Annual Report • Apr 17, 2014
Annual Report
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| Rosenbauer Group | 2013 | 2012 | 2011 | |
|---|---|---|---|---|
| Revenues | € million | 737.9 | 645.1 | 541.6 |
| EBIT | € million | 42.3 | 38.6 | 41.6 |
| EBIT margin | 5.7% | 6.0% | 7.7% | |
| EBT | € million | 41.7 | 38.8 | 40.3 |
| Net profit for the period | € million | 30.8 | 32.0 | 32.1 |
| Cash flow from operating activities | € million | 82.2 | (3.7) | (12.8) |
| Investments | € million | 25.4 | 14.7 | 11.5 |
| Order backlog as at Dec 31 | € million | 590.1 | 580.5 | 682.3 |
| Order intake | € million | 760.6 | 533.2 | 826.8 |
| Employees (average) | 2,551 | 2,328 | 2,092 | |
| Employees as at Dec 31 | 2,651 | 2,432 | 2,123 | |
| Key balance sheet data | 2013 | 2012 | 2011 | |
| Total assets | € million | 415.6 | 432.9 | 357.7 |
| Equity in % of total assets | 45.2% | 38.8% | 40.1% | |
| Capital employed (average) | € million | 285.7 | 267.2 | 213.0 |
| Return on capital employed | 14.8% | 14.5% | 19.5% | |
| Return on equity | 23.4% | 24.9% | 29.6% | |
| Net debt | € million | 48.8 | 93.6 | 60.8 |
| Working capital | € million | 119.4 | 123.3 | 108.8 |
| Gearing ratio | 25.9% | 55.7% | 42.4% | |
| Key stock exchange figures | 2013 | 2012 | 2011 | |
| Closing price | € | 59.3 | 46.1 | 36.3 |
| Number of shares | million units | 6.8 | 6.8 | 6.8 |
| Market capitalization | € million | 403.2 | 313.1 | 246.8 |
| Dividend | € million | 8.21 | 8.2 | 8.2 |
| Dividend per share | € | 1.21 | 1.2 | 1.2 |
| Dividend yield | 2.0% | 2.6% | 3.3% | |
| Earnings per share | € | 3.9 | 4.5 | 4.1 |
| Price/earnings ratio | 15.2 | 10.2 | 8.9 |
1 Proposal to Annual General Meeting
Rosenbauer is an internationally active corporate group that is a dependable partner of the fire fighting community all over the world. The company develops and produces vehicles, fire fighting systems, fire & safety equipment and telematic solutions for professional, industrial and volunteer fire services, as well as installations for industrial fire protection. Its ability to supply products from its own European, American and Asian production facilities enables it to cover all the main standards environments. With its own service and distribution network, the Group is an active player in more than 100 countries.
As a leading international manufacturer of fire fighting equipment, Rosenbauer – with its many innovations – is a driver of technical progress in the fire fighting sector. With commitment and high capability, its over 2,600 employees all around the world work on products that stand out for their remarkable functionality and attractive modern design.
The Rosenbauer Group's annual revenues of € 738 million make it the world's biggest fire equipment supplier. Now in its sixth generation, this exchange-listed family enterprise has been at the service of firefighters for more than 145 years. Customer orientation, innovational strength and dependability are the core strengths of Rosenbauer.
32 Report of the Supervisory Board
33 Group situation report
This year it is once again my privilege to preface my introduction to the Annual Report with some very gratifying observations. 2013 saw the highest revenues in the company's history, we sold more vehicles than ever before, and created new jobs both in and outside Austria. The annual result that we have achieved will allow the company to continue developing on a stable footing, with the equity ratio having been increased to 45%.
The Annual Report takes an in-depth look at the many details of the successful year that we had in 2013. As shareholders, you also want to hear from the Executive Board Chairman how the Rosenbauer Group will fare in future, and how it will maintain its successful trajectory. In short, whether it is worth continuing to place one's trust in the company.
Our situation at the start of 2014 is highly satisfactory. Last year's order intake was 43% up on the year before, at a new record fi gure of € 760.6 million. What is more, we see increasingly concrete indications that the worldwide market outlook is set to brighten during the current fi nancial year. The investments in the future that are presently underway, and the relocation of production lines to the new factory in Austria, are two of the big challenges we are rising to meet this year.
Our successes endorse the wisdom of the sustainabilityoriented policy that we have always followed. The support of a stable core shareholder lets us build continually on our central strengths of innovational capability, customer orientation and dependability. This value system will continue to shape how Rosenbauer develops, and thus to hold out the promise of sustained success.
The most important innovation of 2013 comes from Karlsruhe, in the shape of the Metz L32A-XS aerial ladder. This sets a new benchmark for maneuverability and usability in confi ned inner-city situations, yet without making any compromises when it comes to rescue height or reach. Now in 2014, work on developing new products in all of our business segments is in high gear, because we are getting ready for the fi re equipment industry's keynote tradeshow, Interschutz 2015. We will be underscoring our reputation as the technological leader once again next year, with exciting products that all have a single aim in mind: being even better at helping fi refi ghters do their job.
For Rosenbauer, keeping in close touch with the customer has always been the key to success. As fi re departments in more than 110 diff erent countries found in 2013, every single order from Rosenbauer is fulfi lled with the same commitment and passion. Our sustained growth has made it possible for us to move even closer to the customer. Our system solutions and small-series production let us fulfi ll individual client wishes without foregoing the cost-effi ciency and process reliability of industrial manufacturing. This is how we are able to give our clients top-quality customized solutions at a very competitive price.
At the same time, our growth makes it necessary for us to continually strengthen our local market presence. The establishment of Rosenbauer Saudi Arabia in 2013 marks yet another milestone in our internationalization. The major orders received from Saudi Arabia in recent years have made the Kingdom our company's biggest single market, for which we are now building a strong and eff ective local service network. In 2014, too, we shall be boosting our local presence on international markets with sales and service
companies of our own – not least, in order to ensure that our products function dependably throughout their entire service lives.
In the last analysis, Rosenbauer's continued development is sustained by our reputation for being a dependable partner of the fi re fi ghting community. The reliability of our products, many of which are in service for decades, was given an impressive demonstration in 2013, in the operations to combat widespread fl ooding damage in Germany and Austria. A large-scale program is underway to optimize our manufacturing processes, perfecting them still further. In 2013, downtimes and rejects were reduced, output was increased and inventories were trimmed back. This year, new production lines for our main products PANTHER (for airports) and AT (for municipalities) in a dedicated new plant represent a further leap toward even greater manufacturing quality and effi ciency.
Dependability is just as much an imperative for Rosenbauer's top management as well. In 2013, the generational handover on the Executive Board was successfully concluded. Robert Kastil took his well-earned retirement after 20 years as CFO. I am delighted that in the person of Günter Kitzmüller, an excellent successor has been found who will assure continuity in the management of the Group's fi nances and in the mutual confi dence that has always characterized our work on the Executive Board. In this way, we are sending an important signal of unity to our stakeholders.
Being a dependable employer has always been important to Rosenbauer. We train more apprentices than we need ourselves, and off er our people excellent working conditions and interesting opportunities for personal development,
in a stable environment. Our employees, to whom I here express my special thanks, are above-averagely achievement oriented, which we in turn reward with above-average benefi ts. The most important function, of course, is to secure existing jobs and to create high-quality new ones. Rosenbauer could be relied on here once again in 2013, as the 92 new jobs it created in Austria clearly show.
Aside from our purely business relationships, too, in 2013 we entered into numerous dependable partnerships, primarily in the fi elds of youth and training as part of our CSR policy. These include our support for the SOS Children's Village in Altmünster, our work with Caritas Austria to train apprentices with special needs, and our involvement in a project to foster exemplary school students from migrant backgrounds. The close personal contacts forged in the course of these partnerships are an important contributory factor toward a corporate self-image that goes beyond the purely business-related.
No less dependable than the company itself were its owners, who took the share price to an all-time high in 2013. At this juncture, then, I wish to voice my heartfelt thanks to you, our shareholders; this year, as every year, of course, we express our thanks not only in words but also with a commensurate dividend. Wishing you, and ourselves, a successful year in 2014,
Yours,
Dieter Siegel
| Rosenbauer Österreich GmbH AUSTRIA |
100% | Rosenbauer Española S.A. SPAIN |
62.11% |
|---|---|---|---|
| Rosenbauer Management Services GmbH AUSTRIA |
100% | Rosenbauer Ciansa S.L.1 SPAIN |
50% |
| Rosenbauer Finanzierung GmbH GERMANY |
100% | Rosenbauer South Africa (Pty.) Ltd. SOUTH AFRICA |
75% |
| Metz Aerials Management GmbH GERMANY |
100% | Rosenbauer d.o.o. SLOVENIA |
90% |
| Metz Aerials GmbH & Co. KG GERMANY |
100% | PA "Fire-fi ghting special technics" LLC.1 RUSSIA |
49% |
| Metz-Service18 S.A.R.L. FRANCE |
84% | S.K. Rosenbauer Pte. Ltd. SINGAPORE |
100% |
| Rosenbauer Deutschland GmbH GERMANY |
100% | Eskay Rosenbauer Sdn Bhd BRUNEI |
80% |
| Rosenbauer Schweiz AG SWITZERLAND |
100% | Rosenbauer Saudi Arabia Ltd. SAUDI ARABIA |
75% |
Rosenbauer America, LLC. USA Rosenbauer Minnesota, LLC. USA Rosenbauer South Dakota, LLC. USA Rosenbauer Aerials, LLC. USA Rosenbauer Motors, LLC. USA Rosenbauer Holdings Inc. USA 100% 50% 100% 100% 50% 85%
PRODUCTION FACILITY SALES/SERVICE HOLDING/MANAGEMENT
Rosenbauer International Leonding Neidling Traun Rosenbauer Österreich Leonding
Rosenbauer America Rosenbauer South Dakota Lyons, SD Rosenbauer Minnesota Rosenbauer Motors Wyoming, MN Rosenbauer Aerials Fremont, NE
Rosenbauer Española Madrid Rosenbauer Ciansa Linares
[ 4 ] FRANCE Metz-Service18 Chambéry
[ 3 ]
[ 2 ]
[ 10 ]
Rosenbauer Deutschland Luckenwalde Metz Aerials Karlsruhe
[ 9 ] RUSSIA
Rosenbauer Joint Venture Russia Moscow
Rosenbauer Saudi Arabia Dammam Riyadh Jeddah
[ 11 ] [ 12 ]
11
[ 11 ] SINGAPORE S.K. Rosenbauer Singapore
[ 12 ] BRUNEI Eskay Rosenbauer Bandar Seri Begawan [ 8 ]
Born 1964 Joined Rosenbauer: 2009 Date of fi rst appointment: 2011 End of current period of tenure: 2016 BUSINESS UNITS Specialty vehicles, Fire & safety equipment and USA
FUNCTIONS WITHIN THE GROUP Corporate strategy, marketing and advertising, personal and social management, corporate communications, international sales
Born 1960 Joined Rosenbauer: 1995 Date of fi rst appointment: 2000 End of current period of tenure: 2014 BUSINESS UNITS Municipal vehicles, Aerials, Fire fi ghting components, Customer services
FUNCTIONS WITHIN THE GROUP Technical Group coordination, logistics, innovation management, quality management, environmental management
Born 1961 Joined Rosenbauer: 2013 First appointment: 2013 End of current period of tenure: 2018 BUSINESS UNIT Business development
FUNCTIONS WITHIN THE GROUP Financial accounting and controlling, Group fi nance, IT, risk management, internal audit and control system, compliance, investor relations
13 From left: Gottfried Brunbauer, Dieter Siegel, Günter Kitzmüller
EXECUTIVE BOARD
With a 29% gain over the year as a whole, the Rosenbauer share ranked among the Vienna Stock Exchange's Top 10 performers in 2013, once again upholding its reputation as a good long-term investment.
The Vienna Stock Exchange enjoyed a good year in 2013. In the second half of the year, share trading volumes rose and remained at a constant 20% to 30% above those for the corresponding months of the year before. This growth is largely attributable to rising demand for Austrian shares, and to an infl ux of fresh capital.
In recent years it has proved possible to gradually increase international investor interest in the Vienna Stock Exchange. Its benchmark index ATX gained 6.05% in 2013, closing at 2,546.54 points on the year's fi nal day of trading.
In 2014, the quality and solid performance of Austrian companies are expected to bring a continuation of the great interest shown by investors and trading-members in Austrian shares.
Rosenbauer ATX Prime Index (indexed)
The Rosenbauer International AG share is listed on the Vienna Stock Exchange's "Prime Market". After trending sideways in the fi rst week of the year, the Rosenbauer share gained substantially as 2013 progressed and closed the year at a historic high of € 59.28.
1 Holding company of Rosenbauer family shareholders
Rosenbauer has been listed on the stock exchange with non-parvalue shares since 1994. 51% of the Rosenbauer shares are held by Rosenbauer Beteiligungsverwaltung GmbH, a holdingsmanagement 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 from Europe (Denmark, Germany, France, United Kingdom, Austria, Sweden, Switzerland) and the USA. Despite the turbulent market environment, Rosenbauer has been successful in further developing 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 road-show work.
Rosenbauer follows a growth- and sustainability-oriented dividend policy which is in line with the company's performance. As in the past, Rosenbauer wishes its shareholders to continue to benefi t from the positive development of the company's business. The aim is to distribute a secure and attractive dividend, based on a performance component that depends on revenues, earnings and free cash fl ow.
The Executive Board and Supervisory Board will propose to the General Meeting that the dividend for 2013 should be left unchanged at € 1.2 (2012: € 1.2) per share. Accordingly, the sum for distribution for 6.8 million non-par-value shares is € 8.2 million (2012: € 8.2 million). In terms of the share's closing price of € 59.28, this corresponds to a dividend yield of 2.0% (2012: 2.6%).
Open exchange of information with all players on the capital market was continued again last year. Rosenbauer used the opportunities presented by road-shows and capital-market conferences in many European fi nancial centers to inform institutional investors about the strategy and development of the Rosenbauer Group. In addition, there were 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 Group HQ, and took the opportunity of viewing the production operations and the products themselves.
| ISIN: AT0000922554 |
|---|
| Vienna Stock Exchange listing: Prime Market |
| Quoted on OTC (Over-the-counter) market: 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 |
| Class of shares: Non-par-value shares made out to bearer |
| or registered in a name |
| Nominal share capital: € 13,600,000 |
| Volume traded: € 93,563,311 (2012: € 47,483,710) |
| N° of shares traded: 1,746,680 (2012: 1,153,212) |
ATX prime weighting: 0.45%
| Apr 17, 2014 | Publication of 2013 annual results |
|---|---|
| May 15, 2014 | Publication of Quarterly Report 1/2014 |
| May 23, 2014 | AGM, to commence at 10.00 a.m. |
| Palais Kaufmännischer Verein, | |
| Bismarckstrasse 1–3, 4020 Linz, Austria | |
| Jun 2, 2014 | Dividend payout date |
| Aug 26, 2014 | Publication of Half-year Financial Report 2014 |
| Nov 20, 2014 | Publication of Quarterly Report 3/2014 |
Gerda Königstorfer Telephone: +43 732 6794-568 [email protected] www.rosenbauer.com
Saudi Arabia has been a major growth market for the fi re equipment sector in recent years. Rosenbauer works from three bases of its own in this country, serving the market with European and American-made municipal, industrial and aircraft rescue fi re fi ghting vehicles. A dependable partner of the fi re fi ghting community for decades, Rosenbauer is now also the biggest fi re equipment supplier on the Gulf.
Water tanker, Saudi Arabia
To ensure that the company continues to develop along a sustained, value-creating track, Rosenbauer follows a policy of transparent and open communications.
Rosenbauer is committed to upholding the Austrian Code of Corporate Governance, and fulfi lls its requirements. In so doing, it meets domestic and international investors' expectations of responsible, transparent, long-termist corporate governance and control. Its compliance with the Code is evaluated regularly by the internal auditing unit.
The version of the Code governing the Group's reporting is the most recent one, as issued in July 2012, consisting of 83 rules which break down into three categories.1 In addition to the obligatory "L" Rules (legal requirements based on mandatory statutory provisions), Rosenbauer also provides the following explanations relating to the "C" Rules and to any deviations therefrom.
The explanations required by the Code are also published on www.rosenbauer.com.
Executive Board Member Robert Kastil retired from the Board upon the expiry of his employment contract at the end of September 2013. Robert Kastil had worked for Rosenbauer for
30 years, and was fi rst appointed to the Executive Board in 1993. Günter Kitzmüller was appointed as CFO with eff ect from October 1, 2013; he is responsible for the fi nance, accounting and controlling, investor relations, treasury, IT, risk management, internal audit, compliance and internal control system portfolios.
The Executive Board of Rosenbauer International AG manages the company on its own responsibility, in conformity with the law, the Articles of Association and the Rules of Procedure approved by the Supervisory Board. It exercises its executive functions as the well-being of the company requires, having due regard to the interests of shareholders, employees and the wider public. It holds regular meetings at which it deliberates upon the current course of business and takes the necessary decisions and resolutions.
Continuous and candid exchange of information between the members of the Executive Board, and with the responsible divisional and business managers, is a paramount management principle at Rosenbauer. The Executive Board informs the Supervisory Board regularly and comprehensively on all issues relating to the course of business, including the risk situation and risk management in the Group. In addition, the Chairman of the Supervisory Board stays in regular touch with the Chairman of the Executive Board, with whom he discusses the strategy and ongoing course of business.
1 The Austrian Code of Corporate Governance comprises the following three categories of rules: "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 departures from the rule; and "R" Rules (recommendations), non-compliance with which requires neither disclosure nor explanation.
Scope of competence and responsibilities of the Executive Board
| Dieter Siegel | Chairman of the Executive Board, CEO | |
|---|---|---|
| Born | 1964 | |
| Business units | Specialty vehicles, Fire & safety | |
| equipment and USA | ||
| Functions | Corporate strategy, marketing | |
| within the Group | and advertising, personnel and social | |
| management, corporate communi- | ||
| cations, international sales | ||
| Date of fi rst appointment | 2011 | |
| End of current period | 2016 | |
| of tenure | ||
| Supervisory board | – | |
| mandates |
| Gottfried Brunbauer | Member of the Executive Board, CTO | ||
|---|---|---|---|
| Born | 1960 | ||
| Business units | Municipal vehicles, Aerials, Fire fi ghting | ||
| components, Customer services | |||
| Functions | Technical Group coordination, | ||
| within the Group | logistics, innovation management, | ||
| quality management, environmental | |||
| management | |||
| Date of fi rst appointment | 2000 | ||
| End of current period | 2014 | ||
| of tenure | |||
| Supervisory board | – | ||
| mandates |
| Günter Kitzmüller | Member of the Executive Board, CFO | |
|---|---|---|
| (since February 1, 2013) | ||
| Born | 1961 | |
| Business unit | Business development | |
| (since March 19, 2013) | ||
| Functions | Financial accounting and controlling, | |
| within the Group | Group fi nance, internal audit, IT, | |
| risk management, internal audit and | ||
| control system, compliance, investor | ||
| relations (functions taken over | ||
| successively until September 30, 2013 | ||
| Date of fi rst appointment | February 1, 2013 | |
| End of current period | 2018 | |
| of tenure | ||
| Supervisory board | – | |
| mandates |
| Robert Kastil | Member of the Executive Board, CFO | |
|---|---|---|
| (until September 30, 2013) | ||
| Born | 1949 | |
| Business unit | Business development | |
| (until March 18, 2013) | ||
| Functions | Group fi nance, internal audit, IT, | |
| within the Group | risk management, internal audit and | |
| control system, compliance, investor | ||
| relations (functions handed over | ||
| successively until September 30, 2013) | ||
| Date of fi rst appointment | 1993 | |
| End of current period | September 30, 2013 | |
| of tenure | ||
| Supervisory board | REFORM-WERKE Bauer & Co GmbH | |
| mandates |
An important element of the remuneration system is the variable component, which is closely linked to corporate performance. The ratio between the fi xed and performance-linked components of the Executive Board's total compensation in the period under review was 34% to 66%.
| 2013 | Fixed | Variable | Total |
|---|---|---|---|
| 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 | |
| 2012 | |||
| Dieter Siegel | 371.8 | 577.6 | 949.4 |
| Gottfried Brunbauer | 343.7 | 473.7 | 817.4 |
| Günter Kitzmüller | – | – | – |
| Robert Kastil | 343.2 | 473.7 | 816.9 |
| 1,058.7 | 1,525.0 | 2,583.7 |
1 This includes the one-time retirement severance payment of € 949.5 thousand.
The contracts concluded with Dieter Siegel and with Günter Kitzmüller are linked to sustainable long-term performance criteria, as stipulated by C-Rule 27. The performance bonus is computed from the degree to which the consolidated profi t – as shown in the Consolidated Income Statement before deduction of tax and non-controlling interests – meets the targets for the fi nancial year concerned. The target value is laid down by the Executive Board for two fi nancial years at a time. Only fi nancially quantifi able criteria are taken into account for this purpose; non-fi nancial criteria have been disregarded, as these cannot be measured objectively. For the variable remuneration component, the contracts stipulate a ceiling of twice the fi xed component of the annual salary.
The performance bonus of the Executive Board member Robert Kastil is determined as a percentage of the consolidated profi t as shown in the Consolidated Income Statement before deduction of tax and non-controlling interests. An incremental reduction is made in this percentage in line with increases in the consolidated profi t.
The severance-pay arrangements are based upon the regulatory stipulations. Following any cessation of the employer/employee relationship, the company will not be burdened by any subsequent contributions to the company pension scheme, or any vested right to future pension payments, on behalf of the Executive Board Member concerned.
Moreover, the contracts with Dieter Siegel and Günter Kitzmüller also contain a provision for subsequent repayment of previously received variable emoluments in cases where these have been disbursed on the basis of incorrect data. Allowance is made for the circumstances accompanying a Board Member's departure to the extent that if the Executive Board employment contract is prematurely terminated where there has been no gross breach of duty, the departing Board Member's continued entitlement to the benefi ts conferred by the Executive Board employment contract is limited to a maximum further period of 18 months. If there has been gross breach of duty, the departing Board Member forfeits his entitlement to pro-rata variable emoluments, to a severance payment, and to the other benefi ts to which he would otherwise be entitled in cases of termination by the company. In the event of premature termination without a material breach, the severance payment will not exceed two years' total remuneration. Furthermore, when determining the size of the severance payment, no account is taken of the company's economic situation at the time in question, as the selection of persons to serve on the Executive Board always has regard to the principle of sustainability.
No stock option program is in place, neither for Members of the Executive Board nor for senior managers. A D&O (Directors & Offi cers) insurance policy is in force for the Group, the costs of which are borne by Rosenbauer International AG.
As well as to supervise the Executive Board, the Supervisory Board also sees it as its duty to support the Executive Board in its management of the company, and especially with the taking of crucially important decisions. All the members of the Supervisory Board attended more than half of the meetings of the Supervisory Board in person during the period under review.
Periods of tenure of Supervisory Board members: Owner representatives
| Alfred Hutterer | Chairman of the Supervisory Board (since May 26, 2007) |
|
|---|---|---|
| Born | 1947 | |
| Date of fi rst appointment | May 24, 2003 | |
| End of current period | 2018 General Meeting | |
| of tenure | ||
| Functions | Former CEO, TRUMPF Maschinen | |
| Austria GmbH & Co. KG | ||
| Christian Reisinger | Deputy Chairman of the Supervisory | |
| Board (since May 26, 2007) | ||
| Born | 1960 | |
| Date of fi rst appointment | May 25, 2006 | |
| End of current period | 2016 General Meeting | |
| of tenure | ||
| Functions | Managing Director, CR Management | |
| und Investment GmbH; | ||
| CEO, Shandong Yamei Sci-tech Co., Ltd. |
| Karl Ozlsberger | Member of Supervisory Board | |
|---|---|---|
| Born | 1948 | |
| Date of fi rst appointment | May 26, 2007 | |
| End of current period | 2017 General Meeting | |
| of tenure | ||
| Functions | Management consultant | |
| Rainer Siegel | Member of Supervisory Board | |
| Born | 1963 | |
| Date of fi rst appointment | May 29, 2009 | |
| End of current period | 2014 General Meeting | |
| of tenure | ||
| Functions | Freelance management consultant | |
| and management trainer; | ||
| Partner in Institut für Wirtschafts- | ||
| pädagogik GmbH & Co. KG |
| Rudolf Aichinger | |
|---|---|
| Born | 1963 |
| First delegated | July 17, 2003 |
| End of current period | 2016 |
of tenure
| Born | 1960 |
|---|---|
| First delegated | December 9, 2004 |
| End of current period | 2016 |
| of tenure |
None of the members of the Supervisory Board exercised a supervisory board mandate, or any comparable function, in any other Austrian or foreign exchange listed company in 2013.
The Audit Committee met in April 2014 to review and prepare the approval of the 2013 fi nancial statement, to draw up a proposal for the appointment of the external 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 internal audit, risk management procedures, internal control system and corporate compliance. The members of the Audit Committee were Alfred Hutterer (Chairman), Rainer Siegel and Rudolf Aichinger.
The functions of the strategy committee, which lays the groundwork for decisions of fundamental signifi cance in collaboration with the Executive Board, calling upon expert assistance where appropriate, are exercised by the Supervisory Board as a whole, provided that this latter comprises no more than fi ve elected members.
The remuneration arrangements for the Executive Board members are decided by the Supervisory Board's Executive Committee. All other functions of the Human Resources Committee (primarily Executive Board succession planning, for example) are exercised by the Supervisory Board as a whole. The Executive Committee is made up of the Chairman of the Supervisory Board and his Deputy; it convened once during the period under review. Moreover, the Executive Committee conducts an annual appraisal interview with every Board member, to discuss his performance in the previous year and his objectives for the year ahead.
The committees' members are appointed in line with their respective periods of tenure on the Supervisory Board. Each committee then chooses a chairman and deputy chairman from among its number.
The Supervisory Board met four times in the year under review. In addition, meetings of the owner representatives took place regularly, at which matters of operational and strategic corporate governance were discussed with the Executive Board. Once a year, the owner representatives also discuss the Supervisory Board's organization and mode of working.
Last year, no contract subject to approval pursuant to L-Rule 48 was concluded with a member of the Supervisory Board.
Remuneration of Supervisory Board members (in € thousand)
| 2013 | Fixed | Variable | Total |
|---|---|---|---|
| Alfred Hutterer | 24.0 | 37.0 | 61.0 |
| Christian Reisinger | 24.0 | 37.0 | 61.0 |
| Karl Ozlsberger | 18.0 | 27.8 | 45.8 |
| Rainer Siegel | 18.0 | 27.8 | 45.8 |
| 84.0 | 129.6 | 213.6 | |
| 2012 | |||
| Alfred Hutterer | 20.0 | 42.4 | 62.4 |
| Christian Reisinger | 20.0 | 42.4 | 62.4 |
| Karl Ozlsberger | 15.0 | 31.0 | 46.0 |
| Rainer Siegel | 15.0 | 31.0 | 46.0 |
| 70.0 | 146.8 | 216.8 |
In 2013, the 21st Ordinary General Meeting resolved the following remuneration system for the Supervisory Board. The emoluments paid to members of the Supervisory Board consist of a fi xed and a variable component. Each elected Member of the Supervisory Board is to receive fi xed annual remuneration of € 18 thousand. For the Chairman and Deputy Chairman, this remuneration shall be of € 24 thousand each.
The variable remuneration is ascertained as a percentage of the EBT; it was resolved that where the stipulated annual target is achieved in full, a variable annual remuneration of € 40 thousand each for the Chairman and the Deputy Chairman, and of € 30 thousand for each of the other elected members, is to be paid. Where the EBT actually achieved in the fi nancial year deviates from the stipulated annual target, the following calculation is applied:
The Supervisory Board's remuneration is index-linked on the basis of the Austrian Consumer Price Index 2010 (VPI 2010).
C-Rule 53: When establishing the criteria for assessing the independence of its members, the Supervisory Board follows the guidelines set out in Annex 1 of the Code of Corporate Governance. According to these guidelines, the Supervisory Board members Alfred Hutterer (Chairman), Christian Reisinger (Deputy Chairman) and Karl Ozlsberger may be deemed to be independent.
Supervisory Board members with a shareholding in excess of 10%
C-Rule 54: None of the following Supervisory Board members: Alfred Hutterer (Chairman), Christian Reisinger (Deputy Chairman) or Karl Ozlsberger holds more than 10% of the shares of Rosenbauer International AG or represents the interests of a shareholder whose stake is in excess of 10%.
In a sector that has traditionally tended to be preferred by men, Rosenbauer is endeavoring to increase the female proportion of its workforce still further. Non-discrimination and equality of opportunity in the workplace, without gender preference, go without saying for Rosenbauer. The medium-term goal is to boost the proportion of women overall – especially in management positions.
At present there are no women on the Supervisory Board or Executive Board, or at the helm of Rosenbauer subsidiaries. However, the proportion of women in the next-lower management echelons has risen in recent years. In the medium term, then, there are good grounds for expecting a signifi cant increase in the proportion of women in senior management as well.
Leonding, March 21, 2014
Dieter Siegel Chairman of the Executive Board, CEO
Gottfried Brunbauer Günter Kitzmüller Member of the Executive Board, CTO Member of the Executive Board, CFO
Germany is Europe's biggest and technically most demanding fi re equipment market. Rosenbauer is a full-liner that serves the market with premium vehicles, innovative fi re & safety products and industrial fi re protection solutions. Its clientele includes not only fi re departments but also many other emergency services. Rosenbauer is one of the leading suppliers of fi re equipment to the German market.
Pumper, Germany
The Rosenbauer Mission Statement, which codifi es the company's view of itself and the basic principles informing the conduct of its business, contains an explicit commitment to sustainability and corporate social responsibility.
"As a family enterprise, we see our commitment to sustainability as an active part of all our endeavors to ensure a successful long-term future. This is refl ected by our social stance. For us, it goes without saying that nature must be treated considerately and that all rules and regulations must be complied with. Our Code of Conduct lays down basic principles of behavior which must be observed by all employees of the Rosenbauer Group. We aim to strike a balance between the interests of our owners, our employees and the environment within which we operate." (Abstract of the mission statement)
By pooling resources across departmental and national boundaries, we support initiatives in the fi elds of education and young people, the fi re fi ghting community and regional development. Sustainability criteria are fi rmly ingrained in Group strategy and in all areas of our business. They play a vital role in the upskilling and continued professional development of our employees, the goal of which is to ensure their long-term employability and place the company's success on a sustained footing. They underlie our innovation eff ort, which aims to create products which can be produced in a resource-conserving manner, are of superior quality, and will function dependably for years to come. And they are lived out in practice and continually evolved by Management; the focus here is not on short-term thinking in terms of quarterly results, but on long-term – meaning sustained – corporate success.
The bedrock of Rosenbauer's success is self-reliant employees who are capable of working unaided and are given the opportunities to realize their talents and full potential in the everyday working environment. This is why the company supports them in
terms not only of occupational skilling but also of their personal development. It does so not only with a comprehensive program of in-house training off erings but also with a healthy, safe and motivating working environment that the individual employee can actively join in shaping.
One of the goals of personnel development is to enable every single employee to fi nd a work-life balance, and one of its central tenets is equality of opportunity – irrespective of age, gender, culture or origin.
Employees who are involved in 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 itself stands.
A prime focus is on training young employees so as to assure a steady supply of new skilled staff . Rosenbauer provides over 130 apprenticeship training positions at its European facilities, giving it an exceptionally high apprenticeship training rate compared with other industrial fi rms. Most of those who graduate from a technical/industrial apprenticeship can be off ered a permanent job. A large proportion of the offi ce trainees can also be kept on.
Rosenbauer's extensive further-education and training program permits individualized in-service training for every single employee. It off ers everything from courses for personality and team development to foreign languages and management training, and courses with specialist technical and commercial curricula. Rosenbauer works closely with local educational establishments here. Furthermore, the company regularly provides placements for students, and projects for diploma dissertations.
Rosenbauer fosters the health and fi tness of its employees with a number of well-targeted measures, both in its in-house health program and by encouraging sporting activities. To give just one example, nowadays most of the company's European locations are no-smoking, alcohol-free zones. Supportive programs are provided for employees wishing to give up smoking. Employees' motivation to participate in sports events has been boosted by the launch of a range of branded Rosenbauer sportswear.
Last year also saw the start of a new pilot project at Group HQ: Known as the "Rosenbauer Health Day", this focused on the musculoskeletal system and will be continued this year at other company locations. In addition, a project was also started to evaluate workplaces in terms of the physical and mental stresses they place upon employees' health.
As a production company, our ability to fulfi ll is crucially dependent upon the human factor. Ensuring that work is carried out safely, and the accident-free in-plant operations that this entails, are a further contribution towards employee satisfaction. The health and safety of the entire workforce are a vital factor making for the success of the company as a whole.
Rosenbauer continually invests in advanced, energy-effi cient, ergonomically optimized tools, work-aids and safety devices at its workplaces. When it comes to the provision of personal protective equipment, the company often goes far beyond the minimum required by law. High priority is also given to close collaboration with internal and external safety experts, occupational health physicians, staff representatives and offi cial bodies.
Regular, systematic inspection tours and internal 3S (Safety – Set in order – Shine) housekeeping audits are performed in accordance with defi ned priorities. Any detected issues are swiftly dealt with and resolved, in a lasting manner.
A reporting system is used to record accidents and events with reference to standardized criteria. As well as notifi able workplace accidents, "near-miss" accidents are also registered, documented and analyzed in the system, which serves as the basis for improvement actions. The internal performance metric developed to measure this is a "lost working hours rate" (= ratio of hours worked to hours lost). Evaluation of the few workplace accidents to have taken place in recent years has shown that most of these were caused by unsafe actions on the part of the employees concerned, i. e. were these employees' own fault.
Ensuring the safety of fi refi ghters in action is a central concern in product development. The demands being made of fi re departments are constantly evolving. For us, this means being willing to innovate in a way that stays closely tuned to what is happening "on the ground". Customers are actively involved in the developmental process, creating the framework for systematically gearing product development to fi re departments' specifi c requirements.
Rosenbauer is seen as the fi re equipment sector's innovational and technological leader. Continual innovation is also one of the things that diff erentiates the company from its competitors. Rosenbauer products stand out for their functional design and for the perfect interplay of the systems involved.
Fire fi ghting equipment has to stay operational and in good functional order for long periods of time, and the quality has to be one-hundred-percent right. The legendary Rosenbauer quality is assured by way of an Integrated Management System (IMS) which visualizes all the relevant business processes. Most recently, the Rosenbauer Management System was enlarged by the addition of an energy management system, and certifi ed in the spring of 2013. The company now has:
The Internal Management System serves fi rst and foremost as an instrument for process optimization and for further development of the company. Regular internal and external audits by an independent certifi cation company (Quality Austria) ensure lasting, sustained improvements at all levels of the business, as well as for the system itself. Moreover, the Internal Management System also serves as a seamless information and controlling instrument. This is about much more than just standardscompliant quality assurance and proving compliance with international standards in the fi elds of environmental protection, energy and workplace safety. For this, and for over 20 years of successful ISO 9001 certifi cation, Rosenbauer received an award from Quality Austria in 2013.
Right from the outset, Rosenbauer aimed at achieving a lean, integrated management system that was easy for staff to access via the company portal. All the rules and documents needed in connection with in-plant operational processes are available online. Continuous improvement – which is a fundamental
concept in the ISO classifi cation system – is treated at Rosenbauer as a separate, self-contained process.
Not least, the consistent implementation of the processes, instructions and stipulations laid down in the IMS is refl ected in the trend for quality costs: despite the higher output, it even proved possible to improve this quality metric in 2013. As a proportion of overall production costs (including chassis), it came to 1.06% in 2013, as against 1.43% the year before.
As a rule, premium products such as Rosenbauer's are less likely to need repair, and easy to service, both of which make an important contribution towards sustainability. Besides this, the company's international service runs a spare-parts program that ensures the availability of equipment and vehicles over the entire product lifecycle. Spare parts and Rosenbauer's numerous services are available worldwide, and the customer support desk is manned all around the clock. Another contribution to sustainability that has been encouraged in recent years is refurbishment: This involves older vehicles being rehabilitated in their entirety, and refi tted to the very latest state of the art in terms of engineering and safety.
Safety, cost eff ectiveness and resource effi ciency play a central role in Rosenbauer's production operations. The company regularly invests in environmental protection measures. These endeavors to unite environmental and economic effi ciency are not an end in themselves, but help the Group to put itself on a secure and sustainable long-term footing.
Environmental criteria are taken into consideration in all key decision-making processes, although the environmental impact from the production operations is generally only limited. These
operations are largely assembly-related, the processes used being the classic ones of mechanical engineering and custom vehicle manufacturing, and of metalworking and plastics processing.
It is a declared goal of the company to continuously improve its energy balance, just as it is to mitigate its overall environmental footprint. In its energy management system, fi rst certifi ed in 2013, Rosenbauer commits itself to continuously and systematically optimizing its energy balance. As part of this, all energyrelevant workfl ows and processes are evaluated and weighted for their energy effi ciency, enabling any necessary effi ciency enhancement measures to be identifi ed. Having been introduced fi rst to the Austrian plants, the energy management system will be extended to the German facilities in 2014.
To give just a few examples of how Rosenbauer is reducing its overall energy consumption: waste heat from the production facilities (test rigs) is used for heating purposes in the paint shop; offi ces are being fi tted out with advanced daylight and heating control systems; and extra thermal insulation is being added to buildings whenever these are altered or extended.
The motto "Think globally – act locally" sums it up neatly: An essential precondition for Rosenbauer's worldwide business operations, and a factor making for their success, is the responsibility that it exercises towards the wider society at each of its corporate locations. These locations establish business relationships, tap into available know-how and engage in an intensive neighborly dialog. The aim is always to join with local partners to create added value for the company and for its stakeholders.
Each Rosenbauer location works closely with local suppliers and service providers. A signifi cant share of total procurement volume is sourced in the immediate vicinity of the plants. In this way, and by creating jobs, Rosenbauer contributes towards value creation at each of its locations, fostering local economic development with its payrolls, capital investments, procurement and taxes.
Entrepreneurial responsibility does not stop at a company's own business processes and the direct impact of these processes. The Rosenbauer Group is itself an active player in society, which is why it also takes on an energetic role in tackling societal issues. In keeping with this view of itself and of its role, the company's CSR Policy lays down the general criteria and objectives for Rosenbauer's social involvement. This latter deliberately takes its cue from the company's core business: Rosenbauer supports projects, initiatives and organizations that are active at one of the Rosenbauer locations or that these locations directly relate to. Care is taken here to ensure that these organizations' guiding principles are in accordance with those of the Group. Naturally enough, a primary focus of Rosenbauer's social involvements is on the fi re fi ghting community. Rosenbauer also promotes initiatives that have to do with educating and training young people.
Rosenbauer is committed to high ethical values in the conduct of its business. The Code of Conduct lays down the cornerstones for responsible, legally compliant conduct on the part of all employees and business associates. It is based on the values enshrined in the Mission Statement and on the company's business principles, observance of which is mandatory in its conduct of business throughout the world.
Rosenbauer attaches great importance to exemplary quality not only in connection with products and processes but also in terms of its conduct vis-à-vis suppliers and business partners.
Rosenbauer has to observe a large number of legal requirements and standards in the course of its worldwide business operations. Compliance at Rosenbauer means abiding by these regulations and regulatory norms, including the ethical standards laid down by the company itself.
Compliance is a vital component of corporate integrity, and thus an unshakable cornerstone of Rosenbauer's business. Wherever the company is at work, local laws and in-house rules – prime among them the Code of Conduct – must be observed.
Lasting business success is only possible where it is brought about in a legally impeccable manner. Rosenbauer has drawn up rules for business conduct which must be followed by all employees and associates worldwide.
Headed by the Group Compliance Offi cer, the Compliance Organization advances issues of corruption prevention, competition law and third-party due diligence throughout the company. The Group Compliance Offi cer reports directly to the Executive Board and regularly and directly informs the Supervisory Board's Audit Committee on the activities that have been undertaken, and on any relevant occurrences. Where necessary, appropriate action is taken.
Local Compliance Offi cers have been nominated at the Group's various locations, to act as points of contact for general compliance inquiries and for receiving and passing on tip-off s regarding suspected misconduct. A well-regarded fi rm of attorneys acts as an external ombudsman. Tip-off s about suspected misconduct, and concrete grounds for suspicion, can be lodged here anonymously and confi dentially. Protection of whistleblowers is mandatory and they are not placed at any disadvantage in terms of labor law, provided that they are not themselves involved in the misconduct.
All staff and all relevant business associates are issued with a copy of the Code of Conduct, this being the central compliance directive of the Group. In addition, the Code of Conduct is published on the company's website.
"Compliance-relevant" staff must undergo training courses on pertinent topics, in line with a detailed training schedule. This training program is supplemented by specially focused off erings such as workshops and online-training sessions.
In addition, regular training courses are held at Group locations for managers and other "compliance-relevant" staff . Refresher and supplementary courses are also given at sales and salesrepresentatives' meetings, at Buyers' Days and at the annual international Group Meeting. Information and training literature can be accessed by all staff in the Group-wide company portal.
Compliance has now become established practice at Rosenbauer. In the year under review, the Compliance Management System underwent external international review by a noted organization regarding the risk areas of corruption, tax fraud, anti-trust and competition law, foreign trade, customs duties, money laundering and subsidy fraud. The aim was to review the functional capability and effi cacy of the system, and to identify any remaining weak points. In addition, the Rosenbauer Compliance Management System was successfully certifi ed by the Austrian Standards Institute in accordance with ON Rule 192050:2013. This was the fi rst such certifi cation performed in Austria.
Rosenbauer requires its distribution partners to comply with strict anti-corruption standards and to observe fair-competition rules. These requirements form an integral part of the agreements it signs with its distribution partners.
Rosenbauer requires its business associates and sales partners to conduct themselves in an unreservedly compliant manner. Anyone who works with Rosenbauer must fulfi ll the Rosenbauer compliance standards. The expectations that Rosenbauer has regarding the conduct of its partners are explicitly set out in the distribution agreements.
In order to identify potential corruption risks, distribution partners are given a risk-based integrity check. Ongoing review of new and existing business associates is performed by means of a web-based tool which supports the risk analysis and duediligence process in connection with business associates and distribution partners. In addition to this, vetting of new business associates is also carried out directly at the local level in individual instances.
A lastingly eff ective compliance system needs to undergo continuous further development if it is to actually realize the potential improvements it identifi es, and to be capable of responding to the needs of the company's constantly changing business. At Rosenbauer a separate project group works on continually improving the Compliance Organization throughout the entire Group.
Ultimately, compliance is all about a comprehensive management process that is geared to the long term. Compliance is, and will thus long remain, one of the company's core tasks.
To prevent insider trading, the company has introduced a mandatory Issuer Compliance Directive that conforms to the latest Austrian capital market regulations. Adherence to this directive, and any necessary modifi cations thereto, are continually monitored and implemented by the Issuer Compliance Offi cer. This directive applies to the members of the Executive and Supervisory Boards, top management at Rosenbauer International AG and all other persons who are privy to insider information, whether on a routine or project-related basis.
At its meetings held during 2013, the Supervisory Board was informed regularly by the Executive Board upon the situation of the company and the progress of its business. The reports hereon given by the Executive Board, together with its reports on important items of business, were approved by the Supervisory Board.
The Supervisory Board met four times for ordinary meetings in the year under review. In addition, regular meetings of the owner representatives on the Supervisory Board took place at which matters of operational and strategic corporate governance were discussed with the Executive Board. The Supervisory Board members attended a total of eleven meetings of the Supervisory Board and of its committees during 2013.
The Audit Committee met in April 2014 to review and prepare the approval of the annual fi nancial statements 2013, to draw up a proposal for the appointment of an external auditor, and to confer on all matters relating to the Group fi nancial reporting. A further meeting was held to appraise the Group's risk management procedure, internal control system and corporate compliance. The members of the Audit Committee were Alfred Hutterer (Chairman), Rainer Siegel and Rudolf Aichinger.
Both the fi nancial statements and the situation report have been audited by Ernst &Young Wirtschaftsprüfungsgesellschaft m.b.H. in accordance with statutory provisions.
