Annual Report • Mar 29, 2019
Annual Report
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ANNUAL FINANCIAL REPORT 2018
| Key figures from the consolidated income statement | Unit | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Sales | EUR million | 636.4 | 676.4 | 650.4 | 626.5 |
| thereof passenger cars | EUR million | 387.9 | 434.1 | 425.4 | 420.1 |
| thereof commercial vehicles | EUR million | 174.7 | 165.0 | 147.4 | 148.1 |
| thereof non-automotive | EUR million | 73.8 | 77.3 | 77.6 | 58.3 |
| EBITDA | EUR million | 67.1 | 82.3 | 80.1 | 59.7 |
| EBITDA margin (EBITDA/sales) | % | 10.5 | 12.2 | 12.3 | 9.5 |
| EBIT | EUR million | 40.1 | 55.1 | 52.4 | 36.6 |
| EBIT margin (EBIT/sales) | % | 6.3 | 8.1 | 8.1 | 5.8 |
| Earnings after tax | EUR million | 30.0 | 39.0 | 37.0 | 24.2 |
| Earnings per share | EUR | 1.32 | 1.74 | 1.65 | 1.08 |
| Balance sheet key figures | Unit | 2018 | 2017 | 2016 | 2015 |
| Balance sheet total | EUR million | 557.6 | 516.5 | 501.4 | 485.1 |
| Equity ratio (equity/balance sheet total) | % | 42.7 | 42.1 | 37.9 | 33.6 |
| Investments in fixed assets | EUR million | 42.6 | 38.4 | 34.4 | 134.4 |
| Net working capital | EUR million | 95.2 | 75.5 | 40.1 | 50.5 |
| Net working capital/sales | % | 15.0 | 11.2 | 6.2 | 8.1 |
| Average capital employed | EUR million | 341.8 | 297.5 | 274.8 | 219.1 |
| ROCE before tax (EBIT/average capital employed) | % | 11.7 | 18.5 | 19.1 | 16.7 |
| Net debt (+)/assets (-) | EUR million | 101.8 | 78.7 | 69.9 | 99.1 |
| Net debt (+)/assets (-) to EBITDA | - | 1.52 | 0.96 | 0.87 | 1.66 |
| Gearing (net debt (+)/assets (-)/equity) | - | 0.43 | 0.36 | 0.37 | 0.61 |
| Consolidated cash flow key figures | Unit | 2018 | 2017 | 2016 | 2015 |
| Cash flow from operating activities | EUR million | 30.9 | 38.3 | 70.7 | 51.3 |
| Cash flow from investing activities | EUR million | -39.4 | -38.0 | -28.8 | -69.2 |
| Cash flow from financing activities | EUR million | 25.2 | -22.7 | -20.0 | -36.4 |
| Personnel key figures | Unit | 2018 | 2017 | 2016 | 2015 |
| Employees on annual average | FTE1) | 4,465 | 4,527 | 4,449 | 4,247 |
| Employees as of 31 December | FTE | 4,315 | 4,522 | 4,427 | 4,223 |
| Sales per employee | EUR k | 143 | 149 | 146 | 147 |
1) FTE: full-time equivalents incl. leasing personnel
| POLYTEC share (AT0000A00XX9) | Unit | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Year-end closing price | EUR | 8.38 | 18.50 | 10.39 | 7.66 |
| Highest closing price during the year | EUR | 21.00 | 22.38 | 10.60 | 8.45 |
| Lowest closing price during the year | EUR | 8.38 | 10.40 | 6.65 | 6.20 |
| Average closing price during the year | EUR | 13.29 | 16.46 | 7.89 | 7.52 |
| Market capitalisation at year-end | EUR million | 187.1 | 413.1 | 231.9 | 171.0 |
| Money turnover (daily average, double counting) | Shares | 93,591 | 83,317 | 35,937 | 45,660 |
| Earnings per share | EUR | 1.32 | 1.74 | 1.65 | 1.08 |
| Proposed dividend per share | EUR | 0.40 | 0.45 | 0.40 | 0.30 |
| Dividend yield on the basis of the average closing price | % | 3.0 | 2.7 | 5.1 | 4.0 |
EBIT
| ANNUAL FINANCIAL REPORT AS AT 31 DECEMBER 2018 OF POLYTEC HOLDING AG, HÖRSCHING | |
|---|---|
| CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 | 6 |
| POLYTEC Holding AG group management report for the 2018 financial year | 6 |
| Consolidated income statement for the 2018 financial year (with comparative figures from the previous year) |
24 |
| Consolidated statement of comprehensive income for the 2018 financial year (with comparative figures from the previous year) |
25 |
| Consolidated balance sheet as at 31 December, 2018 (with comparative figures from the previous year) |
26 |
| Consolidated cash flow statement for the 2018 financial year (with comparative figures from the previous year) |
27 |
| Consolidated statement of changes in equity for the 2018 financial year (with comparative figures from the previous year) |
28 |
| Notes to the consolidated financial statements for the 2018 financial year of POLYTEC Holding AG, Hörsching |
30 |
| A. General information | 30 |
| B. Principles of consolidation | 34 |
| C. Fair value measurement | 36 |
| D. Accounting and evaluation principles | 36 |
| E. Notes to the group's consolidated income statement, comprehensive income statement and balance sheet |
43 |
| F. Cash flow statement | 58 |
| G. Other information | 58 |
| Declaration of all legal representatives pursuant to § 124 (1) 3 of 2018 Austrian Stock Exchange Act | 66 |
| Auditors' report (Translation of the original German version for information purposes without liability; The German version takes precedence.) |
67 |
| Share & investor relations | 71 |
| Corporate governance | 75 |
| Report of the POLYTEC Holding AG supervisory board for the 2018 financial year | 81 |
| FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 (GERMAN) | 82 |
| Balance sheet as at 31 December 2018 (with comparative figures from the previous year) (German) | 83 |
| Income statement for the 2018 financial year (with comparative figures from the previous year) (German) | 84 |
| Notes to the financial statements for 2018 the financial year of POLYTEC Holding AG, Hörsching (German) | 85 |
| Management report of POLYTEC Holding AG for the 2018 financial year (German) | 98 |
| Auditors' report (German) | 113 |
| SERVICE/IMPRINT | 119 |
| GLOSSARY | 120 |
| in pieces | 2018 | Share | 2017 | Share | Change |
|---|---|---|---|---|---|
| China | 23,256,300 | 41.8% | 24,171,400 | 42.8% | -3.8% |
| USA | 17,215,200 | 31.0% | 17,134,700 | 30.4% | 0.5% |
| European Union | 15,158,900 | 27.2% | 15,136,600 | 26.8% | 0.15% |
| Total three major markets | 55,630,400 | 100% | 56,442,700 | 100% | -1.4% |
| Other selected countries | |||||
| Japan | 4,391,200 | 4,386,400 | 0.1% | ||
| India | 3,394,700 | 3,229,100 | 5.1% | ||
| Brazil | 2,475,400 | 2,176,000 | 13.8% | ||
| Russia | 1,800,600 | 1,595,700 | 12.8% |
The global automotive industry is subject to demanding challenges and decisive changes. Trends such as e-mobility, autonomous driving, connectivity and shared mobility demand new solutions from the traditional vehicle manufacturers. Moreover, the political pressure on producers to develop engines with markedly lower emissions is also intensifying.
Against this background, global car market development in 2018 presented a variable picture. New registrations in the three most significant markets fell by over 0.8 million units, or 1.4%, to 55.6 million vehicles. Both the USA and the EU demonstrated only minimal growth, while for the first time in many years, China witnessed retrogressive development.
Japan, the world's fourth largest car market, maintained the level of the preceding year, while in India sales of new cars in 2018 rose by 5.1% to about 3.4 million. Brazil achieved a double-digit plus of 13.8% and the market recovery in Russia also continued with a roughly 12.8% increase in new vehicle registrations.
As in previous years, China represented the global no.1 with regard to new car registrations. However, as compared to 2017 the volume of the Chinese car market declined by 3.8% to approximately 23.3 million new vehicles. This reverse in the world's largest car market was the first after more than twenty years of sustained growth.
Market researchers ascribe this growth slowdown to the high levels of market saturation in the major conurbations such as Shanghai and Beijing, and the limitations on registrations in numerous cities. In addition, the anticipated introduction of the GB6 exhaust gas standard probably persuaded customers not to purchase the currently available models tested according to the GB5 norm.
In 2018, the US light vehicle market (cars and light trucks) closed with sales of 17.2 million units, which represented a minimal increase in volume as opposed to the previous year of 0.5%, or around 80,000 vehicles. While limousine sales fell by 13%, the demand for SUVs and pickups remained strong, as indicated by growth in this segment of 8%. In absolute terms, with more than 2 million units, new registrations in the United States continued to exceed those in Europe.
| in pieces | 2018 | Share | 2017 | Share | Change |
|---|---|---|---|---|---|
| Germany | 3,435,800 | 22.7% | 3,441,300 | 22.7% | -0.2% |
| United Kingdom | 2,367,200 | 15.6% | 2,540,600 | 16.8% | -6.8% |
| France | 2,173,500 | 14.3% | 2,110,700 | 13.9% | 3.0% |
| Italy | 1,910,000 | 12.6% | 1,971,400 | 13.0% | -3.1% |
| Spain | 1,321,400 | 8.7% | 1,234,900 | 8.2% | 7.0% |
| Other EU countries | 3,951,000 | 26.1% | 3,837,700 | 25.4% | 3.0% |
| European Union | 15,158,900 | 100% | 15,136,600 | 100% | 0.15% |
In the European Union, a total of around 15.16 million cars were newly licensed in 2018. This figure was slightly higher than that for 2017 (15.14 million), although owing to a downturn in demand in the final four months, new registrations for the year as a whole only rose by some 22,300 units or 0.15%. Nonetheless, in 2018 the number of new registrations increased for the fifth year in succession. This growth was supported mainly by demand in the states of Eastern Europe, where new registrations rose by 8.0%. In terms of absolute new registration figures, amongst the three large volume markets, in 2018 the EU nations again ranked third behind the USA.
With a plus of 7.0%, Spain demonstrated more than twice the growth of France (+3.0%). Germany was unable to emulate the figures for the previous year and demonstrated a slight dip of minus 0.2%, while Italy saw a fall of 3.1%.
In 2018, the UK had to accept an even sharper decline in the new registration figures with minus 6.8%, but in spite of the negative effects of Brexit, Great Britain still remained Europe's second largest car market.
Of the medium-sized countries, Poland stood out with approximately 532,000 newly registered cars, which represented growth of 9.4%. Furthermore, with Lithuania (+25.4%), Romania (+23.1%), Croatia (+18.7%), Hungary and Greece (approx. +17.5% each), in 2018 five members of the still EU-28 actually demonstrated double-digit increases in demand.
| in pieces | 2018 | Share | 2017 | Share | Change |
|---|---|---|---|---|---|
| Petrol-driven cars | 8,532,100 | 56.7% | 7,563,700 | 50.3% | 12.8% |
| Diesel-driven cars | 5,406,600 | 35.9% | 6,617,100 | 44.0% | -18.3% |
| Electric chargeable vehicles (ECV) | 301,800 | 2.0% | 218,300 | 1.5% | 38.2% |
| Hybrid electric vehicles (HEV) | 578,600 | 3.9% | 426,800 | 2.8% | 35.6% |
| Alternatively-powered vehicles (APV) | 229,400 | 1.5% | 206,300 | 1.4% | 11.2% |
| European Union | 15,048,500 | 100% | 15,032,200 | 100% | 0.11% |
According to statistics from the Center of Automotive Management (CAM), in 2018 2.1 million e-cars and plug-in hybrids were registered worldwide, which meant that their share of the new registration market rose to 2.4%. The driving force behind this development is China with a roughly 60% share of global demand. According to the CAM, in 2018 1.0 million e-cars and over 200,000 electrically-powered commercial vehicles were sold there and accounted for a rise in the share of the Chinese market to 4.5%. In the USA, sales increased to over 360,000 units, which corresponded with a 2.1% share of the new registrations market.
According to statistics from the European Automobile Manufacturers Association (ACEA), in 2018 more than half of all new car registrations in the European Union consisted of petroldriven vehicles. As compared to the previous year, this share was 6.4 percentage points higher at 56.7%, while the share of diesel-powered cars in new registrations slumped by 8.1 percentage points to 35.9%.
In 2018, 7.4% of new registrations related to vehicles employing drive technologies other than petrol or diesel. These were divided up between electrically-chargeable vehicles (ECV) with 2.0%, hybrid e-vehicles (HEV) with 3.9% and cars using alternative drive systems (e.g. liquid gas, ethanol, etc.) with 1.5%.
As was the case in previous periods, with 253,600 units (+10.2%) in 2018 Italy was again the country with the highest number of registrations of vehicles employing other drive technologies. Germany occupied second place with over 181,900 vehicles (+54.2%), followed by the UK with 141,300 cars (+20.9%) and France with approximately 140,500 registrations (+29.7%). With 59.6% and 108,400 units, Spain showed the largest growth increase in the five main markets. Moreover, in non-EU Norway, from a total of 147,900 newly registered vehicles in 2018, 60.2%, or 89,100, were already fitted with alternative drive technologies.
| in pieces | 2018 | Share | 2017 | Share | Change |
|---|---|---|---|---|---|
| Light commercial vehicles ≤3.5t | 2,058,700 | 82.9% | 1,996,200 | 82.9% | 3.1% |
| Medium commercial vehicles >3.5t to ≤16t | 78,200 | 3.1% | 74,500 | 3.1% | 5.0% |
| Heavy commercial vehicles >16t | 305,800 | 12.3% | 296,500 | 12.3% | 3.1% |
| Medium and heavy buses and coaches >3.5t | 42,000 | 1.7% | 41,500 | 1.7% | 1.2% |
| European Union | 2,484,700 | 100% | 2,408,700 | 100% | 3.2% |
New commercial vehicle registrations in the EU during 2018 went up by some 76,000 units. This corresponded with growth of around 3.2% and was comparable to the increase in 2017. With a more than 80% market share, light trucks with weights of up to 3.5t remained the EU's most important commercial vehicle segment by far and for the first time since 2007, in 2018 exceeded the two-million-unit mark. Segment growth over the previous year amounted to 3.1%, a figure repeated in 2018 by the sales of heavy trucks with weights in excess of 16t.
In the five most important European sales markets, with 6.5% Spain demonstrated the strongest expansion and with 242,100 vehicles occupied fourth place in absolute terms. The largest commercial vehicle market was again France with growth of 4.9% and 519,300 new registrations. Germany also showed a plus of 4.6% to 386,300 units. As compared to the preceding year, new registrations in the UK in 2018 fell by 1.9% to 417,200. This also was the case in Italy, which registered a decline of 4.1% in this segment.
Sources: German Automotive Industry Association (VDA), European Automobile Manufacturers Association (ACEA), Automobil-Industrie and the Center of Automotive Management (CAM)
In the 2018 financial year, as opposed to the excellent level of the preceding year, consolidated POLYTEC GROUP sales revenues fell by 5.9% to stand at EUR 636.4 million (previous year: EUR 676.4 million).
The consequences of the transition to the new WLTP exhaust gas and fuel consumption standard, which since September 2018 has been mandatory, worsened during the second half of the year. As a result, important POLYTEC GROUP customers cut their vehicle production which led to the aforementioned reductions in call-offs and sales revenue losses. Moreover, the decline in consumer demand prompted weak diesel car product call-offs throughout the whole of 2018.
By contrast, as compared to the previous year, the commercial vehicles market area continued to show a positive trend and slight growth.
| Unit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Passenger cars | EUR m | 387.9 | 434.1 | 425.4 |
| Commercial vehicles | EUR m | 174.7 | 165.0 | 147.4 |
| Non-automotive | EUR m | 73.8 | 77.3 | 77.6 |
| POLYTEC GROUP | EUR m | 636.4 | 676.4 | 650.4 |
Compared to 2017, sales revenues in the passenger car market area, which with 61.0% (previous year: 64.2%) represents the strongest sales area within the POLYTEC GROUP, were down by around 10.6% at EUR 387.9 million (previous year: EUR 434.1 million). The reasons for the decline in call-off numbers consisted on the one hand of the switch to the WLTP and on the other, of the lower demand for diesel cars. On the basis of the POLYTEC GROUP's consolidated sales revenues, relative growth resulted from the customer Daimler Car (+0.6 percentage points), while the share of Jaguar Land Rover remained at the level of the previous year. In 2018, the share of sales revenues from the customer VW Car, which amongst the car clients contributes the largest share of POLYTEC consolidated sales revenues, was down by 0.9 percentage points at 23.4%. The shares of sales revenues of other car customers and in particular those of the Ford Group, were all below the high level of 2017.
Sales in the commercial vehicle market area (27.4%, previous year: 24.4%) continued to develop in a positive manner and in comparison to those of 2017, rose by around 5.9% from EUR 165.0 million to EUR 174.7 million. POLYTEC attained growth from all of its commercial vehicle customers with the highest relative increase in sales revenues deriving from VW Truck (+1.5 percentage points on the basis of total consolidated sales revenues).
In spite of a decline as compared to 2017, the non-automotive market area contributed 11.6% to POLYTEC GROUP consolidated sales revenues and thus remained at roughly the 11.4% level of the previous year. In 2018, this market area was subject to a marked reduction in call-offs from an important nonautomotive customer, but from the fourth quarter onwards the situation improved considerably, as the customer again requested the agreed quantities.
| Unit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Parts and other sales | EUR m | 571.7 | 605.8 | 594.5 |
| Tooling and other engineering sales |
EUR m | 64.7 | 70.6 | 55.9 |
| POLYTEC GROUP | EUR m | 636.4 | 676.4 | 650.4 |
By comparison with 2017, POLYTEC GROUP sales in the serial production area fell by 5.6% to EUR 571.7 million. Tooling and other engineering sales revenues are subject to cyclical fluctuations and as opposed to the previous year were lower by 8.3%, or EUR 5.9 million. While the passenger car market area was down, the commercial vehicles market area showed positive development.
| Unit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Austria | EUR m | 26.4 | 23.4 | 17.4 |
| Germany | EUR m | 360.3 | 383.1 | 365.9 |
| Rest of EU | EUR m | 208.3 | 228.3 | 226.3 |
| Other countries | EUR m | 41.4 | 41.6 | 40.8 |
| POLYTEC GROUP | EUR m | 636.4 | 676.4 | 650.4 |
| Unit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Sales revenues | EUR m | 636.4 | 676.4 | 650.4 |
| EBITDA | EUR m | 67.1 | 82.3 | 80.1 |
| EBITDA margin (EBITDA/sales) |
% | 10.5 | 12.2 | 12.3 |
| EBIT | EUR m | 40.1 | 55.1 | 52.4 |
| EBIT margin (EBIT/sales) |
% | 6.3 | 8.1 | 8.1 |
| Result after income tax |
EUR m | 30.0 | 39.0 | 37.0 |
| Average capital employed |
EUR m | 341.8 | 297.5 | 274.8 |
| ROCE before tax (EBIT/average capital employed) |
% | 11.7 | 18.5 | 19.1 |
| Earnings per share | EUR | 1.32 | 1.74 | 1.65 |
| Dividend per share (proposal to the AGM) |
EUR | 0.40 | 0.45 | 0.40 |
During the 2018 financial year, in line with the sales revenues trend, the material expenses of the POLYTEC GROUP declined by EUR 20.5 million from EUR 322.1 million to EUR 301.7 million. In spite of higher prices for polyamide and polypropylene, the material to sales ratio (material expense/sales revenues) fell slightly from 47.6% to 47.4% because the call-offs for nonautomotive projects, which require large amounts of materials, as well as tooling sales were all well below the level of the preceding year.
In 2018, the group's personnel expenses decreased by EUR 1.7 million from EUR 219.5 million to EUR 217.8 million. Owing to the parallel fall in sales revenues, the group's personnel ratio (personnel expense/sales revenues) remained virtually unchanged at 34.2% (previous year: 32.4%).
In the 2018 financial year, POLYTEC GROUP EBITDA amounted to EUR 67.1 million (previous year: EUR 82.3 million). As compared to the preceding year, the EBITDA margin fell by 1.7 percentage points from 12.2% to 10.5%.
Although fixed assets increased, at EUR 27.0 million, amortisation and depreciation in the 2018 financial year was slightly down on the EUR 27.2 million of the preceding year. This was due primarily to the fact that the completion of important plants largely took place in the final quarter.
Group EBIT in 2018 totalled EUR 40.1 million and therefore failed to emulate the operating result of EUR 55.1 million achieved in the previous year, which represented the best figure in the more than 30-year history of the POLYTEC GROUP. In comparison with 2017, the EBIT margin fell by 1.8 percentage points from 8.1% to 6.3%.
Although the average interest rate in 2018 was lower than in 2017, owing to an increase in the financial requirement, the financial result rose to minus EUR 3.3 million (previous year: EUR -3.0 million). The POLYTEC GROUP tax ratio (income tax/ result before income tax) in the 2018 financial year amounted to 18.4% and was thus 6.8 percentage points down on the previous year. The primary reason for this fall was the rise in tax deferrals owing to improved visibility on existing loss carryforwards. In terms of a yearly comparison, group net profit declined by 23.9%, or EUR 9.1 million, to stand at EUR 29.1 million (previous year: EUR 38.2 million). This corresponds with earnings per share of EUR 1.32 (previous year: EUR 1.74).
| Unit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Investments in tangible assets |
EUR m | 42.6 | 38.4 | 34.4 |
During the 2018 financial year, investments rose by EUR 4.2 million to EUR 42.6 million. In particular, investment focused on the Telford location in the English Midlands, where a new paint shop was built. In addition, the POLYTEC GROUP actuated preparatory investments for a major customer project in the truck market area and carried out improvements to its production plants and infrastructure, as well as ongoing retentive investments.
| Unit | 31.12.2018 31.12.2017 31.12.2016 | |||
|---|---|---|---|---|
| Equity | EUR m | 238.0 | 217.5 | 189.9 |
| Equity ratio (equity/total assets) |
% | 42.7 | 42.1 | 37.9 |
| Total assets | EUR m | 557.6 | 516.5 | 501.4 |
| Net working capital1) | EUR m | 95.2 | 75.5 | 40.1 |
| Net working capital/ sales |
% | 15.0 | 11.2 | 6.2 |
1) Net working capital = current assets less current liabilities
In 2018, total group assets went up by EUR 41.2 million to EUR 557.6 million.
POLYTEC 2018 | ANNUAL FINANCIAL REPORT | CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018 POLYTEC 2018 | GROUP MANAGEMENT REPORT
The smaller part of this rise related to the increase in intangible assets and emanated from the investments in the POLYTEC GROUP's digitisation offensive. The upturn in tangible assets derived mainly from the completion of the paint shop at the Telford location.
The larger portion of the increase in total group assets can be traced to the rise in net working capital and cash and cash equivalents. Net working capital climbed from EUR 75.5 million to EUR 95.2 million owing to a significant upsurge in project activities. Above all, the main impetus in this regard was triggered by services not yet invoiced or paid.
The increments to cash and cash equivalents of around EUR 17 million and to interest-bearing liabilities of approximately EUR 35 million were due first and foremost to the issue of additional promissory note loans towards the end of 2018.
The equity ratio as at 31 December 2018 was 0.6 percentage points up on that on the balance sheet closing date of the preceding year at 42.7%.
The initial adoption of IFRS 15 resulted in the reclassification of individual balance sheet items. With reference to these alterations, we would draw your attention to the information contained under E. 13 in the group notes.
As at the balance sheet date of 31 December 2018, the POLYTEC GROUP held 334,041 treasury shares (corresponds with 1.50% of share capital) with a stock market value on the closing date of around EUR 2.8 million (previous year: EUR 6.2 million) and an acquisition value of EUR 1.9 million. No treasury shares were purchased or sold by the company during the 2018 financial year.
| Unit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Net debt (+)/ assets (-) |
EUR m | 101.8 | 78.7 | 69.9 |
| Net debt (+)/ assets (-)/EBITDA |
- | 1.52 | 0.96 | 0.87 |
| Gearing (net debt (+)/ assets (-)/equity) |
- | 0.43 | 0.36 | 0.37 |
Due mainly to the issue of further promissory note loans, as opposed to the 31 December 2017 balance sheet date, net debt went up by EUR 23.1 million to EUR 101.8 million. The key figure for fictitious debt repayment duration rose from 0.96 to 1.52. The gearing ratio rose from 0.36 to 0.43.
| Unit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Cash flow from operating activities |
EUR m | 30.9 | 38.3 | 70.7 |
| Cash flow from investing activities |
EUR m | -39.4 | -38.0 | -28.8 |
| Cash flow from financing activities |
EUR m | 25.2 | -22.7 | -20.0 |
| Change in cash and cash equivalents |
EUR m | 16.7 | -22.4 | 21.9 |
In the 2018 financial year, the cash flow from operating activities fell by EUR 7.4 million to EUR 30.9 million. The cash flow from investing activities rose by EUR 1.4 million to minus EUR 39.4 million, while owing to the issue of additional promissory note loans, the cash flow from financing activities increased to EUR 25.2 million (previous year: EUR -22.7 million). On the balance sheet date, cash and cash equivalents totalled a final amount of EUR 73.6 million.
The equity ratio of 42.7% and available cash and cash equivalents totalling EUR 73.6 million form a solid platform for the impending challenges facing the POLYTEC GROUP. In addition, with the promissory note loans of EUR 47.0 million and EUR 28.5 million issued at the end of 2018 and the beginning of 2019 respectively, the medium-term financing of the company and refinancing of EUR 39.5 million in September 2019 are both secured.
The average number of POLYTEC GROUP employees (including leasing personnel) in terms of full-time equivalents (FTE) and their geographic spread in the past three years was as follows:
| Unit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Austria | FTE | 566 | 539 | 553 |
| Germany | FTE | 2,158 | 2,211 | 2,220 |
| Rest of EU | FTE | 1,541 | 1,591 | 1,504 |
| Other countries | FTE | 200 | 186 | 172 |
| POLYTEC GROUP | FTE | 4,465 | 4,527 | 4,449 |
| Sales per employee | EUR k | 143 | 149 | 146 |
In terms of an annual comparison, average group workforce numbers (including leasing personnel) fell by 62 (FTE), or 1.4%, to 4,465 employees. The average leasing personnel quota totalled 10.3% (previous year: 11.3%). Sales per employee (including leasing personnel) amounted to EUR 143 k and were therefore slightly lower than in the previous year. On the 2018 balance sheet date, the POLYTEC GROUP workforce (excluding leasing personnel) numbered 3,965 and was thus 81 persons smaller than in the preceding year.
The international automotive markets made an uneven start to 2019. In January, there were fewer new registrations in European car, US light vehicle and Indian markets than in the same month of the preceding year. In Brazil, the year started well and Japan and Russia grew somewhat. Owing to the New Year celebrations, there are no figures available for the Chinese market in January 2019.
As opposed to the car segment, the positive trend in the European Union with regard to new commercial vehicle registrations continued and 2019 started with a January record. Moreover, all of the remaining vehicle segments demonstrated growth. Compared to the January of the preceding year, with the exception of Italy, all of the five largest European sales markets showed marked expansion. However, car industry analysts and experts anticipate a "very difficult year" in 2019. The German Automotive Industry Association (VDA) foresees a sharp reduction in German domestic car production, although conversely it predicts a slight rise in output outside Germany.
The German automotive managers see the greatest challenges in the current year as emanating from the effects of the diesel crisis, stricter climate protection regulations and the transition to e-cars. Above all, the weakening in the Chinese car market is a primary source of concern to the automotive industry and a study completed in Germany in February 2019 predicts that car producers, suppliers and dealers are likely to face major problems in the shape of Brexit, the US-China trade dispute and the economic slow-down.
Sources: German Automotive Industry Association (VDA), Automobilwoche
From a current perspective, the POLYTEC GROUP executive management anticipates that in the 2019 financial year, group sales revenues and EBIT will emulate the level of the previous year. The fulfilment of this outlook will depend largely upon successful negotiations concerning outstanding claims against customers, which have been and will continue to be caused largely by the sales losses relating to the WLTP and higher material prices. In addition, the effects of a possible Brexit also constitute a significant factor in connection with outlook realisation.
The automotive industry is faced by massive challenges and changes. On the one hand, this uncertain development is evidenced by the operative business figures and on the other, by negative share performance amongst automotive manufacturers and suppliers alike. As a consequence, during the 2018 financial year, many of the manufacturers and suppliers (including the POLYTEC GROUP) had to revise their forecasts and issue profit warnings.
Consumer insecurity during 2018 resulted in declining demand for diesel cars and since the beginning of 2018 the POLYTEC GROUP also registered falling demand for products in this market area. In addition, the second quarter of 2018 witnessed the transitional complications emanating from the switch to the new WLTP exhaust gas and fuel consumption standard. This testing procedure, which since the beginning of September 2018 applies to newly licensed vehicles in the European Union, has resulted in realisation delays amongst the automotive manufacturers and some have even been forced to temporarily reduce production. The POLYTEC GROUP was affected transitively and confronted by fewer call-offs and sales revenue losses. Moreover, continued call-offs reductions cannot be excluded.
At present, it is also impossible to fully assess the effects of the departure of the UK from the European Union, the consequences of possible restrictions in the global exchange of goods and the weakening of the Chinese car market.
Likewise, a comprehensive estimate of whether or not in future these and other risks and uncertainties will exert an influence on the development of the POLYTEC GROUP's sales revenues and income cannot be given at present. However, the executive management is monitoring these developments very closely.
As far as risk reporting is concerned, we would also refer you to the information contained under G. 2 in the group notes.
During the 2018 financial year, the POLYTEC GROUP employed some EUR 12.7 million for research and development activities (previous year: EUR 14.5 million). On the basis of lower sales revenues, at 2.0% the research cost ratio (R&D costs/sales) remained at roughly the 2.1% level of the previous year.
The development of new products and applications, primarily for the automotive industry, constitutes one of the POLYTEC GROUP's key competences. As a strategic cornerstone, it is an integral part of the group's foundations and over the past decades has made a major contribution to its success. Moreover, the requirements of the group's long-term customers represent the constant focal point of the numerous and labour-intensive new and further developments.
POLYTEC endeavours to impress its customers proactively at any early stage with innovative applications and technology combinations, as well as complete product and manufacturing concepts, which are also aimed at strengthening group competitiveness. In this connection, the group does not think in terms of technologies, but rather solutions and thus convinces during the engineering phase with an imposing depth of value added that extends from material production and concept development to simulation. At POLYTEC, almost 200 engineers develop and plan innovative solutions in a diversity of plastic technology areas on the basis of comprehensive experience and profound specialist knowledge.
In combination with the latest production know-how, an enormous diversity of materials and processes ranging from injection moulding and various fibre composites to polyurethane applications enables the POLYTEC GROUP to supply its customers with tailor-made solutions that offer top quality at an attractive price-performance ratio. Apart from the integration of an increasing number of functions in plastic parts and the ongoing expansion of the possibilities for the substitution of metals, the development of new materials and processes aimed at making plastic parts still lighter and more stable represents one of the POLYTEC GROUP's core activities.
The experience gathered by POLYTEC during the manufacture of highly complex vehicle parts and systems can also be utilised in the non-automotive area. Not merely development, material and production know-how is involved in this connection, but also logistics, product complexity and operational excellence. Above all, this makes POLYTEC's capabilities interesting for customers seeking solutions for products subject to stringent demands regarding surfaces or strict technological requirements, as well as multi-stage production processes and complex logistical problems. In this connection, the POLYTEC GROUP possesses both the necessary competence and the required resources.
The topic of e-mobility offers clear-cut opportunities for the POLYTEC GROUP and in recent years, its development engineers have placed a special focus on the question as to which components in an e-vehicle can be manufactured from lightweight materials. This is because in view of the heavy batteries required for the drive system, e-powered vehicles should weigh as little as possible in every other regard.
In many cases, plastic components such as trunk lids, gear oil pans, battery boxes and complex acoustic solutions meet this demand for lightness to perfection. Conversely, the e-mobility trend also confronts POLYTEC with fresh challenges, as the components for e-vehicles partly require utterly different solutions to those needed by vehicles with conventional drive systems. This is exemplified by the Acoustic Solutions area, in which over the years the POLYTEC GROUP has established a strong position with regard to combustion engines. However, in e-vehicles the focus is no longer on engine noise attenuation, but rather the minimisation of exterior and road noise. Therefore, concepts have to be newly evolved and developed.
The Board of Directors is responsible for implementing an appropriate internal control and risk management system for the accounting process and financial reporting. Suitable organisational measures and controls ensure that all the relevant legal requirements necessary for complete, correct, timely and orderly entries in the books and other records are met.
The entire process, from procurement to payment, is subject to strict regulations and group-wide valid guidelines that are intended to avoid any related risks such as CEO fraud scenarios. These measures and rules include, among others, the separation of functions, signature directives and signatory powers for payment authorisations on an exclusively collective basis that are restricted to a small number of employees, as well as system-supported checks by the software employed.
The most important management control instrument is the planning and reporting system, which has been implemented across the group. In particular, this includes medium-term planning with a three-year horizon, annual budget planning and monthly reporting. The promptly issued monthly financial reports, which are drawn up by POLYTEC GROUP Financial Services, show the current development of all group companies. The content of these reports has been standardised throughout the group and apart from an income statement and balance sheet, also contains the main extrapolated key indicators and an annotated deviation analysis.
The Board of Directors is constantly kept up to speed regarding all relevant issues and risks by means of the standardised, group-wide financial reporting system and ad hoc reports on major events. At its meetings, which are held at least once a quarter, the Supervisory Board is informed about current business developments, operative planning and medium-term group strategy. In special cases the Supervisory Board is also provided with direct and immediate information. Among other topics, the audit committee meetings consider the internal control and risk management.
As at the balance sheet date of 31 December 2018, the share capital of POLYTEC Holding AG remained unchanged at EUR 22.3 million divided into 22,329,585 bearer shares. The group has no other types of shares. All shares have been admitted to trading in the Prime Market segment of the Vienna Stock Exchange.
On the 31 December 2018 balance sheet date, the Huemer Group was the only investor holding more than 10.0% of share capital. The Huemer Group holds 29.04% (16.00% Huemer Holding GmbH and 13.04% Huemer Invest GmbH) of POLYTEC Holding AG share capital. As compared to the 31 December 2017 balance sheet date, the holding in companies belonging to POLYTEC Holding AG that can be attributed to Friedrich Huemer, the POLYTEC GROUP CEO until December 2018, remained unchanged. Apart from the aforementioned, on the balance sheet date the Board of Directors knew of no shareholders with an interest in excess of 10.0% of share capital. No shareholder disposes over special control rights.
During the 2018 financial year, POLYTEC Holding AG received three voting right communications from stockholders in accordance with § 130 of the 2018 Austrian Stock Exchange Act.
At the end of February 2018, the Los Angeles-based (USA) shareholder The Capital Group Companies, Inc. informed POLYTEC Holding AG that on 23 February 2018 an investment had fallen below a reporting threshold and that on this date the shareholder held 976,139 POLYTEC Holding AG shares, amounting to 4.37% of share capital. At the end of March 2018, the same shareholder gave notification that the 4% reporting threshold had been undercut. According to its own information, as at 27 March 2018, The Capital Group Companies, Inc. held 876,325 POLYTEC Holding AG shares, or 3.92% of company share capital. POLYTEC Holding AG issued timely notification of these two events in accordance with § 135 Para. 2 of the 2018 Austrian Stock Exchange Act.
At the beginning of August 2018, the NN Group N.V., Amsterdam (Netherlands), notified POLYTEC Holding AG that on 8 August 2018 an investment had passed the reporting threshold. Two administered funds jointly held 5.17% of POLYTEC Holding AG share capital, or 1,155,000 shares. POLYTEC Holding AG issued timely notification of this event in accordance with § 135 Para. 2 of the 2018 Austrian Stock Exchange Act.
No further voting right notifications pursuant to § 130 of the 2018 Austrian Stock Exchange Act were issued by the shareholders.
As at 31 December 2018, on the basis of the 22,329,585 issued shares, the shareholder structure of POLYTEC Holding AG had the following form:
POLYTEC Holding AG was not informed of any further changes in material shareholdings after the balance sheet date.
At the end of August 2018, POLYTEC Holding AG received information that Duswald GmbH, a legal personage, which is in an arm's length relationship with a person undertaking managerial assignments at POLYTEC, namely Fred Duswald, the Chairman of the POLYTEC Holding AG Supervisory Board, had purchased 10,000 POLYTEC shares on 28 August 2018 at a price of EUR 11.16 each. POLYTEC Holding AG issued timely notification of this directors' dealing transaction in accordance with Article 19 MAR.
During the 2018 financial year, the company did not purchase or sell any treasury shares. On the balance sheet date of 31 December 2018, POLYTEC Holding AG held an unchanged total of 334,041 treasury shares, which represented a holding of roughly 1.50% of share capital.
The empowerment of the Board of Directors on the basis of a resolution passed during the 16th Ordinary Annual General Meeting on 19 May 2016 to undertake the renewed creation of authorised capital (§169 of the Austrian Stock Corporation Act) for the purpose of an increase in cash or non-cash capital up to an amount of EUR 6,698,875.00, with the possibility of the exclusion of the subscription rights of the shareholders, as well as the corresponding amendment of the Articles of Association, is valid until 24 August 2019.
No indemnification agreements exist between the company and the members of the Board of Directors in the eventuality of a change in control. Equally, there are no indemnification agreements for the Supervisory Board members and employees or any other major agreements, which would be affected by a change in control or a public takeover bid. There are no provisions in the Articles of Association that go beyond the statutory provisions for the appointment of members of the Board of Directors and the Supervisory Board, or are intended for amending the Articles of Association. The POLYTEC Holding AG website is entered in the company register under: www.polytec-group.com
Non-financial declaration pursuant to § 267a of the Austrian Commercial Code and reporting with regard to the Austrian Sustainability and Diversity Improvement Act (NaDiVeG):
Founded in 1986, the POLYTEC GROUP is a leading developer and manufacturer of high-quality plastic components with 28 locations and some 4,500 employees worldwide. For more than 30 years, the Austria-based company has been offering its customers experience and know-how, not only as a complete supplier in the injection moulding field, but also as a specialist for fibre-reinforced plastics, a producer of original accessories made from plastic and special steel, and a developer of individualised industrial solutions in polyurethane, as well as the machinery and plant needed for this purpose.
POLYTEC numbers globally renowned marques from the car and commercial vehicle industry among its customers and is also increasingly supplying markets outside this sector. In both cases, the most important criteria for success consist of innovative technologies, perfect quality and absolute punctuality of delivery in combination with competitive prices. In both the automotive and non-automotive fields, POLYTEC provides outstanding value added depth in every segment. This entails design and project development, as well as the production of tooling and semis for fibre composites, component simulation and examination, as well as virtually all available plastics processing technologies. Furthermore, POLYTEC convinces through excellent performance with regard to downstream processes such as painting, assembly and just-in-time or just-in-sequence delivery.
Stakeholders are persons or groups, who have a justifiable interest in the development of the POLYTEC GROUP. The prompt recognition of their interests and expectations leads to important findings in connection with opportunities and risks. This information plays a significant role in the actions of the POLYTEC management and the following external and internal stakeholders have been identified as being of relevance to group activities:
The following relevant themes were defined and prioritised according to materiality on the basis of the POLYTEC GROUP's corporate strategy (relevance from a company perspective) and taking into consideration stakeholder interests and expectations (relevance from an external perspective):
Information regarding these topics is contained in this and other sections of the management report. Issues not dealt with are currently the object of concept preparation.
Within the scope of its business activities, the POLYTEC GROUP is subject to a variety of risks, which relate directly to corporate transactions. Risk management is an integral part of group strategy and all business processes. The comprehensive certifications required by an automotive industry supplier (e.g. TS ISO/16949:2002) already specify appropriate regulations, which are also monitored via external audits. In line with the organisational structure of the POLYTEC GROUP, risks are managed and monitored close to the market locally, particularly in the course of ongoing business processes. However, group headquarters largely provides central financial risk management.
The following major risk areas can be identified:
Specific company risks. This risk group includes general sales market, volume, sourcing market, investment and production risks.
Cyber crime. The POLYTEC GROUP is also subject to an increase in cyber crime attacks, but to date has been able to defend itself successfully. Nonetheless, the growing professionalism in this regard has come to represent a serious risk area in operative business. The POLYTEC GROUP's internal controls are being continually tightened and employee sensibility with regard to this topic is addressed and evaluated at regular intervals.
Financial risks. These include loan, liquidity, currency and interest rate change risk.
With respect to detailed risk reporting, in order to avoid redundant text, we would refer you to the information contained in item G. 2 of the group notes.
In 2015, the group's targets, culture and self-perception were combined in the formulation of a new corporate mission statement, which, taking the three strategic keystones into consideration, defines the main areas of activity of a management programme for the individual business units. POLYTEC GROUP employees participate either directly or indirectly in the concretisation of the actions to be taken within the framework of this management programme and are thus able to make individual contributions to the realisation of the group's vision.
The new mission statement, which literally describes POLYTEC's "DNA" word for word, has been in force since the beginning of 2016. It provides the entire workforce with a point of reference and serves as a binding guideline for the conduct of POLYTEC GROUP employees with respect to many major issues, ranging from quality and environmental targets to activities, decisions and strategies. In particular, with its mission statement the group undertakes to constantly adhere to legal statutes, maintain an open dialogue with its customers, suppliers, authorities and the general public, and conserve natural resources. These basic principles are intended to guide the POLYTEC GROUP towards a successful future.
We are the European industry's first point of address and preferred supplier with regard to trendsetting plastics solutions of the highest technological standard. Our primary focus is on the automotive sector.
A highly motivated POLYTEC team creates sustained value for both our group and its customers. We develop carefully conceived solutions with a high degree of system knowledge, which extend along the entire chain of value added activities from the initial idea to just-in-sequence delivery and thus regularly surpass customer expectations. We meet individual requirements in optimum fashion through the use of numerous plastics technologies that match the respective application to perfection. Moreover, we attain a competitive price level and the lasting esteem of our customers by means of an efficient cost structure, coordinated procedures and best-in-class production and service processes.
