Annual Report • Apr 12, 2016
Annual Report
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| Rosenbauer Group | 2013 | 20141 | 2015 | |
|---|---|---|---|---|
| Revenues | € million | 737.9 | 813.8 | 865.4 |
| EBITDA | € million | 52.6 | 61.0 | 64.7 |
| EBIT | € million | 42.3 | 48.4 | 50.6 |
| EBIT margin | 5.7% | 5.9% | 5.8% | |
| EBT | € million | 41.7 | 47.3 | 48.2 |
| Net profi t for the period | € million | 30.8 | 36.7 | 36.8 |
| Cash fl ow from operating activities | € million | 82.2 | (37.1) | 6.5 |
| Investments | € million | 25.4 | 51.2 | 22.1 |
| Order backlog as of Dec 31 | € million | 590.1 | 693.0 | 797.5 |
| Order intake | € million | 760.6 | 845.9 | 905.9 |
| Employees (average) | 2,551 | 2,800 | 2,969 | |
| Employees as of Dec 31 | 2,651 | 2,941 | 3,086 | |
| Key statement of fi nancial position | 2013 | 2014 | 2015 | |
| Total assets | € million | 415.6 | 579.9 | 611.8 |
| Equity in % of total assets | 45.2% | 34.2% | 37.0% | |
| Capital employed (average) | € million | 285.7 | 341.2 | 437.1 |
| Return on capital employed | 14.8% | 14.2% | 11.6% | |
| Return on equity | 23.4% | 24.5% | 22.7% | |
| Net debt | € million | 48.8 | 154.2 | 191.3 |
| Working capital | € million | 119.4 | 137.7 | 178.3 |
| Gearing ratio | 25.9% | 77.7% | 84.4% | |
| Key stock exchange fi gures | 2013 | 2014 | 2015 | |
| Closing share price | € | 59.3 | 71.5 | 66.6 |
| Number of shares | million units | 6.8 | 6.8 | 6.8 |
| Market capitalization | € million | 403.2 | 485.9 | 452.9 |
| Dividend | € million | 8.2 | 8.2 | 10.22 |
| Dividend per share | € | 1.2 | 1.2 | 1.52 |
| Dividend yield | 2.0% | 1.7% | 2.3% | |
| Earnings per share | € | 3.9 | 4.0 | 3.3 |
| Price/earnings ratio | 15.2 | 17.9 | 20.2 |
1 The 2014 fi gures for revenues, other expenses, incoming orders and order backlog were restated in accordance with IAS 8.
2 Proposal to Annual General Meeting
Rosenbauer is the world's leading manufacturer of systems for fi refi ghting and disaster protection. The company develops and produces vehicles, fi re extinguishing systems, equipment and telematics solutions for professional, industrial, plant and volunteer fi re services, and systems for preventive fi refi ghting. All of the main sets of standards are covered by products manufactured in Europe, the US and Asia. The Group has an active service and sales network in over 100 countries.
The listed family company is in its sixth generation and has served fi re departments for 150 years. A strong customer focus, innovative strength and reliability are Rosenbauer's key assets.
€ 865.4 mill. Revenues up 6%
3,086 Employees worldwide
€ 905.9 mill. New record level of incoming orders
Capacity utilization secure – Rosenbauer begins 2015 with record order backlog of € 693.0 million
Vienna Stock Exchange 2015 Awards – Third place for Rosenbauer in the Small & Mid Cap category for 2015
Boost to presence on German market – Metz Aerials renamed Rosenbauer Karlsruhe
Long-term success – 2nd place in the "Strategic Performance Test" in the three-year analysis
Certifi ed installer – Rosenbauer awarded VdS seal of approval for stationary fi re extinguishing systems
Expanding expertise in stationary fi re protection – Negotiations begin with G&S Brandschutztechnik AG
World's fi rst camoufl aged fi re engine – New PANTHER out for testing
Innovations for the future – Rosenbauer at the Interschutz trade fair
Number 1 – Singapore's Changi Airport Group secures the fi rst new PANTHER
Order for Rosenbauer America – Los Angeles International Airport in California orders six PANTHERs
Major order from India – Airports Authority of India orders 50 units of the new PANTHER 6x6
3,000th CBS fi retruck – Landmark vehicle handed over to Infraserv Höchst company fi re service
CSR Corona 2015 in Silver – Founding of inter-company childcare center honored
Day nursery opens its gates – Joint project by Rosenbauer, Silhouette and PEZ/Haas to care for up to 20 children
Prize-winning innovation – Finalist in international IMP³rove Award 2015
We live in unstable times – which makes it all the more gratifying for me to inform you that the business performance of the Rosenbauer Group was once again defi ned by continuity and the consistent implementation of its strategy. New records in revenues and earnings and full order books give us every optimism for the anniversary year of 2016.
Dependability, customer focus and innovation are the foundations of our success. We presented these virtues up close in 2015 at Interschutz, the world's largest fi re equipment trade fair that takes place every fi ve years. The expertise of our employees, the fascinating new products and the thrilling staging of our market leadership were extremely well received by customers and make me very proud to lead this company.
Naturally we are particularly pleased that the new products presented have already enjoyed signifi cant market success in 2015. In the past year, we sold 50 new PANTHERs to India, and the fabulous new HEROS-titan fi re service helmet is opening up new markets.
The Group's longstanding growth strategy with a focus on the fi re service sector and regional risk diversifi cation proved highly eff ective in 2015. Export markets that were underperforming
in terms of profi tability due to economic and political reasons, such as Russia and Brazil, were more than compensated for by strong local performances on the largest fi re service markets, the US and Germany. The international manufacturing network was very eff ective in handling the large orders from Saudi Arabia. The fact that subsidiaries in the US, Germany, Spain and Slovenia provided the main contribution to the Group's best result in 2015 may be seen as a positive confi rmation of our systematic internationalization strategy.
In the coming years as well, we will continue to advance the Group's internationalization carefully and prudently in order to combine the customer focus in service and sales so important in our industry with the advantages of large, effi cient manufacturing units.
With conditions as they currently are, it will not become any easier to serve the world markets with competitive production costs from Austria. We are responding to this by targeting permanent increases in effi ciency even more systematically. The major investments in the Austrian locations have been successfully completed. We have thus created the conditions for our goal of being and remaining both the technology leader and quality and cost leader in the fi re service sector at the same time.
Beyond our direct business operations, in 2015 we put in place valuable building blocks for a successful future. Firstly, we successfully completed the establishment and certifi cation of a professional compliance management system. Clear guidelines for us and our business partners, together with regular audits of compliance, guarantee the maximum possible security of legally compliant conduct for us and our shareholders in a world of increasingly complex business laws. With more than 90% of foreign revenues with predominantly public sector customers, compliance is an existential necessity for ensuring business success.
Secondly, together with the companies Silhouette and PEZ/Haas, we have achieved a milestone for our employees with the establishment of the "RoSiPez" inter-company nursery, enabling them to better balance families and careers. We are especially delighted that we were awarded Upper Austria's "Felix Familia" prize for this beautiful project. For Rosenbauer, the nursery is a big step in continuing to be an attractive employer in the growing competition for skilled staff .
Everything that we have done that made us successful in 2015 has ultimately been down to our ambitious and well trained employees, who exhibit a loyalty to the company well beyond the norm. I would like to take this opportunity to thank them personally.
One prediction is undisputed – in 2016 we will be celebrating 150 years of the fi re equipment supplier Rosenbauer. This tradition makes us proud, but the activities described above show that we are always looking to the future. For you, the shareholders, this is intended as a guarantee that your loyalty to Rosenbauer will continue to pay off . As a sign of our gratitude for the trust you have already shown us, we are very pleased to be distributing a dividend for 2015 adapted for the anniversary of € 1.50 per share. The prospects for 2016 give us every reason to be confi dent, and I will do everything in my power not to disappoint you as a stakeholder in the company, especially in our anniversary year.
Yours,
Dieter Siegel
Born 1964 Joined Rosenbauer: 2009 Date of fi rst appointment: 2011 End of current term of offi ce: 2016
Born 1960 Joined Rosenbauer: 1995 Date of fi rst appointment: 2000 End of current term of offi ce: 2019
GLOBAL CENTRAL FUNCTIONS Corporate Development, Human Resources, Global Product Management, Global Marketing, Sales Administration, Group Communication
GLOBAL PRODUCT DIVISION Firefi ghting & Body Components
GLOBAL CENTRAL FUNCTIONS Purchase & Logistics, Quality Assurance & Management Systems, Infrastructure Development, Innovation/Technology & Knowledge Management, Group Technology Transfer, Industrial Engineering, Technical Information Systems
Born 1961 Joined Rosenbauer: 2013 First appointment: 2013 End of current term of offi ce: 2018 GLOBAL PRODUCT DIVISIONS Fire & Safety Equipment, Stationary Fire Protection
GLOBAL CENTRAL FUNCTIONS Group Finance & Accounting, Controlling, Legal & Compliance, Risk Management, Internal Control System, Group Audit, Treasury, Business Information Systems, Investor Relations, Export Finance & Insurance
A passion for fi re service has been at the heart of our company from the very beginning. It began 150 years ago with Johann Rosenbauer, himself a dedicated fi refi ghter. The fl ame of our passion has been blazing for a long time. Initially as a merchant of fi re service materials, then as a modernizer during the roaring twenties, like with the spectacular Steyr FIAT city fi refi ghting vehicle, or today, about 5,000 supplied models of the AT series bring smiles to the faces of fi refi ghters throughout the world. The latter is a good example of why Rosenbauer shareholders can also feel a warm glow in their hearts.
2015 was a challenging and exciting year for the Rosenbauer Group, in which it laid the foundations for its continuing growth.
The 23rd Annual General Meeting of Rosenbauer International AG was held at Wiener Börsesäle on May 21, 2015. Following a detailed presentation on the company by the Executive Board, resolutions were made on matters such as the appropriation of profi ts, the offi cial approval of the actions of the members of the Executive Board and the Supervisory Board for the 2014 fi nancial year, and the election of the auditor of the annual and consolidated fi nancial statements for the 2015 fi nancial year.
At its meetings the Executive Board regularly informed the Supervisory Board of the development of business and the company's situation. The report of the Executive Board on this and its reports on important items of business were acknowledged by the Supervisory Board.
The Supervisory Board held four ordinary meetings in the year under review. In addition, there were regular meetings of the shareholder representatives on the Supervisory Board that discussed matters of operational and strategic corporate governance with the Executive Board. The members of the Supervisory Board attended a total of nine meetings of the Supervisory Board, its committees, and other meetings in 2015.
The Audit Committee met in April 2016 to review and prepare for the adoption of the 2015 annual fi nancial statements, to devise a proposal for the appointment of the auditor and to confer on matters relating to the Group's fi nancial reporting. A further meeting was held to appraise the Group's audit system, risk management system, internal control system, and compliance. The members of the Audit Committee were Alfred Hutterer (Chairman), Rainer Siegel and Rudolf Aichinger.
The annual fi nancial statements and the management report were audited by Ernst &Young Wirtschaftsprüfungsgesellschaft m.b.H. in accordance with the statutory provisions.
The fi ndings of the audit did not give rise to any objections. The annual fi nancial statements and the management report were therefore issued with an unqualifi ed audit opinion. The auditor's report has been submitted to the members of the Supervisory Board in accordance with section 273(3) of the Unternehmensgesetzbuch (UGB – Austrian Commercial Code).
The Supervisory Board approves the annual fi nancial statements as of December 31, 2015, which are thereby adopted in accordance with section 96(4) of the Aktiengesetz (AktG – Austrian Stock Corporation Act), and acknowledges the consolidated fi nancial statements. The Supervisory Board concurs with the Executive Board's proposal for the appropriation of profi ts and proposes that this be put to the Annual General Meeting.
On behalf of the entire Supervisory Board, I would like to thank the members of the Executive Board and all the employees of the Rosenbauer Group for their outstanding commitment. My thanks also go to the shareholders of Rosenbauer International AG for their trust and, at the same time, I invite them to remain with Rosenbauer as it moves forward.
Leonding, April 2016
Alfred Hutterer Chairman of the Supervisory Board
To ensure sustainable, value-adding corporate development, Rosenbauer applies the standards and principles of an open and transparent communications policy.
Rosenbauer is committed to comply with the Austrian Code of Corporate Governance1. The Group satisfi es its requirements and therefore meets investors' expectations in terms of responsible, transparent, and long-term corporate governance.
The basis of the Code is formed by the provisions of Austrian stock corporation, stock market and capital market law, EU recommendations on remuneration of supervisory board members and directors, and the principles of the OECD corporate governance guidelines. This corporate governance report is based on the Code as amended January 2015.
The explanations required by the Austrian Code of Corporate Governance have also been published on www.rosenbauer.com/ en/rosenbauer-group/investor-relations/corporate-governance.html.
Rosenbauer complies with all C rules of the Code with the following explanations:
| Dieter Siegel | CEO |
|---|---|
| Born | 1964 |
| Global product division | Customer Service |
| Global central functions | Corporate Development, |
| Human Resources, Global Product | |
| Management, Global Marketing, | |
| Sales Administration, | |
| Group Communication | |
| Date of fi rst appointment | 2011 |
| End of current term | |
| of offi ce | 2016 |
| Supervisory Board | |
| mandates | – |
1 The Austrian Code of Corporate Governance breaks down into three categories: "L" Rules (legal requirements), based on mandatory statutory provisions; "C" Rules (comply or explain), i. e. rules which must be kept, with an explanation having to be given for any deviations from the rule; and "R" Rules (recommendations), non-compliance with which requires neither disclosure nor explanation.
| Gottfried Brunbauer | CTO |
|---|---|
| Born | 1960 |
| Global product division | Firefi ghting & Body Components |
| Global central functions | Purchase & Logistics, Quality |
| Assurance & Management Systems, | |
| Infrastructure Development, | |
| Innovation/Technology & Knowledge | |
| Management, Group Technology | |
| Transfer, Industrial Engineering, | |
| Technical Information Systems | |
| Date of fi rst appointment | 2000 |
| End of current term | |
| of offi ce | 2019 |
| Supervisory Board | |
| mandates | – |
| Remuneration of Executive Board members (in € thousand) | ||||
|---|---|---|---|---|
| 2015 | Fixed | Variable | Total |
|---|---|---|---|
| Dieter Siegel | 388.8 | 485.9 | 874.7 |
| Gottfried Brunbauer | 355.7 | 404.9 | 760.6 |
| Günter Kitzmüller | 327.0 | 242.9 | 569.9 |
| 1,071.5 | 1,133.7 | 2,205.2 | |
| 2014 | |||
| Dieter Siegel | 389.3 | 519.4 | 908.7 |
| Gottfried Brunbauer | 345.2 | 432.9 | 778.1 |
| Günter Kitzmüller | 316.5 | 259.7 | 576.2 |
| 1,051.0 | 1,212.0 | 2,263.0 |
| Günter Kitzmüller | CFO |
|---|---|
| Born | 1961 |
| Global product divisions | Fire & Safety Equipment, |
| Stationary Fire Protection | |
| Global central functions | Group Finance & Accounting, |
| Controlling, Legal & Compliance, | |
| Risk Management, Internal Control | |
| System, Group Audit, Treasury, | |
| Business Information Systems, | |
| Investor Relations, | |
| Export Finance & Insurance | |
| Date of fi rst appointment | 2013 |
| End of current term | |
| of offi ce | 2018 |
| Supervisory Board | |
| mandates | – |
| Alfred Hutterer | Chairman of the Supervisory Board | ||
|---|---|---|---|
| since 2007 | |||
| Born | 1947 | ||
| Date of fi rst appointment | 2003 | ||
| End of current term | |||
| of offi ce | 2018 | ||
| Functions | Former Managing Director | ||
| of TRUMPF Maschinen Austria | |||
| GmbH & Co. KG |
Christian Reisinger Deputy Chairman of the
| Supervisory Board since 2007 | |
|---|---|
| Born | 1960 |
| Date of fi rst appointment | 2006 |
| End of current term | |
| of offi ce | 2016 |
| Functions | CEO of Shandong Yamei |
| Sci-tech Co., Ltd.; | |
| Managing Director of CR Management | |
| und Investment GmbH | |
| Karl Ozlsberger | Member of the Supervisory Board |
|---|---|
| Born | 1948 |
| Date of fi rst appointment | 2007 |
| End of current term | |
| of offi ce | 2017 |
| Functions | Management consultant |
| Rainer Siegel | Member of the Supervisory Board |
|---|---|
| Born | 1963 |
| Date of fi rst appointment | 2009 |
| End of current term | |
| of offi ce | 2019 |
| Functions | Freelance management consultant |
| and management trainer; | |
| Partner in Institut für Wirtschafts- | |
| pädagogik GmbH & Co. KG |
None of the members of the Supervisory Board held a supervisory board mandate or similar function in any other Austrian or foreign listed company in the 2015 fi nancial year.
Appointed by the Works Council:
| Rudolf Aichinger | Member of Supervisory Board |
|---|---|
| Born | 1963 |
| Date of fi rst appointment | 2003 |
| End of current term | |
| of offi ce | 2016 |
| Alfred Greslehner | Member of Supervisory Board |
| Born | 1960 |
| Date of fi rst appointment | 2004 |
| End of current term |
| 2015 | Fixed | Variable | Total |
|---|---|---|---|
| Alfred Hutterer | 24.0 | 37.0 | 61.0 |
| Christian Reisinger | 24.0 | 37.0 | 61.0 |
| Karl Ozlsberger | 18.0 | 27.8 | 45.8 |
| Rainer Siegel | 18.0 | 27.8 | 45.8 |
| 84.0 | 129.6 | 213.6 | |
| 2014 | |||
| Alfred Hutterer | 24.0 | 38.0 | 62.0 |
| Christian Reisinger | 24.0 | 38.0 | 62.0 |
| Karl Ozlsberger | 18.0 | 28.5 | 46.5 |
| Rainer Siegel | 18.0 | 28.5 | 46.5 |
| 84.0 | 133.0 | 217.0 |
No agreements subject to approval in accordance with L Rule 48 were concluded with a member of the Supervisory Board in 2015.
C Rule 53: The Supervisory Board bases the criteria for the independence of its members on the guidelines of Annex 1 to the Code of Corporate Governance. In line with these guidelines, the Supervisory Board members Alfred Hutterer (Chairman), Christian Reisinger (Deputy Chairman), and Karl Ozlsberger are deemed independent.
C Rule 54: The Supervisory Board members Alfred Hutterer (Chairman), Christian Reisinger (Deputy Chairman), and Karl Ozlsberger do not have shareholdings of more than 10% in Rosenbauer International AG. They also do not represent the interests of a shareholder with an investment of more than 10%.
Remuneration report of the Executive Board A key element in the remuneration system is the variable component that is closely linked to the company's performance. The ratio of the fi xed to the performance-based components of the Executive Board's total remuneration was 49% to 51% in the reporting period.
In line with C Rule 27, the agreements for the Executive Board are tied to sustainable and long-term performance criteria. The bonus is calculated from the degree of target attainment of consolidated earnings on the basis of the income statement before taxes and earnings attributable to non-controlling interests in the respective fi nancial year. The target is set by the
Supervisory Board for two fi nancial years at a time. Only fi nancially quantifi able criteria are referenced. Non-fi nancial criteria have not been referenced as they cannot be measured objectively. Variable remuneration has been capped at double the fi xed annual remuneration.
The severance regulations are based on the statutory specifi cations. After leaving the company, the company will not incur any future expenses from title to the occupational pension scheme or other benefi ts for Executive Board members.
The agreements include a regulation for the subsequent repayment of variable remuneration if this is found to have been paid on the basis of incorrect data. The circumstances of a member of the Executive Board leaving the company are taken into account in that, in the event of early dissolution of the Executive Board agreement without gross breach of duty, the member in question has a maximum entitlement to the remuneration owed under the agreement for 18 months. In the event of a gross breach of duty, pro rata variable remuneration, severance entitlements and all other termination benefi ts owed by the company will be forfeit. In the event of premature termination without cause, the severance payment will not exceed two years' total remuneration. The economic situation of the company is not taken into account in determining the amount of severance payment as members of the Executive Board are selected in line with the principle of sustainability.
There are no stock option programs for either members of the Executive Board or senior managers. There is a D&O (directors' & offi cers') insurance policy for the Group, the costs of which are paid by Rosenbauer International AG.
Working methods of the Executive Board In accordance with the law, the Articles of Association and the Rules of Procedure approved by the Supervisory Board, the Executive Board of Rosenbauer International AG manages the company on its own responsibility. It performs its management duties as demanded by the good of the company, taking into account the interests of all internal and external stakeholders, above all including the owners and the employees. At regular meetings it discusses current business performance and makes the necessary decisions and resolutions.
A constant and open exchange of information between the members of the Executive Board and within the top management level is one of the principles of management at Rosenbauer. The Executive Board reports to the Supervisory Board regularly and comprehensively on all relevant issues of business development, including the risk situation and risk management in the Group. Furthermore, the Chairman of the Supervisory Board maintains regular contact with the CEO, with whom he discusses strategy and ongoing business development.
Working methods of the Supervisory Board In addition to monitoring the Executive Board, the Supervisory Board also sees it as its duty to support the Executive Board in its management of the company, particularly in decisions of fundamental signifi cance. All members of the Supervisory Board attended more than half of the meetings of the Supervisory Board in the reporting period.
Committees of the Supervisory Board The Audit Committee met in April 2016 to review and prepare for the adoption of the 2015 annual fi nancial statements, to devise a proposal for the appointment of the auditor and to confer on all matters relating to the Group's fi nancial reporting. A further meeting was held to appraise the Group's risk management, internal control system (ICS) and compliance. The members of the Audit Committee were Alfred Hutterer (Chairman), Rainer Siegel, and Rudolf Aichinger.
The duties of the Strategy Committee, which prepared fundamental decisions in collaboration with the Executive Board, calling upon expert assistance where appropriate, are performed by the Supervisory Board as a whole, provided that this does not comprise more than fi ve elected members.
The remuneration of the Executive Board is regulated by the Executive Committee. All other duties of the Human Resources Committee, in particular Executive Board succession planning, are performed by the Supervisory Board as a whole. The Executive Committee consists of the Chairman of the Supervisory Board and his Deputy and met once in the period under review. Once a year the Executive Committee conducts an appraisal interview with each member of the Executive Board to discuss his performance in the past year and goals for the coming year.
The committees' members are appointed for the same length of time as their term in offi ce on the Supervisory Board. Each committee elects a chairman and deputy chairman from among its members.
The Supervisory Board met four times in 2015. In addition, there were regular meetings of the shareholder representatives that discussed matters of operational and strategic corporate governance with the Executive Board.
In one meeting, with external support, the Supervisory Board also performed the self-evaluation described in Rule 36 of the Code of Corporate Governance. Based on a catalog of questions, this covered the general cooperation between the Executive Board and the Supervisory Board, the quality and scope of the documents provided to the Supervisory Board and organizational issues.
The share of female executives (not including Executive Board and Supervisory Board members) was 9% in the 2015 fi nancial year (2014: 9%). For the fi rst time in 2014, a woman was appointed to the second management level, the Strategic Committee. In the context of internal management development, a great deal of importance is attached to further increasing the share of female managers.
In total, the share of women in the Rosenbauer Group was 13% in 2015 (2014: 12%). In a sector that is traditionally preferred more by men, Rosenbauer is striving to further increase the female share of its workforce. Non-discrimination and equal opportunities in the workplace, without gender preference, are taken for granted at Rosenbauer.
There are general eff orts to sustainably increase the share of women at all levels of the Group through suitable measures. These include a series of activities to promote women in technical trades or to hire more women graduates from technical colleges and universities. There are also measures to help optimize work/life balance, as was recently the case with the establishment of a childcare facility at the Leonding location.
Leonding, March 25, 2016
Dieter Siegel CEO
Gottfried Brunbauer Günter Kitzmüller CTO CFO
Voilà, this is the FOX-S. The S-Class is the newest addition to the range of powerful portable pumps. Whereas here S stands for strong, slim and smart. 1,050-liter strong fl ow rate, modern four-stroke engine, improved operation and optimized priming system. And it is also 17 kilograms lighter. This is how commitment to lightness and improved performance looks like at Rosenbauer.
2015 was an eventful year for Rosenbauer shares. A wealth of events on the world markets infl uenced the development on the Vienna Stock Exchange and thus the performance of Rosenbauer's shares.
Against a tense backdrop, the Vienna Stock Exchange had a solid year in 2015. The rising trend in share turnover continued for more than two years. The trading volume was 24% higher than the previous year's level. The ATX benchmark index achieved a performance of more than 10%.
The outlook for equities remains positive for the current year. The fi scal policy stimulus from the European Central Bank, the favorable euro/dollar exchange rate and the economic outlook – so concluded the analysts – should help Austrian stocks continue to rise in the coming year.
The new year begins with the implementation of the capital gains tax hike resolved as part of the tax reform, rising to 27.5% on income from capital assets. By contrast, interest on savings will not be aff ected by the increase. In addition, losses are not tax-deductible for private investors. (Source: Vienna Stock Exchange)
The shares of Rosenbauer International AG are listed on the Vienna Stock Exchange's Prime Market. After an almost continuous upward movement in the fi rst half of the year, the shares – like the ATX Prime – rose by around 20% and reached their highest point for the year of € 85.0 in April. However, from the second quarter Rosenbauer was unable to escape the general uncertainty on the capital markets and ended the year at € 66.6. For the fi rst time in many years, the shares therefore posted a loss of 7%. Parallel to this, market capitalization declined to € 452.9 million (2014: € 485.9 million).
Performance of Rosenbauer share in 2015 (in €)
Rosenbauer ATX Prime Index (indexed)
Rosenbauer has no-par-value shares listed on the stock exchange. 51% of Rosenbauer's shares are held by Rosenbauer Beteiligungsverwaltung GmbH, a company founded by the family shareholders. Around 4% of the share capital is held by an institutional investor in France. The remaining shareholdings in the free fl oat are held by investors in Europe (Belgium, Denmark, Germany, France, the UK, Austria, Sweden, Switzerland) and the United States. Despite the turbulent market environment, Rosenbauer has been able to further develop its shareholder structure. This has confi rmed the wisdom of the decision to deepen the dialog with investors, and with institutional investors in particular, and to intensify the roadshow work.
1 Holding company of Rosenbauer family shareholders
The Rosenbauer Group, in addition to its corporate strategy, investor relations and the performance of Rosenbauer shares, has received multiple accolades in recent years: In the Vienna Stock Exchange's 2015 Awards, the most important Austrian award for listed companies, Rosenbauer took third place in the category Small & Mid Cap. In addition, Rosenbauer took second place in the strategic performance test in the three-year analysis. In this assessment, 52 companies listed on the Vienna Stock Exchange are examined based on performance indicators.
The open exchange of information with all players on the capital market continued again in the past year. Rosenbauer used the opportunities presented by roadshows and capital market conferences at a number of European fi nancial centers to tell institutional investors about the strategy and development of the Rosenbauer Group. The company also held its fi rst roadshow in the US in 2015.
Rosenbauer regularly holds press conferences and meetings with analysts. Furthermore, last year capital market representatives such as analysts and investors were invited to management meetings as part of the world's biggest fi re equipment trade fair Interschutz. They took the opportunity to learn about the latest Rosenbauer products and the fi re equipment industry in general.
Rosenbauer regularly organizes a shareholder day in Leonding for private investors. They are informed about the economic development of the Group and can gain an impression of innovations in product development and manufacturing operations.
Analysts from renowned fi nancial institutions and banks are a key source of information for institutional investors, providing a basis on which to make decisions. The banks Baader Bank, Kepler Cheuvreux and Raiff eisen Centrobank recently analyzed the shares of Rosenbauer International AG. Price targets and recommendations are updated daily on the website rosenbauer.com/group.
Rosenbauer follows a growth-oriented and sustainable dividend policy that is consistent with the company's performance. Its goal is to distribute a secure and attractive dividend based on a performance component dependent on revenues, earnings, and free cash fl ow.
To mark the 150th anniversary of the company, the Executive Board and the Supervisory Board are proposing a dividend of € 1.5 (2014: € 1.2) per share at the Annual General Meeting. Accordingly, the distribution volume for 6.8 million no-par-value shares will be € 10.2 million (2014: € 8.2 million). Based on the closing price of € 66.6, this corresponds to a dividend yield of 2.3% (2014: 1.7%).
The principles on the forwarding of insider information and the measures for avoiding the misuse of information are set out in the Issuer Compliance Directive, which is consistent with the latest Austrian capital market provisions. Compliance with this Directive, and any necessary adjustments, are monitored and implemented on an ongoing basis by the Issuer Compliance Offi cer. This Directive applies to the members of the Executive Board and the Supervisory Board, the top management levels of the Group and all persons who are privy to insider information on a routine or project-related basis.
| ISIN: AT0000922554 |
|---|
| Vienna Stock Exchange listing: Prime Market |
| OTC listings: Berlin, Dusseldorf, Hamburg, Hanover, |
| Munich, Stuttgart |
| Stock exchanges: Regulated market in Munich; |
| OTC market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart; |
| open market in Frankfurt |
| Ticker symbols: Reuters: RBAV.VI; Bloomberg: ROS AV; |
| Vienna Stock Exchange: ROS |
| Number of shares: 6,800,000 |
| Share class: No-par-value shares, bearer or registered |
| Share capital: € 13,600,000 |
| ATX prime weighting: 0.57% (2014: 0.65%) |
| Apr 12, 2016 | Publication of results for 2015 |
|---|---|
| May 10, 2016 | Record date "Annual General Meeting" |
| May 20, 2016 | Annual General Meeting, begins 10:00 a.m. |
| Palais kaufmännischer Verein | |
| Landstrasse 49, 4020 Linz, Austria | |
| May 25, 2016 | Publication of Quarterly Report 1/2016 |
| May 25, 2016 | Ex-dividend date |
| May 27, 2016 | Record date "Dividends" |
| May 30, 2016 | Dividend payment date |
| Aug 25, 2016 | Publication of Half-year Financial Report 2016 |
| Nov 17, 2016 | Publication of Quarterly Report 3/2016 |
Gerda Königstorfer Telephone: +43 732 6794-568; [email protected] www.rosenbauer.com/group
Compliance at Rosenbauer means abiding by statutory provisions and regulatory standards, including the ethical standards and requirements set out by the company itself.
Compliance with international rules and treating business partners fairly are among the most important of the company's principles. Rosenbauer feels committed to more than just statutory and internal provisions. Voluntary obligations and ethical principles are also integral components of Rosenbauer's corporate culture.
Rosenbauer fi rmly believes that business success can endure only where it is established in a legally impeccable manner. Not least of all for this reason, the company has created its own Code of Conduct for business dealings to be complied with by all employees and partners worldwide.
Throughout the company, the Compliance Organization monitors the issues of corruption prevention, competition law and third party due diligence together with the areas and subsidiaries directly aff ected. The Group Compliance Offi cer reports directly to the Executive Board and gives annual reports to the Supervisory Board's Audit Committee on the activities that have been undertaken and on any relevant events.
Local compliance offi cers are nominated at the Group's various locations to handle general compliance inquiries and tips on possible misconduct. A law fi rm acts as an external ombudsman.
All employees and all relevant business associates are issued with a copy of the Group's Code of Conduct. Staff for whom
compliance is especially relevant must undergo training courses on pertinent topics according to a detailed training schedule.
Information and training literature are available to all employees on the Group-wide company portal.
In the year under review, the compliance management system that was certifi ed by the Austrian Standards Institute in accordance with ON 192050:2013 in 2013 successfully passed its routine audit. Rosenbauer was one of the fi rst companies in the German-speaking world to have its compliance management system successfully certifi ed according to ISO 19600:2014.
Rosenbauer demands full and absolute compliance from its business associates and sales partners. Anyone who works with Rosenbauer must meet Rosenbauer's compliance standards. Rosenbauer's expectations regarding the conduct of its partners are explicitly set out in its sales agreements.
Sales partners are subjected to a risk-based integrity review in order to identify potential corruption risks. The ongoing analysis of new and existing business partners is conducted using a web-based tool that supports the risk analysis and due diligence process in connection with business and sales partners. In addition, business partners are also vetted directly at the local level in individual instances.
"As a family enterprise, we actively practice sustainability to ensure a successful and long-term future. This is refl ected by our basic social attitudes." (Excerpt from mission statement)
The Rosenbauer mission statement sets out the company's self-image and the basic principles of its business conduct. It also contains a clear commitment to sustainability and corporate social responsibility. The Group is geared towards sustainability with the aim of bringing together social, economic and ecological aspects. The management puts this conviction into practice and uses systematic tools such as the balanced scorecard to steer and drive forward the sustainable development of the company. Our Code of Conduct establishes basic principles that must be observed by all members and partners of the Rosenbauer Group.
The primary business goal is to achieve sustainably profi table growth and to continuously increase the enterprise value of the company. As a 150-year-old family business, the long-term, stable development of the Group takes precedence over thinking in terms of quarterly results. The management is committed to a balanced policy between the interests of owners, employees and the social environment.
Sustainability criteria are anchored in all business areas: They play a vital role in the training and development of our employees with the aim of ensuring their performance and thus the company's success in the long term. They are the foundation of innovation work, as products for fi re services must be designed to work dependably for years to come. They are established in value chains and processes in order to conserve resources in procurement and production.
The number of employees as of the end of the year was 3,086 and was therefore up by 5% year-on-year (2,941), not including temporary employees (210). The increase was thus signifi cantly lower than in the last three years. This is primarily due to the expansion of production capacity and the intensifi cation of international sales.
Rosenbauer promotes the personal responsibility and independence of its employees so that they can fully develop and contribute their talents in their daily work. The company supports them not just in their professional qualifi cations, but also in their personal development and off ers a range of opportunities for staying fi t and healthy on the job. The Rosenbauer training program off ers personality and team development courses, foreign language and management training, courses with specialist technical and commercial curricula. Rosenbauer does this by working closely with local educational facilities. Rosenbauer also ensures a safe and motivational working environment that individual employees can actively help to shape.
A key component of HR development is to give every individual the chance of an optimal work/life balance, and to ensure that every employee enjoys equal opportunities – regardless of age, sex, culture or origin. The Group's internationalization has also since resulted in great cultural diversity within the company.
Employees who work with a volunteer fi re service are held in especially high regard at Rosenbauer. They make an important contribution to society and in doing so they uphold the values for which Rosenbauer stands as well.
The training of its own young skilled workers is an essential part of Rosenbauer's HR strategy. Under the dual systems in Austria, Germany, Switzerland and Slovenia alone, around 150 young people are doing apprenticeships. The share of apprentices is around 6.5% (percentage of apprentices/trainees in the entire workforce in each country).
Rosenbauer also trains young people with special needs. This is carried out in close cooperation with charitable institutions and nonprofi t organizations. The aim of this is to give them opportunities in the world of work and to integrate them into normal working life.
Apprentice trainers also receive intensive training and support. They can continue their training both in the legal framework and in methodological and teaching skills. If necessary, the courses and information events are organized and fi nanced by the company.
Apprentices who wish to earn their school-leaving examinations in addition to vocational training receive special support. Furthermore, the company regularly provides internships for students and projects for diploma dissertations.
Rosenbauer also works with the charity "VFQ Gesellschaft für Frauen und Qualifi kation mbH" with the aim of improving the situation of women and female migrants on the labor market.
Effi ciency, ergonomics and employee safety are a top priority when designing workplaces and work processes. Wherever production areas are reorganized and modernized, attention is paid to short routes, optimal device support, ergonomic access to materials, mobile tool trays and energy sources, minimization of noise generation and corresponding fall protection systems for work on vehicle roofs and superstructures. In doing so Rosenbauer works closely with safety experts, occupational physicians and works and offi cial representatives. SOS (from the German for safety, orderliness and cleanliness) at work are regularly reviewed and improved as a part of internal SOS audits and special safety inspections. Since 2009, occupational health and safety has also been part of the integrated management system and certifi ed in line with OHSAS 18001 (Occupational Health and Safety Management System).
After Plant II in Leonding, Plant I in Leonding is being redesigned in line with the latest fi ndings in occupational technology, medicine and safety.
The stresses entailed by work processes are assessed by the Rosenbauer work safety organization. This consists of a safety service and an occupational health service at the locations in Austria, the Work Safety Committee, the safety engineer, the safety representative, fi rst-aiders and fi re prevention offi cers. The safety service is also conducting an evaluation of the physical and mental stresses at Rosenbauer workplaces.
After two years of intensive development work and one year of construction, the nursery was opened in 2015. Up to 20 children between one and three years old can be supervised at full capacity.
There is a reporting system in place that uses standardized procedures to report accidents. In addition to reportable workplace and bagatelle accidents, "near-miss" accidents are also registered, documented and analyzed and actions are taken to derive improvements. The lost time rate was developed as an internal performance indicator to measure this.
The analysis of the workplace accidents that have occurred in recent years shows that most of these were caused by the employees concerned doing something unsafe, i. e. they were their own fault. The accident statistics show that the professional prevention activities and the modernization of production areas have contributed to the positive development.
After one year of construction, the "RoSiPez" (Rosenbauer, Silhouette, PEZ/Haas) childcare facility was offi cially opened in September 2015. At full capacity up to 20 children aged between one and three years can be supervised.
The two-story building with a usable area of 445 m² is located not far from Plant I in Leonding on a plot of land of around 1,200 m² provided by Rosenbauer. Rosenbauer has invested more than a million euro in this building.
Health promotion and protection are enshrined in Rosenbauer's mission statement and are a high priority at the company. Most European locations are now alcohol- and smoke-free sites. Workplaces at the Austrian locations are being evaluated in terms of stress factors.
Employees who want to keep fi t and healthy are actively supported by the Rosenbauer sports club. For example, the company gets them discounts on tennis club memberships and skiing day passes, or pays their entry fees for running, cycling and triathlon events. Rosenbauer's own line of sports clothing helps to boost employees' motivation to get involved in sports together.
The safety of fi refi ghters in the fi eld is a central concern in product development at Rosenbauer. The constantly changing requirements of fi re departments demand a high level of innovation. Rosenbauer actively involves its customers in the development process for new products and regularly discusses future needs with users. The company therefore always has its fi nger on the pulse of how its products are utilized and creates the framework for gearing product development to fi re departments' specifi c requirements.
Rosenbauer is considered an innovation and technology leader in the fi re equipment sector. Constant innovation is one of the things that sets the company apart from the competition as well. Rosenbauer products are characterized by functional design and the perfect interplay of the systems involved.
Rosenbauer again presented new developments from every department at the Interschutz fi re equipment trade fair. These included the world's fi rst ARFF vehicle with a Euro 6 engine and state-of-the-art assistance systems such as BirdView or the world's fi rst fi re service helmet with an integrated thermal imaging camera.
Firefi ghting equipment must remain operational and ready for use for long periods of time, and the quality has to be one-hundred-percent right. The Rosenbauer quality is assured in part by way of an integrated management system (IMS) that maps all the relevant business processes:
The integrated management system is used as an instrument for process optimization and controlling the company. All the regulations and documents needed for operational processes are available online. The system is reviewed and honed by way of regular internal, external (Quality Austria) and customer audits.
Continuous improvement – which is a fundamental concept in the ISO system – is treated as an independent process at Rosenbauer.
Finally, the systematic implementation of the processes, instructions and stipulations set out in the IMS is refl ected in the development of quality costs. The quality indicator for the 2015 fi nancial year improved compared to 2014. Based on production costs including chassis, it was 1.14%.
High quality products are generally less likely to need repair and easier to service, which makes an important contribution to sustainability. Furthermore, customer service runs a spare parts program that guarantees the availability of equipment and vehicles over the entire product life cycle.
Spare parts and services are available worldwide, and customer support can be reached around the clock. Another contribution to sustainability that has been encouraged in recent years is refurbishment - older vehicles are completely overhauled and refi tted with state-of-the-art engineering and safety.
Safety, cost-eff ectiveness and resource effi ciency play a central role in Rosenbauer's production operations. There are clear environmental standards and instructions that are documented in the environmental management system and regularly reviewed by means of audits. At Plant II in Leonding, Rosenbauer is operating what is currently the most state-of-the-art fi re service factory in the world, and therefore it is also setting new benchmarks for environmental concerns.
Employees are involved in environmental management at many levels, and are constantly made aware of environmental concerns in their work areas. In the employee magazine they regularly receive information on the company's environmental activities and tips on how they can save energy both at work and at home. All production employees who perform safety or environmental functions receive environmental, quality and work safety training once a year.
Particular attention was paid to the avoidance of waste, the reduction of heating and fuel consumption and the substitution of energy-intensive appliances with energy-saving ones (e. g. electric tools in place of compressed air equipment). Generally, however, the environmental impact of production at Rosenbauer tends to be low as it mainly involves assembly work. The processes in operation are classic mechanical engineering and specialty vehicle manufacturing, metalworking and plastics processing.
Suppliers are expected to comply with environmental protection as well. In addition to ongoing supplier evaluation, attention is paid to reducing packing materials and waste. One example of this is the use of reusable transport racks instead of disposable cartons. A large number of suppliers, particularly in the area of equipment, already have ISO 14001 environmental management. Further ecological awareness among suppliers is encouraged on an ongoing basis.
As one of the fi rst companies to have a certifi ed energy management system, Rosenbauer is committed to constantly optimizing its energy footprint. In this context, all relevant workfl ows and processes are assessed and weighted according to their energy effi ciency, and measures are derived from this to improve effi ciency.
To reduce its overall energy consumption, Rosenbauer uses waste heat from production (test rigs) to heat the paint shop; new offi ces are equipped with cutting-edge daylight and heating control systems and extra thermal insulation is being added to buildings whenever they are converted or extended.
The various modernization measures carried out at the plants in Leonding in 2015 optimized energy requirement schemes in line with the state of the art. In addition, there were substantial savings in energy consumption thanks to the replacement of air compressors with consumption-based control.
There are many instances in which employees who want to do more for the environment are supported by Rosenbauer. The company promotes the purchase of e-bikes, participation in car-free days and switching from incandescent to LED bulbs, to name just a few examples. LED bulbs were recently purchased at low cost for more than 150 employees.
Rosenbauer has used waste heat from voestalpine in Linz to heat Plant II in Leonding since 2015, thereby saving around 1,000 metric tonnes of CO2 per year compared to running
a separate gas and oil heating system. This further improves the energy footprint and environmental impact of the Leonding location signifi cantly.
Rosenbauer is seen as a leading company in the regions around its production facilities. All over the world, the Group works with local suppliers and services providers, taps into the expertise in the region's industry and maintains an intensive neighborly dialog with partners. The aim is always to join with them to create value added for the company and its stakeholders. Moreover, Rosenbauer contributes to value added at a local level, promoting the economic development in the respective region with wages, investment, procurement and taxes.
Business responsibility is not limited to the company's own business processes and their direct impact. The Rosenbauer Group is itself an active player in society, which is why it also takes on social issues directly.
In keeping with this self-image, the corporate social responsibility policy sets out the general standards and objectives of the company's social commitment. Rosenbauer deliberately focuses on its own business activities here: It primarily supports projects, initiatives and organizations that work close to a Rosenbauer location or with direct ties to the locations. Care is taken to ensure that these organizations' guiding principles are in keeping with those of the Group.
Naturally, a key focus of Rosenbauer's social commitment is the fi refi ghting community. However, Rosenbauer also promotes initiatives that educate young people.
Rosenbauer is aware of its special position in society and industry. The company also seeks to be a role model in its social commitments; an example of this is the cooperation with the SOS Children's Village. Rosenbauer sponsors two programs at the Altmünster Children's Village in Upper Austria. This helps 23 young people to live a socially and professionally successful life.
Donations for Nepal and Myanmar In 2015, Nepal was rocked by two severe earthquakes, and in the summer of the same year Myanmar was hit by a disastrous fl ood. Rosenbauer helped the local fi re service organizations through its offi ces in the region. The municipal fi re department in Nepal received sets of personal protective equipment, and power generators, submersible pumps and blankets were donated in Myanmar.
Together with SAESI, the South Africa Emergency Services Institute, Rosenbauer has created the Service Excellence Award. For the best performance, Overstrand Fire Rescue and Disaster Management received a check for € 4,500 with which to procure equipment in the reporting period. Rosenbauer South Africa also supports the National Burn Association of South Africa and the Elundini childcare facility.
In 2015, Nepal was rocked by two severe earthquakes, and in the summer of the same year Myanmar was hit by a disastrous fl ood. In both cases, Rosenbauer provided quick and effi cient assistance through its local agents.
63 Supplementary report and forecast
67 Segment reporting
The 2014 fi gures for revenues, other expenses, incoming orders and order backlog were restated in accordance with IAS 8.
The development of the global economy was somewhat lackluster in 2015; the economic recovery hoped for at the start of the year failed to materialize. Global GDP grew by 3.0% compared to 2014, which was 0.5 percentage points below expectations.
The moderate economic trend was primarily due to the slowdown of the Chinese economy, which led, among other things, to GDP growth in the emerging markets declining for the fi fth consecutive year. In addition, there was the continuing fall in oil prices and reduced demand for commodities, which signifi cantly slowed the economy in the emerging nations that export these commodities – such as Brazil, Russia and the Middle East. And, as in previous years, global trade did not really take off and expanded by only two percent in 2015.
Little will change in this macroeconomic framework in 2016, the world economic engine is only likely to gain momentum slowly in the current year. Crucial factors in development will be how the ongoing transformation of the Chinese economic system progresses, how the refugee crisis is managed in Europe and how a stronger US dollar aff ects the international fi nancial markets. An escalation of geopolitical tensions can also not be ruled out, all together leading to a more conservative forecast for the years 2016 and 2017. Although OECD experts are forecasting a slight recovery of the world economy, they are qualifying this outlook with the attributes painstaking, hesitant and protracted. Global GDP should therefore grow by 3.0% in the current year and by 3.3% in 2017.
The United States performed relatively well in this turbulent environment. Although its GDP grew by only 2.4%, and not by 3.6% as forecast at the start of 2015, the development of its economy was very robust, mainly due to a good investment and fi nancial climate and a very positive development on the housing and labor markets.
A slight increase in US economic output is expected for 2016 and 2017. GDP is set to increase by 2.0% in 2016 and 2.2% in 2017. A stronger dollar could have a slowing eff ect on industrial production and a further decline in oil prices could aff ect investment activity.
Europe's economy did not experience a serious recovery in 2015, though GDP growth in the euro area was ultimately higher than expected at 1.5%. A look at the individual economies shows a highly mixed picture: While Germany was in excellent economic condition, countries such as Greece and Spain continued to suff er from lingering structural problems and extreme unemployment. GDP growth in the euro area will therefore be somewhat subdued in the years ahead as well, and is forecast at 1.4% for 2016 and 1.7% for 2017. The economy in Germany and Austria should grow by the same amount.
Germany is and will remain the driving force in Europe. The German economy is currently benefi ting from the low price of oil, the growing strength of the US dollar, investment-friendly interest rates and a robust labor market with a signifi cant drop in unemployment. Rising consumer spending, in both the private and public sectors, is also having a positive eff ect on economic development. And the anticipated expenditure in the context of refugee migration should have an invigorating eff ect on the economy.
By contrast, Russia was deep in recession in 2015. The economic downturn of the previous year continued and the GDP contraction of 3.7% was more pronounced than forecast. Considering the further declines in commodity prices, Russia will not be able to shake this development so quickly, hence negative growth of –1.0% is forecast for 2016. The IMF and the OECD do not expect real growth again in the range of 1% until the following year.
China is today one of the key players in the global world and its strong economic growth has shaped the development of the world economy for more than ten years. The Chinese economy grew by 6.9% in 2015, representing a slight slowdown compared to 2014 (7.4%). According to experts, this trend will continue in 2016 and 2017, with GDP growth in China projected at 6.5% and 6.2% respectively. The reason for this is the current reconstruction of the Chinese economic system, which is to be less dependent on exports in the future and to rely more on domestic consumption, the service sector and innovation.
While China is attempting to stabilize by slightly slowing its growth, India is still in the fast lane. The economy on the subcontinent grew much more than expected, by 7.4% in 2015, and is expected to retain this pace in 2016 and 2017. GDP growth of 7.4% for 2016 and 7.3% is forecast.
The economies of the ASEAN countries and the Middle East should be able to continue their growth. An increase in GDP of 4.8% (2016) and 5.1% (2017) is expected for the ASEAN Five (Indonesia, Malaysia, Philippines, Thailand and Vietnam), while increases of 3.6% are expected in both years in the Middle East.
According to UN statistics, global fi refi ghting vehicle production reached about 21,500 units in 2014. This corresponds to a total value of € 3.6 billion, a year-on-year increase of 6%. This fi gure does not include compact vehicles (up to a gross vehicle weight of 7.5 t) or fi re and safety equipment. The strongest sales regions were Europe, NAFTA and Asia.
The structures, organization and fi nancing of the global fi re equipment industry vary greatly from region to region. International fi re equipment suppliers have to take this complex structure into account and develop regionally appropriate market strategies. For example, there are only a few developed markets with continuous replacement procurement programs; the vast number of markets are of a spot nature.
Generally, procurement volumes are dependent on how fi re departments are fi nanced. In most industrialized countries the funds are provided by local municipalities, which results in relatively constant demand. However, as soon as fi scal pressure increases and consolidation is required, budgets for fi re departments are restricted and procurement activities are postponed. This leads to fl eets and equipment becoming obsolete.
In emerging and developing countries, fi nancing is mostly through centrally allocated state budgets, which results in irregular or ad hoc procurement after natural disasters or due to heightened security needs. In turn, specialty vehicles for airports are procured by airport operators, which must equip their fi re services in line with strict international standards. This means that increases in air traffi c usually result in demand for ARFF vehicles.
Following weak preceding years, the US fi re service industry gained momentum in 2015 and again achieved a market volume of more than 4,000 units. Virtually all vehicle manufacturers increased their production plans, though those who struggled with capacity utilization problems in recent years kept their prices down. Thanks to brisk tendering activities in the fi rst few months of 2016, it can be assumed that the production volume for the year as a whole will remain at an interesting level.
Procurement in Europe is primarily fi nanced by tax revenue. This trickles down to the fi refi ghting industry after a delay of one to two years. In many European countries demand returned to a normal level in 2015 compared to the last few years, especially in Germany, Austria and Switzerland.
In the countries of Central and Eastern Europe (CEE), pending vehicle procurement programs have been postponed for years. 2015 was no diff erent, and this situation is not expected to change in the current year given the economic outlook.
The market downturn in recent years has been most severe in Southern and Southeastern Europe. The fi rst positive indications of a market recovery are now evident this year. In Spain in particular, after years of declining demand, a stable procurement market is in sight again, albeit with a low volume.
The market in Austria developed positively in 2015, with sales of fi refi ghting vehicles again up on the previous year's level.
In Germany, the largest single market in Europe, the procurement volume remained at the level of recent years despite the improved economic situation. At 20 years old, the average age of German fi refi ghting vehicles is therefore still comparatively high. The market is still hard fought, and the pressure of intensive price competition on fi re equipment suppliers is high. A similar procurement volume is assumed in 2016. However, it remains to be seen whether projects will be postponed due to refugee migration. The trend towards the centralized procurement of fi re department vehicles is growing in Germany as well.
Demand for fi refi ghting equipment in Russia was in sharp decline owing to the political situation and the low price of oil. In addition, procurement from euro countries became more expensive because of the clear depreciation of the Russian ruble, and therefore signifi cantly harder to fi nance. The market situation is not expected to improve in 2016, though demand for modern fi refi ghting equipment is still very high.
The highest growth fi refi ghting markets in Asia are China and India. In 2015 as well, both countries enjoyed a robust economic performance that positively infl uenced the fi refi ghting industry. However, they mainly procure locally produced, budget segment vehicles. For vehicle manufacturers from Europe or the US, only the specialty vehicle segment is of interest in these countries as they demand a level of technology and quality not possible for local providers.