The fi nal results of the audit have not given reason to any grounds for query. Accordingly, the fi nancial statements and the situation report have been endorsed with an unqualifi ed audit certifi cate. The auditors' report has been submitted to the members of the Supervisory Board in accordance with §273 Sect. 3 UGB (Austrian Companies Act).
The fi nancial statements and the Group's fi nancial statements as at December 31, 2013 have been approved by the Supervisory Board and are thus established in accordance with §96 Sect. 4 AktG (Austrian Stock Corporation Act). The Supervisory Board concurs with the Executive Board's proposal regarding the distribution of profi ts and proposes that this proposal be adopted at the Annual General Meeting.
Leonding, April 2014
Alfred Hutterer Chairman of the Supervisory Board
66 Supplementary report and disclosures relating to anticipated developments
72 Segment reporting
The world economy regained momentum in the second half of 2013, after getting off to a weak start that perpetuated the sluggish trend of 2012. Global GDP growth for the year as a whole came to 3.0%, following 3.1% the year before. Once again, the drivers and pacemakers of growth were countries in Asia and South America, with the highest GDP growth once more being recorded in China, at 7.7%.
Analysts are looking for global economic growth to rise to 3.7% in 2014, although the aftermath of the crisis years is still weighing upon Europe and the USA. The upbeat mood is being driven mainly by the gathering pace of economic uptrends in key emerging market countries, the structural adjustments in the euro zone and the consolidation of private budgets in the USA. Labor markets in developed economies, by contrast, are still very slack: employment is growing more slowly than the supply of labor, and will not be suffi cient to reduce the higher rates of unemployment in 2014 either.
In line with most analysts' expectations, the US economy grew by only 1.9 % in 2013. The budget dispute continued last year as well, but it then proved possible to avert a government shutdown in the fourth quarter. There have recently been increasing indications that the US economy is gaining impetus, primarily on the back of stronger domestic demand. The latest forecasts for 2014 GDP growth were for 2.8%, i. e. back at the same level as in 2012.
In the crisis-struck European countries of Greece, Ireland, Italy, Portugal and Spain, the structural measures implemented over the past few years have started to bear fruit. Although they have entailed a massive contraction in domestic demand, these countries' increasing progress towards current-account balance points to an improvement in their competitive position. According to economists, 2014 GDP growth is likely to be around 1.4% in the European Union, and 1.0% in the euro zone. The GDP outlook for Greece and Cyprus remains negative.
Russia's economic output grew much more slowly in 2013 (1.5%) than in the previous year (3.4%), despite the fact that gas and petroleum prices were at a healthy level. If the world economy fails to recover and raw materials prices fall, this would be likely to hit Russia's insuffi ciently diversifi ed economy. Economists expect GDP growth of 2.0% in 2014.
Asia's emerging economies were once again the locomotives of the world economy in 2013. Despite the fall in demand from Europe, together they notched up GDP growth of 6.5%. Asia's leading role in the global economy will continue unchanged through 2014 as well: According to the International Monetary Fund, China should manage to grow by 7.5% this year. For India, growth of 5.4% is forecast (up from 4.4% in 2013).
The overall trend in the fi re equipment sector in 2013 was stable, albeit at a low level. After years of decline, developed country markets have fi nally bottomed out and are at last showing positive signs of a rise in procurement volumes once again. The markets in Southern and Eastern Europe are continuing to shrink severely, while Asian markets have stayed fi rm at their long-term level.
The sector has performed 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. Worldwide growth in aviation, and the deployment of larger aircraft, kept demand strong for specialty vehicles in 2013.
The critical factor determining the procurement potential of any particular market or region is the way in which its fi re services are fi nanced: In most industrialized countries, the critical factor determining procurement is the fi nancial strength of local authorities. In emerging market countries, it is fi nanced out of centrally controlled state budgets, resulting in irregular largescale procurements which are often infl uenced by one-time events.
Worldwide sales volumes for fi re fi ghting vehicles rose to € 3,061 million. Compact vehicles (up to a gross vehicle weight of 7.5 t) and fi re & safety equipment are not included in this fi gure. The strongest sales regions were Western and Eastern Europe, the NAFTA countries and Asia.
After four straight years of contraction, 2013 brought the fi rst signs of a perceptible recovery in demand in the USA, the world's biggest single market. The North American manufacturers had had to contend with business diffi culties in the previous few years, to which they had responded by depressing their prices. The positive trend on the US fi re equipment market is expected to continue in 2014.
2013 saw some fi rst gleams of light for the fi re equipment sector in parts of Europe as well, mainly in Germany, Austria and Switzerland. In these countries, procurement is mostly funded by way of tax revenues, movements in which tend to aff ect the sector after a time lag of between one and two years.
In Central and Eastern European countries (CEE), pending vehicle procurement programs were postponed yet again in 2013. The unfavorable economic outlook makes it likely that the CEE market will remain weak for some time to come.
The market downturn has been steepest in the countries most badly aff ected 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 were no signs of any recovery in this reporting period either.
In Austria, sales of fi re fi ghting vehicles in the year under review were above the level of the previous year. No signifi cant change is expected for 2014.
Thanks to the more positive economic climate in Germany, volumes in this, Europe's largest single market, were back at the long-term multi-year average in 2013. However, at 19 years old the average age of German fi re fi ghting vehicles is still comparatively high. The market continues to be hotly contested, and the pressure of intense price competition on fi re suppliers remains very high. On the other hand, some sizeable procurement projects being undertaken by civil defense and disaster preparedness organizations have been giving a boost to this market.
Russia is one of the world's biggest fi re equipment markets. A number of major fi re incidents in recent years have led to a much greater awareness of safety issues, and to intensifi ed eff orts to modernize municipal fi re departments. The annual procurement volume is estimated to be around 1,000 vehicles, almost 100% of which are produced locally. Russia's needs for advanced fi re fi ghting systems are great, but demand fl uctuates greatly depending on the availability of funding.
Asia's biggest fi re equipment markets are China and India. In both markets, the economic environment is still extremely positive. However, they are dominated by low-priced municipal vehicles with little or no claim to quality or technological sophistication, that are mainly produced by local suppliers. For vehicle manufacturers from Europe or the USA, the only segment of any interest in these countries is specialty vehicles, as these require a level of technology and quality of which local suppliers are not capable.
Owing to its growing urbanization and industrialization, the Middle East has established itself as an important growth region for the international fi re equipment sector in recent years. Heightened security concerns and abundant natural resources have fed through into higher capital spending on advanced fi re equipment. This procurement activity focuses on high-end vehicles of all categories, and on the entire spectrum of fi re & safety equipment.
The markets in Latin America and Africa are characterized by spot projects. In oil producing countries, technically sophisticated European or US-manufactured fi re fi ghting vehicles are increasingly in demand. As these procurement programs sometimes have lead-times lasting several years, this makes them somewhat diffi cult to forecast, however.
The Rosenbauer Group posted exceptionally good revenues and earnings fi gures in Financial 2013. The € 737.9 million in revenues (2012: € 645.1 million) was the highest such fi gure in the company's history, making 2013 another record year. This equates to a year-on-year rise of 14% and is largely attributable to international export business – primarily in the form of increased shipments to the Middle East and Asia. A positive trend also made itself felt on the markets of Northern Europe and North America. The strong international position and technological leadership established by the Group were critical drivers behind this success.
The expansion program launched two years ago laid the necessary foundation, in good time, for dealing with the marked increase in production volumes.
At € 483.7 million, the largest proportion of revenues was contributed by Rosenbauer International AG (2012: € 429.4 million). This equates to revenue growth of 13%. Its export ratio of
93% (2012: 93%), with shipments to over 100 countries, makes
Rosenbauer International AG the most internationally oriented fi rm in the industry.
The new French service company Metz-Service18 was offi cially inaugurated in the fi rst quarter, and fi rst consolidated as of February 1, 2013. Fire fi ghting vehicles – not only the aerial appliances from Metz Aerials that are stationed in France – are serviced and maintained at the customer center in Chambéry. In establishing this new location in France, the Group is continuing to expand its international service network as planned. The contribution made by Metz-Service18 to revenues came to € 955.4 thousand.
The incorporation of a subsidiary in Saudi Arabia at the beginning of 2013 – jointly with a local partner (Rosenbauer shareholding: 75%) – marked a signifi cant intensifi cation of Rosenbauer's involvement in this country. This has added to the importance of After Sales Service, where some 50 staff (including leased personnel) already provide on-site support to fi re departments. As the market leader, Rosenbauer has an obligation to provide effi cient service structures to support the large number of vehicles stationed in this country.
The new company is headquartered in Riyadh and has branch operations in the Dammam region and in Jeddah. All three of these are being upgraded into service and training centers in which vehicles are maintained and where fi refi ghters can be given training in how to use their new apparatus. As well as this, after-sales service technicians travel throughout the Kingdom to give on-site service to fi re departments. Final assembly of the vehicles destined for the local market is now increasingly being carried out locally, and will be expanded in future. The new company's revenues came to € 4.2 million in the reporting period.
Breakdown of revenues
The Group's strongest revenue segment, accounting for 70% (2012: 69%) of revenues, was the "Vehicles" product segment. The "Fire & safety equipment" segment posted revenues of € 81.5 million (2012: € 66.7 million), corresponding to a 11% (2012: 10%) share of total revenues. Accounting for 10% (2012: 11%) and 3% (2012: 4%) of revenues respectively, "Aerials" and "Fire fi ghting com ponents" were at roughly the same level as the year before. The "Business development" segment posted revenues of € 3.8 million (2012: € 3.2 million). "Customer services" and "Others" revenues accounted for 5% of the total in 2013 (2012: 5%).
As in previous years, Europe was Rosenbauer's biggest sales region. Around 39% of Group revenues, amounting to € 290.5 million (2012: 40%; € 255.6 million) were generated on these markets. Thanks to the many shipments to Saudi Arabia, the Arab world took second place in the revenue rankings, with € 221.8 million (2012: € 179.2 million), equating to a 30% (2012: 28%) share. The NAFTA countries follow in third place, with revenues of € 104.6 million (2012: € 93.0 million), accounting for a 14% (2012: 14%) share. 10% of Group revenues, totaling
€ 72.7 million (2012: 14%; € 87.7 million) were earned from the Asia and Oceania region. Revenues from other countries came to 7% of the total (2012: 4%).
EBIT came to € 42.3 million in Financial 2013, 10% above the previous year (2012: € 38.6 million). This includes previously posted one-off eff ects of € 4.5 million which were allowed as additional provisions for settling damages in connection with the anti-trust case in Germany. Adjusted for these one-off costs, the EBIT margin of 6.3% lies above the 6.0% originally forecast.
Earnings in the reporting period were aff ected by the even fi ercer price competition in Germany and the narrower margins which resulted, and by the start-up costs for the new locations in Saudi Arabia. The American companies were successful in boosting their earnings performance by optimizing their chassis-fabrication operations and modifying their product mix.
The Group's working capital needs were fi nanced mainly on a short-term basis. The non-current liabilities were underlain by interest-rate adjustment agreements based on 3-month or 6-month rates of interest. The interest expense incurred on all
interest-bearing fi nancial liabilities totaled € 2.7 million in the reporting period (2012: € 2.5 million). The average rate of interest paid was 2.1% (2012: 1.9%).
Due to the deferral of an export order into 2014, the contribution made to the result by the production joint venture PA "Fire-fi ghting special technics" LLC. in Moscow decreased to € 1.8 million (2012: € 3.0 million). The joint venture Rosenbauer Ciansa S.L. in Spain is also reported "at equity" in the balance sheet, and generated a slightly positive result of € 0.1 million on the back of export shipments. Taken together, both joint ventures contributed € 1.9 million to last year's result (2012: € 2.8 million).
The profi t before income tax (EBT) in the reporting period came to € 41.7 million (2012: € 38.8 million).
The stated taxation expense totaled € 10.9 million (2012: € 6.8 million). The increase is due to a back-tax payment of non-deductible expenditure from 2000 and 2001 at the Spanish company, and to the higher earnings. This explains why the taxation ratio of 26.2% (2012: 17.6%) is higher than the previous year, despite the positive eff ect from the fact that the US co-partners pay their local taxes in the USA themselves. After deduction of the taxes on income, the fi nal result for the accounting period comes to € 30.8 million (2012: € 32.0 million).
The profi t shares for the non-controlling interests held by the co-partners in Rosenbauer America, in Rosenbauer Española, in Rosenbauer d.o.o. in Slovenia and in the two newly incorporated companies Metz-Service18 and Rosenbauer Saudi Arabia amounted to € 4.4 million last year (2012: € 1.1 million). The increase essentially resulted from the considerably higher earnings at Rosenbauer America.
The Rosenbauer Group benefi ted from a very satisfactory order trend on international export markets in 2013. The order-intake fi gure reached an impressive high of € 760.6 million, 43% up on the previous year's fi gure (2012: € 533.2 million). Brisker demand was experienced above all in the aircraft rescue fi re fi ghting vehicle segment, for which the infl ow of new orders was higher than ever before.
At € 590.1 million (December 31, 2012: € 580.5 million), the volume of orders on hand at the year-end remained at a high level. This is largely attributable to the excellent order intake during the last few months of the year, which more than compensated for the higher level of outward shipments that is typical in the sector toward the year-end. This gives the Rosenbauer Group assured capacity utilization at its manufacturing facilities in 2014, and a fairly clear view of the likely course of revenues in the months ahead.
Order intake Order backlog as at December 31
Despite the immense growth of recent years, the Group's fi nancial situation continues to be very solid. For industry-specifi c reasons, the balance-sheet structure of the Rosenbauer Group at the year-end is typifi ed by a high level of working capital. This results from the comparatively long turnaround times for fi re fi ghting vehicles, which are always custom-built. Despite the company's strong growth, it proved possible to trim the balancesheet total by 4% to € 415.6 million (2012: € 432.9 million).
The ongoing capacity enlargements – especially at the Neidling, Leonding II and Luckenwalde plants – have led to a substantial increase in tangible fi xed assets. These rose year-on-year from € 72.0 million to € 86.4 million.
The "Equity interests in associates" item comprises both the equity interests in Rosenbauer Ciansa S.L. and the stake held in PA "Fire-fi ghting special technics" LLC. in Moscow. Furthermore, this item also includes the ongoing result of the Russian and Spanish joint ventures, which decreased from € 9.1 million to € 7.8 million.
The capital structure was improved last year by greater optimization of the working capital. These measures focused on optimizing inventories and client receivables.
As a result, it proved possible to reduce the year-end inventory level to € 167.9 million (2012: € 173.8 million), despite the high volume of shipments. Due to the high level of shipments in the fourth quarter, the "Production contracts" decreased to € 45.2 million, 25% below the previous year's fi gure (2012: € 59.9 million). The 12% reduction in receivables to € 86.8 million (2012: € 98.1 million) also contributed toward the improvement in working capital.
The Group's fi nancing has, for many years, followed the principles of maintaining assured liquidity and the highest possible equity capitalization. Equity was increased once again last year, by 12% to € 187.9 million (2012: € 167.8 million). The increase in the equity ratio, to 45.2% (2012: 38.8%), at the same time as a smaller balance-sheet total, is basically attributable to the very satisfactory earnings. This once again exceeds the long-term goal of an equity ratio above 35%, a target ratio which – given continued organic growth – it should be possible to maintain.
This active working capital management quickly freed up liquid funds during the reporting period. As a result, the interestpaying liabilities decreased by 42% to € 62.8 million (2012: € 107.4 million). The funds generated by the optimization of working capital enabled current debt to be reduced from € 223.7 million to € 194.9 million.
The Group's net indebtedness, meaning the balance of interestpaying liabilities less cash and securities, decreased last year to € 48.8 million (2012: € 93.6 million). This is also refl ected in the gearing ratio, which improved to 25.9% (2012: 55.7%).
The net cash fl ow from operating activities improved last year to € 82.2 million (2012: € –3.7 million). This positive development essentially results from the profi t before income tax and from the positive eff ects of reducing inventories and receivables as part of the active program of working capital management.
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Capital employed1 | 285.7 | 267.2 | 213.0 |
| ROCE | 14.8% | 14.5% | 19.5% |
| ROE | 23.4% | 24.9% | 29.6% |
1 Average
The USA is the world's biggest fi re equipment market. Rosenbauer operates four production facilities of its own, and has a nationwide distribution and service network. It supplies all types of vehicles to US fi re departments, from mini pumpers to aircraft rescue fi re fi ghting vehicles. Rosenbauer builds municipal vehicles on its own custom chassis and is now the secondlargest fi re equipment supplier in the USA.
Custom pumper, USA
Capital investment increased to € 25.4 million last year (2012: € 14.7 million), and focused on enlarging and modernizing infrastructure. The largest single part of the year's investments (65%) went on expanding production capacity and on the accompanying improvements in productivity. 25% went on replacement capital investments and on fulfi lling offi cial directives, and a further 10% on rationalization measures.
Since 2005, capital investment has been well above the annual depreciation charges, in line with the goal of sustained longterm growth. Thanks to this heavier capital spending, depreciation charges in the Rosenbauer Group increased last year to € 10.2 million (2012: € 9.3 million).
The higher sales volumes and continued growth prospects have necessitated a multi-year modernization and expansion program. The most important step in this direction in 2013 was the move to take over a plant site from the Wacker Neuson company, and to adapt and extend it into the Rosenbauer "Plant II Leonding".
The new location is only 3 km away from Group HQ and is ideal for Rosenbauer in many regards. The new plant is on a 52,000 m² lot with approx. 15,000 m² of industrial buildings and approx. 5,000 m² of offi ce space. It gives Rosenbauer 60% more production space in Leonding.
In the last few months, Plant II Leonding has been turned into the fi re equipment sector's most advanced vehicle plant and will be put into service from the second quarter of 2014 onwards. The assembly operations are carried out to automotive and mechanical-engineering industry standards, and all processes are synchronized. To achieve this, all the processes were systematically oriented by value-stream, all the modes of working and the interfaces were overhauled, and the employees were equipped with the requisite technical, process-related and methodological competences.
The central planks of the new production facility are two new, synchronized body-assembly lines – for the PANTHER aircraft rescue fi re fi ghting vehicle and the AT municipal vehicle. The assembly operations on the two main assembly lines are carried out at defi ned stations and in a specifi ed cycle in which the vehicle bodies move on rails from one station to the next. The assembly operations are carried out in accordance with the fl ow production principle, and materials provisioning with the pull principle. € 2.8 million was invested last year in adaptations to the new plant.
Capital investment outlays in the Rosenbauer Group rose to € 25.4 million in 2013. The main items of investment were the construction of a new building for component fabrication operations at the Neidling site (top) and the enlargement of the Luckenwalde plant (below). The measures implemented at the Austrian locations are part of a multi-year upgrade program to modernize the facilities and boost the effi ciency of the production operations.
The Neidling site is the Rosenbauer Group's center of expertise for compact vehicles and holding fi xtures. In 2013, it was extended by the addition of a building for profi le machining and for component fabrication. With around 5,400 m² of space, the new building also includes a high-bay pallet racking system and an automated long-goods vertical storage system, as well as extra offi ce space. A 1,500 m² lean-to hangar was also erected to provide more space for in-plant workfl ows. The total investment volume will come to € 10.0 million, € 8.7 million of which was incurred in the reporting period.
The production facility at Luckenwalde, near Berlin, is also being upgraded in the course of a modernization project spread across several years. Last year, the assembly building was enlarged by around 1,000 m². This made it possible to lengthen the production line and to add a commissioning station to it. The investment volume at the Luckenwalde facility totaled € 2.1 million in 2013.
In 2013, the Rosenbauer Group invested € 12.6 million (2012: € 12.2 million) in research and development. This amount is equal to 2.3% (2012: 2.6%) of the relevant net sales proceeds from our own production. The capitalization rate was 18.3% (2012: 0.0%) and related to developments made in Austria and Germany. Around 72% (2012: 62%) of these development costs (€ 9.0 million, as against € 7.6 million in 2012) were incurred by Rosenbauer International AG, the Group's center of expertise for municipal and specialty vehicles, fi re fi ghting systems and fi re & safety equipment.
Metz Aerials last year unveiled two new models of aerial ladders, the XS (= "extra Small") and the XF (= "extra Flat"): The L32A-XS is a more advanced version of the L32A, with a lowerable cage boom. The XF version of the aerial ladders has an ultra-fl at undercarriage that reduces the overall height of the vehicle.
With the new XS, fi refi ghters can now also reach mission locations that were not previously accessible, even with conventional articulated turntable ladders. This is thanks to the newly developed articulated boom, whose pivotal point has been shifted toward the inside of the ladder set, thereby allowing the articulated boom to bend "sooner". This makes it possible for the L32A-XS to be lifted steplessly into the vertical along the facade of a building, even in very narrow alleyways, and means that it needs less space to set down the cage near the driver's cab.
To round off the product line, Rosenbauer has augmented its acclaimed PANTHER series with a 2.5 m wide vehicle. The PANTHER S 6x6 is lighter, compacter and above all narrower than the existing models. Exactly half a meter narrower, in fact, yet without making any compromises regarding its handling characteristics, fi re fi ghting performance and stability.
This newly developed vehicle has been specially designed for deployment at smaller regional or national airports. Its reduced width gives it the ideal dimensions for this purpose, while retaining its accustomed performance. Another advantage is that the PANTHER S can be driven on public roads, because at 2.5 m wide it complies with many countries' road traffi c regulations. This means that the PANTHER S can also be called to accident events outside the airport.
The PANTHER series comprises vehicles on 2-, 3- and 4-axle chassis, with engine outputs ranging from 500 to 1,400 hp, models with shortened and lengthened wheelbases, and now also includes a slimline model suitable for use on public roads.
The Rosenbauer brand stands for innovative, dependable products. Rosenbauer consolidated its technological and service-related leadership once again in 2013, with landmark innovations such as the new Metz L32A-XS aerial ladder, which allows fi refi ghters to work even more effi ciently when carrying out rescue from heights.
As the innovation pacesetter of the fi re equipment sector, it was a matter of course for Rosenbauer to be among the pioneers in introducing the stringent Euro 6 emissions standard. In the fall of 2013, it unveiled the fi rst low-emission fi re fi ghting vehicle with advanced exhaust gas technology: an AT-design rescue pumper on a MAN TGM all-wheel chassis.
The stringent Euro 6 limits have been in force since the beginning of 2014 for all newly licensed utility vehicles and – apart from a few exceptions – also for new fi re fi ghting vehicles. However, complying with the limit-values is only possible if several diff erent exhaust gas technologies are combined. This means that considerably more space is required for the exhaust aftertreatment unit. What is more, extra space had to be created under the superstructure for the required AdBlue system. The development departments at Rosenbauer and the chassis manufacturers worked together closely – and successfully – to tackle this challenge. The layout of the components in the vehicle had to be designed
in such a way that little or no payload volume and storage space were lost in the part of the vehicle body housing the fi re fi ghting systems.
Since the fall of 2013, Rosenbauer has also been building more environment-friendly drivetrains into aircraft rescue fi re fi ghting vehicles. The new Volvo engine is certifi ed to the Euro 5 standard emission limits, making it the most advanced drivetrain in the Rosenbauer PANTHER fl eet. In future, the Volvo engine will be used for the entire PANTHER series, from the 4x4 to the 8x8 chassis and including all the variations with shortened or extended wheelbases and reduced width. In the 8x8 version, which is the most powerful PANTHER and has a gross vehicle weight of up to 52 t, the drivetrain will be installed in twin form. This new development makes the PANTHER one of the world's fi rst aircraft rescue fi re fi ghting vehicles to have a certifi ed Euro 5 engine.
As the technology pacesetter of the sector, it was a matter of course for Rosenbauer to take a pioneering role in introducing the stringent new emissions standards. This is why the PANTHER series will now use a Volvo engine that complies with the limits specifi ed by the Euro 5 emissions standard. This makes the PANTHER one of the world's fi rst aircraft rescue fi re fi ghting vehicles to have a certifi ed Euro 5 engine.
When developing new products, Rosenbauer gives top priority to fi refi ghters' safety. By involving customers in the development process, Rosenbauer makes it possible to gear the products very specifi cally to the requirements that fi re departments have. This is also true of its latest innovations in the fi eld of personal protective equipment: the SAFE GRIP 3 fi refi ghter glove and the TWISTERcross fi reman's boot for fi re departments and rescue services.
Rosenbauer is continually developing and improving its products. This is also true of its latest innovations in the fi eld of personal protective equipment (PPE): the "TWISTER-cross" ankle-length boot and the "SAFE GRIP 3" fi refi ghter glove.
With the "TWISTER-cross" as the second model in its new boot collection, Rosenbauer brought its fi rst-ever ankle-length boot to market in the spring of 2013. It was specially developed for the needs of fi refi ghters and rescue teams, and its "Form C" shaft height makes it suitable for all fi re fi ghting and rescue missions. Like all Rosenbauer boots, the TWISTER-cross comes with very many functions that make for maximum protection and optimum wearer comfort.
The new SAFE GRIP 3 quality glove features improved protection characteristics, optimized wearer comfort and an even more attractive design. The use of high-grade NOMEX® III material ensures the very greatest heat- and fl ame-resistance. Combining this material with a para-aramid fabric has made this fi refi ghter glove extremely hard-wearing, and improved its heat-protective properties.
In 2013, Rosenbauer unveiled OSIRAS, a modular superstructure concept for series vehicles used in international relief and disaster missions. It consists of three parts: the permanently vehicle-mounted equipment lockers, a transportable extinguishing-system tank module inside a separate frame, and a swapbody with a cabin that the crew can also use as an emergency shelter.
The swap-body can be detached, and stacked onto a truck or air-freighted. The dimensions of the cabin, which during air freight forms the bottom part of the swap-body, have been specially designed to fi t onto the unit loading device (container/pallet dimensions) used in international cargo aircraft. Using an axledrawbar combination, the swap-body module can also take the form of a trailer. Otherwise, any type of pickup or any vehicle with a trailer coupling can be used to quickly and easily turn OSIRAS into an ambulance, a fi re truck or a transport vehicle.
The personnel work last year focused on assisting with the enterprise-wide change processes, and refl ecting these in the personnel and management structure. The Group's ever-greater internationalization and growth also entail changes in its organizational structure and processes, all the way down to the level of individual workplaces. One result of this is the higher qualifi cation requirements now being made of employees, who are being supported here by pro-active vocational and in-service training measures.
Among the central tasks of Human Resources Management are strategic personnel and manager development, the coaching of line managers, intensifi ed staff exchanges between the Group's worldwide locations, managing the ever-greater number of expatriates in the company, and implementing the personnelrelated standards derived from the Group's strategy, in liaison with the operational units concerned.
Being an enterprise with a long and proud tradition, Rosenbauer's corporate strategy is geared toward sustainability and longtermism. This steady ethos is also refl ected in the company's personnel policy.
The fact that Rosenbauer is seen as an attractive employer is not just because of its fascinating products but also has a lot to do with the company's culture. Upholding direct contact between Management and staff , a transparent information policy and a social partnership that is lived-out sincerely in practice – these are crucial elements in maintaining an employee-friendly working environment. In addition, the structured remuneration system that forms part of the company's salary policy ensures fair, easy-to-understand pay for employees.
With a workforce of 2,651, the Rosenbauer Group employed 9% more people at the end of 2013 than at the end of the year before.
In Austria, the workforce grew by 8% to 1,209 employees, and increased by 10% outside Austria to a total of 1,442. The biggest headcount growth outside Austria was at the Wyoming plant, where series production of the new US chassis Commander was commenced, and at the newly established company Rosenbauer Saudi Arabia, which took on 35 new staff to man its support bases in Riyadh, Jeddah and the Dammam region. However, extra staff was hired in Austria as well, in the production facilities and in production-related fi elds.
The headcount breaks down into 1,557 blue-collar staff (2012: 1,434), 960 white-collar staff (2012: 872), and 134 apprentices (2012: 126), 101 of them in Austria. The company created additional employment opportunities by deploying 254 leased staff (2012: 279).
The average age of Rosenbauer's employees in 2013 was 39 years. The average length of stay with the fi rm was nine years. The low fl uctuation rate of 4.3%, despite the increase in the size
of the workforce, is another good indicator of the company's stability as an employer.
Rosenbauer off ers its staff a broad spectrum of upskilling opportunities, both in-house and externally. The initial and in-service training program comprises technical and business training courses, and seminars to help staff improve their project management, negotiating and interpersonal skills and their profi ciency in various languages, among them Arabic.
Foresighted staff development is one of the most important tasks of the company's personnel management. Vocational and in-service training costs totaled € 901.0 thousand in 2013 (2012: € 778.0 thousand).
The fi rst staff has graduated from the company's next-generation talent program for technicians, which began in 2010. The program's range of training off erings has since been expanded with new content. During the 18-month training program, junior technicians rotate through all production- and production-related fi elds in two-month modules, and are sent on an out-of-country assignment to prepare them for the demands that will be made of them in future. The program's graduates constitute a valuable talent pool for fi lling key positions internally.
Manager development is an ongoing area of work that was also continued during the reporting period. Managers learn the basics of the Rosenbauer leadership culture from training sessions and individual coaching. Leadership at Rosenbauer means being a positive example, formulating clear goals and priorities, taking time for employees, fostering potential, and being a model of fairness in one's dealings with others. The training program is off ered in multi-day modules on the topics of management style, discussion-leading skills, collaborative processes and "healthy leadership".
Rosenbauer has continued to participate at the most important university careers fairs. Being present at various college and university events that deal with technical issues lets us establish contacts with new academic talent at an early stage. It also off ers good opportunities to present and off er internships and mentored fi nal dissertation projects as potential points of entry to Rosenbauer.
With its well-chosen off erings of projects for school and university students, Rosenbauer establishes positive relationships between the company and potential new talent at an early stage. In the summer of 2013 alone, more than 80 school students were given the opportunity of getting their fi rst taste of the world of work by way of a vacation placement at Rosenbauer. Besides this, more than 15 students completed an internship as part of their studies at educational establishments, or authored a scientifi c paper in collaboration with Rosenbauer.
Rosenbauer supports fl exible working hours, part-time working arrangements for parents, and individualized solutions to help staff reconcile work and family responsibilities. Flexible workingtime models take the best possible account of the needs of employees – especially those working in commercial fi elds. In many areas of the company, there are also opportunities for working at home.
Rosenbauer trains more young people than its business actually needs. This policy takes account not only of the company's own staffi ng needs, but also of its social responsibility to give young people career prospects. The company's many trainers work hard to provide its 130-plus apprentices with relevant, practical training that is of high quality and leads to success – which helps explain why there are up to 20 applicants for every vacant apprenticeship position.
Of the 15 apprenticeable professions that can be learnt at Rosenbauer, most are in the industrial and technical fi elds. The "mechanical engineering technician" apprenticeship had the largest numbers in 2013, followed closely by "mechatronics technician". Among other options, Rosenbauer also trains youngsters to become technical sales representatives and offi ce assistants, IT technicians or draftsmen. After completing their apprenticeships, employees can join a special trainee program to qualify them as "all-round" skilled technicians who can be deployed anywhere in the company.
Since 2013, Rosenbauer has been training youngsters with special needs. This integrative training focuses on youngsters with learning diffi culties. Four young people are learning the apprenticeable trades of "automotive painter", "warehouse logistics operative" and "cook". The training program is being carried out in close collaboration with "Caritas Oberösterreich". This co-operative venture aims to integrate people with special needs into the world of work – an important step toward helping them function independently.
Four young people with special needs have been receiving vocational training at Rosenbauer's Leonding facility since the fall of 2013. The integration of persons with special needs is part of the responsibility that the company has towards society as a whole.
Integration of people with disabilities is an important concern of Rosenbauer. This is an issue of responsibility towards society at large, and about giving young people a chance in the everyday world of work. Another benefi t is that the rest of the workforce is made more sensitive toward this issue, and that it fosters interpersonal skills within the company.
In a sector that has traditionally tended to be preferred by men, Rosenbauer is endeavoring to increase the female proportion of its workforce and of its apprentices still further. The goal is to boost the proportion of women overall – especially in management positions. Today, the proportion of women in the workforce as a whole is around 12%. 9% of management positions in Austria are currently fi lled by women.
By participating in the Austria-wide "Girls' Day" careers orientation event, Rosenbauer also gives girls more insight into technical professions. Eight interested female students are given the opportunity to look behind the scenes and get a fi rst-hand idea of what it is like to work at a fi re fi ghting vehicle manufacturer's.
Rosenbauer looks after the health and safety of its workforce in many diff erent ways. New employees are given a thorough general and job-specifi c introduction to workplace safety. In several regards, the personal protective equipment made available to employees goes beyond that required by law. Workplaces in the assembly operations are equipped with state-of-the-art tools, ergonomic work-aids and specifi c safety devices.
The status of workplace safety is regularly reviewed in 3S (Safety – Set in order – Shine) audits, and any workplace accidents or "near-miss" accidents are documented and analyzed in accordance with a defi ned reporting system. Since 2009, industrial safety has also been part of the Integrated Management System and has been certifi ed, and successfully recertifi ed, to OHSAS (Occupational Health and Safety Assessment Series) 18001.
As part of the in-company preventive healthcare program, all employees can take up the off er of a free medical health checkup. This gives Rosenbauer staff a large number of extra benefi ts, ranging from a "health pass" to diagnosis of the support and locomotor system.
More than 300 staff took up the off er of the fi rst "Rosenbauer Health Day". The topic of "musculoskeletal system", complete with posture analysis and back-training exercises, proved very popular here.
CIP (Continuous Improvement Process) and teamwork have become ubiquitous parts of the corporate culture. They make it possible to obtain lasting improvements in the operational procedures. The goal-directed teamwork that takes place in the CIP also contributes to a better climate in the company.
680 employees were involved in 48 CIP teams in 2013; the ideas of theirs that were put into practice had an annual costsaving eff ect of € 1.2 million (2012: € 0.9 million). In 2014, the CIP teams will gradually be transformed into new SIP teams (SAFE Improvement Process). The number, make-up and mode of working of the teams will be systematically geared to the main processes at Rosenbauer. The teams' main task will still be to generate ideas and improvement suggestions that will boost effi ciency and cut costs.
At year-end 2013, there were 254 leased personnel working for Rosenbauer, 233 of them in Austria. In many respects, they are given equal treatment with members of the core workforce, and can take advantage of a number of fringe benefi ts, including the in-company healthcare and sports off erings. In recent years, a signifi cant share of the company's needs for new staff has been met from the pool of leased personnel. Between 2011 and 2013 alone, around 120 temporary agency contracts were turned into open-ended employment contracts.
Rosenbauer supports several initiatives to promote the international sharing of experience and to foster mutual understanding across national borders. Interested staff is thus given opportunities to go on international assignments as part of a Group-wide expatriate program. At the out-of-country locations to which they are posted, they take responsibility for processes and operational procedures from their own specialist fi eld of work.
The Austrian fi re equipment market is comparatively small, but operates at a very high technical level. As the market leader and source of a continual stream of innovations in all product areas, Rosenbauer is the benchmark for the equipment deployed by Austria's fi re services, who are looked after nationwide by four one-stop shops. Rosenbauer has been a dependable partner of Austrian fi refi ghters since 1866.
Aerial, Austria
Rosenbauer is exposed to various opportunities and risks in the course of its worldwide business activities. Continuous identifi cation, appraisal and controlling of risks are an integral part of the management, planning and controlling process. The risk management system builds on the organizational, reporting and leadership structures that are already in place within the Group and supplements these with specifi c elements that are needed for proper risk assessment. In essence, it consists of fi ve elements:
The Group-wide risk management system defi nes a structured process that envisages systematic monitoring of the business risks. This enables both the opportunities and the risks to be recognized and assessed at an early stage.
In this process, the risks are identifi ed, analyzed with regard to the probability of their occurrence and to the likely scope of damage, and evaluated. From this, actions are inferred which should be taken to contain or prevent the risk, and/or appropriate hedging instruments can be decided upon where needed.
The integrity and effi cacy of the risk identifi cation and monitoring processes are addressed at a meeting of the Audit Committee.
The immediate responsibility for risk management is borne by the Management of the operational unit in question. This is the level at which risk-related topics are regularly dealt with, and at which the annual risk inventory is carried out.
Overall responsibility for operational risk management rests with the Executive Board. The results of the risk inventory are collated by the central risk management team and discussed with the Supervisory Board once a year at a meeting of the Audit Committee.
One essential element in the ongoing monitoring of economic risks is the reporting system. Thanks to the consistent implementation of this reporting system, not only any risk positions, but also opportunities can be recognized and deliberately responded to, or optimized, at an early stage.
Rosenbauer regularly analyzes the relevant sectoral risks and makes use of opportunities by pursuing ongoing innovation, process effi ciency enhancement and stepped-up activities in new markets. Future sales opportunities are to be found primarily in countries and regions where natural disasters, terrorist hazards or inadequate infrastructure necessitate greater investment in fi re safety equipment.
The budgetary constraints resulting from the fi nancial and economic crisis have made themselves keenly felt in very many fi re equipment markets. The result has been that manufacturers
serving mainly local markets have seen their sales slide, in some cases very badly. This has hit earnings, curtailing their fi nancial scope for product development work. For the Rosenbauer Group, on the other hand, as an innovative business with the strongest sales and distribution system in the industry, this development even opens up opportunities to gain market share, with its advanced, highly functional products.
To put its growth on a sustained long-term footing, Rosenbauer has long pursued a determined internationalization strategy. With production operations on three continents, and a worldwide distribution and service network, it has achieved a market position which enables it to even out the sales fl uctuations taking place in diff erent markets.
Risks for the fi re safety business arising from changes in the overall political or legal framework are almost impossible to hedge against. However, owing to the fact that most purchasers are public-sector clients, order cancellations only ever occur in exceptional cases. Political crises and embargos may temporarily limit access to certain markets.
The annual business plan is derived from the multi-year Group Strategy and comprises a target catalog for each business unit, to serve as a controlling instrument. This systematic approach enables the company to recognize opportunities and any strategic risks at an early stage.
Rosenbauer's manufacturing activities necessitate thorough examination of the risks along the entire value chain. In view of today's ever shorter innovation cycles, increasing importance
attaches here to research and development work. The production risks which may occur are continually monitored with reference to a series of key metrics (productivity, assembly and throughput times, production numbers, etc.).
The central controlling element in the vehicle manufacturing operations is "concurrent costing", where target/actual comparisons are made in order to monitor the production costs of every single order.
To even out changes in capacity utilization at individual locations, Rosenbauer manufactures on a Group-wide basis and also contracts out production orders to external vendors. In the event of a severe downtrend on the market, this keeps the risk of insuffi cient capacity utilization within manageable bounds. Thanks to the buoyant order situation, the production facilities will be working to capacity for the rest of 2014.
The sourcing and procurement risks reside primarily in possible supplier failure, quality problems and price increases. These risks are counteracted by standardizing components and diversifying the supplier pool. In order to ensure that the production operations are kept supplied on schedule and to the requisite quality level, our main vendors are continuously monitored. This greatly reduces the risk of production outages.
The fact that the Group has its own international network of production facilities also helps to minimize operational risks. Supplier risks from possible insolvencies, or from non-delivery by upstream suppliers for compliance reasons, cannot be entirely ruled out, however.
A further procurement risk may occur in the prices of raw materials and energy, although in the reporting period the company benefi ted from low prices for these inputs. Rosenbauer mainly needs aluminum, and locks in a stable purchasing price for itself by means of a long-term purchasing policy. Energy costs, on the other hand, play only a minor role, as production consists largely of assembly operations that need little or no process energy.
Any earnings risk which might arise as a result of extraneous disruption to production operations is covered by appropriate production-outage insurance policies. Adequate insurance cover is also in place for risks in connection with fi re, explosion or similar natural perils.
The IT risks comprise the risk of network outages and the risk that data could be corrupted or destroyed by operator error, program errors or external infl uences, or stolen. These risks are countered by regular investment in hardware and software, by the deployment of virus scanners, fi rewall systems and advanced data back-up methods, and by structured access controls to equipment and data.
Rosenbauer International AG and its subsidiaries are confronted with legal proceedings in the course of their business operations. Before this report went to print, legal action was instituted against a Rosenbauer Group company under competition law. If this legal action were to be upheld, damages and fi nes might result. Since no concrete assessment of the matter is possible at present, the Group has not set aside any provision. At the present time, however, Rosenbauer does not expect this litigation to have any signifi cant negative consequences on the asset position, fi nancial status and income situation.
In connection with the fi re fi ghting vehicle cartel, the aff ected municipal fi re departments will be receiving fi nancial compensation from the manufacturers Magirus, Rosenbauer and Schlingmann. Up to € 6.7 million will be available for this purpose from a settlement fund. The settlement proceedings were essentially concluded on the basis of an out-of-court agreement in January 2014. The response rate from aff ected municipalities for the fi re fi ghting vehicles valued in the expert report was 66.1%.
The € 1.3 million payment made by Rosenbauer Deutschland GmbH is a signifi cant contribution toward the damage-compensation settlement between the municipal fi re departments and the manufacturers. The question of whether any other substantive damages claims can be judicially enforced and thus have an impact on the balance sheet, and if so, for what amount, is impossible to judge at the present time.
The municipal umbrella organizations have also reached agreement with the companies involved in the turntable-ladder cartel, Magirus GmbH and Metz Aerials GmbH & Co. KG. There will be an out-of-court damages settlement in this case as well; these proceedings are expected to be completed during the fi rst half of 2014. Provision for the € 3.2 million in compensation to be paid by Rosenbauer has already been made in the balance sheet.
In order to prevent any such undesirable developments in future, the Compliance Organization was expanded again last year, rules were tightened and penalties decided for anti-competitive behavior.
In 2012, the Brazilian airport operator Infraero Aeroportos canceled an order which it had placed with Rosenbauer America for the supply of 80 aircraft rescue fi re fi ghting vehicles. It justifi ed this step with reference to a diff ering interpretation of the vehicle specifi cation. Rosenbauer America is seeking legal redress for the damage incurred. These proceedings are still pending.
Owing to the nature of the manufacturing operations and to the large number of diff erent suppliers, the environmental risks, and risks in connection with the reliability of raw materials and energy supplies, are of only minor signifi cance. Furthermore, the in-company processes are governed by clear environmental standards and instructions, which are documented in an environmental management system and are regularly examined and refi ned in internal and external audits to ISO 14001.
Since May 2013, the energy management system has also been certifi ed to the ISO 50001 classifi cation system, initially at the Austrian locations. It serves primarily as an instrument with which to keep track of the energy costs and consumption fi gures, and from which ongoing measures to decrease resource consumption can be derived. An energy management system is to be implemented and certifi ed at further locations in Germany in 2014.
Rosenbauer has operated a rigorous ISO 9001-compliant quality management system for more than 20 years, and is certifi ed to the most important quality standard. The quality management system at the Group's locations is regularly audited to ensure the same high Rosenbauer quality throughout the world and to minimize liability risks such as product liability cases.
State-of-the-art development methods and ongoing review and improvement of product quality and process optimizations all contribute to a further reduction in risk. Nevertheless, product defects cannot be ruled out altogether. In order to minimize the fi nancial risks which are possible here – particularly in North America – the instrument of product liability insurance is employed throughout the Group, alongside a risk management system.
In order to be able to off er products with the highest possible customer benefi t, Rosenbauer operates a systematic innovationmanagement system and works closely with the fi re fi ghting community in its product development eff ort. A team of experts drawn from Engineering, Production, Sales and Controlling lays down the basic direction to be followed in the developmental process, drawing on market surveys and profi tability considerations in the context of a pre-defi ned technology road map.
The fl uctuation of staff in key positions, and the recruitment and development of staff , may give rise to risks. A thorough approach to staff development, with institutionalized appraisal interviews and a performance-oriented remuneration system that gives employees a stake in the company's success, are two central instruments for keeping qualifi ed and motivated employees with Rosenbauer. Rosenbauer sees its employees as a make-or-break factor for attaining its business objectives.
Given the still noticeable consequences of the fi nancial and economic crisis, the Group's solid fi nancial basis is a highly important factor. Thanks to the Group's healthy equity capitalization and resulting creditworthiness, the working capital and investment fi nancing that it needs has continued to be readily available, without limitations and on equally favorable terms. In order to ensure the greatest possible independence in our corporate fi nancing, this latter is arranged with several diff erent banks. Furthermore, Financial Management meets with the Group's bankers once a year for rating talks from which the Group's position on the fi nancial market is established.
