Management Reports • Apr 4, 2013
Management Reports
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With growth of approximately 2.5%, the world economy expanded in 2012 at a below-average rate and more slowly than the growth of 3.2% recorded in the previous year. Overall, 2012 was a difficult year for the world economy, which was significantly affected by structural adjustments caused by the financial crisis in the years 2008 and 2009. One major negative factor was the sovereign-debt crisis in the European Monetary Union (EMU), which not only affected the overall economic development, but also triggered considerable turmoil on the financial markets. Major central banks reacted to this by taking significantly expansive measures.
Developments in the industrial countries were disappointing with economic growth of 1.2%, a similarly weak level to that of the previous year, and once again significantly lower than their long-term potential.
Although the Japanese economy was still stimulated in the first half of the year from reconstruction efforts after the disaster of 2011, it subsequently lost so much impetus that gross domestic product (GDP) decreased once again in the third quarter.
In the United States, both consumption and investment developed weakly. Private consumption was dampened by the continuation of relatively high unemployment. And companies became more unwilling to invest as the year progressed, primarily due to fears of the "fiscal cliff" anticipated for the beginning of 2013. But as the real-estate sector supplied positive impetus once again, the US economy achieved overall growth of just over 2%.
The European Monetary Union posted the weakest development in the year under review. Not only did the hard-hit small peripheral countries remain in recession, but larger economies such as Italy and Spain slipped into clearly negative growth. The two largest countries, France and Germany, also lost a lot of their growth impetus. While the French economy stagnated, the German economy achieved growth of 0.7% due to a strong first half of the year. But strong economic headwinds also in
Germany led to slightly negative growth in the fourth quarter. In total, the euro zone therefore posted a GDP decrease for the year of approximately 0.5%.
Against the backdrop of the global growth weakness, the emerging markets grew at an overall rate of approximately 4.5%, which is significantly more slowly than in the previous year (5.9%). The development in China was particularly worrying. Growth there slowed down continuously and fell below the 8% mark for the year as a whole. In India, economic expansion fell from 7.5% in 2011 to significantly less than 6%. Also in other emerging markets, there was a negative impact from hesitant export demand and turbulence on the financial markets due to the debt crisis in the euro zone. Economic growth in Eastern Europe and Latin America was significantly weaker than in the previous year, with rates of approximately 2.5%, after well over 4% in 2011.
In this difficult global economy, exchange rates were once again very volatile. Against the euro, the US dollar fluctuated over the year in a range from 1.20 to 1.35. But towards the end of 2012, the euro reached a level of 1.32 and was therefore slightly stronger than at the beginning of the year. The fluctuation of the Japanese yen to the euro was even higher, within a corridor of 95 to 114.
By the end of 2012, the euro had gained nearly 14% against the yen compared with the beginning of the year. Against the British pound, the euro closed the year with a slight depreciation of 2%, after rather less volatile movements towards the end of the year.
The international automotive markets remained stable in 2012. The USA, Brazil, Russia, India and China enjoyed solid growth, while the Japanese passenger car market recorded around 4.6 million new cars – the highest number of new registrations since 2006. Despite a slight decrease of 3% in 2012, new vehicle registrations in Germany supported the entire Western European market, which, however, dropped by 8% to nearly 11.8 million new vehicles. In the new EU countries, new registrations of passenger cars also failed to match the previous year's level (–3%).
The US market for light vehicles (passenger cars and light trucks) showed a year-on-year increase of 9% to 1.35 million units as of December 2012. The German manufacturers expanded three times as much, pushing up their US sales by more than 27%, to nearly 137,100 new vehicles. With an increase of over 21% to around 1.27 million units in 2012, the German group brands grew faster than the overall light vehicle market, which expanded by a good 13% to over 14.4 million vehicles.
In China, the passenger car market also continued its growth trend. Over the whole of 2012, passenger car sales exceeded the previous year's level by a good 8%, with a total of 13.2 million new vehicles sold. The positive market trend in China benefited the German group brands: they increased their market share to around 22%.
On the Indian automotive market, sales exceeded the 2011 level by a good 10%, reaching a total volume of 2.8 million units.
New registrations of passenger cars in Japan registered a slight decrease towards the end of 2012. However, the promotional program underway up until September coupled with the need to catch up, following the accident in Fukushima, generated the best level of new registrations since 2006. Demand for passenger cars rose by around 30% to nearly 4.6 million new cars.
In Russia, the market remained stable. Sales of light vehicles throughout 2012 rose by around 11% to 2.9 million units, thus matching the pre-crisis level of 2008. In 2012, the German manufacturers expanded their market share by 2.9 percentage points to about 21% per cent.
The light vehicle market in Brazil showed a solid development in 2012. From January to December, sales rose by 6% to 3.6 million vehicles. One in five vehicles sold in Brazil bore a German badge.
1) Light commercial vehicles
Demand for commercial vehicles within the EU dropped by 12.4% in the 2012 business year, with new registrations for all vehicle weight categories totaling 1.7 million. The decline in the German market was less marked than in the other EU countries even though new registrations of commercial vehicles dropped by 7.0% in Germany. Here, the commercial vehicle market started off at a very high level, namely with 334,822 new commercial vehicle registrations in 2011 - the second-largest volume ever reached.
In the year under review, all segments across all weight categories reported declining new registration figures.
In the heavy commercial vehicle segment over 16t, all relevant sales markets showed considerable declines in 2012. In Germany, the number of new vehicle registrations in this segment dropped by 8.5%. However, the worse performing countries in this regard were Spain and Italy, which reported declines of over 20% respectively. In the European overall market, the drop in new registrations was 9.4% to 214,086 units in 2012 (2011: 236,512 units).
The development in the light commercial vehicle segment up to 3.5t showed a similar picture, reporting a decline in the number of new registrations of 9.1% to 285,809 units. Spain and Italy experienced once again the sharper drops of over 20% respectively. Source: VDA, ACEA, VDIK; RCB
The major part of the Interior Systems business was sold at the end of the first half of 2011. At the same time, the proportion of "non-automotive" business in virtually all the Group's previous operating segments has increased significantly and sustainably. Other previous dividing lines between the areas of business have also become increasingly blurred. For instance, the Car Styling business makes increasing use of the injection molding capacity of the Plastics business and the painting capacity of the Composites business. As a result, this leads to a matrix organizational structure for the POLYTEC GROUP.
Accordingly, following the sale of POLYTEC Interior Zaragoza at the end of the year, the management of POLYTEC Holding AG decided to gradually amend the internal management and reporting structure. For this reason, segment reporting in the current consolidated financial statements is already in line with the new internal management and reporting structure. The segmentation is no longer product-oriented, as it has been in recent years, but technology-oriented, with the remaining principal segment, namely "plastic processing", encompassing well over 90% of the Group. This is why the Group is now a "onesegment Group".
In addition to a more detailed presentation of profits and losses at the Group level, the POLYTEC GROUP provides significant, cross-segment disclosures as defined in IFRS 8.31 et seq.
With regard to group results, it should be noted that the decline in sales and earnings in 2012, compared to the previous year, is mainly attributable to the disposal of the Interior-Systems business in 2011 (including the plant in Zaragoza, Spain). In the previous year, the divested business had contributed roughly EUR 195.2 million to group sales and EUR 5.0 million the group EBIT.
On a comparable basis, i.e. adjusted for the effects of the divestment of the business unit mentioned above, group sales rose by 4.2% to EUR 481.6 million in 2012 compared to EUR 462.2 million in the previous year. This increase in group sales on a comparable basis is entirely attributable to a full-year effect of EUR 20.0 million from POLYTEC Plastics Ebensee1). In 2011, reported group sales, including the Interior-Systems business unit, amounted to EUR 657.4 million.
1) As of August 31, 2011 POLYTEC Holding AG acquired PPI Plastic Products Innovation GmbH & Co KG based in Ebensee (A) - now renamed POLYTEC Plastics Ebensee GmbH (PPE) - instead of expanding capacities at a German plant. PPI contributed EUR 5.3 million to group sales in 2011.
| Unit | 2012 | 2011 | |
|---|---|---|---|
| Passenger cars | EUR million | 291.1 | 451.5 |
| Commercial vehicles | EUR million | 138.2 | 170.2 |
| Non-automotive | EUR million | 52.3 | 35.6 |
| Group | EUR million | 481.6 | 657.4 |
The significant decline in sales in the commercial vehicle segment could only be partly compensated by higher sales figures in the passenger car segment, excluding the full-year effect from the Ebensee plant.
| Unit | 2012 | 2011 | |
|---|---|---|---|
| Part sales and other sales | EUR million | 428.6 | 608.4 |
| Tooling and engineering sales | EUR million | 53.0 | 49.0 |
| Group | EUR million | 481.6 | 657.4 |
| Unit | 2012 | 2011 | |
|---|---|---|---|
| Austria | EUR million | 13.4 | 21.8 |
| Germany | EUR million | 305.7 | 419.0 |
| Other EU | EUR million | 130.5 | 186.8 |
| Rest of the world | EUR million | 32.0 | 29.8 |
| Group | EUR million | 481.6 | 657.4 |
POLYTEC GROUP's EBITDA amounted to EUR 41.6 million in 2012. The divestment of POLYTEC Interior Zaragoza S.L. led to a deconsolidation gain of EUR 0.3 million. In the same period of the previous year, EBITDA comprised a deconsolidation gain of EUR 7.2 million in connection with the divestment of the Interior-Systems business at the end of the first half of 2011. On a comparable basis, i.e. adjusted for these deconsolidation effects, EBITDA margin increased by 0.4 percentage points to 8.6%
In 2012, the materials to sales ratio could be reduced by 2.2 percentage points to 50.5% from a level of 52.7% in the previous year, despite an increase in raw material prices. This positive effect is mainly attributable to the disposal of the materialintensive Interior-Systems business.
In 2012, the personnel ratio, including leasing expenses reported under the item other operating expenses, increased by 1.1 percentage points to 31.3% compared to the previous year. This increase was mainly due to a lower-than-planned capacity utilization especially in those business sites that are heavily dependent on the commercial vehicle segment. Reduced painting scopes at the site in Rastatt and less-than-expected call-off orders at the Hörsching plant also contributed to this increase. The proportion of leased staff at the business sites mentioned above amounted to less than 2% as of December 31, 2012.
The decline in amortization and depreciation charges by over 25% to EUR 13.9 million in 2012 was mainly attributable to restrictive investments in fixed assets in addition to the divestment of the Interior Systems business.
Adjusted for the effect from the deconsolidation gain, EBIT decreased by roughly EUR 8.0 million to EUR 27.4 million and the EBIT margin increased by 0.3 percentage points to 5.7%. This favorable development was mainly attributable to the further consistent implementation of optimization measures at the main production plants of the POLYTEC GROUP in the year under review. At the same time, the disposal of the Interior-Systems business also led to a sustainable improvement of the entire cost structure of the Group.
| Group earnings figures | Unit | 2012 | 2011 | 2010 |
|---|---|---|---|---|
| Sales | EUR million | 481.6 | 657.4 | 770.1 |
| EBITDA adjusted1) | EUR million | 41.3 | 54.1 | 54.3 |
| EBITDA margin (EBITDA/sales) | % | 8.6 | 8.2 | 7.0 |
| EBIT adjusted1) | EUR million | 27.4 | 35.4 | 27.2 |
| EBIT margin (EBIT/sales) | % | 5.7 | 5.4 | 3.5 |
| Average capital employed | EUR million | 120.3 | 119.4 | 136.6 |
| ROCE before tax (EBIT1)/capital employed) |
% | 22.8 | 29.6 | 19.9 |
1) Earnings figures for 2012 are adjusted for a one-off deconsolidation gain of EUR 0.3 million resulting from the deconsolidation of POLYTEC Interior Zaragoza S.L., Spain. Earnings figures for 2011 are adjusted for a one-off deconsolidation gain of EUR 7.2 million resulting from the disposal of the Interior-Systems business towards the end of the first half of 2011.
The financial result in 2012 amounted to EUR -0.9 million compared to EUR -3.1 million in the previous year.
In the year under review, the marked decline in financial expenses by more than 60% or EUR 2.3 million to EUR –1.1 million was mainly attributable to interest income resulting from the investment of available liquidity over the course of 2012 in addition to an overall lower usage of bank loans. Income from other investments includes dividends from the POLYTEC Immobilien Group of EUR 0.1 million.
Including deferred tax effects, the Group's effective tax rate amounted to 16.8% in 2012 and was therefore considerably lower than the full taxation of income due to the conservative measurement of tax losses carried forward in previous years.
Net profit amounted to EUR 21.7 million in the year under review. This corresponds to earnings per share of EUR 0.97.
In 2012, POLYTEC GROUP's total capital expenditures decreased by EUR 1.5 million to EUR 16.0 million compared to the previous year, exceeding, however, amortization and depreciation charges by EUR 2.1 million. In the previous year, capital expenditures had remained below the amortization and depreciation level by EUR 1.2 million. In the year under review, capital expenditures were mainly attributable to the further expansion of business sites in Hörsching and Lohne as well as to investments in the replacement and new inventment in machines.
| Group key balance sheet and financial figures |
Unit | Dec. 31, 2012 |
Dec. 31, 2011 |
Dec. 31, 2010 |
|---|---|---|---|---|
| Equity ratio (equity/balance sheet total) |
% | 51.4 | 44.8 | 28.3 |
| Balance sheet total | EUR million | 259.8 | 268.3 | 308.5 |
| Net working capital | EUR million | 47.8 | 26.9 | 16.5 |
| Net working capital in % of sales (NWC/sales) |
% | 9.9 | 4.1 | 2.1 |
The equity ratio of the POLYTEC GROUP increased by EUR 13.3 million to EUR 133.6 million as of December 31, 2012 compared to EUR 120.3 million at year-end 2011, despite dividend payments of EUR 7.8 million and share buy-backs of EUR 1.4 million. This increase is mainly attributable to the positive development of group results. The equity ratio totaled 51.4% at year-end 2012.
As of the balance sheet date on December 31, 2012, the POLYTEC Group held a total of 258,041 treasury shares (or 1.2% of the company's share capital) at an acquisition value of EUR 1.4 million and a market value of EUR 1.5 million.
The increase in net working capital from EUR 26.9 million to EUR 47.8 million in the year under review is directly attributable to lower provisioning requirements for personnel-related expenses as well as to lower accruals for pending losses, warranties and other operating risks.
As of the balance sheet date on December 31, 2012, the Group reported net cash of EUR 14.5 million. The total amount of cash and cash equivalents was mainly reduced by dividend payments and share buy-backs in addition to cash outflow used in investing activities.
Interest-bearing receivables, reported under fixed assets, of EUR 11.6 million increased by EUR 0.6 million in the year under review compared to the balance sheet date in 2011, mainly due to interest due thereon.
| Unit | 2012 | 2011 2010 | ||
|---|---|---|---|---|
| Net debt (+)/ net cash (–) | EUR million | -14.5 | -17.9 | 26.7 |
| Net debt (+)/ net cash (–) to EBITDA | — | -0.35 | -0.29 | 0.49 |
| Gearing (net debt (+)/net cash (–)/ equity) | — | -0.11 | -0.15 | 0.31 |
| Unit | 2012 | 2011 2010 | ||
|---|---|---|---|---|
| Cash flow from operating activities | EUR million | 15.7 | 29.2 | 46.0 |
| Cash flow from investing activities | EUR million | -8.0 | 8.6 | -1.8 |
| Cash flow from financing activities | EUR million | -13.0 | -23.6 | -47.1 |
| Change in cash and cash equivalents | EUR million | -5.3 | 14.2 | -2.8 |
In the year under review, cash flow from operating activities amounted to EUR 15.7 million, remaining significantly below the previous year's level. This was mainly attributable to the increase in working capital as a result of lower provisioning requirements for personnel-related expenses as well as of lower accruals for anticipated losses and risks, warranties and other operating risks.
Cash flow from investing activities of EUR -8.0 million was due to a persistently restrictive investment policy, with capital expenditures for fixed assets decreasing by EUR 1.5 million to EUR 16.0 million in the period under review.
Cash flow from financing activities of EUR –13.0 million was mainly attributable to dividend payments totaling EUR 7.8 million as well as payments in relation with the company's share buy-back program along with the repayment of interest-bearing loans of EUR 4.0 million.
Practical environmental protection involves more than just compliance with regulatory obligations. Many organizations do more than is legally required and voluntarily introduce an environmental management system with the aim of continuously improving their environmental performance and reducing the negative impact of their operations on the environment. ISO 14001 is the internationally recognized standard for putting in place such an environmental management system. All the Group's major plants have received certification in accordance with this standard.
The sparing use of natural resources is a core element of POLYTEC GROUP's business activities. As a plastics-processing company, the POLYTEC GROUP attaches great importance to waste avoidance. In those plants, which mainly work with injection molding technologies, every effort is made to regranulate the waste material and channel it back into the production process.
Research and development activities also focus on the sparing use of raw materials or the use of alternative materials.
The average number of employees2 at the POLYTEC GROUP and their geographic distribution developed as follows in the years between 2010 and 2012:
| FTE | 2012 | 2011 | 2010 |
|---|---|---|---|
| Austria | 561 | 466 | 384 |
| Germany | 2,230 | 3,111 | 3,883 |
| Rest of Europe | 745 | 1,036 | 1,520 |
| North America | 27 | 22 | 20 |
| South Africa | 0 | 0 | 74 |
| Total | 3,563 | 4,663 | 5,881 |
The substantial decrease in headcount in Germany and in the rest of Europe is mainly attributable to the divestment of the Interior-Systems business, which, at the time of the disposal, employed a total of 2,133 full-time equivalents (FTE).
This decrease is also due to personnel reduction measures across all plants of the POLYTEC GROUP as a result of the current unfavorable economic situation. The increase in personnel in Austria is strictly correlated with the acquisition of POLYTEC Plastics Ebensee (former PPI) in the second half of 2011. At year-end, the workforce of this business site comprised a total of 170 full-time equivalents (FTE).
As of December 31, 2012, POLYTEC GROUP's headcount totaled 3,481 full-time equivalents (FTE). The proportion of apprentices amounted to 2.9% or 101 FTE and the proportion of leased staff to 2.9% or 100 FTE.
Sales per employee, a key performance indicator in the HR area, developed as follows in the years between 2010 and 2012:
| Unit | 2012 | 2011 | 2010 | |
|---|---|---|---|---|
| Sales per employee | TEUR | 135 | 141 | 131 |
A strong customer focus and ongoing process optimization to enhance profitability, environmental-friendliness and efficiency are top priorities for the POLYTEC GROUP. To ensure that the company is well-prepared to face the dynamic market challenges that lie ahead, the POLYTEC GROUP promotes the further education and professional training of its employees, both through in-house educational and vocational training measures and with the support of external educational institutions.
Alongside the further development of technical know-how and manual skills, strong emphasis is placed on the teaching of foreign languages, as these are essential for the business success of an international company like POLYTEC.
Executive remuneration packages include a performance-based component to promote identification with the company and a strong sense of responsibility.
Events after the balance sheet date that are relevant for the valuation on the balance sheet date, such as pending legal disputes or claims for damages and any other obligations or anticipated losses that must be disclosed in accordance with IAS 10 (Contingencies and Events Occurring after the Balance Sheet Date) are reflected in the present consolidated financial statements.
On a global scale, the business prospects for the automotive industry for 2013 are deemed positive. Outside of Western Europe, the automotive business is expected to show a very dynamic trend, with the German automotive industry making a disproportionately large contribution to this development. The global passenger car market, which expanded by 4% to over 68 million units in 2012, will continue its growth trend throughout the 2013 business year. The Germany Association of the Automotive Industry (VDA) anticipates that this market will reach the 70 million mark. This dynamism will be mainly supported by the Chinese market and the recovery of the leading market in the USA, and will also benefit the German passenger car manufacturers, who have increased their market share in China to 22%, while also expanding their US market share for the seventh year in succession. The Western European passenger car market, which in 2012 contracted by roughly 8% to just under 11.8 million units, is expected to drop slightly to 11.4 million new cars in 2013 (down by 3%).
A perceptible increase in worldwide demand for commercial vehicles can be expected in 2013. However, this will mainly be driven by the significant recovery in China, which was responsible for a large proportion of the global drop in demand last year. The European truck market is expected to decline by approximately 5% in 2013 due to a persistently weak economic environment.
2) Incl. leased staff: employees of companies included in the consolidated financial statements for the first time are shown in the table on a pro rata temporis basis from the date of initial consolidation.
Against the backdrop of the current business situation, clearly overshadowed by a challenging market environment, the POLYTEC GROUP management expects group sales for the full year 2013 to match the niveau in 2012. This outlook is based on the weak economic expectations for the European home market combined with the so far limited global footprint of the Group, as well as declining production volumes in the truck segment and expiring contract agreements that could not be mitigated to date by new business. The operating result for the full year 2013 is expected to show a moderate decrease compared to 2012, mainly due to the persistent price war currently underway in the automotive industry.
In the years to come, the management of the POLYTEC GROUP expects sales figures to increase - mainly driven by organic growth especially in the area of injection-molding for the production of complex engine and engine compartment parts - coupled with an improvement of the overall margin of earnings.
With regard to the company's risk reporting please refer to section E. 4 of the Notes to the consolidated financial statements. For details of the derivative financial instruments used by the Group please refer to section C. 15 of the Notes.
With the aim to continuously improve competitiveness and business success, research and development activities across all segments of the POLYTEC GROUP focus intensively on new technological developments and advances in both the automotive and non-automotive areas, always in close consultation and collaboration with corporate customers. Materials and manufacturing processes currently under series production are also constantly being further developed.
In the 2012 business year, the main focus was once again on the use of lightweight components to reduce the weight of individual parts, on increased cost-efficiency by means of intelligent functional integration and on new ecological and sustainable product innovations.
The POLYTEC GROUP operates several development centers. In keeping with the Group strategy, each of these development centers specializes in the products that are manufactured at the particular plant.
The competence center in the north German town of Lohne is mainly responsible for the development of injection-molded parts predominantly for the engine compartment and, to an increasing extent, also for the growing non-automotive business area, as well as for exterior components for both trucks and passenger cars produced in small series. Development work ranges from the substitution of aluminum parts with plastic parts to the further development of existing products. The test area has been further extended to quickly meet constantly rising customer demands and to support the development of brand new components, with a view to further consolidating the company's pioneering role in the field of engine component parts, as described by the following examples.
For the separation of oil from air, a procedure that plays an increasingly important role, the POLYTEC GROUP has for several years successfully used an integrated switched cyclone-type oil mist separator. In the latest cylinder cover heads, the company has incorporated the POLYSWIRL oil separator, which is a centrifugal separator that sets the gas stream into rotation and separates the oil drops from the air. The POLYSWIRL oil separator has already been incorporated in the cylinder cover heads of VW, Audi, Daimler, BMW and PSA. POLYDRAIN is a modular oil drain valve to remove oil from the blow-by gases of engines and can be used both as a single module and as a functional element in POLYTEC's cylinder head covers. POLYVENT, a POLYTEC proprietary development, is an innovative pressure control valve for particularly compact gasoline motors. The patented KEYLOCK system, which represents another highlight in this segment, allows for the fast connection of lines. POLYTEC uses innovative projectile injection technology (PIT) for the production of cooling water pipes and was awarded a prize for this technology at the EuroMold, the world's largest fair for moldmaking and tooling, design and product development. During the production process, a projectile pushes the melted core of the plastic through the cavity and back into the machine tool instead of into an overflow as was previously the case.
POLYTEC's R&D activities in the area of fiber-reinforced plastics are centered upon the development of new materials for SMC (Sheet Molding Compounds) and LFT (Long Fiber Thermoplastic) applications. Tailor-made material formulations for a wide range of products are developed in-house, tested in the laboratory and then finally produced. While keeping a strong focus on the entire value creation chain, POLYTEC closely collaborates with its customers throughout the entire conception and development phase with a view to creating new products and finding
new applications for long fiber-reinforced thermosetting and thermoplastic materials (glass, carbon and basalt fibers) such as SMC (Sheet Molding Compounds), LFT (Long Fiber Thermoplastic) and GMT (Glass Mat Thermoplastic). This development unit also acts as a main driver of efficiency improvements in the ongoing production process based on continuing procedure and product optimization efforts.
