Management Reports • May 3, 2012
Management Reports
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for the FINANCIAL YEAR 2011
In 2011, the world economy showed a growth of approximately 3% expanding at roughly the same rate as its long-term average. Economic stimulus programs following the recession in 2009 as well as solid growth in the emerging markets were the main drivers of this favorable development.
But 2011 was also a problematic year for the world economy. The main issue that increasingly dominated as the year progressed was the sovereign debt crisis, which mainly affected the euro zone. And the debate about limiting public debt had a major impact on economic developments in the United States as well.
As in previous years, the emerging economies were responsible for most of the expansion, with their real gross domestic product ris- ing by nearly 6%. Asia was once again the main growth driver with an increase of almost 7%, with China and India leading the way. But an even better development in this region was prevented by sharp rises in inflation rates. It was particularly important for the world economy that the Chinese economy expanded by a good 9%, despite a growth slowdown over the course of the year. Economic developments in the other emerging markets were also generally positive. Eastern Europe achieved GDP growth of 4%, as in 2010; Latin America was not able to match the prior-year growth, but still expanded strongly.
Developments in the industrialized countries were disappoint- ing, however. In Japan, the earthquake disaster in March 2011 inevitably led to an economic slump. The US economy made only sluggish progress, especially when compared with earlier phases of recovery after a recession. The country's unemployment rate remained at an unusually high level, which depressed private consumption. Another negative factor was that the real-estate sector in the United States suffered badly from the crisis and was unable to supply any stimulus. Starting with the discussion about increasing the public debt ceiling and with the threat of temporary insolvency, consumer and business confidence indicators worsened significantly towards the middle of the year. The US economy stabilized encouragingly in the second half of the year, but growth for the full year of less than 2% was anything but satisfactory and significantly lower than the long-term average.
The situation was even more unfavorable in Western Europe, which was impacted by an escalation of the debt crisis in the euro zone. The number of countries receiving assistance from the EFSF (European Financial Stability Facility) increased, and the crisis is meanwhile no longer limited to the smaller peripheral countries. The expansion of the rescue schemes and debt restructuring for Greece were insufficient to prevent concern about possible
contagion effects, and the financial markets reacted with a high degree of nervousness and consequential volatilities. All in all, the economies of the euro zone achieved GDP growth of approximately 1.5% in 2011. Although the German economy once again expanded at an above-average rate of 3%, it was unable to escape from the unfavorable environment and its growth slowed down as the year progressed. In the fourth quarter of the year, economic growth in the euro zone was probably even slightly negative.
The positive development of the German manufacturers, which started to unfold in the second half of 2010, continued throughout the 2011 business year. In the important automo- tive market of Germany alone, the number of vehicles produced increased by 5.8% to 5.8 million units. Worldwide production of the German car manufacturers grew by 11.5% to 12.9 million vehicles.
Export volumes, a significant pillar of the German automotive indus- try, reached a level of 4.5 million vehicles in the year under review, which corresponds to an increase of 7% compared to the previous year. Thus, the dramatic decline in 2009 was offset within two years and a new record level achieved. Matthias Wissmann, President of the German Association of the Automotive Industry (VDA) said commenting on this development: "Exports remain the strong pillar of automotive production in Germany. We were able to increase our market shares in almost all relevant markets thus further fortify- ing the domestic manufacturing business."
The world automotive market showed a robust performance in 2011. While the United States, China, India and Russia posted double-digit growth rates, the European car market declined slightly by 1% to 12.8 million units. In contrast, the Japanese car market recovered more rapidly than expected. As VDA President Wissmann pointed out, "Worldwide registrations of new cars increased by 6% to 65.4 million units in 2011. German car manu- facturers were able to gain additional market shares in Western Europe, Russia, the United States, China, India, Japan and South Korea."
In the year under review, the US market for lightweight vehicles (passenger cars and light trucks) expanded by 10% above the pre- vious year's level to 12.7 million units. For the first time, German car manufacturers sold a total of 1 million lightweight vehicles in the United States, further increasing their market share for the seventh year in a row reaching a level of 8.2%.
After the strong growth rates of the previous years, the Chinese market returned to a normal growth path, recording an 8% in- crease in total car volumes to 12.2 million vehicles compared to 2010.
The Indian car market showed a favorable development towards the end of 2011: despite a restrictive monetary policy and higher petrol prices, the Indian car market expanded by 6% to 2.5 million new car registrations in 2011.
In the year under review, the European commercial vehicle industry was able to increase sales volumes by 9.9% to 1,935,392 units but failed to match the pre-crisis level of 2008 by roughly 25%. In absolute terms, France was the largest market with roughly 0.5 million new car registrations in 2011, which corresponds to a growth rate of 5.6%; whereas Germany with an increase of 17.6% recorded the strongest growth, with new car registrations totaling 0.3 million. In contrast, the Italian and Spanish markets showed a decline of 5% each.
In the heavy-duty truck segment over 16 tons, all major sales markets recorded growth in 2011. In Germany, the number of new registrations in this segment increased by a considerable 23.3%. France and the UK showed the strongest growth rates with increases exceeding 40%. In the European market at large, new registrations rose by 36.0% to 236,512 vehicles in 2011.
Source: VDA, ACEA
Change to segment reporting
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 is increasing significantly and sustainably. 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 division and the paint-spraying capacity of the Composites division. In consequence, this is leading 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 amend the internal management and reporting structure with effect from January 1, 2012. From 2012, the segmentation will no longer be 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 will be a "one-segment Group" from 2012.
Hörsching, Austria
100%
100%
100%
Polytec composites
Polytec compounds Gochsheim, Germany
industrielackierungen
Polytec Composites
Polytec plastik Aksaray, Turkey
Polytec Composites
Polytec composites
3 plants 100%
Rastatt, Germany 100%
Sladkovicovo, Slovakia 100%
Weiden, Germany 100%
Czech Repubic 100%
germany Gochsheim, Germany
Polytec
slovakia
weiden
bohemia Chodová Planá,
| Polytec plastics germany | |
|---|---|
| Lohne, Germany | |
| 2 plants | 100% |
| Polytec plastics idstein | |
|---|---|
| Idstein, Germany |
| Polytec plastics EBENSEE | |
|---|---|
| Ebensee, Austria | |
| 100% |
| CAR STYLING | |
|---|---|
| Polytec for Car Styling | |
|---|---|
| Hörsching, Austria |
| Polytec Holden Bromyard, UK |
|
|---|---|
| 100% | |
| Polytec FOHA | |
| Detroit, USA | |
| Toronto, Canada | 80% |
| Polytec AVO | |
| Antwerpen, Belgium | |
| 100% | |
| Ratipur Autófelszerelés | |
| Komló, Hungary | |
| 24% |
plastics composites 70% Polytec Holding Ag 30% Peter Stinshoff
Polytec elastoform Marchtrenk, Austria
100%
Polytec EMC Engineering Marchtrenk, Austria
Polytec Thelen Bochum, Germany
In addition to a more detailed presentation of profits and losses at Group level, the POLYTEC Group will make significant, crosssegment disclosures as defined in IFRS 8.31 et seq. in future.
Based on the Group's continued operations adjusted for the main part of the divestment of the Interior Systems business as well as for other effects1), total sales of the POLYTEC GROUP increased by 14.7% to EUR 484.2 million in 2011 compared to 2010. Previous year's sales adjusted for these effects amounted to EUR 422.1 mil- lion. This success is mainly attributable to the positive development of the European automotive industry.
The disposal of the Interior Systems business towards the end of the first half of 2011 led to a decline in consolidated Group sales by 14.6% or EUR 112.7 million to EUR 657.4 million.
As of August 31, 2011 POLYTEC Holding AG acquired PPI Plastic Products Innovation GmbH & Co KG based in Ebensee (A) now re- named POLYTEC Plastics Ebensee GmbH (PPE) instead of expand- ing capacities at a German plant. PPI contributed EUR 5.3 million to total sales in 2011.
Other operating income declined in 2011 by roughly EUR 8.6 million compared to the previous year. Approximately EUR 8.0 million of this decline were attributable to the disposal of the Interior Systems business.
In the year under review, the material ratio, which amounted to 53.1% of total sales in 2010, was reduced by 0.4 percentage points to 52.7% despite higher raw material prices. This positive effect was due to the divestment of the material-intensive Interior Systems business.
In 2011, the personnel ratio increased slightly by 0.2 percentage points to 27.0% compared to the previous year. This increase was mainly driven by higher capacity utilization and personnel-intensive production as a result of the favorable economic development espe- cially during the first nine months of the year under review.
In addition to the decline in other operating income by roughly EUR 23.2 million to EUR 90.0 million due to the disposal of the Interior Systems business, expenses for leased staff also decreased by 21.4% or EUR 5.7 million.
Group EBITDA increased by 13.0% to EUR 61.3 million despite the decline in consolidated Group sales. This corresponds to an EBITDA margin of 9.3%. The increase in EBITDA includes a deconsolidation gain of EUR 7.2 million resulting from the disposal of the Interior
| Unit | 2011 | 2010 2009 | ||
|---|---|---|---|---|
| Sales | EUR million | 657.4 | 770.1 | 607.0 |
| EBITDA2) adjusted | EUR million | 54.1 | 54.3 | 10.2 |
| EBITDA margin (EBITDA/sales) | % | 8.2 | 7.0 | 1.7 |
| EBIT2) adjusted | EUR million | 35.4 | 27.2 | -30.2 |
| EBIT margin (EBIT/sales) | % | 5.4 | 3.5 | -5.0 |
| Average capital employed | EUR million | 119.4 | 136.6 | 336.7 |
| ROCE before tax (EBIT2)/capital employed) | % | 29.6 | 19.9 | -9.0 |
1) Other effects refer to the disposal of Polytec Composites Italia at year-end 2010 as well as to the acqui- sition of PPI Plastic Products Innovation GmbH & Co KG as of August 31, 2011.
2) 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 at the end of the first half of 2011.
Systems business. Adjusted for this effect, EBITDA remained stable at the previous year's level.
In addition to the aforementioned deconsolidation gain, this favorable performance was mainly attributable to the positive development of all relevant sales markets as well as to the consistent implementation of optimization measures at the main production plants 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.
EBIT recorded a significant increase to EUR 42.6 million on a yearon-year basis despite the disposal of the Interior Systems business, which corresponds to an EBIT margin of 6.5%.
The decline in amortization and depreciation by over 30% to EUR 18.7 million in 2011 was mainly attributable to restrictive investments in fixed assets and the divestment of the Interior Systems business.
The decline in financial expenses by more than half to EUR -3.3 million in the year under review was mainly attributable to a consid- erable improvement of financing conditions over the short and long term as well as to interest income deriving from an investment in the amount of EUR 30 million as of the balance sheet date on De- cember 31, 2011. The financial result in 2011 amounted to EUR -3.1 million. In the previous year, the financial result of EUR -1.5 million included a positive effect of EUR 6.1 million from the disposal of a 10% stake in Grammer AG at the end of the third quarter 2010.
Including deferred tax effects, the Group's effective tax rate amounted to 10.8% in 2011 and was therefore considerably lower than the full taxation of income due to the conservative measure- ment of tax losses carried forward in the past.
Both the positive development of the automotive industry and the strategic measures implemented at the Group level led to a net profit of EUR 34.5 million. This corresponds to earnings per share of EUR 1.54.
| Unit | 2011 | 2010 2009 | ||
|---|---|---|---|---|
| Sales | EUR million | 559.0 | 675.9 | 525.9 |
| Share of Group sales | % | 85.0 | 87.8 | 86.6 |
| EBITDA2) adjusted | EUR million | 40.5 | 43.6 | 1.9 |
| EBITDA margin (EBITDA/sales) | % | 7.2 | 6.5 | 0.4 |
| EBIT2) adjusted | EUR million | 24.2 | 19.1 | -31.5 |
| EBIT margin (EBIT/sales) | % | 4.3 | 2.8 | -6.0 |
| Capital employed | EUR million | 62.9 | 83.3 | 105.9 |
The Automotive / Systems segment reported sales of EUR 559.0 million in 2011, a decline of 17.2% compared to the previous year mainly due to the disposal of the Interior Systems business.
POLYTEC Plastics Ebensee GmbH (formerly PPI Plastic Products Innovation GmbH & Co KG), which was acquired as of August 31, 2011, contributed EUR 5.3 million to segment sales.
The solid development of all production areas in the year under review as well as the disposal of the low-margin Interior Systems business led to an improvement of the earnings situation of the segment.
Including a one-off effect from the disposal of the Interior Systems business of EUR 7.2 million, EBITDA increased by 9.4% to EUR 47.7 million. The EBITDA margin, adjusted for these effects, amounts to 7.2%.
A more detailed description of the values related to the deconsoli- dation of the Interior Systems business is provided in the notes to the consolidated financial statements under B. 1. A description of the acquired assets and liabilities following the acquisition of PPI Plastic Products Innovation GmbH & Co KG is also available in the explanatory notes.
| Unit | 2011 | 2010 2009 | ||
|---|---|---|---|---|
| Sales | EUR million | 78.2 | 75.8 | 64.3 |
| Share of Group sales | % | 11.9 | 9.8 | 10.6 |
| EBITDA | EUR million | 7.3 | 7.0 | 5.1 |
| EBITDA margin (EBITDA/sales) | % | 9.4 | 9.3 | 7.9 |
| EBIT | EUR million | 5.9 | 5.4 | 3.1 |
| EBIT margin (EBIT/sales) | % | 7.6 | 7.2 | 4.8 |
| Capital employed | EUR million | 35.1 | 31.7 | 33.0 |
The Car Styling segment increased its sales by 3.2% to EUR 78.2 million in the year under review. Even if with some delay, the effects of the earthquake catastrophe in Fukushima led to a reduction in the volume of sales of the segment's Japanese customers, resulting in lower sales volumes of original equipment for this market. The sales and earnings situation of the segment was also further impacted by lower-than-expected production volumes for key customers in the small series business area.
In line with the development of sales, segment EBITDA improved slightly to EUR 7.3 million, with the EBITDA margin remaining almost stable at 9.4% compared to the previous year.
2009 2010 2011 64.3 75.8 78.2 9.4% 9.3% 7.9% Sales in EUR million EBITDA margin
| Unit | 2011 | 2010 2009 | ||
|---|---|---|---|---|
| Sales | EUR million | 20.2 | 18.5 | 16.8 |
| Share of Group sales | % | 3.1 | 2.4 | 2.9 |
| EBITDA | EUR million | 6.1 | 3.6 | 3.3 |
| EBIT | EUR million | 5.0 | 2.6 | -1.7 |
The segment "Other Business Units" principally encompasses POLYTEC Holding AG and the Industrial business of the Group, as well as consolidation effects on results, which cannot be attributed to any segment in particular.
| Unit Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2009 | ||||
|---|---|---|---|---|
| Asset ratio (fixed assets/ balance sheet total) |
% | 35.5 | 38.8 | 39.3 |
| Equity ratio (equity/balance sheet total) |
% | 45.6 | 28.3 | 18.5 |
| Balance sheet total | EUR million | 263.9 | 308.5 | 332.1 |
| Net working capital | EUR million | 26.9 | 16.5 | 26.3 |
| Net working capital in % of sales (NWC/sales) |
% | 4.1 | 2.1 | 4.3 |
The POLYTEC GROUP's total capital expenditure remained almost stable at EUR 17.5 million in the year under review compared to the previous year and was mainly attributable to project-related investments in the construction and further expansion of plants. In the production plant in Lohne, the leading production site for the Plastics business, invest- ments were made in a further production line to meet the high demand for cylinder head covers. In the Composites business area, investments were made at the POLYTEC Compounds plant in Gochsheim for the expansion and modernization of the manufacturing facilities for semifinished mats.
The expansion measures announced in the year under review to be carried out at the plants in Lohne (Germany) and Hörsching (Austria) were started according to plan in the second half of 2011 but did not lead to any significant expenses by year-end 2011.
Due to further restrictive investment activities, the asset ratio of the Group decreased from 38.8% to 35.5% in 2011.
As far as the other key financial figures are concerned, it should be noted that the disposal of the Interior Systems busi- ness led to a significant improvement of key financials.
The equity ratio of the POLYTEC GROUP showed a positive development totaling 45.6% at year-end 2011 due to the Group's favorable earnings situation and the positive effects from the deconsolidation of the Interior Systems business.
The increase in net working capital from EUR 16.5 million to EUR 26.9 million was attributable to both the positive business performance in the year under review and the acquisition of PPI Plastic Products Innovation GmbH & Co KG as of August 31, 2011, which contributed to this increase thanks to the high level of its inventory assets compared to the Group average.
Balance sheet structure of the POLYTEC GROUP
As of the balance sheet date on December 31, 2011, the Group reported net cash of EUR 17.9 million; even after the deduc- tion of all employee-related obligations totaling EUR 17.7 million, the net cash position remained positive. In addition to the Group's favorable business performance in the year under review, this development was mainly attributable to the posi- tive liquidity effects resulting from the disposal of the Interior Systems business.
| Unit | 2011 | 2010 | |
|---|---|---|---|
| Net debt (+)/ net cash (-) | EUR million | -17.9 | 26.7 |
| Net debt (+)/ net cash (-) to EBITDA | —— | -0.29 | 0.49 |
| Gearing (net debt (+)/ net cash (-)/equity) | — | -0.15 | 0.31 |
| Unit | 2011 | 2010 | |
|---|---|---|---|
| Cash flow from operating activities | EUR million | 29.2 | 46.0 |
| Cash flow from investing activities | EUR million | 8.6 | -1.8 |
| Cash flow from financing activities | EUR million | -23.6 | -47.1 |
| Changes in cash and cash equivalents | EUR million | 14.2 | -2.8 |
In the year under review, cash flow from operating activities amounted to EUR 29.2 million, significantly below the previous year's level. This was mainly attributable to the increase in working capital, which principally resulted from a wider scope of activity as well as from the acquired inventory assets of PPI Plastic Products Innova- tion GmbH & Co KG.
The cash inflow from investing activities of EUR 8.6 million in 2011 was due to the restrictive investment policy of the Group, with capi- tal expenditure for fixed assets increasing only slightly to EUR 17.5 million, as well as to the payments received following the disposal of the Interior Systems business.
The cash outflow from financing activities of EUR –23.6 million was mainly attributable to the repayment of interest-bearing liabilities totaling EUR 22.2 million in the year under review.
Practical environmental protection involves more than just com- pliance 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 internatio- nally recognized standard for putting in place such an environmen- tal management system. All the Group's major plants have received certification in accordance with this standard.
Dealing carefully and responsibly with natural resources is an essential part of the POLYTEC GROUP's business activities. For a company specializing in processing plastics, the avoidance of waste is particularly important. In those plants, which work mainly with injection molding technologies, every effort is made to regranulate the waste material and channel it back into the production process.
The economic (sparing) use of raw materials or the use of alternative materials is also an integral aspect of all corporate research and development activities.
The average number of those employed1) by the POLYTEC GROUP and their geographic distribution in the years from 2009 to 2011 is as follows:
| 2011 | 2010 | 2009 | |
|---|---|---|---|
| Austria | 466 | 384 | 382 |
| Germany | 3,111 | 3,883 | 3,644 |
| Rest of Europe | 1,036 | 1,520 | 1,341 |
| North America | 22 | 20 | 15 |
| South Africa | 0 | 74 | 76 |
| Asia | 0 | 0 | 67 |
| Total | 4,663 | 5,881 | 5,525 |
1) 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.
The average number of employees by segment can be broken down as follows:
| 2011 | 2010 | 2009 | |
|---|---|---|---|
| Automotive / Systems | 3,836 | 5,066 | 4,775 |
| Car Styling | 660 | 662 | 610 |
| Holding / Other business units | 167 | 153 | 140 |
| Total | 4,663 | 5,881 | 5,525 |
A key performance indicator in the HR area, sales per employee, developed as follows:
| Unit | 2011 | 2010 2009 | ||
|---|---|---|---|---|
| Sales per employee | TEUR | 141 | 131 | 110 |
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 it is well equipped 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 sup- port 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.