The newly elected government in India is working to invest heavily in the country's infrastructure, which can also benefi t the fi refi ghting industry.
In China there is a clear range of stimuli to boost the domestic economy, which could lead to a compartmentalization of the market due to more stringent approval requirements.
Owing to its growing urbanization and industrialization, the Middle East has established itself as a key sales market for the international fi re equipment sector in recent years. These countries are using the proceeds from commodities exports to invest more in fi refi ghting technology. Despite the region's high need for security and the considerable backlog in terms of modern equipment in some countries, it must be expected that weak oil prices and political unrest will bring pressure to bear on budgets in the medium term and have a negative impact on procurement.
Latin America and Africa are typical spot markets. This means that there is no regular replacement procurement as is the case in Europe or the US. Some procurement markets have lead times lasting several years and are hard to forecast. Those countries with their own oil production will have to adjust their procurement in line with the low price of oil in the medium term.
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Rosenbauer further consolidated its leading market position in 2015. The Group continued its growth and set new records for revenues and earnings. Its long-term growth strategy allowed it to further expand its business and grow its revenues in North America and the Middle East. The cornerstones of this success were and are its strong and systematic international outlook, its innovation and the Group's technology leadership that results from this.
The revenues of the Rosenbauer Group reached a record level of € 865.4 million in the 2015 fi nancial year (2014: € 813.8 million). This marks an increase of 6% as against the previous year. The increase is due essentially to the good economic situation in North America and the strong US dollar. However, Rosenbauer also increased revenues in the Middle East, although some countries showed more reluctance to invest because of the low price of oil.
38
The largest share of revenues in 2015 was contributed by Rosenbauer International AG at € 522.7 million (2014: € 509.8 million). Its revenues were therefore higher than the previous year's level. With an export ratio of 92% (2014: 92%) and deliveries to more than 100 countries, Rosenbauer has the largest international presence in the fi refi ghting industry.
At 79% (2014: 78%), the strongest revenue segment in the Group was the Vehicles product segment (including aerial appliances). The Fire & Safety Equipment segment posted revenues of € 70.8 million (2014: € 76.1 million), accounting for a share of 8% (2014: 9%). The Firefi ghting Components segment contributed 3% (2014: 3%) of total revenues, Customer Service and Other 9% (2014: 9%). The Stationary Fire Protection segment reported revenues of € 6.5 million (2014: € 6.0 million).
High share of production costs
The cost of materials rose by 6% in 2015 to € 555.4 million (2014: € 522.4 million), corresponding to 64% (2014: 64%) of total revenues. For reasons specifi c to the industry, the majority of this related to purchases of European chassis.
Staff costs rose by 15% year-on-year in 2015. They increased from € 159.5 million to € 182.9 million, amounting to 21% (2014: 20%) of revenues. The higher costs are due to the expansion of international locations and a currency-related increase. Also, the relocation of AT and PANTHER production to the new Plant II in Leonding meant an increase in the number of employees to 3,086 (end of 2014: 2,941).
Amortization on intangible assets and depreciation of property, plant and equipment climbed by 9% from € 12.7 million last year to € 13.9 million. The rise was a result in particular of increased investment for the expansion of production space. Other operating expenses increased by 7% to € 93.2 million (2014: € 87.1 million), essentially as a result of the ongoing increase in revenues and the expenses for appearing at the world's biggest industry trade fair. It should be noted that
prior-year fi gures for other operating expenses have been restated in accordance with IAS 8. Further information can be found in the explanatory notes.
At € 50.6 million, EBIT in the 2015 fi nancial year was up 5% on the previous year (2014: € 48.4 million), while the EBIT margin was largely unchanged at 5.8%.
Even though consolidated earnings developed positively thanks to US business, 2015 was also heavily aff ected by the expenses for appearing at the world's biggest industry trade fair and higher vehicle delivery costs. Earnings were also squeezed by fl uctuations in capacity utilization in some areas of production during the year, delays in delivery at the end of the year and up-front costs for tapping new markets. Measures were therefore taken in the reporting period to accelerate ongoing market cultivation activities, to enhance effi ciency and to reduce costs.
A considerable share of earnings growth was attributable to the US-American segment, where business was expanded further and the Group also benefi ted from the development of the US dollar. The optimization of chassis production at Rosenbauer Motors contributed to the improvement in earnings as well. The capitalization of development costs of € 4.4 million (2014: € 3.4 million) also had a positive eff ect on earnings.
The fi nancing of working capital was predominantly in the short-term range in 2015. However, maturities were adjusted slightly in the fi nancing structure in light of high investments of recent years. There are loan agreements for € 70 million with terms of up to seven years with several banks.
The non-current liabilities were predominantly subject to fi xed interest rate agreements. The interest incurred on total interestbearing fi nancial liabilities amounted to € 3.1 million in the reporting period (2014: € 2.4 million). The average interest rate was 1.2% (2014: 1.3%).
The earnings contribution of the associate PA "Fire-fi ghting special technics" LLC. in Moscow was reduced to € 0.2 million (2014: € 1.5 million) owing to the decline in business in Russia. The joint venture Rosenbauer Ciansa S.L. in Spain is also accounted for using the equity method and increased its earnings to € 0.4 million (2014: € 0.3 million) as a result of exports. The two companies accounted for using the equity method together contributed € 0.6 million to earnings in the past year (2014: € 1.8 million). Earnings before taxes (EBT) amounted to € 48.2 million in the reporting period (2014: € 47.3 million).
The reported tax expense was € 11.4 million (2014: € 10.7 million); the tax rate was 23.7% (2014: 22.5%). After deducting income taxes the profi t for the period amounted to € 36.8 million (2014: € 36.7 million).
The non-controlling interests held by the partners in Rosenbauer America, Rosenbauer Española, Rosenbauer d.o.o. in Slovenia, Service18 in France, Rosenbauer UK, Rosenbauer South Africa, Eskay Rosenbauer Brunei and Rosenbauer Saudi Arabia amounted to € 14.4 million in the reporting year (2014: € 9.4 million). The increase mainly resulted from the considerably higher earnings at Rosenbauer America.
40
The development of incoming orders was highly satisfactory for the Rosenbauer Group in 2015. This fi gure was again up 7% on the previous year, reaching an all-time high of € 905.9 million (2014: € 845.9 million). In Central Europe and North America in particular, the recent improvement in the economic environment had a positive eff ect on investment by customers and incoming orders.
The order backlog as of the end of the year was € 797.5 million (December 31, 2014: € 693.0 million) and therefore almost equal to a year's revenues, though equipment and service have relatively shorter delivery times. Capacity utilization of production facilities is therefore assured for 2016 with order visibility of between ten and eleven months.
It is of essential importance to the business success of the Rosenbauer Group to only work with the best and most innovative suppliers. Fire departments' demands are constantly changing, and Rosenbauer and its suppliers must be just as fl exible in how they react.
Rosenbauer therefore deliberately sets great store by close cooperation with its suppliers based on a spirit of partnership. They are carefully evaluated and selected. One of the goals of the intensive cooperation with suppliers is to leverage not just Rosenbauer's own knowledge, but also the expertise, creativity and experience of its suppliers and partners. Together, strategies are developed to optimize cooperation, improve the logistics chain, satisfy environmental aspects, and even to develop innovative product solutions.
The Group-wide purchasing volume of production materials and merchandise was € 550.3 million in the reporting period (2014: € 595.7 million). This corresponds to a 64% share of the Group's revenues. Given the still high procurement volumes, keeping the production operations supplied on-time is a considerable challenge.
85% of Rosenbauer International AG's procurement volume is sourced in Europe, and the rest mostly comes from the US. The principal suppliers are from Austria, Germany, and the US.
As an international enterprise, Rosenbauer utilizes the global procurement markets while maintaining its corporate social responsibility. This includes complying with the applicable laws and respecting fundamental ethical values everywhere and at all times in addition to acting sustainably. In line with this strategy, Rosenbauer also expects responsible conduct from its suppliers, partners, and their employees.
At 30%, chassis for fi refi ghting vehicles account for the largest share of the Group's procurement volumes. While they account for 35% of vehicle manufacturing costs, for Rosenbauer they are generally a transitory accounting item. The main suppliers in Europe are Daimler and MAN. In the US, fi refi ghting vehicles are built largely on custom chassis that were specifi cally developed for fi refi ghting vehicles. Rosenbauer America also has its own custom chassis in the Commander and the lightly modifi ed Warrior, with which it has signifi cantly increased its value added. The chassis for the PANTHER 4x4 and 6x6 models are also produced in-house. It is produced both at Rosenbauer Motors in Wyoming, Minnesota, and – since the middle of 2014 – at Plant II in Leonding.
For years, the systematic procurement policy has allowed Rosenbauer to smooth out price fl uctuations in purchasing. Rosenbauer is constantly monitoring developments in commodities prices and responds to price fl uctuations with a procurement policy adapted to the situation.
For reasons specifi c to the industry, the structure of the statement of fi nancial position as of the end of the year is characterized by high working capital. This results from the comparatively long turnaround times for fi refi ghting vehicles, which are always custom-built. Despite the enormous growth of recent years, the fi nancial situation of the Rosenbauer Group is still solid. Total assets rose by 6% as against the previous year and amounted to € 611.8 million as of December 31, 2015 (2014: € 579.9 million).
The rise in business volumes has led to a further increase in property, plant and equipment to € 134.2 million (2014: € 125.1 million). A signifi cant share of this is accounted for by the construction of the production facility in Saudi Arabia. In addition to shares in Rosenbauer Ciansa S.L., the "Investments in companies accounted for using the equity method" item
also includes the equity investment in PA "Fire-fi ghting special technics" LLC. in Moscow.
Furthermore, this item also includes the current results of the Russian and Spanish companies accounted for using the equity method of € 0.6 million (2014: € 1.8 million).
Working capital amounted to € 178.3 million as of the end of the year (2014: € 137.7 million). The year-on-year increase is 29%. The rise as of the end of the year is due predominantly to higher trade receivables in the Arab and Asian regions as the average days sales outstanding was higher. Construction contracts were also up as a result of the high order volume in processing.
Inventories decreased to € 190.2 million as of the end of the year (2014: € 208.0 million). Construction contracts climbed to € 87.3 million (2014: € 77.1 million) as a result of the higher processing volume and were therefore up 13% on the previous year. The rise in current liabilities from € 129.5 million to € 135.2 million provided only partial positive support in the development of the high working capital.
For years the Group's fi nancing has followed the principles of maintaining assured liquidity combined with the highest possible equity capitalization. Total assets management ensures the optimization of current assets with the continuous monitoring of production levels and trade receivables. In the past fi nancial year equity was increased again by 14% to € 226.6 million (2014: € 198.3 million). Despite the immense growth and the resulting rise in total assets, the equity ratio increased to the long-term target of above 35% at 37.0% (2014: 34.2%).
The Rosenbauer Group's fi nancial management system provides fi nancial resources within the Group, ensures fi nancial independence and that the company is liquid at all times, and monitors all interest and currency risks. In order to safeguard liquidity, suitable fi nancing instruments are used that guarantee the necessary fi nancial freedom to fi nance operations, investments and targeted growth.
Loan agreements for around € 70 million with terms of up to seven years were concluded with several banks in 2014 and 2015. Non-current interest-bearing liabilities climbed to
€ 74.4 million as a result (2014: € 51.7 million). Benefi ting from the current low interest rates, Rosenbauer leveraged the Group's good credit rating to optimize its fi nancing costs. Given the high business volume, current interest-bearing liabilities increased to € 135.2 million (2014: € 129.5 million).
The fi gures in the Rosenbauer Group's statement of fi nancial position refl ect the current growth on the one hand and also the structure of business in the fi refi ghting industry on the other. Accordingly, the Group's net debt (the net amount of interestbearing liabilities less cash and cash equivalents and securities) rose to € 191.3 million in the past year (2014: € 154.2 million). The gearing ratio climbed to 84.4% (2014: 77.7%).
The net cash fl ow from operating activities climbed to € 6.5 million in the past year (2014: € –37.1 million). Despite the high trade receivables and lower advance payments received, the positive development is due to the decline in inventories in particular.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Capital employed1 | 285.7 | 341.2 | 437.1 |
| ROCE | 14.8% | 14.2% | 11.6% |
| ROE | 23.4% | 24.5% | 22.7% |
1 Average
Investments declined again to € 22.1 million in 2015 after having risen to an unusually high level of € 51.2 million in 2014 on account of the acquisition of the Plant II property in Leonding. The main focus of investments was on the expansion and modernization of the production infrastructure at the locations Plant I in Leonding, Lyons (SD), Wyoming (MN) and King Abdullah Economic City (KAEC), Saudi Arabia. 66% of investment in non-current assets related to the extension of the production area and the associated improvement of productivity, 21% was for replacement investments and offi cial requirements and 13% was spent on streamlining measures.
Since 2005 investment has consistently outstripped depreciation, in line with the goal of sustainable growth. Depreciation increased to € 13.9 million in the year under review as a result of the higher level of investments in recent years (2014: € 12.6 million).
Following the renovation and expansion of Plant II in Leonding, work began on the reorganization of Leonding's Plant I in 2015. The main focus is on raising production effi ciency and increasing profi tability. In particular, the specialty vehicle and fi refi ghting system assembly are being completely redesigned, with fi refi ghting system assembly largely being switched to standardized line production. In the future, the pump systems and turrets for the PANTHER and AT series will be produced synchronously for both superstructure lines in Plant II and delivered just in time from Plant I. They will be tested at the end of assembly and issued with the appropriate quality certifi cates.
Production logistics, in particular the supply of materials, will be organized similarly to Plant II, and the division of labor in assembly will be adapted to the new processes. The reorganization of Plant I in Leonding will be completed by the end of 2016 and will require € 10 million in total.
At the end of 2014, ground was broken in Saudi Arabia for the construction of a production facility in King Abdullah Economic City (KAEC), approximately 125 km north of Jeddah. In the future, this plant will be used for the fi nal assembly of vehicles for the local market and maintenance work.
The 2,500 m² production hall will be completed in the fi rst few months of the current year. Two assembly lines will be set up in it, one of which can also be adapted for single workstation assembly if necessary. The production infrastructure includes a paint shop, a box for applying underbody protection, pitches for fi nishing work and a test stand. In addition, the plant has its own large water tanks to operate production autonomously for at least three days or to be able to provide water for fi refi ghting if necessary. The total investment will amount to € 5 million.
Investment programs launched in the previous year were continued at all three locations in the US in 2015. The aim of these programs is essentially to redesign processes and to increase capacity. So as to handle larger orders even more effi ciently, the entire order process is being revised under the "Lean101" lean management program, and production areas and production processes are being redesigned.
A new hall for the chassis production was built at the Wyoming plant, Minnesota, in 2015. This increased the production area at Rosenbauer Motors by 50% to 8,400 m². In the new hall, PANTHER and Commander/Warrior chassis are manufactured on two lines and additional pitches. All stages of production previously distributed throughout the location are now united under one roof – chassis and cabin production, painting, all test rigs, maintenance and repair stations and the central warehouse. The space made available at the location will be adapted by Rosenbauer Minnesota for superstructure production.
The Lyons plant, South Dakota, saw the start of production on a new hall in early 2015, combining full prefabrication including welding, deburring and laser cutting. A new laser cutting machine was also acquired. Thanks to the now clear separation of prefabrication and vehicle assembly, all processes at the location have been reorganized and optimized.
Production capacity at the Fremont plant, Nebraska, was expanded further with a hall measuring around 3,000 m², increasing the covered production area to more than 9,000 m². All aerial production including painting and quality inspection takes place in the new hall. Parallel to the production capacity, the outside parking and logistics facilities were enlarged as well. Around € 5.0 million in total was spent on the investment program at the Fremont plant.
The Radgona plant in Slovenia produces vehicles for the Slovenian market on the one hand, and superstructure modules, crew cabins and water and foam tanks for Rosenbauer affi liates on the other. Two portal milling machines were already purchased for tank production in 2014. These were joined by a portal welding machine and a nine-axis welding robot in the reporting period. As a result, large-volume plate tanks can be produced automatically on one line. Rosenbauer tank production is therefore at the cutting edge of technology.
The HEROS-titan helmet is a lightweight champion of the highest quality. It is made using the latest bionic knowledge. Inspired by Mother Nature. Ultra-strong, yet ultra-light. Important during long, diffi cult operations. Certifi ed according to all conceivable standards. Unparalleled in safety, design and wearing comfort. Sparkling ideas, large and small. All based on our passion for the product.
The strategic objective of R&D activities at Rosenbauer is further expansion and lasting maintenance of its technological leadership. Innovation activities have a long-term focus and are concentrated on the core operations of the company according to its strategy. Systematic innovation management forms the basis for this. R&D activities are consistently aligned to the needs of customers, which are incorporated in major innovations in development projects. Ongoing and thorough market observation also helps to enable development of market-ready products with recognizable added value for customers.
In 2015, the Rosenbauer Group invested € 19.4 million (2014: € 15.9 million) in research and development. This represents 3.4% (2014: 2.9%) of the relevant net proceeds of in-house production. The capitalization rate was 22.7% (2014: 21.1%) and aff ected developments in Austria and Germany. Approximately 77% (2014: 77%) of development costs (€ 14.9 million; 2014: € 12.2 million) was incurred by Rosenbauer International AG, the Group-wide center of expertise for municipal and specialty vehicles, fi refi ghting components and equipment.
Rosenbauer also addresses social megatrends in order that it can identify their eff ects on the fi re equipment sector at an early stage. Megatrends generally have far-reaching infl uence on large parts of a society. Analyzing them can in turn be a means of identifying trends for the fi re equipment industry, which Rosenbauer can then incorporate into its systematic development work.
In the reporting period, research and developments activities focused on the fi nalization of the many product development for the world's leading trade fair Interschutz. Europe's largest fi refi ghting equipment exhibition takes place every fi ve years in Germany, and is attended by all renowned fi refi ghting equipment providers. Rosenbauer used the international fi refi ghting industry event to present its entire product range and the latest innovations from all product areas.
These included the new generation of the PANTHER ARFF vehicle, the new HEROS-titan fi re service helmet, the L32A-XS 2.0 aerial ladder with its optimized articulated boom and new rescue cage, and the municipal fi re truck made by Rosenbauer from its chassis to the superstructure. Rosenbauer's appearance at the exhibition was rounded out by further innovations in the areas of fi refi ghting systems, technical and personal protective equipment and operations management.
The new PANTHER was the centerpiece of the company's appearance at Interschutz. Rosenbauer presented the fourth generation of the world's most successful ARFF vehicle, the fi rst equipped with an environmentally friendly Euro 6 engine,
Rosenbauer presented its entire product range and, above all, the latest innovations from all product areas at Interschutz. These include the fourth generation of the PANTHER ARFF vehicle, an aerial ladder with an unprecedented action radius and new cage, and the municipal fi re truck made by Rosenbauer from its chassis to the superstructure.
state-of-the-art assistance systems and completely new extinguishing technology. Particular attention was paid to crew safety in development, and the crew is now even better protected in the new cabin. Furthermore, the new PANTHER provides a level of operating comfort unprecedented in a fi re truck. Two variants of the new PANTHER were presented at the exhibition, the new 4x4 and the new 6x6.
These vehicles now off er crews improved all-round visibility and night vision, they can steer and operate the vehicle and extinguishing systems with even greater precision and they will be safer overall on deployment. The new extinguishing systems consist of the built-in N65 and N80 pumps, the integrated FIXMIX 2.0 around-the-pump foam proportioning system and the two new RM35 and RM80 turrets.
The more than 80 orders received for the new PANTHER in the fi rst six months since its debut bear testament to its success among customers. The fastest was the Changi Airport Group, which orderd the very fi rst PANTHER 6x6 in June. The fi rst major order – for 50 vehicles in total – was placed by the Airports Authority of India (AAI).
At Interschutz Rosenbauer introduced the successor to the HEROS-xtreme – the HEROS-titan. It is currently the lightest fi re service helmet in the highest safety class and also off ers signifi cantly improved wearer comfort. A new helmet lamp was also developed for the brand new helmet which features a niche designed to hold a thermal imaging camera – a world fi rst. The display is located directly in front of the fi refi ghter's eyes.
The new geometry and an innovative material compound lend the HEROS-titan its enormous mechanical stability, while the fresh design imbues it with an extremely dynamic and streamlined appearance. Delivery of the new helmet began in early 2016. The extensive positive feedback already received from fi re departments suggest a further increase in sales fi gures for Rosenbauer fi re service helmets.
The L32A-XS 2.0 is the next step in Rosenbauer's aerial ladder with the XS articulated boom. It can now operate in even tighter spaces, it can be smoothly raised even closer to buildings and the cage can be lowered even closer to the vehicle. A new podium with LED lighting improves the safety of fi refi ghters working on the equipment. The new cage increases the fi re department's rescue capacity. Its payload was upped to 500 kg, enabling the transport of up to fi ve people in line with standards. Furthermore, the cage has been optimized for the rescue of patients with walking diffi culties or who are bedridden and have a high bodyweight. These can now be carried to safety either in a wheelchair or on a heavy load stretcher.
S stands for strong, small and smart – the new Rosenbauer FOX S portable fi re pump. It is a completely new development with a new engine, new technology and optimized operating comfort. It delivers up to 1,050 l/min at 10 bar and therefore seamlessly fi ts into Rosenbauer's TS series between the BEAVER and the FOX. Ready for operation, it weighs 50 kg less than standard, greatly facilitating handling for fi re departments
One hundred percent Rosenbauer world-class quality: the very best of two worlds in the new tanker pumper. American chassis from Wyoming and AT superstructure from Leonding, Austria.
as it is usually carried to its place of deployment. Its streamlined shape means advantages for storage in fi re trucks. It is operated using the standard Rosenbauer Logic Control System, which is also fi tted in the Group's vehicles.
For years it has been standard equipment in the US and – at Interschutz – it was seen for the fi rst time in Europe as well: the complete municipal fi re truck from the Rosenbauer Group. The chassis comes from Rosenbauer Motors in Wyoming, MN, the superstructure from the European premium class AT (Advanced Technology) vehicle series and the extinguishing technology from the main plant in Leonding. The AT on Commander combines everything that makes a top class, state-of-the-art fi re truck, wrapped up in a superb design.
At the world industry trade fair Rosenbauer also presented a completely reworked and advanced series of 14 kVA Class generators. The new generators provide markedly better performance when several consumers or equipment with long run-up times are connected. In addition, the devices are roughly six kilograms lighter than the predecessor models. The RS 14 and RS 14 SUPER SILENT operate safely and reliably on every fi elding, whatever the weather, day or night and regardless of what electrical devices are hooked up. And they are among the quietest generators in their class.
Other new developments in technical equipment seen at Interschutz included the NAUTILUS 4/1 ECO submersible pump with optimized start-up, the RLS2000 lighting system with highpower LED, the new ARGUS Mi-TIC EDGE and STORM thermal imaging cameras and the new FANERGY high performance fan. In the area of fi refi ghting systems, the company debuted the new PANTHER extinguishing technology, the new foam concentrate direct-injection foam proportioning system DIGIMATIC42, the new EPS-XS compact generator and a new generation of turret controls. An app was presented for the EMEREC information system that now makes key operations data available on any smartphone.
For each advanced product, the top priorities are improved performance, ease of use and operator safety. A great deal of attention is also paid to product design at Rosenbauer to achieve an ideal combination of form and function. Furthermore, shape, size and weight play a crucial role so that fi refi ghting systems and technical equipment can be stowed compactly in fi re trucks and used quickly and intuitively by emergency services.
Human resources management work in 2015 was essentially defi ned by change processes and refl ecting these in the personnel and management structure. The change process was accompanied by the development of a functional HR strategy to assist the company in achieving its objectives and thus contribute to the resilience of the organization. The focus was on training measures to meet the increasing qualifi cation requirements for employees.
The core tasks of Human Resource Management include strategic personnel and management development, supervisor training, more extensive sharing of employees between global locations, management of the ever-increasing number of expatriates at the company, and implementation of the personnelrelated standards derived from the strategy in coordination with the respective company units.
The fact that Rosenbauer is considered an attractive employer is due not only to its exciting products but also to its corporate culture. Direct contact ensured between the management and employees, a transparent information policy, and a genuine social partnership are key elements in maintaining an employeefriendly working environment. Meanwhile, a structured remuneration system as part of the payroll policy ensures that employees are paid in a manner that is fair and easy to understand.
With a staff of 3,086, the Rosenbauer Group employed a total of 5% more people at the end of 2014 than on the previous year's reporting date.
In Austria, the workforce grew by 7% to 1,409, while the fi gure abroad increased by 3% to 1,677. The increase in headcount is due mainly to the hiring of additional staff in production and production-related areas at the Austria, Germany and the US locations in particular.
The total headcount is broken down into 1,863 workers (2014: 1,809), 1,077 salaried employees (2014: 1,002) and 146 apprentices (2014: 130), 117 of which are in Austria. The company created additional employment through the use of 210 temporary employees (2014: 274).
The average age of Rosenbauer employees in 2015 was 38 years. The average length of service with the company was nine years. The low fl uctuation rate of 5% in spite of a growing workforce is a measure of the stability of the company as an employer.
Rosenbauer off ers its employees a wide range of internal and external opportunities to gain qualifi cations. The training program incorporates sessions on technical and business topics as well as seminars on improving project management, negotiation and social skills, and on more in-depth study of various languages.
Anticipatory employee development is one of the most important tasks of personnel management. In 2015, training costs amounted to € 0.8 millions (2014: € 1.1 millions).
The company's special in-house development program for technicians prepares employees for promotion to key internal positions. Over the 18 months of the training program, the trainees get to know all the production and production-related areas in two-month modules and are prepared for future requirements by means of a placement abroad.
The management development program launched in 2015 as part of GO2020 was continued. Also in the year under review, together with the managing directors of the operating units, the members of the top level of management took part in
multiple seminars with the aim of fi nding a clear identity for the Rosenbauer management team and a clear commitment to strategy. All management levels of Rosenbauer will gradually undergo this program in order to reinforce strategic management skills at the company and to safeguard the successful implementation of the growth strategy.
Thanks to a range of projects targeted specifi cally at schoolchildren and students, Rosenbauer endeavors to pique interest in the company among young potential talent at an early stage. In summer 2015 alone, approximately 80 schoolchildren had the chance to gain their fi rst experience of the world of work by means of a vacation placement. Furthermore, over 60 students completed an internship as part of their training at educational institutions or composed an academic paper in cooperation with Rosenbauer.
Rosenbauer regularly participates in the major university recruitment events, and the situation was no diff erent in the reporting year. The company's presence at various schools and universities that deal with technical topics enables it to make contact with young academic talent at an early stage. Such events also provide good opportunities to present and off er internships and degree theses as potential means of joining Rosenbauer.
Apprentice training is traditionally very important at Rosenbauer. This practice takes into account not only the needs, but also the social responsibility to open up professional prospects to young
people. The metal technicians with focus on mechanical engineering apprenticeship took fi rst place in 2015, with industrial salespersons and mechatronics technicians roughly equal in joint second place. Numerous trainers dedicate their time to ensuring that roughly 150 apprentices, selected from up to ten applicants per open apprenticeship, receive high-quality and practical training.
As the fi refi ghting industry is traditionally chosen by men as their professional fi eld, Rosenbauer is implementing measures to create an attractive working environment for female staff in particular and to increase the share of female apprentices and female employees primarily in management positions. The share of the overall workforce represented by women is currently approximately 13%. 9% of management positions in Austria are held by women at present.
In the reporting year, Rosenbauer once again took part in the Austrian Girls' Day. This event enables schoolgirls with an interest in technical professions to gain some insight into such areas. They are given the chance to look behind the scenes of a production facility and to get to know exactly what a fi refi ghting vehicle manufacturer does.
Rosenbauer is also stepping up its eff orts to promote women in technical trades. Young women are already doing apprenticeships in mechatronics, painting technology, metal technology and mechanical engineering technology.
Rosenbauer supports fl exible working hours, the use of parental part-time work and individual solutions aimed at achieving a better balance between professional and family life. With fl exible models for working hours, the needs of employees are given the best possible consideration, especially in commercial areas. Examples include the promotion of paternity leave or the variety of individual part-time agreements and fl exitime models that allow parents to meet their family responsibilities in addition to their professional activity. In justifi ed cases, it is also possible to work from home.
Rosenbauer practices an ongoing process of optimizing workplaces at the company and places particular value on the health and safety of its employees. In 2015 the focus was on Plant I in Leonding, where fi refi ghting system assembly was redesigned. The latest fi ndings in occupational medicine, technology and safety were taken into account in designing assembly areas.
The state of occupational health and safety is checked regularly in SOS audits (from the German for safety, orderliness and cleanliness) and safety inspections. Workplace accidents and near-miss accidents are documented and analyzed in accordance with a defi ned reporting system. Since 2009, occupational health and safety has also been part of the integrated management system and certifi ed in line with OHSAS 18001 (Occupational Health and Safety Management System), which was renewed in 2015.
As part of company healthcare provisions, around 90 employees in Leonding participated in free health examinations in 2015. These take place at the company doctor's offi ce, and certain special examinations can be added if necessary. Rosenbauer also off ers funded vaccination drives for fl u, TBE and hepatitis.
The development of the CIP for the new SAFE improvement process (SVP) was ongoing in 2015. The SAFE program is about synchronous working processes and production, and its goal is the effi cient design of all processes along the value chain in line with lean management considerations. 75 teams in total, 56 SVP and 19 CIP, participated in the improvement process in the reporting period. SVP work at locations in Austria generated a net benefi t of around € 380 thousand in 2015.
The main focus in the reporting period was on a six-module training series for executives, team spokesperson and their representatives. 128 people received training on lean management, value added, shop fl oor management, problem solving, workplace organization and the SVP portal to selectively improve the effi ciency of all procedures and actions, and to achieve optimized processes. Further training activities are planned for 2016 as well. The transformation process from CIP to SVP is supported by the "SVP on Fire" energization project.
As of the end of 2015 the Rosenbauer Group had 210 temporary employees in total (180 of whom working in Austria). In many respects, these are on an equal footing with the permanent workforce and, in addition to a range of employee benefi ts, are entitled to use the internal health and sports provisions. The pool of temporary employees has been used to cover a signifi cant proportion of staffi ng requirements in recent years. Between 2012 and 2015 alone, roughly 240 temporary employment contracts were converted to indefi nite employment relationships.
The "Train the Trainer" program launched in the previous year was continued in the reporting period. Customer service employees took part in multi-day workshops on the preparation of documents and uniform teaching methods, which they in turn will use to train service staff and global service partners.
E-learning programs are being used more and more in the fi eld of training. These are training systems that include all the information necessary to successfully sell products and services. The programs are primarily intended for in-house (sales) staff , but are also provided to global sales partners. In the reporting year, for example, online training was created for the new HEROStitan fi re service helmet, for which participants are awarded a certifi cate on successful completion.
Rosenbauer is confronted with various opportunities and risks in the course of its global business activities. The ongoing identifi cation, appraisal, and controlling of these risks are an integral part of the management, planning, and controlling process. The risk management system builds on the organizational, reporting, and leadership structures in place within the Group and supplements these with specifi c elements needed for proper risk assessment. The fi ve core elements are as follows:
Group-wide risk management defi nes a structured process that provides for systematic monitoring of business risks. They can therefore be identifi ed and evaluated in good time.
As part of this process, risks are identifi ed and then quantitatively and qualitatively analyzed and assessed in terms of their probability of occurrence and the anticipated extent of any damage. Measures for risk control and prevention are derived from this and, if applicable, the instruments for protection against risk are defi ned. The functionality and eff ectiveness
of risk identifi cation and monitoring are discussed with the Supervisory Board at a session of the Audit Committee.
Risk management at Rosenbauer was completely reorganized in the 2015 reporting period. The goal was to implement a web-based system within the Group and to standardize the underlying processes and methods. To do this Group-wide risk owners were defi ned that bear ultimate responsibility in their area, company or fi eld. Twice a year risks are analyzed and assessed and risk management measures are defi ned. To assist in this, a comprehensive catalog has been prepared that contains all the risks that can pose a threat to the Group. Furthermore, a standardized and uniform classifi cation of probabilities of occurrence and a generally applicable method for determining the damage caused by risks has been set out.
The results of the risk inventory are summarized and discussed with the Supervisory Board annually at a session of the Audit Committee.
Rosenbauer regularly analyzes the major sector risks and makes use of opportunities by means of permanent product innovations, greater effi ciency in processes, and increased activity on new markets.
To ensure long-term growth, Rosenbauer pursues a consistent strategy of internationalization. With production sites on three continents and a global sales and service network, the company has now reached a market position that enables it to off set sales fl uctuations in individual markets.
Risks to the fi re safety business arising from changes in overall political or legal conditions are very diffi cult to protect against. However, given that most customers operate in the public sector, it is rare that they cancel orders. Political crises and embargoes can temporarily limit access to certain markets.
Annual business planning is based on the multi-year Group strategy and encompasses a list of objectives broken down by geographic and product-group-related aspects that serves as a means of control. This system enables opportunities and any strategic risks to be identifi ed at an early stage.
Manufacturing activities necessitate a thorough examination of risks along the entire value chain. In view of today's ever shorter innovation cycles, research and development work is becoming increasingly signifi cant. The production risks that occur are monitored on an ongoing basis using a series of key performance indicators (productivity, assembly and throughput times, production numbers, etc.).
The central controlling element in the vehicle manufacturing operations is "concurrent costing", whereby variance analysis is used to monitor the production costs of every single order. To even out changes in capacity utilization at individual locations, Rosenbauer's manufacturing processes operate on a Group-wide basis and the company also outsources construction contracts to external partners. In the event of a severe downtrend on the market, this keeps the risk of insuffi cient capacity utilization within manageable bounds.
Procurement risks are present especially in the event of possible supplier defaults, quality problems and price increases. These risks are countered by the standardization of components and diversifi cation of the supplier structure. In order to ensure that production supplies are delivered on schedule and in the required quality, the most important supply partners are subject to ongoing monitoring, while planning and management of the supply chain undergo constant further development in cooperation with the supplier. The risk of loss of production can thereby be signifi cantly reduced.
The international network of the Group's own production sites also helps to minimize operational risks. However, supplier risks due to potential insolvency or for compliance reasons cannot be ruled out totally.
Additional procurement risks can arise in relation to raw material and energy prices. Rosenbauer requires aluminum in particular and secures a stable purchase price by means of a long-term procurement policy. Energy costs, however, play merely a subordinate role, as only a limited amount of process energy is needed for most assembly operations in production.
Income risks that can occur on account of external disruptions to production are covered by suitable insurance against loss of production. Appropriate insurance coverage is also in place for risks associated with fi re, explosions, and similar elemental risks.
IT risks include the possibility of networks failing and data being falsifi ed, destroyed, or stolen due to operator or programming errors or to external infl uences. These risks are countered by means of regular investment in hardware and software and the use of virus scanners, fi rewall systems, up-to-date data protection methods, and structured access controls.
Rosenbauer International AG and its subsidiaries face legal proceedings in the course of their business operations. An antitrust lawsuit has been fi led against a company of the Rosenbauer Group. If this legal action is upheld it could result in damages and fi nes. As a realistic assessment of the matter is not possible at the present time, the Group has not recognized any provisions. Rosenbauer does not currently expect this litigation to have any signifi cant negative impact on the net assets, fi nancial position or result of operations.
Legal proceedings are pending against Rosenbauer International AG in Austria for an alleged infringement of provisions of the Foreign Trade Act with commercial products. As a realistic assessment of the matter is not possible at the present time, the Group has not taken any accounting measures.
Environmental risks and risks associated with the supply of raw materials and energy are considered less important due to the type of production and the multitude of providers. Furthermore, clear environmental standards and instructions apply to the in-house processes. These are documented in an environmental management system and are regularly reviewed and amended
by means of internal and external audits in accordance with ISO 14001.
Energy management at the Austrian and German locations is also certifi ed as per ISO 50001. This serves primarily as an instrument by which energy costs and consumption are reviewed on an ongoing basis and which can be used to determine long-term measures to reduce the consumption of resources.
For more than 20 years, Rosenbauer has practiced consistent quality management in accordance with ISO 9001. This is regularly reviewed in audits and makes a signifi cant contribution to ensuring the same Rosenbauer quality worldwide and to minimizing liability risks such as product liability cases.
The latest development methods, permanent control and improvement of product quality, as well as ongoing process optimization, help to reduce risks further. Nonetheless, the possibility of product defects cannot be completely ruled out. To reduce potential fi nancial risks – especially in the Englishspeaking regions – the instrument of product liability insurance is employed throughout the entire Group alongside a risk management system.
In order to off er products with the best possible benefi t to customers, Rosenbauer operates a systematic innovation management process and works closely with fi re services on product development. A team of experts from Technology, Production, Sales, and Controlling determines the direction of the development process. Market analyses and cost-eff ectiveness considerations are incorporated in a technology roadmap.
Risks can generally arise as a result of the fl uctuation of employees in key positions and the recruitment and development of personnel. Consistent personnel development with institutionalized employee appraisals and a performance-based remuneration system with participation in the company's success are two central instruments for retaining qualifi ed and motivated employees at Rosenbauer. In addition, Rosenbauer is specifi cally working on succession planning for key management positions. Rosenbauer views its employees as a key factor in successfully achieving the company's objectives.
Given the lasting eff ects of the fi nancial and economic crises, the solid fi nancial basis of the Group is extremely important. Thanks to the excellent equity capital resources and the resultant good credit rating, the necessary funding for operating equipment and investment has been secured without restrictions and under persistently good conditions. This took place via multiple banks so as to ensure the greatest possible independence in corporate fi nance. Moreover, Financial Management conducts annual rating discussions with the relevant banks, which are used to determine the position of the Group on the fi nancial market.
The international nature of the Group's activities gives rise to interest and currency-related risks that are hedged by the use of suitable instruments. A fi nancing policy that applies throughout the Group stipulates which instruments are permitted.
Operating risks are hedged with derivative fi nancial instruments such as interest rate swaps, FX forwards, and FX options. These transactions are conducted solely to hedge risks and not for the purposes of trading or speculation. Please refer to the details in the explanatory notes in this context.
Credit risks, which can arise from payment defaults, are considered unlikely as most customers operate in the public sector. In the case of deliveries to countries with increased political or economic risk, public and private export insurance is generally taken out for the purpose of protection.
Rosenbauer considers that it is still well positioned to meet the demands made on it by the market, the economic environment, and the international competition. Based on the analysis of currently discernible risks, there are no indications of any risks that – either singly or in conjunction with other risks – might jeopardize the Rosenbauer Group's continued existence. This applies both to the results of past business activity and to activities that are planned or have already been initiated.
The internal control system (ICS) comprises systematically designed organizational measures and controls for adhering to policies and preventing damages that may, for instance, be incurred as a result of unregulated or unlawful actions. The controls can be both process-dependent and process-independent and performed by Internal Audit.
The Group policies, which are regularly updated, constitute an important basis for the ICS. There are also process illustrations integrated in the management system, which are complemented by numerous regulations and instructions. The results of the evaluation of the ICS are presented to the Supervisory Board for evaluation and discussed in detail at the annual meeting of the Audit Committee. Evaluation takes place as part of ongoing auditing, in which compliance with processes is checked, the results documented and compliance with the stipulated measures is monitored.
The control environment for the fi nancial reporting process is characterized by clear structural and process organization. All functions are clearly assigned to particular persons (such as in Accounting or Controlling). The employees involved in the fi nancial reporting process fulfi ll all professional requirements.
Insofar as the size of the respective company and the available capacity permit it, the principle of dual control is observed during the relevant fi nancial reporting processes. The accounting systems used are largely standard software protected against unauthorized access. Material accounting principles relating to the fi nancial reporting process are defi ned in a Group manual, which is also regularly updated, and must be implemented by the local units.
In addition, the completeness and accuracy of accounting data are checked regularly by means of both manual and IT-assisted random inspections and plausibility checks. Meanwhile, regular analyses are performed as part of the Group-wide controlling and fi nancial management. Deviations from the forecast and previous year's fi gures in the income and asset situations are identifi ed and analyzed on the basis of detailed weekly, monthly, and quarterly fi nancial reports.
In addition to the process-focused conditions, this distinctive regulatory and reporting system provides primarily for procedural measures that must be implemented and/or adhered to by all units aff ected. Operational responsibility is borne by the respective process managers, while compliance with the Rosenbauer regulatory system is monitored by Internal Audit as part of the periodic review of the relevant areas.
PANTHER generation four. The big cat among the fi refi ghting machines is one of the most successful aircraft rescue fi refi ghting vehicles in the world. Around 1,500 predecessor models are in use in 90 countries. From the very fi rst glance, the qualities of this premium product stand out: power, speed, performance. Underlined to good eff ect by the striking design. The fi rst 4x4 and 6x6 PANTHERs have already been sold. The 8x8 version will follow in 2017. A new star in the fi refi ghting sky.
election can be appointed if there is a resolution to this eff ect by the Annual General Meeting with a simple majority of the votes cast.
Acquisition in stationary fi re protection The acquisition of G&S Brandschutztechnik AG, Mogendorf, Germany announced in November 2015 was completed in February 2016. Rosenbauer International AG acquired 100% of shares from the previous owner as of January 1, 2016.
The G&S Group operates in the fi eld of preventive fi refi ghting. It designs, manufactures, installs and services both stationary standard and special extinguishing systems and fi re alarm systems. The Group has VdS approval as an installer for all major trades and builds plants worldwide in line with all known international standards. Last year the company generated revenues of € 14.3 million with 130 employees.
With its acquisition of the G&S Group, Rosenbauer is expanding its portfolio in preventive fi refi ghting and paving the way for its planned growth in this segment.
Rosenbauer is further expanding its presence in Slovenia. The production company Rosenbauer d.o.o. has acquired a 100% interest in its long-term partner Mi Star d.o.o. Mi Star has worked for Rosenbauer for two decades and exclusively sells fi refi ghting vehicles, extinguishing technology and equipment. Last year the company generated revenues of € 5.5 million with eleven employees.
Thanks to its integration into the Group's global sales and service network, the key municipal vehicle markets of the Western Balkans will be served directly in the future. In addition to the manufacturing and service location in Radgona, Rosenbauer now also has a sales and service location in Ljubljana.
There have been no other events of particular signifi cance to the company that would have altered its net assets, fi nancial position, or result of operations since the end of the reporting period.
The global economy is off to a slow start, and the growth prospects for 2016 are somewhat subdued. Crucial factors in development will be how the ongoing transformation of the Chinese economic system progresses, how the refugee crisis is managed in Europe and how a stronger dollar aff ects the international fi nancial markets. An escalation of geopolitical tensions can also not be ruled out, together leading to a more conservative forecast for the years 2016 and 2017. Global GDP is set to grow by 3.0% in the current year and by 3.3% in 2017.
The fi refi ghting industry will face a range of diff erent challenges in 2016 as well. Trends in demand should remain stable on the North American market. The industry in Europe will probably only see a slight upturn if at all. Demand from Asia and the Middle East could be slowed by a deteriorating general economic situation.
How the fi re equipment markets develop will depend on the availability of public-sector funding. On some developed markets, continuing budget consolidation eff orts mean that demand for fi re service equipment will remain muted. In several emerging markets, the low price of oil and political unrest could lead to investments in fi refi ghting technology being postponed.
Generally speaking, the countries currently investing in fi refi ghting technology and equipment are mainly those where there is continuous procurement or elevated security requirements following natural or terrorist disasters. Furthermore, the global increase in air traffi c and the use of larger aircraft are ensuring consistently strong demand for specialty vehicles.
Given the positive economic forecasts, the US fi refi ghting industry is expected to continue its recovery in 2016. Rosenbauer America is well prepared for this thanks to the expansion of production capacity in the last two years. Thus, the production time for vehicles for the local market has been signifi cantly reduced recently. The orders received in the last few months ensure high capacity utilization at American production facilities in the current year.
The European fi re equipment market is not as homogeneous as the US market by far, and each country must therefore be looked at individually. In countries such as Austria and Germany, the market volume is currently back to normal levels. It remains to be seen whether and how much the expenses for managing refugee migration will aff ect the budgets for fi re services. The markets in Central and Northern Europe will remain vital, especially as the average age of the fi refi ghting vehicles in use is already well above the average of the last years. By contrast, demand for fi re safety equipment is expected to remain muted in the countries of Southern and Eastern Europe.
Although Russia still has a considerable need for modern fi refi ghting equipment, demand is heavily in decline due to the political situation and the low price of oil. The market situation is not expected to improve in 2016.
In countries with elevated security demands and on emerging markets with higher investment in infrastructure, particularly China and India, demand is still at a high level. The ongoing urbanization will require additional investment in safety infrastructure and fi re protection in the years ahead as well.
The Middle East has developed into a major sales region in recent years. In many countries, especially in the Gulf States and Saudi Arabia, fi re departments and civil protection have been targeted for modernization. This transformation process is not yet complete and should allow the fi re equipment sector to continue to grow in the medium term. In view of the current situation, however, it is assumed that the weak price of oil and the political unrest in the region will cause restraints in procurement.
The markets in Africa, Central and South America are characterized by irregular central procurement. They are diffi cult to forecast as they often have lead times of several years. Political risks cannot be entirely ruled out here either, and hence they require careful monitoring.
Rosenbauer closely monitors developments on the diff erent fi re equipment markets in order to exploit sales opportunities early on. Sales activities are then stepped up in the countries or regions where greater procurement volumes have been identifi ed. This further expands the Group's global presence and strengthens its international competitive capabilities.
As of the end of the reporting period, Rosenbauer has an order backlog of € 797.5 million (2014: € 693.0 million). This fi gure is almost equal to a year's revenues, though equipment products and service revenues have only partly been taken into account owing to the short delivery times. Basic capacity utilization at production facilities is therefore ensured for 2016.
A key strategic goal of the Rosenbauer Group is the sustainable expansion of its leadership in innovation. In 2015 a number of product innovations were presented at the Interschutz international trade fair, and in 2016 these will all be brought to series production and technological innovations will be applied to other products.
Rosenbauer also addresses social megatrends in order that it can identify their eff ects on the fi re equipment sector at an early stage. Megatrends usually have a far-reaching impact on many aspects of society. Analyzing them can in turn be a means of identifying trends for the fi re equipment industry, which Rosenbauer can then incorporate into its systematic development work.
The strong corporate growth has necessitated a comprehensive expansion of production facilities in recent years. Space and capacity have been increased at almost all plants. Plant I in Leonding is currently undergoing reorganization with a view to increasing effi ciency and profi tability, with a redesign of fi refi ghting system and specialty vehicle manufacturing.
At the start of 2016, the new plant in King Abdullah Economic City (KAEC), about 125 kilometers north of Jeddah, was completed and began production of vehicles for the local market. A total of about € 5 million is being invested in the construction of the production location.
The Group's investing activities and volumes will be much lower in the current year than in the year under review. However, given the reorganization of Plant I in Leonding, investment will still be higher than depreciation – in keeping with Rosenbauer's goals for sustainable growth.
For reasons specifi c to the industry, the manufacturers of fi re trucks have high fi nancing requirements during a year. On the one hand this is due to the long turnaround times for vehicles from an order being received to delivery and the relatively low advances paid by customers, and to the large volume of some orders on the other. Rosenbauer counters this trend with targeted measures.
The high order volume and high production levels also demand additional fi nancing facilities in 2016, which are ensured by various banks with diff erent maturities.
The Group's fi nancing strategy is based on conservative principles and prioritizes secure liquidity and the highest possible equity capitalization.
Rosenbauer is today the leading manufacturer for the international fi refi ghting industry with revenues of € 865.4 million. In order to secure and expand this market position, the company is constantly working to be more agile and more effi cient in a dynamic environment.
The GO2020 strategy has set the course for profi table and sustainable growth. The company has been implementing it consistently and with great determination since the middle of 2014, and the fi rst results are already visible: Thanks to the new Area organization, Rosenbauer is increasingly represented on the growth markets of the world. The new products are being excellently received by fi re services and are helping to further expand the international market position. With pioneering innovations in the areas of security, performance and ergonomics, Rosenbauer is highlighting its claim to technological leadership. Furthermore, the path embarked on of making all business processes even more effi cient is being rigorously continued.
The Rosenbauer Group began 2016 with new and attractive products in all business areas. The new aerial ladder and platform models and the new PANTHER have already won over a number of customers and contributed towards further consolidation of the global market position. New innovations in the fi eld of equipment should also ensure additional sales momentum, especially the new lightweight HEROS-titan fi re service helmet. With its US product portfolio and its own Commander custom chassis, the Group is excellently positioned in North America, and Rosenbauer is now more competitive on the US market with shorter delivery times.
Furthermore, Rosenbauer is still investing in its sales organization and product development in order to leverage further growth opportunities on specifi c markets.
Despite the somewhat modest growth prospects and even if political unrest and the low price of oil aff ect procurement in some countries, a stable development in overall demand is expected in the fi re equipment sector for 2016. Given the solid incoming orders in recent months and the production capacity available, management is assuming that consolidated revenues can increase further in 2016.
The forecast growth in sales and revenues is expected to have a positive impact on earnings in 2016, even though the development of Rosenbauer's key markets is becoming more diffi cult to forecast. Thanks to the successful launch of new products, the high order backlog and the growing eff ect of the measures introduced to enhance effi ciency and reduce costs, management is anticipating an improvement in earnings for the 2016 fi nancial year.
In order to consolidate and expand its leading market position in the fi refi ghting industry, Rosenbauer has aligned its organization even more closely to its customers and markets. The previous product-based organizational structure for divisions was replaced by the new area system at the start of 2015. The areas are now responsible for all business in their sales regions: they analyze market requirements, initiate product developments and are in charge of sales and their production plants. A key objective of the new organization is to strengthen well-established markets and to cultivate and expand markets with lower penetration in a targeted manner. The areas have created the organizational
conditions to even better exploit the growth potential of the Rosenbauer Group in both its core business and on new markets.
Segment reporting has now also been updated in line with the new organizational structure. It is presented based on the fi ve defi ned areas or sales regions: the CEEU area (Central and Eastern Europe), the NISA area (Northern Europe, Iberia, South America, Africa), the MENA area (Middle East, North Africa), the APAC area (Asia-Pacifi c) and the NOMA area (North & Middle America). In accordance with IFRS 8, the fi gures for the previous year are also disclosed in line with the reorganization of the segments.
The CEEU area comprises 24 European countries from the Baltic to the Bosporus, including all Eastern European and Germanspeaking countries, Italy and Turkey. The CEEU area includes the production locations in Leonding (plants I and II), Traun and Neidling in Austria, Karlsruhe and Luckenwalde in Germany and Radgona in Slovenia. The plants produce products for sale in CEEU, but also deliver products to all other areas. The CEEU area also includes the Oberglatt sales and service location in Switzerland.
In Germany, Austria and Switzerland demand returned to a normal level again in 2015 compared to former years. Rosenbauer experienced slight growth in the Eastern European countries, though the overall market remained weak and vehicle procurements already pending for years were postponed. This is not expected to change in the foreseeable future. Incoming orders in the CEEU area increased to € 248.7 million in 2015 (2014: € 223.4 million), with Germany – the largest single market in Europe – accounting for the biggest share.
Revenues in the CEEU area were on par with the previous year at € 230.2 million in the period under review (€ 229.0 million). Even though the markets in this region are highly competitive, revenues in CEEU remained at a high level thanks to the strong demand for municipal vehicles in Austria and Switzerland in particular. Revenues also developed positively in the segments aerials, equipment and fi refi ghting components. The CEEU area contributed around 27% (2014: 28%) of consolidated revenues.
EBIT in the CEEU area amounted to € 12.4 million (2014: € 7.2 million). In addition to the further expansion of stationary fi re protection and the optimization of high rise aerial appliance production, the improvement is due to the higher revenues volume in Austria. The EBIT margin was 5.4% (2014: 3.1%).
