Annual Report • Apr 15, 2015
Annual Report
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| Rosenbauer Group | 2014 | 2013 | 2012 | |
|---|---|---|---|---|
| Revenues | € million | 784.9 | 737.9 | 645.1 |
| EBITDA | € million | 61.0 | 52.6 | 48.0 |
| EBIT | € million | 48.4 | 42.3 | 38.6 |
| EBIT margin | 6.2% | 5.7% | 6.0% | |
| EBT | € million | 47.3 | 41.7 | 38.8 |
| Net profi t for the period | € million | 36.7 | 30.8 | 32.0 |
| Cash fl ow from operating activities | € million | (37.1) | 82.2 | (3.7) |
| Investments | € million | 51.2 | 25.4 | 14.7 |
| Order backlog as of Dec 31 | € million | 670.2 | 590.1 | 580.5 |
| Order intake | € million | 820.4 | 760.6 | 533.2 |
| Employees (average) | 2,800 | 2,551 | 2,328 | |
| Employees as of Dec 31 | 2,941 | 2,651 | 2,432 | |
| Key statement of fi nancial position | 2014 | 2013 | 2012 | |
| Total assets | € million | 579.9 | 415.6 | 432.9 |
| Equity in % of total assets | 34.2% | 45.2% | 38.8% | |
| Capital employed (average) | € million | 341.2 | 285.7 | 267.2 |
| Return on capital employed | 14.2% | 14.8% | 14.5% | |
| Return on equity | 24.5% | 23.4% | 24.9% | |
| Net debt | € million | 154.2 | 48.8 | 93.6 |
| Working capital | € million | 137.7 | 119.4 | 123.3 |
| Gearing ratio | 77.7% | 25.9% | 55.7% | |
| Key stock exchange fi gures | 2014 | 2013 | 2012 | |
| Closing share price | € | 71.5 | 59.3 | 46.1 |
| Number of shares | million units | 6.8 | 6.8 | 6.8 |
| Market capitalization | € million | 485.9 | 403.2 | 313.1 |
| Dividend | € million | 8.21 | 8.2 | 8.2 |
| Dividend per share | € | 1.21 | 1.2 | 1.2 |
| Dividend yield | 1.7% | 2.0% | 2.6% | |
| Earnings per share | € | 4.0 | 3.9 | 4.5 |
| Price/earnings ratio | 17.9 | 15.2 | 10.2 |
1 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 industrial 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 more than 145 years. A strong customer focus, innovative strength and reliability are Rosenbauer's key strengths.
€ 784.9 mill. Revenues up 6%
2,941 Employees worldwide
€ 820.4 mill. New record level of incoming orders
Vienna Stock Exchange's 2014 Awards – Second place for Rosenbauer in the Small & Mid Caps category for 2014
Factory of the future – Opening of Plant II in Leonding following investment of around € 12 million
High-level rescue – Rosenbauer presents aerial ladder with height of 62 m
20 years on the stock market – Rosenbauer share price up 400% since IPO
AT premiere in France – Presentation of fi rst French standard vehicle on Renault chassis
PANTHER next generation – Rosenbauer announces further development of 4x4 and 6x6 models
Rosenbauer Saudi Arabia – Major order for 800 emergency vehicles and equipment with a value of € 150 million
Expansion into the UK – Local presence strengthened with majority interest in sales and service partner North Fire
A giant-class milestone – Turkish refi nery operator receives 2,500th CBS-design vehicle
Export Prize 2014 – Recognition for above-average success in foreign markets
Training for people with special needs – Rosenbauer supports Caritas training project
Childcare at Rosenbauer – Groundbreaking for Rosenbauer, Silhouette & PEZ/Haas joint nursery with up to 20 childcare places
Rosenbauer converts to district heating – KELAG Wärme GmbH to supply Plant II with industrial waste heat from voestalpine
It is with great joy and pride that I can report to you on the past fi nancial year. It was a good year: for you, the shareholders, for our employees, and – not least of all – for me as the Chairman of the Executive Board.
In 2014, we set a new personal best for revenues at € 784.9 million, in addition to generating respectable earnings for the year of € 48.4 million in a diffi cult market setting. And we are moving ahead into 2015 with our order books full. Borne up by our solid and stable ownership structure, we have been passed over by the turbulence within the fi refi ghting industry and have focused our attention on markets and products.
It was an eventful year with many changes within the company that served the implementation of our growth strategy. The most visible of these was the opening of Plant II in Leonding. Three kilometers away from our main plant, the new production lines for the PANTHER aircraft rescue and fi refi ghting vehicle and the AT municipal vehicle went live in June 2014. Around 260 people are already working at the new location, which will safeguard our long-term capacity requirements.
Enhancing the fascination of our products and their constant evolution are at the heart of the Rosenbauer brand. € 15.9 million was invested in research and development in the past year. The majority of these innovations is related to the preparations for Interschutz 2015, the world's leading trade fair for fi refi ghting systems, where we will again be presenting ourselves at the industry's undisputed technology leader.
Customer proximity has always been one of Rosenbauer's great strengths. We have further expanded our international presence again in 2014. Thanks to the acquisition of our British sales partner North Fire, we are now operating – very successfully – on the UK municipal market as Rosenbauer UK. The service network has been extended in Saudi Arabia and, in November 2014, ground was broken on local production facilities to the north of Jeddah. This means that we are now closer to our customers on our most important export market of recent years and can better serve their needs.
The performance of our subsidiaries was especially gratifying in the past year. In particular, there was clear growth in earnings at our companies in the United States and Spain, and at the sales company Rosenbauer Österreich. This development confi rms our strategy of working with strong local companies as a single international entity.
No year ends without new challenges. As the CEO, I must also focus on the things that still need improvement. Thus, in 2015 we will above all be working on the effi ciency of our new pair of plants in Leonding. And we will dedicate ourselves tremendously to reducing our working capital so that we can once again invest more in tapping new markets than in inventories.
At the very least, the conditions for Rosenbauer are excellent in 2015. With our new organizational structure that adheres even more closely to the markets and the needs of our customers, and with the support of a pro-exports exchange rate development, we will further expand our position on the international markets. The orders on hand of € 670.2 million at the start of the year will allow full capacity utilization at all our plants. In 2015, we will be presenting a variety of new products, fi rst and foremost the new fourth-generation PANTHER. This will let us compensate for the eff ects of the currently diffi cult markets, such as Russia, and continue our growth trajectory.
Outside our operating activities, 2014 was the year that we at Rosenbauer said goodbye to my predecessor and the longserving CEO, Julian Wagner. Julian Wagner died on March 20, 2014 after a serious illness. The company owes him its deepest thanks and will remember him always.
In October, Rosenbauer took an important step for our littlest ones together with the companies Silhouette and PEZ/Haas. Working with the State of Upper Austria, ground was broken on the state's fi rst multi-company nursery – a project that will help people to fi nd their work/life balance.
In the Philippines, we provided aid to build an Austria village of about 255 residential units together with the "Nachbar in Not" organization, the city of Vienna and "Hilfswerk Austria International". The project will give victims of the recent tsunami an economic new start.
A key part in the Group's CSR activities is played by our employees, who invest a great deal of energy in the success of these projects and who, despite all the cost-cutting necessities, appreciate and share in their employer's humanitarian eff orts. I would therefore like to take this opportunity to express my most sincere gratitude.
Last but not least, looking back at 2014 gives me the chance to thank you, our esteemed shareholders, for your loyalty. In September, we celebrated our 20th anniversary on the Vienna Stock Exchange. Over these 20 years, we have increased the value of our shares more than fi ve times over, but have also always considered ourselves to be a stock that pays dividends. So we will continue our tradition of a steady and appropriate distribution policy for 2014 as well. I would hereby like to especially thank all those shareholders who have been with us since day one. I will do everything in my power to ensure that your investment pays off in the future as well.
Sincerely,
Dieter Siegel
Born 1964 Joined Rosenbauer: 2009 Date of fi rst appointment: 2011 End of current term of offi ce: 2016
GROUP FUNCTIONS Corporate Development, Human Resources, Global Product Management, Sales Administration, Corporate Communication, Marketing/Advertising
Günter Kitzmüller, CFO
Joined Rosenbauer: 2013 First appointment: 2013
End of current term of offi ce: 2018
Born 1961
Born 1960 Joined Rosenbauer: 1995 Date of fi rst appointment: 2000 End of current term of offi ce: 2019
Purchase & Logistics, QA & Management Systems, Infrastructure Development, Innovation-/Technology- & Knowledge Management, Group Technology Transfer, Industrial Engineering, Technical Information Systems
GLOBAL PRODUCT DIVISIONS Fire & Safety Equipment, Stationary Fire Protection
GROUP FUNCTIONS Finance & Accounting, Controlling, Compliance, Risk Management, Internal Control System, Group Audit, Treasury, Business Information Systems, Investor Relations, Export Finance
07 From left: Gottfried Brunbauer, Dieter Siegel, Günter Kitzmüller
2014 was a challenging and exciting year for the Rosenbauer Group, in which it laid the foundations for its continuing growth.
The 22nd Annual General Meeting of Rosenbauer International AG was held at Palais Kaufmännischer Verein, Linz, on May 23, 2014. In addition to a detailed presentation by the Executive Board, new elections for the Supervisory Board were also on the agenda. The Supervisory Board previously consisted of four members elected by the Annual General Meeting. As the term in offi ce of Rainer Siegel was due to end after the Annual General Meeting on May 23, 2014, one member had to be elected again. By way of resolution of this Annual General Meeting, Rainer Siegel was re-elected to the Supervisory Board until the end of the Annual General Meeting to resolve offi cial approval of his actions for the 2018 fi nancial year.
At its meetings held during the 2014 fi nancial year, 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 ten meetings of the Supervisory Board, its committees, and other meetings in 2014.
The Audit Committee met in April 2015 to review and prepare for the adoption of the 2014 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 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, 2014, 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 2015
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 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 July 2012, and also takes into account the main content of the 2015 revision: the recommendation of the EU Commission of April 2014 on the quality of corporate governance reporting and the new AFRAC Opinion on the preparation and audit of a corporate governance report in accordance with section 243b of the Unternehmensgesetzbuch (UGB – Austrian Commercial Code).
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 |
| Group functions | Corporate Development, |
| Human Resources, Global Product | |
| Management, Sales Administration, | |
| Corporate Communication, | |
| Marketing/Advertising | |
| 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 |
| Group functions | Purchase & Logistics, |
| QA & 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) | |||||||
|---|---|---|---|---|---|---|---|
| --------------------------------------------------------- | -- | -- | -- | -- | -- | -- | -- |
| 2014 | Fixed | Variable | Total |
|---|---|---|---|
| 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 | |
| 2013 | |||
| Dieter Siegel | 371.8 | 483.9 | 855.7 |
| Gottfried Brunbauer | 343.7 | 403.3 | 747.0 |
| Günter Kitzmüller | 288.9 | 221.8 | 510.7 |
| Robert Kastil | 257.4 | 1,342.71 | 1,600.1 |
| 1,261.8 | 2,451.7 | 3,713.5 |
1 This includes the one-time severance payment of € 949.5 thousand.
| Günter Kitzmüller | CFO |
|---|---|
| Born | 1961 |
| Global product divisions | Fire & Safety Equipment, |
| Stationary Fire Protection | |
| Group functions | Finance & Accounting, Controlling, |
| Compliance, Risk Management, | |
| Internal Control System, Group Audit, | |
| Treasury, Business Information | |
| Systems, Investor Relations, | |
| Export Finance | |
| 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 | Managing Director of CR Management |
| und Investment GmbH; CEO of | |
| Shandong Yamei Sci-tech Co., Ltd. |
| 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 2014 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 | |
| 2014 | Fixed | Variable | Total |
|---|---|---|---|
| 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 | |
| 2013 | |||
| 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 |
No agreements subject to approval in accordance with L Rule 48 were concluded with a member of the Supervisory Board in 2014.
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 46% to 54% 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 the shareholders, the employees and the general public. 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 the top management level is one of the utmost 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 2015 to review and prepare for the adoption of the 2014 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 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 then elects a chairman and deputy chairman from among its members.
The Supervisory Board met four times in 2014. 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 the Supervisory Board also performed the self-evaluation described in Rule 36 of the Code of Corporate Governance. Based on a list 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 2014 fi nancial year and was therefore up slightly as against the previous year. For the fi rst time in this fi nancial year, 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 executives.
In total, the share of women in the Rosenbauer Group was 12% in 2014 (2013: 12%). The fact that this is still a low fi gure compared to other areas of industry is due to historical and cultural reasons in addition to reasons specifi c to this sector. 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 in the Group at all levels through suitable measures. These include a series of activities, some of them specifi c to diff erent countries, to promote women in technical trades or to hire more women graduates from technical colleges and universities. Moreover, work is being expedited to establish and expand work childcare facilities.
Leonding, March 26, 2015
Dieter Siegel Chairman of the Executive Board, CEO
Gottfried Brunbauer Günter Kitzmüller
Member of the Executive Board, CTO Member of the Executive Board, CFO
On September 27, 1994, Rosenbauer International AG went public at an issuing price of € 13.8981 (converted). Twenty years later, almost to the day and in time for its anniversary, the shares reached a temporary high of € 72.6, an increase of more than 400%.
The share price is consistent with the company's performance over the same period: while Rosenbauer International AG has increased its revenues six-fold since going public, from around € 123 million to € 785 million last year, the company's value on the stock market has risen more than fi ve times over.
The solid business performance is also refl ected by the dividend, which has been distributed continuously and has been continually higher in recent years.
When Rosenbauer fi rst issued shares 20 years ago, they were oversubscribed seven times over and were bought by more than 70% of employees, both clear records for Austria at the time. The aim of the IPO was to generate fresh cash for the planned growth projects, above all the fi rst investments in US, the acquisition of the German aerial rescue manufacturer Metz and the expansion of international sales. Today the Group produces its goods on three continents and is the leading fi re equipment supplier thanks to its distribution and service network.
Looking back, 2014 was a busy year on the Vienna Stock Exchange. Capital-raising activities reached new heights: At around € 4 billion, more capital was raised in 2014 alone than in the last four years combined. Corporate bonds set a historic record with an issuing volume of € 7.2 billion. The consistently criticized liquidity also experienced a considerable upswing. At the same time, the benchmark index for the Vienna Stock
Exchange increasingly came under pressure, in particular on account of the Russia/Ukraine crisis in the second half of the year. The ATX began the year at 2,548.74 points and closed on December 30, 2014 at 2,160.08 points (year-to-date: –15.2%).
Performance of Rosenbauer share 2014 (in €)
Rosenbauer ATX Prime Index (indexed)
In 2015 the capital market is set to be positively infl uenced by the consistently low price of oil, the unchanged low interest level, a performance by the euro that will promote exports, higher growth in Eastern markets and the economic improvement thus anticipated. There will hardly be any investment alternative to shares as the forecast dividend yield on Austrian equities far surpasses interest rates for savings (Source: Vienna Stock Exchange).
Rosenbauer was recognized for its investor relations activity and share price performance with second place in the Vienna Stock Exchange's 2014 Awards in the Small & Mid Caps category.
The shares of Rosenbauer International AG are listed on the Vienna Stock Exchange's Prime Market. After steadily rising in the fi rst half of the year, the shares at fi rst did not match the downward trend on the ATX Prime. It was not until the third quarter that Rosenbauer also submitted to the general pressure and posted price losses of more than 10% in just a few days. The share price recovered again in October and climbed to a high for the year of € 77. The share closed the year at a price of € 71.5, having risen by 18% over the course of the year. Parallel to this, market capitalization rose to € 485.9 million (2013: € 403.2 million). Thus, Rosenbauer's shares were again one of the top performers on the Vienna Stock Exchange in 2014 and confi rmed their reputation as a sustainable investment.
1 Holding company of Rosenbauer family shareholders
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 5% 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.
The Rosenbauer Group, as well as its corporate strategy, investor relations and the performance of Rosenbauer shares, have received multiple accolades in recent years: In the Vienna Stock Exchange's 2014 Awards, the most important Austrian award for listed companies, Rosenbauer took second place in the category Small & Mid Caps. The appraisal focuses primarily on the quality of investor relations and communications in the form of investor services. It also takes into account factors such as price performance and liquidity.
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. There were also regular press conferences and meetings with analysts. Financial community members such as analysts and investors were invited to question-and-answer sessions with senior management at the Group's head offi ce, and took the opportunity to see production and the products themselves. There was a shareholder day in the reporting period as well. More than 80 private investors learned about the current performance of the Group and had the opportunity to tour the new production facilities in Leonding.
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.
Rosenbauer follows a growth-oriented and sustainable dividend policy that is consistent with the company's performance. Moving ahead as well, Rosenbauer wants its shareholders to share in its positive development. Its goal is to distribute a secure and attractive dividend based on a performance component dependent on revenues, earnings, and free cash fl ow.
The Executive Board and Supervisory Board will propose to the Annual General Meeting that the dividend for 2014 should be left unchanged at € 1.2 (2013: € 1.2) per share. Accordingly, the distribution volume for 6.8 million no-par-value shares will be € 8.2 million (2013: € 8.2 million). Based on the closing price of € 71.5, this corresponds to a dividend yield of 1.7% (2013: 2.0%).
| 2014 | 2013 | ||
|---|---|---|---|
| Highest share price | in € | 77.0 | 60.0 |
| Lowest share price | in € | 57.9 | 45.0 |
| Closing share price | in € | 71.5 | 59.3 |
| Market capitalization | in € mill. | 485.9 | 403.2 |
| Earnings per share | € | 4.0 | 3.9 |
| Price/earnings ratio | 17.9 | 15.2 | |
| No. of shares sold | 1,037,808 | 1,749,680 | |
| Trading turnover | in € mill. | 68.7 | 93.6 |
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, Düsseldorf, Hamburg, Hanover, |
| Munich, Stuttgart |
| Stock exchanges: Regulated market in Munich; |
| OTC market in Berlin, Düsseldorf, 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: 0.65% (2013: 0.45%) |
| Apr 15, 2015 | Publication of results for 2014 |
|---|---|
| May 13, 2015 | Publication of Quarterly Report 1/2015 |
| May 21, 2015 | Annual General Meeting, begins 10:00 a.m. |
| Börsensäle Wien | |
| Wipplingerstrasse 34, 1010 Vienna, Austria | |
| May 29, 2015 | Dividend payment date |
| Aug 25, 2015 | Publication of Half-year Financial Report 2015 |
| Nov 19, 2015 | 2015 Publication of Quarterly Report 3/2015 |
Gerda Königstorfer Telephone: +43 732 6794-568 [email protected] www.rosenbauer.com
"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. We take it for granted that natural resources must be treated considerately and that all laws must be complied with. Our Code of Conduct establishes basic principles that must be observed by all members and partners of the Rosenbauer Group. The stated aim of our corporate governance is to maintain a policy balanced between the interests of our owners, our employees and our social environment.
By pooling resources we focus on the areas of education and young people, the fi refi ghting community and regional development. Sustainability criteria are fi xed components of our Group strategy and in all areas of the company. 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 our innovation work, which seeks to create products that can be produced with low impact on resources, are of the utmost quality and that will function dependably for years to come. These sustainability criteria are practiced and constantly evolved by the management, focusing not on short-term thinking in the sense of quarterly results, but on long-term – and therefore sustainable – corporate success.
Rosenbauer employed an average of 2,800 employees in the 2014 fi nancial year. In the last ten years headcount has therefore more than doubled, with Group revenues rising from € 321.3 million (2005) to € 784.9 million over the same period. The growth is mainly due to the Group's internationalization, which has also resulted in great cultural diversity within the company.
The foundation of Rosenbauer's success is self-reliant employees who are capable of working unaided, and who are given the opportunity to realize their talents in day-to-day work. The company supports them not just in terms of their professional qualifi cations, but also their personal development. It does this with a comprehensive program of in-house training and a healthy, safe and motivational working environment that individual employees can actively help to shape. Detailed information on training programs can be found in the Employees section of the management report.
The goal 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.
Employees who work with a volunteer fi re service are held in especially high regard at Rosenbauer. Volunteer fi refi ghters make an important contribution to society by placing themselves at the service of the wider community. In so doing, they also uphold the values for which Rosenbauer stands.
A key area of focus is the training of young employees so as to assure a steady supply of skilled staff . Rosenbauer off ers around 130 apprenticeships in its European locations, giving it an exceptionally high ratio of apprentices by industry standards. Most of those who graduate from a technical or industrial
Rosenbauer is creating 20 nursery places for children aged between one and three years together with the companies Silhouette and PEZ/Haas.
apprenticeship can be off ered a permanent job. A large share of the offi ce trainees are also be kept on.
Rosenbauer also trains young people with special needs. This is carried out in close cooperation with Caritas Oberösterreich and benefi ts people with reduced learning capacity. The aim of this is to give them opportunities in the world of work, to integrate them into normal working life, and to increase their independence. There are currently four young people in this training program. At the same time, all other employees benefi t from increased awareness of this issue, which promotes social skills within the company.
The Rosenbauer training program off ers individual options for each and every employee. This extends from personality and team development courses to foreign language and management training, and courses with specialist technical and commercial curricula. Rosenbauer does this by working closely with local educational facilities. Furthermore, the company regularly provides internships for students and projects for diploma dissertations.
Rosenbauer uses a wide variety of measures to promote the health and fi tness of its employees, both with its works health scheme and by encouraging sports activities. For example, the "Rosenbauer Health Day" project was expanded to include the Neidling location in the reporting period. The fi rst event that the Neidling staff took part in, as in Leonding, was dedicated to the locomotor system. The program to evaluate workplaces in terms of physical and mental stress was continued as well. Moreover, most of the European locations are now no-smoking and alcohol-free zones.
Employees who like to do sports in their free time have a lot of options at Rosenbauer. They can do diff erent sports with the Rosenbauer Sports Association and 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.
In the reporting period, Rosenbauer launched its "Childcare" project and began construction of its own nursery. Alongside Rosenbauer, two other companies from the greater Linz area are involved in the project, Silhouette International Schmied AG and the PEZ/Haas Group. The fi rst step is to create 20 nursery places for children aged between one and three years, divided into two groups. There are then plans for a company childcare center where ten further children aged between one and 16 can be looked after.
The nursery is located not far from Plant I in Leonding on a plot of land of around 1,200 m² provided by Rosenbauer. Construction on a two-story building with usable space of 445 m² is largely complete and the opening ceremony is scheduled for fall 2015. Rosenbauer has invested more than a million euro in this building.
Rosenbauer is constantly investing in the modernization of workspaces and work procedures. In addition to effi ciency, attention is also always paid to ergonomics and safety. The new Plant II in Leonding is a good example of this: All production areas and workplaces have been designed and set up in close cooperation with safety experts, occupational physicians and
works and offi cial representatives. The new production line in Plant II is partially equipped with hydraulic lifting platforms to allow fatigue-proof, upright assembly everywhere. The assembly materials are delivered just-in-sequence to their intended places, so that assembly work is not disrupted at all. Tools, equipment, and devices are arranged around the individual work places to facilitate work without unnecessary hindrances.
Clearly structured assembly operations, suffi cient place to work, ergonomic workstations, plenty of light, and a high degree of cleanliness characterize what is currently the world's most state-of-the-art fi refi ghting factory.
SOS (from the German for safety, orderliness and cleanliness) at work are regularly reviewed and improved in terms of established ergonomic and work safety considerations as a part of internal SOS audits and special safety inspections. Short pathways, optimal device support, ergonomic access to materials, mobile tool trays and energy sources, minimization of noise generation, fall protection systems for work vehicle roofs, etc. ensure a high level of work safety.
The stresses entailed by work processes are assessed by the Rosenbauer work safety organization. This consists of a safety service at the locations, the Work Safety Committee, the safety engineer, the safety representative, fi rst-aiders, fi re prevention offi cers, and the occupational health service. The latter of these is currently also conducting an evaluation of the physical and mental stresses at Rosenbauer workplaces.
There is a reporting system in place that uses standardized procedures to report accidents. In addition to reportable workplace accidents, "near-miss" accidents are also registered,
documented and analyzed 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, respectively they were their own fault. The optimization of workplace design in the context of SAFE and the easing of the shortage of space by expanding production has helped to reduce the number of accidents.
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 will again present new developments from every department at the Interschutz fi re equipment trade fair in Hanover in June 2015.
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 legendary Rosenbauer quality is assured in part by way an integrated management system (IMS) that maps all the relevant business processes. The company today has:
The internal management system serves primarily as a tool for process optimization and the ongoing further development of the company. Regular internal and external audits by an independent certifi cation company (Quality Austria) and by certain customers ensure sustainable improvement at all business levels and of the system itself. The management system is also used as an information and controlling instrument. This goes well beyond compliant quality assurance and certifi cation of international standards in environmental protection, energy, and work safety. From the outset, Rosenbauer has utilized a lean, integrated management system and made this accessible to employees via the company's portal. All the regulations and documents needed for operational processes are available online. Continuous improvement – which is a fundamental concept in the ISO system – is treated as an independent process at Rosenbauer.
Not least of all, the systematic implementation of the processes, instructions, and stipulations set out in the IMS is refl ected in the development of quality costs. Despite the increase in production output and the relocation of two full vehicle assembly areas to Plant II, the quality indicator for 2014 remained at the same level as in the previous years. Based on production costs including chassis, this was 1.33%.
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 lifecycle.
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. Environmental criteria are taken into account in all key decisions and the company regularly invests in environmental protection measures. These endeavors to combine environmental and economic effi ciency are not just an end in themselves, but also help the Group to stay sustainable.
Employees are actively involved in environmental management at many levels, and are constantly made aware of environmental concerns in their work areas. All production employees who perform safety or environmental functions receive environmental, quality, and work safety training once a year.
Successes were achieved in the year under review mainly in 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 tends to be low as it involves mainly assembly work. The processes in operation are classic mechanical engineering and custom 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. In addition to the locations in Austria, the locations in Karlsruhe and Luckenwalde were also ISO 50001:2011 certifi ed in the reporting period.
To boost ecological awareness among staff , various training programs on subjects such as saving gas were off ered again in 2014. Furthermore, specially produced brochures advised employees on how to save energy at home and how to make their lives more environmentally conscious. Assistance in buying e-bikes and participation in "Car Free Day" were well received by the staff .
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.
In the reporting period, the heating system at Plant II in Leonding was converted to district heating. Rosenbauer now uses waste heat from voestalpine in Linz and thereby saves around 1,000 metric tons of CO2 per year. This further improves the energy footprint and environmental impact of the Leonding location. Eff orts to unite ecology and economic effi ciency help the Group to be sustainably economical.
The motto "Think globally – act locally" sums it up neatly: the prerequisite for global business, and a factor in its success, is the social responsibility that Rosenbauer practices at each
Rosenbauer is taking responsibility and building around 255 homes for tsunami victims together with "Nachbar in Not", the City of Vienna, and "Hilfswerk Austria International".
of its locations. The locations establish business relationships, tap into the expertise in the region, and maintain an intensive neighborly dialog with partners. The aim is always to join with them to create value added for the company and its stakeholders.
Each Rosenbauer location works closely with local suppliers and service providers. A signifi cant share of its procurement volume is sourced in the immediate vicinity of the plants. By doing this, and by creating jobs, 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 supports primarily those projects, initiatives and organizations that operate 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.
In November 2013, a devastating typhoon on the Philippines robbed many people of their existence in just a few minutes. With the support of Rosenbauer, the city of Vienna and "Nachbar in Not", "Hilfswerk Austria International" is assisting in the sustainable redevelopment of this area. In Sam Remigio on the island of Cebu, an Austria village is being built with around 255 houses for large families from the now uninhabitable coastal regions.
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 24 young people to live a socially and professionally successful life.
Another social project is the involvement in the START program in Upper Austria, which is helping a scholarship student from a migration background to earn her school-leaving examination.
Rosenbauer employees are personally involved in both of these projects because social responsibility means more to the company than just fi nancial support.
Compliance is a key component of integrity, and therefore a key component of Rosenbauer's business.
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 thirdparty 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.
Furthermore, managers and other employees to whom compliance applies regularly receive training at the Group's locations. Training is also provided in the context of international dealer meetings. 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 successfully certifi ed by the Austrian Standards Institute in accordance with ON 192050:2013 in 2013 successfully passed its routine audit.
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, new business partners are also vetted directly at the local level in individual instances.
63 Supplementary report and forecast
67 Segment reporting
In the fi rst half of 2014, global gross domestic product (GDP) increased only very modestly, though the second half of the year then showed an improvement. Overall, at 3.3%, growth in 2014 was below the level originally forecast at the beginning of the year of 3.7%. Global growth was driven by the Asian and North American markets. In turn, the increases in GDP were the highest in China (7.4%) and India (5.8%).
It is assumed that the momentum of the global economy will improve only slightly over the next two years. Rises in global GDP of 3.5% and 3.7% are expected for 2015 and 2016 respectively. The world economy should be positively infl uenced by expansive monetary policy and the low price of oil, which will make the slowing eff ects of fi nancial policy in some countries less eff ective.
The low interest policy in the euro zone will continue in 2015 as well. In the United States and the United Kingdom, however, there are indications of a reversal of this policy, which was already evident in exchange rate changes at the end of 2014. Overall, the world economy will remain prone to disruption, whether from turbulence on the fi nancial markets, such as the unpegging of the Swiss franc from the euro, or geopolitical developments.
USA (FED Funds) Euro zone
The situation on the labor markets of the developed nations varied considerably in some cases. While the unemployment rate fell to signifi cantly less than 7% in the US in 2014, in the EU is remained relatively high at more than 10%, though there were substantial regional diff erences.
The gross domestic product of the US in 2014 grew by 2.4% as against 2013. It therefore fell slightly short of the originally projected 2.8%, though the economy was observed to be gathering pace in the fourth quarter. Positive signals came from the US labor market in particular in the second half of the year.
For 2015, economists are predicting strong GDP growth of 3.6% and a further decline in the unemployment rate to 5.6%. The US budget situation has improved again year-on-year, with the trend pointing to a continuing defi cit reduction.
The economy in the euro area will only gradually fi nd its feet. Its GDP increased by 0.8% in 2014 with growth of 1.2% expected for 2015. The persistent structural problems in one part of the euro currency zone are being countered by stronger momentum. The low rate of infl ation is not expected to impede the economy as it is not coupled with lower income. On the contrary, it could even have a stimulative eff ect.
The German budget developed positively in 2014, though this was in strong contrast to the situation in France. The rate of budget consolidation has slowed overall in Europe. Thus, one of the factors inhibiting the growth of the economy as a whole was also diminished.
The downward economic trend in Russia was exacerbated in 2014 by political crises and the sharp drop in the price of oil. Its GDP growth amounted to just 0.6% after 1.3% in the previous year. Given the country's high dependence on commodity exports and the persistently low prices for commodities, a further signifi cant decline to –3.0% is anticipated for 2015. A forecast of the further development of the Russian economy is hardly possible at this time.
The economy in the Asian nations grew slightly more quickly again, though the basic trend is more muted. Following a weak phase in the major emerging nations in the fi rst half of the year, the recovery did not develop any particular momentum in the second half of the year either. Chinese GDP grew by 7.4% in 2014, and is set to slow slightly to 6.8% in 2015. This development is fi rst and foremost due to the restructuring of the economy; there are no indications of a slump. In India, however, there are prospects of a surge in growth from 5.8% in 2014 to 6.3% in 2015.
The fi refi ghting industry was confronted with a wide range of challenges in 2014. This is not expected to change in 2015. On individual markets there were indications of an upswing, demand in the countries of Southern and Eastern Europe remained weak, the Asian markets maintained their long-term trend.
The industry continued to perform well in countries with a greater need for safety products in the wake of natural or terrorist disasters, and in up-and-coming markets that enjoy high resource revenues. The global increase in air traffi c and the use of larger aircraft are ensuring continuing strong demand for specialty vehicles.
The critical factor determining the procurement potential of individual markets or regions is the way in which its fi re services are fi nanced: In most industrialized countries, this factor is the fi nancial strength of local authorities. In emerging market countries, it is fi nanced out of centrally managed state budgets, resulting in irregular large-scale procurements which are often infl uenced by one-time events.
Worldwide, fi refi ghting vehicles with a total value of around € 3,4 billion were sourced.1 The global sales volume was therefore around 10% higher than before. The strongest sales regions were Europe, NAFTA, and Asia. 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 positive development forecasted at the start of 2014 for the United States, the largest single market in the world, did not materialize in the months that followed. Even in the fourth quarter, sliding demand failed to recover, with the result that the volume for the year fell short on the previous year. In addition, as in previous years, North American manufacturers had struggled with capacity utilization diffi culties and lowered their prices. The US fi refi ghting industry should recover somewhat in 2015, especially as this usually follows an improved economy after a slight delay.
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. Despite austerity measures, demand recovered slightly in some countries in 2014, most of all in Austria and Switzerland, though also – starting from a lower level – in Spain.
In the countries of Central and Eastern Europe (CEE), pending vehicle procurement programs have been postponed for years. 2014 was no diff erent, and this situation is not expected to change in the foreseeable future given the poor economic outlook.
The market downturn in recent years has been most severe in the countries hit hardest by the fi nancial and economic crisis, in Southern and Southeastern Europe. The procurement market in Greece has almost completely collapsed, while countries such as Spain, Italy, and Portugal have seen massive contractions in demand in some cases. There was also no signifi cant change
in the reporting period, only Spain saw a minor market recovery again for the fi rst time after years of dwindling demand.
The market in Austria developed positively, with sales of fi refi ghting vehicles up on the previous year's level. The market is expected to stabilize in 2015 with demand at an average level for recent years.
Despite the good economic climate in Germany, volumes on Europe's largest single market were slightly below the level of recent years. The average age of German fi refi ghting vehicles is relatively high at 19 years. The market is still hard fought, and the pressure of intensive price competition on fi re equipment suppliers is high.
Russia is an important fi re equipment market. After major fi re events, the country has begun modernizing its municipal fi refi ghting services in recent years. Russia's need for advanced fi refi ghting systems is still considerable, but demand fl uctuates heavily according to the availability of funding. In addition, procurement from euro countries is expensive owing to the sharp depreciation of the Russian ruble, and therefore signifi cantly harder to fi nance.
The highest growth fi refi ghting markets in Asia are China and India. For years, both countries have enjoyed a robust economic performance that has positively infl uenced the fi refi ghting industry. However, they procure mainly 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 new government elected in India in 2014 intends 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 market, 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 growth region for the international fi re equipment sector in recent years. Natural resources are allowing increased investment activity in modern fi refi ghting equipment. Procurement is focused on high-end vehicles of all categories and the entire fi re and safety equipment range.