The international nature of the Group's activities gives rise to interest rate and currency-related risks which are covered by the use of suitable hedging instruments. A fi nancing directive, which is in force throughout the Group, stipulates which instruments are permitted.
The operational risks are hedged by derivative fi nancial instruments such as foreign-exchange forwards and options, and interest-rate swaps. These transactions are carried out solely to provide hedging against risks, and not for the purposes of trading or speculation. Refer to the explanations in the Notes.
Credit risks from potential payment default are rated as relatively low, as the majority of customers are public-sector purchasers. In the case of deliveries made to countries with higher political and economic risk, use is made of both state and private export guarantee schemes to cover the risks involved.
Rosenbauer considers that it is still well prepared to continue rising to the demands made of it by its market, by the economic environment and in the competitive international arena. Based on the analysis of currently identifi able risks, there are no indications of any risks which might – either singly or in conjunction with other risks – jeopardize the continuance of the Rosenbauer Group. This applies both to the results of already completed business and to activities that are planned or have already been initiated.
The Internal Control System consists of systematically designed organizational measures and checks to ensure that rules are followed and to avert the damage that might be caused by e. g. unregulated or wrongful actions. The checks are performed on both a process-related and non-process-related basis, for example by the internal auditing unit.
An important cornerstone of the ICS is provided by the corporate policy directives, which are regularly updated. These are augmented by the process fl ow diagrams in the Management System, which are accompanied, in turn, by a large number of rules and work instructions. At the annual meeting of the Audit Committee, the results of the evaluation of the ICS are submitted to the Supervisory Board for its assessment, and discussed at length. The evaluation takes place as part of the ongoing internal audit, in which the processes are documented and checks are performed to ensure that they are being complied with.
The control environment of the fi nancial reporting process is characterized by a clearly defi ned organizational and operational structure. All functions are clearly assigned to specifi c individuals (for example in fi nancial accounting or controlling). The employees involved in the fi nancial reporting process possess all requisite skills and qualifi cations.
Wherever the size (and thus the available resources) of the respective Group company allow, all relevant processes are subject to the double verifi cation principle. The fi nancial accounting systems employed are mainly standard software that is protected from unauthorized access. Key reporting and valuation methods relating to the fi nancial reporting process are stated in a regularly updated Group Accounting Manual, and must be compulsorily implemented by the local units.
Furthermore, the completeness and accuracy of accountingsystem data are regularly verifi ed by means of random samples and plausibility checks, performed both manually and with computer assistance. Analytical tests are also carried out regularly by Group-wide controlling and treasury. Detailed weekly, monthly and quarterly fi nancial reports are used to identify and analyze any instances in which the earnings and asset position deviates from the targeted fi gures and from those for the previous year.
As well as the process-oriented framework conditions, this well-developed control and reporting system mainly prescribes workfl ow-oriented measures that have to be implemented and complied with by all the units concerned. Operational responsibility rests with the respective process owners, while compliance with the Rosenbauer control system is monitored by the Internal Auditing unit as part of its periodic audits of the various units.
The modernization of Russia's fi re services is another large-scale long-term project for the fi re equipment sector. Rosenbauer serves this market mainly with vehicles made at its Moscow joint venture: European fi re fi ghting componentry on Russian chassis. In addition, it also supplies technically sophisticated specialty vehicles from its German and Austrian production facilities.
ARFF vehicle, Russia
A crucially important factor for the business success of the Rosenbauer Group is to work with only the best and most innovative suppliers. The demands made by fi re departments are constantly evolving. This requires a constant willingness to innovate as well as effi cient and reliable suppliers.
Rosenbauer deliberately attaches great importance to a close, partnership-oriented style of working with its suppliers. This is why it evaluates and selects them with very great care. The foundations for shared success are laid by utilizing new technologies, and by innovative ideas and a culture of cost consciousness. One of the aims of intensive co-operation with suppliers is to tap not just our own knowledge but also the know-how, creativity and experience of our suppliers and partners. Together with them, we develop strategies for optimizing the co-operative relationship, improving the logistics chain, complying with environmental aspects, and even developing innovative product solutions.
As a global-playing enterprise, Rosenbauer makes use of global procurement markets and takes seriously the responsibility towards society at large which this entails. This involves complying with the applicable laws and respecting fundamental ethical values at all times and all places, and acting in a sustainabilityoriented manner. In accordance with this strategy, Rosenbauer also expects responsible conduct from its suppliers and partners and their employees.
Group-wide purchasing volumes of production materials and merchandise in the reporting period totaled € 468.3 million (2012: € 457.5 million). This corresponds to 63% of Group revenues. Given the great increase in procurement volumes, keeping the production operations supplied on-time is a considerable challenge.
83% of Rosenbauer International AG's procurement volume is sourced in Europe, and most of the remainder in the USA. The principal suppliers are from Austria, Germany and the USA.
The biggest single item in the Group's procurement volumes are the chassis for fi re fi ghting vehicles, accounting for around 29% of total procurement. Although they account for 36% of the vehicle manufacturing costs, for Rosenbauer they are generally a transitory accounting item. The main suppliers in Europe are Daimler and MAN. In the USA, fi re fi ghting vehicles are mostly built on custom chassis, meaning chassis which are made specifi cally for fi re fi ghting vehicles. Rosenbauer America also has its own custom chassis, the Commander, with which it has substantially increased its value-addition.
The consistent procurement policy that has been followed for many years has made it possible to smooth purchasing-price fl uctuations. Rosenbauer continually observes the price trends of raw materials, and responds to price fl uctuations with a situationally adapted purchasing policy that gives it a stable cost-calculation basis.
resolution is passed in the General Meeting by a simple majority of the votes cast.
Since the balance-sheet date, no other events of any great signifi cance for the company have occurred and led to any change in its asset position, fi nancial status and earnings situation.
According to the experts, the prospects for the global economy are as good as they have been for a long time, thanks to recent very positive developments in the industrialized countries. A turning point has been reached, say most analysts, with worldwide gross domestic product (GDP) expected to expand again by 3.7% in 2014, following growth of 3.0% last year. Whether the upturn that is forecast for 2014 will be suffi cient to put an end to Europe's jobs crisis remains to be seen, however.
The markets for the fi re equipment industry will once again be characterized by widely diff ering challenges in 2014. Growth will come mainly from Asia and the Middle East. The positive demand trend on the North American market is expected to continue, whereas in Europe, the sector will probably see only slight improvement, if at all.
Worldwide sales volumes for fi re fi ghting vehicles did not really recover in Financial 2013. Overall, 2014 is not expected to bring any marked improvement, although indications of an upturn are starting to make themselves felt in certain markets.
Just how fi re equipment markets will develop in detail often depends upon the availability of public-sector funding. An exact forecast is diffi cult to make here. In several (mainly developed country) markets, continued budgetary consolidation eff orts mean that demand for fi re service equipment will remain muted in 2014 as well. In consequence, the average age of apparatus will rise still further. In the emerging markets, by contrast, the picture is the usual varied one: while there are already indications of market saturation in several countries, in regions like the Middle East there is still a great need for modernization. This is also refl ected in today's extensive arena for project business.
In general, it may be said that at present, the regions investing in fi re fi ghting systems and equipment tend to be those in which there is a heightened awareness of security needs following natural or terrorist disasters, or which are enjoying high revenues from natural resource extraction. In addition, worldwide growth in air traffi c, and the entry into service of larger aircraft, are continuing to create strong demand for specialty vehicles.
After four years of contraction, the world's biggest single market, the USA, began to grow again appreciably in 2013. The US fi re equipment market is expected to pick up speed in 2014, like the American economy as a whole.
Unlike the many US fi re equipment suppliers who have been struggling with diffi culties, Rosenbauer America has managed to strengthen its position on the market, thanks above all to international contracts. The new orders received during the past few months will have a positive impact on earnings until well into 2015, and assure high capacity utilization at the American production facilities.
The European fi re equipment market is nowhere near as homogeneous as the market in the United States, and so the picture diff ers depending on which country one looks at. The highly industrialized markets appear to have put the downturn behind them, and economic recovery is now in sight. For this reason, public-sector procurement behavior is expected to stabilize, thanks both to economic recovery and to a resumption of capital investments which had been deferred due to austerity policies. Central and Northern Europe are even likely to experience a certain growth, as the mean age of the fi re fi ghting vehicles in service here is above-averagely high.
In countries such as Spain, Greece, Portugal and Ireland that have been particularly hard-hit by the fi nancial and economic crisis, demand for fi re safety equipment may be expected to remain subdued. This is also true of the countries of Eastern Europe.
The German fi re equipment market is expected to stabilize further in 2014, although still under fi erce competitive pressure. In Austria, 2013 sales of fi re fi ghting vehicles weighing over 7.5 t were above the level of the previous year. Procurement behavior is likely to remain unchanged in 2014.
For some years, Russian procurement volume has remained below that actually needed. Over the next few years, however, more funds have been budgeted for procuring technologically sophisticated fi re fi ghting equipment, while aiming at the highestpossible degree of local value-addition.
The fi re equipment sector is growing mainly in countries with a heightened awareness of security needs, and in emerging markets that are stepping up their infrastructure investments. In geographical terms, 2014 is expected to see the strongest growth in Asia, led by China. Here, the fi re equipment sector continues to benefi t from the favorable macroeconomic environment. The ongoing urbanization that is underway in Asian countries will require massive investment in safety systems and fi re protection in the years ahead as well.
Due to high safety awareness and the systematic modernization of its fi re fi ghting and civil defense capabilities, the Middle East has developed into a major sales region in recent years. Since the process of transformation is not yet complete, the high level of demand for fi re and safety equipment may be expected to continue.
Latin America and Africa are spot markets characterized by irregular central procurement. As such projects often have lead-times of several years, they are diffi cult or impossible to forecast. Being richly endowed with natural resources, Brazil, Argentina and Venezuela are viewed as promising markets for the future. Political risks cannot be ruled out in these countries, however, and call for careful monitoring.
In the customer service fi eld, Rosenbauer is stepping up its eff orts to expand its worldwide service business and to enhance customer satisfaction still further.
Rosenbauer keeps a close watch on developments in the various fi re equipment markets, so that it can seize sales opportunities at an early stage. Sales eff orts are then stepped up in those countries or regions in which greater procurement volume has been identifi ed. In this way, the Group's global presence is being continually expanded, and its international competitiveness strengthened.
At the time of writing of this report, Rosenbauer has a high volume of international projects in course of preparation, and an excellent reserve of unfi lled orders. This latter assures basic capacity utilization at the production facilities throughout 2014.
Strong global competition, increasing numbers of product versions and wholly new technical possibilities have combined to shorten the innovation cycles for fi re fi ghting equipment products. To rise to this challenge, Rosenbauer has set up its own innovation-, technology- and knowledge-management system, which acts as a think-tank for future developments. It keeps a close watch on future trends, and incorporates these into the product development eff ort.
Among other innovations, Rosenbauer last year launched the PANTHER S and two new models of aerial ladder. Rosenbauer invests in R&D countercyclically, and is continually increasing the resources it makes available for this end. The company's innovation eff ort is already sharply focused on next year's keynote event in the sector – Interschutz 2015, the world's biggest fi re fi ghting equipment tradeshow, due to take place in Hanover, Germany.
The Rosenbauer Group's medium-term corporate strategy envisages further organic growth through until 2015. This applies to all product and business segments, and calls for additional capacity, especially in terms of production space. Rosenbauer is thus continuing to invest in enlarging and modernizing its facilities; a program of capacity-boosting measures was started in 2013, and these are being continued in 2014.
A milestone in this regard will be completion of the new Plant II Leonding in the second quarter of 2014. This plant will not only provide a substantial increase in production space, but also allow the production lines for the AT and PANTHER series to be completely reorganized.
All the steps being taken in connection with Plant II Leonding ultimately aim to improve the profi tability of the products. More production space is being created, the effi ciency of the production lines is being increased, the infrastructure is being optimized and the upstream administration processes are being simplifi ed.
The Group's investment activity and investment volume will be at the same level in 2014 as the year before.
The high volume of orders on hand, and the resulting higher levels of work in progress, have necessitated the provision of additional fi nancing facilities, which have been arranged with several diff erent banks. Recent years' healthy earnings have made it possible to further improve the Group's fi nancing situation, as also documented by its high equity ratio.
The Group's fi nancing strategy adheres to conservative principles and gives absolute priority to assuring liquidity and the highest possible equity capitalization.
Based on the overall economic outlook and the prospects for the fi re equipment sector, and on the particular growth prospects for the markets in which Rosenbauer is active, it should be possible for Rosenbauer to maintain the growth trajectory of previous years in 2014.
In view of the buoyant trend in incoming orders over the past few months, the favorable outlook for project business and the enlarged production capacity, Management expects a moderate increase in revenues during the current fi nancial year.
However, the substantial investments being made in the future, the costs of installing the two new production lines at Plant II Leonding, and the still fi erce price competition on the market, will all weigh on earnings. The additions to production space, and an optimization program launched in the main production zones in 2012, will counter this margin trend. Management is aiming for an improvement upon the EBIT margin of 5.7% attained in 2013.
China is an important up-and-coming market whose fi re fi ghting capabilities are being continually upgraded and modernized. Rosenbauer serves this market with technically sophisticated vehicles from its European production facilities. These vehicles are deployed at airports and in industry, and in big-city fi re departments. Rosenbauer has been exporting to China since 1926, today as a certifi ed partner.
Big pumper, PR China
The reports on the regional segments are broken down by Groupcompany location rather than by sales market. 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 export sales.
The Austrian segment is made up of Rosenbauer International AG, most of whose revenues are earned from export sales, and the sales company Rosenbauer Österreich GmbH, both of which companies are headquartered in Leonding.
The Austrian segment achieved a sizeable increase in revenues in 2013, lifting them by 13% to € 503.8 million (2012: € 446.9 million). The rise is largely due to increased shipments to the Arab world by Rosenbauer International AG. EBIT for the reporting period totaled € 32.0 million (2012: € 30.0 million), a rise of around 7%. The EBIT margin came to 6.4% (2012: 6.7%).
Rosenbauer International AG is the parent company of the Group. With manufacturing facilities in Leonding, Traun and Neidling, it is also its biggest production company.
By taking over an existing industrial site only 3 km away from the main plant, it will increase the available production space in Leonding by 60% in 2014. The new plant is on a 52,000 m² lot with approximately 15,000 m² of industrial buildings and around 5,000 m² of offi ce space. The aircraft rescue fi re fi ghting vehicle PANTHER and the municipal vehicle AT will in future be produced at this new Plant II Leonding.
Specialty and industrial vehicles, all fi re fi ghting components for the Group as a whole, and selected fi re & safety equipment components, will continue to be made in Plant I Leonding. Series vehicles for export markets, and pump- and superstructure modules, will be manufactured at the nearby Traun plant.
The Neidling/St. Pölten plant is responsible for producing compact vehicles with a gross weight of up to approximately 13 t, interior fi tting components and holding-fi xture systems, which are supplied mainly to the European Group companies.
Rosenbauer International's revenues rose by 13% in 2013 to € 483.7 million (2012: € 429.4 million). 93% (2012: 93%) of these revenues were earned from export sales.
Production capacity in Leonding, Traun and Neidling was fully utilized in the reporting period, especially with export orders. To help fulfi ll the large manufacturing volume, Rosenbauer International AG also had an average of 240 leased staff working for it.
Rosenbauer Österreich is the sales and service company for the Austrian market. The company sells fi re fi ghting vehicles and equipment, and operates branches in Leonding, Neidling, Telfs and Graz. With the exception of aerial appliances, vehicles for the Austrian market are made in Leonding and Neidling.
Revenues at Rosenbauer Österreich climbed last year from € 45.9 million to € 53.7 million. The 17% increase is due in part to strong demand for the municipal vehicle AT.
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Revenues | 503.8 | 446.9 | 337.2 |
| EBIT | 32.0 | 30.0 | 25.5 |
| Employees (average) | 1,154 | 1,066 | 994 |
The US segment consists of the holding company Rosenbauer America, LLC. and of the plants in Wyoming, MN, Lyons, SD and Fremont, NE.
The US segment last year boosted its revenues by 19% to € 172.4 million (2012: € 144.8 million). The rise is largely due to higher shipments on the domestic market, and to increased exports of vehicles built on Commander chassis. Whereas the previous year's earnings were adversely aff ected by the cancelation of an order from Brazil, 2013 EBIT was back at € 9.8 million (2012: € 3.2 million). Another contributory factor was that it proved possible to greatly reduce the start-up costs for the new US chassis Commander last year.
After shrinking for four years in a row, the world's biggest single market was in better shape again for the fi rst time in 2013. Several manufacturers were still struggling with business diffi culties, however, and put downward pressure on prices. In 2014, the US fi re equipment market is expected to regain momentum, as is the North American economy as a whole.
Rosenbauer is now the second-largest manufacturer of fi re fi ghting vehicles in the United States. This is a resounding endorsement of the Group's US involvement, initiated as part of its internationalization strategy back in 1995.
Based in Wyoming, MN, Rosenbauer Minnesota produces industrial, aircraft rescue fi re fi ghting and customized municipal vehicles for professional and volunteer fi re departments. The company works mainly in the fi eld of specialty vehicles, which it supplies both to its home market and to US-oriented international markets. Last year the company posted revenues of € 58.6 million (2012: € 50.8 million).
Rosenbauer South Dakota is located in Lyons, SD, and produces fi re fi ghting vehicles for all fi elds of use. The great strength of this company lies in industrial fabrication. Its main clients are volunteer fi re departments in the USA. Over the past few years, the company has also made a determined push into exports and now ships to countries that order vehicles to US standards. Last year its revenues climbed to € 85.0 million (2012: € 76.5 million). This rise was mainly driven by the uptrend on the local market, and by export shipments.
Rosenbauer Aerials, headquartered in Fremont, NE, 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 USA. It also makes elevated waterways with piercing tools which are installed on aircraft rescue and industrial fi re fi ghting vehicles in Leonding and Minnesota. Rosenbauer Aerials last year posted revenues of € 9.4 million (2012: € 8.8 million).
Rosenbauer Motors produces chassis for the PANTHER aircraft rescue fi re fi ghting vehicle, and the new Commander chassis, at the Rosenbauer Minnesota plant in Wyoming, MN. Series production of the proprietary custom chassis commenced at the beginning of 2012; two years later, the 500th Commander had already been dispatched. The custom chassis are supplied exclusively to the Group's own superstructure fabrication operations in the USA and Austria. The expansion in the company's business swelled its revenues to € 52.7 million (2012: € 33.0 million).
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Revenues | 172.4 | 144.8 | 136.2 |
| EBIT | 9.8 | 3.2 | 9.0 |
| Employees (average) | 644 | 574 | 529 |
The German segment consists of the companies Rosenbauer Deutschland GmbH, headquartered in Luckenwalde, and Metz Aerials GmbH & Co. KG, headquartered in Karlsruhe, together with the latter's subsidiary Metz-Service18 S.A.R.L. in Chambéry, France.
The revenues of the German segment rose last year on the back of increased shipments of turntable ladders and of brisker equipment business to € 178.1 million (2012: € 157.9 million).
The new L32A-XS and XF models of aerial ladder have also been very well received on the market. With its wider radius of action, the L32A-XS can now also reach mission locations that were not previously accessible, even with conventional articulated turntable ladders, and makes for more effi cient working when carrying out rescue from heights.
Due to outlays of € 4.5 million for the ongoing proceedings to settle the damages from the anti-trust case, the German segment's EBIT decreased to € –1.4 million (2012: € 3.6 million). The annual result was also aff ected by the costs of rolling-out the new models of aerial ladder, and by the persistently harsh competition on the German market.
Sales of municipal fi re fi ghting vehicles returned last year to the average level of previous years. However, at 19 years old the average age of German fi re fi ghting vehicles is still comparatively high. The market continues to be hotly contested, and the pressure of intense price competition on fi re equipment suppliers remains very high. On the other hand, some sizeable procurement projects being undertaken by civil defense and disaster preparedness organizations have been giving a boost to this market.
Metz Aerials is the European center of expertise for aerial appliances. The company produces fully automated, hydraulic turntable ladders and aerial rescue-platforms for rescue heights of between 20 and 62 m at its Karlsruhe plant. They are supplied to all markets that procure aerial appliances to EN standards, especially Germany. Rosenbauer Aerials last year posted revenues of € 72.4 million (2012: € 69.5 million).
The service center Metz-Service18 opened for business in the fi rst quarter of 2013 in Chambéry, France, and was fi rst consolidated as of February 1, 2013. French fi re fi ghting vehicles are serviced and maintained in this customer center, prime among them aerial appliances from Metz Aerials. With this fi rst location in France, the Group has further broadened its service network in Europe. The contribution made by Metz-Service18 to revenues came to € 955.4 thousand.
At its Luckenwalde plant, Rosenbauer Deutschland manufactures fi re fi ghting vehicles of the AT and ES series, and superstructure modules and PANTHER cabs. The vehicles are mostly for the German market, while the modules and cabs go to other Rosenbauer plants to be installed on other vehicles.
As well as with municipal vehicles from its own production operations, Rosenbauer Deutschland supplies its domestic market with Leonding-made industrial and aircraft rescue fi re fi ghting vehicles and with fi re & safety equipment, fi re fi ghting components and stationary fi re fi ghting installations. The company's revenues totaled € 105.2 million in 2013 (2012: € 89.2 million).
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Revenues | 178.1 | 157.9 | 149.3 |
| EBIT | (1.4) | 3.6 | 4.5 |
| Employees (average) | 564 | 538 | 489 |
The "Rest of Europe" segment consists of the companies Rosenbauer Española S.A., Rosenbauer Schweiz AG, and Rosenbauer d.o.o. in Slovenia.
Revenues in the "Rest of Europe" stood at € 46.4 million last year (2012: € 26.6 million, not including Rosenbauer d.o.o., which was not consolidated until December 1, 2012). EBIT came to € 2.2 million (2012: € 0.8 million).
Rosenbauer Española operates from Madrid, serving markets in Spain, Northwest Africa and parts of Latin America. Its product line encompasses municipal, forest fi re fi ghting, industrial and aircraft rescue fi re fi ghting vehicles.
The budgetary crisis in Spain gave fi re equipment suppliers in this country another very diffi cult year in 2013. Rosenbauer Española more than compensated for the collapse of its home market with exports, tripling its revenues to € 25.2 million (2012: € 8.5 million).
The vehicles are made at the Linares plant, a production joint venture in which the Managing Director of Rosenbauer Española and Rosenbauer International each hold a 50% stake. The joint-venture company Rosenbauer Ciansa is carried "at equity" in the balance sheet and so does not feature in the segment reporting scheme.
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, as well as aerial work platforms and rescue vehicles. At € 16.7 million, revenues at the Swiss company stayed at the same level as the year before (2012: € 17.7 million).
Rosenbauer acquired 90% of the Slovenian manufacturer Mettis International d.o.o. at the end of 2012. The company was fi rst consolidated as of December 1, 2012 and now operates under the Rosenbauer name. The Radgona plant produces fi re fi ghting vehicles for the local market, and superstructures, crew-cabs and tanks for affi liates. The company posted 2013 revenues of € 4.5 million (December 2012: € 0.4 million)
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Revenues | 46.4 | 26.6 | 23.8 |
| EBIT | 2.2 | 0.8 | 1.7 |
| Employees (average) | 108 | 103 | 36 |
The Asian segment comprises the following companies: S.K. Rosenbauer Pte. Ltd., headquartered in Singapore; Eskay Rosenbauer Sdn Bhd in Brunei, and the recently established Rosenbauer Saudi Arabia Ltd. The Group's presence in Asia has been bolstered by the addition of a service center in Manila. This segment's revenues grew to € 15.9 million in 2013 (2012: € 13.4 million), owing to fi rst-time consolidation of the new company in Saudi Arabia. Due to the start-up costs for the new service organization, EBIT came to € –0.3 million (2012: € 1.0 million).
In its Singapore plant, S.K. Rosenbauer produces fi re fi ghting vehicles and superstructures for aerial appliances that are supplied to Hong Kong, Singapore and neighboring countries. Last year's revenues came to € 11.4 million (2012: € 12.8 million).
Eskay Rosenbauer distributes fi re fi ghting vehicles on its local market, and posted revenues of € 0.3 million last year (2012: € 0.6 million).
2013 saw the incorporation of Rosenbauer Saudi Arabia, marking the starting-shot for a much stronger Middle Eastern presence in future. The new company is headquartered in Riyadh and has additional support locations in the Dammam region and near Jeddah on the Red Sea coast. All three of these are being upgraded into service and training centers in which vehicles are maintained and where fi refi ghters can be given training in how to use their new apparatus. Also, fi nal assembly of the vehicles destined for the local market is increasingly being carried out locally, and will be expanded in future.
The new company's revenues came to € 4.2 million in the reporting period.
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Revenues | 15.9 | 13.4 | 12.6 |
| EBIT | (0.3) | 1.0 | 0.9 |
| Employees (average) | 81 | 47 | 44 |
Rosenbauer produces all types of fi re fi ghting vehicle, to both European and US standards. These two standards environments diff er greatly. The most visible expression of this is the very diff erent design of the typical vehicle. While European fi re fi ghting vehicles are very compactly built, US vehicles tend to be much larger and heavier.
In much of Europe, the extinguishing systems used are also very diff erent from those prevalent in the USA. Many European fi re services rely on combined normal- and high-pressure extinguishing systems (from 10 to 40 bar), whereas in the USA the use of high-pressure systems in fi re fi ghting is not widespread. Owing to the diff erent mission tactics and building structures in the USA, American fi refi ghters tend to use normalpressure pumps with high delivery rates.
life is between 15 and 25 years, depending on the operational demands. Whereas volunteer fi re departments usually keep their vehicles for 20 to 25 years, the vehicles in service with professional, industrial and airport fi re departments are replaced much sooner. Service lives of up to 15 years are the rule here, due to the more intensive use made of the vehicles.
Fire fi ghting vehicles are categorized as municipal, aircraft rescue or industrial fi re fi ghting vehicles. The market for municipal vehicles is generally characterized by replacement procurement, especially in developed countries. Average vehicle service
USA, Germany, Russia, Spain, Slovenia and Singapore; fi nal assembly operations are carried out in Saudi Arabia. Its largest manufacturing facilities are in Leonding, Austria, and Lyons (South Dakota) in the USA. In volume terms, the biggest markets in 2013 were Saudi Arabia, Germany and the USA.
Rosenbauer manufactures fi re fi ghting vehicles in Austria, the
With revenues of € 517.4 million (2012: € 443.0 million), the "Vehicles" product segment last year accounted for the biggest single share of Group revenues (70%, as against 69% in 2012). Rosenbauer shipped a total of 2,697 vehicles last year (2012: 2,297 vehicles).
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Order intake | 543.5 | 347.8 | 618.4 |
| Revenues | 517.4 | 443.0 | 370.0 |
Aerial appliances are mainly deployed by fi re departments for rescuing people from great heights, but also on fi re fi ghting and technical missions. A distinction is made between turntable ladders and aerial rescue platforms. The latter are particularly suitable for technical assignments and so are often used as dual-purpose appliances.
The "Aerials" product segment encompasses both these categories. The center of expertise for fi re fi ghting ladders and platforms built to European standards is Metz Aerials in Karlsruhe. US standard appliances are 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.
Revenues of € 71.5 million were achieved with aerials in 2013 (2012: € 71.5 m€), accounting for a 10% (2012: 11%) share of Group revenues.
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Order intake | 84.2 | 68.7 | 86.3 |
| Revenues | 71.5 | 71.5 | 68.0 |
Developing and manufacturing fi re fi ghting systems and components is one of Rosenbauer's core areas of expertise. 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 a very few produce their own fi re fi ghting components.
The "Fire fi ghting components" product segment encompasses pumps and pump units, portable fi re pumps, proportioning systems, monitors and their electronic control systems. This segment also includes mobile compressed-air foam extinguishing systems (POLY and CAF systems), from portable fi re extinguishers all the way up to compressed-air foaming installations, of every output class, that are fi tted in vehicles, motorcycles or quads. Rosenbauer develops and produces the entire line of fi re fi ghting components at its Leonding plant. These are supplied to the Group companies, selected superstructure manufacturers and end-customers. Long-term partnership agreements are in place with these independent superstructure manufacturers. They make it possible to reach markets which would otherwise be wholly or largely inaccessible to international vehicle business.
Rosenbauer is increasingly acting as a system supplier to external superstructure-building partners. They are supplied with complete, ready-to-install systems or pump modules which comprise not only a pump but are also equipped with an electronic control system, foam proportioning system and the pipework complete with all connectors.
A total of 2,112 truck-mounted fi re pumps (2012: 2,088), 1,330 pump units (2012: 1,281), 1,667 monitors (2012: 1,460) and 898 portable fi re pumps (2012: 955) were produced in 2013.
With revenues of € 22.7 million (2012: € 22.6 million), "Fire fi ghting components" accounted for 3% (2012: 4%) of total Group revenues. The pump units, fi re fi ghting systems and components installed on Rosenbauer-produced vehicles are included in the revenues of the "Vehicles" segment.
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Order intake | 22.3 | 23.8 | 24.5 |
| Revenues | 22.7 | 22.6 | 24,9 |
Rosenbauer off ers the fi re fi ghting sector a complete range of fi re & safety equipment for every type of mission. Its off erings range from personal protective equipment (PPE), to technical emergency equipment, to special equipment for dealing with the aftermath of haz-mat 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 such products. These are all positioned in the very top quality segment and stand out for their high reliability, functional design and good price/performance ratio. Rosenbauer's globe-spanning sales organization enables high sales numbers to be reached, permitting economically viable industrial-scale production. The main revenue-drivers among these Rosenbauer-developed products are personal protective equipment (helmets, protective clothing, boots, etc.), submersible pumps, generators, nozzles and
high-performance ventilators. Own-label items already generate more than 35% of all Fire & safety equipment revenues, with most of these in-house developments being less than fi ve years old.
The "Fire & safety equipment" product segment generated revenues of € 81.5 million in 2013 (2012: € 66.7 million), accounting for an 11% share of Group revenues (2012: 10%).
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Order intake | 67.7 | 54.6 | 66.6 |
| Revenues | 81.5 | 66.7 | 47.8 |
This segment pools all new fi elds of business which will open up growth opportunities for the Group outside its core fi elds of business. Its main pillar is industrial fi re protection. Here Rosenbauer exploits in-house expertise and synergies with a view to setting up stationary fi re fi ghting installations. These protect expensive industrial plants and machinery in high-fi re-risk environments such as paint shops, recycling plants, biomass-fi red power stations etc. They are also deployed to protect e. g. highway tunnels, aircraft hangars and off shore helidecks.
The second pillar of the Business development segment is telematics. Rosenbauer supplies fi re departments with solutions for professional mission & information management: EMEREC supports them directly during missions; service4fi re with vehicle management and maintenance.
Another task performed by this segment is to look for new lines of business that build upon existing core competences. The aim is that these will provide scope for extra growth in the years ahead, while ensuring that the solid fi nancial basis of the Group is maintained.
The Business development segment generated 2013 revenues of € 3.8 million (2012: € 3.2 million).
Segment key fi gures Business development (in € million)
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Order intake | 5.5 | 4.1 | 3.1 |
| Revenues | 3.8 | 3.2 | 1.7 |
At € 38.1 million (2012: € 35.4 million), the Customer services segment accounted for a 5% share of revenues in 2013 (2012: 5%). It should be remembered 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.
Due to its strategic importance for the Group, a start was made last year on deliberately expanding Rosenbauer's service business. The fi rst step was to pool all the relevant resources and reorganize them in a separate business unit known as Customer services.
Customer services has set up "Service Competence Centers" which are re-engineering the materials- and spare-parts management and have placed all of Rosenbauer's service off erings on
a new footing. As well as with newly compiled service packages, the spectrum of off erings of Customer service will mainly be broadened with new instruction and training programs. Refurbishment, meaning the technical modernization of existing fi re fi ghting vehicles, is another area that will continue to be emphasized.
Besides this, Rosenbauer's worldwide presence is being further expanded, as seen in the establishment of new service centers in Saudi Arabia, France and the Philippines. In Germany and many other countries, sales activities for services have been stepped up.
Rosenbauer currently operates 20 service facilities of its own, and employs around 150 service technicians all around the world. In addition it has around 150 service partners, mostly with their own workshop infrastructure. All this means that Rosenbauer has what is easily the world's biggest service organization for the fi re fi ghting sector.
The "Other revenues" have no causal connection with the ordinary activities of the Group and are thus not directly attributable to any one product segment. They do not, as a rule, have any signifi cant infl uence on the corporate result, and last year amounted to € 2.9 million (2012: € 2.7 million).
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Order intake | 37.4 | 34.2 | 27.9 |
| Revenues | 41.0 | 38.1 | 29.2 |
| 82 | Consolidated balance sheet | |||
|---|---|---|---|---|
| ---- | ---------------------------- | -- | -- | -- |
| 98 | General remarks |
|---|---|
| 102 | Consolidation principles |
| 108 | Reporting and |
| valuation methods | |
| 119 | Notes to the consolidated |
| balance sheet and | |
| income statement | |
| 141 | Other explanations |
146 Auditor's report
| in € thousand | Note | Dec 31, 2013 | Dec 31, 20121 | Jan 1, 20121 | |
|---|---|---|---|---|---|
| ASSETS | |||||
| A. Non-current assets | |||||
| I. Tangible assets |
(D.1.) | 86,435.7 | 71,974.8 | 62,966.0 | |
| II. Intangible assets | (D.1.) | 3,999.4 | 1,808.9 | 941.1 | |
| III. Securities | (D.2.) | 235.1 | 197.6 | 137.1 | |
| IV. Equity interests in associates | (D.3.) | 7,786.7 | 9,052.0 | 4,370.7 | |
| V. Receivables and other assets | (D.4.) | 60.5 | 35.3 | 75.3 | |
| VI. Deferred tax assets | (D.5.) | 2,806.2 | 2,799.7 | 3,782.2 | |
| 101,323.6 | 85,868.3 | 72,272.4 | |||
| B. Current assets | |||||
| I. Inventories |
(D.6.) | 167,883.3 | 173,807.7 | 144,313.8 | |
| II. Production contracts | (D.7.) | 45,198.1 | 59,889.2 | 52,985.5 | |
| III. Receivables and other assets | (D.8.) | 86,799.1 | 98,112.5 | 76,279.0 | |
| IV. Income-tax receivables | (D.8.) | 636.8 | 1,588.0 | 436.6 | |
| V. Cash on hand and in banks, checks | (D.9.) | 13,805.8 | 13,608.7 | 11,457.6 | |
| 314,323.1 | 347,006.1 | 285,472.5 |
| Total assets | |
|---|---|
| -------------- | -- |
Total assets 415,646.7 432,874.4 357,744.9
1 The previous year's fi gures have been revised as necessitated by fi rst-time application of IAS 19. Details may be found in the Notes to the Annual Report 2013.
| in € thousand | Note | Dec 31, 2013 | Dec 31, 20121 | Jan 1, 20121 |
|---|---|---|---|---|
| EQUITY AND LIABILITIES | ||||
| A. Equity | ||||
| I. Share capital |
(D.10.) | 13,600.0 | 13,600.0 | 13,600.0 |
| II. Additional paid-in capital | (D.10.) | 23,703.4 | 23,703.4 | 23,703.4 |
| III. Other reserves | (D.10.) | 431.1 | (475.0) | (4,516.9) |
| IV. Accumulated results | (D.10.) | 131,720.2 | 113,553.6 | 90,681.3 |
| Equity attributable to | ||||
| shareholders of the parent company | 169,454.7 | 150,382.0 | 123,467.8 | |
| V. Non-controlling interests | (D.11.) | 18,455.0 | 17,438.6 | 19,858.3 |
| 187,909.7 | 167,820.6 | 143,326.1 | ||
| B. Non-current liabilities | ||||
| I. Non-current interest-bearing liabilities |
(D.12.) | 674.8 | 10,843.8 | 11,031.3 |
| II. Other non-current liabilities | (D.13.) | 3,414.0 | 2,719.2 | 3,199.8 |
| III. Non-current provisions | (D.14.) | 25,934.1 | 26,653.6 | 22,780.8 |
| IV. Deferred income tax liabilities | (D.5.) | 2,829.1 | 1,141.5 | 729.1 |
| 32,852.0 | 41,358.1 | 37,741.0 | ||
| C. Current liabilities | ||||
| I. Current interest-bearing liabilities |
(D.15.) | 62,127.5 | 96,515.9 | 61,400.9 |
| II. Prepayments received | 30,937.3 | 26,607.5 | 17,650.8 | |
| III. Accounts payable-trade | (D.16.) | 39,885.8 | 45,304.7 | 44,653.6 |
| IV. Other current liabilities | (D.17.) | 46,031.1 | 43,617.5 | 40,933.9 |
| V. Provisions for taxes | (D.18.) | 1,967.4 | 925.7 | 310.5 |
| VI. Other provisions | (D.18.) | 13,935.9 | 10,724.4 | 11,728.1 |
| 194,885.0 | 223,695.7 | 176,677.8 | ||
| Total equity and liabilities | 415,646.7 | 432,874.4 | 357,744.9 |
1 The previous year's fi gures have been revised as necessitated by fi rst-time application of IAS 19. Details may be found in the Notes to the Annual Report 2013.
| in € thousand | Note | 2013 | 2012 | |
|---|---|---|---|---|
| 1. | Revenues | (D.19.) | 737,894.1 | 645,146.0 |
| 2. | Other income | (D.20.) | 8,477.7 | 5,351.1 |
| 3. | Change in inventory, fi nished products | |||
| and work in progress | 3,439.8 | 25,568.6 | ||
| 4. | Capitalized development costs | (D.1.) | 2,293.5 | 0.0 |
| 5. | Costs of goods sold (D.6.) |
(496,150.7) | (453,012.0) | |
| 6. | Personnel expenses | (D.21.) | (142,222.4) | (127,924.9) |
| 7. | Depreciation on intangible and tangible assets | (10,208.8) | (9,341.0) | |
| 8. | Other expenses | (D.22.) | (61,176.5) | (47,144.8) |
| 9. | Operating result (EBIT) | |||
| before result of associates | 42,346.7 | 38,643.0 | ||
| 10. Financial expenses | (D.23.) | (3,909.3) | (3,755.1) | |
| 11. Financial income | (D.24.) | 1,345.5 | 1,038.1 | |
| 12. Results of associates | (D.3.) | 1,905.7 | 2,850.9 | |
| 13. Profi t before income tax (EBT) | 41,688.6 | 38,776.9 | ||
| 14. Income tax | (D.25.) | (10,935.8) | (6,817.5) | |
| 15. Net profi t for the period | 30,752.8 | 31,959.4 | ||
| thereof: | ||||
| — Non-controlling interests | 4,426.2 | 1,075.4 | ||
| — Shareholders of parent company | 26,326.6 | 30,884.0 | ||
| Average number of shares issued | (E.6.) | 6,800,000 | 6,800,000 | |
| Basic earnings per share | (E.6.) | € 3.87 | € 4.54 | |
| Diluted earnings per share | (E.6.) | € 3.87 | € 4.54 |
| in € thousand | Note | 2013 | 20121 |
|---|---|---|---|
| Net profi t for the period | 30,752.8 | 31,959.4 | |
| Restatements as required by IAS 19 | (D.14.) | (359.7) | (3,256.5) |
| — thereof deferred income tax | 96.3 | 870.2 | |
| Total of the value changes recognized in equity | |||
| that are not then reclassifi ed in the Income Statement | (263.4) | (2,386.3) | |
| Profi ts/losses from foreign currency translation | (2,067.7) | (153.1) | |
| Profi ts/losses from currency translation from associates | (D.3.) | (992.5) | 330.4 |
| Profi ts/losses from available-for-sale-securities | |||
| Change in unrealized profi ts/losses | (0.3) | 9.0 | |
| — thereof deferred income tax | 0.1 | 6.1 | |
| Profi ts/losses from cash fl ow hedge | (D.29b.) | ||
| Change in unrealized profi ts/losses | 4,120.3 | 4,978.8 | |
| — thereof deferred income tax | (1,030.1) | (1,244.7) | |
| Realized profi ts/losses | (249.9) | 2,742.1 | |
| — thereof deferred income tax | 62.5 | (685.5) | |
| Total of the value changes recognized in equity | |||
| that are not then reclassifi ed in the Income Statement, | |||
| provided that certain conditions are met | (157.6) | 5,983.1 | |
| Other comprehensive income | (421.0) | 3,596.8 | |
| Total comprehensive income after income tax | 30,331.8 | 35,556.2 | |
| thereof: | |||
| — Non-controlling interests | 3,099.1 | 630.3 | |
| — Shareholders of parent company | 27,232.7 | 34,925.9 |
1 The previous year's fi gures have been revised as necessitated by fi rst-time application of IAS 19. Details may be found in the Notes to the Annual Report 2013.
| Attributable to shareholders | |||||||
|---|---|---|---|---|---|---|---|
| Other reserves | |||||||
| Restatement | |||||||
| Share | Additional | Currency | as required | ||||
| in € thousand | Note | capital | paid-in capital | translation | by IAS 19 | ||
| 2013 | |||||||
| As at Jan 1, 2013 (adopted1) | 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) | |||
| Foundation/Acquisition of subsidiary | (B.1.) | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Partial disposal of an | |||||||
| investment in a subsidiary | |||||||
| while control is retained | (D.11.) | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Dividend | (D.11.) | 0.0 | 0.0 | 0.0 | 0.0 | ||
| As at Dec 31, 2013 | 13,600.0 | 23,703.4 | 1,179.7 | (4,482.6) | |||
| 2012 | |||||||
| As at Jan 1, 2012 (published) | 13,600.0 | 23,703.4 | 2,290.4 | 0.0 | |||
| Restatement1 | 0.0 | 0.0 | 0.0 | (1,832.9) | |||
| As at Jan 1, 2012 (adopted1) | 13,600.0 | 23,703.4 | 2,290.4 | (1,832.9) | |||
| Other comprehensive income | 0.0 | 0.0 | 622.4 | (2,386.3) | |||
| Net profi t for the period | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Total comprehensive income | 0.0 | 0.0 | 622.4 | (2,386.3) | |||
| Acquisition of subsidiary | (B.1.) | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Partial disposal of an | |||||||
| investment in a subsidiary | |||||||
| while control is retained | (D.11.) | 0.0 | 0.0 | 0.0 | 0.0 | ||
| Dividend | (D.11.) | 0.0 | 0.0 | 0.0 | 0.0 | ||
| As at Dec 31, 2012 (adopted1) | 13,600.0 | 23,703.4 | 2,912.8 | (4,219.2) |
1 The previous year's fi gures have been revised as necessitated by fi rst-time application of IAS 19. Details may be found in the Notes to the Annual Report 2013.
