 | 726 |
* assessment after gross earning
The assessment (evaluation) principles and/or financial accounting principles for the segments conform to those of the company respectively the group.
The financial result consists of financial profit of TEUR 86 (prev.year TEUR 54) and financial expenses of TEUR 7 (prev.year 5). It was renounced to do a segment report on the financial assets and expenses because of reasons of essence.
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 explained under 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 amounting to TEUR 1.044 (prev. year TEUR 2.822) includes interest receipts of TEUR 86 (prev.year TEUR 54) and interest payments of TEUR 7 (prev.year TEUR 5).
Cash flow operative business also lists payments of income tax of TEUR 327 (prev.year TEUR 365).
Members of the supervisory board are.
Friedrich-Wilhelm Weitholz (board director), (till 30.09.2010) Dortmund, Consultant Michael Höfer (delegate board manager), Steingarden, Portfolio Manager Werner Heyer (representative), (begin. 16.12.2010), 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).
Besides, board director Weitholz is also member of the following committees:
Eurowings Luftverkehr AG (board director), Dortmund Knauf Interfer SE (delegate board director), Essen SunExpress Günes Ekspress Havcilik A.S., Antalya, Turkey
Delegate board director Höfer is also member of the following committees:
Konsortium AG, Augsburg 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. Mrs Fischer balances accounts according to RVG. During BY 2010/11 TEUR 5 (prev.year TEUR 3) were paid to Mrs Fischer and recorded accordingly.
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:
| 2009/2010 | 2010/2011 | |
|---|---|---|
| in TEUR | in TEUR | |
| Short-term payments to employees | 771 | 915 |
| 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 |
| 771 | 915 |
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 13.12.2006: 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 2010/2011 were made:
| 2009/2010 | 2010/2011 | |
|---|---|---|
| in TEUR | in TEUR | |
| Audits of annual financial statement | 65 55 |
|
| General expenses tax consultant | 0 0 |
|
| other expenses | 0 0 |
|
| 65 55 |
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 fiscal year, development costs at the subsidiary Rotec technology GmbH were TEUR 70 (prev.year TEU 85) these costs were activated in the reserve assets under single and general costs as well as overall administrations costs surplus.
During BY FORTEC Elektronik AG employed an average of 44 persons (prev.year 44) and 1 temporary help (prev.year 1). The group employs an average of 110 persons (prev.year 110).
Exclusive board manager in BY and at balance date was Dieter Fischer, Dipl.-Ing., Dipl.oec.
There were no changes between balance day of June 30, 2011 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 under 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 886.482,90). Distribution right is given to a total of 2.954.943 shares of 0.30 EUR each.
No Ad-hoc announcements were published.
The annual business statement was issued September 28, 2011 and released by the board of directors.
Landsberg, September 28, 2011 FORTEC Elektronik AG
Dieter Fischer CEO
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 2010 bis 30. Juni 2011 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." Koblenz, 04.Oktober 2011
CAPMA GmbH Wirtschaftsprüfungsgesellschaft Jörg Müller Gertrud K. Deffner Wirtschaftsprüfer Wirtschaftsprüferin
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