The markets in Latin America and Africa are spotty in 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. Technically sophisticated European or US-produced fi refi ghting vehicles are increasingly in demand in oil producing countries.
The Rosenbauer Group continued its growth in 2014 and again posted record revenues. Its long-term growth strategy allowed it to further expand its business and grow its revenues in the regions of North America, Asia and Oceania. The key pillars of this success are its strong and systematic international orientation and the Group's technology leadership. Rosenbauer boasts highly positive business development compared to other market participants, and is therefore able to consolidate its leading position in the global fi re equipment sector.
The revenues of the Rosenbauer Group reached a record level of € 784.9 million in the 2014 fi nancial year (2013: € 737.9 million). This corresponds to an increase of 6% as against the previous year. The main contributors to the rise in revenues were S.K. Rosenbauer, which increased deliveries in the Asian region, and the Spanish and US companies. The revenues of the recently acquired Rosenbauer UK of € 3.7 million were also included in the consolidated fi nancial statements for the fi rst time.
In April 2014, Rosenbauer International AG acquired 75% in the UK's North Fire plc, Holmfi rth. The company, which has around ten employees, was until recently the exclusive sales and service partner for personal protective equipment, fi refi ghting components, aerials, and municipal vehicles in the UK. Its incorporation into Rosenbauer's sales and service network will allow the Group to serve UK fi re services directly in the future. Rosenbauer intends to better leverage the potential of the UK market through its closer involvement.
The founder of North Fire holds 25% in Rosenbauer UK and is its managing director. The new UK subsidiary was included in consolidation eff ective April 1, 2014.
Like every year, the largest share of revenues in 2014 was contributed by Rosenbauer International AG at € 490.2 million (2013: € 483.7 million). Its revenues were therefore on par with the previous year. With an export ratio of 92% (2013: 93%) and deliveries to more than 100 countries, Rosenbauer has the largest international presence in the fi refi ghting industry.
At 70% (2013: 70%), the strongest revenue segment in the Group was the Vehicles product segment. The Fire & Safety Equipment segment posted revenue of € 77.9 million (2013: € 81.5 million), accounting for 10% (2013: 11%) of total revenues. The Aerials and Firefi ghting Components segments matched the previous year's levels at 9% and 3% respectively (2013: 10% and 3%). The Business Development segment reported revenue of € 6.4 million (2013: € 3.8 million). Revenues from Customer Service and Others amounted to 7% (2013: 5%).
High ratio of production costs
Costs of materials rose by 5% to € 522.4 million (2013: € 496.2 million). These amounted to 67% of revenues in total in 2014 (2013: 67%), most of which relating to chassis for fi refi ghting vehicles that, except for in the US, have to be purchased.
Staff costs rose by 12% year-on-year in 2014. They increased from € 142.2 million to € 159.5 million, amounting to 20% (2013: 19%) of revenues. The higher expense is due to the strong increase in head count and the annual wage and salary increase. Above all, the relocation of AT and PANTHER production to the new Plant II in Leonding entailed a temporary but signifi cant rise in the number of employees to 2,941 (end of 2013: 2,651).
Amortization on intangible assets and depreciation of property, plant and equipment climbed by 24% from € 10.2 million last year to € 12.6 million. The rise was as a result in particular of increased investment for the expansion of production space. Other operating expenses decreased by 5% to € 58.1 million (2013: € 61.2 million).
At € 48.4 million, EBIT in the 2014 fi nancial year was up 14% on the previous year (2013: € 42.3 million), while the EBIT margin climbed from 5.7% to 6.2%. A signifi cant share of this improvement was accounted for by the German and American segments, the latter of which on account of the further optimization of chassis production at Rosenbauer Motors. The capitalization of development costs of € 3.4 million (2013: € 2.3 million) also had a positive eff ect on earnings.
While consolidated earnings developed positively in 2014, the Austrian segment posted a decline in earnings due to start-up costs in the new plant in Leonding and higher location costs. To counter these eff ects, measures have already been initiated to compensate for the steady rise in location costs in Austria relative to international standards.
Until the fourth quarter, working capital was predominantly funded on a short-term basis. Given the high capital expenditure for adapting and acquiring Plant II, the maturity structure of fi nancing was reorganized. Loan agreements for around
€ 50 million with terms of up to seven years were concluded with several banks with which business relationships had already been established.
The non-current liabilities are subject to interest adjustment agreements based on three- and six-month interest rates. The interest incurred on total interest-bearing fi nancial liabilities amounted to € 2.4 million in the reporting period (2013: € 2.7 million). The average interest rate was 1.3% (2013: 2.1%).
The earnings contribution of the associate PA "Fire-fi ghting special technics" LLC. in Moscow was reduced to € 1.5 million (2013: € 1.8 million). The joint venture Rosenbauer Ciansa S.L. in Spain is also accounted for using the equity method and increased its earnings to € 0.3 million (2013: € 0.1 million) as a result of exports. The two companies accounted for using the equity method together contributed € 1.8 million to earnings in the past year (2013: € 1.9 million). Earnings before taxes (EBT) amounted to € 47.3 million in the reporting period (2013: € 41.7 million).
The reported tax expense was € 10.7 million (2013: € 10.9 million). The tax rate was therefore below the average level for previous years at 22.5% (2013: 26.2%), while the company's partners in the US pay local taxes themselves. After deducting income taxes the profi t for the period amounted to € 36.7 million (2013: € 30.8 million).
The non-controlling interests held by the partners in Rosenbauer America, Rosenbauer Española, Rosenbauer d.o.o. in Slovenia, Metz-Service18 in Chambéry, Rosenbauer UK, Rosenbauer
South Africa, Eskay Rosenbauer Brunei and Rosenbauer Saudi Arabia amounted to € 9.4 million in the reporting year (2013: € 4.4 million). The increase resulted essentially from the considerably higher earnings at Rosenbauer America.
The development in incoming orders on international markets was highly satisfactory for the Rosenbauer Group in 2014. Incoming orders again set a new record of € 820.4 million (2013: € 760.6 million) and were therefore higher than in the previous year once again. This is due in part to a follow-up order from Saudi Arabia for € 150 million.
At € 670.2 million (December 31, 2013: € 590.1 million), the order level remained at a high level as of the end of the year despite increased deliveries towards the end of the year as a result of industry factors. This gives the Rosenbauer Group assured capacity utilization at its production facilities in 2015 and good visibility for revenue development in the months ahead.
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. This requires a constant drive for innovation on both sides in addition to reliable and eff ective systems.
Rosenbauer therefore deliberately sets great store by close cooperation with its suppliers based on a spirit of partnership. They are carefully evaluated and selected, and the foundations for shared success are laid by utilizing new technologies, innovative ideas, and a culture of pronounced cost consciousness. 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 € 595.7 million in the reporting period (2013: € 468.3 million). This corresponds to a 76% share of the Group's revenues. Given the sharp increase in procurement volumes, keeping the production operations supplied on-time is a considerable challenge.
84% 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 27%, 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, the Commander, with which it has signifi cantly increased its own value added. The chassis for the PANTHER 4x4 and 6x6 models are also produced in-house. While it used to be made exclusively in the US at the Wyoming location and at a partner in Germany, since the middle of 2014 it has also been manufactured at Plant II in Leonding on a standardized line.
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.
Despite the enormous growth of recent years, the fi nancial situation of the Rosenbauer Group is still solid. 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 to order. Total assets rose by 40% as against the previous year and amounted to € 579.9 million as of December 31, 2014 (2013: € 415.6 million).
The increase in business volume and, in particular, the acquisition of the Plant II property led to clear growth in property, plant and equipment. This item rose from € 86.4 million in 2013 to € 125.1 million. In addition to shares in Rosenbauer Ciansa S.L., the "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 € 1.8 million (2013: € 1.9 million).
Working capital amounted to € 137.7 million as of the end of the year (2013: € 119.4 million). The rise as against the previous year was 15%, due in particular to higher inventories and trade receivables. Inventories increased to € 208.0 million as of the end of the year (2013: € 167.9 million). In addition, construction contracts climbed to € 77.1 million in the fourth quarter (2013: € 45.2 million) and were therefore up 71% on the previous year's fi gure. This development was off set in part by current liabilities, which increased from € 62.1 million to € 129.5 million.
For years the Group's fi nancing has followed the principles of maintaining assured liquidity combined with the highest possible equity capitalization. In the past fi nancial year equity was increased again by 6% to € 198.3 million (2013: € 187.9 million). Owing to the immense growth and the resulting increase in total assets, the equity ratio fell slightly short of the long-term target of over 35% at 34.2% (2013: 45.2%).
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.
The fi nancing structure of the Group was reorganized on account of the high capital expenditure for Plant II. Loan agreements for about € 50 million with terms of up to seven years were concluded with several banks. Non-current interest-bearing liabilities climbed to € 51.7 million as a result (2013: € 0.7 million). Benefi tting 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 € 129.5 million (2013: € 62.1 million).
The accounting ratios of the Rosenbauer Group refl ect its current growth. Accordingly, the Group's net debt (the net amount of interest-bearing liabilities less cash and cash equivalents and securities) rose to € 154.2 million in the past year (2013: € 48.8 million). The gearing ratio climbed to 77.7% (2013: 25.9%).
The net cash fl ow from operating activities declined to € –37.1 million in the past year (2013: € 82.2 million). This development is mainly due to the strong rise in inventories and trade receivables. However, this failed to off set the higher earnings before taxes and the increase in trade payables.
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Capital employed1 | 341.2 | 285.7 | 267.2 |
| ROCE | 14.2% | 14.8% | 14.5% |
| ROE | 24.5% | 23.4% | 24.9% |
1 Average
Investments increased to € 51.2 million in the reporting year (2013: € 25.4 million) and focused on expanding and modernizing infrastructure in Austria. The rise in capital expenditure mainly related to the acquisition of the property for Plant II in Leonding. The largest share of investment in property, plant and equipment (61%) related to the expansion of production areas and the productivity improvements this entailed. Replacement investments and offi cial requirements accounted for 27% while 12% was spent on streamlining measures.
Since 2005 investment has clearly outstripped depreciation, in line with the goal of sustainable growth. Thanks to this increased investment activity, depreciation in the Rosenbauer Group increased to € 12.6 million in the reporting year (2013: € 10.2 million).
The most important measure in 2014 was the conversion and expansion of the former Wacker Neuson plant and the relocation of the production lines for the PANTHER and AT series to the new Plant II in Leonding.
After a one-year adaption phase, the most state-of-the-art vehicle plant in the fi refi ghting industry opened in the middle of the year. Assembly work is performed in line with the industrial standards of the automotive and mechanical engineering sectors; all processes are synchronized from prefabrication to the provision of materials to actual line assembly.
The new plant is set up to produce around 150 PANTHER ARFF vehicles and 250 AT municipal vehicles per year in single-shift running. More than € 12 million was invested in the expansion and conversion of the plant in 2013 and 2014, where 260 people are currently employed. The plant is located only 3 km from the Group's headquarters and comprises grounds of around 52,000 m², around 15,000 m² of factory space, and around 7,000 m² of offi ce space.
The assembly operations on the two vehicle lines are carried out at defi ned stations and according to a set rhythm. The vehicles and bodies are automatically moved on rails from one station to the next, with signals indicating the next move. Assembly work is performed according to the fl ow principle while materials are provided in line with the Kanban or pull principle.
Rosenbauer opened the most state-of-the-art vehicle plant in the fi refi ghting industry midway through the year. The plant will manufacture the PANTHER aircraft rescue and AT municipal fi refi ghting vehicles.
The procedures were systematically geared to the value stream, all work processes and interfaces were overhauled, and the employees were equipped with the necessary technical, process, and method skills.
The Plant II premises, which were previously merely leased, were acquired from the previous owner at the end of 2014. The total investment for the purchase of the property including the adjacent reserve plot (around 2.7 ha) amounted to € 24 million.
All three locations in the United States launched investment programs in 2014 intended to redesign processes and expand capacity. In order to handle larger orders more effi ciently, the full order process was revised in line with the latest automotive/mechanical engineering industry standards. Production areas and manufacturing processes will be redesigned.
At the plant in Lyons, South Dakota, a new production hall was built for prefabrication work including welding and deburring, etc. The investment volume was € 2.0 million. At the same time, more room was made in the existing halls for vehicle assembly. The expansion also included the systematic alignment of all processes in line with value streams, the revision of all methods, and interfaces and the streamlining of all procedures.
Procedures were also redesigned at the Wyoming plant in Minnesota. As part of the "Lean 101" lean management program, chassis assembly for the PANTHER ARFF vehicle and the construction of the Commander chassis will be combined on one line. Here, too, the goal is to enhance effi ciency in production, make more room for assembly, optimize upstream processes and improve the location's infrastructure. The PANTHER, specialty vehicle and municipal vehicle production areas will be optimized subsequently.
A new hall was also built in Fremont, Nebraska, in the year under review to separate the prefabrication and assembly stages and to restructure them as in Lyons.
Rosenbauer is constantly investing in its production technologies and machinery fl eet. In the year under review, a new CNC processing center with pallet storage was acquired for the processing of cast parts in components manufacturing at Plant I, Leonding. The cost of the investment was around € 1.0 million. The new processing center will work on cast parts for pumps, water turrets, transmissions, priming pumps, and similar.
In 2014, the Rosenbauer Group invested € 15.9 million (2013: € 12.6 million) in research and development. This represents 2.9% (2013: 2.3%) of the relevant net proceeds of in-house production. The capitalization rate was 21.1% (2013: 18.3%) and aff ected developments in Austria and Germany. Approximately 77% (2013: 72%) of development costs (€ 12.2 million; 2013: € 9.0 million) was incurred by Rosenbauer International AG, the Group-wide center of expertise for municipal and specialty vehicles, fi refi ghting components and equipment.
Research and development/R&D ratio
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.
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; they are never linear and one-dimensional, but are diverse, complex, and interlinked. 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 development activities focused on preparations for Europe's largest fi refi ghting equipment exhibition. "Interschutz" takes place every fi ve years in Germany and is attended by representatives from all major manufacturers. Rosenbauer uses the international fi refi ghting industry event to present new developments from all product areas.
One of these innovations is the next generation of the PANTHER aircraft rescue fi refi ghting vehicle. The PANTHER 4x4 and 6x6 models will be on show at Interschutz 2015. These vehicles will off er crews improved all-round visibility and night vision and will enable them to steer and operate the vehicle and extinguishing systems with greater precision, as well as making their operations even safer overall. The extinguishing systems on the vehicles – the two built-in N65 and N80 pumps, the accompanying FIXMIX 2.0 around-the-pump foam proportioning system and the two new RM35 and RM80 turrets – have been completely overhauled.
The new E5000 rescue staircase was delivered to Geneva Airport in late 2014. The E5000 completes Rosenbauer's fl eet of rescue staircase vehicles. It covers heights of between 2.50 m and 5.50 m.
The accident risk during the drive to an operational scene is up to 17 times greater than that during a journey in a passenger car. Consequently, Rosenbauer has signifi cantly expanded its range of driver training courses. In addition to the established PANTHER tactical simulator for airport fi re services, a simulator for municipal fi refi ghters entered service in the reporting year: the Emergency Response Driving Simulator (ERDS).
Both simulators enable training in particularly diffi cult or rare hazard and stress situations during driving or at the operation site. Thanks to the latest technology, both simulators off er highly authentic handling in a realistic and accurately detailed environment. Training on the simulator provides crew members and drivers of fi refi ghting vehicles with routine behavior and safety even in situations that cannot normally be practiced on the road.
The E5000 completes Rosenbauer's fl eet of rescue staircase vehicles for airport fi re services. It can reach heights of between 2.5 and 5.5 m, a range that means that it can access the doors of 90% of all commercial aircraft on intercontinental routes. The E5000 enables fast and safe rescue operations, meaning the evacuation of passengers from commercial vehicles. Its primary use is to deal with medical emergencies, which occur four to fi ve times per week at all major airports. The E5000 also off ers safe access to the aircraft for requirements such as emergency unloading of air freighters. The vehicle is fully equipped for any extinguishing that may be required, with integrated water lines and a rapid intervention unit.
Rosenbauer is expanding its range of driver training. In addition to the PANTHER tactical simulator for airport fi re services, it now off ers the Emergency Response Driving Simulator (ERDS) for municipal operations.
Rosenbauer presented a tank fi refi ghting vehicle on a Renault chassis for the fi rst time at the Fire Brigade Conference in Avignon.
In the reporting year, Rosenbauer has developed a vehicle for the French market that satisfi es not only EN 1846 but also French fi refi ghting standard NFS 61-515. This vehicle is an AT, mounted on a Renault chassis with the original crew cabin and Rosenbauer extinguishing systems. The vehicle was presented for the fi rst time in October at the French fi refi ghting exhibition in Avignon.
In the L62, Metz Aerials produces the tallest fully automatic hydraulic aerial ladder in the world. It is used to rescue people from great heights, but also for fi ghting fi res. In addition to the rescue cage at the top of the ladder, it features a basket lift that runs up the ladder. The elevator moves at a speed of 1.4 m/sec, has room for three people, and can carry 12 people safely to the ground within 12 minutes. One of the fi rst customer vehicles was presented in summer 2014 and later delivered.
The fi rst B55 was also presented to representatives of the industry. This is part of a new series of hydraulic platforms for fi re services with working heights of 50 m and above, which will later be expanded by the addition of the B51 and B62. The B55 can reach a working height of 55 m and can access even operation sites at the rear of buildings thanks to its articulated arm.
The new RLS1000 portable lighting system was introduced at the beginning of 2014. It combines a searchlight, battery, charger, and supports in one compact device and can provide eight hours of light without an external power source. Thirty high-performance LEDs, fi tted with a special lens system and controlled by dedicated software, generate a light beam of 4,500 lumen and a light color temperature of 6,500 K. The searchlight can also be used as a fl ashing red, yellow, green, and blue signal light.
Over the past year, the change processes in place throughout the company and their representation in the personnel and management structures were the key focal points of HR work. The increased internationalization of the Group and the path to growth that it has forged are spurring changes to the organization and processes, right down to the level of individual jobs. As a result, the requirements for employee qualifi cations are becoming stricter, with support from intensive training measures.
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 2,941, the Rosenbauer Group employed a total of 11% more people at the end of 2014 than on the previous year's reporting date.
In Austria, the workforce grew by 9% to 1,312, while the fi gure abroad increased by 13% to 1,629. The increase in headcount is due mainly to the hiring of additional staff in production and production-related areas at the Austria, US and Germany locations in particular. In addition, there are the employees of the company in the UK, who have been included in reporting for the fi rst time in this period.
The total headcount is broken down into 1,809 workers (2013: 1,557), 1,002 salaried employees (2013: 960) and 130 apprentices (2013: 134), 101 of which are in Austria. The company created additional employment through the use of 274 temporary employees (2013: 254).
The average age of Rosenbauer employees in 2014 was 38 years. The average length of service with the company was 8,5 years. The low fl uctuation rate of 6,2% 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, including Arabic.
Anticipatory employee development is one of the most important tasks of personnel management. In 2014, training costs amounted to € 1,113.9 thousand (2013: € 901.0 thousand).
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.
Together with the managing directors of the operating units, the members of the top level of management took part in a one-year Management Development Program in the reporting year. This included several three-day modules as well as team and group training sessions and was aimed at forming a clear identity for the Rosenbauer management team in light of the internationalization of the Group. All management levels of Rosenbauer will gradually undergo this program in order to reinforce strategic management skills at the company and to safeguard the growth of the organization.
An additional key training element in the reporting period took place in Customer Service under the heading of "Train the Trainer." Employees from the Leonding, Karlsruhe, and Luckenwalde locations completed multi-day workshops to increase the quality and quantity of their customer training programs. At these events, light was shed on all processes involved in customer training and training manuals were created for use in defi ning the course of future training programs. The Train the Trainer program ensures continuous improvement in training quality and creates a pool of documents and training tools for the employees in the service who conduct customer training.
As part of the internationalization and growth strategy, added momentum was placed behind international personnel development in the reporting year. The skills model also underwent further development. The Executive Board and the fi rst management level defi ned the management tasks of the future, which were then used to determine the necessary management skills. As a result, the skills model is now broken down into further levels and areas of the Group.
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.
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 2014 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 30 students completed an internship as part of their training at educational institutions or composed an academic paper in cooperation with Rosenbauer.
Apprentice training is traditionally very important at Rosenbauer. This practice takes into account not only our own needs, but also our social responsibility to open up professional prospects to young people. Numerous trainers dedicate their time to ensuring that roughly 130 apprentices, selected from up to ten applicants per open apprenticeship, receive high-quality and practical training.
In an industry traditionally preferred more by men, particular support is given to women at Rosenbauer. Targeted measures are implemented to increase the proportion of female apprentices and employees, especially in management positions. The proportion of the overall workforce represented by women is currently approximately 12%. At present, 9% of management positions in Austria are occupied by women.
In the reporting year, Rosenbauer once again took part in 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 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. In justifi ed cases, it is also possible to work from home.
Rosenbauer practices an ongoing process of modernizing workplaces at the company and places particular value on the health and safety of its employees. In 2014, the focus was on Plant II in Leonding, where no fewer than 260 new workspaces have been set up. The latest fi ndings in occupational medicine, technology, and safety have been taken into account in their design, both in offi ces and in the production facility.
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-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 prolonged in 2013.
As part of company healthcare provisions, around 110 employees in Leonding participated in free health examinations in 2014. These take place at the company doctor's offi ce, but certain
special examinations can be added if necessary. Moreover, a lot of employees took part in the second Rosenbauer Health Day at the Neidling location. As in Leonding the previous year, the topic for this event was the musculoskeletal system.
Further development of the CIP in the new SAFE improvement process (SVP) continued apace in 2014. More and more teams are now working with the new system. At the same time, the "SVP on Fire" project was started to help teams with this transformation with a view to their needs as well. Topics such as SVP team organization, the SVP system and the self-image of employees are addressed in this process.
The one- and two-day events involved work on discarding existing processes and ways of thinking and engaging with new methods and approaches. The goals of the workshops are to gain a better understanding of one's own role and that of the team, to work together and to implement improvements as a team.
At the end of 2014, a total of 274 temporary employees worked for the Rosenbauer Group (253 of which were 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 workers has been used to cover a signifi cant proportion of staffi ng requirements in recent years. Between 2012 and 2014 alone, roughly 140 temporary employment contracts were converted to indefi nite employment relationships.
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. Both opportunities and risks can thereby be identifi ed and evaluated in good time.
As part of this process, the risks are identifi ed and then analyzed and assessed in terms of their probability of occurrences and the anticipated extent of any damage. Measures for risk control/ 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.
The management of the operating unit in question bears direct responsibility for risk management. Regular addressing of risk topics and the annual risk inventory also take place at this level. 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. There is potential for future sales particularly in countries and regions that need to invest more heavily in fi refi ghting equipment owing to natural disasters, terrorist threats, or inadequate infrastructure.
The budget restrictions resulting from the fi nancial and economic crisis are still being felt in numerous fi re equipment markets. As a result, some manufacturers that operate primarily at a local level have had to bear considerable declines in sales. This has aff ected their earnings and reduced the fi nancial leeway for further developments. By contrast, for the Rosenbauer Group – the most innovative company with the best sales performance in the sector – these developments have opened up opportunities to gain additional market shares with its state-of-the-art, high-performance products.
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. The production facilities
will be working at full capacity for the rest of 2015 thanks to the buoyant order situation.
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.
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 and may 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. However, 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.
In connection with the fi refi ghting vehicle cartel and the turntable ladder cartel, the regulatory proceedings have now been settled out of court. The € 3.4 million paid by Metz Aerials in the second quarter of 2014 made a signifi cant contribution towards settling the compensation for damage between the municipal fi re departments and the manufacturers. This concluded the settlement of damages as part of the antitrust proceedings, with the exception of a few individual proceedings that had been initiated by municipalities on the basis of relevant provisions in purchase agreements. No further substantial claims for damages for deliveries covered by the cartel are expected to be submitted at a later date. In order to avert future negative developments, the compliance organization has been further expanded, rules have been tightened, and sanctions imposed for anti-competitive behavior.
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 performancebased remuneration system with participation in the company's success are two central instruments for retaining qualifi ed and motivated employees at Rosenbauer. 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 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 of 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 as a going concern. 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, for example.
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, during which the processes are documented and adherence to them is checked.
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.
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.
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.
In addition to the United States, it will again be the countries of Asia and the Middle East that drive global economic growth in the current year. The international growth rate is expected to rise from 3.3% in 2014 to 3.5% in 2015.
The growth prospects in the euro area remain more muted, with the IMF forecasting GDP growth of 1.2% for 2015. Above all, export-oriented companies are expected to benefi t from the weaker euro, the low price of oil, persistently low interest rates, and the expansive monetary policy of central banks.
The fi refi ghting industry will face a range of diff erent challenges in 2015 as well. Growth will come predominantly from Asia and the Middle East. A positive trend in demand should get underway on the North American market in 2015, while the industry will recover only slightly – if at all – in Europe.
How fi re equipment markets will specifi cally develop often depends on the availability of public-sector funding, making precise forecasts diffi cult. On several, mainly developed, markets, continuing budget consolidation eff orts mean that demand for fi re service equipment will continue to be restrained. As a result, the average age of equipment will increase. In turn, the situation on the emerging markets is varied as usual: while there are
indications of market saturation in some regions, in others there is still a strong need for modernization. This is also refl ected in an extensive project landscape.
Generally, the regions investing in fi refi ghting components and equipment still tend to be those in which there is a heightened awareness of security needs following natural or terrorist disasters, or that generate high revenues from selling natural resources. Furthermore, the global increase in air traffi c and the use of larger aircraft are ensuring strong demand for specialty vehicles.
In light of the positive economic forecasts, the US fi refi ghting industry should continue to recover in 2015 as well. Thanks mainly to international orders and the launch of its own Commander chassis, Rosenbauer America has bucked the market trend by continuing to grow. The incoming orders of recent months also ensure high capacity utilization at US production facilities for the coming fi nancial year.
The European fi re equipment market is not as homogeneous as the US market by far, and each country must be taken individually. The highly industrialized countries appear to have put the downturn behind them with recovery now in sight. Public sector procurement behavior is expected to stabilize again and investments that were postponed due to austerity measures will be implemented soon. The markets in Central and Northern Europe in particular are set to experience growth, 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.
The German fi re equipment market should also stabilize further in 2015, albeit with lingering, highly intensive price competition. Sales volumes in Austria are expected to be at a normal level in 2015.
For some years, Russian procurement volumes have been less than actual requirements. Demand in 2015 will be tied to the availability of funding, which is currently diffi cult to estimate. Procurement from euro countries is very expensive owing to the sharp depreciation of the Russian ruble, and therefore signifi cantly harder to fi nance.
The fi re equipment sector is mainly growing in countries with a heightened awareness of security needs, and in emerging markets that are stepping up their infrastructure investments. Geographically, 2015 is expected to see the strongest growth in Asia, led by China and India. Here, the fi re equipment sector is continuing to benefi t from the good overall economic environment. The ongoing urbanization will require massive investment in the safety infrastructure and fi re protection in the years ahead as well.
Thanks to a high safety awareness and the targeted modernization of its fi refi ghting and civil defense capabilities, the Middle East has developed into a major sales region in recent years. As the process of transformation is not yet complete, the high level of demand for fi re and safety equipment is expected to continue.
Africa, Central, and South America are spot markets with irregular central procurement. They are diffi cult to forecast as they often have lead times of several years. Brazil, Argentina, and
Venezuela are viewed as promising markets for the future on account of their natural resources. Political risks cannot be entirely ruled out in these countries, however, and hence they require careful monitoring.
Rosenbauer closely monitors developments on the individual 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.
At the end of 2014 Rosenbauer has an excellent order backlog of € 670.2 million (2013: € 590.1 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. Basic capacity utilization at production facilities is therefore ensured for 2015. Moreover, a number of international projects are currently being worked on.
The world's biggest fi re equipment trade fair will be held in Hanover in June 2015. The industry's top manufacturers meet at Interschutz every fi ve years. Rosenbauer will again be presenting a number of innovative products, among them the new generation of the PANTHER ARFF, which will set new benchmarks for safety, ergonomics, ease of use, and design.
The latest developments in the fi eld of personal protective equipment, fi refi ghting components, and a number of aerials and vehicle variants for municipal, professional, and industrial fi re services will also be presented at the fi refi ghting industry
trade fair. Those attending will be able to see more than 30 vehicles from the Rosenbauer Group at Interschutz 2015.
The strong corporate growth has necessitated a comprehensive expansion of locations in recent years. Production space and capacity have been increased at almost all plants. In Leonding this expansion was largely completed when Plant II went live. Over the next two years Plant I will be revamped in line with effi ciency enhancement and profi tability considerations. Here, too, more space will be made for the production of components and specialty vehicles, infrastructure will be optimized, and the upstream administration processes will be simplifi ed.
In the US, all three locations have been expanded and new halls have been built. Furthermore, an investment program was launched in Lyons, SD, and Wyoming, MN, in 2014 to redesign processes and increase capacity. This will be completed in 2015. Processes at these plants will be reorganized as part of a lean management program.
Saudi Arabia is a key market for Rosenbauer. Since 2013 the Group has been represented by its own subsidiary in Riyadh. It is responsible primarily for after-sales support for customers. At the end of 2014, ground was broken on a building in King Abdullah Economic City (KAEC), approximately 125 km north of Jeddah. In the future, this plant will be used for both the assembly of vehicles for the local market and maintenance work. The KAEC region is ideally suited as a production location thanks to its existing infrastructure, featuring a newly built port, the train station, and connections to the highway. A total of around € 5 million is being invested in the construction of the production location.
The Group's investing activities and volumes will be lower in 2015 than in the year under review. However, they will still far outstrip depreciation on account of the investments in Saudi Arabia and the US, and the adaption of Plant I in Austria.
The high order volume and the increased production levels demanded additional fi nancing facilities in 2014, which were 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.
Given the long turnaround times from an order being received to delivery, and the transition in production processes at both plants in Leonding, working capital rose signifi cantly in 2014. This development will be countered with special programs to reduce fi nancing requirements.
Rosenbauer is today the leading manufacturer for the international fi refi ghting industry with revenues of € 784.9 million. In order to consolidate and expand this market position, Rosenbauer is aligning its organization even more closely to its customers and markets. Codenamed "GO2020", the previous product-based organizational structure for divisions was replaced by the new area system in the year under review. The areas are now responsible for all business in their regions: they analyze market requirements, initiate product development, and are in charge of sales and their production plants.
This creates the organizational framework for even better leveraging the growth potential in core business and on new markets.
Rosenbauer will meet the competition with new, attractive products in all business areas. With the help of new turntable ladder and platform models and the AT series, the company will attract new customers and expand its market positions. Additional sales stimulus will be generated in 2015 by the two simulators, the PANTHER tactics simulator for airport fi re services and the simulator for municipal fi eldings. Rosenbauer is excellently positioned with its existing product portfolio of personal protective equipment and the US Commander chassis, and is even the world leader for ARFF vehicles with the PANTHER.
Furthermore, Rosenbauer is investing in its sales organization and product development to selectively exploit growth opportunities on specifi c municipal markets. One example of this is the fi refi ghting market in the UK, where the country's secondlargest fi re brigade is now a Rosenbauer customer.
With its high capital commitment to research and development, Rosenbauer is ensuring that fi re services will have the latest technologies and customized products at their disposal for the years to come as well.
Even though the situation on the fi re equipment markets is not the same all over the world, a slight recovery in overall demand is nonetheless anticipated. Given the solid development in
incoming orders in recent months and the expanded production capacity, management is assuming that consolidated revenues will rise in 2015.
The following factors in particular are signifi cant to the income situation in 2015:
Based on the forecast market development and the above factors, the management is assuming that consolidated EBIT from ordinary activities will grow in 2015.
The presentation of the regional segments is broken down according to the locations of the Group companies rather than by sales markets. This means that the segment reporting refers to the revenues and results earned by the individual companies both on their respective local market and from exports.
The Austrian segment consists of Rosenbauer International AG, which generates most of its revenues from exports, and the sales company Rosenbauer Österreich GmbH. Both these companies are based in Leonding.
Revenues of the Austrian segment climbed to € 512.5 million in 2014 (2013: € 503.8 million). The reporting period was defi ned mainly by the commissioning of Plant II, which led to the postponement of deliveries until the fi rst quarter of 2015. As a result of increases in fi xed costs, which drove up overheads in production areas, EBIT was down at € 22.3 million in the reporting period (2013: € 32.0 million). The EBIT margin was 4.4% (2013: 6.4%).
Rosenbauer International is the Group's parent company. With manufacturing facilities in Leonding, Traun and Neidling, it is also its largest production company.
The most important measure in 2014 was the conversion and expansion of Plant II in Leonding. Rosenbauer bought an area of industrial land measuring 5.2 ha from Wacker Neuson and on it built the most state-of-the-art vehicle plant the fi refi ghting industry has ever known. The PANTHER ARFF, the PANTHER chassis, and the municipal AT are built at Plant II. Assembly work is fully synchronized with all upstream and downstream areas; production began in April.
Plant II in Leonding is set up to produce around 150 PANTHERs and 250 ATs per year in single-shift running. Both vehicle lines can be switched to greater output if necessary. A total of around € 12 million was invested in the new plant in 2013 and 2014.
Plant I in Leonding continues to produce specialty and industrial fi refi ghting vehicles in addition to fi refi ghting components for the Group and selected fi re and safety equipment products. Plant I will also be renovated in the coming years to increase the effi ciency and profi tability of production. Series vehicles for export markets, and pump and superstructure modules are manufactured at the nearby Traun plant.
The plant at Neidling/St. Pölten is responsible for the production of compact vehicles with a gross weight of up to around 13 t, interior fi tting components and storage systems, which are supplied mainly to the European Group companies.
Rosenbauer International's revenues rose to € 490.2 million in 2014 (2013: € 483.7 million), 92% of which was generated with exports (2013: 93%).
Rosenbauer Österreich is the sales and service company for the Austrian market. It operates branches in Leonding, Neidling, Telfs, and Graz. With the exception of aerials, vehicles for the Austrian market are manufactured in Leonding and Neidling. Revenues at Rosenbauer Österreich increased from € 53.7 million in 2013 to € 59.2 million in the year under review. The 10% improvement is due in part to strong demand for the AT municipal vehicle.
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Revenues | 512.5 | 503.8 | 446.9 |
| EBIT | 22.3 | 32.0 | 30.0 |
| Employees | 1,253 | 1,154 | 1,066 |
The US segment consists of the holding company Rosenbauer America, LLC., which incorporates the companies Rosenbauer South Dakota LLC., Rosenbauer Minnesota LLC., Rosenbauer Aerials LLC., and Rosenbauer Motors LLC.