EBIT was infl uenced by the expenses for the appearance at the leading international trade fair Interschutz and intra-year fl uctuations in capacity utilization in some areas of production. At the Austrian production sites in particular, corresponding measures have been initiated in all production areas to further optimize processes and workfl ows, taking into account current capacity utilization.
| 2014 | 2015 | |
|---|---|---|
| Revenues | 229.0 | 230.2 |
| EBIT | 7.2 | 12.4 |
| Incoming orders | 223.4 | 248.7 |
| Order backlog | 133.1 | 179.3 |
The NISA sales area comprises 78 countries, including almost all African and South American and the European countries from the North Cape to Gibraltar. The NISA area includes the Linares production location in Spain and the sales and service locations in Madrid (Spain), Holmfi rth (UK), Chambéry (France) and Johannesburg (South Africa). The plant in Linares supplies its products mainly to the markets of the NISA area but is also the center of competence for forest fi res and towing vehicles.
Fire departments are well developed in the northern and western European countries, while in Africa and South America there is a considerable backlog and procurement volumes are heavily dependent on revenues from the extraction of mineral resources or from oil production. Despite the decline in commodity prices, order intake in the NISA area climbed to € 85.3 million (2014: € 83.4 million) in the reporting period.
An unusual feature in South America is that some countries favor US fi refi ghting equipment while others prefer European. Here Rosenbauer has an advantage over other manufacturers in that it can serve fi re departments with products for both sets of standards. The African fi re service markets are particularly diffi cult to cultivate as there is no continuous demand, the procurement programs sometimes have lead times lasting several years and sales can hardly be planned owing to fi nancing issues aff ecting customers.
Slightly higher revenues were generated in the NISA area in 2015 than in the previous year at € 99.1 million (2014: € 96.7 million). Rosenbauer stepped up its sales activities in the reporting period, achieving its fi rst successes in the two target markets of France and the UK in particular.
Rosenbauer has been operating successfully on the market in France for many years with high rise aerial appliances from Karlsruhe. Revenues from high rise aerial appliances were increased further in 2015. Furthermore, more intensive marketing activities resulted in the fi rst sales of AT and CL series municipal vehicles. The fi rst municipal vehicles were also sold in the UK.
EBIT in NISA was down from € 5.7 million in the previous year to € 2.9 million in the reporting year due to higher up-front costs for tapping new markets, higher R&D costs and expenses for the Interschutz.
| 2014 | 2015 | |
|---|---|---|
| Revenues | 96.7 | 99.1 |
| EBIT | 5.7 | 2.9 |
| Incoming orders | 83.4 | 85.3 |
| Order backlog | 65.1 | 50.4 |
The MENA area comprises 13 countries in the Middle East and North Africa. The Area includes the KAEC (King Abdullah Economic City) production site under construction in Saudi Arabia and a number of service locations in the region. The vehicles for the MENA area are mostly produced in the plants of the CEEU, NISA and NOMA areas. Direct contact with the customers through an extensive service network is a key success factor in the region.
The MENA area was marked by strong investment in fi re equipment in recent years. The reasons for this lay in the high security requirements, growing urbanization and the targeted modernization of fi re departments in some countries. However, it is assumed that the weak price of oil and political unrest could aff ect procurement in the medium term. While there were no discernible changes in procurement in 2015, incoming orders in the MENA area were down on the previous year at € 177.7 million (€ 222.5 million) in the reporting period for project reasons.
Fire departments in the MENA area make special demands on their equipment because of the environmental conditions (heat, aridity, sand). Special materials are therefore often used when building these fi retrucks and special attention is paid to the mechanical operation of fi refi ghting equipment.
Revenues in the MENA area rose by 7% in 2015 to € 181.5 million after € 170.2 million in the previous year. Owing to up-front costs for setting up the location in Saudi Arabia and additional expenses for vehicle delivery, EBIT was down at € 10.2 million in the reporting period (2014: € 13.5 million).
| 2014 | 2015 | |
|---|---|---|
| Revenues | 170.2 | 181.5 |
| EBIT | 13.5 | 10.2 |
| Incoming orders | 222.5 | 177.7 |
| Order backlog | 211.4 | 207.3 |
The APAC area comprises 71 countries, including the entire Asia-Pacifi c region, several countries of the Middle East, China, India and Russia. APAC's production facilities are located in Singapore and Moscow; there are sales and service locations in China, Brunei and the Philippines and also a wide partner sales network.
The largest individual markets, and also those with the most robust economic development, are China and India. However, both countries predominantly procure locally produced, budget segment vehicles. For vehicle manufacturers from Europe or
the US, only the specialty vehicle segment is of interest in these markets as they demand a level of technology and quality not possible for local providers.
The APAC area also includes the top economies of Japan, Korea and Australia. Fire services are highly developed in these countries and they demand the highest quality fi refi ghting equipment. In Russia, however, demand was in sharp decline owing to the political situation and the low price of oil, though the vast country has an enormous need for modern fi refi ghting equipment. Given the strong demand for ARFF vehicles, incoming orders in the APAC area climbed to € 184.3 million in the reporting period (2014: € 174.7 million).
Revenues in the APAC area segment declined from € 172.9 million (2014) to € 166.2 million in 2015 on account of postponed deliveries. In line with the development in revenues, EBIT decreased to € 11.1 million after € 12.7 million in the previous year.
| 2014 | 2015 | |
|---|---|---|
| Revenues | 172.9 | 166.2 |
| EBIT | 12.7 | 11.1 |
| Incoming orders | 174.7 | 184.3 |
| Order backlog | 132.0 | 139.6 |
The NOMA area primarily comprises the US, Canada and countries in Central America and the Caribbean. The area's production facilities are located in Lyons (SD), Wyoming (MN) and Fremont (NE). The fi re service vehicles are manufactured to US standards and mainly delivered to the NOMA sales area, but also to customers in the MENA, NISA and APAC areas.
The US is the largest fi re service market in the world, and together with Canada the annual procurement volume is around 4,000 vehicles. Rosenbauer has a combined market share in the two countries of around 12%, making it one of the four major players on the market. Further growth is to be facilitated by broadening the product range and expanding the sales network.
In North America sales partners are the most important link between vehicle manufacturers and fi re departments; almost all purchases go through them. The dealers act as a one-stop shop and their ranges extend from fi retrucks to extinguishing systems and equipment with everything in between. Rosenbauer is represented by a comprehensive dealer network in both the US and Canada and in 2015 further expanded its sales strength on the West Coast in particular.
Following weak preceding years, the market volume in North America returned to a normal level in 2015. Thus, incoming orders in the NOMA area climbed to € 204.7 million in the reporting period (2014: € 137.1 million). Thanks to brisk tendering activities in the fi rst few months of 2016, it can be assumed that demand for fi retrucks will remain at a high level for the year as a whole.
The NOMA area ended 2015 highly successfully. Revenues climbed by 32% year-on-year to € 187.5 million after € 142.2 million in 2014. This growth was attributable to positive eff ects from foreign currency translation and a higher delivery volume on the domestic market. The recently longer delivery times were counteracted with the expansion of production capacity at the plants in Lyons, Fremont and Wyoming. The reorganization of processes this entailed already resulted in a signifi cant improvement in production effi ciency and profi tability in the reporting period.
Compared to the previous year, products that are established on the market such as the US Commander chassis generated substantial increases in revenues and earnings. EBIT increased from € 9.4 million to € 14.8 million as a result of further optimization in chassis production and due to the increased volume.
| 2014 | 2015 | |
|---|---|---|
| Revenues | 142.2 | 187.5 |
| EBIT | 9.4 | 14.8 |
| Incoming orders | 137.1 | 204.7 |
| Order backlog | 149.5 | 220.0 |
Rosenbauer produces all types of fi refi ghting vehicle on all common chassis and, in some cases, on its own chassis as well. Its portfolio comprises operations control and command vehicles, fi refi ghting and rescue trucks from 7.5 to 20 tonnes, emergency and specialty vehicles and aerial ladders and platforms for working heights of up to 90 m. The high rise aerial appliances are usually used to rescue people from high altitudes or in technical operations, but Rosenbauer also fi ts them with a tank, truck-mounted pump and waterway system to create full combination vehicles (rescue and fi refi ghting).
Vehicles delivered
All types of fi refi ghting vehicle are produced to both European and US standards. These two fi refi ghting worlds diff er greatly. The most visible expression of this is the diff erent way the vehicles are built. While in Europe they are built very compactly, US vehicles tend to be much larger and heavier. The fi refi ghting systems are diff erent as well: Many European fi re services use combined normal and high-pressure fi refi ghting systems (10 and 40 bar), while in the US the use of high-pressure systems is not widespread in fi refi ghting. Owing to the diff erent tactics and building structures, US fi refi ghters tend to use normalpressure pumps with high delivery rates.
Firefi ghting vehicles can be broken down into the groups of municipal, ARFF and industrial vehicles. The market for municipal fi refi ghting vehicles is characterized by replacement procurement, especially in developed countries. The biggest vehicle markets in terms of volume in 2015 were the US (NOMA area), Saudi Arabia (MENA area), Germany and Austria (CEEU area).
Depending on the level of deployment, equipment is used for an average of between 15 and 25 years. While volunteer fi re departments usually keep their vehicles for 20 to 25 years or even up to 30 years, the vehicles used by professional, industrial and airport fi re departments are replaced much sooner. Service lives of up to 15 years are normal here owing to the more intensive use of the vehicles.
Rosenbauer has vehicle plants in Austria, Germany, Spain, Slovenia, Russia, Singapore and the US. Final assembly is carried out in Switzerland, Saudi Arabia and South Africa. Its largest manufacturing facilities are Plant I and II in Leonding (Austria) and the Lyons plant in South Dakota (USA).
With revenues of € 692.0 million (2014: € 637.9 million), the Vehicles product segment accounted for the highest share of the Group's revenues in the reporting year at 79% (2014: 78%). Rosenbauer shipped a total of 2,751 vehicles in the period under review (2014: 2,388 vehicles).
Key segment fi gures for Vehicles (in € million)
| 2014 | 2015 | |
|---|---|---|
| Incoming orders | 674.4 | 727.9 |
| Revenues | 637.9 | 692.0 |
Developing and manufacturing fi refi ghting systems and components is one of Rosenbauer's core competences. This is a fi eld in which the company has more than 100 years of experience. Many other vehicle manufacturers have to buy in these "centerpieces" of their vehicles, and only very few produce their own fi refi ghting systems. Rosenbauer has a signifi cant competitive advantage with its single-source approach for fully integrated fi refi ghting equipment, from truck-mounted fi re pumps to turrets. Fire departments can trust that all these components will work perfectly together and that fi refi ghting and vehicle technology are optimally coordinated.
The Firefi ghting Components product segment includes pumps and pump units, portable fi re pumps, foam proportioning systems, turrets and their electronic control systems. This segment also includes UHPS fi refi ghting and compressed air foam systems (POLY and CAF systems) that are fi tted not just
Airports, industry or local authorities: The cannon off ers optimal foam quality, integrated ChemCore nozzle, maximum discharge range and intuitive operation.
in trucks, but on motorcycles and quads as well. Rosenbauer develops and produces the entire line of fi refi ghting systems at its Leonding location. These products are supplied to the Group's companies, selected superstructure manufacturers and customers. There are long-term partnership agreements with independent superstructure manufacturers. They allow Rosenbauer to reach markets that would otherwise be wholly or largely inaccessible for international vehicle business.
Rosenbauer is increasingly operating as a system supplier to third-party superstructure partners. They are supplied with complete, ready-to-install systems that, in addition to the pump, are also equipped with an electronic control system, foam proportioning system and the full pipework complete with all connectors and outlets.
A total of 1,951 truck-mounted fi re pumps (2014: 2,053), 1,232 pump units (2014: 1,291), 1,409 turrets (2014: 1,629) and 819 portable fi re pumps (2014: 1,098) were produced in 2015.
The Firefi ghting Components product segment generated independent revenues of € 21.8 million in 2015 (2014: € 21.1 million), 3% (2014: 3%) of consolidated revenues. These fi gures do not include pump units or components installed in vehicles – which account for the vast majority of production.
| 2014 | 2015 | |
|---|---|---|
| Incoming orders | 22.9 | 23.0 |
| Revenues | 21.1 | 21.8 |
Rosenbauer provides a full range of fi re service equipment, and its portfolio therefore features all personal and technical equipment products in addition to a full range for hazardous materials. Key strategic products are developed within the company, partly manufactured in-house and sold as Rosenbauer-brand items. These are all positioned in the very top quality segment and are distinguished by their outstanding reliability, functional design and attractive value for money. The latest innovations are the HEROS-titan fi re service helmet with an integrated thermal imaging camera, the latest generators and high-performance ventilators and a compact and poweroptimized submersible pump.
In particular, the sale of Rosenbauer products is promoted around the world, and corresponding international capacity has been established for this as part of the new area organization. Around 42% of total revenues in the Equipment segment are already from Rosenbauer-brand items and the trend is rising. Furthermore, it is not uncommon for customer service in the equipment sector to lead to access to the local vehicle market.
The Equipment product segment generated revenues of € 70.8 million in 2015 (2014: € 76.1 million), accounting for 8% (2014: 9%) of consolidated revenues.
| 2014 | 2015 | |
|---|---|---|
| Incoming orders | 69.8 | 72.8 |
| Revenues | 76.1 | 70.8 |
This area covers all measures to prevent or reduce the emergence and spread of fi res. This is mainly ensured by structural measures in addition to stationary fi re detection and extinguishing systems.
The preventive fi re protection market is highly fragmented. The biggest markets in Europe are the major economies. Stationary fi re extinguishing systems are mandatory in almost all public or industrial buildings. The largest purchasing volume is for sprinkler and deluge systems, and there are water mist and gas extinguishing systems, oxygen reduction systems and foam extinguishing systems. Rosenbauer has a distinct competitive advantage in foam extinguishing technology in particular as the Group can use its many years of expertise in the fi eld of fi refi ghting here.
Stationary Fire Protection at Rosenbauer designs and builds complete fi re protection systems throughout Europe utilizing the company's foam extinguishing competence. The systems are installed by the company's own trained team and handed over ready to go. Rosenbauer also provides maintenance for these systems. On the one hand it protects expensive industrial facilities and machinery such as paint shops, recycling plants and alternative-fuel power plants, etc. However, the range also includes special systems for protecting highway tunnels, aircraft hangars or heliports.
In the previous year, Rosenbauer successfully completed the VdS Schadensverhütung GmbH accreditation process and can now operate as VdS-certifi ed installer of stationary foam extinguishing systems. This is highly important for the German market especially as this is a sign of a high, trustworthy technical standard for most customers. A key step was taken at the beginning of 2016 with the acquisition of G&S Brandschutztechnik AG. This signifi cantly expanded the portfolio in industrial fi re protection to include sprinklers, deluge and gas extinguishing systems and fi re alarm systems, laying the foundations for the further planned growth in this segment.
The Stationary Fire Protection segment generated revenues of € 6.5 million in the reporting period (2014: € 6.0 million).
| 2014 | 2015 | |
|---|---|---|
| Incoming orders | 4.8 | 5.2 |
| Revenues | 6.0 | 6.5 |
Customer Service runs service centers of competence that handle repairs and spare parts management and the full Rosenbauer service range in the respective region in all areas. In addition to defi ned service packages, it mainly off ers training programs. This also includes training on simulators developed specifi cally for this purpose. The technical modernization work of fi refi ghting vehicles as part of a general overhaul is being pushed further. Furthermore, global presence is being expanded in view of the strategic signifi cance of service business to the Group. Rosenbauer currently operates 20 service facilities of its own and employs around 200 service technicians worldwide. In addition to this there are around 150 service partners,
mostly with their own workshop infrastructure. Rosenbauer therefore has by far the biggest service organization for the fi refi ghting industry in the world.
At € 42.4 million (2014: € 40.3 million), the Customer Service segment accounted for 5% of revenues in 2015 (2014: 5%). It should be noted that most of the service and repair work is carried out by Rosenbauer service partners, who are to be found in more than 100 diff erent countries.
| 2014 | 2015 | |
|---|---|---|
| Incoming orders | 46.8 | 45.6 |
| Revenues | 40.3 | 42.4 |
Other revenues have no causal link with the ordinary activities of the Group and thus cannot be assigned to any product segment. They essentially include freight and delivery costs and normally have no signifi cant impact on the company's results.
Other revenues amounted to € 31.9 million in the past fi nancial year (2014: € 32.4 million).
| 2014 | 2015 | |
|---|---|---|
| Incoming orders | 27.2 | 31.5 |
| Revenues | 32.4 | 31.9 |
92 Segment reporting
94 Explanatory notes
| in € thousand | Explanatory notes | Dec 31, 2014 | Dec 31, 2015 |
|---|---|---|---|
| ASSETS | |||
| A. Non-current assets | |||
| I. Property, plant and equipment |
(D1) | 125,139.4 | 134,151.8 |
| II. Intangible assets | (D1) | 9,059.1 | 13,529.9 |
| III. Securities | (D2) | 215.5 | 412.2 |
| IV. Investments in companies accounted | |||
| for using the equity method | (D3, D4) | 6,003.6 | 4,953.8 |
| V. Receivables and other assets | (D5) | 115.5 | 76.4 |
| VI. Deferred tax assets | (D6) | 6,114.7 | 5,379.6 |
| 146,647.8 | 158,503.7 | ||
| B. Current assets | |||
| I. Inventories |
(D7) | 208,043.5 | 190,231.4 |
| II. Construction contracts | (D8) | 77,066.5 | 87,290.8 |
| III. Receivables and other assets | (D9) | 118,867.3 | 149,761.8 |
| IV. Income-tax receivables | (D9) | 2,451.4 | 8,099.5 |
| V. Cash and cash equivalents | (D10) | 26,780.0 | 17,877.8 |
| 433,208.7 | 453,261.3 |
Total assets 579,856.5 611,765.0
| in € thousand | Explanatory notes | Dec 31, 2014 | Dec 31, 2015 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| A. Equity | |||
| I. Share capital |
(D11) | 13,600.0 | 13,600.0 |
| II. Capital reserves | (D11) | 23,703.4 | 23,703.4 |
| III. Other reserves | (D11) | (13,679.3) | (6,717.1) |
| IV. Accumulated results | (D11) | 150,843.4 | 165,113.5 |
| Equity attributable to | |||
| shareholders of the parent company | 174,467.5 | 195,699.8 | |
| V. Non-controlling interests | (D12) | 23,881.9 | 30,902.5 |
| 198,349.4 | 226,602.3 | ||
| B. Non-current liabilities | |||
| I. Non-current interest-bearing liabilities |
(D13) | 51,724.3 | 74,409.1 |
| II. Other non-current liabilities | (D14) | 1,611.9 | 1,347.7 |
| III. Non-current provisions | (D15) | 29,995.2 | 30,156.2 |
| IV. Deferred tax liabilities | (D6) | 2,640.3 | 4,256.0 |
| 85,971.7 | 110,169.0 | ||
| C. Current liabilities | |||
| I. Current interest-bearing liabilities |
(D16) | 129,483.5 | 135,216.4 |
| II. Advance payments received | 34,834.6 | 18,977.6 | |
| III. Trade payables | (D17) | 48,132.0 | 43,168.8 |
| IV. Other current liabilities | (D18) | 70,666.6 | 59,514.6 |
| V. Provisions for taxes | (D19) | 319.2 | 2,906.3 |
| VI. Other provisions | (D19) | 12,099.5 | 15,210.0 |
| 295,535.4 | 274,993.7 | ||
| Total equity and liabilities | 579,856.5 | 611,765.0 |
| 2014 | ||||
|---|---|---|---|---|
| in € thousand | Explanatory notes | restated1 | 2015 | |
| 1. | Revenues | (D20) | 813,798.6 | 865,407.1 |
| 2. | Other income | (D21) | 9,776.6 | 9,241.0 |
| 3. | Change in inventory of fi nished goods | |||
| and work in progress | 3,052.4 | 17,082.7 | ||
| 4. | Capitalized development costs | (D1) | 3,364.9 | 4,408.9 |
| 5. | Costs of goods sold | (522,415.3) | (555,418.2) | |
| 6. | Staff costs | (D22) | (159,466.7) | (182,899.6) |
| 7. | Depreciation and amortization expense on | |||
| property, plant and equipment and intangible assets | (12,664.4) | (14,066.8) | ||
| 8. | Other expenses | (D23) | (87,088.7) | (93,165.7) |
| 9. | Operating result (EBIT) before share in results | |||
| of companies accounted for using the equity method | 48,357.4 | 50,589.4 | ||
| 10. Financing expenses | (D24) | (5,024.6) | (6,231.4) | |
| 11. Financing income | (D25) | 2,166.6 | 3,216.3 | |
| 12. Share in results of companies accounted | ||||
| for using the equity method | 1,814.9 | 620.8 | ||
| 13. Profi t before income tax (EBT) | 47,314.3 | 48,195.1 | ||
| 14. Income tax | (D26) | (10,655.2) | (11,376.5) | |
| 15. Net profi t for the period | 36,659.1 | 36,818.6 | ||
| thereof: | ||||
| — Non-controlling interests | 9,375.9 | 14,388.5 | ||
| — Shareholders of parent company | 27,283.2 | 22,430.1 | ||
| Average number of shares outstanding | (E6) | 6,800,000 | 6,800,000 | |
| Basic earnings per share | (E6) | € 4.01 | € 3.30 | |
| Diluted earnings per share | (E6) | € 4.01 | € 3.30 |
1 Corrections of errors in the context of IAS 8 (for details see explanatory note A3a.)
| in € thousand | Explanatory notes | 2014 | 2015 |
|---|---|---|---|
| Net profi t for the period | 36,659.1 | 36,818.6 | |
| Restatements as required by IAS 19 | (D15) | (2,542.8) | 994.2 |
| — thereof deferred taxes | 656.8 | (251.1) | |
| Total of changes in value recognized in equity | |||
| that cannot be subsequently reclassifi ed into profi t or loss | (1,886.0) | 743.1 | |
| Gains/losses from foreign currency translation | 5,875.6 | 5,865.9 | |
| Gains/losses from foreign currency translation | |||
| of companies accounted for using the equity method | (D3) | (2,660.9) | (312.4) |
| Gains/losses from available-for-sale-securities | |||
| Change in unrealized gains/losses | 5.3 | 10.7 | |
| — thereof deferred tax | (1.3) | (2.7) | |
| Gains/losses from cash fl ow hedge | (D30b) | ||
| Change in unrealized gains/losses | (13,775.5) | (6,552.0) | |
| — thereof deferred tax | 3,443.8 | 1,638.0 | |
| Realized gains/losses | (4,097.0) | 11,233.7 | |
| — thereof deferred tax | 1,024.3 | (2,808.4) | |
| Total changes in value recognized in equity | |||
| subsequently reclassifi ed into profi t or loss | |||
| when certain conditions are met | (10,185.7) | 9,072.8 | |
| Other comprehensive income | (12,071.7) | 9,815.9 | |
| Total comprehensive income after income taxes | 24,587.4 | 46,634.5 | |
| thereof: | |||
| — Non-controlling interests | 11,414.6 | 17,242.2 | |
| — Shareholders of parent company | 13,172.8 | 29,392.3 |
| Attributable to shareholders | ||||||
|---|---|---|---|---|---|---|
| Other reserves | ||||||
| Restatement | ||||||
| Share | Capital | Currency | as required | |||
| in € thousand | Explanatory notes | capital | reserve | translation | by IAS 19 | |
| 2015 | ||||||
| As of Jan 1, 2015 | 13,600.0 | 23,703.4 | 2,355.7 | (6,368.6) | ||
| Other comprehensive income | 0.0 | 0.0 | 2,699.8 | 743.1 | ||
| Net profi t for the period | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Total comprehensive income | 0.0 | 0.0 | 2,699.8 | 743.1 | ||
| Dividend | (D12) | 0.0 | 0.0 | 0.0 | 0.0 | |
| As of Dec 31, 2015 | 13,600.0 | 23,703.4 | 5,055.5 | (5,625.5) | ||
| 2014 | ||||||
| As of Jan 1, 2014 | 13,600.0 | 23,703.4 | 1,179.7 | (4,482.6) | ||
| Other comprehensive income | 0.0 | 1,176.0 | (1,886.0) | |||
| Net profi t for the period | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Total comprehensive income | 0.0 | 0.0 | 1,176.0 | (1,886.0) | ||
| Acquisition of subsidiary | (B1) | 0.0 | 0.0 | 0.0 | 0.0 | |
| Dividend | (D12) | 0.0 | 0.0 | 0.0 | 0.0 | |
| As of Dec 31, 2014 | 13,600.0 | 23,703.4 | 2,355.7 | (6,368.6) |
| Group | Non-controlling | Accumulated | Hedging | Revaluation | |
|---|---|---|---|---|---|
| equity | interests | Subtotal | results | reserve | reserve |
| 198,349.4 | 23,881.9 | 174,467.5 | 150,843.4 | (9,676.1) | 9.7 |
| 9,815.9 | 2,853.7 | 6,962.2 | 0.0 | 3,511.3 | 8.0 |
| 36,818.6 | 14,388.5 | 22,430.1 | 22,430.1 | 0.0 | 0.0 |
| 46,634.5 | 17,242.2 | 29,392.3 | 22,430.1 | 3,511.3 | 8.0 |
| (18,381.6) | (10,221.6) | (8,160.0) | (8,160.0) | 0.0 | 0.0 |
| 226,602.3 | 30,902.5 | 195,699.8 | 165,113.5 | (6,164.8) | 17.7 |
| 187,909.7 | 18,455.0 | 169,454.7 | 131,720.2 | 3,728.3 | 5.7 |
| (12,071.7) | 2,038.7 | (14,110.4) | 0.0 | (13,404.4) | 4.0 |
| 36,659.1 | 9,375.9 | 27,283.2 | 27,283.2 | 0.0 | 0.0 |
| 24,587.4 | 11,414.6 | 13,172.8 | 27,283.2 | (13,404.4) | 4.0 |
0.0 0.0 0.0 0.0 248.6 248.6 0.0 0.0 (8,160.0) (8,160.0) (6,236.3) (14,396.3) 9.7 (9,676.1) 150,843.4 174,467.5 23,881.9 198,349.4
| in € thousand | Explanatory notes | 2014 | 2015 | |
|---|---|---|---|---|
| Profi t before income tax | 47,314.3 | 48,195.1 | ||
| + | Depreciation | 12,664.4 | 14,066.8 | |
| ± | Gains/losses of companies accounted | |||
| for using the equity method | (D3) | (1,814.9) | (620.8) | |
| – | Gains from the retirement of property, | |||
| plant and equipment, intangible assets and securities | (D21) | (149.2) | (153.2) | |
| + | Interest expenses | (D24) | 4,284.9 | 5,660.2 |
| – | Interest and securities income | (D25) | (2,166.6) | (3,216.3) |
| ± | Unrealized gains/losses from currency translation | 4,043.0 | 3,471.4 | |
| ± | Change in inventories | (39,799.1) | 17,812.1 | |
| ± | Change in receivables and other assets | |||
| and construction contracts | (D7, D8) | (65,577.7) | (37,786.6) | |
| ± | Change in other receivables | (1,575.2) | (1,249.7) | |
| ± | Change in trade payables and advance payments received | 11,270.6 | (20,560.9) | |
| ± | Change in other liabilities | 7,662.8 | (9,572.0) | |
| ± | Change in provisions (excluding income tax deferrals) | (318.1) | 4,265.7 | |
| Cash earnings | (24,160.8) | 20,311.8 | ||
| – | Interest paid | (D24) | (2,471.5) | (3,400.2) |
| + | Interest received and income of securities | (D25) | 916.3 | 1,586.3 |
| + | Dividends received from companies accounted | |||
| for using the equity method | (D3) | 937.1 | 1,358.1 | |
| – | Income tax paid | (12,313.3) | (13,328.4) | |
| Net cash fl ow from operating activities | (37,092.2) | 6,527.6 |
| in € thousand | Explanatory notes | 2014 | 2015 | ||
|---|---|---|---|---|---|
| Net cash fl ow from operating activities | (37,092.2) | 6,527.6 | |||
| ± | Payments made in connection with acquisition of subsidiary | ||||
| less acquired liquid funds | (B1) | (857.3) | 0.0 | ||
| – | Payments from the purchase of property, | ||||
| plant and equipment, intangile assets and securities | (D27) | (51,122.6) | (22,547.3) | ||
| + | Proceeds from the sale of property, plant and equipment, | ||||
| intangible assets and securities | 524.4 | 838.1 | |||
| – | Income from capitalized development costs | (3,364.9) | (4,408.9) | ||
| Net cash fl ow from investing activities | (54,820.4) | (26,118.1) | |||
| – | Dividends paid | (D27) | (8,160.0) | (8,160.0) | |
| – | Dividends paid to non-controlling interests | (D12) | (6,236.3) | (10,221.6) | |
| + | Proceeds from interest-bearing liabilities | 180,533.0 | 99,084.3 | ||
| – | Repayment of interest-bearing liabilities | (62,127.5) | (70,666.6) | ||
| Net cash fl ow from fi nancing liabilities | 104,009.2 | 10,036.1 | |||
| Net change in cash and cash equivalents | 12,096.6 | (9,554.4) | |||
| + | Cash and cash equivalents at the beginning of the period | (D10) | 13,805.8 | 26,780.0 | |
| ± | Adjustment from currency translation | 877.6 | 652.2 | ||
| Cash and cash equivalents at the end of the period | (D10) | 26,780.0 | 17,877.8 |
| Cost of acquisition or production | |||||||
|---|---|---|---|---|---|---|---|
| As of | As of | ||||||
| Jan 1, | Currency | Adjust- | Dec 31, | ||||
| in € thousand | 2015 | diff erences | Additions | Disposals | ments | 2015 | |
| 2015 | |||||||
| I. Property, plant and equipment | |||||||
| 1. Land and buildings | |||||||
| a) Land value | 16,054.5 | 243.8 | 0.0 | 0.0 | (895.4) | 15,402.9 | |
| b) Offi ce and plant buildings | 84,429.5 | 1,847.0 | 3,171.1 | 357.8 | 1,763.0 | 90,852.8 | |
| c) Outside facilities | 7,279.3 | 0.0 | 178.3 | 6.7 | 0.0 | 7,450.9 | |
| d) Investments in | |||||||
| non-owned buildings | 4,269.8 | 106.7 | 1,625.3 | 37.8 | 0.0 | 5,964.0 | |
| 2. Undeveloped land | 7,318.6 | 0.0 | 63.1 | 0.0 | 895.4 | 8,277.1 | |
| 3. Technical equipment | |||||||
| and machinery | 35,712.2 | 917.9 | 2,456.0 | 389.5 | 0.0 | 38,696.6 | |
| 4. Other equipment, | |||||||
| furniture and fi xtures | 55,429.1 | 457.1 | 6,764.9 | 3,530.7 | 671.2 | 59,791.6 | |
| 5. Advance payments received | |||||||
| and construction in progress | 2,117.4 | 116.2 | 6,867.4 | 173.7 | (2,429.8) | 6,497.5 | |
| 212,610.4 | 3,688.7 | 21,126.1 | 4,496.2 | 4.4 | 232,933.4 | ||
| II. Intangible assets | |||||||
| 1. Rights | 5,238.9 | 8.5 | 924.6 | 236.3 | (4.4) | 5,931.3 | |
| 2. Goodwill | 1,163.5 | 0.0 | 0.0 | 0.0 | 0.0 | 1,163.5 | |
| 3. Other intangible assets | 6,597.8 | 53.8 | 4,408.9 | 0.0 | 0.0 | 11,060.5 | |
| 13,000.2 | 62.3 | 5,333.5 | 236.3 | (4.4) | 18,155.3 | ||
| 225,610.6 | 3,751.0 | 26,459.6 | 4,732.5 | 0.0 | 251,088.7 |
| Accumulated depreciation | Net book value | |||||
|---|---|---|---|---|---|---|
| As of | As of | As of | As of | |||
| Jan 1, | Currency | Dec 31, | Dec 31, | Dec 31, | ||
| 2015 | diff erences | Additions | Disposals | 2015 | 2015 | 2014 |
| 27.7 | 0.0 | 0.0 | 0.0 | 27.7 | 15,375.2 | 16,026.8 |
| 26,935.4 | 1,077.2 | 3,217.3 | 154.2 | 31,075.7 | 59,777.1 | 57,494.1 |
| 3,131.8 | 0.0 | 431.3 | 6.7 | 3,556.4 | 3,894.5 | 4,147.5 |
| 2,456.5 | 43.7 | 381.8 | 27.3 | 2,854.7 | 3,109.3 | 1,813.3 |
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 8,277.1 | 7,318.6 |
| 19,456.1 | 567.4 | 3,004.3 | 358.2 | 22,669.6 | 16,027.0 | 16,256.1 |
| 35,463.5 | 313.2 | 6,126.1 | 3,305.3 | 38,597.5 | 21,194.1 | 19,965.6 |
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 6,497.5 | 2,117.4 |
| 87,471.0 | 2,001.5 | 13,160.8 | 3,851.7 | 98,781.6 | 134,151.8 | 125,139.4 |
| 3,859.3 | 8.4 | 718.2 | 236.3 | 4,349.6 | 1,581.7 | 1,379.6 |
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1,163.5 | 1,163.5 |
| 89.2 | (1.2) | 187.8 | 0.0 | 275.8 | 10,784.7 | 6,508.6 |
| 3,948.5 | 7.2 | 906.0 | 236.3 | 4,625.4 | 13,529.9 | 9,051.7 |
| 91,419.5 | 2,008.7 | 14,066.8 | 4,088.0 | 103,407.0 | 147,681.7 | 134,191.1 |
| Cost of acquisition or production | ||||||||
|---|---|---|---|---|---|---|---|---|
| in € thousand | As of Jan 1, 2014 |
Currency diff erences |
Acquisition of sub- sidiary |
Additions | Disposals | Adjust- ments |
As of Dec 31, 2014 |
|
| 2014 | ||||||||
| I. Property, plant and equipment | ||||||||
| 1. Land and buildings | ||||||||
| a) Land value b) Offi ce and plant buildings |
6,522.1 63,400.6 |
85.0 1,181.6 |
0.0 0.0 |
9,447.4 17,032.5 |
0.0 0.0 |
0.0 2,814.8 |
16,054.5 84,429.5 |
|
| c) Outside facilities | 5,615.8 | 0.0 | 0.0 | 1,755.3 | 91.8 | 0.0 | 7,279.3 | |
| d) Investments in | ||||||||
| non-owned buildings | 3,611.7 | 88.7 | 45.7 | 796.7 | 273.0 | 0.0 | 4,269.8 | |
| 2. Undeveloped land | 3,567.2 | 0.0 | 0.0 | 3,751.4 | 0.0 | 0.0 | 7,318.6 | |
| 3. Technical equipment | ||||||||
| and machinery | 29,694.5 | 788.9 | 75.9 | 4,616.3 | 985.9 | 1,522.5 | 35,712.2 | |
| 4. Other equipment, | ||||||||
| furniture and fi xtures | 46,981.9 | 347.8 | 16.8 | 10,554.3 | 2,452.7 | (19.0) | 55,429.1 | |
| 5. Advance payments received | ||||||||
| and construction in progress | 4,355.3 | 0.4 | 0.0 | 2,086.1 | 6.1 | (4,318.3) | 2,117.4 | |
| 163,749.1 | 2,492.4 | 138.4 | 50,040.0 | 3,809.5 | 0.0 | 212,610.4 | ||
| II. Intangible assets | ||||||||
| 1. Rights | 4,411.3 | 8.7 | 0.0 | 1,137.2 | 318.3 | 0.0 | 5,238.9 | |
| 2. Goodwill | 813.6 | 0.0 | 349.9 | 0.0 | 0.0 | 0.0 | 1,163.5 | |
| 3. Other intangible assets | 2,368.1 | 0.0 | 864.8 | 3,364.9 | 0.0 | 0.0 | 6,597.8 | |
| 7,593.0 | 8.7 | 1,214.7 | 4,502.1 | 318.3 | 0.0 | 13,000.2 | ||
| 171,342.1 | 2,501.1 | 1,353.1 | 54,542.1 | 4,127.8 | 0.0 | 225,610.6 |
| Net book value | |||||||
|---|---|---|---|---|---|---|---|
| Changes | |||||||
| As of | in con- | As of | As of | As of | |||
| Jan 1, | Currency | solidation | Dec 31, | Dec 31, | Dec 31, | ||
| 2014 | diff erences | basis | Additions | Disposals | 2014 | 2014 | 2013 |
| 6,496.1 | |||||||
| 39,954.6 | |||||||
| 2,768.5 | 0.0 | 0.0 | 425.0 | 61.7 | 3,131.8 | 4,147.5 | 2,847.3 |
| 1,202.4 | |||||||
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7,318.6 | 3,567.2 |
| 16,946.2 | 569.1 | 35.8 | 2,739.3 | 834.3 | 19,456.1 | 16,256.1 | 12,748.3 |
| 31,717.4 | 264.8 | 9.3 | 5,753.0 | 2,281.0 | 35,463.5 | 19,965.6 | 15,264.5 |
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2,117.4 | 4,355.3 |
| 77,313.4 | 1,537.5 | 74.3 | 12,001.7 | 3,455.9 | 87,471.0 | 125,139.4 | 86,435.7 |
| 817.7 | |||||||
| 813.6 | |||||||
| 2,368.1 | |||||||
| 3,593.6 | 8.5 | 0.0 | 662.7 | 316.3 | 3,948.5 | 9,051.7 | 3,999.4 |
| 80,907.0 | 1,546.0 | 74.3 | 12,664.4 | 3,772.2 | 91,419.5 | 134,191.1 | 90,435.1 |
| 26.0 23,446.0 2,409.3 3,593.6 0.0 0.0 |
0.0 666.4 37.2 8.5 0.0 0.0 |
0.0 0.0 29.2 0.0 0.0 0.0 |
Accumulated depreciation 1.7 2,833.5 249.2 573.5 0.0 89.2 |
0.0 10.5 268.4 316.3 0.0 0.0 |
27.7 26,935.4 2,456.5 3,859.3 0.0 89.2 |
16,026.8 57,494.1 1,813.3 1,379.6 1,163.5 6,508.6 |
| As of | As of | ||||||
|---|---|---|---|---|---|---|---|
| Jan 1, | Currency | Con- | Com- | Dec 31, | |||
| in € thousand | 2015 | diff erences | Allocation | sumption | Reversal | pounding | 2015 |
| 2015 | |||||||
| Current | |||||||
| Personnel provisions | 250.7 | (0.5) | 0.0 | (175.2) | (75.0) | 0.0 | 0.0 |
| Provisions for warranties | 9,111.4 | 335.1 | 10,652.5 | (9,301.2) | (145.3) | 0.0 | 10,652.5 |
| Contract loss provisions | 471.6 | 1.0 | 20.4 | 0.0 | (416.1) | 0.0 | 76.9 |
| Provisions for income tax | 319.2 | (9.2) | 2,889.5 | (293.2) | 0.0 | 0.0 | 2,906.3 |
| Other provisions | 2,265.8 | 23.8 | 3,488.3 | (959.6) | (337.7) | 0.0 | 4,480.6 |
| 12,418.7 | 350.2 | 17,050.7 | (10,729.2) | (974.1) | 0.0 | 18,116.3 | |
| Non-current | |||||||
| Provisions for | |||||||
| long-service bonuses | 3,335.6 | 0.0 | 403.3 | (25.0) | 0.0 | 69.7 | 3,783.6 |
| Other non-current | |||||||
| provisions | 23.0 | 0.0 | 0.0 | 0.0 | (23.0) | 0.0 | 0.0 |
| 3,358.6 | 0.0 | 403.3 | (25.0) | (23.0) | 69.7 | 3,783.6 | |
| 15,777.3 | 350.2 | 17,454.0 | (10,754.2) | (997.1) | 69.7 | 21,899.9 |
The schedule of provisions for severance payments and pensions is contained under D15. "Non-current provisions" in the explanatory notes.
| As of | As of | ||||||
|---|---|---|---|---|---|---|---|
| Jan 1, | Currency | Con- | Com- | Dec 31, | |||
| in € thousand | 2014 | diff erences | Allocation | sumption | Reversal | pounding | 2014 |
| 2014 | |||||||
| Current | |||||||
| Personnel provisions | 106.9 | 0.1 | 250.7 | (95.0) | (12.0) | 0.0 | 250.7 |
| Provisions for warranties | 10,699.2 | 311.8 | 9,111.4 | (10,914.7) | (96.3) | 0.0 | 9,111.4 |
| Contract loss provisions | 209.0 | 1.9 | 471.6 | (210.9) | 0.0 | 0.0 | 471.6 |
| Provisions for income tax | 1,967.4 | 12.6 | 584.0 | (2,208.3) | (36.5) | 0.0 | 319.2 |
| Other provisions | 2,920.8 | 46.0 | 1,774.0 | (1,048.8) | (1,426.2) | 0.0 | 2,265.8 |
| 15,903.3 | 372.4 | 12,191.7 | (14,477.7) | (1,571.0) | 0.0 | 12,418.7 | |
| Non-current | |||||||
| Provisions for | |||||||
| long-service bonuses | 2,704.0 | 0.0 | 705.3 | (160.7) | 0.0 | 87.0 | 3,335.6 |
| Other non-current | |||||||
| provisions | 57.0 | 0.0 | 0.0 | 0.0 | (34.0) | 0.0 | 23.0 |
| 2,761.0 | 0.0 | 705.3 | (160.7) | (34.0) | 87.0 | 3,358.6 | |
| 18,664.3 | 372.4 | 12,897.0 | (14,638.4) | (1,605.0) | 87.0 | 15,777.3 |
The schedule of provisions for severance payments and pensions is contained under D15. "Non-current provisions" in the explanatory notes.
| CEEU | NISA | MENA | APAC | NOMA | Con | |||
|---|---|---|---|---|---|---|---|---|
| in € thousand | area | area | area | area | area | Other | solidation | Group |
| 2015 | ||||||||
| External revenues | 230,201.0 | 99,109.3 | 181,522.8 | 166,204.7 | 187,500.2 | 869.1 | 0.0 | 865,407.1 |
| Segment revenues | 392,432.8 | 0.0 | 0.0 | 0.0 | 5,563.3 | 0.0 | (397,996.1) | 0.0 |
| Total revenues | 622,633.8 | 99,109.3 | 181,522.8 | 166,204.7 | 193,063.5 | 869.1 (397,996.1) | 865,407.1 | |
| EBIT before share of results of companies |
||||||||
| accounted for using | ||||||||
| the equity method | 12,389.9 | 2,927.2 | 10,224.8 | 11,090.0 | 14,821.9 | (864.4) | 0.0 | 50,589.4 |
| EBT | 20,071.8 | 3,243.6 | 208.7 | 1,970.8 | 23,564.6 | (864.4) | 0.0 | 48,195.1 |
| Depreciation | (11,889.3) | (206.9) | (201.5) | (240.9) | (1,528.2) | 0.0 | 0.0 | (14,066.8) |
| Finance expenses | (5,500.3) | (13.0) | (14.2) | (0.4) | (703.5) | 0.0 | 0.0 | (6,231.4) |
| Financial income | 1,733.3 | 7.8 | 0.0 | 463.5 | 1,011.7 | 0.0 | 0.0 | 3,216.3 |
| Share in results of | ||||||||
| companies accounted for | ||||||||
| using the equity method | 0.0 | 392.1 | 0.0 | 228.7 | 0.0 | 0.0 | 0.0 | 620.8 |
The revenues of the customer that contributed more than 10% of external revenues in 2015 and 2014 amounted to € 146,615.0 thousand (2014: € 139,502.8 thousand) and is associated with the area MENA.
| Revenues | ||
|---|---|---|
| 2014 | ||
| in € million | restated1 | 2015 |
| Vehicles | 637.9 | 692.0 |
| Firefi ghting Components | 21.1 | 21.8 |
| Fire & Safety Equipment | 76.1 | 70.8 |
| Stationary Fire Protection | 6.0 | 6.5 |
| Customer Service | 40.3 | 42.4 |
| Others | 32.4 | 31.9 |
| Group | 813.8 | 865.4 |
1 The fi gures for the previous year were restated in accordance with IFRS 8.
| CEEU | NISA | MENA | APAC | NOMA | Con | |||
|---|---|---|---|---|---|---|---|---|
| in € thousand | area | area | area | area | area | Other | solidation | Group |
| 2014 restated1 | ||||||||
| External revenues | 228,950.7 | 96,666.0 | 170,219.3 | 172,934.8 | 142,221.0 | 2,806.8 | 0.0 | 813,798.6 |
| Segment revenues | 368,367.0 | 0.0 | 0.0 | 0.0 | 12,531.4 | 0.0 | (380,898.4) | 0.0 |
| Total revenues | 597,317.7 | 96,666.0 | 170,219.3 | 172,934.8 | 154,752.4 | 2,806.8 (380,898.4) | 813,798.6 | |
| EBIT before share of | ||||||||
| results of companies | ||||||||
| accounted for using | ||||||||
| the equity method | 7,219.8 | 5,708.5 | 13,451.6 | 12,713.0 | 9,396.0 | (131.5) | 0.0 | 48,357.4 |
| EBT | 26,556.2 | 3,326.4 | (74.5) | 2,538.3 | 15,099.4 | (131.5) | 0.0 | 47,314.3 |
| Depreciation | (11,064.6) | (86.6) | (85.1) | (293.3) | (1,134.8) | 0.0 | 0.0 | (12,664.4) |
| Finance expenses | (4,405.5) | (25.3) | 0.0 | (419.9) | (173.9) | 0.0 | 0.0 | (5,024.6) |
| Financial income | 1,407.6 | 29.5 | 0.0 | 0.0 | 729.5 | 0.0 | 0.0 | 2,166.6 |
| Share in results of | ||||||||
| companies accounted for | ||||||||
| using the equity method | 0.0 | 329.5 | 0.0 | 1,485.4 | 0.0 | 0.0 | 0.0 | 1,814.9 |
1 The fi gures for the previous year were restated in accordance with IFRS 8.
| Revenues | Property, plant | Intangible assets | ||||
|---|---|---|---|---|---|---|
| 2014 | and equipment | |||||
| in € million | restated1 | 2015 | 2014 | 2015 | 2014 | 2015 |
| Austria | 61,386.1 | 64,225,5 | 92,174.0 | 92,166.5 | 5,538.2 | 9,107.5 |
| USA | 124,357.0 | 163,027.4 | 9,480.9 | 10,902.3 | 1.3 | 11.3 |
| Germany | 129,855.6 | 121,764.1 | 12,474.3 | 13,225.8 | 1,351.8 | 2,278.2 |
| Saudi Arabia | 163,182.2 | 161,041.2 | 1,604.0 | 5,687.1 | 0.0 | 0.0 |
| Rest of the world | 335,017.7 | 355,348.9 | 9,406.2 | 12,170.1 | 2,167.8 | 2,132.9 |
| Group | 813,798.6 | 865,407.1 | 125,139.4 | 134,151.8 | 9,059.1 | 13,529.9 |
1 The fi gures for the previous year were restated in accordance with IFRS 8.
The Rosenbauer Group is an international group of companies whose parent company is Rosenbauer International AG, based in Austria. Its main focus is on the production of fi refi ghting vehicles, the development and manufacture of fi refi ghting systems, equipping vehicles and their crews and preventive fi refi ghting. The Group's head offi ce is located at Paschinger Strasse 90, 4060 Leonding, Austria. The company is registered with the Linz Regional Court under commercial register number FN 78543 f.
These consolidated fi nancial statements of Rosenbauer International AG and its subsidiaries as of December 31, 2015 were prepared in accordance with the principles of the International Financial Reporting Standards (IFRS), as endorsed by the EU, and are expected to be presented by the Executive Board to the Supervisory Board for approval for publication in April 2016. The additional requirements of section 245a(1) of the Unternehmensgesetzbuch (UGB – Austrian Commercial Code) have been complied with.
The consolidated fi nancial statements have been prepared in thousands of euro (€). Unless stated otherwise, the fi gures in the explanatory notes are presented in thousands of euro. The commercial rounding of individual items and percentages may result in minor arithmetic diff erences.
The consolidated fi nancial statements have been prepared applying the historical cost system. This does not apply to derivative fi nancial instruments or fi nancial investments available for sale, which were measured at fair value.
The accounting policies applied in 2015 are basically the same as those used in the previous year.
The following new, revised or supplemented standards are not relevant to the consolidated fi nancial statements of Rosenbauer International AG:
| Eff ecitve date | ||
|---|---|---|
| Standards/Interpretations | in the EU | |
| IFRIC 21 "Levies" (published May 2013) | June 17, 2104 | |
| Improvements to IFRS (2011–2013) | ||
| (published December 2013) | January 1, 2015 |
No new, revised or supplemented IASB standards aff ecting Rosenbauer's consolidated fi nancial statements were applied for the fi rst time in the 2015 fi nancial year.
Given the reorganization of internal reporting, the presentation of segment reporting was changed in the 2015 fi nancial year. Further information can be found under D28.
Freight and commission expenses were previously shown net of freight and commission income under revenues. As freight and commission expenses are charged to customers and Rosenbauer therefore bears the risks and rewards, this net reporting was not consistent with the netting regulations of IAS 1.32. From the 2015 fi nancial year, freight and commission income are therefore shown under revenues and freight and commission expenses under other expenses. The fi gures for the previous year were restated in accordance with IAS 8.42. The freight and commission expenses reclassifi ed from revenues to other expenses for the 2014 fi nancial year amount to € 28,946.3 thousand. The correction of this error had no eff ect on earnings per share in either the current fi nancial year or the previous year.
As of the time of these fi nancial statements being approved for publication, in addition to the standards and interpretations already applied by the Group, the following standards and interpretations had already been published but were not yet eff ective or had not yet been endorsed by the European Commission. The Group intends to adopt these new or amended standards from their eff ective date.
In July 2014 the IASB published IFRS 9 ("Financial Instrument"), which is eff ective for the fi rst time for reporting periods beginning on or after January 1, 2018. IFRS 9 contains amendments to the categorization and measurement of fi nancial instruments, impairment of fi nancial assets and regulations on hedge accounting. IFRS 9 increases the scope of hedges that can be designated. This can also infl uence the hedges of the Rosenbauer Group that can be designated.
In May 2014 the IASB issued IFRS 15 ("Revenue from Contracts with Customers"). This standard sets out a comprehensive framework for whether, how much and when revenue should be recognized. The regulations of IFRS 15 redefi ned the concept of the transfer of control. IFRS 15 replaces the existing regulations on the recognition of revenues, including IAS 18 ("Revenue"), IAS 11 ("Construction Contracts"), and IFRIC 13 ("Customer Loyalty Programs").
IFRS 15 is eff ective for the fi rst time for reporting periods beginning on or after January 1, 2018; earlier adoption is permitted.
An implementation process is currently being set up to evaluate the eff ects of IFRS 15 on the consolidated fi nancial statements. An initial analysis of contractual customer agreements showed that the application of IFRS 15 will aff ect revenue recognition in the fi eld of multi-component contracts in particular for the Rosenbauer Group. Furthermore, when IFRS 15 becomes eff ective it is currently believed that it will no longer be possible to use the percentage of completion method for a majority of the projects presently accounted for using this method. This would result in the revenues for these projects no longer being recognized in line with the percentage of completion, and instead they would be recognized as of the date of the transfer of control.
There are new regulations on accounting for leases under IFRS 16, which was released in January 2016 and supersedes IAS 17. In the future, lessees will have to report assets and liabilities for most leases regardless of whether they are operating or fi nance leases under past IAS 17 criteria. For lessors there will be only minor changes compared to accounting in accordance with IAS 17. Rosenbauer will begin analyzing the eff ects of IFRS 16 more closely in the near future.