In the area of fiber-reinforced plastic materials, POLYTEC succeeded in acquiring several important new projects for a number of different sectors in 2012, successfully driving forward development activities. Projects focusing on lightweight construction for both the passenger car and commercial vehicle industries, which will start series production in 2013 and 2014, are of central importance in this context. The use of highstrength carbon-fiber-reinforced SMC materials in combination with Class A SMC parts with a reduced thickness of 1.4 g/cm³ currently enables a considerable increase in weight efficiency of up to 30% for passenger car exterior applications, especially compared to aluminum or other standard SMC solutions. At present, POLYTEC is simultaneously working on a number of development projects with a view to maintaining a high level of competitiveness and acquiring further orders for series production in the area of lightweight construction. POLYTEC is also contributing to the development of tomorrow's electrical vehicles, leveraging the technological strengths of SMC applications. The development of integrated EMC-protection based on appropriate formulations is also a particularly interesting and promising activity field in this context.
In the non-automotive area, the successful realization of a project for the solar industry, brought to series production in 2011, has helped POLYTEC acquire a new contract for the series production of another product that will be launched onto the market in 2013.
The range of services provided by the development center Hörsching covers the entire process chain even if this business plant mainly focuses on developing original accessories and small series. From initial design concepts, functional models and prototypes, digitalization and CAD construction up to the creation of rapid prototyping models, the customer is offered a fullservice package, as is standard practice in series development. But, since development and lead times in the original accessories segment are considerably shorter than in series production, processes have to be geared towards high flexibility and short response times, without, however, compromising documentation and quality assurance. All necessary production tools and devices are developed and manufactured in an in-house tool shop and mold construction department, which also contributes
to shortening implementation periods and increasing flexibility when carrying out the necessary adjustments.
In the area of advance developments, the Car Styling unit mainly focuses on process engineering, and more specifically, on constantly improving PUR-R-RIM materials. The use of carbon fiber as a filling for polyurethane (PUR) was subject to thorough scrutiny in 2012 with a view to improving weight efficiency in the area of lightweight automotive construction. Also at the Bromyard site, the focus mainly lies on weight efficiency optimization based on the usage of the blow molding technology in an increasing number of product groups. In addition, development work also concentrates upon new possibilities for treating the surfaces of PUR components.
In the area of innovation management, a team of experts from different functional areas of this business plant is currently exploring the potential of adjusting the current product range to future challenges. This involves, on the one hand, developing additional features for components in the current product portfolio (for instance the integration of sensors and electronics into plastic components) and, on the other hand, adapting today's products to the mobility requirements of tomorrow (for instance rear spoilers with photovoltaic solar panels for electrical vehicles).
In 2012, POLYTEC GROUP spent approximately EUR 8.5 million (2011: approx. EUR 11.0 million) for research and development activities.
The Board of Directors is responsible for implementing an adequate internal control and risk management system for the accounting process and financial reporting. Appropriate organizational measures ensure that all relevant legal requirements to make complete, correct, timely and orderly entries in the books and other records are met.
The entire process from procurement to payment is subject to strict rules and guidelines that are intended to avoid any risks these processes may entail. These measures and rules include the separation of functions, signature authorization policies and signatory powers for authorizing payments on an exclusively collective basis and restricted to a small number of employees, as well as system-supported checks by the software in use.
By using a standardized, group-wide financial reporting system, together with ad hoc reporting on major events, the Board of
Directors is kept constantly abreast of all relevant issues. The Supervisory Board is informed in Supervisory Board meetings, held at least once every quarter, about the current business development, including operative planning and the mediumterm strategy of the Group, with direct and immediate information being provided to the Supervisory Board in special cases. Internal control and risk management are among the topics dealt with at the Audit Committee meetings.
The share capital of POLYTECH Holding AG is divided into 22,329,585 bearer shares with a par value of EUR 1.00 each. The Group has no other types of shares. All shares have been admitted to trading in the prime market segment of the Vienna Stock Exchange.
Huemer Invest GmbH: This company holds 26.6% of the share capital in POLYTEC Holding AG (partially via its wholly owned subsidiary, Huemer Holding GmbH). The family of the CEO of the POLYTEC GROUP, Friedrich Huemer, is the sole shareholder of the said companies and Friedrich Huemer is the managing director with sole power of representation of the said companies.
Compared to the balance sheet date on December 31, 2011 no changes in the shareholder structure of the companies attributable to Friedrich Huemer at POLYTEC Holding AG were reported.
| • Huemer Holding GmbH | 16.00% |
|---|---|
| • Huemer Invest GmbH | 10.64% |
Delta Lloyd Asset Management NV announced via a voting rights notification as of May 9, 2011 that it holds approximately 10.9% of the share capital of POLYTEC Holding AG through the following funds:
According to the authorization granted by the 12th Annual General Meeting on May 16, 2012 to acquire treasury shares pursuant to § 65 Para. 1 (8) of the Austria Stock Corporation Act, the company acquired a total of 258,041 treasury shares as of December 31, 2012, which correspond to approximately 1.2% of the share capital. The remaining 55.8% of POLYTEC Holding AG's share capital represent free float.
No shareholders have particular rights of control.
With regard to the Board of Directors' ability to issue shares, please refer to the Notes to the consolidated financial statements under D. 20 for more detailed information about the authorized capital.
There are no indemnification agreements between the company and the members of the Board of Directors in the case of a change in control. There are no indemnification agreements for the Supervisory Board members and employees, nor any other major agreements, which would be affected by a change in control or a public takeover bid.
There are no provisions in the Articles of Association that go beyond the statutory provisions for appointing members of the Board of Directors or of the Supervisory Board or for amending the Articles of Association.
Hörsching, March 27, 2013
The Board of Directors
Friedrich Huemer m. p.
Alfred Kollros m. p. Peter Haidenek m. p.
compared with the figures from the previous year
| TEUR | Notes | 2012 | 2011 |
|---|---|---|---|
| Net sales | D. 1 | 481,615 | 657,354 |
| Other operating income | D. 2 | 5,778 | 13,615 |
| Changes in inventory of finished and unfinished goods | -2,108 | -4,245 | |
| Own work capitalised | 1,449 | 1,289 | |
| Expenses for materials and services received | D. 3 | -243,080 | -346,237 |
| Personnel expenses | D. 4 | -144,942 | -177,631 |
| Other operating expenses | D. 5 | -57,395 | -90,032 |
| Deconsolidation gains | B. 1 | 326 | 7,211 |
| Earnings before interest, taxes and amortisation (EBITDA) | 41,642 | 61,323 | |
| Depreciation | -13,934 | -18,705 | |
| Earnings before interest, taxes and amortisation of goodwill (EBITA) | 27,708 | 42,618 | |
| Impairments | D. 6 | 0 | 0 |
| Operating profit (EBIT) | 27,708 | 42,618 | |
| Income from associated companies | 132 | 444 | |
| interest result | -1,055 | -3,343 | |
| Other financial results | -17 | -179 | |
| Financial result | D. 7 | -940 | -3,079 |
| Earnings before tax | 26,768 | 39,539 | |
| Taxes on income | D. 8 | -4,490 | -4,291 |
| Consolidated profit for the year | 22,277 | 35,249 | |
| thereof result non controlling interests | -588 | -759 | |
| thereof result of the parent company | 21,689 | 34,490 | |
| Earnings per Share | D. 21 | 0.97 | 1.54 |
Jan. 1 – Dec. 31, 2012
| TEUR | Group | Non controlling interests T |
otal |
|---|---|---|---|
| Profit after tax | 21,689 | 588 | 22,277 |
| Currency translations | 348 | -122 | 226 |
| Total comprehensive income | 22,037 | 466 | 22,503 |
Jan. 1 – Dec. 31, 2011
| TEUR | Group | Non controlling interests T |
otal |
|---|---|---|---|
| Profit after tax | 34,490 | 759 | 35,249 |
| Currency translations | -766 | 36 | -730 |
| Total comprehensive income | 33,724 | 794 | 34,518 |
| Fixed assets | D. 9 | 656 | |
|---|---|---|---|
| Intangible assets | 663 | ||
| Goodwill | D. 9 | 19,180 | 19,180 |
| Tangible assets | D. 10 | 60,146 | 61,740 |
| Investments in affiliated companies | 435 | 205 | |
| Investments in associated companies | 31 | 31 | |
| Other financial assets | 598 | 598 | |
| Trade accounts receivable and other receivables and assets | D. 13 | 351 | 419 |
| Interest bearing receivables | D. 15 | 11,579 | 10,932 |
| Deferred tax assets | D. 11 | 8,951 | 11,759 |
| 101,927 | 105,527 | ||
| Current assets | |||
| Inventories | D. 12 | 39,479 | 41,266 |
| Trade accounts receivable and other receivables and assets | D. 13 | 54,271 | 53,333 |
| Receivables from construction contracts | D. 14 | 25,763 | 20,959 |
| Income tax receivables | 383 | 82 | |
| Interest bearing receivables | D. 15 | 0 | 2,818 |
| Cash and cash equivalents | D. 16 | 37,941 | 43,222 |
| Assets held for sale | D. 19 | 0 | 1,102 |
| 157,837 | 162,783 | ||
| 259,764 | 268,310 |
| TEUR Notes |
Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Shareholder's equity | ||
| Share capital | 22,330 | 22,330 |
| Capital reserves | 37,563 | 37,563 |
| Treasury shares | -1,396 | 0 |
| Non controlling interests | 5,249 | 4,783 |
| Retained earnings | 69,876 | 55,654 |
| D. 20 | 133,622 | 120,330 |
| Long-term liabilities | ||
| Interest-bearing liabilities D. 22 |
12,454 | 18,253 |
| Provision for deferred taxes D. 11 |
593 | 2,416 |
| Long-term provisions for personnel D. 23 |
18,387 | 17,665 |
| Other long-term liabilities D. 24 |
74 | 208 |
| 31,508 | 38,542 | |
| Short-term liabilities | ||
| Trade accounts payable D. 25 |
34,671 | 35,477 |
| Liabilities from construction contracts D. 14 |
3,010 | 4,380 |
| Short-term interest-bearing liabilities D. 26 |
14,527 | 11,719 |
| Short-term portion of long-term loans D. 27 |
7,988 | 9,010 |
| Liabilities on income taxes D. 28 |
2,623 | 4,398 |
| Short-term provisions D. 29 |
19,743 | 30,342 |
| Other short-term liabilities D. 30 |
12,072 | 14,113 |
| 94,634 | 109,438 | |
| 259,764 | 268,310 |
| TEUR | 2012 | 2011 |
|---|---|---|
| Earnings before tax | 26,768 | 39,539 |
| - Income taxes |
-5,582 | -1,816 |
| + Depreciation (appreciation) of fixed assets |
13,934 | 18,705 |
| - Release of badwill |
0 | -11 |
| + Non cash earnings from deconsolidation |
-326 | -7,211 |
| +(-)Increase (decrease) in long-term provisions | 723 | 456 |
| -(+)Profit (loss) from asset disposals | -735 | -639 |
| = C onsolidated cash flow from earnings |
34,782 | 49,024 |
| -(+)Increase (decrease) in inventories, advance payments made | 1,788 | -7,933 |
| -(+)Increase (decrease) in trade and other receivables | -6,302 | -32,096 |
| +(-)Increase (decrease) in trade and other payables | -3,954 | 14,323 |
| +(-)Increase (decrease) in short-term provisions | -10,600 | 5,901 |
| = C onsolidated cash flow from operating activities |
15,714 | 29,218 |
| TEUR | 2012 | 2011 |
|---|---|---|
| - Investments in fixed assets |
-16,048 | -17,489 |
| - Acquisition of consolidated subsidiaries (purchase |
||
| price less the acquired cash and cash equivalents) | -0 | -1,007 |
| - Acquisition of subsidiaries |
-300 | -35 |
| + Disposal of deconsolidated subsidiaries |
0 | 350 |
| - Disposal of not longer consolidated subsidiaries (Proceeds less cash and cash equivalents) |
776 | 24,128 |
| + Disposal of marketable securities |
0 | 0 |
| +(-)Profit (loss) from asset disposals | 735 | 639 |
| +(-)Translation differences | -83 | -18 |
| + Book value of asset disposals |
3,936 | 2,041 |
| + Payments for interest bearing receivables and subsidiaries |
2,987 | 0 |
| = C onsolidated cash flow from investing activities |
-7,998 | 8,610 |
| TEUR | 2012 | 2011 |
| +(-)Increase (decrease) in interest-bearing loans and liabilities to banks | -4,012 | -22,202 |
| - Dividends |
-7,815 | 0 |
| - Treasury shares |
-1,396 | 0 |
| +(-)Other changes in equity | 226 | -1,417 |
| = C onsolidated cash flow from financing activities |
-10,011 | -23,619 |
| TEUR | 2012 | 2011 |
| +(-)Consolidated cash flow from operating activities | 15,714 | 29,218 |
| +(-)Consolidated cash flow from investing activities | -7,998 | 8,610 |
| +(-)Consolidated cash flow from financing activities | -12,998 | -23,619 |
| = Changes in cash and cash equivalents |
-5,281 | 14,210 |
| + Opening balance of cash and cash equivalents |
43,222 | 29,013 |
= Closing balance of cash and cash equivalents 37,941 43,222
| TEUR N | E otes |
Share C capital |
apital T reserves |
reasury R shares |
etained earnings |
quity attributable to stakeholders of the parent |
non controlling interests T |
otal |
|---|---|---|---|---|---|---|---|---|
| Balance as of January 1, 2012 | 22,330 | 37,563 | 0 | 55,654 | 115,547 | 4,783 | 120,330 | |
| Comprehensive income after tax according profit and |
||||||||
| loss statements | 0 | 0 | 0 | 21,689 | 21,689 | 588 | 22,277 | |
| Other results after tax | 0 | 0 | 0 | 348 | 348 | -122 | 226 | |
| Dividends | 0 | 0 | 0 | -7,815 | -7,815 | 0 | -7,815 | |
| Treasury stack | 0 | 0 | -1,396 | 0 | -1,396 | 0 | -1,396 | |
| Balance as of December 31, 2012 | D. 20 | 22,330 | 37,563 | -1,396 | 69,876 | 128,373 | 5,249 | 133,622 |
| TEUR N | otes | Share C capital |
apital T reserves |
reasury R shares |
etained earnings |
Equity attributable to stakeholders of the parent |
non controlling interests T |
otal |
|---|---|---|---|---|---|---|---|---|
| Balance as of January 1, 2011 | 22,330 | 37,563 | 0 | 23,455 | 83,348 | 3,988 | 87,336 | |
| Comprehensive income after tax according profit and |
||||||||
| loss statements | 0 | 0 | 0 | 34,490 | 34,490 | 759 | 35,249 | |
| Other results after tax Other changes |
0 0 |
0 0 |
0 0 |
-766 -1,525 |
-766 -1,525 |
36 0 |
-730 -1,525 |
|
| Balance as of December 31, 2011 | D. 20 | 22,330 | 37,563 | 0 | 55,654 | 115,547 | 4,783 | 120,330 |
The POLYTEC Group is a globally operating corporation focusing on the automotive and plastics industry with its head office in Austria. In the automotive industry, the group is working as supplier of exterior and engine compartment components in the high-volume market segment as well as a supplier of original equipment and components for small and medium series. Furthermore, the group produces PUR molded parts as well as machines for their production for other industries.
The consolidated accounts for the financial year 2012 of the POLYTEC Holding AG (hereinafter referred to as "Group" or "POLYTEC GROUP") were prepared in accordance with the guidelines of the International Financial Reporting Standards (IFRS) and their interpretations in line with the EU standard practice. They also comply with the additional requirements of § 245a Para. 1 of the Austrian Commercial Code (UGB).
The headquarters of the POLYTEC Holding AG is located in Hörsching, Austria, and is listed in the "Landes- und Handelsregister Linz" [Commercial Registry of the City of Linz] under the number FN 197646 g.
All standards, which had to be mandatorily applied for the financial years, were applied with regard to the preparation of the present consolidated financial statements.
The International Accounting Standards Board (IASB) is currently working on a wide range of important projects, their application, however, will be mandatory for financial years commencing on January 1, 2013. For the 2012 financial year, only amendments to IFRS 1 (First-Time Adoption of International Financial Reporting Standards: Severe Hyperinflation and Removal of Fixed Dates for First-Time Adopters), IFRS 7 (Disclosures: Transfer of Financial Assets) and IAS 12 (Deferred Tax: Recovery of Underlying Assets) shall be taken into account.
The new or amended standards, which are applicable from January 1, 2012, do not lead to any material changes in the consolidated financial statements of the POLYTEC GROUP. As a result, the accounting and valuation principles applied in the 2012 financial year remained unchanged compared with the consolidated financial statements as of December 31, 2011.
Application of the following standards published by the IASB is not yet mandatory and they have not been applied by the POLYTEC GROUP to date either:
| Standard/ interpretation T |
itle | Applicable for the first time for financial years commencing on or after: |
|---|---|---|
| IAS 1 (revised) | Amendments to IAS 1: Presentation of the components of other comprehensive income |
July 1, 2012 |
| IAS 19 (revised) | Amendment to the accounting standard for employee benefits |
January 1, 2013 |
| IAS 27 (amended 2011) |
Separate Financial Statements1) | January 1, 2013 |
| IAS 28 (amended 2011) |
Investments in Associates and Joint Ventures1) |
January 1, 2013 |
| IAS 32 (revised) | Offsetting Financial Assets and Liabilities |
January 1, 2014 |
| IFRS 7 (complements) |
Disclosure - Offsetting Financial Assets and Liabilities1) |
January 1, 2013 |
| IFRS 9 | Financial Instruments (still not adopted by the EU) |
January 1, 2015 |
| IFRS 10 | Consolidated Financial Statements1) | January 1, 2013 |
| IFRS 11 | Joint Arrangements1) | January 1, 2013 |
| IFRS 12 | Disclosure of Interest in Other Entities1) |
January 1, 2013 |
| IFRS 13 | Fair Value Measurement | January 1, 2013 |
1) Application of these standards will be mandatory within the EU starting from January 1, 2014
This list represents the changes relevant for POLYTEC GROUP. The resulting repercussions on future transactions are currently being evaluated.
The revised IAS 19 standard envisages the abolition of the corridor method, which had been hitherto applied by the POLYTEC GROUP. The revised IAS 19 standard will be applied by the POLYTEC GROUP starting from the 2013 business year.
The new IFRS 9 envisages far-reaching changes with regard to the classification and evaluation of financial instruments, the
impairment of financial assets and the rules on hedge accounting. Because of the ongoing revision of the standard, the impact on the POLYTEC GROUP cannot be reliably estimated at present. Given the current status of the project, application of IFRS 9 will only be mandatory for financial years commencing on January 1, 2015.
With regard to the future application of additional standards and interpretations that have not yet come into effect and have not yet been applied by the POLYTEC GROUP, no significant material changes to the reported assets, liabilities or other disclosures in the consolidated financial statements are expected.
The consolidated financial statements are presented in thousands of euros (TEUR). When adding up rounded amounts and information given as a percentage, rounding differences may occur due to the use of automatic calculation methods.
The profit and loss statement of the Group is prepared in accordance with the total cost accounting method.
Pursuant to Article 245a UGB, the present consolidated accounts replace the consolidated accounts, which would otherwise have to be prepared in accordance with Article 244 et seq. UGB.
The basis of consolidation is determined in accordance with the principles of the IAS 27 (Consolidated Financial Statements and Accounting for Investments in Subsidiaries) in connection with SIC – 12 (Consolidation - Special Purpose Entities). The parent company is the POLYTEC Holding AG, Hörsching. The consolidated accounts include all companies by full consolidation, which are influenced by the parent company. Thus, five national subsidiaries (previous year: five) and 19 international subsidiaries (previous year: 21) were included in addition to the parent company; these subsidiaries are under the legal and factual control of the POLYTEC GROUP. The eight companies (previous year: nine), which were not included, are not important for the consolidated accounts. The balance sheet date for all companies included in the consolidated financial statements is December 31, 2012.
Special purpose entities are included in the consolidated financial statements provided that they are under the controlling influence of the POLYTEC GROUP.
An overview of the fully consolidated companies can be found in Annex 4 of the Notes of the consolidated accounts.
The annual financial statements of subsidiaries are included into the consolidated financial statements from the time of acquisition until the time of disposal. A subsidiary will first be included when the respective parent company is actually assigned the control with regard to the assets and the business activities of this company.
In the financial year under review, the basis of consolidation changed as follows:
| Basis of consolidation | Full consolidation |
|---|---|
| As of Dec. 31, 2011 | 27 |
| Retirement due to company divestments | -1 |
| Retirement due to the Group's internal reorganization | -1 |
| As of Dec. 31, 2012 | 25 |
| Thereof foreign companies | 19 |
By virtue of the purchase agreement dated December 23, 2011, the Zaragoza site (POLYTEC Interior Zaragoza S.L., Zaragoza, Spain) was transferred to Módulos Ribera Alta S.L.U., Zaragoza, Spain, a wholly owned subsidiary of Celulosa Fabril S.A., Zaragoza, Spain, by means of an asset deal. The transfer of beneficial ownership took place when the deal was completed on January 3, 2012.
Due to the cessation of operating activities as a result of the aforementioned transaction, the remaining legal entity within the POLYTEC Group is now of secondary importance for the asset, financial and earnings position of the Group. For this reason, the deconsolidation of POLYTEC Interior Zaragoza S.L. took place on March 31, 2012.
The sale of the Zaragoza site was the final step towards the POLYTEC GROUP's complete withdrawal from the area of Interior-Systems. The contribution of POLYTEC Interior Zaragoza S.L. to the values shown in the income statement for 2012 is as follows:
| TEUR | |
|---|---|
| Net sales | 24 |
| Income after income tax | -313 |
The gain resulting from the disposal of the Zaragoza site as well as from the deconsolidation of POLYTEC Interior Zaragoza S.L. was calculated by offsetting the disposed net assets by the total consideration received for the disposal.
| TEUR | |
|---|---|
| Consideration received | 1,429 |
| Net assets sold | -1,104 |
| Gain on disposal | 326 |
The gain on disposal was recognized in the deconsolidation profit or loss item in the consolidated income statement.
Allowing for the cash and cash equivalents of the divested Zaragoza site of TEUR 653, cash flow of TEUR 776 is generated.
The net assets divested as a result of the sale of the Zaragoza site are as follows:
| TEUR | |
|---|---|
| Non-current assets | 144 |
| Current assets | 1,491 |
| Non-current provisions and liabilities | 0 |
| Current provisions and liabilities | -532 |
| Net assets of Polytec Interior Zaragoza S.L. as of Mar. 31, 2012 | 1,104 |
The consolidation of investments for acquisitions until March 31, 2004 was performed on the basis of the book value method by offsetting the acquisition costs of the investments against the equity ratio allotted to these investments at the time of acquisition. A goodwill will be assigned to the assets as far as possible. A badwill was analyzed in previous years for its reason of accrual and, if affecting future losses and expenses, recorded in accordance with IAS 22 as income at the time of occurrence of these losses and expenses.
IFRS 3 "Business Combinations" was applied for income occurred after March 31, 2004. Thus, the consolidation of investments was performed on the basis of the revaluation method (method concerning all assets and liabilities at Fair Value, also in the case of non-controlling interests and complete disclosure of the hidden reserves, independent from the amount of the minority interests). The investment book value is opposed by the proportionate, re-evaluated equity of the subsidiary (purchase accounting).
Remaining differences will be capitalized as goodwill. Goodwill occurred prior to January 1, 2005 were recorded with the book value of December 31, 2004 and are subject to an annual impairment test.