As an international player, we combine uncompromising financial transparency with a strong sense of responsibility towards our entire business environment.
Our desire to achieve ideal solutions inculcates every working phase.
We serve our customers as a competent development partner. We act with esprit, reliability and purpose.
In our Code of Conduct we describe our mission statement, the values that we share and how we wish to work together. The code provides us with a clear target image for the employment of ethical norms such as integrity, openness, honesty and law-abidance. Adherence to all the mandatory regulations and internal rules that apply to POLYTEC Holding AG and its subsidiaries forms the basis of the cooperation of our employees with shareholders, owners, authorities, the public, customers, suppliers, service providers, colleagues, competitors and other stakeholders.
The code provides the foundation for the morally, ethically and legally correct conduct of all POLYTEC GROUP employees and business partners, and is therefore a significant part of our company culture.
Behaviour in the business environment: adherence to the law, free and fair competition, the relationships to customers, competitors and suppliers, the avoidance of conflicts of interest and the prevention of money laundering.
Behaviour towards colleagues and fellow-employees: equal treatment and non-discrimination, observance of human and employee rights, as well as health and safety.
Behaviour in society: sustainable environmental and climate protection, and public image.
Handling of information: reporting, confidential company information, the treatment of insider information and information of capital market relevance, as well as data protection and information security.
All POLYTEC GROUP employees are expected to examine their conduct in the light of the guidelines laid down in this Code of Conduct and ensure adherence. Infringements and evidence can be reported via an established channel and are then carefully examined and handled with complete confidentiality.
With regard to detailed information concerning the Code of Conduct, we would refer you to a document on the POLYTEC GROUP website, www.polytec-group.com, in the Group, Mission Statement section, which is ready for downloading.
For the POLYTEC GROUP, legal conduct in line with high ethical standards is a matter of course and compliance means far more than the implementation of current rules and regulations. Instead, for the POLYTEC GROUP, compliance is a matter of corporate culture. Therefore, in addition to capital market compliance content, regular coaching takes place within the group with regard to anti-corruption and anti-trust laws. Employees are thus made aware of issues of relevance to both competition and anti-trust legislation, and the correct handling of gifts and invitations. The aim is to protect both employees and the company against infringements of the law and to provide practical support during the application of relevant regulations. No breaches of compliance were determined during the period under report.
As an automotive industry supplier, the POLYTEC GROUP provides significant solutions for the optimisation of new vehicle generations. Moreover, owing to its innovative capacity and flexibility, during the past thirty years POLYTEC has established a notable reputation in the automotive sector. By means of comprehensive research and development work, POLYTEC is able to continually furnish improvements to the products of its customers, which ultimately have a positive environmental effect. For example, the dead weight of vehicles is lowered through material substitution and in the case of some components, as compared to steel, weight reductions of as much as 60% are possible. This leads to lower fuel consumption and hence a cut in CO2 emissions.
Systematic ecological impact analyses represent a permanent feature of POLYTEC's product development processes and are carried out by the group's specialists in close coordination with its customers. In combination with perfect quality and absolute punctuality of delivery, optimisation successes in areas such as weight reduction, material substitution and savings, noise reduction, etc. constitute POLYTEC's main strengths and are greatly valued by its clientele.
POLYTEC constantly upgrades the products and services supplied to customers and all internal production processes are regularly subjected to analysis using a coordinated environmental, quality and lean management system with the aim of optimising in-house material and energy consumption. Plastics processing demands large quantities of resources and thus the careful use of production materials constitutes both an ecological and an economic necessity. In-group production phases are therefore continually improved with the same objectives in view and consequently process water and various cleaning solutions are virtually always utilised in closed cycles. As far as the use of paints is concerned, POLYTEC fulfils stringent indoor and waste air standards, which serve the protection of employees and the environment to an equal extent.
The majority of the parts, top quality component modules and multifunctional plastics systems designed by POLYTEC are manufactured in accordance with certificated development and production processes. POLYTEC's production locations possess internationally recognised environmental and quality management norms such as ISO 16949, ISO 14001 and ISO 50001. Furthermore, they must continually meet numerous special customer standards. All in all, this represents confirmation of the long-term commitment and successes that POLYTEC can point to in the environmental protection field.
The POLYTEC GROUP's environmental strategy pursues three main objectives consisting of a scaling down of raw material consumption, enhanced energy efficiency and intensified recycling. Over the years, POLYTEC has launched pilot projects related to each of these focal points in individual plants and after successful testing these have been gradually implemented at other group locations.
1. Raw material savings. In recent years, POLYTEC has made major progress in the area of raw material economies. Particularly in the injection moulding field, the increased employment of regranulate and modern dosing systems enables the optimum use of materials. The sprue derived from production is milled directly at the machine and returned to the process without any loss of quality. Moreover, apart from the quantity of raw materials processed, their chemical composition is also of environmental relevance. Therefore, today POLYTEC mainly uses water-soluble products for painting purposes and has thus markedly reduced solvent consumption.
2. Enhanced energy efficiency. A particularly important resource and thus cost item is energy and consequently the POLYTEC GROUP has put together a comprehensive package of measures aimed at cutting consumption. The investments adopted to date have already resulted in a considerable reduction in energy costs, as exemplified by the transition from oil to natural gas-fired systems with markedly higher efficiency levels, building insulation, the use of efficient compressed air compressors and similar other measures. Within the framework of the installed energy management systems, individual production phases are examined with regard to their energy efficiency and if necessary, improvement measures are extrapolated from the findings. Heat recovery projects have already been successfully concluded and further schemes for a comprehensive switch to LED lighting technology have been newly initiated.
3. A focus on recycling. Despite the careful use of raw materials, waste cannot be excluded entirely. Therefore, it is all the more important that this unavoidable fraction be separated as far as possible and then employed in practical recycling. At POLYTEC, appropriate waste classification is assisted by a uniform, colour coding system, which not only prevents wastage but also reduces disposal costs.
During 2018, the general renovation of the production hall at the POLYTEC CAR STYLING plant in Hörsching was concluded successfully. The heating requirement in the hall was cut by two-thirds by means of the implementation of a variety of energy efficiency measures such as the thermal optimisation of the building's shell.
In addition, a modern area heating system with ceiling-mounted, radiant heating panels replaced Hörsching's antiquated and inefficient heating. Previously the plant hall had been heated with the aid of convector fans. These were warmed with water from the heating system, which possessed a high inlet temperature. For a number of reasons, this old system did not represent ideal hall heating, as the height of the hall caused unfavourable heat stratification with low temperatures near floor level and markedly higher temperatures under the roof, as well as high heat transmission losses.
By comparison, the new area heating system represents a far more efficient solution and supplies heat using a high degree of radiation. Water-controlled, ceiling-mounted, radiant heating panels have been installed, which require markedly lower inlet temperatures and thus have a reduced energy requirement. In line with its utilisation, the entire hall area of around 6,700 m2 has also been divided into several heating sections thus allowing the setting of differing heat levels. Accordingly, the heating in areas serving as storage depots can be lowered, which results in an additional savings effect.
In the course of the renovation of the walls and roof of the production halls, generously dimensioned windows and skylights were installed through which natural daylight passes. In addition, sensor-controlled LED lighting was put in place, which adjusts lighting levels automatically and thereby creates ideal lighting conditions. Light emissions were also accounted for in connection with the design of the outdoor lighting and socalled "light pollution" was thus reduced.
During 2018, a further landmark measure was implemented with the "Grinding cabin with energy-efficient air recirculation" project. On the one hand, this resulted in improved working conditions for the employees in the grinding area and on the other, a more environment-friendly and energy-efficient exhaust air system. Previously, a dust extractor system had carried the air from the manual grinding area out of the building via outdoor filters, which resulted in considerable heat losses during the heating period. Now the air coming from the workplace is conducted directly to an indoor filter and then blown back into the hall using a recirculation system. In addition, the installation of closed grinding cabins with selective extraction has greatly reduced noise and dust emissions in the working area. All in all, the measure taken saves 250,000 kWh of gas and 75,000 kWh of electricity annually.
An important target of the sustainability measures is to separate energy consumption from economic growth. In the long term, ways must be found to cut energy use in spite of production output that remains stable or increases. Using more effective energy concepts, POLYTEC intends to ensure conformity with the growing demands for environmental and resource protection.
A list of the selected inter-plant targets in the energy and environmental field in the period up to 2020:
| Target definition | Dimension | Basis | Key indicator |
|---|---|---|---|
| Increased electricity/raw material consumption efficiency |
Yearly by 1% | Ratio of electricity consumption to the raw materials employed |
kWh/kg |
| Adherence to the energy efficient standard for Level D buildings |
110 kWh/m2 per year |
Ratio of climate-adjusted heating gas consumption to the heated areas |
kWh/m2 per year |
| Optimisation of the energy data logging system, which incorporates the main consumers |
Number of consumers |
Registered main consumers/main consumers | % |
| Reduction in environmental impact through a cut in the total amount of waste |
Yearly by 1% | Total volume of waste per year in tonnes per tonne of raw material used in kg |
t/kg |
| Reduction in the volume of materials employed that represent an environmental or health hazard |
Yearly by 10% | Quantity of materials used representing a hazard to the environment or health |
% |
| Reduction in environment impact through a search for environment and health-friendlier materials |
Yearly by 10% | Number of materials representing a hazard to the environment and health |
Number |
The key indicators shown include the plants of all fully consolidated companies.
| in MWh | 2018 | 2017 | 2016 |
|---|---|---|---|
| Electricity | 133,337 | 140,139 | 137,268 |
| Natural gas/oil | 104,842 | 108,072 | 102,139 |
| Heating | 1,708 | 1,701 | 1,576 |
| Other | 1,083 | 3,068 | 2,543 |
| POLYTEC GROUP | 240,970 | 252,980 | 243,527 |
As opposed to 2017, during the 2018 financial year, energy consumption throughout the group fell by around 4.8%, or 12,010 MWh, to 240,970 MWh. In relation to sales revenues, the ratio increased by approximately 0.5 percentage points to 37.9%.
| in tonnes | 2018 | 2017 | 2016 |
|---|---|---|---|
| PP – polypropylene | 23,414 | 28,893 | 29,428 |
| PA – polyamide | 9,929 | 10,678 | 10,745 |
| ABS – acrylonitrile butadiene styrene |
2,848 | 4,038 | 3,201 |
| PUR – polyurethane | 1,995 | 1,607 | 1,085 |
| Glass fibres | 8,384 | 8,457 | 7,648 |
| Resins | 4,959 | 4,913 | 4,432 |
| Paints | 1,004 | 1,003 | 903 |
| Others | 28,268 | 26,794 | 24,956 |
| POLYTEC GROUP | 80,801 | 86,383 | 82,398 |
As compared to 2017, material consumption across the group in the 2018 financial year was down by around 6.5%, or 5,582 t, at 80,801 t. In relation to sales revenues, the ratio decreased slightly by 0.1 percentage points to 12.7%.
| in tonnes | 2018 | 2017 | 2016 |
|---|---|---|---|
| Non-hazardous waste | 7,655 | 7,523 | 7,441 |
| Hazardous waste | 1,636 | 2,308 | 1,757 |
| POLYTEC GROUP | 9,291 | 9,831 | 9,198 |
During the 2018 financial year, the volume of hazardous and non-hazardous waste in the POLYTEC GROUP fell by 5.5%, or 540 t, over the previous year to 9,291 t. In relation to sales revenues, the ratio remained at the 2017 level of 1.5%.
Owing to the internationality of the POLYTEC GROUP, diversity, respect, equality of opportunity and the integration of employees from differing cultures represent integral elements within corporate culture. Any form of personal discrimination whether due to origin, gender, skin colour, age, religion, sexual orientation or handicap is strictly rejected. During recruitment for vacant positions, a focus is placed on a performance orientation, knowledge, skills, equal opportunity and treatment. Candidates are selected primarily on the basis of the qualifications and experience they can contribute to the POLYTEC GROUP as new team members.
In the corporate human resources area, the POLYTEC GROUP has adapted its recruiting processes to the fresh challenges posed by the age of social media with the aim of presenting itself as an attractive employer. At the POLYTEC GROUP, personnel development means giving young people a pledge of confidence and then accompanying them on their career path.
Programmes such as the "P3 POLYPERSPECTIVE PROGRAMME", "POLYTEC Leadership Academy" and the "Lean Management Academy" furnish many employees with the necessary support. However, apart from these measures, it is essential that new personnel be recruited and in this regard POLYTEC is in a competition for the best talents. Therefore, the group undertakes a great deal to strengthen the "POLYTEC" employer brand, not least through its slogan "PASSION FOR PEOPLE".
In 2018, social media (e.g. XING, LinkedIn, Facebook) also represented important communication channels for POLYTEC, as they enabled the supply of interested parties with a comprehensive impression of the world of work within the group by means of current information, photos and videos relating to the topic of careers at POLYTEC. Direct contacts with job applicants outside the Internet also constitute an important factor in recruiting talents for POLYTEC. For this purpose, during 2018 the group attended 13 career fairs in Germany and Austria and thus presented possible career paths and job descriptions. Such career fairs are held at universities, universities of applied sciences, secondary schools and public event venues. They enable interested persons to put their questions directly to POLYTEC specialists and managers, and thus receive genuine impressions. As a result of this successful personnel marketing, more than 5,000 people applied for employment at POLYTEC in 2018.
The POLYTEC GROUP promotes the ongoing further training and development of its employees. For example, at the POLYTEC Leadership Academy (PLA), on the basis of group-wide managerial principles, executives receive coaching on the topic of (employee) leadership. In 2018, 29 participants at eleven locations successfully completed this course. Since 2015, around 150 managerial employees have passed through the modular qualification programme, the focal points of which are repeatedly updated and adjusted to new requirements. In addition to the dissemination of managerial skills, the PLA creates a platform for networking within the POLYTEC GROUP and an extensive exchange of experience. Coaching measures also continue after the official end of Academy training, in order to ensure that attendees are able to continually develop further and receive support with regard to complex issues.
Following a one-year preparatory phase, the "P3 POLYPER-SPECTIVE PROGRAMME" was launched in 2018. In cooperation with LIMAK, Austria's oldest business school, a tailor-made general management course is offered under the auspices of first-class experts from the worlds of science and business, who act as trainers and coaches. The aim is to provide attendees with a multifaceted business training, which in the long term will allow them to assume top managerial positions within POLYTEC.
During so-called "POLYTEC Employee Days" personnel from the administrative areas have an opportunity to experience manufacturing procedures at close quarters and personally lend a hand. Salaried staff can work in production, turning out and packing components during a complete shift. In this way, both a higher regard for POLYTEC products and improved transparency of internal procedures are created.
The POLYTEC Performance System (PPS) is used to disseminate and implement the group's holistic, lean management programme throughout the organisation. In addition, the PPS Academy trains POLYTEC personnel in all the lean management disciplines of relevance to their assignments with the aim of simplifying daily working and initiating long-term improvements. In the period between and including 2016 and 2018, more than 300 employees from across the group participated in PPS Academy courses.
In line with the "assist design" principle, POLYTEC attaches great importance to the early involvement of employees in the adaptation of existing training measures and the development of new coaching. In this way, the company creates both a high level of acceptance with regard to PPS content and the desired training success. In 2018, the range of training was expanded to include so-called "Refresher and Worker Coaching" and the previously rigid learning framework was redesigned and replaced by a flexible modular system.
One example in this connection is the "Standard Working" thematic module, which takes the digitisation of process steps that are undergoing implementation, into pre-emptive consideration. Work sequences are analysed systematically, visualised in digital form and rendered transparent and easily comprehensible through standardisation. The related training content can thus now be adapted to the individual needs of the respective employee.
Apart from the general introduction to PPS philosophy, other modular content relates to the topics of 5S, value added, seven types of waste, visual management, problem-solving techniques and the classic Kanban system, as well as other modules focused on industrial engineering and launch management.
As was already the case, the "Do it better" principle is rigorously pursued. Systematic reference is made to the positive experiences of individual plants and their gradual process optimisation following employee training is implemented at other locations. In coordination with lean management and plant managers, the intensive involvement of employees enables the integration of their improvement suggestions and feedback from training into concrete applicable standards.
A list of the selected inter-plant targets in the work safety field in the period up to 2020:
| Target definition | Dimension | Basis | Key indicator |
|---|---|---|---|
| Reduction in the frequency and severity of work accidents subject to mandatory reporting |
Yearly by 5% | Number of work days lost due to working accidents in hours |
Number |
| Reduction in the amounts of hazardous materials (toxic or CMR substances) |
Yearly by 10% | Number of toxic and CMR substances | Number |
| Increase in the number of ergonomically designed work stations |
Yearly by 10% | Number of ergonomically optimised work stations in ratio to the total number of workplaces |
% |
| Employees excluding leasing personnel |
Unit | 2018 | 2017 | 2016 |
|---|---|---|---|---|
| Key indicators by geography (as at 31.12.) |
||||
| Austria | FTE | 509 | 486 | 504 |
| Germany | FTE | 1,943 | 1,966 | 1,963 |
| Other EU countries | FTE | 1,321 | 1,392 | 1,374 |
| Other countries | FTE | 192 | 202 | 168 |
| POLYTEC GROUP | FTE | 3,965 | 4,046 | 4,009 |
| Key indicators by gender (as at 31.12.) |
||||
| Men | % | 78.7 | 79.6 | 79.7 |
| Women | % | 21.3 | 20.4 | 20.3 |
| Key indicators by age (as at 31.12.) |
||||
| <30 years | % | 15.5 | 16.5 | 16.7 |
| 30–50 years | % | 48.7 | 49.9 | 49.2 |
| >50 years | % | 35.8 | 33.6 | 34.1 |
| Fluctuation rate (annual average) |
% | 15.0 | 13.5 | 16.4 |
| Work safety key indicators (yearly values) |
||||
| Notifiable work accidents | Number | 112 | 135 | 103 |
| Average accident-related sick leave |
Days | 14.6 | 15.4 | 17.6 |
| Fatal work accidents | Number | 0 | 0 | 0 |
The key indicators shown in the table relate to full-time employees and exclude leasing personnel. If the latter are included, on the 2018 balance sheet date the POLYTEC GROUP had a total workforce of 4,315, which was 4.6%, or 207 persons (FTE – fulltime equivalent), fewer than in the preceding year.
The workforce in the automotive supply industry is still predominately male, as this sector continues to be primarily oriented towards technology. As at 31 December 2018, the quota of female employees in the POLYTEC GROUP (excluding leasing personnel) amounted to 21.3%, which was slightly higher than on the balance sheet date of the previous year (20.4%).
As far as the age group structure is concerned, roughly half of the group workforce is in the 30 to 50 years category.
The group fluctuation rate is calculated by dividing the number of leavers (terminations of employment by employees and employer, arrangements by mutual consent, as well as shortterm employment contracts) by the average total POLYTEC GROUP workforce. The fluctuation rate in 2018 amounted to 15.0%.
In 2018, the number of work accidents subject to mandatory reporting was lower than in the preceding year and the length of accident-related sick leave was also reduced.
As a preventive measure, the focus with regard to the topics of health, safety & environment (HSE) is on raising awareness levels and requirements relating to personal protection equipment. Accordingly, reports on safety matters are televised repeatedly via the POLYTEC Information TV monitors and regular training also takes place. Numerous technical improvements such as better waste air extractors for the protection of the airways, improved working area lighting to ease the burden on the eyes and many other measures have all raised the general level of safety in the workplace. The overall increase in production process automation has also reduced the dangers relating to manual work and therefore also prevents work accidents.
Employee appraisal interviews constitute an essential element in managerial work. Every year during the period from January to March, managers and personnel meet to discuss their shared activities in the previous year and the work targets for the coming twelve months, as well as improvement suggestions, problem solutions and avoidance, professional advancement and other topics.
Appraisal interviews are compulsory for white-collar employees and in recent years the employee appraisal completion rate has been raised continually, increasing from around 60% in 2016 to approximately 84% in 2017 and 88% in 2018. At present, appraisals with blue-collar employees are still held on a voluntary basis.
Hörsching, 18 March 2019
The POLYTEC Holding AG Board of Directors
Markus Huemer Chairman – CEO
Peter Haidenek Member of the Board – CFO
Heiko Gabbert Member of the Board – COO
Peter Bernscher Member of the Board – CSO
with comparative figures from the previous year
| in EUR k | Note | 2018 | 20171) |
|---|---|---|---|
| Sales revenues | E. 1 | 636,397 | 676,440 |
| Other operating income | E. 2 | 7,308 | 4,266 |
| Changes in inventory of finished and unfinished goods | 1,786 | 4,872 | |
| Other own work capitalised | 2,983 | 1,284 | |
| Expenses for materials and services received | E. 3 | -301,666 | -322,114 |
| Personnel expenses | E. 4 | -217,787 | -219,502 |
| Other operating expenses | E. 5 | -61,953 | -62,943 |
| Earnings before interest, taxes and depreciation (EBITDA) | 67,067 | 82,302 | |
| Depreciation | -26,993 | -27,224 | |
| Earnings before interest and taxes = operating result (EBIT) | 40,073 | 55,078 | |
| Interest result | -3,388 | -3,152 | |
| Other financial income | 117 | 143 | |
| Financial result | E. 6 | -3,272 | -3,008 |
| Earnings before tax | 36,801 | 52,070 | |
| Taxes on income | E. 7 | -6,784 | -13,110 |
| Earnings after tax | 30,017 | 38,960 | |
| thereof result of non-controlling interests | 897 | 716 | |
| thereof result of the parent company | 29,120 | 38,244 | |
| Earnings per share in EUR | E. 20 | 1.32 | 1.74 |
1) The POLYTEC GROUP uses the modified retrospective method for the initial application of IFRS 15.
Within the framework of this method, the comparative information is not adjusted.
with comparative figures from the previous year
1.1.–31.12.2018
| Non controlling |
||||
|---|---|---|---|---|
| in EUR k | Note | Group | interests | Total |
| Earnings after tax | 29,120 | 897 | 30,017 | |
| Items that will not be reclassified (recycled) in future periods in the income statement |
||||
| Remeasurement of defined benefit obligation, net of tax | 352 | 0 | 352 | |
| thereof related, deferred income taxes | -85 | 0 | -85 | |
| E. 21 | 267 | 0 | 267 | |
| Items that will be reclassified (recycled) in future periods in the income statement |
||||
| Currency translations | -1,496 | 0 | -1,496 | |
| -1,496 | 0 | -1,496 | ||
| Other result after tax | -1,229 | 0 | -1,229 | |
| Total result | 27,891 | 897 | 28,788 |
| in EUR k | Note | Group | Non controlling interests |
Total |
|---|---|---|---|---|
| Earnings after tax | 38,244 | 716 | 38,960 | |
| Items that will not be reclassified (recycled) in future periods in the income statement |
||||
| Remeasurement of defined benefit obligation, net of tax | -406 | 0 | -406 | |
| thereof related, deferred income taxes | 122 | 0 | 122 | |
| E. 21 | -284 | 0 | -284 | |
| Items that will be reclassified (recycled) in future periods in the income statement |
||||
| Currency translations | -1,770 | 0 | -1,770 | |
| -1,770 | 0 | -1,770 | ||
| Other result after tax | -2,054 | 0 | -2,054 | |
| Total result | 36,191 | 716 | 36,907 |
1) The POLYTEC GROUP uses the modified retrospective method for the initial application of IFRS 15.
Within the framework of this method, the comparative information is not adjusted.
with comparative figures from the previous year
| in EUR k | Note | 31.12.2018 | 31.12.20171) | |
|---|---|---|---|---|
| A. Non-current assets | ||||
| I. | Intangible assets | E. 8 | 5,302 | 3,110 |
| II. | Goodwill | E. 8 | 19,180 | 19,180 |
| III. | Tangible assets | E. 9 | 245,062 | 232,910 |
| IV. | Other non-current assets | 126 | 126 | |
| V. | Deferred tax assets | E. 10 | 8,225 | 7,674 |
| 277,895 | 263,000 | |||
| B. Current assets | ||||
| I. | Inventories | E. 11 | 41,632 | 63,278 |
| II. | Trade accounts receivable | E. 12 | 54,036 | 67,035 |
| III. | Receivables from construction contracts | E. 13 | 0 | 43,050 |
| IV. | Contract assets | E. 13 | 86,491 | 0 |
| V. | Other current receivables | E. 14 | 23,367 | 17,691 |
| VI. | Income tax receivables | 644 | 1,215 | |
| VII. | Current interest-bearing receivables | E. 15 | 0 | 4,286 |
| VIII. Cash and cash equivalents | E. 16 | 73,572 | 56,899 | |
| 279,741 | 253,453 | |||
| 557,636 | 516,453 |
| in EUR k | Note | 31.12.2018 | 31.12.20171) |
|---|---|---|---|
| A. Shareholders' equity | |||
| I. | Share capital | 22,330 | 22,330 |
| II. | Capital reserves | 37,563 | 37,563 |
| III. | Treasury stock | -1,855 | -1,855 |
| IV. | Retained earnings | 184,204 | 163,359 |
| V. | Other reserves | -11,599 | -10,370 |
| 230,644 | 211,028 | ||
| VI. | Non-controlling interests | 7,363 | 6,465 |
| E. 18 | 238,007 | 217,493 | |
| B. Non-current liabilities | |||
| I. | Non-current, interest-bearing liabilities E. 20 |
127,046 | 126,332 |
| II. | Provisions for deferred taxes E. 10 |
5,829 | 3,080 |
| III. | Provisions for employees E. 21 |
27,447 | 27,278 |
| IV. | Other long-term provisions E. 22 |
4,430 | 11,863 |
| 164,753 | 168,552 | ||
| C. Current liabilities | |||
| I. | Current interest-bearing liabilities E. 23 |
48,337 | 13,600 |
| II. | Liabilities on income taxes E. 24 |
1,622 | 2,758 |
| III. | Trade accounts payable E. 25 |
54,306 | 54,054 |
| IV. | Liabilities from construction contracts E. 13 |
0 | 4,802 |
| V. | Contract liabilities E. 13 |
2,382 | 0 |
| VI. | Other current liabilities E. 26 |
28,597 | 32,9272) |
| VII. | Current provisions E. 27 |
19,634 | 22,2672) |
| 154,877 | 130,408 | ||
| 557,636 | 516,453 |
1) The POLYTEC GROUP uses the modified retrospective method for the initial application of IFRS 15.
2) Previous year adjusted
Within the framework of this method, the comparative information is not adjusted.
with comparative figures from the previous year
| in EUR k | Note | 2018 | 20171) |
|---|---|---|---|
| Earnings before tax | 36,801 | 52,070 | |
| + Depreciation on fixed assets | 26,993 | 27,224 | |
| -(+) Interest result | E. 6 | 3,389 | 3,152 |
| +(-) Other non-cash expenses and earnings | F. | -800 | 685 |
| +(-) Increase (decrease) in non-current provisions for employees | 102 | -2,446 | |
| -(+) Profit (loss) from fixed asset disposals | -224 | -255 | |
| -(+) Increase (decrease) in inventories | -6,731 | -7,558 | |
| -(+) Increase (decrease) in trade and other receivables and contract assets | -5,799 | -25,399 | |
| +(-) Increase (decrease) in trade and other payables and contract liabilities | -6,780 | 11,7062) | |
| +(-) Increase (decrease) in current provisions | -8,910 | -6,7872) | |
| = Consolidated cash flow from current activities | 38,041 | 52,391 | |
| + Interest received | F. | 1,342 | 503 |
| - Interest paid | -2,787 | -3,597 | |
| - Taxes paid | -5,729 | -11,020 | |
| = Consolidated cash flow from operating activities | 30,867 | 38,277 | |
| - Investments in fixed assets | F. | -42,449 | -39,667 |
| + Payments from the disposal of intangible and tangible assets | 1,013 | 1,695 | |
| -(+) Increase (decrease) in interest-bearing receivables | E. 15 | 2,029 | 0 |
| = Consolidated cash flow from investing activities | -39,407 | -37,972 | |
| + Inflows from loan financing | 0 | 216 | |
| + Inflows from promissory note loans | 47,000 | 8,500 | |
| - Repayments of loan financing | -5,471 | -6,142 | |
| - Repayments of real estate loans | -4,275 | -5,376 | |
| - Outflows from financial leasing agreements | -1,549 | -1,499 | |
| +(-) Change in current financial liabilities | -612 | -9,101 | |
| - Third party dividends | -9,898 | -9,338 | |
| = Consolidated cash flow from financing activities | F. | 25,195 | -22,739 |
| +(-) Consolidated cash flow from operating activities | 30,867 | 38,277 | |
| +(-) Consolidated cash flow from investing activities | -39,407 | -37,972 | |
| +(-) Consolidated cash flow from financing activities | 25,195 | -22,739 | |
| = Change in cash and cash equivalents | 16,654 | -22,434 | |
| +(-) Effect from currency translations | 19 | -207 | |
| + Opening balance of cash and cash equivalents | 56,899 | 79,540 | |
| = Closing balance of cash and cash equivalents | 73,572 | 56,899 |
1) The POLYTEC GROUP uses the modified retrospective method for the initial application of IFRS 15.
Within the framework of this method, the comparative information is not adjusted.
2) Previous year adjusted
with comparative figures from the previous year
| in EUR k | Note | Share capital | Capital reserves | Treasury stock | |
|---|---|---|---|---|---|
| As at 1.1.2018 | 22,330 | 37,563 | -1,855 | ||
| Result from the change in accounting method: Period-based recognition of revenues from customised products (IFRS 15) |
0 | 0 | 0 | ||
| Adjusted amounts as at 1.1.2018 |
22,330 | 37,563 | -1,855 | ||
| Comprehensive income after tax | 0 | 0 | 0 | ||
| Other result after tax | 0 | 0 | 0 | ||
| Comprehensive income | 22,330 | 37,563 | -1,855 | ||
| Dividend | 0 | 0 | 0 | ||
| Treasury share purchases | 0 | 0 | 0 | ||
| As at 31.12.20181) | E. 18 | 22,330 | 37,563 | -1,855 |
| in EUR k | Note | Share capital | Capital reserves | Treasury stock |
|---|---|---|---|---|
| As at 1.1.2017 | 22,330 | 37,563 | -1,855 | |
| Comprehensive income after tax | 0 | 0 | 0 | |
| Other result after tax | 0 | 0 | 0 | |
| Comprehensive income | 0 | 0 | 0 | |
| Dividend | 0 | 0 | 0 | |
| As at 31.12.20171) | E. 18 | 22,330 | 37,563 | -1,855 |
1) The POLYTEC GROUP uses the modified retrospective method for the initial application of IFRS 15. Within the framework of this method, the comparative information is not adjusted.
| Other reserves | |||||
|---|---|---|---|---|---|
| Total | Non-controlling interests |
Shares of POLYTEC Holding AG stockholders |
Reserves from currency translation |
Actuarial profit/loss | Retained earnings |
| 217,493 | 6,465 | 211,028 | -5,495 | -4,876 | 163,359 |
| 1,623 | 0 | 1,623 | 0 | 0 | 1,623 |
| 219,116 | 6,465 | 212,651 | -5,495 | -4,876 | 164,982 |
| 30,017 | 897 | 29,120 | 0 | 0 | 29,120 |
| -1,229 | 0 | -1,229 | -1,496 | 267 | 0 |
| 247,905 | 7,363 | 240,542 | -6,991 | -4,609 | 194,102 |
| -9,898 | 0 | -9,898 | 0 | 0 | -9,898 |
| 0 | 0 | 0 | 0 | 0 | 0 |
| 238,007 | 7,363 | 230,644 | -6,991 | -4,609 | 184,204 |
| Other reserves | |||||
|---|---|---|---|---|---|
| Total | Non-controlling interests |
Shares of POLYTEC Holding AG stockholders |
Reserves from currency translation |
Actuarial profit/loss | Retained earnings |
| 189,924 | 6,289 | 183,634 | -3,725 | -4,592 | 133,913 |
| 38,960 | 716 | 38,244 | 0 | 0 | 38,244 |
| -2,054 | 0 | -2,054 | -1,770 | -284 | 0 |
| 36,907 | 716 | 36,191 | -1,770 | -284 | 38,244 |
| -9,338 | -540 | -8,798 | 0 | 0 | -8,798 |
| 217,493 | 6,465 | 211,028 | -5,495 | -4,876 | 163,359 |
The POLYTEC GROUP is an Austria-based, globally operating corporation with a focus on the automotive and plastics industry. In the automotive industry field, the group acts as a supplier of components and modules used largely in the engine bay, or on vehicle exteriors in the high-volume market segment, as well as a provider of original accessories and parts for small and medium volume series. Furthermore, the group manufactures various PUR moulded parts for other industries together with the related plant. The POLYTEC Holding AG's company address is: Polytec-Strasse 1, 4063 Hörsching, Austria.
The consolidated financial statements of POLYTEC Holding AG (hereinafter referred to as the "group" or "POLYTEC GROUP") for the 2018 financial year were prepared in accordance with the guidelines of the International Financial Reporting Standards (IFRS) and their interpretations in line with the EU standard practice. They also comply with the additional requirements of § 245a Para. 1 UGB (Austrian Commercial Code).
The consolidated financial statements were audited by KPMG Austria GmbH and released by the Board of Directors for transfer to the Supervisory Board on 18 March 2019. The Supervisory Board has the task of examining and stating its approval of the consolidated financial statements as at 31 December 2018. The Supervisory Board has an opportunity to require the alteration of the consolidated financial statements.
POLYTEC Holding AG headquarters are located in Hörsching, Austria, and the company is listed in the City of Linz Company Register under the number FN 197646 g.
All the standards that were mandatory for the 2018 and 2017 financial years were applied during the preparation of these consolidated financial statements.
The following new or amended standards and interpretations were applicable for the first time in the 2018 financial year:
| Standard | Interpretation | Application mandatory according to IASB for financial years from |
Adopted by the EU as at 31.12.2018 |
|---|---|---|---|
| IAS 40 | Amendments: Transfers of Investment Property | 1 January 2018 | Yes |
| IFRS 1, IAS 28 | Annual improvements to IFRS standards (2014–2016 cycle) | 1 January 2018 | Yes |
| IFRS 2 | Amendments: Classification and Measurement of Share-based Payment Transactions |
1 January 2018 | Yes |
| IFRS 4 | Amendments: Application of IFRS 9 Financial instruments with IFRS 4 Insurance Contracts |
1 January 2018 | Yes |
| IFRS 9 | Financial Instruments | 1 January 2018 | Yes |
| IFRS 15 | Revenue from Contracts with Customers and Change: Clarification regarding IFRS 15 |
1 January 2018 | Yes |
| IFRIC 22 | Foreign Currency Transactions and Advance Considerations | 1 January 2018 | Yes |
The consolidated financial statements of the POLYTEC GROUP are not subject to any material effects as a result of the initial application of these new or amended standards.
The International Accounting Standards Board (IASB) is working on a large number of projects, which will initially affect the financial years commencing on 1 January 2019. The following new, amended or supplemented standards and IFRIC interpretations that have already been published by the IASB, but for which application is partially not yet mandatory, have not been applied prematurely by the POLYTEC GROUP and are consequently irrelevant for these consolidated financial statements:
| Interpretation | Application mandatory according to IASB for financial years from |
Adopted by the EU as at 31.12.2018 |
Date of adoption by the EU |
|---|---|---|---|
| Plan Amendment, Curtailment or Settlement | 1 January 2019 | No | |
| Investments in Associates and Joint Ventures | 1 January 2019 | No | |
| Financial Instruments – Prepayment Features with Negative Compensation |
1 January 2019 | Yes | 1 January 2019 |
| Sale or Contribution of Assets between an Investor and its Associate or Joint Venture |
n/a | No | |
| Leases | 1 January 2019 | Yes | 1 January 2019 |
| Insurance Contracts | 1 January 2021 | No | |
| Uncertainty over Income Tax Treatment | 1 January 2019 | Yes | 1 January 2019 |
| Amendments to a series of IFRS, as a result of the 2015–2017 improvement process |
1 January 2019 | No | |
| Amendments to a series of IFRS, as a result of the 2016–2018 improvement process |
1 January 2019 | No | |
| Change in the Definition of a Business | 1 January 2020 | No | |
| Amendment of the Definition of Substantial | 1 January 2020 | No | |
| Changes to the references to the framework concept | 1 January 2020 | No | |
| IAS 12, IAS 23, |
IFRS 15 (Revenue from Contracts with Customers) prescribes a five-level model for the recognition of sales revenues from customer contracts. In the case of a contract, sales revenues are to be reported to the amount of the consideration that a company can expect in exchange for the transfer of goods and services to a customer. The contractual agreement may lead to either periodic or date-related reporting. The POLYTEC GROUP adopted IFRS 15 for the financial years commencing on 1 January 2018 using the modified, retrospective method.
To date, the percentage of completion method pursuant to IAS 11 was employed for the recognition of sales revenues emanating from customer-related engineering work and the production of tooling. However, IRFS 15 defines other criteria for period-based sales revenue recognition, whereby the main application is for the provision of assets not offering an alternative possibility for use, subject to a simultaneous right to payment for the already completed service. During the contractual analysis, it was determined that the criteria for periodbased sales revenue recognition are met on a regular basis and therefore period-based sales revenue recognition also occurs pursuant to IFRS 15.
Previously, revenues from the sale of serial parts were recognised when ownership of the property was transferred along with the related opportunities and risks in line with the terms and conditions of delivery. During the contractual analysis, it was determined that the criteria for period-based sales revenue recognition are again fulfilled because as a rule, serial parts for OEMs are only manufactured to order and do not facilitate alternative use. Moreover, the POLYTEC GROUP retains the right to payment including an appropriate margin for the articles already produced or in production.
The cumulative effect of the initial application as per 1 January 2018 was recognised as an adjustment to the retained earnings and results from the now period-based recognition of sales revenues from serial parts (EUR 2,204 k). The tax effect amounts to EUR 582 k and thus an after tax figure of EUR 1,623 k.
POLYTEC 2018 | ANNUAL FINANCIAL REPORT | CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018
The initial application of IFRS 15 had the following effects upon the consolidated financial statements of the POLYTEC GROUP:
| in EUR k 31.12.2018 |
As reported |
Adjust ment owing to IFRS 15 |
Without adjust ment owing to IFRS 15 |
|---|---|---|---|
| Inventories | 41,632 | 28,286 | 69,918 |
| Receivables from construc tion contracts |
0 | 55,876 | 55,876 |
| Contract assets | 86,491 | -86,491 | 0 |
| Shareholders' equity | 238,007 | -1,716 | 236,291 |
| Provision for deferred taxes | 5,829 | -613 | 5,216 |
| Liabilities from construction contracts |
0 | -2,382 | 2,382 |
| Contract liabilities | 2,382 | 2,382 | 0 |
| Total assets | 557,636 | -2,329 | 555,307 |
The balance sheet items "Contract assets" and "Contract liabilities" contain receivables and liabilities from tooling projects, which were reported prior to the adoption of IFRS 15 as "Receivables from construction contracts" and "Liabilities from construction contracts", as well as those series parts, which in accordance with IFRS 15 are subject to period-based sales revenue recognition.
| As reported |
Adjust ment owing to IFRS 15 |
Without adjust ment owing to IFRS 15 |
|---|---|---|
| 636,397 | -465 | 635,932 |
| 1,786 | 341 | 2,127 |
| 36,801 | -124 | 36,677 |
| -6,784 | 31 | -6,753 |
| 30,017 | -93 | 29,924 |
| 28,788 | -93 | 28,695 |
Consolidated cash flow
| in EUR k 31.12.2018 |
As reported |
Adjust ment owing to IFRS 15 |
Without adjust ment owing to IFRS 15 |
|---|---|---|---|
| Earnings before tax | 36,801 | -124 | 36,677 |
| Increase (decrease) in inventories |
-6,731 | +107 | -6,624 |
| Increase (decrease) in trade and other receivables and contract assets |
-5,799 | +18 | -5,781 |
The group first employed IFRS 9 on 1 January 2018 and owing to the selected transitional method, the comparative information for the preceding year was not adjusted to the requirements of the new standard. IFRS 9 incorporates amended guidelines regarding the classification and measurement of financial instruments, including the new general regulations for hedging transactions. In addition, as a result of IFRS 9, in the case of impairments an expected credit loss model replaces the incurred loss model. As a result, in future a provision must be made for the anticipated losses. IFRS 9 also takes over the guidelines for the recognition and derecognition of financial instruments from IAS 39. There is no material impact upon the consolidated financial statements, as at present POLYTEC GROUP strategy does not envisage any use of original or derivative financial instruments which would require different classification to IAS 39. The hedge accounting regulations are not employed currently and therefore no effects will result. The utilisation of the new expected credit loss model also has no material effects (effect below EUR 100 k) for the POLYTEC GROUP, as on the one hand virtually all receivables are subject to credit insurance and on the other, the probability of default in the case of the largest customers amounts to well under one per cent. Consequently, the adoption of the IFRS does not result in any additional impairment costs and the initial use of IFRS 9 had no influence on the reported carrying values.
New classifications for financial instruments were introduced owing to the initial employment of IFRS 9. Owing to the "sell" business model, those trade accounts receivable which are part of the factoring programme have to be reclassified as belonging to the "measured at fair value through profit or loss" (FVPL) category. Owing to the short-term nature and good creditworthiness of the receivables, the carrying value may be seen as a reliable approximation of fair value. In addition, neither reclassification nor revaluation adjustments result from the initial application of the standard. For the POLYTEC GROUP, the transition of the categories took place as follows:
| Category IAS 39 |
Category IFRS 9 |
|
|---|---|---|
| Assets | ||
| Trade accounts receivable | LaR | AC |
| Trade accounts receivable (factoring) | LaR | FVTL |
| Receivables from construction contracts/ contract assets |
- | - |
| Other current financial receivables | LaR | AC |
| Current receivables subject to interest | LaR | AC |
| Cash and cash equivalents | LaR | AC |
| Equity and liabilities | ||
| Interest-bearing liabilities | AC | AC |
| Trade accounts payable | AC | AC |
| Liabilities from construction contracts/ contract liabilities |
- | - |
| Derivative financial contracts | HfT | FVTL |
| Other financial liabilities | AC | AC |
The key concept of the new IFRS 16 (Leasing) standard is that all the leasing contracts of the lessee and the related contractual rights and obligations be reported in the balance sheet. This requires the lessee to recognise a liability for the obligation to make future leasing payments for all leasing arrangements. At the same time, the lessee activates a right-of-use to the underlying asset, which basically corresponds with the present value of the future leasing payments plus directly attributable costs. Therefore, in future the differentiation between financial and operating leasing agreements stipulated to date under IAS 17 will no longer be required from the lessee. By contrast, for lessors, the regulations in the new standard are very similar to those contained in IAS 17. Leasing agreements will continue to be classified as either financial or operating leasing relationships. Agreements under which all risks and opportunities derived from the property are largely transferred will be classified as financial leasing, whereas all other leasing agreements will be seen as operating leases. The criteria contained in IAS 17 were adopted for classification pursuant to IFRS 16.