The US segment increased its revenues by 14% in the period under review to € 196.5 million (2013: € 172.4 million). This is mainly due to higher exports of vehicles built on the in-house chassis and also increased deliveries to the domestic market. While the previous year's earnings had been adversely aff ected by the start-up of the Commander series, EBIT for 2014 was on the rise again at € 14.6 million (2013: € 9.8 million).
In light of the positive economic forecasts, the US fi refi ghting industry should be set for recovery in 2015. However, competition will become more intensive, especially as some manufacturers are reducing their prices after diffi culties in recent years. The incoming orders of recent months also ensure high capacity utilization at US production facilities for the fi nancial year ahead.
In 1995, Rosenbauer took its fi rst steps in America as part of its internationalization strategy, and 20 years later Rosenbauer is the second-biggest manufacturer of fi refi ghting vehicles in the United States. The US commitment has been a success story in every respect, and one that is not over yet.
Based in Wyoming, MN, Rosenbauer Minnesota produces industrial and aircraft rescue fi refi ghting vehicles and customized municipal vehicles for professional and volunteer fi re departments. Above all, the company has considerable expertise in the fi eld of specialty vehicles, and it supplies these vehicles both on its domestic market and on US-oriented international markets. Its revenues rose by 22% to € 71.6 million in the reporting year (2013: € 58.6 million).
Rosenbauer South Dakota is based in Lyons, SD, and produces fi refi ghting vehicles for all areas of use. The great strength of this company lies in industrial, cost-eff ective manufacturing. Its main clients are volunteer fi re departments in the US. In recent years the company has also pushed into exports and now ships to countries that order vehicles to US standards.
Its revenues climbed to € 98.2 million in the past fi nancial year (2013: € 85.0 million). This growth was mainly contributed to by exports to the Arabic region.
Rosenbauer Aerials, based in Fremont, Nebraska, produces hydraulic turntable ladders and ladder trucks to US standards. These are supplied both to the Group's US companies and to other superstructure manufacturers in the US. It also manufactures elevated waterways with piercing tools which are installed on aircraft rescue and industrial fi refi ghting vehicles in Leonding and Minnesota. Rosenbauer Aerials generated revenues of € 10.8 million in the reporting year (2013: € 9.4 million).
Rosenbauer Motors produces chassis for the PANTHER vehicle and the new Commander chassis at the Rosenbauer Minnesota plant in Wyoming, MN. Series production of Rosenbauer's own chassis began in 2012, and the 1,000th Commander vehicle was already sold in 2014. The in-house chassis is exclusively used for in-house superstructure production. The company's revenues increased to € 64.2 million (2013: € 52.7 million) thanks to
the expansion in business activities on both the domestic market and in exports.
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Revenues | 196.5 | 172.4 | 144.8 |
| EBIT | 14.6 | 9.8 | 3.2 |
| Employees | 689 | 644 | 574 |
The German segment consists of the companies Rosenbauer Deutschland GmbH, Luckenwalde, and Metz Aerials GmbH & Co. KG, Karlsruhe, together with the latter's subsidiary Metz-Service18 S.A.R.L. in Chambéry, France.
The German segment reported revenues of € 181.2 million in the reporting period (2013: € 178.1 million). In particular, Metz Aerials and Rosenbauer Deutschland countered the tough market environment with the new L32A-XS turntable ladder and various models of the AT model series to attract new customers.
Despite the good economic climate, the sales volume on Europe's largest single market was slightly below the level of recent years in 2014. At an average of 19 years, the age of German fi refi ghting vehicles is higher than the target for replacement procurement. The market is still hard fought, and the pressure of intensive price competition on fi re equipment suppliers is high.
Metz Aerials is the European center of competence for aerials. The company produces fully automated, hydraulic turntable ladders and high-rise aerial rescue platforms for heights of between 20 and 62 m at its plant in Karlsruhe. With these, it supplies all markets that procure aerial appliances to EN standards, especially Germany. Metz Aerials generated revenues of € 76.3 million in the reporting year (2013: € 72.4 million).
Metz-Service18 in Chambéry provides maintenance services for French fi refi ghting vehicles and aerials from Metz Aerials. With this location in France, the Group is further widening its service network in Europe. Metz-Service18's contribution to revenues was € 1.6 million (2013: € 1.0 million).
At its Luckenwalde plant, Rosenbauer Deutschland manufactures AT and ES series fi refi ghting vehicles, superstructure modules and PANTHER cabs. The vehicles are predominantly intended for the German market, while the modules and cabs go to other Rosenbauer plants for further installation.
In addition to the municipal vehicles it produces itself, Rosenbauer Deutschland supplies its domestic market with industrial and aircraft rescue fi refi ghting vehicles from Leonding and fi re and safety equipment, fi refi ghting components, and stationary fi refi ghting systems. The company's revenues amounted to € 103.6 million in 2014 (2013: € 105.2 million).
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Revenues | 181.2 | 178.1 | 157.9 |
| EBIT | 4.6 | (1.4) | 3.6 |
| Employees | 623 | 564 | 538 |
The "Rest of Europe" segment consists of the companies Rosenbauer Española S.A., Rosenbauer Schweiz AG, Rosenbauer d.o.o. in Slovenia, and Rosenbauer UK plc.
The revenues of the Rest of Europe segment amounted to € 58.5 million in the year under review (2013: € 46.4 million). The revenues of the recently acquired Rosenbauer UK of € 3.7 million were included in the consolidated fi nancial statements for the fi rst time. EBIT for the Rest of Europe segment amounted to € 4.3 million (2013: € 2.2 million).
In April 2014, Rosenbauer International AG acquired 75% in the UK's North Fire plc, Holmfi rth. The company, which has around 10 employees, was until recently the exclusive sales and service partner for personal protective equipment, fi refi ghting components, aerials, and municipal vehicles in the UK. Its incorporation into Rosenbauer's sales and service network will allow the Group to serve UK fi re services directly in the future. Rosenbauer intends to better leverage the potential of the UK market through its closer involvement.
The founder of North Fire holds 25% in Rosenbauer UK and is its managing director. The new UK subsidiary was included in consolidation eff ective April 1, 2014, and since then has contributed revenues of € 3.7 million to the segment.
Rosenbauer Española operates from Madrid, serving its domestic market of Spain and markets in Northwest Africa and parts of Latin America. It sells the entire Rosenbauer product range and produces its own municipal, forest fi refi ghting, industrial, and aircraft rescue fi re fi ghting vehicles.
Even though Spain recovered somewhat from the budget crisis in 2014, the market volume for fi refi ghting vehicles is still well below the normal level. However, Rosenbauer Española more than compensated for the losses on its local market with increased exports, improving its revenues to € 32.3 million (2013: € 25.2 million).
The vehicles are manufactured at the Linares plant, a production joint venture in which the Managing Director of Rosenbauer Española and Rosenbauer International each hold an interest of 50%. The joint venture Rosenbauer Ciansa is accounted for using the equity method and is therefore not covered in segment reporting.
Rosenbauer Schweiz AG is the sales and service company for the Swiss market, and is based in Oberglatt near Zurich. It off ers the full line of Rosenbauer products, plus platforms for aerial
work, and rescue vehicles. Revenues at the Swiss company were down slightly year-on-year at € 14.6 million in the year under review (2013: € 16.7 million).
Rosenbauer Slovenia in Radgona produces fi refi ghting vehicles for the local market plus superstructures, crew cabs, and tanks for affi liates. Thanks to increased deliveries both on its domestic market and to the Group, the company raised its revenues to € 7.9 million in 2014 (2013: € 4.5 million).
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Revenues | 58.5 | 46.4 | 26.6 |
| EBIT | 4.3 | 2.2 | 0.8 |
| Employees | 131 | 108 | 103 |
The Asia segment consists of the companies S.K. Rosenbauer Pte. Ltd., Singapore, Eskay Rosenbauer Sdn Bhd, Brunei, and Rosenbauer Saudi Arabia Ltd. The segment's revenues increased to € 28.0 million in 2014 thanks to increased deliveries by S.K. Rosenbauer and the expansion of service business in Saudi Arabia (2013: € 15.9 million). EBIT improved to € 2.5 million (2013: € –0.3 million).
In late 2014, ground was broken on a production facility in King Abdullah Economic City in Saudi Arabia that will be completed in 2015.
In Singapore, S.K. Rosenbauer builds and sells fi refi ghting and specialty vehicles that are delivered to Hong Kong, Singapore, and neighboring countries. Revenues virtually doubled to € 20.7 million in the year under review as a result of increased deliveries (2013: € 11.4 million).
Eskay Rosenbauer sells fi refi ghting vehicles on its local market and generated revenues of € 1.6 million in the past year (2013: € 0.3 million).
Rosenbauer signifi cantly expanded its presence in the Middle East in 2013 by establishing Rosenbauer Saudi Arabia in Riyadh. The company is responsible for the maintenance of vehicles in Saudi Arabia and provides fi re services with training for their new equipment.
At the end of 2014, ground was broken on a building in King Abdullah Economic City (KAEC), approximately 125 km north of Jeddah. In the future, this plant will be used for both the assembly of vehicles for the local market and maintenance work. The KAEC region is ideally suited as a production location thanks to its existing infrastructure, featuring a newly built port, the freight yard, and connections to the highway. A total of about € 5 million is being invested in the construction of the production location.
The company's revenues amounted to € 7.7 million in the reporting period (2013: € 4.2 million).
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Revenues | 28.0 | 15.9 | 13.4 |
| EBIT | 2.5 | (0.3) | 1.0 |
| Employees | 104 | 81 | 47 |
Rosenbauer produces all types of fi refi ghting vehicle, to both European and US standards. These two sets of standards diff er greatly. The most visible expression of this is the diff erent way the vehicles are built. While European fi refi ghting vehicles are built very compactly, US vehicles tend to be much larger and heavier.
In much of Europe, the fi refi ghting systems used are also very diff erent to those in the US. Many European fi re services use combined normal and high-pressure fi refi ghting systems (from 10 to 40 bar), while in the US the use of high-pressure systems is not common 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 vehicles is generally characterized by replacement procurement, especially in developed countries. Depending on the level of deployment, equipment is used for an average of between 15 and 25 years operation.
While volunteer fi re departments usually keep their vehicles for 20 to 25 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 manufactures fi refi ghting vehicles in Austria, the US, Germany, Russia, Spain, Slovenia, and Singapore; fi nal assembly is carried out in Saudi Arabia. Its largest manufacturing facilities are in Leonding, Austria, and Lyons, South Dakota, in the US. The biggest vehicle markets in terms of volume in 2014 were Saudi Arabia, the US, and Germany.
With revenues of € 549.5 million (2013: € 517.4 million), the Vehicles product segment accounted for the highest share of the Group's revenues in the reporting year at 70% (2013: 70%). Rosenbauer shipped a total of 2,388 vehicles in the period under review (2013: 2,697 vehicles).
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Order intake | 536.3 | 543.5 | 347.8 |
| Revenues | 549.5 | 517.4 | 443.0 |
Aerial appliances are primarily used by fi re departments for rescuing people, but also for fi refi ghting and technical work. Turntable ladders are usually fi re departments' preferred high-rise rescue equipment, while aerial rescue platforms are particularly well suited for industrial use. Both types of vehicle can have fi refi ghting equipment added on to create full combination equipment.
The center of competence for fi refi ghting turntable ladders and aerial rescue platforms built to European standards is Metz Aerials in Karlsruhe. US standard equipment is manufactured by Rosenbauer Aerials in Fremont, Nebraska. In addition, other manufacturers' platforms were supplied by the parent company in Leonding and by the subsidiaries in Singapore and Switzerland.
The Aerials segment includes turntable ladders and aerial rescue platforms. It generated revenues of € 73.6 million from these in 2014 (2013: € 71.5 million), accounting for 9% (2013: 10%) of consolidated revenues.
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Order intake | 138.1 | 84.2 | 68.7 |
| Revenues | 73.6 | 71.5 | 71.5 |
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 components. The full integration of fi refi ghting technology into a vehicle's structure is a crucial advantage for Rosenbauer as a provider of integrated solutions or a singlesource provider for a complete fi re apparatus.
The Firefi ghting Components product segment includes pumps and pump units, portable fi re pumps, proportioning systems, water turrets, and their electronic control systems. This segment also includes mobile compressed-air foam extinguishing systems (POLY and CAF systems), from portable fi re extinguishers to compressed-air foaming installations, of every class, that are fi tted in vehicles, motorcycles, and quads. Rosenbauer develops and produces the entire line of fi refi ghting components at its Leonding location. These 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 or pump modules 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.
A total of 2,053 truck-mounted fi re pumps (2013: 2,112), 1,291 pump units (2013: 1,330), 1,629 turrets (2013: 1,667) and 1,098 portable fi re pumps (2013: 898) were produced in 2014.
With revenues of € 24.1 million (2013: € 22.7 million), Firefi ghting Components accounted for 3% (2013: 3 %) of the Group's revenues. The pump units, fi refi ghting systems and components installed on Rosenbauer's own vehicles are included in Vehicles segment revenues.
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Order intake | 22.9 | 22.3 | 23.8 |
| Revenues | 24.1 | 22.7 | 22.6 |
Rosenbauer off ers fi re departments a full range of fi re and safety equipment for every type of operation. Its range extends from personal protective equipment, to technical emergency equipment, to special equipment for hazmat accidents and environmental disasters.
In addition to this standard range, over the last few years Rosenbauer has also launched an innovative line of its own products. These are all positioned in the very top quality segment and are distinguished by their outstanding reliability, functional design and value for money. Rosenbauer's global sales organization makes it possible to sell high unit numbers, which allows economically viable industrial-scale production. The main revenue drivers among Rosenbauer's own products are personal protective equipment (helmets, protective clothing, boots, etc.), submersible pumps, generators, nozzles and high-performance ventilators. Rosenbauer-brand items already generate more than 35% of all Fire & Safety Equipment revenues, most of which with proprietary developments less than fi ve years old.
The Fire & Safety Equipment product segment generated revenues of € 77.9 million in 2014 (2013: € 81.5 million), accounting for 10% of consolidated revenues (2013: 11%)
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Order intake | 69.8 | 67.7 | 54.6 |
| Revenues | 77.9 | 81.5 | 66.7 |
This segment bundles all the new business areas that will open up growth opportunities for the Group outside its core business. Its main pillar is industrial fi re protection. Here, Rosenbauer utilizes in-house expertise and synergies to create bespoke fi refi ghting installations. These fi rstly protect expensive industrial plants and machinery in high-fi re-risk environments, such as paint shops, recycling plants, biomass power stations, etc., and secondly they are used to protect highway tunnels, aircraft hangars, or off shore and onshore helidecks.
The second pillar of the Business Development segment is telematics. Rosenbauer supplies fi re departments with solutions for professional operations and information management: EMEREC supports them directly in the fi eld; service4fi re with vehicle management and maintenance.
The Business Development segment generated revenues of € 6.4 million in the reporting period (2013: € 3.8 million).
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Order intake | 4.8 | 5.5 | 4.1 |
| Revenues | 6.4 | 3.8 | 3.2 |
At € 50.8 million (2013: € 38.1 million), the Customer Service segment accounted for 6% of revenues in 2014 (2013: 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.
Customer Service runs service competence centers that handle materials and spare parts management and the full Rosenbauer service range in the regions. In addition to defi ned service packages, Customer Service mainly off ers training programs. Since 2014 this has also included training on simulators created specifi cally for this purpose. The technical modernization work of fi refi ghting vehicles as part of their refurbishment or 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.
Other revenues have no causal link with the ordinary activities of the Group and thus cannot be directly assigned to any one product segment. They do not generally have any signifi cant impact on the company's results and amounted to € 2.6 million in the past fi nancial year (2013: € 2.9 million).
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Order intake | 48.5 | 37.4 | 34.2 |
| Revenues | 53.4 | 41.0 | 38.1 |
| 80 | Consolidated statement |
|---|---|
| of fi nancial position |
94 Segment reporting
96 Explanatory notes
| in € thousand | Note | Dec 31, 2014 | Dec 31, 2013 |
|---|---|---|---|
| ASSETS | |||
| A. Non-current assets | |||
| I. Property, plant and equipment |
(D1) | 125,139.4 | 86,435.7 |
| II. Intangible assets | (D1) | 9,059.1 | 3,999.4 |
| III. Securities | (D2) | 215.5 | 235.1 |
| IV. Investments in companies accounted | |||
| for using the equity method | (D3, D4) | 6,003.6 | 7,786.7 |
| V. Receivables and other assets | (D5) | 115.5 | 60.5 |
| VI. Deferred tax assets | (D6) | 6,114.7 | 2,806.2 |
| 146,647.8 | 101,323.6 | ||
| B. Current assets | |||
| I. Inventories |
(D7) | 208,043.5 | 167,883.3 |
| II. Construction contracts | (D8) | 77,066.5 | 45,198.1 |
| III. Receivables and other assets | (D9) | 118,867.3 | 86,799.1 |
| IV. Income-tax receivables | (D9) | 2,451.4 | 636.8 |
| V. Cash and cash equivalents | (D10) | 26,780.0 | 13,805.8 |
| 433,208.7 | 314,323.1 |
Total assets 579,856.5 415,646.7
| in € thousand | Note | Dec 31, 2014 | Dec 31, 2013 |
|---|---|---|---|
| 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) | 431.1 |
| IV. Accumulated results | (D11) | 150,843.4 | 131,720.2 |
| Equity attributable to | |||
| shareholders of the parent company | 174,467.5 | 169,454.7 | |
| V. Non-controlling interests | (D12) | 23,881.9 | 18,455.0 |
| 198,349.4 | 187,909.7 | ||
| B. Non-current liabilities | |||
| I. Non-current interest-bearing liabilities |
(D13) | 51,724.3 | 674.8 |
| II. Other non-current liabilities | (D14) | 1,611.9 | 3,414.0 |
| III. Non-current provisions | (D15) | 29,995.2 | 25,934.1 |
| IV. Deferred tax liabilities | (D6) | 2,640.3 | 2,829.1 |
| 85,971.7 | 32,852.0 | ||
| C. Current liabilities | |||
| I. Current interest-bearing liabilities |
(D16) | 129,483.5 | 62,127.5 |
| II. Advance payments received | 34,834.6 | 30,937.3 | |
| III. Trade payables | (D17) | 48,132.0 | 39,885.8 |
| IV. Other current liabilities | (D18) | 70,666.6 | 46,031.1 |
| V. Provisions for taxes | (D19) | 319.2 | 1,967.4 |
| VI. Other provisions | (D19) | 12,099.5 | 13,935.9 |
| 295,535.4 | 194,885.0 | ||
| Total equity and liabilities | 579,856.5 | 415,646.7 |
| in € thousand | Note | 2014 | 2013 737,894.1 30,752.8 |
|
|---|---|---|---|---|
| 1. | Revenues | (D20) | 784,852.3 | |
| 2. | Other income | (D21) | 9,776.6 | 8,477.7 |
| 3. | Change in inventory of fi nished goods | |||
| and work in progress | 3,052.4 | 3,439.8 | ||
| 4. | Capitalized development costs | (D1) | 3,364.9 | 2,293.5 |
| 5. | Costs of goods sold | (522,415.3) | (496,150.7) | |
| 6. | Staff costs | (D22) | (159,466.7) | (142,222.4) |
| 7. | Depreciation and amortization expense on | |||
| property, plant and equipment and intangible assets | (12,664.4) | (10,208.8) | ||
| 8. | Other expenses | (D23) | (58,142.4) | (61,176.5) |
| 9. | Operating result (EBIT) before share in results | |||
| of companies accounted for using the equity method | 48,357.4 | 42,346.7 | ||
| 10. Financing expenses | (D24) | (5,024.6) | (3,909.3) | |
| 11. Financing income | (D25) | 2,166.6 | 1,345.5 | |
| 12. Share in results of companies accounted | ||||
| for using the equity method | 1,814.9 | 1,905.7 | ||
| 13. Profi t before income tax (EBT) | 47,314.3 | 41,688.6 | ||
| 14. Income tax | (D26) | (10,655.2) | (10,935.8) | |
| 15. Net profi t for the period | 36,659.1 | |||
| thereof: | ||||
| — Non-controlling interests | 9,375.9 | 4,426.2 | ||
| — Shareholders of parent company | 27,283.2 | 26,326.6 | ||
| Average number of shares outstanding | (E6) | 6,800,000 | 6,800,000 | |
| Basic earnings per share | (E6) | € 4.01 | € 3.87 | |
| Diluted earnings per share | (E6) | € 4.01 | € 3.87 |
| in € thousand | Note | 2014 | 2013 |
|---|---|---|---|
| Net profi t for the period | 36,659.1 | 30,752.8 | |
| Restatements as required by IAS 19 | (D15) | (2,542.8) | (359.7) |
| — thereof deferred taxes | 656.8 | 96.3 | |
| Total of changes in value recognized in equity | |||
| that cannot be subsequently reclassifi ed into profi t or loss | (1,886.0) | (263.4) | |
| Gains/losses from foreign currency translation | 5,875.6 | (2,067.7) | |
| Gains/losses from foreign currency translation | |||
| of companies accounted for using the equity method | (D3) | (2,660.9) | (992.5) |
| Gains/losses from available-for-sale-securities | |||
| Change in unrealized gains/losses | 5.3 | (0.3) | |
| — thereof deferred tax | (1.3) | 0.1 | |
| Gains/losses from cash fl ow hedge | (D30b) | ||
| Change in unrealized gains/losses | (13,775.5) | 4,120.3 | |
| — thereof deferred tax | 3,443.8 | (1,030.1) | |
| Realized gains/losses | (4,097.0) | (249.9) | |
| — thereof deferred tax | 1,024.3 | 62.5 | |
| Total changes in value recognized in equity | |||
| subsequently reclassifi ed into profi t or loss | |||
| when certain conditions are met | (10,185.7) | (157.6) | |
| Other comprehensive income | (12,071.7) | (421.0) | |
| Total comprehensive income after income taxes | 24,587.4 | 30,331.8 | |
| thereof: | |||
| — Non-controlling interests | 11,414.6 | 3,099.1 | |
| — Shareholders of parent company | 13,172.8 | 27,232.7 |
| Attributable to shareholders | |||||
|---|---|---|---|---|---|
| Other reserves | |||||
| Restatement | |||||
| Share | Capital | Currency | as required | ||
| in € thousand | Note | capital | reserve | translation | by IAS 19 |
| 2014 | |||||
| As of Jan 1, 2014 | 13,600.0 | 23,703.4 | 1,179.7 | (4,482.6) | |
| Other comprehensive income | 0.0 | 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) | |
| 2013 | |||||
| As of Jan 1, 2013 | 13,600.0 | 23,703.4 | 2,912.8 | (4,219.2) | |
| Other comprehensive income | 0.0 | 0.0 | (1,733.1) | (263.4) | |
| Net profi t for the period | 0.0 | 0.0 | 0.0 | 0.0 | |
| Total comprehensive income | 0.0 | 0.0 | (1,733.1) | (263.4) | |
| Acquisition of subsidiary | (B1) | 0.0 | 0.0 | 0.0 | 0.0 |
| Partial disposal of an | |||||
| investment in a subsidiary |
while control is retained (D12) 0.0 0.0 0.0 0.0 Dividend (D12) 0.0 0.0 0.0 0.0 As of Dec 31, 2013 13,600.0 23,703.4 1,179.7 (4,482.6)
| Revaluation Hedging Accumulated Non-controlling Group reserve reserve results Subtotal interests equity 5.7 3,728.3 131,720.2 169,454.7 18,455.0 187,909.7 4.0 (13,404.4) 0.0 (14,110.4) 2,038.7 (12,071.7) 0.0 0.0 27,283.2 27,283.2 9,375.9 36,659.1 4.0 (13,404.4) 27,283.2 13,172.8 11,414.6 24,587.4 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 5.9 825.5 113,553.6 150,382.0 17,438.6 167,820.6 (0.2) 2,902.8 0.0 906.1 (1,327.1) (421.0) 0.0 0.0 26,326.6 26,326.6 4,426.2 30,752.8 (0.2) 2,902.8 26,326.6 27,232.7 3,099.1 30,331.8 0.0 0.0 0.0 0.0 328.8 328.8 0.0 0.0 0.0 0.0 59.5 59.5 |
|||||||
|---|---|---|---|---|---|---|---|
| (10,631.0) | (2,471.0) | (8,160.0) | (8,160.0) | 0.0 | 0.0 |
5.7 3,728.3 131,720.2 169,454.7 18,455.0 187,909.7
in the parent company
| in € thousand | Note | 2014 | 2013 | |
|---|---|---|---|---|
| Profi t before income tax | 47,314.3 | 41,688.6 | ||
| + | Depreciation | 12,664.4 | 10,208.8 | |
| ± | Gains/losses of companies accounted | |||
| for using the equity method | (D3) | (1,814.9) | (1,905.7) | |
| – | Gains from the retirement of property, plant and equipment, | |||
| intangible assets and securities | (D21) | (149.2) | (75.9) | |
| + | Interest expenses | (D24) | 4,284.9 | 3,117.3 |
| – | Interest and securities income | (D25) | (2,166.6) | (1,345.5) |
| ± | Unrealized gains/losses from currency translation | 4,043.0 | (1,383.7) | |
| ± | Change in inventories | (39,799.1) | 5,924.4 | |
| ± | Change in receivables and other assets | |||
| and construction contracts | (D7, D8) | (65,577.7) | 28,262.6 | |
| ± | Change in other receivables | (1,575.2) | 1,068.0 | |
| ± | Change in trade payables and advance payments received | 11,270.6 | (1,384.4) | |
| ± | Change in other liabilities | 7,662.8 | 4,108.9 | |
| ± | Change in provisions (excluding income tax deferrals) | (318.1) | 2,132.3 | |
| Cash earnings | (24,160.8) | 90,415.7 | ||
| – | Interest paid | (D24) | (2,471.5) | (2,986.7) |
| + | Interest received and income of securities | (D25) | 916.3 | 675.6 |
| + | Dividends received from companies accounted | |||
| for using the equity method | (D3) | 937.1 | 2,178.5 | |
| – | Income tax paid | (12,313.3) | (8,099.0) | |
| Net cash fl ow from operating activities | (37,092.2) | 82,184.1 |
| in € thousand | Note | 2014 | 2013 | |
|---|---|---|---|---|
| Net cash fl ow from operating activities | (37,092.2) | 82,184.1 | ||
| ± | Payments made in connection with acquisition of subsidiary | |||
| less acquired liquid funds | (B1) | (857.3) | 2.0 | |
| – | Payments from the purchase of property, plant and equipment, | |||
| intangile assets and securities | (D27) | (51,122.6) | (25,137.1) | |
| + | Proceeds from the sale of property, plant and equipment, | |||
| intangible assets and securities | 524.4 | 629.0 | ||
| – | Income from capitalized development costs | (3,364.9) | (2,293.5) | |
| + | Capital contribution non-controlling interests in connection | |||
| with the formation of group entities | 0.0 | 254.2 | ||
| Net cash fl ow from investing activities | (54,820.4) | (26,545.4) | ||
| + | Partial disposal of an investment in a subsidiary | |||
| while control is retained | (D12) | 0.0 | 59.5 | |
| – | Dividends paid | (D27) | (8,160.0) | (8,160.0) |
| – | Dividends paid to non-controlling interests | (D12) | (6,236.3) | (2,471.0) |
| + | Proceeds from interest-bearing liabilities | 180,533.0 | 51,958.5 | |
| – | Repayment of interest-bearing liabilities | (62,127.5) | (96,515.9) | |
| Net cash fl ow from fi nancing liabilities | 104,009.2 | (55,128.9) | ||
| Net change in cash and cash equivalents | 12,096.6 | 509.8 | ||
| + | Cash and cash equivalents at the beginning of the period | (D10) | 13,805.8 | 13,608.7 |
| ± | Adjustment from currency translation | 877.6 | (312.7) | |
| Cash and cash equivalents at the end of the period | (D10) | 26,780.0 | 13,805.8 |
| Cost of acquisition or production | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| As of Jan 1, |
Currency | Acquisition of sub- |
Adjust- | As of Dec 31, |
|||||
| in € thousand | 2014 | diff erences | sidiary | Additions | Disposals | ments | 2014 | ||
| 2014 | |||||||||
| I. Property, plant and equipment | |||||||||
| 1. Land and buildings | |||||||||
| a) Land value | 6,522.1 | 85.0 | 0.0 | 9,447.4 | 0.0 | 0.0 | 16,054.5 | ||
| b) Offi ce and plant buildings | 63,400.6 | 1,181.6 | 0.0 | 17,032.5 | 0.0 | 2,814.8 | 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 |
| 3,593.6 | 8.5 | 0.0 | 573.5 | 316.3 | 3,859.3 | 1,379.6 | 817.7 |
| 813.6 | |||||||
| 0.0 | 0.0 | 0.0 | 89.2 | 0.0 | 89.2 | 6,508.6 | 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 0.0 |
0.0 666.4 37.2 0.0 |
0.0 0.0 29.2 0.0 |
Accumulated depreciation 1.7 2,833.5 249.2 0.0 |
0.0 10.5 268.4 0.0 |
27.7 26,935.4 2,456.5 0.0 |
16,026.8 57,494.1 1,813.3 1,163.5 |
| Cost of acquisition or production | ||||||||
|---|---|---|---|---|---|---|---|---|
| in € thousand | As of Jan 1, 2013 |
Currency diff erences |
Acquisition of sub- sidiary |
Additions | Disposals | Adjust- ments |
As of Dec 31, 2013 |
|
| 2013 | ||||||||
| I. Property, plant and equipment | ||||||||
| 1. Land and buildings | ||||||||
| a) Land value | 5,468.7 | (25.6) | 0.0 | 1,079.0 | 0.0 | 0.0 | 6,522.1 | |
| b) Offi ce and plant buildings | 55,129.7 | (530.2) | 0.0 | 8,577.1 | 0.0 | 224.0 | 63,400.6 | |
| c) Outside facilities | 4,383.7 | 0.0 | 0.0 | 1,201.8 | 3.2 | 33.5 | 5,615.8 | |
| d) Investments in | ||||||||
| non-owned buildings | 3,626.4 | (27.1) | 0.0 | 162.7 | 150.3 | 0.0 | 3,611.7 | |
| 2. Undeveloped land | 3,430.1 | 0.0 | 0.0 | 137.1 | 0.0 | 0.0 | 3,567.2 | |
| 3. Technical equipment | ||||||||
| and machinery | 26,794.4 | (285.8) | 4.2 | 3,554.1 | 863.0 | 490.6 | 29,694.5 | |
| 4. Other equipment, | ||||||||
| furniture and fi xtures | 42,585.9 | (147.6) | 17.8 | 6,085.0 | 1,688.8 | 129.6 | 46,981.9 | |
| 5. Advance payments received | ||||||||
| and construction in progress | 1,123.1 | 0.0 | 0.0 | 4,291.3 | 181.4 | (877.7) | 4,355.3 | |
| 142,542.0 | (1,016.3) | 22.0 | 25,088.1 | 2,886.7 | 0.0 | 163,749.1 | ||
| II. Intangible assets | ||||||||
| 1. Rights | 4,521.7 | (3.6) | 0.0 | 306.5 | 413.3 | 0.0 | 4,411.3 | |
| 2. Goodwill | 813.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 813.6 | |
| 3. Other intangible assets | 0.0 | 0.0 | 74.6 | 2,293.5 | 0.0 | 0.0 | 2,368.1 | |
| 5,335.3 | (3.6) | 74.6 | 2,600.0 | 413.3 | 0.0 | 7,593.0 | ||
| 147,877.3 | (1,019.9) | 96.6 | 27,688.1 | 3,300.0 | 0.0 | 171,342.1 |
| Net book value | |||||||
|---|---|---|---|---|---|---|---|
| Changes | |||||||
| As of | in con- | As of | As of | As of | |||
| Jan 1, | Currency | solidation | Dec 31, | Dec 31, | Dec 31, | ||
| 2013 | diff erences | basis | Additions | Disposals | 2013 | 2013 | 2012 |
| 5,444.4 | |||||||
| 33,533.0 | |||||||
| 2,442.5 | 0.0 | 0.0 | 326.0 | 0.0 | 2,768.5 | 2,847.3 | 1,941.2 |
| 1,340.4 | |||||||
| 3,430.1 | |||||||
| 15,720.7 | (199.4) | 0.0 | 2,288.6 | 863.7 | 16,946.2 | 12,748.3 | 11,073.7 |
| 28,497.0 | (123.3) | 0.0 | 4,733.4 | 1,389.7 | 31,717.4 | 15,264.5 | 14,088.9 |
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4,355.3 | 1,123.1 |
| 70,567.2 | (645.1) | 0.0 | 9,727.2 | 2,335.9 | 77,313.4 | 86,435.7 | 71,974.8 |
| 3,526.4 | (3.4) | 0.0 | 481.6 | 411.0 | 3,593.6 | 817.7 | 995.3 |
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 813.6 | 813.6 |
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2,368.1 | 0.0 |
| 3,526.4 | (3.4) | 0.0 | 481.6 | 411.0 | 3,593.6 | 3,999.4 | 1,808.9 |
| 74,093.6 | (648.5) | 0.0 | 10,208.8 | 2,746.9 | 80,907.0 | 90,435.1 | 73,783.7 |
| 24.3 21,596.7 2,286.0 0.0 |
0.0 (313.7) (8.7) 0.0 |
0.0 0.0 0.0 0.0 |
Accumulated depreciation 1.7 2,163.0 214.5 0.0 |
0.0 0.0 82.5 0.0 |
26.0 23,446.0 2,409.3 0.0 |
6,496.1 39,954.6 1,202.4 3,567.2 |
| 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 the item D15. "Non-current provisions" in the Notes.
| As of | As of | ||||||
|---|---|---|---|---|---|---|---|
| Jan 1, | Currency | Con- | Com- | Dec 31, | |||
| in € thousand | 2013 | diff erences | Allocation | sumption | Reversal | pounding | 2013 |
| 2013 | |||||||
| Current | |||||||
| Personnel provisions | 245.0 | 0.0 | 95.0 | (233.1) | 0.0 | 0.0 | 106.9 |
| Provisions for warranties | 7,330.9 | (116.9) | 10,699.2 | (7,089.4) | (124.6) | 0.0 | 10,699.2 |
| Contract loss provisions | 252.2 | (1.8) | 209.0 | (46.1) | (204.3) | 0.0 | 209.0 |
| Provisions for income tax | 925.7 | (9.0) | 2,038.9 | (988.2) | 0.0 | 0.0 | 1,967.4 |
| Other provisions | 2,896.3 | (8.4) | 2,427.2 | (2,277.5) | (116.8) | 0.0 | 2,920.8 |
| 11,650.1 | (136.1) | 15,469.3 | (10,634.3) | (445.7) | 0.0 | 15,903.3 | |
| Non-current | |||||||
| Provisions for | |||||||
| long-service bonuses | 2,413.0 | 0.0 | 369.0 | (160.7) | 0.0 | 82.7 | 2,704.0 |
| Other non-current | |||||||
| provisions | 62.5 | 0.0 | 0.0 | 0.0 | (5.5) | 0.0 | 57.0 |
| 2,475.5 | 0.0 | 369.0 | (160.7) | (5.5) | 82.7 | 2,761.0 | |
| 14,125.6 | (136.1) | 15,838.3 | (10,795.0) | (451.2) | 82.7 | 18,664.3 |
The schedule of provisions for severance payments and pensions is contained under the item D15. "Non-current provisions" in the Notes.