If the acquisition costs are lower as the net assets, the difference (negative consolidation difference) will be recognized in the income statement of the acquisition period.
Further information with regard to the effects of the deconsolidation carried out in the year under review can be found in section B. 1.
Non-controlling interests are disclosed in the Consolidated Financial Statements under equity in accordance with IAS 27.
All accounts receivables and payables as well as expenses and earnings resulting from transactions between the consolidated companies were eliminated by taking into account the principle of materiality. Intermediate results from group-internal deliveries were also eliminated as far as they are material.
All transactions in foreign currencies were valued at the exchange rate of the transaction date in the individual companies. Monetary assets and liabilities in foreign currencies are converted at the exchange rate on the balance sheet date. Resulting exchange rate differences are recorded in the profit and loss statement of the group.
The functional currency of non-euro subsidiaries is the corresponding national currency; however, this does not apply to the Turkish company, whose functional currency is the euro. Assets and liabilities of international subsidiaries were converted with the reference exchange rate of the European Central Bank on the balance sheet date. Positions of the profit and loss statement of the Group were converted with average exchange rates of the financial year under review.
Exchange rate differences of monetary positions, which, from an economic point of view, belong to a foreign company like, for example, long-term receivables and loans will be accounted with the Group equity capital and will be recorded under the position "Differences from the currency translation".
The following currency exchange rates were used:
| Average exchange rate |
Exchange rate on the balance sheet date |
||||
|---|---|---|---|---|---|
| 2012 | 2011 | Dec. 31, 2012 | Dec. 31, 2011 | ||
| CAD | 1.2900 | 1.3801 | 1.3137 | 1.3215 | |
| GBP | 0.8116 | 0.8709 | 0.8161 | 0.8353 | |
| PLN | — | 3.9635 | — | — | |
| USD | 1.2922 | 1.3980 | 1.3194 | 1.2938 | |
| ZAR | — | 9.7752 | — | — | |
| CZK | 25.1256 | 24.5700 | 25.1256 | 25.7732 |
The principle of standardized accounting and evaluation will be applied due to the guidelines applicable throughout the entire group. Insubstantial deviations with regard to the individual financial statements of international group companies were retained. All financial statements were prepared on the assumption that the entity is a going concern.
Intangible assets are evaluated with their acquisition costs and amortized according to schedule on a straight-line basis. The amortization rates are between 10.0% and 66.7%.
Expenses for research are shown as expenses in the year of their occurrence. Development costs are normally also periodically occurring expenses. They have to be booked as assets if certain conditions can be proved and if they have been cumulatively fulfilled. Among other aspects, it must be verifiable that the development activities are very likely to result in future accrual of funds, which does not only cover the normal costs but also the corresponding development costs. Capitalized development costs for customer orders are amortized with the beginning of the serial delivery in accordance with the customer's release orders for the entire term of the model. The Group's research and development expenses in the financial year under review amounted to approximately TEUR 8,506 (previous year: TEUR 10,972).
Goodwill results from acquisitions of subsidiaries or interests in associated companies and are subject to an impairment test at least once a year. If a subsidiary or an associated company is sold, the proportionate goodwill will be taken into account in the calculation of the gain or loss of the disposal.
The evaluation of goodwill is performed with regard to the acquisition costs less the accumulated impairment losses (see also the annex "Impairment").
Tangible assets are valued at the costs of acquisition or production, reduced by scheduled amortizations, or the lower achievable market price. The scheduled amortizations are determined on a straight-line method.
For limited-life assets, the following rates are used for the scheduled amortizations:
| % | |
|---|---|
| Buildings and leasehold improvements | 4.0–20.0 |
| Technical equipment and machinery | 6.7–50.0 |
| Other equipment, fixtures, fittings and equipment | 10.0–50.0 |
Substantial impairment beyond the scope of the scheduled amortizations will be taken into account by extraordinary amortizations. In the case of a discontinuation of the reasons for extraordinary amortizations, corresponding revaluations will be performed.
In the case of fixed assets being immobilized, sold or give up, the profit or loss from the difference of the sales revenue and the net book value will be recorded as other operating income or expenses.
Maintenance expenses will be recorded as expenses in the financial year of their occurrence.
Interests on borrowed capital are not capitalized, as no substantial borrowing costs were incurred that are directly attributable to the acquisition, construction or production of a qualifying asset.
Leased assets for which basically all risks and chances resulting from the property of assets were transferred (finance lease), are valued as assets with their market value or the lower cash value in correspondence with IAS 17. The amortization is performed according to schedule over the period of the leasing agreement or over the economic useful life of the assets provided that the transfer of legal ownership of the leased assets is secure enough until the end of the leasing agreement period. The payment obligations resulting from the future leasing rates are discounted and recorded as liabilities.
Government grants and subventions of other third parties are recorded under liabilities and liquidated in accordance with the useful life of the allocated asset.
Other investments and loans are included under other financial assets. They are valued at the costs of acquisition or the lower market value at the balance sheet date. Interest-bearing loans are balanced with their nominal value.
The investments balanced at the acquisition costs are investments, which are not listed on an active market and whose current value can, therefore, not be determined on a reliable basis.
Extraordinary amortizations will be performed for all financial assets in the case of impairment.
Inventories are evaluated at their acquisition costs or production costs or the lower achievable market value on the balance sheet date. The determination of the acquisition and production costs is performed for similar assets in accordance with the weighted average cost method or in accordance with similar methods. The production costs only include the directly attributable costs and the proportionate overhead costs. Interests on borrowed capital are not capitalized, as no substantial borrowing costs were incurred that are directly attributable to the acquisition, construction or production of a qualifying asset.
Receivable are capitalized at costs of acquisition. Recognizable risks are taken into account by performing appropriate value adjustments.
In other accounts receivable also those derivative financial assets are reported that show a positive market value and are classified as "held for trading".
Cash and other short-term financial means consist of cash on hand, checks and cash at banks as well as securities, which are used by the Group for liquidity management. They are evaluated at market values, which are formed on sufficiently solvent markets and which can thus be reliably determined.
Assets are tested at the balance sheet date if any indications exist for impairment. For goodwill, such annual verification (impairment test) is performed shortly before any balance sheet date even if no indications for impairment are given.
For the purpose of the impairment test, the POLYTEC GROUP summarizes its assets, which are generating cash flow on the lowest level (cash-generating unit). Goodwill is assigned to those cash-generating units which are expected to benefit from synergies and which represent the lowest group-internal level of the management monitoring of the cash flow.
The value in use of the asset corresponds to the present value of the estimated future cash flows from continuing use of such asset and from its disposal at the end of its useful life applying a fair market discount rate before taxes, which is adjusted to the specific risks of the assets. The estimation of the future cash flow is based on a 3 year planning horizon. A perpetual annuity based on the third year's estimates has been assumed for the period beyond this planning horizon. The interest rate used for calculating the present value is the weighted average capital costs of the corresponding cash-generating unit and was defined with 11.4% for the 2012 financial year (previous year: 10.2%).
Any impairment loss will be disclosed with the amount by which the book value of the individual asset or the cash-generating unit exceeds the achievable amount. The achievable amount is the higher amount of both amounts from the net selling price and the use value. Impairment losses recognized with regard to cash-generating units to which goodwill has been allocated are first applied against the carrying amount of goodwill. Any remaining impairment loss reduces the carrying amounts of the assets of the cash-generating unit on a pro-rata basis.
In the case of a discontinuation of the reasons for impairment, corresponding revaluations will be performed for fixed assets. Goodwill, which has been amortized due to impairment, is no longer written up.
Due to legal obligations, the employees of Austrian group companies who have joined the company prior to January 1, 2002 will receive a one-time severance payment in the case of a termination of the employment contract or in the case of retirement. The amount of compensation depends on the number of years of service and the applicable income at the end of the employment. For all employment contracts concluded after December 31, 2002, payments, which will be recorded as expenses, will be made to a company pension fund for employees.
The provisions for severance payments are determined on a standardized basis at the balance sheet date with the "projected-unit-credit method" and by applying a discount rate of 3.75% (previous year: 4.75%) as well as by taking into account future salary increases of 1.75% (previous year: 2.0%). A reduction for fluctuation of personnel based on the years of service is included. The assumed retirement age for men and women, taking into account certain temporary arrangements, is still defined with 62 years (no change to the previous year).
The corridor method is used for actuarial gains/losses. If the actuarial gains/losses exceed the present value of the defined benefit obligation by more than 10.0% at the beginning of the financial year, they will be recognized as income or expense divided over the average remaining working lives of employees. Current and past service cost and actuarial gains/losses recognized as income or expense are shown in personnel expenses in the consolidated income statement, while interest expense associated with provisions for pensions is shown in the financial result.
Due to legal obligations, the employees of Turkish group companies are entitled to severance payments and may receive nonrecurring payments in the case of a termination of the employment contract or in the case of other legally defined events. The amount of compensation depends on the number of years of service and the applicable income on the payment date of the compensation.
Pension obligations apply for certain employees of German group companies. Accounting of these obligations is performed in accordance with IAS 19. For this purpose, the present value of the defined benefit obligation (DBO) is calculated and compared to the current value of the planned assets existent on the balance sheet date. The pension provisions are calculated according to the "projected unit credit method", where, depending on the distribution of the obligations to entitlements and liquid pensions and due to the specific regulations of the individual pension funds, a discount rate of 3.75% (previous year: 4.75%) as well as an increase of 1.75% (previous year: 1.5%) will be applied. The guidelines 2005G – Dr. Klaus Heubeck will be used for the actuarial calculations.
The corridor method is used for actuarial gains/losses. If the actuarial gains/losses exceed the present value of the defined benefit obligation by more than 10.0% at the beginning of the financial year, they will be recognized as income or expense divided over the average remaining working lives of employees. Current and past service cost and actuarial gains/losses recognized as income or expense are shown in personnel expenses in the consolidated income statement, while interest expense associated with provisions for pensions is shown in the financial result.
Based on collective agreements or other company agreements, employees are entitled to receive a certain anniversary payment depending on their length of service. Provisions have been set aside for these obligations.
The income tax expense (the income tax credit) includes the actual taxes and the deferred taxes.
The actual taxes for the individual companies are calculated based on the taxable income of the company and the applicable tax rate in the corresponding country.
Deferred taxes are calculated, in particular, for value differences disclosed in the tax and IFRS balance sheet of the individual companies resulting from deviating periods, as well as for consolidation bookings. They are determined according to IAS 12 using the balance-sheet-liability method. Furthermore, the probably realizable tax advantage from existing losses carried forward is included in the calculation. Deferred tax assets on losses carried forward were formed as far as their utilization is expected within a foreseeable period. The calculation of the deferred taxes is based on the customary national income tax rate.
The value of the trade account payables results from the present value of the received services at the date of their occurrence. In the following, these liabilities are valued at continued acquisition costs.
Other liabilities, especially accrued interest-bearing liabilities, are reported with their repayment amount unless there is no substantial difference to the present value. Subsequently these liabilities are valued at continued acquisition costs using the effective interest method.
Provisions are recognised when a legal ord constructive obligation as a result of a past event exists towards a third party and it is probable that an outflow of resources, which can be reliabely determined, will take place. The provisions are recognized by using the settlement amount with the highest propability under consideration of all identifiable risks.
Long-term provisions are discounted if the interest effect is material and the discounting period can be reliably estimated.
Financial assets and liabilities are disclosed in the balance sheet if the group becomes a contractual party of a financial instrument.
Financial assets are derecognized from the accounts if the contractual rights from the assets expire or if the assets will be transferred with all substantial rights and obligations. Financial liabilities are derecognized from the accounts if the contractual obligations have been balanced, deleted or expired. Purchases
and sales of financial instruments common in the market are balanced on the settlement date.
Financial assets are categorized as follows:
Financial liabilities are categorized as follows:
a. Financial liabilities measured at residual book value.
Other categories applicable according to IAS 39 are not applied.
In accordance with the financial policy of the group, derivative financial instruments are held for hedging purposes and to optimize the net interest result of the group.
No such pending derivative financial instruments were held as of December 31, 2012.
In addition, a call option may be exercised starting from the 2014 financial year for the acquisition of stakes in companies outside the group.
Interest rate swaps were not assigned to a specified balance sheet item but to a portfolio of financial liabilities and serve for the optimization of the net interest income.
In the case of missing market prices, renowned evaluation models, especially option price models and analyses of the discounted expected cash flows are used for the determination of the fair values.
All derivative financial instruments are categorized as "held for trading".
Hedge accounting procedures in accordance with IAS 39 are not applied.
Revenues from the sale of products and goods are realized upon transfer of the risks and opportunities to the buyer. Operating expenses affect the net income at the time of claiming the services or at the time of their occurrence.
If the net profit or loss on a construction contract can be reliably estimated, the revenues and costs associated with this construction contract must be recognized by reference to the stage of
completion of the contract. The stage of completion is calculated from the ratio of the order costs incurred up to the reporting date to the estimated total costs. Changes to the contractual work, claims and performance premiums must be included to the extent that the amounts involved can be reliably determined and receipt thereof is viewed as probable.
If the net profit or loss on construction contracts cannot be reliably determined the order revenues must only be recognized in the amount of order costs incurred, which are probably recoverable. Costs are recognized as expenditure in the period in which they arise.
If it is probable that the total order costs will exceed the total revenues, the anticipated loss is recognized as expenditure immediately.
If the costs incurred up to the reporting date plus reported profits and less reported losses exceed the partial invoices, the surplus must be shown as a receivable from construction contracts. For contracts where the partial invoices exceed the costs incurred plus reported profits and less reported losses, the surplus must be shown as a liability from construction contracts. Amounts received before the construction service is supplied must be recognized as liability in advance payments received in the consolidated balance sheet. Amounts charged for services supplied that have not yet been paid by customers are included in the consolidated balance sheet in the item for trade and other receivables.
The financing expenses include the interest and interest equivalent expenses arising from debt financing and finance leasing transactions as well as the interest component of the variation of the obligations to employees.
The financial revenues include the interest, dividends and other revenues realized from the assessment of funds and the investments in financial assets. Interest yields are realized proportional to time taking into account the effective interest rate of the asset. Dividend yields are shown at the occurrence of the legitimate claim.
Profits and losses from the sale of financial assets, impairment losses from financial assets, exchange rate profits and losses in connection with financing as well as results from security transactions are shown in the financial results.
Estimations and assumptions have to be made to a certain degree in the consolidated financial statements, which have an influence on the balanced assets and liabilities, information with regard to other obligations on the balance sheet date and the recognition of income and expenses during the reporting period. The actual amounts to be realized in the future may deviate from the estimations.
Especially the assumptions concerning future cash flow of cashgenerating units, which are based on the medium-term plans of the group, may prove to be incorrect and may result in certain effects on assets (especially goodwill and deferred tax assets) in the following years.
The assessment of provisions for severance payments and pension contributions is based on a specific method, which applies parameters such as the expected deduction of accrued interest, increases in wage payments and pension contributions as well as anticipated earnings on planned assets. If the development of these relevant parameters differs significantly from the original expectations, this might have considerable repercussions on the provisions and consequently on the Group's net expenses for severance payments and pension contributions.
In assessing the recoverability of deferred tax assets, the Board of Directors considers whether it is probable that all deferred tax assets will be realized. The realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. If the company is unable to generate sufficient future taxable income, no deferred tax benefits from operating loss carry-forwards can be recognized and their value has therefore to be adjusted correspondingly.
Presentation of assets, liabilities, expenses and income, equity items and cash flows in the statement of cash flows was mainly unchanged in financial year 2012 compared with the previous financial year.
Current assets and current liabilities were broken down further to make the consolidated financial statements more informative and more legible. Inventories also include receivables from construction contracts of TEUR 25,763 (previous year: TEUR 20,959) and liabilities from construction contracts of TEUR 3,010 (previous year: TEUR 4,380). Receivables and liabilities from construction contracts are now presented separately and are no longer included in the item for inventories in the consolidated balance sheet.
Current liabilities were also broken down to make the consolidated financial statements more informative and more legible. Other current liabilities also include provisions of TEUR 19,743 (previous year: TEUR 30,342). Provisions are now presented separately and are no longer included in the item for other short-term liabilities in the consolidated balance sheet.
The major part of the Interior Systems business was sold at the end of the first half of 2011. The proportion of "non-automotive" business in virtually all the Group's previous operating segments is increasing significantly and permanently. Other previous dividing lines between the areas of business are also becoming blurred. For instance, the Car Styling Division will make increasing use of the injection molding capacity of the Plastics business and the painting capacity of the Composites business. In consequence, this is leading to a matrix organizational structure for the POLYTEC GROUP.
Accordingly, following the sale of POLYTEC Interior Zaragoza, the management of POLYTEC Holding AG decided to gradually amend the internal management and reporting structure. Thus, segment reporting in the present consolidated financial statements already reflects the new internal management and reporting structure. The segmentation is no longer product-oriented, as it has been in recent years, but technology-oriented, with the remaining principal segment, namely "plastic processing", encompassing well over 90% of the Group. This is why the Group is now a "one-segment group".
In addition to a more detailed presentation of profits and losses at Group level, the POLYTEC Group has made significant, crosssegment disclosures as defined in IFRS 8.31 et seq.
Being a supplier of the automotive industry, the group only depends on a small number of major customers. In 2012 and 2011, only two customer groups achieved more than 10% of the group's entire sales. In total, the three main customers accounted fro roughly 59% of total sales in 2012 (previous year: 62%). Due to the broad variety of models and brands of our major customers, which are operating both in the passenger car sector and in the commercial vehicle sector, all separately reported business fields are affected by the relationship between the customer and the supplier, but, of course, to a different degree.
The distribution of sales according to market segments is as follows:
| TEUR | 2012 | 2011 |
|---|---|---|
| Passenger cars | 291,072 | 451,514 |
| Commercial vehicles | 138,187 | 170,156 |
| Non-automotive | 52,356 | 35,684 |
| Total | 481,615 | 657,354 |
On the balance sheet dates, the specifications concerning geographical areas at the group level (depending on the location of customers' business sites) can be summarized as follows:
| External sales | Deferred tax assets |
Intangible assets, | goodwill and fixed assets |
|||
|---|---|---|---|---|---|---|
| Teur | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 |
| Austria | 13,449 | 21,776 | 5,970 | 8,601 | 28,152 | 26,816 |
| Germany | 305,669 | 418,915 | 2,497 | 2,306 | 39,193 | 40,489 |
| Other EU | 130,534 | 186,813 | 485 | 853 | 10,892 | 12,407 |
| Rest of world | 31,963 | 29,849 | 0 | 0 | 1,746 | 1,872 |
| Group | 481,615 | 657,354 | 8,951 | 11,759 | 79,983 | 81,584 |
Sales are divided according to categories as follows:
| TEUR | 2012 | 2011 |
|---|---|---|
| Part sales and other sales | 428,577 | 608,450 |
| Tooling and development sales | 53,038 | 48,904 |
| Total | 481,615 | 657,354 |
For tooling projects where partial profits were not recognized in accordance with IAS 11, an amount of TEUR 0 (previous year: TEUR -1,580) was included in the item for change in inventory of finished and unfinished goods in financial year 2012.
Other operating income includes income from tenancies, income from cost reimbursements and income from the disposal of fixed assets.
| TEUR | 2012 | 2011 |
|---|---|---|
| Material expenses | 194,138 | 295,724 |
| Expenses for services received | 48,942 | 50,513 |
| Total | 243,080 | 346,237 |
| TEUR | 2012 | 2011 |
|---|---|---|
| Wages and salaries | 118,055 | 144,989 |
| Expenses for statutory social charges | 24,055 | 29,188 |
| Expenses for severance payments and pensions |
2,051 | 2,006 |
| Other personnel expenses | 783 | 1,448 |
| Total | 144,942 | 177,631 |
Expenses for severance payments and pensions also include expenses for contribution-oriented plans. For the Austrian companies of the Group, these expenses amounted to TEUR 189 in the year under review (previous year: TEUR 176).
The average number of employees was:
| 2012 | 2011 | |
|---|---|---|
| Blue-collar workers | 2,620 | 3,239 |
| White-collar employees | 770 | 895 |
| Total | 3,390 | 4,134 |
On the balance sheet date as of December 31, 2012, the POLYTEC GROUP employed 3,333 employees (2,552 blue-collar workers and 781 white-collar employees excluding leased staff).
| TEUR | 2012 | 2011 |
|---|---|---|
| Leased staff | 5,800 | 20,955 |
| Maintenance | 10,826 | 15,041 |
| Transport | 5,063 | 6,639 |
| Rent for buildings | 11,520 | 12,712 |
| Other rent and leases | 3,987 | 4,397 |
| IT and communication costs | 2,784 | 2,800 |
| Legal and consulting fees | 2,131 | 3,064 |
| Loss on exchange rate | 101 | 98 |
| Other operating expenses | 6,554 | 8,357 |
| Other sales expenses | 2,373 | 3,483 |
| Other administration expenses | 5,319 | 9,347 |
| Risk provision and damaging | 415 | 1,897 |
| Non income based taxes and charges | 405 | 438 |
| Losses on disposal of fixed assets, | ||
| excluding financial assets | 119 | 804 |
| Total | 57,395 | 90,032 |
Pursuant to IAS 36 impairment tests are to be carried out when there is an indication of impairment with regard to the company's assets. According to IFRS 3 (Business Combinations), the goodwill is not amortized according to schedule but is subject to an annual impairment test. Due to these impairment tests, no goodwill amortizations were required in 2012 as in the previous year.
| TEUR | 2012 | 2011 |
|---|---|---|
| Income from associated companies | 132 | 444 |
| Interest income and income from securities |
1,085 | 1,080 |
| Interest component of pension commitments |
-787 | -753 |
| Other interest expenses | -1,353 | -3,669 |
| Other financial result | -17 | -179 |
| Total | -940 | -3,079 |
Income from other investments includes dividends from the POLYTEC Immobilien Group of TEUR 132 (previous year: EUR 438).
The interest component from pension commitments is a noncash item. All other interest expenses or interest income are cash items.
| TEUR | 2012 | 2011 |
|---|---|---|
| Expenses for current income taxes | 3,477 | 4,277 |
| thereof non periodic | 428 | 3 |
| Changes in deferred income taxes | 1,014 | 13 |
| thereof non periodic | 0 | 0 |
| Total | 4,490 | 4,291 |
| thereof non periodic | 428 | 3 |
The income tax expense of the 2012 financial year amounting to TEUR 4,490 is lower by an amount of TEUR 2,202 compared to the calculated income tax expense amounting to TEUR 6,692, which would result by applying a tax rate of 25% to the result prior to income taxes amounting to TEUR 26,768.
The reasons for the difference between the calculated and the actually disclosed income tax expense of the Group can be summarized as follows:
| TEUR | 2012 | 2011 |
|---|---|---|
| Earnings before tax | 26,768 | 39,539 |
| thereof 25% calculated income tax expense |
6,692 | 9,885 |
| Changes in value adjustments for deferred tax assets |
-1,466 | -1,729 |
| Permanent differences and other changes |
-1,566 | -4,319 |
| Differences from the discrepancy between the local and the consolidated tax rate |
403 | 451 |
| Income tax expense for the reporting period | 4,062 | 4,288 |
| Non-periodic income tax expense | 428 | 3 |
| Disclosed income tax expense | 4,490 | 4,291 |
The classification of the intangible assets and their development summarized in the consolidated balance sheet are shown in the Consolidated Movement of Assets (Annex 1 of the Notes). Additions solely result from acquisitions and not from internal development projects.
No intangible assets were mortgaged or pledged as a security for bank liabilities in 2012 as in 2011.
The goodwill is allocated to the following cash-generating units (CGU) as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Bromyard and Hörsching plants | 12,643 | 12,643 |
| Other | 6,537 | 6,537 |
| Total | 19,180 | 19,180 |
The classification of the tangible assets summarized in the consolidated balance sheet as well as their development is shown in the Consolidated Movement of Assets (Annex 1 of the Notes).