By virtue of a purchase agreement dated December 23, 2011, the Zaragoza site (POLYTEC Interior Zaragoza S.L.) 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.
The disposal of the Zaragoza site was the final step towards the POLYTEC GROUP's complete withdrawal from the area of Interior Systems. The sale of the assets by way of an asset deal will have a positive effect on earnings of EUR 0.6 million in the first quarter of 2012.
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 (Contin- gencies and Events Occurring after the Balance Sheet Date) are reflected in the present consolidated financial statements.
The business prospects of the world automotive industry for 2012 are relatively good. However, future developments will largely depend on the further unfolding of the European sovereign debt crisis currently underway. If the situation on the financial markets is going to stabilize contributing to strength- ening consumer confidence, an increase in global car sales of up to 4% appears feasible. On the contrary, under more adverse circumstances, car sales might also show a slight decline in 2012. The main growth drivers will remain the Asian countries as in the previous years. The Chinese and Indian car markets are expected to grow by 8% and 10% respectively in 2012. But also the resilient US market is anticipated to expand by 5%, whereas the euro zone is expected to report only a slight increase in 2012, provided that the financial markets will continue to stabi- lize and consumers will regain their confidence.
The global commercial vehicle market showed a robust perfor- mance in 2011 as in the previous year. For 2012, a further increase of 7% is anticipated in the world market for heavy commercial vehicles (over 16 tons). In Western Europe, heavy truck sales volumes are expected to grow by 4% provided that the aforementioned favorable conditions will occur. For the POLYTEC GROUP, however, this vehicle category will increas- ingly lose importance due to a switch in technology in favor of injection molding. The world market for lightweight commercial vehicles (up to 16 tons) is expected to move sideways or show a slight increase in 2012 depending on country-specific economic developments.
Excluding unpredictable negative effects resulting from an escalation of the European sovereign debt crisis, the potential instability of financial markets and the lack of consumer confi- dence, the POLYTEC GROUP expects Group sales to amount to approximately EUR 500 million for the full year 2012. Based on the Group's continuing operations adjusted for the effects from the disposal of the Interior Systems business, operating results are anticipated to match the level of 2011.
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 busi- ness 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 col- laboration with corporate customers. Materials and manufacturing processes currently under series production are also constantly being further developed.
In the 2011 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 func- tional 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 cus- tomer 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 exem- plified 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 cen- trifugal separator that sets the gas stream into rotation and separates the oil drops from the air. The POLYSWIRL oil separa- tor 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 ele- ment 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, al- lows 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 mold-making 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.
In the Composites business area, the focus is above all on finding new and better applications for long fiber-reinforced thermo- setting and thermoplastic materials (glass, carbon and basalt fibers). Other key development activities are centered upon in- creasing the efficiency of ongoing production and optimizing the processing of SMC (Sheet Molding Compounds), and LFT (Long Fiber Thermoplastic) und GMT (Glass Mat Thermoplastic) parts including their surface coating and varnishing processes.
The constant further development of proprietary SMC semifinished parts and the development of tailor-made solutions for both internal projects and external customers are also important topics at POLYTEC Composites. In this context, the Composites division was able to successfully realize a host of important proj- ects for a wide variety of industries and ultimately bring them to series production.
As of January 2011, two trunk lids and a SMC top storage compartment lid for the BMW 6 Series Convertible (followed by the Coupé in the middle of 2011) went into production. These products fulfill the highest Class-A surface quality standards and are pre-assembled to the sheet-metal body-shell parts of the vehicle before undergoing online cathodic dip painting (CDP) and coating processes at the customer's plants. The CDP and coating processes can reach temperatures of up to 200° C placing considerable demands on the materials. Thanks to its high temperature resistance SMC is therefore ideally suited for the production of these components.
In the non-automotive area, a new solar industry product for Bosch was successfully developed and brought to series pro- duction in the year under review. An intelligent solar collector housing made of SMC as the supporting element for a solar thermal module replaces a previous assembly consisting of a large number of single components such as aluminum profiles, plates and fastening elements. This technical solution is brand new and was awarded an innovation prize by the German Federa- tion of Reinforced Plastics (AVK).
Driven by the needs and demands of the car industry, light- weight construction has become another key area of development work at the POLYTEC Composites division. This involves a num- ber of related topics such as sustainability and increasing the range of electrically powered vehicles through smart lightweight construction. POLYTEC Composites materials and processing technologies offer a wide range of possibilities in this area such as the use of carbon fiber-reinforced materials or material with reduced density. A number of customers have awarded POLYTEC Composites compelling development projects for vehicles that are due to be launched onto the market from 2013 and these will remain in the pipeline beyond 2011. Demand in this sec- tor is continuously growing. POLYTEC is therefore working with unabated intensity to maintain its competitiveness to win further customer contracts for the series production of lightweight solutions.
The business activities of the Car Styling segment cover the en- tire process chain even if this division mainly focuses on devel- oping original accessories and small series. From initial design concepts and clay models (M 1:1) and digitalization and CAD construction up to the creation of rapid-prototyping-models, the customer is offered a full-service 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 to- wards 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.
In the area of advance developments, the Car Styling division mainly focuses on process engineering, and more specifically, on constantly improving PUR-R-RIM materials. Thus the use of carbon fiber as a filling for polyurethane (PUR) is currently under scrutiny to improve weight efficiency in the area of light- weight automotive construction. At present, 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 dif- ferent functional units of the division is currently exploring the po- tential 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 USB charging as an armrest accessory) and, on the other hand, adapt- ing today's products to the mobility requirements of tomorrow (for instance rear spoilers with photovoltaic solar panels).
In 2011, POLYTEC GROUP spent approximately EUR 11.0 million (2010: approx. EUR 16.0 million) of its sales on research and de- velopment activities. The significant decrease is attributable to the divestment of the Interior Systems business.
The Board of Directors is responsible for implementing an adequate internal control and risk management system for the accounting process and financial reporting. Appropriate organi- zational 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 medium-term strategy of the Group, with direct and immediate information be- ing 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 split 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.
Shareholders with a stake of over 10.0% of the share capital as of the balance sheet date on December 31, 2011 included:
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 direc- tor with sole power of representation of the said companies.
Compared to the balance sheet date on December 31, 2010, this corresponds to a reduction in the shareholding of 4.2%. Notice of this reduction was given to the company on January 28, 2011 in the form of a voting rights announcement pursuant to section 91 of the Austrian Stock Exchange Act.
The title to 16% of the company's share capital, which had been pledged as security for the acquisition of a working capital line of credit in 2009, was reassigned to Huemer Holding GmbH in January 2011 once the borrowed funds had been fully repaid.
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:
No shareholders have particular rights of control.
In a letter pursuant to section 91 et seq. of the Stock Exchange Act as of June 30, 2011, POLYTEC Holding AG was informed that PT Automotive Consulting GmbH had placed its total share- holding representing roughly 19.7% of total voting rights through an accelerated bookbuilding and, therefore, no longer holds any shares in the company.
With regard to the Board of Directors' ability to issue shares, please refer to the notes to the consolidated financial state- ments 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 con- trol 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, 2012
Friedrich Huemer m. p. Peter Haidenek m. p. Alfred Kollros m. p.
for the FINANCIAL YEAR 2011
| Con sol idate d financ ial statement s |
63 |
|---|---|
| ---------------------------------------------------------- | ---- |
| Consolidated income statement | 64 |
|---|---|
| Consolidated statement of comprehensive income | 64 |
| Consolidated balance sheet as of December 31, 2011 | 65 |
| Consolidated cash flow statement | 66 |
| Statement of changes in equity | 67 |
| General information | 68 | |
|---|---|---|
| Principles of consolidation | 69 | |
| Accounting and valuation principles | 71 | |
| Information concerning the Group's profit and loss statement and the consolidated balance sheet | 74 | |
| Other information | 80 | |
| Reporting by business segment | 86 | |
| Summary of fixed assets | 88 | |
| Changes in provisions for severance payments, pensions and jubilee payments | 90 | |
| Schedule of Group investments | 91 | |
| Statement | f all sentat ive s |
92 |
| Au ditor |
s' report | 93 |
compared with the figures from the previous year
| TEUR | Notes | 2011 | 2010 |
|---|---|---|---|
| 1. Net Sales |
D. 1 | 657,354 | 770,070 |
| 2. Other operating income |
D. 2 | 13,615 | 22,231 |
| 3. Changes in inventory of finished and unfinished goods |
D. 2 | -4,245 | -11,575 |
| 4. Own work capitalised |
D. 2 | 1,289 | 912 |
| 5. Expenses for materials and services received |
D. 3 | -346,237 | -408,629 |
| 6. Personnel expenses |
D. 4 | -177,631 | -206,215 |
| 7. Other operating expenses |
D. 5 | -90,032 | -113,258 |
| 8. Deconsolidation gains |
B. 1 | 7,211 | 736 |
| 9. Earnings before interest, taxes and amortisation (EBITDA ) |
D. 2 | 61,323 | 54,272 |
| 10. Depreciation | -18,705 | -27,053 | |
| 11. Earnings before interest, taxes and amortisation of goodwill (EBITA ) |
D. 2 | 42,618 | 27,219 |
| 12. Impairments | D. 6 | 0 | 0 |
| 13. Operating profit (EBIT) | D. 2 | 42,618 | 27,219 |
| 14. Income from associated companies | 444 | 18 | |
| 15. Financial expenses | D. 2 | -3,343 | -6,826 |
| 16. Other financial results | D. 2 | -179 | 5,313 |
| 17. Financial result | D. 7 | -3,079 | -1,495 |
| 18. Earnings before tax | D. 2 | 39,539 | 25,725 |
| 19. Taxes on income | D. 8 | -4,291 | -140 |
| 20. Consolidated profit for the year | D. 2 | 35,249 | 25,585 |
| thereof result of non-controlling interests | D. 2 | -759 | -576 |
| thereof result of the parent company | D. 2 | 34,490 | 25,009 |
| Earnings per share | D. 21 | 1.54 | 1.12 |
| Non controlling |
Total | |||
|---|---|---|---|---|
| TEUR Profit after tax |
Group 34,490 |
interests 759 |
35,249 | |
| Currency translations | -766 | 36 | -730 | |
| Total comprehensive income | 33,724 | 794 | 34,519 | |
| TEUR | Group | Non controlling interests |
Total |
|---|---|---|---|
| Profit after tax | 25,009 | 576 | 25,585 |
| Currency translations | 177 | 6 | 183 |
| Total comprehensive income | 25,186 | 582 | 25,768 |
compared with the figures from the previous year
| TEUR | Notes | DEC . 31, 2011 |
DEC . 31, 2010 |
||
|---|---|---|---|---|---|
| A. F | ixed assets | D. 3 | D. 3 | D. 3 | |
| I. | Intangible assets | D. 9 | 663 | 1,622 | |
| II. | Goodwill | D. 10 | 19,180 | 19,180 | |
| III. | Tangible assets | D. 11 | 61,740 | 92,115 | |
| IV. | Investments in affiliated companies | D. 3 | 205 | 280 | |
| V. | Investments in associated companies | D. 3 | 31 | 31 | |
| VI. | Other financial assets | D. 3 | 598 | 2,478 | |
| VII. Trade accounts receivable and other receivables and assets | D. 15 | 419 | 3,857 | ||
| VIII. Interest bearing receivables | D. 16 | 10,932 | 0 | ||
| IX. | Deferred tax assets | D. 13 | 11,759 | 17,086 | |
| 105,527 | 136,649 | ||||
| B. C | urrent assets | D. 3 | xxxx | D. 3 | |
| I. | Inventories | D. 3 | xxxx | D. 3 | |
| 1. Raw materials and supplies | D. 2 | 16,645 | 27,599 | ||
| 2. Unfinished goods and as yet unbillable services minues advanced payments | D. 2 | 20,999 | 21,314 | ||
| 3. Finished goods and merchandise | D. 3 | 15,242 | 13,701 | ||
| 4. Advance payments made | D. 3 | 4,959 | 4,527 | ||
| D. 14 | 57,845 | 67,141 | |||
| II. | Trade accounts receivable and other receivables and assets | D. 2 | xxxx | D. 3 | |
| 1. Trade accounts receivable | D. 2 | 45,494 | 59,907 | ||
| 2. Other receivables | D. 2 | 7,840 | 14,956 | ||
| 3. Income tax receivables | 82 | 847 | |||
| D. 15 | 53,415 | 75,710 | |||
| III. | Interest bearing receivables | D. 16 | 2,818 | 0 | |
| IV. | Cash and cash equivalents | D. 17 | 43,222 | 29,013 | |
| V. | Assets held for sale | D. 19 | 1,102 | 0 | |
| 263,930 | 308,512 |
| TEUR | Notes | DEC . 31, 2011 |
DEC . 31, 2010 |
|
|---|---|---|---|---|
| A. | Shareholder's equity | D. 3 | D. 3 | D. 3 |
| I. Share capital |
D. 3 | 22,330 | 22,330 | |
| II. Capital reserves |
D. 3 | 37,563 | 37,563 | |
| III. Minority interests |
D. 3 | 4,783 | 3,988 | |
| IV. Retained earnings |
55,654 | 23,455 | ||
| D. 20 | 120,330 | 87,336 | ||
| B. L ong-term liabilities |
D. 3 | D. 3 | D. 3 | |
| I. Interest-bearing liabilities |
D. 22 | 18,253 | 22,206 | |
| II. Provision for deferred taxes |
D. 13 | 2,416 | 5,566 | |
| III. Long-term provisions for personnel |
D. 23 | 17,665 | 24,878 | |
| IV. Other long-term liabilities |
D. 24 | 208 | 3,231 | |
| 38,542 | 55,880 | |||
| C. | Short-term liabilities | D. 3 | D. 3 | D. 3 |
| I. Trade accounts payable |
D. 25 | 35,477 | 65,565 | |
| II. Short-term interest-bearing liabilities |
D. 26 | 11,719 | 25,878 | |
| III. Short-term portion of long-term loans |
D. 27 | 9,010 | 9,204 | |
| IV. Liabilities on income taxes |
D. 28 | 4,398 | 2,922 | |
| V. Other short-term liabilities |
D. 29 | 44,455 | 61,728 | |
| 105,058 | 165,296 | |||
| 263,930 | 308,512 |
compared with the figures from the previous year
| TEUR | 2011 | 2010 |
|---|---|---|
| Earnings before tax | 39,539 | 25,725 |
| - Income taxes |
-1,816 | -1,878 |
| + Depreciation (appreciation) of fixed assets |
18,705 | 27,053 |
| - Release of badwill |
-11 | 0 |
| - Non-cash gains from securities held for sale |
0 | -6,119 |
| - Non-cash earnings from deconsolidation |
-7,211 | -736 |
| +(-)Increase (decrease) in long-term provisions | 456 | 527 |
| -(+) Profit (Loss) from asset disposals | -639 | -18 |
| = C onsolidated cash flow from earnings |
49,024 | 44,555 |
| -(+) Increase (decrease) in inventories, advance payments made | -7,933 | 2,824 |
| -(+) Increase (decrease) in trade and other receivables | -32,096 | -16,897 |
| +(-)Increase (decrease) in trade and other payables | 14,323 | 16,375 |
| +(-)Increase (decrease) in short-term provisions | 5,900 | -818 |
| = C onsolidated cash flow from operating activities |
29,218 | 46,038 |
| TEUR | 2011 | 2010 |
|---|---|---|
| - Investments in fixed assets |
-17,489 | -16,702 |
| - Acquisition of consolidated subsidiaries (Purchase price less the acquired cash and cash equivalents) |
-1,007 | 0 |
| - Acquisition of subsidiaries |
-35 | -25 |
| + Disposal of affiliated companies |
350 | 35 |
| - Disposal of not longer consolidated subsidiaries (Proceeds less cash and cash equivalents) |
24,128 | 2,479 |
| + Disposal of marketable securities |
0 | 12,050 |
| +(-) Profit (Loss) from asset disposals | 639 | 18 |
| +(-) Translation differences | -18 | 0 |
| + Book value of asset disposals |
2,041 | 329 |
| = C onsolidated cash flow from investing activities |
8,610 | -1,816 |
| TEUR | 2011 | 2010 |
|---|---|---|
| +(-)Increase (decrease) in interest-bearing loans and liabilities to banks | -22,202 | -47,728 |
| -(+) Increase (decrease) in interest-bearing receivables and grants | -687 | 394 |
| + Payments for own shares |
0 | 85 |
| +(-)Other changes in equity | -730 | 183 |
| = C onsolidated cash flow from financing activities |
-23,619 | -47,066 |
| TEUR | 2011 | 2010 |
| +(-)Consolidated cash flow from operating activities | 29,218 | 46,038 |
| +(-)Consolidated cash flow from investing activities | 8,610 | -1,816 |
| +(-)Consolidated cash flow from financing activities | -23,619 | -47,066 |
| = C hanges in cash and cash equivalents |
14,210 | -2,844 |
| + Opening balance of cash and cash equivalents |
29,013 | 31,857 |
| = C losing balance of cash and cash equivalents |
43,222 | 29,013 |
| TEUR | Notes | Share capital |
Capital reserves |
Treasury stock | Retained earnings |
Non-controlling interests |
Total |
|---|---|---|---|---|---|---|---|
| Balance as of January 1, 2011 | 22,330 | 37,563 | 0 | 23,455 | 3,988 | 87,336 | |
| Total comprehensive income after tax | 0 | 0 | 0 | 33,724 | 794 | 34,519 | |
| Payments | 0 | 0 | 0 | 0 | 0 | 0 | |
| Other changes | 0 | 0 | 0 | -1,525 | 0 | -1,525 | |
| Balance as of December 31, 2011 | D.20 | 22,330 | 37,563 | 0 | 55,654 | 4,783 | 120,330 |
| TEUR | Notes | Share capital |
Capital reserves |
Treasury stock | Retained earnings |
Non-controlling interests |
Total |
|---|---|---|---|---|---|---|---|
| Balance as of January 1, 2010 | 22,330 | 37,563 | -216 | -1,601 | 3,406 | 61,483 | |
| Total comprehensive income after tax | 0 | 0 | 0 | 25,186 | 582 | 25,768 | |
| Payments | 0 | 0 | 85 | 0 | 0 | 85 | |
| Other changes | 0 | 0 | 131 | -131 | 0 | 0 | |
| Balance as of December 31, 2010 | D.20 | 22,330 | 37,563 | 0 | 23,455 | 3,988 | 87,336 |
The POLYTEC Group is an internationally operating corporation fo- cusing 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 (Automotive / Systems division) as well as a suppli- er of original equipment and components for small and medium series (Car Styling division). Furthermore, the Group produces PU plastic parts as well as machines for their production for other industries.
The consolidated financial statements for the financial year 2011 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.
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 following new or amended IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) were adopted by the EU and are applicable for the first time in the financial year 2011:
• IFRS 1 (revised): Limited exemption of first-time adopters from comparative disclosures in accordance with IFRS 7
The new or amended standards, which are applicable from January 1, 2011, do not lead to any material changes in the consolidated finan- cial statements of the POLYTEC GROUP. As a result, the accounting and measurement policies applied in the 2011 financial year remain essentially unchanged compared with the consolidated financial statements as of December 31, 2010.
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 | Title | the first time for financial years com- mencing on or after: |
|---|---|---|
| IAS 1 (revised) | Amendments to IAS 1: Presenta tion of the components of other comprehensive income |
July 1, 2012 |
| IAS 12 (revised) | Limited amendments to IAS 12: Recovery of underlying assets |
January 1, 2012 |
| IAS 19 (revised) | Amendment to the accounting standard for employee benefits |
January 1, 2013 |
| IAS 27 (revised 2011) | Separate Financial Statements | January 1, 2013 |
| IAS 28 (revised) | Investments in Associates and Joint Ventures |
January 1, 2013 |
| IFRS 7 (revised) | Amendment to IFRS 7: Improving Disclosures about Transfer of Financial Assets |
July 1, 2011 |
| IFRS 9 | Financial Instruments | January 1, 2013 |
| IFRS 10 | Consolidated Financial Statements | January 1, 2013 |
| IFRS 11 | Joint Arrangements | January 1, 2013 |
| IFRS 12 | Disclosure of Interest in Other Entities |
January 1, 2013 |
| IFRS 13 | Fair Value Measurement | January 1, 2013 |
Applicable fo
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 measurement 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 informa- tion 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 accord- ance with the total cost accounting method.