No signifi cant eff ect on the consolidated fi nancial statements of Rosenbauer International AG is expected from the following standards/interpretations.
| Eff ective date | |||
|---|---|---|---|
| according to | according to | ||
| Standards/Interpretations | IASB | EU-endorsement | |
| IAS 19 "Defi ned Benefi t Plans: Employee Contributions" | |||
| (published November 2013) | July 1, 2014 | February 1, 2015 | |
| Improvements to IFRS (2010–2012) | |||
| (published December 2013) | July 1, 2014 | February 1, 2015 | |
| Improvements to IFRS (2012–2014) | |||
| (published September 2014) | January 1, 2016 | January 1, 2016 | |
| IAS 16 and IAS 41 "Agriculture: Bearer Plants" | |||
| (published June 2014) | January 1, 2016 | January 1, 2016 | |
| Amendments to IFRS 11: Accounting for Acquisitions | |||
| of Interests in Joint Operations (published May 2014) | January 1, 2016 | January 1, 2016 | |
| Amendments to IFRS 10, IFRS 12 and IAS 28: | |||
| Investment Entities – Applying the Consolidation Exception | |||
| (published December 2014) | January 1, 2016 | –1 | |
| Amendments to IAS 27: Equity Method | |||
| (published August 2014) | January 1, 2016 | January 1, 2016 | |
| Amendments to IAS 16 and 38: Depreciation | |||
| and Amortisation (published May 2014) | January 1, 2016 | January 1, 2016 | |
| Amendments to IAS 1: Disclosure Initiative | |||
| (published December 2014) | January 1, 2016 | January 1, 2016 | |
| Amendments to IAS 7: Disclosure Initiative | |||
| (published January 2016) | January 1, 2017 | –1 | |
| IAS 12 "Recognition of Deferred Tax Assets | |||
| for Unrealised Losses" (published January 2016) | January 1, 2017 | –1 | |
| IFRS 16 "Leases" (published January 2016) | January 1, 2019 | –1 |
1 Not yet applied
The companies included in the consolidated fi nancial statements are shown in the list of investees (see E3. "Related party disclosures").
Subsidiaries are investees controlled by the parent company. The parent company controls an investee when it has exposure or rights to variable returns from its involvement with the investee and the ability to utilize its control over the material activities of the investee so as to infl uence the amount of returns from the investee.
The parent company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the above criteria for control.
If the parent company does not have a majority of voting rights, the investee is still controlled if it has the practical ability to direct the relevant activities unilaterally. At the subsidiaries where Rosenbauer International AG does not directly or indirectly hold more than half of the voting rights, control is contractually assured.
Thus, in accordance with IFRS 10, in addition to the parent company there are two Austrian and 19 foreign subsidiaries legally or constructively controlled by Rosenbauer International AG.
Consolidation of a subsidiary begins from the date the parent company obtains control of the subsidiary and ceases when the parent company loses control of the subsidiary. All the subsidiaries included are included in consolidation.
An associate is an investee over which the parent company has signifi cant infl uence. Signifi cant infl uence is the power to participate in the fi nancial and operating policy decisions of an investee, though it is not controlled and its decision-making processes are not jointly controlled.
A joint venture is a subcategory of joint arrangement as defi ned by IFRS 11, which is jointly controlled by the parties involved and in which the parties involved have a right to the net assets. Joint control requires the contractually agreed sharing of control of an arrangement and exists only when decisions about the relevant activities require the unanimous consent of the parties involved.
Shares in associates and joint ventures are accounted for using the equity method and recognized at cost on addition. The carrying amount is increased or decreased to recognize the investor's share of the profi t or loss of the companies accounted for using the equity method after the date of acquisition. The Group's share of the profi t or loss of the companies accounted for using the equity method is recognized in profi t or loss from the acquisition date.
B. CONSOLI-DATION PRINCIPLES
The shares in the associate in Russia (PA "Fire-fi ghting special technics" LLC.; Rosenbauer's share: 49%), which was founded with Russian partners, and the shares in the joint venture in Spain founded with the joint owner and manager of Rosenbauer Española (Rosenbauer Ciansa S.L.; Rosenbauer's share: 50%) are accounted for using the equity method.
| Company consolidated |
Consolidated company at equity |
|||
|---|---|---|---|---|
| 2014 | 2015 | 2014 | 2015 | |
| As of Jan 1 | 21 | 22 | 2 | 2 |
| Acquisitions | 1 | 0 | 0 | 0 |
| As of Dec 31 | 22 | 22 | 2 | 2 |
There were no acquisitions or business combinations as defi ned in IFRS 3 in the 2015 fi nancial year.
Rosenbauer UK plc
One new company was included in the group of consolidated companies in the second quarter of 2014.
On April 24, 2014 Rosenbauer International AG signed an agreement to acquire a 75% interest in its UK partner North Fire plc, Holmfi rth. In the past the company was the exclusive sales and service partner for personal protective equipment, components, aerial appliances and municipal vehicles. The company was included in consolidation for the fi rst time as of April 1, 2014 and operates under the name Rosenbauer UK plc.
Purchase price allocation on the basis of the calculated fair values was as follows as of the acquisition date:
| in € thousand | 2014 |
|---|---|
| Purchase price paid in cash | 1,095.9 |
| Total purchase price | 1,095.9 |
| Acquired net assets | 994.6 |
| Pro rata net assets (75%) | 746.0 |
| Non-controlling interests measured | |
| at amount of pro rata net assets (25%) | 248.6 |
| Goodwill | 349.9 |
The goodwill arising from the acquisition essentially refl ects the anticipated benefi ts from expanding the market and synergies.
The measurement of the purchase price allocation is fi nal, the goodwill arising is non-deductible in tax terms. The goodwill has been assigned to this individual company for the purposes of the impairment test on the basis of internal management.
The acquired net assets of € 994.6 thousand break down as follows:
| in € thousand | 2014 |
|---|---|
| Non-current assets | |
| Property, plant and equipment | 60.2 |
| Intangible assets | 864.8 |
| 925.0 | |
| Current assets | |
| Inventories | 361.1 |
| Receivables | 465.8 |
| Cash and cash equivalents | 238.6 |
| 1,065.5 | |
| Non-current liabilities | |
| Deferred tax liabilities | 173.0 |
| 173.0 | |
| Current liabilities | |
| Trade payables | 818.3 |
| Other current liabilities | 4.6 |
| 822.9 | |
| Acquired net assets | 994.6 |
The fair value of the receivables is € 465.8 thousand. The gross amount of the receivables is also € 465.8 thousand. No trade receivables were impaired, and all contractually defi ned receivables are expected to be collectible.
The net cash fl ow from the acquisition is as follows:
| Net cash fl ow from investing activities in € thousand | 2014 |
|---|---|
| Purchase price paid in cash | (1,095.9) |
| less cash and cash equivalents | 238.6 |
| Net cash fl ow from acquistion | (857.3) |
Consolidated earnings would have been as follows if the transaction had been performed as of January 1, 2014:
| in € thousand | 2014 |
|---|---|
| Revenues | 785,356.5 |
| Earnings after taxes | 36,673.9 |
| Earnings per share | 4.01 € |
In the months April to December 2014, the newly acquired company Rosenbauer UK generated revenues of € 3,658.1 thousand and earnings after taxes of € –1.8 thousand.
At the start of 2016, 100% of shares in G&S Brandschutztechnik AG, Mogendorf, Germany, were acquired via a wholly owned subsidiary of Rosenbauer International AG. The company will be included in consolidation for the fi rst time as of January 1, 2016.
The G&S Group operates in the fi eld of preventive fi refi ghting. It designs, manufactures, installs and services both stationary standard and special extinguishing systems and fi re alarm systems. The Group has VdS approval as an installer for all major trades and builds plants worldwide in line with all known international standards. Last year the company generated revenues of € 14.3 million with 130 employees.
With its acquisition of the G&S Group, Rosenbauer is expanding its portfolio in preventive fi refi ghting and paving the way for its planned growth in this segment.
Preliminary purchase price allocation on the basis of the calculated fair values was as follows as of the acquisition date:
| in € thousand | 2016 |
|---|---|
| Purchase price paid in cash | 10,000.0 |
| Total purchase price | 10,000.0 |
| Total acquired net assets (100%) | 6,589.3 |
| Goodwill | 3,410.7 |
The goodwill arising from the acquisition essentially refl ects the anticipated benefi ts from expanding the market and from synergies. The goodwill cannot be used for tax purposes.
The purchase price allocation is provisional. The fi nal purchase price allocation will be completed within twelve months of the acquisition date when all the bases for determining the fair values have been analyzed in detail.
The acquired net assets of € 6,589.3 thousand break down as follows:
| in € thousand | Jan 1, 2016 |
|---|---|
| Non-current assets | |
| Property, plant and equipment | 2,453.9 |
| Intangible assets | 7,412.5 |
| 9,866.4 | |
| Current assets | |
| Inventories | 642.2 |
| Receivables | 3,377.6 |
| Cash and cash equivalents | 758.8 |
| 4,778.6 | |
| Non-current liabilities | |
| Non-current interest-bearing liabilities | 1,334.3 |
| Non-current liabilities | 100.0 |
| Deferred tax liabilities | 2,257.8 |
| 3,692.1 | |
| Current liabilities | |
| Current interest-bearing liabilities | 382.6 |
| Current provisions | 1,088.0 |
| Trade payables | 907.8 |
| Other current liabilities | 1,985.2 |
| 4,363.6 | |
| Acquired net assets | 6,589.3 |
The fair value of the receivables is € 3,377.6 thousand. The gross amount of the receivables is also € 3,377.6 thousand. No trade receivables were impaired, and all contractually defi ned receivables are expected to be collectible.
The net cash fl ow from the acquisition is as follows:
| Net cash fl ow from investing activities in € thousand | 2016 |
|---|---|
| Purchase price paid in cash | (10,000.0) |
| less cash and cash equivalents | 758.8 |
| Net cash fl ow from acquisition | (9,241.2) |
Mi Star d.o.o.
By way of an asset deal, the Slovenian production company Rosenbauer d.o.o. acquired 100% of the shares in the Slovenian company Mi Star d.o.o. in January 2016. The company will be included in consolidation for the fi rst time as of January 1, 2016.
Mi Star has worked for Rosenbauer as a sales partner for two decades and exclusively sells fi refi ghting vehicles, extinguishing technology and equipment. Last year the company generated revenues of € 5.5 million with eleven employees.
Preliminary purchase price allocation on the basis of the calculated fair values was as follows as of the acquisition date:
| in € thousand | 2016 |
|---|---|
| Purchase price paid in cash | 0.0 |
| Consideration not yet due | 634.4 |
| Liabilities assumed by the seller | 165.6 |
| Total purchase price | 800.0 |
| Total acquired net assets (100%) | 800.0 |
| Goodwill | 0.0 |
The purchase price allocation is provisional. The fi nal purchase price allocation will be completed within twelve months of the acquisition date when all the bases for determining the fair values have been analyzed in detail.
The acquired net assets of € 800.0 thousand break down as follows:
| in € thousand | Jan 1, 2016 |
|---|---|
| Non-current assets | |
| Property, plant and equipment | 133.7 |
| Intangible assets | 210.8 |
| 344.5 | |
| Current assets | |
| Inventories | 239.2 |
| Receivables | 988.2 |
| Cash and cash equivalents | 513.7 |
| 1,741.1 | |
| Current liabilities | |
| Current interest-bearing liabilities | 76.9 |
| Trade payables | 1,033.5 |
| Other current liabilities | 175.2 |
| 1,285.6 | |
| Acquired net assets | 800.0 |
The fair value of the receivables is € 988.2 thousand. The gross amount of the receivables is also € 988.2 thousand. No trade receivables were impaired, and all contractually defi ned receivables are expected to be collectible.
The net cash fl ow from the acquisition is as follows:
| Net cash fl ow from investing activities in € thousand | 2016 |
|---|---|
| Purchase price paid in cash | 0.0 |
| less cash and cash equivalents | 513.7 |
| Net cash fl ow from acquisition | 513.7 |
Business combinations are accounted for using the acquisition method. The cost of a business acquisition is calculated as the total of the consideration transferred, measured at fair value as of the acquisition date, and the non-controlling interests in the company acquired. For each business combination, the acquirer measures any non-controlling interests in the acquiree either at fair value or at the non-controlling interest's proportionate share of the acquiree's identifi able net assets. Costs incurred in the business combination are recognized under other expenses
The goodwill from purchase price allocation is not amortized annually, rather it is tested for impairment annually. The annual fi nancial statements of the companies included in the consolidated fi nancial statements are based on uniform accounting policies. The separate fi nancial statements of the companies included were prepared as of the same date as the consolidated fi nancial statements. All receivables and liabilities, expenses and income between companies included in the consolidated fi nancial statements are eliminated, as are intercompany profi ts and losses.
Non-controlling interests represent the share of earnings and net assets not attributable to the Group as all non-controlling interests in the Group are measured at the value of the pro rata, remeasured net assets (partial goodwill method). Non-controlling interests are reported separately in the consolidated income statement and the consolidated statement of fi nancial position. They are reported in the consolidated statement of fi nancial position under equity but separately from the equity attributable to the shareholders of the parent company. Acquisitions of non-controlling interests are accounted for as equity transactions. The diff erence between the purchase price and the carrying amount of the pro rata acquired net assets is off set against accumulated net profi ts.
The annual fi nancial statements of the entities included in the consolidated fi nancial statements that prepare their accounts in foreign currency are translated into euro in line with the functional currency concept in accordance with IAS 21. As the companies conduct their business as fi nancially, economically, and organizationally independent entities, this is the respective national currency for all companies. All assets and liabilities are therefore translated at the respective mean rate of exchange at the end of the reporting period while expenses and income are translated at average rates for the year.
Diff erences from foreign currency translation in asset and liability items as against the previous year's translation and translation diff erences between the consolidated statement of fi nancial position and the consolidated income statement are recognized in other comprehensive income.
The translation diff erence arising from remeasurement of equity as against fi rst-time consolidation is off set against consolidated reserves in other comprehensive income. Translation diff erences as of the end of the reporting period of € 5,553.5 thousand (2014: € 3,214.7 thousand) were transferred to other comprehensive income in the year under review.
The exchange rates on which currency translation is based developed as follows:
| Closing rate | Annual average rate | ||||
|---|---|---|---|---|---|
| in € | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2015 | |
| 100 US dollars | 82.3384 | 91.7263 | 75.3140 | 90.1046 | |
| 100 Swiss francs | 83.1739 | 92.3446 | 82.3752 | 93.5614 | |
| 100 Singapore dollars | 62.2859 | 64.8635 | 59.4177 | 65.6075 | |
| 100 Brunei dollars | 62.2859 | 64.8635 | 59.4177 | 65.6075 | |
| 100 South African rands | 7.1250 | 5.8841 | 6.9592 | 7.0627 | |
| 100 Saudi riyals | 21.9250 | 24.4081 | 20.0769 | 24.0168 | |
| 100 Russian rubles | 1.3874 | 1.2435 | 1.9695 | 1.4644 | |
| 100 British pounds | 128.5678 | 136.0915 | 124.1754 | 137.7727 |
Financial instruments, such as derivatives are measured at fair value on a recurring basis. Fair value is defi ned as the price that would have to be received from the sale of an asset or that would have to be paid for the transfer of a liability between market participants as part of an orderly transaction on the measurement date. In measuring fair value it is assumed that the transaction in which the asset is sold or the liability is transferred takes place on the principal market for the asset or liability, of the most advantageous market if there is no principal market. Rosenbauer measures fair value using assumptions that market participants would use in pricing. It is assumed that the market participants act in their economic best interest. A fair value measurement of a non-fi nancial asset takes into account a market participant's ability to generate economic benefi ts by using the asset in its highest and best use.
In calculating fair value Rosenbauer uses measurement methods that are appropriate under the respective circumstances and for which there is suffi cient data available to measure fair value, using observable inputs where possible.
The following hierarchy is used in the consolidated fi nancial statements to determine and report the fair values of fi nancial instruments by measurement method:
For all classes of fi nancial instruments other than non-current interest-bearing loan liabilities, the carrying amount is equal to the fair value.
The principle of uniform accounting is implemented by applying the same policies throughout the Group.
C1. Property, plant and equipment
Property, plant and equipment are measured at the lower of cost less depreciation and cumulative impairment or recoverable amount. Depreciation is calculated using the straight-line method from the time it is in the condition necessary for it to be capable of operating. Cost is the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction.
The following depreciation rates are used:
| Factory buildings and other constructions | 3.00% – 10.00% |
|---|---|
| Business premises | 2.00% – 4.00% |
| Technical equipment and machinery | 10.00% – 25.00% |
| Other equipment, operating and offi ce equipment | 10.00% – 33.33% |
C. ACCOUNT-ING POLICIES The residual carrying amounts, depreciation method and useful lives are reviewed at the end of each reporting period and adjusted as necessary.
As of December 31, 2015, and in the previous year, there was no investment property held to earn rentals or for capital appreciation. The borrowing costs that are directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset in question. All other borrowing costs are recognized as an expense in the period in which they are incurred. Borrowing costs are interest and other costs that an entity incurs in connection with the borrowing of funds. Borrowing costs for all qualifying assets on which work commenced on or after January 1, 2009 are capitalized in the consolidated fi nancial statements. No signifi cant construction projects have been begun since January 1, 2009.
If there is evidence of impairment for fi nancial assets and the recoverable amount – the higher of the value in use or fair value less costs of disposal – is less than the respective carrying amount, the assets are written down to recoverable amount in accordance with IAS 36 ("Impairment of Assets"). If the reasons for an impairment loss recognized in the previous year no longer apply, the impairment loss is reversed. Property, plant and equipment and intangible assets are derecognized either on disposal or when no future economic benefi ts are expected from its use.
If the recoverable amount of an asset cannot be calculated, the asset is included in a cash-generating unit (CGU) and tested for impairment, generally using the value in use as the recoverable amount. In the Rosenbauer Group the legally separate business units each form a CGU.
An impairment loss recognized previously is only reversed if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized. If this is the case, the carrying amount of the asset is increased to its recoverable amount. However, this amount must not increase the carrying amount of an asset above the carrying amount that would have been determined for the asset had no impairment loss been recognized in prior years. Such a reversal of an impairment loss is recognized immediately in profi t or loss.
A government grant is recognized if there is reasonable assurance that the grant will be received and that the entity will comply with the conditions attached to it. Grants relating to expenses are recognized as income on a systematic basis over the period necessary to match them with the costs they are intended to compensate. Grants for assets are shown in the consolidated statement of fi nancial position as deferred income. The deferred income included in other liabilities is reversed to profi t or loss over the expected useful life of the asset in question in equal annual installments.
For non-current amounts provided by research promotion funds with a subsidized interest rate, the interest benefi t is quantifi ed by comparing the amounts received and discounted.
Determining whether an arrangement is a lease is based on the substance of the arrangement at the time it is concluded and requires an assessment of whether the fulfi llment of the arrangement is dependent on the use of a specifi c asset or assets and whether the arrangement conveys a right to use the asset.
Intangible assets are amortized using the straight-line method. The amortization rates are between 25.0% and 33.3%. The amortization period and the amortization method for intangible assets with a fi nite useful life are reviewed at least at the end of each fi nancial year. Amortization of intangible assets is reported in "Amortization and impairment of intangible assets and depreciation of property, plant and equipment and impairment".
Goodwill in accordance with IFRS 3 is not amortized but rather tested for impairment annually and whenever there are indications it has become impaired. Goodwill is assigned to cash-generating units in order to perform impairment testing. A key criterion for qualifying as a cash-generating unit is its technical and economic independence for generating income. Impairment on a cash-generating unit is calculated by comparing its current amortized carrying amount (including the goodwill assigned) with the higher of its net selling price and value in use. The value in use is calculated as the present value of the associated future receipts and payments based on data from medium-term corporate planning. The discount rate before taxes used for planning for Rosenbauer d.o.o. is 13.1% (2014: 14.6%) and for Rosenbauer UK 10.9% (2014:11.8%). The discount rate is calculated based on current market data for similar enterprises in the same branch of industry. The cash fl ows for the fi rst four years are based on the fi nancial planning for the respective company approved by management. For both companies management is assuming rising revenues and for Rosenbauer d.o. a steady development in margins. Cash fl ows incurred after a period of four years are extrapolated using the forecast average industry growth of 1% (2014: 1%).
The assumptions regarding revenue development are based on past results, industry forecasts and external market data such as the development of gross domestic product (GDP), infl ation rates, exchange rates, population and other parameters.
In the assumptions used there is estimation uncertainty regarding earnings, the change in working capital, investment and the discount rate. If the amount calculated is less than the carrying amount, an impairment loss in this amount is fi rst recognized on goodwill. Any further impairment is distributed among the other assets of the cash-generating units in proportion to their carrying amount.
A sensitivity analysis in which discount rates were raised by 50 basis points did not identify any impairment. I n addition, the sensitivity analysis showed that given a reduction in EBIT of 10% for 2016 to 2019, with all other parameters remaining constant, the carrying amounts would still be covered and there would no impairment requirement.
For the purposes of the goodwill impairment test, the two subsidiaries Rosenbauer d.o.o. and Rosenbauer UK were identifi ed as cash-generating units with goodwill on the basis of internal goodwill monitoring, to which the following carrying amounts are assigned: Rosenbauer d.o.o. (carrying amount as of December 31, 2015: € 813.6 thousand; carrying amount as of December 31, 2014: € 813.6 thousand); Rosenbauer UK (carrying amount as of December 31, 2015: € 349.9 thousand; carrying amount as of December 31, 2014: € 349.9 thousand).
All capitalized goodwill is tested for impairment. It is divided according to the same ratio as the earnings of the subsidiary in question are distributed between the shareholders, if the subsidiary itself is a cash-generating unit to which goodwill is assigned. Impairment losses on goodwill cannot be reversed in accordance with IAS 36.
Research costs are not capitalized under IAS 38 ("Intangible Assets") and are therefore shown directly and in full in the income statement.
Development costs intended to signifi cantly advance a product or process are only capitalized in accordance with IAS 38 if the product or process is technically and economically feasible, it can be marketed and will generate future economic benefi t, the expenses can be reliably measured and Rosenbauer has suffi cient resources to complete the development project. All other development expenses are recognized immediately in profi t or loss. Capitalized development expenses for completed projects are reported at cost less cumulative write-downs. As long as a development project has not been completed, the cumulative amounts recognized are tested for impairment annually or whenever there are indications that they may have become impaired.
Development costs of € 4,408.9 thousand were capitalized in the 2015 fi nancial year (2014: € 3,364.9 thousand).
Securities are assigned to the available for sale category. Financial assets held for sale are measured at fair value after fi rst-time recognition. Unrealized gains or losses are recognized in other comprehensive income, in the reserve for unrealized gains. On disposal of fi nancial investments the cumulative gain or loss previously recognized in other comprehensive income in the revaluation surplus is reclassifi ed to the income statement. If a fi nancial asset held for sale is impaired, the cumulative loss previously recognized in other comprehensive income in the revaluation surplus is recognized in the income statement. Interest received or paid for fi nancial investments are reported as interest income or interest expenses.
Deferred taxes are recognized on all taxable temporary diff erences between the value in the IFRS consolidated statement of fi nancial position and the tax accounts. They are calculated in accordance with IAS 12 using the balance sheet liability method. Deferred tax liabilities are recognized for all taxable temporary diff erences, except for the deferred tax liabilities arising from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and that, at the time of the transaction, aff ects neither accounting profi t nor taxable profi t.
Furthermore, deferred tax liabilities are not recognized for taxable temporary diff erences in connection with investments in subsidiaries, associates or interests in joint ventures if the timing of the reversal of the temporary diff erence can be controlled and it is likely that the temporary diff erences will not reverse in the foreseeable future.
Current tax assets and tax liabilities for the current and earlier period are measured at the amount expected to be refunded by the tax authority/paid to the tax authority. Current taxes on items recognized in other comprehensive income are not recognized in the income statement but rather in other comprehensive income.
Deferred tax assets on loss carryforwards are recognized if their utilization is expected in the foreseeable future.
The carrying amount of deferred tax assets is assessed at the end of each reporting period and reduced to the extent that it is no longer probable that suffi cient taxable profi t will be available against which the deferred tax asset can be at least partially utilized. Unrecognized deferred tax assets are assessed at the end of each reporting period and recognized to the extent that it has become probable that future taxable profi t will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled.
Current taxes are calculated using the tax rates and laws that apply as of the end of the reporting period.
Inventories are carried at the lower of cost and net realizable value (market price) at the end of the reporting period. The cost is calculated for assets of the same type using moving average prices or a similar method. The cost includes only the directly attributable costs and pro rata overheads assuming the normal utilization rate of the production facilities. Interest is not recognized for borrowed capital.
Construction contracts that satisfy the requirement of a reliable earnings estimate are measured using the percentage of completion method. The percentage of completion is mainly estimated by the ratio of costs incurred to the estimated total costs (cost to cost). Only vehicle bodies are included in the estimate to calculate the percentage of completion. If the result of a construction contract cannot be estimated reliably, contract income is recognized only to the extent of contract costs incurred that it is probable will be recoverable. If it is likely that the total cost of the production will exceed its total proceeds the expected loss is expensed immediately.
Trade receivables are measured at amortized cost. Impairment losses are recognized if there are objective indications of impairment in accordance with IAS 39. Impairment losses are derecognized when the underlying receivables are classifi ed as uncollectible. Other receivables and assets are measured at amortized cost. However, in addition to other receivables these include derivative fi nancial instruments in hedges and derivative fi nancial instruments to which hedge accounting does not apply.
The fair value of fi nancial assets which are traded on organized markets is determined on the basis of the quoted market price (bid price) at the end of the reporting period.
At the end of each reporting period the Group determines if a fi nancial asset or a group of assets has become impaired.
If there is objective evidence that an impairment loss on loans and receivables measured at amortized cost has been incurred, the amount of the loss is measured as the diff erence between the asset's carrying amount and the present value of estimated future cash fl ows (excluding future credit losses that have not been incurred) discounted at the fi nancial asset's original eff ective interest rate (i. e. the eff ective interest rate computed at initial recognition). The carrying amount of the asset is reduced through use of an allowance account. The impairment loss is recognized in profi t or loss.
It is fi rst assessed whether objective evidence of impairment exists individually for fi nancial assets that are individually signifi cant, and individually or collectively for fi nancial assets that are not individually signifi cant. If the Group determines that no objective evidence of impairment exists for an individually assessed fi nancial asset, whether signifi cant or not, it includes the asset in a group of fi nancial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is recognized are not included in an assessment of impairment on a portfolio basis.
A fi nancial asset (or part of a fi nancial asset or part of a group of fi nancial assets) is derecognized when it meets one of the following three conditions:
Financial assets are measured at fair value on fi rst-time recognition.
Regular way purchases and sales of fi nancial assets are recognized as of the settlement date, i. e. the date on which the company commits to purchasing the asset. Regular way purchases and sales are purchases and sales of fi nancial assets with delivery within the time frame established by market regulation or convention.
Loans and receivables are measured at amortized costs using the eff ective interest method less any impairment losses. Gains and losses are recognized in profi t or loss when the receivable is derecognized or becomes impaired. Receivables in foreign currency are measured at the mean rate of exchange as of the end of the reporting period.
The cash and cash equivalents reported under "Cash and cash equivalents" such as cash in hand and bank balances are measured at current cost at the end of the reporting period.
Derivative fi nancial instruments are usually recognized at the eff ective portion of fair value in other comprehensive income in line with the hedge accounting regulations of IAS 39 ("Financial Instruments") if the fi nancial instruments are for hedge accounting. Gains and losses from changes in the fair value of derivative fi nancial instruments during the fi nancial year that do not meet the criteria for hedge accounting, and the ineff ective portion of an eff ective hedging instrument is recognized in profi t or loss. As of the date of the hedged item being recognized, the result of the hedge will be reclassifi ed from other comprehensive income to the income statement. When the hedging instrument expires or is sold, terminated or exercised, or the hedge no longer
exists but the proposed transaction is still expected to occur, the unrealized gains/losses accrued from this hedging instrument to date remain in equity and, in accordance with the above, are recognized in profi t or loss when the hedged item is recognized in the income statement. If the originally hedged transaction is no longer expected to occur, the cumulative unrealized gains and losses in equity until then are also recognized in profi t or loss. They are derecognized on loss of control. Derivatives that are assets at the end of the reporting period are reported under current receivables; those that are liabilities are reported under other current liabilities. The hedging policy and the fi nancial instruments in place as of the end of the reporting period are described in more detail under D30. "Risk management".
On the basis of statutory obligations, employees of Austrian Group companies who joined before December 31, 2002 receive a one-time settlement in the event of termination or as of the retirement date. This is dependent on the number of years of service and the relevant remuneration at the time of settlement. The benefi t obligations are off set by provisions calculated in line with actuarial principles. The provision for defi ned benefi t plans recognized in the statement of fi nancial position is equal to the present value of the defi ned benefi t obligation (DBO) at the end of the reporting period. Provisions for settlement are calculated uniformly as of the end of the reporting period in line with the projected unit credit method using an interest rate of 2.25% p.a. (2014: 2.2% p.a.) and including a growth rate for future pay increases of 4.0% p.a. (2014: 4.0% p.a.). Interest expenses on staff provisions are recognized as fi nance cost. The discount rate is determined on the basis of yields on prime, fi xed rate corporate bonds with a rating of AA or better. The term of the bonds matches the expected maturities of the defi ned benefi t obligations.
In addition to disability and mortality rates (basis: Pagler & Pagler data) and retirement on reaching pension age, the turnover rate was set at 1.5 % (2014: 1.5%). The calculation is based on individual retirement age in accordance with the Austrian Pension Reform, taking into account the gradual achievement of retirement age.
The provision amounts are calculated by an actuary as of the end of the respective reporting period in the form of an actuarial report.
In accordance with IAS 19, the remeasurement of provisions for pensions and similar obligations, and of settlement obligations, is recognized in other comprehensive income.
For the pension commitments in place that were determined under works agreements, the scope of benefi ts is based on eligible years of service in the form of a fi xed amount per year. This fi xed amount is based on the eligible individual income on retirement. Current pensions are regularly reviewed to ensure that they maintain their value. Current pensions are paid out 14 times per year.
The calculation of pension obligations is based on the following parameters:
| Interest rate | Salary increas | Pension increase | ||||
|---|---|---|---|---|---|---|
| 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | |
| Austria | 2.2% | 2.25% | 4.0% | 4.0% | 3.5% | 3.5% |
| Germany | 2.2% | 2.25% | 1.0% | 1.0% | 1.0% | 1.0% |
In addition to the defi ned benefi t system, there is a defi ned contribution plan for employees in Austria who joined after January 1, 2003. An amount prescribed by law of 1.53% of gross total salary must be paid into an employee pension fund (2015: € 707.1 thousand; 2014: € 614.1 thousand), which is recognized in staff costs. Furthermore, amounts of € 405.8 thousand (2014: € 401.6 thousand) in Austria and € 1,039.9 thousand (2014: € 696.4 thousand) in the United States were paid into a pension system that constitutes a defi ned contribution plan. In Germany contributions of € 2,553.1 thousand (2014: € 2,284.8 thousand) were paid into the German pension plan that also constitutes a defi ned contribution plan. As there are no further commitments other than these contributions, as in Austria, no provisions were required.
Provisions for anniversary bonuses are calculated uniformly as of the end of the reporting period in line with the projected unit credit method using an interest rate of 2.25% p.a. (2014: 2.2% p.a.) and including a growth rate for future pay increases of 4.0% p.a. (2014: 4.0% p.a.). Furthermore, as in the previous year, employee turnover discounts dependent on the years of service were taken into account, in the amount of 5% in the fi rst year, 2% in the second and 0.25% in the third to fi fth years. In addition to disability and mortality rates (basis: Pagler & Pagler data) and retirement on reaching pension age, the turnover rate was set at 1.5% (2014: 1.5%).
Other current and non-current provisions include all risks from uncertain obligations from past events by the time of the preparation of the statement of fi nancial position. If such obligations will probably lead to an outfl ow of resources embodying economic benefi ts, they are carried at the amount considered the most likely given a careful review of the matter.
If the Group expects at least a partial reimbursement for a recognized provision, (for example, from an insurance policy), the reimbursement is recognized as a separate asset if it is as good as certain. The expense relating to the provision is reported in the income statement net of the amount recognized for reimbursement. Where the eff ect of the time value of money is material, provisions are discounted using a pre-tax rate that refl ects the risks specifi c to the liability, if necessary in the individual case. The increase in provisions over time in the event of discounting is recognized in net fi nance costs.
Liabilities are measured at cost (equal to fair value) on fi rst-time recognition. They are subsequently measured at amortized cost using the eff ective interest method. Liabilities in foreign currency are measured at the mean rate of exchange as of the end of the reporting period.
A fi nancial liability is derecognized when the obligation specifi ed in the contract is discharged, canceled or expires. If a fi nancial liability is exchanged for a diff erent fi nancial liability to the same lender with substantially diff erent terms or if the terms of an existing fi nancial liability are substantially changed, such an exchange or change of terms is treated as the derecognition of the original liability and the recognition of a new liability. The diff erence between the respective carrying amounts is recognized in profi t or loss.
Proceeds from the sale of goods are recognized when the risks and rewards have been transferred to the buyer. Interest income is recognized pro rata temporis taking into account the eff ective yield on the asset. Dividend income is reported when the legal right to payment arises. Rental income is recognized on a straight-line basis over the term of the leases. For long-term contracts extending beyond the end of the reporting period, revenue is recognized in line with the percentage of completion method (for details see C6.).
Monetary items in a foreign currency are translated into the functional currency at the end of each reporting period using the exchange rate at the end of the reporting period. Non-monetary items recognized in line with the historical cost principle are still reported using the exchange rate at the time of fi rst-time recognition. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Foreign exchange diff erences from the translation of monetary items are recognized in profi t or loss. This does not include foreign exchange diff erences from foreign currency borrowings to the extent that they are used to hedge a net investment in a foreign operation.
In the consolidated fi nancial statements, to a certain degree, estimates and assumptions must be made that aff ect the recognized assets and liabilities, the disclosure of other obligations at the end of the reporting period and the reporting of income and expenses during the reporting period. The actual amounts that arise in the future can diff er from estimates.
The most important assumptions about the future that entail a signifi cant risk in the form of a material adjustment of the carrying amounts of assets and liabilities within the next fi nancial year are explained below:
In purchase price allocation in the context of business acquisitions, assumptions are made regarding the existence and measures of the assets acquired (especially intangible assets), liabilities and contingent liabilities. Assumptions are made in calculating fair values for purchase price allocation, in particular concerning forecast cash fl ows and the discount rate (details of business acquisitions can be found in B1.).
Please see D12. and D4. for information on the judgments and assumptions made in classifying Rosenbauer Motors and Rosenbauer Aerials as subsidiaries and classifying Rosenbauer Ciansa as a joint venture.
Impairment testing at the Rosenbauer Group is based on calculations of value in use using a discounted cash fl ow method. The recoverable amount is highly dependent on the discount rate used in the discounted cash fl ow method and on forecast future cash fl ows (details of the impairment of non-fi nancial assets can be found in C2.).
Receivables require assumptions regarding the probability of default (details on receivables can be found in D5. "Non-current receivables" and D9. "Current receivables").
A standardized marketability and visibility write-down was implemented to take into account the risk of obsoleteness. Finished goods are also systematically reviewed in terms of measurement at the lower of cost or market value, which is essentially defi ned by sales price expectations, currency developments, the time of sale and the costs still anticipated (for details see D7.).
Tax planning is used as the basis for the capitalization of deferred tax assets, taking into account the business planning by subsidiaries. If, on the basis of these future forecasts, a loss carryforward is not expected to be used within an appropriate period of three to fi ve years, the loss carryforward is not recognized. In 2015 deferred taxes were recognized on loss carryforwards in the amount of € 7,483.2 thousand (2014: € 1,222.0 thousand). There were loss carryforwards of € 0.0 thousand in 2015 (2014: € 0.0 thousand) for which deferred tax assets were not recognized as their eff ectiveness as ultimate tax relief was not suffi ciently assured.
The Rosenbauer Group uses actuarial calculations from actuaries for staff provisions. The calculations are based on assumptions regarding the discount rate and increases in remuneration and pensions (details of the assumptions and the amounts recognized for staff provisions can be found in C10. and D15.).
The amount recognized as a provision for warranties is the present value of the best estimate of these costs based on past experience (2015: € 10,652.5 thousand; 2014: € 9,111.4 thousand).
In connection with the fi refi ghting vehicle cartel and the turntable ladder cartel, the regulatory proceedings were settled out of court in 2014. The € 3.4 million paid by Rosenbauer Karlsruhe (formerly: Metz Aerials) in the second quarter of 2014 made a signifi cant contribution towards settling the compensation between the municipal fi re departments and the manufacturers. Thus, the payment of compensation in relation to the antitrust proceedings has been concluded, barring a few individual proceedings being pursued by the municipal fi re departments on the basis of corresponding clauses in the purchase agreements. Signifi cant subsequent claims for damages yet to be fi led for deliveries covered by the cartel are no longer expected.
To avoid undesirable developments in the future, the compliance organization was expanded in 2014, regulations were heightened and sanctions for anticompetitive conduct were resolved.
Legal proceedings are pending against Rosenbauer International AG in Austria for an alleged infringement of provisions of the Foreign Trade Act with commercial products. As a realistic assessment of the matter is not possible at the present time, the Group has not taken any accounting measures.
Development costs were capitalized in line with the accounting policies presented. First-time recognition of costs is based on the management assessment that technical feasibility and commercial viability have been demonstrated. For the purposes of calculating the amounts to be capitalized, the management makes assumptions regarding the forecast future cash fl ows from the project, the applicable discount rates and the period when the forecast future benefi t will be received. The carrying amount of capitalized development costs was € 9,903.7 thousand (2014: € 5,576.6 thousand) as of December 31, 2015 and essentially relates to development services for vehicles, high-rise aerial appliances and fi refi ghting systems. The impairment test of capitalized development costs was performed at CGU level. To do this, the capitalized development projects were assigned to the relevant CGUs and tested for impairment with their carrying amounts.
In accounting for cash fl ow hedges for future cash fl ows it is assumed that these cash fl ows are highly likely.
There were no signifi cant changes in estimates in the 2015 fi nancial year.
The breakdown of the items compiled in the consolidated statement of fi nancial position and their development can be found in the consolidated statement of changes in non-current assets. As in the previous year, property, plant and equipment do not include any investment property.
The future expenses from operating leases that relate solely to property, plant and equipment are as follows:
| in € thousand | Dec 31, 2014 Dec 31, 2015 | |
|---|---|---|
| Up to 1 year | 2,649.3 | 3,244.3 |
| Between 1 and 5 years | 7,569.7 | 9,856.6 |
| More than 5 years | 4,750.0 | 3,800.0 |
Payments from operating leases included in profi t or loss for the period amounted to € 3,421.6 thousand (2014: € 3,903.1 thousand). The operating leases are essentially rental agreements for properties and machinery.
The property, plant and equipment held under fi nance leases are as follows:
| in € thousand | Dec 31, 2014 Dec 31, 2015 | |
|---|---|---|
| Base value of land | 1,233.7 | 1,220.7 |
| Commercial and factory buildings | 920.5 | 884.9 |
| Technical equipment and machinery | 172.4 | 114.8 |
| 2,326.6 | 2,220.4 |
The associated lease liabilities are reported under interest-bearing liabilities in line with the maturities. Future minimum lease payments from non-cancellable fi nance leases amount to:
| in € thousand | 2014 | 2015 |
|---|---|---|
| Up to 1 year | 313.2 | 325.3 |
| Between 1 and 5 years | 992.2 | 705.8 |
| More than 5 years | 0.0 | 0.0 |
| Minimum lease payments | 1,305.4 | 1,031.1 |
| less interest portion | (63.5) | (46.3) |
| Present value of lease payments | 1,241.9 | 984.8 |
The Group had contractual obligations to buy property, plant and equipment of € 1,077.6 thousand as of December 31, 2015 (2014: € 2,286.6 thousand). No impairment losses were recognized on property, plant and equipment or intangible assets in the 2015 fi nancial year (2014: € 0.0 thousand). No impairment losses were reversed in 2015 (2014: € 0.0 thousand).
D. NOTES TO THE CON-SOLIDATED STATEMENT OF FINANCIAL POSITION AND THE CON-SOLIDATED INCOME STATEMENT
Property, plant and equipment of € 6,925.8 thousand was pledged as collateral for liabilities in 2015 (2014: € 0.0 thousand). There are no restrictions on title.
Development costs of € 4,408.9 thousand (2014: € 3,364.9 thousand) were capitalized as internally developed intangible assets in the 2015 fi nancial year.
In 2014 a customer base of € 864.8 thousand was capitalized in the purchase price allocation for the acquisition of Rosenbauer UK.
The securities reported in the consolidated fi nancial statements in the amount of € 412.2 thousand (2014: € 215.5 thousand) are assigned to the available for sale category. The securities are listed equities and units in funds.
The Group holds a 49% equity investment in a Russian company (PA "Fire-fi ghting special technics" LLC., Russia, Moscow). It was founded with Russian partners. The goal of the associate is to equip the Russian market with high-quality fi refi ghting vehicles. This interest is accounted for in the consolidated fi nancial statements using the equity method.
The summarized fi nancial information for the associate is shown in the table below.
| in € thousand | 2014 | 2015 |
|---|---|---|
| Non-current assets | 197.6 | 1,526.8 |
| Current assets | 17,975.3 | 15,242.9 |
| Current liabilities | 8,884.3 | 9,913.3 |
| Net assets (100%) | 9,288.6 | 6,856.4 |
| — thereof Group's share in net assets | 4,551.4 | 3,359.6 |
| Revenues | 50,106.9 | 17,391.8 |
| Net profi t for the period | 3,031.4 | 466.7 |
| Other comprehensive income | (5,430.4) | (637.6) |
| Total comprehensive income (100%) | (2,399.0) | (170.9) |
| — thereof Group's share in total comprehensive income | 1,485.4 | 228.7 |
The reconciliation of the summarized fi nancial information shown to the carrying amount is as follows:
| in € thousand | 2014 | 2015 |
|---|---|---|
| As of Jan 1 | 6,664.1 | 4,551.4 |
| Share of profi t/loss | 1,485.4 | 228.7 |
| Distribution | (937.2) | (1,108.1) |
| Foreign exchange diff erences | (2,660.9) | (312.4) |
| As of Dec 31 | 4,551.4 | 3,359.6 |
The Group has a 50% interest in a Spanish company (Rosenbauer Ciansa S.L.). This was founded with the joint owner and manager of Rosenbauer Española.
The Board consists of four members in total, two of whom appointed by Rosenbauer International AG and two by the joint venture partner. Rosenbauer International AG is therefore not able to control the relevant activities of Rosenbauer Ciansa S.L. under this arrangement. In the event of a tied vote on the Board, decisions are made by an independent business consultant. The Chairman of the Supervisory Board of Rosenbauer International AG is therefore not the ultimate decision-maker (by way of a casting vote, for example). In the company agreement, Rosenbauer has the option to acquire a further 12.11% of shares. Exercising this option would not grant Rosenbauer a voting majority on the Board as voting is per capita and not by voting rights. The company is therefore a joint venture as defi ned by IFRS 11.
This interest is accounted for in the consolidated fi nancial statements using the equity method. The joint venture is not material to the Group.
Development of the carrying amount of the equity investment in the joint venture in Spain:
| in € thousand | 2014 | 2015 |
|---|---|---|
| As of Jan 1 | 1,122.6 | 1,452.1 |
| Share in total comprehensive income | 329.5 | 392.1 |
| Dividend | 0.0 | (250.0) |
| As of Dec 31 | 1,452.1 | 1,594.2 |
The total comprehensive income of the joint venture does not include any items in other comprehensive income.
| D5. Non-current receivables | ||
|---|---|---|
| in € thousand | Dec 31, 2014 | Dec 31, 2015 |
| Receivables and other assets | 115.5 | 76.4 |
The receivables and other assets with a term of between one and fi ve years were € 76.4 thousand in 2015 (2014: € 115.5 thousand). There were no non-current receivables with a remaining term of more than fi ve years in 2015 (2014: € 0.0 thousand).
The diff erences between the carrying amounts in the tax accounts and the IFRS consolidated statement of fi nancial position result from the following diff erences and give rise to the following deferred taxes:
| Deferred tax | Deferred tax | |||
|---|---|---|---|---|
| 2014 | 2015 | |||
| in € thousand | Assets | Liabilities | Assets | Liabilities |
| Outstanding 1/7th write-downs | ||||
| as per section 12(3) KStG (Corporation Tax Law) | 282.0 | 0.0 | 9.6 | 0.0 |
| Currency forwards, securities | ||||
| (outside profi t or loss) | 3,273.9 | 48.5 | 2,206.8 | 151.9 |
| Currency forwards, securities (in profi t or loss) | 444.0 | 371.2 | 519.5 | 256.5 |
| IAS 19 measurement in | ||||
| other comprehensive income | 2,230.8 | 0.0 | 1,979.8 | 0.0 |
| Capitalized development costs | 0.0 | 1,456.0 | 0.0 | 2,588.6 |
| Measurement diff erences on receivables | 0.0 | 61.1 | 0.0 | 72.3 |
| Profi t from construction contracts | 0.0 | 2,768.4 | 0.0 | 3,453.7 |
| Extraordinary tax write-down | 210.3 | 573.4 | 383.3 | 551.2 |
| Measurement diff erences | ||||
| on provisions and liabilities | 2,191.5 | 141.5 | 2,434.4 | 560.1 |
| Capitalized loss carryforwards | 294.5 | 0.0 | 1,125.4 | 0.0 |
| Other | 230.8 | 263.3 | 319.8 | 220.7 |
| Deferred tax asset/liability | 9,157.8 | 5,683.4 | 8,978.6 | 7,855.0 |
| Netting of deferred tax assets and liabilities | (3,043.1) | (3,043.1) | (3,599.0) | (3,599.0) |
| 6,114.7 | 2,640.3 | 5,379.6 | 4,256.0 |
Deferred taxes on loss carryforwards of € 7,483.2 thousand were capitalized as of December 31, 2015 (2014: € 1,222.0 thousand). There were loss carryforwards of € 0.0 thousand in 2015 (2014: € 0.0 thousand) for which deferred tax assets were not recognized as their eff ectiveness as ultimate tax relief was not suffi ciently assured. There were deferred tax liabilities of € 10,617.2 thousand (2014: € 8,978.5 thousand) from
the diff erence between the tax carrying amounts and the net assets in the IFRS fi nancial statements as the parent company can control the timing of the reversal of the temporary diff erences and it is probable that the temporary diff erences will not reverse in the foreseeable future.
| in € thousand | Dec 31, 2014 Dec 31, 2015 | |
|---|---|---|
| Raw materials and supplies | 63,205.5 | 59,914.9 |
| Chassis | 59,587.3 | 72,564.0 |
| Work in progress | 62,600.6 | 46,862.3 |
| Finished goods and goods for resale | 26,791.7 | 29,485.4 |
| Goods in transit | 4,983.4 | 4,649.4 |
| Advance payments | 8,205.9 | 12,480.4 |
| Advance payments received | (17,330.9) | (35,725.0) |
| 208,043.5 | 190,231.4 |
The writedowns for the current year are reported in the income statement in the amount of € 3,087.7 thousand (2014: € 2,965.5 thousand) under cost of materials. No impairment losses were reversed in the current fi nancial year (2014: € 0.0 thousand). Also, no inventories were pledged as collateral for liabilities. The carrying amount of inventories carried at fair value less costs to sell was € 20,604.2 thousand as of December 31, 2015 (2014: € 20,970.6 thousand).
| in € thousand | Dec 31, 2014 Dec 31, 2015 | |
|---|---|---|
| Costs incurred to date | 74,178.1 | 84,129.5 |
| Profi ts incurred to date | 12,595.8 | 15,346.4 |
| Advanced payments on the above | (9,707.4) | (12,185.1) |
Construction contract assets amounted to € 87,290.8 thousand as of the end of the reporting period (2014: € 86,773.9 thousand). There were no construction contract liabilities as of the end of the 2015 and 2014 reporting periods. Construction contracts include vehicle bodies and equipment in line with their percentage of completion. Most construction contracts have a remaining term of less than one year. Revenues include revenues from construction contracts of € 99,475.9 thousand (2014: € 86,773.9 thousand).
| in € thousand | Dec 31, 2014 | Dec 31, 2015 |
|---|---|---|
| Trade receivables | 101,379.8 | 130,216.6 |
| Receivables from derivatives | 1,481.7 | 1,378.5 |
| Income tax receivables | 2,451.4 | 8,099.5 |
| Receivables from other taxes | 8,233.4 | 7,538.4 |
| Other receivables and assets | 7,772.4 | 10,628.3 |
| 121,318.7 | 157,861.3 |
Write-downs on receivables relate exclusively to trade receivables recognized under current receivables. The write-downs for the current year of € 414.8 thousand (2014: € 672.5 thousand) are recognized in other expenses. These are exclusively specifi c valuation allowances. There were no impairment losses on other fi nancial instruments. All trade receivables are due within one year.
| Valuation allowances in € thousand | 2014 | 2015 |
|---|---|---|
| As of Jan 1 | 868.0 | 1,475.0 |
| Additions | 672.5 | 414.8 |
| Utilization | (21.9) | (421.3) |
| Reversals | (43.6) | (76.5) |
| As of Dec 31 | 1,475.0 | 1,392.0 |
Rosenbauer sold trade receivables to banks under factoring agreements in the 2015 fi nancial year. The sale of receivables is distributed evenly over the fi nancial year. The receivables sold are derecognized in full in accordance with the provisions of IAS 39 due to the transfer of control. The risks from the receivables sold relevant to the risk assessment are the risk of default and the risk of payment in arrears. Rosenbauer transfers the risk of default from the receivables sold to the banks in full, thus Rosenbauer is not exposed to any risk of default. There is a risk of payment in arrears in the form of interest expenses if customer receivables are received late. The risk of payment in arrears is borne by Rosenbauer in full and is immaterial.
| in € thousand | Dec 31, 2014 Dec 31, 2015 | |
|---|---|---|
| Bank balances | 26,657.0 | 17,722.6 |
| Cash and cash equivalents | 123.0 | 155.2 |
| 26,780.0 | 17,877.8 |
There were no restrictions on disposal on the amounts included in this item in 2015 or 2014.
The 23rd Annual General Meeting of Rosenbauer International AG approved the proposed dividend of € 1.2 per share on May 21, 2015.
The capital reserves originate from the new shares issued on the Vienna Stock Exchange in 1994 and constitute restricted capital reserves that cannot be distributed. The proposal for the appropriation of profi ts is based on the separate fi nancial statements of the company prepared in accordance with the provisions of the Unternehmensgesetzbuch (UGB – Austrian Commercial Code).
The item "Other reserves" contains the foreign currency translation adjustment, the revaluation reserve, remeasurements in accordance with IAS 19 and the hedge reserve. The foreign currency translation adjustment contains the translation diff erence arising from remeasurement of equity as against fi rst-time consolidation. This item also includes diff erences from foreign currency translation in asset and liability items as against the previous year's translation and translation diff erences between the consolidated statement of fi nancial position and the consolidated income statement.
The change in the hedge reserve results from the remeasurement of currency forwards under IAS 39.
Details of reserves can be found in the "Statement of changes in consolidated equity".