The future expenses from non-terminable operating leasing agreements (without the obligations towards the POLYTEC Immobilien Group, which are explained in the Notes under E. 6) amounted to TEUR 24,292 as of December 31, 2012 (previous year: TEUR 21,990) and are due as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Within one year | 7,835 | 6,482 |
| Longer than one year and | ||
| within five years | 16,457 | 15,508 |
| Longer than five years | 0 | 0 |
Tangible assets include finance lease goods with a book value amounting to TEUR 5,680 (previous year: TEUR 6,269). The most important finance leases concern production plants.
The finance lease results in leasing obligations towards third parties amounting to TEUR 5,016 (previous year: TEUR 5,232). The specified leasing obligations (cash values including redemption for residual value) are due as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Within one year | 1,633 | 1.534 |
| Longer than one year and | ||
| within five years | 3,383 | 3,698 |
| Longer than five years | 0 | 0 |
The leasing payments (without redemption for residual value) corresponding to the cash values amount to TEUR 4,432 (previous year: TEUR 4,696) and are due as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Within one year | 1,633 | 1,534 |
| Longer than one year and within five years |
2,799 | 3,162 |
| Longer than five years | 0 | 0 |
In the 2012 financial year, no tangible asset impairment charges were recognized as in the previous year. No revaluations were made in 2012 as in the previous year.
TEUR 19,347 (previous year: TEUR 21,314) of the tangible assets are mortgaged or pledged as a security for bank liabilities.
The differences between the amounts stated in the tax balance sheet and the IFRS balance sheet result from the following differences and take effect on deferred taxes as follows:
| Dec. 31, 2012 | Dec. 31, 2011 | |||
|---|---|---|---|---|
| TEUR | Assets Liabilities | Assets Liabilities | ||
| Tangible assets | -985 | 151 | -1,586 | 377 |
| Provisions for | ||||
| severance payments | 508 | 0 | 499 | 0 |
| Provisions for pensions | 1,060 | 0 | 121 | 0 |
| Provisions for personnel | 43 | 0 | 115 | 0 |
| Tax losses carried forward | 8,008 | 0 | 9,961 | 0 |
| Leasing liabilities | 442 | 0 | 1,062 | 0 |
| Other provisions | 615 | 0 | 1,335 | -21 |
| Others | -1,131 | 0 | 189 | -27 |
| Subtotal | 8,561 | 151 | 11,696 | 329 |
| Consolidation of debt | 0 | 314 | 0 | 2,087 |
| Elimination of inter | ||||
| company profits | 391 | 128 | 62 | 0 |
| Capitalization/Provisions for deferred taxes |
8,951 | 593 | 11,759 | 2,416 |
Deferred taxes on losses carried forward of TEUR 14,319 (previous year: TEUR 16,424) were not capitalized.
The inventory is structured as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Raw materials and supplies | 17,539 | 16,852 |
| Unfinished goods | 7,801 | 9,196 |
| Advance payments received | -189 | -27 |
| Finished goods and merchandise | 14,200 | 15,156 |
| Advance payments made | 128 | 89 |
| Total | 39,479 | 41,266 |
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Trade accounts receivable | 46,367 | 45,494 |
| thereof with a residual term > 1 year | 0 | 0 |
| thereof from companies, in which | ||
| participating interests are held | 0 | 2 |
| thereof from affiliated companies | 0 | 13 |
| Other receivables and assets | 8,040 | 7,970 |
| thereof with a residual term > 1 year | 351 | 419 |
| thereof from related companies | 0 | 0 |
| Income tax receivable | 383 | 82 |
| thereof with a residual term > 1 year | 0 | 0 |
| Pre-payments and deferred charges | 215 | 288 |
| thereof with a residual term > 1 year | 0 | 0 |
| Total | 55,004 | 53,834 |
| thereof with a residual term > 1 year | 351 | 419 |
| thereof from companies in which | ||
| participating interests are held | 0 | 2 |
| thereof from affiliated companies | 0 | 13 |
| thereof from related companies | 0 | 0 |
Within the scope of silent global assignments, TEUR 8,820 (previous year: TEUR 9,936) of the trade accounts receivable have been transferred to banks for security purposes.
For the determination of the recoverability of the accounts receivable, not only the individual creditworthiness of the debtor, but especially their days overdue has to be taken into account. According to estimations made by the management, there are no substantial differences between the book value and the market value of the accounts receivable.
The existing value adjustments concerning accounts receivable developed as follows in the financial year under review:
| T TEUR |
rade accounts O receivables |
ther receivables |
|---|---|---|
| Balance as of January 1, 2012 | 1,871 | 0 |
| Changes in consolidation | -19 | 0 |
| Use | -236 | 0 |
| Release | -88 | 0 |
| Allocation | 539 | 0 |
| Foreign exchange rate differences | 2 | 0 |
| Balance as of December 31, 2012 | 2,069 | 0 |
| TEUR | 2012 | 2011 |
|---|---|---|
| Sales revenues from construction contracts |
53,038 | 48,904 |
| Costs incurred up to the reporting date and allocated profits |
||
| (less reported losses) | 36,085 | 30,832 |
| Prepayments received | -13,332 | -14,253 |
The net amounts of construction contracts are made up as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Costs incurred up to the reporting | ||
| date and allocated profits | ||
| (less reported losses) | 36,085 | 30,832 |
| Less: prepayments received | -13,332 | -14,253 |
| 22,753 | 16,579 |
| Receivables from recognized sales revenues from construction contracts, if they exceed the prepayments |
||
|---|---|---|
| received for them | 25,763 | 20,959 |
| Prepayments received for construction contracts, if they exceed the |
||
| recognized sales revenues | -3,010 | -4,380 |
| 22,753 | 16,579 |
In essence, the non-current interest-bearing receivables are due from Toyota Boshoku and are the result of the sale of the Interior-Systems business.
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Cash and cash | ||
| equivalents (short term) | 37,941 | 43,222 |
Restrictions concerning the amounts included in this position were not existent on the balance sheet date.
During the current financial year, the POLYTEC Group started the following non-cash investing and financing activities, which are not reflected in the statement of cash flows.
The POLYTEC GROUP acquired technical plant and/or operating equipment through finance leases worth TEUR 1,333 (previous year: TEUR 4,000).
| Teur | Amortized costs |
Fair value F without any on profit or loss |
air value C impact through profit or loss |
arrying F amount as of Dec. 31, of Dec. 31, 2012 |
air value as 2012 |
|---|---|---|---|---|---|
| Loans and receivables |
|||||
| Accounts receiv ables and other receivables |
54,406 | 0 | 0 | 54,406 | 54,406 |
| Interest-bearing receivables |
11,579 | 0 | 0 | 11,579 | 11,579 |
| Investments in other companies |
1,063 | 0 | 0 | 1,063 | 1,063 |
| Cash and cash equivalents (short term) |
37,941 | 0 | 0 | 37,941 | 37,941 |
| 104,990 | 0 | 0 | 104,990 104,990 | ||
| Held for trading | |||||
| Foreign exchange forward transactions |
0 | 0 | 0 | 0 | 0 |
| Interest rate derivatives | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | |
| Total | 104,990 | 0 | 0 | 104,990 104,990 | |
| Teur | Amortized costs |
Fair value F without any on profit or loss |
air value C impact through profit or loss |
arrying F amount as 2011 |
air value as of Dec. 31, of Dec. 31, 2011 |
|---|---|---|---|---|---|
| Loans and receivables |
|||||
| Accounts receiv ables and other receivables |
53,046 | 0 | 0 | 53,046 | 53,046 |
| Interest-bearing receivables |
13,750 | 0 | 0 | 13,750 | 13,750 |
| Investments in other companies |
833 | 0 | 0 | 833 | 833 |
| Cash and cash equivalents (short term) |
43,222 | 0 | 0 | 43,222 | 43,222 |
| 110,852 | 0 | 0 | 110,852 110,852 |
| Held for trading | |||||
|---|---|---|---|---|---|
| Foreign exchange | |||||
| forward transactions | 0 | 0 | -27 | -27 | -27 |
| Interest rate derivatives | 0 | 0 | -288 | -288 | -288 |
| 0 | 0 | -315 | -315 | -315 | |
| Total | 110,852 | 0 | -315 | 110,537 110,537 |
Cash and cash equivalents, trade accounts receivable and other short-term financial assets have short-term maturity. Therefore, the carrying values of these assets are nearly similar to the residual value at the balance sheet date. The residual value of other long-term receivables and other long-term financial assets accords with the cash value of the payments based on the actual market parameter.
Loans and receivables also include securities that are not listed. Therefore, allocation of the fair value of these assets was not reliable and so the carrying value was recognized at amortized costs.
Financial assets measured at market value are allocated as follows to the three stages of the fair value hierarchy:
| TEUR | thereof Stage 1 Dec. 31, 2012 |
thereof Stage 2 Dec. 31, 2012 |
thereof Stage 3 Dec. 31, 2012 |
|---|---|---|---|
| Held for trading | |||
| Foreign exchange | |||
| forward transactions | 0 | 0 | 0 |
| Interest rate derivatives | 0 | 0 | 0 |
| 0 | 0 | 0 |
| TEUR | thereof Stage 1 Dec. 31, 2011 |
thereof Stage 2 Dec. 31, 2011 |
thereof Stage 3 Dec. 31, 2011 |
|---|---|---|---|
| Held for trading | |||
| Foreign exchange | |||
| forward transactions | 0 | -27 | 0 |
| Interest rate derivatives | 0 | -288 | 0 |
| 0 | -315 | 0 |
These three stages distinguish fair values according to the significance of the factors included in the evaluation and illustrate the extent to which observable market data are available in evaluating the fair value.
The stages of the fair value hierarchy and their application to assets and liabilities can be described as follows:
Listed market prices for identical assets or liabilities on active markets.
Information other than listed market prices, which is observable directly (e.g. prices) or indirectly (e.g. derived from prices).
Information for assets and liabilities, which is not based on observable market data.
The assets held for sale related to property, plant and equipment in the previous year (TEUR 144) as well as inventories (TEUR 958) in connection with the divestment of the Zaragoza site (see B.1.).
The equity capital of the POLYTEC Holding AG on the balance sheet date amounts to TEUR 22,330 (previous year: TEUR 22,330) and is divided into 22,329,585 ordinary shares (previous year: 22,329,585 ordinary shares) with a nominal value of EUR 1.00 each.
According to a decision of the Annual General Meeting held on May 21, 2008, an authorized capital stock was agreed. With the corresponding approval of the Supervisory Board and for a period of 5 years from the registration of the authorized capital stock, the Board of Directors is entitled to increase the equity capital by up to EUR 11,164,792.00 by issuing new shares with a minimum issue price of EUR 1.00 each. New shares can be issued also excluding shareholders' subscription rights.
The capital reserves include the agio, which has been deposited on the occasion of capital increases, less the costs of the initial public offering of the POLYTEC Holding AG in the 2006 financial year, which can be allocated to the capital increase. In the 2008 financial year, on the basis of Austrian law, capital reserves of TEUR 20,220 were liquidated in the individual financial statements of POLYTEC Holding AG to cover the loss for the year.
Retained earnings comprise the past earnings of the Group, which were carried forward as well as other changes in equity.
The buyback of 258,041 treasury shares held on the balance sheet date (equates to 1.2% of the share capital) at an acquisition value of TEUR 1,396 and a market value on the reporting date of TEUR 1,515 took place in its entirety with reference to the buyback program approved at the Annual General Meeting on May 16, 2012.
| T Shares |
reasury shares |
Shares in circulation |
|
|---|---|---|---|
| Dec. 31, 2011 | 22,329,585 | 0 | 22,329,585 |
| Purchase of treasury shares | 0 | -258,041 | -258,041 |
| Dec. 31, 2012 | 22,329,585 | -258,041 | 22,071,544 |
The POLYTEC Holding AG is not subject to any statutory minimum capital requirements. However, the group considers a sufficient equity capital stock as an important element of the insolvency reserve. The relation between the equity capital and the total capital can be summarized as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Total equity | 133,622 | 120,330 |
| Balance sheet total | 259,764 | 268,310 |
| Equity ratio | 51.4% | 44.8% |
For POLYTEC, the term "Capital Management" means the control of the equity capital and the net financial liabilities. By optimizing both components, the Group tries to optimize the return for the shareholders. Apart from the equity ratio, POLYTEC especially uses the parameters "Gearing" (net financial liabilities against equity capital) and "Leverage Ratio" (net financial liabilities against EBITDA) for the assessment of its debt capacity. The entire costs of the used capital and the risks related to the different types of capital are monitored on a permanent basis.
According to IAS 33 (Earnings per Share) the "basic earnings per share" result from the division of the net income allocated to the shareholders (annual net profit of the group after noncontrolling interests) by the weighted average of outstanding ordinary shares during the reporting period.
| 2012 | 2011 | ||
|---|---|---|---|
| Net income after | |||
| non-controlling interests | TEUR | 21,689 | 34,490 |
| Weighted average number | |||
| of ordinary shares issued | shares | 22,329,585 | 22,329,585 |
| Average number of | |||
| treasury shares | shares | 65,511 | 0 |
| Average number of | |||
| shares outstanding | shares | 22,264,074 | 22,329,585 |
| Earnings per share | EUR/shares | 0.97 | 1.54 |
The diluted earnings per share correspond to the non-diluted earnings per share since no financial instruments with dilution effect are circulating at the moment.
In accordance with the provisions of the Austrian Stock Corporation Act, the separate financial statements of POLYTEC Holding AG prepared in accordance with Austrian accounting regulations as of December 31, 2012 provide the basis for payment of a dividend.
The Board of Directors of POLYTEC Holding AG will propose payment of a dividend of EUR 0.35 per share for the 2012 financial year to the Annual General Meeting.
In principle, the dividends are subject to the deduction of capital gains tax at 25%. This means that for individuals with unlimited liability for tax, their income tax liability is settled (final taxation). Joint stock companies with unlimited liability for tax, which hold at least 10% of the share capital, are exempt from capital gains tax. For those individuals whose liability for tax is limited, the relevant double taxation treaties must also be taken into account.
This position includes all interest-bearing liabilities with a remaining term of more than one year and can be structured as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Liabilities due to banks | 8,891 | 14,365 |
| thereof with a residual term > 5 years | 179 | 0 |
| thereof with collateral securities | 8,891 | 14,365 |
| Other interest-bearing liabilities | 181 | 190 |
| thereof with a residual term > 5 years | 0 | 0 |
| Lease liabilities | 3,383 | 3,698 |
| thereof with a residual term > 5 years | 0 | 0 |
| Total | 12,454 | 18,253 |
The expiring long-term and short-term interest-bearing liabilities of the group towards credit institutes are existent in the following currencies:
| P | roportion % |
2012 Average ordinary P interest |
roportion % |
2011 Average ordinary interest |
|---|---|---|---|---|
| EUR | 96.0 | 1.91 | 94.3 | 2.61 |
| GBP | 4.0 | 2.16 | 5.7 | 2.69 |
This position summarizes all long-term provisions for obligations due to employees:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Provisions for severance payments | 2,549 | 2,417 |
| Provisions for pensions | 14,209 | 13,788 |
| Provisions for long-service | ||
| bonus payments | 1,302 | 1,170 |
| Other long-term provisions | 327 | 290 |
| Total | 18,387 | 17,665 |
For further information about the development of the provisions for severance payments, pensions and long-service bonus payments in the previous financial years please refer to Annex 2 of the Notes of the consolidated financial statements.
In the year under review, this position only encompasses government grants with a residual term of more than a year like in the previous year.
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Trade accounts payable | 34,67 | 34,484 |
| thereof due to affiliated companies | 28 | 151 |
| Advanced payments received | 0 | 992 |
| Total | 34,671 | 35,477 |
As in the previous year, current interest-bearing liabilities relate entirely to liabilities to banks.
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Bank liabilities with a residual term of less than 1 year |
6,355 | 7,476 |
| Lease liabilities with a residual term of less than 1 year |
1,633 | 1,534 |
| Total | 7,988 | 9,010 |
The liabilities from income taxes basically include liabilities from corporate income taxes and municipal trade earnings taxes (or similar/comparable taxes) in different states, where group companies have their registered office. The liabilities have developed as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Balance as of January 1 of the | 4,398 | 2,922 |
| reporting year | ||
| Exchange rate differences | 5 | 7 |
| Use | -2,956 | -2,098 |
| Release | -147 | -22 |
| Addition | 1,324 | 3,590 |
| Balance as of Dec. 31 of the | ||
| reporting year | 2,623 | 4,398 |
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Personnel provisions | 3,397 | 5,325 |
| Impending losses and risks | 2,078 | 5,943 |
| Other current provisions | 14,268 | 19,074 |
| Short-term provisions | 19,743 | 30,342 |
Other provisions include provisions for warranties and outstanding incoming invoices. The provisions are based on the best estimate of the present value of the future outflow of economic benefit to satisfy the obligations. The estimates may change on the basis of new findings. Changes in current provisions are explained in Annex 3 to the Notes to the consolidated financial statements.
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Accrual for vacation | 4,637 | 5,449 |
| Liabilities towards employees | 2,700 | 2,969 |
| Other tax liabilities | 2,297 | 2,416 |
| Social security liabilities | 389 | 977 |
| Government grants with a residual | ||
| term of less than one year | 53 | 129 |
| Deferred charges | 86 | 0 |
| Other liabilities | 1,910 | 2,174 |
| Total | 12,072 | 14,113 |
The allocation of the financial liabilities to the categories pursuant to IAS 39 as of the balance sheet date and as of the previous balance sheet date can be represented as follows:
| Teur | tized costs |
Fair value without Amor- impact on through profit and loss and loss |
Fair profit |
value Carrying F value as value as of Dec. |
air of Dec. 31, 2012 31, 2012 |
|---|---|---|---|---|---|
| Measured at amortized costs |
|||||
| Long-term interest-bear ing financial liabilities |
9,072 | 0 | 0 | 9,072 | 9,072 |
| Short-term interest-bear ing financial liabilities |
20,882 | 0 | 0 | 20,882 | 20,882 |
| Trade accounts payable | 34,671 | 0 | 0 | 34,671 | 34,671 |
| Other short-term liabilities | 4,610 | 0 | 0 | 4,610 | 4,610 |
| Not allocated according IAS 39 |
69,235 | 0 | 0 | 69,235 | 69,235 |
| (Financial lease) | |||||
| Long-term interest-bear ing financial liabilities |
3,383 | 0 | 0 | 3,383 | 3,383 |
| Short-term interest-bear ing financial liabilities |
1,633 | 0 | 0 | 1,633 | 1,633 |
| 5,016 | 0 | 0 | 5,016 | 5,016 | |
| Total | 74,251 | 0 | 0 | 74,251 | 74,251 |
| Teur | tized costs |
Fair value without Amor- impact on through profit and loss and loss |
Fair | value Carrying F value profit as of Dec. as of Dec. |
air value 31, 2011 31, 2011 |
|---|---|---|---|---|---|
| Measured at amortized costs |
|||||
| Long-term interest-bear ing financial liabilities |
14,555 | 0 | 0 | 14,555 | 14,555 |
| Short-term interest-bear ing financial liabilities |
19,190 | 0 | 0 | 19,190 | 19,190 |
| Trade accounts payable | 35,477 | 0 | 0 | 35,477 | 35,477 |
| Other short-term liabilities | 4,826 | 0 | 0 | 4,826 | 4,826 |
| Not allocated according IAS 39 (Financial lease) |
74,048 | 0 | 0 | 74,048 | 74,048 |
| Long-term interest-bear ing financial liabilities |
3,697 | 0 | 0 | 3,697 | 3,697 |
| Long-term interest-bear ing financial liabilities |
1,539 | 0 | 0 | 1,539 | 1,539 |
| 5,236 | 0 | 0 | 5,236 | 5,236 | |
| Total | 79,284 | 0 | 0 | 79,284 | 79,284 |
Trade accounts payables and other liabilities have short-term maturity and, therefore, the carrying values nearly accord with the residual value. The residual value of the interest-bearing liabilities and other financial liabilities were calculated with the cash value of the payments related to the liabilities based on the actual market parameters.
The cash flow statement is represented with the help of the indirect method. The financial resource funds exclusively include the cash reserves and bank deposits. The income tax payments are separately shown in the cash flow from business activities.
Interest deposits and interest payments are allocated to the cash flow from business activities. They can be specified with the following amounts:
| TEUR | 2012 | 2011 |
|---|---|---|
| Interest cash in | 1,085 | 1,080 |
| Interest cash out | -1,672 | -4,026 |
| Total | -587 | -2,947 |
Further events occurring after the balance sheet of date, which are of significance for the evaluation on the balance sheet date, such as outstanding legal cases or claims for compensation and other obligations or impending losses, which would have to be posted or disclosed in accordance with IAS 10 (Contingencies and Events occurring after the Balance Sheet Date), have been taken into account in the present consolidated financial statements.
Individual companies of the POLYTEC GROUP concluded a factoring agreement for up to EUR 16.5 million with a German factoring company. Provided that the receivables are legally valid, the 'del credere risk' will be borne by the factoring company. Since the POLYTEC GROUP does not guarantee the recoverability of the receivables, the receivables are derecognized from the consolidated financial statements on the date they are sold to the factoring company in accordance with IAS 39.
Towards the POLYTEC Immobilien GmbH Group, there is an existing obligation with regard to a leasing agreement. An amount of TEUR 700 (previous year: TEUR 0) was reported on the liabilities side in the present consolidated financial statements due to the closure of the site in Nordhalben.
Various legal actions and claims, among others in connection with the divestment of the Interior-Systems business, are pending against the POLYTEC GROUP. Although the outcome of these proceedings and claims cannot be predicted with certainty, the Board of Directors does not believe that the outcome of any of these matters will have a material adverse effect on the company's liquidity situation, results of operations or financial condition. Notwithstanding these cautious assumptions, other forms of residual risks remain.
Other risks and obligations, which have not been mentioned in the present consolidated financial statements or in the explanations concerning the consolidated financial statements, are inexistent.
Within the scope of its business activities, the POLYTEC GROUP is subject to a variety of risks, which are directly related to corporate transactions. Risk management is an integral part of all business processes of POLYTEC. The comprehensive certifications required by a supplier of the automotive industry (e.g. TS ISO/16949:2002) already specify certain regulations, which are also monitored with the help of external audits. In line with the organizational structure of POLYTEC, risks are locally managed and monitored close to the market, especially within the scope of the current business processes. However, financial risks are mainly controlled by the corporate headquarters. The following basic risk fields can be identified:
Sales market risks: The automotive supplier industry is a market, which faces very strong competition and is also currently undergoing a consolidation process. Sales volumes are mainly dependent on the acquisition of new orders, which are usually placed 2 to 3 years prior to serial production. In the order acquisition phase, each supplier faces strong competition from its rivals to offer the best conditions. During serial production, the supplier is also dependent on the sales figures of the vehicle, for which the supplier provides the components; however, the supplier has no direct influence on the vehicle's business success. Furthermore, suppliers are permanently benchmarked by the OEMs even after the start of serial production, which may result in price demands or, as an extreme example, in the loss of an order. POLYTEC intends to keep the dependency from individual delivery relationships as low as possible with the help of a balanced customer and order mix.
Procurement market risks: One substantial risk is represented by the fluctuation of raw material prices, which in the case
of the POLYTEC GROUP as a plastic-processing company are mainly due to a sustainable change in oil price and refinery capacities. On the procurement side, this risk is countervailed with long-term delivery agreements and on the sales side, with material fluctuation clauses in the disclosed calculations, as far as these are enforceable towards the customers. To some extent, negotiations with regard to raw materials and bought-in parts take place directly between the POLYTEC's customers and the suppliers. As far as prices are only agreed with the customer on an annual basis, changes in raw material prices are an important parameter for the annual negotiations of new prices. Furthermore, increased research and development expenses are aimed at using new raw materials (natural fiber).