The POLYTEC GROUP analysed the effects of the above on the consolidated financial statements. The actual impact of initial application may still alter and therefore will be reported in the consolidated financial statements as at 31 December 2019.
The now obligatory recognition of assets (right-of-use) and debts (lease liabilities) for operating leasing and the rental of office, production and storage buildings, machinery and vehicles has an effect of EUR 15,151 k as of 1 January 2019, which results in an increase in non-current and total assets, as well as net financial debt on the initial application date. Owing to the simplification and exemption rule of the standard, shortterm leases with a term of less than twelve months and the leasing and rental of low-value underlying assets are not recognised. As from the initial adoption of the standard, the type of expenses in connection with these leases and tenancies will also change, as IFRS 16 replaces the linear depreciation of a right-of-use and interest expense for the lease liability. The anticipated depreciation charge of the right-of-use for the 2019 financial year will amount to EUR 4,598 k and the interest expense to EUR 75 k.
The recognition of a depreciation of a right-of-use and interest instead of a leasing expense will result in an improvement in EBITDA and EBIT. However, at present conclusive, detailed quantification is not yet possible, as this would be based on numerous small contracts, which to date have not all be examined with regard to their applicability for the use of IFRS 16. The POLYTEC GROUP will first employ IFRS 16 on 1 January 2019 subject to the application of the modified, retrospective method. Therefore, the accumulated effect of initial application will be reported as an adjustment of the opening balance of the period under report without an adaptation of the preceding periods. The leasing liabilities will be reported at present value of the outstanding leasing payments and the right-of-use to the amount of the recognised leasing liability. The POLYTEC GROUP will use the practical expedient, which in line with IFRS 16 will be applied to all contracts concluded prior to 1 January 2019, which were defined as leases pursuant to IAS 17 and IFRIC 4. In addition, the exception rule was utilised according to which no initial direct costs need be included in the valuation of the right-of-use. Furthermore, leasing contracts, the term of which expires within twelve months of the date of the initial application, will be recognised as if shortterm contracts are involved and therefore will be excluded from the balance sheet. A single discount factor will also be applied for a portfolio of similar leasing agreements.
With regard to the future application of additional standards and interpretations that have not yet come into effect and are yet to be applied by the POLYTEC GROUP, no significant material changes to the reported assets, liabilities or other disclosures in the consolidated financial statements are expected.
POLYTEC 2018 | ANNUAL FINANCIAL REPORT | CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2018
The consolidated financial statements are presented in thousands of euros (EUR k). When collating rounded amounts and information given as a percentage, rounding differences may occur due to the use of automatic calculation systems.
The consolidated income statement of the group is prepared in accordance with the total cost accounting method.
Pursuant to § 245a UGB (Austrian Commercial Code), these consolidated financial statements replace the consolidated financial statements, which would otherwise have to be prepared in accordance with § 244 et seq. UGB.
The scope of consolidation is determined in accordance with the principles of IFRS 10 (Consolidated Financial Statements) and IAS 28 (Investments in Associates). The parent company is POLYTEC Holding AG, Hörsching. The financial statements of POLYTEC Holding AG and the financial statements of the companies controlled by POLYTEC Holding AG as at 31 December of each year are included in the consolidated financial statements by way of full or equity consolidation.
Control exists if the company has the power of decision over important activities, generates variable returns from the subsidiary and can influence these returns through such power of decision. Accordingly, in addition to the parent company, ten (previous year: ten) national and 33 (previous year: 35) international subsidiaries were included, which are under the control of POLYTEC Holding AG. The eight companies (previous year: seven), which were excluded, are also immaterial in total. The balance sheet date for all companies included in the consolidated financial statements was 31 December 2018.
An overview of the fully consolidated companies can be found in section G. 6.
As a rule, the annual financial statements of subsidiaries are included in the consolidated financial statements from the date of acquisition until the date of disposal. A subsidiary is first included when control of its assets and business activities is actually assigned to the respective parent company.
In the financial year under review, the scope of consolidation altered as follows:
| Scope of consolidation | Full consolidation |
|---|---|
| As at 31.12.2017 | 45 |
| Change of legal form | -1 |
| As at 31.12.2018 | 44 |
| thereof international companies | 33 |
As in the previous year, in 2018 no shares were included in the consolidated financial statements using the equity method.
No acquisitions were undertaken in 2018 or 2017.
In 2018, POLYTEC Automotive Verwaltungs GmbH (not consolidated in the previous year owing to immateriality) was merged with POLYTEC Deutschland Verwaltungs GmbH. In addition, POLYTEC Automotive GmbH & Co KG was accrued to POLYTEC Deutschland Verwaltungs GmbH.
The newly founded company, POLYTEC COMPOSITES South Africa (Pty.) Ltd. was excluded from the consolidated financial statements as at 31 December 2018 owing to immateriality.
In 2017, with backdated effect from 1 January 2017, POLYTEC Tooling GmbH & Co KG was merged with Polytec Plastics Germany GmbH & Co KG and PT Plastics GmbH was merged with Polytec Holding Deutschland GmbH.
IFRS 3 (Business Combinations) was applied to acquisitions. Capital consolidation was therefore carried out on the basis of the revaluation method (recognition of all assets and liabilities at fair value even in the case of non-controlling interests and the complete disclosure of hidden reserves, independent of the amount of the non-controlling interests). The investment carrying value was counterbalanced by the pro rata, newly evaluated equity of the subsidiary (purchase accounting).
Any remaining differences were capitalised as goodwill. Goodwill occurring prior to 1 January 2005 was reported with the carrying amount as at 31 December 2004. All goodwill is subjected to an annual impairment test.
Should the acquisition costs be lower than the net assets, the liabilities-side difference (badwill) is recognised in the income statement of the acquisition period.
As in the past year, non-controlling interests are disclosed in the consolidated financial statements under group equity in accordance with IFRS 10.
All accounts receivables and payables, as well as expenses and earnings resulting from transactions between companies within the scope of consolidation are eliminated while taking the principle of materiality into account. Interim results from internal group deliveries are also eliminated where they are material.
In the individual group companies, transactions in foreign currencies were valued at the exchange rate on the date of the transaction. Monetary assets and liabilities in foreign currencies are converted at the exchange rate on the balance sheet date. Resulting exchange rate differences are reported in the group's consolidated income statement.
The functional currency of subsidiaries outside the eurozone is the corresponding national currency. Assets and liabilities of international subsidiaries were converted using the reference exchange rate of the European Central Bank on the balance sheet date. Positions in the group's consolidated income statement were converted using the average exchange rates of the financial year under review.
Exchange rate differences derived from monetary positions, which from an economic point of view belong to an international company, e.g. long-term receivables and loans, are netted against group equity without an effect upon income and reported under the position "Currency translation".
The following currency exchange rates were used:
| Average exchange rate | Exchange rate on the balance sheet date |
|||
|---|---|---|---|---|
| 2018 | 2017 | 31.12.2018 | 31.12.2017 | |
| GBP | 0.8859 | 0.8753 | 0.8945 | 0.8872 |
| CNY | 7.8125 | 7.6511 | 7.8751 | 7.8044 |
| TRY | 5.5556 | 4.1271 | 6.0588 | 4.5464 |
| HUF | 322.5806 | 312.5000 | 320.9800 | 310.3300 |
| USD | 1.1781 | 1.1349 | 1.1450 | 1.1993 |
| CZK | 25.7069 | 26.2467 | 25.7240 | 25.5350 |
The POLYTEC GROUP measures financial instruments at either amortised cost or fair value. Fair value is defined through the amount that would be received in an orderly business transaction between market participants on the valuation date for the sale of an asset, or paid for the transfer of a debt. During the measurement of fair value it is assumed that the business transaction in the course of which the asset sale or debt transfer occurs takes place on the main market for the asset or the debt, or should a main market not exist, on the most advantageous market. The POLYTEC GROUP measures fair value using the assumptions employed by the market participants as a basis for pricing. It is assumed that the market participants act in their best business interests.
During the measurement of the fair value of a non-financial asset, the ability of the market participant to generate economic advantage through maximum and best asset use is accounted for.
Evaluation techniques are employed for the determination of fair value, which are appropriate under the respective conditions and provide sufficient data for fair value measurement, whereby if possible observable input factors are used.
Depending upon the significance of the influential factors included in the valuation, a differentiation is made between three fair value levels, which clarify the extent to which observable market data is available for fair value measurement.
The levels of the fair value hierarchy and their application with regard to assets and liabilities can be described as follows:
Listed market prices for identical assets or liabilities in active markets.
Information other than listed market prices, which are directly (e.g. prices) or indirectly (e.g. extrapolated from prices) observable.
Information regarding assets and liabilities that is not based on observable market data.
The principle of standardised accounting and evaluation is applied through directives that are valid throughout the entire group. Insubstantial deviations with regard to the individual financial statements of international group companies are retained. All financial statements are based on a going concern principle of the group.
Acquired: Intangible assets are valued at the cost of acquisition and subjected to scheduled amortisation and depreciation on a straight-line basis. The amortisation and depreciation rates range between 10.0% and 50.0%.
Expenses for research are shown as expenses in the year of their occurrence. Engineering costs also generally represent periodic expenses. These are capitalised when certain conditions can be proved and are cumulatively fulfilled. Among other aspects, it must be verifiable that engineering activities are very likely to result in the future accrual of funds, which not only cover standard costs, but also the related development expenses.
Goodwill is measured at the cost of acquisition less accumulated impairment losses (see also D. 9 Impairment).
Tangible assets are valued at the cost of acquisition or production less scheduled amortisation, or the lower achievable market price. Scheduled amortisation is determined using the straight-line method.
The following rates are used for the scheduled amortisation on depreciable tangible assets:
| Buildings and leasehold improvements | 2.5–20.0 |
|---|---|
| Technical equipment and machinery | 6.7–50.0 |
| Fixtures, fittings and equipment | 10.0–50.0 |
Interest on borrowed capital is not capitalised, as no substantial borrowing costs were incurred that are directly attributable to a qualified asset.
Inventories are reported at their acquisition or production costs, or the lower net realisable value on the balance sheet date. The determination of acquisition and production costs is performed for similar assets in accordance with the weighted average cost method, or comparable methods. Production costs only include directly attributable costs and proportionate overhead costs. Interests on borrowed capital are not capitalised, as no substantial borrowing costs are incurred that are directly attributable to qualifying assets. The risk derived from obsolete inventory stocks is accounted for by appropriate reductions in the carrying value, in order to approximately represent the net sales price.
The costs of engineering services and tooling are reported as inventories where no enforceable contractual claim to reimbursement exists, but nevertheless such expenses can be allocated directly to an ongoing or future series production order. In accordance with IFRS 15 (costs of fulfilling a contract) these contractual costs are capitalised and recognised in profit and loss as an expense over the contractual period. In such cases the surcharges imposed upon the component price for development services and tooling production are first recognised as sales revenues upon delivery of the serial products. Impairment is undertaken where the capitalised contractual costs exceed the expected compensation from the customer.
Receivables are capitalised at the cost of acquisition.
Apart from the standard valuation of receivables on the basis of a past analysis and an estimate of future developments, which takes into account default, country risk and existing loan insurance, in the case of an individual impairment, the likelihood of a payment receipt is also evaluated. In particular, experiences with the customers, their creditworthiness, any hedging and the inclusion in the factoring programme with related loan insurance are taken into consideration. Notes regarding value adjustments and corrections resulting from price differences are shown in item E. 12.
The revenue and result realisation of a contract with customers for the production of tooling and engineering services takes place in accordance with the percentage of completion method (period-based sales revenue recognition), to the extent that no possibility for alternative use and a right to payment including an appropriate margin exist. Progress is determined on the closing date on the basis of the ratio on the balance sheet date of the costs incurred to the estimated overall expense of the respective customer contract. Changes to the contractual work, the requirements and performance bonuses are included to the degree that their amount can be determined reliably and legal enforceability is given. The contractual asset values are reclassified as receivables if the rights become unreserved. As a rule, this occurs when the group presents the customer with an invoice.
Should it not be possible to reliably determine the result of customer contracts, the related income is only reported to the amount of the incurred contractual costs that are probably recoverable. Contractual costs are recognised as an expense in the period in which they occur. If it is anticipated that the entire contractual costs will exceed total contractual income, the anticipated loss is reported immediately as an expense (provision for impending losses).
If on the closing date the contractual costs plus recognised profits and minus recognised losses exceed the partial invoices, then the surplus from the construction contract is to be reported as contract assets. In the case of contracts in which the partial invoices exceed the incurred costs plus recognised gains and minus recognised losses, the surplus is to be reported as a contract liability. Amounts received prior to the provision of production performance are reported in the consolidated balance sheet as "Contract liabilities". Settled amounts for already completed performance that have not yet been paid by the customer are included in the consolidated balance sheet under the item "Trade accounts receivable" and as a rule are paid within a short deadline.
In the case of series parts, which do not offer an alternative possibility for use, the criteria for period-based sales revenue recognition are met when an order has already been received.
Regarding the contract assets and expected purchase volumes from contracts with customers, which in the course of the contractual period are reduced (amortisation receivables from tooling and engineering projects, admission fees and price reductions for ongoing orders), see D. 7 Other receivables.
Prior to the application of IFRS 15 tooling and engineering services were recognised as follows. If the result of a construction contract could be reliably estimated, the related contractual revenues and costs were recognised in accordance with the percentage of completion on the balance sheet date. Progress on the balance sheet date was determined on the basis of the ratio on the closing date of the order costs incurred to the estimated overall expense of the respective customer contract. Changes to the contractual work, the requirements and performance bonuses were included to the extent that their amount could be determined reliably and their receipt was deemed as probable.
Where it was not possible to reliably determine the result of customer contracts, the related income was only reported to the amount of the incurred contractual costs that were probably recoverable. Contractual costs were recognised as an expense in the period in which they occurred.
If it was anticipated that the entire contractual costs would exceed total contractual income, the anticipated loss was reported immediately as an expense.
If on the closing date the contractual costs plus recognised profits and minus recognised losses exceeded the partial invoices, then the surplus from the construction contract was to be reported with a positive balance relating to the customer. In the case of contracts in which the partial invoices exceeded the incurred costs plus recognised profits and minus recognised losses, the surplus was to be reported with a negative balance relating to the customer. Amounts received prior to the provision of production performance were reported in the consolidated balance sheet as "Trade accounts payable". Settled amounts for already completed performance that had not yet been paid by the customer were included in the consolidated balance sheet under the item "Trade accounts receivable".
Prior to the application of IFRS 15 revenues from the sale of series parts were recognised upon the date of the transfer of the risks and opportunities to the buyer.
The other receivables contain the contract assets and expected purchase volumes from contracts with customers, which in the course of the contractual period are reduced (amortisation receivables from tooling and engineering projects already accepted by the customer, admission fees and price reductions for ongoing orders).
Amortisation receivables from tooling and engineering projects already accepted by the customer and for which customer agreements to the offsetting of claims via a surcharge on the part price exist, are capitalised and paid during the settlement for serial parts.
Admission fees for order obtainment are capitalised and repaid over the duration of the customer contract received.
Price reductions on ongoing contracts relate to a lowering of the price for the series in production in the course of the allocation of a follow-up order by the customer. Following the conclusion of the follow-up order with the customer, the agreed price reduction for the ongoing series will be capitalised as an advance customer payment and paid upon the start of series production for the follow-up order.
Where existent, the reported other receivables include any derivative financial assets that show a positive market value and are classified as "measured at fair value through profit or loss".
Non-current receivables are recognised at cash value on the basis of an interest rate in line with the market.
Cash and cash equivalents consist of cash in hand, cheques and cash at banks.
Goodwill is subject to at least an annual impairment test shortly before the balance sheet date, or when there are indications to close. All other intangible and tangible assets are tested if indications of impairment exist.
For the purpose of impairment testing, POLYTEC GROUP assets that generate independent cash flow are combined on the lowest level (cash-generating units). Goodwill is assigned to those cash-generating units, which are expected to benefit from synergies and represent the lowest group level in managerial cash flow monitoring.
The Hörsching and Bromyard CGUs reported in the preceding year have now been transferred to the Car Styling CGU, as owing to a change in the managerial structures at the beginning of the 2018 financial year, the previously independently managed plants in Hörsching, Bromyard, Telford, Komlò, Schoten and Detroit are now under joint management. The Hörsching and Bromyard CGUs also would have demonstrated no impairment requirement as stand-alone units.
Impairment is deemed to exist if the recoverable amount of the asset, or of the cash-generating unit is lower than the carrying amount. The recoverable amount is the higher of the value in use and the fair value less selling costs.
The value in use of the asset corresponds to the present value of the estimated future cash flow from its continuing use, subject to a standard market interest rate before taxes and adjusted to the specific risks of the asset. Cash flows derive from the current planning approved by the Board of Directors and the Supervisory Board. The estimation of the future cash flow is based on a three-year planning horizon. A perpetual annuity based on the third year estimates is assumed for the period beyond this planning horizon. The interest rate used for calculating the present value corresponds with the weighted average capital costs of the cash-generating units.
Impairment expense is disclosed to the amount by which the carrying amount of the individual asset or the cash-generating unit exceeds the recoverable amount. The recoverable amount is the higher of the fair value less selling cost and the value in use. Impairment losses recognised with regard to cash-generating units to which goodwill has been allocated are first applied against the carrying amount of goodwill. Any remaining impairment expenses reduce the carrying amounts of the assets of the cash-generating unit on a pro rata basis.
Should the reasons for impairment cease to exist, corresponding write-ups are performed for tangible and intangible assets up to the amortised costs. Goodwill, which has been amortised due to impairment, is no longer written up.
Due to statutory obligations, employees of domestic group companies who joined the company prior to 1 January 2003 are entitled to a one-off severance payment in the event of the termination of their contract, or at the time of retirement. The payment amount depends upon the number of years of service and the relevant remuneration at the severance date. For all employment contracts concluded after 31 December 2002, payments are made to a company pension fund for employees and reported as an expense.
The provisions for severance payments are determined on the balance sheet date using the projected unit credit method, as well as by applying a discount rate of 1.70% (previous year: 1.50%) and allowing for future remuneration increases of 2.00% (previous year: 2.00%). A discount for employee turnover based on the years of service is included. The assumed uniform retirement age for men and women, taking into account certain temporary arrangements, is unchanged over the preceding year at 62. Service costs are divided over the entire period of service of employees from the date that they join the company until they reach the expected retirement age.
Pursuant to IAS 19, actuarial gains/losses are recognised under other comprehensive income in the year in which they occur. Current and past service costs are reported as personnel expenses in the consolidated income statement, while the interest expense related to provisions for severance payments is reported in the financial result.
Pension obligations exist for certain German group company employees. These obligations are reported in accordance with IAS 19. For this purpose, the current value of the defined benefit obligation (DBO) is determined. The pension provisions are calculated using the projected unit credit method, whereby depending on the distribution of the obligations to entitlements and liquid pensions, and owing to the specific regulations of the individual pension funds, a discount rate of 1.80% (previous year: 1.90%), as well as an increase of 2.00% (previous year: 2.00%) is applied. The 2018G – Dr. Klaus Heubeck tables (previous year: 2005G) are used for the actuarial calculations.
At the two operative Dutch companies, the entitlements of active pension scheme members are dealt with in the form of a defined contribution pension plan. The pension entitlements of former employees and beneficiaries are calculated as a percentage of the annual remuneration during each year of employment. These benefits are handled via an insurance company and are indexed on an ongoing basis in line with the specifications of the branch pension fund. Companies are obliged to make future contributions should the earnings of the insurer prove insufficient to finance the promised increases in benefits. The resultant provision for pensions is calculated in accordance with the projected unit credit method using a discount rate of 1.80% (previous year: 1.90%) and an increase of 2.00% (previous year: 2.00%). The AG2014 mortality tables are employed for the actuarial calculations.
In accordance with IAS 19, actuarial gains/losses are recognised under other comprehensive income in the year in which they occur. Current and past service costs are reported as personnel expenses in the consolidated income statement, while the interest expense related to provisions for pensions is reported in the financial result.
Three POLYTEC GROUP companies in Germany outsourced their performance-related pension commitments to a mutual insurance society (pension fund), which is monitored by the Federal Financial Supervisory Authority (BaFin). The insurance fund covers old-age, partial invalidity and survivors' benefits. Other insurances were not concluded. The pension fund insures both active and former employees from 28 company groups, which in order to fulfil their benefit obligations share joint liability. The pension fund invests the paid contributions and secures the fulfilment of benefit commitments. As at 30 June 2016, the POLYTEC GROUP terminated all future contribution payments and assumes future pension payments through internal financing (future services). Previously vested benefits (past services) remain in the pension fund. Owing to insufficient information from the pension fund regarding the status of the pension obligation, in accordance with IAS 19.34ff, the POLYTEC GROUP reports these as contribution-oriented plans. On the date of its annual financial statements on 31 December 2017, the pension fund disclosed assets of EUR 471 million (previous year: EUR 453 million) and obligations of EUR 461 million (previous year: EUR 446 million), and therefore equity of EUR 10 million (previous year: EUR 7 million). The POLYTEC GROUP holds a roughly 7% share of the net assets of the pension fund (previous year: 7%). For further information, see D. 18.
Owing to collective or other company agreements, employees are entitled to receive a certain bonus in line with their length of service. A provision has been formed for these obligations using the same amounts as those employed for pension obligations (with the exception of the discount for employee turnover).
Tax receivables are reported as netted against tax liabilities when they relate to the same fiscal authority and a possibility for netting is available.
The income tax expense (the income tax credit) includes both actual and deferred taxes.
The actual taxes for the individual companies are calculated on the basis of the taxable income of the company and the applicable tax rate in the respective country.
In particular, deferred taxes are recognised for temporary valuation differences between the IFRS and the tax balance of the individual companies, as well as for consolidation procedures. They are determined according to IAS 12 using the balance sheet liability method. Furthermore, the probable realisable tax advantage from existing loss carryforwards is included in the calculation. Deferred tax assets on loss carryforwards are formed to the extent that their utilisation can be expected within five years. The calculation of the deferred taxes is based on the standard national income tax rate.
The value of trade accounts payable results from the fair value of the services received at the time of their occurrence. Subsequently, these liabilities are valued at amortised cost.
Other liabilities, especially accrued interest-bearing liabilities, are reported with their repayment amount unless there is no substantial difference to fair value. Subsequent valuations are based on amortised acquisition costs using the effective interest method.
Provisions are formed when as a result of past transactions or events, legal or de facto obligations to a third party exist, which are likely to lead to an outflow of assets that can be reliably determined. Provisions are reported at the anticipated settlement amount with due regard to all the identifiable risks attached. Within this context, the settlement amount with the highest possible likelihood of occurrence is employed. Noncurrent provisions are discounted if the discount effect is material and the discounting period can be estimated reliably.
Provisions for contingent losses and potential risks consist of the provisions for contingent losses pursuant to IAS 37 and for disadvantageous contracts in accordance with IFRS 3.
During the measurement of the provisions for disadvantageous contracts pursuant to IFRS 3, the existing margins from current production projects are counterposed with a standard market margin. A negative deviation and hence the disadvantageous nature of the project are accounted for through the formation of a provision.
A provision for restructuring measures is recognised as soon as the group has approved a detailed and formal restructuring plan and the restructuring measures have either commenced or been announced publically. Future operational losses are not accounted for.
Financial assets and liabilities are recognised in the balance sheet should the group become a contractual party in relation to a financial instrument.
Financial assets are derecognised when the contractual rights from the assets expire, or the assets are transferred with all material rights and obligations. Financial liabilities are derecognised if the contractual obligations have been settled, deleted or have expired. Purchases and sales of financial instruments subject to customary market conditions are generally reported with the settlement date.
Financial assets are categorised as follows:
a. Financial assets measured at fair value through profit or loss b. Financial assets measured at amortised costs
Financial liabilities are categorised as follows:
Other possible categories pursuant to IFRS 9 are not applied and hedge accounting is also not employed.
Financial derivatives are only concluded for the hedging of basic business. Financial derivatives that do not correspond with hedge accounting pursuant to IFRS 9 are classified as assets or liabilities measured at fair value through profit or loss and recognised in the balance sheet at fair value. This corresponds with the current value, should one exist, or is determined using standard valuation methods employing the market data available on the valuation closing date. Fair value mirrors the estimated amount that the POLYTEC GROUP must pay or receive if this transaction were to be completed on the balance sheet date. Changes in value are immediately recognised in the consolidated income statement through profit and loss.
As far as period-based sales revenue recognition is concerned, see 6. Contract assets/liabilities from contracts with customers/construction contracts.
Operating expenses are recognised through profit and loss when the service is rendered or the expenses are incurred.
The interest result (expenses) includes the interest and interest equivalent expenses arising from debt financing and financial leasing transactions, as well as the interest components of the change in obligations to employees.
The interest result (revenues) includes the interest, dividends and similar revenues realised from the investment of funds and investment in financial assets. Interest income is realised proportional to time and the effective interest rate of the asset is taken into account. Dividend income is reported with effect from the date of the legal claim.
Profits and losses from the disposal of financial assets, impairment expenses from financial investments, exchange rate profits and losses in connection with financing activities, as well as the results from hedging transactions are reported in the other financial result.
The indirect method was selected for the consolidated cash flow from operating activities disclosed in the presentation of the group cash flow statement. The financial fund corresponds with the cash and cash equivalents and current funding.
The preparation of the consolidated financial statements requires that the management makes estimates and assumptions with regard to the application of accounting and evaluation principles, as well as potential future developments that might influence the reporting and value of the reported assets and liabilities, information regarding other obligations on the balance sheet date, and the recognition of income and expenses during the reporting period. The actual amounts to be realised in the future may deviate from these estimations.
In assessing the intrinsic value of goodwill, management makes estimates and future-related assumptions regarding the surplus inflows expected over the planning periods and the costs of capital of both the POLYTEC GROUP and individual cash-generating units. Such estimates are made in all good faith subject to the assumption that the group is a going concern. They are also based upon experience and take any remaining uncertainty into due account. However, changed assumptions or circumstances may necessitate corrections. First and foremost, the management sees an unpredictable risk as emanating from the impending developments in the UK as a result of the Brexit negotiations. This was accounted for by a marked reduction in the planned revenues and results. In order to demonstrate the impact of a change in the parameters used in the impairment test, a sensitivity analysis was carried out which is explained in greater detail under E. 8 Intangible assets and goodwill.
Revenue and result realisation for a customer contract for the production of tooling and engineering services takes place on the basis of the percentage of completion (period-based sales revenue recognition). This realisation is based on estimates that incorporate all the information available on the balance sheet date and subsequent changes are possible that can lead to asset value adjustments and exert a material influence upon the results from subsequent periods.
In assessing the recoverability of deferred tax assets, the management evaluates the likelihood that all deferred tax assets will be realised. The final realisation of deferred tax assets is dependent upon the generation of future taxable income in those periods during which temporary differences become deductible. If the company is unable to generate sufficient future taxable income, no deferred tax benefits from operating loss carryforwards can be recognised and their value has therefore to be adjusted correspondingly. The assumptions regarding future payment surpluses and the future result subject to tax are based on medium-term group planning. Assumptions concerning future payment surpluses, as well as future taxable results, are based on the medium-term planning of the group. Should these prove to be incorrect, this can have considerable effects on the assets reported in subsequent years. A sensitivity analysis has shown that, as in the preceding year, in comparison to medium-term planning a 10% reduction in taxable income would not result in any additional value adjustment to the deferred tax assets from loss carryforwards.
The estimation of the useful life of tangible assets is either based on experience values resulting from the operation of comparable plant, or a shorter anticipated product lifecycle.
The actuarial assessment of severance, pension and longservice obligations carried out by independent actuaries is based on a method that employs parameters such as the expected discount rate, increases in remuneration payments and pension contributions. In addition to the interest rate risk and the risk of a potential increase in remuneration payments and pension contributions, there is also a longevity risk. If the development of these relevant parameters differs significantly from the original expectations, this may have considerable effects upon the provisions and consequently upon the group's net expenses for severance payments and pension contributions. In order to present the impact of a change in the interest rate used to determine severance payment and pension obligations, a sensitivity analysis was carried out, which is explained in greater detail under E. 21 Obligations to employees.
In view of existing and threatened contingent funding commitments to a pension fund, a provision of EUR 981 k (previous year: EUR 1,818 k) was made in the "Other provisions" in the POLYTEC GROUP's consolidated financial statements. This amount was established on the basis of information provided by the management of the pension fund and relates to probable liquidity outflows prior to the restoration of the independent viability of the pension fund. The probable liquidity outflow derives from the restructuring plan drawn up by the pension fund management, which has been approved by the BaFin. Should the restructuring plan fail, the POLYTEC GROUP could be subject to a subsidiary liability to the former employer. At present, no material indications exist that point to a subsidiary liability becoming effective. In 2018, EUR 953 k were paid to the pension fund. A full repayment is anticipated for the 2019 financial year.
As compared to the previous year, the reporting of assets and liabilities, expenses and income, equity items and the cash flow in the cash flow statement remained basically unaltered in the 2018 financial year.
Provisions for other personnel expenses (royalties, other deferred costs, etc.) are no longer recognised as current provisions, but instead as current liabilities. This resulted in an adjustment to the previous year amounts in the balance sheet of EUR 8,508 k, as well as to a reclassification in the cash flow from operating activities of EUR 5,096 k. See E. 27 Current provisions.
Following a comprehensive analysis of the reporting and management structure, it was concluded that the POLYTEC GROUP is a one-segment group. Therefore, the obligatory operating segment reporting for a single segment in the 2018 financial year is limited to inter-segmental disclosures in accordance with IFRS 8.31 ff.
As an automotive industry supplier, the group naturally depends upon a small number of major customers. In 2018 and 2017, two respective customer groups provided more than 50% of the group's total sales. The VW Group accounted for EUR 219,529 k (previous year: EUR 229,337 k) of total sales, while sales to the Daimler Group amounted to EUR 104,107 k (previous year: EUR 103,201 k). All in all, three main customers provided roughly 58% of total sales in 2018 (previous year: 56%). Due to the extensive range of models and marques of these key accounters, which as a rule operate in both the passenger car and commercial vehicle sectors, in all three cases the customer-supplier relationship relates to each of the separately reported business areas, although to differing degrees.
The distribution of sales according to market areas is as follows:
| in EUR k | 2018 | 2017 |
|---|---|---|
| Passenger cars | 387,895 | 434,105 |
| Commercial vehicles | 174,730 | 165,054 |
| Non-automotive | 73,771 | 77,281 |
| Total | 636,397 | 676,440 |
The disclosures concerning geographical areas to be made at group level (depending on the location of customers' business premises) on the balance sheet dates can be summarised as follows:
| in EUR k | External sales | Intangible assets, goodwill and tangible assets |
||
|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |
| Austria | 26,362 | 23,438 | 92,734 | 87,603 |
| Germany | 360,331 | 383,097 | 84,327 | 83,974 |
| UK | 49,804 | 58,373 | 36,331 | 25,792 |
| Sweden | 34,799 | 37,431 | 0 | 0 |
| Rest of EU | 123,695 | 132,447 | 38,046 | 38,483 |
| Other countries | 41,407 | 41,654 | 18,104 | 19,348 |
| Group | 636,397 | 676,440 | 269,543 | 255,200 |
Period-based sales revenues are divided according to categories as follows:
| in EUR k | 2018 | 2017 |
|---|---|---|
| Part sales (serial production) and other sales |
571,735 | 605,844 |
| Tooling and engineering sales | 64,662 | 70,596 |
| Total | 636,397 | 676,440 |
| in EUR k | 2018 | 2017 |
|---|---|---|
| Income from the disposal of and additions to fixed assets excluding financial assets |
143 | 101 |
| Income from cost reimbursements | 907 | 610 |
| Grants and receivables | 119 | 294 |
| Commission | 34 | 230 |
| Income from rents | 722 | 670 |
| Income from the release of obsolete accruals |
800 | 464 |
| Subsequent income from company disposals |
1,979 | 0 |
| Other income | 2,604 | 1,897 |
| Total | 7,308 | 4,266 |
| in EUR k | 2018 | 2017 |
|---|---|---|
| Material expenses | 220,105 | 255,579 |
| Expenses for services received | 81,561 | 66,535 |
| Total | 301,666 | 322,114 |
| in EUR k | 2018 | 2017 |
|---|---|---|
| Wages and salaries | 157,191 | 156,221 |
| Expenses for leasing personnel | 22,463 | 23,496 |
| Statutory social expenses | 30,401 | 29,436 |
| Expenses for severance payments and pensions |
5,426 | 3,953 |
| Expenses for restructuring | 0 | 4,886 |
| Other personnel expenses | 2,307 | 1,510 |
| Total | 217,787 | 219,502 |
The expenses for severance payments and pensions also include expenses for contribution-oriented plans. For the Austrian companies within the group, these expenses amounted to EUR 273 k in the year under review (previous year: EUR 250 k).
The number of employees of the POLYTEC GROUP (including leasing personnel) was as follows:
| 2018 | 2017 | |
|---|---|---|
| Average number of employees | 4,465 | 4,527 |
| As at 31 December | 4,315 | 4,522 |
The number of employees of the POLYTEC GROUP (excluding leasing personnel) was as follows:
| 2018 | 2017 | |
|---|---|---|
| Average number of employees | 4,006 | 4,017 |
| As at 31 December | 3,965 | 4,046 |
The average numbers of POLYTEC Holding AG employees (excluding leasing personnel) and of the Austrian subsidiaries of the POLYTEC GROUP were as follows:
| 2018 | 2017 | |
|---|---|---|
| Blue-collar workers | 301 | 310 |
| White-collar employees | 198 | 181 |
| Total | 499 | 491 |
| in EUR k | 2018 | 2017 |
|---|---|---|
| Maintenance costs | 17,631 | 16,376 |
| Other operating costs | 11,036 | 11,473 |
| Other administrative costs | 6,455 | 5,710 |
| Outgoing freight | 5,624 | 7,263 |
| Rent for buildings | 3,782 | 4,617 |
| Other sales costs | 3,572 | 4,115 |
| Other rent and leasing costs | 4,848 | 4,638 |
| IT and communication costs | 4,422 | 4,042 |
| Legal and consulting costs | 4,010 | 3,513 |
| Miscellaneous other operating costs | 573 | 1,197 |
| Total | 61,953 | 62,943 |
The other operating costs also contain the following expenses for the services provided by the group auditors.
| in EUR k | 2018 | 2017 |
|---|---|---|
| Annual and group financial audit | 197 | 138 |
| Other services | 11 | 8 |
| Total | 208 | 146 |
| in EUR k | 2018 | 2017 |
|---|---|---|
| Interest income and income from securities |
270 | 640 |
| Interest component of pension commitments |
-466 | -400 |
| Other interest expenses | -3,192 | -3,391 |
| Other financial income | 117 | 143 |
| Total | -3,272 | -3,008 |
The interest component from pension commitments is a noncash item. All other interest expenses or interest income are largely cash items.
The net result according to valuation categories is as follows:
| in EUR k | Operating result | Financial result | |||
|---|---|---|---|---|---|
| Value | Currency | Result from fair value |
|||
| 31.12.2018 | adjustment | translation | Interest | measurement | Net result |
| Financial assets measured at amortised cost | -267 | 0 | 270 | 0 | 3 |
| Financial liabilities measured at amortised cost | 0 | 14 | -3,192 | 0 | -3,178 |
| Fair value through profit and loss (FVPL) | 0 | 0 | 0 | 107 | 107 |
| in EUR k | Operating result | Financial result | |||
|---|---|---|---|---|---|
| 31.12.2017 | Value adjustment |
Currency translation |
Interest | Result from fair value measurement |
Net result |
| Loans and receivables | -102 | 0 | 640 | 0 | 538 |
| Financial liabilities | 0 | 94 | -3,391 | 0 | -3,298 |
| Fair value through profit and loss | 0 | 0 | 0 | 117 | 117 |
| in EUR k | 2018 | 2017 |
|---|---|---|
| Expenses for current income taxes | 5,489 | 6,332 |
| thereof aperiodic | -394 | -196 |
| Changes in deferred income taxes | 1,295 | 6,778 |
| thereof aperiodic | -3,092 | -200 |
| Total | 6,784 | 13,110 |
| thereof aperiodic | -3,486 | -396 |
The income tax expense for the 2018 financial year amounting to EUR 6,784 k was EUR 2,416 k lower than the calculated income tax expense totalling EUR 9,200 k, which would have resulted from the application of a tax rate of 25% on the result before income tax of EUR 36,801 k.
The reasons for the difference between the calculated and the disclosed group income tax expense can be summarised as follows:
| in EUR k | 2018 | 2017 |
|---|---|---|
| Earnings before income tax | 36,801 | 52,070 |
| thereof 25% calculated income tax expense |
9,200 | 13,017 |
| Change in the value adjustment for deferred tax assets |
1,026 | 130 |
| Permanent differences and other changes | 38 | 453 |
| Differences from the discrepancy between the local and consolidated tax rates |
6 | -94 |
| Income tax expense for the reporting period |
10,270 | 13,506 |
| Aperiodic tax income from loss carryforward |
-4,321 | 0 |
| Aperiodic tax expense/income | 835 | -396 |
| Aperiodic tax income | -3,486 | -396 |
| Disclosed income tax expense | 6,784 | 13,110 |
The aperiodic tax income amounting to EUR 4,321 k results from past tax losses recognised for the first time in the financial year.
The classification of the intangible assets shown in the consolidated balance sheet and their development are as follows:
| in EUR k | Rights Goodwill | Advance payments made |
Total | |
|---|---|---|---|---|
| Acquisition costs | ||||
| As at 1.1.2017 | 9,406 | 45,508 | 0 55,715 | |
| Change in the scope of consolidation |
0 | 0 | 0 | 0 |
| Currency translation differences |
-9 | 0 | 0 | -9 |
| Additions | 1,010 | 0 | 742 | 1,752 |
| Disposals | -100 | 0 | 0 | -100 |
| Transfers | 0 | 0 | 0 | 0 |
| As at 31.12.2017 | 10,307 | 45,508 | 742 57,358 |
| As at 1.1.2018 | 10,307 | 45,508 | 742 57,358 | |
|---|---|---|---|---|
| Change in the scope of consolidation |
0 | 0 | 0 | 0 |
| Currency translation differences |
0 | 0 | 0 | 0 |
| Additions | 1,790 | 0 | 1,983 | 3,773 |
| Disposals | -53 | 0 | 0 | -53 |
| Transfers | 103 | 0 | -103 | 0 |
| As at 31.12.2018 | 12,147 | 45,508 | 2,622 61,078 |
| Accumulated depreciation | ||||
|---|---|---|---|---|
| As at 1.1.2017 | 7,038 | 26,328 | 0 34,167 | |
| Change in the scope of consolidation |
0 | 0 | 0 | 0 |
| Currency translation differences |
-8 | 0 | 0 | -8 |
| Scheduled amortisation | 990 | 0 | 0 | 990 |
| Impairments | 0 | 0 | 0 | 0 |
| Disposals | -81 | 0 | 0 | -81 |
| Transfers | 0 | 0 | 0 | 0 |
| Revaluations | 0 | 0 | 0 | 0 |
| As at 31.12.2017 | 7,939 | 26,328 | 0 35,068 |
| As at 1.1.2018 | 7,939 | 26,328 | 0 35,068 | |
|---|---|---|---|---|
| Change in the scope of consolidation |
0 | 0 | 0 | 0 |
| Currency translation differences |
3 | 0 | 0 | 3 |
| Scheduled amortisation | 1,578 | 0 | 0 | 1,578 |
| Impairments | 0 | 0 | 0 | 0 |
| Disposals | -53 | 0 | 0 | -53 |
| Transfers | 0 | 0 | 0 | 0 |
| in EUR k | Rights Goodwill | Advance payments made |
Total | |
|---|---|---|---|---|
| Revaluations | 0 | 0 | 0 | 0 |
| As at 31.12.2018 | 9,467 | 26,328 | 0 36,596 | |
| Carrying amount as at 31.12.2017 |
2,368 | 19,180 | 742 22,290 | |
| Carrying amount as at 31.12.2018 |
2,680 | 19,180 | 2,622 24,482 |
The research and development expenses of the group during the financial year amounted to approximately EUR 12,669 k (previous year: EUR 14,468 k).
As in the preceding year, the impairment tests showed no need for goodwill impairment. This also applies to the other intangible assets.
Goodwill is allocated to the following cash-generating units (CGUs) as follows:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| CGU Car Styling | 12,643 | 12,643 |
| CGU Industrial | 6,537 | 6,537 |
| Total | 19,180 | 19,180 |
The recoverable amount for the CGUs, to which goodwill has been allocated, was determined on the basis of a discounted cash flow method. The underlying methods and assumptions employed are explained under D. 9.
The impairment tests were based on the following assumptions:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Cash flow planning period | 3 years | 3 years |
| Long-term perpetuity growth rate | 0% | 0% |
| Discount rate (WACC) before taxes – Car Styling |
11.8% | 12.0% |
| Discount rate (WACC) before taxes – Industrial |
13.9% | 12.1% |
A sensitivity analysis showed that subject to unchanged parameters, in the case of a reduction in the planned free cash flow of 10%, the carrying values of goodwill would also be covered and no impairment requirement would exist. Equally, in the case of an increase in the discount rate of 1% the carrying value of goodwill would be covered and no impairment requirement would result.