| Rest of | Con | ||||||
|---|---|---|---|---|---|---|---|
| in € thousand | Austria | USA | Germany | Europe | Asia | solidation | Group |
| 20141 | |||||||
| External revenues | 443,775.9 | 146,317.1 | 143,484.3 | 30,882.3 | 20,392.7 | 0.0 | 784,852.3 |
| Internal revenues | 68,740.9 | 50,188.7 | 37,703.3 | 27,583.2 | 7,610.8 | (191,826.9) | 0.0 |
| Total revenues | 512,516.8 | 196,505.8 | 181,187.6 | 58,465.5 | 28,003.5 (191,826.9) | 784,852.3 | |
| EBIT before share of | |||||||
| results of companies | |||||||
| accounted for using | |||||||
| the equity method | 22,259.7 | 14,622.3 | 4,642.2 | 4,282.7 | 2,507.6 | 42.9 | 48,357.4 |
| Segment assets | 356,216.2 | 76,955.1 | 86,068.2 | 40,644.4 | 24,910.5 | (45,215.2) | 539,579.2 |
| Segment liabilities | 137,525.5 | 29,322.8 | 41,674.2 | 28,340.0 | 7,657.6 | (47,180.3) | 197,339.8 |
| Investments | 45,072.6 | 2,965.4 | 4,287.9 | 629.8 | 1,586.4 | 0.0 | 54,542.1 |
| Depreciation | 8,692.2 | 1,134.8 | 1,794.7 | 664.3 | 378.4 | 0.0 | 12,664.4 |
| Share in results of | |||||||
| companies accounted for | |||||||
| using the equity method | 1,814.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1,814.9 |
| Employees (average) | 1,253 | 689 | 623 | 131 | 104 | 0 | 2,800 |
1 The segment report refers to the revenues and results earned by the individual segments both on their respective local market and from export sales.
| Revenues | Segment assets | Investments | ||||
|---|---|---|---|---|---|---|
| in € million | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 |
| Vehicles | 549.5 | 517.4 | 404.5 | 317.1 | 33.7 | 23.0 |
| Aerials | 73.6 | 71.5 | 56.2 | 45.1 | 2.6 | 1.9 |
| Firefi ghting Components | 24.1 | 22.7 | 12.5 | 11.0 | 1.6 | 1.3 |
| Fire & Safety Equipment | 77.9 | 81.5 | 18.1 | 13.2 | 0.1 | 0.0 |
| Business Development | 6.4 | 3.8 | 4.8 | 2.1 | 0.1 | 0.1 |
| Customer Service | 50.8 | 38.1 | 0.7 | 3.1 | 0.6 | 0.1 |
| Others | 2.6 | 2.9 | 54.4 | 8.1 | 15.8 | 1.3 |
| Consolidation | 0.0 | 0.0 | (11.6) | (9.5) | 0.0 | 0.0 |
| Group | 784.9 | 737.9 | 539.6 | 390.2 | 54.5 | 27.7 |
| Rest of | Con | ||||||
|---|---|---|---|---|---|---|---|
| in € thousand | Austria | USA | Germany | Europe | Asia | solidation | Group |
| 20131 | |||||||
| External revenues | 437,448.9 | 119,603.8 | 143,691.4 | 25,960.2 | 11,189.8 | 0.0 | 737,894.1 |
| Internal revenues | 66,360.0 | 52,841.9 | 34,453.5 | 20,443.6 | 4,662.3 | (178,761.3) | 0.0 |
| Total revenues | 503,808.9 | 172,445.7 | 178,144.9 | 46,403.8 | 15,852.1 (178,761.3) | 737,894.1 | |
| EBIT before share of | |||||||
| results of companies | |||||||
| accounted for using | |||||||
| the equity method | 31,960.3 | 9,833.4 | (1,383.4) | 2,183.4 | (256.0) | 9.0 | 42,346.7 |
| Segment assets | 252,100.2 | 65,940.7 | 73,879.5 | 28,998.3 | 14,313.7 | (45,033.1) | 390,199.3 |
| Segment liabilities | 114,255.0 | 25,513.7 | 38,810.3 | 20,771.2 | 5,889.3 | (45,101.3) | 160,138.2 |
| Investments | 21,161.4 | 643.3 | 3,957.5 | 1,372.1 | 553.8 | 0.0 | 27,688.1 |
| Depreciation | 6,868.5 | 1,134.0 | 1,526.5 | 408.2 | 271.6 | 0.0 | 10,208.8 |
| Share in results of | |||||||
| companies accounted for | |||||||
| using the equity method | 1,905.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1,905.7 |
| Employees (average) | 1,154 | 644 | 564 | 108 | 81 | 0 | 2,551 |
1 The segment report refers to the revenues and results earned by the individual segments both on their respective local market and from export sales.
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 and equipping vehicles and their crews. 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, 2014 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 2015. 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 2014 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:
| Standards/interpretations | Eff ective date | |
|---|---|---|
| IAS 27 "Separate Financial Statements" (published May 2011) | January 1, 2014 | |
| IAS 28 "Investments in Associates and Joint Ventures" (published May 2011) | January 1, 2014 | |
| IAS 32 "Off setting Financial Assets and Financial Liabilities" | ||
| (published December 2011) | January 1, 2014 | |
| Investment Entities (amendments to IFRS 10, IFRS 12, and IAS 27) | January 1, 2014 | |
| Transition Guidance (amendments to IFRS 10, IFRS 11, and IFRS 12) | January 1, 2014 |
The following new, revised or supplemented IASB standards were applied for the fi rst time in the 2014 fi nancial year and aff ected Rosenbauer's consolidated fi nancial statements:
In May 2011, the IASB published three new standards that concern the treatment of subsidiaries, joint arrangements and disclosure of interests in other entities:
IFRS, as endorsed in the European Union, require the adoption of these standards for reporting periods beginning on or after January 1, 2014.
IFRS 10 replaces the previous regulations on consolidated fi nancial statements in IAS 27 ("Consolidated and Separate Financial Statements") and SIC-12 ("Consolidation – Special Purpose Entities"). In the future, IAS 27 merely regulates accounting for interests in subsidiaries in separate fi nancial statements. In particular, IFRS 10 redefi nes the concept of control more comprehensively. This is intended to create a uniform basis for defi ning the consolidated group. Under IFRS 10, control exists, when all of the following three conditions are met:
Control was previously defi ned as the power to govern the fi nancial and operating policies of an enterprise so as to obtain benefi ts from its activities. In adopting IFRS 10 for the fi rst time, it was assessed whether – in accordance with the new defi nition of control and the associated application guidance of IFRS 10 – subsidiaries are still controlled. The new regulations did not result in any change in the basis of consolidation of the Rosenbauer Group.
IFRS 11 ("Joint Arrangements") replaces IAS 31 ("Interests in Joint Ventures") and SIC-13 ("Jointly Controlled Entities – Non-Monetary Contributions by Venturers"). IFRS 11 regulates accounting for joint operations and joint ventures. In accordance with IFRS 11, joint ventures as defi ned by IFRS 11 are included in the consolidated fi nancial statements using the equity method. The classifi cation of the Group's interests in joint arrangements was examined and reassessed in line with the principles of IFRS 11. Given that joint ventures were already accounted for using the equity method, there was no change in accounting for joint ventures in the consolidated fi nancial statements of Rosenbauer International AG.
IFRS 12 ("Disclosure of Interests in Other Entities") compiles the disclosures required on subsidiaries, joint arrangements, associates and non-consolidated structured entities into a single standard. The scope of the disclosure requirements in the consolidated fi nancial statements of Rosenbauer International AG has not changed signifi cantly as a result of the provisions of IFRS 12.
As a result of the amendments in IAS 39 ("Novation of Derivatives and Continuation of Hedge Accounting") under certain circumstances derivatives remain hedging instruments in continuing hedge accounting despite novation. Novation refers to instances in which the original counterparties to a derivative agree that a central counterparty will replace one of the original counterparties. A basic requirement for this is that the central counterparty is engaged as a result of legal or regulatory requirements. The amendments do not aff ect the consolidated fi nancial statements as the derivatives that exist within the Group do not have to switch to a central counterparty as a result of legal or regulatory requirements.
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 June 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. An initial analysis found that this had no eff ect for the Rosenbauer Group.
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. IFRS 15 replaces the existing guidance 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, 2017; earlier adoption is permitted. Signifi cant changes may arise with regard to the applicability of the percentageof-completion (PoC) method to revenue recognition. The further applicability of the percentage-of-completion method under IFRS 15 cannot yet be conclusively assessed.
No signifi cant eff ect on the consolidated fi nancial statements of Rosenbauer International AG is expected from the following standards/interpretations.
| Standards/interpretations | Eff ective date |
|---|---|
| IFRIC 21 "Levies" | June 17, 2014 |
| IAS 19 "Defi ned Benefi t Plans: Employee Contributions" | |
| (published November 2013) | July 1, 2014 |
| Improvements to IFRS (2010–2012) (published December 2013) | July 1, 2014 |
| Improvements to IFRS (2011–2013) (published December 2013) | July 1, 2014 |
| IFRS 14 "Regulatory Deferral Accounts" (published January 2014) | January 1, 2016 |
| IAS 16 and IAS 41 "Agriculture: Bearer Plants" (published June 2014) | January 1, 2016 |
| Amendments to IAS 16 and 38: Depreciation and Amortization | |
| (published May 2014) | January 1, 2016 |
| Amendments to IFRS 11: Accounting for Acquisitions of Interests | |
| in Joint Operations (published May 2014) | January 1, 2016 |
| Amendments to IAS 27: Equity Method (published August 2014) | January 1, 2016 |
| Improvements to IFRS (2012–2014) (published September 2014) | January 1, 2016 |
| Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets | |
| between an Investor and its Associate (published September 2014) | January 1, 2016 |
| Amendments to IFRS 10, IFRS 12 and IAS 28: Investment Entities – | |
| Applying the Consolidation Exception (published December 2014) | January 1, 2016 |
| Amendments to IAS 1: Disclosure Initiative (published December 2014) | January 1, 2016 |
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.
B. CONSOLI-DATION PRINCIPLES
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 associate after the date of acquisition. The Group's share of the associate's profi t or loss is recognized in profi t or loss from the acquisition date.
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 | 2013 | 2014 | 2013 | |
| As of Jan 1 | 21 | 19 | 2 | 2 |
| Acquisitions | 1 | 1 | 0 | 0 |
| Companies formed | 0 | 1 | 0 | 0 |
| As of Dec 31 | 22 | 21 | 2 | 2 |
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 |
| in € thousand | 2014 |
|---|---|
| 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 acquisition | 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.
The purchase agreement for the acquisition of 84% of shares in a French service company for aerial appliances was signed on February 1, 2013. The company was included in consolidation for the fi rst time as of February 1, 2003 and operates as Metz-Service18 S.A.R.L.
Purchase price allocation on the basis of the calculated fair values was as follows as of the acquisition date:
| in € thousand | 2013 |
|---|---|
| Unilateral capital increase | 420.0 |
| Total purchase price | 420.0 |
| Total acquired net assets | 500.0 |
| Pro rata net assets (84%) | 420.0 |
| Non-controlling interests measured at amount of pro rata net assets (16%) | 80.0 |
| Goodwill | 0.0 |
The acquired net assets not including the capital contribution of € 80.0 thousand break down as follows:
| in € thousand | 2013 |
|---|---|
| Non-current assets | |
| Property, plant and equipment | 22.0 |
| Intangible assets | 74.6 |
| 96.6 | |
| Current assets | |
| Inventories | 8.7 |
| Receivables | 97.1 |
| Cash and cash equivalents | 2.0 |
| 107.8 | |
| Non-current liabilities | 0.0 |
| Current liabilities | |
| Current interest-bearing liabilities | 35.9 |
| Trade payables | 51.4 |
| Other current liabilities | 37.1 |
| 124.4 | |
| Acquired net assets not including capital contribution | 80.0 |
The fair value of the receivables is € 97.1 thousand. The gross amount of the receivables is also € 97.1 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 | 2013 |
|---|---|
| Purchase price paid in cash | 0.0 |
| less cash and cash equivalents | 2.0 |
| Net cash fl ow from acquisition | (2.0) |
Consolidated earnings would have been as follows if the transaction had been performed as of January 1, 2013:
| in € thousand | 2013 |
|---|---|
| Revenues | 737,894.1 |
| Earnings after taxes | 30,752.8 |
| Earnings per share | € 3.87 |
In the months February to December 2013, the newly acquired company Metz-Service18 generated revenues of € 955.4 thousand and earnings after taxes of € –384.1 thousand.
The carrying amounts of the acquired net assets from the acquisition in 2013 were unchanged; no adjustment was made.
With the founding of a new subsidiary – together with a local partner (Rosenbauer's share: 75%) – the commitment in Saudi Arabia was intensifi ed signifi cantly at the start of 2013.
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 € 3,214.7 thousand (2013: € –3,060.2 thousand) were transferred to other comprehensive income in the year under review.
| Closing rate | Annual average rate | |||
|---|---|---|---|---|
| in € | Dec 31, 2014 Dec 31, 2013 Dec 31, 2014 Dec 31, 2013 | |||
| 100 US dollars | 82.3384 | 72.7114 | 75.3140 | 75.3475 |
| 100 Swiss francs | 83.1739 | 81.5461 | 82.3752 | 81.4376 |
| 100 Singapore dollars | 62.2859 | 57.5209 | 59.4177 | 60.1778 |
| 100 Brunei dollars | 62.2859 | 57.5209 | 59.4177 | 60.1778 |
| 100 South African rands | 7.1250 | 6.8989 | 6.9592 | 7.7806 |
| 100 Saudi riyals | 21.9250 | 19.3667 | 20.0769 | 20.0848 |
| 100 Russian rubles | 1.3874 | 2.2093 | 1.9695 | 2.3589 |
| 100 British pounds | 128.5678 | 119.9760 | 124.1754 | 117.6885 |
The exchange rates on which currency translation is based developed as follows:
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.
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% |
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, 2014, 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 14.6% (2013: 10.4%) and for Rosenbauer UK 11.8%. The discount rate is calculated based on current market data for similar enterprises in the same branch of industry. Cash fl ows incurred after a period of four years are extrapolated using the forecast average industry growth of 1% (2013: 1%). A sensitivity analysis in which discount rates were raised by 50 basis points did not identify any impairment. 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.
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, 2014: € 813.6 thousand; carrying amount as of December 31, 2013: € 813.6 thousand); Rosenbauer UK (carrying amount as of December 31, 2014: € 349.9 thousand).
All capitalized goodwill is tested for impairment. If non-controlling interests are carried at fair value in a business combination, impairment is divided between the individual shareholder groups. 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 IFRS 3.
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 € 3,364.9 thousand were capitalized in the 2014 fi nancial year (2013: € 2,293.5 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 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 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. 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 2.2% p. a. (2013: 3.3% p. a.) and including a growth rate for future pay increases of 4.0% p. a. (2013: 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 % (2013: 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 increase | Pension increase | ||||
|---|---|---|---|---|---|---|
| 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |
| Austria | 2.2% | 3.3% | 4.0% | 4.0% | 3.5% | 3.5% |
| Germany | 2.2% | 3.3% | 1.0% | 1.5% | 1.0% | 1.5% |
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 (2014: € 614.1 thousand; 2013: € 509.6 thousand), which is recognized in staff costs. Furthermore, amounts of € 401.6 thousand (2013: € 309.6 thousand) in Austria and € 696.4 thousand (2013: € 584.2 thousand) in the United States were paid into a pension system that constitutes a defi ned contribution plan. In Germany contributions of € 2,284.8 thousand (2013: € 2,106.6 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 2.2% p. a. (2013: 3.3% p. a.) and including a growth rate for future pay increases of 4.0% p. a. (2013: 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% (2013: 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 (for details see C6.). 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.
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.).
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 2014 deferred taxes were recognized on loss carryforwards in the amount of € 1,222.0 thousand (2013: € 3,185.0 thousand). There were loss carryforwards of € 0.0 thousand in 2014 (2013: € 1,038.9 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 (2014: € 9,111.4 thousand; 2013: € 10.699,2 thousand).
In connection with the fi refi ghting vehicle cartel and the turntable ladder cartel, the regulatory proceedings have now been settled out of court. The € 3.4 million paid by Metz Aerials 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 further in the year under review, regulations were heightened and sanctions for anticompetitive conduct were resolved.
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 € 5,576.6 thousand (2013: € 2,293.5 thousand) as of December 31, 2014 and essentially relates to development services for vehicles, high-rise aerial appliances and fi refi ghting systems. Impairment testing is based on the benefi t of the individual assets, regardless of the income forecasts of the areas as a whole.
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 2014 fi nancial year.
D. NOTES TO THE CON-SOLIDATED STATEMENT OF FINANCIAL POSITION AND THE CON-SOLIDATED INCOME STATEMENT
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, 2013 | |
|---|---|---|
| Up to one year | 2,649.3 | 3,280.2 |
| Between 1 and 5 years | 7,569.7 | 12,530.3 |
| More than 5 years | 4,750.0 | 8,219.5 |
Payments from operating leases included in profi t or loss for the period amounted to € 3,903.1 thousand (2013: € 2,976.8 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, 2013 | |
|---|---|---|
| Base value of land | 1,233.7 | 1,420.2 |
| Commercial and factory buildings | 920.5 | 958.0 |
| Technical equipment and machinery | 172.4 | 230.1 |
| 2,326.6 | 2,608.3 |
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 | 2013 |
|---|---|---|
| Up to one year | 313.2 | 313.2 |
| Between 1 and 5 years | 992.2 | 1,325.1 |
| More than 5 years | 0.0 | 0.0 |
| Minimum lease payments | 1,305.4 | 1,638.3 |
| less interest portion | (63.5) | (90.5) |
| Present value of lease payments | 1,241.9 | 1,547.8 |
The Group had contractual obligations to buy property, plant and equipment of € 2,286.6 thousand as of December 31, 2014 (2013: € 2,351.9 thousand). No impairment losses were recognized on property, plant and equipment or intangible assets in the 2014 fi nancial year (2013: € 0.0 thousand). No impairment losses were reversed in 2014 (2013: € 0.0 thousand).
No property, plant and equipment was pledged as collateral for liabilities in 2014 (2013: € 0.0 thousand). There are no restrictions on title.
Development costs of € 3,364.9 thousand (2013: € 2,293.5 thousand) were capitalized as internally developed intangible assets in the 2014 fi nancial year.
A customer base of € 864.8 thousand was capitalized in the purchase price allocation for the acquisition of Rosenbauer UK. A customer base of € 74.6 thousand was capitalized in the purchase price allocation for the acquisition of Metz-Service18 in 2013.
The securities reported in the consolidated fi nancial statements in the amount of € 215.5 thousand (2013: € 235.1 thousand) are assigned to the available for sale category. The securities are fi xed rate bank and corporate bonds.
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 | 2013 |
|---|---|---|
| Non-current assets | 197.6 | 243.7 |
| Current assets | 17,975.3 | 32,604.7 |
| Current liabilities | 8,884.3 | 19,248.2 |
| Net assets (100%) | 9,288.6 | 13,600.2 |
| — thereof Group's share in net assets | 4,551.4 | 6,664.1 |
| Revenues | 50,106.9 | 43,316.7 |
| Total comprehensive income (100%) | 3,031.4 | 3,663.3 |
| — thereof Group's share in total comprehensive income | 1,485.4 | 1,795.0 |
The total comprehensive income of the associate does not include any items in other comprehensive income.
The reconciliation of the summarized fi nancial information shown to the carrying amount is as follows:
| in € thousand | 2014 | 2013 |
|---|---|---|
| As of Jan 1 | 6,664.1 | 8,040.1 |
| Share of profi t/loss | 1,485.4 | 1,795.0 |
| Distribution | (937.2) | (2,178.5) |
| Foreign exchange diff erences | (2,660.9) | (992.5) |
| As of Dec 31 | 4,551.4 | 6,664.1 |
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. 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 | 2013 |
|---|---|---|
| As of Jan 1 | 1,122.6 | 1,011.9 |
| Share in total comprehensive income | 329.5 | 110.7 |
| As of Dec 31 | 1,452.1 | 1,122.6 |
The total comprehensive income of the joint venture does not include any items in other comprehensive income.
Group's shares in the assets and liabilities, income and expenses of the joint venture in Spain:
| in € thousand | 2014 | 2013 |
|---|---|---|
| Non-current assets | 3,003.9 | 3,233.4 |
| Current assets | 864.9 | 575.8 |
| Non-current liabilities | 1,205.1 | 1,759.8 |
| Current liabilities | 1,211.6 | 926.8 |
| Income | 2,063.6 | 1,441.7 |
| Expenses | 1,734.1 | 1,331.0 |
| D5. Non-current receivables | ||
|---|---|---|
| in € thousand | Dec 31, 2014 Dec 31, 2013 | |
| Other receivables and assets | 115.5 | 60.5 |
The other receivables and assets with a term of between one and fi ve years were € 115.5 thousand in 2014 (2013: € 60.5 thousand). There were no non-current receivables with a remaining term of more than fi ve years in 2014 (2013: € 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 2014 |
Deferred tax 2013 |
|||
|---|---|---|---|---|
| in € thousand | Assets | Liabilities | Assets | Liabilities |
| Outstanding 1/7th write-downs as per | ||||
| section 12(3) KStG (Corporation Tax Law) | 282.0 | 0.0 | 461.2 | 0.0 |
| Currency forwards, securities | ||||
| (outside profi t or loss) | 3,273.9 | 48.5 | 25.1 | 1,269.8 |
| Currency forwards, securities | ||||
| (in profi t or loss) | 444.0 | 371.2 | 29.9 | 258.7 |
| IAS 19 measurement in other | ||||
| comprehensive income | 2,230.8 | 0.0 | 1,573.6 | 0.0 |
| Capitalized development costs | 0.0 | 1,456.0 | 0.0 | 599.7 |
| Measurement diff erences on receivables | 0.0 | 61.1 | 0.0 | 68.0 |
| Profi t from construction contracts | 0.0 | 2,768.4 | 0.0 | 2,200.6 |
| Extraordinary tax write-down | 210.3 | 573.4 | 180.3 | 590.4 |
| Measurement diff erences on | ||||
| provisions and liabilities | 2,191.5 | 141.5 | 1,738.5 | 216.4 |
| Capitalized loss carryforwards | 294.5 | 0.0 | 898.6 | 0.0 |
| Other | 230.8 | 263.3 | 296.8 | 23.3 |
| Deferred tax asset/liability | 9,157.8 | 5,683.4 | 5,204.0 | 5,226.9 |
| Netting of deferred tax assets and liabilities | (3,043.1) | (3,043.1) | (2,397.8) | (2,397.8) |
| 6,114.7 | 2,640.3 | 2,806.2 | 2,829.1 |
Deferred taxes on loss carryforwards of € 1,222.0 thousand were capitalized as of December 31, 2014 (2013: € 3,185.0 thousand). There were loss carryforwards of € 0.0 thousand in 2014 (2013: € 1,038.9 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 € 8,978.5 thousand (2013: € 7,273.6 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, 2013 | |
|---|---|---|
| Raw materials and supplies | 60,559.9 | 50,293.8 |
| Chassis | 48,296.8 | 41,492.5 |
| Work in progress | 59,205.8 | 41,949.0 |
| Finished goods and goods for resale | 26,791.7 | 25,889.0 |
| Goods in transit | 4,983.4 | 5,064.0 |
| Advance payments | 8,205.9 | 3,195.0 |
| 208,043.5 | 167,883.3 |
Inventories include cumulative write-downs of € 9,472.5 thousand (2013: € 8,649.0 thousand). The writedowns for the current year are reported in the income statement in the amount of € 2,965.5 thousand (2013: € 2,310.9 thousand) under cost of materials. No impairment losses were reversed in the current fi nancial year (2013: € 0.0 thousand). Also, no inventories were pledged as collateral for liabilities.
| in € thousand | Dec 31, 2014 Dec 31, 2013 | |
|---|---|---|
| Costs incurred to date | 74,178.1 | 42,986.3 |
| Profi ts incurred to date | 12,595.8 | 9,961.5 |
| Partial billing on the above | (9,707.4) | (7,749.7) |
Most construction contracts have a remaining term of less than one year. Construction contract assets amounted to € 86,773.9 thousand as of the end of the reporting period (previous year: € 52,947.8 thousand). There were no construction contract liabilities as of the end of the 2014 and 2013 reporting periods. Construction contracts include vehicle bodies in line with their percentage of completion. Revenues include revenues from construction contracts of € 86,773.9 thousand (2013: € 52,947.8 thousand).
| in € thousand | Dec 31, 2014 Dec 31, 2013 | |
|---|---|---|
| Trade receivables | 101,379.8 | 67,950.2 |
| Receivables from derivatives | 1,481.7 | 6,034.1 |
| Income tax receivables | 2,451.4 | 636.8 |
| Receivables from other taxes | 8,233.4 | 4,819.4 |
| Other receivables and assets | 7,772.4 | 7,995.4 |
| 121,318.7 | 87,435.9 |
Write-downs on receivables relate exclusively to trade receivables recognized under current receivables. The write-downs for the current year of € 672.5 thousand (2013: € 357.6 thousand) are recognized in other expenses. These are exclusively specifi c valuation allowances. The carrying amount of current impaired trade receivables before impairment was € 17,532.9 thousand (2013: € 17,230.4 thousand). There were no impairment losses on other fi nancial instruments.
| Valuation allowances in € thousand | 2014 | 2013 |
|---|---|---|
| As of Jan 1 | 868.0 | 532.2 |
| Additions | 672.5 | 357.6 |
| Utilization | (21.9) | (4.0) |
| Reversals | (43.6) | (17.8) |
| As of Dec 31 | 1,475.0 | 868.0 |
The table below shows the costs for the full derecognition of receivables:
| in € thousand | Dec 31, 2014 Dec 31, 2013 | |
|---|---|---|
| Costs for the derecognition of receivables | 92.3 | 3.1 |
| in € thousand | Dec 31, 2014 Dec 31, 2013 | |
|---|---|---|
| Bank balances | 26,657.0 | 13,680.0 |
| Cash and cash equivalents | 123.0 | 125.8 |
| 26,780.0 | 13,805.8 |
There were no restrictions on disposal on the amounts included in this item in 2014 or 2013.
The 22nd Annual General Meeting of Rosenbauer International AG approved the proposed dividend of € 1.2 per share on May 23, 2014.
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, 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 | |
| Dec 31, 2013 | ||||
| Current assets | 13,395.1 | 3,121.6 | 80,618.6 | |
| Non-current assets | 936.5 | 258.1 | 6,900.7 | |
| Current liabilities | 12,067.1 | 3,364.7 | 54,894.9 | |
| Non-current liabilities | 0.0 | 0.0 | 75.2 | |
| Net assets (100%) | 2,264.5 | 15.0 | 32,549.2 | |
| — thereof non-controlling interests | 858.0 | 3.8 | 16,794.2 | |
| Revenues | 25,196.0 | 7,735.1 | 205,523.7 | |
| Total comprehensive income (100%) | (248.0) | (1,001.7) | 10,367.1 | |
| — thereof non-controlling interests | (94.0) | (250.4) | 5,349.8 | |
| Dividends paid to non-controlling interests | 0.0 | 0.0 | (2,471.0) | |
| Net cash fl ow from operating activities | 740.4 | 9.1 | 8,041.1 | |
| Net cash fl ow from investing activities | (81.7) | 0.0 | (125.3) | |
| Net cash fl ow from fi nancing activities | 0.0 | 0.0 | (6,119.0) | |
| Total net cash fl ows (100%) | 658.7 | 9.1 | 1,796.8 |
| Rosenbauer | Rosenbauer | Rosenbauer | Rosenbauer |
|---|---|---|---|
| Motors, LCC. | Aerials, LCC. | South Dakota, LCC. | Minnesota, LCC. |
| USA, Minnesota | USA, Nebraska | USA, South Dakota | USA, Minnesota |
| 57.50% | 75.00% | 50.00% | 50.00% |
| 20,797.8 | 5,682.3 | 36,414.2 | 27,557.5 |
| 1,191.8 | 423.8 | 5,668.2 | 2,136.8 |
| 27,232.4 | 1,092.0 | 12,055.0 | 19,339.1 |
| 5.0 | 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 |
| 17,970.7 | 4,511.1 | 30,778.1 | 27,358.7 |
| 1,243.4 | 313.6 | 3,286.1 | 2,057.6 |
| 25,306.8 | 843.6 | 8,152.9 | 20,591.6 |
| 0.0 | 75.2 | 0.0 | 0.0 |
| (6,092.7) | 3,905.9 | 25,911.3 | 8,824.7 |
| (6,092.7) | 3,905.9 | 25,911.3 | 8,824.7 | |
|---|---|---|---|---|
| (3,503.3) | 2,929.4 | 12,955.7 | 4,412.4 | |
| 50,889.2 | 9,356.7 | 84,456.4 | 60,821.3 | |
| (2,583.1) | 1,439.7 | 8,484.0 | 3,026.5 | |
| (1,485.3) | 1,079.8 | 4,242.0 | 1,513.3 | |
| 0.0 | 0.0 | 0.0 | 0.0 | |
| (4,102.6) | 1,148.1 | 6,443.2 | 4,552.4 | |
| 297.5 | (72.5) | (235.4) | (114.9) | |
| 3,048.3 | (1,183.9) | (4,083.6) | (3,899.9) | |
| (756.8) | (108.3) | 2,124.2 | 537.6 | |
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.
In the 2013 fi nancial year, 25% of the shares in Rosenbauer South Africa (€ 91.3 thousand) were given to the employees of this company. This transaction gave rise to non-controlling interests of € 59.5 thousand. The diff erence of € 31.8 thousand was off set against accumulated net profi ts.
€ 6,236.3 thousand was distributed to non-controlling interests in subsidiaries in 2014 (2013: € 2,471.0 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 2013 and 2014 are export fi nancing liabilities (2014: € 1,611.9 thousand; 2013: € 3,414.0 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 | 2013 |
|---|---|---|
| As of Jan 1 | 17,679.6 | 18,715.4 |
| Current service cost | 778.9 | 795.6 |
| Interest cost | 563.3 | 608.8 |
| Remeasurement | 2,108.7 | 157.5 |
| Current payments | (328.3) | (2,597.7) |
| As of Dec 31 | 20,802.2 | 17,679.6 |
Remeasurement includes € –189.4 thousand (2013: € –214.7 thousand) due to experience adjustments and € 2,298.1 thousand (2013: € 372.2 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 € 20,802.1 thousand (2013: € 17,679.6 thousand). Experience adjustments of –0.9% (2013: –1.2%) 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 | 2013 |
|---|---|---|
| Staff costs | ||
| Current service cost | 778.9 | 795.6 |
| Interest expenses | ||
| Interest cost | 563.3 | 608.8 |
| 1,342.2 | 1,404.4 |
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, 2014 was 10.9 years (2013: 10.7 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, 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) |
| Dec 31, 2013 | ||
|---|---|---|
| Interest rate | (1,843.4) | 2,184.8 |
| Pay increase | 2,141.4 | (1,844.2) |
| Turnover | (873.6) | (124.6) |
| Longevity | 67.7 | (80.4) |
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 | 2013 |
|---|---|---|
| As of Jan 1 | 5,493.5 | 5,462.7 |
| Current service cost | 31.8 | 32.3 |
| Interest cost | 176.4 | 183.2 |
| Remeasurement | 434.1 | 202.2 |
| Current payments | (301.4) | (386.9) |
| As of Dec 31 | 5,834.4 | 5,493.5 |
Remeasurement includes € –28.7 thousand (2013: € 74.7 thousand) due to experience adjustments and € 462.8 thousand (2013: € 127.5 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 € 5,834.4 thousand (2013: € 5,493.5 thousand). Experience adjustments of –0.5% (2013: 1.4%) 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 | 2013 |
|---|---|---|
| Staff costs | ||
| Current service cost | 31.8 | 32.3 |
| Interest expenses | ||
| Interest cost | 176.4 | 183.2 |
| 208.2 | 215.5 |
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, 2014 was 11.4 years (2013: 5.9 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, 2014 | |||
| Interest rate | (644.7) | 792.3 | |
| Pay increase | 661.1 | (561.1) | |
| Turnover | 0.0 | 0.0 | |
| Longevity | 290.6 | (296.8) |
| Interest rate | (584.8) | 714.3 |
|---|---|---|
| Pay increase | 596.0 | (508.7) |
| Turnover | (0.2) | 0.3 |
| Longevity | 258.7 | (266.2) |
Further information on staff provisions can be found in the description of accounting policies.
| in € thousand | Dec 31, 2014 Dec 31, 2013 | |
|---|---|---|
| Provisions for anniversary benefi ts | 3,335.6 | 2,704.0 |
| Miscellaneous non-current provisions | 23.0 | 57.0 |
| 3,358.6 | 2,761.0 |
Details of the changes in the non-current provisions listed under c) for 2014 and 2013 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 € 48,132.0 thousand (2013: € 39,885.8 thousand) are due within one year.
| in € thousand | Dec 31, 2014 Dec 31, 2013 | |
|---|---|---|
| Liabilities from taxes | 5,703.3 | 3,624.5 |
| Social security liabilities | 1,945.0 | 1,895.4 |
| Liabilities from derivatives | 14,880.8 | 215.6 |
| Liabilities from staff obligations | 16,826.0 | 15,868.4 |
| Liabilities from commission obligations | 8,735.9 | 6,385.7 |
| Other liabilities | 22,575.6 | 18,041.5 |
| 70,666.6 | 46,031.1 |
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 2014 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 | 2013 |
|---|---|---|
| Income from the disposal of property, plant and equipment and intangible assets | 149.2 | 75.9 |
| Work performed by the enterprise and capitalized | 412.4 | 292.3 |
| Recharging of costs to third parties | 1,125.7 | 1,192.4 |
| Government grants | 604.3 | 463.6 |
| Income from rent and insurance | 349.4 | 309.1 |
| Reversal of write-downs | 43.7 | 17.8 |
| Exchange rate gains | 3,417.4 | 4,188.2 |
| Sundry | 3,674.5 | 1,938.4 |
| 9,776.6 | 8,477.7 |
In particular, other income includes license proceeds, income from the reversal of provisions and compensation.
| in € thousand | 2014 | 2013 |
|---|---|---|
| Wages | 65,089.0 | 59,987.9 |
| Salaries | 62,997.2 | 54,828.4 |
| Pension costs | 810.7 | 845.9 |
| Expenses for defi ned contribution plans employee pension fund | 3,996.9 | 3,510.0 |
| Expenses for statutory social security contributions | ||
| and levies and mandatory contributions dependent on pay | 23,680.6 | 20,692.4 |
| Other social security expenses | 2,892.3 | 2,357.8 |
| 159,466.7 | 142,222.4 | |
| Average number of employees | 2014 | 2013 |
| Workers | 1,721 | 1,513 |
| Salaried employees | 960 | 920 |
| in € thousand | 2014 | 2013 |
|---|---|---|
| Taxes not included in income taxes | 454.2 | 635.5 |
| Administration costs | 41,130.0 | 39,280.0 |
| Distribution expenses | 16,558.2 | 21,261.0 |
| 58,142.4 | 61,176.5 |
Apprentices 119 118
2,800 2,551
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 2014 amounted to € 223.9 thousand (2013: € 79.9 thousand).
| in € thousand | 2014 | 2013 |
|---|---|---|
| Interest and similar expenses | 4,284.9 | 3,117.3 |
| Interest on non-current staff provisions | 739.7 | 792.0 |
| 5,024.6 | 3,909.3 |
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 € 1,813.3 thousand (2013: € 130.6 thousand).
| in € thousand | 2014 | 2013 |
|---|---|---|
| Income from securities | 11.1 | 11.3 |
| Other interest and similar income | 2,155.5 | 1,334.2 |
| 2,166.6 | 1,345.5 |
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 € 1,250.2 thousand (2013: € 669.9 thousand).
| in € thousand | 2014 | 2013 |
|---|---|---|
| Cost of current income taxes | 9,279.7 | 10,148.8 |
| Change in deferred income taxes | 1,375.5 | 787.0 |
| 10,655.2 | 10,935.8 |
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 | 2013 |
|---|---|---|
| Profi t before income taxes | 47,314.3 | 41,688.6 |
| — thereof 25% (2013: 25%) notional income tax expense | 11,828.6 | 10,422.2 |
| Tax relief from partnerships1 | (2,811.1) | (1,482.2) |
| Write-down on investment at company level | 0.0 | (372.5) |
| Eff ect of diff erent tax rates | 1,805.3 | 968.1 |
| Permanent diff erences2 | (715.8) | (580.3) |
| Utilization of loss carryforwards not taken into account | (272.0) | 0.0 |
| Loss carryforwards not capitalized | 0.0 | 305.8 |
| Taxes from previous years | 260.2 | 1,944.5 |
| Withholding taxes, minimum taxes | 560.0 | (269.8) |
| Eff ective tax income (–)/expense (+) | 10,655.2 | 10,935.8 |
1 Taxes relating to non-controlling interests
2 Tax relief from Russia associate
Shareholders' claims to dividends did not give rise to any tax consequences for the Group in 2014 or 2013.