Pursuant to Article 245 a UGB [Austrian Business Code], the present consolidated financial statements replace the consolidated financial statements, 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 and Separate Financial State- ments 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 financial statements include all companies by full consolidation, which are under a controlling influence by the parent company. Thus, five national subsidiaries (previous year: four) and 21 international sub- sidiaries (previous year: 24) were included in addition to the parent company; these subsidiaries are under the legal and factual control of the POLYTEC GROUP. Nine companies (previous year: twelve), which were not included, are not important for the consolidated financial statements. The balance sheet date for all companies in- cluded in the consolidated financial statements is December 31, 2011.
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 5 of the notes of the consolidated financial statements.
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 re- spective 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, 2010 | 29 |
| Retirement due to company divestments | -3 |
| Company acquisitions | 1 |
| As of Dec. 31, 2011 | 27 |
| thereof foreign companies | 21 |
The Interior-Systems business was transferred to Toyota Bo- shoku Europe N.V., Zaventem, Belgium by virtue of the purchase agreement dated June 9, 2011. Transfer of beneficial ownership took place when the deal was completed on June 30, 2011. The Board of Directors of POLYTEC decided to sell the Interior-Systems business despite the outstanding technological expertise present within the business. The motives for this strategic deci- sion were the limited prospects for the global positioning needed in this area and the extreme competitive pressures exerted by a few global competitors. Following a thorough examination by the Board of Directors of POLYTEC, Toyota Boshoku emerged as the most sensible purchaser both in the interests of shareholders and the customers and employees at the sites affected.
The divested business achieved annual sales of approximately EUR 320 million with roughly 2,000 employees in the 2010 financial year. The key products of the Interior-Systems busi- ness included door panels, roof liners and pillar coverings. The sites in South Africa (Polytec Interior South Africa Proprietary Ltd.) and in Poland (Polytec Interior Polska Sp.z.o.o.) are af- fected by the sale, as are four sites in Germany (POLYTEC In- terior GmbH). These sites were transferred by the sale of 100% of the shares in the respective companies. The sites in Hoden- hagen (formerly part of POLYTEC Riesselmann GmbH & Co KG) and Waldbröl (POLYTEC Intex GmbH & Co KG) were transferred by means of asset deals. The operations of POLYTEC Automo- tive GmbH & Co KG had already been transferred to POLYTEC Interior GmbH in the form of an asset deal on April 30, 2011. With regard to the sale of the Interior-Systems site in Spain (Zaragoza), which was not sold as part of this transaction, please refer to the disclosures under E.2 Events after the balance sheet date.
In total, the sale of the Interior-Systems business led to POLYTEC's remaining business areas being significantly strength- ened and to an increase in the average operating profit margin achieved in the Group. It gives the management the requisite flexibility to be able to expand the core areas of the Group fur- ther in line with its long-term strategy. At the same time, the management of POLYTEC is advocating the further expansion of its market position in the areas of composites, injection mold- ing components and car styling as a matter of priority. Possible acquisitions to complement POLYTEC's core business strategically are investigated on an ongoing basis.
The following companies were deconsolidated in the year under review:
| Company | Share of equity | Date of deconsolidation |
|---|---|---|
| POLYTEC Interior GmbH, Geretsried, Germany |
100% | June 30, 2011 |
| Polytec Interior Polska Sp.z.o.o., Tomaszow Mazowiecki, Poland |
100% | June 30, 2011 |
| Polytec Interior South Africa (Proprietary) Ltd., Rosslyn, South Africa |
100% | June 30, 2011 |
The deconsolidation profit or loss is included in the profit or loss from the disposal of the entire Interior-Systems business shown below.
The contribution of the Interior-Systems business to the figures shown in the consolidated income statement is as follows in 2011:
| TEUR | |
|---|---|
| Net sales | 160,844 |
| Income after taxes | 402 |
The profit or loss from the sale of the Interior-Systems business was calculated by comparing the net assets sold with the con- sideration received allowing for translation differences previously recognised direct in equity.
| TEUR | |
|---|---|
| Consideration received | 24,454 |
| Net assets sold | -18,768 |
| Cumula†ive translation differences that in the case of loss of control in the subsidiaries were reclassified from equity |
1.525 |
| Gain on disposal | 7,211 |
The gain on disposal was recognised in the deconsolidation profit or loss item in the consolidated income statement.
In addition to the purchase price, the consideration received includes sale-related expenses. Allowing for the cash and cash equivalents of the divested Interior-Systems business of TEUR 6,179, cash flow of TEUR 24,128 is produced.
The net assets divested as a result of the sale of the Interior-Systems business are as follows:
| TEUR | |
|---|---|
| Fixed assets | 34,327 |
| Current assets | 88,765 |
| Non-current provisions and liabilities | -16,902 |
| Current provisions and liabilities | -87,422 |
| Net assets of the Interior-Systems business as of June 30, 2011 | 18,768 |
A purchase agreement concerning the acquisition of 100% of the shares in PPI Plastic Products Innovation GmbH & Co KG was signed with PPI Immobilien Gesellschaft GmbH on August 3, 2011. The purchase price amounted to TEUR 1,188.
The assets and liabilities of PPI Plastic Products Innovation GmbH & Co KG acquired were recognised at the following fair values on the acquisition date, namely August 31, 2011:
| TEUR | Carrying value prior to the acquisition |
Fair value at the time of the first consolidation |
|---|---|---|
| Intangible assets | 21 | 21 |
| Tangible assets | 4,395 | 5,295 |
| Inventories | 3,882 | 3,882 |
| Accounts receivable | 4,313 | 4,313 |
| Cash and cash equivalents | 182 | 182 |
| Interest-beating liabilities | -8,376 | -8,376 |
| Obligations due to employees | -1,148 | -1,148 |
| Trade accounts payable | -1,167 | -1,167 |
| Provisions for deferred taxes | 0 | -75 |
| Other liabilities | -1,128 | -1,728 |
| Net assets acquired | 974 | 1,199 |
| Purchasing price | — | 1,188 |
| Difference | — | 11 |
The remaining negative difference was recognised as income thus increasing the net profit.
The contribution of the company to the figures shown in the consolidated income statement is as follows in 2011:
| TEUR | |
|---|---|
| Net sales | 5.345 |
| Income after taxes | -561 |
To simplify the Group structure, the limited partner's shares in POLYTEC EMC Engineering GmbH & Co KG and in POLYTEC Elastoform GmbH & Co KG were each transferred into their respective limited liability companies acting as general partners by means of the transfer agreement dated October 27, 2011. As a result, POLYTEC EMC Engineering GmbH & Co KG and POLYTEC Elastoform GmbH & Co KG were extinguished without being liquidated. Their corporate assets were transferred to POLYTEC EMC Engineering GmbH and POLYTEC Elastoform GmbH respectively by way of universal succession.
By virtue of the merger agreement dated December 19, 2011, POLYTEC Riesselmann GmbH & Co KG was merged with POLYTEC Plastics Germany GmbH & Co KG (formerly POLYTEC Intex GmbH & Co KG) by way of merger by acquisition. Here, too, the aim was to simplify the Group structure. The merger was entered in the Commercial Register of the Oldenburg District Court on January 24, 2012. This conversion has reduced the number of consolidated companies by one company.
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 acquisi- tion. A goodwill will be assigned to the assets as far as possible. A badwill was analyzed in previous years for its reason of ac- crual 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 minor- ity 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 differ- ence (negative consolidation difference) will be recognized in the income statement of the acquisition period.
Further information with regard to the effects of the decon- solidation carried out in the 2011 financial year 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 ex- change rate of the transaction date in the individual companies. Monetary assets and liabilities in foreign currencies are con- verted 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 com- pany, 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. Posi- tions of the profit and loss statement of the Group were converted with average exchange rates of the financial year.
Exchange rate differences of monetary positions, which, from the 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:
| Exchange rate on the balance sheet date |
||||
|---|---|---|---|---|
| 2011 | 2010 Dec. 31, 2011 Dec. 31, 2010 | |||
| CAD | 1.3801 | 1.3635 | 1.3215 | 1.3323 |
| GBP | 0.8709 | 0.8554 | 0.8353 | 0.8607 |
| PLN | 3.9635 | 4.0032 | - | 3.9746 |
| USD | 1.3980 | 1.3184 | 1.2938 | 1.3362 |
| ZAR | 9.7752 | 9.6339 | - | 8.8652 |
| CZK | 24.5700 | 25.2525 | 25.7732 | 25.0627 |
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 re- tained. 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 periodi- cally occurring expenses. They have to be booked as assets if certain conditions can be proved and if they have been cumu- latively 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 develop- ment 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 amounted to approximately TEUR 10,972 (previous year: TEUR 16,034).
Goodwill results from acquisitions of subsidiaries or interests in associated companies and is 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 produc- tion, 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 depreciation:
| % | |
|---|---|
| Buildings and leasehold improvements | 4.0—20.0 |
| Technical equipment and machinery | 6.7—50.0 |
| Other plant, fixtures, fittings and equipment | 10.0—50.0 |
Substantial impairment beyond the scope of the scheduled amortizations will be taken into account by extraordinary amor- tizations. 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 given 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.
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 per- formed according to schedule over the period of the leasing agreement or over the economic useful life of the assets pro- vided 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 invest- ments, which are not listed on an active market and whose cur- rent 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.
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".
In 2010, all securities were sold.
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 evalu- ated 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 an 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 syner- gies and which represent the lowest Group-internal level of the management monitoring of the cash flow. In case of goodwill, the segment is usually defined as a cash-generating unit.
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 apply- ing 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 an- nuity 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 cost of capital of the corresponding cash-generating unit and was defined with 10% to 11% for the 2011 financial year.
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 proportionately reduce the carrying amount of the assets of the cash-generating unit.
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.
Provision for severance payments
Due to legal obligations, the employees of Austrian group compa- nies who have joined the company prior to January 1, 2002 will receive a one-time severance payment in the case of a termina- tion 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 on 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 4.75% (previous year: 4.75%) as well as by taking into ac- count future salary increases of 2.0% (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 recognised as income or expense divided over the average remaining working lives of employees. Current and past service cost and actuarial gains/losses recog- nised 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 com- panies are entitled to severance payments and may receive non-recurring payments in the case of a termination of the em- ployment 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 ac- cordance 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 4.75% (previous year: 4.75%) as well as an increase of 1.5% (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 recognised as income or expense divided over the average remaining working lives of employees. Current and past service cost and actuarial gains/losses recog- nised as income or expense are shown in personnel expenses in the consolidated income statement, while interest expense associ- ated 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 consol- idation 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 pres- ent value of the received services at the date of their occur- rence. 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.
The other provisions disclosed under liabilities were recorded if there are recognizable risks and uncertain obligations until the preparation of the balance sheet. They will be specified with the amount, which proves to be the most probable amount after careful assessment of the circumstances. Reserves for expenses will not be booked as liabilities.
These positions also include any contingent liabilities in accor- dance with IFRS 3.
Financial assets and liabilities are disclosed in the balance sheet if the Group becomes a contractual party of a financial instru- ment. 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 bal- anced on the settlement date.
Financial assets will be categorized as follows:
Financial liabilities will be 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 opti- mize the net interest result of the Group.
The following pending derivative financial instruments were held on December 31, 2011.
| Currency | Longest term |
Nominal (x 1,000) |
Fair value in TEUR |
|
|---|---|---|---|---|
| Interest rate swap | EUR Oct. 2012 | 10,000 | -288 | |
| Foreign exchange forward contract | USD | Jun. 2012 | 500 | -11 |
| Foreign exchange forward contract | USD Dec. 2012 | 500 | -3 |
A Group company also has insignificant currency options. The fair value of these currency options amounted to TEUR -13 as of December 31, 2011.
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 cannot be 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.
The financing expenses include the interest and interest equiva- lent 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 invest- ments 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 legiti- mate 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 trans- actions 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 pen- sion 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 as- sets 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.
The segments represent product groups and correspond to the internal reporting system of the Group. A detailed description of the business activities of the different divisions can be found in section A. of the notes of the consolidated financial statements.
Assets and liabilities as well as expenses and earnings were only assigned to the individual segments as far as they could be as- signed to the corresponding segments directly or with the help of a reasonable method. Positions, which could not be assigned this way, are shown in the columns named "Other segments" and "Consolidation". The transfer prices between the segments are based on comparable customary market conditions.
There are no substantial valuation differences of the assets or liabilities of the individual segments. Further information can be found in the explanations of the accounting and valuation principles applied for the Group.
The major part of the Interior-Systems business was sold at the end of the first half of 2011. The proportion of "non-automo- tive" business in virtually all the Group's previous operating seg- ments 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 increas- ing use of the injection molding capacity of the Plastics business and the paint-spraying 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 at the end of the year, the management of POLYTEC Holding AG decided to amend the internal management and reporting structure with effect from January 1, 2012. From 2012, the segmentation will no longer be product-oriented, as it has been in recent years, but technology-oriented, with the remain- ing principal segment, namely "plastic processing", encompassing well over 90% of the Group. This is why the Group will be a "one-segment group" from 2012.
In addition to a more detailed presentation of profits and losses at Group level, the POLYTEC Group will make significant, crosssegment disclosures as defined in IFRS 8.31 et seq. in future.
Being a supplier of the automotive industry, the Group only depends on a small number of major customers. In 2011 and 2010, only three customer groups achieved more than 10% of the group's entire sales. In total, the three main customers accounted for roughly 69%1) of total sales in 2011 (previous year: 56%). Due to the broad variety of models and brands of POLYTECS 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 relation- ship between the customer and the supplier, but, of course, to a different degree.
On the balance sheet dates, the specifications concerning geo- graphical areas at the Group level can be summarized as follows:
| Obligations | ||||||
|---|---|---|---|---|---|---|
| External sales | Deferred tax assets | towards employees | ||||
| TEUR | 2011 | 2010 | 2011 | 2010 Dec. 31, 2011 Dec. 31, 2010 | ||
| Austria | 21,776 | 29,471 | 8,601 | 10,794 | 2,619 | 1,913 |
| Germany | 418,915 | 513,436 | 2,306 | 5,835 | 14,757 | 22,633 |
| Other EU | 186,813 | 181,269 | 853 | 457 | 0 | 132 |
| Rest of world | 29,849 | 45,894 | 0 | 0 | 290 | 201 |
| Group | 657,354 770,070 | 11,759 | 17,086 | 17,665 | 24,878 |
All information for the segments of the Group can be found in annex 1 of the notes of the consolidated financial statements. Segment sales are reported based on the customer's location.
1) Including MAN after incorporation into the VW Group.
Sales are divided according to categories as follows:
| TEUR | 2011 | 2010 |
|---|---|---|
| Part sales and other sales | 608,450 | 701,977 |
| Tooling and development sales | 48,904 | 68,093 |
| Total | 657,354 | 770,070 |
| 2011 | 2010 |
|---|---|
| 165 | 81 |
| 4,769 | 8,935 |
| 0 | 1,045 |
| 8,681 | 12,170 |
| 13,615 | 22,231 |
| TEUR | 2011 | 2010 |
|---|---|---|
| Material expenses | 295,724 | 344,167 |
| Expenses for services received | 50,513 | 64,462 |
| Total | 346,237 | 408,629 |
| TEUR | 2011 | 2010 |
|---|---|---|
| Wages and salaries | 144,989 | 160,259 |
| Expenses for statutory social charges | 29,188 | 34,925 |
| Expenses for severance payments and pensions | 2,006 | 4,754 |
| Other personnel expenses | 1,448 | 6,276 |
| Total | 177,631 | 206,215 |
Expenses for severance payments and pensions also include ex- penses for contribution-oriented plans.
The average number of employees was:
| 2011 | 2010 | |
|---|---|---|
| Workers | 3,239 | 4,072 |
| Employees | 895 | 1,112 |
| Total | 4,134 | 5,184 |
On the balance sheet date as of December 31, 2011, the POLYTEC Group employed 3,578 employees (2,764 workers and 814 white-collar employees excluding leased staff).
| TEUR | 2011 | 2010 |
|---|---|---|
| Leased staff | 20,955 | 26,647 |
| Maintenance | 15,041 | 17,838 |
| Transport | 6,639 | 9,615 |
| Rent for buildings | 12,712 | 15,310 |
| Other rent and leases | 4,397 | 4,821 |
| IT and communication costs | 2,800 | 3,330 |
| Legal and consulting fees | 3,064 | 4,041 |
| Loss on exchange rate | 98 | 427 |
| Other operating expenses | 8,357 | 12,708 |
| Other sales expenses | 3,483 | 5,113 |
| Other administration expenses | 9,347 | 9,700 |
| Risk provision and damaging | 1,897 | 3,123 |
| Non income based taxes and charges | 438 | 522 |
| Losses on disposal of fixed assets, | ||
| excluding financial assets | 804 | 63 |
| Total | 90,032 | 113,258 |
Pursuant to IAS 36 impairment tests are to be carried out when there is an indication of impairment with regard to the com- pany's assets. According to IFRS 3 (Business Combinations), the goodwill will not be amortized from the beginning of the financial year 2005 but is subject to an annual impairment test. Due to these impairment tests, no goodwill amortizations were required in 2011 as in the previous year.
| TEUR | 2011 | 2010 |
|---|---|---|
| Income from associated companies | 444 | 18 |
| Interest income and income from securities | 1,080 | 232 |
| Interest component of pension commitments | -753 | -1,240 |
| Other interest expenses | -3,669 | -6,308 |
| Income from the disposal of securities held as current assets | 0 | 6,119 |
| Other financial result | -179 | -315 |
| Total | -3,079 | -1,495 |
Income from other investments includes dividends from the POLYTEC Immobilien Group of TEUR 438 (previous year: TEUR 0).
The interest component from pension commitments is a non-cash item. All other interest expenses or interest income are cash items.
| TEUR | 2011 | 2010 |
|---|---|---|
| Expenses for current income taxes | 4,277 | 2,962 |
| thereof non periodic | 3 | 57 |
| Changes in deferred income taxes | 13 | -2,823 |
| thereof non periodic | 0 | 0 |
| Total | 4,291 | 140 |
| thereof non periodic | 3 | 57 |
The income tax expense of the 2011 financial year amounting to TEUR 4,291 is lower by an amount of TEUR 5,594 compared to the calculated income tax expense amounting to TEUR 9,885, which would result by applying a tax rate of 25% to the result prior to income taxes amounting to TEUR 39,539.
The reasons for the difference between the calculated and the actually disclosed income tax expense of the Group can be sum- marized as follows:
| TEUR | 2011 | 2010 |
|---|---|---|
| Earnings before tax | 39,539 | 25,725 |
| there of 25% calculated income tax expense | 9,885 | 6,431 |
| Changes in value adjustments for deferred tax assets | -1,729 | -3,414 |
| Permanent differences | -4,319 | -2,912 |
| Differences from the discrepancy between the local and the consolidated tax rate |
451 | -23 |
| Income tax expense for the reporting period | 4,288 | 83 |
| Non-periodic income tax expense | 3 | 57 |
| Disclosed income tax expense | 4,291 | 140 |
The classification of the intangible assets and their development summarized in the consolidated balance sheet are shown in the Consolidated Movement of Assets (annex 2 of the notes).
No intangible assets were mortgaged or pledged as a security for bank liabilities in 2011 as in 2010.
The goodwill is allocated to the following divisions:
| Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|
| 12,643 | 12,643 |
| 0 | 0 |
| 6,537 | 6,537 |
| 19,180 | 19,180 |
The classification of the tangible assets summarized in the con- solidated balance sheet as well as their development is shown in the Consolidated Movement of Assets (annex 2 of the notes).