| Group | Non-controlling | Accumulated | Hedging | Re-evaluation | |
|---|---|---|---|---|---|
| equity | interests | Subtotal | results | reserve | reserve |
| 167,820.6 | 17,438.6 | 150,382.0 | 113,553.6 | 825.5 | 5.9 |
| (421.0) | (1,327.1) | 906.1 | 0.0 | 2,902.8 | (0.2) |
| 30,752.8 | 4,426.2 | 26,326.6 | 26,326.6 | 0.0 | 0.0 |
| 30,331.8 | 3,099.1 | 27,232.7 | 26,326.6 | 2,902.8 | (0.2) |
| 328.8 | 328.8 | 0.0 | 0.0 | 0.0 | 0.0 |
| 59.5 | 59.5 | 0.0 | 0.0 | 0.0 | 0.0 |
| (10,631.0) | (2,471.0) | (8,160.0) | (8,160.0) | 0.0 | 0.0 |
| 187,909.7 | 18,455.0 | 169,454.7 | 131,720.2 | 3,728.3 | 5.7 |
| 145,159.0 | 19,858.3 | 125,300.7 | 90,681.3 | (4,965.2) | (9.2) |
| (1,832.9) | 0.0 | (1,832.9) | 0.0 | 0.0 | 0.0 |
| 143,326.1 | 19,858.3 | 123,467.8 | 90,681.3 | (4,965.2) | (9.2) |
| 3,596.8 | (445.1) | 4,041.9 | 0.0 | 5,790.7 | 15.1 |
| 31,959.4 | 1,075.4 | 30,884.0 | 30,884.0 | 0.0 | 0.0 |
| 35,556.2 | 630.3 | 34,925.9 | 30,884.0 | 5,790.7 | 15.1 |
| 151.2 | 151.2 | 0.0 | 0.0 | 0.0 | 0.0 |
| 296.6 | 148.3 | 148.3 | 148.3 | 0.0 | 0.0 |
| (11,509.5) | (3,349.5) | (8,160.0) | (8,160.0) | 0.0 | 0.0 |
| 167,820.6 | 17,438.6 | 150,382.0 | 113,553.6 | 825.5 | 5.9 |
in the parent company
| in € thousand | Note | 2013 | 2012 | |
|---|---|---|---|---|
| Profi t before income tax | 41,688.6 | 38,776.9 | ||
| + | Depreciation | 10,208.8 | 9,341.0 | |
| ± | Gains/losses from of associates | (D.3.) | (1,905.7) | (2,850.9) |
| – | Gains from the retirement of tangible assets, | |||
| intangible assets and securities | (D.20.) | (75.9) | (89.4) | |
| + | Interest expenses | (D.23.) | 3,117.3 | 2,745.7 |
| – | Interest and securities income | (D.24.) | (1,345.5) | (1,038.1) |
| ± | Unrealized gains/losses from currency translation | (1,383.7) | (266.8) | |
| ± | Change in inventories | 5,924.4 | (28,739.0) | |
| ± | Change in accounts receivable-trade | |||
| and production contracts | (D.7., D.8.) | 28,262.6 | (19,844.6) | |
| ± | Change in other receivables | 1,068.0 | (6,503.1) | |
| ± | Change in accounts payable-trade and prepayments received | (1,384.4) | 7,952.6 | |
| ± | Change in other liabilities | 4,108.9 | 6,171.4 | |
| ± | Change in provisions (excluding income tax deferrals) | 2,132.3 | (439.8) | |
| Cash earnings | 90,415.7 | 5,215.9 | ||
| – | Interest paid | (D.23.) | (2,986.7) | (2,706.7) |
| + | Interest received and income of securities | (D.24.) | 675.6 | 1,035.8 |
| + | Dividend received of associates | (D.3.) | 2,178.5 | 0.0 |
| – | Income tax paid | (8,099.0) | (7,214.6) | |
| Net cash fl ow from operating activities | 82,184.1 | (3,669.6) |
| 2013 | 2012 |
|---|---|
| 82,184.1 | (3,669.6) |
| (1,500.0) | |
| (1,923.5) | |
| (14,051.0) | |
| 629.0 | 551.9 |
| (2,293.5) | 0.0 |
| 254.2 | 0.0 |
| (26,545.4) | (16,922.6) |
| 296.6 | |
| (8,160.0) | |
| (3,349.5) | |
| 95,176.1 | |
| (61,400.9) | |
| (55,128.9) | 22,562.3 |
| 1,970.1 | |
| 11,457.6 | |
| 181.0 | |
| 13,608.7 | |
| 0.0 2.0 (25,137.1) 59.5 (8,160.0) (2,471.0) 51,958.5 (96,515.9) 509.8 13,608.7 (312.7) 13,805.8 |
| Cost of acquisition or production | ||||||||
|---|---|---|---|---|---|---|---|---|
| As at | Acquisition | As at | ||||||
| Jan 1, | Currency | of sub- | Adjust- | Dec 31, | ||||
| in € thousand | 2013 | diff erences | sidiary | Additions | Disposals | ments | 2013 | |
| 2013 | ||||||||
| I. Tangible assets | ||||||||
| 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. Prepayments 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 | ||||||
|---|---|---|---|---|---|---|
| As at | As at | As at | ||||
| Dec 31, | Dec 31, | Currency | Jan 1, | |||
| 2013 | 2013 | Disposals | Write-ups | Additions | diff erences | 2013 |
| 24.3 | ||||||
| 21,596.7 | ||||||
| 2,847.3 | 2,768.5 | 0.0 | 0.0 | 326.0 | 0.0 | 2,442.5 |
| 1,202.4 | 2,409.3 | 82.5 | 0.0 | 214.5 | (8.7) | 2,286.0 |
| 3,567.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 12,748.3 | 16,946.2 | 863.7 | 0.0 | 2,288.6 | (199.4) | 15,720.7 |
| 15,264.5 | 31,717.4 | 1,389.7 | 0.0 | 4,733.4 | (123.3) | 28,497.0 |
| 4,355.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 86,435.7 | 77,313.4 | 2,335.9 | 0.0 | 9,727.2 | (645.1) | 70,567.2 |
| 817.7 | 3,593.6 | 411.0 | 0.0 | 481.6 | (3.4) | 3,526.4 |
| 813.6 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 2,368.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 3,999.4 | 3,593.6 | 411.0 | 0.0 | 481.6 | (3.4) | 3,526.4 |
| 90,435.1 | 80,907.0 | 2,746.9 | 0.0 | 10,208.8 | (648.5) | 74,093.6 |
| 6,496.1 39,954.6 |
26.0 23,446.0 |
0.0 0.0 |
0.0 0.0 |
Accumulated depreciation 1.7 2,163.0 |
0.0 (313.7) |
| Cost of acquisition or production | ||||||||
|---|---|---|---|---|---|---|---|---|
| As at | Acquisition | As at | ||||||
| Jan 1, | Currency | of sub- | Adjust- | Dec 31, | ||||
| in € thousand | 2012 | diff erences | sidiary | Additions | Disposals | ments | 2012 | |
| 2012 | ||||||||
| I. Tangible assets | ||||||||
| 1. Land and buildings | ||||||||
| a) Land value | 3,557.8 | 0.9 | 1,644.3 | 265.7 | 0.0 | 0.0 | 5,468.7 | |
| b) Offi ce and plant buildings | 49,651.0 | (14.8) | 2,129.0 | 3,088.0 | 7.7 | 284.2 | 55,129.7 | |
| c) Outside facilities | 4,027.6 | 0.0 | 0.0 | 375.4 | 19.3 | 0.0 | 4,383.7 | |
| d) Investments in | ||||||||
| non-owned buildings | 3,250.3 | (6.9) | 0.0 | 419.3 | 36.3 | 0.0 | 3,626.4 | |
| 2. Undeveloped land | 2,659.0 | 0.0 | 0.0 | 771.1 | 0.0 | 0.0 | 3,430.1 | |
| 3. Technical equipment | ||||||||
| and machinery | 23,351.2 | (65.0) | 388.3 | 3,197.2 | 1,199.2 | 1,121.9 | 26,794.4 | |
| 4. Other equipment, | ||||||||
| furniture and fi xtures | 39,118.4 | 5.2 | 21.9 | 4,929.4 | 1,619.0 | 130.0 | 42,585.9 | |
| 5. Prepayments and | ||||||||
| construction in progress | 1,778.3 | 0.0 | 0.0 | 1,119.8 | 238.9 | (1,536.1) | 1,123.1 | |
| 127,393.6 | (80.6) | 4,183.5 | 14,165.9 | 3,120.4 | 0.0 | 142,542.0 | ||
| II. Intangible assets | ||||||||
| 1. Rights | 4,000.0 | (1.7) | 9.8 | 574.6 | 61.0 | 0.0 | 4,521.7 | |
| 2. Goodwill | 0.0 | 0.0 | 813.6 | 0.0 | 0.0 | 0.0 | 813.6 | |
| 3. Other intangible assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| 4,000.0 | (1.7) | 823.4 | 574.6 | 61.0 | 0.0 | 5,335.3 | ||
| 131,393.6 | (82.3) | 5,006.9 | 14,740.5 | 3,181.4 | 0.0 | 147,877.3 |
| Net book value | ||||||
|---|---|---|---|---|---|---|
| As at | As at | As at | ||||
| Dec 31, | Dec 31, | Currency | Jan 1, | |||
| 2012 | 2012 | Disposals | Write-ups | Additions | diff erences | 2012 |
| 22.6 | ||||||
| 19,679.3 | ||||||
| 1,941.2 | 2,442.5 | 12.3 | 0.0 | 284.9 | 0.0 | 2,169.9 |
| 1,340.4 | 2,286.0 | 36.3 | 0.0 | 204.5 | (2.7) | 2,120.5 |
| 3,430.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 11,073.7 | 15,720.7 | 1,164.3 | 0.0 | 1,958.5 | (38.7) | 14,965.2 |
| 14,088.9 | 28,497.0 | 1,440.8 | 0.0 | 4,468.2 | (0.5) | 25,470.1 |
| 1,123.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 71,974.8 | 70,567.2 | 2,658.0 | 0.0 | 8,811.1 | (13.5) | 64,427.6 |
| 3,058.9 | ||||||
| 0.0 | ||||||
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 1,808.9 | 3,526.4 | 60.9 | 0.0 | 529.9 | (1.5) | 3,058.9 |
| 73,783.7 | 74,093.6 | 2,718.9 | 0.0 | 9,341.0 | (15.0) | 67,486.5 |
| 5,444.4 33,533.0 995.3 813.6 |
24.3 21,596.7 3,526.4 0.0 |
0.0 4.3 60.9 0.0 |
0.0 0.0 0.0 0.0 |
Accumulated depreciation 1.7 1,893.3 529.9 0.0 |
0.0 28.4 (1.5) 0.0 |
| As at | As at | ||||||
|---|---|---|---|---|---|---|---|
| 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 D.14. "Non-current provisions" in the Notes.
| As at | As at | ||||||
|---|---|---|---|---|---|---|---|
| Jan 1, | Currency | Con- | Com- | Dec 31, | |||
| in € thousand | 2012 | diff erences | Allocation | sumption | Reversal | pounding | 2012 |
| 2012 | |||||||
| Current | |||||||
| Personnel provisions | 310.8 | 0.0 | 233.1 | (295.9) | (3.0) | 0.0 | 245.0 |
| Provisions for warranties | 7,389.5 | (39.8) | 7,330.9 | (7,143.8) | (205.9) | 0.0 | 7,330.9 |
| Contract loss provisions | 714.4 | 1.0 | 252.2 | (292.4) | (423.0) | 0.0 | 252.2 |
| Provisions for income tax | 310.5 | 6.1 | 840.8 | (231.7) | 0.0 | 0.0 | 925.7 |
| Other provisions | 3,313.4 | (3.1) | 1,158.3 | (726.8) | (845.5) | 0.0 | 2,896.3 |
| 12,038.6 | (35.8) | 9,815.3 | (8,690.6) | (1,477.4) | 0.0 | 11,650.1 | |
| Non-current | |||||||
| Provisions for | |||||||
| long-service bonuses | 1,965.0 | 0.0 | 544.4 | (190.8) | 0.0 | 94.4 | 2,413.0 |
| Other non-current | |||||||
| provisions | 109.0 | 0.0 | 0.0 | 0.0 | (46.5) | 0.0 | 62.5 |
| 2,074.0 | 0.0 | 544.4 | (190.8) | (46.5) | 94.4 | 2,475.5 | |
| 14,112.6 | (35.8) | 10,359.7 | (8,881.4) | (1,523.9) | 94.4 | 14,125.6 |
The schedule of provisions for severance payments and pensions is contained under the item D.14. "Non-current provisions" in the Notes.
| 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 | |
| Operating result (EBIT) | |||||||
| before result of associates | 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 |
| Results of associates | 1,905.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1,905.7 |
| Book value associates | 7,786.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7,786.7 |
| 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.
| Revenues | Segment assets | Investments | ||||
|---|---|---|---|---|---|---|
| in € million | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 |
| Vehicles | 517.4 | 443.0 | 317.1 | 335.5 | 23.0 | 10.3 |
| Aerials | 71.5 | 71.5 | 45.1 | 47.0 | 1.9 | 1.0 |
| Fire fi ghting components | 22.7 | 22.6 | 11.0 | 11.7 | 1.3 | 1.0 |
| Fire & safety equipment | 81.5 | 66.7 | 13.2 | 17.3 | 0.0 | 0.1 |
| Business development | 3.8 | 3.2 | 2.1 | 1.0 | 0.1 | 0.1 |
| Customer service | 38.1 | 35.4 | 3.1 | 1.0 | 0.1 | 0.1 |
| Others | 2.9 | 2.7 | 8.1 | 8.0 | 1.3 | 2.1 |
| Consolidation | 0.0 | 0.0 | (9.5) | (15.1) | 0.0 | 0.0 |
| Group | 737.9 | 645.1 | 390.2 | 406.4 | 27.7 | 14.7 |
| Rest of | Con | ||||||
|---|---|---|---|---|---|---|---|
| in € thousand | Austria | USA | Germany | Europe | Asia | solidation | Group |
| 20121 | |||||||
| External revenues | 395,053.8 | 104,998.4 | 109,883.4 | 24,047.5 | 11,162.9 | 0.0 | 645,146.0 |
| Internal revenues | 51,834.5 | 39,833.7 | 47,989.3 | 2,571.6 | 2,225.2 | (144,454.3) | 0.0 |
| Total revenues | 446,888.3 | 144,832.1 | 157,872.7 | 26,619.1 | 13,388.1 (144,454.3) | 645,146.0 | |
| Operating result (EBIT) | |||||||
| before result of associates | 29,974.9 | 3,176.5 | 3,553.0 | 842.4 | 1,044.0 | 52.2 | 38,643.0 |
| Segment assets | 249,039.1 | 84,728.5 | 80,623.8 | 28,013.3 | 12,041.5 | (48,043.4) | 406,402.8 |
| Segment liabilities | 104,749.1 | 33,293.4 | 43,814.3 | 18,908.4 | 3,912.5 | (49,050.8) | 155,626.9 |
| Investments | 10,949.3 | 1,317.9 | 2,171.1 | 184.4 | 117.8 | 0.0 | 14,740.5 |
| Depreciation | 6,214.9 | 1,083.6 | 1,436.9 | 350.3 | 255.3 | 0.0 | 9,341.0 |
| Results of associates | 2,850.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2,850.9 |
| Book value associates | 9,052.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 9,052.0 |
| Employees (average) | 1,066 | 574 | 538 | 103 | 47 | 0 | 2,328 |
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 internationally active corporation with an Austria-based parent company, Rosenbauer International AG. Its main focus is on the production of fi re fi ghting vehicles, the development and manufacture of fi re fi ghting components and the equipping of both vehicles and their crews. The Group head offi ce is located at Paschinger Strasse 90, 4060 Leonding, Austria. The company is registered at the Linz Provincial Court under the company register number FN 78543 f.
These consolidated fi nancial statements for Rosenbauer International AG and its subsidiaries for the fi nancial year 2013 comply with the International Financial Reporting Standards (IFRS) as accepted in the European Union and are expected to be submitted by the Executive Board to the Supervisory Board in April 2014 and thereby approved for publication. The additional requirements of §245a Sect. 1 of UGB (Austrian Companies Act) have also been fulfi lled.
The consolidated fi nancial statements are prepared in thousand euros (€) and unless expressly stated, this also applies to the fi gures quoted in the Notes.
The consolidated fi nancial statements have been prepared on a historical cost basis, except derivative fi nancial instruments and available-for-sale investments, which have been measured at fair value.
In general, the accounting and valuation methods applied in 2013 correspond to those employed in the preceding year. The following new, revised or amended IASB Standards and IFRIC interpretations have no relevance to the consolidated fi nancial statements of Rosenbauer International AG:
| Standards/Interpretations | Mandatory implementation |
|---|---|
| IFRS 1 Government Loans (Issued March 2012) | January 1, 2013 |
| IFRS 7 Disclosures – Off setting Financial Assets and Financial Liabilities | |
| (Issued December 2011) | January 1, 2013 |
| IAS 12 Income Taxes (Issued December 2010) | January 1, 2013 |
| IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine | |
| (Issued September 2011) | January 1, 2013 |
| Improvements to IFRS 2009–2011 (Issued May 2012) | January 1, 2013 |
The following new, revised or amended IASB standards were applied for the fi rst time in Financial 2013 and have had eff ects upon the Rosenbauer consolidated fi nancial statements:
IFRS 13 "Fair Value Measurement" was required to be applied for the fi rst time from January 1, 2013. This Standard sums up the requirements for determining fair value. First-ever application of IFRS 13 has resulted in additional disclosures in the Notes.
The IASB issued amendments to IAS 1 in June 2011 which will lead to changes in how the statement of comprehensive income is presented. Individual constituents of the "Other comprehensive income" that will be reclassifi ed into the "Net profi t for the period" in future periods are disclosed separately from those which will not be reclassifi ed into the "Net profi t for the period" in future periods. The new Standard is mandatory for annual periods beginning on or after July 1, 2012. The statement of comprehensive income has been adapted accordingly.
The IASB issued amendments to IAS 19 "Employee Benefi ts" in June 2011, the main eff ect of which will be signifi cant changes to the accounting for post-employment benefi ts. The elimination of certain options and smoothing mechanisms is intended to ensure that the full net commitment from defi ned-benefi t plans will henceforth be disclosed in the balance sheet. In consequence, restatements must be recorded immediately in "Other comprehensive income". The Rosenbauer Group previously used the corridor approach. Owing to the elimination of the options and smoothing mechanisms, from Financial 2013 onward the restatements are recognized retrospectively in "Other comprehensive income", leading to a change in the balance-sheet disclosure and in the eff ect on net income.
The disclosure requirements in connection with defi ned-benefi t plans have also been broadened. The new Standard is mandatory for annual periods beginning on or after January 1, 2013.
As required by the transitional provisions in the revised Standard, the Rosenbauer Group applied IAS 19 (amended 2011) retroactively in the reporting period. The opening balance sheet for the earliest shown comparative period (as at January 1, 2012), and the comparative fi gures, have been adjusted accordingly. Among other changes, IAS 19 (amended 2011) also alters the balance-sheet treatment of defi ned-benefi t severancepayment and pension plans. The following signifi cant changes had an eff ect on the Group:
The quantitative eff ects on the Rosenbauer consolidated fi nancial statements of the amendments to IAS 19 are as follows:
| Changes in the statement of comprehensive income in € thousand | 2013 | 2012 |
|---|---|---|
| Loss from the restatement of defi ned-benefi t pension plans | (359.7) | (3,256.5) |
| Income-tax eff ect | 96.3 | 870.2 |
| Other comprehensive income after income tax | (263.4) | (2,386.3) |
| Total comprehensive income | (263.4) | (2,386.3) |
| thereof: | ||
| — Shareholders of parent company | (263.4) | (2,386.3) |
| — Non-controlling interests | 0.0 | 0.0 |
| Eff ect on equity in € thousand | Dec 31, 2012 | Jan 1, 2012 |
|---|---|---|
| Deferred tax assets | 1,477.9 | 607.7 |
| Non-current provisions | (5,697.1) | (2,440.6) |
| Net eff ect on equity | (4,219.2) | (1,832.9) |
| thereof: | ||
| — Shareholders of parent company | (4,219.2) | (1,832.9) |
| — Non-controlling interests | 0.0 | 0.0 |
Amendments to IAS 36 "Recoverable Amount Disclosures for Non-Financial Assets", endorsed on December 19, 2013, are to be applied for annual periods beginning on or after January 1, 2014. Earlier application is permitted. The Rosenbauer Group has early-adopted these amendments.
These amendments remedy the unintended consequences of IFRS 13 upon the disclosure requirements of IAS 36 and now only require the fair value of the assets or Cash Generating Units (CGU) to be stated in cases where impairment losses, or reversals of impairment losses, have been recognized for these during the fi nancial year.
As well as the standards and interpretations already applied by the Group, at the time when these fi nancial statements were approved for publication the following standards and interpretations had been issued but were not yet mandatorily applicable i. e. had not yet been adopted by the European Commission. The Group intends to apply these new or amended standards from the date stipulated for their mandatory entry into force.
In May 2011, the IASB issued three new standards dealing with the treatment of subsidiaries, joint arrangements and the disclosure of interests held in other entities. IFRS 10 "Consolidated Financial Statements" includes a new and more thorough defi nition of the term "control", with the intention of creating a uniform basis for determining whether an entity should be included within the consolidated fi nancial statements of the parent company. Under this new concept, an entity is deemed to have "control" if it possesses decision-making powers over the relevant processes, if it generates variable returns from the subsidiary, and if it has the ability to aff ect these returns by the exercise of its decision-making powers. What remains in IAS 27 is limited to rules on how to account for interests held in subsidiaries in separate fi nancial statements.
The new Standard IFRS 11 "Joint Arrangements" supersedes IAS 31. It governs the accounting treatment of joint operations and joint ventures. In future, joint ventures will have to be included in the consolidated fi nancial statements using the equity method in accordance with IAS 28; proportionate consolidation is no longer an option. Rosenbauer already accounts for joint ventures by the equity method.
IFRS 12 contains the disclosure requirements relating to an entity's interests in subsidiaries, joint arrangements and associates, which continue to be accounted for in accordance with IAS 28. The disclosures are considerably more extensive than those hitherto prescribed by IAS 27, 28 and 31.
These new standards are mandatory in the EU for annual periods beginning on or after January 1, 2014.
A review of IFRS standards 10–12, which are mandatorily applicable from January 1, 2014, and of the amendments to further standards published in this connection, to assess what eff ects these would have upon the scope of consolidation of the Rosenbauer Group, concluded with no adverse fi ndings. There will, however, be eff ects on the presentation and the scope of the explanatory notes. For the consolidated fi nancial statements of the Rosenbauer Group, these additional disclosures regarding subsidiaries with signifi cant non-controlling equity interests relate to e. g. the dividends paid to the non-controlling partners, or pooled fi nancial investments from which the importance of the non-controlling equity interest within the Rosenbauer Group is apparent. For the associates consolidated in accordance with the equity method, additional amalgamated fi nancial information such as cash, depreciation charges and interest is also required.
The following Standards and Interpretations are not expected to have any material impact upon the consolidated fi nancial statements of Rosenbauer International AG.
| Standards/Interpretations | Mandatory implementation |
|---|---|
| IAS 19 Defi ned Benefi t Plans: Employee Contributions | |
| (Issued November 2013) | July 1, 2014 |
| IAS 27 Separate Financial Statements (Issued May 2011) | January 1, 2014 |
| IAS 28 Investments in Associates and Joint Ventures (Issued May 2011) | January 1, 2014 |
| IAS 32 Off setting Financial Assets and Financial Liabilities | |
| (Issued December 2011) | January 1, 2014 |
| IAS 39 Novation of Derivatives and Continuation of Hedge Accounting | |
| (Issued June 2013) | January 1, 2014 |
| IFRS 9 Financial Instruments: Classifi cation and Measurement | |
| (Issued November 2009) | January 1, 2014 |
| IFRS 9 Financial Instruments: Hedge Accounting (Issued November 2013) | January 1, 2014 |
| IFRIC 21 Levies | January 1, 2014 |
| Transition Guidance (Amendments to IFRS 10, IFRS 11and IFRS 12) | January 1, 2014 |
| Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) | January 1, 2014 |
| Improvements to IFRS (2010–2012) (Issued December 2013) | July 1, 2014 |
| Improvements to IFRS (2011–2013) (Issued December 2013) | July 1, 2014 |
DATION PRINCIPLES The companies included within the scope of consolidation are reported in the subsidiaries table (see item E.3. "Related party disclosure").
Subsidiaries are defi ned as companies over which the parent company has the power to exert a dominant infl uence with regard to fi nancial and business policy. A dominant infl uence is given when the parent company holds more than half of the voting rights in a company. A dominant infl uence is also given when due to an agreement between one shareholder and others; the possibility exists to dispose over more than half of the voting rights.
For all subsidiaries over which the parent company holds directly or indirectly not more than half of the voting rights, there exists the contractual possibility of exerting a dominant infl uence.
Accordingly, subject to the application of IAS 27, the scope of consolidation includes two domestic and 18 international companies further to the parent company, which are under the legal and eff ective control of Rosenbauer International AG.
A subsidiary will fi rst be consolidated from the point in time at which the parent company has the power to exert a dominant infl uence over the assets and the business of this subsidiary. All the subsidiaries included are fully consolidated.
Entities over which a signifi cant infl uence is exerted are reported in the balance sheet in accordance with the equity accounting method; upon initial valuation, these are recognized at acquisition cost. Subsequently, the book value of the investment rises or falls in accordance with the results of the associates. The share of the Group in the profi ts and losses of the associates from the date of purchase are contained in the income statement.
The production joint venture established with Russian partners in Moscow (PA "Fire-fi ghting special technics" LLC., in which Rosenbauer holds a 49% stake), and the joint venture established in Spain with the co-owner and Managing Director of Rosenbauer Española (Rosenbauer Ciansa S.L., in which Rosenbauer has a 50% stake), were both reported applying the equity accounting method.
| Number of fully consolidated |
Number of companies consoli- |
||||
|---|---|---|---|---|---|
| companies | dated at equity | ||||
| 2013 | 2012 | 2013 | 2012 | ||
| As at January 1 | 19 | 19 | 2 | 2 | |
| Acquisitions | 1 | 1 | 0 | 0 | |
| Formations | 1 | 0 | 0 | 0 | |
| Deletions | 0 | 1 | 0 | 0 | |
| As at December 31 | 21 | 19 | 2 | 2 |
The purchase agreement to take over an 84% stake in a French service company for aerial appliances was signed on February 1, 2013. The company was fi rst consolidated as at February 1 and operates under the name of Metz-Service18 S.A.R.L.
On the basis of the computed present values, the purchase price breaks down at the acquisition date as follows:
| in € thousand | 2013 |
|---|---|
| Unilateral increase in capital | 420.0 |
| Total purchase price | 420.0 |
| Total net assets acquired | 500.0 |
| Pro-rated net assets (84%) | 420.0 |
| Non-controlling interests (16%) valued with reference to the pro-rated net assets | 80.0 |
| Goodwill | 0.0 |
The net assets acquired, totaling € 80.0 thousand (without capital contribution), break down as follows:
| in € thousand | 2013 |
|---|---|
| Non-current assets | |
| Tangible assets | 22.0 |
| Intangible assets | 74.6 |
| 96.6 | |
| Current assets | |
| Inventories | 8.7 |
| Receivables | 97.1 |
| Cash on hand and in banks, checks | 2.0 |
| 107.8 | |
| Non-current liabilities | 0.0 |
| Current liabilities | |
| Current interest-bearing liabilities | 35.9 |
| Trade accounts payable | 51.4 |
| Other current liabilities | 37.1 |
| 124.4 | |
| Net assets acquired, without capital contribution | 80.0 |
The fair value of the receivables totals € 97.1 thousand. The gross amount of the receivables also comes to € 97.1 thousand. None of the "trade accounts receivable" was impaired, and all contractually defi ned receivables are expected to be collectible.
The net cash fl ow from the acquisition breaks down as follows:
| Net cash fl ow from investment activity in € thousand | 2013 |
|---|---|
| Purchase price paid in cash | 0.0 |
| minus cash on hand and in banks, checks | 2.0 |
| Net cash fl ow from the acquisition | (2.0) |
If the transaction had taken place as at January 1, 2013, the Group result would have been as follows:
| in € thousand | 2013 |
|---|---|
| Revenues | 737,894.1 |
| Net profi t for the period | 30,752.8 |
| Earnings per share | 3.87 € |
In the months February to December, the newly acquired company Metz-Service18 posted revenues of € 955.4 thousand and a net profi t for the period of € –384.1 thousand.
The incorporation of a subsidiary in Saudi Arabia at the beginning of 2013 – jointly with a local partner (Rosenbauer shareholding: 75%) – marked a signifi cant intensifi cation of Rosenbauer's involvement in this country.
The purchase agreement for 90% of the shares in a Slovenian manufacturer was signed on November 30, 2012. The company was fi rst consolidated as at December 1, 2012 and operates under the name of Rosenbauer d.o.o. On the basis of the computed present values, the purchase price breaks down at the acquisition date as follows:
| in € thousand | 2012 |
|---|---|
| Purchase price paid in cash | 2,000.0 |
| Liabilities added to purchase price | 63.0 |
| Deferred purchase-price consideration | 137.0 |
| Total purchase price | 2,200.0 |
| Total net assets acquired | 1,540.4 |
| Pro-rated net assets (90%) | 1,386.4 |
| Non-controlling interests (10%) valued with reference to the pro-rated net assets | 154.0 |
| Goodwill | 813.6 |
The goodwill arising in the course of this acquisition essentially refl ects the benefi ts expected from the extension of the market and from synergies with other Group companies.
The valuation of the purchase-price breakdown is fi nal, and the goodwill arising here is not useable for tax purposes. The goodwill has been allocated to the "Rest of Europe" Cash Generating Unit (CGU).
The net assets acquired, totaling € 1,540.4 thousand, break down as follows:
| in € thousand | 2012 |
|---|---|
| Non-current assets | |
| Tangible assets | 4,183.5 |
| Intangible assets | 9.8 |
| 4,193.3 | |
| Current assets | |
| Inventories | 754.9 |
| Receivables | 722.4 |
| Cash on hand and in banks, checks | 76.5 |
| 1,553.8 | |
| Non-current liabilities | |
| Non-current provisions | 52.4 |
| 52.4 | |
| Current liabilities | |
| Current interest-bearing liabilities | 1,152.3 |
| Trade accounts payable | 905.2 |
| Other current liabilities | 2,096.8 |
| 4,154.3 | |
| Total net assets acquired | 1,540.4 |
The fair value of the receivables totals € 722.4 thousand. The gross amount of the receivables also comes to € 722.4 thousand. None of the "trade accounts receivable" was impaired, and all contractually defi ned receivables are expected to be collectible.
The net cash fl ow from the acquisition breaks down as follows:
| Net cash fl ow from investment activity in € thousand | 2012 |
|---|---|
| Purchase price paid in cash | 2,000.0 |
| minus cash on hand and in banks, checks | 76.5 |
| Net cash fl ow from the acquisition | 1,923.5 |
If the transaction had taken place as at January 1, 2012, the Group result would have been as follows:
| in € thousand | 2012 |
|---|---|
| Revenues | 649,800.3 |
| Net profi t for the period | 31,717.8 |
| Earnings per share | 4.50 € |
In the month of December 2012, the newly acquired company Rosenbauer d.o.o. posted revenues of € 389.5 thousand and post-tax earnings of € –154.2 thousand. The valuations of the net assets acquired in this transaction in 2012 remain unchanged, with no adjustment having been made.
Business combinations are reported using the purchase accounting method. The costs of the entity acquired are recorded as the total of, fi rstly, the consideration given, recognized at the fair value obtaining at the acquisition date, and, secondly, of the non-controlling interests in the entity acquired. For every business combination, the acquirer measures the non-controlling interests in the acquired entity either at fair value or as the proportionate interest of the said NCIs in the net identifi able assets of the acquired entity. Costs incurred for eff ecting the business combination are recognized in "Other expenses".
Following a repeat assessment of identifi able assets, liabilities and contingent liabilities, in accordance with IFRS 3, a liabilities side diff erence is recognized immediately in the income statement. The goodwill derived from a purchase price allocation is not depreciated annually, but subjected to a value impairment test at the end of each year. The annual fi nancial statements of the companies included in the consolidated fi nancial statements are drawn up on the basis of uniform accounting and valuation standards. The individual fi nancial statements of the companies included are prepared on the closing date of the consolidated fi nancial statements. All receivables and liabilities, expenses and income derived from clearing between companies included in the scope of consolidation are eliminated. Interim results derived from asset transfers within the Group are also eliminated.
Non-controlling interests represent the proportion of the result and of the net assets which is not attributable to the Group, as all non-controlling interests existing in the Group were recognized at their pro-rata share of the premeasured net assets (partial goodwill method). Non-controlling interests are shown separately in the consolidated income statement and the consolidated balance sheet. In the consolidated balance sheet they are recognized under equity, separately from the equity attributable to the owners of the parent entity. The acquisition of non-controlling interests is reported as an equity transaction. In this case, the diff erence between the purchase price and the book value of the acquired proportion of the net assets is off set against accumulated results.
The annual fi nancial statements of the companies included in the consolidated fi nancial statements reporting in foreign currencies are translated into euro using the functional currency concept in accordance with IAS 21. In the case of all companies, the functional currency in which they complete their independent fi nancial, business and organizational activities is the respective national currency. Therefore, all assets and debts are translated at the respective mean exchange rate on the balance-sheet date, expenses and income at mean annual rates.
Diff erences between the currency translation of asset and liability items in the current and preceding year, as well as translation diff erences between the consolidated balance sheet and the consolidated income statement, are recognized in the other comprehensive income.
The translation diff erence derived from the adjustment of equity as compared to initial consolidation is netted against Group reserves in the other comprehensive income. In the year under review, cut-off date translation diff erences of € –3,060.2 thousand (2012: € 177.3 thousand) were allocated to the other comprehensive income. The exchange rates established for currency translation demonstrate the following shifts:
| Closing rate | Mean annual rate | ||||
|---|---|---|---|---|---|
| in € | Dec 31, 2013 Dec 31, 2012 Dec 31, 2013 Dec 31, 2012 | ||||
| 100 US dollars | 72.7114 | 75.9129 | 75.3475 | 77.4603 | |
| 100 Swiss francs | 81.5461 | 82.8844 | 81.4376 | 83.0254 | |
| 100 Singapore dollars | 57.5209 | 62.0540 | 60.1778 | 62.0724 | |
| 100 Brunei dollars | 57.5209 | 62.0540 | 60.1778 | 62.0724 | |
| 100 South African rand | 6.8989 | 8.9127 | 7.7806 | 9.4875 | |
| 100 Saudi riyals | 19.3667 | 20.2265 | 20.0848 | 20.6415 | |
| 100 Russian roubles | 2.2093 | 2.4850 | 2.3589 | 2.4923 |
Financial instruments such as derivatives, contingent purchase-price obligations and liabilities from puttable non-controlling equity interests are periodically measured at fair value. The fair value is defi ned as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, it is assumed that the transaction in which the asset is sold or the liability is transferred will take place either on the principal market for the asset or liability concerned or – in the absence of a principal market – on the most advantageous market. Rosenbauer measures fair value with reference to the assumptions upon which market participants would base the price-discovery process. It is assumed here that the market participants are acting in their best economic interests. When measuring the fair value of a non-fi nancial asset, allowance is made for the market participant's ability to create economic benefi t by making the "highest and best use" of the asset.
To measure fair value, Rosenbauer uses valuation techniques which are appropriate in the circumstances and for which suffi cient data are available, using observable inputs wherever possible.
The Group uses the following hierarchy for determining and disclosing the fair value of fi nancial instruments by valuation technique:
The principle of uniform reporting and valuation is maintained by a directive which applies throughout the Group.
Tangible assets are valued at the cost of acquisition or production, less depreciation, accumulated value impairment, or the lower attainable amount. Depreciation is calculated using the linear method and takes place at the time an asset becomes operational. The cost of acquisition or production derives from the amount of cash or cash equivalents paid for the acquisition or production, or from the market value or other form of payment at the time of acquisition or production.
The following rates of depreciation are employed:
| Plant buildings and other buildings | 3.00% – 10.00% |
|---|---|
| Offi ce buildings | 2.00% – 4.00% |
| Technical equipment and machinery | 10.00% – 25.00% |
| Other equipment, furniture and fi xtures | 10.00% – 33.33% |
The residual book values, the depreciation method and useful life are examined on each balance-sheet date and adjusted where required.
As at December 31, 2013 and 2012 there were no investment properties retained for the purpose of obtaining rent or value added. Borrowing costs 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 respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The Group capitalizes borrowing costs for all eligible assets where construction was commenced on or after January 1, 2009. No main construction project was started since January 1, 2009. The Group continues to expense borrowing costs relating to construction projects that commenced prior to January 2009.
In the case of asset impairments other than fi nancial assets where the recoverable amount (which corresponds to the higher of the cash value or the value in use), or the net selling price is below the respective book value, an impairment of the recoverable amount takes place in accordance with IAS 36 "Impairment of Assets". If the reasons for an impairment undertaken in the preceding year no longer apply a corresponding write-up is made. Tangible and intangible assets are deleted from the accounts either when the assets are retired or when no further economic benefi t is expected to result from their sale or continued use.
NOTES
If the recoverable amount for an asset cannot be identifi ed, the asset is included in a Cash Generating Unit and subjected to an impairment test, whereby as a rule, the value in use is used as the recoverable amount. In the Rosenbauer Group, each of the legally autonomous company units constitutes a CGU.
A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized. In this case, the book value of the assets is increased to its recoverable amount. That increased amount cannot exceed the book value that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the income statement.
Government grants are recognized where there is a reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income over the period necessary to match the grant on a systematic basis to the costs that it is intended to compensate. Government grants relating to an asset are recognized in the consolidated balance sheet as deferred income. This deferred income is included in "Other liabilities" and is recognized in profi t or loss in equal annual installments over the expected useful life of the asset in question.
For long-term funding which is provided by research support funds and contains an interest subsidy, the interest advantage is quantifi ed by juxtaposing the amount received and the discounted amount.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at inception date: whether fulfi llment of the arrangement is dependent on the use of a specifi c asset or assets or the arrangement conveys a right to use the asset.
Intangible assets are valued at the cost of acquisition less depreciation. The rates of depreciation lie between 25.0% and 33.3%. Intangible assets with indefi nite useful lives are tested for impairment annually as of December 31. Depreciation for intangible assets is included under the item "Depreciation on intangible and tangible assets".
Goodwill as defi ned in IFRS 3 is not systematically amortized, but is subjected to impairment review annually and whenever an impairment indicator has been identifi ed. For the purpose of impairment review, goodwill is allocated to Cash Generating Units. The key criterion determining whether a production unit qualifi es as a CGU is its technical and business independence for generating cash fl ows. The amount of any impairment loss needing to be recognized by a Cash Generating Unit is computed by comparing the carrying amount of the book
value (including the allocated goodwill) to the higher of the net selling price and the "value in use". The "value in use" is computed as the present value of the relevant future cash infl ows and outfl ows, based on the data from medium-range corporate planning. The discount rate used as the basis for the planning was 10.4% (2012: 10.9%). The discount rate is computed on the basis of up-to-date market data for comparable enterprises in the same sector of industry. Cash fl ows occurring after a 4-year period are extrapolated with reference to the average growth of 1% expected in the sector (2012: 1%). A sensitivity analysis in which discount rates are assumed to be 50 basis points higher would not lead to any impairment in value. The underlying assumptions are subject to estimation uncertainties regarding earnings, working capital changes, capital investments and the discount rate. If the amount so determined is less than the book value, an impairment loss in the amount of this diff erence must be recognized, primarily on goodwill. Any necessary impairment losses greater than the amount of the goodwill are to be spread across the remaining assets of the Cash Generating Units in proportion to the book value.
Impairment review is conducted for all of the company's capitalized goodwill. If the non-controlling interests were present-valued when an entity was acquired, impairment losses are to be apportioned among the various groups of partners. These losses are apportioned in accordance with the same formula as that by which the earnings of the subsidiary under consideration are distributed among the partners, provided that this subsidiary itself constitutes a Cash generating Unit to which goodwill has been attributed.
Once goodwill has been written-off because of an impairment loss, IFRS 3 prohibits any reversal of this write-off .
Pursuant to IAS 38 "Intangible Assets", research costs cannot be capitalized and are thus reported in their entirety in the income statement.
As stipulated by IAS 38, development costs incurred with the aim of accomplishing a signifi cant onward development of a product or process are capitalized only if the product or process is technically and commercially feasible, if the development is marketable and will generate future economic benefi ts, if the relevant expenditure can be reliably measured, and if Rosenbauer has suffi cient resources to see the development project through to completion. All other development outlays are expensed as incurred. Capitalized development outlays for completed projects are reported at production cost less cumulative amortization charges. As long as a development project is still in progress, the accumulated capitalized amounts are tested for impairment once a year, or more frequently if there are indications that an impairment loss may have occurred.
Development costs totaling € 2,293.5 thousand had been capitalized as at December 31, 2013 (2012: € 0.0 thousand).
Securities are assigned to the "available for sale" category. Upon initial recognition, available-for-sale fi nancial assets are measured at fair value, with any unrealized gains or losses being recorded in the other comprehensive income, in the unrealized gains reserve. When fi nancial investments are disposed of, the cumulative gain or loss previously recorded in the revaluation reserve by way of other comprehensive income is reposted to the income statement. If an available-for-sale fi nancial asset is impaired, the cumulative loss previously recorded in the revaluation reserve by way of other comprehensive income is recognized in the income statement. Interest earned from, or paid on, fi nancial investments is reported as interest income or interest expense.
Deferred tax assets are to be carried for all taxable temporary diff erences between the values in the IFRS consolidated balance sheet and the taxation value. In accordance with IAS 12, these deferrals are calculated using the balance-sheet liability method. Deferred income tax liabilities are recognized for all taxable temporary diff erences, except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, aff ects neither the accounting profi t nor the taxable profi t.
Furthermore, no deferred income tax liabilities are recognized in respect of taxable temporary diff erences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the reversal of the temporary diff erences can be controlled and it is probable that the temporary diff erences will not reverse in the foreseeable future.
Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. Current income tax relating to items recognized in the other comprehensive income is recognized in the other comprehensive income and not in the income statement.
Asset-side tax deferrals on loss carryforwards are formed to the extent to which consumption within a determinable period can be anticipated.
The book value of deferred income tax assets is reviewed at each balance-sheet date and reduced to the extent that it is no longer probable that suffi cient taxable profi t will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at each balance-sheet date and are recognized to the extent that is has become probable that future taxable profi t will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured with reference to the tax rates which may be expected to apply in the period in which the underlying asset is realized or the underlying debt is discharged.
The tax rates and tax laws used to compute the amount are those that are in force of the balance-sheet date.
Inventories are valued at the cost of acquisition or production or at the lower net realizable value (market price) on the reporting date. The calculation of the cost of acquisition or production for identical assets takes place using the weighted average cost method or similar procedures. Production costs only include directly attributable expenses and pro rata overheads subject to the assumption of a normal use of capacity. Interest for loans is not reported.
Production contracts which allow a reliable profi t estimate are valued at pro rata selling prices ("percentage of completion method"). The estimate of progress is made according to the ratio of actual costs to anticipated overall expenditure ("cost to cost"). Should a reliable profi t estimate for a production contract not be possible, the order proceeds are only to be reported to the amount of the order costs which can probably be recovered. If it is likely that the entire order costs will exceed the entire order proceeds, then the anticipated loss is immediately recognized as an expense.
Accounts receivable-trade are measured at amortized cost. Where objective indications exist, value impairments are taken into account in accordance with IAS 39. Impaired debts are written-off when they are assessed as uncollectible. Other receivables are generally valued at the continued costs of acquisition. In addition to other receivables, they consist of both derivative hedge-related fi nancial instruments, and derivative fi nancial instruments for which hedge accounting is inapplicable.
The fair value of fi nancial assets which are traded on organized markets is determined by the market price (quotation) on the balance-sheet date.
The Group assesses at each balance-sheet date whether a fi nancial asset or group of fi nancial assets is impaired.
If there is objective evidence that an impairment loss on loans and receivables carried at amortized cost has been incurred, the amount of the loss is measured as the diff erence between the asset's book value and the present value of estimated future cash fl ows (excluding expected 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 book value of the asset is reduced through use of an allowance account. The amount of the loss shall be recognized in the income statement.
The Group fi rst assesses 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 it is determined that no objective evidence of impairment exists for an individually assessed fi nancial asset, whether signifi cant or not, the asset is included in a group of fi nancial assets with similar credit risk characteristics and this group of fi nancial assets is collectively assessed for impairment. Assets that are individually assessed for impairment and for which an impairment loss is – or continues to be – recognized, are not included in a collective assessment of impairment.
A fi nancial asset (or, where applicable a part of a fi nancial asset or part of a group of similar fi nancial assets) is written-off when any of the following three conditions applies:
Upon initial recognition, fi nancial assets are designated at fair value.
All regular way purchases and sales of fi nancial assets are recognized on the trade date, which is the date that the Group commits to purchase the asset. Regular way purchases or sales are purchases or sales of fi nancial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.
Loans and receivables are valued at amortized cost using the eff ective interest method, less allowance for impairment. Profi ts and losses are reported under the result for the period, in which the loans and receivables are written-off or are impaired. Receivables in foreign currency are valued at the mean exchange rate obtaining on the balance-sheet date.
The cash and cash equivalents reported under the item "Cash on hand and in banks, checks", such as cash and bank balances are valued at the current value on the reporting date.