Credit risk: Due to the company' customer structure, with roughly 90% of total turnover being generated with OEMs or with huge system suppliers, POLYTEC is subject to the credit risk of the automotive industry. However, accounts receivable are critically monitored on a permanent basis, and the payment of accounts receivable in accordance with what has been agreed is guaranteed. In the 2012 financial year, approx. 59% (previous year: 69%) of the turnover was achieved with the company's three major customers; this results in a certain accumulated credit risk, which has been assessed by the management as rather uncritical with regard to the potential non-payment of credits. Dependency on only a few customers is a basic characteristic of the automotive industry suppliers. In this context, the "customer" is defined as a group of affiliated companies, which can also produce vehicles of several different brands. The management will focus on greater diversification going forward by expanding its customer base in the non-automotive business area.
The risk of non-payment in the case of liquid assets is deemed very low.
Despite the credit risk, which is generally classified as very low, the maximum theoretical risk of non-payment corresponds to the book values of the individual financial assets and amounts to:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Loans and receivables | 104,990 | 110,851 |
| At fair value through profit and loss | 0 | 0 |
| Held for trading | 0 | 0 |
| Available for sale | 0 | 0 |
| Total | 104,990 | 110,851 |
1) Including MAN after its integration into the VW Group.
The analysis of the overdue but not impaired trade accounts receivables and of other accounts receivable as of 31, December of the reporting year can be presented as follows:
| N overdue |
ot O verdue but not impaired longer |
||||||
|---|---|---|---|---|---|---|---|
| Dec. 31, 2012 T |
otal | and not impaired |
up to 60 | days 120 days | up to 60- up to 120- than 360 360 days |
days | |
| Trade | |||||||
| accounts | |||||||
| receivables 46,367 | 25,788 | 18,109 | 784 | 1,300 | 386 | ||
| Other | |||||||
| accounts | |||||||
| receivables | 8,638 | 8,435 | 0 | 0 | 0 | 203 |
| Dec. 31, 2011 T |
otal | N ot O overdue and not impaired |
up to 60 | days 120 days | verdue but not impaired up to 60- up to 120- than 360 360 days |
longer days |
|---|---|---|---|---|---|---|
| Trade accounts receivables 45,494 |
29,052 | 13,287 | 1,238 | 1,038 | 878 | |
| Other accounts receivables |
8,340 | 7,757 | 0 | 0 | 212 | 372 |
Liquidity risk: The Group ensures its liquidity by contractual agreements concerning certain credit lines and, if required, by retaining a cash reserve. This is controlled by the company's headquarters.
The financial liabilities of the Group on the basis of the concluded agreements show the following expected cash flow (including interest payments made at the interest rate that applied as of the balance sheet date):
| Teur | Carrying T value as obligate of Dec. 31, 2012 |
otal cash flows |
till 1 year |
thereof thereof over 1 but 5 years |
thereof less than more than 5 years |
|---|---|---|---|---|---|
| Bank loans | 15,426 | 15,895 | 6,588 | 9,126 | 182 |
| Bank credits in current account |
14,527 | 14,773 | 14,773 | 0 | 0 |
| Financial lease | 5,016 | 5,316 | 1,775 | 3,541 | 0 |
| Trade payables | 34,670 | 34,670 | 34,670 | 0 | 0 |
| Other financial liabilities |
4,610 | 4,610 | 4,610 | 0 | 0 |
| Total | 74,250 | 75,266 | 62,417 | 12,667 | 182 |
| Teur | Carrying T value as of Dec. 31, 2011 |
otal obligate cash flows |
till 1 year |
thereof thereof over 1 but less than 5 years |
thereof more than 5 years |
|---|---|---|---|---|---|
| Bank loans | 22,031 | 23,118 | 7,321 | 15,404 | 393 |
| Bank credits in current account |
11,719 | 12,012 | 12,012 | 0 | 0 |
| Financial lease | 5,231 | 5,513 | 1,694 | 3,818 | 0 |
| Trade payables | 35,477 | 35,477 | 35,477 | 0 | 0 |
| Other financial liabilities |
4,826 | 4,826 | 4,826 | 0 | 0 |
| Total | 79,284 | 80,945 61,329 | 19,223 | 393 |
Bank credits in current accounts provided to the group have a contractually agreed remaining term of less than one year so that their expected future cash flow has to be shown during this term. However, these credits are normally prolonged on a 12-15 month basis so that the aforementioned repatriations cannot be expected.
Foreign exchange risk: The predominant part of the turnover of the POLYTEC GROUP is invoiced in euro so that the foreign exchange risk only affects the Group to a very low degree. As the purchase of intermediate inputs is performed with the same currency as the sale of intermediate inputs, foreign exchange risks are hedged. The Group is subject to higher foreign exchange risks in those countries, where invoices are written in euro but intermediate inputs have to be purchased in the local currency. Such risks, for example, apply to Czech crown. In many cases, these risks cannot be transferred to financial instruments since they must mainly be attributed to personnel costs.
The financial instruments balanced on the balance sheet date show the following distribution with regard to their currency of origin:
| TEUR | In Euro | Dec. 31, 2012 In foreign currency T |
otal |
|---|---|---|---|
| Investments | 1,063 | 0 | 1,063 |
| Receivables and other assets | 46,212 | 8,194 | 54,406 |
| Interest-bearing receivables | 11,579 | 0 | 11,579 |
| Cash in bank | 35,429 | 2,512 | 37,941 |
| Total | 94,283 | 10,706 | 104,989 |
| TEUR | In Euro | Dec. 31, 2012 In foreign currency T |
otal |
|---|---|---|---|
| Long-term interest-bearing financial liabilities |
12,030 | 424 | 12,454 |
| Short-term interest-bearing financial liabilities |
22,290 | 225 | 22,515 |
| Accounts payable trade | 30,602 | 4,069 | 34,671 |
| Other short-term liabilities | 3,285 | 1,325 | 4,610 |
| Total | 68,207 | 6,043 | 74,250 |
| Dec. 31, 2011 In foreign |
|||
|---|---|---|---|
| TEUR | In Euro | currency T | otal |
| Investments | 834 | 0 | 834 |
| Receivables and other assets | 44,104 | 8,943 | 53,046 |
| Interest-bearing receivables | 13,750 | 0 | 13,750 |
| Cash in bank | 41,904 | 1,318 | 43,222 |
| Derivative instruments | -302 | -13 | -315 |
| Total | 100,290 | 10,248 | 110,537 |
| TEUR | In Euro | Dec. 31, 2011 In foreign currency T |
otal |
|---|---|---|---|
| Long-term interest-bearing financial liabilities |
16,730 | 1,523 | 18,253 |
| Short-term interest-bearing financial liabilities |
20,211 | 518 | 20,729 |
| Accounts payable trade | 32,510 | 2,967 | 35,477 |
| Other short-term liabilities | 3,796 | 1,031 | 4,826 |
| Total | 73,247 | 6,039 | 79,285 |
The distribution structure shows that the risk the Group is subject to due to exchange rate fluctuations is very low since both financial assets held in foreign currency totaling 11.3% (previous year: 9.3%) and liabilities totaling 8.1% (previous year: 7.6%) account for only a minor part of the total volume. Furthermore, currency fluctuations would equally affect both assets and liabilities and therefore show compensatory effects.
A roughly +/- 10% increase in exchange rates with regard to trade accounts payable and liabilities outside the Group would not have any significant impact on results and equity.
Interest rate change risk: The interest rate change risk is countervailed by POLYTEC with the help of a portfolio of variable and fixed forms of financing corresponding to the long-term interest rate development. Derivative products are used, if required, for securing the interest rate or for optimizing the net interest result.
The interest-bearing liabilities show the following structure on the balance sheet date:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Liabilities to banks | 29,773 | 33,560 |
| thereof with fix interest rate | 11,489 | 5,908 |
| thereof with variable interest rate | 18,284 | 27,652 |
| Finance lease | 5,016 | 5,231 |
| thereof with fix interest rate | 5,016 | 5,231 |
| thereof with variable interest rate | 0 | 0 |
| Other interest-bearing liabilities | 181 | 190 |
| thereof with fix interest rate | 181 | 190 |
| thereof with variable interest rate | 0 | 0 |
| Total | 34,969 | 38,981 |
| thereof with fix interest rate | 16,686 | 11,329 |
| thereof with variable interest rate | 18,284 | 27,652 |
The predominant part of the variable interest-bearing liabilities depends on the 3-month EURIBOR. An increase of this reference interest rate by 100 basis points would, without taking into account existing interest rate swaps, result in an increase of the interest expenses by approx. TEUR 160 (previous year: TEUR 280).
Interest-bearing receivables and current cash and cash equivalents contain assets, on which interest is payable at floating rates, of TEUR 27,520. An increase in 3-month EURIBOR of 100 basis points would increase interest income by approximately TEUR 275 (previous year: TEUR 239).
The following results were achieved from the interest rate swaps held by the group:
| TEUR | 2012 | 2011 |
|---|---|---|
| Received payments | -319 | -464 |
| Valuation result | 288 | 274 |
| Total | -31 | -190 |
| December 31, 2012 TEUR |
V Interests |
alue C adjustments |
urrency translation |
Income from other securities |
Income from other investments |
Income from derivates |
Net income |
|---|---|---|---|---|---|---|---|
| Loans and receivables | 1,085 | -451 | 0 | 0 | 132 | 0 | 766 |
| Financial liabilities | -1,353 | 0 | -48 | 0 | 0 | 0 | -1,401 |
| Financial investments available for sale |
0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financial investments held-to-maturity |
0 | 0 | 0 | 0 | 0 | 0 | 0 |
| At fair value through profit and loss |
0 | 0 | 0 | 0 | 0 | -31 | -31 |
| December 31, 2011 TEUR |
V Interests |
alue C adjustments |
urrency translation |
Income from other securities |
Income from other investments |
Income from derivates |
Net income |
|---|---|---|---|---|---|---|---|
| Loans and receivables | 1,080 | -431 | 0 | 0 | 444 | 0 | 1,093 |
| Financial liabilities | -3,669 | 0 | -63 | 0 | 0 | 0 | -3,732 |
| Financial investments available for sale |
0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financial investments held-to-maturity |
0 | 0 | 0 | 0 | 0 | 0 | 0 |
| At fair value through profit and loss |
0 | 0 | 0 | 0 | 0 | -191 | -191 |
Related parties according to IAS 24 include the IMC Verwaltungsgesellschaft mbH, Hörsching and its affiliated companies in addition to the members of the Board of Directors and of the Supervisory Board. The family of the CEO of the POLYTEC GROUP, Friedrich Huemer, is the sole owner of the stakes in the said companies and Friedrich Huemer is the managing director with sole power of representation of the said companies.
At the balance sheet date on December 31, 2012, the company was informed about the following proportions of voting rights, which is subject to notification pursuant to Para. 91 of the Stock Exchange Act:
Huemer Group: 27% Delta Lloyd Asset Management NV: 11% Capital Research and Management: 5%
The remaining shares are free float.
The POLYTEC GROUP has established business relationships with the following companies of the IMC Group in the 2012 financial year:
The POLYTEC GROUP has long-term leasing agreements with the POLYTEC Immobilien Group with regard to the following properties:
| 1. | POLYTEC Holding AG | Group Headquarter |
|---|---|---|
| 2. | Polytec Car Styling Hörsching GmbH | Plant Hörsching |
| 3. | Polytec Car Styling Schoten N.V. | Plant Schoten |
| 4. | Polytec Plastics Idstein GmbH & Co KG | Plant Idstein |
| 5. | Polytec Plastics Germany GmbH & Co KG | Plants Lohne, Wolmirstedt, Nordhalben |
| 6. | Polytec Plastics Ebensee GmbH | Plant Ebensee |
| 7. | POLYTEC Composites Germany GmbH & Co KG | Plants Gochsheim, Cornberg und Voerde |
| 8. | POLYTEC Composites Slovakia s.r.o. | Plant Sladkovicovo |
| 9. | POLYTEC Elastoform GmbH | Plant Marchtrenk |
| 10. POLYTEC THELEN GmbH | Plant Bochum |
The rental expenses from the rental contracts amounted to approx. EUR 7.7 million in the 2012 financial year (previous year: EUR 8.2 million).
The rental contracts can be terminated by complying with a period of notice of six up to twelve months, but longer waivers of entitlement to terminate the contract have also been agreed in some cases. The lease rental charges, which are existent due to the fixed period of notice or due to longer waivers of entitlement to terminate the contract, amount to TEUR 16,722 as of December 31, 2012 (previous year: TEUR 18,809) and are due as follows:
| TEUR | Dec. 31, 2012 | Dec. 31, 2011 |
|---|---|---|
| Within one year | 7,824 | 7,726 |
| Longer than one year within five years | 8,898 | 8,720 |
| Over five years | 0 | 2,363 |
POLYTEC Immobilien Deutschland GmbH paid TEUR 132 to the POLYTEC GROUP in the 2012 financial year (previous year: TEUR 438).
The POLYTEC Group also assumed a loan below its carrying amount from the POLYTEC Immobilien Gruppe in the previous year – this resulted in a book profit of TEUR 539 in 2012.
No transactions were carried out based on market customary rates. No provisions for doubtful debts and no expenses for doubtful or unrecoverable debts were recorded in 2012 in connection with transactions with related parties.
The POLYTEC GROUP has a work contract with the IMC Verwaltungsgesellschaft mbH, Hörsching concerning a member of the Board of Directors for the POLYTEC Holding AG, Hörsching.
GLOBE AIR AG provided transport services to employees of the POLYTEC GROUP in the business year under review.
Total remuneration of the members of the Board of Directors in the year under review amounted to TEUR 1,891 (previous year: TEUR 2,913). TEUR 1,879 (previous year: TEUR 2,903) are to be attributed to short-term benefits. TEUR 12 (previous year: TEUR 10) refer to payments made after the termination of the working relationship. In addition, remuneration in kind in the form of company cars and mobile phones were granted.
Not yet paid variable portions of salary affecting the 2012 business year are balanced in the short-term personnel provisions.
There are no stock-option plans or similar shareholding-based remuneration pursuant to IFRS 2.
Total expenses for the remunerations of the members of the Supervisory Board in the 2012 financial year amounted to TEUR 89 (previous year: TEUR 89).
There are no credits or advanced payments with regard to current or former members of the governing bodies of the company. No former members of the governing bodies of the company receive any kind of salary from the Group or from one of its affiliated companies.
Expenses for the services provided by the Group auditors in 2012 are as follows:
| TEUR | 2012 | 2011 |
|---|---|---|
| Annual financial statements | 112 | 104 |
| Other services | 42 | 41 |
| 154 | 145 |
In the year under review, the members of the Board of Directors at the time of the preparation of the consolidated In the year under review, the members of the Board of Directors at the time of the preparation of the consolidated accounts included:
Friedrich Huemer, Wallern (Chairman of the Board of Directors) Alfred Kollros, St. Valentin Peter Haidenek, Velden o. W.
In the year under review, the members of the Supervisory Board at the time of the preparation of the consolidated accounts included:
Fred Duswald, Thalheim (Chairman) Manfred Helmut Trauth, Knittelsheim, Germany (Vice Chairman) Robert Büchelhofer, Starnberg, Germany Viktoria Kickinger, Vienna Reinhard Schwendtbauer, Leonding
The Board of Directors of POLYTEC Holding AG approved the consolidated financial statements on March 27, 2013 and authorized its transmission to the Supervisory Board. The Supervisory Board is entitled to initiate changes to the consolidated financial statements within the framework of its supervisory duty.
Hörsching, March 27, 2013
The Board of Directors
Friedrich Huemer Alfred Kollros Peter Haidenek
| Cost of acquisition or production TEUR |
Balance as of C Jan. 1, 2012 |
hanges in T consolidation |
ranslation differences |
Additions | Disposals | |
|---|---|---|---|---|---|---|
| I. Intangible assets | ||||||
| 1. Research and development costs | 801 | 0 | 0 | 0 | 0 | |
| 2. Rights | 3.999 | 0 | 0 | 387 | 85 | |
| 3. Goodwill | 45.508 | 0 | 0 | 0 | 0 | |
| 50.308 | 0 | 0 | 387 | 85 | ||
| II. Tangible assets | ||||||
| 1. Land and building | 9.674 | 0 | 65 | 2.498 | 225 | |
| 2. Technical equipment and machinery | 138.291 | 0 | 398 | 7.980 | 4.748 | |
| 3. Other equipment, fixtures, fittings and equipment | 35.925 | 0 | 38 | 2.847 | 3.780 | |
| 4. Advance payments made and | ||||||
| assets under construction | 3.629 | 0 | 0 | 2.336 | 528 | |
| 187.519 | 0 | 501 | 15.661 | 9.281 | ||
| III. Financial assets | ||||||
| 1. Investments in affiliated companies | 205 | -70 | 0 | 300 | 0 | |
| 2. Investments in associated companies | 1.031 | 0 | 0 | 0 | 0 | |
| 3. Investment in joint ventures | 607 | 0 | 0 | 0 | 0 | |
| 4. Loans | 0 | 0 | 0 | 0 | 0 | |
| 5. Fixed asset securities | 1 | 0 | 0 | 0 | 0 | |
| 1.844 | -70 | 0 | 300 | 0 | ||
| 239.671 | -70 | 501 | 16.348 | 9.366 |
| Cost of acquisition or production TEUR |
Balance as of C Jan. 1, 2011 |
hanges in T consolidation |
ranslation differences |
Additions | Disposals | |
|---|---|---|---|---|---|---|
| I. Intangible assets | ||||||
| 1. Research and development costs | 1.008 | 0 | 0 | 0 | 207 | |
| 2. Rights | 9.204 | -2.498 | -9 | 368 | 3.066 | |
| 3. Goodwill | 45.508 | 0 | 0 | 0 | 0 | |
| 55.720 | -2.498 | -9 | 368 | 3.273 | ||
| II. Tangible assets | ||||||
| 1. Land and building | 12.291 | -1.474 | 26 | 723 | 1.980 | |
| 2. Technical equipment and machinery | 228.237 | -59.506 | -187 | 7.904 | 38.706 | |
| 3. Other equipment, fixtures, fittings and equipment | 51.572 | -17.370 | -4 | 4.599 | 2.962 | |
| 4. Advance payments made and | ||||||
| assets under construction | 1.793 | -1.009 | -1 | 3.894 | 322 | |
| 293.893 | -79.359 | -165 | 17.120 | 43.970 | ||
| III. Financial assets | ||||||
| 1. Investments in affiliated companies | 280 | -35 | 0 | 35 | 75 | |
| 2. Investments in associated companies | 1.031 | 0 | 0 | 0 | 0 | |
| 3. Investment in joint ventures | 882 | 0 | 0 | 0 | 275 | |
| 4. Loans | 1.606 | 0 | 0 | 15 | 1.621 | |
| 5. Fixed asset securities | 1 | 0 | 0 | 0 | 0 | |
| 3.800 | -35 | 0 | 50 | 1.971 | ||
| 353.412 | -81.893 | -173 | 17.539 | 49.215 |
| et book value N Dec. 31, 2012 |
Accumulated N depreciation |
Impairment | Deprecia tion of the fiscal year |
Balance as of Dec. 31, 2012 |
Transfers | |
|---|---|---|---|---|---|---|
| 0 | 801 | 0 | 0 | 801 | 0 | |
| 656 | 3.645 | 0 | 394 | 4.300 | 0 | |
| 19.180 | 26.328 | 0 | 0 | 45.508 | 0 | |
| 19.836 | 30.774 | 0 | 394 | 50.610 | 0 | |
| 7.408 | 5.415 | 0 | 440 | 12.822 | 810 | |
| 40.984 | 103.168 | 0 | 10.413 | 144.152 | 2.232 | |
| 9.761 | 25.643 | 0 | 2.687 | 35.404 | 373 | |
| 1.994 | 28 | 0 | 0 | 2.022 | -3.415 | |
| 60.146 | 134.254 | 0 | 13.540 | 194.400 | 0 | |
| 435 | 0 | 0 | 0 | 435 | 0 | |
| 31 | 1.000 | 0 | 0 | 1.031 | 0 | |
| 597 | 10 | 0 | 0 | 607 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | |
| 1 | 0 | 0 | 0 | 1 | 0 | |
| 1.064 | 1.010 | 0 | 0 | 2.074 | 0 | |
| 81.046 | 166.038 | 0 | 13.934 | 247.084 | 0 | |
| Transfers | Balance as of Dec. 31, 2011 |
Deprecia tion of the fiscal year |
Impairment | Accumulated N depreciation |
et book value N Dec. 31, 2011 |
et book value Dec. 31, 2010 |
|---|---|---|---|---|---|---|
| 0 | 801 | 25 | 0 | 801 | 0 | 25 |
| 0 | 3.999 | 607 | 0 | 3.335 | 663 | 1.597 |
| 0 | 45.508 | 0 | 0 | 26.328 | 19.180 | 19.180 |
| 0 | 50.308 | 632 | 0 | 30.464 | 19.844 | 20.803 |
| 88 | 9.674 | 481 | 0 | 4.983 | 4.691 | 6.289 |
| 548 | 138.291 | 14.223 | 0 | 94.383 | 43.908 | 69.867 |
| 89 | 35.925 | 3.352 | 0 | 26.374 | 9.551 | 14.190 |
| -726 | 3.629 | 18 | 0 | 40 | 3.589 | 1.770 |
| 0 | 187.519 | 18.073 | 0 | 125.779 | 61.740 | 92.115 |
| 0 | 205 | 0 | 0 | 0 | 205 | 280 |
| 0 | 1.031 | 0 | 0 | 1.000 | 31 | 31 |
| 0 | 607 | 0 | 0 | 10 | 597 | 872 |
| 0 | 0 | 0 | 0 | 0 | 0 | 1.606 |
| 0 | 1 | 0 | 0 | 0 | 1 | 1 |
| 0 | 1.844 | 0 | 0 | 1.010 | 834 | 2.790 |
| 0 | 239.671 | 18.705 | 0 | 157.253 | 82.417 | 115.707 |
| TEUR | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|
| Present value of severance payments (DBO) as of January 1 | 2,739 | 1,906 | 1,638 | 1,921 | 1,743 |
| Chance in scope of consolidation | 0 | 556 | 0 | 0 | 0 |
| Service cost1) | 214 | 129 | 120 | 129 | 124 |
| Interest cost2) | 123 | 88 | 87 | 99 | 91 |
| Severance payments | -214 | -70 | -106 | -329 | -98 |
| Realized actuarial profit/loss | 161 | 130 | 167 | -182 | 61 |
| Present value of severance payments (DBO) as of Dec. 31 | 3,023 | 2,739 | 1,906 | 1,638 | 1,921 |
| Unrealized actuarial profit/loss | -473 | -322 | -192 | -25 | -208 |
| Provisions for severance payments as of December 31 | 2,549 | 2,417 | 1,714 | 1,613 | 1,713 |
| TEUR | 2012 | 2011 | 2010 | 2009 | 2008 |
| Present value of pensions (DBO) as of January 1 | 13,684 | 21,536 | 20,355 | 21,459 | 20,653 |
| Chance in scope of consolidation | 0 | -7,734 | 0 | -2,244 | 2,306 |
| Service cost1) | 437 | 95 | 1,386 | 962 | 586 |
| Interest cost2) | 675 | 631 | 1,153 | 1,187 | 213 |
| Pensions payments | -765 | -839 | -927 | -888 | -1,217 |
| Realized actuarial profit/loss | 1,570 | -4 | -432 | -121 | -1,082 |
| Present value of pensions (DBO) as of December 31 | 15,600 | 13,684 | 21,536 | 20,355 | 21,459 |
| Unrealized actuarial profit/loss | -1,391 | 104 | -72 | 856 | 1,108 |
| Provisions for pensions as of December 31 | 14,209 | 13,788 | 21,464 | 21,211 | 22,566 |
| TEUR | 2012 | 2011 | 2010 | 2009 | 2008 |
| Present value of performance-orientated obligations | 1,302 | 1,170 | 1.368 | 1,272 | 2,291 |
| Realized actuarial profit/loss | 0 | 0 | 0 | 0 | 0 |
| Provisions for jubilee payments | 1,302 | 1,170 | 1,368 | 1,272 | 2,291 |
1) Recognized in the income statement in the position "personnel expenses" 2) Recognized in the income statement in the position "interest result"
| TEUR | Balance as of January 1, 2012 |
Change in scope of con- C |
urrency solidation translation |
Utilisation R | elease | Addition | Balance of December 31, 2012 |
|---|---|---|---|---|---|---|---|
| Provisions for vacation | 5,325 | 0 | 0 | 4,394 | 174 | 2,639 | 3,397 |
| Provisions for anticipated losses and risks | 5,943 | 0 | 2 | 2,364 | 2,389 | 886 | 2.078 |
| Provisions | 19,074 | -17 | -3 | 10,299 | 1,956 | 7,467 | 14,268 |
| 30,342 | -17 | -1 | 17,057 | 4,518 | 10,993 | 19.743 |
| TEUR | C Balance as of January 1, 2011 |
hange in scope of con- C |
urrency solidation translation |
Utilisation R | elease | Addition | Balance of December 31, 2011 |
|---|---|---|---|---|---|---|---|
| Provisions for vacation | 5,899 | -1,725 | 1 | 3,091 | 274 | 4,514 | 5,325 |
| Provisions for anticipated losses and risks | 11,080 | -2,461 | 0 | 3,893 | 1,043 | 2,261 | 5,943 |
| Provisions | 15,291 | -3,039 | 5 | 4,314 | 3,726 | 14,856 | 19,074 |
| 32,270 | -7,225 | 6 | 11,298 | 5,042 | 21,631 | 30,342 |
| Company | Location Country P | arent company | Direct and T | ype of indirect share % consolidation1) |
|
|---|---|---|---|---|---|
| POLYTEC Invest GmbH i.L. | Lohne | GER | POLYTEC Holding AG | 100.0 | KV |
| PF Beteiligungs GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KO |
| POLYTEC Car Styling Hörsching GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KV |
| POLYTEC Car Styling Bromyard Ltd. | Bromyard | GBR | POLYTEC Holding AG | 100.0 | KV |
| POLYTEC FOHA CORPORATION | Markham | CAN | POLYTEC Holding AG | 80.0 | KV |
| Polytec Foha Inc. | Warren | USA | POLYTEC Holding AG | 80.0 | KV |
| POLYTEC Car Styling Schoten N.V. | Schoten | BEL | POLYTEC Holding AG | 100.0 | KV |
| Ratipur Autófelszerelés Kft. | Komló | HUN | POLYTEC Holding AG | 24.0 | KOE |
| Polytec Holding Deutschland GmbH | Lohne | GER | POLYTEC Holding AG | 100.0 | KV |
| Polytec Automotive GmbH & Co KG2) | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| Polytec Automotive Verwaltungs GmbH | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KO |
| Polytec Deutschland Verwaltungs GmbH | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KO |
| Polytec Plastics Germany GmbH & Co KG2) | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| Polytec Plastics Idstein GmbH & Co KG2) | Idstein | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| POLYTEC Plastics Ebensee GmbH | Ebensee | AUT | POLYTEC Holding AG | 100.0 | KV |
| Polytec Interior Zaragoza S.L. i.L. | Zaragoza | ESP | POLYTEC Holding AG | 100.0 | KO |
| PDN Real Estate GmbH | Bötzingen | GER | Polytec Holding Deutschland GmbH | 100.0 | KO |
| PT Beteiligungs GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KV |
| POLYTEC Composites Beteiligungs GmbH | Gochsheim | GER | PT Beteiligungs GmbH | 100.0 | KV |
| POLYTEC Composites Verwaltungs GmbH | Gochsheim | GER | PT Beteiligungs GmbH | 100.0 | KO |
| POLYTEC Composites Germany GmbH & Co KG2) | Gochsheim | GER | POLYTEC Composites Beteiligungs GmbH | 100.0 | KV |
| POLYTEC Compounds GmbH & Co. KG2) | Gochsheim | GER | Beteiligungs GmbH | 100.0 | KV |
| POLYTEC Compounds Verwaltungs GmbH | Gochsheim | GER | POLYTEC Composites Beteiligungs GmbH | 100.0 | KO |
| POLYTEC Industrielackierungen GmbH & Co. KG2) | Rastatt | GER | POLYTEC Composites Beteiligungs GmbH | 100.0 | KV |
| POLYTEC Industrielackierungen Verwaltungs GmbH | Rastatt | GER | POLYTEC Composites Beteiligungs GmbH | 100.0 | KO |
| POLYTEC Composites Slovakia s.r.o. | Sladkovicovo | SLK | PT Beteiligungs GmbH | 100.0 | KV |
| PT Plastik Ürünleri Sanayi ve Ticaret A.S. | Aksaray | TK | PT Beteiligungs GmbH | 100.0 | KV |
| Polytec Composites Bohemia s.r.o. | Chodova Plana | CZE | PT Beteiligungs GmbH POLYTEC Composites 100.0 | KV | |
| POLYTEC Composites Weiden GmbH | Weiden | GER | POLYTEC Composites Beteiligungs GmbH | 100.0 | KV |
| INAPAL PLASTICOS, S.A. | Leca do Balio | POR | POLYTEC Composites Germany GmbH & Co KG | 2.0 | KOE |
| Ljungby Komposit AB | Ljungby | SWE | PT Beteiligungs GmbH | 25.0 | KOE |
| POLYTEC Industrial Plastics GmbH | Bochum | GER | POLYTEC Holding AG | 70.0 | KV |
| POLYTEC Elastoform GmbH | Marchtrenk | AUT | POLYTEC Industrial Plastics GmbH | 70.0 | KV |
| POLYTEC EMC Engineering GmbH | Hörsching | AUT | POLYTEC Industrial Plastics GmbH | 70.0 | KV |
| POLYTEC THELEN GmbH | Bochum | GER | POLYTEC Industrial Plastics GmbH | 70.0 | KV |
| Polytec Inmuébles S.L. i.L. | Zaragoza | ESP | POLYTEC Holding AG | 100.0 | KO |
1) KV = fully consolidated
KE = consolidated at equity KO = not consolidated due to subordinated importance
KOE = no valuation at equity due to subordinated importance
2) According to section 264 b of the German Commercial Code these companies are relieved from the duty of reporting, auditing and publishing annual financial statements and a management report in accordance with the applicable regulations for capital companies.