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. Additions to intangible assets and property, plant and equipment include a non-cash amount of € 1,240.3 thousand (2013: € 1,045.3 thousand) that was included in the consolidated statement of cash fl ows.
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.
The development of Group companies is particularly signifi cant in internal reporting. For this reason, the reportable business segments are reported according to the location of the assets of Rosenbauer Group companies. The following areas have been defi ned in line with the internal management reporting system: Austria, the US, Germany, Slovenia, Spain, the UK, Switzerland, Singapore, Brunei, Saudi Arabia, and South Africa. In presenting the above reportable operating segments, the operating segments Slovenia, Spain, UK, and Switzerland have been combined as the "Rest of Europe" segment, and Singapore, Brunei, and Saudi Arabia have been combined as the new "Asia" segment. The company in South Africa has been assigned to the "Austria" segment on account of its immateriality. The management monitors the EBIT of the business units 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, Group fi nancing (including fi nancing expenses and fi nancial income) and 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 companies both on their respective local markets and from export sales. Proceeds from transactions with other segments are eliminated for consolidation purposes. Segment assets and segment liabilities are exclusively the operating assets or segment liabilities used by a segment for its operating activities. Goodwill, deferred taxes, securities, bank balances, current cash and cash equivalents and the assets of investments accounted for using the equity method € 40,277.3 thousand (2013: € 25,447.4 thousand) have not been included in segment assets as these assets are managed at Group level. Interest-bearing liabilities, deferred taxes and tax provisions of € 184,167.3 thousand (2013: € 67,598.8 thousand) have not been included in segment liabilities as these liabilities are managed at Group level.
Consolidated revenues for 2014 of € 784.9 million (2013: € 737.9 million) are distributed according to customers' domiciles as follows: Western and Eastern Europe € 293.7 million (2013: € 290.5 million), the Arabic region € 208.0 million (2013: € 221.8 million), NAFTA € 130.9 million (2013: € 104.6 million), Asia and Oceania € 97.6 million (2013: € 72.7 million) and other countries € 54.7 million (2013: € 48.3 million).
Segment fi gures have been presented in the tables "Business segments" and "Disclosures on business units" for 2013 and 2014.
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 34.2% in 2014 (2013: 45.2%).
In addition, capital is monitored with the help of the gearing ratio, which describes net debt to equity. A range of between 20% and 40% has been set as the long-term gearing ratio target. The gearing ratio rose to 77.7% in 2014 as a result of the increase in interest-bearing liabilities (2013: 25.9%).
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 € 215.5 thousand (2013: € 235.1 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 € 91,639.6 thousand (2013: € 56,039.8 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 Prisma Kreditversicherungs 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 Prisma Kreditversicherungs 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 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 |
| 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 2013 | ||||||
| Trade receivables | 67,950.2 | 50,070.0 | 13,505.4 | 2,329.1 | 1,889.3 | 156.4 |
| Other receivables | ||||||
| (current and non-current) | 8,055.9 | 8,055.9 | 0.0 | 0.0 | 0.0 | 0.0 |
| 76,006.1 | 58,125.9 | 13,505.4 | 2,329.1 | 1,889.3 | 156.4 |
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.
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 € 1,128.1 thousand (2013: € 489.2 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 rate | Eff ect on earnings | ||||
|---|---|---|---|---|---|
| development | before taxes | Eff ect on equity | |||
| in € thousand | 2014 | 2013 | 2014 | 2013 | |
| US dollar | +10% | 955.9 | 743.7 | (34,006.7) | (4,074.3) |
| –10% | (955.9) | (743.7) | 6,756.6 | 11,420.3 | |
| Singapore dollar | +10% | (17.3) | (154.6) | (956.2) | (367.3) |
| –10% | 17.3 | 154.6 | 956.2 | 367.3 | |
| Swiss franc | +10% | (253.1) | (240.8) | (321.0) | (176.4) |
| –10% | 253.1 | 240.8 | 199.6 | 176.4 | |
| Saudi riyal | +10% | 867.1 | 92.8 | 27.7 | (247.3) |
| –10% | (867.1) | (92.8) | (27.7) | 1,332.3 | |
| VAE dirham | +10% | 1,696.2 | 45.3 | (1,624.8) | 45.3 |
| –10% | (1,696.2) | (45.3) | (1,357.9) | (45.3) |
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.
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 | Fair value | |||
|---|---|---|---|---|
| in € thousand | Dec 31, 2014 Dec 31, 2013 Dec 31, 2014 Dec 31, 2013 | |||
| Currency forwards | 44,990.8 | 40,453.9 | (507.1) | 847.3 |
| Interest rate hedges | 15,000.0 | 13,000.0 | 9.4 | 0.1 |
The fair value of the currency forwards of € –507.1 thousand (2013: € 847.3 thousand) as of the end of the reporting period consists of derivatives that are assets of € 1,278.2 thousand (2013: € 962.5 thousand) and derivatives that are liabilities of € 1,785.3 thousand (2013: € 115.2 thousand). The fair value of the interest rate hedges of € 9.4 thousand (2013: € 0.1 thousand) as of the end of the reporting period consists of derivatives that are assets of € 9.3 thousand (2013: € 0.1 thousand) and derivatives that are liabilities of € 0.0 thousand (2013: € 0.0 thousand).
Derivatives that meet the hedge accounting requirements of IAS 39 are used solely to hedge future cash fl ows (i. e. cash fl ow hedges) and are shown separately in other comprehensive income in the consolidated statement of comprehensive income. The contribution to profi t or loss of the hedge is recognized in profi t or loss when the hedged item is realized.
| Nominal value | Fair value | |||
|---|---|---|---|---|
| in € thousand | Dec 31, 2014 Dec 31, 2013 Dec 31, 2014 Dec 31, 2013 | |||
| Currency forwards | 227,051.4 | 97,938.6 | (12,901.4) | 4,971.1 |
The fair value of the currency forwards of € –12,901.4 thousand (2013: € 4,971.1 thousand) as of the end of the reporting period consists of derivatives that are assets of € 194.1 thousand (2013: € 5,071.5 thousand) and derivatives that are liabilities of € 13,095.5 thousand (2013: € 100.4 thousand).
| Level 1 | Level 2 | |||
|---|---|---|---|---|
| in € thousand | 2014 | 2013 | 2014 | 2013 |
| Derivative fi nancial instruments | ||||
| without hedge | ||||
| Positive fair value | 0.0 | 0.0 | 1,278.2 | 962.5 |
| Negative fair value | 0.0 | 0.0 | 1,785.3 | 115.2 |
| Derivative fi nancial instruments | ||||
| with hedge | ||||
| Positive fair value | 0.0 | 0.0 | 194.1 | 5,071.5 |
| Negative fair value | 0.0 | 0.0 | 13,095.5 | 100.4 |
| Interest rate hedges without hedge | ||||
| Positive fair value | 0.0 | 0.0 | 9.4 | 0.1 |
| Negative fair value | 0.0 | 0.0 | 0.0 | 0.0 |
| Available-for-sale investments | ||||
| Positive fair value | 215.5 | 235.1 | 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 2014 – 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, 2014 and the structure of trade payables.
Total interest-bearing fi nancial liabilities amount to € 181,207.8 thousand (2013: € 62,802.3 thousand). The interest incurred for the interest-bearing fi nancial liabilities is € 2,350.5 thousand (2013: € 2,701.3 thousand), corresponding on average to 1.3% (2013: 2.1%). 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.
Liability Interest Dec 31, Dec 31, Dec 31, Interest fi xed/ 2014 2013 in 1,000s Currency 2014 Maturing in % fl oating in € tsd. in € tsd. Production fi nance SGD 15,411 2015 Sibor+1.5 Floating 9,599.1 3,221.3 Production fi nance USD 4,369 2015 3.000 Floating 3,597.5 6,240.6 Production fi nance USD 162 2015 2.500 Floating 133.1 0.0 Production fi nance USD 6,000 2015 1.487 Floating 4,940.3 4,362.7 Production fi nance € 20,000 2015 0.960 Floating 20,000.0 2,500.0 Investment credit € 0 2014 1.220 Floating 0.0 10,000.0 Production fi nance € 16,490 2015 1.359 Fixed 16,490.0 13,017.6 Investment credit € 188 2015 5.250 Fixed 187.5 187.5 Bank overdrafts € 74,536.0 22,597.8 Total current 129,483.5 62,127.5 Investment credit € 482 2018 5.215 Fixed 482.4 674.8 Investment credit € 1,242 2019 1.860 Fixed 1,241.9 0.0 Investment credit € 10,000 2020 1.100 Fixed 10,000.0 0.0 Investment credit € 40,000 2022 1.263 Fixed 40,000.0 0.0 Total non-current 51,724.3 674.8 Total 181,207.8 62,802.3
Interest-bearing fi nancial liabilities
The fi gures shown in the table below refl ect the undiscounted cash fl ows, hence they may diff er from the carrying amounts.
| Up to | Between | Between | Between | Between | More | |||
|---|---|---|---|---|---|---|---|---|
| one | 1 to | 2 to | 3 to | 4 to | than | |||
| in € thousand | Total | year | 2 years | 3 years | 4 years | 5 years | 5 years | |
| Interest-bearing liabilities | ||||||||
| (current and non-current) | ||||||||
| 2014 | 184,549.6 130,674.7 | 2,543.3 | 2,488.2 | 5,615.2 | 12,778.5 | 30,449.7 | ||
| 2013 | 63,397.3 | 62,691.5 | 214.9 | 194.9 | 194.9 | 101.1 | 0.0 | |
| Trade payables | ||||||||
| 2014 | 48,132.0 | 48,132.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| 2013 | 39,885.8 | 39,885.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Other liabilities | ||||||||
| (current and non-current) | ||||||||
| 2014 | 63,018.3 | 62,039.7 | 978.6 | 0.0 | 0.0 | 0.0 | 0.0 | |
| 2013 | 40,511.2 | 40,406.2 | 105.0 | 0.0 | 0.0 | 0.0 | 0.0 |
The fair value of non-current loan liabilities bearing interest at fi xed rates is € 51,286.9 thousand (2013: € 674.8 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, 2013.
Other liabilities include liabilities from derivatives of € 14,880.8 thousand (2013: € 215.6 thousand). € 13,902.2 thousand of this amount is due within one year (2013: € 110.6 thousand) and € 978.6 thousand (2013: € 105.0 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, 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 |
| 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, 2013 | |||||||||
| Securities | 235.1 | 0.0 | 235.1 | 0.0 | 0.0 | ||||
| Receivables | 87,496.4 | 76,006.1 | 5,071.5 | 962.6 | 5,456.2 | ||||
| Cash and cash equivalents | 13,805.8 | 13,805.8 | 0.0 | 0.0 | 0.0 | ||||
| Interest-bearing liabilities | 62,802.3 | 62,802.3 | 0.0 | 0.0 | 0.0 | ||||
| Trade payables | 39,885.8 | 39,885.8 | 0.0 | 0.0 | 0.0 | ||||
| Other liabilities | 49,445.1 | 24,427.2 | 100.4 | 115.2 | 24,802.3 |
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, 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 |
| Dec 31, 2013 | |||||||
| Securities | 235.1 | 0.0 | 0.0 | 235.1 | 0.0 | 0.0 | 0.0 |
| Receivables | 87,496.4 | 76,006.1 | 0.0 | 0.0 | 5,071.5 | 962.6 | 5,456.2 |
| Cash and | |||||||
| cash equivalents | 13,805.8 | 13,805.8 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest-bearing | |||||||
| liabilities | 62,802.3 | 0.0 | 62,802.3 | 0.0 | 0.0 | 0.0 | 0.0 |
| Trade payablesn | 39,885.8 | 0.0 | 39,885.8 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other liabilities | 49,445.1 | 0.0 | 40,295.6 | 0.0 | 100.4 | 115.2 | 8,933.9 |
| Derecog- | ||||||
|---|---|---|---|---|---|---|
| Change in | Currency | nition of | ||||
| in € thousand | Interest | fair value | Impairment | translation | receivables | Net result |
| 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 | |
| Dec 31, 2013 | ||||||
| Loans and receivables | 664.6 | 0.0 | (339.8) | 4,170.4 | 3.1 | 4,498.3 |
| Derivatives at fair value | ||||||
| through profi t or loss | 0.0 | 539.0 | 0.0 | 0.0 | 0.0 | 539.0 |
| Liabilities at | ||||||
| amortized cost | (2,986.7) | 0.0 | 0.0 | 0.0 | 0.0 | (2,986.7) |
| Financial investments | ||||||
| available for sale | 11.3 | (0.3) | 0.0 | 0.0 | 0.0 | 11.0 |
| (2,310.8) | 538.7 | (339.8) | 4,170.4 | 3.1 | 2,061.6 |
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, 2014 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.
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.
| Subsidiaries | 2014 | 2013 | ||||||
|---|---|---|---|---|---|---|---|---|
| Invest- | Type | Invest- | Type | |||||
| ment | Net | of conso- | ment | Net | of conso | |||
| in € thousand | share1 | Equity | income2 | lidation | share1 | Equity | income2 | lidation |
| Rosenbauer Österreich GmbH, | ||||||||
| Austria, Leonding | 100% | 2,951 | 03 | CC | 100% | 2,951 | 03 | CC |
| Rosenbauer | ||||||||
| Management Services GmbH, | ||||||||
| Austria, Leonding | 100% | 82 | (1) | CC | 100% | 83 | 0 | CC |
| Rosenbauer Deutschland GmbH, | ||||||||
| Germany, Luckenwalde | 100% | 11,066 | 1,610 | CC | 100% | 9,453 | (512) | CC |
| Metz Aerials Management GmbH, | ||||||||
| Germany, Karlsruhe | 100% | 34 | 1 | CC | 100% | 33 | 1 | CC |
| Metz Aerials GmbH & Co. KG, | ||||||||
| Germany, Karlsruhe | 100% | 10,881 | 1,055 | CC | 100% | 9,825 | (2,030) | CC |
| Metz-Service18 S.A.R.L., | ||||||||
| France, Chambéry | 84% | (374) | (410) | CC | 84% | 36 | (384) | CC |
| Rosenbauer Finanzierung GmbH, | ||||||||
| Germany, Passau | 100% | 33 | (3) | CC | 100% | 36 | (2) | CC |
| Rosenbauer d.o.o., | ||||||||
| Slovenia, Radgona | 90% | 1,996 | 446 | CC | 90% | 1,550 | (336) | CC |
| Rosenbauer Schweiz AG, | ||||||||
| Switzerland, Oberglatt | 100% | 5,986 | 429 | CC | 100% | 5,933 | 875 | CC |
| Rosenbauer Española S.A., | ||||||||
| Spain, Madrid | 62.11% | 3,836 | 2,271 | CC | 62.11% | 2,264 | (248) | CC |
| Rosenbauer Ciansa S.L., | ||||||||
| Spain, Linares | 50% | 2,904 | 659 | EM | 50% | 2,245 | 221 | EM |
| Rosenbauer Minnesota, LLC.4, | ||||||||
| USA, Minnesota | 50% | 10,355 | 3.523 | CC | 50% | 8,825 | 3,027 | CC |
| Rosenbauer South Dakota, LLC.4, | ||||||||
| USA, South Dakota | 50% | 30,027 | 8.285 | CC | 50% | 25,911 | 8,484 | CC |
| Rosenbauer Holdings Inc., | ||||||||
| USA, South Dakota | 100% | 23,375 | 4.024 | CC | 100% | 19,302 | 2,661 | CC |
| Rosenbauer America, LLC.4, | ||||||||
| USA, South Dakota | 50% | 47,787 | 12.824 | CC | 50% | 39,631 | 8,633 | CC |
| Rosenbauer Aerials, LLC.4, | ||||||||
| USA, Nebraska | 25% | 5,014 | 2.319 | CC | 25% | 3,906 | 1,440 | CC |
| Rosenbauer Motors, LLC.4, | ||||||||
| USA, Minnesota | 42.5% | (5,243) | 1.515 | CC | 42.5% | (6,093) | (2,583) | CC |
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
| 2014 | 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Invest- | Type | Invest- | Type | ||||||
| ment | Net | of conso- | ment | Net | of conso | ||||
| in € thousand | share1 | Equity | income2 | lidation | share1 | Equity | income2 | lidation | |
| S.K. Rosenbauer Pte. Ltd., | |||||||||
| Singapore | 100% | 7,479 | 832 | CC | 100% | 6,676 | 788 | CC | |
| Eskay Rosenbauer Sdn Bhd, | |||||||||
| Brunei | 80% | (91) | (27) | CC | 80% | (58) | (114) | CC | |
| Rosenbauer | |||||||||
| South Africa (Pty.) Ltd., | |||||||||
| South Africa, Halfway House | 75% | 229 | 97 | CC | 75% | 216 | (25) | CC | |
| Rosenbauer Saudi Arabia Ltd., | |||||||||
| Saudi Arabia, Riyadh | 75% | 1,160 | 1,062 | CC | 75% | 15 | (1,039) | 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 | 49% | 13,600 | 3,663 | EM | |
| 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 fi gures shown in the above table were calculated in accordance with national GAAP.
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 rent agreement shown below for the use of land exists between an US company and its manager.
| Joint ventures | Management | ||||
|---|---|---|---|---|---|
| in € thousand | 2014 | 2013 | 2014 | 2013 | |
| Sale of goods | 1.4 | 3.5 | 0.0 | 0.0 | |
| Purchase of goods | 4,111.6 | 2,863.1 | 0.0 | 0.0 | |
| Liabilities | 873.2 | 1,071.0 | 0.0 | 0.0 | |
| Receivables | 0.0 | 0.0 | 343.8 | 654.7 | |
| Land rent | 0.0 | 0.0 | 174.6 | 146.8 |
The remuneration of the members of the Executive Board of Rosenbauer International AG amounted to € 2,263.0 thousand (2013: € 3,713.5 thousand) in total in 2014 and breaks down as basic salary (2014: € 899.8 thousand; 2013: € 1,076.6 thousand), bonus (2014: € 1,212.0 thousand; 2013: € 1,502.2 thousand), remuneration components for independent retirement and surviving dependents pensions (2014: € 151.2 thousand; 2013: € 185.2 thousand) and severance payments of € 0.0 thousand (2013: € 949.5 thousand). The severance provision for members of the Executive Board amounted to € 686.0 thousand as of December 31, 2014 (2013: € 719.2 thousand). Total payments to members of the Executive Board, consisting of remuneration, severance payments and the change in the severance provision amounted to € 2,229.7 thousand in 2014 (2013: € 2,847.7 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 in each case. For the member of the Executive Board who left in 2013, the bonus is calculated as the percentage of consolidated earnings in the income statement before taxes and earnings attributable to non-controlling interests, through the percentage is gradually reduced as consolidated earnings increase.
The Supervisory Board was granted remuneration of € 217.0 thousand (2013: € 213.6 thousand) in the 2014 fi nancial year.
The 21st Annual General Meeting resolved the following remuneration system for the Supervisory Board in 2013. 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 € 317.0 thousand was paid for services by the auditor of the consolidated fi nancial statements Ernst &Young Wirtschaftsprüfungsgesellschaft m.b.H. in the 2014 fi nancial year (2013: € 568.3 thousand). € 120.8 thousand (2013: € 121.5 thousand) of this related to audits of fi nancial statements and € 196.2 thousand (2013: € 446.8 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 | 2013 | ||
|---|---|---|---|
| Profi t or loss for the period | |||
| after deducting non-controlling interests | in € thousand | 27,283.2 | 26,326.6 |
| Average number of shares outstanding | No. | 6,800,000 | 6,800,000 |
| Basic earnings per share | in €/share | 4.01 | 3.87 |
| Diluted earnings per share | in €/share | 4.01 | 3.87 |
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 € 8,315,864.79 were reported in the separate fi nancial statements of Rosenbauer International AG for the 2014 fi nancial year. The Executive Board proposes the following appropriation of these net retained profi ts: distribution of a dividend of € 1.2 (2013: € 1.2) per share (i. e. € 8,160,000 for 6,800,000 shares).
Carryforward to new account: € 155,864.79
Supervisory Board
p Alfred Hutterer (Chairman) Date of fi rst appointment: May 24, 2003; End of current term of offi ce: 2018 Annual General Meeting
Works Council Delegates to the Supervisory Board:
Leonding, March 26, 2015
Dieter Siegel Gottfried Brunbauer Günter Kitzmüller Chairman of the Executive Board, CEO Member of the Executive Board, CTO Member of the Executive Board, CFO
We have audited the accompanying consolidated fi nancial statements of Rosenbauer International AG, Leonding, for the fi scal year from January 1, 2014 to December 31, 2014. These consolidated fi nancial statements comprise the consolidated balance sheet as of December 31, 2014, 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, 2014, 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, 2014 and of its fi nancial performance and its cash fl ows for the fi scal year from January 1, 2014 to December 31, 2014 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 26, 2015
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 26, 2015
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
152 Lagebericht
178 Jahresabschluss
202 Erklärung der gesetzlichen Vertreter
Im ersten Halbjahr 2014 hatte das globale Bruttoinlandsprodukt nur sehr verhalten zugenommen, die zweite Jahreshälfte zeigte dann aber eine Verbesserung. Insgesamt war das Wachstum für 2014 mit 3,3 % unter den zu Jahresbeginn ausgesprochenen Erwartungen von 3,7 % geblieben. Getrieben war das globale Wachstum von den asiatischen und nordamerikanischen Märkten. Die BIP-Anstiege fielen in China mit 7,4 % und Indien mit 5,8 % wiederum am höchsten aus.
Es ist davon auszugehen, dass sich die weltwirtschaftliche Dynamik in den kommenden beiden Jahren nur leicht verbessern wird. Für 2015 und 2016 werden globale BIP-Zuwächse von 3,5 % bzw. 3,7 % erwartet. Positiven Einfluss auf die Weltwirtschaft sollten die expansive Geldpolitik und der niedrige Ölpreis haben, die die bremsenden Effekte der Finanzpolitik in einigen Ländern weniger stark wirksam werden lassen.
Im Euroraum wird die Niedrigzinspolitik auch im Jahr 2015 eine Fortsetzung finden. In den USA und in Großbritannien gibt es hingegen Anzeichen einer Abkehr von dieser Politik, was sich in den Veränderungen der Wechselkurse Ende 2014 bereits andeutete. Insgesamt bleibt die Weltwirtschaft anfällig für Störungen, sei es durch Turbulenzen an den Finanzmärkten, wie beispielsweise die Aufgabe der Bindung des Schweizer Franken an den Euro, oder durch geopolitische Entwicklungen.
| 2014 | 2015e | |||||||
|---|---|---|---|---|---|---|---|---|
| Leitzinsen in % | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| USA (FED Funds) | 0,08 | 0,09 | 0,09 | 0,09 | 0,13 | 0,50 | 0,75 | 1,00 |
| Euroraum | 0,25 | 0,23 | 0,10 | 0,05 | 0,05 | 0,05 | 0,05 | 0,05 |
(Quelle: Deutsche Bank 12.12.2014)
Die Arbeitsmärkte in den entwickelten Ländern gestalteten sich zum Teil recht unterschiedlich. Während in den USA die Arbeitslosenquote im Jahr 2014 deutlich unter 7 % sank, blieb diese in der EU mit mehr als 10 % relativ hoch, wobei es regional sehr starke Unterschiede gab.
Das BIP der USA ist 2014 um 2,4 % gegenüber 2013 gewachsen. Es blieb damit etwas unter den Erwartungen von ursprünglich 2,8 %, obgleich eine Zunahme der Konjunkturdynamik im vierten Quartal zu beobachten war. Insbesondere vom US-amerikanischen Arbeitsmarkt kamen in der zweiten Jahreshälfte positive Signale. Für 2015 sehen die Ökonomen ein kräftiges BIP-Wachstum von 3,6 % und einen weiteren Rückgang der Arbeitslosenquote auf 5,6 % voraus. Die Haushaltssituation in den USA hat sich gegenüber den Vorjahren wieder verbessert, mit der Tendenz, dass das Defizit weiter fallen dürfte.
Die Wirtschaft im Euroraum wird nur allmählich an Fahrt gewinnen. Im Jahr 2014 sahen wir einen BIP-Zuwachs von 0,8 %, für 2015 sollte das Wachstum bei 1,2 % liegen. Die hartnäckigen strukturellen Probleme in einem Teil des Euro-Währungsgebietes stehen einer stärkeren Dynamik entgegen. Die niedrige Inflation sollte die Konjunktur nicht behindern, da sie nicht mit geringeren Einkommen einhergeht. Im Gegenteil, sie könnte sogar stimulierend wirken.
Erfreulich verlief im Jahr 2014 die Entwicklung des deutschen Bundeshaushaltes. Sie steht allerdings im Kontrast zur Entwicklung in Frankreich. Insgesamt hat sich das Tempo der
Haushaltskonsolidierungen in Europa verlangsamt. Damit wurde auch einer der wachstumshemmenden Faktoren auf die Gesamtwirtschaft abgeschwächt.
In Russland hat sich 2014 der konjunkturelle Abwärtstrend aufgrund politischer Krisen und des starken Ölpreisverfalls weiter verstärkt. Das BIP-Wachstum betrug nur mehr 0,6 % nach 1,3 % im Vorjahr. Für 2015 wird aufgrund der hohen Abhängigkeit von Rohstoffexporten und den anhaltend niedrigen Rohstoffpreisen mit einem noch deutlichen Rückgang auf - 3,0 % gerechnet. Die weitere Entwicklung der russischen Wirtschaft ist derzeit kaum abschätzbar.
Die Wirtschaft in den asiatischen Ländern wuchs zuletzt wieder etwas schneller, die Grundtendenz ist aber eher gedämpft. Nach einer Schwäche der großen Schwellenländer im ersten Halbjahr entfaltete auch die Erholung in der zweiten Jahreshälfte keine besondere Dynamik. Das chinesische BIP wuchs im Jahr 2014 um 7,4 % und dürfte sich für 2015 geringfügig auf 6,8 % abschwächen. Diese Entwicklung ist in erster Linie dem Umbau der Wirtschaft geschuldet, ein Einbruch der Konjunktur ist nicht erkennbar. In Indien ist hingegen ein Wachstumsschub von 5,8 % im Jahr 2014 auf 6,3 % im Jahr 2015 in Sicht.
1) International Monetary Fund, January 2015
Die Feuerwehrbranche war 2014 mit sehr unterschiedlichen Herausforderungen konfrontiert. Das wird sich auch 2015 nicht ändern. In einzelnen Märkten waren Anzeichen eines Aufschwungs bemerkbar, die Nachfrage in den Ländern Süd- und Osteuropas blieb schwach, die asiatischen Märkte konnten ihr langjähriges Niveau halten.
Positiv entwickelte sich die Branche weiterhin in Ländern mit erhöhtem Sicherheitsbedürfnis nach Natur- oder Terrorkatastrophen sowie in aufstrebenden Märkten, die über hohe Rohstoffeinkommen verfügen. Die weltweite Zunahme des Flugverkehrs und der Einsatz größerer Flugzeuge sorgen für eine anhaltend starke Nachfrage nach Spezialfahrzeugen.
Welches Beschaffungspotenzial einzelne Märkte und Regionen aufweisen hängt, entscheidend davon ab, in welcher Form die Finanzierung der Feuerwehren erfolgt: In den meisten Industriestaaten ist die Finanzkraft der Kommunen ausschlaggebend für die Beschaffungen. In Schwellenländern erfolgt die Finanzierung über zentral vergebene Staatsbudgets. Die Folge sind unregelmäßige Großbeschaffungen, die vielfach von Sonderereignissen beeinflusst sind
Weltweit wurden Feuerwehrfahrzeuge im Gesamtwert von rund 3,4 Mrd € beschafft (basierend auf UNO Statistik 2013). Das globale Absatzvolumen war damit rund 10 % höher als davor. Die stärksten Absatzregionen waren Europa, die NAFTA-Länder und Asien. Kleinfahrzeuge bis 7,5 t Gesamtgewicht sowie feuerwehrtechnische Ausrüstung sind in diesem Volumen nicht enthalten.
Die Anfang 2014 positiv eingeschätzte Entwicklung in den USA, dem größten Einzelmarkt der Welt, trat in den Folgemonaten nicht ein. Auch im vierten Quartal konnte die rückläufige Nachfrage nicht mehr aufgeholt werden, womit das Jahresvolumen unter dem des Vorjahres blieb. Zudem hatten die amerikanischen Hersteller, so wie in den letzten Jahren, mit Auslastungsproblemen zu kämpfen und drückten auf die Preise. 2015 sollte sich die US-Feuerwehrbranche wieder etwas erholen, zumal sie einer verbesserten Konjunktur in der Regel mit leichter Verzögerung folgt.
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. Trotz Sparpolitik hat sich 2014 die Nachfrage in einigen Ländern wieder etwas erholt, allen voran in Österreich und der Schweiz, aber auch, von einem tieferen Niveau ausgehend, in Spanien.
In den mittel- und osteuropäischen Ländern (MOEL) werden anstehende Fahrzeugbeschaffungen seit Jahren verschoben. Das war 2014 nicht anders und wird sich angesichts ungünstiger Konjunkturerwartungen auch in absehbarer Zeit nicht ändern.
In den von der Finanz- und Wirtschaftskrise besonders betroffenen Ländern Süd- und Südosteuropas gab es in den letzten Jahren den stärksten Marktrückgang. So brach der Beschaffungsmarkt in Griechenland nahezu vollständig ein und Länder wie Spanien, Italien und Portugal verzeichneten teilweise massive Rückgänge. Auch in der Berichtsperiode zeigte sich keine wesentliche Veränderung, nur Spanien verzeichnete nach Jahren rückläufiger Nachfrage erstmals wieder eine leichte Markterholung.
Positiv entwickelte sich der Markt in Österreich, der Absatz von Feuerwehrfahrzeugen lag über dem Niveau des letzten Jahres. Für 2015 ist mit einer Marktstabilisierung und einer Nachfrage auf einem durchschnittlichen Niveau der letzten Jahre zu rechnen.
Trotz der guten Konjunkturlage in Deutschland lag das Volumen des größten Einzelmarktes Europas leicht unter dem Niveau der letzten Jahre. Mit durchschnittlich 19 Jahren ist das Alter deutscher Feuerwehrfahrzeuge immer noch vergleichsweise hoch. Der Markt bleibt hart umkämpft, der Druck des intensiven Preiswettbewerbs auf die Feuerwehrausstatter hoch.
Russland ist ein wichtiger Feuerwehrmarkt. Nach größeren Brandereignissen wurde in den letzten Jahren begonnen, das kommunale Feuerwehrwesen zu modernisieren. Nach wie vor ist der Bedarf an moderner Löschtechnik groß, die Nachfrage schwankt aber je nach Verfügbarkeit von Finanzmitteln stark. Zudem werden Beschaffungen aus Euroländern wegen des starken Verfalls des russischen Rubels teuer und damit auch wesentlich schwieriger finanzierbar.
Die wachstumsstärksten Feuerwehrmärkte in Asien sind China und Indien. Beide Länder zeigen seit Jahren eine robuste Wirtschaftsentwicklung, die sich auch auf die Feuerwehrbranche positiv auswirkt. 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 will die 2014 neu gewählte Regierung künftig verstärkt in die Infrastruktur des Landes investieren, davon sollte auch die Feuerwehrbranche profitieren können.