The future expenses from non-terminable operating leasing agreements (without the obligations towards the POLYTEC Im- mobilien Group, which are explained in the notes under E. 6) amounted to TEUR 21,990 as of December 31, 2011 (previous year: TEUR 34,920) and are due as follows:
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Within 1 year | 6,482 | 10,423 |
| Longer than 1 year and within 5 years | 15,508 | 24,497 |
| Longer than 5 years | 0 | 0 |
Tangible assets include finance lease goods with a book value amounting to TEUR 6,269 (previous year: TEUR 4,791). The most important finance leases concern production plants.
The finance lease results in leasing obligations towards third parties amounting to TEUR 5,232 (previous year: TEUR 5,379). The specified leasing obligations (cash values including redemp- tion for residual value) are due as follows:
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Within 1 year | 1,534 | 3,029 |
| Longer than 1 year and within 5 years | 3,698 | 2,350 |
| Longer than 5 years | 0 | 0 |
The leasing payments (without redemption for residual value) corresponding to the cash values amount to TEUR 4,696 (previous year: TEUR 4,590) and are due as follows:
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Within 1 year | 1,534 | 2,581 |
| Longer than 1 year and within 5 years | 3,162 | 2,009 |
| Longer than 5 years | 0 | 0 |
In the 2011 financial year, no tangible asset impairment charges were recognized as in the previous year. No revaluations were made in 2011 as in the previous year.
TEUR 21,314 (previous year: TEUR 30,953) of the tangible as- sets are mortgaged or pledged as a security for bank liabilities.
The Group had issued long-term loans to companies of the POLYTEC Immobilien Group (see also the explanations with re- gard to affiliated companies in E. 6). These were fully paid back in 2011. The contractually agreed cash flow from the agreed repayments and interests (with the interest rate at the corre- sponding balance sheet date) can be summarized as follows:
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Carrying value | 0 | 1,606 |
| Cash flow of the following year | 0 | 408 |
| Cash flow in the years 2 to 5 | 0 | 1,349 |
| Cash flow over more than 5 years | 0 | 0 |
The differences between the amounts stated in the tax bal- ance sheet and the IFRS balance sheet result from the following differences and take effect on deferred taxes as follows:
| TEUR | Dec. 31, 2011 | Dec. 31, 2010 | ||
|---|---|---|---|---|
| Assets Liabilities | Assets Liabilities | |||
| Tangible assets | -1,586 | 377 | -398 | 207 |
| Provisions for severance payments | 499 | 0 | 435 | 0 |
| Provisions for pensions | 121 | 0 | 1,338 | 0 |
| Provisions for personnel | 115 | 0 | 485 | 0 |
| Tax losses carried forward | 9,961 | 0 | 8,844 | 0 |
| Leasing liabilities | 1,062 | 0 | 1,276 | 0 |
| Other provisions | 1,335 | -21 | 1,607 | 0 |
| Others | 189 | -27 | 3,375 | 117 |
| Subtotal | 11,696 | 329 | 16,962 | 324 |
| Consolidation of debt | 0 | 2,087 | 0 | 5,242 |
| Elimination of intercompany profits Capitalization/provisions for |
62 | 0 | 124 | 0 |
| deferred taxes | 11,759 | 2,416 | 17,086 | 5,566 |
Deferred taxes on losses carried forward of TEUR 16,424 (pre- vious year: TEUR 31,004) were not capitalized.
The inventory is structured as follows:
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Raw materials and supplies | 16,645 | 27,599 |
| Unfinished goods | 8,579 | 8,424 |
| Work-in-progress | 20,341 | 28,611 |
| Advance payments received | -7,921 | -15,721 |
| Finished goods and merchandise | 15,242 | 13,701 |
| Advance payments made | 4,959 | 4,527 |
| Total | 57,845 | 67,141 |
TEUR 0 (previous year: TEUR 25,776) of the inventory are pledged as a security for bank liabilities.
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Trade accounts receivable | 45,494 | 61,046 |
| thereof with a residual term > 1 year | 0 | 1,139 |
| thereof from companies, in which participating interests are held |
2 | 286 |
| thereof from affiliated companies | 13 | 4 |
| Other receivables and assets | 7,970 | 17,126 |
| thereof with a residual term > 1 year | 419 | 2,718 |
| thereof from related companies | 0 | 36 |
| Income tax receivable | 82 | 847 |
| thereof with a residual term > 1 year | 0 | 0 |
| Pre-payments and deferred charges | 288 | 548 |
| thereof with a residual term > 1 year | 0 | 0 |
| Total | 53,834 | 79,567 |
| thereof with a residual term > 1 year | 419 | 3,857 |
| thereof from companies in which | ||
| participating interests are held | 2 | 286 |
| thereof from affiliated companies | 13 | 4 |
| thereof from related companies | 0 | 36 |
Within the scope of silent global assignments, TEUR 9,936 (previous year: TEUR 32,302) of bank liabilities are secured by accounts receivable.
The maturity structure of trade accounts receivable for third parties at the balance sheet date can be summarized as follows:
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Non payable | 29,052 | 44,379 |
| Due up to 60 days | 13,287 | 10,536 |
| Due up to 120 days | 1,238 | 2,912 |
| Due up to 360 days | 1,038 | 3,066 |
| Longer than 360 days | 878 | 153 |
| Total | 45,494 | 61,046 |
For the determination of the recoverability of the accounts re- ceivable, 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:
| TEUR | Trade accounts receivables |
Other receivables |
|---|---|---|
| Balance as of January 1, 2011 | 2,494 | 94 |
| Changes in consolidation | -683 | -94 |
| Use | -374 | 0 |
| Release | -63 | 0 |
| Allocation | 494 | 0 |
| Foreign exchange rate differences | 3 | 0 |
| Balance as of December 31, 2011 | 1,871 | 0 |
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.
The Group has also made available a short-term loan to a company in the POLYTEC Immobilien Group (please see the explanations under E.6. on related parties). This will be repaid in full in the financial year 2012.
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Cash and cash equivalents (short term) | 43,222 | 29,013 |
Restrictions concerning the amounts included in this position were not existent on the balance sheet date. TEUR 0 (previous year: TEUR 189) are pledged as a security for bank liabilities.
| Fair value without |
||||||
|---|---|---|---|---|---|---|
| TEUR | Amortized costs |
any im pact on profit or loss |
Fair value through profit or loss |
Carrying amount as of Dec. 31, 2011 |
Fair value as of Dec. 31, 2011 |
|
| Loans and receivables | x | x | x | x | x | |
| Accounts receivables and other receivables |
53,046 | 0 | 0 | 53,046 | 53,046 | |
| Interest-bearing receivables | 13,750 | 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 | x | 0 | 0 | 110,852 | 110,852 | |
| 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 |
| Fair value without Fair value Carrying Fair |
|||||
|---|---|---|---|---|---|
| TEUR | Amortized costs |
any im- pact on profit or loss |
through profit or loss |
amount as of Dec. 31, 2010 |
value as of Dec. 31, 2010 |
| Loans and receivables | x | x | x | x | x |
| Accounts receivables and other receivables |
78,102 | 0 | 0 | 78,102 | 78,102 |
| Loans | 1,606 | 0 | 0 | 1,606 | 1,606 |
| Investments in other companies | 1,183 | 0 | 0 | 1,183 | 1,183 |
| Cash and cash equivalents (short term) |
29,013 | 0 | 0 | 29,013 | 29,013 |
| 109,903 | 109,903 | 109,903 | |||
| Held for trading | 109,903 | 0 | 0 | 109,903 | 109,903 |
| Foreign exchange | |||||
| forward transactions | 0 | 0 | 70 | 70 | 70 |
| Interest rate derivatives | 0 | 0 | -645 | -645 | -645 |
| 0 | 0 | -575 | -575 | -575 | |
| Total | 109,903 | 0 | -575 | 109,328 | 109,328 |
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, 2011 |
Thereof stage 2 Dec. 31, 2011 |
Thereof stage 3 Dec. 31, 2011 |
|---|---|---|---|
| Held for trading | |||
| Foreign exchange | |||
| foreward transactions | 0 | -27 | 0 |
| Interest rate derivatives | 0 | -288 | 0 |
| 0 | -315 | 0 | |
| Thereof | Thereof | Thereof |
| TEUR | stage 1 Dec. 31, 2010 |
stage 2 Dec. 31, 2010 |
stage 3 Dec. 31, 2010 |
|---|---|---|---|
| Held for trading | |||
| Foreign exchange | |||
| foreward transactions | 0 | 70 | 0 |
| Interest rate derivatives | 0 | -645 | 0 |
| 0 | -575 | 0 |
These three stages distinguish fair values according to the significance of the factors included in the measurement and illustrate the extent to which observable market data are available in measuring the fair value.
The stages of the fair value hierarchy and their application to assets and liabilities can be described as follows:
Stage 1:
Listed market prices for identical assets or liabilities on active markets
Stage 2:
Information other than listed market prices, which is observable directly (e.g. prices) or indirectly (e.g. derived from prices).
Stage 3:
Information for assets and liabilities, which is not based on observable market data.
The assets held for sale relate to property, plant and equipment (TEUR 144) as well as inventories (TEUR 958) in connection with the transaction described under E.2., Events after the balance sheet date.
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 pe- riod of five 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 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, 2011 Dec. 31, 2010 | |
|---|---|---|
| Total equity | 120,330 | 87,336 |
| Balance sheet total | 263,930 | 308,512 |
| Equity ratio | 45.6% | 28.3% |
For POLYTEC, the term "capital management" means the control of the equity capital and the net financial liabilities. By optimiz- ing both components, the Group tries to optimize the return of the shareholders. Apart from the equity ratio, POLYTEC especially uses the parameters "gearing" (net financial liabilities against equity capital) and "leverage ratio" (net financial liabili- ties 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.
| Dec. 31, 2011 Dec. 31, 2010 | |||
|---|---|---|---|
| Net income after non-controlling interests | TEUR | 34,490 | 25,009 |
| Weighted average number of ordinary shares issued |
shares | 22,329,585 | 22,329,585 |
| Average number of treasury shares | shares | 0 | 0 |
| Average number of shares outstanding | shares | 22,329,585 | 22,329,585 |
| Earnings per share | EUR/share | 1.54 | 1.12 |
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 pre- pared in accordance with Austrian accounting regulations as of December 31, 2011 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 2011 fi- nancial 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 taxa- tion). 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, 2011 Dec. 31, 2010 | |
|---|---|---|
| Liabilities due to banks | 14,365 | 19,658 |
| thereof with a residual term > 5 years | 0 | 286 |
| thereof with collateral securities | 14,365 | 19,658 |
| Other interest bearing liabilities | 190 | 198 |
| thereof with a residual term > 5 years | 0 | 0 |
| Lease liabilities | 3,698 | 2,350 |
| thereof with a residual term > 5 years | 0 | 0 |
| Total | 18,253 | 22,206 |
The expiring long-term and short-term interest-bearing liabili- ties of the Group towards credit institutes are existent in the following currencies:
| 2011 | 2010 | |||
|---|---|---|---|---|
| Proportion % |
Average ordinary interest |
Proportion % |
Average ordinary interest |
|
| EUR | 94.3 | 2.61 | 96.2 | 4.49 |
| GBP | 5.7 | 2.69 | 3.8 | 2.40 |
This position summarizes all long-term provisions for obligations due to employees:
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Provisions for severance payments | 2,417 | 1,714 |
| Provisions for pensions | 13,788 | 21,464 |
| Provisions for long-service bonus payments | 1,170 | 1,368 |
| Other long-term provisions | 290 | 333 |
| Total | 17,665 | 24,878 |
For further information about the development of the provisions for severance payments, pensions and long service bonus pay- ments in the previous financial years please refer to annex 3 of the notes of the consolidated financial statements.
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Long-term contingent liabilities and provisions | 0 | 2,629 |
| Government grants (residual terms > 1 year) | 208 | 601 |
| Total | 208 | 3,231 |
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Trade accounts payable | 34,484 | 63,636 |
| thereof due to affiliated companies | 151 | 153 |
| Advanced payments received | 992 | 1,929 |
| Total | 35,477 | 65,565 |
As in the previous year, current interest-bearing liabilities relate entirely to liabilities to banks.
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Bank liabilities with a residual term of less than 1 year | 7,476 | 6,175 |
| Lease liabilities with a residual term of less than 1 year | 1,534 | 3,029 |
| Total | 9,010 | 9,204 |
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 com- panies have their registered office. The liabilities have developed as follows:
| TEUR | 2011 | 2010 |
|---|---|---|
| Balance as of January 1 of the reporting year | 2,922 | 2,202 |
| Changes in the consolidation basis | 0 | -180 |
| Exchange rate differences | 7 | 2 |
| Use | -2,098 | -1,063 |
| Release | -22 | -497 |
| Addition | 3,590 | 2,457 |
| Balance as of December 31 of the reporting year | 4,398 | 2,922 |
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Provision for vacation | 5,449 | 6,449 |
| Other personal expenses | 5,325 | 5,899 |
| Losses and risks | 5,943 | 11,080 |
| Other short-term provisions | 19,074 | 15,291 |
| Short-term provisions | 35,791 | 38,719 |
| Liabilities to associated companies | 0 | 0 |
| Other tax liabilities | 2,416 | 6,733 |
| Social security liabilities | 977 | 1,040 |
| Other liabilities | 5,143 | 14,283 |
| Government grants with a residual term of less than one year |
129 | 382 |
| Deferred charges | 0 | 571 |
| Total | 44,455 | 61,728 |
The other provisions especially include provisions for warranties as well as pending purchase invoices. The development of the short-term provisions is specified in detail in annex 4 of the notes of the consolidated financial statements.
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 | Amortized costs |
Fair value without impact on profit and loss |
Fair value through profit and loss |
Carrying value as of Dec. 31, 2011 |
Fair value as of Dec. 31, 2011 |
|---|---|---|---|---|---|
| Measured at amortized costs | xxxx | xxxx | xxxx | xxxx | xxxx |
| Long-term interest-bearing financial liabilities |
14,555 | 0 | 0 | 14,555 | 14,555 |
| Short-term interest-bearing 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 |
| 74,048 | 0 | 0 | 74,048 | 74,048 | |
| Not allocated according IAS 39 (Financial lease) |
xxxx | xxxx | xxxx | xxxx | xxxx |
| Long-term interest bearing financial liabilities |
3,697 | 0 | 0 | 3,697 | 3,697 |
| Short-term interest bearing 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 |
| TEUR | Amortized costs |
Fair value without impact on profit and loss |
Fair value through profit and loss |
Carrying value as of Dec. 31, 2010 |
Fair value as of Dec. 31, 2010 |
|---|---|---|---|---|---|
| Measured at amortized costs | xxxx | xxxx | xxxx | xxxx | xxxx |
| Long-term interest-bearing financial liabilities |
19,856 | 0 | 0 | 19,856 | 19,856 |
| Short-term interest-bearing financial liabilities |
32,053 | 0 | 0 | 32,053 | 32,053 |
| Trade accounts payable | 65,565 | 0 | 0 | 65,565 | 65,565 |
| Other short-term liabilities | 13,636 | 0 | 0 | 13,636 | 13,636 |
| 131,110 | 0 | 0 | 131,110 | 131,110 | |
| Not allocated according IAS 39 (Financial lease) |
xxxx | xxxx | xxxx | xxxx | xxxx |
| Long-term interest bearing financial liabilities |
2,349 | 0 | 0 | 2,349 | 2,349 |
| Short-term interest bearing financial liabilities |
3,029 | 0 | 0 | 3,029 | 3,029 |
| 5,378 | 0 | 0 | 5,378 | 5,378 | |
| Total | 136,488 | 0 | 0 | 136,488 | 136,488 |
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 | 2011 | 2010 |
|---|---|---|
| Interest cash in | 1,080 | 232 |
| Interest cash out | -4,026 | -6,769 |
| Total | -2,947 | -6,537 |
By virtue of the purchase agreement dated December 23, 2011, the Zaragoza site (POLYTEC Interior Zaragoza S.L.) 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.
The sale of the Zaragoza site was the final step towards the POLYTEC GROUP's complete withdrawal from the area of Interior-Systems. The sale of the assets by way of an asset deal will have a positive effect on earnings of approximately EUR 0.6 million in the first quarter of 2012.
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 factor- ing agreement for up to EUR 16.5 million with a German factor- ing 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 con- solidated 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 exist- ing obligation with regard to a leasing agreement amounting to TEUR 1,500 (previous year: TEUR 1,500). An amount of TEUR 1,500 (previous year: TEUR 542) was reported on the liabilities side in the present consolidated financial statements due to the closure of the site in Sweden.
Various legal actions and claims are pending from litigations and claims incidental to the ordinary course of business. 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.
Other risks and obligations, which have not been mentioned in the present consolidated financial statements or in the explana- tions 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 certifica- tions 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 mar- ket, 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 two to three 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 sup- plier 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 bal- anced 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 company'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. Further- more, increased research and development expenses are aimed at using new raw materials (natural fiber).
Financial risks, their management and sensitivity
Credit risk: Due to the company's customer structure, with more than 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 2011 financial year, approx. 69%1) (previous year: 56%) 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 char- acteristic 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.
1) Including MAN after incorporation into the VW Group.
The risk of non-payment in the case of liquid assets is very low, as the contractual partners are banks with very good creditwor- thiness.
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, 2011 Dec. 31, 2010 | |
|---|---|---|
| Loans and receivables | 110,851 | 109,903 |
| At fair value through profit and loss | 0 | 0 |
| Held for trading | 0 | 70 |
| Available for sale | 0 | 0 |
| Total | 110,851 | 109,973 |
The analysis of the overdue but not impaired trade accounts receivables and of other accounts receivable as of December 31 of the reporting year can be presented as follows:
| Overdue but not impaired | ||||||
|---|---|---|---|---|---|---|
| Dec. 31, 2011 | Total | Not overdue and not impaired |
Up to 60 days |
Up to 60-120 days |
Up to 120-360 days |
Longer than 360 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 |
Overdue but not impaired
| Dec. 31, 2010 | Total | Not overdue and not impaired |
Up to 60 days |
Up to 60-120 days |
Up to 120-360 days |
Longer than 360 days |
|---|---|---|---|---|---|---|
| Trade accounts receivables |
61,046 | 44,379 | 10,536 | 2,912 | 3,066 | 153 |
| Other accounts receivables |
18,521 | 16,843 | 348 | 93 | 1,103 | 134 |
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 conclud- ed 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 value as of Dec. 31, 2011 |
Total obligate cash flows |
Thereof till 1 year |
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 |
| TEUR | Carrying value as of Dec. 31, 2010 |
Total obligate cash flows |
Thereof till 1 year |
Thereof over 1 but less than 5 years |
Thereof more than 5 years |
|---|---|---|---|---|---|
| Bank loans | 36,884 | 40,528 | 19,582 | 20,442 | 504 |
| Bank credits in current account |
15,042 | 15,580 | 15,580 | 0 | 0 |
| Financial lease | 5,378 | 5,903 | 3,311 | 2,592 | 0 |
| Trade payables | 65,565 | 65,565 | 65,565 | 0 | 0 |
| Other financial liabilities | 13,636 | 13,636 | 13,636 | 0 | 0 |
| Total | 138,488 | 141,212 | 117,674 | 23,034 | 504 |
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 ex- change risk only affects the Group to a very low degree. As the purchase of intermediate inputs is performed with the same cur- rency 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:
| Dec. 31, 2011 | ||||
|---|---|---|---|---|
| TEUR | Euro | Foreign currency |
Total | |
| 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 | Euro | Foreign currency |
Total |
|---|---|---|---|
| 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 |
| TEUR | Euro | Foreign currency |
Total |
|---|---|---|---|
| Investments | 1,183 | 0 | 1,183 |
| Receivables and other assets | 66,537 | 11,565 | 78,102 |
| Loans | 1,606 | 0 | 1,606 |
| Cash in bank | 23,344 | 5,669 | 29,013 |
| Derivative instruments | -575 | 0 | -575 |
| Total | 92,095 | 17,234 | 109,329 |
| TEUR | Euro | Foreign currency |
Total |
|---|---|---|---|
| Long-term interest-bearing financial liabilities | 21,367 | 839 | 22,206 |
| Short-term interest-bearing financial liabilities | 32,978 | 2,104 | 35,082 |
| Accounts payable trade | 59,346 | 6,219 | 65,565 |
| Other short-term liabilities | 12,953 | 683 | 13,636 |
| Total | 126,644 | 9,845 | 136,489 |
The distribution structure shows that the risk the Group is sub- ject to due to exchange rate fluctuations is very low since both financial assets held in foreign currency totaling 9.3% (previous year: 15.8%) and liabilities totaling 7.6% (previous year: 7.2%) account for only a minor part of the total volume. Furthermore, currency fluctuations would equally affect both assets and liabili- ties and therefore show compensatory effects. A roughly 10% decrease or increase in exchange rates with re- gard 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, 2011 Dec. 31, 2010 | |
|---|---|---|
| Liabilities to banks | 33,560 | 51,711 |
| thereof with fixed interest rate | 5,908 | 5,828 |
| thereof with variable interest rate | 27,652 | 45,883 |
| Finance lease | 5,231 | 5,378 |
| thereof with fixed interest rate | 5,231 | 5,378 |
| thereof with variable interest rate | 0 | 0 |
| Other interest-bearing liabilities | 190 | 198 |
| thereof with fixed interest rate | 190 | 198 |
| thereof with variable interest rate | 0 | 0 |
| Total | 38,981 | 57,287 |
| thereof with fixed interest rate | 11,329 | 11,404 |
| thereof with variable interest rate | 27,652 | 45,883 |
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 280 (previous year: TEUR 460).