The classification of the tangible assets shown in the consolidated balance sheet and their development is as follows:
| Technical equipment |
Fixtures, | Advance payments made and |
|||
|---|---|---|---|---|---|
| in EUR k | Land and buildings |
and machinery |
fittings and equipment |
assets under construction |
Total |
| Costs of acquisition | |||||
| As at 1.1.2017 | 145,503 | 237,244 | 65,777 | 10,203 | 458,728 |
| Change in the scope of consolidation | 0 | 0 | 0 | 0 | 0 |
| Currency translation differences | -172 | 46 | -40 | -141 | -307 |
| Additions | 450 | 6,486 | 4,247 | 25,419 | 36,602 |
| Disposals | -205 | -8,919 | -1,056 | -799 | -10,979 |
| Transfers | 1,498 | 9,983 | 528 | -12,009 | 0 |
| As at 31.12.2017 | 147,074 | 244,840 | 69,456 | 22,673 | 484,044 |
| As at 1.1.2018 | 147,074 | 244,840 | 69,456 | 22,673 | 484,044 |
| Change in the scope of consolidation | 0 | 0 | 0 | 0 | 0 |
| Currency translation differences | -278 | -340 | -14 | 5 | -627 |
| Additions | 5,350 | 11,453 | 4,900 | 17,151 | 38,854 |
| Disposals | 0 | -7,071 | -7,286 | -226 | -14,583 |
| Transfers | 12,230 | 13,882 | 582 | -26,694 | 0 |
| As at 31.12.2018 | 164,376 | 262,764 | 67,638 | 12,909 | 507,688 |
| Accumulated depreciation | |||||
| As at 1.1.2017 | 21,365 | 163,492 | 49,678 | 0 | 234,535 |
| Change in the scope of consolidation | 0 | 0 | 0 | 0 | 0 |
| Currency translation differences | -47 | -266 | -25 | 0 | -338 |
| Scheduled amortisation | 3,959 | 18,348 | 4,183 | 0 | 26,490 |
| Impairments | 0 | 0 | 0 | 0 | 0 |
| Disposals | -127 | -8,537 | -890 | 0 | -9,554 |
| Transfers | 0 | 0 | 0 | 0 | 0 |
| As at 31.12.2017 | 25,150 | 173,037 | 52,946 | 0 | 251,133 |
| As at 1.1.2018 | 25,150 | 173,037 | 52,946 | 0 | 251,133 |
| Change in the scope of consolidation | 0 | 0 | 0 | 0 | 0 |
| Currency translation differences | -137 | -110 | -5 | 0 | -252 |
| Scheduled amortisation | 4,050 | 16,989 | 4,330 | 0 | 25,369 |
| Impairments | 0 | 0 | 0 | 0 | 0 |
| Disposals | 0 | -6,616 | -7,008 | 0 | -13,624 |
| Transfers | 0 | 0 | 0 | 0 | 0 |
| As at 31.12.2018 | 29,063 | 183,300 | 50,263 | 0 | 262,626 |
| Carrying amounts as at 31.12.2017 | 121,924 | 71,803 | 16,510 | 22,673 | 232,910 |
| Carrying amounts as at 31.12.2018 | 135,313 | 79,464 | 17,375 | 12,909 | 245,062 |
"Land and buildings" contains a real property value of EUR 35,220 k (previous year: EUR 33,223 k).
As at 31 December 2018, the obligations relating to unpaid orders for the delivery of tangible assets amounted to EUR 14,135 k (previous year: EUR 15,889 k).
As at 31 December 2018, the future expenses from non-terminable operating leasing agreements amounted to EUR 15,907 k (previous year: EUR 12,511 k) and are due as follows:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Within one year | 5,772 | 4,629 |
| Longer than one year and within five years | 10,135 | 7,882 |
| Longer than five years | 0 | 0 |
In the 2018 financial year, the rental costs from operating leasing agreements amounted to EUR 8,630 k (previous year: EUR 9,255 k).
Tangible assets include capitalised finance lease goods (financial leasing) with a carrying amount of EUR 191 k (previous year: EUR 1,667 k). The most important financial leasing agreements relate to production plants. Following the expiry of the minimum lease period, purchase options are available for the vast majority of the financial leasing agreements.
Capitalised financial leasing goods result in leasing obligations towards third parties totalling EUR 196 k (previous year: EUR 1,745 k). The reported leasing obligations (current values including redemption for residual value) are due as follows:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Within one year | 144 | 1.432 |
| Longer than one year and within five years | 52 | 313 |
| Longer than five years | 0 | 0 |
Leasing payments (without redemption for residual value) corresponding to present values amount to EUR 125 k (previous year: EUR 1,041 k) and are due as follows:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Within one year | 125 | 916 |
| Longer than one year and within five years | 0 | 125 |
| Longer than five years | 0 | 0 |
As in the previous year, in the 2018 financial year no tangible asset impairments or write-ups were undertaken.
Tangible assets with a carrying value of EUR 89,514 k (previous year: EUR 91,503 k) were mortgaged or pledged as a surety for bank liabilities totalling EUR 15,016 k (previous year: EUR 20,645 k).
The deviation between the amounts stated in the tax and IFRS balance sheets result from the following differences and take effect on deferred taxes as follows:
| in EUR k | 31.12.2018 | 31.12.2017 | ||
|---|---|---|---|---|
| Assets | Liabil ities |
Assets | Liabil ities |
|
| Non-current assets | 1,853 | 2,089 | 3,868 | 2,471 |
| Loss carryforwards | 4,675 | 0 | 1,136 | 0 |
| Trade accounts receivable | 0 | 71 | 0 | 192 |
| Receivables from construction contracts |
0 | 0 | 0 | 4,070 |
| Contract assets | 0 | 5,367 | 0 | 0 |
| Other assets | 0 | 3,014 | 9 | 1,876 |
| Provisions for pensions | 2,698 | 0 | 2,619 | 0 |
| Provisions for severance payments |
654 | 0 | 1,034 | 0 |
| Other provisions for personnel |
106 | 20 | 36 | 0 |
| Leasing liabilities | 14 | 0 | 432 | 0 |
| Liabilities from construction contracts |
0 | 0 | 813 | 0 |
| Contract liabilities | 538 | 0 | 0 | 0 |
| Other provisions | 2,053 | 0 | 2,873 | 0 |
| Other liabilities | 364 | 0 | 490 | 106 |
| Subtotal | 12,956 | 10,560 | 13,309 | 8,715 |
| Offsetting due to identical tax authorities |
-4,731 | -4,731 | -5,636 | -5,636 |
| Deferred taxes pursuant to the balance sheet |
8,225 | 5,829 | 7,674 | 3,080 |
In 2018, group companies reported net deferred tax assets on temporary differences and loss carryforwards totalling EUR 8,225 k (previous year: EUR 7,674 k). These were regarded as realisable, as on the basis of current medium-term planning it is assumed that these companies will generate taxable profits in future.
As at 31 December 2018, group income tax loss carryforwards totalled EUR 36,772 k (previous year: EUR 17,923 k) and demonstrated the following structure:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Total | 36,772 | 17,923 |
| of which capitalised loss carryforwards |
20,407 | 7,435 |
| of which carryforwards applicable for an unlimited period |
20,407 | 7,435 |
| of which non-capitalised loss carryforwards |
16,364 | 10,488 |
The increase in loss carryforwards resulted from an amount of EUR 17,282 k emanating from past tax losses, which were recognised for the first time during the financial year.
No deferred tax assets were recognised for deductible tax loss carryforwards amounting to EUR 16,364 k (previous year: EUR 10,488 k), as a future taxable result, against which unused tax losses can be employed, is currently assessed as being insufficiently guaranteed. This equates to deferred tax assets of EUR 3,043 k (previous year: EUR 2,225 k).
In accordance with IAS 12.39, no deferred taxes were created for temporary differences in connection with shares in subsidiaries amounting to EUR 26,071 k (previous year: EUR 25,519 k), as it could be assumed on 31 December 2018 that the differences between the valuation of investments for tax purposes and the pro rata equity of subsidiaries included in the consolidated financial statements would remain tax-free for the foreseeable future.
The deferred taxes contain deferred tax assets recognised in equity amounting to EUR 1,971 k (previous year: EUR 2,056 k) and deferred tax liabilities recognised in equity amounting to EUR 0 k (previous year: EUR 0 k).
Inventories are structured as follows:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Raw materials and supplies | 35,330 | 29,537 |
| Unfinished goods | 5,726 | 17,283 |
| Advance payments received | -1,340 | -1,029 |
| Finished goods and merchandise | 282 | 17,228 |
| Advance payments made | 1,633 | 259 |
| Total | 41,632 | 63,278 |
The unfinished goods totalling EUR 5,726 k (1.1.2018: EUR 5,742 k) relate to contractual costs pursuant to IFRS 15 in connection with engineering services and tooling without a customer agreement. No impairment for contractual costs occurred in the 2018 financial year.
The change (balance from formation and reversal) in the impairment losses on inventories recognised through profit and loss amounted to minus EUR 204 k in the year under review (previous year: EUR 2,441 k). Inventories that were recognised as material expenses in the reporting period amounted to EUR 291,083 k (previous year: EUR 307,619 k).
In the case of inventories with a carrying value of EUR 4,266 k (previous year: EUR 4,277 k), realisation is first anticipated after twelve months.
As in the previous year, no inventories were transferred as collateral or pledged as a surety for financial liabilities.
Owing to the initial application of IFRS 15 unfinished and finished goods relating to serial production were reclassified to contract assets. As a result, an impairment to the contract assets recognised in profit and loss, amounting to EUR 1,314 k, was also reclassified.
The existing provisions for impairments to trade accounts receivable developed as follows in the financial year under review:
| in EUR k | 2018 | 2017 |
|---|---|---|
| As at 1.1. | 2,891 | 3,702 |
| Use | -348 | -892 |
| Release | -95 | -288 |
| Allocation | 362 | 390 |
| Foreign exchange rate differences | 0 | -21 |
| As at 31.12. | 2,810 | 2,891 |
The impairment provisions contain individual valuation adjustments and price differences (Level 3). Owing to the low loss quotas of the past, further pro rata impairment provisions can be regarded as insignificant. According to estimates made by the management, there are no substantial differences between the carrying amount and the current value of accounts receivable.
Since the 2008 financial year, factoring agreements have existed owing to which, banks and factoring companies are obliged to purchase certain POLYTEC GROUP trade account receivables with a monthly rotating nominal volume. For the receivables sold, once the purchase has been completed the default risk linked to the receivables (del credere risk) passes without recourse to the purchasing bank or factoring company.
As at 31 December 2018, the factoring agreements had a maximum usable nominal volume totalling EUR 60,000 k (previous year: EUR 45,000 k). On the balance sheet date, receivables amounting to EUR 27,843 k (previous year: EUR 15,693 k) had been sold and derecognised from the consolidated financial statements in accordance with IFRS 9.
As at 31 December 2018, the non-advanced amount of EUR 10,540 k (previous year: EUR 7,418 k) was disclosed under "Trade accounts receivable". Owing to the short-term nature and good creditworthiness of the receivables, the carrying value may be regarded as a reliable approximate figure for fair value.
Owing to the initial application of IFRS 15, receivables from construction contracts and service transactions, which pursuant to IFRS 15 are subject to period-based sales revenue recognition, are now reported in the balance sheet under the position "Contract assets". In addition, the contract assets also include those unfinished and finished goods which, owing to customised production, according to IFRS 15 are also subject to periodbased sales revenue recognition.
The contract assets are thus divided as follows:
| in EUR k | 31.12.2018 | 1.1.2018 |
|---|---|---|
| Unfinished customised goods (serial production) |
12,768 | 12,509 |
| Finished customised goods (serial production) |
17,848 | 18,089 |
| Tooling and engineering activities | 55,876 | 43,050 |
| Contract assets | 86,491 | 73,648 |
The contract liabilities totalling EUR 2,382 k (1.1.2018: EUR 4,802 k) consist of advance payments received concerning tooling and engineering activities. In the 2018 financial year, the sum of EUR 4,802 k reported as contract liabilities at the beginning of the period was recognised as sales revenue.
As permitted by IFRS 15, no information is provided regarding the outstanding payment obligations as at 31 December 2018 which have an anticipated, original term of one year or less.
Owing to the low default quotas of the past, the default risk can be seen as negligible. For details regarding impairment provisions, we would refer you to G. 2 Risk reporting.
The amount of the contract assets as at 31 December 2018 was influenced by a value impairment of EUR 1,314 k.
With regard to the contract assets and expected purchase volumes from contracts with customers, which in the course of the contractual period are reduced (amortisation receivables from tooling and engineering projects, admission fees and price reductions for ongoing orders), please see E. 14 Other receivables.
The composition of the receivables and liabilities from construction contracts is as follows:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Costs incurred up to the reporting date and allocated profits (less reported losses) |
0 | 115,569 |
| Less: advance payments received | 0 | -77,321 |
| Recognised as receivables or liabilities in the financial statements |
0 | 38,248 |
| Receivables from realised tooling and engineering sales, where these exceed the advance payments received |
0 | 43,050 |
| Advance payments received for tooling and engineering projects, where these exceed the realised revenues |
0 | -4,802 |
| Total | 0 | 38,248 |
The other current receivables contain the following contract assets:
| in EUR k | 31.12.2018 | 1.1.2018 |
|---|---|---|
| Amortisation receivables | 4,802 | 5,457 |
| Admission fees | 8,876 | 5,135 |
| Price reductions on ongoing contracts | 3,427 | 1,315 |
| Total | 17,105 | 11,907 |
At the latest, the realisation of contract assets takes place within the production cycle underlying the respective customer order.
In addition, tax receivables, supplier commission and sureties are disclosed under this item of which EUR 5,433 k (previous year: EUR 5,217 k) represent financial receivables.
Owing to the low default quotas of the past, default risk for contract assets and other financial receivables can be seen as negligible. No impairments were undertaken. For details regarding impairment provisions, we would refer you to G. 2 Risk reporting.
The current interest-bearing receivables derive mainly from Boshoku Automotive and result from the sale of the interior systems business area. In the course of the 2018 financial year, the lawsuit was concluded successfully through an out-ofcourt settlement.
On the balance sheet date, none of the amounts included in this item were subject to restrictions as to their use.
In the valuation categories contained in IFRS 9 as at 31 December 2018 and 31 December 2017 respectively, the carrying amount of financial assets disclosed at amortised cost represents a reasonable approximation of fair value. All the fair values of financial assets are allocated to Level 3 of the measurement hierarchy.
Cash and cash equivalents, trade accounts receivable and other financial receivables largely have short residual terms. Therefore, the carrying amounts of these assets correspond approximately with the fair value on the balance sheet date, taking into account the creditworthiness of the contractual parties. The default risk is accounted for by the formation of provisions.
On the balance sheet date POLYTEC Holding AG share capital amounted to EUR 22,330 k (previous year: EUR 22,330 k) divided into 22,329,585 ordinary shares (previous year: 22,329,585 ordinary shares) with a nominal value of EUR 1.00 each. The share capital is fully paid in.
The buyback of the 334,041 treasury shares held on the balance sheet date (equates to 1.5% of share capital) at an acquisition value of EUR 1,855 k and a market value on the reporting date of EUR 2,799 k (previous year: EUR 6,180 k) took place in its entirety in accordance with the buyback programme approved at the Annual General Meetings held on 16 May 2012 and 14 May 2014.
| Shares | Treasury shares |
Shares in circulation |
|
|---|---|---|---|
| 31.12.2017 | 22,329,585 | -334,041 | 21,995,544 |
| Change in treasury share portfolio |
0 | 0 | 0 |
| 31.12.2018 | 22,329,585 | -334,041 | 21,995,544 |
Authorised capital was agreed with the passing of a resolution by the Annual General Meeting held on 19 May 2016. With the consent of the Supervisory Board, at the latest three years after the entry of the authorised capital, the Board of Directors is empowered to increase share capital by a nominal amount of EUR 6,698,875.00 through the issue of new shares at a minimum price of EUR 1.00 each. The issue of the new shares may also take place subject to the preclusion of the subscription rights of shareholders.
The capital reserves emanate from premiums in connection with capital increases and are therefore entirely committed.
The following table shows summarised financial information regarding all non-controlling interests prior to intra-group eliminations. For reasons of materiality, it is presented on an aggregate basis for all non-controlling interests.
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Non-current assets | 17,558 | 17,211 |
| Current assets | 10,901 | 8,165 |
| Non-current liabilities | -611 | -627 |
| Current liabilities | -3,306 | -3,197 |
| Net assets | 24,542 | 21,551 |
| Share of equity/voting rights non-controlling interests |
30% | 30% |
| Carrying amount of interests without controlling influence |
7,363 | 6,465 |
| Pro rata profit of interests without a controlling interest |
897 | 716 |
| Pro rata other comprehensive income of interests without a controlling interest |
0 | 0 |
| Dividends on interests without a controlling interest |
0 | 540 |
| in EUR k | 2018 | 2017 |
| Cash flow from operating activities | 2,753 | 4,173 |
| Cash flow from investing activities | -1,213 | -1,357 |
| Cash flow from financing activities | 197 | -2,710 |
The main objectives of the POLYTEC GROUP's capital management strategy are to safeguard business operations, increase goodwill, provide a solid capital basis to finance a profitable growth path and guarantee capital service and attractive dividend payments.
POLYTEC Holding AG is subject to the statutory minimum capital requirements of Austrian corporation law. Statutory minimum capital requirements do not apply. Nonetheless, the group considers a solid equity base as a key element in insolvency prevention. The ratio between equity capital and total capital can be summarised as follows:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Total equity | 238,007 | 217,493 |
| Balance sheet total | 557,636 | 516,453 |
| Equity ratio | 42.7% | 42.1% |
For the POLYTEC GROUP, the term capital management means the control of equity capital and net financial liabilities. The POLYTEC GROUP's net financial liabilities are centrally monitored and steered. The main objectives in this regard include securing long-term liquidity, the efficient use of debt financing and the adoption of appropriate measures for financial risk mitigation in tandem with the optimisation of both earnings and costs.
Apart from the equity ratio, the POLYTEC GROUP mainly employs the gearing and return on capital employed (ROCE) parameters for the monitoring of its capital. The entire costs of the capital employed and the risks related to the different types of capital are monitored on a permanent basis.
The POLYTEC GROUP aims to maintain a sustainable equity ratio of more than 30%. A small deviation from this target equity ratio would only be acceptable temporarily in cases of strategically important M&A transactions.
Gearing is defined as the ratio of net financial liabilities (non-current and current financial liabilities less cash and cash equivalents and interest-bearing receivables) to equity capital. Appropriate control instruments consist primarily of the issuance and repayment of financial liabilities, as well as the consolidation of the equity base through the retention of earnings or the adjustment of dividend payments. The POLYTEC GROUP management now regards a gearing ratio of 1.00 as being lastingly solid.
Gearing developed as follows:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Financial liabilities1) | 175,383 | 139,932 |
| - Cash and cash equivalents | 73,572 | 56,899 |
| - Interest-bearing receivables | 0 | 4,286 |
| Net financial liabilities (-)/(+) assets | -101,811 | -78,747 |
| / Equity carrying amount | 238,007 | 217,493 |
| Gearing | 0.43 | 0.36 |
1) Non-current and current interest-bearing liabilities
Net financial liabilities increased largely due to the issue of promissory note loans, which amongst other purposes were employed for the financing of investments and working capital in the course of customer projects. The higher level of cash and cash equivalents could not fully compensate for a rise in the gearing ratio to a value of 0.43.
ROCE is defined as the ratio between EBIT and the average capital employed. The capital employed includes the non-current operating assets (intangible and tangible assets, goodwill, and other non-current receivables) less other non-current provisions and net working capital (non-interest bearing current assets less non-interest bearing current liabilities).
ROCE represents the most important calculation parameter for the vast majority of the POLYTEC GROUP's executive bonus plans. ROCE developed as follows:
| in EUR k | 2018 | 2017 |
|---|---|---|
| Average capital employed | 341,770 | 297,495 |
| EBIT | 40,073 | 55,078 |
| Return on capital employed (in %) | 11.7 | 18.5 |
The ROCE target amounts to at least 15%.
The POLYTEC GROUP's dividend policy is oriented towards profitability, strategic growth perspectives and the group's capital requirements.
Pursuant to IAS 33 (Earnings per Share), basic earnings per share result from the division of the net income for the period due to the shareholders (net income after income taxes and non-controlling interests) by the weighted average number of ordinary shares outstanding during the reporting period.
| Unit | 2018 | 2017 | |
|---|---|---|---|
| Net income after income taxes and non-controlling interests |
EUR k | 29,120 | 38,244 |
| Average number of ordinary shares issued |
Shares | 22,329,585 | 22,329,585 |
| Average number of treasury shares |
Shares | 334,041 | 334,041 |
| Average number of shares in circulation |
Shares | 21,995,544 | 21,995,544 |
| Earnings per share | EUR/share | 1.32 | 1.74 |
The diluted earnings per share equate to the non-diluted earnings per share, as no financial instruments with a dilutive effect are currently in circulation.
In accordance with the provisions of the Austrian Stock Corporation Act, the separate financial statements of POLYTEC Holding AG prepared in accordance with the Austrian accounting regulations as at 31 December 2018 provide the basis for the payment of a dividend.
At the Ordinary Annual General Meeting held on 16 May 2018, a resolution was passed approving the payment of a dividend of EUR 0.45 per share for the 2017 financial year (dividend payment date: 24 May 2018).
The Board of Directors of POLYTEC Holding AG will propose to the Annual General Meeting the payment of a dividend of EUR 0.40 per share for the 2018 financial year.
In principle, dividends are subject to the deduction of a capital gains tax of 27.5%. For individuals subject to unlimited tax liability, this means that their income tax is settled (final taxation). Corporations subject to unlimited corporate income tax liability, which hold at least 10% of share capital, are exempt from the capital gains tax. For individuals subject to limited tax liability, all relevant double taxation treaties must be taken into due account.
This item includes all interest-bearing liabilities with a residual term of more than one year and can be structured as follows:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Promissory note loans | 115,739 | 108,261 |
| thereof with a residual term > 5 years | 21,000 | 9,000 |
| Bank loans | 11,255 | 17,242 |
| thereof with a residual term > 5 years | 161 | 998 |
| thereof with collateral securities | 7,482 | 11,695 |
| Other interest-bearing liabilities | 0 | 516 |
| thereof with a residual term > 5 years | 0 | 0 |
| Interest-bearing financial liabilities | 126,994 | 126,019 |
| Leasing liabilities | 52 | 313 |
| thereof with a residual term > 5 years | 0 | 0 |
| Total | 127,046 | 126,332 |
The group's expiring non-current and current interest-bearing liabilities to banks exist in the following currencies:
| in EUR k | 2018 | 2017 | ||
|---|---|---|---|---|
| Share % |
Average nominal interest |
Share % |
Average nominal interest |
|
| EUR | 99.0 | 1.56 | 98.7 | 1.71 |
| GBP | 1.0 | 2.15 | 1.3 | 2.15 |
In the 2014 financial year, the POLYTEC GROUP issued a EUR 100,000 k promissory note loan with agreed terms of five and seven years and respective fixed and floating interest rates.
In March 2017, the outstanding variable percentage of the 2014 promissory note loan amounting to EUR 36,500 k was repaid prematurely and refinanced with the issue of a new promissory note loan to the value of EUR 45,000 k. Payment of the volume increase was made via a net settlement of EUR 8,500 k. This was again issued in four instalments with terms of five and seven years and respective fixed and floating interest rates.
At the beginning of November 2018, the POLYTEC GROUP issued another promissory note loan for a sum of EUR 47,000 k. This consists of four instalments with terms of five, seven and ten years. An instalment bearing variable interest was issued for all periods to maturity and in addition, a fixed interest instalment was issued for the five-year maturity period.
In January 2019, POLYTEC Holding AG issued a promissory note loan instalment of EUR 28,500 k bearing variable interest and a term of five years. The remaining instalments of the promissory note loan totalling EUR 47,000 k were already issued in November 2018.
This position summarises all the non-current provisions for obligations to employees:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Provisions for severance payments | 3,474 | 3,822 |
| Provisions for pensions | 21,442 | 21,202 |
| Provisions for long-service payments | 2,171 | 1,977 |
| Other non-current provisions | 361 | 277 |
| Total | 27,447 | 27,278 |
The anticipated payments for the obligations to employees in the 2019 financial year amount to EUR 1,449 k.
The present value of the obligations for defined benefit pension plans developed as follows:
| in EUR k | 2018 | 2017 | ||||
|---|---|---|---|---|---|---|
| Present value of pension obligations |
Plan assets | Provision | Present value of pension obligations |
Plan assets | Provision | |
| As at 1.1. | 21,202 | 0 | 21,202 | 20,698 | 0 | 20,698 |
| Service costs | 717 | 0 | 717 | 640 | 0 | 640 |
| Interest expense | 410 | 0 | 410 | 344 | 0 | 344 |
| Change in the scope of consolidation | -113 | 0 | -113 | 0 | 0 | 0 |
| Pension payments | -856 | 0 | -856 | -858 | 0 | -858 |
| Actuarial gains and losses: | ||||||
| Due to demographic assumptions | 18 | 0 | 18 | 0 | 0 | 0 |
| Due to financial assumptions | 305 | 0 | 305 | -393 | 0 | -393 |
| Due to experience-based adjustments | -241 | 0 | -241 | 770 | 0 | 770 |
| As at 31.12. | 21,442 | 0 | 21,442 | 21,202 | 0 | 21,202 |
With regard to the most important actuarial parameters and relevant accounting principles, please refer to section D. 10.
The pension expenses for the 2018 financial year consist mainly of defined benefit pension plans, whereby service costs are disclosed in the personnel expenses under the item "Expenses for severance payments and pensions", while interest costs are recognised in the financial result under the item "Interest component of pension commitments". The actuarial result comprises gains and losses resulting from the changes to financial and experience-based assumptions.
The average duration of pension obligations amounts to between five and 36 years (previous year: five to 36 years).
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Service costs | 717 | 640 |
| Interest expenses | 410 | 344 |
| Total | 1,127 | 985 |
The actuarial gains/losses recognised under other comprehensive income developed as follows (after taxes):
| in EUR k | 2018 | 2017 |
|---|---|---|
| Actuarial gains (+)/losses (-) as at 1.1. |
-4,291 | -4,028 |
| Actuarial gains (+)/losses (-) in the financial year |
-59 | -262 |
| Actuarial gains (+)/losses (-) as at 31.12. |
-4,349 | -4,291 |
A change in interest rates of 25 basis points would have led to an increase in pension obligations of EUR 814 k (previous year: EUR 750 k), or to a decrease of EUR 767 k (previous year: EUR 795 k).
The sensitivity analysis shown above outlines hypothetical changes based on the assumptions made. Actual deviations from these assumptions may lead to other effects.
The present value of the obligations for defined benefit plans developed over time as follows:
| in EUR k | 2018 | 2017 |
|---|---|---|
| Present value of severance payments (DBO) as at 1.1. |
3,822 | 3,887 |
| Service costs | 103 | -30 |
| Interest expenses | 56 | 56 |
| Severance payments | -73 | -121 |
| Actuarial gains and losses: | ||
| Due to demographic assumptions | -25 | 10 |
| Due to financial assumptions | -65 | 0 |
| Due to experience-based adjustments | -344 | 19 |
| Present value of severance payments (DBO) as at 31.12. |
3,474 | 3,822 |
With regard to the most important actuarial parameters and relevant accounting principles, please refer to section D. 10.
Total severance costs in the 2018 financial year are divided between defined contributions and defined benefit plans, whereby the service costs included in personnel expenses are reported under the item "Expenses for severance payments and pension provisions" and the interest expense is reported in the financial result under "Interest components of pension commitments". The actuarial result comprises the gains and losses resulting from changes to the demographic, financial and experience-based assumptions.
The average duration of severance payment obligations amounts to between four and 13 years (previous year: five and twelve years).
| in EUR k | 2018 | 2017 |
|---|---|---|
| Contribution-oriented plans | ||
| Expense for contribution-oriented plans |
273 | 250 |
| Defined benefit plans | ||
| Service costs | 103 | -30 |
| Interest expenses | 56 | 56 |
| Expense for defined benefit plans | 159 | 27 |
| Expense for severance payments | 432 | 277 |
Actuarial gains/losses recognised in other comprehensive income developed as follows (after taxes):
| in EUR k | 2018 | 2017 |
|---|---|---|
| Actuarial gains (+)/losses (-) as at 1.1. |
-584 | -563 |
| Actuarial gains (+)/losses (-) in the financial year |
326 | -22 |
| Actuarial gains (+)/losses (-) as at 31.12. |
-259 | -584 |
A change in interest rates of 25 basis points would have led to an increase in severance payment obligations of EUR 82 k (previous year: EUR 86 k), or to a decrease of EUR 79 k (previous year: EUR 89 k).
The sensitivity analysis shown above outlines hypothetical changes based on the assumptions made. Actual deviations from these assumptions may lead to other effects.
The provision developed over time as follows:
| in EUR k | 2018 | 2017 |
|---|---|---|
| Present value of the defined benefit obligation = |
||
| Provision for long-service payments | 2,171 | 1,977 |
Total expenses for long-service payments for the financial year amounted to EUR 194 k (previous year: EUR 0 k).
| in EUR k | As at 1.1.2018 |
Reclassifi cations |
Alloca tions |
As at 31.12.2018 |
|---|---|---|---|---|
| Impending losses and risks |
6,957 | -2,527 | 0 | 4,430 |
| Other | 4,906 | -4,906 | 0 | 0 |
| Total | 11,863 | -7,433 | 0 | 4,430 |
| in EUR k | As at 1.1.2017 |
Reclassifi cations |
Alloca tions |
As at 31.12.2017 |
| Impending losses and risks |
10,198 | -3,241 | 0 | 6,957 |
| Other | 0 | 0 | 4,906 | 4,906 |
| Total | 10,198 | -3,241 | 4,906 | 11,863 |
In the preceding year, the other provisions contained provisions for personnel relating to the planned plant closures.
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Liabilities to banks | 0 | 613 |
| Bank loans | 7,417 | 10,851 |
| Other interest-bearing liabilities | 661 | 161 |
| Liabilities from promissory note loans | 40,115 | 545 |
| Interest-bearing current financial liabilities |
48,192 | 12,169 |
| Leasing liabilities | 144 | 1,431 |
| Total | 48,337 | 13,600 |
The liabilities from income taxes consist largely of liabilities from corporate and trade income taxes (or comparable taxes) in different states, where group companies have their registered office. Liabilities developed as follows:
| in EUR k | 2018 | 2017 |
|---|---|---|
| As at 1.1. of the financial year | 2,758 | 6,752 |
| Currency translations differences | 0 | -26 |
| Use for tax payments | -2,732 | -3,761 |
| Release | -26 | -833 |
| Addition in the financial year | 1,622 | 626 |
| As at 31.12. of the financial year | 1,622 | 2,758 |
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Liabilities from trade accounts payable | 54,306 | 54,054 |
| Financial trade accounts payable liabilities |
54,306 | 54,054 |
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Liabilities to employees | 3,048 | 3,094 |
| Provision for outstanding incoming invoices |
1,575 | 2,097 |
| Other liabilities | 3,371 | 3,600 |
| Other current financial liabilities | 7,994 | 8,792 |
| Accrual for unclaimed leave | 4,930 | 5,511 |
| Other tax liabilities | 5,297 | 5,190 |
| Social security liabilities | 1,871 | 1,896 |
| Deferred charges | 2,590 | 3,029 |
| Deferral to other personnel expenses | 5,915 | 8,508 |
| Total | 28,597 | 32,927 |
For an explanation regarding the adjustment to the amounts for the previous year amounting to EUR 8,508 k, see D. 19 Reporting.
| in EUR k | Balance as at 1.1.2018 |
Currency translation |
Transfers | Reclassifi cation |
Utilisation | Release | Addition | Balance as at 31.12.2018 |
|---|---|---|---|---|---|---|---|---|
| Personnel-related accruals | 01) | 0 | 0 | 2,880 | 0 | 0 | 0 | 2,880 |
| Provision for impending losses and risks |
5,970 | 2 | -1,043 | 2,527 | 7,112 | 737 | 4,351 | 3,958 |
| Guarantees and warranties | 1,707 | 0 | 0 | 0 | 832 | 339 | 530 | 1,066 |
| Other current provisions | 14,590 | 34 | 106 | 2,026 | 5,584 | 5,023 | 5,581 | 11,730 |
| Total | 22,2671) | 36 | -937 | 7,433 | 13,528 | 6,099 | 10,462 | 19,634 |
1) Previous year adjusted
| in EUR k | Balance as at 1.1.2017 |
Currency translation |
Transfers | Reclassifi cation |
Utilisation | Release | Addition | Balance as at 31.12.2017 |
|---|---|---|---|---|---|---|---|---|
| Personnel-related accruals | 6,292 | -13 | 0 | 0 | 6,292 | 81 | 8,601 | 8,507 |
| Provision for impending losses and risks |
7,930 | 1 | 0 | 3,241 | 5,222 | 1,250 | 1,270 | 5,970 |
| Guarantees and warranties | 2,867 | 1 | 0 | 0 | 742 | 1,257 | 838 | 1,707 |
| Other current provisions | 17,115 | -66 | -2,026 | 0 | 5,549 | 1,939 | 7,056 | 14,591 |
| Total | 34,204 | -77 | -2,026 | 3,241 | 17,805 | 4,527 | 17,765 | 30,775 |
The reclassifications relate to the changing recognition of non-current and current provisions. The transfers relate to the changing disclosure regarding the other current liabilities.
The personnel-related accruals contain restructuring provisions for planned plant closures.
Among other sums, the other current provisions contain provisions for customer reclamations totalling EUR 7,884 k (previous year: EUR 8,171 k), retirement obligations of EUR 1,571 k (previous year: EUR 1,203 k) and legal risks amounting to EUR 877 k (previous year: EUR 1,709 k).
In accordance with IFRS 9, the financial liabilities comprise the non-current and current liabilities disclosed in the consolidated balance sheet, as well as interest-bearing current liabilities, trade accounts payable and other current financial liabilities. The interest-bearing liabilities contain liabilities from financial leasing relationships amounting to EUR 196 k (previous year: EUR 1,745 k), which pursuant to IFRS 9 are not allocated to the financial liabilities.
Except for derivative financial contracts, the financial liabilities are included in the "Financial liabilities measured at amortised cost". The derivative financial instruments are classified as "Financial liabilities designated at fair value through profit or loss". Apart from the derivative financial contracts (Level 2) totalling EUR 343 k (previous year: EUR 450 k) disclosed under "Other current liabilities", all financial liabilities are allocated to the Level 3 measurement category.
The POLYTEC GROUP only determines the fair value for interest-bearing liabilities for disclosures in the notes to the consolidated financial statements. Fair value is established using recognised measurement methods based on the discounted cash flow method. The main input factor is the discount rate, which takes available market data (risk-free interest rates) into account. In the case of financial liabilities, the creditworthiness of the POLYTEC GROUP is considered. On the balance sheet date, the Level 3 non-current financial liabilities (excluding financial leasing) showed a fair value of EUR 128,568 k (previous year: EUR 127,976 k), as compared to a carrying amount in the balance sheet of EUR 126,994 k (previous year: EUR 126,019 k). On 31 December 2018, the current interest-bearing financial liabilities (excluding financial leasing) showed a fair value of EUR 49,902 k (previous year: EUR 13,799 k), as opposed to a carrying amount in the balance sheet of EUR 48,192 k (previous year: EUR 12,169 k). The fair value of the other Level 3 financial liabilities corresponds roughly with the carrying amount in the balance sheet.
Reference should be made to the risk report with regard to the determination of the fair value of derivatives.
During the financial year expired, the POLYTEC GROUP undertook the following non-cash investment and financial transactions that are not reported in the cash flow statement.
In the course of the 2018 financial year, the POLYTEC GROUP purchased technical equipment, which was not disclosed in the cash flow, as on the balance sheet date it had not yet been (fully) paid for. Offsetting occurred through the payment of liabilities from equipment investments purchased in the previous year, which are therefore taken into account in the cash flow for this financial year. As a result, in the 2018 financial year, the cash flow from investing activities increased by EUR 404 k (previous year: EUR -861 k).
The non-cash expenses and income consist largely of currency translation differences and non-cash interest payments.
The interest received contains payments of EUR 1,072 k (previous year: EUR 0 k) which already constituted interest earnings in previous years.
The difference between the change in the carrying value of the financial liabilities and the payment flows reported under group cash flow from financing activities results largely from foreign currency translation totalling minus EUR 266 k (previous year: EUR -268 k).
All events occurring after the balance sheet date, which are of significance for the evaluation on the balance sheet date such as outstanding legal cases or claims for compensation and other obligations or impending losses, which would have to be reported or disclosed in accordance with IAS 10 (Contingencies and Events Occurring after the Balance Sheet Date) have been allowed for in these consolidated financial statements.
Within the scope of its business activities, the POLYTEC GROUP is subject to a variety of risks, which relate directly to corporate transactions. Risk management is an integral part of group strategy and business processes. The comprehensive certifications required by an automotive industry supplier (e.g. IATF 16949:2016 and ISO14001:2015) already specify appropriate regulations, which are also monitored via external audits. In line with the organisational structure of the POLYTEC GROUP, risks are locally managed and monitored close to the market, especially in the course of ongoing business processes. However, group headquarters provides central financial risk management. The following major risk areas can be identified:
General sales market risk. The automotive supplier industry constitutes a market that is seen as highly competitive and is also currently undergoing a consolidation process. Sales volumes are primarily dependent upon the acquisition of new orders, which are usually placed two to three years prior to series production. During this order acquisition phase, suppliers face strong competition regarding the best conditions. Once series production commences the supplier is also reliant upon the sales of the vehicle for which it is providing the components, but is unable to influence its success. Furthermore, OEMs subject suppliers to permanent quality benchmarking even after the start of serial production, which may result in price demands, or in an extreme case, the loss of an order.
Volume risk. This emanates from unplanned demand volatility and part quantity development. The unplanned call-offs of part quantities can result in two types of problem, the first of which is formed by capacity bottlenecks, which may lead to delayed deliveries and hence reputation damage. Conversely, the lack of call-offs can cause use of capacity difficulties and a subsequent fixed cost deficit.
The POLYTEC GROUP attempts to keep the dependency upon individual delivery relationships to a minimum by means of a balanced customer and order mix.
One substantial risk is represented by the fluctuations in raw material prices, which in the case of a plastics processor like the POLYTEC GROUP are due mainly to long-term oil price shifts, but can also be caused by changes in refinery capacity. On the sales side this risk is countered by means of material fluctuation clauses in the disclosed calculations, to the degree that these are acceptable to the customer. To a certain extent, negotiations involving raw materials and purchased parts take place directly between the POLYTEC GROUP's customers and the suppliers. Where prices are only agreed with the customer on an annual basis, changes in raw material prices are an important parameter for the annual price renegotiations. Furthermore, increased research and development activities are aimed at the use of new raw materials (natural fibres).
A considerable investment on the part of the POLYTEC GROUP is necessary in order to guarantee the OEMs a supply capability and this naturally results in a corresponding risk. This investment risk can be defined as the uncertainty related to the advantageousness of an investment. During investment decisions subject to risk, the possibility exists that the future payment surpluses and returns related to an investment project may fluctuate. The volatility of the payment surpluses involves the danger of lower returns. Meeting the infrastructural needs of the OEMs necessitates large-volume investments by the POLYTEC GROUP many years in advance, irrespective of whether the purchase of machinery and plant, or the building of complete production facilities is involved. Therefore, should planned orders not be received, this results in an undefined prolongation of the amortisation period. Moreover, as investments relate partly to specific products or customers, an alternative possibility for their use is only available to a limited extent. Accordingly, as a rule an appropriate delivery volume is defined with the OEMs, which thus bears a corresponding degree of the investment risk.
The production risk describes the overall negative deviations to be anticipated during product manufacture. Product risks in the POLYTEC GROUP derive mainly from effects, which result in unstable or defective output that in turn can lead to part number fluctuations and customer production line breakdowns. As a consequence, delivery problems may result and damage to the reputation with the customer.
Production risks also encompass quality problems, which can again have a detrimental impact on customer relationships. The POLYTEC GROUP minimises this risk through ongoing improvements to its production processes (POLYTEC Performance Systems, digitisation offensive, etc.), as well as the continual preparation of organisational measures for enhanced process quality.
Credit risk. Due to its customer structure with roughly 90% of total turnover being generated with OEMs or major systems suppliers, the POLYTEC GROUP is subject to the automotive industry credit risk. However, accounts receivable are monitored meticulously on a permanent basis and the payment of accounts receivable as agreed is secured. In the 2018 financial year, approximately 58% (previous year: 56%) of sales were obtained from the group's three major customers. This results in a certain accumulated credit risk, which, however, has been assessed by the management as being uncritical with regard to potential non-payments. Dependency upon only a few customers is a basic characteristic of the automotive supplier industry. Within this context, the customer is defined as a group of affiliated companies, which can also produce several different automotive brands. In future, the management intends to seek greater diversification through the expansion of its customer base in the non-automotive business area.
The risk of non-payment with regard to cash and cash equivalents is deemed as low.
Despite a credit risk generally classified as limited, the maximum theoretical risk of non-payment corresponds to the carrying amounts of the individual financial assets. In individual cases, credit insurance is used on the basis of the constant monitoring of accounts receivable. As at the reporting date, a credit insurance agreement was in place, which insured trade accounts receivable of EUR 50,709 k (previous year: EUR 62,612 k). Therefore, the theoretical risk of non-payment amounts to EUR 185,928 k (previous year: EUR 125,781 k).