The following table shows the summarized fi nancial information for each subsidiary of the Group with signifi cant non-controlling interests before inter-company eliminations.
| Rosenbauer | ||||
|---|---|---|---|---|
| Rosenbauer | Rosenbauer | America, LCC. | ||
| Española S.A. | Saudi Arabia Ltd. | (US subgroup)1 | ||
| in € thousand | Spain, Madrid | Saudi Arabia, Riyadh | USA, South Dakota | |
| Shareholding (= share of voting rights) | ||||
| of non-controlling interests | 37.89% | 25.00% | 50.00% | |
| Dec 31, 2015 | ||||
| Current assets | 17,992.4 | 8,397.2 | 96,499.9 | |
| Non-current assets | 937.7 | 5,687.1 | 10,848.0 | |
| Current liabilities | 14,693.2 | 7,472.1 | 56,251.0 | |
| Non-current liabilities | 0.0 | 5,108.9 | 481.3 | |
| Net assets (100%) | 4,236.9 | 1,503.3 | 50,615.6 | |
| — thereof non-controlling interests | 1,605.4 | 375.8 | 26,778.4 | |
| Revenues | 33,899.7 | 10,439.2 | 314,788.2 | |
| Total comprehensive income (100%) | 1,731.6 | 211.6 | 25,757.4 | |
| — thereof non-controlling interests | 656.1 | 52.9 | 14,023.2 | |
| Dividends paid to | ||||
| non-controlling interests | (492.6) | 0.0 | (9,711.2) | |
| Net cash fl ow from operating activities | (777.7) | 2,004.6 | 23,101.3 | |
| Net cash fl ow from investing activities | (45.5) | (4,040.3) | (1,336.1) | |
| Net cash fl ow from fi nancing activities | 178.2 | 2,775.5 | (7,317.5) | |
| Total net cash fl ows (100%) | (645.0) | 739.8 | 14,447.7 | |
| Dec 31, 2014 | ||||
| Current assets | 16,164.1 | 3,039.8 | 90,451.8 | |
| Non-current assets | 953.1 | 1,604.0 | 9,420.6 | |
| Current liabilities | 13,281.6 | 3,423.1 | 59,718.5 | |
| Non-current liabilities | 0.0 | 60.6 | 0.0 | |
| Net assets (100%) | 3,835.6 | 1,160.1 | 40,153.9 | |
| — thereof non-controlling interests | 1,453.3 | 290.0 | 20,937.3 | |
| Revenues | 32,322.7 | 7,732.0 | 236,690.2 | |
| Total comprehensive income (100%) | 2,271.2 | 1,160.0 | 15,642.5 | |
| — thereof non-controlling interests | 860.6 | 290.0 | 8,514.6 | |
| Dividends paid to | ||||
| non-controlling interests | (265.2) | 0.0 | (5,971.1) | |
| Net cash fl ow from operating activities | 872.7 | 199.5 | 13,269.0 | |
| Net cash fl ow from investing activities | (53.1) | (871.8) | (2,259.8) | |
| Net cash fl ow from fi nancing activities | (700.0) | 0.0 | (6,116.2) | |
| Total net cash fl ows (100%) | 119.6 | (672.3) | 4,893.0 |
1 Summary of US companies
| Rosenbauer | Rosenbauer | Rosenbauer | Rosenbauer |
|---|---|---|---|
| Minnesota, LCC. | South Dakota, LCC. | Aerials, LCC. | Motors, LCC. |
| USA, Minnesota | USA, South Dakota | USA, Nebraska | USA, Minnesota |
| 50.00% | 50.00% | 75.00% | 57.50% |
| 31,327.5 | 41,636.1 | 6,538.6 | 16,997.7 |
| 2,190.2 | 6,083.1 | 575.2 | 1,999.5 |
| 21,699.6 | 14,116.0 | 1,143.1 | 19,292.3 |
| 434.4 | 46.9 | 0.0 | 0.0 |
| 11,383.7 | 33,556.3 | 5,970.7 | (295.1) |
| 5,691.9 | 16,778.2 | 4,478.0 | (169.7) |
| 87,422.3 | 128,069.8 | 15,347.3 | 83,948.8 |
| 5,046.6 | 12,320.1 | 2,943.3 | 5,447.4 |
| 2,523.3 | 6,160.1 | 2,207.5 | 3,132.3 |
| 0.0 | 0.0 | 0.0 | 0.0 |
| 6,855.6 | 10,049.8 | 2,621.5 | 3,574.4 |
| (150.3) | (436.8) | (232.7) | (516.3) |
| (4,663.7) | (4,883.3) | (1,415.8) | 3,645.3 |
| 2,041.6 | 4,729.7 | 973.0 | 6,703.4 |
| 27,557.5 | 36,414.2 | 5,682.3 | 20,797.8 |
| 2,136.8 | 5,668.2 | 423.8 | 1,191.8 |
| 19,339.1 | 12,055.0 | 1,092.0 | 27,232.4 |
| 27,232.4 | 1,092.0 | 12,055.0 | 19,339.1 | |
|---|---|---|---|---|
| 0.0 | 0.0 | 0.0 | 0.0 | |
| (5,242.8) | 5,014.1 | 30,027.4 | 10,355.2 | |
| (3,014.6) | 3,760.6 | 15,013.7 | 5,177.6 | |
| 62,688.4 | 10,828.9 | 94,502.6 | 68,670.3 | |
| 1,515.3 | 2,318.6 | 8,285.2 | 3,523.4 | |
| 871.3 | 1,739.0 | 4,142.6 | 1,761.7 | |
| 0.0 | 0.0 | 0.0 | 0.0 | |
| (11.6) | 2,024.9 | 6,214.1 | 5,041.6 | |
| 296.9 | (149.5) | (2,278.5) | (128.7) | |
| 3,047.0 | (1,183.4) | (4,081.7) | (3,898.1) | |
| 3,332.3 | 692.0 | (146.1) | 1,014.8 | |
Although the Group holds less than half the voting rights in Rosenbauer Motors and Rosenbauer Aerials, it controls both these companies on account of Rosenbauer International AG's right to cast the deciding vote. In accordance with the company agreements of these companies, Rosenbauer International AG is authorized to elect half of their Board members. The Board makes all relevant decisions and determines operational management. A simple majority is suffi cient for this. In the event of a tied vote in the Board, the Chairman of the Supervisory Board of Rosenbauer International AG, or the Deputy Chairman, has a contractual right to cast the deciding vote.
€ 10,221.6 thousand was distributed to non-controlling interests in subsidiaries in 2015 (2014: € 6,236.3 thousand).
This item includes all interest-bearing liabilities to banks, liabilities to research promotion funds and fi nance lease liabilities with a remaining term of more than one year. Details can be found in the list of fi nancial liabilities under D30. "Risk management".
The non-current liabilities for 2014 and 2015 are export fi nancing liabilities (2014: € 1,611.9 thousand; 2015: € 1,347.7 thousand).
Settlement refers to one-time severance payments that, owing to the provisions of labor law, must be paid on termination of employees and usually when employees retire. The amount is based on the number of years in service and the amount of remuneration. Provisions for settlement are recognized in the amount determined in line with actuarial principles (for details of the assumptions used in calculation please see C10.).
| Net present value of obligation in € thousand | 2014 | 2015 |
|---|---|---|
| As of Jan 1 | 17,679.6 | 20,802.2 |
| Current service cost | 778.9 | 896.4 |
| Interest cost | 563.3 | 446.5 |
| Remeasurement | 2,108.7 | (946.4) |
| Current payments | (328.3) | (470.1) |
| As of Dec 31 | 20,802.2 | 20,728.6 |
Remeasurement includes € –836.8 thousand (2014: € –189.4 thousand) due to experience adjustments and € –109.6 thousand (2014: € 2,298.1 thousand) due to changes in fi nancial assumptions.
The present value of the defi ned benefi t obligation for the current fi nancial year is € 20,728.6 thousand (2014: € 20,802.2 thousand). Experience adjustments of –4.0% (2014: –0.9%) were taken into account in the calculation.
The net expenses for settlement payments arising from commitments broke down as follows:
| Net settlement expenses in € thousand | 2014 | 2015 |
|---|---|---|
| Staff costs | ||
| Current service cost | 778.9 | 896.4 |
| Interest expenses | ||
| Interest cost | 563.3 | 446.5 |
| 1,342.2 | 1,342.9 |
The change in the interest rate is due to a reassessment on account of the changing economic situation.
The average term of the defi ned benefi t obligation for settlement as of December 31, 2015 was 10.4 years (2014: 10.9 years).
The sensitivity analysis for settlement obligations below shows the eff ects on obligations resulting from changes in key actuarial assumptions. In each case one key factor has been changed while the others were kept constant. However, in reality it is somewhat unlikely that there would be no correlation between these factors.
| Change in net present value of obligation in € thousand | +1%/1 year | –1%/1 year |
|---|---|---|
| Dec 31, 2015 | ||
| Interest rate | (2,010.7) | 2,379.4 |
| Pay increase | 2,306.0 | (1,992.3) |
| Turnover | (1,037.6) | (34.3) |
| Longevity | 76.5 | (91.0) |
| Dec 31, 2014 | ||
|---|---|---|
| Interest rate | (2,106.4) | 2,507.8 |
| Pay increase | 2,429.3 | (2,086.7) |
| Turnover | (1,093.2) | (27.6) |
| Longevity | 79.0 | (93.9) |
Within the Rosenbauer Group there are pension schemes for Austria and Germany that arose on the basis of national legislation or voluntary agreements. These include both defi ned benefi t and defi ned contribution plans (for details of the assumptions used in calculation please see C10.).
| Net present value of obligation in € thousand | 2014 | 2015 |
|---|---|---|
| As of Jan 1 | 5,493.5 | 5,834.4 |
| Current service cost | 31.8 | 35.2 |
| Interest cost | 176.4 | 124.7 |
| Remeasurement | 434.1 | (47.9) |
| Current payments | (301.4) | (302.4) |
| As of Dec 31 | 5,834.4 | 5,644.0 |
Remeasurement includes € –13.1 thousand (2014: € –28.7 thousand) due to experience adjustments and € –34.8 thousand (2014: € 462.8 thousand) due to changes in fi nancial assumptions.
The present value of the defi ned benefi t obligation for the current fi nancial year is € 5,644.0 thousand (2014: € 5,834.4 thousand). Experience adjustments of –0.2% (2014: –0.5%) were taken into account in the calculation.
The net expenses for pensions arising from commitments broke down as follows:
| Net pension expenses in € thousand | 2014 | 2015 |
|---|---|---|
| Staff costs | ||
| Current service cost | 31.8 | 35.2 |
| Interest expenses | ||
| Interest cost | 176.4 | 124.7 |
| 208.2 | 159.9 |
The change in the interest rate is due to a reassessment on account of the changing economic situation.
The average term of the defi ned benefi t obligation for settlement as of December 31, 2015 was 11.1 years (2014: 11.4 years).
The sensitivity analysis for pension obligations below shows the eff ects on obligations resulting from changes in key actuarial assumptions. In each case one key factor has been changed while the others were kept constant. However, in reality it is somewhat unlikely that there would be no correlation between these factors.
| Change in net present value of obligation in € thousand | +1%/1 year | –1%/1 year |
|---|---|---|
| Dec 31, 2015 | ||
| Interest rate | (604.1) | 738.6 |
| Pay increase | 824.4 | (392.0) |
| Turnover | 0.0 | 0.0 |
| Longevity | 453.8 | (136.6) |
| Interest rate | (644.7) | 792.3 |
|---|---|---|
| Pay increase | 661.1 | (561.1) |
| Turnover | 0.0 | 0.0 |
| Longevity | 290.6 | (296.8) |
Further information on staff provisions can be found in the description of accounting policies.
| in € thousand | Dec 31, 2014 | Dec 31, 2015 |
|---|---|---|
| Provisions for anniversary benefi ts | 3,335.6 | 3,783.6 |
| Miscellaneous non-current provisions | 23.0 | 0.0 |
| 3,358.6 | 3,783.6 |
Details of the changes in the non-current provisions listed under c) for 2015 and 2014 can be found in the "Statement of changes in provisions".
In addition to production and investment loans, these also include overdrafts as of December 31 of the respective year. Details can be found in the list of fi nancial liabilities under D30. "Risk management".
The trade payables of € 43,168.8 thousand (2014: € 48,132.0 thousand) are due within one year.
| in € thousand | Dec 31, 2014 | Dec 31, 2015 |
|---|---|---|
| Liabilities from taxes | 5,703.3 | 6,940.1 |
| Social security liabilities | 1,945.0 | 2,280.8 |
| Liabilities from derivatives | 14,880.8 | 10,887.3 |
| Liabilities from staff obligations | 16,826.0 | 17,419.2 |
| Liabilities from commission obligations | 8,735.9 | 6,461.3 |
| Other liabilities | 22,575.6 | 15,525.9 |
| 70,666.6 | 59,514.6 |
The other liabilities essentially include credit notes and liabilities from outstanding invoices.
The other provisions include provisions for warranties and ales risks in addition to staff provisions. Miscellaneous current provisions for 2015 are shown in the "Statement of changes in provisions". Details of the assumptions used in calculation can be found under C11. and C15.
Revenues essentially relate to income from construction contracts. Please see the disclosures on the product segments and the segment reporting under D28. "Segment reporting" for information on the composition of revenues.
| in € thousand | 2014 | 2015 |
|---|---|---|
| Income from the disposal of property, plant | ||
| and equipment and intangible assets | 149.2 | 153.2 |
| Work performed by the enterprise and capitalized | 412.4 | 191.4 |
| Recharging of costs to third parties | 1,125.7 | 1,449.3 |
| Government grants | 604.3 | 658.1 |
| Income from rent and insurance | 349.4 | 271.7 |
| Reversal of write-downs | 43.7 | 76.5 |
| Exchange rate gains | 3,417.4 | 2,312.7 |
| Sundry | 3,674.5 | 4,128.1 |
| 9,776.6 | 9,241.0 |
In particular, other income includes license proceeds, income from the reversal of provisions and compensation.
| in € thousand | 2014 | 2015 |
|---|---|---|
| Wages | 65,089.0 | 74,675.3 |
| Salaries | 62,997.2 | 72,213.3 |
| Pension costs | 810.7 | 931.6 |
| Expenses for defi ned contribution plans | 3,996.9 | 4,705.9 |
| Expenses for statutory social security contributions and | ||
| levies and mandatory contributions dependent on pay | 23,680.6 | 26,763.3 |
| Other social security expenses | 2,892.3 | 3,610.2 |
| 159,466.7 | 182,899.6 | |
| Average number of employees | 2014 | 2015 |
| Workers | 1,721 | 1,792 |
| Salaried employees | 960 | 1,052 |
|---|---|---|
| Apprentices | 119 | 125 |
| 2,800 | 2,969 |
| in € thousand | 2014 | 2015 |
|---|---|---|
| Taxes not included in income taxes | 454.2 | 584.0 |
| Administration costs | 41,130.0 | 43,741.6 |
| Distribution expenses | 45,504.5 | 48,840.1 |
| 87,088.7 | 93,165.7 |
This item includes maintenance costs, legal, auditing and consulting costs, costs of third-party services, event costs, rent and leases and the costs of the marketing and sales department.
Foreign exchange diff erences recognized in profi t or loss in 2015 amounted to € 1,075.8 thousand (2014: € 223.9 thousand).
| in € thousand | 2014 | 2015 |
|---|---|---|
| Interest and similar expenses | 4,284.9 | 5,660.2 |
| Interest on non-current staff provisions | 739.7 | 571.2 |
| 5,024.6 | 6,231.4 |
The item "Interest and similar expenses" includes the change in the fair value of derivative fi nancial instruments recognized in profi t or loss of € 2,259.3 thousand (2014: € 1,813.3 thousand). The interest expense for long-term anniversary provisions is reported in staff costs.
| in € thousand | 2014 | 2015 |
|---|---|---|
| Income from securities | 11.1 | 9.3 |
| Other interest and similar income | 2,155.5 | 3,207.0 |
| 2,166.6 | 3,216.3 |
The item "Other interest and similar income" includes the change in the fair value of derivative fi nancial instruments recognized in profi t or loss of € 1,630.0 thousand (2014: € 1,250.2 thousand).
| in € thousand | 2014 | 2015 |
|---|---|---|
| Cost of current income taxes | 9,279.7 | 10,537.3 |
| Change in deferred income taxes | 1,375.5 | 839.2 |
| 10,655.2 | 11,376.5 |
The table below shows the causes of the diff erence between the national income tax expense and the eff ective tax expense in the Group.
| in € thousand | 2014 | 2015 |
|---|---|---|
| Profi t before income taxes | 47,314.3 | 48,195.1 |
| — thereof 25% (2014: 25%) national income tax expense | 11,828.6 | 12,048.8 |
| Tax relief from partnerships1 | (2,811.1) | (4,564.2) |
| Write-down on investment at company level | 1,805.3 | 2,711.0 |
| Eff ect of diff erent tax rates | (715.8) | (896.0) |
| Utilization of loss carryforwards not taken into account | (272.0) | (656.5) |
| First-time loss carryforwards not capitalized | 0.0 | (1,100.4) |
| Taxes from previous years | 260.2 | 1,101.8 |
| Recapture of foreign losses | 0.0 | 2,371.7 |
| Withholding taxes, minimum taxes | 560.0 | 360.3 |
| Eff ective tax income (–)/expense (+) | 10,655.2 | 11,376.5 |
1 Taxes relating to non-controlling interests
Shareholders' claims to dividends did not give rise to any tax consequences for the Group in 2015 or 2014.
The consolidated statement of cash fl ows is presented using the indirect method. Cash and cash equivalents consist exclusively of cash in hand and bank balances. Interest received and paid are assigned to operating activities. Dividend payments are reported under fi nancing activities. There were non-cash additions to intangible assets and property, plant and equipment of € 980.9 thousand (2014: € 1,240.3 thousand) in this fi nancial year.
In accordance with IFRS 8 ("Operating Segments"), segments must be defi ned and segment information disclosed on the basis of internal controlling and reporting. This results in segment reporting presented in line with the management approach of internal reporting.
As of the start of the 2015 fi nancial year, the Group is managed by the chief operating decision makers on the basis of sales markets. This necessitated a reorganization of internal reporting, which is based on the revenues and earnings generated in the countries categorized by region. The development of the market segments is particularly signifi cant in internal reporting. This reorganization and management resulted in an adjustment of the reportable segments. Segmentation is based on the division of the sales regions (areas) defi ned by the chief operating decision makers. In accordance with IFRS 8, the fi gures for the previous year are also disclosed in line with the reorganization of the segments.
The following reportable segments have been defi ned in line with the internal management information system:
The CEEU area (Central and Eastern Europe), the NISA area (Northern Europe, Iberia, South America, Africa), the MENA area (Middle East, North Africa), the APAC area (Asia-Pacifi c) and the NOMA area (North & Middle America). The "Other" item includes the "Stationary Fire Protection" area, which is not an independent reportable segment due to its small size. The chief operating decision makers monitor the EBIT of the areas separately in order to make decisions on the allocation of resources and to determine the units' earnings power. Segment performance is assessed on the basis of EBIT using the same defi nition as in the consolidated fi nancial statements. However, income taxes are managed on a uniform Group basis and are not allocated to the individual segments. Transfer prices between the segments are at arm's length.
Segment reporting refers to the revenues and earnings generated by the individual areas both on their respective local markets and from export sales. Proceeds from transactions with other segments are eliminated for consolidation purposes.
Segment fi gures have been presented in the tables "Business segments" and "Disclosures on business units" and "Information on geographic areas" for 2014 and 2015.
The capital provided by equity and borrowed capital is taken as the basis for capital management in the Rosenbauer Group.
The primary goal of the Group's capital management is to ensure that a high credit rating and a good equity ratio are maintained to support business activities. The aim is to guarantee a minimum equity ratio of 35% using rolling, long-term capital planning. This planning is coordinated with distribution and investment policy and is a key instrument for the annual rating talks conducted with the fi nancing banks.
Furthermore, the equity ratio is optimized with total assets management, which ensures the optimization of restricted current assets with the continuous monitoring of production levels and trade receivables. The equity ratio is calculated as the percentage of equity to total assets and was 37.0% in 2015 (2014: 34.2%).
In addition, capital is monitored with the help of the gearing ratio, which describes net debt to equity. A gearing ratio below 50% has been set as the long-term target. The gearing ratio rose to 84.4% in 2015 as a result of the increase in interest-bearing liabilities (2014: 77.7%).
The Rosenbauer Group operates globally and is therefore necessarily exposed to changes and fl uctuations in infl ation, interest rates and exchange rates. It is company policy, by closely observing the risk positions that exist and market developments, to balance risks internally as far as possible, to manage net positions with a view to optimizing earnings and, where reasonable, to hedge such positions. The goal of currency risk hedging is to create a secure basis of calculation for construction contracts.
The annual evaluation of the Group companies did not reveal signifi cant new or previously unrecognized risks. Furthermore, on the basis of the information currently known, there are no specifi c risks to the future of the company as a going concern that could crucially impair the net assets, fi nancial position or results of operations.
A key area in hedging risks is fi nancial instruments. Financial instruments are contracts that give rise to both a fi nancial asset of one entity and a fi nancial liability or equity instrument of another entity. In accordance with IFRS 7, they include on the one hand primary fi nancial instruments such as trade receivables and payables and fi nancial receivables and liabilities. On the other, they also included derivative fi nancial instruments used to hedge the risks of changes in exchange and interest rates. Both primary and derivative fi nancial instruments are reported on below.
Regular way purchases and sales of fi nancial assets are recognized as of the settlement date, i. e. the date on which the company commits to purchasing the asset. Regular way purchases and sales are purchases and sales of fi nancial assets with delivery within the time frame established by market regulation or convention.
Given the daily or short-term maturities, the fair value of cash and cash equivalents and short-term investments, current receivables and liabilities is essentially the carrying amount. At the end of the reporting period securities were measured with a fair value of € 412.2 thousand (2014: € 215.5 thousand). The fair value is calculated from the market price at the end of the reporting period.
The risk on receivables can be rated as consistently low on account of the customer structure and the hedging policy for credit risks. In addition, all customers that wish to do business with the Group on a credit basis are subject to a credit check. Receivables are also monitored on an ongoing basis with the result that the Group is not exposed to a signifi cant risk of default. The maximum credit risk and therefore risk of default is equal to the carrying amounts or the deductibles on insured receivables. The maximum risk of default on trade receivables is € 101.345.0 thousand (2014: € 91,639.6 thousand). The reported carrying amounts are essentially the fair values.
Within the EU receivables are mostly from municipal legal entities. If receivables relate to private customers of low or unknown credit standing, these receivables – as in Austria – are insured through Coface Kreditversicherung AG.
Receivables from customers outside the EU of low credit standing – including government customers – are secured with documentary credits or bank guarantees. Alternatively, but also cumulatively, insurance policies can be concluded with one of the government insurance companies. In Austria this is done with Österreichische Kontrollbank AG (for risks outside the OECD) and the Austrian Coface Kreditversicherung AG (for risks within the OECD).
The analysis of trade receivables, other receivables and other assets overdue but not impaired as of December 31 is as follows:
| Neither | ||||||
|---|---|---|---|---|---|---|
| past | Past due but not impaired | |||||
| due nor | Up to | 91 to | 181 to | More than | ||
| in € thousand | Total | impaired | 90 days | 180 days | 360 days | 360 days |
| Receivables 2015 | ||||||
| Trade receivables | 130,216.6 | 81,457.3 | 27,352.5 | 9,745.9 | 3,312.2 | 8,348.7 |
| Other receivables | ||||||
| (current and non-current) | 10,704.7 | 10,704.7 | 0.0 | 0.0 | 0.0 | 0.0 |
| 140,921.3 | 92,162.0 | 27,352.5 | 9,745.9 | 3,312.2 | 8,348.7 | |
| Receivables 2014 | ||||||
| Trade receivables | 101,379.8 | 66,308.8 | 22,385.0 | 3,893.9 | 6,379.8 | 2,412.3 |
| Other receivables | ||||||
| (current and non-current) | 7,887.9 | 7,887.9 | 0.0 | 0.0 | 0.0 | 0.0 |
| 109,267.7 | 74,196.7 | 22,385.0 | 3,893.9 | 6,379.8 | 2,412.3 |
With regard to trade receivables, other receivables and assets that are neither impaired nor past due, there were no indications as of the end of the reporting period that debtors will fail to make payment.
The reconciliation of the carrying amounts of trade receivables past due and impaired is as follows:
| Trade receivables, net | 16,057.9 | 18,067.8 |
|---|---|---|
| Impairment | (1,475.0) | (1,392.0) |
| Trade receivables, gross | 17,532.9 | 19,459.8 |
| in € thousand | 2014 | 2015 |
Interest rate risk
Interest rate risks mainly apply to liabilities with terms of more than one year.
For assets, interest rate risks apply only to investment securities. Securities were measured at market value at the end of the reporting period. It is possible to reduce interest rate risks and optimize income with the regular monitoring of interest rate developments and the reorganization of securities holdings derived from this.
There are non-current liabilities to banks from loans for various investments in operating activities. Interest rates have been hedged in the medium term with interest rate caps. However, more prolonged negative changes in market values can cause the result of operations to deteriorate. A change in interest rates of ±1% on the credit portfolio as of the end of the reporting period would have respectively reduced/increased earnings and equity by € 502.5 thousand (2014: € 1,128.1 thousand).
Group companies invest in non-current securities almost exclusively in their own currency area, hence there is no currency risk here.
In assets, currency risks relate mainly to the US dollar and UAE dirham, resulting from trade receivables from international customers. Most other markets invoice in euro. In liabilities, with the exception of trade payables, there are no signifi cant currency risks as current fi nancing of operating activities is implemented by the Group companies in their own local currency. Any currency risks from short-term peaks are borne by the company themselves. In addition to hedging with derivative fi nancial instruments, there is also natural hedging by the positions closed, for example US dollar trade payables are off set by US dollar receivables.
The table below shows the sensitivity of consolidated earnings before taxes (due to changes in the fair values of monetary assets and liabilities) and the Group's equity (due to changes in the fair values of currency forwards) to a change in exchange rates, considered possible in line with prudent business judgment, aff ecting the main currencies relevant to the Group. All other variables remain constant.
| Exchange | Eff ect on earnings | ||||
|---|---|---|---|---|---|
| rate | before taxes | Eff ect on equity | |||
| in € thousand | development | 2014 | 2015 | 2014 | 2015 |
| US dollar | +10% | 955.9 | 1,252.2 | (34,006.7) | (22,850.1) |
| –10% | (955.9) | (1,252.2) | 6,756.6 | 1,893.1 | |
| Singapore dollar | +10% | (17.3) | (19.4) | (956.2) | (1,067.4) |
| –10% | 17.3 | 19.4 | 956.2 | 1,037.2 | |
| Swiss franc | +10% | (253.1) | 23.0 | (321.0) | 135.7 |
| –10% | 253.1 | (23.0) | 199.6 | (135.7) | |
| Saudi riyal | +10% | 867.1 | 1,219.8 | 27.7 | (227.3) |
| –10% | (867.1) | (1,219.8) | (27.7) | 227.3 | |
| VAE dirham | +10% | 1,696.2 | 443.2 | (1,624.8) | 443.2 |
| –10% | (1,696.2) | (443.2) | (1,357.9) | (443.2) |
Interest rate and FX risks are hedged using derivative fi nancial instruments such as FX forwards and interest rate caps. These are initially recognized at fair value when the agreement is concluded and subsequently remeasured at fair value.
In accordance with IAS 32, derivative fi nancial instruments are only off set and reported in the statement of fi nancial position as a net amount when there is a legal right to do so and it is intended to settle on a net basis. The following table shows the recognized fi nancial instruments that are off set in accordance with IAS 32 and their reconciliation to the carrying amount reported in the statement of fi nancial position:
| Derivative receivables in € thousand | 2014 | 2015 | |
|---|---|---|---|
| Receivables, gross | 3,265.5 | 3,643.4 | |
| Liabilities, gross balanced | (1,783.8) | (2,264.9) | |
| Net amount stated | 1,481.7 | 1,378.5 | |
| Derivative liabilities in € thousand | 2014 | 2015 | |
| Liabilites, gross | 16,664.6 | 13,152.2 | |
| Receivables, gross balanced | (1,783.8) | (2,264.9) | |
| Net amount stated | 14,880.8 | 10,887.3 |
While some of these transactions are hedges from a business perspective, they do not meet the hedge accounting requirements of IAS 39. The changes in the fair value of these fi nancial instruments are recognized immediately in profi t or loss.
| Nominal value | ||||
|---|---|---|---|---|
| in € thousand | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2015 |
| Currency forwards | 44,990.8 | 65,538.9 | (507.1) | (1,295.7) |
| Interest rate hedges | 15,000.0 | 10,000.0 | 9.4 | 6.6 |
The fair value of the currency forwards of € –1,295.7 thousand (2014: € –507.1 thousand) as of the end of the reporting period consists of derivatives that are assets of € 764.4 thousand (2014: € 1,278.2 thousand) and derivatives that are liabilities of € 2,060.1 thousand (2014: € 1,785.3 thousand). The fair value of the interest rate hedges of € 6.6 thousand (2014: € 9.4 thousand) as of the end of the reporting period consists of derivatives that are assets of € 6.6 thousand (2014: € 9.3 thousand) and derivatives that are liabilities of € 0.0 thousand (2014: € 0.0 thousand).
The changing of the eff ective portion of fair value of derivatives that satisfy the hedge accounting requirements of IAS 39 is shown in the statement of other comprehensive income. As of the date of the hedged item being recognized, the profi t or loss of the hedge will be reclassifi ed from other comprehensive income to
the income statement. The cumulative amounts recognized in equity as of December 31, 2015 are expected to be reclassifi ed to the income statement in 2016 and 2017. The ineff ective portion of an eff ective hedging instrument is recognized in profi t or loss. In 2015, this amounted to € 261.8 thousand (2014: € 0.0 thousand) and was reported under fi nance costs.
| Nominal value | Fair value | |||
|---|---|---|---|---|
| in € thousand | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2015 |
| Currency forwards | 227,051.4 | 129,967.7 | (12,901.4) | (8,219.7) |
The fair value of the currency forwards of € –8,219.7 thousand (2014: € –12,901.4 thousand) as of the end of the reporting period consists of derivatives that are assets of € 607.5 thousand (2014: € 194.1 thousand) and derivatives that are liabilities of € 8,827.2 thousand (2014: € 13,095.5 thousand).
| Level 1 | Level 2 | |||
|---|---|---|---|---|
| in € thousand | 2014 | 2015 | 2014 | 2015 |
| Derivative fi nancial instruments | ||||
| without hedge | ||||
| Positive fair value | 0.0 | 0.0 | 1,278.2 | 764.4 |
| Negative fair value | 0.0 | 0.0 | 1,785.3 | 2,060.1 |
| Derivative fi nancial instruments | ||||
| with hedge | ||||
| Positive fair value | 0.0 | 0.0 | 194.1 | 607.5 |
| Negative fair value | 0.0 | 0.0 | 13,095.5 | 8,827.2 |
| Interest rate hedges without hedge | ||||
| Positive fair value | 0.0 | 0.0 | 9.4 | 6.6 |
| Negative fair value | 0.0 | 0.0 | 0.0 | 0.0 |
| Available-for-sale investments | ||||
| Positive fair value | 215.5 | 412.2 | 0.0 | 0.0 |
| Negative fair value | 0.0 | 0.0 | 0.0 | 0.0 |
The fi nancial investments available for sale shown as level 1 include – as in the previous year – listed equities and units in funds. The fair value of currency forwards and interest rate swaps shown as level 2 is determined – as in the previous year – by reference to bank valuations based on recognized mathematical measurement models (discounted cash fl ow method on the basis of current interest and currency future yields based on interbank mid-rates as of the end of the reporting period).
In 2015 – as in the previous year – there were no reclassifi cations between level 1 and level 2 or vice versa. There was no change in the measurement method.
Liquidity risk is the risk of not being able to settle the liabilities due on time. Liquidity in the Group is assured at the start of the year with corresponding liquidity planning, suffi cient intra-year funds and short-term credit facilities. The tables below show the structure of interest-bearing fi nancial liabilities as of December 31, 2015 and the structure of trade payables and other liabilities.
Total interest-bearing fi nancial liabilities amount to € 209,625.5 thousand (2014: € 181,207.8 thousand). The interest incurred for the interest-bearing fi nancial liabilities is € 3,133.2 thousand (2014: € 2,350.5 thousand), corresponding on average to 1.2% (2014: 1.3%). The reported carrying amounts are essentially the fair values. As the incidental costs of the fi nancial liabilities shown in the table below with the nominal interest rates are low, the nominal interest rate is the eff ective interest rate, hence there is no impact on the net assets, fi nancial position or results of operations.
Non-current, fl oating rate liabilities are based on interest adjustment agreements, themselves based on 3-month and 6-month Euribor/US Libor.
Interest-bearing fi nancial liabilities
| Liabilities | Interest | Dec 31, | Dec 31, | ||||
|---|---|---|---|---|---|---|---|
| Dec 31, | Interest | fi xed/ | 2014 | 2015 | |||
| in 1,000s | Currency | 2015 | Maturing | in % | fl oating | in € tsd. | in € tsd. |
| Production fi nance | SGD | 14,666 | 2016 | 3.250 | Floating | 9,599.1 | 9,513.0 |
| Production fi nance | USD | 6,135 | 2016 | 3.000 | Floating | 3,597.5 | 5,627.0 |
| Production fi nance | USD | 2,351 | 2016 | 2.680 | Floating | 133.1 | 2,156.4 |
| Production fi nance | USD | 6,000 | 2016 | 1.580 | Floating | 4,940.3 | 5,503.6 |
| Production fi nance | € | 30,000 | 2016 | 0.760 | Floating | 20,000.0 | 30,000.0 |
| Production fi nance | € | 10,490 | 2016 | 1.168 | Fixed | 16,490.0 | 10,490.0 |
| Investment credit | € | 188 | 2016 | 5.250 | Fixed | 187.5 | 187.5 |
| Bank overdrafts | € | 74,536.0 | 71,738.9 | ||||
| Total current | 129,483.5 | 135,216.4 | |||||
| Investment credit | € | 289 | 2018 | 5.215 | Fixed | 482.4 | 289.3 |
| Investment credit | € | 10,000 | 2018 | 0.950 | Fixed | 0.0 | 10,000.0 |
| Investment credit | € | 10,000 | 2019 | 1.050 | Fixed | 0.0 | 10,000.0 |
| Investment credit | € | 10,000 | 2020 | 1.350 | Fixed | 10,000.0 | 10,000.0 |
| Investment credit | € | 837 | 2020 | 2.362 | Floating | 1,241.9 | 837.4 |
| Investment credit | SAR | 11,556 | 2021 | 3.862 | Floating | 0.0 | 2,820.7 |
| Investment credit | € | 40,000 | 2022 | 1.313 | Fixed | 40,000.0 | 40,000.0 |
| Investment credit | CHF | 500 | 2022 | 1.450 | Fixed | 0.0 | 461.7 |
| Total non-current | 51,724.3 | 74,409.1 | |||||
| Total | 181,207.8 | 209,625.5 |
140
The fi gures shown in the table below refl ect the undiscounted cash fl ows, hence they may diff er from the carrying amounts.
| Between | Between | Between | Between | More | |||
|---|---|---|---|---|---|---|---|
| Up to | 1 to | 2 to | 3 to | 4 to | than | ||
| in € thousand | Total | 1 year | 2 years | 3 years | 4 years | 5 years | 5 years |
| Interest-bearing liabilities | |||||||
| (current and non-current) | |||||||
| 2015 | 205,718.0 | 130,370.9 | 3,189.6 | 13,010.3 | 17,539.9 | 17,211.5 | 24,395.8 |
| 2014 | 184,549.6 | 130,674.7 | 2,543.3 | 2,488.2 | 5,615.2 | 12,778.5 | 30,449.7 |
| Trade payables | |||||||
| 2015 | 43,168.8 | 43,168.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2014 | 48,132.0 | 48,132.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other liabilities | |||||||
| (current and non-current) | |||||||
| 2015 | 32,874.5 | 32,029.5 | 845.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2014 | 63,018.3 | 62,039.7 | 978.6 | 0.0 | 0.0 | 0.0 | 0.0 |
The fair value of non-current loan liabilities bearing interest at fi xed rates is € 69.461.4 thousand (2014: € 51,286.9 thousand). The inputs for calculating the fair value of non-current loan liabilities bearing interest at fi xed rates are assigned to level 2 of the IFRS 3 fair value hierarchy. The fair value of non-current loan liabilities bearing interest at fi xed rates was calculated using a DCF method, using a discount rate that refl ects the Group's interest rate on borrowed capital as of the end of the reporting period. The Group's own credit risk was classifi ed as immaterial as of December 31, 2014 and December 31, 2015.
Other liabilities include undiscounted cash fl ows from derivative liabilities of € 10,887.3 thousand (2014: € 14,880.8 thousand). € 10,045.7 thousand of this amount is due within one year (2014: € 13,902.2 thousand) and € 841.6 thousand (2014: € 978.6 thousand) is due between one and two years.
The reconciliation of carrying amounts per IAS 39 class is as follows:
| At fair value | ||||||
|---|---|---|---|---|---|---|
| At | Other com- | Through | Not a | |||
| Carrying | amortized | prehensive | profi t | fi nancial | ||
| in € thousand | amount | cost | income | and loss | instrument | |
| Dec 31, 2015 | ||||||
| Securities | 412.2 | 0.0 | 412.2 | 0.0 | 0.0 | |
| Receivables | 157,937.7 | 140,921.3 | 607.5 | 771.0 | 15,637.9 | |
| Cash and cash equivalents | 17,877.8 | 17,877.8 | 0.0 | 0.0 | 0.0 | |
| Interest-bearing liabilities | 209,625.5 | 209,625.5 | 0.0 | 0.0 | 0.0 | |
| Trade payables | 43,168.8 | 43,168.8 | 0.0 | 0.0 | 0.0 | |
| Other liabilities | 60,862.3 | 21,987.2 | 8,827.2 | 2,060.1 | 27,987.8 | |
| Dec 31, 2014 | ||||||
| Securities | 215.5 | 0.0 | 215.5 | 0.0 | 0.0 | |
| Receivables | 121,434.2 | 109,267.7 | 194.1 | 1,287.6 | 10,684.8 | |
| Cash and cash equivalents | 26,780.0 | 26,780.0 | 0.0 | 0.0 | 0.0 | |
| Interest-bearing liabilities | 181,207.8 | 181,207.8 | 0.0 | 0.0 | 0.0 | |
| Trade payables | 48,132.0 | 48,132.0 | 0.0 | 0.0 | 0.0 | |
| Other liabilities | 72,278.5 | 31,311.5 | 13,095.5 | 1,785.3 | 26,086.2 |
The reconciliation of carrying amounts per IAS 39 category is as follows:
| Available- | At fair | ||||||
|---|---|---|---|---|---|---|---|
| for-sale | value | Not a | |||||
| Loans | At | fi nancial | Derivatives | through | fi nancial | ||
| Carrying | and | amortized | invest- | in hedge | profi t | instru | |
| in € thousand | amount | receivables | cost | ments | accounting | and loss | ment |
| Dec 31, 2015 | |||||||
| Securities | 412.2 | 0.0 | 0.0 | 412.2 | 0.0 | 0.0 | 0.0 |
| Receivables | 157,937.7 | 140,921.3 | 0.0 | 0.0 | 607.5 | 771.0 | 15,637.9 |
| Cash and | |||||||
| cash equivalents | 17,877.8 | 17,877.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest-bearing | |||||||
| liabilities | 209,625.5 | 0.0 | 209,625.5 | 0.0 | 0.0 | 0.0 | 0.0 |
| Trade payables | 43,168.8 | 0.0 | 43,168.8 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other liabilities | 60,862.3 | 0.0 | 21,987.2 | 0.0 | 8,827.2 | 2,060.1 | 27,987.8 |
| Dec 31, 2014 | |||||||
| Securities | 215.5 | 0.0 | 0.0 | 215.5 | 0.0 | 0.0 | 0.0 |
| Receivables | 121,434.2 | 109,267.7 | 0.0 | 0.0 | 194.1 | 1,287.6 | 10,684.8 |
| Cash and | |||||||
| cash equivalents | 26,780.0 | 26,780.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest-bearing | |||||||
| liabilities | 181,207.8 | 0.0 | 181,207.8 | 0.0 | 0.0 | 0.0 | 0.0 |
| Trade payables | 48,132.0 | 0.0 | 48,132.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other liabilities | 72,278.5 | 0.0 | 48,137.5 | 0.0 | 13,095.5 | 1,785.3 | 9,260.2 |
| Derecog- | ||||||
|---|---|---|---|---|---|---|
| Change in | Currency | nition of | ||||
| in € thousand | Interest | fair value | Impairment | translation | receivables | Net result |
| Dec 31, 2015 | ||||||
| Loans and receivables | 1,577.0 | 0.0 | (338.3) | 2,312.7 | 85.3 | 3,636.7 |
| Derivatives at fair value | ||||||
| through profi t or loss | 0.0 | (629.3) | 0.0 | 0.0 | 0.0 | (629.3) |
| Liabilities at | ||||||
| amortized cost | (3,400.9) | 0.0 | 0.0 | 0.0 | 0.0 | (3,400.9) |
| Financial investments | ||||||
| available for sale | 9.3 | 10.7 | 0.0 | 0.0 | 0.0 | 20.0 |
| (1,814.6) | (618.6) | (338.3) | 2,312.7 | 85.3 | (373.5) | |
| Dec 31, 2014 | ||||||
| Loans and receivables | 905.3 | 0.0 | (628.9) | 3,417.4 | 92.3 | 3,786.1 |
| Derivatives at fair value | ||||||
| through profi t or loss | 0.0 | (563.1) | 0.0 | 0.0 | 0.0 | (563.1) |
| Liabilities at | ||||||
| amortized cost | (2,471.5) | 0.0 | 0.0 | 0.0 | 0.0 | (2,471.5) |
| Financial investments | ||||||
| available for sale | 11.1 | 5.3 | 0.0 | 0.0 | 0.0 | 16.4 |
| (1,555.1) | (557.8) | (628.9) | 3,417.4 | 92.3 | 767.9 |
The item "Loans and receivables" shows the net results of receivables and current cash and cash equivalents, while "Liabilities at amortized cost" shows interest-bearing liabilities, trade payables and other liabilities.
Between the end of the reporting period on December 31, 2015 and the time of this report being prepared, there have been no other events of particular signifi cance to the company that would have altered its net assets, fi nancial position or result of operations except for the acquisitions described under B1.
Rosenbauer International AG has not issued any declarations of liability statements for the benefi t of non-Group companies. There are also no further contingent liabilities that will give rise to signifi cant liabilities.
The fi gures shown in the table were calculated in accordance with national GAAP.
| Type of | ||||
|---|---|---|---|---|
| Investment | Net | consoli | ||
| in € thousand | share1 | Equity | income2 | dation |
| 2015 | ||||
| Rosenbauer Österreich GmbH, | ||||
| Austria, Leonding | 100% | 2,951 | 03 | CC |
| Rosenbauer Management Services GmbH, | ||||
| Austria, Leonding | 100% | 82 | (0.6) | CC |
| Rosenbauer Deutschland GmbH, | ||||
| Germany, Luckenwalde | 100% | 11,212 | 146 | CC |
| Rosenbauer Management GmbH | ||||
| (formerly: Metz Aerials Management GmbH), | ||||
| Germany, Karlsruhe | 100% | 35 | 1 | CC |
| Rosenbauer Karlsruhe GmbH & Co. KG | ||||
| (formerly: Metz Aerials GmbH & Co. KG), | ||||
| Germany, Karlsruhe | 100% | 13,671 | 2,790 | CC |
| Service18 S.A.R.L. | ||||
| (formerly: Metz-Service18 S.A.R.L.), | ||||
| France, Chambéry | 84% | (383) | (9) | CC |
| Rosenbauer Finanzierung GmbH, | ||||
| Germany, Passau | 100% | 31 | (3) | CC |
| Rosenbauer d.o.o., | ||||
| Slovenia, Radgona | 90% | 2,140 | 1,194 | CC |
| Rosenbauer Schweiz AG, | ||||
| Switzerland, Oberglatt | 100% | 7,061 | 795 | CC |
1 Indirect shareholding CC = Consolidated company
2 Net profi t for year after changes in reserves EM = Companies accounted for using the equity method
3 Profi t transfer agreement with Rosenbauer International AG 4 Rosenbauer International AG has the right
to cast the deciding vote in the event of a tie
| Type of | ||||
|---|---|---|---|---|
| Investment | Net | consoli | ||
| in € thousand | share1 | Equity | income2 | dation |
| Rosenbauer Española S.A., | ||||
| Spain, Madrid | 62.11% | 4,268 | 1,732 | CC |
| Rosenbauer Ciansa S.L., | ||||
| Spain, Linares | 50% | 3,188 | 784 | EM |
| Rosenbauer Minnesota, LLC.4, | ||||
| USA, Minnesota | 50% | 11,384 | 5,047 | CC |
| Rosenbauer South Dakota, LLC.4, | ||||
| USA, South Dakota | 50% | 33,556 | 12,320 | CC |
| Rosenbauer Holdings Inc., | ||||
| USA, South Dakota | 100% | 28,905 | 6,869 | CC |
| Rosenbauer America, LLC.4, | ||||
| USA, South Dakota | 50% | 58,076 | 21,613 | CC |
| Rosenbauer Aerials, LLC.4, | ||||
| USA, Nebraska | 25% | 5,971 | 2,943 | CC |
| Rosenbauer Motors, LLC.4, | ||||
| USA, Minnesota | 42.5% | (295) | 5,447 | CC |
| S.K. Rosenbauer Pte. Ltd., | ||||
| Singapore | 100% | 9,158 | 1,385 | CC |
| Eskay Rosenbauer Sdn Bhd, | ||||
| Brunei | 80% | (94) | 1 | CC |
| Rosenbauer South Africa (Pty.) Ltd., | ||||
| South Africa, Halfway House | 75% | 275 | 167 | CC |
| Rosenbauer Saudi Arabia Ltd., | ||||
| Saudi Arabia, Riyadh | 75% | 1,503 | 208 | CC |
| Rosenbauer UK plc, | ||||
| United Kingdom, Holmfi rth | 75% | 608 | 273 | CC |
| PA "Fire-fi ghting special technics" LLC., | ||||
| Russia, Moscow | 49% | 6,856 | 467 | EM |
| 2014 | ||||
| Rosenbauer Österreich GmbH, | ||||
| Austria, Leonding | 100% | 2,951 | 03 | CC |
| Rosenbauer Management Services GmbH, | ||||
| Austria, Leonding | 100% | 82 | (1) | CC |
| Rosenbauer Deutschland GmbH, | ||||
| Germany, Luckenwalde | 100% | 11,066 | 1,610 | CC |
| Metz Aerials Management GmbH, | ||||
| Germany, Karlsruhe | 100% | 34 | 1 | CC |
1 Indirect shareholding CC = Consolidated company
2 Net profi t for year after changes in reserves EM = Companies accounted for using the equity method
3 Profi t transfer agreement with Rosenbauer International AG
4 Rosenbauer International AG has the right
to cast the deciding vote in the event of a tie
| Type of | ||||
|---|---|---|---|---|
| Investment | Net | consoli | ||
| in € thousand | share1 | Equity | income2 | dation |
| Metz Aerials GmbH & Co. KG, | ||||
| Germany, Karlsruhe | 100% | 10,881 | 1,055 | CC |
| Metz-Service18 S.A.R.L., | ||||
| France, Chambéry | 84% | (374) | (410) | CC |
| Rosenbauer Finanzierung GmbH, | ||||
| Germany, Passau | 100% | 33 | (3) | CC |
| Rosenbauer d.o.o., | ||||
| Slovenia, Radgona | 90% | 1,996 | 446 | CC |
| Rosenbauer Schweiz AG, | ||||
| Switzerland, Oberglatt | 100% | 5,986 | 429 | CC |
| Rosenbauer Española S.A., | ||||
| Spain, Madrid | 62.11% | 3,836 | 2,271 | CC |
| Rosenbauer Ciansa S.L., | ||||
| Spain, Linares | 50% | 2,904 | 659 | EM |
| Rosenbauer Minnesota, LLC.4, | ||||
| USA, Minnesota | 50% | 10,355 | 3,523 | CC |
| Rosenbauer South Dakota, LLC.4, | ||||
| USA, South Dakota | 50% | 30,027 | 8,285 | CC |
| Rosenbauer Holdings Inc., | ||||
| USA, South Dakota | 100% | 23,375 | 4,024 | CC |
| Rosenbauer America, LLC.4, | ||||
| USA, South Dakota | 50% | 47,787 | 12,824 | CC |
| Rosenbauer Aerials, LLC.4, | ||||
| USA, Nebraska | 25% | 5,014 | 2,319 | CC |
| Rosenbauer Motors, LLC.4, | ||||
| USA, Minnesota | 42,5% | (5,243) | 1,515 | CC |
| S.K. Rosenbauer Pte. Ltd., | ||||
| Singapore | 100% | 7,479 | 832 | CC |
| Eskay Rosenbauer Sdn Bhd, | ||||
| Brunei | 80% | (91) | (27) | CC |
| Rosenbauer South Africa (Pty.) Ltd., | ||||
| South Africa, Halfway House | 75% | 229 | 97 | CC |
| Rosenbauer Saudi Arabia Ltd., | ||||
| Saudi Arabia, Riyadh | 75% | 1,160 | 1,062 | CC |
| Rosenbauer UK plc, | ||||
| United Kingdom, Holmfi rth | 75% | 1,055 | (114) | CC |
| PA "Fire-fi ghting special technics" LLC., | ||||
| Russia, Moscow | 49% | 9,289 | 3,031 | EM |
3 Profi t transfer agreement with Rosenbauer International AG
4 Rosenbauer International AG has the right
to cast the deciding vote in the event of a tie
1 Indirect shareholding CC = Consolidated company
2 Net profi t for year after changes in reserves EM = Companies accounted for using the equity method
The following transactions were performed with related parties. In particular, purchases of goods listed relate to vehicles supplied by the Spanish joint venture Rosenbauer Ciansa to the Spanish subsidiary. The managing director of the Spanish subsidiary is also the 50% owner of the Spanish joint venture.
The receivables are loans provided to US non-controlling interests. The terms of the current loan agreements were set for three years. The loans are contracted to end on December 31, 2016, unless a renewal is agreed. The rent agreement shown below for the use of land is between a US company and its manager. The term of the agreement began on April 1, 2015 and will end on March 31, 2020, provided that it is not terminated early by either of the parties or renewed.
| in € thousand | Joint ventures | Management | ||
|---|---|---|---|---|
| 2014 | 2015 | 2014 | 2015 | |
| Sale of goods | 1.4 | 10.0 | 0.0 | 0.0 |
| Purchase of goods | 4,111.6 | 4,257.0 | 0.0 | 0.0 |
| Liabilities | 873.2 | 996.3 | 0.0 | 0.0 |
| Receivables | 0.0 | 1.0 | 343.8 | 1,073.6 |
| Land rent | 0.0 | 0.0 | 174.6 | 264.5 |
The remuneration of the members of the Executive Board of Rosenbauer International AG amounted to € 2,205.2 thousand (2014: € 2,263.0 thousand) in total in 2015 and breaks down as basic salary (2015: € 920.3 thousand; 2014: € 899.8 thousand), bonus (2015: € 1,133.7 thousand; 2014: € 1,212.0 thousand), remuneration components for independent retirement and surviving dependents pensions (2015: € 151.2 thousand; 2014: € 151.2 thousand). The severance provision for members of the Executive Board amounted to € 678.1 thousand as of December 31, 2015 (2014: € 686.0 thousand). Total payments to members of the Executive Board, consisting of remuneration, severance payments and the change in the severance provision amounted to € 2,197.3 thousand in 2015 (2014: € 2,229.7 thousand). After leaving the company, the company will not incur any future expenses from title to the occupational pension scheme for Executive Board members.
The bonus is calculated from the degree of target attainment of consolidated earnings in the income statement before taxes and earnings attributable to non-controlling interests in the respective fi nancial year. The target is set by the Supervisory Board for two fi nancial years at a time.