Interest-bearing receivables and current cash and cash equiva- lents contain assets, on which interest is payable at floating rates, of TEUR 23,893. An increase of the 3-month EURIBOR by 100 basis points would increase interest income by approxi- mately TEUR 239 (previous year: TEUR 290).
The following results were achieved from the interest rate swaps held by the Group:
| TEUR | 2011 | 2010 |
|---|---|---|
| Received payments | -464 | -460 |
| Valuation result | 274 | 226 |
| Total | -190 | -234 |
Following the sale of the listed securities held as current assets (shares) by the Group in the previous year, POLYTEC is no lon- ger subject to the risk of a change in the stock exchange price.
| Dec. 31, 2011 TEUR |
Interests | Value adjustments |
Currency 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 |
| Dec. 31, 2010 TEUR |
Interests | Value adjustments |
Currency translation |
Income from other securities |
Income from other investments |
Income from derivates |
Net income |
|---|---|---|---|---|---|---|---|
| Loans and receivables | 232 | 411 | 0 | 0 | 18 | 0 | 661 |
| Financial liabilities | -6,308 | 0 | -8 | 0 | 0 | 0 | -6,316 |
| Financial investments available for sale | 0 | 0 | 0 | 6,119 | 0 | 0 | 6,119 |
| Financial investments held-to-maturity | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| At fair value through profit and loss | 0 | 0 | 0 | 0 | 0 | -164 | -164 |
Related parties according to IAS 24 include the IMC Verwal- tungsgesellschaft 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, 2011, the company was informed about the following proportions of voting rights, which is sub- ject 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 2010 financial year:
The POLYTEC GROUP has long-term leasing agreements with the POLYTEC Immobilien Group with regard to the following properties:
| Group Headquarter | 11. POLYT EC Holding AG |
|---|---|
| Hörsching Plant | 12. POLYT EC For Car Styling GmbH & Co KG |
| Schoten Plant | 13. Polytec Avo n.v. |
| Idstein Plant | 14. Polytec Thermoplast GmbH & Co KG |
| Lohne and Wolmirstedt Plants | 15. Polytec Riesselmann GmbH & Co KG |
| Ebensee Plant | 16. PPI Plastic Products Innovation GmbH & Co KG |
| Gochsheim, Cornberg and Voerde Plants | 17. POLYT EC Composites Germany GmbH & Co KG |
| Sladkovicovo Plant | 18. POLYT EC Composites Slovakia s.r.o. |
| Marchtrenk Plant | 19. POLYT EC Elastoform GmbH & Co KG |
| Bochum Plant | 10. POLYT EC Thelen GmbH |
The rental expenses from the rental contracts amounted to ap- prox. EUR 8.2 million in the 2011 financial year (previous year: EUR 9.2 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 entitle- ment to terminate the contract, amount to TEUR 18,809 as of December 31, 2011 (previous year: TEUR 27,839) and are due as follows:
| TEUR | Dec. 31, 2011 Dec. 31, 2010 | |
|---|---|---|
| Within 1 year | 7,726 | 9,058 |
| Longer than 1 year within 5 years | 8,720 | 14,892 |
| Over 5 years | 2,363 | 3,889 |
Loans were issued to a company of the Polytec Immobilien Group, which were balanced under "Loans" in the financial assets in the previous year. The loans carried interests at an ordinary market rate and were fully repaid in the 2011 financial year. Further information can be found in section D. 12.
POLYTEC Immobilien Deutschland GmbH paid a dividend of TEUR 438 to the POLYTEC GROUP in the 2011 financial year.
On the basis of the explicit request by the purchaser Toyota Boshoku, the sale of the Interior-Systems business was linked indispensably to the sale of the properties rented to the respec- tive companies in the Interior Division by the POLYTEC Immobilien Group. In this connection, the sale of the property by the
POLYTEC Immobilien Group was effected at a price at the lower end of the market value range. The POLYTEC Immobilien Group only agreed to the sale at this unfavorable price on condition that it received compensation for the waiver associated therewith of a more advantageous alternative potential sale. In the light of this, the POLYTEC GROUP paid a compensation of TEUR 1,375 to the POLYTEC Immobilien Group. The sale of the Interior-Systems business in this economically beneficial form for the POLYTEC GROUP was only possible through the concessions by the POLYTEC Immobilien Group regarding the sale of the properties to Toyota Boshoku, since without these it is highly likely that the sale would have been far less advantageous.
In the wake of the preparation of the sale of the Zaragoza site, the POLYTEC Immobilien Group concluded a sale-and-leaseback agreement with the Spanish company and took over a loan by the POLYTEC Immobilien Group to this company below its carry- ing amount. This had no impact on earnings as far as the con- solidated income statement of the POLYTEC GROUP is concerned.
All 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 2011 in con- nection with transactions with related parties.
The POLYTEC GROUP has a work contract with the IMC Verwal- tungsgesellschaft 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 2,913 (previous year: TEUR 2,021). TEUR 2,903 (previous year: TEUR 2,016) are to be attributed to short-term benefits. TEUR 10 (previous year: TEUR 5) 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 2011 busi- ness 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 2011 financial year amounted to TEUR 89 (previous year: TEUR 90).
There are no credits or advanced payments with regard to cur- rent 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 af- filiated companies.
Expenses for the services provided by the Group auditors in 2011 are as follows:
| TEUR | 2011 | 2010 |
|---|---|---|
| Annual financial statements | 104 | 112 |
| Other services | 41 | 181 |
| Total | 145 | 293 |
In the year under review, the members of the Board of Direc- tors 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 am Wörthersee (since February 1, 2011)
In the year under review, the members of the Supervisory Board at the time of the preparation of the consolidated ac- counts 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, 2012 and autho- rized 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, 2012
The Board of Directors
Friedrich Huemer m. p. Alfred Kollros m. p. Peter Haidenek m. p.
| Automotive / Systems | Car Styling | |||
|---|---|---|---|---|
| TEUR | 2011 | 2010 | 2011 | 2010 |
| Net sales (not consolidated) | 669,699 | 824,583 | 88,473 | 87,937 |
| thereof: | 148,659 | xxxxx | 148,659 | |
| Internal sales own division | 109,632 | 148,659 | 10,129 | 11,919 |
| Internal sales other divisions | 1,089 | 76 | 122 | 244 |
| External sales | 558,977 | 675,847 | 78,223 | 75,773 |
| EBITDA | 47,678 | 43,535 | 7,331 | 7,016 |
| Depreciation and amortisation | 16,252 | 24,484 | 1,392 | 1,567 |
| Material earnings positions | xxxxx | xxxxx | ||
| Income from reversal of provisions for liabilities | 4,713 | 8,552 | 43 | 331 |
| Deconsolidation gains | 7,211 | 736 | 0 | 0 |
| Operating profit (EBIT) | 31,426 | 19,051 | 5,938 | 5,449 |
| Financial expenses | -4,619 | -7,037 | -388 | -344 |
| Other finacial results | 450 | 0 | 0 | 0 |
| Taxes on income | -1,202 | -349 | -507 | -516 |
| Net profit | 26,055 | 11,664 | 5,043 | 4,589 |
| Operating assets | 132,938 | 205,549 | 46,916 | 39,635 |
| Operating liabilities | 70,059 | 122,189 | 11,820 | 7,894 |
| Capital employeed | 62,879 | 83,260 | 35,095 | 31,741 |
| thereof: | xxxxx | xxxxx | ||
| Deffered taxes | 3,262 | 6,404 | 454 | 436 |
| Employee benefit obligations | 15,560 | 22,920 | 1,577 | 1,399 |
| Investments | 13,575 | 14,308 | 2,500 | 1,560 |
| Book value of asset disposals and change in long term provisions including deconsolidation gains |
4,955 | 220 | -181 | -240 |
| External sales | Fixed assets | Deferred tax assets | Obligations to employees | |||||
|---|---|---|---|---|---|---|---|---|
| TEUR | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 |
| Austria | 21,776 | 29,471 | 45,532 | 32,695 | 8,601 | 10,794 | 2,619 | 1,913 |
| Germany | 418,915 | 513,436 | 44,864 | 83,905 | 2,306 | 5,835 | 14,757 | 22,633 |
| Other EU | 186,813 | 181,269 | 13,260 | 17,738 | 853 | 457 | 0 | 132 |
| Rest of the world | 29,849 | 45,894 | 1,872 | 2,312 | 0 | 0 | 290 | 201 |
| Group | 657,354 | 770,070 | 105,527 | 133,693 | 11,759 | 17,086 | 17,665 | 24,878 |
| Group | Consolidation | Other Segments | |||
|---|---|---|---|---|---|
| 2010 | 2011 | 2010 | 2011 | 2010 | 2011 |
| 931,754 | 779,534 | 0 | 0 | 19,235 | 21,362 |
| 148,659 | xxxxx | 148,659 | 148,659 | 148,659 | xxxxx |
| 161,352 | 120,967 | 0 | 0 | 773 | 1,206 |
| 332 770,070 |
1,212 657,354 |
0 0 |
0 0 |
12 18,450 |
2 20,154 |
| 54,272 | 61,323 | 108 | 251 | 3,614 | 6,064 |
| 27,053 | 18,705 | 0 | 0 | 1,002 | 1,061 |
| xxxxx | xxxxx | xxxxx | xxxxx | ||
| 8,935 | 4,769 | 0 | 0 | 51 | 13 |
| 736 | 7,211 | 0 | 0 | 0 | 0 |
| 27,219 | 42,618 | 108 | 251 | 2,612 | 5,003 |
| -6,826 | -3,343 | -90 | -96 | 646 | 1,760 |
| 5,332 | 264 | -6,333 | -33,699 | 11,665 | 33,514 |
| -140 | -4,291 | 16 | 465 | 710 | -3,046 |
| 25,585 | 35,249 | -6,300 | -33,080 | 15,632 | 37,231 |
| 259,689 | 197,183 | -3,433 | -6,859 | 17,939 | 24,189 |
| 133,257 | 84,747 | -3,456 | -3,575 | 6,631 | 6,443 |
| 126,333 | 112,437 | 24 | -3,283 | 11,308 | 17,746 |
| xxxxx | xxxxx | xxxxx | |||
| 17,086 | 11,759 | -48 | -48 | 10,294 | 8,091 |
| 24,878 | 17,665 | -192 | -322 | 751 | 851 |
| 16,702 | 17,489 | 0 | 0 | 834 | 1,413 |
| -115 | 4,725 | 167 | 130 | -263 | -178 |
| TEUR | Balance as of Jan. 1, 2011 |
Changes in consolidation |
Translation differences |
Additions | Disposals |
|---|---|---|---|---|---|
| I. I ntangible assets |
xxxxx | xxxxx | xxxxx | xxxxx | xxxxx |
| 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. T angible assets |
|||||
| 1. Land and buildings |
12,291 | -1,474 | 26 | 723 | 1,980 |
| 2. Technical equipment and machinery |
228,237 | -59,506 | -187 | 7,904 | 33,365 |
| 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 | 38,629 | |
| III. F inancial 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. Other investments |
1,606 | 0 | 0 | 15 | 1,621 |
| 5. Fixed asset securities |
1 | — | — | — | — |
| 3,800 | -35 | 0 | 50 | 1,971 | |
| 353,412 | -81,893 | -173 | 17,539 | 43,874 |
| TEUR | Balance as of Jan. 1, 2010 |
Changes in consolidation |
Translation differences |
Additions | Disposals |
|---|---|---|---|---|---|
| I. I ntangible assets |
xxxxx | xxxxx | xxxxx | xxxxx | xxxxx |
| 1. Research and development costs |
1,008 | 0 | 0 | 0 | 0 |
| 2. Rights |
9,684 | -95 | 48 | 781 | 1,214 |
| 3. Goodwill |
45,627 | -119 | 0 | 0 | 0 |
| 56,319 | -214 | 48 | 781 | 1,214 | |
| II. T angible assets |
xxxxx | xxxxx | xxxxx | xxxxx | xxxxx |
| 1. Land and buildings |
12,827 | -1,085 | 200 | 427 | 103 |
| 2. Technical equipment and machinery |
228,794 | -9,959 | 1,232 | 8,695 | 4,846 |
| 3. Other plant, fixtures, fittings and equipment |
49,361 | -1,079 | 517 | 4,574 | 2,214 |
| 4. Advance payments made and assets under construction |
4,465 | 0 | 5 | 2,200 | 118 |
| 295,446 | -12,122 | 1,954 | 15,897 | 7,282 | |
| III. F inancial assets |
xxxxx | xxxxx | xxxxx | xxxxx | xxxxx |
| 1. Investments in affiliated companies |
290 | 0 | 0 | 25 | 35 |
| 2. Investments in associated companies |
1,031 | 0 | 0 | 0 | 0 |
| 3. Investment in joint ventures |
882 | 0 | 0 | 0 | 0 |
| 4. Other investments |
2,000 | 0 | 0 | 0 | 394 |
| 5. Fixed asset securities |
2 | -1 | 0 | 0 | 0 |
| 4,205 | -1 | 0 | 25 | 429 | |
| 355,971 | -12,338 | 2,002 | 16,702 | 8,925 |
| Cost of acquisition or production | |||||
|---|---|---|---|---|---|
| Net book value Dec. 31, 2010 |
Net book value Dec. 31, 2011 |
Accumulated depreciation |
Depreciation of the financial year |
Balance as of Dec. 31, 2011 |
Transfers |
| xxxxx 25 |
xxxxx 0 |
xxxxx 801 |
xxxxx 25 |
xxxxx 801 |
xxxxx 0 |
| 1,597 | 663 | 3,335 | 607 | 3,999 | 0 |
| 19,180 | 19,180 | 26,328 | 0 | 45,508 | 0 |
| 20,803 | 19,844 | 30,464 | 632 | 50,308 | 0 |
| 6,289 | 4,691 | 4,983 | 481 | 9,674 | 88 |
| 69,867 | 43,908 | 99,724 | 14,223 | 143,632 | 548 |
| 14,190 | 9,551 | 26,374 | 3,352 | 35,925 | 89 |
| 1,770 | 3,590 | 40 | 18 | 3,630 | -726 |
| 92,115 | 61,740 | 131,120 | 18,073 | 192,860 | 0 |
| 280 | 205 | 0 | 0 | 205 | 0 |
| 31 | 31 | 1,000 | 0 | 1,031 | 0 |
| 872 | 597 | 10 | 0 | 607 | 0 |
| 1.606 | 0 | 0 | 0 | 0 | |
| 1 | 0 | 0 | 1 | ||
| 2,790 | 834 | 1,010 | 0 | 1.844 | 0 |
| 115,707 | 82,417 | 162,594 | 18,705 | 245,012 | 0 |
| Cost of acquisition or production | |||||
|---|---|---|---|---|---|
| Net book value Dec. 31, 2009 |
Net book value Dec. 31, 2010 |
Accumulated depreciation |
Depreciation of the financial year |
Balance as of Dec. 31, 2010 |
Transfers |
| xxxxx 105 |
xxxxx 25 |
xxxxx 984 |
xxxxx 80 |
xxxxx 1,008 |
xxxxx 0 |
| 1,870 | 1,597 | 7,606 | 1,022 | 9,204 | 0 |
| 19,300 | 19,180 | 26,328 | 0 | 45,508 | 0 |
| 21,274 | 20,803 | 34,917 | 1,102 | 55,720 | 0 |
| xxxxx 6,924 |
xxxxx 6,289 |
xxxxx 6,002 |
xxxxx 575 |
xxxxx 12,291 |
xxxxx 25 |
| 80,696 | 69,867 | 158,371 | 20,871 | 228,237 | 4,322 |
| 14,113 | 14,190 | 37,382 | 4,506 | 51,572 | 413 |
| 4,442 | 1,770 | 23 | 0 | 1,793 | -4,760 |
| 106,176 | 92,115 | 201,778 | 25,951 | 293,893 | 0 |
| xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx |
| 290 | 280 | 0 | 0 | 280 | 0 |
| 31 | 31 | 1,000 | 0 | 1,031 | 0 |
| 872 | 872 | 10 | 0 | 882 | 0 |
| 2,000 | 1,606 | 0 | 0 | 1,606 | 0 |
| 2 | 1 | 0 | 0 | 1 | 0 |
| 3,95 | 2,789 | 1,010 | 0 | 3,800 | 0 |
| 130,645 | 115,707 | 237,706 | 27,053 | 353,412 | 0 |
| TEUR | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|
| Present value of severance payments (DBO ) as of January 1 |
1,906 | 1,638 | 1,921 | 1,743 | 1,947 |
| Change in scope of consolidation | 556 | 0 | 0 | 0 | 0 |
| Service cost | 129 | 120 | 129 | 124 | 162 |
| Interest cost | 88 | 87 | 99 | 91 | 87 |
| Severance payments | -70 | -106 | -329 | -98 | -179 |
| Realized actuarial profit/loss | 130 | 167 | -182 | 61 | -275 |
| Present value of severance payments (DBO ) as of December 31 |
2,739 | 1,906 | 1,638 | 1,921 | 1,743 |
| Unrealized actuarial profit/loss | -322 | -192 | -25 | -208 | -147 |
| Provisions for severance payments as of December 31 | 2,417 | 1,714 | 1,613 | 1,713 | 1,597 |
| TEUR | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|
| Present value of pensions (DBO ) as of January 1 |
21,536 | 20,355 | 21,459 | 20,653 | 7,148 |
| Change in scope of consolidation | -7,734 | 0 | -2,244 | 2,306 | 13,752 |
| Service cost | 95 | 1,386 | 962 | 586 | 327 |
| Interest cost | 631 | 1,153 | 1,187 | 213 | 727 |
| Pensions payments | -839 | -927 | -888 | -1,217 | -630 |
| Realized actuarial profit/loss | -4 | -432 | -121 | -1,082 | -670 |
| Present value of pensions (DBO ) as of December 31 |
13,684 | 21,536 | 20,355 | 21,459 | 20,653 |
| Unrealized actuarial profit/loss | 104 | -72 | 856 | 1,108 | 165 |
| Provisions for pensions as of December 31 | 13,788 | 21,464 | 21,211 | 22,566 | 20,818 |
| TEUR | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|
| Present value of performance orientated obligations | 1,170 | 1,368 | 1,272 | 2,291 | 1,155 |
| Realized actuarial profit/loss | 0 | 0 | 0 | 0 | 0 |
| Provisions for jubilee payments | 1,170 | 1,368 | 1,272 | 2,291 | 1,155 |
| TEUR | Balance as of January 1, 2011 |
Change in scope of con- solidation |
Currency translation |
Utilisation | Release | Addition | Balance as of Dec. 31, 2011 |
|---|---|---|---|---|---|---|---|
| Provisions for vacation | 6,449 | -1,604 | -3 | 4,599 | 539 | 5,744 | 5,449 |
| Other short-term personnel expenses | 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 | 500 | 4,314 | 3,726 | 14,856 | 19,074 |
| 38,719 | -8,829 | 3 | 15,896 | 5,582 | 27,375 | 35,791 |
| TEUR | Balance as of January 1, 2010 |
Change in scope of con- solidation |
Currency translation |
Utilisation | Release | Addition | Balance as of Dec. 31, 2010 |
|---|---|---|---|---|---|---|---|
| Provisions for vacation | 4,383 | -339 | 3 | 3,220 | 349 | 5,971 | 6,449 |
| Other short-term personnel expenses | 5,934 | -1,007 | 2 | 1,473 | 2,011 | 4,454 | 5,899 |
| Provisions for anticipated losses and risks | 16,483 | 0 | 11 | 4,639 | 6,107 | 5,333 | 11,080 |
| Provisions | 14,084 | 0 | 45 | 6,616 | 2,828 | 10,606 | 15,291 |
| 40,884 | -1,346 | 61 | 15,947 | 11,295 | 26,363 | 38,719 |
| Direct and | Type of consolida- |
||||
|---|---|---|---|---|---|
| Company | Location Country | Parent company | indirect share % | tion1) | |
| POLYTEC Invest GmbH | Lohne | GER | POLYTEC Holding AG | 100,0 | KV |
| PF Beteiligungs GmbH | Hörsching | AUT | POLYTEC Holding AG | 100,0 | KO |
| Car Styling Division | |||||
| POLYTEC FOR Car Styling GmbH & Co KG | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KV |
| POLYTEC FOR Car Styling GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KO |
| Polytec Holden 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 AVO n.v. | Schoten | BEL | POLYTEC Holding AG | 100.0 | KV |
| Ratipur Autófelszerelés Kft. | Komló | HUN | POLYTEC Holding AG | 24.0 | KOE |
| Automotive /Systems Division | |||||
| Polytec Holding Deutschland GmbH | Lohne | GER | POLYTEC Holding AG | 100.0 | KV |
| Polytec Automotive GmbH & Co KG | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| Polytec Automotive Verwaltungs GmbH | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KO |
| Polytec Deutschland Verwaltungs GmbH | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KO |
| Polytec Riesselmann GmbH & Co KG2) | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| POLYTEC Plastics Germany GmbH & Co. KG2) (formerly: POLYTEC Intex GmbH & Co. KG) |
Lohne | GER | Polytec Holding Deutschland GmbH | 100,0 | KV |
| Polytec Thermoplast GmbH & Co KG2) | Idstein | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| PPI Plastic Products Innovation GmbH & Co KG | Ebensee | AUT | POLYTEC Holding AG | 100.0 | KV |
| PPI Plastic Products Innovation GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KO |
| Polytec Interior Zaragoza S.L. | Zaragoza | ESP | POLYTEC Holding AG | 100.0 | KV |
| 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 | POLYTEC Composites 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. | Chodová Planá | CZE | PT Beteiligungs GmbH | 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 |
| Industrial Division | |||||
| 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 |
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, li- abilities, 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.