The analysis of the gross carrying values of trade accounts receivable, the contract assets and the other financial receivables as at 31 December can be presented as follows:
| in EUR k | Overdue but not impaired in days |
|||||
|---|---|---|---|---|---|---|
| 31.12.2018 | Gross amount |
Impairment provisions |
up to 60 |
60 to 120 |
120 to 360 |
over 360 |
| Trade accounts receivable |
56,846 | 2,810 10,239 | 2,502 | 1,902 1,448 | ||
| Interest bearing receivables |
0 | 0 | 0 | 0 | 0 | 0 |
| Contracts assets |
87,896 | 1,405 | 0 | 0 | 0 | 0 |
| Other receivables (contract assets) |
17,105 | 0 | 0 | 0 | 0 | 0 |
| Other financial receivables |
5,433 | 0 | 0 | 0 | 0 | 0 |
On 31 December 2017, the analysis of overdue, but not impaired trade accounts receivable, as well as the other financial receivables, presented the following picture:
| in EUR k | Overdue but not impaired in days |
||||||
|---|---|---|---|---|---|---|---|
| 31.12.2017 | Total | Neither overdue nor impaired |
up to 60 |
60 to 120 |
120 to 360 |
over 360 |
|
| Trade accounts receivable |
67,035 | 51,833 10,332 | 2,172 | 1,376 1,322 | |||
| Interest bearing receivables |
4,286 | 0 | 0 | 0 | 0 4,286 | ||
| Other financial receivables |
17,125 | 17,125 | 0 | 0 | 0 | 0 |
The impairment provisions contain individual valuation adjustments and price differences. No doubts exist concerning the collectability of financial assets that are neither overdue nor impaired. There are no significant risk concentrations resulting from the investment of financial assets in only one business partner.
Liquidity risk. The group hedges its liquidity needs by means of the maintenance of a cash reserve and the premature refinancing of mature/financial liabilities. The liquidity risk is managed actively by group headquarters.
On the basis of the agreements concluded, the group's financial liabilities (excluding derivatives) show the following expected cash flows (including interest payments made at the interest rate on the balance sheet date):
| in EUR k | Carrying value as at 31.12.2018 |
Total con tractual cash flows |
thereof within 1 year |
thereof over 1 but less than 5 years |
thereof more than 5 years |
|---|---|---|---|---|---|
| Promissory note loans |
155,854 | 162,580 | 41,862 | 99,391 | 21,327 |
| Bank loans and other interest-bearing liabilities |
19,333 | 20,374 | 8,422 | 11,789 | 163 |
| Financial leasing | 196 | 199 | 199 | 0 | 0 |
| Trade accounts payable |
54,306 | 54,306 | 54,306 | 0 | 0 |
| Other current liabilities |
7,651 | 7,651 | 7,651 | 0 | 0 |
| Total | 237,340 | 245,110 112,440 111,180 | 21,490 |
| in EUR k | Carrying value as of 31.12.2017 |
Total con tractual cash flows |
thereof within 1 year |
thereof over 1 but less than 5 years |
thereof more than 5 years |
|---|---|---|---|---|---|
| Promissory note loans |
108,806 | 114,798 | 1,884 | 103,774 | 9,140 |
| Bank loans and other interest-bearing liabilities |
29,381 | 26,625 | 10,777 | 14,836 | 1,012 |
| Financial leasing | 1,745 | 1,956 | 1,530 | 426 | 0 |
| Trade accounts payable |
54,054 | 54,054 | 54,054 | 0 | 0 |
| Other current liabilities |
8,343 | 8,343 | 8,343 | 0 | 0 |
| Total | 202,329 205,776 | 76,588 119,036 | 10,152 |
Bank borrowings on current accounts will continue to be made available to the group until further notice and are therefore adjudged to be current. However, a short-term call-in on the part of the lender banks is not to be expected.
Foreign exchange risk. The bulk of POLYTEC GROUP sales revenues are invoiced in euros and consequently the foreign exchange risk only affects the group to a limited degree. Moreover, the purchase of preliminary work takes place partially in the same currency as sales, which results in natural hedging. The group is subject to higher foreign exchange risks in those countries in which invoices are written in euros, but preliminary work must be purchased in local currency. For example, such risks apply to the Czech crown, Hungarian forint and the Turkish lira. In many cases, these risks cannot be transferred to financial instruments, as they are mainly attributable to personnel costs. Owing to the expansion of production activities in the UK and the volatility of the British pound since the Brexit vote, the POLYTEC GROUP is subject to an increased currency risk in this connection. The POLYTEC GROUP counters this risk, when necessary, through hedging transactions, but above all through natural hedge positions.
The financial instruments and financial liabilities reported on the balance sheet date show the following distribution with regard to their currency of origin:
| in EUR k | 31.12.2018 | ||
|---|---|---|---|
| In euros | In foreign currency |
Total | |
| Trade accounts receivable | 43,665 | 10,371 | 54,036 |
| Receivables from construction contracts |
0 | 0 | 0 |
| Other receivables | 2,696 | 2,737 | 5,433 |
| Interest-bearing receivables | 0 | 0 | 0 |
| Cash and cash equivalents | 71,128 | 2,444 | 73,572 |
| Total | 117,489 | 15,552 | 133,041 |
| in EUR k | 31.12.2018 | ||
|---|---|---|---|
| In euros | In foreign currency |
Total | |
| Non-current interest-bearing liabilities |
124,732 | 2,314 | 127,046 |
| Current interest-bearing liabilities |
43,460 | 4,876 | 48,336 |
| Trade accounts payable (without advance payments) |
46,910 | 7,395 | 54,306 |
| Other current liabilities | 6,586 | 1,409 | 7,994 |
| Total | 221,688 | 15,994 | 237,682 |
| in EUR k | 31.12.2017 | ||||
|---|---|---|---|---|---|
| In euros | In foreign currency |
Total | |||
| Trade accounts receivable | 52,375 | 14,660 | 67,035 | ||
| Receivables from construction contracts |
35,057 | 7,992 | 43,050 | ||
| Other receivables (excl. prepaid expenses) |
14,588 | 2,537 | 17,125 | ||
| Interest-bearing receivables | 4,286 | 0 | 4,286 | ||
| Cash and cash equivalents | 50,344 | 6,555 | 56,899 | ||
| Total | 156,649 | 31,744 | 188,393 |
| in EUR k | 31.12.2017 | ||||
|---|---|---|---|---|---|
| In euros | In foreign currency |
Total | |||
| Non-current interest-bearing liabilities |
126,054 | 278 | 126,332 | ||
| Current interest-bearing liabilities |
12,136 | 1,464 | 13,600 | ||
| Trade accounts payable (without advance payments) |
44,036 | 10,018 | 54,054 | ||
| Other current liabilities | 7,424 | 1,368 | 8,792 | ||
| Total | 189,650 | 13,128 | 202,778 |
The distribution shows that the risk to which the group is subject due to exchange rate fluctuations is very low, as both financial assets held in foreign currency totalling 10.9% (previous year: 16.9%) and the corresponding liabilities totalling 6.7% (previous year: 6.5%) account for only a minor part of the total volume. Furthermore, currency fluctuations would equally affect both assets and liabilities and therefore display compensatory effects.
A shift in exchange rates with regard to non-inter-group trade accounts receivable and trade accounts payable of +/-10% would have no material effect upon results or equity.
Interest rate change risk. The POLYTEC GROUP counteracts the interest rate change risk by means of a portfolio of variable and fixed forms of financing that corresponds with the longterm interest rate projection. Long-term financing activities are predominantly subject to variable interest rates.
During the 2018 financial year, derivatives were used for interest hedging and the following table shows the fair values, the nominal amounts and the residual periods of the outstanding derivatives at the end of the reporting period.
| 31.12.2018 | Residual period | |||||
|---|---|---|---|---|---|---|
| in EUR k | Fair value pos. |
neg. | Nominal | <1 year |
1–5 years |
>5 years |
| Receive floating pay fixed swaps |
0 | 343 | 36,500 | 28,000 | 8,500 | 0 |
| Total | 0 | 343 | 36,500 28,000 | 8,500 | 0 | |
| 31.12.2017 | Residual period | |||||
| Fair value | <1 | 1–5 | >5 | |||
| in EUR k | pos. | neg. | Nominal | year | years | years |
| Receive floating pay fixed swaps |
0 | 450 | 36,500 | 0 | 36,500 | 0 |
| Total | 0 | 450 | 36,500 | 0 36,500 | 0 |
The fair values stated in the table above correspond with the current values at the end of the reporting period. They were determined via banks using current market parameters on the balance sheet date.
The interest swaps are offset quarterly. The variable interest rate of the interest swaps is based on the 6-month EURIBOR. The difference between fixed and variable interest is offset net.
Interest-bearing liabilities show the following structure on the balance sheet date:
| in EUR k | 31.12.2018 | 31.12.2017 |
|---|---|---|
| Promissory note loans | 155,854 | 108,806 |
| thereof with fixed interest | 96,363 | 76,806 |
| thereof with variable interest | 59,491 | 32,000 |
| Liabilities to banks | 18,672 | 28,705 |
| thereof with fixed interest | 16,484 | 16,538 |
| thereof with variable interest | 2,188 | 12,167 |
| Financial leasing | 196 | 1,745 |
| thereof with fixed interest | 196 | 1,745 |
| thereof with variable interest | 0 | 0 |
| Other interest-bearing liabilities | 661 | 677 |
| thereof with fixed interest | 661 | 677 |
| thereof with variable interest | 0 | 0 |
| Total | 175,383 | 139,932 |
| thereof with fixed interest | 113,704 | 95,765 |
| thereof with variable interest | 61,679 | 44,167 |
The bulk of the liabilities bearing variable interest are dependent upon the 6-month EURIBOR. An increase (reduction) in this reference interest rate of 100 basis points would result in an increase (decrease) of the interest expense by some EUR 617 k (previous year: EUR 355 k).
Interest-bearing receivables and current cash and cash equivalents contain variable interest-bearing financial assets totalling EUR 56,103 k (previous year: EUR 57,450 k). An increase/ decrease in the interest rate of 100 basis points would result in an increase/decrease in interest income of approximately EUR 561 k (previous year: EUR 575 k).
Cyber crime. The POLYTEC GROUP is also subject to an increase in cyber crime attacks, but to date has been able to defend itself successfully. Nonetheless, the growing professionalism in this regard has come to represent a serious risk area in operative business. The POLYTEC GROUP's internal controls are being continually tightened and employee sensibility with regard to this topic is addressed at regular intervals and subjected to ongoing evaluation.
Other risks. The Board of Directors is unaware of any other material risks and obligations that have not been appropriately mentioned in these consolidated financial statements or the notes.
Apart from the members of the Board of Directors and the Supervisory Board, related parties pursuant to IAS 24 include IMC Verwaltungsgesellschaft mbH, Hörsching, and its affiliated companies. The family Huemer is the single owner of the shares in the said companies. The conditions of business transactions conform to standard market practice.
As at the 31 December 2018 balance sheet date, on the basis of the shares issued, the shareholder structure was as follows:
Huemer Group: 29.04% NN Group N.V: 5.17% Treasury shares: 1.50% Remaining free float: 64.29%
Until 31 December 2018, a work contract existed with IMC Verwaltungsgesellschaft mbH, Hörsching, regarding the position of a member of the Board of Directors of the POLYTEC Holding AG, Hörsching. The work contract fee in the 2018 financial year amounted to EUR 1,100 k (previous year: EUR 1,557 k) of which EUR 480 k (previous year: EUR 938 k) was unpaid on the balance sheet date.
GlobeAir AG, Hörsching, provided transport services to employees of the POLYTEC GROUP in the business year under review. As in the previous year, the volume amounted to less than EUR 200 k.
One member of the Supervisory Board also sits on the executive board of a bank with which the group has a business relationship in the form of deposits and loan transactions.
As in the previous year, no provisions or expenses for doubtful or unrecoverable debts were reported in 2018 or in 2017 in connection with transactions with related parties. Guarantees were neither given nor received.
Total remuneration of the members of the Board of Directors in the 2018 financial year amounted to EUR 2,269 k (previous year: EUR 2,800 k). EUR 2,269 k (previous year: EUR 2,800 k) are attributable to short-term benefits. As in the preceding year, in the 2018 financial year no payments were made after the termination of the working relationship.
As yet unpaid variable salary components affecting the 2018 business year are reported in the current personnel provisions.
There are no stock option plans or similar shareholding-based remuneration pursuant to IFRS 2.
Total expenses for the emoluments to Supervisory Board members in the 2018 financial year amounted to EUR 132 k (previous year: EUR 99 k).
There are no loans or advance payments relating to current or former members of company bodies. No former members of the governing bodies of the company receive any kind of salary from the group or one of its affiliated companies.
During the year under review and at the time of the preparation of the consolidated financial statements, the members of the Board of Directors were as follows:
Friedrich Huemer, Wallern (Chairman of the Board of Directors until 31 December 2018)
Markus Huemer, Wallern (Deputy Chairman of the Board of Directors until 31 December 2018; Chairman since 1 January 2019)
Peter Haidenek, Velden a. W.
Heiko Gabbert, Vechta, Germany (since 1 January 2019)
Alice Godderidge, Piberbach (until 31 July 2018)
Peter Bernscher, Linz (since 1 August 2018)
During the year under review and at the time of the preparation of the consolidated financial statements, the members of the Supervisory Board were as follows:
Fred Duswald, Thalheim (Chairman)
Manfred Helmut Trauth, Knittelsheim, Germany (Deputy Chairman)
Robert Büchelhofer, Starnberg, Germany
Viktoria Kickinger, Vienna
Reinhard Schwendtbauer, Leonding
| 2018 | 2017 | ||||||
|---|---|---|---|---|---|---|---|
| Company | Direct and indirect holding |
Type of consoli |
Direct and indirect holding |
Type of consoli |
|||
| Company | address | Country Shareholder | % | dation1) | % | dation1) | |
| POLYTEC Anlagenfinanzierung GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| POLYTEC CAR STYLING Hörsching GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| POLYTEC Car Styling UK Ltd. | Bromyard | GBR | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| POLYTEC FOHA CORPORATION | Markham | CAN | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| Polytec Foha Inc. | Warren | USA | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| POLYTEC Car Styling Schoten N.V. | Schoten | BEL | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| Polytec Netherlands Holding B.V. | Roosendaal | NED | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| Polytec Composites NL B.V. | Roosendaal | NED | Polytec Netherlands Holding B.V. | 100.0 | KV | 100.0 | KV |
| Polytec Plastics NL B.V. | Putte | NED | Polytec Netherlands Holding B.V. | 100.0 | KV | 100.0 | KV |
| Polytec Hungary Kft. | Komló | HUN | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| Polytec Komló Kft. | Komló | HUN | POLYTEC Hungary Kft. | 100.0 | KV | 100.0 | KV |
| POLYTEC Germany GmbH | Lohne | GER | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| PT Composites GmbH | Gochsheim | GER | POLYTEC Germany GmbH | 100.0 | KV | 100.0 | KV |
| Polytec Holding Deutschland GmbH | Lohne | GER | PT Plastics GmbH | 100.0 | KV | 100.0 | KV |
| Polytec Automotive GmbH & Co KG | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KV | ||
| Polytec Automotive Verwaltungs GmbH | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KO | ||
| Polytec Deutschland Verwaltungs GmbH | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KO | 100.0 | KO |
| Polytec Plastics Germany GmbH & Co KG2) Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KV | 100.0 | KV | |
| Polytec Plastics Idstein GmbH & Co KG2) | Idstein | GER | Polytec Holding Deutschland GmbH | 100.0 | KV | 100.0 | KV |
| POLYTEC Plastics Ebensee GmbH | Ebensee | AUT | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| Polytec Interior Zaragoza S.L. i.L. | Zaragoza | ESP | POLYTEC Holding AG | 100.0 | KO | 100.0 | KO |
| POLYTEC AUTO PARTS Tianjin Co., Ltd | Tianjin | CHN | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| PT Beteiligungs GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| POLYTEC Composites Beteiligungs GmbH | Gochsheim | GER | PT Composites GmbH | 100.0 | KV | 100.0 | KV |
| POLYTEC Composites Verwaltungs GmbH Gochsheim | GER | PT Beteiligungs GmbH | 100.0 | KO | 100.0 | KO | |
| POLYTEC Composites Germany GmbH & Co KG2) |
Gochsheim | GER | POLYTEC Composites Beteiligungs GmbH |
100.0 | KV | 100.0 | KV |
| POLYTEC Compounds GmbH & Co. KG2) | Gochsheim | GER | POLYTEC Composites Beteiligungs GmbH |
100.0 | KV | 100.0 | KV |
| POLYTEC Compounds Verwaltungs GmbH |
Gochsheim | GER | POLYTEC Composites Beteiligungs GmbH |
100.0 | KO | 100.0 | KO |
| POLYTEC Industrielackierungen GmbH & Co. KG2) |
Rastatt | GER | POLYTEC Composites Beteiligungs GmbH |
100.0 | KV | 100.0 | KV |
| POLYTEC Industrielackierungen Verwaltungs GmbH |
Rastatt | GER | POLYTEC Composites Beteiligungs GmbH |
100.0 | KO | 100.0 | KO |
| POLYTEC Composites Slovakia s.r.o. | Sladkovicovo | SVK | PT Beteiligungs GmbH | 100.0 | KV | 100.0 | KV |
| PT Plastik Ürünleri Sanayi ve Ticaret A.S. | Aksaray | TUR | PT Beteiligungs GmbH | 100.0 | KV | 100.0 | KV |
| Polytec Composites Bohemia s.r.o. | Chodová Planá CZE | PT Beteiligungs GmbH | 100.0 | KV | 100.0 | KV | |
| POLYTEC Composites Weiden GmbH | Weiden | GER | POLYTEC Composites | 100.0 | KV | 100.0 | KV |
| Beteiligungs GmbH | |||||||
| Newplastics, S.A. | Lisbon | POR | POLYTEC Composites Germany GmbH & Co KG |
2.0 | KOE | 2.0 | KOE |
| Ljungby Komposit AB | Ljungby | SWE | PT Beteiligungs GmbH | 25.0 | KOE | 25.0 | KOE |
| POLYTEC Industrielackierung Weiden GmbH |
Waldnaab | GER | POLYTEC Composites Beteiligungs GmbH |
100.0 | KV | 100.0 | KV |
| POLYTEC COMPOSITES South Africa (Pty) Ltd. |
East London | RSA | PT Beteiligungs GmbH | 100.0 | KO |
| 2018 | 2017 | ||||||
|---|---|---|---|---|---|---|---|
| Company | Company address |
Country Shareholder | Direct and indirect holding % |
Type of consoli dation1) |
Direct and indirect holding % |
Type of consoli dation1) |
|
| POLYTEC Industrial Plastics GmbH | Bochum | GER | POLYTEC Holding AG | 70.0 | KV | 70.0 | KV |
| POLYTEC Elastoform GmbH | Marchtrenk | AUT | POLYTEC Industrial Plastics GmbH | 70.0 | KV | 70.0 | KV |
| POLYTEC EMC Engineering GmbH | Marchtrenk | AUT | POLYTEC Industrial Plastics GmbH | 70.0 | KV | 70.0 | KV |
| POLYTEC THELEN GmbH | Bochum | GER | POLYTEC Industrial Plastics GmbH | 70.0 | KV | 70.0 | KV |
| POLYTEC Immobilien Holding GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
| PT Immobilien GmbH | Hörsching | AUT | POLYTEC Immobilien Holding GmbH | 100.0 | KV | 100.0 | KV |
| POLYTEC Immobilien GmbH | Hörsching | AUT | PT Immobilien GmbH | 94.5 | KV | 94.5 | KV |
| POLYTEC Composites Immobilien GmbH | Kraichtal | GER | POLYTEC Immobilien Holding GmbH | 94.5 | KV | 94.5 | KV |
| PPI Immobilien GmbH | Ebensee | AUT | POLYTEC Immobilien Holding GmbH | 95.0 | KV | 95.0 | KV |
| POLYTEC Immobilien Deutschland GmbH | Lohne | GER | POLYTEC Immobilien Holding GmbH | 94.5 | KV | 94.5 | KV |
| POLYTEC Real Estate Gayrimenkul Limited Sirteki |
Aksaray | TUR | POLYTEC Immobilien Holding GmbH | 100.0 | KV | 100.0 | KV |
| POLYTEC Estates Slovakia s.r.o. | Sladkovicovo | SVK | POLYTEC Immobilien Holding GmbH | 100.0 | KV | 100.0 | KV |
| POLYTEC Estates Belgium N.V. | Schoten | BEL | POLYTEC Immobilien Holding GmbH | 100.0 | KV | 100.0 | KV |
| SPELAG s.r.o. | Chodová Planá CZE | POLYTEC Immobilien Holding GmbH | 100.0 | KO | 100.0 | KO | |
| POLYTEC ESTATES Bohemia k.s. | Chodová Planá CZE | POLYTEC Immobilien Holding GmbH | 100.0 | KV | 100.0 | KV | |
| POLYTEC ESTATES UK Ltd. | Bromyard | GBR | POLYTEC Holding AG | 100.0 | KV | 100.0 | KV |
1) KV = fully consolidated companies
KE = companies consolidated at equity
KO = companies excluded due to lack of materiality
KOE = no at equity valuation due to immateriality
2) Pursuant to §264 b of the German Commercial Code, the companies are released from an obligation to prepare, audit and publish annual financial statements and a management report in accordance with the current regulations applicable to corporations.
Hörsching, 18 March 2019
The Board of Directors of POLYTEC Holding AG
Markus Huemer Chairman of the Board of Directors – CEO
Peter Haidenek Member of the Board of Directors – CFO
Heiko Gabbert Member of the Board of Directors – COO
Peter Bernscher Member of the Board of Directors – CSO
We confirm that, to the best of our knowledge, the consolidated financial statements prepared in accordance with the applicable accounting standards, give a true and fair view of the assets, financial and earnings position of the group, that the group management report gives a true and fair view of the business performance, result and position of the group, with the consequence that a true and fair view of the assets, financial position and earnings of the group is created, and moreover that the management report provides a description of the principal risks and uncertainties that the group faces.
Hörsching, 18 March 2019
The Board of Directors of POLYTEC Holding AG
Markus Huemer Chairman of the Board of Directors – CEO Responsibilities: M&A, investment management, corporate strategy, corporate communications, purchasing, IT, human resources
Peter Haidenek Member of the Board of Directors – CFO Responsibilities: Finance, controlling, accounting, investor relations, internal audit, legal affairs
Heiko Gabbert Member of the Board of Directors – COO Responsibilities: Operations, innovation, industrial engineering
Peter Bernscher Member of the Board of Directors – CSO Responsibilities: Sales, engineering, marketing We confirm that, to the best of our knowledge, the financial statements of the parent company prepared in accordance with the applicable accounting standards, give a true and fair view of its assets, financial and earnings position, that the management report gives a true and fair view of the company's business performance, result and position, with the consequence that a true and fair view of the assets, financial position and earnings of the company is created, and moreover that the management report provides a description of the principal risks and uncertainties that the company faces.
(This is a translation of the original German version for information purposes without liability; the German version takes precedence.)
We have audited the consolidated financial statements of
and its subsidiaries (the group), which consist of the consolidated balance sheet as at 31 December 2018, the consolidated income statement and consolidated statement of comprehensive income, the consolidated cash flow statement and the consolidated statement of changes in equity for the financial year then ended, and the notes to the consolidated financial statements.
In our opinion, the consolidated financial statements comply with the mandatory regulations and give a true and fair view of the consolidated financial position of the group as at 31 December 2018, as well as its consolidated financial performance and consolidated cash flows for the year then ended in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU, and the additional requirements pursuant to § 245a UGB (Austrian Commercial Code).
We conducted our audit in accordance with the EU Regulation (EU) 537/2014 (subsequently referred to as the EU regulation) and with Austrian auditing standards. These standards require the audit to be conducted in accordance with International Standards on Auditing (ISA). Our responsibilities pursuant to these rules and standards are described in the "Auditors' responsibilities for the audit of the consolidated financial statements" section of our report. We are independent of the audited entity as prescribed by Austrian commercial law and professional regulations, and have fulfilled our other responsibilities in line with these relevant ethical requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements. Our audit procedures relating to these matters were designed within the context of our audit of the consolidated financial statements as a whole and therefore no separate opinion is provided.
We have identified the following as key audit matters:
In the consolidated financial statements of POLYTEC Holding AG as at 31 December 2018, sales revenues from contracts with customers relating to tooling and engineering services amounting to EUR 64,662 k, contract assets of EUR 55,876 k and contract liabilities of EUR 2,382 k are reported.
Where no alternative possibility for use and a right to payment including an appropriate margin exists, the sales revenues and result realisation of a contract with a customer for the production of tooling and engineering services takes place in accordance with the percentage of completion method (period-based sales revenue recognition). The stage of completion on the closing date is determined by the ratio of the contract costs incurred on the balance sheet date to the estimated total costs of the respective customer contract. The data employed as the basis for the valuation of a contract with a customer contains assumptions and estimates with regard to the anticipated project result and individual project risks.
The risk in the consolidated financial statements emanates from the incorrect recognition of the sales revenues and the related expenses, and thus also the incorrect presentation of the contract assets and liabilities.
Our approach for auditing incorporated an assessment of the relevant, internal controls in connection with the presentation and evaluation of contracts with customers relating to tooling and engineering services as well as the sample-based examination of the anticipated contractual earnings, the scheduled overall costs of the respective customer contract and the contractual costs of individual projects incurred up to the balance sheet date, taking into account the contractual bases and current project information. In addition, we subjected internal project reporting to a critical examination in order to be able to assess if all the known information and risks had been accounted for in the course of presentation.
Furthermore, we completed an examination in order to ascertain if the required information in the notes provided all the necessary explanations in connection with contracts with customers relating to tooling and engineering services and if the material estimate uncertainties were described appropriately.
See notes, items D. 9, D. 18, E. 8.
As at 31 December 2018, goodwill amounted to EUR 19,180 k.
Goodwill is subjected to impairment testing at least once a year and if indications of impairment exist. For the purpose of impairment testing, evaluation takes place on the basis of the discounted net cash inflows, which are dependent upon future result expectations, using discount rates extrapolated from market data.
These evaluations are subject to significant estimation uncertainties with regard to long-term planning assumptions and market insecurity. The consolidated financial statements are therefore open to the risk of goodwill overvaluation.
We compared the anticipated results and investments, which serve as the basis for evaluation, with the budget and medium-term planning prepared by the Board of Directors and approved by the Supervisory Board. In order to be able to adjudge the appropriateness of the planning, we gained an understanding of the planning process and compared the assumptions employed with past development. We held discussions with the management regarding these assumptions, in the course of which we obtained an understanding of how past experience influences managerial planning.
In addition, we assessed the appropriateness of the determined discount rates and the impairment test evaluation model. We made a critical appraisal of whether the long-term development of the level of profitability during the income phase appeared to be consistent with results achieved in the past and medium-term planning development. We undertook these auditing activities in consultation with our evaluation experts.
Finally, we completed an examination in order to ascertain if the required information in the notes provided all the necessary explanations in connection with goodwill and if the material estimate uncertainties were described appropriately.
The legal representatives are responsible for the preparation of these consolidated financial statements and that in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code) they provide a true and fair view of the group's asset, financial and earnings position. In addition, the legal representatives are also responsible for such internal controls, as they deem necessary in order to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
When drawing up the consolidated financial statements, the legal representatives are also responsible for assessing the group's ability to continue as a going concern, and, where appropriate, to disclose matters that are relevant to the group's ability to continue as a going concern, and to apply the going concern assumption in their financial reporting, except under circumstances in which the legal representatives intend to liquidate the group, cease operations, or have no realistic alternative to such measures.
The audit committee is responsible for overseeing the group's financial reporting process.
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free of material misstatements, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance represents a high degree of assurance, but provides no guarantee that an audit conducted in accordance with the EU regulation and Austrian auditing standards, which require the audit to be performed in accordance with ISA, will always detect a material misstatement should it exist. Misstatements may result from fraud or error and are considered material if they could, individually or in total, reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the EU regulation and with the Austrian auditing standards, which require the audit to be performed in accordance with ISA, we exercise professional judgment and maintain a critical, professional approach throughout the audit.
evidence obtained up to the date of our audit report. However, future events or conditions may result in the group departing from the going concern assumption.
In accordance with the Austrian Commercial Code the group management report is to be audited as to whether it is consistent with the consolidated financial statements and if it has been prepared in accordance with legal requirements. As far as the non-financial declaration is concerned, we are responsible for ensuring it has been prepared, its reading and an assessment as to whether it materially contradicts the consolidated financial statements, or appears to contain material misstatement.
The legal representatives are responsible for the preparation of the group management report in accordance with the Austrian Commercial Code.
We conducted our audit in accordance with the generally accepted standards for the auditing of group management reports.
In our opinion, the group management report has been prepared in accordance with current legal requirements and is consistent with the consolidated financial statements. The disclosures pursuant to § 243a UGB (Austrian Commercial Code) are appropriate.
In view of the knowledge gained in the course of the audit of the consolidated financial statements and the understanding of the group and its environment thus obtained, we did not determine any material misstatements in the group management report.
The legal representatives of the company are responsible for other information. Other information consists of all the information contained in the annual report, with the exception of the consolidated financial statements, the group management report, and the auditors' report thereon. It is probable that we will be provided with the annual report after the date of our report.
Our opinion on the consolidated financial statements does not cover such other information and we will not provide any kind of assurance in its regard.
In conjunction with our audit, it is our responsibility to read this other information as soon as it is available and to assess whether, in view of the knowledge gained during our audit, it contains any material inconsistencies with regard to the consolidated financial statements, or any apparent material misstatement.
We were selected as the group auditors at the Annual General Meeting on 16 May 2018 and on 31 October 2018 were commissioned by the Supervisory Board with the audit of the company. We have been the auditors of the company without interruption since the consolidated financial statements as of 31 December 2017.
We declare that our opinion expressed in the "Report on the consolidated financial statements" section of our report is consistent with our additional report to the audit committee in accordance with Article 11 of the EU regulation.
We declare that we have not provided any prohibited non-audit services (Article 5 Para. 1 of the EU regulation) and that we have ensured our independence of the audited group throughout the course of the audit.
The auditor responsible for the audit contract is Cäcilia Gruber.
Linz, 18 March 2019
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Cäcilia Gruber Auditor
The publication or dissemination of the consolidated financial statements with our auditors' report may only take place in our approved version. This auditors' report relates solely to the German language version of the complete consolidated financial statements including the management report. For other versions, the regulations contained in §281 Para. 2 of the Austrian Commercial Code are to be observed.
As at 28 December, the last stock exchange trading day in the 2018 financial year, the POLYTEC share (ISIN: AT0000A00XX9) closed at EUR 8.38, which was the lowest closing price during the period under report, and was thus EUR 10.12, or some 54.7%, down on the end value of the previous year (EUR 18.50). The average price for the year stood at EUR 13.29 (previous year: EUR 16.46) and market capitalisation at the end of the year totalled EUR 187.1 million (previous year: EUR 413.1 million).
ATX Prime
Source: Vienna Stock Exchange, price data indexed as per 2 January 2018
The POLYTEC share started the 2018 stock exchange year with an initial closing price of EUR 18.18. During the first three weeks, the price rose and on 23 January 2018, at EUR 21.00, reached the highest closing price in the period under report. However, in the course of January the general conditions appertaining to the automotive industry started to change and it became clear that this important economic branch was about to be confronted by major challenges and upheavals. This uncertain development had a negative impact upon the operative business figures of companies in the industry and their share performances. During the year, numerous manufacturers and suppliers, including the POLYTEC GROUP, were forced to revise their forecasts and issue profit warnings, and this resulted in a corresponding fall in their share prices. The STOXX® Europe 600 Automobile & Parts (SXAP) index closed the year at 439 points, which was 28.6% lower than the 2017 figure (615). In the course of 2018, the ATX Prime Index also fell by 19.6% to 1,387.73 points.
Following the publication of an adjusted outlook for the 2018 financial year, on 2 August 2018, the POLYTEC share fell back by 9.5%. On 10 October it closed at a price of EUR 9.89 and had therefore returned to the single-digit range for the first time since 7 December 2016. Moreover, apart from temporary recovery phases in July and September, the POLYTEC Holding AG share remained entangled in the price corrections that continued throughout the entire automotive sector until the end of the year.
As opposed to the preceding year, the average daily trading volume in 2018 rose by 12.3%. During the 247 days of trading on the Vienna Stock Exchange, in 2018 the average trading volume amounted to 93,591 shares per day (previous year: 83,317 shares, both figures using double counting). On 30 November 2018, the best trading day, 719,184 POLYTEC shares were traded and this specific high may have related to the transfer of the POLYTEC share from the MSCI World Small Cap Index into the MSCI World Micro Cap Index. Other strong trading days were 23 October with 426,116 and 21 September with 343,572 shares (respectively double counting).
| POLYTEC share (AT0000A00XX9) | Unit | 2018 | Change | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|
| Year-end closing price | EUR | 8.38 | -54.7% | 18.50 | 10.39 | 7.66 |
| Highest closing price during the year | EUR | 21.00 | -6.2% | 22.38 | 10.60 | 8.45 |
| Lowest closing price during the year | EUR | 8.38 | -19.4% | 10.40 | 6.65 | 6.20 |
| Average closing price during the year | EUR | 13.29 | -19.3% | 16.46 | 7.89 | 7.52 |
| Market capitalisation at year-end | EUR m | 187.1 | -54.7% | 413.1 | 231.9 | 171.0 |
| Vienna Stock Exchange money turnover (double counting) |
EUR m | 299.7 | -13.9% | 347.9 | 71.7 | 84.6 |
| Vienna Stock Exchange share turnover (double counting) |
Shares m | 23.1 | 12.1% | 20.6 | 9.0 | 11.3 |
| Share turnover (daily average, double counting) | Shares | 93,591 | 12,3% | 83,317 | 35,937 | 45,660 |
At the beginning of 2019, the POLYTEC share price recovered. On 10 January 2019, it reached the double-digit price of EUR 10.10. Up to the editorial closing date for this report in mid-March, this remained the highest closing price for this year.
of this transition, seats on the Board of Directors were newly filled and responsibilities reassigned. On the occasion of the changeover, the company held a meeting in Linz at the end of January for institutional investors and representatives of the media in order to introduce the new Board members. Some forty persons attended of whom around a dozen accepted an invitation for a subsequent tour of the POLYTEC CAR STYLING plant in Hörsching.
In order to secure a comprehensive, timely and transparent presentation of POLYTEC GROUP information of relevance to the capital markets, the Board of Directors and the Investor Relations team maintained constant contacts with stockholders. During the 2018 financial year, POLYTEC presented road shows and arranged investors' meetings at European venues, and participated in several investor conferences with the aim of reporting upon the current business figures and development of the company. In addition, investor visits to POLYTEC headquarters in Hörsching were organised and plant tours offered, while a regular dialogue was continued with institutional and private investors and analysts by means of frequent telephone conferences.
After 32 years, as planned, the company founder and core shareholder, Friedrich Huemer, handed over his post as Chairman of the Board of Directors of POLYTEC Holding AG to his son Markus with effect from 1 January 2019. In the course
Presentation of the new Board of Directors team at the end of January 2019 in Linz
POLYTEC's dividend policy is based on profitability and the strategic growth perspectives and the capital requirements of the group. In the 2018 business year, POLYTEC Holding AG's net profit amounted to EUR 139.0 million (previous year: EUR 132.6 million). Therefore, the Board of Directors and the Supervisory Board will propose the distribution of a dividend of EUR 0.40 per eligible share to the 19th Ordinary Annual General Meeting to be held on 10 May 2019. This corresponds to a gross dividend payment of around EUR 8.8 million (previous year: EUR 9.9 million) and the pay-out ratio amounts to 30.3%. It is thus slightly above the 20% to 30% distributable earnings range. On the basis of an average price for the year of EUR 13.29, a dividend yield of 3.0% results. 15 May 2019 is the ex-dividend day and 17 May 2019 the dividend pay-out day.
| POLYTEC share | Unit | 2018 | Change | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|
| Earnings per share | EUR | 1.32 | -24.1% | 1.74 | 1.65 | 1.08 |
| Proposed dividend per share | EUR | 0.40 | -11.1% | 0.45 | 0.40 | 0.30 |
| Dividend yield on the basis of the average closing price | % | 3.0 | 11.1% | 2.7 | 5.1 | 4.0 |
| Pay-out ratio | % | 30.3 | 17.0% | 25.9 | 24.2 | 27.8 |
As at 31 December 2018, POLYTEC Holding AG's share capital remained unchanged at EUR 22.3 million and was divided into 22,329,585 bearer shares. On the balance sheet date POLYTEC Holding AG held an unchanged total of 334,041 treasury shares, which amounted to roughly 1.50% of share capital. The Huemer Group retained an unaltered 29.04% (16.0% Huemer Holding GmbH and 13.04% Huemer Invest GmbH) holding in POLYTEC Holding AG share capital. As compared to the 31 December 2017 balance sheet date, the holding in companies belonging to POLYTEC Holding AG that can be attributed to Friedrich Huemer, the POLYTEC GROUP CEO until 31 December 2018, remained unchanged. Apart from the aforementioned, on the balance sheet date the Board of Directors knew of no shareholders with an interest in excess of 10.0% of share capital. No shareholder disposes over special control rights.
During the 2018 financial year, POLYTEC Holding AG received three voting right communications from stockholders in accordance with § 130 of the 2018 Austrian Stock Exchange Act.
At the end of February 2018, the Los Angeles-based (USA) shareholder The Capital Group Companies, Inc. informed POLYTEC Holding AG that on 23 February 2018 an investment had fallen below a reporting threshold and that on this date the shareholder held 976,139 POLYTEC Holding AG shares, amounting to 4.37% of share capital. At the end of March 2018, the same shareholder gave notification that the 4% reporting threshold had been undercut. According to its own information, as at 27 March 2018, The Capital Group Companies, Inc. held 876,325 POLYTEC Holding AG shares, or 3.92% of company share capital. POLYTEC Holding AG issued timely notification of these two events in accordance with § 135 Para. 2 of the 2018 Austrian Stock Exchange Act.
At the beginning of August 2018, the NN Group N.V., Amsterdam (Netherlands), notified POLYTEC Holding AG that on 8 August 2018 an investment had passed a reporting threshold. Two administered funds jointly held 5.17% of POLYTEC Holding AG share capital, or 1,155,000 shares. POLYTEC Holding AG issued timely notification of this event in accordance with § 135 Para. 2 of the 2018 Austrian Stock Exchange Act.
No further voting right notifications pursuant to § 130 of the 2018 Austrian Stock Exchange Act were issued by the shareholders.
As at 31 December 2018, on the basis of the 22,329,585 issued shares, the shareholder structure of POLYTEC Holding AG had the following form:
The empowerment of the Board of Directors on the basis of a resolution passed during the 16th Ordinary Annual General Meeting on 19 May 2016 to undertake the renewed creation of authorised capital (§169 of the Austrian Stock Corporation Act) for the purpose of an increase in cash or non-cash capital up to an amount of EUR 6,698,875.00, with the possibility of the exclusion of the subscription rights of the shareholders, as well as the corresponding amendment of the Articles of Association, is valid until 24 August 2019.
During the 2018 financial year the following financial institutions published regular reports on the POLYTEC GROUP and the recommendations and price targets up to the editorial closing date of this report in mid-March 2019 are contained in the following table. The current recommendations and price targets can be accessed on the company website, www.polytec-group.com in the Investor Relations, Share, Analyses section.
The coverage of the POLYTEC GROUP by national and international investment banks is an important element in its comprehensive investor relations activities and plays a significant role in the visibility of the POLYTEC share within the investor community.
| Institute | Recommen dation |
Latest price target |
|---|---|---|
| BAADER Helvea Equity Research | Hold | EUR 14.0 |
| ERSTE Group Research | Reduce | EUR 11.5 |
| M.M.Warburg Research | Hold | EUR 11.0 |
| Raiffeisen CENTROBANK Research | Hold | EUR 9.5 |
| ISIN | AT0000A00XX9 |
|---|---|
| Total number of shares issued | 22,329,585 |
| Ticker symbols | Vienna Stock Exchange: PYT; Bloomberg: PYT.AV; Reuters: POLV.VI; WKN: A0JL31 |
| Share also traded in/via | Berlin, Frankfurt, London, Munich, Stuttgart, Tradegate |
| Listing on the Vienna Stock Exchange | prime market |
Listed in the following Vienna Stock Exchange indices:
| Abbreviation | Full name |
|---|---|
| ATX PRIME | ATX Prime |
| ATX CPS | ATX Consumer Products & Services |
| ATX TD | ATX Top Dividend |
| ATX TD DSTB | ATX Top Dividend Distributing |
| ATX TD NTR | ATX Top Dividend Net Total Return |
| ATX TD TR | ATX Top Dividend Total Return |
| ATX FMLY | ATX Family |
| ATX FMLY NTR | ATX Family Net Total Return |
| Abbreviation | Full name |
|---|---|
| ATX FMLY TR | ATX Family Total Return |
| ATX PC8 | ATX Prime Capped 8 |
| ATX PC8 NTR | ATX Prime Capped 8 Net Total Return |
| ATX PC8 TR | ATX Prime Capped 8 Total Return |
| WBI | Wiener Börse Index |
The POLYTEC share is part of the MSCI World Micro Cap Index.
| 29 March 2019 | Friday | Publication of the financial statements and annual report for 2018 |
|---|---|---|
| 30 April 2019 | Tuesday | Record date "AGM" |
| 8 May 2019 | Wednesday | Publication of the interim report for Q1 2019 |
| 10 May 2019 | Friday | 19th Ordinary Annual General Meeting for the 2018 financial year, Hörsching, 10:00 a.m. |
| 15 May 2019 | Wednesday | Ex-dividend day |
| 16 May 2019 | Thursday | Record date "Dividends" |
| 17 May 2019 | Friday | Dividend pay-out day |
| 7 August 2019 | Wednesday | Publication of the financial report for HY1 2019 |
| 7 November 2018 | Thursday | Publication of the interim report for Q3 2019 |
The key elements in an active corporate governance culture consist of a high degree of transparency for all stakeholders and a long-term and sustainable increase in corporate value. Their realisation necessitates efficient teamwork between the company's governing bodies, the protection of shareholders' interests and open corporate communications.