The Supervisory Board was granted remuneration of € 213.6 thousand (2014: € 217.0 thousand) in the 2015 fi nancial year.
The 21st Annual General Meeting in 2013 resolved the following remuneration system for the Supervisory Board. The remuneration for members of the Supervisory Board consists of a fi xed and a variable component. Each elected member of the Supervisory Board receives annual fi xed remuneration of € 18 thousand. For the Chairman and the Deputy Chairman this amount is € 24 thousand. Variable remuneration is calculated as a percentage of consolidated EBT, whereby variable remuneration for the year of € 40,000 each for the Chairman and the Deputy Chairman and € 30,000 each for all other elected members was resolved for full attainment of the target set for the year. The following calculation is applied in the event of the actual EBT for the fi nancial year deviating from the target set for the year:
The remuneration of the Supervisory Board is index-linked on the basis of the Austrian 2010 consumer price index.
An amount of € 541.0 thousand was paid for services by the auditor of the consolidated fi nancial statements Ernst &Young Wirtschaftsprüfungsgesellschaft m.b.H. in the 2015 fi nancial year (2014: € 317.0 thousand). € 177.9 thousand (2014: € 120.8 thousand) of this related to audits of fi nancial statements and € 363.1 thousand (2014: € 196.2 thousand) to other services. There were no tax advisory services or other assurance services.
Earnings per share are calculated in accordance with IAS 33 ("Earnings Per Share") by dividing the profi t or loss for the period after deducting non-controlling interests by the number of shares outstanding. As there were no "dilutive potential ordinary shares" outstanding, the "diluted earnings per share" are equal to "basic earnings per share".
The calculation is as follows:
| 2014 | 2015 | ||
|---|---|---|---|
| Profi t or loss for the period | |||
| after deducting non-controlling interests | in € thousand | 27,283.2 | 22,430.1 |
| Average number of shares outstanding | units | 6,800,000 | 6,800,000 |
| Basic earnings per share | in €/share | 4.01 | 3.30 |
| Diluted earnings per share | in €/share | 4.01 | 3.30 |
There were no transactions with potential ordinary shares in the period between the end of the reporting period and the preparation of the consolidated fi nancial statements.
The proposal for the appropriation of profi ts is based on the separate fi nancial statements of the company prepared in accordance with the provisions of the Unternehmensgesetzbuch (UGB – Austrian Commercial Code).
Net retained profi ts of € 10,328,699.99 were reported in the separate fi nancial statements of Rosenbauer International AG for the 2015 fi nancial year. The Executive Board proposes the following appropriation of these net retained profi ts: distribution of a dividend of € 1.5 (2014: € 1.2) per share (i. e. € 10,200.000 for 6,800,000 shares).
Carryforward to new account: € 128,699.99
Date of fi rst appointment: May 29, 2009; End of current term of offi ce: 2019 Annual General Meeting
Works Council Delegates to the Supervisory Board:
Leonding, March 25, 2016
Chairman of the Executive Board, CEO Member of the Executive Board, CTO Member of the Executive Board, CFO
Dieter Siegel Gottfried Brunbauer Günter Kitzmüller
We have audited the accompanying consolidated fi nancial statements of Rosenbauer International AG, Leonding, for the fi scal year from January 1, 2015 to December 31, 2015. These consolidated fi nancial statements comprise the consolidated balance sheet as of December 31, 2015, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated cash fl ow statement and the consolidated statement of changes in equity for the fi scal year ended December 31, 2015, and the notes.
The Company's management is responsible for the group accounting system and for the preparation and fair presentation of the consolidated fi nancial statements in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these consolidated fi nancial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Accounting Standards on Auditing, as well as in accordance with International Standards on Auditing (ISAs), issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance whether the consolidated fi nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated fi nancial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group's preparation and fair presentation of the consolidated fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff ectiveness of the Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated fi nancial statements.
We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a reasonable basis for our audit opinion.
Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated fi nancial statements comply with legal requirements and give a true and fair view of the fi nancial position of the Group as of December 31, 2015 and of its fi nancial performance and its cash fl ows for the fi scal year from January 1, 2015 to December 31, 2015 in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the EU.
Pursuant to statutory provisions, the consolidated management report is to be audited as to whether it is consistent with the consolidated fi nancial statements and as to whether the other disclosures are not misleading with respect to the Company's position. The auditor's report also has to contain a statement as to whether the consolidated management report is consistent with the consolidated fi nancial statements and whether the disclosures pursuant to section 243a UGB (Austrian Commercial Code) are appropriate.
In our opinion, the consolidated management report is consistent with the consolidated fi nancial statements. The disclosures pursuant to section 243a UGB (Austrian Commercial Code) are appropriate.
Linz, March 25, 2016
Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.
Certifi ed Auditor Certifi ed Auditor
Mag. Gerhard Schwartz mp Mag. Johanna Hobelsberger-Gruber mp
In the event that these fi nancial statements are published or distributed in any form other than that audited (the unabridged German version), such as abridged versions or translations into other languages, our audit opinion may not be cited or reference made to our audit without our prior approval.
To the best of our knowledge, and in accordance with the applicable reporting principles for fi nancial reporting, the consolidated fi nancial statements give a true and fair view of the net assets, fi nancial position and result of operations of the Group, and the management report of the Group includes a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties to which the Group is exposed.
To the best of our knowledge, and in accordance with the applicable reporting principles for fi nancial reporting, the annual fi nancial statements of the parent company give a true and fair view of the net assets, fi nancial position and result of operations of the company, and the management report includes a true and fair view of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties to which the company is exposed.
Leonding, March 25, 2016
Dieter Siegel Gottfried Brunbauer Günter Kitzmüller Chairman of the Executive Board, CEO Member of the Executive Board, CTO Member of the Executive Board, CFO Global Product Division: Global Product Division: Global Product Divisions: Customer Service Firefi ghting & Body Components Fire & Safety Equipment,
Stationary Fire Protection
156 Lagebericht
180 Jahresabschluss
204 Erklärung der gesetzlichen Vertreter
Die Weltwirtschaft zeigte 2015 eine eher gedämpfte Entwicklung, die Anfang des Jahres erhoffte Erholung der Konjunktur blieb aus. Das globale BIP wuchs gegenüber 2014 um 3,0 % und lag damit 0,5 Prozentpunkte hinter den Erwartungen.
Ausschlaggebend für den mäßigen Konjunkturverlauf war in erster Linie die Wachstumsverlangsamung der chinesischen Wirtschaft, die unter anderem dazu führte, dass der BIP-Zuwachs in den Emerging Markets bereits das fünfte Jahr in Folge rückläufig ausfiel. Dazu kam der anhaltende Ölpreisverfall und eine verringerte Nachfrage nach Rohstoffen, welche die Konjunktur in rohstoffexportierenden Schwellenländern wie Brasilien oder Russland sowie im Nahen Osten deutlich bremsten. Und auch der globale Handel kam wie schon die Jahre zuvor nicht so richtig in Schwung und legte 2015 lediglich um zwei Prozent zu.
An diesen makroökonomischen Rahmenbedingungen wird sich 2016 wenig ändern, der Weltkonjunkturmotor dürfte auch im laufenden Jahr nur langsam an Fahrt gewinnen. Mitentscheidend für die Entwicklung wird sein, wie der weitere Umbau des chinesischen Wirtschaftssystems gelingt, die Flüchtlingskrise in Europa bewältigt wird und sich ein stärker werdender US-Dollar auf die internationalen Finanzmärkte auswirkt. Auch eine Eskalation der geopolitischen Spannungen ist leider nicht auszuschließen, was alles zusammen zu einer eher zurückhaltenden Prognose für die Jahre 2016 und 2017 führt. Die Experten der OECD sehen zwar eine leichte Erholung der Weltwirtschaft voraus, versehen diesen Ausblick allerdings mit den Attributen mühsam, zögerlich und langwierig. Das globale BIP sollte demnach im laufenden Jahr um 3,0 % und im Jahr 2017 um 3,3 % wachsen.
Die USA konnte sich in diesem turbulenten Umfeld relativ gut behaupten. Das BIP wuchs zwar nur um 2,4 % und nicht wie Anfang 2015 prognostiziert um 3,6 %. Die Wirtschaft entwickelte sich allerdings sehr robust, was vor allem auf ein gutes Investitions- und Finanzierungsklima sowie eine sehr positive Entwicklung des Immobilien- und Arbeitsmarktes zurückzuführen ist.
Für die Jahre 2016 und 2017 wird eine leichte Steigerung der US-amerikanischen Wirtschaftsleistung erwartet. Das BIP sollte im heurigen Jahr um 2,0 % und 2017 um 2,2 % zulegen. Belastend könnten sich ein stärker werdender Dollar auf die industrielle Produktion sowie ein weiter fallender Ölpreis auf die Investitionstätigkeit auswirken.
Europa's Wirtschaft konnte 2015 keine gravierende Erholung verbuchen, auch wenn das BIP-Wachstum in der Eurozone mit 1,5 % letztlich höher ausfiel als erwartet. Der Blick in die einzelnen Volkswirtschaften zeigt ein sehr inhomogenes Bild: Während sich Deutschland in hervorragender wirtschaftlicher Verfassung befand, litten Länder wie Griechenland oder Spanien nach wie vor unter hartnäckigen strukturellen Problemen und extremer Arbeitslosigkeit. Das BIP-Wachstum in der Eurozone wird daher auch in den kommenden Jahren eher verhalten ausfallen und mit 1,4 % für 2016 und bzw. 1,7 % für 2017 prognostiziert. Im selben Ausmaß sollte auch die Wirtschaft in Deutschland und Österreich wachsen.
Deutschland ist und bleibt das Zugpferd in Europa. Die deutsche Wirtschaft profitiert zurzeit vom niedrigen Ölpreis, dem stärker werdenden US-Dollar, einem investitionsfreundlichem Zinsniveau und einem robusten Arbeitsmarkt mit deutlich gesunkenen Arbeitslosenzahlen. Die steigende Konsumbereitschaft, sowohl im privaten als auch im öffentlichen Sektor, wirkt sich ebenfalls positiv auf die wirtschaftliche Entwicklung aus. Und auch die zu erwartenden Ausgaben im Rahmen der Flüchtlingsmigration sollten einen belebenden Effekt auf die Konjunktur haben.
Russland hingegen steckte 2015 tief in der Rezession. Der konjunkturelle Abwärtstrend aus dem Vorjahr setzte sich weiter fort, das BIP schrumpfte um 3,7 % deutlicher als prognostiziert. Von dieser Entwicklung wird sich Russland angesichts weiter fallender Rohstoffpreise nicht so schnell lösen können, weshalb auch für 2016 ein Negativwachstum von – 1,0 % prognostiziert wird. Erst im Jahr darauf erwarten IWF und OECD wieder ein echtes Wachstum im Bereich von einem Prozent.
China ist heute einer der Key Player in der globalen Welt und prägt mit seinem starken Wirtschaftswachstum seit mehr als zehn Jahren die Entwicklung der Weltkonjunktur. Die chinesische Wirtschaft legte 2015 um 6,9 % zu, was eine leichte Verlangsamung gegenüber 2014 mit 7,4 % bedeutet. Dieser Trend wird sich Experten zufolge auch in den Jahren 2016 und 2017 fortsetzen, das BIP-Wachstum in China wird mit 6,5 % bzw. 6,2 % prognostiziert. Der Grund dafür liegt im derzeit stattfindenden Umbau des chinesischen Wirtschaftssystems, das künftig weniger stark von Exporten und mehr vom heimischen Konsum, dem Dienstleistungssektor und Innovationen getragen werden soll.
Während China versucht, durch leichte Verlangsamung das Wachstum zu stabilisieren, ist Indien nach wie vor auf der Überholspur. Die Wirtschaft auf dem Subkontinent wuchs 2015 um 7,4 % deutlich stärker als erwartet und sollte dieses Tempo auch 2016 und 2017 beibehalten. Für das heurige Jahre wird ein BIP-Wachstum von 7,4 %, für 2017 von 7,3 % prognostiziert.
Auch die Volkswirtschaften in den ASEAN-Ländern und im Mittleren Osten sollten ihren Wachstumskurs fortsetzen können. Für ASEA-5 (Indonesien, Malaysien, Philippinen, Thailand und Vietnam) wird ein BIP-Zuwachs von 4,8 % (2016) bzw. 5,1 % (2017) erwartet, im Mittleren Osten eine Steigerung von jeweils 3,6 % für beide Jahre.
Die weltweite Feuerwehrfahrzeugproduktion erreichte laut UNO-Statistik (Daten für 2014) einen Wert von rund 21.500 Einheiten. Dies entspricht einem Gesamtwert von 3,6 Mrd €, der Anstieg gegenüber dem Vorjahr betrug 6 %. Kleinfahrzeuge bis 7,5 t Gesamtgewicht sowie feuerwehrtechnische Ausrüstung sind in diesem Volumen nicht enthalten.
Die stärksten Absatzregionen waren Europa, die NAFTA-Länder und Asien.
Das globale Feuerwehrwesen ist regional sehr unterschiedlich strukturiert, organisiert und finanziert. International tätige Feuerwehrausstatter müssen dieser komplexen Struktur Rechnung tragen und regional angepasste Marktstrategien entwickeln. So gibt es beispielsweise nur wenige entwickelte Märkte mit kontinuierlichen Ersatzbeschaffungsprogrammen, die überwiegende Zahl der Märkte hat Spot-Charakter.
Generell hängt das Beschaffungsvolumen davon ab, wie die Feuerwehren finanziert werden. In den meisten Industriestaaten werden die Mittel von den Kommunen bereitgestellt, was eine relativ konstante Nachfrage zur Folge hat. Sobald allerdings der Druck auf die Haushalte steigt und diese konsolidiert werden müssen, werden Budgets für die Feuerwehren nur eingeschränkt vergeben und Beschaffungen verschoben. Dies führt zu einer Überalterung von Fuhrpark und Ausrüstung.
In den Schwellen- und Entwicklungsländern erfolgt die Finanzierung meist über zentral vergebene Staatsbudgets, die Folge sind unregelmäßige oder Ad-Hoc-Beschaffungen nach Elementarereignissen bzw. aufgrund von gestiegenen Sicherheitsbedürfnissen. Spezialfahrzeuge für Flughäfen wiederum werden von Flughafenbetreibern beschafft, die ihre Feuerwehren nach strengen internationalen Vorgaben ausrüsten müssen. Das führt dazu, dass mit Zunahme des Flugverkehrs in der Regel auch die Nachfrage nach Flughafenlöschfahrzeugen steigt.
Nach den schwachen Vorjahren gewann die US-Feuerwehrbranche 2015 an Dynamik und erreichte wieder ein Marktvolumen von über 4.000 Einheiten. Nahezu alle Fahrzeughersteller erhöhten ihre Produktionspläne, jene, die schon in den letzten Jahren mit Auslastungsproblemen zu kämpfen hatten, drückten allerdings weiterhin auf die Preise. Aufgrund der regen Ausschreibungsaktivitäten in den ersten Monaten 2016 ist davon auszugehen, dass das Produktionsvolumen für das Gesamtjahr auf interessantem Niveau bleiben wird.
In Europa werden die Beschaffungen in erster Linie über Steuereinnahmen finanziert. Sie wirken mit einer zeitlichen Verzögerung von ein bis zwei Jahren auf die Feuerwehrbranche. In vielen europäischen Ländern erreichte die Nachfrage 2015 im Mehrjahresvergleich wieder ein Normalniveau, allen voran in Deutschland, Österreich und der Schweiz.
In den mittel- und osteuropäischen Ländern (MOEL) werden anstehende Fahrzeugbeschaffungen seit Jahren verschoben. Das war 2015 nicht anders und wird sich angesichts der Konjunkturerwartungen auch im laufenden Jahr nicht ändern.
In Süd- und Südosteuropa gab es in den letzten Jahren den stärksten Marktrückgang. Im heurigen Jahr sind nun erste positive Anzeichen einer Markterholung zu erkennen. Insbesondere in Spanien ist nach Jahren rückläufiger Nachfrage wieder ein stabiler Beschaffungsmarkt in Sicht, wenn auch mit niedrigem Volumen.
Positiv entwickelte sich 2015 der Markt in Österreich, der Absatz von Feuerwehrfahrzeugen lag erneut über dem Niveau des Vorjahres. I
In Deutschland, dem größten Einzelmarkt Europas, blieb das Beschaffungsvolumen trotz verbesserter Konjunkturlage auf dem Niveau der letzten Jahre. Mit durchschnittlich 20 Jahren ist das Alter deutscher Feuerwehrfahrzeuge daher immer noch vergleichsweise hoch. Der Markt bleibt hart umkämpft, der Druck des intensiven Preiswettbewerbs auf die Feuerwehrausstatter hoch. Für 2016 ist von einem ähnlichen Beschaffungsvolumen auszugehen. Es gilt jedoch abzuwarten, ob Projekte aufgrund der Flüchtlingsmigration verschoben werden. Auch in Deutschland verstärkt sich der Trend zur zentralen Beschaffung von Feuerwehrfahrzeugen.
In Russland war die Nachfrage nach Feuerwehrtechnik aufgrund der politischen Situation sowie des niedrigen Ölpreises stark rückläufig. Zudem wurden Beschaffungen aus Euroländern wegen des starken Verfalls des russischen Rubels teurer und damit auch wesentlich schwieriger finanzierbar. Für 2016 ist nicht davon auszugehen, dass sich die Marktlage verbessert, wenngleich der Bedarf an moderner Feuerwehrausrüstung nach wie vor sehr hoch ist.
Die wachstumsstärksten Feuerwehrmärkte in Asien sind China und Indien. Beide Länder zeigten auch 2015 eine robuste Wirtschaftsentwicklung, die sich positiv auf die Feuerwehrbranche auswirkte. Allerdings werden hauptsächlich Fahrzeuge im Niedrigpreissegment beschafft, die großteils aus lokaler Produktion stammen. Für Fahrzeughersteller aus Europa oder aus den USA ist in diesen Ländern nur das Segment der Sonderfahrzeuge interessant, da diese ein von lokalen Anbietern nicht darstellbares Technologie- und Qualitätsniveau erfordern.
In Indien arbeitet die neu gewählte Regierung daran, verstärkt in die Infrastruktur des Landes zu investieren, davon sollte auch die Feuerwehrbranche profitieren können.
In China sind zahlreiche Impulse zur Stärkung der Inlandskonjunktur erkennbar, die zu einer Abschottung des Marktes durch verschärfte Homologierungsanforderungen führen könnten.
Der Nahe Osten etablierte sich in den letzten Jahren aufgrund der wachsenden Urbanisierung und Industrialisierung als wichtiger Absatzmarkt für die internationale Feuerwehrbranche.
Die Erlöse aus den Rohstoffexporten nutzten die Länder für eine verstärkte Investitionstätigkeit in Feuerwehrtechnik. Trotz des hohen Sicherheitsbedürfnisses in der Region und des in manchen Ländern hohen Nachholbedarfes an modernem Equipment muss damit gerechnet werden, dass der schwache Ölpreis sowie die politischen Unruhen mittelfristig auf die Budgets drücken und sich negativ auf das Beschaffungsverhalten auswirken werden.
Lateinamerika und Afrika sind typische Spot-Märkte. Das heißt, es gibt keine regelmäßigen Ersatzbeschaffungen wie etwa in Europa oder in den USA. Die Beschaffungsprogramme weisen zum Teil mehrjährige Vorlaufzeiten auf und sind schwer prognostizierbar. Jene Länder mit eigener Erdölförderung werden aufgrund des niedrigen Ölpreises das Beschaffungsverhalten mittelfristig anpassen.
Der Umsatz der Rosenbauer International AG erreichte im Geschäftsjahr 2015 einen Spitzenwert von 526,7 Mio € (2014: 491,5 Mio €). Das entspricht einer Steigerung von 7 % gegenüber dem Vorjahr. Der Zuwachs ist im Wesentlichen auf verstärkte Lieferungen im Mittleren und Nahen Osten zurückzuführen.
Das stärkste Umsatzsegment war mit 66 % (2014: 69 %) das Produktsegment Fahrzeuge. Der Bereich Ausrüstung kam auf einen Umsatz von 53,8 Mio € (2014: 53,6 Mio €), was einem Anteil von 10 % (2014: 11 %) am Gesamtumsatz entspricht. Die Segmente Löschsysteme mit 8 % (2014: 8 %) sowie Hubrettungsgeräte mit 7 % (2014: 3 %) lagen auf den Rängen 3 und 4. Der Geschäftsbereich Business Development kam auf einen Umsatz von € 7,0 (2014: 6,4 Mio €). Die Umsätze Service, Ersatzteile und Sonstige beliefen sich auf 8 % (2014: 9 %).
Rund 29 % (2014: 29 %) des Umsatzes bzw. 154,5 Mio € (2014: 143,6 Mio €) wurden in Europa erzielt. Im Nahen Osten wurde ein Umsatz von 237,2 Mio € bzw. 45 % (2014: 202,0 Mio € bzw. 41 %) erzielt und nahm damit den ersten Platz im Umsatzranking ein. Die Umsätze in der Region Asien/Ozeanien betrugen 78,9 Mio € (2014: 80,4 Mio €). Dahinter folgten mit 56,1 Mio € (2014: 65,6 Mio €) die Sonstigen Länder.
Der Auftragseingang erreichte in der Berichtsperiode einen Wert zufriedenstellenden Wert von 426,0 Mio € (2014: 511,7 Mio €). Der Auftragsbestand betrug zum Jahresultimo 356,5 Mio € (31. Dezember 2014: 407,3 Mio €) und lag weiterhin auf hohem Niveau. Damit verfügt die Gesellschaft über eine gesicherte Auslastung der Fertigungsstätten im Jahr 2016 sowie eine gute Visibilität in Bezug auf die Umsatzentwicklung der kommenden Monate.
Der Betriebserfolg des Geschäftsjahres 2015 betrug -0,3 Mio € und lag damit unter dem Vorjahr (2014: 12,1 Mio €). Dieser Ergebnisrückgang ist auf die Aufwendungen für den
Auftritt auf der weltgrößten Branchenmesse sowie auf höhere Fahrzeug-Übergabekosten zurückzuführen. Zudem drücken unterjährige Auslastungsschwankungen in einigen Bereichen der Fertigung, Lieferverschiebungen zu Jahresende sowie Vorlaufkosten für die Erschließung neuer Märkte auf das Ergebnis. In der Berichtsperiode wurden daher Maßnahmen eingeleitet, um die laufenden Aktivitäten zur Marktentwicklung sowie zur Effizienzsteigerung und Kostenreduktion rascher voranzutreiben.
Die Betriebsmittelfinanzierung erfolgte 2015 überwiegend im kurzfristigen Bereich. Aufgrund der hohen Investitionen in den letzten Jahren wurde allerdings die Finanzierungsstruktur in Hinblick auf die Fristigkeiten etwas angepasst. Mit mehreren Banken bestehen Darlehensverträge über 70 Mio € mit Laufzeiten von bis zu sieben Jahren.
Den langfristigen Verbindlichkeiten lagen überwiegend Fixzinssatzvereinbarungen zugrunde. Die für die gesamten verzinslichen Finanzverbindlichkeiten angefallenen Zinsen betrugen in der Berichtsperiode 2,0 Mio € (2014: 1,2 Mio €). Der Durchschnittszinssatz belief sich auf 0,9 % (2014: 1,0 %).
Das Ergebnis vor Steuern (EGT) sank in der Berichtsperiode von 20,8 Mio € auf 8,9 Mio €.
Gemäß der neuen Organisationsstruktur wurde nun auch die Segmentberichterstattung umgestellt. Die Darstellung erfolgt nach fünf definierten Areas, sprich Absatzregionen: Area CEEU (Central and Eastern Europe), Area NISA (Northern Europe, Iberia, South America and Africa), Area MENA (Middle East and North Africa), Area APAC (Asia-Pacific) und Area NOMA (North and Middle America). In Übereinstimmung mit IFRS 8 werden die Vorjahreszahlen ebenso nach der Neuausrichtung der Segmente offengelegt.
Die Area CEEU umfasst 24 europäische Länder vom Baltikum bis zum Bosporus, inklusive aller osteuropäischen und deutschsprachigen Staaten, Italien und der Türkei. Zur Area CEEU gehören die Produktionsstandorte Leonding (Werk I und II), Traun und Neidling in Österreich, Karlsruhe und Luckenwalde in Deutschland sowie Radgona in Slowenien. Die Werke produzieren für den CEEU-Vertrieb, liefern aber auch Produkte in alle anderen Areas. Ebenfalls zur CEEU gehört der Vertriebs- und Servicestandort Oberglatt in der Schweiz.
In Deutschland, Österreich und der Schweiz erreichte die Nachfrage 2015 im Mehrjahresvergleich wieder ein Normalniveau. In den osteuropäischen Ländern konnte Rosenbauer leichte Zuwächse verzeichnen, obwohl der Gesamtmarkt weiterhin schwach blieb und seit Jahren anstehende Fahrzeugbeschaffungen verschoben werden. Daran wird sich auch in absehbarer Zeit nichts ändern. Der Auftragseingang in der CEEU konnte 2015 auf 248,7 Mio € (2014: 223,4 Mio €) gesteigert werden, wobei der größte Anteil aus Deutschland, dem größten Einzelmarkt Europas, stammt.
Der Umsatz in der Area CEEU lag im Berichtszeitraum mit 230,2 Mio € auf dem Niveau des Vorjahres (229,0 Mio €). Wenn auch die Märkte in dieser Region stark umkämpft sind, konnte aufgrund der starken Nachfrage nach Kommunalfahrzeugen insbesondere in Österreich sowie in der Schweiz der Umsatz der CEEU auf hohem Niveau gehalten werden. Positiv entwickelte sich auch der Umsatz bei Hubrettungsgeräten, feuerwehrtechnischer Ausrüstung und Löschsystemen sowie im Customer Service. Die Area CEEU steuerte rund 27 % (2014: 28 %) zum Konzernumsatz bei.
Das EBIT in der CEEU betrug 12,4 Mio € (2014: 7,2 Mio €), die Verbesserung ist neben dem gestiegenen Umsatzvolumen in Österreich auf den weiteren Ausbau des Stationären Brandschutzes sowie die Optimierung der Fertigung von Hubrettungsgeräten zurückzuführen. Die EBIT-Marge lag bei 5,4 % (2014: 3,1 %).
Beeinflusst wurde das EBIT durch die Aufwendungen für den Auftritt auf der internationalen Leitmesse Interschutz sowie unterjährige Auslastungsschwankungen in einigen Bereichen der Fertigung. Insbesondere in den österreichischen Produktionsstätten wurden in allen Fertigungsbereichen entsprechende Maßnahmen gesetzt, um die Prozesse und Abläufe unter Berücksichtigung der aktuellen Auslastung weiter zu optimieren.
Das NISA-Vertriebsgebiet umfasst 78 Länder, darunter nahezu alle afrikanischen und südamerikanischen sowie die europäischen Staaten vom Nordkap bis Gibraltar. Zur Area NISA gehören der Produktionsstandort Linares in Spanien sowie die Vertriebs- und Servicestandorte Madrid in Spanien, Holmfirth in Großbritannien Chambéry in Frankreich, , und Johannesburg in Südafrika. Das Werk in Linares beliefert mit seinen Produkten hauptsächlichdie Märkte der Area NISA, ist aber auch gleichzeitig Kompetenzzentrum für Waldbrand- und Abschleppfahrzeuge.
In den nord- und westeuropäischen Ländern ist das Feuerwehrwesen gut entwickelt, in Afrika und Südamerika gibt es großen Nachholbedarf und das Beschaffungsvolumen hängt stark von den Einnahmen aus dem Abbau von Bodenschätzen bzw. aus der Erdölförderung ab. Trotz des Verfalls der Rohstoffpreise stieg im Berichtszeitraum der Auftragseingang in der Area NISA auf 85,3 Mio € (2014: 83,4 Mio €).
Eine Besonderheit in Südamerika ist, dass einige Länder auf US-amerikanische, andere auf europäische Feuerwehrtechnik setzen. Hier hat Rosenbauer gegenüber anderen Herstellern den Vorteil, die Feuerwehren mit Produkten aus beiden Normenwelten bedienen zu können. Die afrikanischen Feuerwehrmärkte sind besonders schwer zu bearbeiten, da es keinerlei kontinuierliche Nachfrage gibt, die Beschaffungsprogramme zum Teil langjährige Vorlaufzeiten haben und wegen Finanzierungsfragen seitens der Kunden der Absatz kaum planbar ist.
In der Area NISA konnte 2015 mit 99,1 Mio € ein etwas höherer Umsatz als im Vorjahr (2014: 96,7 Mio €) erwirtschaftet werden. In der Berichtsperiode verstärkte Rosenbauer die Vertriebsaktivitäten, vor allem in den beiden Zielmärkten Frankreich und Großbritannien wurden erste Erfolge erzielt.
Rosenbauer ist in Frankreich mit Hubrettungsgeräten aus Karlsruhe schon seit Jahren erfolgreich am Markt tätig. 2015 konnte der Umsatz mit Hubrettungsgeräten weiter ausgebaut werden. Darüber hinaus brachten verstärkte Vertriebsaktivitäten erste Verkaufserfolge mit Kommunalfahrzeugen der AT- und CL-Baureihe. Auch in Großbritannien konntendie ersten Kommunalfahrzeuge verkauft werden.
Das EBIT in der NISA reduzierte sich aufgrund gestiegener Vorlaufkosten für die Erschließung neuer Märkte, höherer Entwicklungskosten und Aufwendungen für die Interschutz von 5,7 Mio € im Vorjahr auf 2,9 Mio € im Berichtsjahr.
Die Area MENA umfasst 13 Länder aus dem Nahen und Mittleren Osten sowie aus Nordafrika. Zur Area gehören der in Bau befindliche Produktionsstandort KAEC (King Abdullah Economic City) in Saudi-Arabien und mehrere Servicestandorte in der Region. Die Fahrzeuge für die Area MENA werden großteils in den Werken der Areas CEEU, NISA und NOMA produziert. Der direkte Kontakt zu den Kunden über ein flächendeckendes Servicenetz ist ein entscheidender Erfolgsfaktor in der Region.
Die Area MENA war in den letzten Jahren geprägt von einer starken Investitionstätigkeit in die Feuerwehrtechnik. Die Gründe dafür lagen im hohen Sicherheitsbedürfnis, in der wachsenden Urbanisierung und der gezielten Modernisierung des Feuerwehrwesens in einigen Ländern. Es ist jedoch davon auszugehen, dass sich der schwache Ölpreis und die politischen Unruhen mittelfristig auf das Beschaffungsverhalten auswirken könnten. 2015 waren noch keine Änderungen im Beschaffungsverhalten zu erkennen, der Auftragseingang in der Area MENA lag im Berichtszeitraum mit 177,7 Mio € projektbedingt unter dem Vorjahr mit 222,5 Mio € zurück.
Feuerwehren in der Area MENA stellen aufgrund der Umweltbedingungen (Hitze, Trockenheit, Sand) besondere Anforderungen an ihre Ausrüstung. Beim Bau von Feuerwehrfahrzeugen kommen daher häufig spezielle Materialien zum Einsatz und es wird auf mechanische Bedienbarkeit der Löschtechnik geachtet.
Der Umsatz in der Area MENA konnte 2015 um 7 % gesteigert werden und betrug 181,5 Mio € nach 170,2 Mio € im Vorjahr. Die Steigerung ist vor allem auf verstärkte Lieferungen nach Saudi-Arabien zurückzuführen. Bedingt durch Vorlaufkosten für den Standortaufbau in Saudi-Arabien sowie zusätzlichen Aufwendungen für Fahrzeugübergaben reduzierte sich das EBIT in der Berichtsperiode auf 10,2 Mio € (2014: 13,5 Mio €).
Die Area APAC umfasst 71 Länder, darunter die gesamte ASEAN-Pazifikregion, einige Staaten des Mittleren Ostens sowie China, Indien und Russland. Die Produktionsstätten der APAC befinden sich in Singapur und Moskau, Vertriebs- und Servicestandorte gibt es in China, Brunei und auf den Philippinen, darüber hinaus ein großes Partnervertriebsnetz.
Die größten Einzelmärkte und auch jene mit der robustesten Wirtschaftsentwicklung sind China und Indien. In beiden Ländern werden allerdings überwiegend Fahrzeuge im Niedrigpreissegment beschafft, die aus lokaler Produktion stammen. Für Fahrzeughersteller aus Europa oder aus den USA ist in diesen Märkten nur das Segment der Sonderfahrzeuge interessant, da diese ein von lokalen Anbietern nicht darstellbares Technologie- und Qualitätsniveau erfordern.
Zur Area APAC gehören auch die Top-Volkswirtschaften Japan, Korea und Australien. In diesen Ländern ist das Feuerwehrwesen hochentwickelt und es wird auch hochwertigste Feuerwehrtechnik nachgefragt. In Russland hingegen ist die Nachfrage aufgrund der politischen Situation und des niedrigen Ölpreises stark rückläufig, obwohl das riesige Land einen enormen Bedarf an moderner Feuerwehrtechnik hätte. Aufgrund der starken Nachfrage nach Flughafenlöschfahrzeugen stieg der Auftragseingang in der Area APAC in der Berichtsperiode auf 184,3 Mio € (2014: 174,7 Mio €).
Der Umsatz in der Area APAC ist 2015 wegen Lieferverschiebungen von 172,9 Mio (2014) auf 166,2 Mio € zurückgegangen. Das EBIT ist analog zur Umsatzentwicklung mit 11,1 Mio € nach 12,7 Mio € im Vergleichszeitraum rückläufig.
Die Area NOMA umfasst in erster Linie die USA und Kanada sowie die Länder in Mittelamerika und in der Karibik. Die Produktionsstätten der Area befinden sich in Lyons, SD, Wyoming, MN und Fremont, NB. Die Feuerwehrfahrzeuge werden nach US-Norm gefertigt und überwiegend ins NOMA Vertriebsgebiet, aber auch an Kunden in den Areas MENA, NISA und APAC geliefert.
Die USA sind der größte Feuerwehreinzelmarkt der Welt, zusammen mit Kanada beträgt das jährliche Beschaffungsvolumen rund 4.000 Fahrzeuge. Rosenbauer hat in beiden Ländern zusammen einen Marktanteil von rund 12 % und ist somit einer der vier großen Player am Markt. Die Erweiterung der Produktpalette sowie der Ausbau des Vertriebsnetzes sollten ein weiteres Wachstum ermöglichen.
Die Vertriebspartner sind in Nordamerika das wichtigste Bindeglied zwischen Fahrzeughersteller und Feuerwehren, fast alle Beschaffungen werden über sie getätigt. Die Dealer fungieren als One-Stop-Shop und haben vom Löschfahrzeug über die Löschsysteme bis hin zur Ausrüstung alles im Programm. Rosenbauer ist sowohl in den USA als auch in Kanada mit einem flächendeckenden Dealer-Netzwerk vertreten und konnte 2015 seine Vertriebsstärke vor allem an der Westküste weiter ausbauen.
Nach schwachen Vorjahren erreichte 2015 das Marktvolumen in Nordamerika wieder Normalniveau. So konnte der Auftragseingang in der Area NOMA in der Berichtsperiode auf 204,7 Mio € (2014: 137,1 Mio €) gesteigert werden. Aufgrund der regen Ausschreibungsaktivitäten in den ersten Monaten 2016 ist davon auszugehen, dass die Nachfrage nach Feuerwehrfahrzeugen im Gesamtjahr auf hohem Niveau bleiben wird.
Die Area NOMA konnte das Jahr 2015 mit großem Erfolg abschließen. Der Umsatz stieg um 32 % gegenüber dem Vorjahr und betrug 187,5 Mio € nach 142,2 Mio € im Jahr 2014. Die Steigerung ist auf positive Effekte aus der Währungsumrechnung sowie auf ein höheres Auslieferungsvolumen am Heimmarkt zurückzuführen. Den zuletzt sich verlängernden Lieferzeiten wurde mit dem Ausbau der Fertigungskapazitäten in den Werken Lyons, Fremont und Wyoming entgegengewirkt. Die dabei erfolgte Neuausrichtung der Prozesse brachte schon in der Berichtsperiode eine wesentliche Verbesserung der Produktionseffizienz und der Profitabilität.
Die am Markt etablierten Produkte wie beispielsweise das US-Fahrgestell Commander erwirtschafteten im Vergleich zum Vorjahr wesentliche Steigerungen bei Umsatz und Ergebnis. Das EBIT konnte durch weitere Optimierungen der Fahrgestellfertigung sowie aufgrund der Volumenssteigerung von 9,4 Mio € auf 14,8 Mio € gesteigert werden.
Trotz des enormen Wachstums der letzten Jahre präsentiert sich die finanzielle Situation der Rosenbauer International AG weiterhin solide. Branchenbedingt ist die Bilanzstruktur zum Jahresende durch ein hohes Working Capital geprägt. Dieses resultiert aus den vergleichsweise langen Durchlaufzeiten der Feuerwehrfahrzeuge, die grundsätzlich kundenspezifisch gebaut werden. Dennoch konnte die Bilanzsumme im Vergleichszeitraum um 3,9 % reduziert werden und betrug zum 31. Dezember 2015 385,3 Mio € (2014: 401,1 Mio €).
Das Sachanlagevermögen lag mit 91,5 Mio € (2014: 91,4 Mio €) auf dem Vorjahresniveau. Wenn auch Forderungen aus verbundenen Unternehmen in der Berichtsperiode anstiegen, konnte das Working Capital durch gezielte Maßnahmen reduziert werden. Die Vorräte reduzierten sich zum Jahresultimo auf 119,0 Mio € (2014: 142,5 Mio €). Die Forderungen stiegen auf 122,1 Mio € (2014: 103,0 Mio €) und lagen damit um 19 % über dem Vorjahreswert. Da sich auch die Verbindlichkeiten mit 196,0 Mio € (2014: 213,6 Mio €) reduzierten, konnte das Working Capital auf dem Niveau des Vorjahres gehalten werden.
Bei der Finanzierung des Unternehmens wird seit Jahren auf die Erhaltung einer gesicherten Liquidität sowie einer möglichst hohen Eigenmittelausstattung geachtet. Im abgelaufenen Geschäftsjahr beliefen sich die Eigenmittel auf 148,4 Mio € (2014: 152,2 Mio €). Bedingt durch das enorme Wachstum und der daraus resultierenden Zunahme der Bilanzsumme blieb die Eigenkapitalquote mit 39 % (2014: 38 %) unter den langfristigen Durchschnittswerten.
Die Investitionen in das Sachanlagevermögen reduzierten sich im Berichtsjahr auf 8,8 Mio € (2014: 41,1 Mio €), wobei der Schwerpunkt in der Berichtsperiode auf die Modernisierung der Infrastruktur lag. Der größte Teil der Investitionen in das Sachanlagevermögen (69 %) entfiel auf den Ausbau der Produktionskapazitäten sowie die damit verbundene Verbesserung der Produktivität. 15 % wurden für Ersatzinvestitionen und Behördenvorschreibungen, 16 % für Rationalisierungsmaßnahmen aufgewendet.
Seit 2005 liegen die Investitionen deutlich über den Abschreibungen, der Zielsetzung eines nachhaltigen Wachstums entsprechend. Die Abschreibungen erhöhten sich im Berichtsjahr aufgrund der verstärkten Investitionstätigkeit auf 8,3 Mio € (2014: 7,9 Mio €).
Nach Um- und Ausbau von Werk II Leonding wurde 2015 mit der Neuausrichtung von Werk I Leonding begonnen. Das Hauptaugenmerk liegt dabei auf der Steigerung der Produktionseffizienz und der Erhöhung der Profitabilität. Insbesondere die Sonderfahrzeugund die Löschsystemmontage werden komplett neu gestaltet, die Löschsystemmontage weitgehend auf getaktete Linienfertigung umgestellt. Die Pumpenanlagen und Werfer für die Baureihen PANTHER und AT werden künftig synchron zu den beiden Aufbaulinien im Werk II produziert und just in time aus Werk I angeliefert. Sie werden dafür am Ende der Montage getestet und mit den entsprechenden Qualitätszertifikaten versehen.
Die Produktionslogistik, insbesondere die Materialversorgung, wird ähnlich wie im Werk II organisiert, die Arbeitsteilung in den Montagen an die neuen Abläufe angepasst. Die Neuausrichtung von Werk I Leonding wird bis Ende 2016 abgeschlossen sein und wird in Summe 10 Mio € erfordern.
2015 wurden in der Rosenbauer International AG 14,9 Mio € (2014: 12,2 Mio €) in Forschung und Entwicklung investiert. Das sind 5,2 % (2014: 4,4 %) der relevanten Nettoerlöse der Eigenproduktion. Die Aktivierungsquote betrug 23,0 % (2014: 21,9 %).
Strategisches Ziel der F&E-Aktivitäten bei Rosenbauer ist der weitere Ausbau und die nachhaltige Absicherung der Technologieführerschaft. Die Innovationsarbeit ist langfristig ausgerichtet und auf die Kerntätigkeit des Unternehmens gemäß Strategie fokussiert. Die Basis dafür bildet ein systematisches Innovationsmanagement. Die F&E-Aktivitäten orientieren sich konsequent an den Bedürfnissen der Kunden, die bei wichtigen Produktentwicklungen mit einbezogen werden. Die laufende und intensive Marktbeobachtung trägt ebenfalls dazu bei, marktgerechte Produkte mit einem erkennbaren Mehrwert für die Kunden entwickeln zu können.
In der Berichtsperiode lag der Schwerpunkt der Forschungs- und Entwicklungstätigkeit auf der Finalisierung der zahlreichen Produktentwicklungen für die Weltleitmesse Interschutz. Die größte europäische Feuerwehrmesse findet alle fünf Jahre in Deutschland statt und wird von allen namhaften Feuerwehrausstattern beschickt. Rosenbauer nutzte den internationalen Branchentreff, um sein gesamtes Leistungsspektrum und die jüngsten Innovationen aus allen Produktbereichen zu präsentieren.
Dazu zählten unter anderem die neue Generation des Flughafenlöschfahrzeuges PANTHER, der neue Feuerwehrhelm HEROS-titan sowie das erste kommunale Einsatzfahrzeug, das vom Chassis bis zum Aufbau aus dem Hause Rosenbauer stammt. Weitere Neuheiten aus den Bereichen Löschsysteme, technische und persönliche Schutzausrüstung sowie Einsatzmanagement rundeten den Rosenbauer Messeauftritt ab.
Der neue PANTHER stand im Mittelpunkt des Interschutz-Auftrittes. Rosenbauer zeigt die vierte Generation des weltweit erfolgreichsten Flughafenlöschfahrzeuges, erstmals mit umweltfreundlichem Euro-6-Motor, modernen Assistenzsystemen und komplett neuer Löschtechnik. Besonderes Augenmerk wurde bei der Entwicklung auf die Sicherheit der Mannschaft gelegt, die in der neuen Kabine nun noch besser geschützt ist. Außerdem bietet der neue PANTHER einen Bedienkomfort, den man bei einem Einsatzfahrzeug bisher noch nicht gekannt hat. Zwei Varianten des neuen PANTHER wurden auf der Messe präsentiert, der neue 4x4 und der neue 6x6.
In diesen Fahrzeugen haben die Einsatzkräfte nun eine verbesserte Rundum- und Nachtsicht, sie können Fahrzeug- und Löschtechnik noch präziser als bisher bedienen und sind insgesamt sicherer auf ihren Einsatzfahrten unterwegs. Die neue Löschtechnik besteht aus den Einbaupumpen N65 und N80, dem integrierten Schaum-Vormischsystem FIXMIX 2.0 und den beiden neuen Werfern RM35 und RM80.
Dass der neue PANTHER bei den Kunden ankommt, zeigen mehr als 80 Bestellungen in den ersten sechs Monaten nach seiner Präsentation. Am schnellsten war die Changi Airport Group, die sich schon im Juni den allerersten PANTHER 6x6 neu sicherte. Der erste Großauftrag wurde von der Airports Authority of India (AAI) erteilt. Sie hat insgesamt 50 Fahrzeuge bestellt.
Mit dem HEROS-titan hat Rosenbauer auf der Interschutz den Nachfolger des HEROSxtreme vorgestellt. Es ist der zurzeit leichteste Feuerwehrhelm in der höchsten Schutzklasse, der zudem einen deutlich gesteigerten Tragekomfort bietet. Für den brandneuen Helm wurde auch eine neue Helmlampe entwickelt, in deren Aufnahme – eine Weltneuheit – eine Wärmebildkamera passt. Das Display hat der Feuerwehrmann dabei direkt vor seinem Auge. Eine neue Geometrie und ein neuer Materialverbund verleihen dem HEROS-titan seine hohe mechanische Stabilität, das neue Design ein sehr dynamisches und sportliches Aussehen. Die Auslieferung der neuen Helme begann Anfang 2016, die bereits zahlreichen positiven Rückmeldungen der Feuerwehren lassen eine weitere Steigerung der Verkaufszahlen von Rosenbauer Feuerwehrhelmen erwarten.
S wie stark, schmal und smart, das ist die neue Rosenbauer Tragkraftspritze FOX S. Sie ist eine komplette Neuentwicklung, mit neuem Motor, neuer Technik und optimiertem Bedienkomfort. Ihre Leistung beträgt bis zu 1.050 l/min bei 10 bar, damit fügt sie sich nahtlos in die Reihe der Rosenbauer Tragkraftspritzen zwischen BEAVER und FOX ein. Betriebsbereit wiegt sie 50 kg weniger als die Normvorgabe, was den Feuerwehren das Handling wesentlich erleichtert, wird sie doch in der Regel an den Einsatzort getragen. Ihre schlanke Bauform bringt Vorteile beim Einbau in die Feuerwehrfahrzeuge. Bedient wird sie über das einheitliche Rosenbauer Logic Control System, mit dem auch die Fahrzeuge aus dem Konzern ausgestattet sind.
Alles aus einer Hand, alles aus einem Guss. Was in den USA zum Standardsortiment gehört, war anlässlich der Interschutz erstmals auch in Europa zu sehen: das komplette kommunale Feuerwehrfahrzeug aus dem Rosenbauer Konzern. Das Fahrgestell stammt aus der amerikanischen Produktion von Rosenbauer Motors, der Aufbau aus der Baureihe des europäischen Premiumfahrzeuges AT, die Löschtechnik aus dem Stammwerk in Leonding. Der AT auf Commander vereint alles, was ein hochwertiges und modernes Feuerwehrfahrzeug am Stand der Technik ausmacht. Darüber hinaus präsentiert er sich in einem äußerst gelungenen Design.
Rosenbauer präsentierte auf der Weltleitmesse auch eine komplett überarbeitete und weiterentwickelte Baureihe von Stromerzeugern der 14 kVA Klasse. Die neuen Generatoren liefern eine deutlich bessere Performance, wenn mehrere Verbraucher und solche mit langen Anlaufzeiten angeschlossen werden. Außerdem sind die Geräte rund sechs Kilogramm leichter als die Vorgängermodelle. Sicher und zuverlässig funktionieren der neue RS 14 und RS 14 SUPER SILENT bei jedem Einsatz, jeder Witterung, bei Tag und Nacht und egal, welche elektrischen Geräte angeschlossen sind. Und sie gehören zu den leisesten Stromerzeugern ihre Klasse.
Zu den weiteren Neuheiten, die auf der Interschutz zu sehen waren, gehören aus dem Bereich der technischen Ausrüstung die anlaufoptimierte Tauchpumpe NAUTILUS 4/1 ECO, das Beleuchtungssystem RLS2000 mit High Power LED, die neuen Wärmebildkameras ARGUS Mi-TIC EDGE und STORM und der neue Hochleistungslüfter FANERGY. Aus dem Bereich Löschsysteme wurden neben der neuen PANTHER Löschtechnik unter anderem das neue Schaummittel-Druckzumischsystem DIGIMATIC42, der neue Kompaktgenerator EPS-XS und eine neue Generation von Werfersteuerungen gezeigt. Für das EMEREC Informationssystem wurde eine App präsentiert, welche die wichtigsten Einsatzdaten nun auch auf jedem Smartphone verfügbar macht.
Bei jedem weiterentwickelten Produkt stehen Leistungsverbesserung, Bedienkomfort und die Sicherheit der Benutzer an erster Stelle. Dem Produktdesign wird bei Rosenbauer ebenfalls großes Augenmerk geschenkt, um eine ideale Kombination aus Form und Funktion zu erzielen. Darüber hinaus spielen Bauform, Größe und Gewicht eine entscheidende Rolle, damit Löschsysteme und technische Ausrüstung platzsparend in Feuerwehrfahrzeuge verbaut und von den Einsatzkräften rasch und intuitiv verwendet werden können.
Die Arbeit des Human-Resources-Managements war 2015 im Wesentlichen von den Veränderungsprozessen und deren Abbildung in der Personal- und Führungsstruktur geprägt. Begleitet wurde der Veränderungsprozess von der Erarbeitung einer funktionalen HR-Strategie, die das Unternehmen bei der Erreichung seiner Ziele unterstützen und damit zur Resilienz der Organisation beitragen soll. Das Aaugenmerk lag auf Aus- und Weiterbildungsmaßnahmen, um die steigenden Qualifizierungsanforderungen an die Mitarbeiter zu erfüllen.
Zu den zentralen Aufgaben des Human-Resources-Managements zählen die strategische Personal- und Führungskräfteentwicklung, das Coaching von Vorgesetzten, der verstärkte Austausch von Mitarbeitern zwischen den weltweiten Standorten, das Management der immer größer werdenden Anzahl an Expatriates im Unternehmen sowie die Umsetzung der aus der Strategie abgeleiteten, personalrelevanten Standards in Abstimmung mit den jeweiligen Unternehmenseinheiten.
Dass Rosenbauer als attraktiver Arbeitgeber gilt, liegt nicht nur an den faszinierenden Produkten, sondern ist in der Unternehmenskultur begründet. Die Wahrung des direkten Kontaktes des Managements zu den Mitarbeitern, eine transparente Informationspolitik und
eine ehrlich gelebte Sozialpartnerschaft sind wesentliche Elemente zur Aufrechterhaltung eines mitarbeiterfreundlichen Arbeitsumfeldes. Ein strukturiertes Entgeltsystem als Teil der Lohn- und Gehaltspolitik gewährleistet darüber hinaus eine faire und nachvollziehbare Entlohnung der Mitarbeiter.
Mit 1.338 Mitarbeitern beschäftigte die Rosenbauer International AG im Jahr 2014 in Summe um 6 % mehr Mitarbeiter als zum Stichtag des Vorjahres. Die Gesamtzahl der Mitarbeiter gliedert sich in 700 Arbeiter (2014: 662), 521 Angestellte (2014: 503) und 117 Lehrlinge (2014: 101). Zusätzliche Beschäftigung schuf das Unternehmen über den Einsatz von 178 Leiharbeitskräften (2014: 249).
Das Durchschnittsalter der Rosenbauer Mitarbeiter in Österreich lag 2015 bei 36 Jahren. Die durchschnittliche Zugehörigkeitsdauer zum Unternehmen betrug 10 Jahre. Die niedrige Fluktuationsrate trotz steigender Belegschaft lag in der Berichtsperiode bei 1,2 % – ein Maßstab für die Stabilität des Unternehmens als Arbeitgeber.
Rosenbauer bietet seinen Mitarbeitern ein breites Spektrum an internen und externen Qualifizierungsmöglichkeiten. Das Aus- und Weiterbildungsprogramm umfasst technische und betriebswirtschaftliche Trainings, Seminare zur Verbesserung von Projektmanagement, Verhandlungsführung und sozialer Kompetenz sowie Angebote zur Perfektionierung von Fremdsprachen.
Die vorausschauende Entwicklung der Mitarbeiter gehört zu den wichtigsten Aufgaben des Personalmanagements. 2015 betrugen die Aus- und Weiterbildungskosten 560,0 T€ (2014: 785,1 T€).