In China sind zahlreiche Impulse zur Stärkung des Inlandsmarktes 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 wichtige Wachstumsregion der internationalen Feuerwehrbranche. Rohstoffvorkommen sorgen für eine verstärkte Investitionstätigkeit in moderne Feuerwehrausstattung. Schwerpunkte der Beschaffungen sind hochwertige Fahrzeuge aller Kategorien sowie das gesamte Ausrüstungssortiment.
Die Märkte in Lateinamerika und Afrika haben Spot-Charakter. 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. In Ländern mit eigener Erdölförderung werden dabei zusehends technisch anspruchsvolle Feuerwehrfahrzeuge aus europäischer oder US-Produktion nachgefragt.
Die Rosenbauer International AG erzielte im Geschäftsjahr 2014 einen reduzierten Umsatz von 472,0 Mio € (2013: 491,7 Mio €). Geprägt war die Berichtsperiode vor allem von der Inbetriebnahme des Werks II Leonding, was zu Verschiebungen von Lieferungen ins 1. Quartal 2015 führte.
Die wichtigste Maßnahme im Jahr 2014 war der Um- und Ausbau von Werk II Leonding. Rosenbauer hat ein 5,2 ha großes Industrieareal von Wacker Neuson übernommen und darin das modernste Fahrzeugwerk der Feuerwehrbranche errichtet. Im Werk II werden das Flughafenlöschfahrzeug PANTHER, das PANTHER-Chassis und der kommunale AT gefertigt. Die Montagen erfolgen vollsynchronisiert mit allen vor- und nachgelagerten Bereichen, die Produktion startete im April.
Werk II Leonding ist auf eine jährliche Produktion von rund 150 PANTHER sowie 250 AT im Einschicht-Betrieb ausgelegt. Beide Fahrzeuglinien können bei Bedarf auf höhere Produktionsleistungen umgestellt werden. Insgesamt wurden in den Jahren 2013 und 2014 rund 12 Mio € in das neue Werk investiert.
Im Werk I Leonding erfolgt weiterhin die Produktion von Sonder- und Industrielöschfahrzeugen, außerdem werden hier die Löschsysteme und ausgewählte Ausrüstungsprodukte gefertigt. Werk I wird in den kommenden Jahren ebenfalls neu ausgerichtet, um die Effizienz und Profitabilität in der Produktion zu steigern.
Das stärkste Umsatzsegment war mit 72 % (2013: 71 %) das Produktsegment Fahrzeuge. Der Bereich Ausrüstung kam auf einen Umsatz von 53,6 Mio € (2013: 61,6 Mio €), was einem Anteil von 11 % (2013: 12 %) am Gesamtumsatz entspricht. Die Segmente Löschsysteme mit 9 % (2013: 8 %) sowie Hubrettungsgeräte mit 3 % (2013: 4 %) lagen auf den Rängen 3 und 4. Der Geschäftsbereich Business Development kam auf einen Umsatz von 6,4 € (2013: 3,8 Mio €). Die Umsätze Service, Ersatzteile und Sonstige beliefen sich auf 4 % (2013: 4 %).
Rund 29 % (2013: 30 %) des Umsatzes bzw. 134,8 Mio € (2013: 146,1 Mio €) wurden in Europa erzielt. Im Nahen Osten wurde ein Umsatz von 191,7 Mio € bzw. 41 % (2013: 226,5 Mio € bzw. 46 %) erzielt und nahm damit den ersten Platz im Umsatzranking ein. Die Umsätze in der Region Asien/Ozeanien betrugen 87,0 Mio € (2013: 64,1 Mio €). Dahinter folgten mit 58,4 Mio € (2013: 54,9 Mio €) die Sonstigen Länder.
Sehr erfreulich für die Rosenbauer International AG verlief im Jahr 2013 die Auftragsentwicklung auf den internationalen Exportmärkten. Der Auftragseingang erreichte einen erneuten Höchstwert von 486,1Mio € (2013: 428,8 Mio €) und lag damit 13 % über dem Vorjahreswert.
Der Auftragsbestand betrug zum Jahresultimo 384,5 Mio € (31. Dezember 2013: 331,9 Mio €) und lag weiterhin auf hohem Niveau. Damit verfügt die Gesellschaft über eine gesicherte Auslastung der Fertigungsstätten im Jahr 2015 sowie eine gute Visibilität in Bezug auf die Umsatzentwicklung der kommenden Monate.
Der Betriebserfolg des Geschäftsjahres 2014 betrug 12,1 Mio € und lag damit unter dem Vorjahr (2013: 27,6 Mio €). Dieser Ergebnisrückgang ist auf Anlaufkosten im neuen Werk in Leonding, auf Fixkostensteigerungen, die die Gemeinkosten in den Fertigungsbereichen erhöhten, sowie auf höhere Standortkosten zurückzuführen. Um diesen Einflüssen entgegenzuwirken, wurden bereits Maßnahmen zur Kompensation der im internationalen Vergleich stetig steigenden Standortkosten in Österreich eingeleitet.
Die Betriebsmittelfinanzierung erfolgte bis ins vierte Quartal überwiegend im kurzfristigen Bereich. Aufgrund der hohen Investitionen für die Adaptierung und den Erwerb des Werkes II wurde die Finanzierungsstruktur in Hinblick auf die Fristigkeiten neu geregelt. Dazu wurden mit mehreren Banken, mit denen bereits Geschäftsbeziehungen bestehen, Darlehensverträge über rund 50 Mio € mit Laufzeiten von bis zu sieben Jahren abgeschlossen.
Den langfristigen Verbindlichkeiten lagen Zinsanpassungsvereinbarungen auf Basis von 3- Monats- bzw. 6-Monats-Zinssätzen zugrunde. Die für die gesamten verzinslichen Finanzverbindlichkeiten angefallenen Zinsen betrugen in der Berichtsperiode 1,2 Mio € (2013: 0,9 €). Der Durchschnittszinssatz belief sich auf 1,0 % (2013: 1,1 %).
Das Ergebnis vor Steuern (EGT) sank in der Berichtsperiode von 28,0 Mio € auf 20,8 Mio €.
Die Darstellung der regionalen Segmente ist nach den Standorten der Konzerngesellschaften und nicht nach Absatzmärkten gegliedert. Die Segmentberichterstattung bezieht sich somit auf die Umsätze und Ergebnisse, die von den einzelnen Gesellschaften sowohl auf dem lokalen Markt als auch im Export erwirtschaftet werden.
Das Segment Österreich setzt sich aus der Rosenbauer International AG, die den überwiegenden Teil der Umsätze im Export erzielt, sowie der Vertriebsgesellschaft Rosenbauer Österreich GmbH zusammen, beide mit Sitz in Leonding.
Der Umsatz des Segments Österreich stieg im Jahr 2014 auf 512,5 Mio € (2013: 503,8 Mio €). Geprägt war die Berichtsperiode vor allem von der Inbetriebnahme des Werks II, was zu Verschiebungen von Lieferungen ins 1. Quartal 2015 führte. Bedingt durch Fixkostensteigerungen, die die Gemeinkosten in den Fertigungsbereichen erhöhten, reduzierte sich das EBIT in der Berichtsperiode auf 22,3 Mio € (2013: 32,0 Mio €). Die EBIT-Marge beträgt 4,4 % (2013: 6,4 %).
Die Rosenbauer International ist die Muttergesellschaft des Konzerns. Mit Fertigungen in Leonding, Traun und Neidling ist sie auch die größte Produktionsgesellschaft.
Die wichtigste Maßnahme im Jahr 2014 war der Um- und Ausbau von Werk II Leonding. Rosenbauer hat ein 5,2 ha großes Industrieareal von Wacker Neuson übernommen und darin das modernste Fahrzeugwerk der Feuerwehrbranche errichtet. Im Werk II werden das Flughafenlöschfahrzeug PANTHER, das PANTHER-Chassis und der kommunale AT gefertigt. Die Montagen erfolgen vollsynchronisiert mit allen vor- und nachgelagerten Bereichen, die Produktion startete im April.
Werk II Leonding ist auf eine jährliche Produktion von rund 150 PANTHER sowie 250 AT im Einschicht-Betrieb ausgelegt. Beide Fahrzeuglinien können bei Bedarf auf höhere
Produktionsleistungen umgestellt werden. Insgesamt wurden in den Jahren 2013 und 2014 rund 12 Mio € in das neue Werk investiert.
Im Werk I Leonding erfolgt weiterhin die Produktion von Sonder- und Industrielöschfahrzeugen, außerdem werden hier die Löschsysteme und ausgewählte Ausrüstungsprodukte gefertigt. Werk I wird in den kommenden Jahren ebenfalls neu ausgerichtet, um die Effizienz und Profitabilität in der Produktion zu steigern. Im nahegelegenen Werk Traun werden Serienfahrzeuge für Exportmärkte sowie Pumpen- und Aufbaumodule gefertigt.
Das Werk Neidling/St. Pölten ist für die Produktion von Kompaktfahrzeugen bis rund 13 t Gesamtgewicht, Innenausbaukomponenten und Halterungssystemen zuständig, mit denen vorwiegend die europäischen Konzerngesellschaften beliefert werden.
Der Umsatz der Rosenbauer International stieg 2014 auf 490,2 Mio € (2013: 483,7 Mio €). Dabei wurden 92 % (2013: 93 %) im Export erwirtschaftet.
Die Rosenbauer Österreich ist die Vertriebs- und Servicegesellschaft für den österreichischen Markt. Sie betreibt Niederlassungen in Leonding, Neidling, Telfs und Graz. Die Fahrzeuge für den österreichischen Markt werden mit Ausnahme von Hubrettungsgeräten in Leonding und Neidling gefertigt. Der Umsatz der Rosenbauer Österreich stieg von 53,7 Mio € im Jahr 2013 auf 59,2 Mio € im Berichtsjahr. Die 10%ige Steigerung ist unter anderem auf die starke Nachfrage nach dem Kommunalfahrzeug AT zurückzuführen.
Das US-Segment besteht aus der Holding-Gesellschaft Rosenbauer America, LLC., in welcher die Gesellschaften Rosenbauer South Dakota LLC., Rosenbauer Minnesota LLC., Rosenbauer Aerials LLC. und Rosenbauer Motors LLC. eingebracht sind.
Das US-Segment konnte in der Berichtsperiode den Umsatz um 14 % auf 196,5 Mio € (2013: 172,4 Mio €) steigern. Dies ist vor allem auf verstärkte Exporte von Fahrzeugen auf eigenem Chassis aber auch auf vermehrte Auslieferungen am Heimmarkt zurückzuführen. Nachdem das Ergebnis des Vorjahres noch durch den Serienanlauf des Commander belastet war, konnte das EBIT 2014 wieder auf 14,6 Mio € (2013: 9,8 Mio €) gesteigert werden.
Vor dem Hintergrund positiver Konjunkturprognosen dürfte sich die US-Feuerwehrbranche im Jahr 2015 erholen. Der Wettbewerb wird sich allerdings intensivieren, zumal einige Hersteller nach Schwierigkeiten in den letzten Jahren auf die Preise drücken. Die Auftragseingänge der letzten Monate sichern auch für das kommende Geschäftsjahr eine hohe Auslastung der amerikanischen Produktionsstätten.
1995 hat Rosenbauer im Rahmen seiner Internationalisierungsstrategie den ersten Schritt nach Amerika gesetzt, 20 Jahre später ist Rosenbauer der zweitgrößte Hersteller von Feuerwehrfahrzeugen in den Vereinigten Staaten. Das US-Engagement ist in jeder Hinsicht eine Erfolgsgeschichte, die noch nicht zu Ende geschrieben ist.
Die Rosenbauer Minnesota mit Sitz in Wyoming (Minnesota) produziert Industrie- und Flughafenlöschfahrzeuge sowie kundenspezifische Kommunalfahrzeuge für Berufs- und freiwillige Feuerwehren. Das Unternehmen verfügt vor allem im Bereich Spezialfahrzeuge über eine große Expertise und beliefert mit diesen Fahrzeugen gleichermaßen Heimmarkt wie US-geprägte internationale Märkte. Im Berichtsjahr stieg der Umsatz um 22 % auf 71,6 Mio € (2013: 58,6 Mio €).
Die Rosenbauer South Dakota hat ihren Sitz in Lyons (South Dakota) und produziert Feuerwehrfahrzeuge für alle Einsatzbereiche. Die große Stärke des Unternehmens liegt in der industriellen, kosteneffizienten Fertigung. Hauptkunden sind die freiwilligen Feuerwehren in den USA. Darüber hinaus hat das Unternehmen in den vergangenen Jahren das Exportgeschäft stark forciert und liefert in jene Länder, in denen Fahrzeuge nach US-Standards geordert werden.
Im abgelaufenen Geschäftsjahr stieg der Umsatz auf 98,2 Mio € (2013: 85,0 Mio €). Zur Steigerung trugen vor allem Exportlieferungen in den arabischen Raum bei.
Die Rosenbauer Aerials mit Sitz in Fremont (Nebraska) produziert hydraulische Drehleitern und Leiterbühnen nach US-Standards. Diese werden sowohl an die US-Gesellschaften im Konzern als auch an andere Aufbauhersteller in den USA geliefert. Darüber hinaus werden Löscharme mit "Piercing Tool" gefertigt, die in Leonding und Minnesota auf Flughafen- und Industrielöschfahrzeuge aufgebaut werden. Rosenbauer Aerials erwirtschaftete im Berichtsjahr einen Umsatz von 10,8 Mio € (2013: 9,4 Mio €).
Die Rosenbauer Motors produziert am Standort Wyoming (Minnesota) Fahrgestelle für das Flughafenlöschfahrzeug PANTHER sowie das Custom Chassis Commander. Mit der Serienfertigung des eigenen Chassis wurde 2012 begonnen, 2014 konnte bereits das 1.000ste Fahrzeug auf Commander verkauft werden. Das eigene Chassis geht ausschließlich an die eigenen Aufbaufertigungen. Durch die ausgeweitete Geschäftstätigkeit sowohl am Heimmarkt als auch im Export erhöhte sich der Umsatz der Gesellschaft auf 64,2 Mio € (2013: 52,7 Mio €).
Das Segment Deutschland besteht aus den Gesellschaften Rosenbauer Deutschland GmbH mit Sitz in Luckenwalde, Metz Aerials GmbH & Co. KG mit Sitz in Karlsruhe und deren Tochtergesellschaft Metz-Service18 S.A.R.L. in Chambéry, Frankreich.
Das deutsche Segment verzeichnete in der Berichtsperiode einen erhöhten Umsatz von 181,2 Mio € (2013: 178,1 Mio €). Vor allem mit der neuen Drehleiter L32A-XS sowie mit den diversen Modellen der AT-Baureihe konnten die Metz Aerials und die Rosenbauer Deutschland dem harten Marktumfeld gegensteuern und neue Kunden gewinnen.
Trotz der guten Konjunkturlage lag das Absatzvolumen am größten europäischen Einzelmarkt 2014 leicht unter dem Niveau der letzten Jahre. Mit durchschnittlich 19 Jahren liegt das Alter deutscher Feuerwehrfahrzeuge über den Zielwerten für Ersatzbeschaffungen. Der Markt bleibt weiterhin hart umkämpft, der Druck des intensiven Preiswettbewerbs auf die Feuerwehrausstatter hoch.
Die Metz Aerials ist das europäische Kompetenzzentrum für Hubrettungsgeräte. Die Gesellschaft produziert im Werk Karlsruhe vollautomatische hydraulische Drehleitern und Hubrettungsbühnen mit 20 bis 62 m Rettungshöhe. Beliefert werden damit alle Märkte, die Hubretter nach EN-Norm beschaffen, allen voran Deutschland. Metz Aerials erreichte im Berichtsjahr einen Umsatz von 76,3 Mio € (2013: 72,4 Mio €).
Im Servicestützpunkt Metz-Service18 in Chambéry werden französische Feuerwehrfahrzeuge und Hubrettungsgeräte von Metz Aerials gewartet. Mit dem Standort in Frankreich weitet der Konzern sein Servicenetzwerk in Europa weiter aus. Der Umsatzbeitrag der Metz-Service18 betrug 1,6 Mio € (2013: 1,0 Mio €).
Die Rosenbauer Deutschland fertigt im Werk Luckenwalde Feuerwehrfahrzeuge der Baureihen AT und ES sowie Aufbaumodule und PANTHER-Kabinen. Die Fahrzeuge sind zum überwiegenden Teil für den deutschen Markt bestimmt, Module und Kabinen gehen an andere Rosenbauer Werke zum weiteren Einbau.
Neben Kommunalfahrzeugen aus eigener Produktion beliefert Rosenbauer Deutschland den Heimmarkt mit Industrie- und Flughafenlöschfahrzeugen aus Leondinger Fertigung sowie mit feuerwehrspezifischer Ausrüstung, Löschsystemen und stationären Löschanlagen. Der Umsatz der Gesellschaft betrug im Jahr 2014 103,6 Mio € (2013: 105,2 Mio €).
Das Segment Übriges Europa besteht aus den Gesellschaften Rosenbauer Española S.A., Rosenbauer Schweiz AG, Rosenbauer d.o.o. in Slowenien und Rosenbauer UK.
Der Umsatz im übrigen Europa betrug im Berichtsjahr 58,5 Mio € (2013: 46,4 Mio €). Erstmals wurden die Umsätze der kürzlich übernommenen Rosenbauer UK in Höhe von 3,7 Mio € in den Konzernabschluss einbezogen. Das EBIT des Segments Übriges Europa belief sich auf 4,3 Mio € (2013: 2,2 Mio €).
Im April 2014 hat die Rosenbauer International AG 75 % an der britischen North Fire plc mit Sitz in Holmfirth übernommen. Das Unternehmen mit rund 10 Mitarbeitern war zuletzt exklusiver Vertriebs- und Servicepartner von persönlicher Schutzausrüstung, löschtechnischen Komponenten, Hubrettungsgeräten und Kommunalfahrzeugen in Großbritannien. Durch die Eingliederung in das Vertriebs- und Servicenetzwerk des Rosenbauer Konzerns können britische Feuerwehren zukünftig direkt betreut werden. Über das verstärkte Engagement vor Ort will Rosenbauer das Potenzial des britischen Marktes besser für sich nutzen.
Der Firmengründer von North Fire, Oliver North, hält 25 % an der Rosenbauer UK und fungiert als Geschäftsführer. Die neue britische Tochter wurde mit Wirkung vom 1. April 2014 vollkonsolidiert und hat seither einen Umsatz von 3,7 Mio € zum Segment beigetragen.
Die Rosenbauer Española bearbeitet von Madrid aus den Heimmarkt Spanien sowie Märkte in Nordwestafrika und in Teilen Lateinamerikas. Sie vertreibt das gesamte Rosenbauer Produktsortiment und stellt selbst Kommunalfahrzeuge, Waldbrandlöschfahrzeuge sowie Industrie- und Flughafenlöschfahrzeuge her.
Auch wenn sich im Jahr 2014 Spanien von der Budgetkrise im Jahr 2014 etwas erholt hat, lag das Marktvolumen für Feuerwehrfahrzeuge noch weit unter Normalniveau. Rosenbauer Española konnte die Einbußen am lokalen Markt allerdings durch verstärkte Exporte mehr als kompensieren und den Umsatz auf 32,3 Mio € (2013: 25,2 Mio €) steigern.
Die Fertigung der Fahrzeuge erfolgt im Werk Linares, einem Produktions-Joint-Venture, an dem der Geschäftsführer der Rosenbauer Española sowie die Rosenbauer International jeweils 50 % der Anteile halten. Das Gemeinschaftsunternehmen Rosenbauer Ciansa wird "at equity" bilanziert und daher in der Segmentberichterstattung nicht abgebildet.
Die Rosenbauer Schweiz ist die Vertriebs- und Servicegesellschaft für den Schweizer Markt mit Sitz in Oberglatt bei Zürich. Angeboten wird die komplette Rosenbauer Produktpalette, ergänzt um Hubarbeitsbühnen und Rettungsfahrzeuge. Der Umsatz der Schweizer Gesellschaft blieb im Berichtsjahr mit 14,6 Mio € (2013: 16,7 Mio €) leicht unter dem Niveau des Vorjahres.
Die Rosenbauer Slowenien in Radgona produziert Feuerwehrfahrzeuge für den lokalen Markt sowie Aufbauten, Mannschaftskabinen und Tanks für den konzernalen Fertigungsverbund. Die Gesellschaft konnte 2014 den Umsatz aufgrund vermehrter Lieferungen sowohl in den Heimmarkt als auch in den Konzernverbund auf 7,9 Mio € (2013: 4,5 Mio €) steigern.
Das Asien-Segment besteht aus den Gesellschaften S.K. Rosenbauer Pte. Ltd. mit Sitz in Singapur, Eskay Rosenbauer Sdn Bhd in Brunei und der Rosenbauer Saudi Arabia Ltd. Der Umsatz des Segments stieg aufgrund verstärkter Lieferungen der S.K. Rosenbauer sowie der Ausweitung des Servicegeschäftes in Saudi-Arabien im Jahr 2014 auf 28,0 Mio € (2013: 15,9 Mio €). Das EBIT konnte auf 2,5 Mio € (2013: –0,3 Mio €) verbessert werden.
S.K. Rosenbauer baut und vertreibt in Singapur Feuerwehr- und Spezialfahrzeuge, die nach Hongkong, Singapur und in die umliegenden Länder geliefert werden. Der Umsatz konnte aufgrund verstärkter Lieferungen im Berichtsjahr auf 20,7 Mio € (2013: 11,4 Mio €) beinahe verdoppelt werden.
Eskay Rosenbauer vertreibt Löschfahrzeuge auf dem lokalen Markt und erzielte im abgelaufenen Jahr einen Umsatz von 1,6 Mio € (2013: 0,3 Mio €).
Mit der Gründung der Rosenbauer Saudi Arabia mit Sitz in Riad im Jahr 2013 hat Rosenbauer die Präsenz im Nahen Osten deutlich ausgebaut. Die Gesellschaft ist für die Wartung der Fahrzeuge in Saudi-Arabien zuständig und trainiert die Feuerwehren auf ihren neuen Einsatzgeräten.
Ende 2014 erfolgte der Spatenstich für den Bau einer Produktion in der King Abdullah Economic City (KAEC), etwa 125 km nördlich von Dschidda. Hier sollen künftig die Fahrzeuge für den lokalen Markt montiert und ebenfalls Instandhaltungsarbeiten durchgeführt werden. Die Region KAEC ist aufgrund der vorhandenen Infrastruktur mit dem neu gebauten Hafen, dem Güterbahnhof und der Autobahnanbindung optimal für einen Produktionsstandort geeignet. Insgesamt werden in die Errichtung des Fertigungsstandortes rund fünf Millionen Euro investiert.
Der Umsatz der Gesellschaft betrug in der Berichtsperiode 7,7 Mio € (2013: 4,2 Mio €).
Trotz des enormen Wachstums der letzten Jahre präsentiert sich die finanzielle Situation des Rosenbauer Konzerns 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. Die Bilanzsumme erhöhte sich gegenüber dem Vorjahr um 44 % und betrug zum 31. Dezember 2014 401,1 Mio € (2013: 278,1 Mio €).
Die Zunahme des Geschäftsvolumens und insbesondere der Erwerb der Liegenschaft des Werks II haben zu einer deutlichen Erhöhung des Sachanlagevermögens geführt. Es ist gegenüber dem Vorjahr von 58,3 Mio € auf 91,4 Mio € angestiegen.
Insbesondere durch die höheren Vorräte und Forderungen aus Lieferungen und Leistungen stieg das Working Capital. Die Vorräte erhöhten sich zum Jahresultimo auf 142,5 Mio € (2013: 108,1 Mio €). Zudem stiegen die Forderungen auf 103,0 Mio € (2013: 61,6 Mio €) und lagen damit um 67 % über dem Vorjahreswert. Die ebenfalls angestiegenen
Verbindlichkeiten von 100,9 Mio € auf 213,6 Mio € konnten die Entwicklung nur zum Teil kompensieren.
Bei der Finanzierung des Unternehmens wird seit Jahren auf die Erhaltung einer gesicherten Liquidität sowie einer möglichst hohen Eigenmittelausstattung geachtet. Im abgelaufenen Geschäftsjahr konnten die Eigenmittel erneut um 5 % auf 152,2 Mio € (2013: 144,7 Mio €) gesteigert werden. Bedingt durch das enorme Wachstum und der daraus resultierenden Zunahme der Bilanzsumme blieb die Eigenkapitalquote mit 38 % (2013: 52 %) unter den langfristigen Durchschnittswerten.
Die Investitionen in das Sachanlagevermögen erhöhten sich im Berichtsjahr auf 41,1 Mio € (2013: 18,8 Mio €), wobei der Schwerpunkt auf der Erweiterung und Modernisierung der Infrastruktur lag. Der größte Teil der Investitionen in das Sachanlagevermögen (62 %) entfiel auf den Ausbau der Produktionskapazitäten sowie die damit verbundene Verbesserung der Produktivität. 25 % wurden für Ersatzinvestitionen und Behördenvorschreibungen, 13 % 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 7,9 Mio € (2013: 6,2 Mio €).
Die wichtigste Maßnahme im Jahr 2014 war der Um- und Ausbau des ehemaligen Werksgeländes von Wacker Neuson sowie die Verlagerung der Fertigungslinien für die Baureihen PANTHER und AT in das neue Werk II Leonding.
Nach einjähriger Adaptierungsphase konnte Mitte des Jahres das modernste Fahrzeugwerk der Feuerwehrbranche eröffnet werden. Die Montagen erfolgen nach industriellen Standards der Automobil- und Maschinenbaubranche, alle Prozesse, von der Vorfertigung über die Materialbereitstellung bis zur eigentlichen Linienmontage, sind synchronisiert.
Das neue Werk ist auf eine Jahresproduktion von rund 150 Flughafenlöschfahrzeugen des Typs PANTHER und 250 Kommunalfahrzeugen AT im Einschicht-Betrieb ausgelegt. Über 12 Mio € wurden 2013 und 2014 in den Aus- und Umbau des Werkes investiert, in dem derzeit 260 Mitarbeiter beschäftigt sind. Das Werk liegt nur 3 km von der Konzernzentrale entfernt und umfasst rund 52.000 m² Grundfläche, rund 15.000 m² Hallen- sowie rund 7.000 m² Büroflächen.
Die Montagen an den beiden Fahrzeuglinien erfolgen auf definierten Stationen und nach einem festgelegten Takt. Die Fahrzeuge bzw. Aufbauten werden auf Schienen automatisch von einer Station zur anderen weiterbewegt, Signale läuten den Taktwechsel ein. Die Montagen erfolgen nach dem Fließprinzip, die Materialversorgung nach dem Kanban- bzw. Pull-Prinzip. Die Abläufe wurden konsequent am Wertstrom ausgerichtet, alle Arbeitsprozesse und Schnittstellen überarbeitet und die Mitarbeiter mit den dafür erforderlichen Fach-, Prozess- und Methodenkompetenzen ausgestattet.
Die bis dato angemietete Liegenschaft des Werks II wurde mit Jahresende 2014 vom bisherigen Eigentümer übernommen. Die Gesamtinvestition für den Kauf der Liegenschaft inklusive des angrenzenden Reservegrundstücks (rund 2,7 ha) beläuft sich auf 24 Mio €.
Rosenbauer investiert permanent in seine Fertigungstechnologien und den Maschinenpark. Im Berichtsjahr wurde für die Komponentenfertigung im Werk I Leonding ein neues CNC-Bearbeitungszentrum mit Palettenspeicher zur Bearbeitung von Gussteilen angeschafft, die Investitionssumme betrug rund 1,0 Mio €. In dem neuen Bearbeitungszentrum werden Gussteile für Pumpen, Wasserwerfer, Getriebe, Ansaugpumpen und ähnliches bearbeitet.
2013 wurden in der Rosenbauer International AG 12,2 Mio € (2013: 9,0 Mio €) in Forschung und Entwicklung investiert. Das sind 4,4 % (2013: 3,1 %) der relevanten Nettoerlöse der Eigenproduktion. Die Aktivierungsquote betrug 21,9 % (2013: 20,0 %).
Strategisches Ziel der F&E-Aktivitäten bei Rosenbauer ist der weitere Ausbau und die nachhaltige Absicherung der Technologieführerschaft. Die Innovationsaktivitäten sind 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 Innovationen in die Entwicklungsvorhaben miteinbezogen werden. Die laufende und intensive Marktbeobachtung trägt ebenfalls dazu bei, marktgerechte Produkte mit einem erkennbaren Mehrwert für die Kunden entwickeln zu können.
Rosenbauer beschäftigt sich auch mit gesellschaftlichen Megatrends, um deren Auswirkungen auf die Feuerwehrbranche rechtzeitig erkennen zu können. Megatrends haben in der Regel weit reichenden Einfluss auf große Teile einer Gesellschaft, sie sind nie linear und eindimensional, sondern vielfältig, komplex und vernetzt. Aus deren Analyse lassen sich wiederum Trends für das Feuerwehrwesen ableiten, die Rosenbauer in die systematische Entwicklungsarbeit einfließen lässt.
In der Berichtsperiode lag der Schwerpunkt der Forschungs- und Entwicklungstätigkeit auf den Vorbereitungen für die größte europäische Feuerwehrmesse. Die "Interschutz" findet alle fünf Jahre in Deutschland statt und alle namhaften Hersteller sind vertreten. Rosenbauer nutzt den internationalen Branchentreff der Feuerwehrwelt, um Neuentwicklungen aus allen Produktbereichen zu präsentieren.
Eine dieser Neuerungen ist die nächste Generation des Flughafenlöschfahrzeuges PANTHER. Auf der Interschutz 2015 zu sehen sein werden die Modelle PANTHER 4x4 und 6x6. In diesen Fahrzeugen werden die Einsatzkräfte künftig eine verbesserte Rundum- und Nachtsicht haben, sie werden Fahrzeug und Löschtechnik präziser als bisher bedienen und steuern können und insgesamt noch sicherer auf ihren Einsatzfahrten unterwegs sein. Komplett neu entwickelt wurde die Löschtechnik der Fahrzeuge: die beiden Einbaupumpen N65 und N80, das zugehörige Schaum-Vormischsystem FIXMIX 2.0 und die beiden neuen Werfer RM35 und RM80.
Bei Einsatzfahrten der Feuerwehren ist das Unfallrisiko bis zu 17 Mal höher als bei einer PKW-Fahrt. Rosenbauer hat deshalb sein Angebot an Fahrtrainings deutlich erweitert. Neben dem bewährten PANTHER Taktik-Simulator für Flughafenfeuerwehren wurde im Berichtsjahr auch ein Simulator für kommunale Einsatzfahrten in Dienst gestellt: der "Emergency Response Driving Simulator" (ERDS).
Auf beiden Simulatoren lassen sich besonders heikle oder selten auftretende Gefahren- und Stresssituationen bei der Anfahrt bzw. am Einsatzort trainieren. Beide Simulatoren bieten aufgrund neuester Technik ein absolut realistisches Fahrverhalten in einem realitätsnahen und detailgetreu nachgebildeten Umfeld. Durch die Ausbildung am Simulator erlangen Maschinisten und Fahrer von Feuerwehrfahrzeugen auch in jenen Situationen Routine und Sicherheit, die normalerweise auf der Straße nicht geübt werden können.
Mit der E5000 komplettiert Rosenbauer seine Flotte an Rettungstreppenfahrzeugen für Flughafenfeuerwehren. Sie erreicht Rettungshöhen zwischen 2,5 und 5,5 m, in diesem Bereich befinden sich die Türen von 90 % aller Verkehrsflugzeuge auf Interkontinental-Strecken. Die E5000 dient der raschen und sicheren Rettung, sprich Evakuierung von Passagieren aus Verkehrsflugzeugen. Haupteinsatzzweck sind medizinische Notfälle, wie sie wöchentlich vier- bis fünfmal auf jedem größeren Flughafen vorkommen. Darüber hinaus bietet die E5000 einen sicheren Zugang zum Flugzeug – unter anderem auch zur Notfallsentladung von Frachtflugzeugen. Für einen etwaigen Löschangriff ist das Fahrzeug mit fix verbauter Wasserhochführung und Schnellangriffseinheit ausgestattet.
Für den französischen Markt hat Rosenbauer im Berichtsjahr ein Fahrzeug entwickelt, das nicht nur der EN1846, sondern auch der französischen Feuerwehrnorm NFS 61-515 entspricht. Es handelt sich um einen AT, aufgebaut auf ein Renault-Chassis mit Original Mannschaftskabine und Rosenbauer Löschtechnik. Erstmals präsentiert wurde das Fahrzeug im Oktober auf der französischen Feuerwehrmesse in Avignon.
Anfang 2014 wurde das neue tragbare Beleuchtungssystem RLS1000 eingeführt. Es kombiniert Scheinwerfer, Akku, Ladegerät und Stativ in einem kompakten Gerät und liefert acht Stunden Licht ohne externe Energieversorgung. Dreißig Hochleistungs-LED's, ausgestattet mit einem speziellen Linsensystem und angesteuert von einer speziellen Software, erzeugen einen Lichtstrom von 4.500 Lumen und eine Lichtfarbe von 6.500 K. Außerdem kann der Scheinwerfer als Signalleuchte mit rotem, gelbem, grünem und blauem Blinklicht verwendet werden.
Die unternehmensweiten Veränderungsprozesse und deren Abbildung in der Personal- und Führungsstruktur waren im abgeschlossenen Jahr die Schwerpunkte der Personalarbeit. Die verstärkte Internationalisierung und der eingeschlagene Wachstumskurs des Unternehmens bringen Veränderungen der Organisation, der Prozesse bis hin zum einzelnen Arbeitsplatz mit sich. Damit steigen die Qualifizierungsanforderungen an die Mitarbeiter, die von offensiven Aus- und Weiterbildungsmaßnahmen unterstützt werden.
Zu den zentralen Aufgaben des Human-Resources-Managements zählen unter anderem 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 auch in der Unternehmenskultur begründet. Die Wahrung des direkten Kontaktes des Managements zu den Mitarbeitern, eine transparente Informationspolitik und eine ehrlich gelebte Sozialpartnerschaft sind dabei wesentliche Elemente der Aufrechterhaltung eines mitarbeiterfreundlichen Arbeitsumfeldes. Ein strukturiertes Entgeltsystem als Teil der Gehaltspolitik gewährleistet darüber hinaus eine faire und nachvollziehbare Entlohnung der Mitarbeiter.