Since its IPO, POLYTEC Holding AG has voluntarily committed itself to compliance with the Austrian Corporate Governance Code in its respective current form. During the 2018 financial year, the version of the code from January 2018 applied and therefore all the information and statements provided in this report pursuant to § 243c and 267b of the Austrian Commercial Code (UGB) are based on this edition. The complete text of the Austrian Corporate Governance Code can be accessed from the website of the Austrian Working Committee for Corporate Governance (www.corporate-governance.at).
POLYTEC Holding AG complies with all the compulsory "L-Rules" (Legal Requirements) and all the "C-Rules" (Comply or Explain) contained in the Austrian Corporate Governance Code with the exception of C-Rule 62. According to this rule, the company should allow the regular evaluation of adherence to the C-Rules of the code by an external institution at least every three years and to date this has not taken place. The company justifies this fact with the related high costs, but is nonetheless convinced that adherence to the C-Rules and transparency are secured through internal audits and measures. The Corporate Governance Report for the 2018 financial year is publicly available via the POLYTEC Holding AG's corporate website (www.polytec-group.com), which is registered in the Austrian Company Register.
In accordance with the Articles of Association, the Board of Directors of POLYTEC Holding AG consists of one, two, three, four or five members. The Supervisory Board appoints the members of the Board of Directors. The Board of Directors manages the company in accordance with the relevant laws, the Articles of Association and the internal rules of procedure, which are subject to Supervisory Board approval. In addition to other items, the internal rules of procedure regulate the collaboration and distribution of responsibilities amongst the members of the Board of Directors, as well as business transactions requiring approval. Details concerning the competences of the individual board members are provided in their personal descriptions.
The members of the Board of Directors are in constant contact with each other in order to exchange information, assess corporate progress and take any necessary decisions in a timely manner. As a rule, the POLYTEC Holding AG Board of Directors meets every two weeks in order to discuss current developments in the individual business areas. At least once a quarter, the Board of Directors provides the Supervisory Board with regular assessments of the course of business that incorporate the risk situation, risk management and the status of the company within the context of future group development. The Chairman of the Supervisory Board is informed immediately of significant events and is in regular contact with the Chairman of the Board of Directors. Ongoing discussions are also held regarding strategy, business trends and company risk management.
All of the serving members of the Board of Directors in 2017 were granted a discharge at the 18th Ordinary Annual General Meeting on 16 May 2018 with the required majority.
Alice Godderidge, a member of the Board of Directors since 1 January 2014, left POLYTEC Holding AG by mutual consent with effect from 31 July 2018. With respective effect from 1 August 2018 and 1 January 2019, Peter Bernscher and Heiko Gabbert were appointed to the Board of Directors with mandates until 31 December 2022, and Markus Huemer, a member of the Board of Directors since 1 January 2014, was appointed as its Chairman with effect from 1 January 2019.
Friedrich Huemer (CEO)
Markus Huemer (COO)
Peter Haidenek (CFO)
Supervisory board mandates: GlobeAir AG (Chairman of the Supervisory Board)
Born: 1981
Supervisory board mandates: GlobeAir AG (Member of the Supervisory Board)
Born: 1965
Peter Bernscher (CSO) – as from 1 August 2018
The Supervisory Board advises the Board of Directors with regard to its strategic planning and projects. It has the task of monitoring the Board of Directors' management of the company. The Supervisory Board's scope of activities is governed by the laws and regulations that apply to listed companies in Austria and in particular, the Austrian Stock Corporation Act and the Austrian Stock Exchange Act. In addition, the Supervisory Board is obliged to comply with the rules of the Austrian Corporate Governance Code. As far as internal company regulations are concerned, the Articles of Association and the rules of internal procedure are of primary importance. In accordance with the POLYTEC Holding AG Articles of Association, the Supervisory Board consists of at least three and no more than six members, elected by the Annual General Meeting. The members of the Supervisory Board are obliged to conduct an annual self-assessment of their activities.
Manfred
All five serving members of the Supervisory Board in the 2017 financial year were granted a discharge at the 18th Ordinary Annual General Meeting on 16 May 2018 with the required majority.
Fred Duswald
Independent
Born: 1948
Viktoria Kickinger
Robert Büchelhofer
Reinhard Schwendtbauer
The members of the Supervisory Board are deemed to be independent if they have no business or personal relationships with the company or its Board of Directors that could result in a material conflict of interest and thus influence the members' conduct. One member of the Supervisory Board also sits on the executive board of a bank with which the group has a business relationship in the form of deposits and loan transactions. The members of the POLYTEC Holding AG Supervisory Board have committed themselves to compliance with the criteria of independence pursuant to C-Rule 53 of the Austrian Corporate Governance Code and have declared their independence. The requirements of C-Rule 54 of the Code are fulfilled.
During the 2018 financial year, the members of the Supervisory Board undertook no transactions that required prior consent pursuant to L-Rule 48 of the Code.
In accordance with the Austrian Stock Corporation Act, the POLYTEC Holding AG Supervisory Board has established an audit committee, which carries out the scheduled controlling and monitoring functions. The chairperson of the audit committee disposes over the appropriate knowledge and practical experience with regard to financing, accounting and reporting (financial expert). Apart from the supervision of accounting and the auditing process for both the financial statements and the consolidated financial statements, the proposal for the distribution of profits, and audit planning, in particular the effectiveness of the internal control and risk management system was monitored. Moreover, consultations were held regarding the strategic focal points of the audits and the procedures of the committee in the light of new legal stipulations. Last, but not least, the committee is required to examine the Corporate Governance Report and reporting with regard to the Austrian Sustainability and Diversity Improvement Act.
During the 2018 financial year, the audit committee sat twice, whereby at both these meetings the (group) auditors were present. During the reporting period a total of four Supervisory Board meetings were held and no additional sittings were required. One decision was passed by circulating the motion. No Supervisory Board member was absent from more than half of the meetings. In addition to the mandatory establishment of the audit committee, a nomination committee and a risk management committee have been formed.
The areas of responsibility of the individual Supervisory Board members in the respective committees are shown in the following table:
| Committees | Chairperson | Members |
|---|---|---|
| Audit committee | Reinhard Schwendtbauer | Robert Büchelhofer, Fred Duswald |
| Nomination committee | Fred Duswald | Manfred Trauth, Viktoria Kickinger |
| Risk management committee | Viktoria Kickinger | Manfred Trauth, Fred Duswald |
When determining the total remuneration of the members of the Board of Directors, the Supervisory Board has to ensure that this is commensurate with their individual tasks and performance, the company's economic position and the customary levels of remuneration, while providing long-term incentives for sustainable company development. Remuneration contains fixed and variable components. Apart from the achievement of the performance-related targets set for each individual board member, the development of the return on capital employed (ROCE – EBIT/ average capital employed) is the most important parameter for the calculation of the variable remuneration components. There are no stock option plans or similar share-based remuneration systems currently in place, which would be subject to IFRS 2.
In the 2018 financial year, total remuneration to all of the members of the Board of Directors including performance-related components amounted to EUR 2,269 k (2017: EUR 2,800 k). Unpaid variable remuneration for 2018 is recognised in the current provisions for personnel.
Until 31 December 2018, the Chairman of the Board of Directors, Friedrich Huemer, worked for POLYTEC Holding AG on the basis of a service contract via IMC Verwaltungsgesellschaft mbH, Hörsching. There is no company pension system for members of the Board of Directors. As at the balance sheet date on 31 December 2018, no loans or advance payments had been granted to the current or former members of the Board of Directors. No former member of the Board of Directors receives remuneration from the company or one of its affiliates.
| Member of the | Variable remuneration | ||
|---|---|---|---|
| Board of Directors | Basic salary | component | Total |
| Friedrich Huemer1) | 620 | 480 | 1,100 |
| Markus Huemer2) | 270 | 170 | 440 |
| Peter Haidenek2) | 217 | 60 | 277 |
| Alice Godderidge2) | 239 | 0 | 239 |
| Peter Bernscher2) | 113 | 100 | 213 |
| Total | 1,459 | 810 | 2,269 |
Amounts in EUR k, 1) service contract fee, 2) gross salaries
The amount of the remuneration of the members of the Supervisory Board is sanctioned within the framework of the Annual General Meeting for the respective financial year expired. Total remuneration of the members of the Supervisory Board for the 2017 financial year was approved during the 18th Ordinary Annual General Meeting held on 16 May 2018 and totalled EUR 98,750. For the 2018 financial year, a sum of EUR 132,000 for the remuneration of all members of the Supervisory Board was recognised as an expense. Accordingly, the Board of Directors will propose this amount to the 19th Ordinary Annual General Meeting to be held on 10 May 2019 as total emoluments to the Supervisory Board. Subject to prior approval by the Annual General Meeting, this sum will be distributed among the individual members of the Supervisory Board as follows:
| Member of the Supervisory Board | Function | Remuneration |
|---|---|---|
| Fred Duswald | Chairman of the Supervisory Board | 35 |
| Manfred Trauth | Deputy Chairman of the Supervisory Board | 28 |
| Viktoria Kickinger | Member of the Supervisory Board | 22 |
| Robert Büchelhofer | Member of the Supervisory Board | 25 |
| Reinhard Schwendtbauer | Member of the Supervisory Board | 22 |
| Total | 132 |
Amounts in EUR k
For the POLYTEC GROUP conduct in accordance with the law and strict ethical standards represents a matter of course. However, compliance in this connection means far more than merely the implementation of current rules and regulations. In fact, compliance is a matter of corporate culture. Therefore, the acceptance of responsibility and actions in accordance with ethical principles have been integrated into the POLYTEC GROUP's corporate values and mission statement in unequivocal form, and tabulated in the Code of Conduct, which can be accessed via the group's website.
As a listed corporation POLYTEC Holding AG is obliged to fulfil the complete range of stipulations regarding adherence to capital market legislation. In order to prevent insider dealings, employees and other persons acting on behalf of POLYTEC Holding AG are informed continually of the ban on the misuse of insider information, and internal guidelines have been issued for the transfer of information within the company. Adherence to the latter is monitored and suitable organisational measures have been taken in order to prohibit the improper use or passing on of insider information. The related tasks constitute a major element within the compliance organisation of the company. The members of the Supervisory Board and the Board of Directors receive comprehensive information regarding compliance activities at regular intervals.
In addition to capital market compliance content, the POLYTEC GROUP holds regular training sessions regarding data protection, anti-corruption and anti-trust law. The awareness levels of employees are raised with respect to issues of data protection, competition and anti-trust law relevance, as well as correct conduct when dealing with data, gifts and invitations. The aim is to protect both employees and the group against infringements of the law and to offer practice-related support during the application of the relevant regulations. No breaches of compliance were determined during the period under review.
The POLYTEC GROUP operates 28 plants in twelve countries and employs a workforce of around 4,500. As a result of this internationality, diversity, respect, equality of opportunity and the integration of employees from differing cultures represent integral elements within corporate culture. Any form of personal discrimination whether due to origin, gender, skin colour, age, religion, sexual orientation or handicap is strictly rejected.
During recruitment for vacant positions, a focus is placed on performance orientation, knowledge, skills, equal opportunity and treatment. Candidates are selected primarily on the basis of the qualifications and experience they can contribute to the POLYTEC GROUP.
When electing members of the Supervisory Board, the Annual General Meeting has to account for requirements relating to professional and personal qualifications, as well as the balanced specialist composition of the board. Furthermore, diversity aspects have to be taken into reasonable account with regard to the representation of both genders, age structure and internationality. Newly elected Supervisory Board members must inform themselves appropriately regarding the structure and activities of the company and their tasks and responsibilities. The POLYTEC Holding AG Supervisory Board has had a female member for over a decade and during the 2018 financial year one of the five Supervisory Board positions was therefore occupied by a woman, which corresponded to a 20% share of membership. L-Rule 52 of the Code is thus fulfilled, as at present the POLYTEC Holding Supervisory Board does not consist of at least six persons.
From 2014 to 2018, a woman was also represented on the Board of Directors, which constituted a 25% share of the posts. On 31 December 2018, women accounted for some 47.6% (2017: 45%) of the POLYTEC Holding AG workforce. As at the 31 December 2018 balance sheet date, women held around 10% of the executive and managerial posts at the POLYTEC GROUP's companies (2017: 13%). The workforce in the automotive supply industry is still predominately male, as this sector continues to be primarily oriented towards technology. On 31 December 2018, the quota of female employees in the POLYTEC GROUP (excluding leasing personnel) amounted to 21.3%, which was slightly higher than on the balance sheet date of the preceding year (20.4%)
POLYTEC Holding AG has concluded a directors and officers (D&O) insurance policy for the members of the company's Board of Directors, Supervisory Board and POLYTEC GROUP executive managers. The company or the subsidiaries pay the premiums for this insurance policy.
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Linz, was recommended by the Supervisory Board as the auditors of POLYTEC Holding AG's financial statements and consolidated financial statements for the 2018 financial year. This proposal was approved with the required majority at the 18th Ordinary Annual General Meeting held on 16 May 2018. In 2018, total expenses for auditing purposes amounted to EUR 208 k (2017: EUR 146 k). A more detailed breakdown of these expenses into the single fields of activity is available in the notes to the consolidated financial statements.
No changes to matters subject to obligatory reporting occurred between the reporting date and the editorial closing date of the Corporate Governance Report in mid-March 2019.
Hörsching, 18 March 2019
The Board of Directors of POLYTEC Holding AG
Markus Huemer Chairman – CEO
Peter Haidenek Member of the Board – CFO
Heiko Gabbert Member of the Board - COO
Peter Bernscher Member of the Board – CSO
In the financial year expired, the Board of Directors of POLYTEC Holding AG provided the members of the Supervisory Board and its committees with regular information about the business performance and financial situation of the company. During both Supervisory Board meetings and informal discussions, communications between the Board of Directors and the Supervisory Board were characterised by a high degree of openness, which allowed the Supervisory Board to comprehensively assess the management of the company at all times and support the Board of Directors with regard to key decisions. The Supervisory Board executed its duties pursuant to the Austrian legal provisions and the company's Articles of Association, as well as in compliance with the Austrian Corporate Governance Code.
During the 2018 financial year, the committees formed in accordance with the Austrian Corporate Governance Code (audit, nomination and risk management committees) convened as stipulated. The meetings dealt largely with the discussion of the course of business and resolutions regarding business matters and measures of importance. The Supervisory Board of POLYTEC Holding AG is currently composed of five shareholder representatives and is committed to compliance with the Austrian Corporate Governance Code. All of the Supervisory Board members are deemed to be independent according to the definition contained in the Austrian Corporate Governance Code.
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Linz, audited the financial statements including the management report, the consolidated financial statements and the group management report of POLYTEC Holding AG in its capacity as the auditors for the 2018 financial year. The auditors granted both the 2018 financial statements and consolidated financial statements of POLYTEC Holding AG an unqualified opinion. On the basis of this audit, apart from the clarification of especially important auditing matters, among other aspects it was confirmed that the financial statements and the consolidated financial statements comply with all legal requirements and provide a true and fair view of the asset and financial situation as at 31 December 2018, as well as the profit situation for the financial year ending on this closing date. Pursuant to the opinion of the auditors, the financial statements were prepared in accordance with the stipulations of Austrian commercial law and the consolidated financial statements in line with the International Financial Reporting Standards, as applied in the EU (IFRS) and the additional requirements pursuant to § 245a UGB (Austrian Commercial Code).
At its meeting on 25 March 2019, together with the auditors, the audit committee of the Supervisory Board studied in detail the annual financial statements including the management report, the corporate governance report, the consolidated financial statements including the group management report and the auditors' report. Following its own examination, the audit committee endorsed the findings of the auditors' report and informed the Supervisory Board accordingly.
The Supervisory Board examined the annual financial statements, the consolidated financial statements, the management report, the group management report and the corporate governance report and endorsed the result of the audit of the financial statements and consolidated financial statements. The Supervisory Board concurred with the annual financial statements, which are thus adopted pursuant to § 96 Para.4 of the Austrian Stock Corporation Act. The Supervisory Board also agreed with the recommendation of the audit committee and will propose to the Annual General Meeting that KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Linz, be appointed as the auditors for the 2019 financial year.
Furthermore, the Supervisory Board concurs with the recommendation of the Board of Directors to distribute a dividend of EUR 0.40 per eligible share for the 2018 financial year.
On behalf of the Supervisory Board, I would like to express my gratitude to the Board of Directors and all the members of the POLYTEC GROUP workforce for their endeavours and great commitment during the 2018 financial year. I would also like to thank the POLYTEC GROUP's shareholders and customers for their trust.
Hörsching, March 2019
Fred Duswald Chairman of the Supervisory Board
| Balance sheet as at 31 December 2018 (with comparative figures from the previous year) (German) | 83 |
|---|---|
| Income statement for the 2018 financial year (with comparative figures from the previous year) (German) | 84 |
| Notes to the financial statements for 2018 the financial year of POLYTEC Holding AG, Hörsching (German) | 85 |
| Management report of POLYTEC Holding AG for the 2018 financial year (German) | 98 |
| Auditors' report (German) | 113 |
| Service/Imprint | 119 |
| Glossary | 120 |
| POLYTEC Holding AG, Hörsching |
Beilage I/1 | ||||
|---|---|---|---|---|---|
| mit Gegenüberstellung der Vorjahreszahlen in tausend Euro (TEUR) mber 2018 m 31. Deze Bilanz zu |
|||||
| Aktiva | Passiva | ||||
| 31.12.2018 EUR |
31.12.2017 TEUR |
31.12.2018 EUR |
31.12.2017 TEUR |
||
| A. Anlagevermögen: | 4.149.808,42 | 1.402 | I. Eingefordertes und einbezahltes Grundkapital: A. Eigenkapital: |
||
| I. Immaterielle Vermögensgegenstände II. Sachanlagen |
1.618.502,57 | 343 | 1. Gezeichnetes Grundkapital | 22.329.585,00 | 22.330 |
| III. Finanzanlagen | 165.888.593,15 171.656.904,14 |
159.516 161.261 |
2. Eigene Anteile | -334.041,00 21.995.544,00 |
-334 21.996 |
| B. Umlaufvermögen: | II. Kapitalrücklagen (gebundene) | 38.869.949,79 | 38.870 | ||
| I. Forderungen und sonstige Vermögensgegenstände: | III. Gebundene Gewinnrücklage für eigene Anteile | 334.041,00 | 334 | ||
| 1. Forderungen aus Lieferungen und Leistungen | 164.560,86 | 82 | IV. Bilanzgewinn | 138.997.463,31 | 132.624 |
| 2. Forderungen gegenüber verbundenen Unternehmen davon mit einer Restlaufzeit von mehr als einem Jahr |
0,00 140.393.488,74 |
0 120.447 |
davon Gewinnvortrag | 122.725.645,89 200.196.998,10 |
114.533 193.823 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 138.048.444,25 | 25.508 | B. Rückstellungen: | ||
| 3. Sonstige Forderungen und Vermögensgegenstände | 670.956,93 | 3.836 | 1. Rückstellungen für Abfertigungen | 274.372,59 | 271 |
| davon mit einer Restlaufzeit von mehr als einem Jahr | 53.900,00 | 55 | 2. Steuerrückstellungen | 0,00 | 110 |
| II. Kassenbestand, Gut- | 141.229.006,53 | 124.365 | 3. Sonstige Rückstellungen | 2.392.481,50 2.666.854,09 |
2.729 3.110 |
| haben bei Kreditinstituten | 47.444.878,33 | 23.414 | Verbindlichkeiten: C. |
||
| 188.673.884,86 | 147.779 | 1. Verbindlichkeiten aus Schuldscheindarlehen | 156.114.657,83 | 109.045 | |
| C. Rechnungsabgrenzungsposten | 278.786,13 | 155 | davon mit einer Restlaufzeit bis zu einem Jahr | 40.114.657,83 | 545 |
| D. Aktive latente Steuern | 4.476.411,00 | 1.378 | davon mit einer Restlaufzeit von mehr als einem Jahr | 116.000.000,00 | 108.500 |
| 2. Verbindlichkeiten aus Lieferungen und Leistungen | 1.428.832,87 | 1.166 | |||
| davon mit einer Restlaufzeit bis zu einem Jahr | 1.428.832,87 | 1.166 | |||
| 3. Verbindlichkeiten gegenüber | |||||
| verbundenen Unternehmen | 2.638.350,06 | 1.001 | |||
| davon mit einer Restlaufzeit bis zu einem Jahr 4. Sonstige Verbindlichkeiten |
2.638.350,06 128.005,18 |
117 1.001 |
|||
| davon aus Steuern | 12.361,22 | 10 | |||
| davon im Rahmen der sozialen Sicherheit | 112.646,08 | 85 | |||
| davon mit einer Restlaufzeit bis zu einem Jahr | 128.005,18 | 117 | |||
| 160.309.845,94 | 111.328 | ||||
| davon mit einer Restlaufzeit bis zu einem Jahr | 44.309.845,94 | 2.828 | |||
| davon mit einer Restlaufzeit von mehr als einem Jahr D. Rechnungsabgrenzungsposten |
116.000.000,00 1.912.288,00 |
108.500 2.312 |
|||
| 365.085.986,13 | 310.573 | 365.085.986,13 | 310.573 |
83
POLYTEC Holding AG, Hörsching
mit Gegenüberstellung der Vorjahreszahlen in tausend Euro (TEUR)
| 2018 EUR |
2017 TEUR |
|
|---|---|---|
| 1. Umsatzerlöse | 16.411.134,71 | 14.346 |
| 2. Sonstige betriebliche Erträge: | ||
| a) Erträge aus dem Abgang vom Anlagevermögen | ||
| mit Ausnahme der Finanzanlagen | 13.611,93 | 42 |
| b) Übrige | 439.335,30 | 44 |
| 452.947,23 | 86 | |
| 3. Personalaufwand: | ||
| a) Gehälter | -4.910.868,21 | -4.128 |
| b) Soziale Aufwendungen | -1.173.046,41 | -976 |
| ba) für Abfertigungen und Leistungen an | ||
| betriebliche Mitarbeitervorsorgekassen | -94.724,07 | -67 |
| bb) für gesetzlich vorgeschriebene Sozialabgaben | ||
| sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge | -1.061.356,15 | -896 |
| -6.083.914,62 | -5.104 | |
| 4. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen |
-1.181.249,08 | -522 |
| 5. Sonstige betriebliche Aufwendungen: | ||
| Übrige | -8.588.620,59 | -7.758 |
| 6. Zwischensumme aus Z 1 bis Z 5 (Betriebsergebnis) | 1.010.297,65 | 1.047 |
| 7. Erträge aus Beteiligungen | 9.763.091,03 | 14.297 |
| davon aus verbundenen Unternehmen | 9.763.091,03 | 14.297 |
| 8. Sonstige Zinsen und ähnliche Erträge | 4.776.941,93 | 3.698 |
| davon aus verbundenen Unternehmen | 4.585.858,20 | 3.441 |
| 9. Aufwendungen aus Finanzanlagen | 0,00 | -100 |
| davon Aufwendungen aus verbundenen Unternehmen | 0,00 | -100 |
| 10. Zinsen und ähnliche Aufwendungen | -2.537.112,74 | -2.126 |
| davon aus verbundenen Unternehmen | -3.293,56 | -2 |
| 11. Zwischensumme aus Z 7 bis Z 10 (Finanzergebnis) | 12.002.920,22 | 15.768 |
| 12. Ergebnis vor Steuern | 13.013.217,87 | 16.815 |
| 13. Steuern vom Einkommen | 3.258.599,55 | 1.275 |
| davon latente Steuern | 3.098.573,00 | -365 |
| 14. Ergebnis nach Steuern = Jahresüberschuss | 16.271.817,42 | 18.090 |
| 15. Gewinnvortrag aus dem Vorjahr | 122.725.645,89 | 114.533 |
| 16. Bilanzgewinn | 138.997.463,31 | 132.624 |
Der vorliegende Jahresabschluss 2018 ist nach den Vorschriften des UGB aufgestellt worden.
Die Gesellschaft ist als große Kapitalgesellschaft gemäß § 221 UGB einzustufen.
Im Interesse einer klaren Darstellung wurden in der Bilanz und in der Gewinn- und Verlustrechnung einzelne Posten zusammengefasst. Diese Posten sind im Anhang gesondert ausgewiesen.
Die Gewinn- und Verlustrechnung ist in Staffelform nach dem Gesamtkostenverfahren aufgestellt.
Die bisherige Form der Darstellung wurde bei der Erstellung des vorliegenden Jahresabschlusses beibehalten.
Soweit es zur Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage erforderlich ist, wurden im Anhang zusätzliche Angaben gemacht.
Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buchführung sowie der Generalnorm, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln, aufgestellt.
Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der Vollständigkeit eingehalten.
Bei der Bewertung wurde von der Fortführung des Unternehmens ausgegangen.
Bei den Vermögensgegenständen und Schulden wurde der Grundsatz der Einzelbewertung angewandt.
Die bisherigen angewandten Bewertungsmethoden wurden beibehalten.
Schätzungen beruhen auf einer umsichtigen Beurteilung. Soweit statistisch ermittelbare Erfahrungen aus gleich gelagerten Sachverhalten vorhanden sind, wurden diese bei Schätzungen berücksichtigt.
Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem insbesondere nur die am Abschlussstichtag verwirklichten Gewinne ausgewiesen werden.
Alle erkennbaren Risken und drohenden Verluste wurden berücksichtigt.
Immaterielle Vermögensgegenstände werden, soweit gegen Entgelt erworben, zu Anschaffungskosten aktiviert und in längstens fünf Jahren abgeschrieben.
Sachanlagen werden zu Anschaffungs- oder Herstellungskosten, abzüglich planmäßiger Abschreibungen, bewertet.
Die planmäßigen Abschreibungen werden linear unter Zugrundelegung folgender Nutzungsdauern und Abschreibungssätze berechnet:
| Nutzungs- | Abschrei | |
|---|---|---|
| dauer in | bungssatz | |
| Jahren | % | |
| Technische Anlagen und Maschinen | 3 - 8 | 12,5 - 33,3 |
| Andere Anlagen, Betriebs | ||
| und Geschäftsausstattung | 2 - 10 | 10,0 - 50,0 |
Von den Zugängen in der ersten Hälfte des Geschäftsjahres wird die volle Jahresabschreibung, von den Zugängen in der zweiten Hälfte wird die halbe Jahresabschreibung verrechnet.
Geringwertige Vermögensgegenstände werden im Jahr der Anschaffung voll abgeschrieben.
Außerplanmäßige Abschreibungen werden vorgenommen, soweit der Ansatz mit einem niedrigeren Wert erforderlich ist.
Zuschreibungen zu Vermögensgegenständen des Anlagevermögens werden vorgenommen, wenn die Gründe für die außerplanmäßige Abschreibung nachhaltig weggefallen sind. Die Zuschreibung erfolgt auf maximal den Nettobuchwert, der sich unter Berücksichtigung der Normalabschreibungen, die inzwischen vorzunehmen gewesen wären, ergibt.
Die Anteile an verbundenen Unternehmen werden zu Anschaffungskosten oder, falls ihnen ein niedrigerer Wert beizulegen ist, mit diesem angesetzt, wenn die Wertminderungen voraussichtlich von Dauer sind.
Die Ausleihungen an verbundenen Unternehmen werden zu Anschaffungskosten oder, falls ihnen ein niedrigerer Zeitwert beizulegen ist, mit diesem angesetzt, wenn die Wertminderungen voraussichtlich von Dauer sind.
Forderungen und sonstige Vermögensgegenstände werden mit dem Nennbetrag angesetzt. Fremdwährungsforderungen werden unter Berücksichtigung des Niederstwertprinzips mit dem Referenzkurs der Europäischen Zentralbank zum Bilanzstichtag bewertet. Für erkennbare Risken werden Einzelwertberichtigungen gebildet.
Für Anteile an verbundenen Unternehmen wird für den Jahresabschluss beurteilt, ob Anhaltspunkte für einen wesentlich geänderten beizulegenden Wert vorliegen. Die Beurteilung erfolgt grundsätzlich auf Basis einer Gegenüberstellung des Beteiligungsansatzes mit dem anteiligen Eigenkapital zum Stichtag, sowie bei einem Auftreten von externen oder internen Einflussfaktoren die eine erhebliche Wertminderung auslösen können. Kann eine gegebenenfalls auftretende Unterdeckung nicht durch stille Reserven in langfristigen Vermögensgegenständen kompensiert werden, wird eine Bewertung auf Basis von abgezinsten Cash-Flows durchgeführt. Die Ableitung der Cash-Flows basiert auf der vom Vorstand und vom Aufsichtsrat bewilligten Planung. Der Zinssatz wird aus aktuellen Marktdaten abgeleitet.
Die Ausleihungen an sowie die Forderungen gegenüber verbundenen Unternehmen, die nicht über vorstehend beschriebene Bewertung auf Basis von abgezinsten Cash-Flows abgedeckt sind, werden anhand von Ergebnis- und Cash-Flow-Planungen hinsichtlich der Werthaltigkeit und dem Rückführungspotential analysiert und beurteilt.
Zuschreibungen zu Vermögensgegenständen des Umlaufvermögens werden vorgenommen, wenn die Gründe für die Abschreibung nachhaltig weggefallen sind.
Latente Steuern werden gemäß § 198 Abs 9 und 10 UGB nach dem bilanzorientierten Konzept und ohne Abzinsung auf Basis des aktuellen Körperschaftsteuersatz von 25% gebildet. Dabei werden auch latente Steuern auf steuerliche Verlustvorträge in dem Ausmaß berücksichtigt, soweit überzeugende substantielle Hinweise vorliegen, dass ein ausreichendes zu versteuerndes Ergebnis in Zukunft zur Verfügung stehen wird.
Bei der Bemessung der Rückstellungen werden entsprechend den gesetzlichen Erfordernissen alle erkennbaren Risken und drohenden Verluste berücksichtigt.
Zum 31.12.2018 wurden die Rückstellungen für Abfertigungen und Jubiläumsgelder nach versicherungsmathematischen Grundsätzen entsprechend den Vorschriften des IAS 19 "Leistungen an Arbeitnehmer", wie er in der EU anzuwenden ist, unter Anwendung des Projected-Unit-Credit-Method (laufendes Einmalprämienverfahren) berechnet. Dabei werden die erwarteten Versorgungsleistungen auf den gesamten Zeitraum der Beschäftigung verteilt. Zukünftige Gehaltssteigerungen sowie Fluktuationsabschläge werden berücksichtigt. Versicherungsmathematische Gewinne und Verluste werden zur Gänze in der Periode angesetzt, in der sie anfallen. Die Aufwendungen aus der Aufzinsung sowie die Zahlungen für beitragsorientierte Verpflichtungen sind im Personalaufwand ausgewiesen.
Annahmen zur Berechnung der erwarteten leistungsorientierten Ansprüche zum 31.12.2018:
| Jubiläums | ||
|---|---|---|
| Abfertigungen | gelder | |
| Diskontierungszinssatz | 1,7% | 1,8% |
| Vorjahr | 1,5% | 1,9% |
| Gehaltssteigerung | 2,0% | 2,0% |
| Vorjahr | 2,0% | 2,0% |
Es kommen die Rechnungsgrundlagen von "AVÖ 2018-P" (Vorjahr: "AVÖ 2008-P") für die Pensionsversicherung - Pagler & Pagler" sowie ein Pensionsantrittsalter von 62 Jahren unter Beachtung der Übergangsbestimmungen laut "Budgetbegleitgesetz 2011" und des "BVG Altersgrenzen" zur Anwendung. Der Unterschiedsbetrag aus der Änderung der biometrischen Rechnungsgrundlagen wurde im Geschäftsjahr zur Gänze erfolgswirksam erfasst und beträgt für die Rückstellungen für Abfertigungen EUR -2.924,76 und Rückstellungen für Jubiläumsgelder EUR 13.760,06.
In den sonstigen Rückstellungen werden unter Beachtung des Vorsichtsprinzips alle zum Zeitpunkt der Bilanzerstellung erkennbaren Risiken und der Höhe sowie dem Grunde nach ungewisse Verbindlichkeiten mit den Beträgen berücksichtigt, die nach vernünftiger unternehmerischer Beurteilung erforderlich sind. Langfristige Rückstellungen werden abgezinst.
Verbindlichkeiten werden mit ihrem Erfüllungsbetrag angesetzt. Fremdwährungsverbindlichkeiten werden unter Berücksichtigung des Höchstwertprinzips mit dem Referenzkurs der Europäischen Zentralbank zum Bilanzstichtag bewertet.
Die Aufgliederung des Anlagevermögens und seine Entwicklung im Berichtsjahr sind im Anlagenspiegel angeführt (vergleiche Anlage*1 zum Anhang).
Aus der Nutzung von nicht in der Bilanz ausgewiesenen Sachanlagen besteht auf Grund von langfristigen Mietverträgen für das Geschäftsjahr 2019 eine Verpflichtung von EUR 422.839,29 (Vorjahr: TEUR 414). Der Gesamtbetrag der Verpflichtungen für die nächsten 5 Jahre beträgt EUR 2.156.905,32 (Vorjahr: TEUR 2.110).
Die Forderungen gegenüber verbundenen Unternehmen betreffen mit EUR 1.693.810,55 (Vorjahr: TEUR 2.263) Steuerumlagen, mit EUR 138.048.444,25 (Vorjahr: TEUR 117.998) Konzernfinanzierungen und mit EUR 651.233,94 (Vorjahr: TEUR 187) sonstige Verrechnungen.
Im Posten "Sonstige Forderungen und Vermögensgegenstände" sind Erträge in Höhe von EUR 286.473,59 (Vorjahr: TEUR 934) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
Die aktiven latenten Steuern wurden auf Unterschiede zwischen dem steuerlichen und unternehmensrechtlichen Wertansatz zum Bilanzstichtag für folgende Posten gebildet:
| 31.12.2018 | 31.12.2017 | |
|---|---|---|
| EUR | TEUR | |
| Beteiligungen | 0,00 | 1.228 |
| Langfristige Personalrückstellungen | 362.532,00 | 90 |
| Verbindlichkeiten aus Schuldscheindarlehen | 260.876,00 | 60 |
| Aktivierte Verlustvorträge | 17.282.236,00 | 0 |
| Stand zum 31.12.2018 (31.12.2017) | 17.905.644,00 | 1.378 |
| Daraus resultierende aktive latente Steuern | 4.476.411,00 | 1.378 |
Die aktiven latenten Steuern entwickelten sich wie folgt:
| Stand am 31.12.2017 | 1.377.838,00 |
|---|---|
| Erfolgswirksame Veränderung | 3.098.573,00 |
| Stand am 31.12.2018 | 4.476.411,00 |
Die Erhöhung der Verlustvorträge resultieren aus steuerlichen Verlusten der Vergangenheit, die im Geschäftsjahr erstmalig zum Ansatz kommen.
Das Grundkapital beträgt zum 31.12.2018 EUR 22.329.585,00 und ist in 22.329.585 Stückaktien zum Nennbetrag von je EUR 1,00 zerlegt. Die Aktien lauten auf Inhaber.
Das Grundkapital der Gesellschaft blieb im Geschäftsjahr 2018 unverändert.
Mit Beschluss der Hauptversammlung vom 19.5.2016 wurde ein genehmigtes Kapital beschlossen. Der Vorstand ist berechtigt mit Zustimmung des Aufsichtsrats längstens drei Jahre ab Eintragung des genehmigten Kapitals das Grundkapital um bis zu Nominale EUR 6.698.875,00 durch Ausgabe neuer Aktien zu einem Mindestausgabebetrag von je EUR 1,00 zu erhöhen. Die Ausgabe der neuen Aktien kann auch unter Ausschluss des Bezugrechts der Aktionäre erfolgen.
Mit Beschluss der 14. ordentlichen Hauptversammlung vom 14.5.2014 wurde der Vorstand für die Dauer von 30 Monaten ab dem Tag der Beschlussfassung ermächtigt, eigene Aktien der Gesellschaft im Ausmaß von bis zu 10% des Grundkapitals zu erwerben. Der Erwerb kann sowohl über die Börse als auch außerbörslich erfolgen.
Es wurden 334.041 Stk. (31.12.2017: 334.041 Stk.) eigene Aktien zu einem Durschnittskurs von EUR 5,55 zurückerworben. Das entspricht einem Anteil am Grundkapital von 1,5% (31.12.2017: 1,5 %) bzw. EUR 334.041,00 (31.12.2017: 334.041,00). Im Geschäftsjahr 2018 wurden keine eigenen Aktien zurückerworben. Der Vorstand ist ermächtigt, die eigenen Aktien zu jedem gesetzlich zulässigen Zweck zu verwenden.
Die sonstigen Rückstellungen umfassen im Wesentlichen Vorsorgen für nicht konsumierte Urlaube, Erfolgsprämien sowie ausstehende Eingangsrechnungen.
Im Geschäftsjahr 2014 hatte die POLYTEC GROUP ein Schuldscheindarlehen begeben. Das Emissionsvolumen belief sich auf TEUR 100.000. Es wurden Laufzeiten von 5 und 7 Jahren mit jeweils fixer und variabler Verzinsung vereinbart. Die durchschnittliche Laufzeit zum Ausgabezeitpunkt betrug ca. 6 Jahre. Am 30. März 2017 wurde der gesamte variable Anteil des Schuldscheindarlehens 2014 in Höhe von TEUR 36.500 vorzeitig getilgt und mit Ausgabe eines neuen Schuldscheindarlehens in Höhe von TEUR 45.000 refinanziert. Es wurden wiederum vier Tranchen mit Laufzeiten von 5 und 7 Jahren mit jeweils fixer und variabler Verzinsung ausgegeben. Die gekündigten Tranchen wurden direkt vom Arrangeur des neuen Schuldscheindarlehens abgelöst, wodurch die POLYTEC Holding AG nur mehr den Erhöhungsbetrag erhielt.
Im Geschäftsjahr 2018 wurde ein weiteres Schuldscheindarlehen von der POLYTEC Holding AG in Höhe von TEUR 47.000 emittiert. Dieses besteht aus 3 variabel verzinsten Tranchen mit Laufzeiten von 5, 7 und 10 Jahren und einer fix verzinsten Tranche mit einer Laufzeit von 5 Jahren.
Von den Verbindlichkeiten haben EUR 21.000.000,00 (Vorjahr: TEUR 9.000) eine Restlaufzeit von mehr als fünf Jahren.
Im Posten "Sonstige Verbindlichkeiten" sind Aufwendungen in Höhe von EUR 128.005,18 (Vorjahr: TEUR 117) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
Die Verbindlichkeiten gegenüber verbundenen Unternehmen betreffen mit EUR 1.750.165,00 (Vorjahr: TEUR 1.000) Veranlagungen bzw. Finanzierungen, mit EUR 873.460,00 (Vorjahr: TEUR 0) Steuerumlagen und mit EUR 14.725,06 (Vorjahr: TEUR 1) sonstige Verrechnungen.
| 31.12.2018 EUR |
31.12.2017 TEUR |
|
|---|---|---|
| Haftungen gegenüber Kreditinstituten | 7.085.592,00 | 11.477 |
| Haftung für Leasingverpflichtungen | 151.300,00 | 426 |
| Haftung für Mietkaufverpflichtungen | 3.810.212,49 | 4.873 |
| 11.047.104,49 | 16.776 |
Die Haftung für Leasingverpflichtungen betrifft die Mithaftung als zweiter Leasingnehmer. Daneben besteht eine Veritätshaftung im Zusammenhang mit Factoringverträgen einzelner Konzernunternehmen. Diese betreffen das Restrisiko einer Inanspruchnahme der Gesellschaft für den Fall, dass an Konzerngesellschaften bevorschusste, jedoch dem Grunde nach nicht gerechtfertigte Forderungen, weder beim Schuldner der Forderung noch bei der Konzerngesellschaft einbringlich sind. Per 31.12.2018 betrug die Rahmenausnutzung EUR 27.842.992,21 (Vorjahr: TEUR 15.694). Das Delkredererisiko, den Rechtsbestand der Forderung vorausgesetzt, wird von der Factoringgesellschaft getragen.
Sämtliche Haftungsverhältnisse betreffen wie im Vorjahr Risikoübernahmen von verbundenen Unternehmen.
Außerbilanzielle Geschäfte nach § 237 Z 8a UGB aus denen wesentliche Risiken oder Vorteile resultieren könnten, liegen zum Bilanzstichtag nicht vor.
| 2018 EUR |
2017 TEUR |
|
|---|---|---|
| Inland | 4.002.281,46 | 3.553 |
| Ausland | 12.408.853,25 | 10.793 |
| 16.411.134,71 | 14.346 |
Die Umsatzerlöse enthalten im Wesentlichen Konzernumlagen sowie weiterverrechnete Aufwendungen.
| 2018 EUR |
2017 TEUR |
|
|---|---|---|
| Erträge aus dem Abgang vom Anlagevermögen | 13.611,93 | 42 |
| Übrige: | ||
| Kursdifferenzen | 68.995,72 | 3 |
| Zuschüsse und Prämien | 61.034,35 | 0 |
| Eingang abgeschriebener Forderungen | 63.172,22 | 0 |
| Sonstige | 246.133,01 | 41 |
| 439.335,30 | 44 | |
| 452.947,23 | 86 |
| 2018 EUR |
2017 TEUR |
|
|---|---|---|
| Gehälter | 4.910.868,21 | 4.128 |
| Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen Aufwendungen für gesetzlich vorgeschrie bene Sozialabgaben sowie vom Entgelt |
94.724,07 | 67 |
| abhängige Abgaben und Pflichtbeiträge | 1.061.356,15 | 896 |
| Sonstige Sozialaufwendungen | 16.966,19 | 14 |
| 6.083.914,62 | 5.104 |
Von den Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen entfielen im Geschäftsjahr EUR 21.160,01 (Vorjahr: TEUR 20) auf Mitglieder des Vorstands und leitende Angestellte.
Im Posten "Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen" sind EUR 27.000,06 (Vorjahr: TEUR 10) Aufwendungen für Abfertigungen enthalten.