In einem speziellen firmeninternen Ausbildungsprogramm für Techniker werden Mitarbeiter für die interne Nachbesetzung wichtiger Schlüsselpositionen vorbereitet. In der 18-monatigen Ausbildung lernen die Nachwuchskräfte in zweimonatigen Modulen alle Fertigungs- und fertigungsnahen Bereiche kennen und werden bei einem Auslandseinsatz auf die künftigen Aufgaben vorbereitet.
Das im Zuge von GO2020 gestartete Management Development Programm wurde 2015 fortgeführt. Auch im Berichtsjahr absolvierten die Mitglieder des obersten Managements gemeinsam mit den Geschäftsführern der operativen Einheiten mehrere Seminare mit dem Ziel, eine klare Identität des Rosenbauer Führungsteams und ein klares Commitment zur Strategie zu finden. Schritt für Schritt werden alle Managementebenen von Rosenbauer dieses Programm durchlaufen, um die strategischen Führungskompetenzen im Haus zu stärken und die erfolgreiche Umsetzung der Wachstumsstrategie sicherzustellen.
Durch ein gezieltes Angebot an Projekten für Schüler und Studierende versucht Rosenbauer den potenziellen Nachwuchs frühzeitig für das Unternehmen zu begeistern. Allein im Sommer 2015 bekamen rund 80 Schüler die Möglichkeit, über einen Ferialplatz erste Erfahrungen in der Berufswelt zu sammeln. Zusätzlich absolvierten über 60 Studierende ein Praktikum im Rahmen ihrer Ausbildung an Bildungsinstitutionen oder verfassten in Zusammenarbeit mit Rosenbauer eine wissenschaftliche Arbeit.
Rosenbauer nimmt regelmäßig an den wichtigsten Hochschulmessen teil, das war auch im Berichtsjahr der Fall. Die Präsenz an diversen schulischen und universitären Einrichtungen, die technische Themen behandeln, erlaubt es frühzeitig, Kontakte zum akademischen Nachwuchs zu knüpfen. Außerdem bieten sich gute Gelegenheiten, Praktika und Abschlussarbeiten als Einstiegsmöglichkeiten bei Rosenbauer zu präsentieren und anzubieten können.
Die Lehrlingsausbildung hat bei Rosenbauer einen sehr hohen Stellenwert. Berücksichtigt wird dabei nicht nur der eigene Bedarf, sondern auch die gesellschaftliche Verantwortung, jungen Menschen eine berufliche Perspektive zu eröffnen. Zahlreiche Ausbildungsverantwortliche engagieren sich, damit rund 120 Lehrlinge erfolgreich eine hochwertige und praxisnahe Ausbildung erhalten. An erster Stelle lag 2015 die Ausbildung zum Metalltechniker mit Schwerpunkt Maschinenbau, dahinter etwa gleich Industriekaufleute und Mechatroniker. Wie hoch eine Ausbildung bei Rosenbauer im Kurs steht, zeigt die Tatsache, dass in der Regel für eine offene Lehrstelle bis zu zehn Bewerbungen abgegeben werden.
Weil die Feuerwehrbranche traditionell von Männern als berufliches Betätigungsfeld gewählt wird setzt das Rosenbauer Maßnahmen, um insbesondere auch für weibliche Arbeitskräfte ein attraktives Arbeitsumfeld zu schaffen und den Anteil an weiblichen Lehrlingen sowie vorrangig in Führungspositionen beschäftige Mitarbeiterinnen zu erhöhen. Der Anteil der Frauen an der Gesamtbelegschaft beläuft sich heute auf rund 13 %. Die Führungspositionen in Österreich sind aktuell zu 9 % mit Frauen besetzt.
Rosenbauer hat im Berichtsjahr auch wieder am Girls' Day teilgenommen. Im Rahmen dieses Angebotes wird interessierten Schülerinnen verstärkt Einblick in technische Berufe gegeben. Sie erhalten die Möglichkeit, hinter die Kulissen eines Produktionsbetriebes zu blicken und die Tätigkeiten eines Feuerwehrfahrzeugherstellers kennenzulernen.
Zudem setzt sich Rosenbauer verstärkt für die Förderung von Frauen in technischen Berufen ein. In den Lehrberufen Mechatronik, Lackiertechnik, Metalltechnik und Maschinenbautechnik werden bereits junge Frauen ausgebildet.
Rosenbauer bietet flexible Arbeitszeiten und unterstützt die Nutzung von Elternteilzeit sowie individuelle Lösungen für eine bessere Vereinbarkeit von Beruf und Familie. Mit flexiblen Arbeitszeitmodellen werden die Bedürfnisse der Mitarbeiter – insbesondere in kaufmännischen Bereichen – bestmöglich berücksichtigt. Beispiele sind etwa die Förderung von Väter-Karenzen oder die Vielzahl individueller Teilzeitvereinbarungen und Gleitzeitmodelle, welche es Eltern ermöglicht, neben ihrer beruflichen Tätigkeit auch ihren familiären Verpflichtungen nachzukommen. Zudem besteht die Möglichkeit zur Telearbeit.
Rosenbauer optimiert laufend die Arbeitsplätze im Unternehmen und legt dabei besonderen Wert auf die Sicherheit und Gesundheit der Mitarbeiter. 2015 lag der Schwerpunkt im Werk I Leonding, wo die Löschsystemmontage neu ausgerichtet wurde. Bei der Gestaltung der Montageplätze wurden die neuesten Erkenntnisse aus Arbeitsmedizin, Arbeitstechnik und Arbeitssicherheit berücksichtigt.
Der Stand der Arbeitssicherheit wird regelmäßig in SOS (Sicherheit-Ordnung-Sauberkeit)- Audits und durch Sicherheitsrundgänge überprüft, Arbeits- und Beinaheunfälle werden nach einem definierten Meldesystem dokumentiert und analysiert. Seit 2009 ist der Arbeitsschutz auch Teil des integrierten Managementsystems und nach OHSAS 18001 (Occupational Health and Safety Management System) zertifiziert, 2015 wurde das Zertifikat verlängert.
Im Rahmen der betrieblichen Gesundheitsvorsorge haben 2015 rund 90 Mitarbeiter an einer kostenlosen Gesundenuntersuchung teilgenommen. Diese erfolgt direkt beim Betriebsarzt und kann bei Bedarf um bestimmte Spezialuntersuchungen ergänzt werden. Rosenbauer bietet zudem gestützte Impfaktionen gegen Grippe, FSME und Hepatitis an.
Die Weiterentwicklung des KVP zum neuen SAFE Verbesserungsprozess (SVP) wurde 2015 weiter vorangetrieben. SAFE steht für Synchrone Arbeitsprozesse & Fertigung und hat die effiziente Gestaltung aller Prozesse entlang der Wertschöpfungskette nach den Gesichtspunkten des Lean Managements zum Ziel. Insgesamt 75 Teams, 56 SVP- und 19 KVP-Teams haben in der Berichtsperiode am Verbesserungsprozess mitgewirkt. Die SVP-Arbeit an den österreichischen Standorten hat 2015 einen Nettonutzen von rund 380 T€ erbracht.
Als Schwerpunktmaßnahme wurde in der Berichtsperiode eine aus sechs Modulen bestehende Trainingsreihe für Führungskräfte, Teamsprecher und deren Stellvertreter abgehalten. Dabei wurden in Schulungen 128 Personen zu den Themen Lean Management, Wertschöpfung, Shopfloor Management, Problemlösung, Arbeitsplatzorganisation und SVP-Portal geschult, um die Effizienz aller Abläufe und Handlungen gezielt zu verbessern und optimierte Prozesse zu erreichen. Auch für 2016 sind weitere Schulungsmaßnahmen geplant. Der Transformationsprozess von KVP zu SVP wird durch das Energetisierungsprojekt "SVP on Fire" unterstützt
Das im Vorjahr begonnene Programm "Train the Trainer" wurde in der Berichtsperiode fortgesetzt. Dabei absolvierten Mitarbeiter aus dem Customer Service mehrtägige Workshops zur Erstellung von Unterlagen und einer einheitlichen Didaktik, die sie ihrerseits zu Schulungen der Servicemitarbeiter und der weltweiten Servicepartner nutzen.
Im Aus- und Weiterbildungsbereich kommen auch immer mehr e-learning-Programme zum Einsatz. Dabei handelt es sich um Trainings-Systeme, die sämtliche Informationen beinhalten, um Produkte und Dienstleistungen erfolgreich verkaufen zu können. Die Programme richten sich in erster Linie an die eigenen (Vertriebs-)Mitarbeiter, werden aber auch den weltweiten Vertriebspartnern zur Verfügung gestellt. Im Berichtsjahr wurde zum Beispiel eine Online-Schulung für den neuen Feuerwehrhelm HEROS-titan erstellt, die bei erfolgreicher Absolvierung mit einem Zertifikat abgeschlossen wird.
Rosenbauer ist in seinem weltweiten unternehmerischen Handeln mit unterschiedlichen Chancen und Risiken konfrontiert. Die kontinuierliche Identifizierung, Bewertung und Steuerung dieser Risiken ist integraler Bestandteil des Führungs-, Planungs- und Controllingprozesses. Das Risikomanagement greift dabei auf die im Unternehmen vorhandenen Organisations-, Berichts- und Führungsstrukturen zurück und ergänzt diese um spezifische Elemente, die zur ordnungsgemäßen Risikobeurteilung erforderlich sind. Im Kern besteht es aus fünf Elementen:
Das Risikomanagement definiert einen strukturierten Prozess, der eine systematische Überwachung der Geschäftsrisiken vorsieht. Damit können diese frühzeitig erkannt und beurteilt werden.
Im Rahmen dieses Prozesses werden die Risiken identifiziert sowie hinsichtlich ihrer Eintrittswahrscheinlichkeit und des zu erwartenden Schadensausmaßes analysiert und quantitativ beziehungsweise qualitativ bewertet. Daraus werden Maßnahmen zur Risikokontrolle und-vermeidung abgeleitet bzw. gegebenenfalls die Instrumente zur Absicherung festgelegt. Funktionsfähigkeit und Wirksamkeit der Risikoerfassung und überwachung werden mit dem Aufsichtsrat im Rahmen einer Sitzung des Audit Committees behandelt.
In der Berichtsperiode 2015 wurde das Risikomanagement bei Rosenbauer vollständig neu aufgebaut. Ziel war, ein web-basiertes System im Unternehmen zu implementieren sowie die dahinterstehenden Prozesse und Methoden zu vereinheitlichen. Dazu wurden konzernweit Risikoeigner definiert, welche die Endverantwortung in ihrer Area, Gesellschaft oder in ihrem Bereich tragen. Zweimal jährlich werden die Risiken erhoben und bewertet sowie die Maßnahmen zur Risikobewältigung definiert. Als Hilfestellung wurde ein umfassender Katalog erarbeitet, welcher alle Risiken enthält, die eine Bedrohung für den Konzern darstellen können. Weiters wurde eine standardisierte und vereinheitlichte Klassifizierung der Eintrittswahrscheinlichkeiten sowie eine generell anzuwendende Methode für die Ermittlung des Schadensausmaßes von Risiken festgelegt.
Die Ergebnisse der Risikoinventur werden vom zentralen Risikomanagement zusammengefasst und jährlich im Rahmen einer Sitzung des Audit Committees mit dem Aufsichtsrat erörtert.
Rosenbauer analysiert regelmäßig die maßgeblichen Branchenrisiken und nutzt Chancen durch permanente Produktinnovationen, Effizienzsteigerungen in den Prozessen und verstärkte Aktivitäten auf neuen Märkten.
Zur nachhaltigen Absicherung des Wachstums verfolgt Rosenbauer eine konsequente Internationalisierungsstrategie. Mit Produktionsstätten auf drei Kontinenten und einem weltweiten Vertriebs- und Servicenetz ist es heute möglich, Absatzschwankungen in einzelnen Märkten auszugleichen.
Risiken, die sich für das Feuerwehrgeschäft aufgrund politisch oder rechtlich veränderter Rahmenbedingungen ergeben, können kaum abgesichert werden. Wegen der überwiegend öffentlichen Abnehmer kommt es allerdings nur in Ausnahmefällen zu Stornierungen von Aufträgen. Durch politische Krisen und allfällige Embargobestimmungen kann der Zugang zu bestimmten Märkten vorübergehend eingeschränkt sein.
Die jährliche Geschäftsplanung wird aus der mehrjährigen Strategie abgeleitet und umfasst einen nach geografischen und produktgruppenbezogenen Gesichtspunkten gegliederten Zielkatalog, der als Steuerungsinstrument dient. Durch diese Systematik können Chancen und etwaige strategische Risiken frühzeitig erkannt werden.
Die Produktionstätigkeit erfordert eine intensive Auseinandersetzung mit den Risiken entlang der Wertschöpfungskette. Im Zuge sich verkürzender Innovationszyklen kommt der Forschungs- und Entwicklungsarbeit zunehmende Bedeutung zu. Die auftretenden Produktionsrisiken werden über eine Reihe von Kennzahlen (Produktivität, Montage- und Durchlaufzeiten, Produktionsstückzahlen etc.) permanent überwacht.
Das zentrale Steuerungselement in der Fahrzeugfertigung ist die "mitlaufende Kalkulation", bei der im Soll-Ist-Vergleich die Herstellkosten jedes Einzelauftrages überwacht werden. Zur Abfederung von Veränderungen in der Auslastung einzelner Standorte fertigt Rosenbauer im Konzernverbund und vergibt Fertigungsaufträge auch an externe Partner. Dadurch wird das Risiko einer Unterauslastung der Produktion im Falle eines deutlichen Marktrückganges in überschaubaren Grenzen gehalten.
Die Beschaffungs- und Einkaufsrisiken bestehen insbesondere in möglichen Lieferantenausfällen, Qualitätsproblemen und Preiserhöhungen. Die Standardisierung von Bauteilen und Komponenten sowie die Diversifizierung der Lieferantenstruktur wirken diesen Risiken entgegen. Um die termin- und qualitätskonforme Versorgung der Produktion sicherzustellen, werden die wichtigsten Zulieferpartner überwacht und die Planung und Steuerung der Lieferkette gemeinsam mit den Lieferanten laufend weiterentwickelt. Dadurch kann das Risiko von Produktionsausfällen deutlich reduziert werden.
Auch das internationale Netzwerk eigener Produktionsstätten trägt dazu bei, betriebliche Risiken zu minimieren. Zulieferrisiken aus möglichen Insolvenzen oder aus Compliance-Gründen können jedoch nicht vollständig ausgeschlossen werden.
Ein weiteres Beschaffungsrisiko kann bei den Rohstoff- und Energiepreisen auftreten. Rosenbauer benötigt vor allem Aluminium und sichert sich durch eine langfristige Einkaufspolitik einen stabilen Einkaufspreis. Energiekosten spielen hingegen nur eine untergeordnete Rolle, da bei vorwiegender Montagetätigkeit in der Produktion nur wenig Prozessenergie benötigt wird.
Ertragsrisiken, die sich aufgrund von externen Störungen in der Produktion ergeben können, werden durch entsprechende Produktionsausfallsversicherungen abgedeckt. Eine angemessene Versicherungsdeckung besteht auch für Risiken im Zusammenhang mit Feuer, Explosionen und ähnlichen elementaren Gefahren.
IT-Risiken bestehen darin, dass Netzwerke ausfallen und Daten durch Bedien- oder Programmierfehler sowie externe Einflüsse verfälscht, zerstört oder entwendet werden können. Diesen Risiken wird durch regelmäßige Investitionen in Hard- und Software, den Einsatz von Virenscannern, Firewall-Systemen, modernen Datensicherungsmethoden sowie durch strukturierte Zugangs- und Zugriffskontrollen begegnet.
Die Rosenbauer International AG und ihre Tochtergesellschaften sind im Rahmen der Geschäftstätigkeit mit rechtlichen Verfahren konfrontiert. Gegen eine Gesellschaft des Unternehmens läuft eine wettbewerbsrechtliche Klage, aus der sich gegebenenfalls Schadens- und Strafzahlungen ergeben können. Da eine konkrete Einschätzung der Angelegenheit derzeit nicht möglich ist, wurde aus Sicht des Unternehmens keine Rückstellung gebildet. Zum gegenwärtigen Zeitpunkt erwartet Rosenbauer aus dieser Rechtsstreitigkeit keine wesentlichen negativen Auswirkungen auf die Vermögens-, Finanzund Ertragslage.
Gegen die Rosenbauer International AG ist in Österreich wegen eines angeblichen Verstoßes gegen Bestimmungen nach dem Außenhandelsgesetz mit Handelsprodukten ein Verfahren anhängig. Da eine konkrete Einschätzung der Angelegenheit derzeit nicht möglich ist, wurden aus Sicht des Unternehmens keine bilanziellen Maßnahmen gesetzt.
Umweltrisiken sowie Risiken im Zusammenhang mit der Rohstoff- und Energieversorgung sind aufgrund der Art der Fertigung sowie der Vielzahl von Anbietern von untergeordneter Bedeutung. Darüber hinaus gelten für die Prozesse im Haus klare Umweltstandards und Anweisungen, die in einem Umweltmanagementsystem dokumentiert sind und laufend durch interne wie externe Audits nach ISO 14001 überprüft und weiterentwickelt werden.
Das Energiemanagement an den österreichischen und deutschen Fertigungsstandorten ist zudem nach ISO 50001 zertifiziert. Es dient als Instrument, mit dem Energiekosten und -verbräuche laufend überprüft und nachhaltige Maßnahmen zur Reduktion des Ressourcenverbrauchs abgeleitet werden können.
Rosenbauer betreibt ein konsequentes Qualitätsmanagement nach ISO 9001. Dieses wird laufend in Audits überprüft und trägt wesentlich dazu bei, weltweit eine einheitliche Rosenbauer Qualität zu gewährleisten und Haftungsrisiken, wie zum Beispiel Produkthaftungsfälle, minimieren zu können.
Modernste Entwicklungsmethoden, die permanente Kontrolle und Verbesserung der Produktqualität sowie laufende Prozessoptimierungen tragen zur weiteren Verringerung von Risiken bei. Dennoch können Produktmängel nicht gänzlich ausgeschlossen werden. Zur Reduzierung möglicher finanzieller Risiken – vor allem im angloamerikanischen Raum – wird im gesamten Unternehmen neben einem Risikomanagement-System auch das Instrument der Produkthaftpflichtversicherung eingesetzt.
Um Produkte mit höchstmöglichem Kundennutzen anbieten zu können, betreibt Rosenbauer ein systematisches Innovationsmanagement und arbeitet in der Produktentwicklung eng mit den Feuerwehren zusammen. Ein Expertenteam aus Technik, Fertigung, Vertrieb und Controlling gibt die Richtung im Entwicklungsprozess vor. Im Rahmen einer Technologie-Roadmap werden Marktanalysen und Wirtschaftlichkeitsüberlegungen mit einbezogen.
Grundsätzlich können sich durch die Fluktuation von Mitarbeitern in Schlüsselpositionen sowie bei der Rekrutierung und Entwicklung von Personal Risiken ergeben. Konsequente Personalentwicklung mit institutionalisierten Mitarbeitergesprächen und ein leistungsorientiertes Entgeltsystem mit Beteiligung am Unternehmenserfolg sind zwei zentrale Instrumente, um qualifizierte und motivierte Mitarbeiter an Rosenbauer zu binden. Daneben beschäftigt sich Rosenbauer konkret mit einer Nachfolgeplanung für Schlüsselpositionen im Management. Rosenbauer sieht die Mitarbeiter als wichtigen Erfolgsfaktor zur Erreichung der unternehmerischen Ziele an.
Angesichts der immer noch spürbaren Auswirkungen der Finanz- und Wirtschaftskrise ist die solide Finanzbasis des Unternehmens von großer Bedeutung. Dank der guten Eigenmittelausstattung und der daraus resultierenden Bonität konnten die benötigten Betriebsmittel- und Investitionsfinanzierungen ohne Einschränkungen und zu weiterhin guten Konditionen sichergestellt werden. Zur Wahrung einer möglichst hohen Unabhängigkeit bei der Unternehmensfinanzierung wird diese über mehrere Banken dargestellt. Darüber hinaus führt das Finanzmanagement jährlich mit den betreuenden Banken Ratinggespräche, aus denen die Position des Unternehmens auf dem Finanzmarkt abgeleitet wird.
Aus den internationalen Aktivitäten entstehen zins- und währungsbedingte Risiken, die durch den Einsatz entsprechender Sicherungsinstrumente abgedeckt werden. Dabei regelt eine geltende Finanzierungsrichtlinie, welche Instrumente zulässig sind.
Die operativen Risiken werden durch derivative Finanzinstrumente wie zum Beispiel Devisentermingeschäfte und -optionen sowie Zinssicherungsgeschäfte abgesichert. Diese Transaktionen werden ausschließlich zur Absicherung von Risiken, nicht hingegen zu Handels- oder Spekulationszwecken durchgeführt. In diesem Zusammenhang wird auf die Ausführungen in den Erläuternden Angaben verwiesen.
Kreditrisiken, die sich aus Zahlungsausfällen ergeben können, werden gering eingeschätzt, da der überwiegende Teil der Kunden öffentliche Abnehmer sind. Bei Lieferungen in Länder mit einem erhöhten politischen oder wirtschaftlichen Risiko werden zur Absicherung in der Regel staatliche und private Exportversicherungen in Anspruch genommen.
Rosenbauer sieht sich weiterhin gut aufgestellt, um die Anforderungen, die vom Markt, vom wirtschaftlichen Umfeld und im internationalen Wettbewerb an das Unternehmen gestellt werden, auch künftig zu erfüllen. Aus der Analyse der derzeit erkennbaren Einzelrisiken ergeben sich keine Anhaltspunkte, die – für sich genommen oder in Kombination mit anderen Risiken – den Fortbestand des Unternehmens gefährden könnten. Dies gilt sowohl für die Ergebnisse der abgeschlossenen wirtschaftlichen Tätigkeit als auch für Aktivitäten, die geplant oder bereits eingeleitet worden sind.
Das interne Kontrollsystem (IKS) besteht aus systematisch gestalteten, organisatorischen Maßnahmen und Kontrollen zur Einhaltung von Richtlinien und zur Abwehr von Schäden, die beispielsweise durch ungeregelte oder unrechtmäßige Handlungen verursacht werden können. Die Kontrollen erfolgen sowohl prozessabhängig als auch prozessunabhängig durch die Interne Revision.
Eine wichtige Basis des IKS stellen die Richtlinien dar, die laufend aktualisiert werden. Dazu kommen die im Managementsystem verankerten Prozessdarstellungen, die durch eine Vielzahl von Regelungen und Arbeitsanweisungen ergänzt sind. Im Rahmen des jährlich stattfindenden Prüfungsausschusses (Audit Committee) werden die Ergebnisse der Evaluierung des IKS dem Aufsichtsrat zur Beurteilung vorgelegt und eingehend diskutiert. Die Evaluierung erfolgt im Rahmen der laufenden Revision, bei der die Einhaltung der Prozesse überprüft wird, die Ergebnisse dokumentiert werden und die Einhaltung der festgelegten Maßnahmen überwacht wird.
Das Kontrollumfeld des Rechnungslegungsprozesses ist durch eine klare Aufbau- und Ablauforganisation gekennzeichnet. Sämtliche Funktionen sind eindeutig Personen (zum Beispiel in Finanzbuchhaltung oder Controlling) zugeordnet. Die am Rechnungslegungsprozess beteiligten Mitarbeiter erfüllen alle fachlichen Voraussetzungen.
Bei den relevanten Prozessen der Rechnungslegung wird, soweit es die Größe der jeweiligen Gesellschaft und die vorhandenen Kapazitäten zulassen, auf ein Vier-Augen-Prinzip geachtet. Bei den verwendeten Finanzbuchhaltungssystemen handelt es sich überwiegend um Standard-Software, die gegen unbefugte Zugriffe geschützt ist. Auf den Rechnungslegungsprozess bezogene, wesentliche Bilanzierungs- und Bewertungsgrundsätze sind in einem Handbuch, das ebenfalls ständig aktualisiert wird, festgehalten und zwingend von den lokalen Einheiten umzusetzen ist.
Darüber hinaus werden Vollständigkeit und Richtigkeit von Daten des Rechnungswesens regelmäßig anhand von Stichproben und Plausibilitätsprüfungen sowohl manuell als auch EDV-unterstützt überprüft. Daneben erfolgen regelmäßige analytische Prüfungen im Rahmen des Controllings und Treasurys. Auf Basis detaillierter wöchentlich, monatlich und quartalsweise erstellter Finanzberichte werden Abweichungen in der Ertrags- und Vermögenslage von Plan- und Vorjahreswerten identifiziert und analysiert.
Dieses ausgeprägte Regelungs- und Berichtssystem gibt neben den prozessorientierten Rahmenbedingungen vor allem ablauforientierte Maßnahmen vor, die von sämtlichen betroffenen Einheiten umgesetzt bzw. eingehalten werden müssen. Die operative Verantwortung liegt bei den jeweiligen Prozessverantwortlichen, die Einhaltung des Rosenbauer Regelungssystems wird durch die Interne Revision im Rahmen der periodischen Prüfung der jeweiligen Bereiche überwacht.
Für den Geschäftserfolg der Rosenbauer International AG ist es von essenzieller Bedeutung, nur mit den besten und innovativsten Lieferanten zusammenzuarbeiten. Die Anforderungen der Feuerwehren verändern sich laufend, entsprechend flexibel müssen Rosenbauer und seine Zulieferer darauf reagieren können.
Rosenbauer setzt daher gezielt auf eine enge und partnerschaftliche Zusammenarbeit mit seinen Zulieferern, die sorgfältig ausgewählt und laufend evaluiert werden. Ziel der intensiven Zusammenarbeit ist es unter anderem, neben dem eigenen Wissen auch verstärkt auf das Know-how, die Kreativität und die Erfahrung der Lieferanten zurückzugreifen. Gemeinsam werden Strategien zur Optimierung der Logistik, Verbesserung der Kosteneffizienz, Erfüllung von Umweltaspekten bis hin zu innovativen Produktlösungen entwickelt.
Das Einkaufsvolumen der Rosenbauer International AG an Produktionsmaterialien und Handelswaren betrug in der Berichtsperiode 351,8 Mio € (2014: 377,1 Mio €). Dies entspricht einem 67%-igen Anteil an den Umsatzerlösen. Angesichts des nach wie vor hohen Beschaffungsvolumens ist die termingerechte Versorgung der Produktion eine besondere Herausforderung.
85 % des Einkaufsvolumens der Rosenbauer International AG werden in Europa beschafft, der Rest stammt überwiegend aus den USA. Die wichtigsten Lieferanten kommen aus Österreich, Deutschland und den USA.
Als international agierender Unternehmen nutzt Rosenbauer die globalen Beschaffungsmärkte unter Wahrung seiner gesellschaftlichen Verantwortung. Dazu gehört, dass jederzeit und überall die geltenden Gesetze eingehalten und ethische Grundwerte respektiert werden sowie insgesamt nachhaltig gehandelt wird. Entsprechend dieser Strategie erwartet Rosenbauer, dass auch Lieferanten und Partner sowie deren Mitarbeiter verantwortungsvoll handeln.
Den größten Anteil am Einkaufsvolumen haben mit rund 30 % die Fahrgestelle. Sie machen 35 % der Fahrzeugherstellkosten aus, sind für Rosenbauer im Regelfall aber ein Durchlaufposten. Die Hauptlieferanten in Europa sind Daimler und MAN. Das Chassis für die PANTHER-Modelle 4x4 und 6x6 stammt ebenfalls aus eigener Fertigung. Es wird sowohl bei Rosenbauer Motors in Wyoming, Minnesota, als auch seit Mitte 2014 im Werk II Leonding gefertigt.
Durch eine konsequente Einkaufspolitik gelingt es schon seit Jahren, Preisschwankungen beim Zukauf zu glätten. Rosenbauer beobachtet laufend die Preisentwicklung von Rohstoffen und reagiert auf Preisschwankungen mit einer der Situation angepassten Einkaufspolitik.
Entschädigungsvereinbarungen zwischen der Gesellschaft, ihren Vorstands- und Aufsichtsratsmitgliedern oder den Mitarbeitern.
• Der Corporate-Governance-Bericht des Rosenbauer Konzerns ist auf der Website www.rosenbauer.com/de/group/investor-relations/corporate-governance.html veröffentlicht.
Der im November 2015 angekündigte Erwerb der G&S Brandschutztechnik AG, mit Sitz in Mogendorf, Deutschland konnte im Februar 2016 abgeschlossen werden. Die Rosenbauer International AG übernahm über eine 100%-ige Tochtergesellschaft zum 1.1.2016 100 % der Anteile von der bisherigen Eigentümergesellschaft.
Die G&S-Gruppe ist im vorbeugenden Brandschutz tätig. Sie plant, produziert, installiert und serviciert sowohl stationäre Standard- und Sonderlöschanlagen als auch Brandmeldeanlagen. Die Gruppe hat für alle wesentlichen Gewerke die VdS-Anerkennung als Errichter und baut weltweit Anlagen nach allen bekannten internationalen Standards. Das Unternehmen erzielte mit 130 Mitarbeitern zuletzt einen Umsatz von 14,3 Mio €.
Durch die Akquisition der G&S-Gruppe erweitert Rosenbauer sein Portfolio im vorbeugenden Brandschutz und stellt die Weichen für das geplante Wachstum in diesem Segment.
Rosenbauer baut seine Präsenz in Slowenien weiter aus. Die Produktionsgesellschaft Rosenbauer d.o.o. hat 100 % der Anteile am langjährigen Vertriebspartner Mi Star d.o.o. erworben. Mi Star ist seit zwei Jahrzehnten für Rosenbauer tätig und verkauft exklusiv Feuerwehrfahrzeuge, Löschtechnik und Ausrüstung. Mit elf Mitarbeitern erzielte das Unternehmen zuletzt einen Umsatz von 5,5 Mio €.
Durch deren Eingliederung in das globale Vertriebs- und Servicenetz des Unternehmens können die wichtigen Kommunalfahrzeugmärkte des Westbalkans künftig direkt bedient werden. Neben dem Fertigungs- und Servicestandort in Radgona ist Rosenbauer damit auch in Ljubljana mit einem Service- und Vertriebsstandort vertreten.
Darüber hinaus sind nach dem Bilanzstichtag keine weiteren Vorgänge von besonderer Bedeutung für die Gesellschaft eingetreten, die zu einer Änderung der Vermögens-, Finanzund Ertragslage geführt haben.
Die Weltwirtschaft kommt derzeit nur langsam in Schwung, die Wachstumsaussichten für 2016 sind eher gedämpft. Mitentscheidend für die Entwicklung wird sein, wie der weitere Umbau des chinesischen Wirtschaftssystems gelingt, die Flüchtlingskrise in Europa bewältigt wird und sich ein stärker werdender Dollar auf die internationalen Finanzmärkte auswirkt. Auch eine Eskalation der geopolitischen Spannungen ist leider nicht auszuschließen, was zusammen zu einer eher zurückhaltenden Prognose für die Jahre 2016 und 2017 führt. Das globale BIP sollte im laufenden Jahr um 3,0 % und im Jahr 2017 um 3,3 % wachsen.
Die Feuerwehrbranche sieht sich auch 2016 sehr unterschiedlichen Herausforderungen gegenüber. Am nordamerikanischen Markt sollte der Nachfragetrend stabil bleiben. Die Branche in Europa wird wohl nur einen – wenn überhaupt – leichten Aufschwung nehmen. Die Nachfrage aus Asien sowie aus dem Nahen und Mittleren Osten könnte durch eine sich verschlechternde gesamtwirtschaftliche Lage gebremst werden.
Wie sich die Feuerwehrmärkte im Detail entwickeln, hängt vielfach von der Verfügbarkeit der öffentlichen Budgets ab. In manchen entwickelten Märkten wird aufgrund der Bemühungen zur Haushaltskonsolidierung die Nachfrage nach Feuerwehrausrüstung wohl eher verhalten bleiben. In einigen Emerging Markets könnten der niedrige Ölpreis und politische Unruhen dazu führen, dass Investitionen in Feuerwehrtechnik zurückgestellt werden.
Generell lässt sich sagen, dass zurzeit vor allem jene Länder in Feuerwehrtechnik und ausrüstung investieren, in denen es ein kontinuierliches Beschaffungswesen und/oder ein erhöhtes Sicherheitsbedürfnis nach Natur- oder Terrorkatastrophen gibt. Darüber hinaus sorgen die weltweite Zunahme des Flugverkehrs und der Einsatz größerer Flugzeuge für eine anhaltend gute Nachfrage nach Spezialfahrzeugen.
Der europäische Feuerwehrmarkt ist lange nicht so homogen wie jener in den Vereinigten Staaten und muss daher differenziert betrachtet werden. In Ländern wie Österreich und Deutschland ist das Marktvolumen derzeit wieder auf Normalniveau. Offen bleibt, ob und wie stark sich die Aufwendungen zur Bewältigung der Flüchtlingsmigration auf die Budgets der Feuerwehren auswirken werden. Die Märkte in Zentral- und Nordeuropa sollten vital bleiben, zumal das durchschnittliche Alter der im Einsatz befindlichen Feuerwehrfahrzeuge bereits weit über dem Durchschnitt der letzten Jahre liegt. In den süd- und osteuropäischen Ländern ist hingegen weiterhin mit einer gedämpften Nachfrage nach Feuerwehrausrüstung zu rechnen.
Russland hat zwar nach wie vor hohen Bedarf an moderner Feuerwehrtechnik, die Nachfrage ist aufgrund der politischen Situation sowie des niedrigen Ölpreises allerdings stark rückläufig. Für 2016 ist nicht davon auszugehen, dass sich die Marktlage verbessert.
In Ländern mit erhöhtem Sicherheitsbedarf sowie in aufstrebenden Märkten mit verstärkten Infrastrukturinvestitionen, allen voran in China und in Indien, ist die Nachfrage weiterhin auf hohem Niveau. Die voranschreitende Urbanisierung erfordert auch in den kommenden Jahren zusätzliche Investitionen in die Sicherheitsinfrastruktur und den Brandschutz.
Der Nahe Osten hat sich in den letzten Jahren zu einer bedeutenden Absatzregion entwickelt. In zahlreichen Ländern, insbesondere in den Golfstaaten und Saudi-Arabien, wurden das Feuerwehrwesen und der Zivilschutz gezielt modernisiert. Dieser Transformationsprozess ist noch nicht abgeschlossen und sollte der Feuerwehrbranche mittelfristig weiteres Wachstum ermöglichen. Angesichts der aktuellen Lage ist allerdings davon auszugehen, dass der schwache Ölpreis sowie die politischen Unruhen in der Region zu einer Zurückhaltung im Beschaffungsverhalten führen.
Die Märkte in Afrika, Zentral- und Südamerika sind durch unregelmäßige Zentralbeschaffungen geprägt. Da diese oft mehrjährige Vorlaufzeiten haben, lassen sie sich kaum prognostizieren. Politische Risiken sind auch hier nicht gänzlich auszuschließen und erfordern eine genaue Marktbeobachtung.
Rosenbauer verfolgt die Entwicklung in den verschiedenen Feuerwehrmärkten sehr genau, um Absatzchancen frühzeitig nutzen zu können. Je nachdem, welche Länder oder Regionen ein erhöhtes Beschaffungsvolumen erkennen lassen, werden die Vertriebsaktivitäten intensiviert. So wird die globale Präsenz weiter ausgebaut und die internationale Wettbewerbsfähigkeit gestärkt.
Ein wesentliches strategisches Ziel von Rosenbauer ist der nachhaltige Ausbau der Innovationsführerschaft. 2015 wurden auf der Weltleitmesse Interschutz zahlreiche Produktinnovationen präsentiert, 2016 erfolgt die vollständige Überleitung der Neuheiten in die Serienreife sowie die Übertragung der technischen Neuerungen auf weitere Produkte.
Rosenbauer beschäftigt sich auch mit gesellschaftlichen Megatrends, um deren Auswirkungen auf die Feuerwehrbranche rechtzeitig erkennen zu können. Megatrends haben in der Regel weitreichenden Einfluss auf große Teile einer Gesellschaft. Aus deren Analyse lassen sich wiederum Trends für das Feuerwehrwesen ableiten, die Rosenbauer in die systematische Entwicklungsarbeit einfließen lässt.
Das starke Wachstum hat in den letzten Jahren einen umfassenden Ausbau der Produktionsstätten erforderlich gemacht, in nahezu allen österreichischen Werken wurden die Fertigungsflächen und Kapazitäten erhöht. Zurzeit wird das Werk I Leonding unter den Gesichtspunkten Effizienzsteigerung und Profitabilität neu ausgerichtet, dabei werden die Löschsystem- und Sonderfahrzeugfertigung neu gestaltet.
Im laufenden Jahr werden sich die Investitionstätigkeit und das Investitionsvolumen gegenüber dem Berichtsjahr spürbar reduzieren. Aufgrund der Neuausrichtung von Werk I Leonding bleiben sie aber weiterhin über den Abschreibungen, wie es den Rosenbauer Zielsetzungen für nachhaltiges Wachstum entspricht.
Die Hersteller von Feuerwehrfahrzeugen haben branchenbedingt unterjährig einen hohen Finanzierungsbedarf. Das liegt zum einen am langen Fahrzeugdurchlauf vom Auftragseingang bis zur Auslieferung sowie den vergleichsweise niedrigen Kundenanzahlungen, zum anderen auch am großen Volumen mancher Aufträge. Rosenbauer wirkt dieser Tendenz mit gezielten Maßnahmen entgegen.
Das hohe Auftragsvolumen und die hohen Produktionsbestände erfordern auch im Jahr 2016 die Bereitstellung zusätzlicher Finanzierungsrahmen, die über mehrere Banken und mit unterschiedlichen Fristigkeiten sichergestellt werden.
Die Finanzierungsstrategie des Unternehmens ist nach konservativen Grundsätzen ausgerichtet und räumt einer gesicherten Liquidität sowie einer möglichst hohen Eigenmittelausstattung Vorrang ein.
Rosenbauer ist heute führender Hersteller der internationalen Feuerwehrbranche. Um diese Marktposition abzusichern und auszubauen, arbeitet das Unternehmen ständig daran, in einem dynamischen Umfeld noch beweglicher und effizienter zu werden.
In der Strategie GO 2020 wurden die Weichen für profitables und nachhaltiges Wachstum gestellt. Sie wird seit Mitte 2014 konsequent und mit großer Zielstrebigkeit umgesetzt, erste Erfolge sind bereits sichtbar: Aufgrund der neuen Area-Organisation ist Rosenbauer in den Wachstumsmärkten der Welt zunehmend präsenter. Die neuen Produkte kommen bei den Feuerwehren hervorragend an und helfen mit, die internationale Marktposition weiter auszubauen. Mit richtungsweisenden Innovationen in den Bereichen Sicherheit, Performance und Ergonomie unterstreicht Rosenbauer dabei seinen technologischen Führungsanspruch. Darüber hinaus wird der eingeschlagene Weg, alle unternehmerischen Prozesse noch effizienter auszurichten, konsequent fortgesetzt.
In allen Geschäftsfeldern ist Rosenbauer mit neuen, attraktiven Produkten ins Jahr 2016 gestartet. Die neuen Drehleiter- und Bühnenmodelle haben so wie der neue PANTHER bereits zahlreiche Kunden überzeugt und werden dazu beitragen, die globale Marktposition weiter auszubauen. Für zusätzliche Absatzimpulse sollten auch die Neuheiten aus dem Bereich Ausrüstung sorgen, allen voran der neue leichte Feuerwehrhelm HEROS-titan.
Darüber hinaus investiert Rosenbauer weiter in die Vertriebsorganisation und in die Produktentwicklung, um auf bestimmten Märkten weitere Wachstumschancen im kommunalen Bereich ergreifen zu können.
Trotz der eher verhaltenen Wachstumsperspektiven und selbst wenn politische Unruhen und der niedrige Ölpreis das Beschaffungsverhalten in einigen Ländern beeinflussen werden, darf für 2016 eine stabile Entwicklung der Gesamtnachfrage in der Feuerwehrbranche erwartet werden.
Aufgrund der erfolgreich am Markt eingeführten Produktneuheiten, des zufriedenstellenden Auftragsbestandes, der Annahmen für die Entwicklung der für Rosenbauer wichtigsten Märkte und einer zunehmenden Wirkung der eingeleiteten Maßnahmen zur Effizienzsteigerung und Kostenreduktion erwartet das Management für das Geschäftsjahr 2016 eine zufriedenstellende Entwicklung bei Umsatz und Ergebnis.
Leonding, 25. März 2016
Siegel Brunbauer Kitzmüller
| Stand 31.12.2015 |
Stand 31.12.2014 |
||||
|---|---|---|---|---|---|
| EUR | EUR | EUR | EUR | TEUR | |
| A. ANLAGEVERMÖGEN | |||||
| I. Immaterielle Vermögensgegenstände | 1.371.824,00 | 1.151 | |||
| II. Sachanlagen | |||||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten auf fremdem Grund |
|||||
| davon Grundwert EUR 18.756.253,26 (2014 TEUR 18.693) | 65.215.256,26 | 64.466 | |||
| 2. Investitionen in fremden Gebäuden | 85.731,00 | 100 | |||
| 3. Technische Anlagen und Maschinen | 9.997.440,00 | 11.416 | |||
| 4. Andere Anlagen, Betriebs- und Geschäftsausstattung | 15.373.047,00 | 14.466 | |||
| 5. Geleistete Anzahlungen und Anlagen in Bau | 812.218,35 | 91.483.692,61 | 913 91.361 |
||
| III. Finanzanlagen | |||||
| 1. Anteile an verbundenen Unternehmen | 43.529.387,60 | 43.529 | |||
| 2. Beteiligungen 3. Wertpapiere (Wertrechte) des Anlagevermögens |
3.001.640,79 1.663.848,20 |
3.002 1.065 |
|||
| 48.194.876,59 | 47.596 | ||||
| 141.050.393,20 | 140.108 | ||||
| B. UMLAUFVERMÖGEN | |||||
| I. Vorräte | |||||
| 1. Roh-, Hilfs- und Betriebsstoffe | 49.818.070,02 | 61.672 | |||
| Erhaltene Anzahlungen | -5.776.703,75 | -4.118 | |||
| 44.041.366,27 | 57.554 | ||||
| 2. Unfertige Erzeugnisse | 59.781.118,34 | 66.934 | |||
| Erhaltene Anzahlungen | -2.433.990,44 | -1.654 | |||
| 57.347.127,90 | 65.280 | ||||
| 3. Fertige Erzeugnisse und Waren | 10.040.676,81 | 11.224 | |||
| 4. Ware unterwegs | 1.913.446,90 | 2.593 | |||
| 5. Geleistete Anzahlungen | 5.669.305,06 | 119.011.922,94 | 5.887 142.538 |
||
| II. Forderungen und sonstige Vermögensgegenstände | |||||
| 1. Forderungen aus Lieferungen und Leistungen | 49.955.547,75 | 52.563 | |||
| 2. Forderungen gegenüber verbundenen Unternehmen | 47.403.216,42 | 31.877 | |||
| 3. Forderungen gegenüber Unternehmen, | |||||
| mit denen ein Beteiligungsverhältnis besteht | 5.996.755,40 | 6.606 | |||
| 4. Sonstige Forderungen und Vermögensgegenstände | 18.710.845,03 | 11.938 | |||
| 122.066.364,60 | 102.984 | ||||
| III. Kassenbestand, Guthaben bei Kreditinstituten | 1.786.534,05 | 14.136 | |||
| 242.864.821,59 | 259.658 | ||||
| C. RECHNUNGSABGRENZUNGSPOSTEN | 1.340.602,79 | 1.377 | |||
| 385.255.817,58 | 401.143 |
| P A S S I V A | |||
|---|---|---|---|
| Stand | Stand | ||
| 31.12.2015 | 31.12.2014 | ||
| EUR | EUR | TEUR | |
| A. EIGENKAPITAL | |||
| I. Grundkapital | 13.600.000,00 | 13.600 | |
| II. Kapitalrücklagen (gebundene) | 23.703.398,02 | 23.703 | |
| III. Gewinnrücklagen (Freie Rücklagen) | 98.602.757,74 | 104.303 | |
| IV. Bilanzgewinn | |||
| davon Gewinnvortrag EUR 155.864,79 (2014 TEUR 143) | 10.328.699,99 | 8.316 | |
| 146.234.855,75 | 149.922 | ||
| B. UNVERSTEUERTE RÜCKLAGEN | |||
| Bewertungsreserve auf Grund von Sonderabschreibungen | 2.210.981,37 | 2.297 | |
| C. RÜCKSTELLUNGEN | |||
| 1. Rückstellungen für Abfertigungen | 12.732.600,00 | 12.019 | |
| 2. Rückstellungen für Pensionen | 1.423.646,40 | 962 | |
| 3. Steuerrückstellung | 1.833.940,00 | 0 | |
| 4. Sonstige Rückstellungen | 24.806.471,81 | 22.310 | |
| 40.796.658,21 | 35.291 | ||
| D. VERBINDLICHKEITEN | |||
| 1. Verbindlichkeiten gegenüber Kreditinstituten | 152.187.849,82 | 134.799 | |
| 2. Erhaltene Anzahlungen auf Bestellungen | 7.603.960,26 | 18.836 | |
| 3. Verbindlichkeiten aus Lieferungen und Leistungen | 20.982.731,81 | 30.992 | |
| 4. Verbindlichkeiten gegenüber verbundenen Unternehmen | 5.056.141,71 | 6.722 | |
| 5. Sonstige Verbindlichkeiten | |||
| davon aus Steuern EUR 146.909,23 (2014 TEUR 337) | |||
| davon im Rahmen der sozialen Sicherheit | |||
| EUR 1.798.211,25 (2014 TEUR 1.650) | 10.182.638,65 | 22.284 | |
| 196.013.322,25 | 213.633 | ||
| E. RECHNUNGSABGRENZUNGSPOSTEN | 0,00 | 0 | |
| 385.255.817,58 | 401.143 | ||
| HAFTUNGSVERHÄLTNISSE | 46.886.911,00 | 41.100 |
| 2015 | 2014 | ||||
|---|---|---|---|---|---|
| EUR | EUR | TEUR | TEUR | ||
| 1. Umsatzerlöse | 526.745.878,52 | 491.507 | |||
| 2. Veränderung des Bestands an fertigen und unfertigen Erzeugnissen | -7.155.450,44 | 22.487 | |||
| 3. Andere aktivierte Eigenleistungen | 60.500,38 | 251 | |||
| 4. Sonstige betriebliche Erträge | |||||
| a) Erträge aus dem Abgang vom Anlagevermögen | |||||
| mit Ausnahme der Finanzanlagen | 17.017,67 | 95 | |||
| b) Erträge aus der Auflösung von Rückstellungen | 419.815,58 | 1.960 | |||
| c) Übrige | 7.963.126,05 | 8.399.959,30 | 7.332 | 9.387 | |
| 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen |
|||||
| a) Materialaufwand | -357.930.383,03 | -350.517 | |||
| b) Aufwendungen für bezogene Leistungen | -7.801.876,43 | -365.732.259,46 | -9.962 | -360.479 | |
| 6. Personalaufwand | |||||
| a) Löhne | -30.922.263,55 | -30.230 | |||
| b) Gehälter | -38.605.489,58 | -35.068 | |||
| c) Aufwendungen für Abfertigungen und Leistungen | |||||
| an betriebliche Mitarbeitervorsorgekassen | -1.603.682,04 | -2.122 | |||
| d) Aufwendungen für Altersversorgung | -483.464,66 | -414 | |||
| e) Aufwendungen für gesetzlich vorgeschriebene | |||||
| Sozialabgaben sowie vom Entgelt abhängige | |||||
| Abgaben und Pflichtbeiträge | -17.949.762,76 | -16.548 | |||
| f) Sonstige Sozialaufwendungen | -576.547,31 | -90.141.209,90 | -516 | -84.898 | |
| 7. Abschreibungen auf immaterielle Gegenstände | |||||
| des Anlagevermögens und Sachanlagen | -8.975.159,27 | -8.349 | |||
| 8. Sonstige betriebliche Aufwendungen | |||||
| a) Steuern, soweit sie nicht unter Z 18 fallen | -165.212,68 | -113 | |||
| b) Übrige | -63.343.111,96 | -63.508.324,64 | -57.710 | -57.823 | |
| 9. Zwischensumme aus Z 1 bis 8 (Betriebserfolg) | -306.065,51 | 12.083 | |||
| 10. Erträge aus Beteiligungen | 10.824.292,42 | 10.280 | |||
| davon aus verbundenen Unternehmen | |||||
| EUR 9.466.169,67 (2014 TEUR 9.343) | |||||
| 11. Erträge aus anderen Wertpapieren und | |||||
| Ausleihungen des Finanzanlagevermögens | 9.198,87 | 11 | |||
| davon aus verbundenen Unternehmen | |||||
| EUR 0,00 (2014 TEUR 0) | |||||
| 12. Sonstige Zinsen und ähnliche Erträge | 1.523.340,77 | 888 | |||
| davon aus verbundenen Unternehmen | |||||
| EUR 645.652,96 (2014 TEUR 551) | |||||
| 13. Erträge aus dem Abgang von Finanzanlagen | 0,00 | * | 0 | ||
| 14. Aufwendungen aus Finanzanlagen und | |||||
| aus Wertpapieren des Umlaufvermögens | -445,00 | * | 0 | ||
| 15. Zinsen und ähnliche Aufwendungen | -3.167.409,54 | -2.425 | |||
| davon betreffend verbundene Unternehmen | |||||
| EUR 56.518,25 (2014 TEUR 201) | |||||
| 16. Zwischensumme aus Z 10 bis 15 (Finanzerfolg) | 9.188.977,52 | 8.754 | |||
| 17. Ergebnis der gewöhnlichen Geschäftstätigkeit | 8.882.912,01 | 20.837 | |||
| 18. Steuern vom Einkommen | -4.496.011,05 | -5.113 | |||
| 19. Jahresüberschuss | 4.386.900,96 | 15.724 | |||
| 20. Auflösung unversteuerter Rücklagen | 85.934,24 | 49 | |||
| 21. Auflösung von Gewinnrücklagen | 5.700.000,00 | 0 | |||
| 22. Zuweisung zu Gewinnrücklagen | 0,00 | -7.600 | |||
| Jahresgewinn | 10.172.835,20 | 8.173 | |||
| 23. Gewinnvortrag aus dem Vorjahr | 155.864,79 | 143 | |||
| 24. Bilanzgewinn | 10.328.699,99 | 8.316 |
| 2015 | 2014 | |
|---|---|---|
| EUR | EUR | |
| Österreich | 40.629.146,35 | 37.168.635,59 |
| Europäische Union | 100.496.628,00 | 100.153.822,00 |
| Asien / Ozeanien | 78.886.714,00 | 80.356.811,00 |
| Osteuropa | 13.380.335,00 | 6.235.999,00 |
| Naher Osten | 237.211.193,00 | 201.962.945,00 |
| Sonstige | 56.141.862,17 | 65.628.886,40 |
| UMSATZERLÖSE | 526.745.878,52 | 491.507.098,99 |
| 2015 | 2014 | |
|---|---|---|
| EUR | EUR | |
| Fahrzeuge | 347.898.894,57 | 338.550.238,48 |
| Hubrettungsgeräte | 36.577.721,56 | 12.776.022,87 |
| Komponenten | 41.158.634,92 | 40.206.628,34 |
| Business Development | 6.963.965,23 | 6.389.782,07 |
| Ausrüstung | 53.814.914,87 | 53.594.046,81 |
| Ersatzteile, Reparatur und Service | 10.851.185,70 | 12.445.337,94 |
| Sonstige | 29.480.561,67 | 27.545.042,48 |
| UMSATZERLÖSE | 526.745.878,52 | 491.507.098,99 |
| A n s c h a f f u n g s - bzw. H e r s t e l l u n g s k o s t e n | |||||
|---|---|---|---|---|---|
| Vortrag | Zugänge | Umbuchungen | Abgänge | Stand | |
| 1.1.2015 | 31.12.2015 | ||||
| EUR | EUR | EUR | EUR | EUR | |
| ANLAGEVERMÖGEN | |||||
| I. Immaterielle Vermögensgegenstände | |||||
| 1. Konzessionen, Rechte | 4.495.120,11 | 859.436,57 | 0,00 | 228.756,92 | 5.125.799,76 |
| II. Sachanlagen | |||||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, einschließlich der Bauten auf fremdem Grund |
|||||
| a) Bebaute Grundstücke mit Geschäfts- oder Fabriksgebäuden oder anderen Baulichkeiten |
|||||
| Grundwert | 11.374.470,27 | 0,00 | -57.336,94 | 0,00 | 11.317.133,33 |
| Gebäudewert | 55.218.590,25 | 2.817.343,52 | 245.779,24 | 368.039,99 | 57.913.673,02 |
| Außenanlagen | 6.661.678,93 | 178.343,88 | 0,00 | 6.679,00 | 6.833.343,81 |
| b) Unbebaute Grundstücke | 7.318.684,03 | 63.098,96 | 57.336,94 | 0,00 | 7.439.119,93 |
| 80.573.423,48 | 3.058.786,36 | 245.779,24 | 374.718,99 | 83.503.270,09 | |
| 2. Investitionen in fremden Gebäuden | 140.768,45 | 0,00 | 0,00 | 0,00 | 140.768,45 |
| 3. Technische Anlagen und Maschinen | 22.692.166,22 | 371.391,84 | 0,00 | 1.523,00 | 23.062.035,06 |
| 4. Andere Anlagen, Betriebs- und Geschäftsausstattung | 39.224.747,85 | 4.597.449,14 | 666.755,08 | 2.769.790,96 | 41.719.161,11 |
| 5. Geleistete Anzahlungen und Anlagen in Bau | 912.534,32 | 812.218,35 | -912.534,32 | 0,00 | 812.218,35 |
| 143.543.640,32 | 8.839.845,69 | 0,00 | 3.146.032,95 | 149.237.453,06 | |
| III. Finanzanlagen | |||||
| 1. Anteile an verbundenen Unternehmen | 60.947.830,75 | 0,00 | 0,00 | 0,00 | 60.947.830,75 |
| 2. Beteiligungen | 3.001.640,79 | 0,00 | 0,00 | 0,00 | 3.001.640,79 |
| 3. Wertpapiere (Wertrechte) des Anlagevermögens | 1.090.554,97 | 639.010,63 | 0,00 | 40.445,00 | 1.689.120,60 |
| 65.040.026,51 | 639.010,63 | 0,00 | 40.445,00 | 65.638.592,14 | |
| 213.078.786,94 | 10.338.292,89 | 0,00 | 3.415.234,87 | 220.001.844,96 |
| Abschreibungen | Buchwert | Buchwert | Abschreibungen |
|---|---|---|---|
| kumuliert | 31.12.2015 | 31.12.2014 | des Geschäfts |
| jahres | |||
| EUR | EUR | EUR | EUR |
| 3.753.975,76 | 1.371.824,00 | 1.150.807,00 | 638.412,57 |
| 0,00 | 11.317.133,33 | 11.374.470,27 | 0,00 |
| 14.992.021,02 | 42.921.652,00 | 41.994.077,00 | 1.915.960,76 |
| 3.295.992,81 | 3.537.351,00 | 3.779.246,00 | 420.237,88 |
| 0,00 | 7.439.119,93 | 7.318.684,03 | 0,00 |
| 18.288.013,83 | 65.215.256,26 | 64.466.477,30 | 2.336.198,64 |
| 55.037,45 | 85.731,00 | 100.019,00 | 14.288,00 |
| 13.064.595,06 | 9.997.440,00 | 11.415.801,00 | 1.789.751,84 |
| 26.346.114,11 | 15.373.047,00 | 14.465.772,00 | 4.196.508,22 |
| 0,00 | 812.218,35 | 912.534,32 | 0,00 |
| 57.753.760,45 | 91.483.692,61 | 91.360.603,62 | 8.336.746,70 |
| 17.418.443,15 | 43.529.387,60 | 43.529.387,60 | 0,00 |
| 0,00 | 3.001.640,79 | 3.001.640,79 | 0,00 |
| 25.272,40 | 1.663.848,20 | 1.065.282,57 | 0,00 |
| 17.443.715,55 | 48.194.876,59 | 47.596.310,96 | 0,00 |
| 78.951.451,76 | 141.050.393,20 140.107.721,58 | 8.975.159,27 |
| 31.12.2015 | 31.12.2014 | |
|---|---|---|
| EUR | EUR | |
| Forderungen aus Lieferungen und Leistungen |
16.709.257,46 | 8.180.434,70 |
| Finanzierungsforderungen | 30.693.958,96 | 23.696.871,94 |
| 47.403.216,42 | 31.877.306,64 |
| mit Restlauf- | mit Restlauf | ||
|---|---|---|---|
| zeit von mehr | zeit von mehr | ||
| 31.12.2014 | |||
| EUR | EUR | EUR | EUR |
| 0,00 | 49.955.547,75 | 0,00 | 52.563.218,16 |
| 2.159.000,00 | 47.403.216,42 | 5.048.750,00 | 31.877.306,64 |
| 0,00 | 5.996.755,40 | 0,00 | 6.605.552,91 |
| 11.937.879,23 | |||
| 102.983.956,94 | |||
| als 1 Jahr 31.12.2015 76.426,38 2.235.426,38 |
31.12.2015 18.710.845,03 122.066.364,60 |
als 1 Jahr 31.12.2014 115.495,39 5.164.245,39 |
Die sonstigen Forderungen und Vermögensgegenstände enthalten keine wesentlichen Erträge die erst nach dem Bilanzstichtag zahlungswirksam werden.