As required by the hedge-accounting rules of IAS 39 "Financial Instruments", derivative fi nancial instruments are generally recorded at present value in the other comprehensive income, if the fi nancial instruments in question relate to a hedge item shown in the balance sheet. Profi ts and losses arising from changes in the fair value of derivative fi nancial instruments during the fi nancial year that do not fulfi ll the criteria for balance-sheet treatment as a hedge, and any ineff ective component of an otherwise eff ective hedging instrument, are immediately recognized in profi t or loss. Removal from the balance sheet takes place when the power of disposition is lost. Derivatives with a positive fair value at the closing date are shown under "Current receivables", and those with a negative fair value under "Other current liabilities". Hedging policy, as well as the fi nancial instruments existent on the balance-sheet date, is described in detail under the item D.29. "Risk management".
Under national law, in the case of dismissal or upon attainment of retirement age, employees of Austrian corporations whose employment commenced by December 31, 2002 are entitled to a one-off severance payment. The amount of this payment is dependent on the number of years' service and the remuneration at the time of severance. The benefi t obligations are backed with matching provisions that were determined in accordance with actuarial principles. The provision for defi ned-benefi t plans made in the balance sheet corresponds to the present value of the defi ned-benefi t obligation (DBO) at the balance-sheet date. The provisions for severance payments are calculated in a uniform manner on the reporting date using the project unit credit method, an interest rate of 3.3% p.a. (2012: 3.5% p.a.) and a dynamic rate of 4.0% p.a. (2012: 4.0% p.a.) for future increases in remuneration. Interest expense from personnel provisions is recognized in "Financial expenditure". The discount rate is determined with reference to the yields on senior fi xed-interest corporate bonds that are AA-rated or better. The term of the bonds corresponds to the expected maturities of the defi ned-benefi t obligations.
Apart from invalidity and mortality rates (basis: Pagler & Pagler actuarial tables) and the end of the employment relationship upon attainment of the age of retirement, a fl uctuation deduction of 1.5% is applied. The calculation is based on the individual age of retirement according to the Austrian pension reform in regard of a gradual approach of the age of retirement.
The amounts of the provisions are ascertained by an actuary as at the closing date in question, in an expert actuarial report.
As required by IAS 19, restatements of provisions for pensions and pension-like obligations and for severancepayment obligations are recognized in "Other comprehensive income".
In the case of existing pension entitlements established within the framework of company agreements, payments are calculated on the basis of the eligible years of service in the form of a fi xed annual amount. This fi xed sum is modifi ed upon retirement according to pensionable individual income. Current pensions are subject to regular examination with regard to indexing and are paid fourteen times annually.
The pension obligation is determined on the basis of the following parameters:
| Interest rate | Remuneration | Pension increase | ||||
|---|---|---|---|---|---|---|
| 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |
| Austria | 3.3% | 3.5% | 4.0% | 4.0% | 3.5% | 3.5% |
| Germany | 3.3% | 3.5% | 1.5% | 1.5% | 1.5% | 1.5% |
Apart from the performance-related system, employees in Austria who entered employment from January 1, 2003 onward have access to a contribution-related pension scheme. A mandatory amount of 1.53% of gross remuneration is to be paid into an employee pension fund, which is reported under "Personnel expenses". In Austria, moreover, an amount of € 309.6 thousand (2012: € 0.0 thousand), the United States an amount of € 584.2 thousand (2012: € 539.4 thousand) was paid into a pension system that constitutes a contribution-related pension scheme. In Germany, contributions totaling € 2,106.6 thousand (2012: € 2,013.9 thousand) were paid in to the German pension insurance system, which also constitutes a contribution-related pension scheme. As there are no other obligations over and above these contribution payments, there is also no need for provisioning (i. e. same situation as in Austria).
The provisions for long-service bonuses are calculated in a uniform manner on the reporting date using the projected unit credit method, an interest rate 3.3% p.a. (2012: 3.5% p.a.) and a dynamic rate of 4.0% p.a. (2012: 4.0%) for further increase in remunerations. In addition, fl uctuation deductions in line with the number of years of service were also taken into account. These amounts to 5% in the fi rst year of service, 2% in the second year and 0.25% in the third to fi fth year. Apart from invalidity and mortality rates (basis: Pagler & Pagler actuarial tables) and the end of the employment relationship upon attainment of the age of retirement, a fl uctuation deduction of 1.5% (2012: 1.5%) is applied.
The other provisions carried under the non-current and current liabilities cover all the risks recognizable up to the reporting date derived from uncertain liabilities. To the extent that this obligation is likely to result in an outfl ow of resources with economic benefi ts, they will be recognized at an amount which careful review of the facts determines to be the most probable.
NOTES
Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the income statement net of any reimbursement. If the eff ect of the time value of money is material, provisions are discounted using a current pre tax rate that refl ects, where appropriate, the risks specifi c to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a fi nance cost.
At the fi rst time liabilities are reported at the cost of acquisition (corresponds to the fair value). Subsequent measurement is eff ected at amortized cost in accordance with the eff ective interest-rate method. Liabilities in foreign currency are valued at the mean foreign exchange rate on the balance-sheet date.
A fi nancial liability is written-off when the obligation under the liability is discharged, cancelled or expired. Where an existing fi nancial liability is replaced by another from the same lender on substantially diff erent terms, or the terms of an existing liability are substantially modifi ed, such an exchange or modifi cation is treated as a write-off of the original liability and the recognition of a new liability, and the diff erence in the respective book values, are recognized in the income statement.
The proceeds from the sale of products and goods are realized at the point in time at which the risks and opportunities are transferred to the purchaser. Gains on interest are realized on a pro rata temporis basis taking into account the eff ective interest on the asset. Dividends are reported with the origination of a legal entitlement. Rental income is recognized on a straight line basis over the lease terms. Income realization for long-term orders going beyond the balance-sheet date is eff ected subject to the percentage of completion method.
Monetary items in foreign currencies are translated into the functional currency on the balance-sheet date at the exchange rate on the closing date. Non-monetary items reported according to the cost of acquisition method are reported unchanged at the exchange rate on the date of initial booking. Non-monetary items that are recognized at fair value in a foreign currency are translated at the exchange rate obtaining at the time when such fair value was determined. Currency diff erences derived from the translation of monetary items are recognized in the income statement. All diff erences are taken to profi t or loss with the exception of diff erences on foreign currency liabilities that provide a hedge against a net investment in a foreign entity.
To a certain extent, the compilation of the consolidated fi nancial statements requires the use of estimates and assumptions, which can infl uence the values reported for assets and liabilities, the other liabilities on the balance-sheet date and income and expenses for the period under review. The eff ective future values may deviate from the estimates.
The most important future-related assumptions, which could result in signifi cant risk in the form of a material adjustment of the book values of assets and liabilities in the coming fi nancial year, are explained below:
In the course of the purchase price allocations made when an entity is being acquired, certain assumptions are made regarding the existence and valuation of the assets (primarily intangible assets), liabilities and contingent liabilities that are being taken over. When determining the fair values as part of the purchase price allocation, assumptions are made, primarily regarding the expected cash fl ow and the discount rate (please see the item B.1 for details of the corporate acquisitions).
In the case of the receivables, certain assumptions have to be made regarding the likelihood of non-payment (details please see the items D.4. "Non-current receivables" and D.8. "Current Receivables").
To take account of the obsolescence risk, a standardized slow-mover/range-of-coverage writedown has been implemented. Finished products are also subjected to systematic review with the aim of achieving a loss-free valuation which is basically characterized by the expected selling prices, exchange-rate developments, the time of sale and the costs still expected to be incurred.
The basis for the capitalization of deferred tax assets is provided by both the business plans of the subsidiaries and tax planning calculations. If, on the basis of these forecasts, an existing loss carryforward will not be consumed within an appropriate period of three to fi ve years, this loss carryforward is not capitalized. Deferred tax assets of loss carryforwards of € 3,185.0 thousand (2012: € 1,345.8 thousand) were capitalized in 2013. In 2013, there were € 1,038.9 thousand of loss carryforwards for which no deferred tax assets had been recognized on the grounds of insuffi cient certainty regarding their eff ectiveness as defi nitive tax relief (2012: € 0.0 thousand).
The Rosenbauer Group makes use of actuarial computations for calculating the personnel provisions. The computations are based on certain assumptions regarding the discount rate and likely increases in pay and pensions (details of these assumptions and of the amounts recognized as personnel provisions may be found in items C.10 and D.14).
The amount of the provision made for warranties is the present value of the best possible estimate, based on empirical values, of the likely total of these costs (2013: € 10,699.2 thousand; 2012: € 7,330.9 thousand).
In connection with the fi re fi ghting vehicle cartel, the aff ected municipal fi re departments will be receiving fi nancial compensation from the manufacturers Magirus, Rosenbauer and Schlingmann. Up to € 6.7 million will be available for this purpose from a settlement fund. The settlement proceedings were essentially concluded on the basis of an out-of-court agreement in January 2014. The response rate from aff ected municipalities for the fi re fi ghting vehicles valued in the expert report was 66.1%.
The € 1.3 million payment made by Rosenbauer Deutschland GmbH is a signifi cant contribution towards the damage-compensation settlement between the municipal fi re departments and the manufacturers. The question of whether any other substantive damages claims can be judicially enforced and thus have an impact on the balance sheet, and if so, for what amount, is impossible to judge at the present time.
The municipal umbrella organizations have also reached agreement with the companies involved in the turn-tableladder cartel, Magirus GmbH and Metz Aerials GmbH & Co. KG. There will be an out-of-court damages settlement in this case as well; these proceedings are expected to be completed during the fi rst half of 2014. The compensation to be paid by Rosenbauer has been estimated at around € 3.2 million, and has already been provided for in the balance sheet.
In order to prevent any such undesirable developments in future, the Compliance Organization was expanded again last year, rules were tightened and penalties decided for anti-competitive behavior.
Development costs are capitalized in accordance with the reporting and valuation methods outlined above. First-ever capitalization of these costs is based upon Management's judgment that the project to which they refer has been proven to be technically and commercially feasible. In order to determine the amounts to be capitalized, Management makes certain assumptions about the size of the expected future cash fl ow from the project, the discount rate to be used, and the period during which the future benefi t may be expected to accrue. At December 31, 2013, the book value of the capitalized development costs amounted to € 2,293.5 thousand (2012: € 0.0 thousand), essentially relating to development work in the "Vehicles", "Aerials" and "Fire fi ghting components" segments. The impairment review focuses on the utility of the individual asset, irrespective of the earnings expectations of the segment as a whole.
The balance-sheet treatment of hedges for future cash fl ows assumes that there is a high probability of these cash fl ows taking place.
No signifi cant changes were made to estimates in Financial 2013.
The assets combined in the consolidated balance sheet and the related movements are shown in the movement in the consolidated assets table. As in the preceding year, the tangible assets contain no real estate held as a fi nancial investment.
The future expenses from operating leasing contracts, which involve only tangible assets, were structured as follows:
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| In the following year | 3,280.2 | 2,341.9 |
| In the following 1 to 5 years | 12,530.3 | 8,007.3 |
| Over 5 years | 8,219.5 | 6,989.2 |
Payments from operative leasing agreements which are carried in the result for the period amounted to € 2,976.8 thousand (2012: € 2,110.7 thousand). The operating leasing contracts essentially relate to rental agreements for real property and machinery.
The tangible assets held under fi nance leasing arrangements break down as follows:
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Value of developed land | 1,420.2 | 1,420.2 |
| Business and factory premises | 958.0 | 988.9 |
| Technical equipment and machinery | 230.1 | 277.1 |
| 2,608.3 | 2,686.2 |
The respective leasing liabilities are disclosed under "Other current liabilities", broken down by maturities.
As at December 31, 2013, the order liability for tangible assets in the Group amounted to € 2,351.9 thousand (2012: € 1,802.8 thousand). During the 2013 fi nancial year, no impairments were undertaken on tangible and intangible assets (2012: € 0.0 thousand). No write-ups were made in 2013 (2012: € 0.0 thousand).
No tangible assets were pledged as hedging for liabilities (2012: € 0.0 thousand). There are no limitations with regard to rights of disposal.
Development costs of € 2,293.5 thousand (2012: € 0.0 thousand) were capitalized as internally generated intangible assets in Financial 2013.
In the purchase-price breakdown for the acquisition of Metz-Service18, the customer base was capitalized with an amount of € 74.6 thousand.
D. NOTES TO THE CON-SOLIDATED BALANCE SHEET AND INCOME STATEMENT
The securities reported in the consolidated fi nancial statements in the amount of € 235.1 thousand (2012: € 197.6 thousand) are in the available-for-sale category. These securities are fi xed-interest bank and corporate bonds.
The production joint venture established with Russian partners in Moscow (PA "Fire-fi ghting special technics" LLC., in which Rosenbauer holds a 49% stake), and the joint venture established in Spain with the co-owner and Managing Director of Rosenbauer Española (Rosenbauer Ciansa S.L., in which Rosenbauer has a 50% stake), were both reported applying the equity accounting method.
The following tables contain a summary of the fi nancial information on the Group's equity interest in both joint ventures.
| Changes in value of equity interest of joint venture Russia in € thousand | 2013 | 2012 |
|---|---|---|
| As at January 1 | 8,040.1 | 3,165.0 |
| Capital payment | 0.0 | 1,500.0 |
| Share of gains/losses | 1,795.0 | 3,044.7 |
| Dividend | (2,178.5) | 0.0 |
| Currency diff erences | (992.5) | 330.4 |
| As at December 31 | 6,664.1 | 8,040.1 |
Rosenbauer increased its stake in the production joint venture PA "Fire-fi ghting special technics" LLC. in Moscow from 34% to 49% in the fourth quarter of 2012; the remaining interests are held by local partners. The purchase price for the increase was € 1,500 thousand.
| Changes in value of equity interest of joint venture Spain in € thousand | 2013 | 2012 |
|---|---|---|
| As at January 1 | 1,011.9 | 1,205.7 |
| Share of gains/losses | 110.7 | (193.8) |
| As at December 31 | 1,122.6 | 1,011.9 |
Group's share of the assets and debts, and earnings and expenses, of the joint venture in Russia:
| in € thousand | 2013 | 2012 |
|---|---|---|
| Non-current assets | 119.4 | 147.9 |
| Current assets | 15,976.3 | 11,636.9 |
| Current liabilities | 9,431.6 | 3,744.7 |
| Revenues | 21,225.2 | 32,976.9 |
| Expenses | 19,430.2 | 29,932.2 |
Group's share of the assets and debts, and earnings and expenses, of the joint venture in Spain:
| 2013 | 2012 | |
|---|---|---|
| Non-current assets | 3,233.4 | 3,349.5 |
| Current assets | 575.8 | 888.5 |
| Non-current liabilities | 1,759.8 | 1,876.6 |
| Current liabilities | 926.8 | 1,349.5 |
| Revenues | 1,441.7 | 873.3 |
| Expenses | 1,331.0 | 1,067.1 |
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Other receivables and assets | 60.5 | 35.3 |
The other receivables and assets with a period to maturity of between one and fi ve years totaled € 60.5 thousand (2012: € 35.3 thousand). Other receivables with a period to maturity in excess of fi ve years totaled € 0.0 thousand (2012: € 0.0 thousand).
Diff erences between the values in the consolidated tax and IFRS balance sheets derive from the following diff erence amounts or deferred taxes:
| Deferred tax 2013 | Deferred tax 2012 (revised) |
|||
|---|---|---|---|---|
| Asset- | Liabilities- | Asset- | Liabilities | |
| in € thousand | side | side | side | side |
| Open one-seventh depreciation pursuant to | ||||
| §12 (3) Austrian Corporation Income Tax Act (KStG) | 461.2 | 0.0 | 267.8 | 0.0 |
| Foreign exchange forwards, securities | ||||
| (recognized at fair value in equity) | 25.1 | 1,269.8 | 322.4 | 599.5 |
| Foreign exchange forwards, securities | ||||
| (recognized in the income statement) | 29.9 | 258.7 | 58.2 | 83.6 |
| IAS 19 valuation via "Other comprehensive income" | 1,573.6 | 0.0 | 1,477.9 | 0.0 |
| Capitalized development costs | 0.0 | 599.7 | 0.0 | 0.0 |
| Valuation diff erences of receivables | 0.0 | 68.0 | 0.0 | 88.0 |
| Profi t recognition from production contracts | 0.0 | 2,200.6 | 0.0 | 1,706.8 |
| Special tax allowances | 180.3 | 590.4 | 188.2 | 648.6 |
| Valuation diff erences of other provisions and liabilities | 1,738.5 | 216.4 | 1,850.3 | 0.0 |
| Capitalized loss carryforwards | 898.6 | 0.0 | 332.0 | 0.0 |
| Others | 296.8 | 23.3 | 289.8 | 1.9 |
| Asset-side/Liabilities-side deferred tax | 5,204.0 | 5,226.9 | 4,786.6 | 3,128.4 |
| Netting of asset-side and liabilities-side deferred tax | (2,397.8) | (2,397.8) | (1,986.9) | (1,986.9) |
| 2,806.2 | 2,829.1 | 2,799.7 | 1,141.5 |
€ 3,185.0 thousand (2012: € 1,345.8 thousand) of deferred tax assets on loss carryforwards are reported in the balance sheet as at December 31, 2013. In 2013, there were € 1,038.9 thousand of loss carryforwards for which no deferred tax assets had been recognized on the grounds of insuffi cient certainty regarding their eff ectiveness as defi nitive tax relief (2012: € 0.0 thousand). Deferred tax liabilities amounting to € 7,273.6 (2012: € 2,104.4 thousand), arising from the diff erence between the tax value of equity interest and net assets as per IFRS fi nancial statements, have not been recognized, as the parent entity has the ability to control the timing with which the temporary diff erences are realized, and these are in any case unlikely to reverse in the foresee-
able future.
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Raw materials and supplies | 50,293.8 | 56,898.2 |
| Chassis | 41,492.5 | 41,222.1 |
| Work in progress | 41,949.0 | 34,642.9 |
| Finished goods and goods for resale | 25,889.0 | 34,599.9 |
| Goods in transit | 5,064.0 | 3,434.3 |
| Prepayments made | 3,195.0 | 3,010.3 |
| 167,883.3 | 173,807.7 |
The inventories contain accumulated value impairments amounting to € 8,649.0 thousand (2012: € 7,800.7 thousand). The amount of € 2,310.9 thousand (2012: € 2,179.2 thousand) concerning the value impairment in the current year is included in the income statement under costs of goods sold. There were no value write-ups in the current fi nancial year (2012: € 0.0 thousand) and no inventories were pledged as hedging for liabilities.
Depending on the degree of completion, the "Production contracts" include vehicle superstructures and chassis. All production contracts have a residual period of less than one year. Sales revenues include income from production contracts in the amount of € 52,947.8 thousand (2012: € 67,158.4 thousand).
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Accounts receivable-trade | 67,950.2 | 81,464.4 |
| Receivables from derivatives | 6,034.1 | 2,695.9 |
| Income-tax receivables | 636.8 | 1,588.0 |
| Receivables from other taxes | 4,819.4 | 6,308.5 |
| Other receivables and assets | 7,995.4 | 7,643.7 |
| 87,435.9 | 99,700.5 |
The value impairments on receivables relate exclusively to the accounts receivables-trade reported under the current receivables. An amount of € 357.6 thousand (2012: € 36.3 thousand) in value impairments for 2013 is reported under other expenses. These refer entirely to specifi c bad-debt provisions. No impairments occurred with regard to other fi nancial instruments.
| Value impairments € thousand | 2013 | 2012 |
|---|---|---|
| As at January 1 | 532.2 | 1,091.7 |
| Allocations | 357.6 | 36.3 |
| Consumption | (4.0) | (79.2) |
| Reversals | (17.8) | (516.6) |
| As at December 31 | 868.0 | 532.2 |
The following table shows the expenses for the complete write-off of receivables as bad debts, as well as income from the entry of written-off receivables.
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Expenses for the write-off of receivables | 3.1 | 78.6 |
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Bank balances | 13,680.0 | 13,395.0 |
| Cash and short-term deposits | 125.8 | 213.7 |
| 13,805.8 | 13,608.7 |
On the reporting date, there were no drawing restrictions on the amounts carried under this item.
The 21st Annual General Meeting of Rosenbauer International AG on May 24, 2013 approved the proposed dividend of € 1.2 per share.
NOTES
The additional paid-in capital derives from the new shares issued in 1994 via the Vienna Stock Exchange and constitutes a committed additional paid-in capital which is not available for the payment of dividends. The individual fi nancial statements of the company prepared according to Austrian Company Code (UGB) provide the basis for the proposal for the distribution of profi ts.
The item "Other reserves" contains the off set item for currency translation, the revaluation reserve, the restatement as required by IAS 19 and the hedging reserve. The off set item for currency translation carries the diff erence from the adjustment of equity as compared to initial consolidation. In addition, this item also contains the diff erences from currency translations relating to asset and liability items, as compared to the translation of the preceding year, as well as translation diff erences between the consolidated balance sheet and income statement.
The change in the hedging reserve derives from the fair value valuation of currency futures subject to IAS 39.
Details concerning the reserves can be obtained from the Changes in equity table.
Non-controlling interests contains with regard to the following subsidiaries:
| 2013 | 2012 | |
|---|---|---|
| Rosenbauer Española S.A., Spain, Madrid | 37.89% | 37.89% |
| Rosenbauer America, LLC., USA, South Dakota | 50.00% | 50.00% |
| Rosenbauer Minnesota, LLC., USA, Minnesota | 50.00% | 50.00% |
| Rosenbauer South Dakota, LLC., USA, South Dakota | 50.00% | 50.00% |
| Rosenbauer Motors, LLC., USA, Minnesota | 57.50% | 57.50% |
| Rosenbauer Aerials, LLC., USA, Nebraska | 75.00% | 75.00% |
| Eskay Rosenbauer Sdn Bhd, Brunei | 20.00% | 20.00% |
| Rosenbauer d.o.o., Slovenia, Radgona | 10.00% | 10.00% |
| Rosenbauer Saudi Arabia Ltd., Saudi Arabia, Riyadh | 25.00% | 0.00% |
| Metz-Service18 S.A.R.L., France, Chambéry | 16.00% | 0.00% |
| Rosenbauer South Africa (Pty.) Ltd., South Africa, Halfway House | 25.00% | 0.00% |
In Saudi Arabia, Rosenbauer joined with a local partner in 2013 to establish Rosenbauer Saudi Arabia Ltd. (Rosenbauer shareholding: 75%), whose registered offi ce is in the capital city, Riyadh. Also in 2013, a new service center for aerial appliances was opened in France. This new company, in which Rosenbauer holds an 84% stake, operates under the name of Metz-Service18 S.A.R.L.
At Rosenbauer South Africa, 25% of the company's shares, worth € 91.3 thousand, were transferred to its employees in Financial 2013.
A 5% stake in the American company Rosenbauer Motors was sold in 2012, at a price of € 296.6 thousand. This partial disposal did not result in loss of control. The change in the relative shareholding may be seen from the item E.3. "Related-party disclosures".
In 2013, € 2,471.0 thousand (2012: € 3,349.5 thousand) were distributed among minority shareholders in Group subsidiaries.
This item contains all interest-bearing liabilities to banks and the Austrian Research Promotion Fund with a remaining period to maturity of over one year. Details concerning fi nancial liabilities are contained under the item D.29. "Risk management".
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Liabilities to banks and the Austrian Promotion Fund Research | 674.8 | 10,843.8 |
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Other non-current liabilities | 3,414.0 | 2,719.2 |
In 2013 and 2012, the non-current liabilities mainly relate to export fi nancing.
Severance payments are one-time payments which labor law requires to be made to employees upon termination, and to employees when they retire. The size of these payments depends upon the number of years' service and the size of the departing employee's pay package. The provisions for severance compensation were set aside to the extent found necessary by the application of actuarial principles (details of the assumptions upon which the calculations were based may be found in item C.10).
| Provisions in € thousand | 2013 | 2012 |
|---|---|---|
| As at January 1 | 18,715.4 | 16,204.6 |
| Service expense | 795.6 | 782.0 |
| Interest expense | 608.8 | 792.1 |
| Restatements | 157.5 | 2,236.9 |
| Ongoing payments | (2,597.7) | (1,300.2) |
| As at December 31 | 17,679.6 | 18,715.4 |
The restatements relate to € –214.7 thousand (2012: € –369.4 thousand) of changes in demographic assumptions and € 372.2 thousand (2012: € 2,606.3 thousand) of changes in fi nancial assumptions.
The cash value of the obligation for the current year as well as the preceding years is structured as follows:
| in € thousand | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|
| Cash value of the obligation | |||||
| as at December 31 | 17,679.6 | 18,715.4 | 16,204.6 | 16,525.7 | 15,466.3 |
| Experience-related adjustments | (1.2%) | (1.8%) | (8.1%) | 5.0% | (1.2%) |
The net expenditure on severance payments resulting from benefi t commitments breaks down as follows:
| Net expenditure on severance payments in € thousand | 2013 | 2012 |
|---|---|---|
| Personnel expenditure | ||
| Service expense | 795.6 | 782.0 |
| Interest expenditure | ||
| Interest expense | 608.8 | 792.1 |
| 1,404.4 | 1,574.1 |
The alteration in the rate of interest is based upon a reassessment made in the light of the changed economic situation.
At December 31, 2013 the average term of the defi ned-benefi t obligation from severance payments was 10.7 years (2012: 13.7 years).
The following sensitivity analysis for the severance-payment obligations illustrates what eff ect it would have on the obligations if fundamental actuarial assumptions were changed. One key infl uencing factor was changed in each case, while all the other parameters were kept the same. In reality, however, it is unlikely that these parameters would not correlate.
| Change in net present value of obligation in € thousand | +1%/1 year | –1%/1 year |
|---|---|---|
| Rate of interest | (1,843.4) | 2,184.8 |
| Pay increase | 2,141.4 | (1,844.2) |
| Fluctuation | (873.6) | (124.6) |
| Longevity | 67.7 | (80.4) |
Within the Rosenbauer Group, as a result of national regulations or voluntary agreements, there are pension benefi t plans in place for the countries of Austria and Germany. These plans are partly defi ned-benefi t and partly contribution-related plans (details of the assumptions upon which the calculations were based may be found in item C.10).
| Provisions in € thousand | 2013 | 2012 | |
|---|---|---|---|
| As at January 1 | 5,462.7 | 4,502.1 | |
| Service expense | 32.3 | 26.6 | |
| Interest expense | 183.2 | 217.4 | |
| Restatements | 202.2 | 1,019.6 | |
| Ongoing payments | (386.9) | (303.0) | |
| As at December 31 | 5,493.5 | 5,462.7 |
The restatements relate to € 74.7 thousand (2012: € 135.8 thousand) of changes in demographic assumptions and € 127.5 thousand (2012: € 883.8 thousand) of changes in fi nancial assumptions.
The cash value of the obligation for the current year as well as the preceding years is structured as follows:
| in € thousand | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|
| Cash value of the obligation | |||||
| as at December 31 | 5,493.5 | 5,462.7 | 4,502.1 | 4,950.0 | 4,666.2 |
| Experience-related adjustments | 1.4% | 2.5% | (2.8%) | (3.8%) | 0.6% |
The net expenditure on pensions resulting from benefi t commitments breaks down as follows:
| Personnel expenditure in € thousand | 2013 | 2012 |
|---|---|---|
| Service expense | ||
| Interest expenditure | 32.3 | 26.6 |
| Interest expense | ||
| Net expenditure on pensions | 183.2 | 217.4 |
| 215.5 | 244.0 |
The alteration in the rate of interest is based upon a reassessment made in the light of the changed economic situation.
At December 31, 2013 the average term of the defi ned-benefi t obligation from pensions was 5.9 years (2012: 6.0 years).
The following sensitivity analysis for the pension obligations illustrates what eff ect it would have on the obligations if fundamental actuarial assumptions were changed. One key infl uencing factor was changed in each case, while all the other parameters were kept the same. In reality, however, it is unlikely that these parameters would not correlate.
| Change in net present value of obligation in € thousand | +1%/1 year | –1%/1 year | |
|---|---|---|---|
| Rate of interest | (584.8) | 714.3 | |
| Pay increase | 596.0 | (508.7) | |
| Fluctuation | (0.2) | 0.3 | |
| Longevity | 258.7 | (266.2) |
Further information on the personnel provisions may be found in the outline of the reporting and valuation methods.
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Provisions for long-service bonuses | 2,704.0 | 2,413.0 |
| Other non-current provisions | 57.0 | 62.5 |
| 2,761.0 | 2,475.5 |
The change in non-current provisions for 2013 and 2012 under the item c) is contained in the schedule of provisions.
Apart from production and investment loans, this item also includes the ongoing account overdrafts as at December 31 of the respective balance-sheet date. Details concerning the fi nancial liabilities are contained under the item D.29. "Risk management".
All accounts payable-trade in the amount of € 39,885.8 thousand (2012: € 45,304.7 thousand) mature within one year.
| in € thousand | Dec 31, 2013 Dec 31, 2012 | |
|---|---|---|
| Tax liabilities | 3,624.5 | 4,061.9 |
| Liabilities from social security contributions | 1,895.4 | 1,532.6 |
| Liabilities from derivatives | 215.6 | 1,494.5 |
| Other liabilities | 40,295.6 | 36,528.5 |
| 46,031.1 | 43,617.5 |
The overwhelming majority of the other liabilities consist of personnel obligations and commission obligations to international commercial agents.
The other provisions contain cover for guarantees and risks in the sales area, as well as provisions from the personnel area. The remaining current provisions for 2013 are contained in the schedule of provisions. For details see also C.11. and C.15.
Revenues derive mainly from the completion of orders. Information concerning the revenue structure is contained in the product segment sections as well as in the segment reporting under the item D.27. "Segment reporting".
| in € thousand | 2013 | 2012 |
|---|---|---|
| Income from retirement of tangible and intangible assets | 75.9 | 89.4 |
| Own work capitalized | 292.3 | 157.4 |
| Costs passed on to third parties | 1,192.4 | 1,289.2 |
| Public subsidies | 463.6 | 650.6 |
| Rental income and income from insurance policies | 309.1 | 392.4 |
| Disposal of value impairments | 17.8 | 516.6 |
| Gains on exchange | 4,188.2 | 933.8 |
| Sundry | 1,938.4 | 1,321.7 |
| 8,477.7 | 5,351.1 |
The sundry income includes licensing income and damage claims.
| in € thousand | 2013 | 2012 |
|---|---|---|
| Wages | 59,987.9 | 53,562.3 |
| Salaries | 54,828.4 | 50,346.8 |
| Expenses for severance payments and pensions | 845.9 | 815.6 |
| Expenses for the contribution-related plans | 3,510.0 | 2,972.6 |
| Expenses for mandatory social security payments | ||
| as well as wage-related taxes and obligatory contributions | 20,692.4 | 18,207.6 |
| Other social security expenses | 2,357.8 | 2,020.0 |
| 142,222.4 | 127,924.9 | |
| Average number of employees | 2013 | 2012 |
| Blue-collar | 1,513 | 1,377 |
| 22. Other expenses | ||
|---|---|---|
| in € thousand | 2013 | 2012 |
| Taxes other than income taxes | 635.5 | 535.1 |
| Administrative expenses | 39,280.0 | 29,848.8 |
| Sales expenses | 21,261.0 | 16,760.9 |
| 61,176.5 | 47,144.8 |
This item consists of maintenance, legal, auditing and consulting costs, external services, expenses for events, rents and leases, as well as the cost of the marketing and sales department.
The exchange-rate diff erences recognized in profi t or loss in 2012 total € 79.9 thousand (2012: € 2.2 thousand).
| in € thousand | 2013 | 2012 |
|---|---|---|
| Interest and other expenses | 3,117.3 | 2,745.6 |
| Interest on non-current personnel provisions | 792.0 | 1,009.5 |
| 3,909.3 | 3,755.1 |
The item "Interest and other expenses" contains the change in the fair value of the derivative fi nancial instruments recognized in the income statement; this change in value amounted to € 130.6 thousand (2012: € 72.7 thousand).
| in € thousand | 2013 | 2012 |
|---|---|---|
| Income on securities | 11.3 | 9.6 |
| Other interest and similar income | 1,334.2 | 1,028.5 |
| 1,345.5 | 1,038.1 |
The item "Other interest and similar income" contains the change in the fair value of the derivative fi nancial instruments recognized in the income statement; this change in value amounted to € 669.9 thousand (2012: € 110.8 thousand).
| in € thousand | 2013 | 2012 |
|---|---|---|
| Expense for current income tax | 10,148.8 | 6,425.2 |
| Change in deferred income tax | 787.0 | 392.3 |
| 10,935.8 | 6,817.5 |
The reasons for the diff erence between the calculated income tax expense and eff ective tax expense in the Group are explained in the following table.
| in € thousand | 2013 | 2012 |
|---|---|---|
| Profi t before income tax | 41,688.6 | 38,776.9 |
| — thereof 25% (2012: 25%) calculated income tax expense | 10,422.2 | 9,694.2 |
| Tax relief on limited companies1 | (1,482.2) | (610.5) |
| Write-off of shareholding at company level | (372.5) | 0.0 |
| Eff ect of diff ering tax rates | 968.1 | 331.8 |
| Permanent diff erences2 | (580.3) | (1,141.7) |
| Consumption of unaccounted loss carryforwards | 0.0 | (494.9) |
| Non-capitalized loss carryforwards | 305.8 | 0.0 |
| Taxes from previous years | 1,944.5 | (841.1) |
| Withholding taxes, minimum taxes | (269.8) | (120.3) |
| Eff ective tax income (–)/expense (+) | 10,935.8 | 6,817.5 |
1 Taxes relating to non-controlling interests
2 Tax relief due to the joint venture in Russia
The consolidated cash fl ow statement was prepared according to the indirect method. The fi nance funds consist entirely of cash on hand and in banks, checks. Interest received and paid is reported as part of current business activities. Dividend payments are reported as part of fi nancing activities. The additions to intangible and fi xed assets include a non-cash item of € 1,045.3 thousand (2012: € 750.0 thousand) which was accounted for in the consolidated cash fl ow statement.
IFRS 8 (Operating Segments) requires operating segments to be identifi ed, and segment information to be disclosed, on the same basis as that used in the entities internal controlling and management reporting. This result in information being presented in a manner which corresponds to the entity's internal reporting, as required by the "management approach" principle.
The development of Group companies takes particularly high priority in internal reporting. For this reason, the presentation of the operating segment reporting is in terms of where the assets of the Rosenbauer Group companies concerned are located. The following areas have been defi ned, in line with the internal Management Information System: Austria, USA, Germany, Slovenia, Spain, Switzerland, Singapore, Brunei, Saudi Arabia and South Africa. In order to create the mandatorily reportable operating segments referred to above, the operating segments Slovenia, Spain and Switzerland have been amalgamated in the Operating Segment "Rest of Europe", the operating segments Singapore, Brunei and Saudi Arabia have been amalgamated in the new Operating Segment "Asia". Owing to its insignifi cant size, the company in South Africa has been assigned to the Operating Segment "Austria". Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profi t or loss and is measured consistently with operating profi t or loss in the consolidated fi nancial statements. However, Group fi nancing (including fi nance costs and fi nance income) and income tax are managed on a group basis and are not allocated to operating segments. Transfer prices between the segments are at arm's length.
NOTES
Segment reporting refers to revenues and operating results achieved by every single segment on local as well as export markets. For the purposes of consolidation, earnings from transactions with other segments have been eliminated. Segment assets and segment liabilities only relate to those operating assets and liabilities that are used by a segment for its operational activity. Goodwill, deferred taxes, securities, bank balances and short-term deposits, and joint venture assets of € 25,447.4 thousand (2012: € 26,471.6 thousand), are not included in the segment assets, as these assets are controlled at Group level. Interest-bearing liabilities, deferred taxes and tax provisions totaling € 67,598.8 thousand (2012: € 109,426.9 thousand) are not included in the segment liabilities, as these liabilities are controlled at Group level.
In terms of where the respective clients are headquartered, the Group's revenues for the year 2013 in the amount of € 737.9 million (2012: € 645.1 million) break down into Western and Eastern Europe (€ 290.5 million; 2012: € 255.6 million), the Arab world (€ 221.8 million; 2012: € 179.2 million), NAFTA countries (€ 104.6 million; 2012: € 93.0 million), Asia and Oceania (€ 72.7 million; 2012: € 87.7 million), and other countries (€ 48.3 million; 2012: € 29.6 million).
The basis for capital management in the Rosenbauer Group is considered to be the capital made available by equity and credit investors.
The primary objective of Group capital management is to ensure that a high credit rating and solid equity ratio are maintained in order to support business activities. The aim is a minimum equity ratio of 35% by means of long-term capital planning on a rolling basis. This planning is coordinated with dividend and investment policy and is an important instrument for the annual rating discussions with the fi nancing banks.
In addition, total balance-sheet management also serves to optimize the equity ratio which, together with the continuous surveillance of production stocks and accounts receivable-trade, ensures the optimization of committed current assets. The equity ratio is calculated as the percentage of the balance-sheet total comprised by equity; in 2013, it was 45.2% (2012: 38.8%).
Furthermore, capital is monitored by means of the gearing ratio, which describes the relationship of net debt to equity. A band lying between 20% and 40% has been laid down as the long-term aim for the gearing ratio. Due to the increased interest-bearing liabilities, the gearing ratio reached 25.9% in 2012 (2012: 55.7%). The company will seek to improve the gearing ratio in 2013.
As a global player, the Rosenbauer Group is inevitably subject to price, interest and exchange rate risks. It is company policy to closely monitor risk positions, counteract internally the market development of existing risks to the greatest extent possible, steer net items towards an optimum result, and where necessary, undertake hedging. The aim of currency risk hedging is the creation of a secure calculation basis for production contracts.
No material new or previously unrecognized risks resulted from the yearly evaluation of Group companies. In addition, on the basis of current information, there are no individual, existential risks that could have a decisive eff ect on the asset, fi nancial and income situation of the Group.
Financial instruments form one important area of risk hedging. Financial instruments are contract-based transactions with an impact upon cash fl ow. In accordance with IFRS 7 these include primary fi nancial instruments such as receivables, accounts payable-trade, fi nancial receivables and liabilities. On the other hand, there are also derivative fi nancial instruments which are used as hedging transactions against the risks derived from exchange and interest rate shifts. The following section reports on both primary and derivative fi nancial instruments.
All regular way purchases and sales of fi nancial assets are recognized on the trade date, which is the date that the Group commits to purchase the asset. Regular way purchases or sales are purchases or sales of fi nancial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.
Due to daily or short-term maturity, the fair value of cash on hand and in banks, current receivables and liabilities largely corresponds to the book value. On the reporting date, the securities were allocated a fair value of € 235.1 thousand (2012: € 197.6 thousand). The fair market value is determined by the share price at the balance-sheet date.
As a result of the customer structure and the credit risk hedging policy, the receivables risk may be regarded as negligible. In addition, all customers wishing to conclude business with the Group on a credit basis must undergo a creditworthiness examination. Receivables are also constantly monitored, in order that the Group is not subject to material default risk. The maximum reliability risk (and thus credit risk) corresponds to the book values, or to the deductible excesses in the case of insured receivables. The book values reported largely correspond to the market values.
Within the EU, receivables largely relate to local government legal entities. Where private business recipients of lower or unknown creditworthiness are involved, receivables are insured, e. g. in Austria via "Prisma Kreditversicherungs AG". Receivables from customers outside the European Union with low creditworthiness, including governmental clients, are insured by means of documentary credits or bank guarantees. If required, alternative and also cumulative insurance is concluded with a state insurance company. In Austria this takes place via "Oesterreichische Kontrollbank AG" (risk insurance outside the OECD) and "Prisma Kreditversicherungs AG" (risk insurance inside the OECD).
The analysis of past due, not impaired trade and other receivables as at December 31 shows the following:
| Neither | Not impaired, but past due | |||||
|---|---|---|---|---|---|---|
| impaired | Within | 91 to | 181 to | Over | ||
| in € thousand | Total nor past due | 90 days | 180 days | 360 days | 360 days | |
| Receivables 2013 | ||||||
| Accounts receivable-trade | 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 | |
| Receivables 2012 | ||||||
| Accounts receivable-trade | 81,464.4 | 46,953.4 | 21,496.7 | 9,157.4 | 2,617.7 | 1,239.2 |
| Other receivables | ||||||
| (current and non-current) | 7,679.0 | 7,679.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 89,143.4 | 54,632.4 | 21,496.7 | 9,157.4 | 2,617.7 | 1,239.2 |
With regard to the trade receivables that are neither impaired nor overdue, and to the other receivables and assets, there were no indications at the closing date that the debtors will not meet their payment obligations.
Interest and interest change risks relate primarily to liabilities with a period to maturity of over a year.
In the case of assets, an interest-change risk only applies to the securities carried in the fi nancial assets. On the balance-sheet date, the securities were allocated to their fair value. A reduction in interest rate risk and earnings optimization is possible by means of constant surveillance of interest trends and a resulting regrouping of the securities portfolio.
Non-current liabilities to banks consist of loans for various investments in operative business. Interest rates are hedged in the medium-term by means of interest cap instruments. However, longer-term negative price changes could have a negative eff ect on the income situation. A change in the interest rate of ±1% with regard to the credit portfolio on the closing date would have led to a € 489.2 thousand (2012: € 933.8 thousand) lower or higher result and equity.
In the case of securities carried under the consolidated non-current assets, investments are eff ected almost entirely in the local currency of the Group company involved. Consequently, there is no foreign exchange risk in this connection.
Virtually all of the foreign exchange risks on the asset side derive from US dollar trade accounts receivable from international customers. In the majority of markets, invoicing takes place in euro. On the liabilities side, with the exception of accounts payable-trade, there are no foreign exchange risks of note, as ongoing fi nancing of operative business takes place in the local currency of the respective company involved. Possible foreign exchange risks from short-term peaks are borne by the company. Apart from hedging using derivative fi nancial instruments, further hedging derives from naturally closed items which, for example, are counterbalanced by accounts payable-trade in US dollars.
The following table shows the sensitivity of the consolidated result before income tax (due to changes in the fair value of the monetary assets and debts) and Group equity (due to changes in the fair value of currency future contracts), as opposed to a reasonable assessment of a generally possible exchange rate change relating to currencies of major relevance to the Group. All other variables remain constant.
| Impact on | |||||
|---|---|---|---|---|---|
| Price trend | profi t before tax | Impact on equity | |||
| in € thousand | 2013 | 2012 | 2013 | 2012 | |
| US dollars | +10% | 743.7 | 638.8 | (4,074.3) | (20,980.9) |
| –10% | (743.7) | (638.8) | 11,420.3 | 19,382.6 | |
| Singapore dollars | +10% | (154.6) | (127.1) | (367.3) | 345.4 |
| –10% | 154.6 | 127.1 | 367.3 | (345.4) | |
| Swiss francs | +10% | (240.8) | (291.5) | (176.4) | (46.1) |
| –10% | 240.8 | 291.5 | 176.4 | 46.1 | |
| Saudi riyals | +10% | 92.8 | 834.4 | (247.3) | (3,137.5) |
| –10% | (92.8) | (834.4) | 1,332.3 | 2,621.9 |
Derivative fi nancial instruments
Hedging of interest and foreign exchange risks is carried out by means of derivative fi nancial instruments such as currency futures and interest cap instruments. These are initially reported at market value on the date of the conclusion of the contract and then revalued with market values.
Derivative fi nancial instruments recognized in the income statement
From a business perspective some transactions represent hedging, but fail to fulfi ll the hedge accounting requirements pursuant to IAS 39. The fair value changes of these fi nancial instruments are recognized immediately in the income statement.
| Nominal value | Fair value | |||
|---|---|---|---|---|
| in € thousand | Dec 31, 2013 Dec 31, 2012 Dec 31, 2013 Dec 31, 2012 | |||
| Currency futures | 40,453.9 | 35,299.0 | 847.3 | 99.2 |
| Interest instruments | 13,000.0 | 15,500.0 | 0.1 | 1.5 |
NOTES
The € 847.3 thousand (2012: € 99.2 thousand) fair value of the foreign-exchange forwards at the closing date is made up of € 962.5 thousand (2012: € 304.3 thousand) of derivatives with a positive fair value and € 115.2 thousand (2012: € 205.1 thousand) of derivatives with a negative fair value. The € 0.1 thousand (2012: € 1.5 thousand) fair value of the interest-rate swaps at the closing date is made up of € 0.1 thousand (2012: € 1.5 thousand) of derivatives with a positive fair value and € 0.0 thousand (2012: € 0.0 thousand) of derivatives with a negative fair value.