Im Posten Gehälter ist eine Dotierung der Rückstellung für Jubiläumsgelder in Höhe von EUR 19.746,57 (Vorjahr: Dotierung TEUR 3) enthalten.
Die übrigen sonstigen betrieblichen Aufwendungen beinhalten im Wesentlichen Geschäftsführungs-, Versicherungs-, Miet-, Beratungs- und Softwarewartungsaufwendungen.
Von den Erträgen aus Beteiligungen betreffen EUR 7.000.000,00 (Vorjahr: TEUR 14.297) Gewinnausschüttungen von Tochterunternehmen und EUR 2.763.091,03 (Vorjahr: TEUR 0) eine Einlagenrückzahlung einer Tochtergesellschaft.
| 2018 EUR |
2017 TEUR |
|
|---|---|---|
| Körperschaftsteuer: | ||
| Laufendes Jahr | 520.073,47 | 670 |
| Aus Vorperioden | 140.250,53 | -50 |
| Steuerumlagen Gruppenbesteuerung | -820.350,55 | -2.261 |
| Latente Steuern | -3.098.573,00 | 365 |
| -3.258.599,55 | -1.275 |
Die Steuerumlagen betreffen inländische verbundene Unternehmen, welche in die Steuergruppe der Gesellschaft einbezogen sind.
Die Steuerumlagen werden nach der sogenannten Belastungsmethode verrechnet, wobei im Fall eines steuerlichen Gewinns das inländische Gruppenmitglied eine Steuerumlage in Höhe von 25% an den Gruppenträger zu entrichten hat. Im Fall eines steuerlichen Verlustes eines inländischen Gruppenmitglieds hat der Gruppenträger eine Ausgleichszahlung an das Gruppenmitglied zu leisten.
Die Gesellschaft ist Mutterunternehmen des POLYTEC-Konzerns im Sinn des § 244 UGB. Der von der POLYTEC Holding AG, als oberstes Mutterunternehmen, verpflichtend aufzustellende Konzernabschluss wird beim Firmenbuch des Landes- als Handelsgerichtes Linz hinterlegt. Die Aufwendungen für den Abschlussprüfer gemäß § 238 Abs 1 Z 18 UGB werden im Konzernabschluss angegeben.
Die Gesellschaft setzt derivative Finanzinstrumente sowohl zur Absicherung von Fremdwährungs- und Zinsänderungsrisiken als auch zur Verbesserung des Nettozinsergebnisses der POLYTEC-Gruppe im Rahmen der Aufgaben des Konzerntreasury ein. Zum 31.12.2018 bestanden folgende derivative Finanzinstrumente.
| beizulegen | ||||||
|---|---|---|---|---|---|---|
| Rückstellung | der Wert | Rückstellung | der Wert | |||
| 31.12.2017 | 31.12.2017 | 31.12.2018 | 31.12.2018 | |||
| Kategorie der Finanzinstrumente | Nominale | EUR | EUR | EUR | EUR | |
| Zinssatz-Swap | EUR | 28.000.000,00 | 305.859,54 | -305.859,54 | 171.218,55 | -171.218,55 |
| Zinssatz-Swap | EUR | 8.500.000,00 | 143.666,46 | -143.666,46 | 171.292,95 | -171.292,95 |
Die beizulegenden Zeitwerte gemäß § 238 Abs 1 Z 1 lit b UGB entsprechen den rechnerischen Marktwerten am Bilanzstichtag.
Wesentliche Geschäfte mit nahe stehenden Personen und Unternehmen werden mit Firmen, die sich im mittelbaren oder unmittelbaren Beteiligungsbesitz von Ing. Friedrich Huemer (Vorstandsvorsitzender bis 31.12.2018) befinden, getätigt (sogenannte IMC-Gruppe). Im Wesentlichen betrifft dies die werkvertraglich geregelte Stellung. Sämtliche getätigten Geschäfte wurden zu marktüblichen Bedingungen abgeschlossen.
Nach dem Bilanzstichtag sind keine wesentlichen Ereignisse eingetreten.
Es wird vorgeschlagen, aus dem Bilanzgewinn in Höhe von EUR 138.997.463,31 eine Dividende von EUR 0,40 je Aktie, das sind für die im Umlauf befindlichen Aktien in Summe EUR 8.798.217,60 auszuschütten und den Restbetrag auf neue Rechnung vorzutragen.
.
| 2018 | 2017 | |
|---|---|---|
| Angestellte (im Jahresdurchschnitt) | 56 | 44 |
Mitglieder des Vorstands waren während des Geschäftsjahres und zum Zeitpunkt der Erstellung des Jahresabschlusses:
Herr Ing. Friedrich H u e m e r , Wallern (Vorstandsvorsitzender bis 31.12.2018) Herr DI (FH) Markus H u e m e r, MBA, Buchkirchen (stellvertretender Vorstandsvorsitzender bis 31.12.2018; Vorstandsvorsitzender seit 01.01.2019) Frau DI Alice G o d d e r i d g e, Piberbach (bis 31.07.2018) Herr Dkfm. Peter H a i d e n e k , Velden Herr Peter Bernscher, MBA, Linz (seit 01.08.2018) Herr DI Heiko Gabbert, Vechta, Deutschland (seit 01.01.2019)
Der Gesamtbetrag der Bezüge der im Geschäftsjahr 2018 als Mitglieder des Vorstands tätigen Personen betrug EUR 2.268.685,13 (Vorjahr: TEUR 2.734).
Mitglieder des Aufsichtsrats waren während des Geschäftsjahres und zum Zeitpunkt der
Herr Mag. Fred D u s w a l d , Thalheim (Vorsitzender) Herr Manfred Helmut T r a u t h , Knittelsheim, Deutschland (Stellvertreter des Vorsitzenden) Herr Prof. Dr. Robert B ü c h e l h o f e r , Starnberg, Deutschland Frau Dr. Viktoria K i c k i n g e r , Wien Herr Mag. Reinhard S c h w e n d t b a u e r , Leonding
Die erfassten Aufwendungen für Vergütungen an Mitglieder des Aufsichtsrats betrugen im Geschäftsjahr EUR 132.000,00 (Vorjahr: TEUR 99).
| Stand am Abschreibungen |
Stand am Nettowert Stand am |
|---|---|
| 31.12.2018 EUR Abgänge EUR Zugänge |
31.12.2017 EUR 31.12.2018 EUR |
| 0,00 2.670.062,34 888.705,75 |
659.463,40 1.527.682,05 |
| 0,00 0,00 2.670.062,34 0,00 0,00 888.705,75 |
742.323,42 1.401.786,82 2.622.126,37 4.149.808,42 |
| 0,00 9.600,00 562.399,89 |
52.200,11 0,00 |
| 84.529,91 1.139.799,31 292.543,33 646.929,80 1.139.799,31 282.943,33 |
291.010,05 343.210,16 1.618.502,57 1.618.502,57 |
| 0,00 3.043.690,72 0,00 |
147.291.157,74 152.298.787,47 |
| 0,00 0,00 3.043.690,72 0,00 0,00 0,00 |
7.217.184,34 165.888.593,15 159.515.971,81 18.597.435,41 |
| 6.319.233,09 1.181.249,08 646.929,80 6.853.552,37 | 171.656.904,14 161.260.968,79 |
Die Gesellschaft hält bei folgenden Unternehmen mindestens 20,0 % Anteilsbesitz, die Angaben zu Eigenmittel und Ergebnis basieren auf den vorläufigen Ergebnissen für 2018:
| Kapital- | Eigenkapital/ Ergebnis des | ||||
|---|---|---|---|---|---|
| anteil | Wäh- | Negatives | Geschäfts | ||
| Beteiligungsunternehmen | % | rung | Eigenkapital | jahres | Stichtag |
| POLYTEC CAR STYLING | EUR | 6.962.447 | 1.007.089 | 31.12.2018 | |
| Hörsching GmbH, Hörsching | 100,0 | EUR | 5.955.358 | 2.716.212 | 31.12.2017 |
| POLYTEC FOHA INC., | USD | 2.933.238 | 526.879 | 31.12.2018 | |
| Warren, USA | 100,0 | USD | 2.325.488 | 264.542 | 31.12.2017 |
| POLYTEC FOHA CORP., | CAD | 801 | -46.714 | 31.12.2018 | |
| Markham, Kanada | 100,0 | CAD | 39.175 | -79.115 | 31.12.2017 |
| POLYTEC CAR STYLING UK Ltd. | GBP | 3.527.739 | -2.033.411 | 31.12.2018 | |
| Bromyard, Großbritannien | 100,0 | GBP | 5.562.160 | -617.856 | 31.12.2017 |
| Polytec Car Styling Schoten N.V., | EUR | 930.197 | 350.211 | 31.12.2018 | |
| Schoten, Belgien | 100,0 | EUR | 579.986 | -176.580 | 31.12.2017 |
| Polytec Netherlands Holding B.V., | EUR | 43.223.864 | 10.531.156 | 31.12.2018 | |
| Roosendaal, Niederlande | 100,0 | EUR | 45.692.708 | 5.860.967 | 31.12.2017 |
| POLYTEC Industrial Plastics | EUR | 13.993.662 | -4.904 | 31.12.2018 | |
| GmbH, Bochum, Deutschland | 70,0 | EUR | 13.998.566 | 783.013 | 31.12.2017 |
| PT Beteiligungs GmbH, | EUR | 3.151.865 | 2.005.193 | 31.12.2018 | |
| Hörsching | 100,0 | EUR | 3.149.055 | 1.600.000 | 31.12.2017 |
| POLYTEC Anlagenfinanzierung | EUR | -169.861 | 430.193 | 31.12.2018 | |
| GmbH, Hörsching | 100,0 | EUR | -521.881 | 219.924 | 31.12.2017 |
| POLYTEC PLASTICS Ebensee | EUR | 457.254 | -2.599.627 | 31.12.2018 | |
| GmbH, Ebensee | 100,0 | EUR | 3.056.881 | 640.586 | 31.12.2017 |
| POLYTEC Immobilien Holding | EUR | 64.423.794 | 323.957 | 31.12.2018 | |
| GmbH, Hörsching | 100,0 | EUR | 64.099.837 | 413.914 | 31.12.2017 |
| POLYTEC AUTO PARTS Tianjin | TCNY | 15.185 | -2.928 | 31.12.2018 | |
| Co., Ltd., Tianjin, China | 100,0 TCNY | 18.113 | -8.526 | 31.12.2017 | |
| POLYTEC Hungary Kft., | THUF | 418.418 | 97 | 31.12.2018 | |
| Komlo, Ungarn | 100,0 THUF | 418.321 | 204.661 | 31.12.2017 | |
| POLYTEC Germany GmbH, Lohne, | EUR | 34.621.699 | -3.079 | 31.12.2018 | |
| Deutschland | 100,0 | EUR | 34.624.860 | -120 | 31.12.2017 |
| POLYTEC ESTATES UK Ltd., | GBP | 7.770.992 | -205.935 | 31.12.2018 | |
| Bromyard, Großbritannien | 100,0 | GBP | 7.976.927 | -23.074 | 31.12.2017 |
| POLYTEC Interior Zaragoza | |||||
| S.L. i.L., Zaragoza, Spanien | 100,0 | in Liquidation |
Die POLYTEC Holding AG ist die Muttergesellschaft der POLYTEC GROUP, eines international tätigen Konzerns mit Schwerpunkt in der Automobil- und Kunststoffindustrie mit Sitz in Österreich. Die Gruppe ist in der Automobilindustrie als Zulieferer von Komponenten und Modulen – vorwiegend für den Bereich Motorraum und Exterieur im Großvolumensegment – sowie als Lieferant von Originalzubehör und Teilen für das Klein- und Mittelvolumensegment tätig. Darüber hinaus werden verschiedene Formteile aus Polyurethan sowie Anlagen zu deren Herstellung für andere Industrien erzeugt. Als Konzernmutter übernimmt die POLYTEC Holding AG vor allem die Steuerung der Beteiligungen und Finanzierungen um eine bestmögliche Ressourcenallokation und ein abgestimmtes Marktverhalten zu gewährleisten. Die Umsatzerlöse resultieren im Wesentlichen aus der Erbringung zahlreicher Beratungs-, Serviceund Verwaltungsaufgaben für die Beteiligungen, darunter vor allem die Beratung in strategischen, technischen und kaufmännischen Belangen, aber auch in den Bereichen IT- und Projektmanagement, Personalführung, des Marketings und des strategischen Einkaufsverhaltens. Außerdem werden noch zahlreiche Verwaltungsaufgaben für die POLYTEC GROUP erbracht, wie IT-Dienstleistungen, Buchhaltung und Personalverrechnung.
Der langfristige Erfolg der POLYTEC Holding AG ist maßgeblich von der Entwicklung der Automobil-Branche und des POLYTEC Konzerns abhängig.
| ZULASSUNGEN NEUER PKW AUF WESENTLICHEN INTERNATIONALEN MÄRKTEN | |||||||
|---|---|---|---|---|---|---|---|
| in Stück | 2018 | Anteil | 2017 | Anteil | Veränderung | ||
| China | 23.256.300 | 41,8% | 24.171.400 | 42,8% | –3,8% | ||
| USA | 17.215.200 | 31,0% | 17.134.700 | 30,4% | 0,5% | ||
| Europäische Union | 15.158.900 | 27,2% | 15.136.600 | 26,8% | 0,15% | ||
| Summe der drei Hauptmärkte | 55.630.400 | 100% | 56.442.700 | 100% | –1,4% | ||
| Weitere ausgewählte Länder | |||||||
| Japan | 4.391.200 | 4.386.400 | 0,1% | ||||
| Indien | 3.394.700 | 3.229.100 | 5,1% | ||||
| Brasilien | 2.475.400 | 2.176.000 | 13,8% | ||||
| Russland | 1.800.600 | 1.595.700 | 12,8% |
Die globale Automobilindustrie ist intensiven Herausforderungen und maßgeblichen Veränderungen ausgesetzt. Mobilitätstrends wie E-Mobilität, Autonomes Fahren, Connectivity und Shared Mobility fordern von den traditionellen Automobilherstellern neue Lösungen. Der politische Druck auf die Hersteller, Motoren mit deutlich geringeren Emissionswerten zu entwickeln, nimmt zu.
Vor diesem Hintergrund entwickelten sich die globalen Automobilmärkte im Jahr 2018 unterschiedlich. In den drei bedeutendsten Märkten gingen die Neuwagenzulassungen insgesamt um mehr als 0,8 Mio. Einheiten bzw. 1,4% auf 55,6 Mio. Fahrzeuge zurück. Sowohl die USA als auch die EU verzeichneten nur noch sehr geringe Zuwächse und China entwickelte sich erstmals seit vielen Jahren rückläufig.
Japan – der weltweit viertgrößte Automobilmarkt – konnte das Vorjahresniveau halten. In Indien stiegen die PKW-Verkäufe 2018 um 5,1% auf knapp 3,4 Mio. Neuwagen. Brasilien verzeichnete ein zweistelliges Plus von 13,8%. In Russland setzte sich die Erholung des Marktes ebenfalls fort, der Anstieg der Neuwagenregistrierungen lag hier bei 12,8%.
Wie bereits in den Vorjahren rangierte China auch 2018 weltweit an der Spitze der PKW-Neuzulassungen. Jedoch sank das Volumen des chinesischen PKW-Marktes gegenüber 2017 um 3,8% auf knapp 23,3 Mio. Neufahrzeuge. Dies war der erste Rückgang im größten Automarkt der Welt nach mehr als zwei Jahrzehnten kontinuierlichen Wachstums.
Marktforscher führen die Verlangsamung des Wachstums auch auf die hohe Marktsättigung in Metropolen wie Shanghai oder Beijing sowie Zulassungsbeschränkungen in vielen Städten zurück. Darüber hinaus dürfte die erwartete Einführung des GB6-Abgasteststandards Kunden davon abhalten, aktuell verfügbare und nach GB5-Norm getestete Modelle zu kaufen.
In den USA schloss der Markt für Light Vehicles (PKW und Light Trucks) das Jahr 2018 mit 17,2 Mio. verkauften Fahrzeugen ab, gegenüber dem Vorjahr stieg das Volumen geringfügig um rund 80.000 Einheiten bzw. 0,5%. Während der Absatz von Limousinen um 13% zurückging, blieb die hohe Nachfrage nach Geländewagen und Pickups weiterhin aufrecht, was ein Wachstum in diesem Segment um 8% verdeutlicht. Die absoluten US-Registrierungszahlen lagen 2018 mit mehr als 2 Mio. Einheiten weiterhin über den europäischen Neuanmeldungen.
| in Stück | 2018 | Anteil | 2017 | Anteil | Veränderung |
|---|---|---|---|---|---|
| Deutschland | 3.435.800 | 22,7% | 3.441.300 | 22,7% | –0,2% |
| Vereinigtes Königreich | 2.367.200 | 15,6% | 2.540.600 | 16,8% | –6,8% |
| Frankreich | 2.173.500 | 14,3% | 2.110.700 | 13,9% | 3,0% |
| Italien | 1.910.000 | 12,6% | 1.971.400 | 13,0% | –3,1% |
| Spanien | 1.321.400 | 8,7% | 1.234.900 | 8,2% | 7,0% |
| Sonstige EU-Länder | 3.951.000 | 26,1% | 3.837.700 | 25,4% | 3,0% |
| EUROPÄISCHE UNION | 15.158.900 | 100% | 15.136.600 | 100% | 0,15% |
In der Europäischen Union wurden 2018 insgesamt rund 15,16 Mio. PKW neu zugelassen, leicht mehr als im Jahr zuvor (15,14 Mio.). Aufgrund der rückläufigen Nachfrage in den letzten vier Monaten stiegen die Neuzulassungen des Gesamtjahres im Vergleich zum Vorjahr lediglich um rund 22.300 Einheiten bzw. 0,15%. Trotzdem erhöhten sich die Registrierungszahlen im Jahr 2018 zum fünften Mal in Folge. Getragen wurde das Wachstum vor allem von der Nachfrage in den osteuropäischen Ländern, wo die Neuregistrierungen um 8,0% zunahmen. Gemessen an den absoluten Neuregistrierungszahlen lagen die Länder der EU auch 2018 hinter den USA auf Platz drei der großen Volumenmärkte.
Spanien wuchs mit einem Plus von 7,0% mehr als doppelt so stark wie Frankreich (+3,0%). Deutschland konnte die Vorjahreszahlen nicht mehr erreichen und entwickelte sich mit einem Minus von 0,2% leicht rückläufig, in Italien lag der Rückgang bei 3,1%.
Im Vereinigten Königreich kam es 2018 mit –6,8% zu einem deutlichen Rückgang der Registrierungszahlen. Das vom Brexit beeinträchtigte Land bildete 2018 jedoch noch immer den zweitgrößten Automarkt Europas.
Unter den mittelgroßen Ländern stach Polen mit rund 532.000 neu registrierten PKW bzw. einem Plus von 9,4% besonders hervor. In fünf der noch 28 EU-Länder legte die Nachfrage 2018 im zweistelligen Bereich zu – so etwa in Litauen (+25,4%), Rumänien (+23,1%), Kroatien (+18,7%) sowie Ungarn und Griechenland mit jeweils rund +17,5%.
| in Stück | 2018 | Anteil | 2017 | Anteil Veränderung | |
|---|---|---|---|---|---|
| Benzinbetriebene PKW | 8.532.100 | 56,7% | 7.563.700 | 50,3% | 12,8% |
| Dieselbetriebene PKW | 5.406.600 | 35,9% | 6.617.100 | 44,0% | –18,3% |
| Elektrisch-aufladbare PKW / Electric chargeable Vehicles (ECV) | 301.800 | 2,0% | 218.300 | 1,5% | 38,2% |
| Hybrid-elektrische PKW / Hybrid Electric Vehicles (HEV) | 578.600 | 3,9% | 426.800 | 2,8% | 35,6% |
| Alternativ-betriebene PKW (z.B. Flüssiggas, Ethanol, etc.) / | |||||
| Alternatively-powered Vehicles (APV) | 229.400 | 1,5% | 206.300 | 1,4% | 11,2% |
| EUROPÄISCHE UNION | 15.048.500 | 100% | 15.032.200 | 100% | 0,11% |
Laut Angaben des Center of Automotive Management (CAM) wurden 2018 weltweit 2,1 Mio. Elektroautos und Plug-In-Hybride registriert. Ihr Marktanteil stieg damit auf 2,4% aller Neuzulassungen. Treiber dieser Entwicklung ist China mit einem Anteil von rund 60% an der globalen Nachfrage. Rund 1,0 Mio. E-Autos und mehr als 200.000 elektrisch betriebene Nutzfahrzeuge sind laut CAM 2018 dort verkauft worden, wodurch der Marktanteil auf 4,5% stieg. In den USA erhöhten sich die Verkäufe auf mehr als 360.000 Einheiten, was einem Marktanteil von 2,1% entspricht.
In Europa verdrängen benzinbetriebene PKW dieselbetriebene – andere Antriebstechniken nehmen Fahrt auf In der Europäischen Union entfielen laut Statistik der European Automobile Manufacturers Association (ACEA) im Jahr 2018 mittlerweile mehr als die Hälfte aller PKW-Neuregistrierungen auf benzinbetriebene Fahrzeuge. Deren Anteil erhöhte sich im Vergleich zum Vorjahr um 6,4 Prozentpunkte auf 56,7%, während sich der Anteil der neu registrierten dieselbetriebenen PKW um 8,1 Prozentpunkte auf 35,9% reduzierte.
7,4% der Neuregistrierungen entfielen 2018 auf Fahrzeuge mit anderen Antriebstechniken als Benzin oder Diesel und gliederten sich in 2,0% elektrisch-aufladbare PKW (ECV), 3,9% hybrid-elektrische PKW (HEV) und 1,5% alternativbetriebene PKW (betrieben z. B. mit Flüssiggas, Ethanol etc.).
Wie schon in den Vorperioden war Italien mit 253.600 Fahrzeugen (+10,2%) auch 2018 wieder das Land mit der absolut höchsten Anmeldezahl von Fahrzeugen mit anderen Antriebstechniken. Deutschland lag mit mehr als 181.900 Fahrzeugen (+54,2%) auf Platz zwei, gefolgt vom Vereinigten Königreich mit rund 141.300 Autos (+20,9%) und Frankreich mit ca. 140.500 Anmeldungen (+29,7%). Spanien verzeichnete mit etwa 108.400 Einheiten das größte Plus der fünf wesentlichen Märkte in Höhe von 59,6%. Im Nicht-EU-Land Norwegen betrug der Anteil der Fahrzeuge mit anderen Antriebstechniken 2018 bereits 60,2% bzw. 89.100 aller 147.900 Neuzulassungen.
| in Stück | 2018 | Anteil | 2017 | Anteil | Veränderung | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Leichte Nutzfahrzeuge =3,5 t</td | 2.058.700 | 82,9% | 1 996.200 | 82,9% | 3,1% | 2.058.700 | 82,9% | 1 996.200 | 82,9% | 3,1% |
| Mittelschwere Nutzfahrzeuge >3,5 t bis =16 t</td | 78.200 | 3,1% | 74.500 | 3,1% | 5,0% | 78.200 | 3,1% | 74.500 | 3,1% | 5,0% |
| Schwere Nutzfahrzeuge >16 t | 305.800 | 12,3% | 296.500 | 12,3% | 3,1% | |||||
| Mittelschwere und schwere Busse >3,5 t | 42.000 | 1,7% | 41.500 | 1,7% | 1,2% | |||||
| EUROPÄISCHE UNION | 2.484.700 | 100% | 2.408.700 | 100% | 3,2% |
Bei den Nutzfahrzeugen stiegen die Neuzulassungen in der EU im Verlauf des Jahres 2018 um rund 76.000 Einheiten. Dies entspricht einem Wachstum von 3,2% und damit dem selben Anstieg wie im Jahr 2017. Leichte Nutzfahrzeuge bis 3,5 Tonnen bildeten in der EU mit einem Marktanteil von mehr als 80% weiterhin das bei weitem wichtigste Segment. Erstmals seit 2007 überschritten sie 2018 die 2-Millionen-Marke. Gegenüber dem Vorjahr wuchs das Segment um 3,1%. Im selben Umfang stiegen 2018 auch die Absatzzahlen bei schweren LKW mit mehr als 16 Tonnen.
Unter den fünf bedeutendsten europäischen Absatzmärkten verzeichnete Spanien mit 6,5% den deutlichsten Zuwachs und belegte in absoluten Zahlen mit 242.100 Fahrzeugen Platz vier. Den größten Markt für Nutzfahrzeuge bildete erneut Frankreich mit einem Wachstum von 4,9% auf 519.300 Neuzulassungen. Deutschland legte mit einem Plus von 4,6% auf 386.300 ebenfalls zu, während die Neuzulassungen im Vereinigten Königreich 2018 mit 417.200 im Vergleich zum Vorjahr um 1,9% zurückgingen. Auch Italien verzeichnete in diesem Segment einen Rückgang um 4,1%.
Quellen: Verband der Deutschen Automobilindustrie (VDA), European Automobile Manufacturers Association (ACEA), Automobil-Industrie, Center of Automotive Management (CAM)
| Einheit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Umsatz | EUR Mio. | 636,4 | 676,4 | 650,4 |
| EBITDA | EUR Mio. | 67,1 | 82,3 | 80,1 |
| EBITDA-Marge (EBITDA/Umsatz) | % | 10,5 | 12,2 | 12,3 |
| EBIT | EUR Mio. | 40,1 | 55,1 | 52,4 |
| EBIT-Marge (EBIT/Umsatz) | % | 6,3 | 8,1 | 8,1 |
| Ergebnis nach Steuern | EUR Mio. | 30,0 | 39,0 | 37,0 |
| Durchschnittliches Capital Employed | EUR Mio. | 341,8 | 297,5 | 274,8 |
| ROCE vor Steuern (EBIT/Durchschnittliches Capital Employed) | % | 11,7 | 18,5 | 19,1 |
| Ergebnis je Aktie | EUR | 1,32 | 1,74 | 1,65 |
| Dividende je Aktie (Vorschlag an die Hauptversammlung) | EUR | 0,40 | 0,45 | 0,40 |
Der Konzernumsatz der POLYTEC GROUP reduzierte sich im Geschäftsjahr 2018 gegenüber dem sehr guten Vorjahresniveau um 5,9% auf EUR 636,4 Mio. (2017: EUR 676,4 Mio.). Die Folgen der Umstellung auf den neuen und seit September 2018 anzuwendenden Abgas- und Verbrauchsstandard WLTP verschärften sich in der zweiten Jahreshälfte. So kam es durch die reduzierte Fahrzeugproduktion bei wesentlichen Kunden zu den erwarteten Abrufkürzungen und Umsatzeinbußen. Die Abrufe von Produkten für Diesel-PKW entwickelten sich in Folge der rückläufigen Konsumentennachfrage während des ganzen Jahres 2018 schwach. Dadurch ist auch die Reduktion des Ergebnisses bedingt.
| Einheit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Nettofinanzverbindlichkeiten (+)/-vermögen (–) | EUR Mio. | 101,8 | 78,7 | 69,9 |
| Nettofinanzverbindlichkeiten (+)/-vermögen (–)/EBITDA | – | 1,52 | 0,96 | 0,87 |
| Gearing (Nettofinanzverbindlichkeiten (+)/-vermögen (–)/Eigenkapital) | – | 0,43 | 0,36 | 0,37 |
Die Nettofinanzverbindlichkeiten erhöhten sich im Wesentlichen durch die Begebung weiterer Schuldscheindarlehen gegenüber dem Bilanzstichtag 31. Dezember 2017 um EUR 23,1 Mio. auf EUR 101,8 Mio. Korrespondierend dazu erhöhte sich die Kennzahl für die fiktive Schuldentilgungsdauer von 0,96 auf 1,52. Die Gearing-Ratio (Verschuldungsgrad) stieg von 0,36 auf 0,43.
| Einheit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Umsatz | EUR Mio. | 16,3 | 14,3 | 12,1 |
| EBIT | EUR Mio. | 1,0 | 1,0 | 1,0 |
| EBIT-Marge (EBIT/Umsatz) | % | 6,1 | 7,0 | 7,3 |
| Beteiligungsergebnis | EUR Mio. | 9,8 | 14,2 | 31,4 |
| Zinsergebnis | EUR Mio. | 2,2 | 1,6 | 1,1 |
| Ergebnis nach Steuern | EUR Mio. | 16,3 | 18,1 | 37,6 |
| Finanzanlagen | EUR Mio. | 154,4 | 159,5 | 158,4 |
| Finanzierungssaldo verbundene Unternehmen | EUR Mio. | 149,2 | 119,4 | 84,5 |
| Ergebnis je Aktie | EUR | 0,74 | 0,82 | 1,71 |
| Dividende je Aktie (Vorschlag an die Hauptversammlung) | EUR | 0,40 | 0,45 | 0,40 |
Die POLYTEC Holding AG erzielte im Geschäftsjahr 2018, wie im Vorjahr, ein Betriebsergebnis in der Höhe von EUR 1,0 Mio. vorwiegend aus der Erbringung von Dienstleistungen vor allem zur Unterstützung des operativen Geschäfts der Konzerngesellschaften.
Das Beteiligungsergebnis reduzierte sich von EUR 14,2 Mio. auf EUR 9,8 Mio. (Erträge aus Beteiligungen und Erträge aus Einlagenrückzahlungen), im Wesentlichen daher, dass man auf Grund der geringen Visibilität bei den Gewinnausschüttungen aus dem Ergebnis 2017 etwas zurückhaltender war, um die finanzielle Stabilität der Tochtergesellschaften auch in Zukunft nicht zu gefährden. Das Zinsergebnis (Saldo aus Zinserträgen und Zinsaufwendungen) erhöhte sich von EUR 1,6 Mio. auf EUR 2,2 Mio. vor allem aus der Erhöhung der Finanzforderungen gegenüber Tochterunternehmen.
Die Finanzierungen waren vor allem wegen erhöhtem Working-Capital-Aufbau und Investitionen notwendig, die vor allem in ein neues Projekt zur Produktion von LKW-Teilen mit Produktionsstart Anfang 2020 geflossen sind. Auch die Vorfinanzierung von Rohstoffläger als Absicherungsposition für steigende Materialpreise erforderte einen höheren Finanzmittelbedarf bei einzelnen Tochtergesellschaften.
Der Steuerertrag erhöhte sich um 2 MEUR wegen der verbesserten Visibilität auf die vorhandenen Verlustvorträge.
Die POLYTEC Holding AG erzielte somit im Geschäftsjahr 2018 einen Jahresüberschuss in Höhe von EUR 16,3 Mio. (Vorjahr: 18,1 Mio. EUR).
| Einheit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Eigenkapital | EUR Mio. | 200,2 | 193,8 | 184,5 |
| Bilanzsumme | EUR Mio. | 365,2 | 310,6 | 293,3 |
| Eigenkapitalqoute | % | 54,8 | 62,4 | 62,9 |
Die Bilanzsumme erhöhte sich deutlich um EUR 55 Mio., vor allem durch die Erhöhung des Finanzierungssaldos (Forderungen verbundene Unternehmen abzüglich Verbindlichkeiten verbundene Unternehmen) der verbundenen Unternehmen um EUR 30,0 Mio. und durch eine erhöhte Cash-Position von EUR 47,4 Mio. (Vorjahr: EUR 23,4 Mio.). Die Finanzierung dieses Aufbaus wurde durch die Begebung weiterer Schuldscheindarlehen in Höhe von EUR 47 Mio. erreicht.
Die Immateriellen Vermögensgegenstände (EUR 4,2 Mio; Vorjahr: EUR 1,4 Mio.) und das Sachanlagevermögen (EUR 1,6 Mio.; Vorjahr: EUR 0,3 Mio.) erhöhten sich durch die umfassende Digitalisierungsoffensive die vor allem in der POLYTEC Holding AG abgebildet wird.
Der Jahresüberschuss führte – nach Berücksichtigung der Dividendenausschüttung von EUR 9,9 Mio. – zu einem Anstieg des Eigenkapitals von EUR 6,4 Mio. Die Eigenkapitalqoute ist somit weiterhin auf einem sehr soliden Niveau mit 55 % (Vorjahr: 62 %), obwohl sich die Bilanzsumme und das zu finanzierende Volumen somit um EUR 55 Mio. erhöht hat.
Als Zulieferunternehmen der Automobilindustrie bringt die POLYTEC GROUP wesentliche Lösungen zur Optimierung neuer Fahrzeuggenerationen mit ein. POLYTEC hat sich in den drei Jahrzehnten ihres Bestehens durch ihre Innovationkraft und Flexibilität einen beachtlichen Namen im Automotive-Bereich erarbeitet. Durch umfassende Forschungs- und Entwicklungstätigkeit gelingt es POLYTEC, bei den Produkten ihrer Kunden laufend Verbesserungen zu erzielen, die sich letztlich positiv auf die Umwelt auswirken. So wird durch Materialsubstitution das Gesamtgewicht von Fahrzeugen reduziert, bei manchen Bauteilen sind gegenüber Stahl Gewichtsersparnisse von bis zu 60% möglich. Das reduzierte Gewicht führt zu einem geringeren Kraftstoffverbrauch und transitiv zu einem reduzierten CO2- Ausstoß.
Die systematische Analyse der ökologischen Auswirkungen ist fixer Bestandteil des Produktentwicklungsprozesses bei POLYTEC und wird durch die Techniker des Konzerns in enger Abstimmung mit seinen Kunden durchgeführt. Die Optimierungserfolge in den Themenbereichen Gewichtsreduktion, Werkstoffsubstitution, Materialeinsparung, Lärmund Geräuschreduktion etc. bilden – in Verbindung mit perfekter Qualität und absoluter Liefertreue – die zentralen Stärken der POLYTEC GROUP und werden von ihren Kunden hoch geschätzt.
Einerseits optimiert POLYTEC die Produkte und Dienstleistungen für ihre Kunden laufend, andererseits werden alle internen Produktionsprozesse regelmäßig durch ein abgestimmtes Umwelt-, Qualitäts- und Lean-Management-System analysiert, um den eigenen Material- und Energieverbrauch optimieren zu können. Die Verarbeitung von Kunststoffen erfordert einen hohen Aufwand an Ressourcen. Der schonende Umgang mit diesen Produktionsmitteln ist sowohl eine ökologische als auch eine ökonomische Notwendigkeit. Innerbetrieblich werden dazu die Fertigungsschritte ständig verbessert, sodass Energie eingespart und der Rohstoffverbrauch reduziert werden können. Prozesswasser und diverse Reinigungslösungen werden nahezu ausschließlich im geschlossenen Kreislauf verwendet. Bei der Verarbeitung von Lacken erfüllt POLYTEC hohe Standards hinsichtlich Innen- sowie Abluft. Sie dienen dem Schutz der Mitarbeiter und der Umwelt gleichermaßen.
Der Großteil der von POLYTEC entwickelten Teile, hochwertigen Modulen und multifunktionellen Kunststoffsystemen wird nach zertifizierten Entwicklungs- und Produktionsprozessen hergestellt. Die Produktionsstandorte von POLYTEC sind nach international anerkannten Umwelt- und Qualitäts-Management-Normen wie ISO 16949, ISO 14001 bzw. ISO 50001 zertifiziert und müssen darüber hinaus stets zahlreichen kundenspezifischen Standards entsprechen – Belege für das nachhaltige Engagement und die Erfolge, auf die POLYTEC im Bereich Umweltschutz verweisen kann.
Die Umweltstrategie der POLYTEC GROUP verfolgt drei Schwerpunkte: Reduktion des Rohstoffverbrauchs, Steigerung der Energieeffizienz und Forcierung von Recycling. Zu diesen Schwerpunkten hat POLYTEC in den vergangenen Jahren diverse Pilotversuche in einzelnen Werken gestartet und nach erfolgreicher Erprobung sukzessive an weiteren Standorten der Gruppe implementiert.
1. Rohstoffverbrauch reduzieren: Große Fortschritte erzielte POLYTEC in den vergangenen Jahren bei der Einsparung von Rohstoffen. Vor allem im Bereich Spritzguss kann durch die vermehrte Verwendung von Regranulaten und den Einsatz moderner Dosieranlagen Material optimal bewirtschaftet werden. Die prozessbedingt anfallenden Angussteile werden direkt an der Maschine eingemahlen und wieder dem Prozess zugeführt – und das gänzlich ohne Qualitätsverlust. Neben der Mengenreduktion hat auch die chemische Zusammensetzung der Materialen Umweltrelevanz. Bei der Lackierung kommen bei POLYTEC heute primär Wasserlacke zum Einsatz, wodurch der Verbrauch von Lösungsmitteln deutlich reduziert werden konnte.
2. Energieeffizienz steigern: Ein besonderer Ressourcen- und damit Kostenblock liegt im Bereich Energie. Um in hier zu sparen, hat die POLYTEC GROUP ein umfassendes Maßnahmenpaket zur Reduktion ihres Energieverbrauchs geschnürt. Durch die bisherigen Investitionen sind bereits beträchtliche energiekostensenkende Effekte erzielt worden, zum Beispiel durch den Umstieg von Heizölverbrennung auf erdgasbetriebene Anlagen mit deutlich höherem Wirkungsgrad, Gebäudeisolierungen, den Einsatz von effizienteren Druckluftkompressoren und ähnlichem mehr. Mithilfe von Energiemanagement-Systemen können einzelne Produktionsschritte auf ihre Energieeffizienz überprüft und gegebenenfalls Verbesserungsmaßnahmen daraus abgeleitet werden. Projekte zur Wärmerückgewinnung wurden bereits erfolgreich abgeschlossen, weitere Vorhaben zum umfassenden Umstieg auf LED-Beleuchtungstechnik wurden bereits angestoßen.
3. Recycling forcieren: Trotz des sparsamen Umgangs mit Rohstoffen kann Abfall nicht gänzlich vermieden werden. Umso wichtiger ist es, dass dieser unvermeidbare Abfall bestmöglich getrennt und damit – wo immer möglich – einem sinnvollen Recycling zugeführt wird. Bei POLYTEC wird sachgerechte Abfalltrennung durch ein einheitliches Farbleitsystem gefördert. Damit wird nicht nur Restabfall reduziert. Auch die Kosten für die Entsorgung fallen geringer aus.
Die durchschnittliche Anzahl der Beschäftigten (inklusive Leiharbeiter) der POLYTEC GROUP und der POLYTEC Holding AG und ihre geografische Verteilung in den letzten drei Jahren stellten sich wie folgt dar (Personenangaben in Vollzeitäquivalenten – FTE):
| Einheit | 2018 | 2017 | 2016 | |
|---|---|---|---|---|
| Österreich | FTE | 566 | 539 | 553 |
| Deutschland | FTE | 2.158 | 2.211 | 2.220 |
| Sonstige EU-Länder | FTE | 1.541 | 1.591 | 1.504 |
| Sonstige Länder | FTE | 200 | 186 | 172 |
| POLYTEC GROUP | FTE | 4.465 | 4.527 | 4.449 |
| POLYTEC Holding AG | FTE | 56 | 44 | 41 |
Die internationalen Automobilmärkte starteten unterschiedlich in das Jahr 2019. Sowohl der europäische PKW-Markt als auch der US-Markt für Light-Vehicles und der indische Markt verzeichneten im Jänner weniger Neuregistrierung als im Vergleichsmonat des Vorjahres. In Brasilien verlief der Jahresauftakt gut. Japan und Russland konnten leicht wachsen. Zu China lagen für Jänner 2019 aufgrund des chinesischen Neujahrsfestes noch keine offiziellen Zahlen vor.
Im Unterschied zum Bereich Personenkraftwagen setzten die Registrierungen von neuen Nutzfahrzeugen in der Europäischen Union ihre positive Entwicklung fort und starteten mit einem Jänner-Rekord in das Jahr 2019. Aber auch alle anderen Fahrzeugsegmente konnten wachsen. Unter den fünf bedeutendsten europäischen Absatzmärkten verzeichneten vier – Italien war die Ausnahme – deutliche Zuwächse im Vergleich zum Jänner des Vorjahres.
Analysten und Experten der Automobilbranche gehen für 2019 von einem "sehr schweren Jahr" aus. Der Verband der Deutschen Automobilindustrie (VDA) erwartet einen deutlichen Rückgang der deutschen PKW-Inlandsproduktion. Die Produktion außerhalb Deutschlands hingegen werde 2019 nach Einschätzung der VDA leicht steigen.
Die größten Herausforderungen im laufenden Jahr sehen deutsche Automanager in den Auswirkungen der Dieselkrise, in strengeren Klimaschutzvorgaben sowie im Wandel hin zum Elektroauto. Vor allem der schwächelnde chinesische Automarkt bereitet der Automobilbranche Sorgen. Aus einer in Deutschland durchgeführten Studie vom Februar 2019 geht hervor, dass der Brexit, der chinesisch-amerikanische Handelsstreit sowie die sich abkühlende Konjunktur Autohersteller, Zulieferer und Händler vor große Herausforderungen stellen dürften.
Quellen: Verband der Deutschen Automobilindustrie (VDA), Automobilwoche
Das Management der POLYTEC GROUP geht für das Geschäftsjahr 2019 aus heutiger Sicht von einem Konzernumsatz und einem EBIT (operatives Ergebnis vor Zinsen und Steuern) auf dem Niveau des Geschäftsjahres 2018 aus. Das Erreichen dieses Ausblicks hängt maßgeblich von erfolgreichen Verhandlungen über bestehende Forderungen gegenüber Kunden ab, die im Wesentlichen durch WLTP-bedingte Umsatzausfälle sowie erhöhte Materialpreise verursacht wurden und werden. Zudem sind für die Erreichung des Ausblicks die Auswirkungen des möglichen Brexit von Bedeutung.
Für die POLYTEC Holding AG geht man von einem etwas steigenden Betriebsergebnis aus, da durch die Erhöhung der Serviceleistungen der Muttergesellschaft an die Töchter eine Steigerung der Konzernumlagen notwendig macht. Da Zinsergebnis wird sich trotz gestiegenem Volumen eher reduzieren, da man die günstigeren Refinanzierungskosten an die verbundenen Unternehmen weitergeben wird. Das Beteiligungsergebnis wird stark von der weiteren Entwicklung und von der Liquiditätssituation der verbundenen Unternehmen abhängen und ist daher schwer vorhersehbar.