We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit 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 confirm to the best of our knowledge that the separate financial statements give a true and fair view of the assets, liabilities, financial position and profit 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.
Hörsching, March 27, 2013
The Board of Directors
Friedrich Huemer m. p.
Alfred Kollros m. p. Peter Haidenek m. p.
We have audited the accompanying consolidated financial statements of POLYTEC Holding AG, Hörsching, for the fiscal year from January 1, 2012 to December 31, 2012. These consolidated financial statements comprise the consolidated balance sheet as of December 31, 2012, the consolidated income statement, the consolidated cash flow statement and the consolidated statement of changes in equity for the fiscal year ended December 31, 2012, and a summary of significant accounting policies and other explanatory notes.
The Company's management is responsible for the group accounting system and for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these consolidated financial 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 financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of
material misstatement of the consolidated financial 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 financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness 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 financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a 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 financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as of December 31, 2012 and of its financial performance and its cash flows for the fiscal year from January 1, 2012 to December 31, 2012 in accordance with International Financial Reporting
Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial 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 management report for the Group is consistent with the consolidated financial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
In our opinion, the management report for the Group is consistent with the consolidated financial statements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
Leonding, March 27, 2013
Ulrich Dollinger Certified Public Accountant
Josef Spadinger Certified Public Accountant
Das Wachstum der Weltwirtschaft im Jahr 2012 war mit rund 2,5% nur unterdurchschnittlich und lag auch merklich unter dem Zuwachs von 3,2% im Vorjahr. Insgesamt war 2012 für die Weltwirtschaft ein schwieriges Jahr, das nachhaltig von strukturellen Anpassungen beeinflusst wurde, die noch auf die Finanzkrise der Jahre 2008 und 2009 zurückzuführen sind. Ein zentraler Belastungsfaktor war dabei die Staatsschuldenkrise in der Europäischen Währungsunion. Sie beeinträchtigte nicht nur die Konjunktur, sondern löste auch auf den Finanzmärkten erhebliche Unruhe aus. Wichtige Notenbanken reagierten darauf mit deutlich expansiven Maßnahmen.
Enttäuschend war vor diesem Hintergrund die Entwicklung in den Industrieländern, die ähnlich schwach wie im Vorjahr nur ein Wirtschaftswachstum von 1,2% erreichten und damit erneut deutlich unter ihrem langfristigen Wachstumspotenzial blieben.
Die japanische Wirtschaft wurde in der ersten Jahreshälfte zwar noch von den Wiederaufbaumaßnahmen nach der Katastrophe des Jahres 2011 gestützt, verlor dann aber im weiteren Verlauf so deutlich an Schwung, dass sich schon im dritten Quartal wieder ein Rückgang der Wirtschaftsleistung einstellte.
In den USA wiederum entwickelten sich sowohl der Konsum als auch die Investitionen nur schwach. Beim privaten Konsum verhinderte die weiterhin relativ hohe Arbeitslosigkeit eine stärkere Dynamik. Bei den Unternehmensinvestitionen wiederum lösten insbesondere Unsicherheiten wegen der zu Jahresanfang 2013 drohenden »Fiskalklippe« im Jahresverlauf zunehmende Zurückhaltung aus. Da aber aus dem Immobiliensektor wieder positive Impulse kamen, konnte die US-Wirtschaft in Summe einen Zuwachs von etwas mehr als 2% verbuchen.
Die schwächste Entwicklung verzeichnete im Berichtsjahr die Europäische Währungsunion. Hier verharrten nicht nur die angeschlagenen kleineren Peripherieländer in der Rezession, auch größere Volkswirtschaften wie Italien und Spanien rutschten deutlich ins Minus. Die beiden größten Länder, Frankreich und Deutschland, verloren ebenfalls erheblich an Schwung. Während die französische Wirtschaft stagnierte, erreichte die deutsche Wirtschaft aufgrund eines starken ersten Halbjahres immerhin noch ein Plus von 0,7%. Aber auch in Deutschland führte der heftige konjunkturelle Gegenwind im Jahresschlussquartal zu einem leichten Rückgang. In Summe ergab sich für den Euroraum damit ein Minus der gesamtwirtschaftlichen Leistung von etwa einem halben Prozent.
Auch die Schwellenländer sind vor dem Hintergrund der globalen Wachstumsschwäche mit rund 4,5% deutlich langsamer gewachsen als im Vorjahr (5,9%). Dabei gab vor allem die Entwicklung in China Anlass zu Sorge, wo sich das Wachstum kontinuierlich verlangsamte und im Jahresdurchschnitt unter die 8%- Marke fiel. In Indien ging das Wachstum von 7,5% im Jahr 2011 ebenfalls auf deutlich unter 6% zurück. Auch in anderen Schwellenländern machten sich die zögerliche Auslandsnachfrage und die Finanzmarktturbulenzen infolge der Schuldenkrise in der Eurozone bemerkbar. Osteuropa und Lateinamerika etwa entwickelten sich mit Wachstumsraten von rund 2,5% nach deutlich über 4% im Jahr 2011 deutlich schwächer als im Vorjahr.
In diesem schwierigen weltwirtschaftlichen Umfeld waren die Wechselkurse erneut sehr volatil. So pendelte der Kurs des US-Dollars zum Euro im Jahresverlauf zwischen Werten von 1,20 und 1,35. Zum Jahresende war der Euro mit 1,32 leicht stärker als zu Jahresbeginn. Mit einem Korridor von 95 bis 114 war die Schwankungsbreite des japanischen Yen gegenüber dem Euro sogar noch höher. Hier lag der Wert des Euro gegenüber dem Yen zum Jahresende um rund 14% über dem Anfangsniveau. Gegenüber dem britischen Pfund schloss der Euro bei etwas weniger volatilem Verlauf zum Jahresende mit einer geringfügigen Abwertung von 2%.
Die internationalen Automobilmärkte präsentierten sich im Gesamtjahr 2012 in stabiler Verfassung: Sowohl die USA als auch Brasilien, Russland, Indien und China verzeichneten solide Zuwächse. Der japanische Pkw-Markt meldete mit rund 4,6 Mio. Neuwagen sogar das beste Neuzulassungsniveau seit 2006.
Die Neuzulassungen in Deutschland stützten trotz des leichten Rückgangs im Jahr 2012 (3%) den gesamten westeuropäischen Markt. Dieser ging 2012 in Summe dennoch um 8% auf knapp 11,8 Mio. Einheiten zurück. Die Pkw-Neuzulassungen in den neuen EU-Ländern erreichten ebenfalls nicht ganz das Vorjahresniveau (3%).
Der US-amerikanische Markt für Light Vehicles (Pkw und Light Trucks) stieg im Dezember um 9% auf 1,35 Mio. Einheiten. Die deutschen Hersteller legten die dreifache Geschwindigkeit vor und erhöhten ihren US-Absatz um mehr als 27% auf knapp 137.100 Neufahrzeuge. Mit einem Plus von mehr als 21% auf rund 1,27 Mio. Einheiten wuchsen die deutschen Konzernmarken im Gesamtjahr 2012 schneller als der weltweite Light-Vehicles-Markt, der um gut 13% auf über 14,4 Mio. Fahrzeuge zulegte.
In China setzte der Pkw-Markt seinen Wachstumskurs fort. Im Gesamtjahr 2012 übertraf der Pkw-Absatz das Vorjahresniveau um gut 8% insgesamt wurden 13,2 Mio. Neufahrzeuge verkauft. Von der positiven Marktentwicklung in China profitierten auch die deutschen Konzernmarken: Sie steigerten ihren Marktanteil auf rund 22%.
Auf dem indischen Markt lagen die Fahrzeugverkäufe im Gesamtjahr 2012 mit rund 2,8 Mio. Einheiten um gut 10% über dem Vorjahreswert.
Die Pkw-Neuzulassungen in Japan verzeichneten gegen Jahresende 2012 einen leichten Rückgang. Das bis September 2012 geltende Förderprogramm und der durch das Unglück in Fukushima ausgelöste Nachholbedarf sorgten allerdings im Gesamtjahr für das beste Neuzulassungsniveau seit 2006: Die Pkw-Nachfrage erhöhte sich um rund 30% auf knapp 4,6 Mio. Neuwagen.
In Russland zeigte sich der Markt weiterhin stabil. Der Light-Vehicles-Absatz steigerte sich im Gesamtjahr 2012 um rund 11% auf 2,9 Mio. Einheiten und erreichte damit das Vorkrisenniveau von 2008. Die deutschen Hersteller bauten ihren Marktanteil 2012 um 2,9 Prozentpunkte auf rund 21% aus.
Der Light-Vehicles-Markt in Brasilien präsentierte sich in guter Verfassung. Von Jänner bis Dezember 2012 stiegen die Verkäufe um 6% auf 3,6 Mio. Fahrzeuge. Jedes fünfte in Brasilien abgesetzte Fahrzeug trug ein deutsches Konzernlogo.
* Ohne Malta
** Light Vehicles
Die Nachfrage nach Nutzfahr um 12,4%. In Summe wur Gewichtsklassen zugelasse deutschen Markt aus, wenng der Nutzfahrzeugmarkt von 2011 war mit 334.822 Nu erreichte Volumen verzeichne tzfahrzeugen in der EU reduzierte sich im Ges e wurden im abgelaufenen Jahr 1,7 Mio. F lassen. Geringer fiel der Rückgang auf enngleich er mit 7,0% ebenfalls klar rückläuf t von einem sehr hohen Niveau in das Jahr 2 Nutzfahrzeug-Neuzulassungen das zweit eichnet worden. m Geschäftsjahr 2012 Fahrzeuge aller uf dem wichtigen ckläufig war. Hier war Jahr 2012 gestartet: zweithöchste jemals
Die Betrachtung nach Gew Neuzulassungszahlen aufw Gewichtsklassen zeigt, dass alle Segme aufwiesen. egmente rückläufige
Im Segment der schweren N 2012 alle bedeutenden Abs Deutschland reduzierte sich 8,5%. Die negativ gesehen Hier lag der Rückgang im A Gesamtmarkt nahmen die Ne (2011: 236.512 Einheiten). ren Nutzfahrzeuge über 16 Tonnen mussten Absatzmärkte teils deutliche Rückgänge sich die Zahl der Neuzulassungen in diese sehen Spitzenplätze nahmen jedoch Spanien Absatz jeweils bei deutlich über 20%. Neuzulassungen 2012 um 9,4% auf 214.0 sten im Geschäftsjahr nge verzeichnen. In diesem Segment um panien und Italien ein. 0%. Im europäischen
Bei der Entwicklung im Segment der leichten Nutzfahrzeuge (> 3,5 t) zeigte sich ein ähnliches Bild. Hier reduzierte sich die Zahl der Neuzulassungen um 9,1% auf 285.809 Einheiten. Einmal mehr waren Spanien und Italien die Märkte mit den deutlichsten Rückgängen von jeweils mehr als 20%.
Quellen: VDA, ACEA, VDIK, RCB
Zum Ende des ersten Halbjahres 2011 wurde der wesentliche Teil des Bereichs Interior-Systems veräußert. Der Anteil des Non-Automotive-Geschäfts nahm gleichzeitig in beinahe allen bisherigen Geschäftssegmenten der Gruppe deutlich und nachhaltig zu. Zudem verwischen weitere bisherige Trennlinien zwischen den Geschäftsbereichen. So nutzt z. B. der Bereich Car Styling verstärkt sowohl Spritzgusskapazitäten des Bereichs Components als auch Lackierkapazitäten des Bereichs Composites. Im Ergebnis führt dies zu einer Matrix-Organisationsstruktur der POLYTEC GROUP.
Dem zufolge hat sich das Management der POLYTEC Holding AG nach der Veräußerung der POLYTEC Interior Zaragoza entschieden, die interne Steuerungsund Berichtsstruktur sukzessive zu ändern. Aus diesem Grund erfolgt die Segmentberichterstattung im vorliegenden Konzernabschluss bereits auf Basis der neuen internen Steuerungs- und Berichtsstruktur. Die Segmentierung erfolgt nicht mehr wie in den letzten Jahren produktorientiert, sondern technologieorientiert, wobei das verbleibende Hauptsegment Kunstoffverarbeitung deutlich mehr als 90% des Konzerns umfasst. Aus diesem Grund liegt nunmehr ein sogenannter Ein-Segment-Konzern vor.
Neben einer detaillierten Ergebnisdarstellung auf Konzernebene macht die POLYTEC GROUP wesentliche segmentübergreifende Angaben im Sinne der IFRS 8.31ff.
Bei der folgenden Ergebnisdiskussion muss darauf hingewiesen werden, dass die im Vorjahresvergleich eingetretene Reduktion der Umsatz- und Ertragskennzahlen im Wesentlichen auf die Veräußerung des Geschäftsbereiches Interior-Systems (inkl. des Standortes Zaragoza) im Geschäftsjahr 2011 zurückzuführen ist. Der veräußerte Geschäftsbereich trug 2011 mit 195,2 Mio. EUR zum Umsatz und mit 5,0 Mio. EUR zum EBIT der Gruppe bei.
Auf vergleichbarer Basis bereinigt um den veräußerten Geschäftsbereich stieg der Umsatz im Geschäftsjahr 2012 um 4,2% von 462,2 Mio. EUR auf 481,6 Mio. EUR. Der Anstieg des Konzernumsatzes auf vergleichbarer Basis beruhte zur Gänze auf dem Ganzjahreseffekt von 20,0 Mio. EUR des Standortes POLYTEC Plastics Ebensee1). Der berichtete Konzernumsatz 2011 betrug hingegen einschließlich des Bereichs Interior-Systems 657,4 Mio. EUR
Entwicklung Umsatz und EBITDA-Marge (Umsatz in EUR Mio./EBITDA-Marge in %)
1) Mit 31. August 2011 übernahm die POLYTEC Holding AG die PPI Plastic Products Innovation GmbH & Co KG in Ebensee (A) heute POLYTEC Plastics Ebensee GmbH (PPE) als Alternative zu einer Kapazitätserweiterung an einem Standort in Deutschland. Die PPE trug im Geschäftsjahr 2011 mit EUR 5,3 Mio. zum Konzernumsatz bei.
| Einheit | 2012 | 2011 | |
|---|---|---|---|
| Pkw | EUR Mio. | 291,1 | 451,5 |
| Nutzfahrzeuge | EUR Mio. | 138,2 | 170,2 |
| Non-Automotive | EUR Mio. | 52,3 | 35,6 |
| Konzern | EUR Mio. | 481,6 | 657,4 |
Der deutliche Rückgang im Nutzfahrzeugsegment konnte nur teilweise durch einen höheren Umsatz ohne Berücksichtigung des Ganzjahreseffektes des Standortes Ebensee aus dem Pkw-Geschäft kompensiert werden.
| Einheit | 2012 | 2011 | |
|---|---|---|---|
| Teile- und sonstiger Umsatz | EUR Mio. | 428,6 | 608,4 |
| Werkzeug- und Entwicklungsumsatz | EUR Mio. | 53,0 | 49,0 |
| Konzern | EUR Mio. | 481,6 | 657,4 |
| Einheit | 2012 | 2011 | |
|---|---|---|---|
| Österreich | EUR Mio. | 13,4 | 21,8 |
| Deutschland | EUR Mio. | 305,7 | 419,0 |
| Sonstige EU | EUR Mio. | 130,5 | 186,8 |
| Rest der Welt | EUR Mio. | 32,0 | 29,8 |
| Konzern | EUR Mio. | 481,6 | 657,4 |
Das berichtete EBITDA der POLYTEC GROUP beläuft sich im Geschäftsjahr 2012 auf 41,6 Mio. EUR. Die Veräußerung der POLYTEC Interior Zaragoza S.L. führte dabei zu einem Entkonsolidierungserfolg von EUR 0,3 Mio. Das EBITDA der Vergleichsperiode 2011 enthält einen Entkonsolidierungserfolg aus der Veräußerung der Interior-Systems-Standorte zum Ende des ersten Halbjahres 2011 von EUR 7,2 Mio. Auf einer um Entkonsolidierungseffekte bereinigten Basis kam es zu einem Anstieg der EBITDA-Marge um 0,4 Prozentpunkte auf 8,6%.
Die Materialquote konnte im Geschäftsjahr 2012 von zuvor 52,7% des Umsatzes trotz erhöhter Rohstoffpreise um 2,2 Prozentpunkte auf 50,5% reduziert werden. Dieser positive Effekt war im Wesentlichen auf die Abgabe des materialintensiven Bereichs Interior-Systems zurückzuführen.
Die Personalquote des Konzerns - unter Berücksichtigung der im Sonstigen betrieblichen Aufwand enthaltenen Leasingaufwendungen - erhöhte sich gegenüber dem Vorjahr um 1,1 Prozentpunkte auf 31,3%. Hauptgrund dafür war die unter der Planung gelegene Auslastung an Standorten mit hoher Abhängigkeit vom Nutzfahrzeugsegment. Auch reduzierte Lackierumfänge am Standort Rastatt bzw. nicht im Rahmen der Erwartungen gelegene Kundenabrufe am Standort Hörsching trugen zu diesem Anstieg bei. Der Anteil an Leiharbeitskräften an den erwähnten Standorten lag zum Stichtag 31. Dezember 2012 bei kleiner 2%.
Der Rückgang der Abschreibungen um rund 25% auf 13,9 Mio. EUR ist neben einer selektiven Investitionstätigkeit in das Anlagevermögen vor allem mit der Veräußerung des Bereichs Interior-Systems zu begründen.