Mit 1.203 Mitarbeitern beschäftigte die Rosenbauer International AG im Jahr 2014 in Summe um 9 % mehr Mitarbeiter als zum Stichtag des Vorjahres. Die Gesamtzahl der Mitarbeiter gliedert sich in 640 Arbeiter (2013: 596), 471 Angestellte (2013: 421) und 92 Lehrlinge (2013: 89). Zusätzliche Beschäftigung schuf das Unternehmen über den Einsatz von 249 Leiharbeitskräften (2013: 229).
Das Durchschnittsalter der Rosenbauer Mitarbeiter in Österreich lag 2014 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 sowie Seminare zur Verbesserung von Projektmanagement, Verhandlungsführung und sozialer Kompetenz sowie zur Intensivierung unterschiedlicher Sprachen, darunter auch Arabisch.
Die vorausschauende Entwicklung der Mitarbeiter gehört zu den wichtigsten Aufgaben des Personalmanagements. 2014 betrugen die Aus- und Weiterbildungskosten 785,1 T€ (2013: 563,0 T€).
In einem speziellen firmeninternen Nachwuchsprogramm für Techniker werden Mitarbeiter für die interne Nachbesetzung wichtiger Schlüsselstellen 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 Anforderungen vorbereitet.
Die Mitglieder des obersten Managements nahmen gemeinsam mit den Geschäftsführern der operativen Einheiten im Berichtsjahr an einem einjährigen Management Development Programm teil. Dieses beinhaltete mehrere dreitägige Module, Team- und Gruppen-Coachings und hatte, vor dem Hintergrund der Internationalisierung des Unternehmens, die Ausgestaltung einer klaren Identität des Rosenbauer Führungsteams zum Ziel. Schritt für Schritt werden alle Managementebenen von Rosenbauer dieses Programm durchlaufen, um die strategischen Führungskompetenzen im Haus zu stärken und das Wachstum der Organisation sicherzustellen.
Ein weiterer Ausbildungsschwerpunkt in der Berichtsperiode wurde im Customer Service unter dem Titel "Train the Trainer" gesetzt. Mitarbeiter der Standorte Leonding, Karlsruhe und Luckenwalde absolvierten mehrtätige Workshops, um Qualität und Anzahl ihrer Kundentrainings steigern zu können. Dabei wurden alle Prozesse einer Kundenschulung beleuchtet und Trainingshandbücher erstellt, nach denen die Schulungen künftig ablaufen sollen. Das "Train the Trainer"-Programm sorgt für eine kontinuierliche Verbesserung der Trainingsqualität sowie die Schaffung eines Pools an Unterlagen und Trainings-Tools für die Mitarbeiter im Service, die Kundenschulungen durchführen.
Im Rahmen der Internationalisierungs- und Wachstumsstrategie wurden im Berichtsjahr verstärkte Impulse in Richtung länderübergreifender Personalentwicklung gesetzt. Außerdem wurde das Kompetenzmodell weiterentwickelt. Der Vorstand und die erste Managementebene haben die zukünftigen Führungsaufgaben festgelegt, anschließend wurden daraus die erforderlichen Managementkompetenzen abgeleitet. In der Folge wird
das Kompetenzmodell nun auf weitere Ebenen und Bereiche des Unternehmens heruntergebrochen.
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 frühzeitig Kontakte zum akademischen Nachwuchs zu knüpfen. Außerdem bieten sich gute Gelegenheiten, Praktika und Abschlussarbeiten als Einstiegsmöglichkeiten bei Rosenbauer zu präsentieren und anbieten zu können.
Durch ein gezieltes Angebot an Projekten für Schüler und Studierende versucht Rosenbauer den potenziellen Nachwuchs frühzeitig für das Unternehmen zu begeistern. Allein im Sommer 2014 bekamen rund 80 Schüler die Möglichkeit, über einen Ferialplatz erste Erfahrungen in der Berufswelt zu sammeln. Zusätzlich absolvierten über 30 Studierende ein Praktikum im Rahmen ihrer Ausbildung an Bildungsinstitutionen oder verfassten in Zusammenarbeit mit Rosenbauer eine wissenschaftliche Arbeit.
Rosenbauer unterstützt flexible Arbeitszeiten, 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. Zudem besteht bei begründetem Bedarf die Möglichkeit zur Telearbeit.
Die Lehrlingsausbildung bei Rosenbauer nimmt traditionellerweise einen hohen Stellenwert ein. 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 100 Lehrlinge erfolgreich eine hochwertige und praxisnahe Ausbildung erhalten, wobei für eine offene Lehrstelle bis zu 10 Bewerbungen abgegeben werden.
Von den 15 Berufen, die bei Rosenbauer erlernt werden können, sind die meisten aus dem industriellen bzw. technischen Bereich. An erster Stelle lag 2014 die Ausbildung zum Maschinenbautechniker, an zweiter die zum Mechatroniker. Rosenbauer bildet junge Menschen unter anderem zum Industrie- und Bürokaufmann, Informationstechnologie-Techniker oder Konstrukteur aus. In einem speziellen Traineeprogramm können sich Mitarbeiter nach dem Lehrabschluss zu universell im Unternehmen einsetzbaren Fachkräften weiterqualifizieren. Rosenbauer bildet auch junge Menschen mit besonderen Bedürfnissen aus.
In einer traditionell eher von Männern bevorzugten Branche werden Frauen bei Rosenbauer besonders gefördert. Gezielt werden Maßnahmen gesetzt, um den Anteil an weiblichen Lehrlingen und Mitarbeitern und hier vor allem in den Führungspositionen zu erhöhen. Der Anteil der Frauen an der Gesamtbelegschaft beläuft sich heute auf rund 16 %. 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.
Rosenbauer modernisiert laufend Arbeitsplätze im Unternehmen und legt dabei besonderen Wert auf die Sicherheit und Gesundheit der Mitarbeiter. 2014 lag der Schwerpunkt auf Werk II Leonding, wo nicht weniger als 260 neue Arbeitsplätze eingerichtet wurden. Bei ihrer Gestaltung, sowohl in den Büros als auch in der Produktion, wurden die neuesten Erkenntnisse von Arbeitsmedizin/-technik und -sicherheit berücksichtigt.
Der Stand der Arbeitssicherheit wird regelmäßig in SOS (Sicherheit-Ordnung-Sauberkeit)- Audits und durch Sicherheitsrundgänge überprüft, Arbeits- und Beinaheunfälle werdeb 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, 2013 wurde das Zertifikat erfolgreich verlängert.
Im Rahmen der betrieblichen Gesundheitsvorsorge haben 2014 rund 110 Mitarbeiter an der kostenlosen Gesundenuntersuchung teilgenommen. Diese erfolgt direkt beim Betriebsarzt, kann bei Bedarf um bestimmte Spezialuntersuchungen ergänzt werden. Darüber hinaus haben am Standort Neidling zwei Drittel der Mitarbeiter am zweiten Rosenbauer Gesundheitstag teilgenommen, der wie in Leonding im Jahr davor den Bewegungs- und Stützapparat zum Thema hatte.
Die Weiterentwicklung des KVP in den neuen SAFE Verbesserungsprozess (SVP) wurde 2014 zügig vorangetrieben. Immer mehr Teams arbeiten bereits in der neuen Systematik. Parallel dazu wurde das Projekt "SVP on Fire" gestartet, um die Teams bei dieser Transformation auch von der Bedürfnisseite her zu unterstützen. Behandelt werden Themen wie die SVP-Teamorganisation, die SVP-Systematik oder das Selbstverständnis der Mitarbeiter in diesem Prozess.
In den ein- und zweitägigen Veranstaltungen wird daran gearbeitet, bestehende Prozesse und Denkmuster abzulegen und sich auf neue Methoden und Herangehensweisen einzulassen. Die Ziele der Workshops sind, die eigene Rolle und die des Teams besser verstehen zu lernen, ins gemeinsame Handeln zu kommen und gemeinsam im Team Verbesserungen umzusetzen.
Zum Jahresende 2014 beschäftigte die Rosenbauer International 249 Leiharbeitskräfte. Diese sind in vielen Belangen der Stammbelegschaft gleichgestellt und können neben einer Reihe von Sozialleistungen auch das interne Gesundheits- und Sportangebot nutzen. In den letzten Jahren wurde ein wesentlicher Teil des Mitarbeiterbedarfes aus dem Pool der Leiharbeitskräfte abgedeckt. Allein von 2012 bis 2014 wurden rund 140 Leiharbeitsverträge in unbefristete Arbeitsverhältnisse umgewandelt.
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:
• der schriftlich ausformulierten Risikostrategie sowie der ergänzenden Risikopolitik,
Das Risikomanagement definiert einen strukturierten Prozess, der eine systematische Überwachung der Geschäftsrisiken vorsieht. Damit können sowohl Chancen als auch Risiken frühzeitig erkannt und beurteilt werden.
Im Rahmen dieses Prozesses werden die Risiken identifiziert sowie hinsichtlich ihrer Eintrittswahrscheinlichkeit und des zu erwartenden Schadensausmaßes analysiert und bewertet. Daraus werden Maßnahmen zur Risikokontrolle/-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.
Die unmittelbare Verantwortung für das Risikomanagement trägt die Geschäftsleitung der jeweiligen operativen Einheit. Auf dieser Ebene erfolgen auch die regelmäßige Behandlung der Risikothemen sowie die jährliche Risikoinventur. 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 Innovationen bei den Produkten, Effizienzsteigerungen in den Prozessen und verstärkte Aktivitäten auf neuen Märkten. Künftige Absatzchancen bieten sich vor allem in jenen Ländern und Regionen, die aufgrund von Naturkatastrophen, terroristischen Gefahren oder unzureichender Infrastruktur verstärkt in feuerwehrtechnische Ausrüstung investieren müssen.
Die Budgetrestriktionen infolge der Finanz- und Wirtschaftskrise sind nach wie vor in zahlreichen Feuerwehrmärkten deutlich zu spüren. Als Konsequenz mussten Hersteller, die vorwiegend lokal tätig sind, teilweise erhebliche Absatzrückgänge in Kauf nehmen. Das wirkte sich auf deren Ergebnissituation aus und reduzierte den finanziellen Spielraum für weitere Entwicklungen. Für den Rosenbauer als innovativstes und vertriebsstärkstes Unternehmen der Branche eröffnet diese Entwicklung hingegen sogar Chancen, mit modernen und hochfunktionalen Produkten weitere Marktanteile zu gewinnen.
Zur nachhaltigen Absicherung des Wachstums verfolgt Rosenbauer eine konsequente Internationalisierungsstrategie. Mit Produktionsstätten auf drei Kontinenten und einem weltweiten Vertriebs- und Servicenetz ist heute eine Marktposition erreicht, die es ermöglicht, Absatzschwankungen in einzelnen Märkten auszugleichen.
Risiken, die sich für das Feuerwehrgeschäft aufgrund politisch oder rechtlich veränderter Rahmenbedingungen ergeben, können kaum abgesichert werden. Aufgrund 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 Unternehmensstrategie 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. Aufgrund der guten Auftragslage sind die Produktionsstätten für das laufende Jahr 2015 gut ausgelastet.
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 laufend überwacht bzw. 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 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 Rosenbauer Konzerns läuft eine wettbewerbsrechtliche Klage, aus der sich gegebenenfalls Schadens- sowie Strafzahlungen ergeben können. Da eine konkrete Einschätzung der Angelegenheit derzeit nicht möglich ist, wurde keine Rückstellung gebildet. Zum gegenwärtigen Zeitpunkt erwartet Rosenbauer jedoch aus dieser Rechtsstreitigkeit keine wesentlichen negativen Auswirkungen auf die Vermögens-, Finanz- und Ertragslage.
Im Zusammenhang mit dem Löschfahrzeugkartell und dem Drehleiterkartell konnten nunmehr die Regulierungsverfahren auf Basis einer außergerichtlichen Einigung abgeschlossen werden. Die Metz Aerials leistete im zweiten Quartal 2014 mit 3,4 Mio € einen wesentlichen Beitrag zur Abwicklung des Schadensausgleichs zwischen den Kommunen und den Herstellern. Damit ist es gelungen, den Schadensausgleich des Kartellverfahrens – bis auf einige wenige Einzelverfahren, welche von Kommunen auf Basis entsprechender Klauseln in den Kaufverträgen angestrengt wurden – abzuschließen. Nachgereichte Schadenersatzansprüche in höherem Ausmaß für vom Kartell umfasste Lieferungen sind nicht mehr zu erwarten.
Um künftige Fehlentwicklungen zu vermeiden, wurde die Compliance-Organisation weiter ausgebaut, Vorschriften verschärft und Sanktionen für wettbewerbsschädigendes Verhalten beschlossen.
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.
Auch das Energiemanagement an den österreichischen und deutschen Fertigungsstandorten ist nach der ISO-Systematik ISO 50001 zertifiziert. Es dient in erster Linie als Instrument, mit dem Energiekosten und -verbräuche laufend überprüft und nachhaltige Maßnahmen zur Reduktion des Ressourcenverbrauchs abgeleitet werden können.
Rosenbauer betreibt seit mehr als 20 Jahren ein konsequentes Qualitätsmanagement nach ISO 9001. Dieses wird laufend in Audits überprüft und trägt wesentlich dazu bei, weltweit dieselbe 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 Reduzierung 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. 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 von Rosenbauer 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, beispielsweise 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 Prozesse dokumentiert werden und deren Einhaltung überprüft wird.
Das Kontrollumfeld des Rechnungslegungsprozesses ist durch eine klare Aufbau- und Ablauforganisation gekennzeichnet. Sämtlichen 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, so weit 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.
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 von Rosenbauer 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. Dies erfordert auf beiden Seiten permanente Innovationsbereitschaft und zuverlässige sowie leistungsfähige Systeme.
Rosenbauer setzt daher gezielt auf eine enge und partnerschaftliche Zusammenarbeit mit seinen Zulieferern. Sorgfältig werden diese evaluiert und ausgewählt, die Basis für den gemeinsamen Erfolg wird durch den Einsatz neuer Technologien, durch innovative Ideen und ein ausgeprägtes Kostenbewusstsein gelegt. 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 und Partner zurückzugreifen. Gemeinsam werden Strategien zur Optimierung der Zusammenarbeit, zu Verbesserungen der Logistikkette, zur Erfüllung von Umweltaspekten bis hin zu innovativen Produktlösungen entwickelt.
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.
Das Einkaufsvolumen der Rosenbauer International AG an Produktionsmaterialien und Handelswaren betrug in der Berichtsperiode 377,1 Mio € (2013: 342,1 Mio €). Dies entspricht einem 80%-igen Anteil an den Umsatzerlösen. Angesichts des stark gewachsenen Beschaffungsvolumens ist die termingerechte Versorgung der Produktion eine besondere Herausforderung.
84 % 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.
Den größten Anteil am Einkaufsvolumen haben mit rund 33 % die Fahrgestelle für Feuerwehrfahrzeuge. Sie machen 39 % der Fahrzeugherstellkosten aus, sind für Rosenbauer im Regelfall aber ein Durchlaufposten. Die Hauptlieferanten in Europa sind Daimler und MAN.
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.
Gegenwert nicht mehr als 20 % unter, der höchste Gegenwert nicht mehr als 10 % über dem durchschnittlichen Börsenschlusskurs der letzten drei Börsetage vor Erwerb der Aktien liegen darf. Der Handel mit eigenen Aktien ist dabei ausgeschlossen. Eine ausführliche Beschreibung der Ermächtigung ist unter www.rosenbauer.com/Group veröffentlicht.
Nach dem Bilanzstichtag sind keine weiteren Vorgänge von besonderer Bedeutung für die Gesellschaft eingetreten, die zu einer Änderung der Vermögens-, Finanz- und Ertragslage geführt haben.
Neben den USA sind es auch im laufenden Jahr wieder die Länder Asiens und des Mittleren Ostens, die das globale Wirtschaftswachstum antreiben werden. Die Wachstumsrate sollte weltweit von 3,3 % im Jahr 2014 auf 3,5 % im Jahr 2015 steigen.
Im Euro-Raum bleiben die Wachstumsaussichten eher gedämpft, der IMF prognostiziert einen BIP-Zuwachs von 1,2 % für 2015. Vom schwächeren Euro, dem niedrigen Ölpreis, einem anhaltend niedrigen Zinsniveau und der expansiven Geldpolitik der Notenbanken sollten vor allem exportorientierte Unternehmen profitieren.
Die Feuerwehrbranche sieht sich auch 2015 sehr unterschiedlichen Herausforderungen gegenüber. Das Wachstum wird überwiegend aus Asien sowie dem Nahen und Mittleren Osten kommen. Am nordamerikanischen Markt sollte 2015 ein positiver Nachfragetrend einsetzen, auch die Branche in Europa wird wohl nur einen leichten Aufschwung – wenn überhaupt – nehmen.
Wie sich die Feuerwehrmärkte im Detail entwickeln werden, hängt vielfach von der Verfügbarkeit der öffentlichen Budgets ab, eine genaue Prognose ist schwer abzugeben. In einigen, meist entwickelten Märkten wird aufgrund der Bemühungen zur Haushaltskonsolidierung die Nachfrage nach Feuerwehrausrüstung verhalten bleiben. Dadurch steigt das durchschnittliche Alter der Einsatzmittel weiter an. In den Emerging Markets wiederum bietet sich das gewohnt unterschiedliche Bild: Während in einigen Regionen Anzeichen einer Marktsättigung zu erkennen sind, besteht in andern nach wie vor hoher Modernisierungsbedarf. Dieser spiegelt sich auch in einer umfangreichen Projektlandschaft wider.
Generell lässt sich sagen, dass nach wie vor in jenen Ländern in Feuerwehrtechnik und ausrüstung investiert wird, in denen ein erhöhtes Sicherheitsbedürfnis nach Natur- oder Terrorkatastrophen vorhanden ist oder hohe Finanzmittel aus dem Verkauf von Rohstoffen zur Verfügung stehen. Darüber hinaus sorgen die weltweite Zunahme des Flugverkehrs und der Einsatz größerer Flugzeuge für eine gute Nachfrage nach Spezialfahrzeugen.
Vor dem Hintergrund positiver Konjunkturprognosen sollte sich im Jahr 2015 auch die US-Feuerwehrbranche wieder erholen. Rosenbauer America konnte vor allem Dank internationaler Aufträge und der Markteinführung des eigenen Fahrgestells Commander entgegen dem Markttrend weiter wachsen. Die Auftragseingänge der letzten Monate sichern auch für das kommende Geschäftsjahr eine hohe Auslastung der amerikanischen Produktionsstätten.
Der europäische Feuerwehrmarkt ist lange nicht so homogen wie jener in den Vereinigten Staaten und muss differenziert nach Ländern betrachtet werden. In den hoch industrialisierten Ländern scheint der Abschwung beendet und eine Erholung in Sicht. Es wird erwartet, dass sich das Beschaffungsverhalten der öffentlichen Haushalte wieder stabilisiert und Investitionen, die infolge von Sparprogrammen verschoben wurden, in nächster Zeit getätigt werden. Vor allem die Märkte in Zentral- und Nordeuropa sollten wachsen, zumal das durchschnittliche Alter der im Einsatz befindlichen Feuerwehrfahrzeuge bereits weit über dem Durchschnitt liegt. In den süd- und osteuropäischen Ländern ist hingegen weiterhin mit einer gedämpften Nachfrage nach Feuerwehrausrüstung zu rechnen.
Der deutsche Feuerwehrmarkt sollte sich im Jahr 2015 ebenfalls weiter stabilisieren, allerdings unter einem andauernden, sehr intensiven Preiswettbewerb. In Österreich ist 2015 mit einem Absatzvolumen auf Normalniveau zu rechnen.
Das russische Beschaffungsvolumen bleibt seit Jahren unter dem eigentlichen Bedarf. Für 2015 wird sich die Nachfrage an der Verfügbarkeit von Finanzmitteln orientieren, die sich zurzeit nur schwer einschätzen lässt. Beschaffungen aus dem Euroland werden wegen des starken Verfalls des russischen Rubels sehr teuer und damit auch wesentlich schwieriger finanzierbar.
Die Feuerwehrbranche wächst vor allem in Ländern mit erhöhtem Sicherheitsbedarf sowie in aufstrebenden Märkten mit verstärkten Infrastrukturinvestitionen. Geografisch gesehen wird im Jahr 2015 das stärkste Wachstum in Asien erwartet, allen voran in China und Indien. Hier profitiert die Feuerwehrbranche nach wie vor vom guten gesamtwirtschaftlichen Umfeld. Die voranschreitende Urbanisierung erfordert auch in den kommenden Jahren massive Investitionen in die Sicherheitsinfrastruktur und den Brandschutz.
Der Nahe Osten hat sich aufgrund des hohen Sicherheitsbewusstseins und der gezielten Modernisierung von Feuerwehr und Zivilschutz in den letzten Jahren zu einer bedeutenden Absatzregion entwickelt. Der Transformationsprozess ist noch nicht abgeschlossen, daher kann weiterhin von einer starken Nachfrage nach Feuerwehrfahrzeugen und -ausrüstung ausgegangen werden.
Afrika, Zentral- und Südamerika sind Spot-Märkte mit unregelmäßigen Zentralbeschaffungen. Da diese oft mehrjährige Vorlaufzeiten haben, lassen sie sich kaum prognostizieren. Brasilien, Argentinien oder Venezuela gelten wegen ihrer Rohstoffvorkommen als Zukunftsmärkte. Politische Risiken sind in diesen Ländern aber nicht gänzlich auszuschließen und erfordern eine genaue Marktbeobachtung.
Rosenbauer verfolgt die Entwicklung in den einzelnen Feuerwehrmärkten sehr genau, um Absatzchancen frühzeitig nutzen zu können. Je nachdem, welche Länder oder Regionen ein erhöhtes Beschaffungsvolumen erkennen lassen, werden die Vertriebsaktivitäten forciert. So wird die globale Präsenz des Unternehmens weiter ausgebaut und die internationale Wettbewerbsfähigkeit gestärkt.
Zum Zeitpunkt der Erstellung dieses Berichtes verfügt Rosenbauer über einen ausgezeichneten Auftragsbestand in der Höhe von 384,5 Mio € (31. Dezember 2013: 331,9 Mio €). Dieser Wert entspricht beinahe einem Jahresumsatz, wobei Ausrüstungsprodukte und Serviceumsätze nur zum Teil berücksichtigt sind. Damit ist die Basisauslastung der Produktionsstätten im Jahr 2015 sichergestellt. Darüber hinaus sind zurzeit zahlreiche internationale Projekte in Bearbeitung.
Im Juni 2015 findet in Hannover die größte Feuerwehrmesse der Welt statt. Auf der Interschutz treffen sich alle fünf Jahre die wichtigsten Hersteller der Branche. Rosenbauer wird wieder eine Reihe innovativer Produkte vorstellen, darunter die neue Generation des Flughafenlöschfahrzeuges PANTHER, die hinsichtlich Sicherheit, Ergonomie, Bedienbarkeit und Design neue Maßstäbe setzen wird.
Ebenfalls auf der Feuerwehrleitmesse präsentiert werden die neuesten Entwicklungen aus dem Bereich der persönlichen Schutzausrüstung, der Löschtechnik sowie zahlreiche Hubrettungsgeräte und Fahrzeugvarianten für kommunale, Berufs- und Industriefeuerwehren. Mehr als 30 Fahrzeuge aus dem Hause Rosenbauer wird man auf der Interschutz 2015 sehen können.
Das starke Unternehmenswachstum hat in den letzten Jahren einen umfassenden Ausbau der Standorte erforderlich gemacht, in nahezu allen Werken wurden die Fertigungsflächen und Kapazitäten erhöht. In Leonding ist der Ausbau mit der Inbetriebnahme von Werk II weitgehend abgeschlossen. In den nächsten beiden Jahren wird Werk I unter den Gesichtspunkten Effizienzsteigerung und Profitabilität neu ausgerichtet. Auch hier wird mehr Platz für die Fertigung der Komponenten und Sonderfahrzeuge geschaffen, die Infrastruktur optimiert und werden die vorgelagerten Verwaltungsprozesse vereinfacht.
Im Jahr 2015 werden sich Investitionstätigkeit und Investitionsvolumen gegenüber dem Berichtsjahr reduzieren.
Das hohe Auftragsvolumen und die erhöhten Produktionsbestände erforderten im Jahr 2014 die Bereitstellung zusätzlicher Finanzierungsrahmen, die über mehrere Banken und mit unterschiedlichen Fristigkeiten sichergestellt wurden.
Die Finanzierungsstrategie des Unternehmens ist nach konservativen Grundsätzen ausgerichtet und räumt einer gesicherten Liquidität sowie einer möglichst hohen Eigenmittelausstattung Vorrang ein.
Aufgrund des langen Fahrzeugdurchlaufs vom Auftragseingang bis zur Auslieferung und der Umstellung der Fertigungsprozesse in beiden Leondinger Werken ist das Working Capital 2014 deutlich angestiegen. Mit speziellen Programmen wird dieser Entwicklung entgegen gewirkt werden, um den Finanzierungsbedarf zu reduzieren.
Rosenbauer ist heute führender Hersteller der internationalen Feuerwehrbranche. Um diese Marktposition abzusichern und auszubauen, richtet Rosenbauer die Organisation noch konsequenter auf Kunden und Märkte aus. Unter dem Stichwort "GO2020" wurde im Berichtsjahr die bisher nach Produkten ausgerichtete Geschäftsbereichsorganisation durch die neue Area-Organisation ersetzt. Die Areas sind nun für alle Geschäfte in ihrer Region verantwortlich, sie erheben die Markterfordernisse, initiieren die Produktentwicklung, sind für den Vertrieb, aber auch für die Produktionswerke in ihrem Bereich zuständig. Damit werden die organisatorischen Rahmenbedingungen dafür geschaffen, das Wachstumspotenzial im Kerngeschäft und in neuen Märkten noch besser auszuschöpfen.
In allen Geschäftsfeldern stellt sich Rosenbauer mit neuen, attraktiven Produkten dem Wettbewerb. Mit neuen Drehleiter- und Bühnenmodellen sowie mit der AT-Baureihe werden neue Kunden gewonnen und Marktpositionen ausgebaut. Für zusätzliche Absatzimpulse sollten im Jahr 2015 die beiden Simulatoren, der PANTHER Taktik-Simulator für Flughafenfeuerwehren sowie der Simulator für kommunale Einsatzfahrten sorgen. Mit dem bestehenden Produktportfolio im Bereich der persönlichen Schutzausrüstung sowie mit dem US-Fahrgestell Commander ist Rosenbauer hervorragend positioniert, bei Flughafenlöschfahrzeugen mit dem PANTHER weltweit führend.
Darüber hinaus investiert Rosenbauer in die Vertriebsorganisation und in die Produktentwicklung, um auf bestimmten kommunalen Märkten Wachstumschancen gezielt nutzen zu können. Ein Beispiel dafür ist der Feuerwehrmarkt in Großbritannien, wo die zweitgrößte Feuerwehr des Landes mittlerweile zu den Kunden von Rosenbauer gehört.
Mit hohem Mitteleinsatz für Forschungs- und Entwicklung sorgt Rosenbauer dafür, dass den Feuerwehren auch in den kommenden Jahren neueste Technologien und maßgeschneiderte Produkte zur Verfügung stehen.
Wenn auch der Feuerwehrmarkt weltweit kein einheitliches Bild zeigt, darf dennoch eine leichte Belebung der Gesamtnachfrage erwartet werden. Aufgrund der guten Entwicklung der Auftragseingänge in den letzten Monaten und der erweiterten Produktionskapazitäten geht das Management für das laufende Geschäftsjahr davon aus, dass der Umsatz im Jahr 2015 zunehmen wird.