Die Automobilindustrie steht vor großen Herausforderungen und Veränderungen. Diese ungewisse Entwicklung zeigt sich einerseits in den operativen Geschäftszahlen, andererseits in der negativen Aktienkursperformance, sowohl bei Automobilherstellern als auch bei Zulieferbetrieben. Etliche Hersteller und Zulieferer – so auch die POLYTEC GROUP – mussten im Laufe des Jahres 2018 ihre Prognosen revidieren und Gewinnwarnungen herausgeben.
Die Verunsicherung der Konsumenten führte während des Jahres 2018 zu einer rückläufigen Nachfrage nach Diesel-PKW. Auch die POLYTEC GROUP verzeichnet seit Anfang 2018 schwache Abrufmengen von Produkten aus diesem Segment. Zusätzlich zeigten sich im Laufe des zweiten Quartals 2018 die Herausforderungen durch die Umstellung auf den neuen Abgas- und Verbrauchsstandard WLTP. Aufgrund dieses Prüfverfahrens, das seit Anfang September 2018 in der Europäischen Union für neu zuzulassende Fahrzeuge anzuwenden ist, kam es bei Automobilherstellern zu Verzögerungen bei der Umsetzung und manche mussten sogar die Fahrzeugproduktion temporär reduzieren. Die POLYTEC GROUP war davon transitiv betroffen und mit Abrufkürzungen und Umsatzeinbußen konfrontiert. Reduzierte Abrufe können auch weiterhin nicht ausgeschlossen werden.
Die Auswirkungen des Austritts des Vereinigten Königreichs aus der Europäischen Union, die Folgen etwaiger Einschränkungen im weltweiten Warenaustausch sowie der schwächelnde chinesische Automarkt sind aktuell nicht vollständig abzuschätzen.
Ebenso wenig kann aktuell vollständig abgeschätzt werden, ob die genannten Risiken oder etwaige weitere Risiken und Ungewissheiten künftig einen Einfluss auf die Umsatz- und die Ertragsentwicklung der POLYTEC GROUP haben werden. Das Management verfolgt diese Entwicklung weiterhin sehr aufmerksam.
Allgemeines Absatzmarktrisiko: Die Automobilzulieferindustrie gilt als Markt mit hohem Wettbewerb, der sich derzeit auch in einem Konsolidierungsprozess befindet. Die Absatzerfolge sind in erster Linie abhängig von der Gewinnung neuer Aufträge, die in der Regel zwei bis drei Jahre vor dem Serienanlauf erteilt werden. In dieser Phase der Auftragsakquisition ist jeder Zulieferer einem starken Konditionenwettbewerb ausgesetzt. Während des Serienlaufs ist der Zulieferer auch abhängig von der Absatzmenge des Fahrzeugs, für das er zuliefert, ohne diesen Erfolg selbst beeinflussen zu können. Weiters wird seitens der OEM auch nach dem Serienstart laufende Qualitätskontrollen der Zulieferer betrieben, was Preisforderungen oder im Extremfall den Verlust eines Auftrags nach sich ziehen kann.
Volumenrisiko: Dies entsteht aus der Volatilität der Nachfrage bzw. aus der nicht plangemäßen Entwicklung der Stückzahlen. Aufgrund ungeplanter Stückzahlenabrufe kann es in zweierlei Hinsicht zu Problemen kommen. Bei zu hohen ungeplanten Abrufen können Kapazitätsengpässe die Folge sein, welche zu Lieferverzögerungen und somit zu Reputationsschäden führen können. Andererseits führen fehlende Abrufe zu Auslastungsproblemen, welche eine Fixkostenunterdeckung zur Folge haben können.
Die POLYTEC GROUP trachtet durch einen ausgewogenen Kunden- und Auftragsmix, die Abhängigkeit von einzelnen Lieferbeziehungen so gering wie möglich zu halten.
Wesentliches Risiko sind Schwankungen der Rohstoffpreise, die im Fall der POLYTEC GROUP als kunststoffverarbeitendem Konzern vor allem durch nachhaltige Veränderungen des Ölpreises, aber auch der Raffineriekapazitäten verursacht werden können. Diesem Risiko wird, soweit gegenüber dem Kunden durchsetzbar, mit Materialgleitpreisklauseln in den offengelegten Kalkulationen entgegengewirkt. Zum Teil erfolgt die Verhandlung von Rohstoffen und Zukaufteilen direkt durch die Kunden der POLYTEC GROUP mit dem Lieferanten. Soweit mit dem Kunden Preise nur auf Jahresfrist vereinbart sind, ist die Veränderung der Rohstoffpreise ein wichtiger Parameter in den Gesprächen für die jährliche Neufestlegung der Preise. Weiters wird versucht, durch verstärkte Forschungs- und Entwicklungsaktivitäten neue Rohstoffe (Naturfaserstoffe) einzusetzen.
Um die Lieferbereitschaft für die OEMs zu gewährleisten, ist von Seiten der POLYTEC GROUP ein erhebliches Investitionsvolumen notwendig, woraus sich naturgemäß ein entsprechendes Investitionsrisiko ergibt. Das Investitionsrisiko definiert sich aus der Unsicherheit hinsichtlich der Vorteilhaftigkeit einer Investition. Bei Investitionsentscheidungen unter Risiko besteht die Möglichkeit, dass die zukünftigen Einzahlungsüberschüsse bzw. Renditen eines Investitionsprojektes schwanken. Die Schwankungsanfälligkeit (Volatilität) der Einzahlungsüberschüsse beinhaltet die Gefahr geringerer Rückflüsse.
Um den Infrastrukturbedürfnissen der OEMs gerecht zu werden, sind Jahre zuvor bereits großvolumige Investitionen der POLYTEC GROUP notwendig, sei es in der Anschaffung von Maschinen und Anlagen bis hin zum Bau von ganzen Produktionswerken. Bei geplanten aber nicht erhaltenen Aufträgen kommt es in Folge zu einer unbestimmten Verlängerung der Amortisationsdauer der Investition. Da es sich teilweise um produkt- oder kundenspezifische Investitionen handelt, ist auch eine alternative Verwendungsmöglichkeit teilweise nur begrenzt möglich. Daher wird mit den OEM in der Regel ein entsprechendes Liefervolumen definiert und ein entsprechendes Investitionsrisiko auch von diesen mitgetragen.
Das Produktionsrisiko beschreibt die Gesamtheit der zu erwartenden negativen Abweichungen bei der Herstellung von Produkten. Die Produktionsrisiken in der POLYTEC GROUP betreffen im Wesentlichen Effekte, welche eine instabile oder fehlerhafte Ausbringung zur Folge haben, was wiederum zu Stückzahlschwankungen sowie Bandabrissen beim Kunden führen kann. In weiterer Konsequenz kann dies zu Lieferproblemen und somit zu Reputationsschäden beim Kunden führen.
Des Weiteren werden auch Qualitätsprobleme, die wiederum zu Beeinträchtigungen der Kundenbeziehungen führen können, zu den Produktionsrisiken gezählt. Die POLYTEC GROUP minimiert dieses Risiko, indem laufende Verbesserungen im Produktionsprozess (POLYTEC Performance Systems, Digitalisierungsoffensive, etc.) erzielt, sowie laufende organisatorische Maßnahmen zur Verbesserung der Prozessqualität erarbeitet werden.
Finanzielle Risiken und deren Management und Sensitivität
Kreditrisiko: Aufgrund der Kundenstruktur – rund 90% des Umsatzes werden mit den OEM oder großen Systemlieferanten erzielt – ist die POLYTEC GROUP dem Bonitätsrisiko der Automobilindustrie ausgesetzt. Die Außenstände werden laufend kritisch verfolgt und die vereinbarungsgemäße Bezahlung von Forderungen sichergestellt. Im Geschäftsjahr 2018 wurden rund 58% (Vorjahr: 56%) des Umsatzes mit den drei größten Kunden erzielt. Dies ergibt ein gewisses Klumpenkreditrisiko, das vom Management aber als unkritisch im Hinblick auf Kreditausfälle eingestuft wird. Die Abhängigkeit von wenigen Kunden ist ein Wesensmerkmal der Automobilzulieferindustrie. Als Kunde wird in diesem Zusammenhang eine Gruppe verbundener Unternehmen definiert, die durchaus auch mehrere Automobilmarken herstellen kann. Das Management setzt zukünftig auf eine höhere Diversifizierung durch die Verbreiterung der Kundenbasis im Bereich Non-Automotive.
Das Ausfallrisiko bei flüssigen Mitteln wird als gering eingeschätzt.
Trotz des allgemein als gering eingestuften Kreditrisikos entspricht das maximale theoretische Ausfallrisiko grundsätzlich den Buchwerten der einzelnen finanziellen Vermögenswerte.
Liquiditätsrisiko: Die Gruppe sichert ihren Liquiditätsbedarf durch Vorhalten einer Barreserve sowie durch die vorzeitige Refinanzierung endfälliger Finanzverbindlichkeiten. Das Liquiditätsrisiko wird aktiv durch die Konzernzentrale gesteuert. Die Kontokorrentkredite werden der Gruppe bis auf weiteres zur Verfügung gestellt und sind somit als kurzfristig eingestuft, allerdings ist eine kurzfristige Fälligstellung seitens der finanzierenden Kreditinstitute nicht zu erwarten.
Währungsrisiko: Der weitaus überwiegende Anteil der Umsätze der POLYTEC GROUP wird in Euro fakturiert, sodass das Währungsrisiko den Konzern in Summe nur in geringem Maß betrifft. Zum Teil erfolgt der Einkauf von Vorleistungen in derselben Währung wie der Verkauf, sodass sich Währungsrisiken natürlich "hedgen". Die Gruppe ist größeren Währungsrisiken in jenen Ländern ausgesetzt, in denen in Euro fakturiert, Vorleistungen aber in lokaler Währung zugekauft werden müssen. Solche Risiken bestehen etwa gegen die Tschechische Krone, Ungarische Forint und Türkische Lira. Diese Risiken sind vielfach nicht Finanzinstrumenten zuzuordnen, da sie vor allem auch auf Personalkosten zurückzuführen sind. Aufgrund des Ausbaus der Produktionsaktivität im Vereinigten Königreich und der volatilen Kursschwankungen des britischen Pfund seit der Brexit-Abstimmung, ist die POLYTEC GROUP einem verstärkten Währungsrisiko im Zusammenhang mit dem britischen Pfund ausgesetzt. Diesem Risiko begegnet die POLYTEC GROUP bei Bedarf mit dem Einsatz von Absicherungsgeschäften, vor allem aber über Natural Hedge-Positionen.
Zinsänderungsrisiko: Dem Zinsänderungsrisiko begegnet die POLYTEC GROUP durch ein der langfristigen Zinsmeinung entsprechendes Portfolio von variablen und fixen Finanzierungen, wobei langfristige Finanzierungen zum überwiegenden Teil variabel verzinst sind.
Cyber Crime: Auch die POLYTEC GROUP unterliegt vermehrt Angriffen durch Cyber Crime-Attacken. Diese konnten bisher erfolgreich abgewehrt werden. Dennoch ist die Professionalisierung in diesem Bereich zu einem ernstzunehmenden Risikobereich im operativen Geschäft geworden. Die internen Kontrollen der POLYTEC GROUP wurden laufend verschärft sowie die Sensibilisierung der Mitarbeiter hinsichtlich dieses Themas in regelmäßigen Abständen adressiert und laufend evaluiert.
Sonstige Risiken: Sonstige wesentliche Verpflichtungen und Risiken, die im vorliegenden Konzernabschluss nicht entsprechend gewürdigt oder in den Erläuterungen angeführt wurden, sind dem Management nicht bekannt.
Die POLYTEC Holding AG koordiniert als Konzernmutter die Forschungs- und Entwicklungstätigkeiten der POLYTEC GROUP; die Forschungs- und Entwicklungstätigkeiten finden aber vorwiegend in den Tochtergesellschaften statt.
Die POLYTEC GROUP wendete im Geschäftsjahr 2018 rund EUR 12,7 Mio. für Forschungs- und Entwicklungstätigkeiten auf (2017: EUR 14,5 Mio.). Die Forschungskostenquote (F&E-Kosten/Umsatz) blieb – auf Basis niedrigerer Umsätze – mit 2,0% auf dem Niveau des Vorjahres von 2,1%.
Die Entwicklung neuer Produkte und Anwendungen primär für die Automotive-Industrie zählt zu den Kernkompetenzen der POLYTEC GROUP. Sie ist als strategische Säule tief im Unternehmen verwurzelt und hat in den vergangenen Jahrzehnten maßgeblich zum Erfolg des Konzerns beigetragen. Bei den umfangreichen und arbeitsintensiven Neuund Weiterentwicklungen ist der Fokus stets auf die Anforderungen der langjährigen Kunden des Unternehmens gerichtet.
Die POLYTEC GROUP strebt danach, ihre Kunden frühzeitig und proaktiv mit innovativen Anwendungen und Technologiekombinationen sowie kompletten Produkt- und Fertigungskonzepten zu überzeugen und damit auch die Wettbewerbsfähigkeit der Gruppe zu stärken. Dabei denkt das Unternehmen nicht in Technologien, sondern in Lösungen, und überzeugt bereits im Engineering mit einer beeindruckenden Wertschöpfungstiefe – von der Materialherstellung über die Konzeptentwicklung bis hin zur Simulation. Fast 200 Ingenieure entwickeln und projektieren im Konzern auf Basis umfassender Erfahrung und fundierten Fachwissens innovative Lösungen in unterschiedlichsten Bereichen der Kunststofftechnologie.
Die große Vielfalt an Materialien und Verfahren von Spritzguss- über verschiedenste Faserverbund- bis hin zu Polyurethan-Anwendungen, kombiniert mit zeitgemäßem Produktions-Know-how, ermöglicht es der POLYTEC GROUP, maßgeschneiderte Lösungen für ihre Kunden in einem adäquaten Preis-Leistungs-Verhältnis bei bester Qualität zu realisieren. Neben der Integration von immer mehr Funktionen in Kunststoffteile und der laufenden Erweiterung der Möglichkeiten zur Materialsubstitution von metallischen Werkstoffen zählt die Entwicklung neuer Materialien und Verfahren, mit denen Kunststoffteile noch leichter und stabiler gemacht werden können, zu den Kerntätigkeiten der POLYTEC GROUP.
Die Erfahrung, die POLYTEC aus der Produktion hochkomplexer Bauteile und Systeme für Fahrzeuge gewinnt, lässt sich auch für den Non-Automotive-Bereich nutzen. Dabei geht es nicht nur um Entwicklungs-, Material- und Produktions-Know-how, sondern auch um Logistik, Produktkomplexität und Operational Excellence. Das macht die Leistungen von POLYTEC vor allem für jene Kunden interessant, die Produktlösungen mit hohen Oberflächenanforderungen bzw. mit einem hohen Anspruch an Technologie, mehrstufige Prozesse in der Fertigung und komplexe logistische Lösungen suchen. Die POLYTEC GROUP verfügt dafür sowohl über die erforderliche Kompetenz wie auch über die nötigen Ressourcen.
Das Thema Elektromobilität bietet klare Chancen für die POLYTEC GROUP. Die Entwicklungsingenieure des Konzerns haben sich in den vergangenen Jahren insbesondere mit der Frage auseinandergesetzt, welche Bauteile eines Elektrofahrzeugs aus Leichtbaumaterialien gefertigt werden können. Denn angesichts der schweren Batterien für den Antrieb sollten strombetriebene Fahrzeuge überall sonst möglichst wenig Gewicht aufweisen.
Bauteile aus Kunststoff – etwa Heckdeckel, Getriebeölwannen, Batterieboxen oder komplexe Akustiklösungen – erfüllen diese Anforderung in vielen Fällen perfekt. Umgekehrt birgt der Trend in Richtung Elektromobilität für POLYTEC aber auch neue Herausforderungen: Bauteile für Elektrofahrzeuge erfordern teils gänzlich andere Lösungen als jene für Fahrzeuge mit konventionellem Antrieb. So etwa im Bereich Acoustic Solutions, in dem sich die POLYTEC GROUP bei Verbrennungsmotoren in den vergangenen Jahren stark positioniert hat. Bei Elektrofahrzeugen liegt der Fokus nun nicht mehr auf der Dämmung der Motorgeräusche, sondern auf der Minimierung der Fahrt- und Abrollgeräusche. Konzepte müssen damit neu durchdacht und entwickelt werden.
Die Einrichtung eines angemessenen internen Kontroll- und Risikomanagementsystems im Hinblick auf den Rechnungslegungsprozess bzw. die Finanzberichterstattung liegt in der Verantwortung des Vorstands. Durch entsprechende organisatorische Maßnahmen und Kontrollen wird sichergestellt, dass die gesetzliche Vorgabe, nach der die Eintragungen in die Bücher und die sonstigen Aufzeichnungen vollständig, richtig, zeitgerecht und geordnet zu erfolgen haben, erfüllt wird.
Der gesamte Prozess von der Beschaffung bis zur Zahlung unterliegt strengen Regeln und konzernweit gültigen Richtlinien, die jegliche damit im Zusammenhang stehende Risiken, etwa "CEO Fraud"-Szenarien, vermeiden sollen. Zu diesen Maßnahmen und Regeln zählen u. a. Funktionstrennungen, Unterschriftenordnungen, ausschließlich kollektive und auf wenige Personen eingeschränkte Zeichnungsermächtigungen für Zahlungen sowie systemunterstützte Prüfungen durch die verwendete Software.
Das wesentliche Management-Steuerungsinstrument ist das gruppenweit implementierte Planungs- und Berichtssystem. Darin sind insbesondere eine Mittelfristplanung mit dreijährigem Planungshorizont, eine jährliche Budgetplanung und die Monatsberichte enthalten. Die von POLYTEC GROUP Financial Services erstellte monatliche Finanzberichterstattung bildet die aktuelle Entwicklung aller Konzerngesellschaften zeitnah ab. Der Inhalt dieser Berichte ist gruppenweit vereinheitlicht und umfasst neben Gewinn- und Verlustrechnung sowie Bilanz die daraus abgeleiteten wesentlichen Kennzahlen und eine Abweichungsanalyse.
Durch das standardisierte gruppenweite Finanzberichtswesen sowie eine interne Ad-hoc-Berichterstattung über unternehmenswichtige Ereignisse wird der Vorstand laufend über alle relevanten Sachverhalte und Risiken informiert. Der Aufsichtsrat wird in zumindest einer Aufsichtsratssitzung pro Quartal über den laufenden Geschäftsgang, die operative Planung und die mittelfristige Strategie des Konzerns unterrichtet, in besonderen Fällen wird der Aufsichtsrat auch unmittelbar informiert. In den Prüfungsausschusssitzungen wird u. a. auch das interne Kontroll- und Risikomanagement behandelt.
Das Grundkapital der POLYTEC Holding AG betrug zum Bilanzstichtag 31. Dezember 2018 unverändert EUR 22,3 Mio. und war in 22.329.585 auf Nennwert lautende Aktien unterteilt. Weitere Aktiengattungen bestanden nicht. Sämtliche Aktien waren zum Handel im Segment prime market der Wiener Börse zugelassen.
Einziger Aktionär mit einer Beteiligung von mehr als 10,0% des Grundkapitals war zum Bilanzstichtag 31. Dezember 2018 die Huemer-Gruppe. Sie hielt 29,04% (16,00% Huemer Holding GmbH und 13,04% Huemer Invest GmbH) des Grundkapitals der POLYTEC Holding AG. Gegenüber dem Bilanzstichtag 31. Dezember 2017 blieb der Anteilsbesitz der Ing. Friedrich Huemer, bis 31. Dezember 2018 CEO der POLYTEC GROUP, zurechenbaren Gesellschaften an der POLYTEC Holding AG unverändert. Darüber hinaus waren dem Vorstand zum Bilanzstichtag keine Aktionäre bekannt, die eine Beteiligung am Grundkapital von mehr als 10,0% hielten. Keine Inhaber von Aktien verfügen über besondere Kontrollrechte.
Während des Geschäftsjahres 2018 wurden der POLYTEC Holding AG seitens der Aktionäre drei Stimmrechtsmitteilungen gemäß § 130 BörseG 2018 übermittelt:
Ende Februar 2018 teilte der Aktionär The Capital Group Companies, Inc. mit Sitz in Los Angeles (USA) der POLYTEC Holding AG mit, dass am 23. Februar 2018 eine Meldeschwelle bezüglich einer Beteiligung unterschritten wurde und der Aktionär an diesem Tag 4,37% bzw. 976.139 Aktien an der POLYTEC Holding AG hielt. Derselbe Aktionär meldete Ende März 2018 die Unterschreitung der 4%-Meldeschwelle. The Capital Group Companies, Inc. hielt nach eigener Angabe per 27. März 2018 3,92% bzw. 876.325 Aktien an der POLYTEC Holding AG. Die POLYTEC Holding AG hat zu beiden Ereignissen fristgerecht Meldungen gemäß § 135 Abs. 2 BörseG 2018 veröffentlicht.
Anfang August 2018 wurde der POLYTEC Holding AG vom Aktionär NN Group N.V., Amsterdam (Niederlande), mitgeteilt, dass am 8. August 2018 eine Meldeschwelle bezüglich einer Beteiligung überschritten wurde. Zwei verwaltete Fonds hielten zusammen 5,17% bzw. 1.155.000 Aktien an der POLYTEC Holding AG. Die POLYTEC Holding AG hat zu diesem Ereignis fristgerecht eine Meldung gemäß § 135 Abs. 2 BörseG veröffentlicht.
Darüber hinaus wurden seitens der Aktionäre keine Stimmrechtsmitteilungen gemäß § 130 BörseG gemacht.
Zum 31. Dezember 2018 stellte sich die Aktionärsstruktur der POLYTEC Holding AG auf Basis der ausgegebenen 22.329.585 Aktien wie folgt dar:
Nach dem Bilanzstichtag wurden der POLYTEC Holding AG keine weiteren Änderungen von bedeutenden Beteiligungen bekanntgegeben.
Wir haben den Jahresabschluss der
bestehend aus der Bilanz zum 31. Dezember 2018, der Gewinn- und Verlustrechnung für das an diesem Stichtag endende Geschäftsjahr und dem Anhang, geprüft.
Nach unserer Beurteilung entspricht der Jahresabschluss den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage zum 31. Dezember 2018 sowie der Ertragslage der Gesellschaft für das an diesem Stichtag endende Geschäftsjahr in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.
Wir haben unsere Abschlussprüfung in Übereinstimmung mit der EU-Verordnung Nr. 537/2014 (im Folgenden AP-VO) und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern die Anwendung der International Standards on Auditing (ISA). Unsere Verantwortlichkeiten nach diesen Vorschriften und Standards sind im Abschnitt "Verantwortlichkeiten des Abschlussprüfers für die Prüfung des Jahresabschlusses" unseres Bestätigungsvermerks weitergehend beschrieben. Wir sind von der Gesellschaft unabhängig in Übereinstimmung mit den österreichischen unternehmensrechtlichen und berufsrechtlichen Vorschriften und wir haben unsere sonstigen beruflichen Pflichten in Übereinstimmung mit diesen Anforderungen erfüllt. Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen.
Besonders wichtige Prüfungssachverhalte sind solche Sachverhalte, die nach unserem pflichtgemäßen Ermessen am bedeutsamsten für unsere Prüfung des Jahresabschlusses des Geschäftsjahres waren. Diese Sachverhalte wurden im Zusammenhang mit unserer Prüfung des Jahresabschlusses als Ganzem und bei der Bildung unseres Prüfungsurteils hierzu berücksichtigt und wir geben kein gesondertes Prüfungsurteil zu diesen Sachverhalten ab.
Siehe Anhang Beilage I/4 bis I/6 sowie Anlage 1 zum Anhang.
Anteile und Ausleihungen an sowie finanzielle Forderungen gegenüber verbundenen Unternehmen (Buchwert MEUR 303,9) stellen 83,3 % der ausgewiesenen Aktivposten im Jahresabschluss der POLYTEC Holding AG zum 31. Dezember 2018 dar.
Anlassbezogen werden Anteile an verbundenen Unternehmen von der Gesellschaft einer Werthaltigkeitsüberprüfung unterzogen. Auslöser einer anlassbezogenen Überprüfung ist einerseits eine wesentliche statische Unterdeckung bei der Gegenüberstellung des Beteiligungsansatzes mit dem anteiligen Eigenkapital zum Stichtag und andererseits das Vorliegen von externen oder internen Einflussfaktoren, die eine erhebliche Wertminderung auslösen können. Im Anlassfall wird, soweit nicht dokumentierte stille Reserven im langfristigen Vermögen die Unterdeckung egalisieren, die Bewertung auf Basis von diskontierten Netto-Zahlungsmittelzuflüssen, die von zukünftigen Ergebniserwartungen abhängig sind, unter Anwendung von aus Marktdaten abgeleiteten Diskontierungszinssätzen durchgeführt.
Die Ausleihungen an sowie finanziellen Forderungen gegenüber verbundenen Unternehmen, die nicht über vorstehend beschriebene Bewertung auf Basis von diskontierten Netto-Zahlungsmittelzuflüssen abgedeckt sind, werden von der Gesellschaft anhand der Ergebnis- und Cashflow-Planungen auf Werthaltigkeit analysiert und unter Berücksichtigung von geplanten Maßnahmen zur Erzielung von Rückzahlungspotenzial bewertet.
Diese Bewertungen sind mit bedeutenden Schätzunsicherheiten insbesondere betreffend langfristiger Planungsannahmen sowie Marktunsicherheiten behaftet. Für den Abschluss besteht das Risiko einer Überbewertung der Anteile an sowie der finanziellen Forderungen gegenüber verbundenen Unternehmen.
Wir haben die vom Unternehmen erstellten Unterlagen zur Ermittlung einer allfälligen statischen Unterdeckung nachvollzogen und die Dokumentation, ob andere Indikatoren für eine Wertminderung vorliegen, kritisch gewürdigt und mit dem Management diskutiert. Soweit stille Reserven in langfristigen Vermögensgegenständen die statische Unterdeckung egalisieren, haben wir die vorgelegten Unterlagen kritisch gewürdigt. Im Fall der Anteile an verbundenen Unternehmen hat das Unternehmen in vier Fällen anlassbezogene Werthaltigkeitsprüfungen durchgeführt. Wir haben die der Bewertung zugrunde gelegten Ergebniserwartungen sowie Investitionen mit dem vom Vorstand aufgestellten und vom Aufsichtsrat genehmigten Budget samt Mittelfristplanung abgeglichen. Um die Angemessenheit der Planungen beurteilen zu können, haben wir uns ein Verständnis über den Planungsprozess verschafft und die verwendeten Annahmen mit der historischen Entwicklung abgeglichen. Wir haben die Annahmen in Gesprächen mit dem Management erörtert und uns in diesem Zuge ein Verständnis darüber verschafft, wie historische Erfahrungen die Planung des Managements beeinflussen.
Darüber hinaus haben wir die Angemessenheit der ermittelten Diskontierungssätze sowie das Berechnungsmodell des Werthaltigkeitstests beurteilt. Wir haben kritisch gewürdigt, ob die langfristige Entwicklung des Rentabilitätsniveaus in der Rentenphase im Vergleich mit den in der Vergangenheit erzielten Ergebnissen und der Entwicklung in der Mittelfristplanung konsistent und plausibel erscheint. Diese Prüfungshandlungen haben wir unter Konsultation unserer Bewertungsspezialisten vorgenommen.
Bei der Würdigung der Werthaltigkeit der Ausleihungen an sowie finanziellen Forderungen gegenüber verbundenen Unternehmen, die nicht über vorstehend beschriebene Bewertung auf Basis diskontierter Netto-Zahlungsmittelzuflüssen abgedeckt sind, haben wir basierend auf den Ergebnis- und Cashflow-Planungen untersucht, ob Zweifel an der Einbringlichkeit bestehen. In sechs Anlassfällen haben wir die vom Management festgelegten Maßnahmen zur Wiederherstellung der Ertragskraft mit dem Management besprochen und die übermittelten Unterlagen, die zur Begründung der Maßnahmen herangezogen wurden, kritisch gewürdigt.
Abschließend haben wir untersucht, ob die Erläuterungen des Unternehmens zu den Anteilen und Ausleihungen an sowie finanziellen Forderungen gegenüber verbundenen Unternehmen im Anhang vollständig und sachgerecht sind.
Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Jahresabschlusses und dafür, dass dieser in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft vermittelt. Ferner sind die gesetzlichen Vertreter verantwortlich für die internen Kontrollen, die sie als notwendig erachten, um die Aufstellung eines Jahresabschlusses zu ermöglichen, der frei von wesentlichen – beabsichtigten oder unbeabsichtigten – falschen Darstellungen ist.
Bei der Aufstellung des Jahresabschlusses sind die gesetzlichen Vertreter dafür verantwortlich, die Fähigkeit der Gesellschaft zur Fortführung der Unternehmenstätigkeit zu beurteilen, Sachverhalte im Zusammenhang mit der Fortführung der Unternehmenstätigkeit – sofern einschlägig – anzugeben, sowie dafür, den Rechnungslegungsgrundsatz der Fortführung der Unternehmenstätigkeit anzuwenden, es sei denn, die gesetzlichen Vertreter beabsichtigen, entweder die Gesellschaft zu liquidieren oder die Unternehmenstätigkeit einzustellen oder haben keine realistische Alternative dazu.
Der Prüfungsausschuss ist verantwortlich für die Überwachung des Rechnungslegungsprozesses der Gesellschaft.
Unsere Ziele sind hinreichende Sicherheit darüber zu erlangen, ob der Jahresabschluss als Ganzes frei von wesentlichen – beabsichtigten oder unbeabsichtigten – falschen Darstellungen ist und einen Bestätigungsvermerk zu erteilen, der unser Prüfungsurteil beinhaltet. Hinreichende Sicherheit ist ein hohes Maß an Sicherheit, aber keine Garantie dafür, dass eine in Übereinstimmung mit der AP-VO und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung, die die Anwendung der ISA erfordern, durchgeführte Abschlussprüfung eine wesentliche falsche Darstellung, falls eine solche vorliegt, stets aufdeckt. Falsche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren und werden als wesentlich angesehen, wenn von ihnen einzeln oder insgesamt vernünftigerweise erwartet werden könnte, dass sie die auf der Grundlage dieses Jahresabschlusses getroffenen wirtschaftlichen Entscheidungen von Nutzern beeinflussen.
Als Teil einer Abschlussprüfung in Übereinstimmung mit der AP-VO und mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung, die die Anwendung der ISA erfordern, üben wir während der gesamten Abschlussprüfung pflichtgemäßes Ermessen aus und bewahren eine kritische Grundhaltung.
Darüber hinaus gilt:
— Wir bestimmen von den Sachverhalten, über die wir uns mit dem Prüfungsausschuss ausgetauscht haben, diejenigen Sachverhalte, die am bedeutsamsten für die Prüfung des Jahresabschlusses des Geschäftsjahres waren und daher die besonders wichtigen Prüfungssachverhalte sind. Wir beschreiben diese Sachverhalte in unserem Bestätigungsvermerk, es sei denn, Gesetze oder andere Rechtsvorschriften schließen die öffentliche Angabe des Sachverhalts aus oder wir bestimmen in äußerst seltenen Fällen, dass ein Sachverhalt nicht in unserem Bestätigungsvermerk mitgeteilt werden sollte, weil vernünftigerweise erwartet wird, dass die negativen Folgen einer solchen Mitteilung deren Vorteile für das öffentliche Interesse übersteigen würden.
Der Lagebericht ist auf Grund der österreichischen unternehmensrechtlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob er nach den geltenden rechtlichen Anforderungen aufgestellt wurde.
Die gesetzlichen Vertreter sind verantwortlich für die Aufstellung des Lageberichtes in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.
Wir haben unsere Prüfung in Übereinstimmung mit den Berufsgrundsätzen zur Prüfung des Lageberichtes durchgeführt.
Nach unserer Beurteilung ist der Lagebericht nach den geltenden rechtlichen Anforderungen aufgestellt worden, enthält die nach § 243a UGB zutreffenden Angaben, und steht in Einklang mit dem Jahresabschluss.
Angesichts der bei der Prüfung des Jahresabschlusses gewonnenen Erkenntnisse und des gewonnenen Verständnisses über die Gesellschaft und ihr Umfeld haben wir keine wesentlichen fehlerhaften Angaben im Lagebericht festgestellt.
Wir wurden von der Hauptversammlung am 16. Mai 2018 als Abschlussprüfer gewählt und am 31. Oktober 2018 vom Aufsichtsrat mit der Abschlussprüfung der Gesellschaft beauftragt. Wir sind ohne Unterbrechung seit dem Jahresabschluss zum 31. Dezember 2017 Abschlussprüfer der Gesellschaft.
Wir erklären, dass das Prüfungsurteil im Abschnitt "Bericht zum Jahresabschluss" mit dem zusätzlichen Bericht an den Prüfungsausschuss nach Artikel 11 der AP-VO in Einklang steht.
Wir erklären, dass wir keine verbotenen Nichtprüfungsleistungen (Artikel 5 Abs 1 der AP-VO) erbracht haben und dass wir bei der Durchführung der Abschlussprüfung unsere Unabhängigkeit von der geprüften Gesellschaft gewahrt haben.
Der für die Abschlussprüfung auftragsverantwortliche Wirtschaftsprüfer ist Frau Mag. Cäcilia Gruber.
Linz, am 18. März 2019
Die Veröffentlichung oder Weitergabe des Jahresabschlusses mit unserem Bestätigungsvermerk darf nur in der von uns bestätigten Fassung erfolgen. Dieser Bestätigungsvermerk bezieht sich ausschließlich auf den deutschsprachigen und vollständigen Jahresabschluss samt Lagebericht. Für abweichende Fassungen sind die Vorschriften des § 281 Abs 2 UGB zu beachten.
| 29 March 2019 | Friday | Publication of the financial statements and annual report for 2018 |
|---|---|---|
| 30 April 2019 | Tuesday | Record date "AGM" |
| 8 May 2019 | Wednesday | Publication of the interim report for Q1 2019 |
| 10 May 2019 | Friday | 19th Ordinary Annual General Meeting for the 2018 financial year, Hörsching, 10:00 a.m. |
| 15 May 2019 | Wednesday | Ex-dividend day |
| 16 May 2019 | Thursday | Record date "Dividends" |
| 17 May 2019 | Friday | Dividend pay-out day |
| 7 August 2019 | Wednesday | Publication of the financial report for HY1 2019 |
| 7 November 2018 | Thursday | Publication of the interim report for Q3 2019 |
Paul Rettenbacher Phone: +43 7221 701 292 [email protected] www.polytec-group.com
Editor: POLYTEC Holding AG Polytec-Strasse 1, 4063 Hörsching, Austria Commercial register: FN 197646g, Commercial Court Linz LEI: 529900OVSOBJNXZACW81 VAT identification number: ATU49796207 Phone: +43 7221 701 05 www.polytec-group.com
Corporate Communications: Gabriele Worf [email protected]
Consulting, text and general coordination: be.public Corporate & Financial Communications, Vienna
Concept and graphic design: studio bleifrei, Graz
Print: Friedrich Druck & Medien GmbH, Linz
Photos: bildstadt GmbH, Daimler AG, e.GO Mobile AG, Martina Draper, POLYTEC GROUP, Shutterstock.com, stock.adobe.com
This annual report has been prepared with the greatest possible care and every effort has been made to ensure the accuracy of the data that it contains. Nevertheless, rounding, typographical and printing errors cannot be excluded. The use of automatic calculating devices can result in roundingrelated differences during the addition of rounded amounts and percentages. This annual report contains assessments and assertions relating to the future made on the basis of all the information currently available. Such future-related statements are usually introduced with terms such as "expect", "estimate", "plan", "anticipate", etc. We would draw your attention to the fact that various factors could cause actual conditions and results to deviate from the expectations outlined in this report. This annual report is published in German and English. The English translation serves information purposes and the original German text is the sole legally binding version. The financial statements and annual report for 2018 were published on 29 March 2019 and are available for downloading on the POLYTEC Holding AG website at www.polytec-group.com, section Investor Relations, Publications.
Editorial closing date: 18 March 2019
| Company and technology | |
|---|---|
| ABS | Acrylonitrile butadiene styrene is a plastic suited to the coating of metals. |
| BEV | Battery electric vehicle: Exclusively battery driven vehicle |
| Blow moulding | A process for the production of hollow, thermoplastic parts (lightweight construction technology) |
| Business Intelligence | Procedures and processes for systematic analyses using the gathering, evaluation and presentation of data in electronic form |
| CAQ | Computer-aided quality |
| Carbon SMC | SMC with cut carbon fibres |
| CEO | Chief Executive Officer: Chairman of the Board of Directors, responsible for M&A, investment management, corporate strategy, corporate communications, purchasing, IT, human resources |
| CFO | Chief Financial Officer: Responsible for finances, controlling, accounting, investor relations, internal audit, legal affairs |
| Class A painting | Painting of the visible surfaces of interior and exterior parts |
| CMR substances | Carcinogenic, mutagenic and toxic to reproduction substances |
| COO | Chief Operations Officer: Responsible for operations, innovation, industrial engineering |
| CSO | Chief Sales Officer: Responsible for sales, engineering, marketing |
| D-LFT | Direct process for the use of long fibre reinforced thermoplastics in exceptionally tough parts |
| Data warehouse | An optimised central database, which is used for analytical purposes and, as a rule, combines and compacts data from a variety of sources. |
| ERP | Enterprise resource planning: The prompt, needs-based planning and control of resources |
| GMT | Glass mat reinforced thermoplastics: A material combination consisting of glass fibre mats and thermoplastics |
| Hybrid pressing | Pressing process in which differing materials such as fibre-reinforced plastics and metals are combined to form composite components. |
| Impact extrusion | Forming process on the basis of the subjection of the blank to pressure |
| In-mould decoration/coating | A special type of plastic part decoration using a coloured, scratch-resistant coating |
| Injection moulding | Process in which material is liquefied (plastified) and injected into a mould under pressure |
| Just-in-sequence/JIS | Punctual delivery of workpieces to the assembly line in the correct sequence |
| Just-in-time/JIT | Punctual delivery of workpieces to the assembly line |
| LFT | Long fibre reinforced thermoplastics, which are used to create exceptionally tough parts |
| LWRT | Lightweight reinforced thermoplastics: Lightweight, glass fibre reinforced thermoplastic mixed fibre webs with high acoustic efficiency |
| MES | Manufacturing execution system: Systems solution for efficient production control |
| MHEV | Mild hybrid electric vehicle: An e-vehicle with partial hybridisation. In an MHEV, exclusively electrically powered propulsion is either infeasible or only possible to a limited extent. Therefore, the e-motor merely assists the combustion engine. |
| OEM | Original equipment manufacturer |
| PA | Polyamide: Thermoplastic with high strength, rigidity and toughness |
| PE | Polyethylene: Thermoplastic |
| PLM | Product lifecycle management: An integrated solution for the visualisation of the POLYTEC product development process (PEP) including project and task management, and design data administration |
| Powertrain | Drive train in a combustion engine |
| PP | Polypropylene: Thermoplastic |
| PPS | POLYTEC Performance System: The POLYTEC GROUP's lean management programme |
| PUR RRIM | Polyurethane reinforced reaction injection moulding |
| PUR/PU | Polyurethane: Plastic or synthetic resin |
| Company and technology | |
|---|---|
| SAP S4/HANA | An extended SAP standard for SAP's own SAP HANA database |
| SCR | Selective catalytic reduction: A technology for the reduction of nitrogen oxides in exhaust gases |
| SMC | Sheet moulding compound: Press mass consisting of duroplastic reactive resins and glass fibres for the production of fibre-plastic compounds |
| Sylothan | A POLYTEC-developed polyurethane recipe |
| Tier 1 supplier | Direct supplier to an OEM |
| TPU | Thermoplastic polyurethane: Plastic offering high resistance to dynamic forces and wear |
| WLTP | Worldwide harmonised light vehicles test procedure: A uniform exhaust gas testing system used globally for cars and light trucks |
| Financials | |
|---|---|
| CAD | Canadian dollar |
| Capital employed | Capital employed includes non-current assets required for operations (intangible assets, goodwill, tangible assets, participations in companies accounted for at equity and other non-current receivables) less other non-current provisions and net current assets (non-interest bearing current assets less non-interest bearing current liabilities). |
| CGU | Cash generating unit |
| CNY | Chinese renminbi yuan |
| CZK | Czech koruna |
| Deferred taxes | Balance sheet item to show fiscal valuation differences. In the case of temporary discrepancies between the group balance sheet and the fiscal balance sheet, both deferred tax assets and deferred tax liabilities are recognised in order to report the tax expenses in accordance with the group financial result. |
| EBIT | Earnings before interest and taxes |
| EBITDA | Earnings before interest, taxes, depreciation and amortisation |
| EBIT margin | EBIT/sales |
| Equity ratio | Equity/balance sheet total |
| EUR k | Euro thousands |
| Free cash flow | Cash flow from operating activities less cash flow from investing activities |
| FTE | Full-time equivalents of employees |
| GBP | Great British pound |
| Gearing | Net financial debts/equity |
| HUF | Hungarian forint |
| IAS | International Accounting Standards |
| IFRS | International Financial Reporting Standards, including International Accounting Standards |
| ISIN AT0000A00XX9 | International Securities Identification Number of POLYTEC share |
| LEI | Legal Entity Identifier: The unique international code number of POLYTEC Holding AG: 529900OVSOBJNXZACW81 |
| Market capitalisation | Value of enterprise: Number of issued shares multiplied with certain share price |
| Net current assets | Non-interest bearing current assets less non-interest bearing current liabilities |
| Net financial liabilities/assets | Interest-bearing current and non-current liabilities less cash and cash equivalents and interest-bearing receivables |
| ROCE | Return on capital employed (EBIT/average capital employed) |
| TRY | Turkish lira |
| USD | United States dollar |
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