Bei dem um Entkonsolidierungserfolge bereinigten EBIT kam es im Vergleich zum Vorjahr zu einem Rückgang von rund EUR 8 Mio. auf EUR 27,4 Mio. Die um Entkonsolidierungserfolge bereinigte EBIT-Marge erhöhte sich um 0,3 Prozentpunkte auf 5,7%
Diese zufriedenstellende Ergebnisentwicklung war vor allem auf die weiterhin konsequente Umsetzung von Optimierungsmaßnahmen an den Standorten der POLYTEC GROUP während des Geschäftsjahres 2012 zurückzuführen. Die Abgabe des Bereichs Interior-Systems führte darüber hinaus zu einer nachhaltigen Verbesserung der Gesamtkostenstruktur des Konzerns.
| Kennzahlen zur Ertragslage der Gruppe | Einheit | 2012 | 2011 | 2010 |
|---|---|---|---|---|
| Umsatz | EUR Mio. | 481,6 | 657,4 | 770,1 |
| EBITDA bereinigt1) | EUR Mio. | 41,3 | 54,1 | 54,3 |
| EBITDA-Marge (EBITDA/Umsatz) | % | 8,6 | 8,2 | 7,0 |
| EBIT bereinigt1) | EUR Mio. | 27,4 | 35,4 | 27,2 |
| EBIT-Marge (EBIT/Umsatz) | % | 5,7 | 5,4 | 3,5 |
| Durchschnittliches Capital Employed | EUR Mio. | 120,3 | 119,4 | 136,6 |
| ROCE vor Steuern (EBIT1)/Capital Employed) | % | 23,0 | 29,6 | 19,9 |
1) Die Ertragskennzahlen 2012 sind um den Einmalertrag von EUR 0,3 Mio. aus der Entkonsolidierung der POLYTEC Interior Zaragoza S.L., Spanien, bereinigt dargestellt. Die Ertragskennzahlen 2011 sind um den Einmalertrag von EUR 7,2 Mio. aus der Entkonsolidierung des Bereichs Interior-Systems zum Ende des ersten Halbjahres 2011 bereinigt dargestellt.
Das Finanzergebnis 2012 betrug EUR 0,9 Mio. nach 3,1 Mio. EUR im Geschäftsjahr 2011.
Der deutliche Rückgang des Zinsergebnisses um mehr als 60% oder EUR 2,3 Mio. auf EUR 1,1 Mio. war dabei neben einer insgesamt geringeren Nutzung von Bankkrediten und -darlehen auch auf Zinserträge aus der Veranlagung freier Liquidität während des gesamten Geschäftsjahres 2012 zurückzuführen. In den Erträgen aus sonstigen Beteiligungen waren Ausschüttungen der POLYTEC Immobiliengruppe in Höhe von EUR 0,1 Mio. enthalten.
Die Steuerquote des Konzerns betrug im Geschäftsjahr 2012 unter Berücksichtigung latenter Steuereffekte 16,8%. Aufgrund der konservativen Bewertung steuerlicher Verlustvorträge in Vorjahren lag sie damit klar unter einer vollen Ertragsbesteuerung.
Das Konzernergebnis betrug EUR 21,7 Mio. Dies entspricht einem Ergebnis je Aktie von EUR 0,97.
Das Investitionsvolumen der POLYTEC GROUP reduzierte sich gegenüber der Vorjahresperiode um EUR 1,5 Mio. auf EUR 16,0 Mio. Es überstieg jedoch die Abschreibungen um EUR 2,1 Mio., während das Investitionsvolumen im Vorjahr um EUR 1,2 Mio. unter den Abschreibungen gelegen war. Wesentliche Ausgaben betrafen im Geschäftsjahr 2012 die Standorterweiterungen in Hörsching und Lohne sowie Ersatz- und Neuinvestitionen in Produktionsanlagen.
Investitionen in das Sachanlagevermögen (in EUR Mio.)
| Einheit | 31.12.2012 | 31.12.2011 | 31.12.2010) | |
|---|---|---|---|---|
| Eigenkapitalquote (Eigenkapital/Bilanzsumme) |
% | 51,4 | 44,8 | 28,3 |
| Bilanzsumme | EUR Mio. | 259,8 | 268,3 | 308,5 |
| Nettoumlaufvermögen (Net Working Capital) |
EUR Mio. | 47,8 | 26,9 | 16,5 |
| Nettoumlaufvermögen in % vom Umsatz (NWC/Umsatz) |
% | 9,9 | 4,1 | 2,1 |
Kennzahlen zur Vermögens- und Finanzlage der Gruppe
Das Eigenkapital der POLYTEC GROUP stieg von EUR 120,3 Mio. zum Ende des Geschäftsjahres 2011 auf EUR 133,6 Mio. per 31. Dezember 2012. Trotz einer Dividendenauszahlung von in Summe EUR 7,8 Mio. und dem Rückkauf eigener Aktien im Wert von EUR 1,4 Mio. erhöhte sich das Eigenkapitel vor allem durch das positive Konzernergebnis 2012 um EUR 13,3 Mio. Die Eigenkapitalquote erreichte zum Jahresende 2012 einen Wert von 51,4%.
Zum Bilanzstichtag wurden eigene Aktien im Ausmaß von 258.041 Stück (entsprach 1,2% des Grundkapitals) mit einem Anschaffungswert von EUR 1,4 Mio. und einem Kurswert zum Stichtag von EUR 1,5 Mio. gehalten.
Die Erhöhung des Nettoumlaufvermögens von EUR 26,9 Mio. auf EUR 47,8 Mio. stand in direktem Zusammenhang mit einem geringeren Vorsorgebedarf bei den personalbezogenen Aufwendungen sowie geringeren Rückstellungen im Zusammenhang mit drohenden Verlusten, Gewährleistungen und sonstigen operativen Wagnissen.
Zum Bilanzstichtag 31. Dezember 2012 wies der Konzern ein Nettofinanzvermögen (Net Cash) von EUR 14,5 Mio. aus. Neben getätigten Investitionsauszahlungen verringerten auch die Dividendenauszahlung sowie der Aktienrückkauf den Bestand an liquiden Mitteln.
Die im langfristigen Vermögen ausgewiesenen verzinslichen Forderungen von EUR 11,6 Mio. erhöhten sich gegenüber dem Bilanzstichtag 2011 aufgrund der darauf entfallenden und aufzuschlagenden Zinsen um EUR 0,6 Mio.
| Einheit | 2012 | 2011 | 2010 | |
|---|---|---|---|---|
| Nettofinanzverbindlichkeiten (+)/-vermögen (–) | EUR Mio. | –14,5 | –17,9 | 26,7 |
| Nettofinanzverbindlichkeiten (+)/-vermögen (–) zu EBITDA | – | –0,35 | –0,29 | 0,49 |
| Gearing (Nettofinanzverbindlichkeiten (–)/ (+)/-vermögen Eigenkapital) |
– | –0,11 | –0,15 | 0,31 |
| Einheit | 2012 | 2011 | 2010 | |
|---|---|---|---|---|
| Cash-Flow aus der Betriebstätigkeit | EUR Mio. | 15,7 | 29,2 | 46,0 |
| Cash-Flow aus der Investitionstätigkeit | EUR Mio. | –8,0 | 8,6 | –1,8 |
| Cash-Flow aus der Finanzierungstätigkeit | EUR Mio. | –13,0 | –23,6 | –47,1 |
| Veränderung der flüssigen Mittel | EUR Mio. | –5,3 | 14,2 | –2,8 |
Der Cash-Flow aus der Betriebstätigkeit lag mit EUR 15,7 Mio. deutlich unter dem Vorjahreswert. Grund dafür war vor allem die Erhöhung des Working Capital, die in direktem Zusammenhang mit einem geringeren Vorsorgebedarf bei den personalbezogenen Aufwendungen sowie geringeren Rückstellungen im Zusammenhang mit drohenden Verlusten, Gewährleistungen und sonstigen operativen Wagnissen stehen.
Der Cash-Flow aus Investitionstätigkeit von EUR 8,0 Mio. beruhte auf einer nach wie vor kontrollierten Investitionspolitik die Investitionen in das Anlagevermögen reduzierten sich um EUR 1,5 Mio. auf EUR 16,0 Mio.
Der Cash-Flow aus Finanzierungstätigkeit von EUR 13,0 Mio. beinhaltet neben der Rückführung von verzinslichen Darlehen im Ausmaß von EUR 4,0 Mio. vor allem die Auszahlung der Dividende in Höhe von EUR 7,8 Mio. und die Auszahlungen im Rahmen des Aktienrückkaufprogrammes.
Die POLYTEC Holding AG konnte im Geschäftsjahr 2012 einen Jahresüberschuss in Höhe von EUR 33,3 Mio. erzielen. Neben einer positiven Geschäftsentwicklung trug auch die Veräusserung des Bereiches Interior-Systems im Geschäftsjahr 2011 zu Beteiligungserträgen in Höhe von EUR 28,7 Mio. bei.
Die positive Entwicklung des Zinsergebnisses resultiert aus der Finanzierung von Konzerngesellschaften sowie aus der Veranlagung freier Liquidität während des Geschäftsjahres 2012.
Der Jahresüberschuss führte nach Berücksichtigung der Dividendenausschüttung von EUR 7,8 Mio. - zu einem Anstieg des Eigenkapitals der Gesellschaft um EUR 25,5 Mio. auf EUR 134,6 Mio. Bei einer Bilanzsumme von EUR 137,5 Mio. entsprach dies eine EK-Quote von 97,9 %.
Praktischer Umweltschutz ist mehr als die Einhaltung ordnungsrechtlicher Pflichten. Viele Organisationen gehen über die gesetzlichen Anforderungen hinaus und verringern nachteilige Umweltauswirkungen durch die freiwillige Einführung von Umweltmanagementsystemen, die auf eine kontinuierliche und möglichst weitgehende Verbesserung ihrer ökologischen Performance abzielen. Das weltweit anwendbare Instrument zur Errichtung eines solchen Umweltmanagementsystems ist die Norm ISO 14001. Alle wesentlichen Standorte der POLYTEC GROUP sind nach dieser Norm zertifiziert.
Für die POLYTEC GROUP ist der schonende Umgang mit natürlichen Ressourcen ein Kernpunkt ihrer Geschäftstätigkeit. Als kunststoffverarbeitender Konzern ist dabei vor allem die Abfallvermeidung ein wesentlicher Aspekt. In den Werken, die primär in der Spritzgusstechnologie arbeiten, wird daher versucht, Ausschuss so weit wie möglich zu regranulieren und wieder in den Produktionsprozess einfließen zu lassen. Sämtliche Aktivitäten im Bereich Forschung und Entwicklung fokussieren auch auf die wirtschaftliche Nutzung von Rohstoffen oder den Einsatz von alternativen Materialien.
Die durchschnittliche Anzahl der Beschäftigten2) der POLYTEC GROUP und ihre geografische Verteilung in den Jahren 20102012 stellte sich wie folgt dar:
| FTE | 2012 | 2011 | 2010 |
|---|---|---|---|
| Österreich | 561 | 466 | 384 |
| Deutschland | 2.230 | 3.111 | 3.883 |
| Resteuropa | 745 | 1.036 | 1.520 |
| Nordamerika | 27 | 22 | 20 |
| Südafrika | 0 | 0 | 74 |
| Summe | 3.563 | 4.663 | 5.881 |
2) Inkl. Leiharbeiter; Mitarbeiter von erstmals in den Konzernabschluss einbezogenen Unternehmen sind in der Aufstellung zeitanteilig ab dem Zeitpunkt der Erstkonsolidierung enthalten.
Der deutliche Rückgang des Personalstands in Deutschland bzw. Resteuropa beruhte neben einer konjunkturbedingten Reduktion in den Werken der POLYTEC GROUP im Wesentlichen auf der Veräußerung des Bereiches Interior-Systems. Zum Zeitpunkt der Veräußerung betrug der Personalstand des Bereichs 2.133 Vollzeitäquivalente.
Der Personalanstieg in Österreich resultierte aus dem Erwerb der POLYTEC Plastics Ebensee (vormals PPI) im zweiten Halbjahr 2011. Per Ende Dezember beschäftigte der Standort 170 Vollzeitäquivalente.
Per 31. Dezember 2012 betrug der Personalstand der POLYTEC GROUP 3.481 Vollzeitäquivalente. Der Anteil an Lehrlingen betrug 2,9% oder 101 Vollzeitäquivalente. Der Anteil an Leiharbeitskräften zum Jahresultimo betrug 2,9% oder 100 Vollzeitäquivalente.
Als wesentliche Kennzahl im Personalbereich entwickelte sich der Umsatz je Mitarbeiter wie folgt:
| Einheit | 2012 | 2011 | 2010 | |
|---|---|---|---|---|
| Umsatz je Mitarbeiter | TEUR | 135 | 141 | 131 |
Kundenorientierung sowie die laufende Verbesserung der Prozesse im Hinblick auf Wirtschaftlichkeit, Umweltschonung und Effizienz nehmen für die POLYTEC GROUP höchste Priorität ein. Um für die dynamischen Herausforderungen des Marktes bestmöglich gerüstet zu sein, fördert die POLYTEC GROUP die laufende Weiterbildung ihrer Mitarbeiter sowohl durch konzerninterne Fortbildungsmaßnahmen als auch durch Entsendung zu externen Bildungseinrichtungen. Neben der Weiterentwicklung des technisch-handwerklichen Know-hows wird auch ein Schwerpunkt auf die Vermittlung von Fremdsprachen gelegt, ein für ein internationales Unternehmen wie POLYTEC unverzichtbarer Bestandteil des Geschäftserfolgs.
Für leitende Mitarbeiter ist ein Teil der Vergütung an den Unternehmenserfolg gekoppelt, um die Unternehmensidentifikation und das Verantwortungsbewusstsein zu fördern.
Ereignisse nach dem Bilanzstichtag, die für die Bewertung am Bilanzstichtag von Bedeutung sind, wie offene Rechtsfälle oder Schadenersatzforderungen sowie andere Verpflichtungen oder Drohverluste, die gemäß IAS 10 (Contingencies and Events occurring after the Balance Sheet Date) gebucht oder offengelegt werden müssten, sind im vorliegenden Konzernabschluss berücksichtigt.
Die Aussichten für das Automobiljahr 2013 sind, weltweit betrachtet, positiv. Außerhalb Westeuropas wird eine sehr dynamische Automobilkonjunktur erwartet, an der die deutsche Automobilindustrie überproportional teilhaben soll. Der Pkw-Weltmarkt, der 2012 um 4% auf gut 68 Mio. Einheiten zugelegt hat, wird seinen Wachstumskurs auch 2013 fortsetzen. Der Verband der Automobilindustrie (VDA) fasst für dieses Jahr bereits die 70-Millionen-Marke ins Auge. Getragen wird diese Dynamik vor allem vom chinesischen Markt und dem wieder erstarkten Leitmarkt der USA. Von dieser Entwicklung profitieren die deutschen Pkw-Hersteller, die ihren Marktanteil in China 2012 auf 22% steigern konnten und in den USA im siebenten Jahr in Folge Marktanteile gewannen. Auf dem westeuropäische Pkw-Markt, der 2012 um rund 8% auf knapp 11,8 Mio. Einheiten zurückgegangen ist, wird auch für 2013 mit einer leichteren Abschwächung auf 11,4 Mio. Neuwagen (3%) gerechnet.
Bei der weltweiten Nachfrage nach Nutzfahrzeugen ist im Jahr 2013 mit einem Zuwachs zu rechnen. Dieser wird allerdings überwiegend von der spürbaren Erholung in China getragen, das im zurückliegenden Jahr noch für einen Großteil des weltweiten Nachfragerückgangs ausschlaggebend war. Für den europäischen Lkw-Markt wird aufgrund des weiterhin schwachen wirtschaftlichen Umfelds von einem Rückgang um bis zu 5% ausgegangen.
Das Management der POLYTEC GROUP geht, unter Berücksichtigung der aktuellen Geschäftslage in einem herausfordernden Umfeld, für das Geschäftsjahr 2013 von einem Konzernumsatz auf dem Niveau des Vorjahres aus. Die Basis dieser Einschätzung sind die beschriebenen eingetrübten konjunkturellen Erwartungen für den Heimmarkt Europa verknüpft mit der bisher eingeschränkten globalen Präsenz der Gruppe sowie die niedrigen Bauzahlen im LKW-Geschäft verbunden mit auslaufenden Verträgen, für die bislang kein gleichwertiges Nachfolgegeschäft erlangt werden konnte. Das Betriebsergebnis wird im Vergleich zum Geschäftsjahr 2012, vor allem auf Grund eines andauernden Preiskampfes in der Automobilindustrie, voraussichtlich moderat zurückgehen.
In den Folgejahren erwartet das Management steigende Umsätze unterstützt durch organisches Wachstum vor allem im Bereich Spritzguss mit komplexen Motor- und Motorraumkomponenten und damit verbunden auch eine Verbesserung der Ergebnisqualität.
Die POLYTEC GROUP ist im Rahmen ihrer Geschäftstätigkeit einer Vielzahl von Risiken ausgesetzt, die untrennbar mit dem unternehmerischen Handeln verbunden sind. Risikomanagement ist für die POLYTEC ein integraler Bestandteil aller Geschäftsprozesse. Auch die für einen Automobilzulieferer notwendigen umfangreichen Zertifizierungen (z. B. TS ISO/16949:2002) geben hier bereits entsprechende Regelungen vor, welche auch durch externe Audits überwacht werden. Der Organisation der POLYTEC entsprechend werden Risiken dezentral und marktnah vor allem im Rahmen der laufenden Geschäftsprozesse gemanagt und überwacht. Die Steuerung der finanziellen Risiken erfolgt jedoch im Wesentlichen durch die Konzernzentrale. Folgende wesentliche Risikofelder können identifiziert werden:
Absatzmarktrisiken: Die Automobilzulieferindustrie gilt als Markt mit hohem Wettbewerb, der sich außerdem in einem Konsolidierungsprozess befindet. Die Absatzerfolge sind in erster Linie abhängig von der Gewinnung neuer Aufträge, welche in der Regel zwei bis drei Jahre vor dem Serienanlauf vergeben werden. In dieser Phase der Auftragsakquisition ist jeder Zulieferer einem starken Konditionenwettbewerb ausgesetzt. Während des Serienlaufs ist der Zulieferer auch abhängig vom Absatz des Fahrzeuges, für welches er zuliefert, ohne diesen Erfolg beeinflussen zu können. Weiters wird seitens der OEM auch nach dem Serienstart ein laufendes Benchmarking der Zulieferer betrieben, was Preisforderungen oder im Extremfall den Verlust eines Auftrages nach sich ziehen kann. POLYTEC trachtet durch einen ausgewogenen Kunden- und Auftragsmix, die Abhängigkeit von einzelnen Lieferbeziehungen so gering wie möglich zu halten.
Beschaffungsmarktrisiken: Wesentliches Risiko ist die Schwankung der Rohstoffpreise, welche im Falle der POLYTEC GROUP als kunststoffverarbeitendem Konzern vor allem durch nachhaltige Veränderungen des Ölpreises, aber auch der Raffineriekapazitäten verursacht werden können. Beschaffungsseitig wird diesem Risiko vor allem mit langfristigen Lieferverträgen und absatzseitig, soweit gegenüber dem Kunden durchsetzbar, mit Materialgleitklauseln in den offen gelegten Kalkulationen entgegengewirkt. Zum Teil erfolgt die Verhandlung von Rohstoffen und Zukaufteilen direkt durch die Kunden der POLYTEC mit dem Lieferanten. Soweit mit dem Kunden Preise nur auf Jahresfrist vereinbart sind, ist die Veränderung der Rohstoffpreise ein wichtiger Parameter in den Gesprächen für die jährliche Neufestlegung der Preise. Weiters wird versucht, durch verstärkte Forschungs- und Entwicklungsaufwendungen neue Rohstoffe (Naturfaserstoffe) einzusetzen.
Kreditrisiko: Aufgrund der Kundenstruktur rund 90% des Umsatzes werden mit den OEM oder großen Systemlieferanten erzielt ist die POLYTEC dem Bonitätsrisiko der Automobilindustrie ausgesetzt. Die Außenstände werden laufend kritisch verfolgt und die vereinbarungsgemäße Bezahlung von Forderungen sichergestellt. Im Geschäftsjahr 2012 wurden rund 59%3 (2011: 69%) des Umsatzes mit den drei größten Kunden erzielt, was ein gewisses Klumpenkreditrisiko ergibt, welches vom Management aber als unkritisch im Hinblick auf Kreditausfälle eingestuft wird. Die Abhängigkeit von wenigen Kunden ist ein Wesensmerkmal der Automobilzulieferindustrie. Als Kunde wird in diesem Zusammenhang eine Gruppe verbundener Unternehmen definiert, welche durchaus auch mehrere Automobilmarken herstellen kann. Das Management setzt zukünftig auf eine höhere Diversifizierung durch die Verbreiterung der Kundenbasis im Bereich Non-Automotive.
Das Ausfallsrisiko bei flüssigen Mitteln wird als gering eingeschätzt.
Trotz des allgemein gering eingestuften Kreditrisikos entspricht das maximale theoretische Ausfallrisiko den Buchwerten der einzelnen finanziellen Vermögenswerte.
Liquiditätsrisiko: Die Gruppe sichert ihren Liquiditätsbedarf durch vertragliche Vereinbarung entsprechender Kreditrahmen, gegebenenfalls auch durch Halten einer Barreserve. Die Steuerung erfolgt einheitlich durch die Konzernzentrale.
Währungsrisiko: Der weitaus überwiegende Anteil der Umsätze der POLYTEC GROUP wird in Euro fakturiert, sodass das Währungsrisiko den Konzern in Summe nur gering betrifft. Zum Teil erfolgt der Einkauf von Vorleistungen in derselben Währung wie der Verkauf, sodass sich Währungsrisiken natürlich hedgen. Die Gruppe ist größeren Währungsrisiken in jenen Ländern ausgesetzt, in denen in Euro fakturiert, aber Vorleistungen in lokaler Währung zugekauft werden müssen. Solche Risiken bestehen etwa gegen die tschechische Krone. Diese Risiken sind vielfach nicht Finanzinstrumenten zuzuordnen, da sie vor allem auch auf Personalkosten zurückzuführen sind.
Ein Anstieg der Wechselkurse betreffend nicht-innerkonzernale Lieferforderungen und verbindlichkeiten um +/ 10% würde zu keiner wesentlichen Auswirkung auf Ergebnis bzw. Eigenkapital führen.
Zinsänderungsrisiko: Dem Zinsänderungsrisiko begegnet POLYTEC durch ein der langfristigen Zinsmeinung entsprechendes Portfolio von variablen und fixen Finanzierungen. Derivative Produkte werden bei Bedarf zur Zinssicherung oder zur Optimierung des Nettozinsergebnisses eingesetzt.
3 Inklusive MAN nach Eingliederung in die VW-Gruppe
Der weitaus überwiegende Anteil der variabel verzinsten Verbindlichkeiten ist abhängig vom 3-Monats-EURIBOR. Eine Erhöhung dieses Referenzzinssatzes um 100 Basispunkte würde ohne Berücksichtigung der bestehenden Zinssatz-Swaps eine Erhöhung des Zinsaufwandes um rund TEUR 160 (2011: TEUR 280) bedeuten.
In den verzinslichen Forderungen sowie den kurzfristigen Finanzmittel sind variabel verzinste finanzielle Vermögenswerte in Höhe von TEUR 27.520 enthalten. Eine Erhöhung des 3- Monats-EURIBOR um 100 Basispunkte würde eine Erhöhung des Zinsertrages um rund TEUR 275 (2011: TEUR 239) bedeuten.
Mit dem Ziel, die Wettbewerbsfähigkeit und damit auch den Unternehmenserfolg kontinuierlich zu verbessern, arbeiten die Forschungs- und Entwicklungsbereiche der POLYTEC GROUP in verschiedensten Bereichen intensiv an technischen Neu- und Weiterentwicklungen für die Automotive- und die Non-Automotive-Industrie, immer in enger Abstimmung mit den Kunden. Werkstoffe und Fertigungsprozesse der laufenden Serienprodukte werden parallel ebenfalls stetig weiterentwickelt.