Stock Corporation Act
We confirm to the best of our knowledge that the separate fi- nancial statements give a true and fair view of the assets, liabili- ties, 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 develop- ment 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, 2012
The Board of Directors
Friedrich Huemer m. p. Peter Haidenek m. p. Alfred Kollros m. p.
We have audited the accompanying consolidated financial statements of POLYTEC Holding AG, Hörsching, for the financial year from January 1, 2011 to December 31, 2011. These consolidated financial statements comprise the consolidated balance sheet as of December 31, 2011, the consolidated income statement, the consolidated cash flow statement, consolidated statement of comprehensive invome and the consolidated statement of changes in equity for the financial year ended December 31, 2011, and a summary of significant ac- counting policies and other explanatory notes.
The company's management is responsible for the Group ac- counting system and for the preparation and fair presentation of these consolidated financial statements in accordance with In- ternational 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; se- lecting 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 Inter- national Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC).
Those standards require that we comply with professional guide- lines and that we plan and perform the audit to obtain reason- able 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 mis- statement 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 ac- counting 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 ap- propriate 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, 2011 and of its financial performance and its cash flows for the financial year from January 1, 2011 to December 31, 2011 in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.
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 po- sition. 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 243 a UGB (Austrian Commercial Code) are appropriate.
In our opinion, the management report for the Group is consist- ent with the consolidated financial statements. The disclosures pursuant to section 243 a UGB (Austrian Commercial Code) are appropriate.
Leonding, March 27, 2012
Deloitte Oberösterreich Wirtschaftsprüfungs GmbH
Nikolaus Schaffer m. p. Ulrich Dollinger m. p.
Certified Public Accountant Certified Public Accountant
Das Weltwirtschaftswachstum 2011 lag mit rund 3% auf dem Niveau des langjηριγεν ∆υρχησχηνιττσ. Diverse Konjunkturprogramme nach der Rezession des Jahres 2009 sowie das solide Wachstum in den Emerging Markets waren die Treiber dieses Wachstums.
Dennoch war 2011 fρ die Weltwirtschaft ein durchaus problematisches Jahr. Das im Jahresverlauf dominierende Thema war die Staatsschuldenkrise, insbesondere in der Europισχηεν Ωηρυνγσυνιον. Aber auch in den USA beeinflusste die Diskussion um die Begrenzung der φφεντλιχηεν ςερσχηυλδυνγ διε ωιρτσχηαφτλιχηε Εντωιχκλυνγ.
Den βερωιεγενδεν Αντειλ am Wachstum hatten wie schon in den Vorjahren die Schwellenlνδερ, deren reales Bruttoinlandsprodukt um insgesamt knapp 6% stieg. Zentraler Wachstumstreiber war erneut der asiatische Wirtschaftsraum, der mit China und Indien an der Spitze um annηερνδ 7% ζυλεγεν κονντε. Αλλερδινγσ ϖερηινδερτen gerade in dieser Region stark ansteigende Inflationsraten eine noch bessere Entwicklung. Besonders wichtig fρ διε Ωελτωιρτσχηαφτ ωαρ δαβει, δασσ διε chinesische Wirtschaft trotz einer konjunkturellen Verlangsamung im Jahresverlauf ein Plus von gut 9% erreichte. Auch in den anderen Schwellenlνδερν war die wirtschaftliche Entwicklung insgesamt erfreulich. Osteuropa legte wie im Vorjahr um mehr als 4% zu; Lateinamerika konnte zwar an das Vorjahr nicht ganz anschlie⇓εν, expandierte aber weiterhin krφτιγ.
Die Industrielνδερ ηινγεγεν ενττυσχητεν: Ιν ϑαπαν φηρτε διε Erdbebenkatastrophe vom Mρζ ζωανγσλυφιγ ζυ εινεµ γεσαµτωιρτσχηαφτλιχηεν Ρχκγανγ. Ιν δεν ΥΣΑ καµ die Konjunktur nur schleppend voran, insbesondere im Vergleich zu frηερεν Erholungsphasen nach einer Rezession. So verharrte vor allem die Arbeitslosenquote auf einem ungewηνλιχη ηοηεν Νιϖεαυ und wirkte sich damit negativ auf den privaten Konsum aus. Zudem fiel der durch die Krise massiv belastete amerikanische Immobiliensektor als konjunktureller Impulsgeber aus. Ausgehend von der Diskussion um die Erhηυνγ δερ φφεντλιχηεν Verschuldungsgrenze und einer drohenden temporρεν Ζαηλυνγσυνφηιγκειτ der USA trβτεν σιχη zur Jahresmitte die Stimmungsindikatoren bei Konsumenten und Unternehmen deutlich ein. Erfreulicherweise stabilisierte sich die amerikanische Wirtschaft in der zweiten Jahreshλφτε. Ein Zuwachs von nicht einmal 2% im Gesamtjahr war jedoch alles andere als befriedigend und lag deutlich unter dem langjηριγεν ∆υρχησχηνιττ.
Noch ungνστiger war die Entwicklung der Wirtschaft in Westeuropa, die von der Eskalation der Schuldenkrise in der Eurozone geprγτ ωαρ. ∆ιε Ζαηλ δερ Λνδερ υντερ dem europισχηεν Rettungsschirm EFSF (European Financial Stability Facility) vergr⇓ερτε σιχη, υνδ διε Κρise beschrνκτ σιχη ινζωισχηεν σχηον λανγε νιχητ µεηρ auf die kleineren Peripherielνδερ. Αυχη διε Ερωειτερυνγ δεσ Ρεττυνγσσχηιρµσ υνδ ein Umschuldungspaket fρ Γριεχηενλανδ κονντεν διε Σοργεν υµ µγλιχηε Ansteckungseffekte nicht vertreiben, und die Finanzmρκτε reagierten mit hoher Nervositτ υνδ εντσπρεχηενδεν ςολατιλιττεν. Ιν Συµµε ερρειχητε διε Ευροπισχηε Wηρυνγσυνιον ιµ ϑαηρ 2011 εινεν Ζυωαχησ δεσ Βρυττοινλανδσπροδυκτσ ϖον ρυνδ 1,5%. Auch wenn die deutsche Volkswirtschaft im Gesamtjahr mit einem Plus von 3% abermals βερδυρχησχηνιττλιχη εξπανδιερτε, κονντε σιε σιχη δεµ υνγνστιγεν Umfeld nicht entziehen und verlor zunehmend an Dynamik. Im vierten Quartal war die konjunkturelle Entwicklung in der Eurozone wahrscheinlich sogar leicht rχκλυφιγ.
Die positive Entwicklung der deutschen Automobilindustrie, die bereits in der zweiten Hλφτε des Geschφτσϕαηρεσ 2010 εινgesetzt hatte, fand auch im Geschφτσϕαηρ 2011 ihre Fortsetzung. Allein auf dem wichtigen Markt Deutschland erhητε σιχη die Zahl der produzierten Fahrzeuge um 5,8% auf 5,8 Mio. Einheiten. Die Weltautomobilproduktion der deutschen Hersteller erhητε σιχη υµ 11,5% αυφ 12,9 Mio. produzierte Fahrzeuge.
Die Exporte, ein wesentlicher Pfeiler der deutschen Hersteller, erreichten im Gesamtjahr 2011 ein Volumen von mehr als 4,5 Mio. Fahrzeugen. Dies entspricht einem Zuwachs von 7% gegenβερ 2010. ∆αµιτ ωυρδε δερ δραµατισχηε Ρχκγανγ aus dem Jahr 2009 binnen zwei Jahren aufgeholt und ein neuer Hχηστστανδ ερζιελτ. Matthias Wissmann, Prσιδεντ δεσ ςερβανδεσ δερ Αυτοµοβιλινδυστριε (ς∆Α), kommentierte dies mit den Worten: Der Export bleibt die starke Sυλε δερ Automobilproduktion in Deutschland. Wir haben in nahezu allen wichtigen Mρκτεν unsere Marktanteile steigern kννεν und damit auch die Fertigung hier am Standort gefestigt.
Der Weltautomobilmarkt zeigte sich im Jahr 2011 in robuster Verfassung: Wηρενδ die USA, China, Indien und Russland zum Teil zweistellige Zuwachsraten aufwiesen, ging der westeuropισχηε Pkw-Markt um 1% auf 12,8 Mio. Einheiten leicht zurχκ. Der japanische Pkw-Markt erholte sich hingegen schneller als erwartet. Der Weltmarkt fρ Νευωαγεν ιστ 2011 υµ 6% αυφ 65,4 Mio. Einheiten gestiegen. Die deutschen Pkw-Hersteller haben in Westeuropa und Russland ebenso Marktanteile gewonnen wie in den USA, China, Indien, Japan und Sδκορεα∀, βετοντε VDA-Prσιδεντ Ωισσµανν.
Der US-Markt fρ Λιγητ ςεηιχλεσ (Πκω υνδ Λιγητ Τρυχκσ) nahm 2011 um 10% auf 12,7 Mio. Einheiten zu und lag damit βερ δεµ ςορϕαηρεσωert. Erstmals verkauften die deutschen Hersteller mehr als 1 Mio. Light Vehicles in den USA. Sie erhητεν damit ihren Marktanteil im siebenten Jahr in Folge auf einen aktuellen Stand von 8,2%.
Der chinesische Markt schwenkte nach starken Wachstumsjahren auf Normalisierungskurs ein. Das Volumen des Gesamtjahres lag mit 12,2 Mio. Pkw aber erneut um 8% βερ δεµ ςορϕαηρεσωερτ.
Der indische Pkw-Markt lieferte zum Jahresschluss ein erfreuliches Ergebnis: Trotz einer restriktiveren Geldpolitik und hηερερ Σπριτπρεise nahm der indische Pkw-Markt im Gesamtjahr 2011 um 6% auf 2,5 Mio. Neuzulassungen zu.
Die europισχηε Νυτζφαηρζευγινδυστριε κονντε ihren Absatz im Geschφτσϕαηρ 2011 um 9,9% auf 1.935.392 Einheiten steigern. Dieser Wert lag jedoch nach wie vor um rund 25% unter dem Vorkrisenwert von 2008. Der in absoluten Zahlen gemessen gr⇓τε Markt war 2011 Frankreich mit rund 0,5 Mio. Neuzulassungen. Dies entsprach einem Wachstum von 5,6%. Das stρκστε Ωαχηστυµ ωυρδε hingegen mit 17,6% in Deutschland erreicht. Hier betrugen die Neuzulassungen 0,3 Mio. Fahrzeuge. Umgekehrt wurde auf dem italienischen und dem spanischen Markt ein Rχκγανγ von jeweils rund 5% verzeichnet.
Im Segment der schweren Nutzfahrzeuge βερ 16 Tonnen konnten alle wesentlichen Absatzmρκτε ιµ Γεσchφτσϕαηρ 2011 Ζυωχησε vermelden. In Deutschland erhητε sich die Zahl der Neuzulassungen in diesem Segment um beachtliche 23,3%. Die Spitzenplτζε νεηµεν ϕεδοχη Φρανκρειχη υνδ ΥΚ ειν, ωο διε Ζυωχησε βερ 40% lagen. Im europισχηεν Γεσαµτµαρκτ ναηµen die Neuzulassungen 2011 um 36,0% auf 236.512 Fahrzeuge zu.
Quelle: VDA, ACEA
Zum Ende des ersten Halbjahres 2011 wurde der wesentliche Teil des Bereichs Interior-Systems verυ⇓ερτ. ∆ερ Anteil des Νον-Automotive-Geschφτσ nimmt in beinahe allen bisherigen Geschφτσσεγµεντεν δερ Γρυππε deutlich und nachhaltig zu. Zudem verwischen weitere bisherige Trennlinien zwischen den Geschφτσβερειχηεν. Σο νυτζτ ζ. B. der Bereich Car Styling zukνφτιγ ϖερστρκτ σοωοηλ Spritzgusskapazitτεν δεσ Βερειχησ Components als auch Lackierkapazitτεν δεσ Bereichs Composites. Im Ergebnis fηρτ διεσ ζυ εινερ Ματριξ-Organisationsstruktur der POLYTEC GROUP.
Dem zufolge hat sich das Management der POLYTEC Holding AG, nach der Verυ⇓ερυνγ δερ ΠΟΛΨΤΕΧ Ιντεριορ Ζαραγοζα ζυµ Ενδε δεσ ϑαηρεσ, εντσχηιεδεν, die interne Steuerungs- und Berichtsstruktur mit 1. Jννερ 2012 zu νδερν. Αβ 2012 erfolgt die Segmentierung nicht mehr wie in den letzten Jahren produktorientiert, sondern technologieorientiert, wobei das verbleibende Hauptsegment Κυνστοφφϖεραρβειτυνγ δευτλιχη µεηρ αλσ 90% δεσ Κονζερνσ umfasst. Aus diesem Grund liegt ab 2012 ein sogenannter Ειν-Segment-Konzern ϖορ.
Neben einer detaillierten Ergebnisdarstellung auf Konzernebene wird die POLYTEC Group zukνφτιγ ωεσεντλιχηε σεγµεντβεργρειφενδε Ανγαβεν ιµ Σιννε δερ ΙΦΡΣ 8.31ff. machen.
Die POLYTEC GROUP erreichte im Geschφτσϕαηρ 2011 auf Ebene der um die Verυ⇓ερυνγ δεσ Hauptteils der Interior-Systems Sparte sowie um sonstige Effekte1 bereinigten Gruppe eine Steigerung ihres Konzernumsatzes gegenβερ δεµ ςορϕαηρ von 14,7% auf EUR 484,2 Mio. Der um diese Effekte bereinigte Umsatz 2010 betrug EUR 422,1 Mio. Basis dieses Erfolgs war die positive Entwicklung der europισχηεν Automobilindustrie.
Die Verυ⇓ερυνγ des Bereichs Interior-Systems zum Ende des ersten Halbjahres 2011 fηρτε ϕedoch in der konsolidierten Gesamtdarstellung des Konzerns zu einem Rχκγανγ des Konzernumsatzes um EUR 112,7 Mio. oder 14,6% auf EUR 657,4 Mio.
Mit 31. August βερναηµ die POLYTEC HOLDING AG die PPI Plastic Products Innovation GmbH & Co KG in Ebensee (A) heute POLYTEC Plastics Ebensee
1 Die sonstigen Effekte betreffen die Verυ⇓ερυνγ δερ Πολψτεχ Χοµποσιτεσ Ιταλια ζυµ 30. Νοϖεµβερ 2010 σοωιε den Erwerb der PPI Plastic Products Innovation GmbH & Co KG zum 31. August 2011.
GmbH (PPE) als Alternative zu einer Kapazitτσερωειτερυνγ αν εινεµ Στανδορτ ιn Deutschland. Die PPI trug im Geschφτσϕαηρ 2011 µιτ EUR 5,3 Mio. zum Konzernumsatz bei.
Die sonstigen betrieblichen Ertrγε γινγεν 2011 ιµ ςεργλειχη ζυµ ςορϕαηρ υµ ρυνδ EUR 8,6 Mio. zurχκ. Ρυνδ EUR 8,0 Mio. dieses Rχκγανγσ ωαρεν αυφ δεν ςερκαυφ des Bereichs Interior-Systems zurχκζυφηρεν.
Die Materialquote konnte im Geschφτσϕαηρ 2011 von zuvor 53,1% des Umsatzes trotz erhητερ Ροηστοφφπρεισε um 0,4 Prozentpunkte auf 52,7% reduziert werden. Dieser positive Effekt ist auf die Abgabe des materialintensiven Bereichs Interior-Systems zurχκζυφηρεν.
Die Personalquote erhητε σιχη γεγενβερ δεµ ςορϕαηρ λειχητ um 0,2 Prozentpunkte auf 27,0%. Hauptgrund dafρ ωαρ die hohe Auslastung und die teilweise personalintensive Produktion auf Basis des guten Konjunkturverlaufs, insbesondere wηρενδ δερ ερστεν δρει Θυαρταλε δεσ Γεσχηφτσϕαηρεσ 2011.
Neben dem durch den Abgang des Bereichs Interior-Systems bedingten Rχκγανγ ιν den sonstigen betrieblichen Aufwendungen um rund EUR 23,2 Mio. auf EUR 90,0 Mio. kam es auch bei den Leihpersonalkosten zu einem Rχκγανγ ϖον 21% οδερ EUR 5,7 Mio.
Das EBITDA des Konzerns konnte trotz des Rχκγανγσ ιµ konsolidierten Konzernumsatz um 13,0% auf EUR 61,3 Mio. gesteigert werden. Dies entspricht einer EBITDA-Marge von 9,3%. Der ausgewiesene Anstieg berχκσιχητigt auch einen aus der Verυ⇓ερυνγ δεσ Βερειχησ Ιντεριορ-Systems stammenden Entkonsolidierungserfolg von EUR 7,2 Mio. Um diesen Effekt bereinigt, erreichte das EBITDA den Wert des Vorjahres.