Derivatives which meet the hedge-accounting requirements of IAS 39 are employed solely as hedging instruments for safeguarding future cash fl ows (i. e. as cash fl ow hedges) and are stated separately under the other comprehensive income in the consolidated statement of comprehensive income. The income contribution of the hedge transaction was recognized in the income statement upon realization of the underlying transaction.
| Nominal value | Fair value | ||||
|---|---|---|---|---|---|
| in € thousand | Dec 31, 2013 Dec 31, 2012 Dec 31, 2013 Dec 31, 2012 | ||||
| Currency futures | 97,938.6 | 228,092.7 | 4,971.1 | 1,100.7 |
The € 4,971.1 thousand (2012: € 1,100.7 thousand) fair value of the foreign-exchange forwards at the closing date is made up of € 5,071.5 thousand (2012: € 2,390.1 thousand) of derivatives with a positive fair value and € 100.4 thousand (2012: € 1,289.4 thousand) of derivatives with a negative fair value.
| Level 1 | Level 2 | |||
|---|---|---|---|---|
| in € thousand | 2013 | 2012 | 2013 | 2012 |
| Derivative fi nancial instruments without securement | ||||
| Positive fair value | 0.0 | 0.0 | 962.5 | 304.3 |
| Negative fair value | 0.0 | 0.0 | 115.2 | 205.1 |
| Derivative fi nancial instruments with securement | ||||
| Positive fair value | 0.0 | 0.0 | 5,071.5 | 2,390.1 |
| Negative fair value | 0.0 | 0.0 | 100.4 | 1,289.4 |
| Interest instruments | ||||
| Positive fair value | 0.0 | 0.0 | 0.1 | 1.5 |
| Negative fair value | 0.0 | 0.0 | 0.0 | 0.0 |
| Available-for-sale instruments | ||||
| Positive fair value | 235.1 | 197.6 | 0.0 | 0.0 |
| Negative fair value | 0.0 | 0.0 | 0.0 | 0.0 |
As in the previous year, the fi nancial investments available for sale and shown as Level 1 contain exchange-listed shares and fund units. The fair value of the forward exchange operations and interest-rate swaps, which are shown as Level 2, is determined – as was the case the previous year – with reference to bank valuations based on recognized fi nancial mathematical valuation models (discounted cash fl ow method on the basis of current interest-rate and foreign-exchange forward curves based on interbank mid-rates on the closing date).
As in the previous year, in 2013 there was no changeover from Level 1 to Level 2 or vice-versa. No change was made in the valuation method used.
Liquidity risk consists of the risk that due liabilities cannot be settled as scheduled. Group liquidity is secured by appropriate liquidity planning at the beginning of the year, suffi cient fi nancial assets with a maturity of less than one year and short-term credit lines. The following table shows the structure of interest-bearing fi nancial liabilities as at December 31, 2013, as well as the structure of the accounts payables-trade and other liabilities.
The entire interest-bearing fi nancial liabilities amount to € 62,802.3 thousand (2012: € 107,359.7 thousand). The interest on interest-bearing liabilities amounts to € 2,701.3 thousand (2012: € 2,504.6 thousand), which represented an average of 2.1% (2012: 1.9%). The book values reported largely correspond to the market values. As the ancillary costs relating to the fi nancial liabilities listed in the table at nominal interest rates are low, the nominal interest rate corresponds to the eff ective interest rate, whereby there are no eff ects on the assets, fi nancial and income situation.
Non-current variable interest-bearing liabilities are based on interest agreements which are, in turn, based on 3-month or 6-month Euribor/US-Libor rate.
| Interest | |||||||
|---|---|---|---|---|---|---|---|
| Loan | Final | Interest | fi xed/ Dec 31, 2013 Dec 31, 2012 | ||||
| in thousand | Currency Dec 31, 2013 | maturity | in % | variable | in € tsd. | in € tsd. | |
| Production fi nancing | SGD | 5,600 | 2014 | Sibor+1.5 | variable | 3,221.3 | 3,778.5 |
| Production fi nancing | USD | 8,583 | 2014 | 3.000 | variable | 6,240.6 | 15,569.4 |
| Production fi nancing | USD | 6,000 | 2014 | 1.487 | variable | 4,362.7 | 4,554.8 |
| Production fi nancing | € | 2,500 | 2014 | 1.100 | variable | 2,500.0 | 7,500.0 |
| Production fi nancing | € | 0 | 2013 | 5.000 | variable | 0.0 | 97.9 |
| Investment loan | € | 10,000 | 2014 | 1.220 | variable | 10,000.0 | 0.0 |
| Production fi nancing | € | 13,018 | 2014 | 1.420 | fi xed | 13,017.6 | 12,950.0 |
| Investment loan | € | 188 | 2014 | 5.250 | fi xed | 187.5 | 187.5 |
| Loans on overdraft | € | 22,597.8 | 51,877.8 | ||||
| Current total | 62,127.5 | 96,515.9 | |||||
| Investment loan | € | 0 | 2014 | 1.220 | variable | 0.0 | 10,000.0 |
| Investment loan | € | 675 | 2018 | 5.250 | fi xed | 674.8 | 843.8 |
| Non-current total | 674.8 | 10,843.8 | |||||
| Total | 62,802.3 | 107,359.7 |
Interest-bearing liabilities
The fi gures given in the following table refer to the undiscounted cash fl ows, meaning that there may be deviations from the book values.
| Within | 1 to | 2 to | 3 to | 4 to | Over | |
|---|---|---|---|---|---|---|
| in € thousand Total 1 year 2 years 3 years 4 years 5 years Interest-bearing liabilities (current and non-current) 2013 63,397.3 62,691.5 214.9 194.9 194.9 101.1 2012 108,680.0 97,605.8 10,376.1 199.8 199.8 199.8 Accounts payable-trade 2013 39,885.8 39,885.8 0.0 0.0 0.0 0.0 2012 45,304.7 45,304.7 0.0 0.0 0.0 0.0 Other liabilities (current and non-current) 2013 40,511.2 40,511.2 0.0 0.0 0.0 0.0 2012 38,023.0 38,023.0 0.0 0.0 0.0 0.0 |
5 years | |||||
| 0.0 | ||||||
| 98.7 | ||||||
| 0.0 | ||||||
| 0.0 | ||||||
| 0.0 | ||||||
| 0.0 |
The transfer of the book values per classes pursuant to IAS 39 is as follows:
| At | through | No | |||
|---|---|---|---|---|---|
| amortized | through | income | fi nancial | ||
| in € thousand | At fair value Book value costs equity statement 235.1 0.0 235.1 0.0 87,496.4 76,006.1 5,071.5 962.6 13,805.8 13,805.8 0.0 0.0 62,802.3 62,802.3 0.0 0.0 39,885.8 39,885.8 0.0 0.0 |
instrument | |||
| Dec 31, 2013 | |||||
| Securities | 0.0 | ||||
| Receivables | 5,456.2 | ||||
| Cash on hand and | |||||
| in banks, checks | 0.0 | ||||
| Interest-bearing liabilities | 0.0 | ||||
| Accounts payable-trade | 0.0 | ||||
| Other liabilities | 49,445.1 | 40,295.6 | 100.4 | 115.2 | 8,933.9 |
| At fair value | |||||
|---|---|---|---|---|---|
| At | through | No | |||
| amortized | through | income | fi nancial | ||
| in € thousand | Book value | costs | equity | statement | instrument 0.0 0.0 305.8 7,896.5 0.0 0.0 0.0 0.0 0.0 0.0 |
| Dec 31, 2012 | |||||
| Securities | 197.6 | 0.0 | 197.6 | ||
| Receivables | 99,735.8 | 89,143.4 | 2,390.1 | ||
| Cash on hand and | |||||
| in banks, checks | 13,608.7 | 13,608.7 | 0.0 | ||
| Interest-bearing liabilities | 107,359.7 | 107,359.7 | 0.0 | ||
| Accounts payable-trade | 45,304.7 | 45,304.7 | 0.0 | ||
| Other liabilities | 46,336.7 | 36,528.5 | 1,289.4 | 205.1 | 8,313.7 |
The transfer of the book values per category pursuant to IAS 39 is as follows:
| Available- | Derivatives | At fair value | |||||
|---|---|---|---|---|---|---|---|
| At | for-sale | relating | through | No | |||
| Loans and | amortized | fi nancial | to hedge | income | fi nancial | ||
| in € thousand | Book value | receivables | costs | instruments | accounting | statement | instrument |
| 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 on hand and | |||||||
| in banks, checks | 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 |
| Accounts payable-trade | 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 |
| Dec 31, 2012 | |||||||
| Securities | 197.6 | 0.0 | 0.0 | 197.6 | 0.0 | 0.0 | 0.0 |
| Receivables | 99,735.8 | 89,143.4 | 0.0 | 0.0 | 2,390.1 | 305.8 | 7,896.5 |
| Cash on hand and | |||||||
| in banks, checks | 13,608.7 | 13,608.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interest-bearing | |||||||
| liabilities | 107,359.7 | 0.0 | 107,359.7 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts payable-trade | 45,304.7 | 0.0 | 45,304.7 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other liabilities | 46,336.7 | 0.0 | 36,528.5 | 0.0 | 1,289.4 | 205.1 | 8,313.7 |
| Foreign | Derecog- | |||||
|---|---|---|---|---|---|---|
| Change in | currency | nition of | Net | |||
| in € thousand | Interest | fair value | Impairment | translation | receivables | results |
| Dec 31, 2013 | ||||||
| Loans and receivables | 664.6 | 0.0 | (339.8) | 4,170.4 | 3.1 | 4,498.3 |
| Fair value of the | ||||||
| foreign-exchange forwards | ||||||
| through income statement | 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) |
| Available-for-sale | ||||||
| fi nancial investments | 11.3 | 0.0 | 0.0 | 0.0 | 0.0 | 11.3 |
| (2,310.8) | 539.0 | (339.8) | 4,170.4 | 3.1 | 2,061.9 | |
| Dec 31, 2012 | ||||||
| Loans and receivables | 917.7 | 0.0 | 480.3 | 931.6 | 78.6 | 2,408.2 |
| Fair value of the | ||||||
| foreign-exchange forwards | ||||||
| through income statement | 0.0 | 38.1 | 0.0 | 0.0 | 0.0 | 38.1 |
| Liabilities at | ||||||
| amortized cost | (2,672.9) | 0.0 | 0.0 | 0.0 | 0.0 | (2,672.9) |
| Available-for-sale | ||||||
| fi nancial investments | 9.6 | 0.0 | 0.0 | 0.0 | 0.0 | 9.6 |
| (1,745.6) | 38.1 | 480.3 | 931.6 | 78.6 | (217.0) |
The Loans and receivables item subsumes the net results of receivables and short-term deposits, while the Liabilities at amortized cost item is made up of interest-bearing liabilities, trade accounts payable and other liabilities.
No events of any great signifi cance for the company have occurred since the balance-sheet date of December 31, 2013 which would have led to any change in its asset, fi nancial and income situation.
Rosenbauer International AG made no commitments to third parties other than Group companies. In addition, there were no contingent liabilities which could lead to material liabilities.
| Subsidiaries | 2013 | 2012 | ||||||
|---|---|---|---|---|---|---|---|---|
| Type of consoli- |
Type of consoli |
|||||||
| in € thousand | Interest1 | Equity | Result2 | dation | Interest1 | Equity | Result2 | rungsart |
| Rosenbauer Österreich GmbH, | ||||||||
| Austria, Leonding | 100% | 2,951 | 0³ | FC | 100% | 2,951 | 0³ | FC |
| Rosenbauer Management Services GmbH, | ||||||||
| Austria, Leonding | 100% | 83 | 0 | FC | 100% | 84 | (1) | FC |
| Rosenbauer Deutschland GmbH, | ||||||||
| Germany, Luckenwalde | 100% | 9,453 | (512) | FC | 100% | 9,971 | 110 | FC |
| Metz Aerials Management GmbH, | ||||||||
| Germany, Karlsruhe | 100% | 33 | 1 | FC | 100% | 31 | 1 | FC |
| Metz Aerials GmbH & Co. KG, | ||||||||
| Germany, Karlsruhe | 100% | 9,970 | (1,885) | FC | 100% | 8,556 | 1,385 | FC |
| Metz-Service18 S.A.R.L., | ||||||||
| France, Chambéry | 84% | 36 | (384) | FC | – | – | – | – |
| Rosenbauer Finanzierung GmbH, | ||||||||
| Germany, Passau | 100% | 36 | (2) | FC | 100% | 39 | (5) | FC |
| Rosenbauer d.o.o., | ||||||||
| Slovenia, Radgona | 90% | 1,550 | (336) | FC | 90% | 1,386 | (154) | FC |
| Rosenbauer Schweiz AG, | ||||||||
| Switzerland, Oberglatt | 100% | 5,933 | 875 | FC | 100% | 5,638 | 1,095 | FC |
| Rosenbauer Española S.A., | ||||||||
| Spain, Madrid | 62.11% | 2,264 | (248) | FC | 62.11% | 2,512 | (333) | FC |
| Rosenbauer Ciansa S.L., | ||||||||
| Spain, Linares | 50% | 2,245 | 221 | AE | 50% | 2,024 | (388) | AE |
| Rosenbauer Minnesota, LLC.4 , |
||||||||
| USA, Minnesota | 50% | 8,825 | 3,027 | FC | 50% | 7,410 | 617 | FC |
1 Direct interest
2 Profi t/loss for the year after movements in the reserves
3 Profi t transfer agreement with Rosenbauer International AG FC = Fully consolidated company
4 Casting role of Rosenbauer International AG AE = At equity consolidated company
E. OTHER EXPLANATIONS
| 2013 | 2012 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Type of | Type of | ||||||||
| consoli- | consoli | ||||||||
| in € thousand | Interest1 | Equity | Result2 | dation | Interest1 | Equity | Result2 | rungsart | |
| Rosenbauer South Dakota, LLC.4 , |
|||||||||
| USA, South Dakota | 50% | 25,911 | 8,484 | FC | 50% | 22,437 | 6,724 | FC | |
| Rosenbauer Holdings Inc., | |||||||||
| USA, South Dakota | 100% | 19,302 | 2,661 | FC | 100% | 17,471 | 1,083 | FC | |
| Rosenbauer America, LLC.4 , |
|||||||||
| USA, South Dakota | 50% | 39,631 | 8,633 | FC | 50% | 36,918 | 2,834 | FC | |
| Rosenbauer Aerials, LLC.4 , |
|||||||||
| USA, Nebraska | 25% | 3,906 | 1,440 | FC | 25% | 3,367 | 1,141 | FC | |
| Rosenbauer Motors, LLC.4 , |
|||||||||
| USA, Minnesota | 42.5% | (6,093) | (2,583) | FC | 42.5% | (3,759) | (4,320) | FC | |
| S.K. Rosenbauer Pte. Ltd., | |||||||||
| Singapore | 100% | 6,676 | 788 | FC | 100% | 6,825 | 974 | FC | |
| Eskay Rosenbauer Sdn Bhd, | |||||||||
| Brunei | 80% | (58) | (114) | FC | 80% | 56 | (82) | FC | |
| Rosenbauer South Africa (Pty.) Ltd., | |||||||||
| South Africa, Halfway House | 75% | 216 | (25) | FC | 100% | 189 | 77 | FC | |
| Rosenbauer Saudi Arabia Ltd., | |||||||||
| Saudi Arabia, Riyadh | 75% | 15 | (1,039) | FC | – | – | – | – | |
| PA "Fire-fi ghting special technics" LLC., | |||||||||
| Russia, Moscow | 49% | 13,600 | 3,663 | AE | 49% | 16,408 | 6,214 | AE |
1 Direct interest
2 Profi t/loss for the year after movements in the reserves
3 Profi t transfer agreement with Rosenbauer International AG FC = Fully consolidated company
4 Casting role of Rosenbauer International AG AE = At equity consolidated company
The values of the above table have been calculated according to national fi nancial reporting standards.
The following transactions took place with closely associated persons. In particular, the reported purchases of goods relate to the supply of vehicles of the Spanish joint venture Rosenbauer Ciansa S.L. to the Spanish subsidiary, the manager of which subsidiary is also a 50% owner of the Spanish joint venture.
The receivables relate to loans extended to American minority shareholders. The rental agreement relates to the use of a property land was agreed between the manager and an American company.
| Associates | Management | ||||
|---|---|---|---|---|---|
| in € thousand | 2013 | 2012 | 2013 | 2012 | |
| Sale of goods | 3.5 | 4.0 | 0.0 | 0.0 | |
| Purchase of goods | 2,863.1 | 1,681.8 | 0.0 | 0.0 | |
| Liabilities | 1,071.0 | 1,113.2 | 0.0 | 0.0 | |
| Receivables | 0.0 | 0.0 | 654.7 | 666.6 | |
| Rental agreement for land | 0.0 | 0.0 | 146.8 | 153.3 |
The emoluments of the members of the Executive Board of Rosenbauer International AG in 2013 totaled € 3,713.5 thousand (2012: € 2,583.7 thousand) and comprised the following components: basic salary (2013: € 1,076.6 thousand; 2012: € 903.3 thousand), performance bonus (2013: € 1,502.2 thousand; 2012: € 1,525.0 thousand), pay components earmarked for making independent provision for old-age and surviving dependents (2013: € 185.2 thousand; 2012: € 155.4 thousand) and severance payments (2013: € 949.5 thousand; 2012: € 0.0 thousand). The provision for severance payments to members of the Executive Board amounted to € 719.2 thousand (2012: € 1,585.0 thousand) at December 31, 2013. The total benefi ts accorded to members of the Executive Board in 2013, consisting of emoluments, severance payments and changes in the provision for severance payments, came to € 2,847.7 thousand (2012: € 2,950.3 thousand). Following any cessation of the employer/employee relationship, the company will not be burdened by any subsequent contributions to the company pension scheme on behalf of the Executive Board Member concerned.
The performance bonus is computed from the degree to which the consolidated profi t – as shown in the Consolidated Income Statement before deduction of tax and "Non-controlling interests" – meets the targets for the fi nancial year concerned. The target value is laid down by the Executive Board for two fi nancial years at a time. The performance bonus for the Executive Board Member who retired in 2013 was calculated as a percentage of the consolidated profi t (as shown in the Consolidated Income Statement before deduction of tax and "Non-controlling interests") with a reduction being made in the said percentage in line with increases in the consolidated profi t.
In the 2013 fi nancial year, the Supervisory Board received emoluments of € 213.6 thousand (2012: € 216.8 thousand).
In 2013, the 21st Ordinary General Meeting resolved the following remuneration system for the Supervisory Board. The emoluments paid to members of the Supervisory Board consist of a fi xed and a variable component. Each elected Member of the Supervisory Board is to receive fi xed annual remuneration of € 18 thousand. For the Chairman and Deputy Chairman, this remuneration shall be of € 24 thousand each.
The variable remuneration is ascertained as a percentage of the consolidated profi t (EBT); it was resolved that where the stipulated annual target is achieved in full, a variable annual remuneration of € 40 thousand each for the Chairman and the Deputy Chairman, and of € 30 thousand for each of the other elected members, is to be paid. Where the EBT actually achieved in the fi nancial year deviates from the stipulated annual target, the following calculation is applied:
The Supervisory Board's remuneration is index-linked on the basis of the Austrian Consumer Price Index 2010 (VPI 2010).
A total of € 568.3 thousand (2012: € 147.4 thousand) was incurred for services performed by the Group auditors Ernst &Young Wirtschaftsprüfungsgesellschaft m.b.H. in the 2013 fi nancial year. Of this amount, € 121.5 thousand (2012: € 120.7 thousand) was for the audit and € 446.8 thousand (2012: € 26.7 thousand) for other services. No other assurance services or tax advisory services were rendered.
The earnings per share are calculated on the basis of IAS 33 "Earnings per Share" by dividing the net profi t for the period minus non-controlling interests by the number of shares issued. As there were no "ordinary shares with a potentially dilutor eff ect" in circulation during the past fi nancial year, the "diluted earnings per share" correspond to the "basic earnings per share".
The calculation takes the following form:
| 2013 | 2012 | ||
|---|---|---|---|
| Net profi t for the period minus non-controlling interests | in € thousand | 26,326.6 | 30,884.0 |
| Average number of shares issued units | Units | 6,800,000 | 6,800,000 |
| Basic earnings per share | €/share | 3.87 | 4.54 |
| Diluted earnings per share | €/share | 3.87 | 4.54 |
Between the balance-sheet date and the preparation of the consolidated fi nancial statements, there were no transactions with potential ordinary shares.
The separate fi nancial statements of the company prepared according to the Austrian Company Code (UGB) provide the basis for the proposal for the distribution of profi ts.
A net profi t of € 8,303,002.6 is reported in the separate fi nancial statements of Rosenbauer International AG. The Executive Board proposes to distribute this net profi t through the payment of a dividend p.a. of € 1.2 (2012: € 1.2) per share (€ 8,160,000.0 for 6,800,000 shares). The carryforward to new account is € 143,002.6.
Supervisory board
Works Council delegates to the Supervisory Board:
Leonding, March 21, 2014
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, Austria, for the fi scal year from January 1, 2013 to December 31, 2013. These consolidated fi nancial statements comprise the consolidated balance sheet as of December 31, 2013, 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, 2013, 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, and the additional requirements under §245a UGB (Austrian Commercial Code). 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 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, 2013 and of its fi nancial performance and its cash fl ows for the fi scal year from January 1, 2013 to December 31, 2013 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 §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 §243a UGB (Austrian Commercial Code) are appropriate.
Linz, March 21, 2014
Wirtschaftsprüfungsgesellschaft m.b.H.
Certifi ed Auditor Certifi ed Auditor
Mag. Erich Lehner mp Mag. Gerhard Schwartz mp
This report is a translation of the original report in German, which is solely valid. Publication of the consolidated fi nancial statements together with our auditor's opinion may only be made if the consolidated fi nancial statements and the consolidated management report are identical with the audited version attached to this report.
We confi rm to the best of our knowledge that the consolidated fi nancial statements give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the group as required by the applicable accounting standards and that the group management report gives 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 the group faces.
We confi rm to the best of our knowledge that the separate fi nancial statements give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the parent company as required by the applicable accounting standards and that the management report gives 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 the company faces.
Leonding, March 21, 2014
Dieter Siegel Gottfried Brunbauer Günter Kitzmüller Chairman of the Executive Board, CEO Member of the Executive Board, CTO Member of the Executive Board, CFO Business units: Fire & safety equipment, Business units: Municipal vehicles, (since February 1, 2013) Specialty vehicles and USA Aerials, Fire fi ghting components Business unit:
and Customer services Business development
150 Lagebericht
Die Weltwirtschaft ist in der zweiten Jahreshälfte 2013 wieder in Schwung gekommen, nachdem die ersten Monate ähnlich schwach verlaufen waren wie 2012. Das globale BIP-Wachstum im Gesamtjahr betrug 3,0 % nach 3,1 % im Vorjahr. Wachstumstreiber und Impulsgeber waren erneut die asiatischen und südamerikanischen Länder, wobei der BIP-Anstieg in China mit 7,7 % wieder am höchsten ausfiel.
Für 2014 prognostizieren Analysten eine Steigerung des weltweiten Wirtschaftswachstums auf 3,7 %, obwohl die Folgen der Krisenjahre Europa und die USA nach wie vor belasten. Die positive Stimmung wird hauptsächlich getragen durch die an Fahrt gewinnende Konjunktur in wichtigen Schwellenländern, die strukturellen Anpassungen im Euroraum sowie die Konsolidierung der privaten Haushalte in den USA. Die Arbeitsmärkte in den entwickelten Ländern sind hingegen nach wie vor sehr angespannt. Das Arbeitsangebot wächst langsamer als das Arbeitskräfteangebot und wird auch 2014 nicht ausreichen, die erhöhten Arbeitslosenquoten zu senken.
Die US-Wirtschaft ist 2013, wie von den meisten Analysten erwartet, lediglich um 1,9 % gewachsen. Der Haushaltsstreit shutdown" konnte aber im vierten Quartal beigelegt werden. Zuletzt mehrten sich die Anzeichen, dass die US-Konjunktur an Fahrt gewinnt, gestützt vor allem durch eine verstärkte Inlandsnachfrage. Die Prognosen für das BIP-Wachstum 2014 lagen zuletzt bei 2,8 % und damit wieder auf dem Niveau von 2012.
In den europäischen Krisenländern Griechenland, Irland, Italien, Portugal und Spanien trugen die Strukturmaßnahmen der letzten Jahre erste Früchte. Auch wenn dadurch die Inlandsnachfragen massiv gesunken sind, zeigen zusehends ausgeglichenere Leistungsbilanzen eine Verbesserung der Wettbewerbsfähigkeit. Das BIP-Wachstum 2014 sollte Ökonomen zufolge bei 1,4 % in der Europäischen Union und bei 1,0 % im Euroraum liegen. Negativ bleibt der Ausblick weiterhin für Griechenland und Zypern mit -1,0 % bzw. -3,5 %.
Die russische Wirtschaftsleistung wuchs 2013 mit 1,5 % deutlich geringer als im Vorjahr (3,4 %), obwohl die Gas- und Erdölpreise auf gutem Niveau waren. Sollte sich die weltweite Konjunktur nicht erholen und die Rohstoffpreise sinken, ist davon auszugehen, dass die wenig diversifizierte russische Wirtschaft darunter leiden wird. Für 2014 erwarten Ökonomen ein BIP-Wachstum von 2,0 %.
Die asiatischen Schwellenländer haben sich 2013 wieder als Zugpferde der Weltkonjunktur erwiesen. Sie brachten es trotz Nachfragerückgang aus Europa zusammen auf ein BIP-Wachstum von 6,3 %. Auch 2014 wird sich an der Führungsrolle Asiens in der Weltwirtschaft nichts ändern: China sollte laut Internationalem Währungsfonds dieses Jahr auf ein BIP-Wachstum von 7,5 % kommen. Für Indien wird ein Wirtschaftswachstum von 5,4 % (nach 4,0 % in 2013) prognostiziert.
In der Feuerwehrbranche war das Jahr 2013 von einer in Summe stabilen Gesamtentwicklung – wenn auch auf niedrigem Niveau – geprägt. Nach Jahren rückläufiger
Entwicklung haben die entwickelten Märkte die Talsohle verlassen und zeigen erstmals wieder positive Anzeichen einer Steigerung bei den Beschaffungsvolumina. Die Märkte in Süd- und Osteuropa blieben weiterhin stark rückläufig. Dafür konnten die Märkte in Asien ihr langjähriges Niveau halten.
Positiv entwickelte sich die Branche auch in Ländern mit erhöhtem Sicherheitsbedürfnis nach Natur- und Terrorkatastrophen sowie in aufstrebenden Märkten, die über hohe Rohstoffeinkommen verfügen. Die weltweite Zunahme des Flugverkehrs und der Einsatz größerer Flugzeuge sorgten im Jahr 2013 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 gesteuerte Staatsbudgets. Die Folge sind unregelmäßige Großbeschaffungen, die vielfach von Sonderereignissen beeinflusst sind.
Das weltweite Absatzvolumen für Feuerwehrfahrzeuge stieg auf 3.061 Mio €. Kleinfahrzeuge bis 7,5 t Gesamtgewicht sowie feuerwehrtechnische Ausrüstung sind in diesem Volumen nicht enthalten. Die stärksten Absatzregionen waren West- und Osteuropa, die NAFTA-Länder und Asien.
Nach vier Jahren rückläufiger Marktentwicklung war in den USA, dem größten Einzelmarkt der Welt, 2013 erstmals wieder eine spürbare Erholung der Nachfrage zu erkennen. Die amerikanischen Hersteller hatten in den letzten Jahren mit wirtschaftlichen Schwierigkeiten zu kämpfen und drückten auf die Preise. Für das Jahr 2014 sollte sich der positive Trend am US-Feuerwehrmarkt fortsetzen.
Auch in Teilen Europas zeigte die Feuerwehrbranche im Jahr 2013 erste Lichtblicke, allen voran in Deutschland, Österreich und der Schweiz. In diesen Ländern werden die Beschaffungen in erster Linie über Steuereinnahmen finanziert, die mit einer zeitlichen Verzögerung von ein bis zwei Jahren auf die Branche wirken.
In den mittel- und osteuropäischen Ländern (MOEL) wurden anstehende Fahrzeugbeschaffungen auch 2013 aufgeschoben. Aufgrund der ungünstigen Konjunkturerwartungen ist davon auszugehen, dass der MOEL-Markt in absehbarer Zukunft schwach bleibt.
In den von der Finanz- und Wirtschaftskrise besonders betroffenen Staaten Süd- und Südosteuropas gab es den stärksten Marktrückgang. Während der Beschaffungsmarkt in Griechenland nahezu vollständig einbrach, verzeichneten Länder wie Spanien, Italien und Portugal teilweise massive Rückgänge. Auch in der Berichtsperiode zeigte sich keine Erholung.
In Österreich war der Absatz von Feuerwehrfahrzeugen im Berichtsjahr über dem Niveau des letzten Jahres. Für 2014 ist keine wesentliche Veränderung zu erwarten.
Aufgrund der guten Konjunkturlage in Deutschland lag das Volumen des größten Einzelmarktes Europas im Jahr 2013 wieder auf dem Niveau der letzten Jahre. Mit durchschnittlich 19 Jahren ist das Alter deutscher Feuerwehrfahrzeuge aber immer noch vergleichsweise hoch. Der Markt bleibt weiterhin hart umkämpft, der Druck des intensiven Preiswettbewerbs auf einige Feuerwehrausstatter hoch. Andererseits sorgen größere Beschaffungsprojekte von Zivil- und Katastrophenschutzorganisationen für eine Belebung des Marktes.
Russland ist einer der größten Feuerwehrmärkte der Welt. Große Brandereignisse der letzten Jahre haben das Sicherheitsbewusstsein im Land deutlich erhöht und eine verstärkte Modernisierung der kommunalen Feuerwehren mit sich gebracht. Das jährliche Beschaffungsvolumen kann mit etwa 1.000 Fahrzeugen beziffert werden. Diese kommen fast zu 100 % aus lokaler Produktion. Der russische Bedarf an moderner Löschtechnik ist groß, die Nachfrage schwankt aber je nach Verfügbarkeit von Finanzmitteln stark.
Die größten Feuerwehrmärkte Asiens sind China und Indien. In beiden Märkten ist das wirtschaftliche Umfeld nach wie vor äußerst positiv. Jedoch dominieren niedrigpreisige Kommunalfahrzeuge mit geringem Qualitäts- und Technologieanspruch, die in erster Linie von lokalen Anbietern produziert werden. 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.
Der Nahe Osten etablierte sich in den letzten Jahren aufgrund der wachsenden Urbanisierung und Industrialisierung als wichtige Wachstumsregion der internationalen Feuerwehrbranche. Steigendes Sicherheitsbewusstsein und hohe 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 sind durch Spot-Projekte geprägt. In Ländern mit eigener Erdölförderung werden dabei zusehends technisch anspruchsvolle Feuerwehrfahrzeuge aus europäischer oder US-Produktion nachgefragt. Da die Beschaffungsprogramme zum Teil mehrjährige Vorlaufzeiten haben, sind sie jedoch schwer prognostizierbar.
Die Rosenbauer International AG erzielte im Geschäftsjahr 2013 mit 491,7 Mio €(2012: 425,0 Mio €) den höchsten Umsatz der Geschichte und verzeichnete ein neuerliches Rekordjahr. Dies entspricht einer Steigerung gegenüber dem Vorjahr von 16 % und ist in erster Linie auf das internationale Exportgeschäft – allen voran die vermehrten Lieferungen in den Nahen Osten und nach Asien – zurückzuführen.
Mit dem vor zwei Jahren gestarteten Ausbauprogramm wurden rechtzeitig die Voraussetzungen zur Bewältigung des deutlich gestiegenen Produktionsvolumens geschaffen. Mit einer Exportquote von 93 % (2012: 93 %) und Lieferungen in über 100 Länder weist die Rosenbauer International AG die größte internationale Ausrichtung der Branche auf.
Mit der Gründung einer eigenen Tochtergesellschaft – gemeinsam mit einem lokalen Partner (Rosenbauer Anteil: 75 %) – wurde Anfang 2013 das Engagement in Saudi-Arabien deutlich intensiviert. Vor allem das After Sales Service bekommt dadurch mehr Bedeutung, rund 60 Mitarbeiter unterstützen bereits die Feuerwehren vor Ort. Als Marktführer sieht sich Rosenbauer verpflichtet, die große Anzahl an Fahrzeugen im Einsatz mit leistungsfähigen Servicestrukturen zu unterstützen.
Der Hauptsitz der neuen Gesellschaft befindet sich in Riad, weitere Standorte in der Region Dammam und Jeddah. Alle drei werden zu Service- und Schulungszentren ausgebaut, in denen Fahrzeuge gewartet und die Feuerwehren auf ihren neuen Einsatzgeräten trainiert werden können. Zudem sind mobile Kundendiensttechniker im ganzen Land unterwegs und betreuen die Feuerwehren vor Ort. Auch die Endmontage der Fahrzeuge, die für den lokalen Markt bestimmt sind, erfolgt nun zusehends vor Ort und wird in Zukunft weiter ausgebaut.
Das stärkste Umsatzsegment war mit 71 % (2012: 68 %) das Produktsegment Fahrzeuge. Der Bereich Ausrüstung kam auf einen Umsatz von 61,6 Mio € (2012: 55,5 Mio €), was einem Anteil von 12 % (2012: 13 %) am Gesamtumsatz entspricht. Die Segmente Löschsysteme mit 8 % (2012: 8 %) sowie Hubrettungsgeräte mit 4 % (2012: 5 %) lagen auf den Rängen 3 und 4. Der Geschäftsbereich Business Development kam auf einen Umsatz von 3,8 Mio €(2012: 3,6 Mio €). Die Umsätze Service, Ersatzteile und Sonstige beliefen sich auf 4 % (2012: 5 %).
Rund 30 % (2012: 28 %) des Umsatzes bzw. 146,1 Mio €(2012: 118,1 Mio €) wurden in West- und Osteuropa erzielt. Im Nahen Osten wurde ein Umsatz von 226,5 Mio €bzw. 46 % (2012: 177,1 Mio €bzw. 42 %) erzielt und nahm damit den ersten Platz im Umsatzranking ein. Die Umsätze in der Region Asien/Ozeanien betrugen 64,1 Mio €(2012: 74,3 Mio €). Dahinter folgten mit 55,0 Mio €(2012: 55,5 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 428,8 Mio €(2012: 265,9 Mio €) und lag damit 61 % über dem Vorjahreswert. Verstärkte Nachfrage gab es vor allem im Segment Flughafenlöschfahrzeuge, welches den bislang höchsten Auftragseingang verzeichnen konnte.
Der Auftragsbestand betrug zum Jahresultimo 331,9 Mio €(31. Dezember 2012: 361,1 Mio €) und lag weiterhin auf zufriedenstellendem Niveau. Damit verfügt die Gesellschaft über eine gesicherte Auslastung der Fertigungsstätten im Jahr 2014 sowie eine gute Visibilität in Bezug auf die Umsatzentwicklung der kommenden Monate.
Der Betriebserfolg des Geschäftsjahres 2013 betrug 27,6 Mio €und lag damit 28 % über dem Vorjahr (2012: 21,5 Mio €). Beeinflusst wurde das Ergebnis in der Berichtsperiode durch den verschärften Preiswettbewerb in den entwickelten Märkten und die daraus resultierenden geringeren Margen.
Die Betriebsmittelfinanzierung erfolgte überwiegend im kurzfristigen Bereich. Den langfristigen Verbindlichkeiten lagen Zinsanpassungsvereinbarungen auf Basis von 3- Monats- bzw. 6-Monats-Zinssätzen zugrunde. Der Durchschnittszinssatz belief sich auf 1,1 % (2012: 1,0 %).
Beeinflusst durch eine Beteiligungsabschreibung in Deutschland und Slowenien blieb das Ergebnis vor Steuern (EGT) in der Berichtsperiode mit 28,0 Mio €(2012: 28,1 Mio €) auf dem Niveau des Vorjahres.
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.
Das Segment Österreich erzielte im Jahr 2013 eine deutliche Umsatzsteigerung um 13 % auf 503,8 Mio €(2012: 446,9 Mio €). Die Erhöhung ist vor allem auf verstärkte Lieferungen der Rosenbauer International AG in den arabischen Raum zurückzuführen. Das EBIT betrug in
der Berichtsperiode 32,0 Mio €(2012: 30,0 Mio €), das entspricht einer Steigerung von rund 7 %. Die EBIT-Marge beträgt 6,4 % (2012: 6,7 %).
Die Rosenbauer International ist die Muttergesellschaft des Konzerns. Mit Fertigungen in Leonding, Traun und Neidling ist sie auch die größte Produktionsgesellschaft.
Durch Übernahme eines bestehenden Industrieareals, nur 3 km vom Hauptwerk entfernt, werden in 2014 die Fertigungsflächen am Standort Leonding um 60 % erhöht. Das neue Werk umfasst rund 52.000 m² Grundfläche mit Hallenflächen von ca. 15.000 m² sowie ca. 5.000 m² Büroflächen. Im neuen Werk II Leonding werden künftig das Flughafenlöschfahrzeug PANTHER sowie das Kommunalfahrzeug AT gefertigt.
Im Werk I Leonding erfolgt weiterhin die Produktion von Sonder- und Industriefahrzeugen, sämtlichen Löschsystemen für den Konzern und ausgewählten Ausrüstungskomponenten. Im nahegelegenen Werk Traun werden Serienfahrzeuge für Exportmärkte sowie Pumpenund Aufbaumodule gefertigt.
Das Werk Neidling/St. Pölten ist für die Produktion von Kompaktfahrzeugen bis circa 13 t Gesamtgewicht, Innenausbaukomponenten und Halterungssystemen zuständig, mit denen vorwiegend die europäischen Konzerngesellschaften beliefert werden.
Der Umsatz der Rosenbauer International stieg 2013 um 13 % auf 483,7 Mio €(2012: 429,4 Mio €). Dabei wurden 93 % (2012: 93 %) im Export erwirtschaftet.
Die Produktionskapazitäten in Leonding, Traun und Neidling waren in der Berichtsperiode voll ausgelastet, insbesondere mit Exportaufträgen. Zur Abwicklung des Fertigungsvolumens wurden im Jahresschnitt 244 Leasingmitarbeiter beschäftigt.
Die Rosenbauer Österreich ist die Vertriebs- und Servicegesellschaft für den österreichischen Markt. Die Gesellschaft verkauft Feuerwehrfahrzeuge und -ausrüstung und betreibt Serviceniederlassungen in Leonding, Neidling, Telfs und Graz. Fahrzeuge für den österreichischen Markt werden mit Ausnahme von Hubrettungsgeräten in Leonding und Neidling gefertigt.
Der Umsatz der Rosenbauer Österreich stieg im abgelaufenen Geschäftsjahr von 45,9 Mio € auf 53,7 Mio €. Die 17%ige Steigerung ist unter anderem auf die starke Nachfrage nach dem Kommunallöschfahrzeug AT zurückzuführen.
Das US-Segment besteht aus der Holding-Gesellschaft Rosenbauer America, LLC. sowie den Werken in Wyoming (Minnesota), Lyons (South Dakota) und Fremont (Nebraska).
Das US-Segment konnte in der Berichtsperiode den Umsatz um 19 % auf 172,4 Mio €(2012: 144,8 Mio €) steigern. Die Steigerung ist vor allem auf vermehrte Auslieferungen am Heimmarkt sowie auf verstärkte Exporte von Fahrzeugen auf Commander-Chassis zurückzuführen. Nachdem das Ergebnis des Vorjahres noch durch die Auflösung eines Auftrages aus Brasilien belastet war, konnte das EBIT 2013 wieder auf 9,8 Mio €(2012: 3,2 Mio €) gesteigert werden. Dazu beigetragen hat auch, dass die Anlaufkosten für das neue US-Chassis Commander im Berichtsjahr deutlich reduziert werden konnten.
Nach vier Jahren rückläufiger Marktentwicklung zeigte sich der größte Einzelmarkt der Welt 2013 erstmals wieder in besserer Verfassung. Einige Hersteller hatten aber immer noch mit wirtschaftlichen Schwierigkeiten zu kämpfen und drückten auf die Preise. Im Jahr 2014 sollte der US-Feuerwehrmarkt – wie auch die amerikanische Wirtschaft – weiter an Fahrt gewinnen.
Rosenbauer ist heute der zweitgrößte Hersteller von Feuerwehrfahrzeugen in den Vereinigten Staaten. Damit wird das US-Engagement, das der Konzern im Rahmen seiner Internationalisierungsstrategie 1995 begonnen hat, nachhaltig bestätigt.
Die Rosenbauer Minnesota mit Sitz in Wyoming (Minnesota) produziert Industrie- und Flughafenlöschfahrzeuge sowie kundenspezifische Kommunalfahrzeuge für Berufs- und freiwillige Feuerwehren. Das Unternehmen ist vor allem im Bereich Spezialfahrzeuge tätig und beliefert damit gleichermaßen Heimmarkt wie US-geprägte, internationale Märkte. Im Berichtsjahr konnte ein Umsatz von 58,6 Mio €(2012: 50,8 Mio €) erzielt werden.
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 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 85,0 Mio €(2012: 76,5 Mio €). Zur Steigerung trugen vor allem der Aufwärtstrend am lokalen Markt und Exportlieferungen bei.
Die Rosenbauer Aerials mit Sitz in Fremont (Nebraska) produziert hydraulische Drehleitern und Leiterbühnen nach US-Standards. Diese werden sowohl an die US-Gesellschaften des Konzerns als auch an andere Aufbauhersteller in den USA geliefert. Darüber hinaus werden - und Industrielöschfahrzeuge aufgebaut werden. Rosenbauer Aerials erwirtschaftete im Berichtsjahr einen Umsatz von 9,4 Mio €(2012: 8,8 Mio €).
Die Rosenbauer Motors produziert am Standort Wyoming (Minnesota) Chassis für das Flughafenlöschfahrzeug PANTHER sowie das neue Fahrgestell Commander. Mit der Serienfertigung des eigenen Custom Chassis wurde Anfang 2012 begonnen, zwei Jahre später konnte bereits der 500. Commander ausgeliefert werden. Custom Chassis gehen ausschließlich an die eigenen Aufbaufertigungen in den USA und Österreich. Durch die ausgeweitete Geschäftstätigkeit erhöhte sich der Umsatz der Gesellschaft auf 52,7 Mio € (2012: 33,0 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.
Der Umsatz im deutschen Segment stieg aufgrund vermehrter Drehleiterlieferungen und eines stärkeren Ausrüstungsgeschäftes in der Berichtsperiode auf 178,1 Mio €(2012: 157,9 Mio €).
Auch die neuen Drehleitermodelle XS und XF wurden am Markt sehr gut aufgenommen. Die L32-XS erreicht mit ihrem erweiterten Aktionsradius nun auch Einsatzstellen, die selbst mit herkömmlichen Gelenkdrehleitern bislang unzugänglich blieben, und macht Höhenrettungseinsätze effizienter.
Bedingt durch Aufwendungen von 4,5 Mio €für das laufende Verfahren zur Schadensregulierung aus dem Kartellverfahren reduzierte sich das EBIT des deutschen Segments auf – 1,4 Mio €(2012: 3,6 Mio €). Beeinflusst wurde das Jahresergebnis auch durch die Kosten für die Einführung der neuen Drehleitermodelle sowie durch den anhaltend harten Wettbewerb am deutschen Markt.
Der Absatz von kommunalen Feuerwehrfahrzeugen lag in der Berichtsperiode wieder auf dem Durchschnittsniveau der Vorjahre. Mit durchschnittlich 19 Jahren ist das Alter deutscher Feuerwehrfahrzeuge aber immer noch vergleichsweise hoch. Der Markt bleibt weiterhin hart umkämpft, der Druck des intensiven Preiswettbewerbs auf einige Feuerwehrausstatter hoch. Andererseits sorgen größere Beschaffungsprojekte von Zivil- und Katastrophenschutzorganisationen für eine Belebung des Marktes.