Die Schwerpunkte lagen im Geschäftsjahr 2012 gruppenweit erneut auf der Reduktion der Bauteilgewichte durch Leichtbau, der Kostenreduktion durch intelligente Funktionsintegration sowie auf neuen ökologischen und nachhaltigen Produktinnovationen.
Die POLYTEC GROUP unterhält mehrere Entwicklungszentren. Diese Zentren sind entsprechend der Konzernstrategie auf jene Produkte ausgerichtet, die auch an den jeweiligen Standorten produziert werden.
Das Kompetenzzentrum im norddeutschen Lohne verantwortet die Entwicklung von Spritzgussbauteilen vorwiegend für den Motorraum, verstärkt aber auch für den wachsenden Bereich Non-Automotive, sowie von Exterieur-Teilen für Lkw und PkwKleinserien. Die Bandbreite der Entwicklungstätigkeit reicht dabei von der Substitution von Aluminium durch Kunststoff bis hin zur Weiterentwicklung von aktuellen Produkten. Der erweiterte Testing-Bereich ermöglicht einerseits die rasche Bearbeitung kontinuierlich wachsender Kundenanforderungen und andererseits die aktive Entwicklung gänzlich neuer Teile. Die Vorreiterrolle des Konzerns im Bereich der Motorraumteile wird dadurch weiter gefestigt, wie die folgenden Beispiele eindrucksvoll beschreiben:
Für die Feinölabscheidung, die laufend an Bedeutung gewinnt, setzt die POLYTEC GROUP seit einigen Jahren mit großem Erfolg geschaltete Zyklonabscheider ein. In neueren Zylinderkopfhauben wird dabei der POLYSWIRL-Feinölabscheider verwendet ein Fliehkraftabscheider, bei dem das Gas in schnelle Rotation versetzt wird. Der POLYSWIRL-Feinölabscheider wird in Zylinderkopfhauben von VW, Audi, Daimler, BMW und PSA eingesetzt. POLYDRAIN ist ein modulares Ölablaufventil zur Entölung von Blow-by-Gasen in Motoren und kann als Einzelmodul, aber auch als Element in den POLYTEC Zylinderkopfhauben eingesetzt werden. Das eigenentwickelte Ventil POLYVENT ist ein innovatives Druckregelventil für Benzinmotoren mit äußerst kleinem Bauraum. Das patentierte KEYLOCK-System, ein Highlight in diesem Segment, dient der Schnellverbindung von Anschlussleitungen. POLYTEC fertigt Kühlwasserrohre in der innovativen Projektilinjektionstechnik (PIT) und wurde dafür im Rahmen der Euromold, der weltweit führenden Fachmesse für Werkzeug- und Formenbau, Design und Produktentwicklung, prämiert. Bei der Produktion wird das verdrängte Material über das Heißkanalsystem direkt zurück in das Maschinenaggregat befördert und nicht, wie bisher, in einen Überlauf.
Entwicklungsarbeit im Bereich der faserverstärkten Kunststoffe beginnt bei POLYTEC bei der SMC- und der LFT-Technologie bereits in der Materialentwicklung. Maßgeschneiderte Materialformulierungen für die Produkte werden im eigenen Haus entwickelt, im Labor getestet und produziert. Immer die gesamte Wertschöpfungskette im Blick, arbeitet POLYTEC in der Konzept- und Entwicklungsphase zielstrebig gemeinsam mit den Kunden an neuen Produkten und Einsatzmöglichkeiten für duroplastische und thermoplastische langfaserverstärkte (Glas-, Carbon- und Basaltfasern) Werkstoffe, wie SMC (Sheet Moulding
Compound), LFT (Long Fiber Thermoplastic) und GMT (Glass Mat Thermoplastic). Serienbegleitend ist die Entwicklungsabteilung auch ein wichtiger Motor für Effizienzsteigerung in der laufenden Produktion durch Prozess- und Produktoptimierungen.
POLYTEC konnte im Bereich der faserverstärkten Kunststoffe im Jahr 2012 einige wichtige neue Projekte für unterschiedliche Branchen akquirieren und die Entwicklung erfolgreich vorantreiben. Besonders erfreulich sind dabei Aufträge mit Fokus Leichtbau für die Pkw- und Nutzfahrzeugindustrie, deren Serienanläufe in den Jahren 2013 und 2014 bevorstehen. Durch den Einsatz von hochfesten SMC-Werkstoffen mit Carbonfaser-Verstärkung in Kombination mit Class A SMC Typen mit reduzierter Dichte von 1,4 g/cm³ gelingt es im Vergleich zu Aluminium oder Standard-SMC-Lösungen das Gewicht bei PKW- Exterieuranwendungen um bis zu 30% zu reduzieren. POLYTEC arbeitet parallel an mehreren Entwicklungsaufträgen, um die Wettbewerbsfähigkeit für die Vergabe von weiteren Serienaufträgen mit Leichtbaulösungen auf hohem Niveau zu halten. Auch bei den Elektrofahrzeugen der kommenden Jahre entwickelt POLYTEC mit und wird die Technologiestärken von SMC gezielt zum Einsatz bringen. Besonders interessant und vielversprechend ist in diesem Zusammenhang auch die Grundsatzentwicklung von integriertem EMV-Schutz in geeigneten Formulierungen.
Im Non-Automotive-Bereich, zum Beispiel der Solarindustrie, half die erfolgreiche Umsetzung eines Serienprojekts aus dem Jahr 2011 bei der Gewinnung eines weiteren Serienauftrages, der 2013 in den Markt eingeführt wird.
Das Leistungsspektrum des Entwicklungszentrums Hörsching bietet die Möglichkeit, trotz der Fokussierung dieser Business Unit auf Originalzubehör und Kleinserien die gesamte notwendige Prozesskette einer automotiven Entwicklung abzudecken. Beginnend von den ersten Designskizzen über Design- und Funktions-Modelle, Prototypen, Digitalisierung und CAD-Konstruktion bis hin zur Erstellung von Rapid-Prototyping-Modellen kann dem Kunden ein Full-Service-Paket angeboten werden, wie es auch in einer Serienentwicklung üblich ist. Da jedoch gerade im Segment Originalzubehör die Entwicklungs- und Vorlaufzeiten wesentlich kürzer sind als in der Serienbelieferung, sind sämtliche Prozesse auf höchste Flexibilität und kurze Reaktionszeiten ausgerichtet, ohne dabei hinsichtlich Dokumentation oder
Qualitätssicherung Kompromisse einzugehen. Im hauseigenen Werkzeug- und Formenbau können die erforderlichen Produktionswerkzeuge und -vorrichtungen entwickelt und gefertigt werden, was ebenfalls zur kurzen Umsetzungsdauer und Flexibilität bei notwendigen Anpassungen beiträgt.
Die Schwerpunkte des Bereichs Car Styling im Bereich der Vorausentwicklung betreffen zum einen den Bereich Verfahrenstechnik, in dem vor allem an der laufenden Verbesserung des Materials PUR-RRIM gearbeitet wird. So wurde 2012 beispielsweise der Einsatz von Carbonfaser als Verstärkungsmaterial für Polyurethan (PUR) evaluiert, um den Anforderungen an automobilen Leichtbau gerecht zu werden. Auch am Standort Bromyard wird das Thema Gewichtsoptimierung forciert, indem die Vorteile der Blasformtechnologie bei immer mehr Produktgruppen Einsatz finden. Des Weiteren bilden neue Möglichkeiten der Oberflächengestaltung von PUR-Bauteilen im Moment einen Schwerpunkt der Entwicklungsarbeit.
Im Bereich Innovationsmanagement befasst sich ein Team aus verschiedenen Funktionsbereichen der Business Unit mit Möglichkeiten, das heutige Produktspektrum für die Herausforderungen der Zukunft zu erweitern. Dabei geht es einerseits um die Entwicklung zusätzlicher Features für bereits im Produktprogramm befindliche Bauteile (z. B. Integration von Elektronik und Sensorik in Kunststoffteile) und andererseits um die sinnvolle Adaptierung von Produkten für die Mobilität von morgen (z. B. Heckspoiler mit Photovoltaikpaneelen für Elektrofahrzeuge).
Die POLYTEC GROUP wendete 2012 rund EUR 8,5 Mio. (2011: rd. EUR 11,0 Mio.) für Forschungs- und Entwicklungsarbeiten auf.
Die Einrichtung eines angemessenen internen Kontroll- und Risikomanagementsystems im Hinblick auf den Rechnungslegungsprozess bzw. die Finanzberichterstattung liegt in der Verantwortung des Vorstands. Durch entsprechende organisatorische Maßnahmen wird sichergestellt, dass die gesetzliche Vorgabe, nach der die Eintragungen in die Bücher und die sonstigen Aufzeichnungen vollständig, richtig, zeitgerecht und geordnet zu erfolgen haben, erfüllt wird.
Der gesamte Prozess von der Beschaffung bis zur Zahlung unterliegt strengen Regeln und Richtlinien, die jegliche damit im Zusammenhang stehende Risiken vermeiden sollen. Zu diesen Maßnahmen und Regeln zählen u. a. Funktionstrennungen, Unterschriftenordnungen, ausschließlich kollektive und auf wenige Personen eingeschränkte Zeichnungsermächtigungen für Zahlungen sowie systemunterstützte Prüfungen durch die verwendete Software.
Durch ein standardisiertes konzernweites Finanzberichtswesen sowie eine interne Ad-hoc-Berichterstattung über unternehmenswichtige Ereignisse wird der Vorstand laufend über alle relevanten Sachverhalte informiert. Der Aufsichtsrat wird in zumindest einer Aufsichtsratssitzung pro Quartal über den laufenden Geschäftsgang, die operative Planung und die mittelfristige Strategie des Konzerns unterrichtet, in besonderen Fällen wird der Aufsichtsrat auch unmittelbar informiert. In den Prüfungsausschusssitzungen wird u. a. auch das interne Kontroll- und Risikomanagement behandelt.
Das Grundkapital der POLYTEC Holding AG ist in 22.329.585 Inhaberaktien mit einem Nennwert von je EUR 1,00 unterteilt. Weitere Aktiengattungen bestehen nicht. Sämtliche Aktien sind zum Handel im Segment prime market der Wiener Börse zugelassen.
Aktionäre mit einer Beteiligung am Grundkapital von über 10,0% waren zum Bilanzstichtag 31. Dezember 2012:
Huemer Invest GmbH: Die Gesellschaft hält rund 26,6% des Grundkapitals (teilweise über ihre 100%-Tochtergesellschaft Huemer Holding GmbH) an der POLYTEC Holding AG. Die Familie des CEO der POLYTEC GROUP, Ing. Friedrich Huemer, ist Alleineigentümerin der Anteile an den genannten Gesellschaften. Ing. Friedrich Huemer ist allein vertretungsbefugter Geschäftsführer der genannten Gesellschaften.
Gegenüber dem Bilanzstichtag 31. Dezember 2011 kam es zu keiner Veränderung im Anteilsbesitz der Ing. Friedrich Huemer zurechenbaren Gesellschaften an der POLYTEC Holding AG.
Delta Lloyd Asset Management NV hält per Stimmrechtsmitteilung vom 9. Mai 2011 über folgende Fonds insgesamt 10,9% des Grundkapitals der POLYTEC Holding AG:
In Ausübung der Ermächtigung der 12. ordentlichen Hauptversammlung vom 16. Mai 2012 zum Erwerb eigener Aktien gemäß § 65 Abs. 1 Z. 8 AktG hat die Gesellschaft per 31. Dezember 2012 258.041 Stückaktien erworben, die einem Anteil am Grundkapital von rund 1,16% entsprechen. Die restlichen Anteile am Grundkapital der POLYTEC Holding AG im Umfang von insgesamt rund 55,8% befinden sich im Streubesitz.
Keine Inhaber von Aktien verfügen über besondere Kontrollrechte.
Hinsichtlich der Möglichkeit des Vorstandes, Aktien auszugeben, verweisen wir auf die Erläuterungen zum genehmigten Kapital im Konzernanhang unter D.20.
Es existiert keine Entschädigungsvereinbarung zwischen der Gesellschaft und Mitgliedern des Vorstandes für den Fall eines Kontrollwechsels. Ebenso gibt es keine Entschädigungsvereinbarungen für die Aufsichtsratsmitglieder und Arbeitnehmer. Weitere bedeutende Vereinbarungen, auf die ein Kontrollwechsel oder ein öffentliches Übernahmeangebot eine Auswirkung hätten, bestehen nicht.
Es bestehen keine Satzungsbestimmungen, die über die gesetzlichen Bestimmungen zur Ernennung von Vorstand oder Aufsichtsrat sowie zur Änderung der Satzung hinausgehende Regelungen enthalten.
Hörsching, am 27. März 2013
Der Vorstand
Friedrich Huemer e. h. Peter Haidenek e. h. Alfred Kollros e. h.
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-
| Anschaffungs- und Herstellungskosten | Abschreibungen | Nettowert | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stand am 1.1.2012 EUR |
Zugänge EUR |
Abgänge EUR |
Stand am 31.12.2012 EUR |
Stand am 1.1.2012 EUR |
Zugänge EUR |
$Zu-$ schreibungen EUR |
Abgänge EUR |
Stand am 31.12.2012 EUR |
Stand am 31.12.2012 EUR |
Stand am 31.12.2011 EUR |
|
| I. Immaterielle Ver- mögensgegenstände: |
|||||||||||
| 1. Rechte 2. Geleistete Anzahlungen |
987.640.36 0.00 987.640.36 |
125.748.12 37,500.00 163.248.12 |
0.00 0.00 0.00 |
1.113.388.48 37,500.00 1.150.888.48 |
693.224.88 0.00 693.224.88 |
162.932.04 0.00 162.932.04 |
0.00 0.00 0.00 |
0.00 0.00 0.00 |
856.156.92 0.00 856.156.92 |
257.231.56 37,500.00 294.731.56 |
294.415,48 0.00 294.415,48 |
| II. Sachanlagen: | |||||||||||
| Andere Anlagen, Betriebs- und Geschäftsausstattung |
1.713.877.29 | 175.014.22 | 229.679.86 | 1.659.211.65 | 871.120.21 | 221.943.22 | 0,00 | 148.519.04 | 944.544.39 | 714,667.26 | 842.757,08 |
| III. Finanzanlagen: | |||||||||||
| Anteile an verbundenen Unternehmen |
106.790.798.60 | 300,000.00 | 1.088.761.27 | 106.002.037.33 | 49.247.977.91 | 0,00 | 0,00 | 1.088.761.27 | 48.159.216.64 | 57.842.820.69 | 57.542.820,69 |
| 2. Beteiligungen | 30.979.06 | 0.00 | 0.00 | 30.979.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 30.979.06 | 30.979,06 |
| 106.821.777.66 | 300,000,00 | 1.088.761.27 | 106.033.016,39 | 49.247.977.91 | 0,00 | 0,00 | 1.088.761.27 | 48.159.216,64 | 57.873.799.75 | 57.573.799,75 | |
| 109.523.295.31 | 638.262.34 | 1.318.441.13 | 108.843.116.52 | 50.812.323.00 | 384.875.26 | 0.00 | 1.237.280.31 | 49.959.917.95 | 58.883.198.57 | 58.710.972.31 |
| Kapital- | Eigenkapital/ | Ergebnis des | |||
|---|---|---|---|---|---|
| anteil | Wäh- | Negatives | Geschäfts- | ||
| Beteiligungsunternehmen | $\%$ | rung | Eigenkapital | jahres | Stichtag |
| POLYTEC CAR STYLING | EUR | 3.620.072,48 | 1.869.152,94 | 31.12.2012 | |
| Hörsching GmbH, Hörsching | 100,0 | EUR | 50.919,54 | 5.553,08 | 31.12.2011 |
| POLYTEC FOHA INC., | USD | 2.419.077,55 | 510.730,50 | 31.12.2012 | |
| Warren, USA | 80,0 | USD | 1.908.347,05 | 417.429,70 | 31.12.2011 |
| POLYTEC FOHA CORP., | CAD | 129.156,00 | 105.222,00 | 31.12.2012 | |
| Markham, Kanada | 80,0 | CAD | 23.936,02 | 155.471,00 | 31.12.2011 |
| Polytec Car Styling Bromyard | GBP | 3.715.554,00 | 1.057.087,00 | 31.12.2012 | |
| Limited, Bromyard, Großbritannien | 100,0 | GBP | 2.658.466,00 | 543.406,00 | 31.12.2011 |
| Polytec Car Styling Schoten n.v., | EUR | 918.666,79 | 138.732,08 | 31.12.2012 | |
| Schoten, Belgien | 100,0 | EUR | 779.934,71 | 117.852,48 | 31.12.2011 |
| POLYTEC Holding Deutschland | EUR | 16.867.746,00 | 744.596,00 | 31.12.2012 | |
| GmbH, Lohne, Deutschland | 100,0 | EUR | 35.623.150,13 | 7.703.657,22 | 31.12.2011 |
| POLYTEC Interior Zaragoza | EUR | $-6.475.955,00$ | $-4.720,00$ | 31.12.2011 | |
| S.L. i.L., Zaragoza, Spanien | 100,0 | EUR | $-6.472.683,00$ | $-3.429.086,47$ | 31.12.2010 |
| POLYTEC Industrial Plastics | EUR | 13.762.946,00 | 1.019.395,00 | 31.12.2012 | |
| GmbH, Bochum, Deutschland | 70,0 | EUR | 13.678.550,78 | 3.503.381,88 | 31.12.2011 |
| PT Beteiligungs GmbH, | EUR | 2.717.984,00 | 8.601.912,00 | 31.12.2012 | |
| Hörsching | 100,0 | EUR | 11.122.310,47 | 8.366.095,77 | 31.12.2011 |
| PF-Beteiligungs GmbH, | EUR | 29.483,37 | $-70,97$ | 31.12.2012 | |
| Hörsching | 100,0 EUR | 29.554,34 | $-71,88$ | 31.12.2011 | |
| POLYTEC Invest GmbH i.L., | 25.580,49 | $-12.908,44$ | 31.12.2011 | ||
| Geretsried, Deutschland | 100,0 EUR | $-96.511,07$ | $-121.511,07$ | 31.12.2010 | |
| POLYTEC PLASTICS Ebensee | EUR | $-65.441,30$ | $-949.653,51$ | 31.12.2012 | |
| GmbH, Ebensee | 100,0 EUR | 61.240,83 | 2.812,08 | 31.12.2011 | |
| Polytec Inmuébles S.L. i.L., | EUR | 295.486,49 | 6.749,69 | 31.12.2012 | |
| Zaragoza, Spanien | 100,0 | EUR | 288.736,80 | $-25.795,39$ | 31.12.2011 |
| Ratipur Kraftfahrzeugbauteile | |||||
| und Autoausstattung Herstel- | |||||
| lungs- und Vertriebsgesellschaft | |||||
| mit beschränkter Haftung, | THUF | 655.563 | 2.559 | 31.12.2011 | |
| Komló, Ungarn | 24,0 THUF | 653.004 | 39.900 | 31.12.2010 |
Wir haben den beigefügten Jahresabschluss der POLYTEC Holding AG, Hörsching, für das Geschäftsjahr vom 1. Jänner 2012 bis zum 31. Dezember 2012 unter Einbeziehung der Buchführung geprüft. Dieser Jahresabschluss umfasst die Bilanz zum 31. Dezember 2012, die Gewinn- und Verlustrechnung für das am 31. Dezember 2012 endende Geschäftsjahr sowie den Anhang.
Die gesetzlichen Vertreter der Gesellschaft sind für die Buchführung sowie für die Aufstellung und den Inhalt eines Jahresabschlusses verantwortlich, der ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften vermittelt. Diese Verantwortung beinhaltet: Gestaltung, Umsetzung und Aufrechterhaltung eines internen Kontrollsystems, soweit dieses für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, damit dieser frei von wesentlichen Fehldarstellungen ist, sei es auf Grund von beabsichtigten oder unbeabsichtigten Fehlern; die Auswahl und Anwendung geeigneter Bilanzierungs- und Bewertungsmethoden; die Vornahme von Schätzungen, die unter Berücksichtigung der gegebenen Rahmenbedingungen angemessen erscheinen.
Unsere Verantwortung besteht in der Abgabe eines Prüfungsurteils zu diesem Jahresabschluss auf der Grundlage unserer Prüfung. Wir haben unsere Prüfung unter Beachtung der in Österreich geltenden gesetzlichen Vorschriften und Grundsätze ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern, dass wir die Standesregeln einhalten und die Prüfung so planen und durchführen, dass wir uns mit hinreichender Sicherheit ein Urteil darüber bilden können, ob der Jahresabschluss frei von wesentlichen Fehldarstellungen ist.
Eine Prüfung beinhaltet die Durchführung von Prüfungshandlungen zur Erlangung von Prüfungsnachweisen hinsichtlich der Beträge und sonstigen Angaben im Jahresabschluss. Die Auswahl der Prüfungshandlungen liegt im pflichtgemäßen Ermessen des Abschlussprüfers unter Berücksichtigung seiner Einschätzung des Risikos eines Auftretens wesentlicher Fehldarstellungen, sei es auf Grund von beabsichtigten oder unbeabsichtigten Fehlern. Bei der Vornahme dieser Risikoeinschätzung berücksichtigt der Abschlussprüfer das interne Kontrollsystem, soweit es für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, um unter Berücksichtigung der Rahmenbedingungen geeignete Prüfungshandlungen festzulegen, nicht jedoch um ein Prüfungsurteil über die Wirksamkeit der internen Kontrollen der Gesellschaft abzugeben. Die Prüfung umfasst ferner die Beurteilung der Angemessenheit der angewandten Bilanzierungs- und Bewertungsmethoden und der von den gesetzlichen Vertretern vorgenommenen wesentlichen Schätzungen sowie eine Würdigung der Gesamtaussage des Jahresabschlusses.
Wir sind der Auffassung, dass wir ausreichende und geeignete Prüfungsnachweise erlangt haben, sodass unsere Prüfung eine hinreichend sichere Grundlage für unser Prüfungsurteil darstellt.
Unsere Prüfung hat zu keinen Einwendungen geführt. Auf Grund der bei der Prüfung gewonnenen Erkenntnisse entspricht der Jahresabschluss nach unserer Beurteilung den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage der POLYTEC Holding AG zum 31. Dezember 2012 sowie der Ertragslage der Gesellschaft für das Geschäftsjahr vom 1. Jänner 2012 bis zum 31. Dezember 2012 in Übereinstimmung mit den österreichischen Grundsätzen ordnungsmäßiger Buchführung.
Der Lagebericht ist auf Grund der gesetzlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob die sonstigen Angaben im Lagebericht nicht eine falsche Vorstellung von der Lage der Gesellschaft erwecken. Der Bestätigungsvermerk hat auch eine Aussage darüber zu enthalten, ob der Lagebericht mit dem Jahresabschluss in Einklang steht und ob die Angaben nach § 243a UGB zutreffen.
Der Lagebericht steht nach unserer Beurteilung in Einklang mit dem Jahresabschluss. Die Angaben gemäß § 243a UGB sind zutreffend.
Leonding, am 27. März 2013
Wirtschaftsprüfer Wirtschaftsprüfer
Mag. Ulrich Dollinger Mag. Josef Spadinger
Die Veröffentlichung oder Weitergabe des Jahresabschlusses mit unserem Bestätigungsvermerk darf nur in der von uns bestätigten Fassung erfolgen. Dieser Bestätigungsvermerk bezieht sich ausschließlich auf den deutschsprachigen und vollständigen Jahresabschluss samt Lagebericht. Für abweichende Fassungen sind die Vorschriften des § 281 Abs 2 UGB zu beachten.
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