Für die Ertragssituation im Jahr 2015 sind insbesondere die folgenden Faktoren von Bedeutung:
Leonding, 26. März 2015
Siegel Brunbauer Kitzmüller
| Stand | Stand | ||||
|---|---|---|---|---|---|
| 31.12.2014 | 31.12.2013 | ||||
| EUR | EUR | EUR | EUR | TEUR | |
| A. ANLAGEVERMÖGEN | |||||
| I. Immaterielle Vermögensgegenstände | |||||
| 1. Konzessionen, Rechte | 1.150.807,00 | 651 | |||
| 2. Geleistete Anzahlungen | 0,00 | 1.150.807,00 | 5 656 |
||
| II. Sachanlagen | |||||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, | |||||
| einschließlich der Bauten auf fremdem Grund | |||||
| davon Grundwert EUR 18.693.154,30 (2013 TEUR 5.494) | 64.466.477,30 | 35.739 | |||
| 2. Investitionen in fremden Gebäuden | 100.019,00 | 114 | |||
| 3. Technische Anlagen und Maschinen | 11.415.801,00 | 9.191 | |||
| 4. Andere Anlagen, Betriebs- und Geschäftsausstattung | 14.465.772,00 | 10.447 | |||
| 5. Geleistete Anzahlungen und Anlagen in Bau | 912.534,32 | 2.801 | |||
| 91.360.603,62 | 58.292 | ||||
| III. Finanzanlagen | |||||
| 1. Anteile an verbundenen Unternehmen | 43.529.387,60 | 42.431 | |||
| 2. Beteiligungen | 3.001.640,79 | 3.002 | |||
| 3. Wertpapiere (Wertrechte) des Anlagevermögens | 1.065.282,57 | 719 | |||
| 47.596.310,96 | 46.152 | ||||
| 140.107.721,58 | 105.100 | ||||
| B. UMLAUFVERMÖGEN | |||||
| I. Vorräte | |||||
| 1. Roh-, Hilfs- und Betriebsstoffe | 61.671.642,90 | 49.425 | |||
| Erhaltene Anzahlungen | -4.118.149,34 | -968 | |||
| 57.553.493,56 | 48.457 | ||||
| 2. Unfertige Erzeugnisse | 66.933.664,34 | 44.322 | |||
| Erhaltene Anzahlungen | -1.653.638,73 | -150 | |||
| 65.280.025,61 | 44.172 | ||||
| 3. Fertige Erzeugnisse und Waren | 11.224.311,56 | 8.227 | |||
| 4. Ware unterwegs | 2.593.095,99 | 4.290 | |||
| 5. Geleistete Anzahlungen | 5.887.561,35 | 2.969 | |||
| 142.538.488,07 | 108.115 | ||||
| II. Forderungen und sonstige Vermögensgegenstände | |||||
| 1. Forderungen aus Lieferungen und Leistungen | 52.563.218,16 | 24.632 | |||
| 2. Forderungen gegenüber verbundenen Unternehmen | 31.877.306,64 | 25.885 | |||
| 3. Forderungen gegenüber Unternehmen, | |||||
| mit denen ein Beteiligungsverhältnis besteht | 6.605.552,91 | 4.527 | |||
| 4. Sonstige Forderungen und Vermögensgegenstände | 11.937.879,23 | 6.537 | |||
| 102.983.956,94 | 61.581 | ||||
| III. Kassenbestand, Guthaben bei Kreditinstituten | 14.136.006,59 | 2.220 | |||
| 259.658.451,60 | 171.916 | ||||
| C. RECHNUNGSABGRENZUNGSPOSTEN | 1.377.018,40 | 1.042 | |||
| 401.143.191,58 | 278.058 | ||||
| P A S S I V A | |||
|---|---|---|---|
| Stand | Stand | ||
| 31.12.2014 | 31.12.2013 | ||
| 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) | 104.302.757,74 | 96.703 | |
| IV. Bilanzgewinn | |||
| davon Gewinnvortrag EUR 143.002,60 (2013 TEUR 144) | 8.315.864,79 | 149.922.020,55 | 8.303 142.309 |
| B. UNVERSTEUERTE RÜCKLAGEN | |||
| Bewertungsreserve auf Grund von Sonderabschreibungen | 2.296.915,61 | 2.346 | |
| C. RÜCKSTELLUNGEN | |||
| 1. Rückstellungen für Abfertigungen | 12.019.200,00 | 10.791 | |
| 2. Rückstellungen für Pensionen | 962.317,11 | 608 | |
| 3. Steuerrückstellung | 0,00 | 1.666 | |
| 4. Sonstige Rückstellungen | 22.310.131,60 | 19.472 | |
| 35.291.648,71 | 32.537 | ||
| D. VERBINDLICHKEITEN | |||
| 1. Verbindlichkeiten gegenüber Kreditinstituten | 134.799.292,68 | 30.251 | |
| 2. Erhaltene Anzahlungen auf Bestellungen | 18.835.750,46 | 18.871 | |
| 3. Verbindlichkeiten aus Lieferungen und Leistungen | 30.991.711,91 | 24.331 | |
| 4. Verbindlichkeiten gegenüber verbundenen Unternehmen | 6.721.531,48 | 10.159 | |
| 5. Sonstige Verbindlichkeiten | |||
| davon aus Steuern EUR 337.091,50 (2013 TEUR 150) | |||
| davon im Rahmen der sozialen Sicherheit | |||
| EUR 1.649.703,73 (2013 TEUR 1.485) | 22.284.320,18 | 17.254 | |
| 213.632.606,71 | 100.866 | ||
| E. RECHNUNGSABGRENZUNGSPOSTEN | 0,00 | 0 | |
| 401.143.191,58 | 278.058 | ||
| HAFTUNGSVERHÄLTNISSE | 41.100.305,00 | 40.773 | |
| EUR EUR TEUR TEUR 1. Umsatzerlöse 471.976.076,06 491.686 2. Veränderung des Bestands an fertigen und unfertigen Erzeugnissen 22.486.958,16 -6.525 3. Andere aktivierte Eigenleistungen 250.440,58 123 4. Sonstige betriebliche Erträge a) Erträge aus dem Abgang vom Anlagevermögen mit Ausnahme der Finanzanlagen 95.021,17 60 b) Erträge aus der Auflösung von Rückstellungen 1.960.457,55 135 c) Übrige 7.332.290,73 9.387.769,45 8.703 8.898 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen a) Materialaufwand -350.517.066,73 -340.930 b) Aufwendungen für bezogene Leistungen -9.961.881,49 -360.478.948,22 -9.457 -350.387 6. Personalaufwand a) Löhne -30.230.177,12 -28.008 b) Gehälter -35.067.819,84 -30.575 c) Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen -2.121.734,27 -2.145 d) Aufwendungen für Altersversorgung -414.110,57 -217 e) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge -16.548.314,19 -14.956 f) Sonstige Sozialaufwendungen -516.049,84 -84.898.205,83 -487 -76.388 7. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen -8.349.358,36 -6.633 8. Sonstige betriebliche Aufwendungen a) Steuern, soweit sie nicht unter Z 18 fallen -112.638,59 -131 b) Übrige -38.179.447,94 -38.292.086,53 -33.055 -33.186 9. Zwischensumme aus Z 1 bis 8 (Betriebserfolg) 12.082.645,31 27.588 10. Erträge aus Beteiligungen 10.280.402,67 7.203 davon aus verbundenen Unternehmen EUR 9.343.351,17 (2013 TEUR 5.024) 11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens 11.056,25 11 davon aus verbundenen Unternehmen EUR 0,00 (2013 TEUR 0) 12. Sonstige Zinsen und ähnliche Erträge 888.253,13 753 davon aus verbundenen Unternehmen EUR 551.250,80 (2013 TEUR 451) 13. Erträge aus dem Abgang von Finanzanlagen und aus Wertpapieren des Umlaufvermögens 75,00 0 14. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens -250,20 -6.346 davon aus Abschreibungen EUR 250,20 (2013 TEUR 6.346) 15. Zinsen und ähnliche Aufwendungen -2.425.113,30 -1.251 davon betreffend verbundene Unternehmen EUR 201.285,64 (2013 TEUR 135) 16. Zwischensumme aus Z 10 bis 15 (Finanzerfolg) 8.754.423,55 370 17. Ergebnis der gewöhnlichen Geschäftstätigkeit 20.837.068,86 27.958 18. Steuern vom Einkommen -5.112.913,88 -7.559 19. Jahresüberschuss 15.724.154,98 20.399 20. Auflösung unversteuerter Rücklagen 48.707,21 110 21. Zuweisung zu Gewinnrücklagen -7.600.000,00 -12.350 Jahresgewinn 8.172.862,19 8.159 22. Gewinnvortrag aus dem Vorjahr 143.002,60 144 23. Bilanzgewinn 8.315.864,79 8.303 |
2014 | 2013 | ||
|---|---|---|---|---|
| 2014 | 2013 | |
|---|---|---|
| EUR | EUR | |
| Österreich | 37.168.635,59 | 33.880.398,83 |
| Europäische Union | 91.551.471,11 | 104.097.778,91 |
| Asien / Ozeanien | 86.979.968,10 | 64.074.170,92 |
| Osteuropa | 6.117.296,35 | 8.171.922,97 |
| Naher Osten | 191.739.512,86 | 226.549.181,11 |
| Sonstige | 58.419.192,05 | 54.912.435,81 |
| UMSATZERLÖSE | 471.976.076,06 | 491.685.888,55 |
| 2014 | 2013 | |
|---|---|---|
| EUR | EUR | |
| Fahrzeuge | 338.550.238,48 | 350.074.671,91 |
| Hubrettungsgeräte | 12.776.022,87 | 18.860.925,90 |
| Komponenten | 40.206.628,34 | 37.542.345,97 |
| Business Development | 6.389.782,07 | 3.823.938,54 |
| Ausrüstung | 53.594.046,81 | 61.627.410,05 |
| Ersatzteile, Reparatur und Service | 12.445.337,94 | 10.678.698,05 |
| Sonstige | 8.014.019,55 | 9.077.898,13 |
| UMSATZERLÖSE | 471.976.076,06 | 491.685.888,55 |
| 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 | ||
| 1.1.2014 | 31.12.2014 | |||||
| EUR | EUR | EUR | EUR | EUR | ||
| ANLAGEVERMÖGEN | ||||||
| I. Immaterielle Vermögensgegenstände | ||||||
| 1. Konzessionen, Rechte | 3.748.281,99 | 993.337,93 | 5.100,00 | 251.599,81 | 4.495.120,11 | |
| 2. Firmenwert | 1,00 | 0,00 | 0,00 | 1,00 | 0,00 | |
| 3. Geleistete Anzahlungen | 5.100,00 | 0,00 | -5.100,00 | 0,00 | 0,00 | |
| 3.753.382,99 | 993.337,93 | 0,00 | 251.600,81 | 4.495.120,11 | ||
| 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 | 1.927.099,12 | 9.447.371,15 | 0,00 | 0,00 | 11.374.470,27 | |
| Gebäudewert | 39.092.689,43 | 14.828.374,90 | 1.297.525,92 | 0,00 | 55.218.590,25 | |
| Außenanlagen | 5.230.508,49 | 1.522.974,36 | 0,00 | 91.803,92 | 6.661.678,93 | |
| b) Unbebaute Grundstücke | 3.567.293,78 | 3.751.390,25 | 0,00 | 0,00 | 7.318.684,03 | |
| 49.817.590,82 | 29.550.110,66 | 1.297.525,92 | 91.803,92 | 80.573.423,48 | ||
| 2. Investitionen in fremden Gebäuden | 140.768,45 | 0,00 | 0,00 | 0,00 | 140.768,45 | |
| 3. Technische Anlagen und Maschinen | 19.134.087,47 | 2.559.190,17 | 1.503.500,00 | 504.611,42 | 22.692.166,22 | |
| 4. Andere Anlagen, Betriebs- und Geschäftsausstattung | 32.539.912,74 | 8.033.618,08 | 0,00 | 1.348.782,97 | 39.224.747,85 | |
| 5. Geleistete Anzahlungen und Anlagen in Bau | 2.801.025,92 | 912.534,32 | -2.801.025,92 | 0,00 | 912.534,32 | |
| 104.433.385,40 | 41.055.453,23 | 0,00 | 1.945.198,31 | 143.543.640,32 | ||
| III. Finanzanlagen | ||||||
| 1. Anteile an verbundenen Unternehmen | 59.849.545,33 | 1.098.285,42 | 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 | 744.679,97 | 370.800,00 | 0,00 | 24.925,00 | 1.090.554,97 | |
| 63.595.866,09 | 1.469.085,42 | 0,00 | 24.925,00 | 65.040.026,51 | ||
| 171.782.634,48 | 43.517.876,58 | 0,00 | 2.221.724,12 | 213.078.786,94 |
| Abschreibungen | Buchwert | Buchwert | Abschreibungen |
|---|---|---|---|
| kumuliert | 31.12.2014 | 31.12.2013 | des Geschäfts |
| jahres | |||
| EUR | EUR | EUR | EUR |
| 3.344.313,11 | 1.150.807,00 | 650.829,00 | 496.399,93 |
| 0,00 | 0,00 | 1,00 | 0,00 |
| 0,00 | 0,00 | 5.100,00 | 0,00 |
| 3.344.313,11 | 1.150.807,00 | 655.930,00 | 496.399,93 |
| 0,00 | 11.374.470,27 | 1.927.099,12 | 0,00 |
|---|---|---|---|
| 13.224.513,25 | 41.994.077,00 | 27.571.904,00 | 1.703.727,82 |
| 2.882.432,93 | 3.779.246,00 | 2.672.845,00 | 386.459,36 |
| 0,00 | 7.318.684,03 | 3.567.293,78 | 0,00 |
| 16.106.946,18 | 64.466.477,30 | 35.739.141,90 | 2.090.187,18 |
| 40.749,45 | 100.019,00 | 114.307,00 | 14.288,00 |
| 11.276.365,22 | 11.415.801,00 | 9.190.854,00 | 1.837.735,17 |
| 24.758.975,85 | 14.465.772,00 | 10.446.606,00 | 3.910.748,08 |
| 0,00 | 912.534,32 | 2.801.025,92 | 0,00 |
| 52.183.036,70 | 91.360.603,62 | 58.291.934,82 | 7.852.958,43 |
| 17.418.443,15 | 43.529.387,60 | 42.431.102,18 | 0,00 |
| 0,00 | 3.001.640,79 | 3.001.640,79 | 0,00 |
| 25.272,40 | 1.065.282,57 | 719.657,77 | 250,20 |
| 17.443.715,55 | 47.596.310,96 | 46.152.400,74 | 250,20 |
| 72.971.065,36 | 140.107.721,58 105.100.265,56 | 8.349.608,56 |
| 31.12.2014 | 31.12.2013 | |
|---|---|---|
| EUR | EUR | |
| Forderungen aus Lieferungen und Leistungen |
8.180.434,70 | 9.290.869,62 |
| Finanzierungsforderungen | 23.696.871,94 | 16.593.889,81 |
| 31.877.306,64 | 25.884.759,43 |
| mit Restlauf zeit von mehr als 1 Jahr |
31.12.2014 | 31.12.2013 | |
|---|---|---|---|
| EUR | EUR | EUR | |
| Forderungen aus | |||
| Lieferungen und Leistungen | 0,00 | 52.563.218,16 | 24.631.644,43 |
| Forderungen gegenüber verbundenen Unternehmen |
5.048.750,00 | 31.877.306,64 | 25.884.759,43 |
| Forderungen gegen Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
0,00 | 6.605.552,91 | 4.526.923,71 |
| Sonstige Forderungen und Vermögensgegenstände |
115.495,39 | 11.937.879,23 | 6.537.087,35 |
| 5.164.245,39 | 102.983.956,94 | 61.580.414,92 |
Die sonstigen Forderungen und Vermögensgegenstände enthalten keine wesentlichen Erträge die erst nach dem Bilanzstichtag zahlungswirksam werden.
| mit Restlaufzeit < 1 Jahr |
1 - 5 Jahre | > 5 Jahre | Gesamt 31.12.2014 |
Gesamt 31.12.2013 |
|
|---|---|---|---|---|---|
| EUR | EUR | EUR | EUR | EUR | |
| Verbindlichkeiten gegenüber Kreditinstituten |
84.799.292,68 10.714.285,72 39.285.714,28 134.799.292,68 | 30.250.645,05 | |||
| Erhaltene Anzahlungen auf Bestellungen |
18.835.750,46 | 0,00 | 0,00 | 18.835.750,46 | 18.871.666,67 |
| Verbindlichkeiten aus Lieferungen und Leistungen |
30.991.711,91 | 0,00 | 0,00 | 30.991.711,91 | 24.330.965,48 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen |
6.721.531,48 | 0,00 | 0,00 | 6.721.531,48 | 10.158.779,83 |
| Sonstige Verbindlichkeiten | 20.672.466,52 | 816.024,08 | 795.829,58 | 22.284.320,18 | 17.254.379,62 |
| 162.020.753,05 11.530.309,80 40.081.543,86 213.632.606,71 100.866.436,65 |
| 31.12.2014 | 31.12.2013 | |
|---|---|---|
| Verbindlichkeiten aus Lieferungen und Leistungen |
EUR 1.955.444,46 |
EUR 0,00 |
| Finanzierungsverbindlichkeiten | 4.766.087,02 10.158.779,83 | |
| 6.721.531,48 10.158.779,83 |
Die Gewinnrücklagen und angeführten unversteuerten Rücklagen haben sich wie folgt entwickelt:
| Stand 1.1.14 | Zuweisung | Auflösung wegen Zeitablauf |
Auflösung/ Verbrauch |
Stand 31.12.14 | |
|---|---|---|---|---|---|
| GEWINNRÜCKLAGEN | |||||
| 1. Andere (freie) Rücklagen | 96.702.757,74 | 7.600.000,00 | 0,00 | 0,00 | 104.302.757,74 |
| UNVERSTEUERTE RÜCKLAGEN | |||||
| 1. Bewertungsreserve aufgrund von Sonderabschreibungen a) Vorzeitige Abschreibung gem. |
|||||
| gem. § 7 Abs. 3 b) Übertragene stille Rücklagen |
1.599.071,06 | 0,00 | 40.020,21 | 0,00 | 1.559.050,85 |
| gem. § 12 EStG 1972 u. 1988 c) Abschreibungen zu Auslands- beteiligungen gem. § 6 Z 7 |
702.703,73 | 0,00 | 8.687,00 | 0,00 | 694.016,73 |
| EStG 1988 | 43.848,03 | 0,00 | 0,00 | 0,00 | 43.848,03 |
| 2.345.622,82 | 0,00 | 48.707,21 | 0,00 | 2.296.915,61 |
| (in 1.000) | Währungs- Eigenkapital | Beteil.- | Ergebnis | Konsolidie | |
|---|---|---|---|---|---|
| einheit | Anteil 1) | 2) | rungsart | ||
| % | |||||
| Rosenbauer Österreich GmbH, | |||||
| Österreich, Leonding | EUR | 2.951 | 100 | 0³) | KV |
| Rosenbauer Management Services GmbH, | |||||
| Österreich, Leonding | EUR | 82 | 100 | -1 | KV |
| Rosenbauer Deutschland GmbH, | |||||
| Deutschland, Luckenwalde | EUR | 11.066 | 100 | 1.610 | KV |
| Metz Aerials Management GmbH, | |||||
| Deutschland, Karlsruhe | EUR | 34 | 100 | 1 | KV |
| Metz Aerials GmbH & Co. KG, | |||||
| Deutschland, Karlsruhe | EUR | 10.881 | 100 | 1.055 | KV |
| Metz Service 18 S.A.R.L., | |||||
| Frankreich, Chambéry | EUR | -374 | 84 | -410 | KV |
| Rosenbauer Finanzierung GmbH, | |||||
| Deutschland, Passau | EUR | 33 | 100 | -3 | KV |
| Rosenbauer d.o.o., | |||||
| Slowenien, Radgona | EUR | 1.996 | 90 | 446 | KV |
| Rosenbauer Schweiz AG, | |||||
| Schweiz, Oberglatt | EUR | 5.986 | 100 | 429 | KV |
| Rosenbauer Espanola S.A., | |||||
| Spanien, Madrid | EUR | 3.836 | 62,11 | 2.271 | KV |
| Rosenbauer Ciansa S.L., | |||||
| Linares, Spanien | EUR | 2.904 | 50 | 659 | AE |
| Rosenbauer Minnesota, LLC., 4) | |||||
| USA, Minnesota | EUR | 10.355 | 50 | 3.523 | KV |
| Rosenbauer South Dakota, LLC., 4) | |||||
| USA, South Dakota | EUR | 30.027 | 50 | 8.285 | KV |
| Rosenbauer Holdings Inc., | |||||
| USA, South Dakota | EUR | 23.375 | 100 | 4.024 | KV |
| Rosenbauer America, LLC., 4) | |||||
| USA, South Dakota | EUR | 47.787 | 50 | 12.824 | KV |
| Rosenbauer Aerials, LLC., 4) | |||||
| USA, Nebraska | EUR | 5.014 | 25 | 2.319 | KV |
| Rosenbauer Motors, LLC.,4) | |||||
| USA, Minnesota | EUR | -5.243 | 42,5 | 1.515 | KV |
| S.K. Rosenbauer Pte. Ltd., | |||||
| Singapur | EUR | 7.479 | 100 | 832 | KV |
| Eskay Rosenbauer Sdn Bhd, | |||||
| Brunei Rosenbauer South Africa (Pty.) Ltd., |
EUR | -91 | 80 | -27 | KV |
| Südafrika, Halfway House | EUR | 229 | 75 | 97 | KV |
| Rosenbauer Saudi Arabia | |||||
| Saudi Arabien, Riyadh | EUR | 1.160 | 75 | 1.062 | KV |
| Rosenbauer UK plc | |||||
| United Kingdom, Holmfirth | EUR | 1.055 | 75 | -114 | KV |
| PA "Fire-fighting special technics" LLC., | |||||
| Russland, Moskau | EUR | 9.289 | 49 | 3.031 | AE |
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.
1) Mittelbarer Beteiligungsanteil KV = Vollkonsolidierte Gesellschaften
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 2014 oder in einem früheren Geschäftsjahr entstanden sind, wurden berücksichtigt.
Immaterielle Vermögensgegenstände werden zu Anschaffungskosten aktiviert und in längstens 4 Jahren abgeschrieben. Der entgeltlich erworbene Firmenwert wird linear über 3 Jahre 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 3,0 % (2013: 3,5 %). Das Pensionsantrittsalter beträgt 60 Jahre bei Frauen und 65 Jahre bei Männern (2013: 60 Jahre bei Frauen und 65 Jahre bei Männern). Der Fluktuationszinssatz beträgt 0%.
Die Jubiläumsgeldrückstellung wird ab 2009 nach IFRS (IAS 19) gebildet. Als Zinssatz wurde 2,2 % (2013 3,3%) verwendet und von einem Pensionsalter von 60 Jahren (2013: 60 Jahren) bei Frauen und 65 Jahren (2013: 65 Jahren) bei Männern ausgegangen. Der Fluktuationsabschlag betrug abhängig von der Dienstzeit zwischen 0,25% und 5%.
Die Rückstellung für laufende Pensionen wird nach den anerkannten Regeln der Versicherungsmathematik unter Zugrundelegung eines Zinssatzes von 3,0 % (2013: 3,5 %) nach dem Gegenwartswertverfahren errechnet. 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 31.12.2014 wie folgt dar.
| Buchwert | 895.414,00 EUR | (2013: TEUR 524,61) |
|---|---|---|
| Marktwert | 895.414,00 EUR | (2013: TEUR 524,61) |
Die Bewertung der Wertpapiere zum 31.12.2014 stellt sich wie folgt dar.
| Buchwert | 169.868,87 EUR | (2013: TEUR 195,04) |
|---|---|---|
| Marktwert | 208.047,47 EUR | (2013: TEUR 227,62) |
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 577,9 (2013: TEUR 1.696,90). Der Gesamtbetrag der Verpflichtungen für die nächsten 5 Jahre beträgt TEUR 2.219,8 (2013: TEUR 7.632,2).
Aufgliederung siehe Beilage.
Das Grundkapital betrug per Ende 2014 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:
| 31.12.2014 | 31.12.2013 | |
|---|---|---|
| EUR | EUR | |
| Personalaufwendungen, Jubiläumsgelder und |
||
| nicht konsumierte Urlaube | 14.703.055,00 | 13.393.835,00 |
| Gewährleistungen | 3.873.000,00 | 3.000.000,00 |
| Exportausfallsrisken | 23.000,00 | 57.000,00 |
| Drohende Verluste | ||
| aus schwebenden Geschäften | 356.511,00 | 170.881,00 |
| Rst. Deutsches Kartellverfahren | 145.034,00 | 1.145.034,00 |
| Übrige Rückstellungen | 3.209.531,60 | 1.705.449,12 |
| 22.310.131,60 | 19.472.199,12 |
In den sonstigen Verbindlichkeiten sind Provisionsguthaben der ausländischen Vertretungen in der Höhe von TEUR 6.335,6 (2013: TEUR 4.840,0) sowie Sozialversicherungsabgaben des Monats Dezember in Höhe von TEUR 1.649,7 (2013 TEUR 1.484,5) enthalten. Außerdem sind in den sonstigen Verbindlichkeiten der Rosenbauer International AG weitere Aufwendungen in der Höhe von TEUR 14.298,9 (2013: TEUR 10.929,8) enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden.
| 31.12.2014 EUR |
31.12.2013 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 | 10.000.000,00 | 10.000.000,00 | 10.000.000,00 | 10.000.000,00 |
| Patronatserklärungen | 26.740.305,00 41.100.305,00 |
26.740.305,00 41.100.305,00 |
26.412.684,51 40.772.684,51 |
26.412.684,51 40.772.684,51 |
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 auf der Beilage dargestellt.
Der Posten Aufwand für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen enthält:
| 2014 | 2013 | |
|---|---|---|
| Aufwendungen für Abfertigungen | 1.525.813,93 | 1.651.427,33 |
| Aufwendungen für Mitarbeitervorsorge | 595.920,34 | 493.781,64 |
| 2.121.734,27 | 2.145.208,97 | |
| Der Posten | ||
| 2014 | 2013 | |
| Aufwendungen aus Pensionszusagen | 430.356,57 | 337.395,65 |
| Ergebnis aus Rückdeckungsversicherung | -16.246,00 | -120.950,59 |
| 414.110,57 | 216.445,06 | |
Der Steueraufwand ist ausschließlich dem ordentlichen Ergebnis zuzuordnen.
Die Auflösung von unversteuerten Rücklagen führte bei der Rosenbauer International AG insgesamt zu einer Verringerung der Ertragsteuern im Ausmaß von TEUR 12,2 (2013: TEUR 27,6). Der nicht aktivierte Betrag für aktive latente Steuern gemäß § 198 Abs 10 UGB beträgt für das Geschäftsjahr TEUR 1.490,9 (2013: TEUR 1.242,0). 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) | 2014 | 2013 | |
|---|---|---|---|
| Arbeiter | 640 | 596 | |
| Angestellte | 471 | 421 | |
| Lehrlinge | 92 | 89 | |
| 1203 | 1106 |
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 "cumalative dollar-offset" Methode durchgeführt. Beide Tests bestätigen die Effektivität des Cashflow Hedge.
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 | 2014 | 2013 |
|---|---|---|
| Bewertung Devistentermingeschäfte als Bestandteil einer Bewertungseinheit |
||
| Nominalbetrag | 227.051.435,72 | 97.938.641,86 |
| Positiver Marktwert | 194.105,14 | 5.071.537,47 |
| Negativer Marktwert | 13.095.487,26 | 100.425,86 |
| Bewertung Devistentermingeschäfte als Nicht-Bestandteil einer Bewertungseinheit |
||
| Nominalbetrag | 18.291.219,65 | 18.827.389,24 |
| Positiver Marktwert | 827.669,54 | 704.360,32 |
| Negativer Marktwert | 864.472,09 | 104.993,17 |
Der Buchwert der Devisentermingeschäfte, der im Bilanzposten "Sonstige Rückstellungen" enthalten ist, beträgt zum Stichtag Euro 864.472,09 (VJ: 104.993,17).
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:
| 2014 EUR |
2013 EUR |
|
|---|---|---|
| Vorstand und leitende Mitarbeiter |
263.433,84 | 493.793,79 |
| andere Arbeitnehmer | 2.272.411,00 | 1.867.860,24 |
| 2.535.844,84 | 2.361.654,03 |
Die Bezüge der Mitglieder des Vorstandes der Rosenbauer International AG betrugen 2014 in Summe 2.263,0 t€ (2013: 3.713,5 t€) und gliedern sich in Grundbezug (2014: 899,8 t€; 2013: 1.076,60 t€), Tantieme (2014: 1.212,0 t€; 2013: 1.502,20 t€), Bezugsbestandteile zum selbständigen Aufbau einer Alters- und Hinterbliebenenversorgung (2014: 151,2 t€; 2013: 185,2 t€) sowie Abfertigungszahlungen in Höhe von 0,0 (2013: 949,50 t€).
Für im Geschäftsjahr 2014 erbrachte Leistungen des Abschlussprüfers Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H. wurden TEUR 302,0 (2013: TEUR 553,3) aufgewendet. Davon betrafen TEUR 105,8 (2013: TEUR 106,5) die Abschlussprüfung und TEUR 196,2 (2013: TEUR 446,80) sonstige Dienstleistungen. Andere Bestätigungsleistungen und Steuerberatungsleistungen wurden keine erbracht.
Das Geschäftsjahr 2014 schließt mit einem Bilanzgewinn von EUR 8.315.864,79. Der Vorstand schlägt vor, diesen Bilanzgewinn wie folgt zu verwenden: Ausschüttung einer Dividende p.a. von EUR 1,2 (2013: EUR 1,2) je Aktie (das sind EUR 8.160.000,00 für 6.800.000 Stückaktien). Vortrag auf neue Rechnung: EUR 155.864,79.
KommR Dr. Alfred Hutterer Vorsitzender
Dr. Christian Reisinger Stellvertreter des Vorsitzenden
Dr. Rainer Siegel, MBA
DI Karl Ozlsberger
Dem Aufsichtsrat wurden im Geschäftsjahr 2014 Vergütungen in der Höhe von TEUR 217,0 (2013: TEUR 213,6) 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 26. März 2015
Der Vorstand:
Siegel Brunbauer Kitzmüller
Wir haben den beigefügten Jahresabschluss der Rosenbauer International AG, Leonding, für das Geschäftsjahr vom 1. Januar 2014 bis zum 31. Dezember 2014 unter Einbeziehung der Buchführung geprüft. Dieser Jahresabschluss umfasst die Bilanz zum 31. Dezember 2014, die Gewinn- und Verlustrechnung für das am 31. Dezember 2014 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 2014 sowie der Ertragslage der Gesellschaft für das Geschäftsjahr vom 1. Januar 2014 bis zum 31. Dezember 2014 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 26. März 2015
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 Jahresabschlusses 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.
Wir bestätigen nach bestem Wissen, dass der im Einklang mit den maßgebenden Rechnungslegungsstandards aufgestellte Konzernabschluss ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Konzerns vermittelt, dass der Konzernlagebericht den Geschäftsverlauf, das Geschäftsergebnis und die Lage des Konzerns so darstellt, dass ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Konzerns entsteht, und dass der Konzernlagebericht die wesentlichen Risiken und Ungewissheiten beschreibt, denen der Konzern ausgesetzt ist.
Wir bestätigen nach bestem Wissen, dass der im Einklang mit den maßgebenden Rechnungslegungsstandards aufgestellte Jahresabschluss des Mutterunternehmens ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens vermittelt, dass der Lagebericht den Geschäftsverlauf, das Geschäftsergebnis und die Lage des Unternehmens so darstellt, dass ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage entsteht, und dass der Lagebericht die wesentlichen Risiken und Ungewissheiten beschreibt, denen das Unternehmen ausgesetzt ist.
Leonding, am 26. März 2015
Dr. Dieter Siegel DI Gottfried Brunbauer Mag. Günter Kitzmüller Vorsitzender des Vorstandes, CEO Mitglied des Vorstandes, CTO Mitglied des Vorstandes, 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, 22f, 62, 123, 145, 147 Audit Certifi cate/Auditor's report 11, 148f
Business units 67ff , 94f, 133
Cash fl ow 22, 43, 83, 86f, 108, 111f, 116f, 138, 152, 154 Compliance 10, 13, 16, 23, 30,56f, 117, 152 Companies accounted for using the equity method 42, 80, 82f, 86, 94f, 97, 99f, 119f, 133, 143 Corporate calendar 23 Corporate Governance 12ff , 62, 152 Currency translation 83, 86f, 105, 115, 123
Depreciation 39, 44, 65, 82, 86, 106ff , 121 Dividend 5, 20ff , 86f, 115, 123ff , 132, 146, 154
Employees 4f, 11, 16f, 20, 24ff , 38f, 44, 51ff , 68ff , 94f, 113f, 126, 154 Environment 27f, 41, 57, 77 Equity 42f, 81, 83ff , 104f, 123, 134ff , 152f, 154 Executive Board 4f, 10f, 12ff , 22f, 30, 53, 62, 96, 145ff , 150
Financial position 42, 57, 63, 65, 134, 139, 142, 148f, 150
Income situation 38f, 57, 63, 66, 134, 136, 139, 142, 150 Income statement 15, 82f, 100, 104, 109f, 114, 122f, 137f, 145 Industry development 34f
Innovations 4, 6, 13, 24, 26, 48, 55f, 58, 64 Internal control system 59 Inventories 4, 42f, 80, 86, 101, 103, 110, 121f Investments 29, 39, 43, 44f, 57f, 63ff , 88ff , 94f, 108f, 136, 152f, 154 Investor relations 6, 12f, 20ff Issuer Compliance 21
Occupational safety 26ff , 54, 153 Operating segments 55, 75ff , 94, 133 Orders 38, 40, 56 Procurement 29, 34f, 41, 56, 63f, 69, 75
Quality management 27, 57
Rating 58, 107ff , 134, 153 Research and development 4, 48ff , 56, 66, 109 Responsibility statement 150 Revenues situation 38ff , 66, 153 Risk management 10, 16, 55ff , 113, 126, 129, 134, 152
Segment reporting 67ff , 94f, 130, 133 Share 3, 12, 20ff , 62, 82, 102, 104, 123, 138, 146, 152f, 154 Share capital 23, 62, 81, 152 Shareholder structure 21 Supervisory Board 10f, 12ff , 22f, 30, 55, 59, 62, 96, 145, 147 Supplementary Report 63ff Sustainability 12, 15, 24ff
Training 24f, 29, 49, 52f
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
Earnings per share: Consolidated earnings after deduction of non-controlling interests divided by the number of shares outstanding
EBT: Earnings before taxes
EBIT: Earnings before interest and taxes
EBIT margin: EBIT divided by revenues
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
Fair value: The actual fair value of an asset or liability at a reference date
Foam proportioning system: Foam compounds are added to the water to enhance the extinguishing eff ect
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 High performance ventilator: Firefi ghting equipment
for smoke extraction in burning buildings or tunnels
Interest-bearing borrowed capital: Non-current and current interest-bearing liabilities
Interest-bearing capital: Equity plus interest-bearing liabilities less cash and cash equivalents less securities
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
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
Piercing tool: Firefi ghting lance for piercing, e. g. the outer skin of an aircraft and then extinguishing a fi re inside the cabin
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
Refurbishment: Renovation of older vehicles
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
Service4fi re: Operational vehicle data transmitted by mobile communications and subsequently analyzed; for fl eet management and service support
SVP: SAFE (German abbreviation standing for "synchronized work processes and fabrication") improvement process; The aim of SIP 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
Telematics: Interaction of communications networks, as the basis for transmitting information, and IT, for processing this information
Total assets: Total of all assets
Working capital: Current assets minus current liabilities
| Rosenbauer Group | 2014 | 2013 | 2012 | ||
|---|---|---|---|---|---|
| Revenues | € million | 784.9 | 737.9 | 645.1 | |
| EBITDA | € million | 61.0 | 52.6 | 48.0 | |
| EBIT | € million | 48.4 | 42.3 | 38.6 | |
| EBIT margin | 6.2% | 5.7% | 6.0% | ||
| EBT | € million | 47.3 | 41.7 | 38.8 | |
| Net profi t for the period | € million | 36.7 | 30.8 | 32.0 | |
| Cash fl ow from operating activities | € million | (37.1) | 82.2 | (3.7) | |
| Investments | € million | 51.2 | 25.4 | 14.7 | |
| Order backlog as of December 31 | € million | 670.2 | 590.1 | 580.5 | |
| Order intake | € million | 820.4 | 760.6 | 533.2 | |
| Employees (average) | 2,800 | 2,551 | 2,328 | ||
| — thereof Austria | 1,253 | 1,154 | 1,066 | ||
| — thereof international | 1,547 | 1,397 | 1,262 | ||
| Total assets | € million | 579.9 | 415.6 | 432.9 | |
| Key statement of fi nancial position | 2014 | 2013 | 2012 | ||
| Equity in % of total assets | 34.2% | 45.2% | 38.8% | ||
| Capital employed (average) | € million | 341.2 | 285.7 | 267.2 | |
| Return on capital employed | 14.2% | 14.8% | 14.5% | ||
| Return on equity | 24.5% | 23.4% | 24.9% | ||
| Net debt | € million | 154.2 | 48.8 | 93.6 | |
| Working capital | € million | 137.7 | 119.4 | 123.3 | |
| Gearing ratio | 77.7% | 25.9% | 55.7% | ||
| Key stock exchange fi gures1 | 2014 | 2013 | 2012 | ||
| Closing price | € | 71.5 | 59.3 | 46.1 | |
| Market capitalization | € million | 485.9 | 403.2 | 313.1 | |
| Dividend | € million | 8.22 | 8.2 | 8.2 | |
| Dividend per share | € million | 1.22 | 1.2 | 1.2 | |
| Dividend yield | 1.7% | 2.0% | 2.6% | ||
| Earnings per share | € million | 4.0 | 3.9 | 4.5 |
Price/earnings ratio 17.9 15.2 10.2
1 Due to better comparability, 2005–2006 fi gures were converted persuant to the share split (4-for-1) of the year 2007 2 Proposal to Annual General Meeting
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| 541.6 | 595.7 | 541.8 | 500.3 | 426.1 | 372.0 | 321.3 |
| 49.7 | 57.0 | 35.9 | 45.3 | 36.0 | 30.4 | 24.5 |
| 41.6 | 49.7 | 29.4 | 39.9 | 30.8 | 25.1 | 19.6 |
| 7.7% | 8.3% | 5.4% | 8.0% | 7.2% | 6.8% | 6.1% |
| 40.3 | 49.1 | 26.4 | 32.3 | 25.4 | 22.0 | 15.9 |
| 32.1 | 40.0 | 17.6 | 25.1 | 19.9 | 18.4 | 12.0 |
| (12.8) | 34.8 | 17.5 | 20.4 | 24.1 | (1.4) | 21.9 |
| 11.5 | 8.9 | 15.8 | 12.2 | 7.1 | 11.2 | 7.9 |
| 682.3 | 394.5 | 487.2 | 459.2 | 375.4 | 354.1 | 243.1 |
| 826.8 | 496.9 | 575.9 | 556.7 | 458.7 | 485.9 | 377.0 |
| 2,092 | 2,014 | 1,895 | 1,722 | 1,593 | 1,452 | 1,407 |
| 994 | 920 | 883 | 811 | 753 | 710 | 722 |
| 1,098 | 1,094 | 1,012 | 911 | 840 | 742 | 685 |
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| 357.7 | 301.6 | 306.8 | 251.0 | 228.8 | 206.2 | 168.8 |
| 40.1% | 42.9% | 32.5% | 36.7% | 31.8% | 30.7% | 36.9% |
| 213.0 | 179.7 | 159.8 | 139.0 | 127.7 | 111.2 | 97.9 |
| 19.5% | 27.6% | 18.4% | 28.7% | 24.1% | 22.6% | 20.1% |
| 29.6% | 42.8% | 27.6% | 39.2% | 37.4% | 35.1% | 27.0% |
| 60.8 | 26.1 | 41.8 | 31.3 | 30.6 | 38.7 | 9.0 |
| 108.8 | 100.2 | 75.0 | 77.3 | 60.7 | 49.1 | 40.0 |
| 42.4% | 20.2% | 41.9% | 25.4% | 29.6% | 37.9% | 12.6% |
| 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|---|---|---|---|---|---|
| 36.3 | 37.5 | 29.0 | 22.0 | 32.8 | 25.0 | 15.8 |
| 246.8 | 255.0 | 197.2 | 149.6 | 223.0 | 170.0 | 107.1 |
| 8.2 | 8.2 | 5.4 | 5.4 | 4.8 | 4.8 | 3.4 |
| 1.2 | 1.2 | 0.8 | 0.8 | 0.7 | 0.7 | 0.5 |
| 3.3% | 3.2% | 2.8% | 3.6% | 2.1% | 2.8% | 3.2% |
| 4.1 | 4.7 | 1.5 | 2.9 | 2.2 | 2.0 | 1.0 |
| 8.9 | 8.0 | 19.3 | 7.6 | 14.9 | 12.5 | 15.4 |
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
Concept: Rosenbauer International AG Photographic concept: Mensalia Unternehmensberatungs GmbH, Vienna Layout: Filleins, Vienna Typesetting and fi nal artwork: marchesani_kreativstudio, Vienna Photos: Rosenbauer, Shutterstock, Christian Stummer Photography, Hilfswerk Austria International
UW 878 Printed on Claro matt paper by Fairdrucker GmbH, Purkersdorf The company is PEFC-certifi ed and has printed this product on paper from documented sustainable-forestry sources. Printing was carried out in accordance with the Austrian Low-Pollution Printing Products directive (UZ 24).
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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