Die Metz Aerials ist das europäische Kompetenzzentrum für Hubrettungsgeräte. Die Gesellschaft produziert im Werk Karlsruhe vollautomatische hydraulische Drehleitern und Hubrettungsbühnen von 20 bis 62 Meter Rettungshöhe. Beliefert werden damit alle Märkte, die Hubretter nach EN-Norm beschaffen, insbesondere Deutschland. Metz Aerials erreichte im Berichtsjahr einen Umsatz von 72,4 Mio €(2012: 69,5 Mio €).
Der im ersten Quartal 2013 eröffnete Servicestützpunkt Metz-Service18 in Chambéry wurde mit 1. Februar 2013 erstkonsolidiert. In dem Kundenzentrum werden französische Feuerwehrfahrzeuge serviciert und gewartet, allen voran die Hubrettungsgeräte von Metz Aerials. Mit dem ersten Standort in Frankreich weitet der Konzern sein Servicenetzwerk in Europa weiter aus. Der Umsatzbeitrag der Metz-Service18 betrug 955,4 T€.
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 2013 105,2 Mio €(2012: 89,2 Mio €).
Das Segment Übriges Europa besteht aus den Gesellschaften Rosenbauer Española S.A., Rosenbauer Schweiz AG und der Rosenbauer d.o.o. in Slowenien.
Der Umsatz im übrigen Europa betrug im Berichtsjahr 46,4 Mio €(2012: 26,6 Mio €, ohne Rosenbauer d.o.o., die erst ab 1. Dezember 2012 konsolidiert wurde). Das EBIT belief sich auf 2,2 Mio €(2012: 0,8 Mio €).
Die Rosenbauer Española bearbeitet von Madrid aus die Märkte Spanien und Nordwestafrika sowie Teile Lateinamerikas. Das Produktsortiment umfasst Kommunalfahrzeuge, Waldbrandlöschfahrzeuge sowie Industrie- und Flughafenlöschfahrzeuge.
Feuerwehrausstatter in Spanien hatten wegen der Budgetkrise auch 2013 ein sehr schwieriges Jahr. Rosenbauer Española konnte den Einbruch am lokalen Markt durch Exporte mehr als kompensieren und den Umsatz auf 25,2 Mio €(2012: 8,5 Mio €) verdreifachen.
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. Die Joint-Ventureequity" 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 16,7 Mio €(2012: 17,7 Mio €) auf dem Niveau des Vorjahres.
Ende 2012 hat Rosenbauer 90 % an dem slowenischen Hersteller Mettis International d.o.o. erworben. Die Gesellschaft wurde mit 1. Dezember 2012 erstkonsolidiert und firmiert nun unter dem Namen Rosenbauer. Im Werk Radgona (Oberradkersburg) werden Feuerwehrfahrzeuge für den lokalen Markt, Aufbauten und Mannschaftskabinen sowie Tanks für den Konzernverbund gefertigt.
Die Gesellschaft erzielte im Berichtszeitraum einen Umsatz von 4,5 Mio €(Dezember 2012: 0,4 Mio €). Das EBIT betrug für diesen Zeitraum – 0,2 Mio €(Dezember 2012: –0,2 Mio €).
Das Asien-Segment besteht aus den Gesellschaften S.K. Rosenbauer Pte. Ltd. mit Sitz in Singapur, Eskay Rosenbauer Sdn Bhd in Brunei und der neu gegründeten Rosenbauer Saudi ArabiaLtd. Die Präsenz in Asien wurde um einen weiteren Servicestützpunkt in Manila erweitert. Der Umsatz des Segments stieg aufgrund der Erstkonsolidierung der Gesellschaft in Saudi-Arabien im Jahr 2013 auf 15,9 Mio €(2012: 13,4 Mio €). Bedingt durch Anlaufkosten der Serviceorganisation betrug das EBIT – 0,3 Mio €(2012: 1,0 Mio €).
S.K. Rosenbauer produziert im Werk Singapur Feuerwehrfahrzeuge und Aufbauten für Hubrettungsgeräte, die nach Hongkong, Singapur und in die umliegenden Länder geliefert werden. Der Umsatz betrug im Berichtsjahr 11,4 Mio €(2012: 12,8 Mio €).
Eskay Rosenbauer vertreibt Löschfahrzeuge auf dem lokalen Markt und erzielte im abgelaufenen Jahr einen Umsatz von 0,3 Mio €(2012: 0,6 Mio €).
2013 erfolgte die Gründung der Rosenbauer Saudi Arabia und damit der Startschuss für eine in Zukunft stärkere Präsenz im Nahen Osten. Die neue Gesellschaft hat ihren Hauptsitz in Riad und verfügt über weitere Stützpunkte in der Region Dammam bzw. bei Jeddah am Roten Meer. Alle drei werden zu Service- und Schulungszentren ausgebaut, in denen Fahrzeuge gewartet und die Feuerwehren auf ihren neuen Einsatzgeräten trainiert werden können. Auch die Endmontage der Fahrzeuge, die für den lokalen Markt bestimmt sind, erfolgt zusehends vor Ort und wird in Zukunft weiter ausgebaut.
Der Umsatz der neuen Gesellschaft betrug in der Berichtsperiode 4,2 Mio €.
Die finanzielle Situation der Rosenbauer International AG präsentiert sich trotz des enormen Wachstums der letzten Jahre weiterhin sehr solide. Branchenbedingt ist die Bilanzstruktur Unternehmens zum Jahresende durch ein hohes Working Capital geprägt. Dieses resultiert aus der vergleichsweise langen Durchlaufzeit von Feuerwehrfahrzeugen, die grundsätzlich kundenspezifisch gebaut werden. Trotz dem starken Unternehmenswachstum konnte die Bilanzsumme um 3 % auf 278,1 Mio €(2012: 287,4 Mio €) gesenkt werden.
Die laufende Erweiterung der Kapazitäten – insbesondere in den Werken Neidling, Leonding II sowie Luckenwalde – hat zu einer deutlichen Erhöhung des Sachanlagevermögens geführt. Es ist gegenüber dem Vorjahr von 46,0 Mio €auf 58,3 Mio €angestiegen.
Durch eine stärkere Optimierung des Working Capitals konnte im abgelaufenen Jahr die Kapitalstruktur verbessert werden. Der Schwerpunkt der Maßnahmen lag dabei in der Optimierung der Lagerbestände sowie der Forderungen gegenüber den Kunden.
Daraus resultierend konnten – ungeachtet des hohen Liefervolumens – die Vorräte zum Jahresultimo auf 108,1 Mio €(2012: 115,9 Mio €) verringert werden. Auch die Reduzierung der Forderungen um 9 % auf 61,6 Mio €(2012: 68,0 Mio €) trug zur Verbesserung des Working Capitals bei.
Die Finanzierung des Unternehmens folgt seit Jahren den Grundsätzen der Erhaltung einer gesicherten Liquidität sowie einer möglichst hohen Eigenmittelausstattung. Im abgelaufenen Geschäftsjahr konnten die Eigenmittel erneut um 9 % auf 144,7 Mio €(2012: 132,4 Mio €) gesteigert werden. Die Erhöhung der Eigenkapitalquote auf 52 % (2012: 46 %) ist bei einer gesunkenen Bilanzsumme im Wesentlichen auf das positive Ergebnis zurückzuführen.
Das aktive Working Capital Management führte in der Berichtsperiode zu einer raschen Freisetzung von liquiden Mitteln. Folglich reduzierten sich die Verbindlichkeiten um 16 % auf 100,9 Mio €(2012: 120,3 Mio €).
Die Investitionen erhöhten sich im Berichtsjahr auf 18,8 Mio €(2012: 10,1 Mio €), wobei der Schwerpunkt auf der Erweiterung und Modernisierung der Infrastruktur lag. Der größte Teil der Investitionen in das Sachanlagevermögen (65 %) entfiel auf den Ausbau der Produktionskapazitäten sowie die damit verbundene Verbesserung der Produktivität. 25 % wurden für Ersatzinvestitionen und Behördenvorschreibungen, 10 % 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 6,2 Mio €(2012: 5,5 Mio €).
Der gestiegene Absatz und die weiteren Wachstumsaussichten machten ein mehrjähriges Modernisierungs- und Erweiterungsprogramm erforderlich. Die wichtigste Maßnahme im Jahr 2013 war die Übernahme eines Werksgeländes von Wacker Neuson und dessen Umund Ausbau zum Werk II Leonding.
Der neue Standort liegt nur 3 km von der Konzernzentrale entfernt und bietet für Rosenbauer ideale Rahmenbedingungen. Das neue Werk umfasst rund 52.000 m² Grundfläche mit Hallenflächen von ca. 15.000 m² sowie ca. 5.000 m² Büroflächen. Die Fertigungsflächen am Standort Leonding erhöhen sich dadurch um 60 Prozent.
Das Werk II Leonding wurde in den letzten Monaten zum modernsten Fahrzeugwerk der Feuerwehrbranche ausgebaut. Die Montagen erfolgen nach industriellen Standards der Automobil-/Maschinenbaubranche, alle Prozesse sind synchronisiert. Dazu wurden sie konsequent nach Wertströmen ausgerichtet, es wurden alle Arbeitsweisen und Schnittstellen überarbeitet und die Mitarbeiter mit den dafür erforderlichen Fach-, Prozess- und Methodenkompetenzen ausgestattet.
Zentrale Bestandteile der neuen Fertigung sind zwei neue, synchronisierte Aufbaulinien – für das Flughafenlöschfahrzeug PANTHER sowie das Kommunalfahrzeug AT. Die Montagen an den beiden Hauptlinien erfolgen auf definierten Stationen und nach einem festgelegten Takt.
Die Aufbauten bewegen sich dabei auf Schienen von einer Station zur anderen. Die Montagen erfolgen nach dem Fließprinzip, die Materialversorgung nach dem Pull-Prinzip. In die Adaptierung des neuen Werks wurden im Berichtsjahr 2,8 Mio €investiert.
Der Standort Neidling, das Kompetenzzentrum für Kompaktfahrzeuge und Halterungen im Konzern, wurde 2013 um eine Halle für die Profilbearbeitung und die Komponentenfertigung erweitert. Der Neubau umfasst auf rund 5.400 m² auch ein Palettenhochregallager und ein automatisiertes Langgutlager sowie zusätzliche Büroflächen. Zudem wurde eine Flugdachhalle von 1.500 m² für betriebliche Abläufe errichtet. Das gesamte Investitionsvolumen beläuft sich auf 10,0 Mio €, wovon in der Berichtsperiode 8,7 Mio € angefallen sind.
2013 wurden in der Rosenbauer International AG 9,0 Mio €(2012: 7,6 Mio €) in Forschung und Entwicklung investiert. Das sind 3,1 % (2012: 3,0 %) der relevanten Nettoerlöse der Eigenproduktion. Die Aktivierungsquote betrug 20,0 % (2012: 0,0 %).
Zur Vervollständigung der Produktpalette erweiterte Rosenbauer die erfolgreiche PANTHER-Baureihe um Fahrzeuge mit 2,5 m Breite. Der PANTHER S 6x6 ist leichter, kompakter und vor allem schlanker als die bestehenden Varianten. Exakt einen halben Meter schmäler ist er, ohne dabei Kompromisse in Sachen Fahreigenschaften, löschtechnischer Performance und Standfestigkeit eingehen zu müssen.
Die Neuentwicklung wurde speziell für den Einsatz auf kleineren, regionalen oder nationalen Flughäfen konzipiert. Für diese ist er mit seiner geringeren Breite bei gleichzeitig gewohntem Leistungsvermögen ideal dimensioniert. Darüber hinaus kann man mit dem PANTHER S öffentliche Straßen befahren, weil er mit 2,5 Metern Breite in vielen Ländern der StVO entspricht. So kann der PANTHER S auch zu Schadensereignissen außerhalb des Flughafens gerufen werden.
Die PANTHER-Baureihe umfasst Fahrzeuge auf 2-, 3- und 4-Achs-Chassis mit Motorleistungen von 500 bis 1.400 PS, Typen mit verkürztem und verlängertem Radstand sowie jetzt als Ergänzung auch eine Variante mit straßenverkehrstauglicher Breite.
Als Innovationsführer der Feuerwehrbranche war es für Rosenbauer eine Selbstverständlichkeit, auch bei Einführung der strengen Abgasnorm Euro 6 einer der Vorreiter zu sein. Bereits im Herbst 2013 wurde das erste emissionsarme Feuerwehrfahrzeug mit modernster Abgastechnologie präsentiert: ein Hilfeleistungslöschfahrzeug in AT-Bauweise, aufgebaut auf MAN TGM-Allradchassis.
Die strengen Euro-6-Grenzwerte gelten seit Anfang 2014 für alle neu zugelassenen Nutzfahrzeuge und, von Ausnahmen abgesehen, auch für neue Feuerwehrfahrzeuge. Die Werte sind allerdings nur in Kombination mehrerer Abgastechnologien erreichbar. Dadurch wurde der Bauraumbedarf der Abgasnachbehandlungseinheit deutlich größer. Zudem musste für das erforderliche AdBlue-System zusätzlich Platz unter dem Aufbau geschaffen werden. In enger Zusammenarbeit der Entwicklungsabteilung von Rosenbauer und den Fahrgestellproduzenten konnte diese Herausforderung gemeistert werden. Die Anordnung der Komponenten im Fahrzeug musste so gewählt werden, dass im feuerwehrtechnischen Aufbau praktisch kein Beladevolumen und Stauraum verloren ging.
Auch in Flughafenlöschfahrzeuge verbaut Rosenbauer seit Herbst 2013 umweltfreundlichere Antriebsaggregate. Der neue Volvo-Motor ist nach den Grenzwerten der Abgasnorm Euro 5 zertifiziert und ist damit derzeit das modernste Antriebsaggregat der Rosenbauer PANTHER-Flotte. Der Volvo-Motor wird künftig für die komplette PANTHER-Baureihe verwendet – vom 4x4- bis zum 8x8-Fahrwerk einschließlich aller Varianten mit verkürztem oder verlängertem Radstand bzw. schmaler Breite. Im stärksten Fahrzeug, dem PANTHER 8x8 mit bis zu 52 t Gesamtgewicht, wird das Triebwerk doppelt eingebaut. Mit dieser Neuentwicklung ist der PANTHER eines der ersten Flughafenlöschfahrzeuge der Welt, das über einen zertifizierten Euro-5-Motor verfügt.
2013 präsentierte Rosenbauer OSIRAS, ein modulares Aufbaukonzept für Serienfahrzeuge für internationale Hilfs- und Katastropheneinsätze. Es besteht aus drei Teilen: den fix am Fahrzeug montierten Gerätekästen, einem transportablen Löschsystem-Tankmodul in eigenem Rahmen und einem Wechselaufbau mit Kabine, die der Besatzung auch als Notunterkunft dient.
Der Wechselaufbau kann abmontiert und gestapelt auf LKW oder in Flugzeuge verfrachtet werden. Die Maße des Kabinenteils, der beim Lufttransport den unteren Teil des Wechselaufbaus aufnimmt, wurden dafür extra auf das Container-/Palettenmaß internationaler Verkehrsflugzeuge abgestimmt. Unter Verwendung einer Achs-Deichselkombination kann das Wechselmodul auch als Anhänger realisiert werden. Andernfalls reicht jeder beliebige Pickup, jedes Fahrzeug mit Anhängerkupplung, um mit OSIRAS nach wenigen Handgriffen ein Ambulanz-, Lösch- oder Transportfahrzeug zu erhalten.
Rosenbauer entwickelt seine Produkte permanent weiter. Das trifft auch auf die jüngsten Neuerungen auf dem Gebiet der persönlichen Schutzausrüstung (PSA) zu, den Kurzstiefel TWISTER-cross und den Einsatzhandschuh SAFE GRIP 3.
Mit dem TWISTER-cross als zweites Modell der neuen Stiefelkollektion, hat Rosenbauer im Frühjahr 2013 erstmals einen Kurzstiefel auf den Markt gebracht. Er wurde eigens für die Bedürfnisse von Feuerwehr und Rettung entwickelt und ist mit der Schafthöhe Form C für sämtliche Brandbekämpfungs- und Rettungseinsätze geeignet. Wie alle Rosenbauer Stiefel ist auch der TWISTER-cross mit zahlreichen Funktionen ausgestattet, die für höchsten Schutz und optimalen Tragekomfort sorgen.
Der neue Qualitätshandschuh SAFE GRIP 3 verfügt über verbesserte Schutzeigenschaften, einen optimierten Tragekomfort und zeigt sich in attraktiverem Design. Durch Verwendung des hochwertigen Materials NOMEX® III ist für bestmögliche Hitze- und Flammbeständigkeit gesorgt. Die Kombination mit einem Para-Aramid-Gewebe macht den Einsatzhandschuh extrem widerstandfähig und verbessert den Hitzeschutz.
Schwerpunkte der Personalarbeit im abgeschlossenen Jahr waren die Begleitung der unternehmensweiten Veränderungsprozesse und deren Abbildung in der Personal- und Führungsstruktur. Die verstärkte Internationalisierung und der eingeschlagene Wachstumskurs 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 Ressource 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.
Als Unternehmen mit langer Tradition ist die Unternehmensstrategie auf Nachhaltigkeit und langfristiges Handeln ausgerichtet. Diese Beständigkeit spiegelt sich letztlich auch in der Personalpolitik wider.
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 1.106 Mitarbeitern beschäftigte die Rosenbauer International AG im Jahr 2013 in Summe um 8 % mehr Mitarbeiter als zum Stichtag des Vorjahres. Die Gesamtzahl der Mitarbeiter gliedert sich in 596 Arbeiter (2012: 552), 421 Angestellte (2012: 382) und 89 Lehrlinge (2012: 87). Zusätzliche Beschäftigung schuf das Unternehmen über den Einsatz von 229 Leiharbeitskräften (2012: 241).
Das Durchschnittsalter der Rosenbauer Mitarbeiter in Österreich lag 2013 bei 36 Jahren. Die durchschnittliche Zugehörigkeitsdauer zum Unternehmen betrug 10 Jahre. Die niedrige Fluktuationsrate trotz steigender Belegschaft lag in der Berichtsperiode bei 1,6 % – 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, sozialer Kompetenz und zur Intensivierung unterschiedlicher Sprachen, darunter auch Arabisch.
Die vorausschauende Entwicklung der Mitarbeiter gehört zu den wichtigsten Aufgaben des Personalmanagements. 2013 betrugen die Aus- und Weiterbildungskosten 563,0 T€(2012: 468,0 T€).
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 in vielen Bereichen die Möglichkeit zur Teilzeitarbeit.
Rosenbauer bildet mehr junge Menschen aus, als das Unternehmen selbst Bedarf hat. 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 knapp 90 Lehrlinge erfolgreich eine hochwertige und praxisnahe Ausbildung erhalten, wobei auf eine offene Lehrstelle bis zu 20 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 2013 die Ausbildung zum Maschinenbautechniker, dicht gefolgt vom Mechatroniker. Rosenbauer bietet unter anderem auch die Ausbildung zum Industrie- und Bürokaufmann, Informationstechnologie-Techniker oder Konstrukteur an. In einem speziellen Traineeprogramm können sich Mitarbeiter nach dem Lehrabschluss zu universell im Unternehmen einsetzbaren Fachkräften weiterqualifizieren.
Seit 2013 bildet Rosenbauer junge Menschen mit besonderen Bedürfnissen aus. Der Schwerpunkt bei der integrativen Ausbildung liegt auf Jugendlichen mit verminderter Lernfähigkeit. Vier Jugendliche erlernen die Berufe Lackierer, Lagerlogistiker und Koch. Die Ausbildung erfolgt in enger Kooperation mit der Caritas OÖ. Ziel dieser Kooperation ist es, Menschen mit besonderen Bedürfnissen in die Arbeitswelt einzugliedern – ein wichtiger Schritt zu deren Selbständigkeit.
Die Integration von Menschen mit Handicaps ist für Rosenbauer von besonderer Bedeutung. Es geht darum, gesellschaftliche Verantwortung zu übernehmen und den Jugendlichen eine Chance in der beruflichen Alltagswelt zu eröffnen. Zudem werden dadurch die Mitarbeiter für diese Thematik sensibilisiert und die sozialen Kompetenzen innerhalb des Unternehmens gefördert.
Rosenbauer sorgt sich auf vielfältigste Weise um die Sicherheit und Gesundheit seiner Belegschaft. Neue Mitarbeiter erhalten eine umfassende, sowohl allgemeine als auch fachspezifische Einführung in das Thema Arbeitssicherheit. Persönliche Schutzausrüstung wird auch in mehreren Belangen über die gesetzlichen Bestimmungen hinausgehend zur Verfügung gestellt. Arbeitsplätze in der Montage sind mit modernsten Werkzeugen, ergonomischen Arbeitshilfen und spezifischen Sicherheitseinrichtungen ausgestattet.
Der Stand der Arbeitssicherheit wird regelmäßig in SOS (Sicherheit-Ordnung-Sauberkeit)- Audits überprüft, Arbeits- und Beinaheunfälle 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 Assessment Series) zertifiziert, im Vorjahr wurde das Zertifikat erfolgreich verlängert.
Im Rahmen der betrieblichen Gesundheitsvorsorge können alle Mitarbeiter das Angebot einer kostenlosen betrieblichen Gesundenuntersuchung in Anspruch nehmen. Rosenbauer bietet dabei zahlreiche Zusatzleistungen an, vom Gesundheitspass bis zur Diagnose des Stütz- und Bewegungsapparates.
Das Angebot des ersten Rosenbauer Gesundheitstages im Vorjahr wurde von mehr als 300 Haltungsanalysen und Rückenschulungen fand dabei großen Zuspruch.
KVP (Kontinuierlicher Verbesserungsprozess) und Teamarbeit sind selbstverständlich gewordene Bestandteile der Unternehmenskultur. Sie erlauben eine permanente Verbesserung der betrieblichen Abläufe. Die zielgerichtete Teamarbeit im KVP trägt auch zu einem besseren Klima im Unternehmen bei.
Im Jahr 2013 waren 680 Mitarbeiter in 48 KVP-Teams engagiert, ihre umgesetzten Ideen erbrachten einen jährlichen Einsparungseffekt von 1,2 Mio €(2012: 0,9 Mio €). Im Jahr 2014 werden die KVP-Teams schrittweise in neue SVP-Teams (SAFE-Verbesserungsprozess) übergeführt. Anzahl, Zusammensetzung und Arbeitsweise der Teams werden dabei
konsequent nach den Hauptprozessen bei Rosenbauer ausgerichtet. Hauptaufgabe der Teams bleibt das Generieren von Ideen und Verbesserungsvorschlägen, die effizienzsteigernde bzw. kostenoptimierende Wirkung haben.
Zum Jahresende 2013 beschäftigte Rosenbauer insgesamt 229 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 2011 bis 2013 wurden rund 120 Leiharbeitsverträge in unbefristete Arbeitsverhältnisse umgewandelt.
Rosenbauer ist in seinem weltweiten unternehmerischen Handeln unterschiedlichen Chancen und Risiken ausgesetzt. Die kontinuierliche Identifizierung, Bewertung und Steuerung der Risiken ist integraler Bestandteil des Führungs-, Planungs- und Controllingprozesses. Das Risikomanagement greift dabei auf die im Konzern vorhandenen Organisations-, Berichts- und Führungsstrukturen zurück und ergänzt diese um spezifische Elemente, die zur ordnungsgemäßen Risikobeurteilung erforderlich sind. Im Kern besteht es aus fünf Elementen:
Das Risikomanagement definiert einen strukturierten Prozess, der eine systematische Überwachung der Geschäftsrisiken vorsieht. Damit können sowohl Chancen als auch Risiken frühzeitig erkannt und beurteilt werden.
Im Rahmen dieses Prozesses werden die Risiken identifiziert, 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 im Rahmen einer Sitzung des Audit Committee 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 Gesamtverantwortung für das operative Risikomanagement liegt beim Vorstand. Die Ergebnisse der Risikoinventur werden vom zentralen Risikomanagement zusammengefasst und jährlich im Rahmen einer Sitzung des Audit Committee mit dem Aufsichtsrat erörtert.
Ein wesentliches Element der laufenden Überwachung wirtschaftlicher Risiken stellt das Berichtswesen dar. Durch konsequente Umsetzung können nicht nur etwaige Risikopositionen, sondern auch Chancen frühzeitig erkannt und gezielt wahrgenommen oder optimiert werden.
Rosenbauer analysiert regelmäßig die maßgeblichen Branchenrisiken und nutzt Chancen durch permanente Innovationen, Effizienzsteigerung bei 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 Rosenbauer als innovatives 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 Konzernstrategie abgeleitet und umfasst einen nach Geschäftsbereichen 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 dabei 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 Fahrzeu 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 2014 ausgelastet.
Die Beschaffungs- und Einkaufsrisiken bestehen insbesondere in möglichen Lieferantenausfällen, Qualitätsproblemen und Preiserhöhungen. Die Standardisierung von Bauteilen und Komponenten sowie die Diversifizierung der Lieferantenstruktur wirkt diesen Risiken entgegen. Um die termin- und qualitätskonforme Versorgung der Produktion sicherzustellen, werden die wichtigsten Zulieferpartner laufend überwacht. 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 der Nichtbelieferung durch Vorlieferanten aus Compliance-Gründen können jedoch nicht ausgeschlossen werden.
Ein weiteres Beschaffungsrisiko kann bei den Rohstoff- und Energiepreisen vorkommen, wobei in der Berichtsperiode von den niedrigen Preisen profitiert wurde. 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 keine oder nur wenig Prozessenergie benötigt wird.
Ertragsrisiken, die sich aufgrund von externen Störungen in der Produktion ergeben könnten, 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 Programmfehler sowie externe Einflüsse verfälscht, zerstört oder entwendet werden könnten. 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.
Im Zusammenhang mit dem Löschfahrzeugkartell erhalten die betroffenen Kommunen von den Herstellern Magirus, Rosenbauer und Schlingmann einen finanziellen Ausgleich. Bis zu 6,7 Mio €stehen über einen Regulierungsfonds dafür zur Verfügung. Das Regulierungsverfahren konnte im Januar 2014 auf Basis einer außergerichtlichen Einigung im Wesentlichen abgeschlossen werden. Die Rücklaufquote der gutachterlich geschätzten schadenbetroffenen Löschfahrzeuge betrug 66,1 %.
Die Rosenbauer Deutschland GmbH leistete mit 1,3 Mio €einen wesentlichen Beitrag zur Abwicklung des Schadensausgleichs zwischen den Kommunen und den Herstellern. Ob darüber hinaus und in welcher Höhe weitere Schadenersatzansprüche gerichtlich durchgesetzt und damit bilanziell wirksam werden können, kann derzeit nicht abschließend beurteilt werden.
Die kommunalen Spitzenverbände haben auch im Drehleiterkartell mit den beteiligten Unternehmen Magirus GmbH und Metz Aerials GmbH & Co. KG eine Einigung erzielt. Es wird auch hier eine außergerichtliche Schadensregulierung geben, der Abschluss des Verfahrens wird im ersten Halbjahr 2014 erwartet. Der von Rosenbauer zu leistende Schadensausgleich wurde mit 3,2 Mio €in der Bilanz bereits rückgestellt.
Um künftige Fehlentwicklungen zu vermeiden, wurde im Berichtsjahr die Compliance-Organisation weiter ausgebaut, es wurden Vorschriften verschärft und Sanktionen für wettbewerbsschädigendes Verhalten beschlossen.
Der brasilianische Flughafenbetreiber Infraero Aeroportos hat 2012 einen zuvor an Rosenbauer America erteilten Auftrag über die Lieferung von 80 Flughafenlöschfahrzeugen wieder storniert. Als Begründung wurde eine unterschiedliche Auslegung der Fahrzeugspezifikation angeführt. Rosenbauer America hat Rechtsmittel zur Kompensation für den entstandenen Schaden ergriffen. Das Verfahren ist noch im Laufen.
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.
Seit Mai 2013 ist auch das Energiemanagement nach der ISO-Systematik ISO 50001 zertifiziert, vorerst an den österreichischen Standorten. Es dient in erster Linie als Instrument, mit dem Energiekosten und -verbräuche laufend überprüft und nachhaltige Maßnahmen zur Reduktion des Ressourcenverbrauchs abgeleitet werden können. In 2014 wird an weiteren Standorten in Deutschland ein Energiemanagement implementiert und zertifiziert.
Rosenbauer betreibt seit mehr als 20 Jahren ein konsequentes Qualitätsmanagement nach ISO 9001 und ist nach der wichtigsten Qualitätsnorm zertifiziert. Das Qualitätsmanagement an den Standorten wird laufend durch Audits überprüft, um weltweit die gleiche Rosenbauer Qualität zu gewährleisten und Haftungsrisiken wie z.B. Produkthaftungsfälle minimieren zu können.
Modernste Entwicklungsmethoden sowie die permanente Kontrolle und Verbesserung der Produktqualität und Prozessoptimierungen tragen zur weiteren Reduzierung von Risiken bei. Dennoch können Produktmängel nicht gänzlich ausgeschlossen werden. Zur Minimierung möglicher finanzieller Risiken – vor allem im angloamerikanischen Raum – wird im gesamten Konzern, 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 vorgegebenen 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 hoher 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 Sicherung einer möglichst hohen Unabhängigkeit 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 konzernweit 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 könnten, werden gering eingeschätzt, da der überwiegende Anteil der Kunden öffentliche Abnehmer sind. Bei Lieferungen in Länder mit einem erhöhten politischen und 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 sind.
Das interne Kontrollsystem 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 Comittee) 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 und deren Einhaltung überprüft werden.
Das Kontrollumfeld des Rechnungslegungsprozesses ist durch eine klare Aufbau- und Ablauforganisation gekennzeichnet. Sämtliche Funktionen sind eindeutig Personen (zum Beispiel in Finanzbuchhaltung oder Controlling) zugeordnet. Die am Rechnungslegungsprozess beteiligten Mitarbeiter erfüllen alle fachlichen Voraussetzungen.
Bei allen relevanten Prozessen wird für die Rechnungslegung, soweit es die Größe der jeweiligen Konzerngesellschaft und die damit 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 Bewertungsansätze sind in einem Handbuch, welches ebenfalls ständig aktualisiert wird, festgehalten und zwingend von den lokalen Einheiten umzusetzen.
Weiters 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 konzernweiten Controllings und Treasurys. Auf Basis detaillierter wöchentlich, monatlich und quartalsweise erstellter Finanzberichte werden Abweichungen in der Ertragsund 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. Dies erfordert eine permanente Innovationsbereitschaft sowie leistungsfähige und zuverlässige Lieferanten.
Rosenbauer setzt gezielt auf eine enge und partnerschaftliche Zusammenarbeit mit seinen Zulieferern. Entsprechend 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, Verbesserungen der Logistikkette, Erfüllung von Umweltaspekten bis hin zu innovativen Produktlösungen entwickelt.
Als global tätiges Unternehmen nutzt Rosenbauer die globalen Beschaffungsmärkte und nimmt dabei die ihm zukommende gesellschaftliche Verantwortung wahr. 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 342,1 Mio €(2012: 317,8 Mio €). Dies entspricht einem 70%igen Anteil an den Umsatzerlösen. Angesichts des stark gewachsenen Beschaffungsvolumens ist die termingerechte Versorgung der Produktion eine besondere Herausforderung. Den größten Anteil am Einkaufsvolumen haben mit rund 31 % die Fahrgestelle für Feuerwehrfahrzeuge. 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, reagiert auf Preisschwankungen mit einer der Situation angepassten Einkaufspolitik und sichert sich dadurch eine stabile Kalkulationsgrundlage.
Über das Lieferantenportal läuft die Bestellung entlang der gesamten Supply Chain automatisch ab – von der Anfrage, Lieferantenauswahl, Bestellung über die Auftragsbestätigung, Lieferaviso, Ursprungslanderklärung bis zur Gutschrift. Die Lieferanten
sind direkt an das Produktionsplanungs- und -steuerungssystem angebunden und können sich über künftige Bedarfe bei Rosenbauer selbstständig informieren. Sie werden dadurch in die Lage versetzt, ihre Produktion entsprechend flexibel zu steuern bzw. selbständig Materialien mit der Funktion VMI (Vendor Managed Inventory) zu disponieren. Außerdem wird der personelle wie organisatorische Aufwand auf beiden Seiten deutlich reduziert, ebenso können dadurch Fehler in der Abwicklung vermieden werden.
Der Vorstand wird zudem ermächtigt, erworbene eigene Aktien mit Zustimmung des Aufsichtsrates ohne weiteren Beschluss der Hauptversammlung einzuziehen; die Ermächtigung zum Erwerb eigener Aktien umfasst auch den Erwerb von Aktien der Gesellschaft durch Tochterunternehmen der Gesellschaft. Die Ermächtigung ist vom Vorstand in der Weise auszuüben, dass zu keinem Zeitpunkt ein Erwerb von eigenen Aktien zu einer Überschreitung der 10 %-Grenze führt.
Es gibt keine bedeutsamen Vereinbarungen, die bei einem Kontrollwechsel in der Gesellschaft infolge eines Übernahmeangebotes wirksam werden, sich wesentlich ändern oder enden.
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.
Die Aussichten für die globale Wirtschaft sind nach Einschätzung der Experten so gut wie schon lange nicht mehr – dank einer zuletzt recht positiven Entwicklung in den Industriestaaten. Ein Wendepunkt sei erreicht, so die meisten Analysten, das weltweite Bruttoinlandsprodukt (BIP) soll 2014 – nach einem Wachstum von 3,0 % im vergangenen Jahr – wieder um 3,7 % zulegen. Ob der für 2014 prognostizierte Aufschwung reicht, um die Arbeitsmarktkrise in Europa zu beenden, bleibt abzuwarten.
Die Märkte der Feuerwehrbranche werden auch 2014 von unterschiedlichen Herausforderungen geprägt sein. Das Wachstum wird überwiegend aus Asien sowie dem Nahen und Mittleren Osten kommen. Am amerikanischen Markt sollte sich der positive Nachfragetrend fortsetzen, während die Branche in Europa wohl wenn überhaupt nur eine leichte Verbesserung sehen wird.
Im Geschäftsjahr 2013 hat sich das weltweite Absatzvolumen für Feuerwehrfahrzeuge noch nicht wirklich erholt. Für 2014 wird in Summe keine markante Verbesserung erwartet, wenngleich in einzelnen Märkten Anzeichen eines Aufschwungs bemerkbar sind.
Wie sich die Feuerwehrmärkte im Detail entwickeln werden, hängt vielfach von der Verfügbarkeit der öffentlichen Budgets ab. Eine genaue Prognose ist hier schwer abzugeben. In einigen, meist entwickelten Märkten wird aufgrund der Bemühungen zur Haushaltskonsolidierung die Nachfrage nach Feuerwehrausrüstung auch 2014 verhalten bleiben. Dadurch steigt das durchschnittliche Alter der Einsatzgeräte weiter an. In den Emerging Markets wiederum bietet sich das gewohnt unterschiedliche Bild: Während in einigen Ländern bereits Anzeichen einer Marktsättigung zu erkennen sind, besteht in Regionen wie dem Nahen Osten nach wie vor hoher Modernisierungsbedarf. Dieser spiegelt sich auch in einer umfangreichen Projektlandschaft wider.
Generell kann man sagen, dass zurzeit vor allem in jenen Regionen in Feuerwehrtechnik und -ausrüstung investiert wird, in denen ein erhöhtes Sicherheitsbedürfnis nach Natur- und Terrorkatastrophen vorhanden ist oder hohe Einnahmen aus der Förderung von Rohstoffen zur Verfügung stehen. Darüber hinaus sorgen die weltweite Zunahme des Flugverkehrs und der Einsatz größerer Flugzeuge weiterhin für eine starke Nachfrage nach Spezialfahrzeugen.
Nach vier Jahren rückläufiger Marktentwicklung legte der größte Einzelmarkt der Welt, die USA, im Jahr 2013 erstmals wieder deutlich zu. Für das Jahr 2014 sollte der US-Feuerwehrmarkt – wie auch die amerikanische Wirtschaft – weiter an Fahrt gewinnen.
Während viele US-Feuerwehrausstatter zuletzt mit Schwierigkeiten zu kämpfen hatten, konnte Rosenbauer America vor allem dank internationaler Aufträge die Marktposition stärken. Die Auftragseingänge der letzten Monate sind bis ins Jahr 2015 ergebniswirksam und sichern eine hohe Auslastung der amerikanischen Produktionsstätten.
Der europäische Feuerwehrmarkt ist lange nicht so homogen wie der in den Vereinigten Staaten, entsprechend differenziert ist die Entwicklung in den einzelnen Ländern zu sehen. In den hoch industrialisierten Märkten scheint der Abschwung beendet und eine wirtschaftliche Erholung in Sicht. Daher wird erwartet, dass sich aufgrund der wirtschaftlichen Erholung sowie aufgeschobener Investitionen in Folge von Sparprogrammen das Beschaffungsverhalten der öffentlichen Haushalte entsprechend stabilisieren wird. Zentralund Nordeuropa sollten ein gewisses Wachstum aufweisen, da das durchschnittliche Alter der im Einsatz befindlichen Feuerwehrfahrzeuge über dem Durchschnitt liegt.
Für die von der Finanz- und Wirtschaftskrise besonders betroffenen Länder Spanien, Griechenland, Portugal und Irland ist weiterhin mit einer gedämpften Nachfrage nach Feuerwehrausrüstung zu rechnen. Dies gilt auch für die Länder Osteuropas.
Der deutsche Feuerwehrmarkt sollte sich im Jahr 2014 weiter stabilisieren, allerdings nach wie vor unter einem sehr intensiven Wettbewerb. In Österreich lag der Absatz von Feuerwehrfahrzeugen über 7,5 t im Berichtsjahr über dem Niveau des letzten Jahres. Für 2014 ist von einem gleichbleibenden Beschaffungsverhalten auszugehen.
Das russische Beschaffungsvolumen bleibt seit Jahren unter dem eigentlichen Bedarf. Für die kommenden Jahre sind aber weitere Budgetmittel zur Anschaffung hoch entwickelter Feuerwehrtechnik reserviert, wobei ein möglichst großer Anteil an lokaler Wertschöpfung angestrebt wird.
Die Feuerwehrbranche wächst vor allem in Ländern mit erhöhtem Sicherheitsbedarf sowie in aufstrebenden Märkten mit verstärkten Infrastrukturinvestitionen. Geografisch gesehen wird im Jahr 2014 das stärkste Wachstum in Asien erwartet, allen voran in China. Hier profitiert die Feuerwehrbranche nach wie vor vom guten gesamtwirtschaftlichen Umfeld. Die voranschreitende Urbanisierung in den asiatischen Ländern erfordert auch in den kommenden Jahren massive Investitionen in die Sicherheitstechnik 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 Feuerwehrausstattung und Ausrüstung ausgegangen werden.
Lateinamerika und Afrika 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 auszuschließen und erfordern eine genaue Beobachtung.
Im Bereich des Customer Service arbeitet Rosenbauer verstärkt am Ausbau des weltweiten Service-Geschäfts sowie an einer weiteren Erhöhung der Kundenzufriedenheit.
Rosenbauer beobachtet die Entwicklung der einzelnen Feuerwehrmärkte sehr genau, um Absatzchancen frühzeitig nutzen zu können. Je nachdem, welche Länder oder Regionen ein erhöhtes Beschaffungsvolumen erkennen lassen, werden die Vertriebsaktivitäten
entsprechend forciert. So wird die globale Präsenz des Konzerns immer weiter ausgebaut und die internationale Wettbewerbsfähigkeit gestärkt.
Zum Zeitpunkt der Erstellung dieses Berichtes verfügt Rosenbauer über ein hohes, in Bearbeitung befindliches, internationales Projektvolumen sowie einen ausgezeichneten Auftragsbestand. Dieser stellt die Basisauslastung der Produktionsstätten im Jahr 2014 sicher.
Aufgrund des starken globalen Wettbewerbs, zunehmender Variantenvielfalt und neuartiger technischer Möglichkeiten haben sich die Innovationszyklen bei Produkten der Feuerwehrtechnik verkürzt. Um dieser Herausforderung gerecht zu werden, hat Rosenbauer ein eigenes Innovations-, Technologie- und Wissensmanagement eingerichtet, welches als Think Tank für zukünftige Entwicklungen fungiert. Hier werden Zukunftstrends genau verfolgt und in die Produktentwicklung eingebracht.
Im Vorjahr wurden unter anderem der PANTHER S und zwei Drehleitervarianten neu auf den Markt gebracht. Rosenbauer investiert im F&E-Bereich antizyklisch und erhöht laufend die bereitgestellten Mittel. Darüber hinaus ist die Innovationstätigkeit im Haus bereits stark auf das Branchen-Highlight im kommenden Jahr ausgerichtet, die weltweit größte Feuerwehrmesse Interschutz 2015 in Hannover.
Die mittelfristige Unternehmensstrategie von Rosenbauer sieht bis 2015 ein weiteres organisches Wachstum vor. Das gilt für alle Produktsegmente und Geschäftsbereiche und erfordert vor allem in der Fertigung zusätzliche räumliche Kapazitäten. Rosenbauer investiert daher weiter in den Ausbau und die Modernisierung seiner Standorte und führt die im Jahr 2013 gestarteten kapazitätssteigernden Maßnahmen auch 2014 fort.
Richtungsweisend in diesem Zusammenhang ist die Fertigstellung des neuen Werk II Leonding im 2. Quartal 2014. Dieser Standort bringt nicht nur eine deutliche Vergrößerung der Produktionsflächen, sondern auch eine komplette Neuausrichtung der Fertigungslinien der beiden Baureihen AT und PANTHER mit sich.
Sämtliche Maßnahmen rund um Werk II Leonding zielen letztlich darauf ab, die Profitabilität der Produkte zu verbessern. Es wird mehr Platz in der Fertigung geschaffen, die Effizienz in den Fertigungslinien gesteigert, die Infrastruktur optimiert und es werden die vorgelagerten Verwaltungsprozesse vereinfacht.
Im Jahr 2014 werden Investitionstätigkeit und Investitionsvolumen auf dem Niveau des Vorjahres liegen.
Das hohe Auftragsvolumen und die erhöhten Produktionsbestände erforderten die Bereitstellung zusätzlicher Finanzierungsrahmen, die über mehrere Banken gesichert wurden. Aufgrund der guten Ertragssituation der letzten Jahre konnte die Finanzierung des Unternehmens weiter verbessert werden, was auch durch die hohe Eigenmittelquote dokumentiert wird.
Die Finanzierungsstrategie des Konzerns ist nach konservativen Grundsätzen ausgerichtet und räumt einer gesicherten Liquidität sowie einer möglichst hohen Eigenmittelausstattung absoluten Vorrang ein.
Auf Basis des gesamtwirtschaftlichen und branchenspezifischen Ausblicks für die Feuerwehrbranche sowie der speziellen Wachstumsaussichten für die Märkte, in denen Rosenbauer tätig ist, sollte der Wachstumskurs der vorangegangenen Jahre auch im Jahr 2014 weiter fortgesetzt werden können.
Mit der guten Entwicklung der Auftragseingänge in den letzten Monaten, den guten Perspektiven im Projektgeschäft und den erweiterten Produktionskapazitäten erwartet das Management für das laufende Geschäftsjahr einen moderaten Anstieg des Umsatzes.
Die hohen Investitionen in die Zukunft, die Kosten für die Errichtung der beiden neuen Fertigungslinien im Werk II Leonding sowie der weiterhin verschärfte Preiswettbewerb am Markt werden jedoch auf die Ergebnisse drücken. Durch die Erweiterung der Fertigungsflächen und ein im Jahr 2012 gestartetes Optimierungsprogramm in den wichtigsten Produktionsbereichen wird dieser Margenentwicklung gegengesteuert.