| mit Restlaufzeit | Gesamt | Gesamt | ||||
|---|---|---|---|---|---|---|
| < 1 Jahr | 1 - 5 Jahre | > 5 Jahre | 31.12.2015 | 31.12.2014 | ||
| EUR | EUR | EUR | EUR | EUR | ||
| Verbindlichkeiten gegenüber Kreditinstituten |
2015 2014 |
84.799.292,68 10.714.285,72 39.285.714,28 | 82.187.849,82 47.142.857,13 22.857.142,87 152.187.849,82 | 134.799.292,68 | ||
| Erhaltene Anzahlungen auf Bestellungen |
2015 2014 |
7.603.960,26 18.835.750,46 |
0,00 0,00 |
0,00 0,00 |
7.603.960,26 | 18.835.750,46 |
| Verbindlichkeiten aus Lieferungen und Leistungen |
2015 2014 |
20.825.770,53 30.991.711,91 |
156.961,28 0,00 |
0,00 0,00 |
20.982.731,81 | 30.991.711,91 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen |
2015 2014 |
5.056.141,71 6.721.531,48 |
0,00 0,00 |
0,00 0,00 |
5.056.141,71 | 6.721.531,48 |
| Sonstige Verbindlichkeiten | 2015 2014 |
8.834.977,64 20.672.466,52 |
421.047,19 816.024,08 |
926.613,82 795.829,58 |
10.182.638,65 | 22.284.320,18 |
| 2015 2014 |
162.020.753,05 11.530.309,80 40.081.543,86 | 124.508.699,96 47.720.865,60 23.783.756,69 196.013.322,25 | 213.632.606,71 |
| 31.12.2015 | 31.12.2014 | |
|---|---|---|
| Verbindlichkeiten aus | EUR | EUR |
| Lieferungen und Leistungen | -855.219,32 | 1.955.444,46 |
| Finanzierungsverbindlichkeiten | 5.911.361,03 | 4.766.087,02 |
| 5.056.141,71 | 6.721.531,48 |
Die Gewinnrücklagen und angeführten unversteuerten Rücklagen haben sich wie folgt entwickelt:
| Stand 1.1.15 | Zuweisung | Auflösung wegen Zeitablauf |
Auflösung/ Verbrauch |
Stand 31.12.15 | |
|---|---|---|---|---|---|
| GEWINNRÜCKLAGEN | |||||
| 1. Andere (freie) Rücklagen | 104.302.757,74 | 0,00 | 0,00 | 5.700.000,00 | 98.602.757,74 |
| UNVERSTEUERTE RÜCKLAGEN | |||||
| 1. Bewertungsreserve aufgrund von Sonderabschreibungen |
|||||
| a) Vorzeitige Abschreibung gem. | |||||
| gem. § 7 Abs. 3 b) Übertragene stille Rücklagen |
1.559.050,85 | 0,00 | 0,00 | 77.244,24 | 1.481.806,61 |
| gem. § 12 EStG 1972 u. 1988 | 694.016,73 | 0,00 | 0,00 | 8.690,00 | 685.326,73 |
| c) Abschreibungen zu Auslands- beteiligungen gem. § 6 Z 7 |
|||||
| EStG 1988 | 43.848,03 | 0,00 | 0,00 | 0,00 | 43.848,03 |
| 2.296.915,61 | 0,00 | 0,00 | 85.934,24 | 2.210.981,37 |
| (in 1.000) | Währungs- | Beteil.- | Eigenkapital | Ergebnis | Konsolidie |
|---|---|---|---|---|---|
| einheit | Anteil 1) | 2) | rungsart | ||
| % | |||||
| Rosenbauer Österreich GmbH, | |||||
| Österreich, Leonding | EUR | 100 | 2.951 | 0³) | KV |
| Rosenbauer Management Services GmbH, | |||||
| Österreich, Leonding | EUR | 100 | 82 | -1 | KV |
| Rosenbauer Deutschland GmbH, | |||||
| Deutschland, Luckenwalde | EUR | 100 | 11.212 | 146 | KV |
| Rosenbauer Management GmbH, | |||||
| (ehemals: Metz Aerials Management GmbH), | |||||
| Deutschland, Karlsruhe | EUR | 100 | 35 | 1 | KV |
| Rosenbauer Karlsruhe GmbH & Co. KG, | |||||
| (ehemals: Metz Aerials GmbH & Co KG), | |||||
| Deutschland, Karlsruhe | EUR | 100 | 13.671 | 2.790 | KV |
| Service18 S.A.R.L., | |||||
| (ehemals: Metz-Service 18 S.A.R.L), | |||||
| Frankreich, Chambéry | EUR | 84 | -383 | -9 | KV |
| Rosenbauer Finanzierung GmbH, | |||||
| Deutschland, Passau | EUR | 100 | 31 | -3 | KV |
| Rosenbauer d.o.o., | |||||
| Slowenien, Radgona | EUR | 90 | 2.140 | 1.194 | KV |
| Rosenbauer Schweiz AG, | |||||
| Schweiz, Oberglatt | EUR | 100 | 7.061 | 795 | KV |
| Rosenbauer Espanola S.A., | |||||
| Spanien, Madrid | EUR | 62 | 4.268 | 1.732 | KV |
| Rosenbauer Ciansa S.L., | |||||
| Linares, Spanien | EUR | 50 | 3.188 | 784 | AE |
| Rosenbauer Minnesota, LLC., 4) USA, Minnesota |
EUR | 50 | 11.384 | 5.047 | KV |
| Rosenbauer South Dakota, LLC., 4) | |||||
| USA, South Dakota | EUR | 50 | 33.556 | 12.320 | KV |
| Rosenbauer Holdings Inc., | |||||
| USA, South Dakota | EUR | 100 | 28.905 | 6.869 | KV |
| Rosenbauer America, LLC., 4) | |||||
| USA, South Dakota | EUR | 50 | 58.076 | 21.613 | KV |
| Rosenbauer Aerials, LLC., 4) | |||||
| USA, Nebraska | EUR | 25 | 5.971 | 2.943 | KV |
| Rosenbauer Motors, LLC.,4) | |||||
| USA, Minnesota | EUR | 43 | -295 | 5.447 | KV |
| S.K. Rosenbauer Pte. Ltd., | |||||
| Singapur | EUR | 100 | 9.158 | 1.385 | KV |
| Eskay Rosenbauer Sdn Bhd, | |||||
| Brunei | EUR | 80 | -94 | 1 | KV |
| Rosenbauer South Africa (Pty.) Ltd., | |||||
| Südafrika, Halfway House | EUR | 75 | 275 | 167 | KV |
| Rosenbauer Saudi Arabia | |||||
| Saudi Arabien, Riyadh | EUR | 75 | 1.503 | 208 | KV |
| Rosenbauer UK plc | |||||
| United Kingdom, Holmfirth PA "Fire-fighting special technics" LLC., |
EUR | 75 | 608 | 273 | KV |
| Russland, Moskau | EUR | 49 | 6.856 | 467 | AE |
1) Mittelbarer Beteiligungsanteil KV = Vollkonsolidierte Gesellschaften
2) Jahresgewinn nach Rücklagenbewegung AE = "At equity"-bewertete Gesellschaften
3) Ergebnisabführungsvertrag mit Rosenbauer International AG
4) Dirimierungsrecht für die Rosenbauer International AG
Die in der obigen Tabelle angeführten Werte wurden nach nationalen Rechnungslegungsvorschriften ermittelt.
Die Bilanzierung, die Bewertung und der Ausweis der einzelnen Positionen des Jahresabschlusses wurde nach den allgemeinen Bestimmungen der §§ 189 bis 211 UGB in der geltenden Fassung unter Berücksichtigung der Sondervorschriften für Kapitalgesellschaften der §§ 222 bis 243 UGB vorgenommen.
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. Die Gewinn- und Verlustrechnung ist in Staffelform und nach dem Gesamtkostenverfahren aufgestellt.
Bei Vermögensgegenständen und Schulden wurde grundsätzlich der Grundsatz der Einzelbewertung angewandt. Sofern einzelne Vermögensgegenstände und Schulden Bestandteil einer Bewertungseinheit sind, wurden diese abweichend vom Grundsatz der Einzelbewertung zusammen mit dem zugehörigen Sicherungsinstrument bewertet.
Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem insbesondere nur die am Abschlussstichtag verwirklichten Gewinne ausgewiesen werden. Alle erkennbaren Risken und drohenden Verluste, die im Geschäftsjahr 2015 oder in einem früheren Geschäftsjahr entstanden sind, wurden berücksichtigt.
Immaterielle Vermögensgegenstände werden zu Anschaffungskosten aktiviert und in längstens 4 Jahren abgeschrieben.
Sachanlagen werden zu Anschaffungs- oder Herstellungskosten abzüglich planmäßiger Abschreibungen bewertet. Die Nutzungsdauer beträgt bei Gebäuden 33 1/3 bis zu 50 Jahren, bei Technische Anlagen und Maschinen von 8 bis 15 Jahren und bei andere Anlagen, Betriebs- und Geschäftsausstattung von 5 bis 10 Jahren. Geringwertige Vermögensgegenstände werden im Jahr der Anschaffung voll abgeschrieben.
Außerplanmäßige Abschreibungen werden vorgenommen, soweit der Ansatz mit einem niedrigeren Wert erforderlich ist.
Die Finanzanlagen werden zu Anschaffungskosten oder, falls ihnen ein niedrigerer Wert beizumessen ist, mit diesem angesetzt.
Die Bewertung der Vorräte erfolgt zu Anschaffungs- bzw. Herstellungskosten unter Beachtung des Niederstwertprinzips.
Roh-, Hilfs- und Betriebsstoffe und Waren sind zu Anschaffungskosten, die aufgrund des gleitenden Durchschnittspreisverfahrens (§ 209 Abs. 2 UGB) ermittelt werden, angesetzt.
Die fertigen und unfertigen Erzeugnisse werden zu Herstellungskosten angesetzt. Die Herstellungskosten umfassen die Material- und Fertigungseinzelkosten sowie angemessene Teile der Materialgemeinkosten und der Fertigungsgemeinkosten.
Aufwendungen der allgemeinen Verwaltung werden nicht aktiviert.
Sind die Herstellungskosten höher als die zu Vertragspreisen errechnete Leistung, so wird zu Vertragspreisen bewertet. Erkennbaren Risken im weiteren Ablauf bis zur Fertigstellung wird durch gesonderte Rückstellungen Rechnung getragen.
Unter Beachtung des Niederstwertprinzips wurden entsprechende Abwertungen wegen übermäßiger Lagerdauer und zur verlustfreien Bewertung durchgeführt.
Erhaltene Anzahlungen auf Bestellungen werden offen vom Posten "Vorräte" abgesetzt, soweit diesen bereits Anschaffungs- bzw. Herstellkosten gegenüberstehen.
Forderungen und sonstige Vermögensgegenstände sind mit dem Nennbetrag angesetzt. Fremdwährungsforderungen werden grundsätzlich mit dem Devisenmittelkurs zum Bilanzstichtag bewertet. Abweichend dazu werden Fremdwährungsforderungen, die Bestandteil einer Bewertungseinheit sind, gemeinsam mit dem Sicherungsinstrument am Bilanzstichtag zum vereinbarten Terminkurs bewertet. Für erkennbare Risken werden Einzelwertberichtigungen gebildet.
Bei der Bemessung der Rückstellungen ist entsprechend den gesetzlichen Erfordernissen allen erkennbaren Risken und ungewissen Verbindlichkeiten ausreichend Rechnung getragen worden.
Die Abfertigungsrückstellungen werden gemäß den Bestimmungen des § 211 Abs. 2 UGB gebildet. Die Rückstellung wird nach dem finanzmathematischen Teilwertverfahren berechnet. Der Zinssatz beträgt 2,5 % (2014: 3,0 %). Das Pensionsantrittsalter beträgt 65 Jahre bei Frauen und Männern (2014: 60 Jahre bei Frauen und 65 Jahre bei Männern). Der Fluktuationszinssatz beträgt 0%.
Die Jubiläumsgeldrückstellung wird nach IFRS (IAS 19) gebildet. Als Zinssatz wurde 2,25 % (2014: 2,2%) verwendet und von einem Pensionsalter von 65 Jahren (2014: 60 Jahren) bei Frauen und 65 Jahren (2014: 65 Jahren) bei Männern ausgegangen. Der Fluktuationsabschlag betrug abhängig von der Dienstzeit zwischen 0,25% und 5%.
Die Rückstellung für laufende Pensionen wird ab 2015 nach IFRS (IAS 19) unter Zugrundelegung eines Zinssatzes von 2,25 % errechnet. Bis zum Jahr 2014 wurde die Rückstellung für laufende Pensionen nach den anerkannten Regeln der Versicherungsmathematik unter Zugrundelegung eines Zinssatzes von 3,0 % nach dem Gegenwartswertverfahren ermittelt. Es wurden die Sterbetafeln von Pagler & Pagler zugrunde gelegt. Die Rückstellung betrifft eine Person, welche bereits in Pension ist. Weiters wurde für einige Mitarbeiter in ein Pensionssystem eingezahlt, welches einen beitragsorientierten Versorgungsplan darstellt.
Verbindlichkeiten sind mit ihrem Rückzahlungsbetrag angesetzt. Fremdwährungsverbindlichkeiten werden mit dem Devisenmittelkurs zum Bilanzstichtag bewertet.
Die Aufgliederung des Anlagevermögens und seine Entwicklung im Berichtsjahr ist im Anlagenspiegel (siehe Beilage) angeführt.
Im ersten Quartal 2013 wurde in Saudi Arabien gemeinsam mit einem lokalen Partner die Rosenbauer Saudi Arabia Ltd. (Rosenbauer Anteil: 75%) gegründet, deren Firmensitz sich in der Hauptstadt Riad befindet. Als Gründungskapital wurden seitens Rosenbauer 813,5 TEUR eingebracht.
Durch Umwandlung von bestehenden Konzerndarlehen wurden im Jahr 2013 die Beteiligungsansätze an der Metz Aerials GmbH & CoKG um 3.300 TEUR, an der slowenischen Gesellschaft Rosenbauer d.o.o. um 450 TEUR erhöht.
Auf Basis der jährlichen Impairment Tests wurde Ende des Jahres 2013 die Beteiligung an der Metz Aerials GmbH & CoKG (Deutschland) um 4.850 TEUR, die Beteiligung an der Rosenbauer d.o.o. (Slowenien) um 1.490 TEUR abgeschrieben.
Im 2. Quartal 2014 hat die Rosenbauer International AG einen Vertrag zum Anteilserwerb von 75% an dem britischen Partner North Fire plc mit Sitz in Holmfirth unterfertigt. Das Unternehmen war in der Vergangenheit exklusiver Vertriebs- und Servicepartner von persönlicher Schutzausrüstung, Komponenten, Hubrettungsgeräten sowie Kommunalfahrzeugen.
Die Bewertung der Ansprüche aus einer Pensionsrückdeckungsversicherung stellt sich zum 31.12.2015 wie folgt dar.
| Buchwert | 1.307.810,00 EUR | (2014: TEUR 895,41) |
|---|---|---|
| Marktwert | 1.307.810,00 EUR | (2014: TEUR 895,41) |
Die Bewertung der Wertpapiere zum 31.12.2015 stellt sich wie folgt dar.
| Buchwert | 356.038,50 EUR | (2014: TEUR 169,87) |
|---|---|---|
| Marktwert | 404.687,77 EUR | (2014: TEUR 208,05) |
Aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen besteht aufgrund von langfristigen Miet-, Pacht- und Leasingverträgen für das folgende Geschäftsjahr eine Verpflichtung von TEUR 671,7 (2014: TEUR 577,9). Der Gesamtbetrag der Verpflichtungen für die nächsten 5 Jahre beträgt TEUR 3.358,5 (2014: TEUR 2.219,8).
Aufgliederung siehe Beilage.
Das Grundkapital betrug per Ende 2015 EUR 13.600.000 und war zerlegt auf 6.800.000 Stückaktien. Die Aktien lauten auf Inhaber.
In der im Mai 2007 stattgefundenen 15. ordentlichen Hauptversammlung erfolgte der Beschluss über die Erhöhung des Grundkapitals aus Gesellschaftsmitteln von EUR 12.359.000 um EUR 1.241.000 auf EUR 13.600.000 durch Umwandlung des entsprechenden Teilbetrages der gebundenen Kapitalrücklage ohne Ausgabe neuer Aktien.
Bei den Gewinnrücklagen der Rosenbauer International AG handelt es sich um andere (freie) Rücklagen.
Die Aufgliederung der unversteuerten Rücklagen und ihre Entwicklung im Berichtsjahr wird gesondert dargestellt (siehe Beilage).
Die sonstigen Rückstellungen bestehen insbesondere für:
| 31.12.2015 | 31.12.2014 | |
|---|---|---|
| EUR | EUR | |
| Personalaufwendungen, | ||
| Jubiläumsgelder und | ||
| nicht konsumierte Urlaube | 14.650.900,00 | 14.703.055,00 |
| Gewährleistungen | 3.991.000,00 | 3.873.000,00 |
| Exportausfallsrisken | 0,00 | 23.000,00 |
| Drohende Verluste | ||
| aus schwebenden Geschäften | 15.483,00 | 356.511,00 |
| Rst. Deutsches Kartellverfahren | 145.034,00 | 145.034,00 |
| Bewertung Devisentermingeschäfte | 1.426.017,85 | 864.472,09 |
| Übrige Rückstellungen | 4.578.036,96 | 2.345.059,51 |
| 24.806.471,81 | 22.310.131,60 |
Aufgliederung siehe Beilage.
In den sonstigen Verbindlichkeiten sind Provisionsguthaben der ausländischen Vertretungen in der Höhe von TEUR 4.997,8 (2014: TEUR 6.335,6) sowie Sozialversicherungsabgaben des Monats Dezember in Höhe von TEUR 1.798,2 (2014 TEUR 1.649,7) enthalten. Außerdem sind in den sonstigen Verbindlichkeiten der Rosenbauer International AG weitere Aufwendungen in der Höhe von TEUR 3.386,7 (2014: TEUR 14.298,9) enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden.
| 31.12.2015 | 31.12.2014 | |||
|---|---|---|---|---|
| EUR | EUR | |||
| Stand | davon gegenüber verbundenen Unternehmen |
Stand | davon gegenüber verbundenen Unternehmen |
|
| Bürgschaften | 4.360.000,00 | 4.360.000,00 | 4.360.000,00 | 4.360.000,00 |
| Garantien | 15.223.334,00 | 15.223.334,00 | 10.000.000,00 | 10.000.000,00 |
| Patronatserklärungen | 27.303.577,00 | 27.303.577,00 | 26.740.305,00 | 26.740.305,00 |
| 46.886.911,00 | 46.886.911,00 | 41.100.305,00 | 41.100.305,00 |
Die Umsatzerlöse enthalten Fabrikationsumsätze aus der Fahrzeug- und Komponentenproduktion, Handelswarenumsätze sowie Reparatur- und Service Umsätze und Umsätze aus Ersatzteilverkäufen. Weiters sind unter dieser Position Erlöse aus Dienstleistungen für die Rosenbauer Österreich GmbH enthalten. Die Aufgliederung nach Inlands- und Auslandserlösen ist in der Beilage dargestellt.
Fracht- und Provisionsaufwendungen wurden bisher in den Umsatzerlösen saldiert mit den Frachtund Provisionserlösen dargestellt. Ab dem Geschäftsjahr 2015 werden Fracht- und Provisionserlöse in den Umsatzerlösen, Fracht- und Provisionsaufwendungen in den sonstigen Aufwendungen dargestellt. Im Zuge dessen wurden auf Grund der besseren Vergleichbarkeit auch die Vorjahreszahlen angepasst.
Der Posten Aufwand für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen enthält:
| 2015 | 2014 | |
|---|---|---|
| Aufwendungen für Abfertigungen | 916.290,51 | 1.525.813,93 |
| Aufwendungen für Mitarbeitervorsorge | 687.391,53 | 595.920,34 |
| 1.603.682,04 | 2.121.734,27 |
Der Posten Aufwendungen für Altersversorgung enthält:
| 2015 | 2014 | |
|---|---|---|
| Aufwendungen aus Pensionszusagen | 434.531,37 | 430.356,57 |
| Ergebnis aus Rückdeckungsversicherung | 48.933,29 | -16.246,00 |
| 483.464,66 | 414.110,57 |
Im Steueraufwand ist neben dem Steuerwand des ordentlichen Ergebnisses eine Steuernachzahlung aufgrund einer Betriebsprüfung der Jahre 2010-2013 enthalten. Weiters wurde eine Rückstellung für die Nachversteuerung von in Österreich genutzer ausländischer Verlustvorträge angesetzt, da mit einer Nachversteuerung in einem Zeitraum von 3-5 Jahren zu rechnen ist.
Die Auflösung von unversteuerten Rücklagen führte bei der Rosenbauer International AG insgesamt zu einer Verringerung der Ertragsteuern im Ausmaß von TEUR 21,5 (2014: TEUR 12,2). Der nicht aktivierte Betrag für aktive latente Steuern gemäß § 198 Abs 10 UGB beträgt für das Geschäftsjahr TEUR 1.974,2 (2014: TEUR 1.490,9). Der für die Berechnung der latenten Steuern verwendete Steuersatz beträgt wie im Vorjahr 25%.
Die Rosenbauer International AG als Gruppenträger bildet mit der Rosenbauer Österreich GmbH und der Rosenbauer Management Service GmbH als Gruppenmitglieder eine Unternehmensgruppe iSd § 9 KStG. Die Steuerumlagevereinbarung besteht grundsätzlich in der Belastungsmethode mit der Vereinbarung des Schlussausgleichs über in der Gruppe noch nicht verwendete Verlustvorträge.
| (Jahresdurchschnitt) | 2015 | 2014 |
|---|---|---|
| Arbeiter | 680 | 640 |
| Angestellte | 517 | 471 |
| Lehrlinge | 99 | 92 |
| 1296 | 1203 |
Bei Vorliegen der Voraussetzungen werden Bewertungseinheiten gebildet. Da in diesem Fall die derivativen Finanzinstrumente eine Bewertungseinheit mit dem zugrundeliegenden Projekt darstellen (eine effektive Hedgebeziehung liegt vor), erfolgt keine Erfassung des negativen Marktwertes in Form einer Drohverlustrückstellung. Liegen die Voraussetzungen nicht vor, werden für negative Marktwerte Rückstellungen für drohende Verluste aus schwebenden Geschäften gebildet.
Es wurde ein prospektiver Effektivitätstest nach der "critical terms match" Methode und ein retrospektiver Effektivitätstest nach der "cumulative dollar-offset" Methode durchgeführt. Der unwirksame Teil eines wirksamen Sicherungsinstruments wird sofort erfolgswirksam erfasst. Im Jahr 2015 betrug dieser TEUR 261,8 und wurde unter den Finanzierungsaufwendungen ausgewiesen.
Zur Absicherung von Fremdwährungsforderungen und -verbindlichkeiten (überwiegend USD) werden derivative Finanzinstrumente wie Devisentermingeschäfte eingesetzt, um den Kalkulationskurs des Geschäftes abzusichern.
Zum Bilanzstichtag hatte die Rosenbauer International AG Mikro-Hedging-Sicherungsbeziehungen (ein Devisentermingeschäft für genau ein Grundgeschäft) im Bestand, die in den meisten Fällen innerhalb des nächsten Geschäftsjahres auslaufen. Terminkäufe werden nicht mit Terminverkäufen aufgerechnet sondern im gesamten Marktwert additiv dargestellt. Der Fair Value leitet sich aus den Beträgen ab, zu denen die betreffenden Finanzgeschäfte am Bilanzstichtag gehandelt werden, ohne Berücksichtigung gegenläufiger Wertentwicklungen aus den Grundgeschäften.
| in EUR | 2015 | 2014 |
|---|---|---|
| Bewertung Devistentermingeschäfte als Bestandteil einer Bewertungseinheit |
||
| Nominalbetrag | 129.967.694,93 | 227.051.435,72 |
| Positiver Marktwert | 607.463,43 | 194.105,14 |
| Negativer Marktwert | 8.827.172,49 | 13.095.487,26 |
| Bewertung Devistentermingeschäfte als Nicht-Bestandteil einer Bewertungseinheit |
||
| Nominalbetrag | 49.721.508,40 | 18.291.219,65 |
| Positiver Marktwert | 188.305,02 | 827.669,54 |
| Negativer Marktwert | 1.953.254,02 | 864.472,09 |
Der Buchwert der Devisentermingeschäfte, der im Bilanzposten "Sonstige Rückstellungen" enthalten ist, beträgt zum Stichtag EUR 1.426.017,85 (VJ: EUR 864.472,09).
Zins- bzw. Zinsänderungsrisken liegen vor allem bei Forderungen und Verbindlichkeiten mit Laufzeiten über einem Jahr vor.
Aktivseitig besteht ein Zinsänderungsrisiko lediglich bei den in den Finanzanlagen enthaltenen Wertpapieren. Durch regelmäßige Beobachtung der Zinsentwicklung und der daraus abzuleitenden Umschichtung der Wertpapierbestände, sind die Reduktion des Zinsänderungsrisikos und eine Optimierung der Erträge möglich.
Langfristige Verbindlichkeiten gegenüber Banken bestehen aus Krediten für diverse Investitionen in das operative Geschäft.
siehe Beilage.
Die Aufwendungen für Abfertigungen inkl. Mitarbeitervorsorgekassen und Pensionen teilen sich wie folgt auf:
| 2015 EUR |
2014 EUR |
|
|---|---|---|
| Vorstand und leitende Mitarbeiter |
216.578,13 | 263.433,84 |
| andere Arbeitnehmer | 1.870.568,57 | 2.272.411,00 |
| 2.087.146,70 | 2.535.844,84 |
Die Bezüge der Mitglieder des Vorstandes der Rosenbauer International AG betrugen 2015 in Summe 2.205,2 t€ (2014: 2.263,0 t€) und gliedern sich in Grundbezug (2015: 920,3 t€; 2014: 899,8 t€), Tantieme (2015: 1.133,7 t€; 2014: 1.212,0 t€) sowie Bezugsbestandteile zum selbständigen Aufbau einer Alters- und Hinterbliebenenversorgung (2015: 151,2 t€; 2014: 151,2 t€).
Für im Geschäftsjahr 2015 erbrachte Leistungen des Abschlussprüfers Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H. wurden TEUR 526,0 (2014: TEUR 302,0) aufgewendet. Davon betrafen TEUR 162,9 (2014: TEUR 105,8) die Abschlussprüfung und TEUR 363,1 (2014: TEUR 196,2) sonstige Dienstleistungen. Andere Bestätigungsleistungen und Steuerberatungsleistungen wurden keine erbracht.
Das Geschäftsjahr 2015 schließt mit einem Bilanzgewinn von EUR 10.328.699,99. Der Vorstand schlägt vor, diesen Bilanzgewinn wie folgt zu verwenden: Ausschüttung einer Dividende p.a. von EUR 1,5 (2014: EUR 1,2) je Aktie (das sind EUR 10.200.000,00 für 6.800.000 Stückaktien). Vortrag auf neue Rechnung: EUR 128.699,99.
KommR Dr. Alfred Hutterer Vorsitzender
Dr. Christian Reisinger Stellvertreter des Vorsitzenden
Dr. Rainer Siegel, MBA
DI Karl Ozlsberger
Dem Aufsichtsrat wurden im Geschäftsjahr 2015 Vergütungen in der Höhe von TEUR 213,6 (2014: TEUR 217,0) gewährt.
Alfred Greslehner Ing. Rudolf Aichinger
Dr. Dieter Siegel Vorsitzender des Vorstandes
DI Gottfried Brunbauer Mitglied des Vorstandes
Mag. Günter Kitzmüller Mitglied des Vorstandes
Die Rosenbauer International AG mit Sitz in Leonding/Linz, Paschinger Straße 90, ist ein konzernabschlusserstellendes Mutterunternehmen, dessen Konzernabschluss beim Landesgericht Linz (FN 78543 f) aufliegt.
Beginnend mit 1. Jänner 2003 wurde mit der Rosenbauer Österreich GmbH auf unbestimmte Dauer ein Ergebnisabführungsvertrag abgeschlossen.
Leonding, am 25. März 2016
Der Vorstand:
Siegel Brunbauer Kitzmüller
Wir haben den beigefügten Jahresabschluss der Rosenbauer International AG, Leonding, für das Geschäftsjahr vom 1. Jänner 2015 bis zum 31. Dezember 2015 unter Einbeziehung der Buchführung geprüft. Dieser Jahresabschluss umfasst die Bilanz zum 31. Dezember 2015, die Gewinn- und Verlustrechnung für das am 31. Dezember 2015 endende Geschäftsjahr sowie den Anhang.
Die gesetzlichen Vertreter der Gesellschaft sind für die Buchführung sowie für die Aufstellung eines Jahresabschlusses verantwortlich, der ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften vermittelt. Diese Verantwortung beinhaltet: Gestaltung, Umsetzung und Aufrechterhaltung eines internen Kontrollsystems, soweit dieses für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, damit dieser frei von wesentlichen Fehldarstellungen ist, sei es aufgrund von beabsichtigten oder unbeabsichtigten Fehlern; die Auswahl und Anwendung geeigneter Bilanzierungs- und Bewertungsmethoden; die Vornahme von Schätzungen, die unter Berücksichtigung der gegebenen Rahmenbedingungen angemessen erscheinen.
Unsere Verantwortung besteht in der Abgabe eines Prüfungsurteils zu diesem Jahresabschluss auf der Grundlage unserer Prüfung. Wir haben unsere Prüfung unter Beachtung der in Österreich geltenden gesetzlichen Vorschriften und Grundsätze ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern, dass wir die Standesregeln einhalten und die Prüfung so planen und durchführen, dass wir uns mit hinreichender Sicherheit ein Urteil darüber bilden können, ob der Jahresabschluss frei von wesentlichen Fehldarstellungen ist.
Eine Prüfung beinhaltet die Durchführung von Prüfungshandlungen zur Erlangung von Prüfungsnachweisen hinsichtlich der Beträge und sonstigen Angaben im Jahresabschluss. Die Auswahl der Prüfungshandlungen liegt im pfl ichtgemäßen Ermessen des Abschlussprüfers unter Berücksichtigung seiner Einschätzung des Risikos eines Auftretens wesentlicher Fehldarstellungen, sei es aufgrund von beabsichtigten oder unbeabsichtigten Fehlern. Bei der Vornahme dieser Risikoeinschätzung berücksichtigt der Abschlussprüfer das interne Kontrollsystem, soweit es für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, um unter Berücksichtigung der Rahmenbedingungen geeignete Prüfungshandlungen festzulegen, nicht jedoch um ein Prüfungsurteil über die Wirksamkeit der internen Kontrollen der Gesellschaft abzugeben. Die Prüfung umfasst ferner die Beurteilung der Angemessenheit der angewandten Bilanzierungs- und Bewertungsmethoden und der von den gesetzlichen Vertretern vorgenommenen wesentlichen Schätzungen sowie eine Würdigung der Gesamtaussage des Jahresabschlusses.
Wir sind der Auff assung, dass wir ausreichende und geeignete Prüfungsnachweise erlangt haben, sodass unsere Prüfung eine hinreichend sichere Grundlage für unser Prüfungsurteil darstellt.
Unsere Prüfung hat zu keinen Einwendungen geführt. Aufgrund der bei der Prüfung gewonnenen Erkenntnisse entspricht der Jahresabschluss nach unserer Beurteilung den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage der Gesellschaft zum 31. Dezember 2015 sowie der Ertragslage der Gesellschaft für das Geschäftsjahr vom 1. Jänner 2015 bis zum 31. Dezember 2015 in Übereinstimmung mit den österreichischen Grundsätzen ordnungsmäßiger Buchführung.
Der Lagebericht ist aufgrund der gesetzlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob die sonstigen Angaben im Lagebericht nicht eine falsche Vorstellung von der Lage der Gesellschaft erwecken. Der Bestätigungsvermerk hat auch eine Aussage darüber zu enthalten, ob der Lagebericht mit dem Jahresabschluss in Einklang steht und ob die Angaben nach § 243a UGB zutreff en.
Der Lagebericht steht nach unserer Beurteilung in Einklang mit dem Jahresabschluss. Die Angaben gemäß § 243a UGB sind zutreff end.
Linz, am 25. März 2016
Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H.
Wirtschaftsprüfer Wirtschaftsprüferin
Mag. Gerhard Schwartz e. h. Mag. Johanna Hobelsberger-Gruber e. h.
Bei Veröff entlichung oder Weitergabe des in einer von der bestätigten (ungekürzten deutschsprachigen) Fassung abweichenden Form (z. B. verkürzte Fassung oder Übersetzung) darf ohne unsere Genehmigung weder der Bestätigungsvermerk zitiert noch auf unsere Prüfung verwiesen werden.
To the best of our knowledge, and in accordance with the applicable reporting principles for fi nancial reporting, the consolidated fi nancial statements give a true and fair view of the net assets, fi nancial position and result of operations of the Group, and the management report of the Group includes a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties to which the Group is exposed.
To the best of our knowledge, and in accordance with the applicable reporting principles for fi nancial reporting, the annual fi nancial statements of the parent company give a true and fair view of the net assets, fi nancial position and result of operations of the company, and the management report includes a true and fair view of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties to which the company is exposed.
Leonding, March 25, 2016
Dieter Siegel Gottfried Brunbauer Günter Kitzmüller Chairman of the Executive Board, CEO Member of the Executive Board, CTO Member of the Executive Board, CFO Global Product Division: Global Product Division: Global Product Divisions: Customer Service Firefi ghting & Body Components Fire & Safety Equipment,
Stationary Fire Protection
Annual General Meeting (AGM) 10f, 22, 62, 123, 149f, 158 Area 23ff , 33, 39, 44f, 59, 66ff , 92f, 133f, 137, 156
Business units 73ff , 92, 106, 133
Cash fl ow 21, 43, 81, 84f, 99, 101, 103, 107, 110f, 115f, 124, 133, 139, 141, 152f, 156, 158 Compliance 5f, 10, 12f, 16, 22f, 56, 59, 116, 156 Companies accounted for using the equity method 40, 42, 78, 80f, 84, 92f, 97, 145ff Capital market calendar 22 Corporate Governance 10, 12ff , 62, 156 Currency translation 72, 81, 84f, 104, 114, 123
Depreciation 35, 39, 44, 65, 80, 84, 87, 89, 92f, 96, 105ff , 156 Dividend 5, 21f, 82, 84f, 114, 119, 123f, 132f, 150, 158
Employees 4f, 11, 16, 23ff , 39, 41, 51ff , 58f, 62f, 96, 100, 102, 112f, 126, 131, 158 Environment 20, 24,27ff , 32, 40f, 48, 51, 53, 57ff , 66, 70, 157 Equity 40, 42f, 58, 66, 78ff , 96ff , 103f, 112, 118f, 123, 134, 137, 139, 145ff , 152, 156ff Executive Board 6f, 10ff , 15ff , 22f, 62, 94, 148, 150f, 154
Financial position 42f, 57, 63, 65, 78f, 103f, 106, 108, 112f, 117, 120, 123, 134, 138, 140, 145, 153f, 158
Income situation 38ff Income statement 15, 80, 103f, 108f, 111f, 113, 117, 121, 123, 139, 148, 152, 156 Industry development 34f Innovations 3f, 6, 13, 21, 24, 27, 33, 38, 48ff , 55ff , 65f, 75 Internal control system 6, 10, 13, 16, 59 Inventories 42f, 78, 84, 89, 101f, 109, 121 Investments 4, 15, 29, 32f, 39f, 42f, 44ff , 57f, 63ff , 70, 78, 86ff , 94, 96, 106ff , 114, 117ff , 129, 132ff Investor relations 6, 12f, 20ff , 62 Issuer Compliance 22
Occupational safety 25, 53 Orders 3f, 38ff , 42, 45, 49, 56, 64ff , 104, 158 Procurement 24, 29, 34f, 41, 56, 64ff , 68ff , 73
Quality management 27, 57
Rating 43, 58, 112, 134, 156 Research and development 48ff , 56, 108 Responsibility statement 154 Risk management 6, 10, 13, 16, 55, 57, 112, 126, 129, 134, 157
Segment reporting 67ff , 92f, 94, 130, 133 Share 5, 20ff , 62, 80ff , 100, 119, 123, 149f, 156ff Share capital 20ff , 62, 79, 82, 156 Shareholder structure 20f Supervisory Board 10f, 12ff , 22f, 55, 59, 62, 94, 119, 126, 148ff Sustainability 12, 15, 24ff
Training 23ff , 28, 51ff , 76
Area CEEU: Sales region "Central and Eastern Europe" Area NISA: Sales region "Northern Europe, Iberia, South America and Africa"
Area MENA: Sales region "Middle East and North Africa" Area APAC: Sales region "Asia-Pacifi c"
Area NOMA: Sales region "North and Middle America"
ASEAN countries: Association of Southeast Asian Nations
Balanced scorecard: Tool for the measurement, documentation, and management of a company's activities as regards its vision and strategy
CIP: Continuous improvement process
Credit rating: Creditworthiness of a borrower
CSR: Corporate social responsibility is a voluntary contribution to sustainable development going beyond statutory requirements (compliance)
Derivatives: Financial instruments whose price is derived from an underlying market instrument
Equity: Share capital plus capital reserves, other reserves, cumulative earnings and non-controlling interests
Equity ratio: Equity divided by total assets
EMEREC: Mobile information management system for emergency services; information and communication support directly at the operation site
GDP: Gross domestic product, total value of all goods that an economy produces in one year for fi nal consumption Gearing ratio (%): Net debt divided by equity
Hedging: Risk management measures to limit or avoid negative changes in the market value of interest rates, exchange rates, quoted prices or commodities Homologation: System for the registration of vehicles and
vehicle parts
ISO certifi cation: ISO certifi cation provides evidence that an enterprise has implemented the diff erent management standards (ISO 9001, ISO 14001, ISO 50001 or OHSAS 18001) and met its requirements; certifi cation is issued for limited periods only
Joint venture: An enterprise jointly managed by at least two partners
Market capitalization: Closing share price as of the end of a period multiplied by the number of shares issued
NAFTA: North American Free Trade Agreement; an economic alliance between Canada, the US and Mexico Net debt: Interest-bearing liabilities less cash and cash
equivalents less securities
PANTHER: Aircraft rescue fi refi ghting vehicle that meets the various international requirements
POLY-CAF system: Mobile self-contained extinguishing unit for producing compressed air foam
Portable pump: Portable pump with its own drive motor for water delivery
Present value: Value of a monetary amount expected in the future at the start of its term (as of time 0)
Price/earnings ratio: Closing share price as of the end of a period divided by earnings per share
Rating: Standardized assessment of creditworthiness, i.e. the probability of default or delay in payment
ROCE (%): Return on capital employed; EBIT divided by the average capital employed
ROE (%): Return on equity; EBT as per the income statement divided by average equity
SVP: SAFE (German abbreviation standing for "synchronized work processes and fabrication") improvement process. The aim of SVP is improve processes in terms of the very highest product quality and maximum customer orientation, continually enhancing effi ciency and workplace safety while having regard to energy consumption and environmental aspects
Total assets: Total of all assets
Working capital: Current assets minus current liabilities
| Rosenbauer Group | 2006 | 2007 | 2008 | |||
|---|---|---|---|---|---|---|
| Revenues | € million | 372.0 | 426.1 | 500.3 | ||
| EBITDA | € million | 30.4 | 36.0 | 45.3 | ||
| EBIT | € million | 25.1 | 30.8 | 39.9 | ||
| EBIT margin | 6.8% | 7.2% | 8.0% | |||
| EBT | € million | 22.0 | 25.4 | 32.3 | ||
| Net profi t for the period | € million | 18.4 | 19.9 | 25.1 | ||
| Cash fl ow from operating activities | € million | (1.4) | 24.1 | 20.4 | ||
| Investments | € million | 11.2 | 7.1 | 12.2 | ||
| Order backlog | € million | 354.1 | 375.4 | 459.2 | ||
| Order intake | € million | 485.9 | 458.7 | 556.7 | ||
| Employees (average) | 1,452 | 1,593 | 1,722 | |||
| — thereof Austria | 710 | 753 | 811 | |||
| — thereof international | 742 | 840 | 911 |
| Key statement of fi nancial position | 2006 | 2007 | 2008 | ||
|---|---|---|---|---|---|
| Total assets | € million | 206.2 | 228.8 | 251.0 | |
| Equity in % of total assets | 30.7% | 31.8% | 36.7% | ||
| Capital employed (average) | € million | 111.2 | 127.7 | 139.0 | |
| Return on capital employed | 22.6% | 24.1% | 28.7% | ||
| Return on equity | 35.1% | 37.4% | 39.2% | ||
| Net debt | € million | 38.7 | 30.6 | 31.3 | |
| Working capital | € million | 49.1 | 60.7 | 77.3 | |
| Gearing ratio | 37.9% | 29.6% | 25.4% |
| Key stock exchange fi gures2 | 2006 | 2007 | 2008 | |||
|---|---|---|---|---|---|---|
| Closing price | € | 25.0 | 32.8 | 22.0 | ||
| Market capitalization | € million | 170.0 | 223.0 | 149.6 | ||
| Dividend | € million | 4.8 | 4.8 | 5.4 | ||
| Dividend per share | € | 0.7 | 0.7 | 0.8 | ||
| Dividend yield | 2.8% | 2.1% | 3.6% | |||
| Earnings per share | € | 2.0 | 2.2 | 2.9 | ||
| Price/earnings ratio | 12.5 | 14.9 | 7.6 | |||
1 The 2014 fi gures for revenues, other expenses, incoming orders and order backlog were restated in accordance with IAS 8.
2 Due to better comparability, 2006 fi gures were converted persuant to the share split (4-for-1) of the year 2007.
3 Proposal to Annual General Meeting
| 2015 | 20141 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|
| 865.4 | 813.8 | 737.9 | 645.1 | 541.6 | 595.7 | 541.8 |
| 64.7 | 61.0 | 52.6 | 48.0 | 49.7 | 57.0 | 35.9 |
| 50.6 | 48.4 | 42.3 | 38.6 | 41.6 | 49.7 | 29.4 |
| 5.8% | 5.9% | 5.7% | 6.0% | 7.7% | 8.3% | 5.4% |
| 48.2 | 47.3 | 41.7 | 38.8 | 40.3 | 49.1 | 26.4 |
| 36.8 | 36.7 | 30.8 | 32.0 | 32.1 | 40.0 | 17.6 |
| 6.5 | (37.1) | 82.2 | (3.7) | (12.8) | 34.8 | 17.5 |
| 22.1 | 51.2 | 25.4 | 14.7 | 11.5 | 8.9 | 15.8 |
| 797.5 | 693.0 | 590.1 | 580.5 | 682.3 | 394.5 | 487.2 |
| 905.9 | 845.9 | 760.6 | 533.2 | 826.8 | 496.9 | 575.9 |
| 2,969 | 2,800 | 2,551 | 2,328 | 2,092 | 2,014 | 1,895 |
| 1,353 | 1,253 | 1,154 | 1,066 | 994 | 920 | 883 |
| 1,616 | 1,547 | 1,397 | 1,262 | 1,098 | 1,094 | 1,012 |
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
|---|---|---|---|---|---|---|
| 306.8 | 301.6 | 357.7 | 432.9 | 415.6 | 579.9 | 611.8 |
| 32.5% | 42.9% | 40.1% | 38.8% | 45.2% | 34.2% | 37.0% |
| 159.8 | 179.7 | 213.0 | 267.2 | 285.7 | 341.2 | 437.1 |
| 18.4% | 27.6% | 19.5% | 14.5% | 14.8% | 14.2% | 11.6% |
| 27.6% | 42.8% | 29.6% | 24.9% | 23.4% | 24.5% | 22.7% |
| 41.8 | 26.1 | 60.8 | 93.6 | 48.8 | 154.2 | 191.3 |
| 75.0 | 100.2 | 108.8 | 123.3 | 119.4 | 137.7 | 178.3 |
| 41.9% | 20.2% | 42.4% | 55.7% | 25.9% | 77.7% | 84.4% |
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 |
|---|---|---|---|---|---|---|
| 29.0 | 37.5 | 36.3 | 46.1 | 59.3 | 71.5 | 66.6 |
| 197.2 | 255.0 | 246.8 | 313.1 | 403.2 | 485.9 | 452.9 |
| 5.4 | 8.2 | 8.2 | 8.2 | 8.2 | 8.2 | 10.23 |
| 0.8 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.53 |
| 2.8% | 3.2% | 3.3% | 2.6% | 2.0% | 1.7% | 2.3% |
| 1.5 | 4.7 | 4.1 | 4.5 | 3.9 | 4.0 | 3.3 |
| 19.3 | 8.0 | 8.9 | 10.2 | 15.2 | 17.9 | 20.2 |
Rosenbauer International AG Paschinger Strasse 90, 4060 Leonding, Austria
Rosenbauer International AG Investor Relations Gerda Königstorfer Telephone: +43 732 6794-568 Fax: +43 732 6794-94568 E-mail: [email protected] Website: www.rosenbauer.com
Content concept: Rosenbauer International AG Creative concept: Mensalia Unternehmensberatungs GmbH, Vienna Typesetting and fi nal artwork: marchesani_kreativstudio, Vienna Photos: Rosenbauer, Christian Stummer Photography, Mahavir Shree International (Kathmandu) llustration: Charis Tsevis
Rosenbauer International AG does not guarantee in any way that the forward-looking assumptions and estimates contained in this Annual Report will prove correct, nor does it accept any liability for loss or damages that may result from any use of or reliance on this Report.
Minimal arithmetical diff erences may arise from the application of commercial rounding to individual items and percentages in the Rosenbauer Annual Report.
The English translation of the Rosenbauer Annual Report is for convenience.
Only the German text is binding.
www.rosenbauer.com
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