Die positive Ergebnisentwicklung war, neben dem erwηντεn Entkonsolidierungserfolg, vor allem auf die positive Entwicklung der relevanten
Absatzmρκτε sowie die konsequente Umsetzung von Optimierungsma⇓ναηµεν αν den Standorten wηρενδ δεσ Geschφτσϕαηρεs 2011 zurχκζυφηρεν.
Die Abgabe des Bereichs Interior-Systems fηρτε δαρβερ ηιναυσ zu einer nachhaltigen Verbesserung der Gesamtkostenstruktur des Konzerns.
Beim EBIT kam es im Vergleich zum Vorjahr trotz der Verυ⇓ερυνγ des Bereichs Interior-Systems zu einem deutlichen Anstieg auf EUR 42,6 Mio. Dies entspricht einer EBIT Marge von 6,5%.
Der Rχκγανγ δερ Αβσχηρειβυνγεν υµ µεηρ αλσ 30% auf EUR 18,7 Mio. ist neben einer kontrollierten Investitionstτιγκειτ ιν δασ Ανλαγεϖερµγεν ϖορ αλλεµ µιτ der Verυ⇓ερυνγ des Bereichs Interior-Systems zu begrνδεν.
| Κεννζαηλεν ζυρ Ερτραγσλαγε δερ Γρυππε |
Εινηειτ | 2011 | 2010 | 2009 |
|---|---|---|---|---|
| Umsatz | EUR Mio. | 657,4 | 770,1 | 607,0 |
| EBITDA bereinigt 1) | EUR Mio. | 54,1 | 54,3 | 10,2 |
| EBITDA-Marge (EBITDA/Umsatz) | % | 8,2 | 7,0 | 1,7 |
| EBIT bereinigt 1) | EUR Mio. | 35,4 | 27,2 | -30,2 |
| EBIT-Marge (EBIT/Umsatz) | % | 5,4 | 3,5 | -5,0 |
| Durchschnittliches Capital Employed | EUR Mio. | 119,4 | 136,6 | 336,7 |
| ROCE vor Steuern (EBIT/Capital Employed) | % | 29,6 | 19,9 | -9,0 |
1) 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.
Der Rχκγανγ der Finanzierungskosten um mehr als die Hλφτε αυφ EUR -3,3 Mio. ist neben einer deutlichen Verbesserung der Finanzierungskonditionen sowohl im kurzals auch im langfristigen Bereich auch auf Zinsertrγε αυσ δερ ςερανλαγυνγ ϖον gut EUR 30 Mio. zum Bilanzstichtag 31. Dezember 2011 zurχκζυφηρεν.
Das Finanzergebnis 2011 betrug EUR -3,1 Mio.; im Vorjahresfinanzergebnis von EUR -1,5 Mio. war ein positiver Effekt in Hhe von EUR 6,1 Mio. aus der Verυ⇓ερυνγ δεσ 10%-Anteils an der Grammer AG zum Ende des dritten Quartals 2010 enthalten gewesen.
Die Steuerquote des Konzerns im Geschφτσϕαηρ 2011 betrug unter Berχκσιχητιγυνγ latenter Steuereffekte 10,8%. Auf Grund der konservativen Bewertung steuerlicher Verlustvortrγε lag sie damit klar unter einer vollen Ertragsbesteuerung.
Sowohl die positive Entwicklung der Automobilindustrie als auch die konzernseitig umgesetzten strategischen Ma⇓ναηµεν resultierten in einem Konzernergebnis von EUR 34,5 Mio. Dies entspricht einem Ergebnis je Aktie von EUR 1,54.
| Εινηειτ | 2011 | 2010 | 2009 | |
|---|---|---|---|---|
| Umsatz | EUR Mio. | 559,0 | 675,9 | 525,9 |
| Anteil am Konzernumsatz | % | 85,0 | 87,8 | 86,6 |
| EBITDA bereinigt 1) | EUR Mio. | 40,5 | 43,6 | 1,9 |
| EBITDA-Marge (EBITDA/Umsatz) | % | 7,2 | 6,5 | 0,4 |
| EBIT bereinigt 1) | EUR Mio. | 24,2 | 19,1 | -31,5 |
| EBIT-Marge (EBIT/Umsatz) | % | 4,3 | 2,8 | -6,0 |
| Capital Employed | EUR Mio. | 62,9 | 83,3 | 105,9 |
1 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 Segment Automotive/Systems weist fρ δασ Γεσχηφτσϕαηρ 2011 εινεν Υµσατζ von EUR 559,0 Mio. aus. Gegenβερ δεµ ςορϕαηρ εντσπριχητ διεσ εινεµ Ρχκγανγ von 17,2%, der durch die Abgabe des Bereichs Interior-Systems begrνδετ ιστ.
Die zum 31. August 2011 erworbene POLYTEC Plastics Ebensee GmbH (vormals PPI Plastic Products Innovation GmbH & Co KG) trug mit EUR 5,3 Mio. zum Segmentumsatz bei.
Die solide Entwicklung in allen Produktionsbereichen des Segments wηρενδ δεσ Geschφτσϕαηρεσ 2011 sowie die Abgabe des margenschwχηeren Interior-Systems - Bereichs fηρτε ζυ εινερ Verbesserung der Ertragslage des Segments.
Das EBITDA erhητε σιχη υντερ Βερχκσιχητιγυνγ εινεσ Εινµαλεφφεκτεσ αυσ δερ Verυ⇓ερυνγ des Bereichs Interior-Systems von EUR 7,2 Mio. um 9,4% auf EUR 47,7 Mio. Die um diesen Effekt bereinigte EBITDA-Marge betrug 7,2%.
Εντωιχκλυνγ Υµσατζ υνδ ΕΒΙΤ∆Α−Μαργε (ιν ΕΥΡ Μιο./%)
| Εινηειτ | 2011 | 2010 | 2009 | |
|---|---|---|---|---|
| Umsatz | EUR Mio. | 78,2 | 75,8 | 64,3 |
| Anteil am Konzernumsatz | % | 11,9 | 9,8 | 10,6 |
| EBITDA | EUR Mio. | 7,3 | 7,0 | 5,1 |
| EBITDA-Marge (EBITDA/Umsatz) | % | 9,4 | 9,3 | 7,9 |
| EBIT | EUR Mio. | 5,9 | 5,4 | 3,1 |
| EBIT-Marge (EBIT/Umsatz) | % | 7,6 | 7,2 | 4,8 |
| Capital Employed | EUR Mio. | 35,1 | 31,7 | 33,0 |
Das Segment Car Styling konnte seinen Umsatz im Geschφτσϕαηρ 2011 υµ 3,2% αυφ EUR 78,2 Mio. erhηεν. Φολγεεφφεκτε αυσ δερ Ερδβεβενκαταστροπηε ϖον Φυκυσηιµα fηρτεν ιµ Γεσχηφτσϕαηρ 2011 wenn auch verzγερτ zu einer Reduktion der Absatzmengen bei den japanischen Kunden des Segments und folglich zu geringeren Absatzmengen im Originalzubehρβερειχη φρ διεσεν Μαρκτ. Ωειτερ belastend fρ die Umsatz- und Ergebnissituation des Segments waren die unter den Erwartungen gebliebenen Produktionsmengen fρ einige wesentliche Kunden im Kleinseriengeschφτ.
Analog zum Umsatz konnte das Ergebnis des Segments dennoch leicht verbessert werden und erreichte ein EBITDA von EUR 7,3 Mio. Die EBITDA-Marge des Segments blieb im Vorjahresvergleich mit 9,4% nahezu konstant.
Εντωιχκλυνγ Υµσατζ υνδ ΕΒΙΤ∆Α−Μαργε (ιν ΕΥΡ Μιο./%)
| Εινηειτ | 2011 | 2010 | 2009 | |
|---|---|---|---|---|
| Umsatz | EUR Mio. | 20,2 | 18,5 | 16,8 |
| Anteil am Konzernumsatz | % | 3,1 | 2,4 | 2,9 |
| EBITDA | EUR Mio. | 6,1 | 3,6 | 3,3 |
| EBIT | EUR Mio. | 5,0 | 2,6 | -1,7 |
Das Segment Σonstiges υµφασστ νεβεν δερ κονζερνλειτενδεν POLYTEC Holding AG im Wesentlichen das Industrial-Geschφτ des Konzerns. In diesem Bereich werden auch Ergebniseinflσσε αυσ νιχητ δεν einzelnen Segmenten zuordenbaren Konsolidierungsvorgνγεν αβγεβιλδετ.
| Εινηειτ | 31.12.2011 | 31.12.2010 | 31.12.2009 | |
|---|---|---|---|---|
| Anlagenquote | 38,8 | |||
| (Langfristiges Vermγεν αβζγλ. λατεντερ Steuern/Bilanzsumme) |
% | 35,5 | 39,3 | |
| Eigenkapitalquote (Eigenkapital/Bilanzsumme) |
% | 45,6 | 28,3 | 18,5 |
| Bilanzsumme | EUR Mio. | 263,9 | 308,5 | 332,1 |
| Nettoumlaufvermγεν (Net Working Capital) |
EUR Mio. | 26,9 | 16,5 | 26,3 |
| Nettoumlaufvermγεν in % vom Umsatz (NWC/Umsatz) |
% | 4,1 | 2,1 | 4,3 |
Das Investitionsvolumen der POLYTEC GROUP blieb mit EUR 17,5 Mio. gegenβερ dem Vorjahr nahezu konstant und betraf vor allem projektbezogene Investitionen fρ den Ausbau bzw. die Erweiterung von Anlagen. Am Standort Lohne, dem Leitbetrieb im Bereich Components, wurde in eine weitere Produktionslinie investiert, um die hohe Nachfrage nach Zylinderkopfhauben sichern zu kννεν. Ιµ Βερειχη Composites wurde am Standort der POLYTEC Compounds in Gochsheim eine Anlage fρ διε Ηερστελλυνγ ϖον Ηαλβζευγµαττεν ερωειτερτ und modernisiert.
Die im Geschφτσϕαηρ 2011 κοµµυνιζιερτεν Ερωειτερυνγσµα⇓ναηµεν αν δεν Standorten Lohne (D) und Hρσχηινγ (Α) wurden in der zweiten Jahreshλφτε ωιε angekνδιγτ βεγοννεν, φηρτεν αβερ βισ Ενδε 2011 ζυ κεινεν nennenswerten Aufwendungen.
Entsprechend der weiterhin kontrollierten Investitionstτιγκειτ ρεδυζιερτε σιχη im Geschφτσϕαηρ 2011 auch die Anlagenquote des Konzerns von 38,8% auf 35,5%.
Ινϖεστιτιονεν ιν δασ Σαχηανλαγεϖερµγεν (ιν ΕΥΡ Μιο.)
Βει δερ Βευρτειλυνγ δερ ωειτερεν Φινανζκεννζαηλεν δεσ Κονζερνσ ιστ αυφ δεν Αβγανγ δεσ Βερειχησ Ιντεριορ−Σψστεµσ ηινζυωεισεν, ωελχηερ ζυ εινερ σιγνιφικαντεν ςερβεσσερυνγ δερ Κεννζαηλεν βειγετραγεν ηατ.
Die Eigenkapitalquote der POLYTEC GROUP entwickelte sich 2011 auf Grund der erfreulichen Ergebnissituation inklusive der Effekte aus der Entkonsolidierung des Bereichs Interior-Systems sehr positiv und erreichte zum Jahresende einen Wert von 45,6%.
Die Erhηυνγ des Nettoumlaufvermγενσ ϖον EUR 16,5 Mio. auf EUR 26,9 Mio. stand einerseits in direktem Zusammenhang mit dem guten Geschφτσϖερλαυφ ιµ Geschφτσϕαηρ 2011. Andererseits trug die per 31. August 2011 erworbene PPI Plastic Products Innovation GmbH & Co KG mit ihrem im Vergleich zum Konzerndurchschnitt hohen Vorratsvermγεν ζυ diesem Anstieg bei.
Βιλανζστρυκτυρ ΠΟΛΨΤΕΧ ΓΡΟΥΠ (ιν %)
Zum Bilanzstichtag 31. Dezember 2011 wies der Konzern ein Nettofinanzvermγεν (Net Cash) von EUR 17,9 Mio. aus; selbst nach Abzug der langfristigen Verpflichtungen gegenβερ Αρβειτνεηµερν ιν Ηηε ϖον ρυnd EUR 17,7 Mio. verblieb ein positives Nettofinanzvermγεν. Neben der positiven Geschφτσεντωιχκλυνγ τρυγ vor allem der positive Liquiditτσεφφεκτ aus dem Verkauf des Bereichs Interior-Systems zu dieser Entwicklung bei.
| Εινηειτ | 2011 | 2010 | |
|---|---|---|---|
| Nettofinanzverbindlichkeiten (+)/-vermγεν (-) | EUR Mio. | -17,9 | 26,7 |
| Nettofinanzverbindlichkeiten (+)/-vermγεν (-) zu EBITDA | – | -0,29 | 0,49 |
| Gearing (Nettofinanzverbindlichkeiten(+)/-vermγεν(-)/Eigenkapital) |
– | -0,15 | 0,31 |
| Εινηειτ | 2011 | 2010 | |
|---|---|---|---|
| Cash-Flow aus der Betriebstτιγκειτ | EUR Mio. | 29,2 | 46,0 |
| Cash-Flow aus der Investitionstτιγκειτ | EUR Mio. | 8,6 | -1,8 |
| Cash-Flow aus der Finanzierungstτιγκειτ | EUR Mio. | -23,6 | -47,1 |
| Verνδερυνγ δερ φλσσιγεν Μιττελ | EUR Mio. | 14,2 | -2,8 |
Der Cash-Flow aus der Betriebstτιγκεit lag mit EUR 29,2 Mio. deutlich unter dem Vorjahreswert. Grund dafρ ωαρ ϖορ αλλεµ διε Erhηυνγ des Working Capitals, die im Wesentlichen das Resultat der umfangreicheren Geschφτσττιγκειτ sowie βερνοµµενερ ςορρατσβεστνδε δερ ΠΠΙ Πλαστιχ Products Innovation GmbH & Co KG war.
Der positive Cash-Flow aus Investitionstτιγκειτ ϖον EUR 8,6 Mio. beruhte neben einer nach wie vor kontrollierten Investitionspolitik die Investitionen in das Anlagevermγεν ερηητεν σιχη nur geringfγιγ αυφ EUR 17,5 Mio. vor allem auf der erhaltenen Kaufpreiszahlung fρ δεν αβγεγεβενεν Γεσχηφtsbereich Interior-Systems.
Der Cash-Flow aus Finanzierungstτιγκειτ ϖον ΕΥΡ 23,6 Mio. beinhaltet die Rχκζαηλυνγ verzinslicher Verbindlichkeiten in Hηε von EUR 22,2 Mio.
Die POLYTEC Holding AG konnte im Geschφτσϕαηρ 2011 εινεν ϑαηρεσβερσχηυσσ von EUR 34,7 Mio. erzielen. Die positive Geschφτσεντωιχκλυνγ fηρτε zu einem Beteiligungsertrag von rund EUR 10,0 Mio. im Beteiligungsertrag des Vorjahres von EUR 17,5 Mio. war ein Einmaleffekt im Zusammenhang mit dem Verkauf der Grammer AG Aktien von EUR 12,4 Mio. enthalten.
Des weiteren wurden Ertrγε αυσ δεµ Αβγανγ ϖον υνδ δερ Ζυσχηρειβυνγ ζυ Finanzanlagen von insgesamt EUR 20,6 Mio. erzielt. Der wesentliche Anteil davon, EUR 18,0 Mio., resultierte aus der Rχκναηµε ϖον ιν δερ ςεργανγενηειτ vorgenommenen Wertberichtigungen auf die Anteile an einem verbundenen Unternehmen.
Der Jahresβερσχηυσσ 2011 fηρτε ζυ εινεµ εντσπρεχηενδεν Ανστιεγ δεσ Eigenkapitals der Gesellschaft auf EUR 109,1 Mio. Bei einer Bilanzsumme von EUR 115,6 Mio. entsprach dies eine EK-Quote von 94,4 %.
Praktischer Umweltschutz ist mehr als die Einhaltung ordnungsrechtlicher Pflichten. Viele Organisationen gehen βερ διε γεσετζλιχηεν Ανφορδερυνγεν ηιναυσ υνδ verringern nachteilige Umweltauswirkungen durch die freiwillige Einfηρυνγ εινεσ Umweltmanagementsystems, das auf eine kontinuierliche Verbesserung ihrer κολογισχηεν Performance abzielt, so weit wie mγλιχη. ∆ασ ωελτωειτ ανωενδβαρε Instrument zur Errichtung eines solchen Umweltmanagementsystems ist die Norm ISO 14001. Auch alle wesentlichen Standorte der POLYTEC GROUP sind nach dieser Norm zertifiziert.
Fρ διε ΠΟΛΨΤΕΧ ΓΡΟΥΠ ist der schonende Umgang mit natρλιχηεν Ρεσσουρχεν ein Kernpunkt ihrer Geschφτσττιγκειτ. Αλσ κυνστστοφφϖεραρβειτενδερ Κονζερν ιστ dabei vor allem die Abfallvermeidung ein wesentlicher Aspekt. In den Werken, die primρ ιν der Spritzgusstechnologie arbeiten, wird daher versucht, Ausschuss so weit wie mγλιχη ζυ ρεγρανυλιερεν υνδ ωιεδερ ιν δεν Προδυκτιονσπροζεσσ εινφλιε⇓εν ζυ λασσεν.
Sµτλιχηε Ακτιϖιττεν ιµ Βερειχη Φορσχηυνγ υνδ Εντωιχκλυνγ φοκυσσιερεν αυχη αυφ die wirtschaftliche Nutzung von Rohstoffen oder den Einsatz von alternativen Materialien.
Die durchschnittliche Anzahl der Beschφτιγτεν2) der POLYTEC GROUP und ihre geografische Verteilung in den Jahren 20092011 stellt sich wie folgt dar:
| 2011 | 2010 | 2009 | |
|---|---|---|---|
| √στερρειχη | 466 | 384 | 382 |
| Deutschland | 3.111 | 3.883 | 3.644 |
| Resteuropa | 1.036 | 1.520 | 1.341 |
| Nordamerika | 22 | 20 | 15 |
2) Inkl. Leiharbeiter; Mitarbeiter von erstmals in den Konzernabschluss einbezogenen Unternehmen sind in der Aufstellung zeitanteilig ab dem Zeitpunkt der Erstkonsolidierung enthalten.
| Sδαφρικα | 0 | 74 | 76 |
|---|---|---|---|
| Asien | 0 | 0 | 67 |
| Συµµε | 4.663 | 5.881 | 5.525 |
Nach Segmenten gliedert sich der durchschnittliche Beschφτιγτενστανδ ωιε φολγτ:
| 2011 | 2010 | 2009 | |
|---|---|---|---|
| Automotive/Systems | 3.836 | 5.066 | 4.775 |
| Car Styling | 660 | 662 | 610 |
| Sonstige Geschφτσβερειχηε υνδ Κονζερν | 167 | 153 | 140 |
| Συµµε | 4.663 | 5.881 | 5.525 |
Als wesentliche Kennzahl im Personalbereich entwickelte sich der Umsatz je Mitarbeiter wie folgt:
| Εινηειτ | 2011 | 2010 | 2009 | |
|---|---|---|---|---|
| Umsatz je Mitarbeiter | TEUR | 141 | 131 | 110 |
Kundenorientierung, wie auch die laufende Verbesserung der Prozesse im Hinblick auf Wirtschaftlichkeit, Umwelt und Effizienz nehmen fρ διε ΠΟΛΨΤΕΧ ΓΡΟΥΠ hχηστε Πριοριττ ειν. Um fρ διε δψναµισχηεν Ηεραυσφορδερυνγεν δes Marktes bestmγλιχη gerστετ ζυ σειν, φρδερτ die POLYTEC GROUP die laufende Weiterbildung ihrer Mitarbeiter sowohl durch konzerninterne Fortbildungsma⇓ναηµεν αλσ αυχη δυρχη Εντσενδυνγ ζυ εξτερνεν Bildungseinrichtungen. Neben der Weiterentwicklung des technisch-handwerklichen Know-hows wird auch ein Schwerpunkt auf die Vermittlung von Fremdsprachen gelegt, ein fρ ειν ιντερνατιοναλεσ Υντερνεηµεν ωιε ΠΟΛΨΤΕΧ υνϖερζιχητβαρερ Bestandteil des Geschφτσερφολγσ.