Leonding, 21. März 2014
Siegel Brunbauer Kitzmüller
| Stand | Stand | ||||
|---|---|---|---|---|---|
| 31.12.2013 | 31.12.2012 | ||||
| EUR | EUR | EUR | EUR | TEUR | |
| A. ANLAGEVERMÖGEN | |||||
| I. Immaterielle Vermögensgegenstände | |||||
| 1. Konzessionen, Rechte | 650.829,00 | 829 | |||
| 2. Firmenwert | 1,00 | 0 | |||
| 3. Geleistete Anzahlungen | 5.100,00 | 655.930,00 | 0 829 |
||
| II. Sachanlagen | |||||
| 1. Grundstücke, grundstücksgleiche Rechte und Bauten, | |||||
| einschließlich der Bauten auf fremdem Grund | |||||
| davon Grundwert EUR 5.494.392,90 (2012 TEUR 5.337) | 35.739.141,90 | 27.322 | |||
| 2. Investitionen in fremden Gebäuden | 114.307,00 | 104 | |||
| 3. Technische Anlagen und Maschinen | 9.190.854,00 | 7.452 | |||
| 4. Andere Anlagen, Betriebs- und Geschäftsausstattung | 10.446.606,00 | 10.128 | |||
| 5. Geleistete Anzahlungen und Anlagen in Bau | 2.801.025,92 | 58.291.934,82 | 963 45.969 |
||
| III. Finanzanlagen | |||||
| 1. Anteile an verbundenen Unternehmen | 42.431.102,18 | 44.208 | |||
| 2. Beteiligungen | 3.001.640,79 | 3.002 | |||
| 3. Wertpapiere (Wertrechte) des Anlagevermögens | 719.657,77 | 170 | |||
| 46.152.400,74 | 47.380 | ||||
| 105.100.265,56 | 94.178 | ||||
| B. UMLAUFVERMÖGEN | |||||
| I. Vorräte | |||||
| 1. Roh-, Hilfs- und Betriebsstoffe Erhaltene Anzahlungen |
49.425.010,32 -968.150,58 |
56.032 -7.409 |
|||
| 48.456.859,74 | 48.623 | ||||
| 2. Unfertige Erzeugnisse | 44.321.676,14 | 52.544 | |||
| Erhaltene Anzahlungen | -150.056,95 | -764 | |||
| 44.171.619,19 | 51.780 | ||||
| 3. Fertige Erzeugnisse und Waren | 8.227.090,75 | 11.196 | |||
| 4. Ware unterwegs 5. Geleistete Anzahlungen |
4.289.903,89 2.969.550,30 |
1.489 2.796 |
|||
| 108.115.023,87 | 115.884 | ||||
| II. Forderungen und sonstige Vermögensgegenstände | |||||
| 1. Forderungen aus Lieferungen und Leistungen | 24.631.644,43 | 26.359 | |||
| 2. Forderungen gegenüber verbundenen Unternehmen | 25.884.759,43 | 29.379 | |||
| 3. Forderungen gegenüber Unternehmen, | |||||
| mit denen ein Beteiligungsverhältnis besteht | 4.526.923,71 | 4.967 | |||
| 4. Sonstige Forderungen und Vermögensgegenstände | 6.537.087,35 | 61.580.414,92 | 7.255 67.960 |
||
| III. Kassenbestand, Guthaben bei Kreditinstituten | 2.220.484,95 | 6.648 | |||
| 171.915.923,74 | 190.492 | ||||
| C. RECHNUNGSABGRENZUNGSPOSTEN | 1.041.850,76 | 2.714 | |||
| 278.058.040,06 | 287.384 | ||||
| Stand Stand 31.12.2013 31.12.2012 EUR EUR TEUR EUR A. EIGENKAPITAL I. Grundkapital 13.600.000,00 650.829,00 829 II. Kapitalrücklagen (gebundene) 23.703.398,02 1,00 0 III. Gewinnrücklagen (Freie Rücklagen) 96.702.757,74 5.100,00 0 IV. Bilanzgewinn 655.930,00 829 davon Gewinnvortrag EUR 144.433,94 (2012 TEUR 151) 8.303.002,60 B. UNVERSTEUERTE RÜCKLAGEN 35.739.141,90 27.322 Bewertungsreserve auf Grund von Sonderabschreibungen 114.307,00 104 9.190.854,00 7.452 10.446.606,00 10.128 2.801.025,92 963 58.291.934,82 45.969 C. RÜCKSTELLUNGEN 1. Rückstellungen für Abfertigungen 10.790.400,00 42.431.102,18 44.208 2. Rückstellungen für Pensionen 607.763,11 3.001.640,79 3.002 3. Steuerrückstellung 1.666.460,00 719.657,77 170 4. Sonstige Rückstellungen 19.472.199,12 46.152.400,74 47.380 105.100.265,56 94.178 D. VERBINDLICHKEITEN 1. Verbindlichkeiten gegenüber Kreditinstituten 30.250.645,05 2. Erhaltene Anzahlungen auf Bestellungen 18.871.666,67 3. Verbindlichkeiten aus Lieferungen und Leistungen 24.330.965,48 56.032 4. Verbindlichkeiten gegenüber verbundenen Unternehmen 10.158.779,83 -7.409 5. Sonstige Verbindlichkeiten 48.456.859,74 48.623 davon aus Steuern EUR 149.855,62 (2012 TEUR 222) 52.544 davon im Rahmen der sozialen Sicherheit -764 EUR 1.484.506,61 (2012 TEUR 1.337) 17.254.379,62 44.171.619,19 51.780 8.227.090,75 11.196 4.289.903,89 1.489 E. RECHNUNGSABGRENZUNGSPOSTEN 2.969.550,30 2.796 108.115.023,87 115.884 24.631.644,43 26.359 25.884.759,43 29.379 4.526.923,71 4.967 6.537.087,35 7.255 61.580.414,92 67.960 2.220.484,95 6.648 171.915.923,74 190.492 1.041.850,76 2.714 278.058.040,06 287.384 HAFTUNGSVERHÄLTNISSE |
|
|---|---|
| Stand | |
| 30.12.2013 | |
| EUR | |
| 142.309.158,36 | |
| 2.345.622,82 | |
| 32.536.822,23 | |
| 100.866.436,65 | |
| 0,00 | |
| 278.058.040,06 | |
| 40.772.684,51 |
| 2013 | 2012 | ||||
|---|---|---|---|---|---|
| EUR | EUR | TEUR | TEUR | ||
| 1. Umsatzerlöse | 491.685.888,55 | 425.011 | |||
| 2. Veränderung des Bestands an fertigen und unfertigen Erzeugnissen sowie an noch nicht abrechenbaren Leistungen |
-6.525.469,79 | 10.180 | |||
| 3. Andere aktivierte Eigenleistungen | 123.243,89 | 49 | |||
| 4. Sonstige betriebliche Erträge | |||||
| a) Erträge aus dem Abgang vom Anlagevermögen mit Ausnahme der Finanzanlagen |
59.652,84 | 67 | |||
| b) Erträge aus der Auflösung von Rückstellungen | 135.296,72 | 1.296 | |||
| c) Übrige | 8.702.775,75 | 8.897.725,31 | 4.460 | 5.823 | |
| 5. Aufwendungen für Material und sonstige bezogene Herstellungsleistungen |
|||||
| a) Materialaufwand | -340.929.722,41 | -306.385 | |||
| b) Aufwendugngen für bezogene Leistungen | -9.457.232,54 | -350.386.954,,95 | -8.999 | -315.384 | , |
| 6. Personalaufwand | |||||
| a) Löhne | -28.007.557,62 | -26.027 | |||
| b) Gehälter | -30.575.224,45 | -28.502 | |||
| c) Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen |
-2.145.208,97 | -1.522 | |||
| d) Aufwendungen für Altersversorgung | -216.445,06 | -18 | |||
| e) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge |
-14.956.249,39 | -13.364 | |||
| f) Sonstige Sozialaufwendungen | -487.055,86 | -76.387.741,35 | -441 | -69.874 | |
| 7. Abschreibungen auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen |
-6.632.587,89 | -5.988 | |||
| 8. Sonstige betriebliche Aufwendungen | |||||
| a) Steuern, soweit sie nicht unter Z 19 fallen | -130.989,10 | -96 | |||
| b) Übrige | -33.055.112,22 | -33.186.101,32 | -28.232 | -28.328 | |
| 9. Zwischensumme aus Z 1 bis 8 (Betriebserfolg) | 27.588.002,45 | 21.489 | |||
| 10. Erträge aus Beteiligungen davon aus verbundenen Unternehmen EUR 5.024.238,73 (2012 TEUR 7.092) |
7.202.778,73 | 7.092 | |||
| 11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens davon aus verbundenen Unternehmen EUR 0,00 (2012 TEUR 0) |
11.229,97 | 9 | |||
| 12. Sonstige Zinsen und ähnliche Erträge davon aus verbundenen Unternehmen EUR 451.103,78 (2012 TEUR 283) |
752.647,06 | 708 | |||
| 13. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens davon aus Abschreibungen EUR 6.345.753,50 (2012 TEUR 4) |
-6.345.753,50 | -4 | |||
| 14. Zinsen und ähnliche Aufwendungen davon betreffend verbundene Unternehmen EUR 135.271,35 (2012 TEUR 132) |
-1.251.453,36 | -1.204 | |||
| 15. Zwischensumme aus Z 10 bis 14 (Finanzerfolg) | 369.448,90 | 6.601 | |||
| 16. Ergebnis der gewöhnlichen Geschäftstätigkeit | 27.957.451,35 | 28.090 | |||
| 17. Steuern vom Einkommen | -7.559.134,56 | -5.261 | |||
| 18. Jahresüberschuss | 20.398.316,79 | 22.829 | |||
| 19. Auflösung unversteuerter Rücklagen | 110.251,87 | 24 | |||
| 20. Zuweisung zu Gewinnrücklagen | -12.350.000,00 | -14.700 | |||
| Jahresgewinn | 8.158.568,66 | 8.153 | |||
| 21. Gewinnvortrag aus dem Vorjahr | 144.433,94 | 151 | |||
| 22. Bilanzgewinn | 8.303.002,60 | 8.304 |
| 2013 | 2012 | |
|---|---|---|
| EUR | EUR | |
| Österreich | 33.880.398,83 | 28.802.291,60 |
| Europäische Union | 104.097.778,91 | 78.097.693,46 |
| Asien / Ozeanien | 64.074.170,92 | 74.287.318,81 |
| Osteuropa | 8.171.922,97 | 11.152.565,72 |
| Naher Osten | 226.549.181,11 | 177.146.337,80 |
| Sonstige | 54.912.435,81 | 55.525.247,95 |
| UMSATZERLÖSE | 491.685.888,55 | 425.011.455,34 |
| 2013 | 2012 | |
|---|---|---|
| EUR | EUR | |
| Fahrzeuge | 350.074.671,91 | 288.721.144,44 |
| Hubrettungsgeräte | 18.860.925,90 | 21.052.044,53 |
| Komponenten | 37.542.345,97 | 35.889.932,82 |
| Business Development | 3.823.938,54 | 3.605.295,34 |
| Ausrüstung | 61.627.410,05 | 55.510.343,34 |
| Ersatzteile, Reparatur und Service | 10.678.698,05 | 12.373.829,77 |
| Sonstige | 9.077.898,13 | 7.858.865,10 |
| UMSATZERLÖSE | 491.685.888,55 | 425.011.455,34 |
| 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 | |
| 1.1.2013 | 31.12.2013 | ||||
| EUR | EUR | EUR | EUR | EUR | |
| ANLAGEVERMÖGEN | |||||
| I. Immaterielle Vermögensgegenstände | |||||
| 1. Konzessionen, Rechte | 3.913.860,85 | 228.648,82 | 0,00 | 394.227,68 | 3.748.281,99 |
| 2. Firmenwert | 1,00 | 0,00 | 0,00 | 0,00 | 1,00 |
| 3. Geleistete Anzahlungen | 0,00 3.913.861,85 |
5.100,00 233.748,82 |
0,00 0,00 |
0,00 394.227,68 |
5.100,00 3.753.382,99 |
| 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 | 1.907.125,30 | 19.973,82 | 0,00 | 0,00 | 1.927.099,12 |
| Gebäudewert | 30.535.787,57 | 8.332.866,32 | 224.035,54 | 0,00 | 39.092.689,43 |
| Außenanlagen | 4.059.672,22 | 1.140.553,12 | 33.476,58 | 3.193,43 | 5.230.508,49 |
| b) Unbebaute Grundstücke | 3.430.214,08 | 137.079,70 | 0,00 | 0,00 | 3.567.293,78 |
| 39.932.799,17 | 9.630.472,96 | 257.512,12 | 3.193,43 | 49.817.590,82 | |
| 2. Investitionen in fremden Gebäuden | 116.496,97 | 24.271,48 | 0,00 | 0,00 | 140.768,45 |
| 3. Technische Anlagen und Maschinen | 16.633.602,09 | 2.762.431,61 | 490.590,77 | 752.537,00 | 19.134.087,47 |
| 4. Andere Anlagen, Betriebs- und Geschäftsausstattung | 29.986.035,77 | 3.590.356,25 | 129.564,40 | 1.166.043,68 | 32.539.912,74 |
| 5. Geleistete Anzahlungen und Anlagen in Bau | 962.781,24 | 2.801.025,92 | -877.667,29 | 85.113,95 | 2.801.025,92 |
| 87.631.715,24 | 18.808.558,22 | 0,00 | 2.006.888,06 | 104.433.385,40 | |
| III. Finanzanlagen | |||||
| 1. Anteile an verbundenen Unternehmen | 55.286.057,83 | 4.563.487,50 | 0,00 | 0,00 | 59.849.545,33 |
| 2. Beteiligungen | 3.001.640,79 | 0,00 | 0,00 | 0,00 | 3.001.640,79 |
| 3. Wertpapiere (Wertrechte) des Anlagevermögens | 189.780,97 | 554.899,00 | 0,00 | 0,00 | 744.679,97 |
| 58.477.479,59 | 5.118.386,50 | 0,00 | 0,00 | 63.595.866,09 | |
| 150.023.056,68 | 24.160.693,54 | 0,00 | 2.401.115,74 | 171.782.634,48 | |
| Zuschreibungen des Geschäfts jahres |
Abschreibungen des Geschäfts- jahres |
Buchwert 31.12.2012 |
Buchwert 31.12.2013 |
Abschreibungen kumuliert 31.12.2013 |
|---|---|---|---|---|
| EUR | EUR | EUR | EUR | EUR |
| 0,00 | 406.918,82 | 829.305,00 | 650.829,00 | 3.748.281,99 3.097.452,99 |
| 0,00 0,00 |
1,00 | 1,00 | 1,00 0,00 |
|
| 0,00 0,00 |
0,00 | 5.100,00 | 5.100,00 0,00 |
|
| 0,00 | 406.918,82 | 829.306,00 | 655.930,00 | 3.753.382,99 3.097.452,99 |
| 0,00 | 0,00 | 1.907.125,30 | 1.927.099,12 | 1.927.099,12 0,00 |
|---|---|---|---|---|
| 0,00 | 1.167.760,86 | 20.182.763,00 | 27.571.904,00 | 39.092.689,43 11.520.785,43 |
| 0,00 | 302.499,70 | 1.802.114,00 | 2.672.845,00 | 5.230.508,49 2.557.663,49 |
| 0,00 | 0,00 | 3.430.214,08 | 3.567.293,78 | 3.567.293,78 0,00 |
| 0,00 | 1.470.260,56 | 27.322.216,38 | 35.739.141,90 | 49.817.590,82 14.078.448,92 |
| 0,00 | 14.287,48 | 104.323,00 | 114.307,00 | 140.768,45 26.461,45 |
| 0,00 | 1.514.479,38 | 7.452.317,00 | 9.190.854,00 | 19.134.087,47 9.943.233,47 |
| 0,00 | 3.226.641,65 | 10.127.794,00 | 10.446.606,00 | 32.539.912,74 22.093.306,74 |
| 0,00 | 0,00 | 962.781,24 | 2.801.025,92 | 2.801.025,92 0,00 |
| 0,00 | 6.225.669,07 | 45.969.431,62 | 58.291.934,82 | 104.433.385,40 46.141.450,58 |
| 0,00 | 6.340.001,00 | 44.207.615,68 | 42.431.102,18 | 59.849.545,33 17.418.443,15 |
| 0,00 | 0,00 | 3.001.640,79 | 3.001.640,79 | 3.001.640,79 0,00 |
| 0,00 | 5.752,50 | 170.511,27 | 719.657,77 | 744.679,97 25.022,20 |
| 0,00 | 6.345.753,50 | 47.379.767,74 | 46.152.400,74 | 63.595.866,09 17.443.465,35 |
| 0,00 | 12.978.341,39 | 94.178.505,36 | 105.100.265,56 | 171.782.634,48 66.682.368,92 |
| 31.12.2013 | 31.12.2012 | |
|---|---|---|
| EUR | EUR | |
| Forderungen aus Lieferungen und Leistungen |
9.290.869,62 | 9.625.223,75 |
| Finanzierungsforderungen | 16.593.889,81 | 19.753.557,74 |
| 25.884.759,43 | 29.378.781,49 |
| mit Restlauf zeit von mehr als 1 Jahr |
31.12.2013 | 31.12.2012 | |
|---|---|---|---|
| EUR | EUR | EUR | |
| Forderungen aus | |||
| Lieferungen und Leistungen | 0,00 | 24.631.644,43 | 26.359.489,79 |
| Forderungen gegenüber verbundenen Unternehmen |
0,00 | 25.884.759,43 | 29.378.781,49 |
| Forderungen gegen Unternehmen, mit denen ein Beteiligungsverhältnis besteht |
0,00 | 4.526.923,71 | 4.966.866,65 |
| Sonstige Forderungen und Vermögensgegenstände |
60.520,37 | 6.537.087,35 | 7.255.201,66 |
| 60.520,37 | 61.580.414,92 | 67.960.339,59 |
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 31.12.2013 |
Gesamt 31.12.2012 |
|
|---|---|---|---|---|---|
| EUR | EUR | EUR | EUR | EUR | |
| Verbindlichkeiten gegenüber Kreditinstituten |
30.250.645,05 | 0,00 | 0,00 | 30.250.645,05 | 59.777.842,55 |
| Erhaltene Anzahlungen auf Bestellungen |
18.871.666,67 | 0,00 | 0,00 | 18.871.666,67 | 12.266.152,83 |
| Verbindlichkeiten aus Lieferungen und Leistungen |
24.330.965,48 | 0,00 | 0,00 | 24.330.965,48 | 25.541.954,42 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen |
10.158.779,83 | 0,00 | 0,00 | 10.158.779,83 | 11.083.306,38 |
| Sonstige Verbindlichkeiten | 13.915.582,72 | 3.338.796,90 | 0,00 | 17.254.379,62 | 11.584.501,78 |
| 97.527.639,75 | 3.338.796,90 | 0,00 100.866.436,65 120.253.757,96 |
| 31.12.2013 | 31.12.2012 | |
|---|---|---|
| Verbindlichkeiten aus | EUR | EUR |
| Lieferungen und Leistungen | 0,00 | 0,00 |
| Finanzierungsverbindlichkeiten | 10.158.779,83 11.083.306,38 | |
| 10.158.779,83 11.083.306,38 |
Die Gewinnrücklagen und angeführten unversteuerten Rücklagen haben sich wie folgt entwickelt:
| Auflösung wegen | Auflösung/ | ||||
|---|---|---|---|---|---|
| Stand 1.1.13 | Zuweisung | Zeitablauf | Verbrauch | Stand 31.12.13 | |
| GEWINNRÜCKLAGEN | |||||
| 1. Andere (freie) Rücklagen | 84.352.757,74 | 12.350.000,00 | 0,00 | 0,00 | 96.702.757,74 |
| UNVERSTEUERTE RÜCKLAGEN 1. Bewertungsreserve aufgrund von Sonderabschreibungen a) Vorzeitige Abschreibung gem. |
|||||
| gem. § 7 Abs. 3 b) Übertragene stille Rücklagen |
1.700.632,93 | 0,00 | 101.561,87 | 0,00 | 1.599.071,06 |
| gem. § 12 EStG 1972 u. 198 c) Abschreibungen zu Auslands- beteiligungen gem. § 6 Z 7 |
711.393,73 | 0,00 | 8.690,00 | 0,00 | 702.703,73 |
| EStG 1988 | 43.848,03 | 0,00 | 0,00 | 0,00 | 43.848,03 |
| 2.455.874,69 | 0,00 | 110.251,87 | 0,00 | 2.345.622,82 |
| (in 1.000) | einheit | Währungs Eigenkapital | Beteil.- Anteil 1) |
Ergebnis 2) |
Konsolidie rungsart |
|---|---|---|---|---|---|
| Rosenbauer Österreich GmbH, | % | ||||
| Österreich, Leonding | EUR | 2.951 | 100 | 0³) | KV |
| Rosenbauer Management Services GmbH, | |||||
| Österreich, Leonding | EUR | 83 | 100 | 0 | KV |
| Rosenbauer Deutschland GmbH, | |||||
| Deutschland, Luckenwalde | EUR | 9.453 | 100 | -512 | KV |
| Metz Aerials Management GmbH, | |||||
| Deutschland, Karlsruhe | EUR | 33 | 100 | 1 | KV |
| Metz Aerials GmbH & Co. KG, | |||||
| Deutschland, Karlsruhe | EUR | 9.970 | 100 | -1.885 | KV |
| Metz Service 18 S.A.R.L., | |||||
| Frankreich, Chambéry | EUR | 36 | 84 | -384 | KV |
| Rosenbauer Finanzierung GmbH, | |||||
| Deutschland, Passau | EUR | 36 | 100 | -2 | KV |
| Rosenbauer d.o.o., | |||||
| Slowenien, Radgona | EUR | 1.550 | 90 | -336 | KV |
| Rosenbauer Schweiz AG, | |||||
| Schweiz, Oberglatt | EUR | 5.933 | 100 | 875 | KV |
| Rosenbauer Espanola S.A., | |||||
| Spanien, Madrid | EUR | 2.264 | 62,11 | -248 | KV |
| Rosenbauer Ciansa S.L., | |||||
| Linares, Spanien | EUR | 2.245 | 50 | 221 | AE |
| Rosenbauer Minnesota, LLC., 4) | |||||
| USA, Minnesota | EUR | 8.825 | 50 | 3.027 | KV |
| Rosenbauer South Dakota, LLC., 4) | |||||
| USA, South Dakota | EUR | 25.911 | 50 | 8.484 | KV |
| Rosenbauer Holdings Inc., | |||||
| USA, South Dakota | EUR | 19.302 | 100 | 2.661 | KV |
| Rosenbauer America, LLC., 4) | |||||
| USA, South Dakota | EUR | 39.631 | 50 | 8.633 | KV |
| Rosenbauer Aerials, LLC., 4) | |||||
| USA, Nebraska | EUR | 3.906 | 25 | 1.440 | KV |
| Rosenbauer Motors, LLC.,4) | |||||
| USA, Minnesota | EUR | -6.093 | 42,5 | -2.583 | KV |
| S.K. Rosenbauer Pte. Ltd., | |||||
| Singapur | EUR | 6.676 | 100 | 788 | KV |
| Eskay Rosenbauer Sdn Bhd, | |||||
| Brunei | EUR | -58 | 80 | -114 | KV |
| Rosenbauer South Africa (Pty.) Ltd., | |||||
| Südafrika, Halfway House | EUR | 216 | 75 | -25 | KV |
| Rosenbauer Saudi Arabia | |||||
| Saudi Arabien, Riyadh | EUR | 15 | 75 | -1.039 | KV |
| PA "Fire-fighting special technics" LLC., | |||||
| Russland, Moskau | EUR | 13.600 | 49 | 3.663 | AE |
1) Mittelbarer Beteiligungsanteil KV = Vollkonsolidierte Gesellschaften
2) Jahresgewinn nach Rücklagenbewegung AE = "At equity"-bewertete 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 der Grundsatz der Einzelbewertung angewandt.
Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem insbesondere nur die am Abschlussstichtag verwirklichten Gewinne ausgewiesen werden. Alle erkennbaren Risken und drohenden Verluste, die im Geschäftsjahr 2013 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 mit dem Devisenmittelkurs bzw. mit dem abgesicherten Kurs zum Bilanzstichtag 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 3,5 % (2012: 4,0 %). Das Pensionsantrittsalter beträgt 60 Jahre bei Frauen und 65 Jahre bei Männern (2012: 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 3,3 % (2012 3,5%) verwendet und von einem Pensionsalter von 60 Jahren (2012: 60 Jahren) bei Frauen und 65 Jahren (2012: 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 3,5 % (2012: 4,0 %) 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.
Rosenbauer hat im vierten Quartal 2012 die Beteiligung an dem Produktions-Joint-Venture "Firefighting special technics" LLC. in Moskau von 34 % auf 49 % erhöht, die restlichen Anteile werden von lokalen Partnern gehalten.
Ende 2012 wurde mit dem bisherigen slowenischen Aufbauhersteller Mettis International d.o.o. ein Vertrag über eine 90%-Beteiligung abgeschlossen. Mit dieser Beteiligung setzt Rosenbauer das Wachstum fort und erweitert die Kapazitäten mit zusätzlichen Ressourcen mit einer attraktiven Kostenstruktur.
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.
Die Bewertung der Ansprüche aus einer Pensionsrückdeckungsversicherung stellt sich zum 31.12.2013 wie folgt dar.
| Buchwert | 524.613,70 EUR | (2012: TEUR 0,0) |
|---|---|---|
| Marktwert | 524.613,70 EUR | (2012: TEUR 0,0) |
Die Bewertung der Wertpapiere zum 31.12.2013 stellt sich wie folgt dar.
| Buchwert | 195.044,07 EUR | (2012: TEUR 170,50) |
|---|---|---|
| Marktwert | 227.617,67 EUR | (2012: TEUR 197,60) |
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 1.696,90 (2012: TEUR 677,0). Der Gesamtbetrag der Verpflichtungen für die nächsten 5 Jahre beträgt TEUR 7.632,20 (2012: TEUR 2.976,60).
Aufgliederung siehe Beilage.
Das Grundkapital betrug per Ende 2013 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:
| 31.12.2013 | 31.12.2012 | |
|---|---|---|
| EUR | EUR | |
| Personalaufwendungen, | ||
| Jubiläumsgelder und | ||
| nicht konsumierte Urlaube | 13.393.835,00 | 13.611.000,00 |
| Gewährleistungen | 3.000.000,00 | 2.774.000,00 |
| Exportausfallsrisken | 57.000,00 | 62.500,00 |
| Drohende Verluste | ||
| aus schwebenden Geschäften | 170.881,00 | 166.049,00 |
| Rst. Deutsches Kartellverfahren | 1.145.034,00 | 1.145.034,00 |
| Übrige Rückstellungen | 1.705.449,12 | 4.607.271,20 |
| 19.472.199,12 | 22.365.854,20 |
Aufgliederung siehe Beilage.
In den sonstigen Verbindlichkeiten sind Provisionsguthaben der ausländischen Vertretungen in der Höhe von TEUR 4.840,0 (2012: TEUR 4.506,3) sowie Sozialversicherungsabgaben des Monats Dezember in Höhe von TEUR 1.484,5 (2012 TEUR 1.336,5) enthalten. Außerdem sind in den sonstigen Verbindlichkeiten der Rosenbauer International AG weitere Aufwendungen in der Höhe von TEUR 10.929,8 (2012: TEUR 5.741,6) enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden.
| 31.12.2013 | 31.12.2012 | |||
|---|---|---|---|---|
| EUR | EUR | |||
| Stand | davon gegenüber verbundenen Unternehmen |
Stand | davon gegenüber verbundenen Unternehmen |
|
| Bürgschaften | 4.360.000,00 | 4.360.000,00 | 4.360.000,00 | 4.360.000,00 |
| Garantien | 10.000.000,00 | 10.000.000,00 | 10.000.000,00 | 10.000.000,00 |
| Patronatserklärungen | 26.412.684,51 | 26.412.684,51 | 26.054.771,12 | 26.054.771,12 |
| 40.772.684,51 | 40.772.684,51 | 40.414.771,12 | 40.414.771,12 |
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:
| 2013 | 2012 | |
|---|---|---|
| Aufwendungen für Abfertigungen | 1.651.427,33 | 1.118.159,44 |
| Aufwendungen für Mitarbeitervorsorge | 493.781,64 | 404.139,32 |
| 2.145.208,97 | 1.522.298,76 | |
| Der Posten | ||
| 2013 | 2012 | |
| Aufwendungen aus Pensionszusagen | 337.395,65 | 18.170,58 |
| Ergebnis aus Rückdeckungsversicherung | -120.950,59 | 0,00 |
| 216.445,06 | 18.170,58 | |
Der Steueraufwand ist ausschließlich dem ordentlichen Ergebnis zuzuordnen.
Die Auflösung von unversteuerten Rücklagen führte bei der Rosenbauer International AG insgesamt zu einer Erhöhung der Ertragsteuern im Ausmaß von TEUR 27,6 (2012: TEUR 6,0). Der nicht aktivierte Betrag für aktive latente Steuern gemäß § 198 Abs 10 UGB beträgt für das Geschäftsjahr TEUR 1.242,0 (2012: TEUR 1.282,3). 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) | 2013 | 2012 |
|---|---|---|
| Arbeiter | 596 | 552 |
| Angestellte | 421 | 382 |
| Lehrlinge | 89 | 87 |
| 1106 | 1021 |
Bei Vorliegen der Voraussetzungen wurden Bewertungseinheiten gebildet. Liegen die Voraussetzungen nicht vor, wurden für negative Marktwerte Rückstellungen für drohende Verluste aus schwebenden Geschäften gebildet.
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 überwiegend Mikro-Hedging-Transaktionen (ein Devisentermingeschäft für genau ein Grundgeschäft) mit überwiegend unterjähriger Laufzeit im Bestand. 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.
Der Marktwert (Fair Value) der derivativen Finanzinstrumente beträgt zum 31.12.2013 Euro 5.570.478,76 (2012: TEUR 997,1), der Buchwert zum Stichtag wie im Vorjahr Euro 0,-.
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. Die Zinssätze wurden zur mittelfristigen Sicherung durch Zins-Cap Instrumente abgesichert.
Der Marktwert (Fair Value) der Zinsinstrumente beträgt zum 31.12.2013 Euro 0,0 (2012: TEUR 0,0), der Buchwert zum Stichtag beträgt wie im Vorjahr Euro 0,-.
siehe Beilage.
Die Aufwendungen für Abfertigungen inkl. Mitarbeitervorsorgekassen und Pensionen teilen sich wie folgt auf:
| 2013 EUR |
2012 EUR |
|
|---|---|---|
| Vorstand und leitende Mitarbeiter |
493.793,79 | 226.665,18 |
| andere Arbeitnehmer | 1.867.860,24 2.361.654,03 |
1.313.804,16 1.540.469,34 |
Die Bezüge der Mitglieder des Vorstandes der Rosenbauer International AG betrugen 2013 in Summe 3.713,5 t€ (2012: 2.583,7 t€) und gliedern sich in Grundbezug (2013: 1.076,6 t€; 2012: 903,3 t€), Tantieme (2013: 1.502,2 t€; 2012: 1.525,0 t€), Bezugsbestandteile zum selbständigen Aufbau einer Alters- und Hinterbliebenenversorgung (2013: 185,2 t€; 2012: 155,4 t€) sowie Abfertigungszahlungen in Höhe von 949,5 (2012: 0,0 t€).
Für im Geschäftsjahr 2013 erbrachte Leistungen des Abschlussprüfers Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H. wurden TEUR 553,3 (2012: TEUR 132,2) aufgewendet. Davon betrafen TEUR 106,5 (2012: TEUR 105,7) die Abschlussprüfung und TEUR 446,80 (2012: TEUR 26,5) sonstige Dienstleistungen. Andere Bestätigungsleistungen und Steuerberatungsleistungen wurden keine erbracht.
,
Das Geschäftsjahr 2013 schließt mit einem Bilanzgewinn von EUR 8.303.002,60. Der Vorstand schlägt vor, diesen Bilanzgewinn wie folgt zu verwenden: Ausschüttung einer Dividende p.a. von EUR 1,2 (2012: EUR 1,2) je Aktie (das sind EUR 8.160.000,00 für 6.800.000 Stückaktien). Vortrag auf neue Rechnung: EUR 143.002,60.
Dr. Alfred Hutterer Vorsitzender
Dr. Christian Reisinger Stellvertreter des Vorsitzenden
Dr. Rainer Siegel, MBA
DI Karl Ozlsberger
Dem Aufsichtsrat wurden im Geschäftsjahr 2013 Vergütungen in der Höhe von TEUR 213,6 (2012: TEUR 216,8) gewährt.
Alfred Greslehner Ing. Rudolf Aichinger
Dr. Dieter Siegel Vorsitzender des Vorstandes
DI Gottfried Brunbauer Mitglied des Vorstandes
Mag. Robert Kastil Mitglied des Vorstandes (bis 30.09.2013)
Mag. Günter Kitzmüller Mitglied des Vorstandes (ab 01.02.2013)
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 21. März 2014
Der Vorstand:
Siegel Brunbauer Kitzmüller
| Ernst & Young | Wirtschaftsprüfungsgesellschaft m.b.H. | |
|---|---|---|
| Mag. Erich Lehner Wirtschaftsprüfer |
Mag. Gerhard Schwartz Wirtschaftsprüfer |
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 21. März 2014
Dr. Dieter Siegel DI Gottfried Brunbauer Mag. Günter Kitzmüller
Vorsitzender des Vorstandes, CEO Mitglied des Vorstandes, CTO Mitglied des Vorstandes, CFO Geschäftsbereiche: Geschäftsbereiche: Kommunal- (seit 1. Februar 2013) Ausrüstung, Sonderfahrzeuge, USA fahrzeuge, Hubrettungsgeräte, Geschäftsbereich: Feuerlöschsysteme, Customer Service Business Development
Annual General Meeting (AGM) 15, 32, 123, 145 Associates 29ff, 40, 82ff, 101f, 111, 120, 142f, 150 Audit Certificate/Auditor's report 32
Business units 12, 19, 56f, 77ff, 96, 131, 148
Cash flow 15, 41, 85, 88f, 99, 104f, 109ff, 117f, 131, 133, 136, 138, 146f, 150, 152 Compliance 12, 18f, 22, 28, 30ff, 57f, 61, 118, 150 Corporate calendar 15 Corporate Governance 18ff, 32, 150 Currency translation 85, 88ff, 106f, 116, 124
Depreciation 44, 84, 88, 91ff, 96f, 101, 108f, 121 Developments in the sector 35f Dividend 7, 15, 87ff, 101, 116, 120, 123f, 131f, 144, 152
Employees 7, 18, 26ff, 44, 49ff, 59, 61, 64f, 73ff, 96f, 114f, 124f, 129, 152 Environment 7, 12, 14, 19, 26, 28f, 47, 49, 59, 60f, 64, 67, 77, 79, 151 Equity 6, 39f, 60, 68f, 75, 82f, 85ff, 100ff, 120ff, 132, 134f, 138f, 141f, 146, 150f, 152 Executive Board 6f, 12f, 15, 18ff, 30, 32, 56, 65, 98, 143ff, 148
Financial position 40f, 147
Earnings (Income) situation 38, 58, 66, 69, 133f, 137, 141 Income statement 20, 84f, 99, 102, 106, 109ff, 116, 119, 121ff, 130, 135f, 140, 143, 146 Innovations 6, 12, 19, 26f, 47f, 55ff, 68 Internal control system 6, 18, 22, 32 Inventories 40f, 56, 82ff, 88, 103ff, 112, 117, 122 Investments 6, 14, 21, 29, 44f, 56ff, 67ff, 86ff, 101ff, 116 Investor relations 12, 14f, 18f Issuer Compliance 31
Joint Venture 11, 39f, 63, 75, 100ff, 111, 120f, 131f, 142, 150f
Occupational safety 53, 26f Operating segments 72, 96, 131 Orders 6f, 39, 53, 57, 66, 68f, 72, 116, 129 Procurement 29, 35f, 57f, 64, 67f, 74, 77
Quality management 12, 19, 28, 59
Rating 60, 132, 151 Research and development 46ff, 57, 111 Revenues situation 37f Risk management 12, 18f, 22, 32, 56, 59, 114, 125, 128, 132, 150
Segment reporting 72ff, 96f, 129, 131f Share 7, 14f, 23, 29, 65, 84, 99, 104f, 123f, 133, 144, 150ff Share capital 14f, 65, 83, 86, 151 Shareholder structure 14 Statement of all legal representatives 148 Supervisory Board 15, 18ff, 32, 56, 61, 65, 98, 143ff Supplementary Report 66 Sustainability 6, 15, 20, 26ff, 49, 64
Training 26, 29f, 37, 49ff, 76, 80
Balance-sheet total: The sum of all assets
CIP: Continual improvement process
Derivatives: Financial instruments whose price is derived from an underlying market instrument
Fair value: The actual value attributable to an asset or liability at a cut-off date
Financial standing: The creditworthiness of a borrower Foam proportioning system: This system adds foam compounds to the water so as to enhance the extinguishing effect
GDP: Gross domestic product, the market value of all officially recognized final goods and services produced within a country in a year
Gearing ratio in %: Net debt divided by equity
Hedging: Risk management measures taken in order to limit or avoid adverse changes in the market level of interest rates, foreign-exchange rates, quoted values or raw-materials prices High performance ventilator: Fire fighting equipment used to
clear smoke from smoke-filled spaces or tunnels
Interest-bearing outside capital: Non-current and current interest-bearing liabilities
Interest-bearing capital: Equity plus interest-bearing liabilities less cash and short-term deposits less securities
Investments: Additions to tangible and intangible assets ISO: ISO certification furnishes proof that an enterprise has
introduced the respective management standard (ISO 9001, ISO 14001, ISO 50001 or OHSAS 18001) and fulfilled its requirements; certification is issued for a limited time only
Joint venture: A business undertaking run jointly by at least two partners
Market capitalization: Share price at year-end multiplied with the number of shares issued
Net debt: Interest-bearing liabilities less cash and short-term deposits less securities
PANTHER: An aircraft rescue fire fighting vehicle that meets the various international requirements
Piercing tool: Fire fighting lance for punching through e. g. the external skin of an aircraft fuselage and immediately combating fire inside the cabin
POLY-CAF system: Mobile stand-alone extinguishing unit for producing compressed air foam
Portable pump: Portable pump with its own drive motor for water delivery
Present value: Value, at the beginning of the term (i. e. at time 0) of a monetary amount expected at a certain time in the future
Price/earnings per share: Share price at year-end divided by the earnings per share
Rating: Standardized assessment of creditworthiness,
i. e. of the likelihood of non-payment or of delayed payment Refurbishment: Rehabilitation of older vehicles
ROCE in % (Return on capital employed): EBIT divided by the average capital employed
ROE in % (Return on equity): EBT divided by average equity
service4fire: Fleet management and service support – through vehicle operating data transmitted by cellular radio
SVP: SAFE (German abbreviation standing for "synchronised 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 efficiency and workplace safety while having regard to energy-consumption and environmental aspects
Telematics: The interplay of communication networks (as the basis for information transmittal) and IT (for processing this information)
Working Capital: Current assets less current liabilities
| Rosenbauer Group | 2013 | 2012 | 2011 | |||
|---|---|---|---|---|---|---|
| Revenues | € million | 737.9 | 645.1 | 541.6 | ||
| EBIT | € million | 42.3 | 38.6 | 41.6 | ||
| EBIT margin | 5.7% | 6.0% | 7.7% | |||
| EBT | € million | 41.7 | 38.8 | 40.3 | ||
| Net profit for the period | € million | 30.8 | 32.0 | 32.1 | ||
| Cash flow from operating activities | € million | 82.2 | (3.7) | (12.8) | ||
| Investments | € million | 25.4 | 14.7 | 11.5 | ||
| Order backlog as at December 31 | € million | 590.1 | 580.5 | 682.3 | ||
| Order intake | € million | 760.6 | 533.2 | 826.8 | ||
| Employees (average) | 2,551 | 2,328 | 2,092 | |||
| — thereof Austria | 1,154 | 1,066 | 994 | |||
| — thereof international | 1,397 | 1,262 | 1,098 | |||
| Key balance sheet data | 2013 | 2012 | 2011 | |||
| Total assets | € million | 415.6 | 432.9 | 357.7 | ||
| Equity in % of total assets | 45.2% | 38.8% | 40.1% | |||
| Capital employed (average) | € million | 285.7 | 267.2 | 213.0 | ||
| Return on capital employed | 14.8% | 14.5% | 19.5% | |||
| Return on equity | 23.4% | 24.9% | 29.6% | |||
| Net debt | € million | 48.8 | 93.6 | 60.8 | ||
| Working capital | € million | 119.4 | 123.3 | 108.8 | ||
| Gearing ratio | 25.9% | 55.7% | 42.4% | |||
| Key stock exchange figures | 2013 | 2012 | 2011 | |||
| Closing price | € | 59.3 | 46.1 | 36.3 | ||
| Market capitalization | € million | 403.2 | 313.1 | 246.8 | ||
| Market capitalization | € million | 403.2 | 313.1 | 246.8 | |
|---|---|---|---|---|---|
| Dividend | € million | 8.22 | 8.2 | 8.2 | |
| Dividend per share | € million | 1.22 | 1.2 | 1.2 | |
| Dividend yield | 2.0% | 2.6% | 3.3% | ||
| Earnings per share | € | 3.9 | 4.5 | 4.1 | |
| Price/earnings ratio | 15.2 | 10.2 | 8.9 |
1 Due to better comparability, 2004–2006 figures were converted persuant to the share split (4-for-1) of the year 2007
2 Proposal to Annual General Meeting
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
|---|---|---|---|---|---|---|
| 299.4 | 321.3 | 372.0 | 426.1 | 500.3 | 541.8 | 595.7 |
| 13.7 | 19.6 | 25.1 | 30.8 | 39.9 | 29.4 | 49.7 |
| 4.6% | 6.1% | 6.8% | 7.2% | 8.0% | 5.4% | 8.3% |
| 10.5 | 15.9 | 22.0 | 25.4 | 32.3 | 26.4 | 49.1 |
| 11.7 | 12.0 | 18.4 | 19.9 | 25.1 | 17.6 | 40.0 |
| 16.3 | 21.9 | (1.4) | 24.1 | 20.4 | 17.5 | 34.8 |
| 5.6 | 7.9 | 11.2 | 7.1 | 12.2 | 15.8 | 8.9 |
| 226.1 | 243.1 | 354.1 | 375.4 | 459.2 | 487.2 | 394.5 |
| 337.0 | 377.0 | 485.9 | 458.7 | 556.7 | 575.9 | 496.9 |
| 1,376 | 1,407 | 1,452 | 1,593 | 1,722 | 1,895 | 2,014 |
| 711 | 722 | 710 | 753 | 811 | 883 | 920 |
| 665 | 685 | 742 | 840 | 911 | 1,012 | 1,094 |
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
|---|---|---|---|---|---|---|
| 161.3 | 168.8 | 206.2 | 228.8 | 251.0 | 306.8 | 301.6 |
| 34.4% | 36.9% | 30.7% | 31.8% | 36.7% | 32.5% | 42.9% |
| 99.1 | 97.9 | 111.2 | 127.7 | 139.0 | 159.8 | 179.7 |
| 13.8% | 20.1% | 22.6% | 24.1% | 28.7% | 18.4% | 27.6% |
| 19.7% | 27.0% | 35.1% | 37.4% | 39.2% | 27.6% | 42.8% |
| 15.2 | 9.0 | 38.7 | 30.6 | 31.3 | 41.8 | 26.1 |
| 35.7 | 40.0 | 49.1 | 60.7 | 77.3 | 75.0 | 100.2 |
| 21.5% | 12.6% | 37.9% | 29.6% | 25.4% | 41.9% | 20.2% |
| 37.5 29.0 22.0 32.8 25.0 15.8 |
|
|---|---|
| 16.0 | |
| 255.0 197.2 149.6 223.0 170.0 107.1 |
108.8 |
| 8.2 5.4 5.4 4.8 4.8 3.4 |
3.4 |
| 1.2 0.8 0.8 0.7 0.7 0.5 |
0.5 |
| 3.2% 2.8% 3.6% 2.1% 2.8% 3.2% |
3.1% |
| 4.7 1.5 2.9 2.2 2.0 1.0 |
1.3 |
| 8.0 19.3 7.6 14.9 12.5 15.4 |
12.5 |
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 Layout and photographic concept: Filleins, Vienna Typesetting and final artwork: marchesani_kreativstudio, Vienna Photos: iStock, Willi Pirngruber, Feuerwehrmagazin/Olaf Preuschoff, Rosenbauer, Shutterstock, Christian Stummer Photography, Sebastian Wagner
UW 878 Printed on Claro matt paper by Fairdrucker GmbH, Purkersdorf The company is PEFC-certified 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 differences 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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