Fρ λειτενδε Μιταρβειτερ ιστ ειν Τειλ δερ ςεργtung an den Unternehmenserfolg gekoppelt, um die Unternehmensidentifikation und das Verantwortungsbewusstsein zu fρδερν.
Mit Kaufvertrag vom 23. Dezember 2011 wurde der Standort Zaragoza (Polytec Interior Zaragoza S.L.) mittels eines Asset Deals an M⌠δυλοσ Ριβερα Αλτα Σ.Λ.Υ., Zaragoza, Spanien, eine 100%-Tochter der Celulosa Fabril S.A., Zaragoza, Spanien, βερτραγεν. ∆ερ ⇐βεργανγ δεσ wirtschaftlichen Eigentums erfolgte mit dem Closing der Transaktion am 3. Jννερ 2012.
Die Verυ⇓ερυνγ δεσ Στανδορτεσ Ζαραγοζα ωαρ δερ finale Schritt der POLYTEC GROUP zum vollstνδιγεν Αυσστιεγ αυσ δεµ Βερειχη Ιντεριορ-Systems. Der Verkauf des Vermγενσ ιµ Ωεγε εινεσ Ασσετ ∆εαλσ ωιρδ ιµ ερστεν Θυαρταλ 2012 ζυ εινεm positiven Ergebniseffekt in Hηε ϖον ΕΥΡ 0,6 Mio. fηρεν.
Weitere Ereignisse nach dem Bilanzstichtag, die fρ διε Βεωερτυνγ αµ Βιλανζστιχηταγ von Bedeutung sind, wie offene Rechtsfλλε οδερ Σχηαδενερσατζφορδερυνγεν σοωιε andere Verpflichtungen oder Drohverluste, die gem⇓ ΙΑΣ 10 (Χοντινγενχιεσ ανδ Events Occurring after the Balance Sheet Date) gebucht oder offengelegt werden mσστεν, σινδ ιµ ϖορλιεγενδεν Κονζερναβσχηλυσσ βερχκσιχητιγτ.
Die Aussichten fρ δασ λαυφενδε Αυτοµοβιλϕαηρ 2012 σινδ, ωελτωειτ βετραχητετ, durchaus positiv. Allerdings hνγεν διεσε Αυσσιχητεν ινσβεσονδερε ϖοµ ωειτερεν Verlauf der derzeitigen europισχηεν Staatsschuldenkrise ab. Sollte sich die Lage auf den Finanzmρκτεν σταβιλισιερεν υνδ δαδυρχη δασ Konsumentenvertrauen gestρκτ ωερδεν, ist ein Anstieg des globalen Pkw-Absatzes um bis zu 4% mγλιχη. Unter ungνστιγερεν Υµστνδεν ist im Jahr 2012 hingegen auch ein leichter Rχκγανγ δεσ ωελτωειτεν Πκω-Absatzes vorstellbar. Wachstumstreiber bleiben wie bereits in den Vorjahren die Lνδερ Ασιενσ. ∆ερ χηινεσισχηε Πκω-Markt wird 2012 voraussichtlich wieder um 8%, der indische Markt um 10% wachsen. Aber auch fρ den wieder erstarkten US-Markt wird ein Wachstum um 5% erwartet, wηρενδ in der Eurozone eine Stabilisierung der Finanzmρκτε υνδ δεσ Konsumentenvertrauens vorausgesetzt im Jahr 2012 bestenfalls ein leichtes Wachstum zu verzeichnen sein wird.
Der globale Nutzfahrzeugmarkt prσεντιερτε σιχη 2011 ωιε βερειτσ ιν 2010 ιν ροβυστερ Verfassung. Fρ 2012 ωιρδ ειν weiterer Anstieg des Weltmarktes fρ σχηωερε Nutzfahrzeuge (βερ 6 Tonnen) um rund 7% erwartet. In Westeuropa soll der Absatz schwerer Nutzfahrzeuge um 4% steigen, falls die oben beschriebenen Bedingungen eintreten. Fρ διε ΠΟΛΨΤΕΧ ΓΡΟΥΠ ωιρδ διε Βεδευτυνγ διεσεσ Φαηρζευγσεγµεντσ bedingt durch einen Technologiewechsel hin zu Spritzguss jedoch in den nχηστεν Jahren an Bedeutung abnehmen. Fρ δεν ωελτωειτεν Αβσατζ ϖον λειχητεν Nutzfahrzeugen (bis 6 Tonnen) wird fρ 2012 je nach Konjunkturentwicklung eine Seitwρτσβεωεγυνγ οδερ ein leichter Anstieg prognostiziert.
Fρ δασ Γεσχηφτσϕαηρ 2012 γεητ δασ Μαναγεµεnt der POLYTEC GROUP vorbehaltlich derzeit nicht vorhersehbarer negativer Einflσσε αυσ δεµ ωειτερεν Verlauf der europισχηεν Σταατσσχηυλδενκρισε sowie der Stabilitτ δερ Φινανζµρκτε und des Vertrauens der Konsumenten von einem Konzernumsatz in Hηε ϖon annηερνδ EUR 500 Mio. aus. Das Betriebsergebnis wird voraussichtlich auf dem Niveau des um den Entkonsolidierungserfolg aus dem Verkauf des Bereichs Interior-Systems bereinigten Betriebsergebnisses des Geschφτσϕαηρεσ 2011 liegen.
Die POLYTEC GROUP ist im Rahmen ihrer Geschφτσττιγκειτ εινερ ςιελζαηλ ϖον Ρισικεν ausgesetzt, die untrennbar mit dem unternehmerischen Handeln verbunden sind. Risikomanagement ist fρ διε ΠΟΛΨΤΕΧ ειν ιντεγραλερ Βεστανδτειl aller Geschφτσπροζεσσε. Auch die fρ εινεν Αυτοµοβιλζυλιεφερερ νοτωενδιγεν υµφανγρειχηεν Ζερτιφιζιερυνγεν (ζ. B. TS ISO/16949:2002) geben hier bereits entsprechende Regelungen vor, welche auch durch externe Audits βερωαχητ ωερδεν. ∆ερ Οργανισατιον δερ POLYTEC entsprechend werden Risiken dezentral und marktnah vor allem im Rahmen der laufenden Geschφτσπροζεσσε gemanagt und βερωαχητ. ∆ιε Στευερυνγ δερ φινανζιελλεν Ρισικεν ερφολγτ ϕεδοχη ιµ Wesentlichen durch die Konzernzentrale. Folgende wesentliche Risikofelder kννεν identifiziert werden:
Αβσατζµαρκτρισικεν: Die Automobilzulieferindustrie gilt als Markt mit hohem Wettbewerb, der sich au⇓ερδεµ ιν εινεµ Κονσολιδιερυνγσπροζεσσ βεφινδετ. ∆ιε Αβσατζερφολγε σινδ ιν erster Linie abhνγιγ ϖον δερ Γεωιννυνγ νεuer Auftrγε, ωελχηε ιν δερ Ρεγελ zwei bis drei Jahre vor dem Serienanlauf vergeben werden. In dieser Phase der Auftragsakquisition ist jeder Zulieferer einem starken Konditionenwettbewerb ausgesetzt. Wηρενδ δεσ Σεριενλαυφσ ist der Zulieferer auch abhνγιg vom Absatz des Fahrzeuges, fρ ωελχηεσ ερ ζυλιεφερτ, οηνε diesen Erfolg beeinflussen zu kννεν. Ωειτερσ ωιρδ σειτενσ δερ ΟΕΜ αυχη ναχη δεµ 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 Abhνγιγκειτ ϖον εινζελνεν Lieferbeziehungen so gering wie mγλιχη ζυ ηαλτεν.
Βεσχηαφφυνγσµαρκτρισικεν: Wesentliches Risiko ist die Schwankung der Rohstoffpreise, welche im Falle der POLYTEC GROUP als kunststoffverarbeitendem Konzern vor allem durch nachhaltige Verνδερυνγ δεσ √λπρεισεσ, αβερ αυχη δερ Ραφφινεριεκαπαζιττεν verursacht werden kννεν. Beschaffungsseitig wird diesem Risiko vor allem mit langfristigen Liefervertrγεν υνδ αβσατζσειτιγ, σοωειτ γεγενβερ δεµ Κυνδεν δυρχησετζβαρ, µιτ Materialgleitklauseln in den offen gelegten Kalkulationen entgegengewirkt. Zum Teil erfolgt die Verhandlung von Rohstoffen und Zukaufteilen direkt durch unsere Kunden mit dem Lieferanten. Soweit mit dem Kunden Preise nur auf Jahresfrist vereinbart sind, ist die Verνδερυνγ δερ Ροηστοφφπρεισε ειν ωιχητιγερ Παραµετερ ιν δεν Γεσπρχηεν φρ διε ϕηρλιχηε Neufestlegung der Preise. Weiters wird versucht, durch verstrkte Forschungs- und Entwicklungsaufwendungen neue Rohstoffe (Naturfaserstoffe) einzusetzen.
Κρεδιτρισικο: Aufgrund der Kundenstruktur rund 90% des Umsatzes werden mit den OEM oder gro⇓εν Σψστεµlieferanten erzielt ist die POLYTEC dem Bonitτσρισικο δερ Automobilindustrie ausgesetzt. Die Au⇓ενστνδε ωερδεν λαυφενδ κριτισχη ϖερφολγτ υνδ διε vereinbarungsgem⇓ε Βεζαηλυνγ ϖον Φορδερυνγεν σιχηεργεστελλτ. Ιµ Γεσχηφτσϕαηρ 2011 wurden rund 69%3 (2010: 56%) des Umsatzes mit den drei gr⇓τεν Κυνδεν ερζιελτ, ωασ ειν gewisses Klumpenkreditrisiko ergibt, welches vom Management aber als unkritisch im Hinblick auf Kreditausfλλε εινγεστυφτ ωιρδ. ∆ιε Αβηνγιγκειτ ϖον ωενιγεν Κυνδεν ιστ ειν Wesensmerkmal der Automobilzulieferindustrie. Als Kunde wird in diesem Zusammenhang eine Gruppe verbundener Unternehmen definiert, welche durchaus auch mehrere Automobilmarken herstellen kann. Das Management setzt zukνφτιγ αυφ εινε ηηερε Diversifizierung durch die Verbreiterung der Kundenbasis im Bereich Non-Automotive.
Das Ausfallsrisiko bei flσσιγεν Μιττελν ιστ γερινγ, δα διε ςερτραγσπαρτνερ αυσσχηλιε⇓λιχη Banken mit bestmγλιχηερ Βονιττ σινδ.
Trotz des allgemein gering eingestuften Kreditrisikos entspricht das maximale theoretische Ausfallrisiko den Buchwerten der einzelnen finanziellen Vermγενσωερτε.
Λιθυιδιττσρισικο: Die Gruppe sichert ihren Liquiditτσβεδαρφ δυρχη ϖερτραγλιχηε Vereinbarung entsprechender Kreditrahmen, gegebenenfalls auch durch Halten einer Barreserve. Die Steuerung erfolgt einheitlich durch die Konzernzentrale.
Ωηρυνγσρισικο: Der weitaus βερωιεγενδε Αντειλ δερ Υµστζε δερ ΠΟΛΨΤΕΧ ΓΡΟΥΠ wird in Euro fakturiert, sodass das Wηρυνγσρισικο δεν Κονζερν ιν Συµµε νυρ γερινγ βετριφφτ. Zum Teil erfolgt der Einkauf von Vorleistungen in derselben Wηρυνγ ωιε δερ ςερκαυφ, sodass sich Wηρυνγσρισικεν νατρλιχη ηεδγεν. ∆ιε Γρυππε ιστ γρ⇓ερεν Ωηρυνγσρισικεν in jenen Lνδερν αυσγεσετζτ, ιν δενεν ιν Ευρο φακτυριερτ, αβερ ςορλειστυνγεν ιν λοκαλερ Wηρυνγ zugekauft werden mσσεν. Σολχηε Ρισικεν βεστεηεν ετωα γεγεν διε τσχηεχηισχηε Krone. Diese Risiken sind vielfach nicht Finanzinstrumenten zuzuordnen, da sie vor allem auch auf Personalkosten zurχκζυφηρεν σινδ.
3 Inklusive MAN nach Eingliederung in die VW-Gruppe
Ein Anstieg der Wechselkurse betreffend nicht-innerkonzernale Lieferforderungen und verbindlichkeiten um +/ 10% wρδε ζυ κεινερ ωεσεντλιχηεν Αυσωιρκυνγ αυφ Εργεβνισ βζω. Eigenkapital fηρεν.
Ζινσνδερυνγσρισικο: Dem Zinsνδερυνγσρισικο βεγεγνετ ΠΟΛΨΤΕΧ δυρχη ειν δερ langfristigen Zinsmeinung entsprechendes Portfolio von variablen und fixen Finanzierungen. Derivative Produkte werden bei Bedarf zur Zinssicherung oder zur Optimierung des Nettozinsergebnisses eingesetzt.
Der weitaus βερωιεγενδε Αντειλ δερ ϖαριαβελ ϖερζινστεν ςερβινδλιχηκειτεν ιστ αβhνγιγ ϖοµ 3-Monats-EURIBOR. Eine Erhηυνγ διεσεσ Ρεφερενζζινσσατζεσ υµ 100 Βασισπυνκτε ωρδε ohne Berχκσιχητιγυνγ δερ βεστεηενδεν Ζινσσατζ-Swaps eine Erhηυνγ δεσ Ζινσαυφωανδεσ um rund TEUR 280 (2010: TEUR 460) bedeuten.
In den verzinslichen Forderungen sowie den kurzfristigen Finanzmittel sind variabel verzinste finanzielle Vermγενσωερτε ιν Ηηε ϖον ΤΕΥΡ 23.893 εντηαλτεν. Εινε Ερηηυνγ δεσ 3- Monats-EURIBOR um 100 Basispunkte wρδε εινε Ερηηυνγ δεσ Ζινσερτραγεσ υµ ρυνδ TEUR 239 (2010: TEUR 290) bedeuten.
Nach dem im Vorjahr durchgefηρτεν ςερκαυφ δερ ϖον δερ Γρυππε γεηαλτενεν βρσενοτιερτεν Wertpapiere des Umlaufvermγενσ (Ακτιεν) υντερλιεγτ δερ Κονζερν κεινεν Bρσεκυρσνδερυνγσρισικεν µεηρ.
Mit dem Ziel die Wettbewerbsfηιγκειτ υνδ δαµιτ αυχη δεν Υντερνεηµενσερφολγ kontinuierlich zu verbessern, arbeiten die Forschungs- und Entwicklungsbereiche der POLYTEC GROUP in allen Divisionen intensiv an technischen Neu- und Weiterentwicklungen fρ διε Automotive - und Non Automotive Industrie, immer in enger Abstimmung mit den Kunden. Werkstoffe und Fertigungsprozesse der laufenden Serienprodukte werden parallel ebenfalls stetig weiterentwickelt.
Schwerpunkte im Geschφτσϕαηρ 2011 λαγεν γρυππενωειτ ερνευτ αυφ δερ Ρεδuktion von Bauteilgewichten durch Leichtbau, Kostenreduktion durch intelligente Funktionsintegration sowie neuen κολογισχηεν υνδ ναχηηαλτιγεν Produktinnovationen.
Die POLYTEC GROUP unterhλτ µεηρερε Εντωιχκλυνγσζεντρεν. 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 fρ δεν Μοτορραυµ, aber auch verstρκτ φρ δεν wachsenden Bereich Non-Automotive sowie Exterieurteile fρ ΛΚΩσ υνδ ΠΚΩ-Kleinserien. Die Bandbreite der Entwicklungstτιγκειτ ρειχητ δαβει ϖον δερ Substitution von Aluminium durch Kunststoff bis hin zur Weiterentwicklung von aktuellen Produkten. Der erweiterte Testing-Bereich ermγλιχητ εινερσειτσ διε ρασχηε Bearbeitung kontinuierlich wachsender Kundenanforderungen und andererseits die aktive Entwicklung gνζλιχη νευερ Τειλε. ∆ιε ςορρειτερρολλε δεσ Κονζερνσ ιµ Bereich der Motorraumteile wird dadurch weiter gefestigt, wie die folgenden Beispiele eindrucksvoll beschreiben:
Fρ διε Φεινλαβσχηειδυνγ, διε λαυφενδ αν Βεδευτυνγ γεωινντ, σετζτ διε ΠΟΛΨΤΕΧ GROUP seit einigen Jahren mit gro⇓εµ Ερφολγ γεσχηαλτετε Ζψκλοναbscheider ein. In neueren Zylinderkopfhauben wird dabei der POLYSWIRL-Feinλαβσχηειδερ verwendet ein Fliehkraftabscheider, bei dem das Gas in schnelle Rotation versetzt wird. Der POLYSWIRL-Feinλαβσχηειδερ ωιρδ ιν Ζψλινδερκοπφηαυβεν ϖον ςΩ, Αυδι, Daimler, BMW und PSA eingesetzt. POLYDRAIN ist ein modulares √λαβλαυφϖεντιλ zur Entλυνγ ϖον Βλοω-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 fρ Benzinmotoren mit υ⇓ερστ κλεινεµ Βαυραυµ. Das patentierte KEYLOCK-System, ein Highlight in diesem Segment, dient der Schnellverbindung von Anschlussleitungen. POLYTEC fertigt Kηλwasserrohre in der innovativen Projektilinjektionstechnik (PIT) und wurde dafρ ιµ Ραηµεν δερ Ευροµολδ, δερ weltweit fηρενδεν Φαχηµεσσε φρ Ωερκζευγ- und Formenbau, Design und Produktentwicklung, prµιερτ. Βει δερ Προδυκτιον ωιρδ δασ ϖερδρνγτε Ματεριαλ βερ das Hei⇓καναλσψστεµ διρεκτ ζυρχκ ιν das Maschinenaggregat befρδερτ υνδ νιχητ, wie bisher, in einen ⇐βερλαυφ.
Im Bereich COMPOSITES wird nach neuen und optimierten Einsatzmγλιχηκειτεν fρ δυροπλαστισχηε υνδ τηερµοπλαστισχηε λανγφασερϖερστρκτε (Γλασ-, Carbon- und Basaltfasern) Werkstoffe geforscht. Weitere permanente Entwicklungsschwerpunkte sind die Effizienzsteigerung in der laufenden Produktion und die optimierte Verarbeitung von SMC (Sheet Moulding Compound), LFT (Long Fiber Thermoplastic) und GMT (Glass Mat Thermoplastic) sowie deren Oberflχηενβεσχηιχητυνγ ωιε beispielsweise Lackierung. Auch die permanente Weiterentwicklung der hauseigenen SMC-Halbzeugfertigung und die Erarbeitung ma⇓γεσχηνειδερτερ Rezepturen fρ ιντερνε Προϕεκτε αβερ αυχη εξτερνε Kunden ist ein Thema bei POLYTEC COMPOSITES. Konkret konnte die COMPOSITES Division in 2011 einige wichtige Projekte fρ unterschiedliche Branchen sehr erfolgreich bis zur Serienreife entwickeln.
Ab Januar 2011 erfolgte der Anlauf von 2 Heckdeckeln und einem Verdeckkastendeckel in SMC fρ διε ΒΜΩ 6-er Serie (Cabriolet, gefolgt Mitte 2011 vom 2-Tρερ Χουπε). ∆ιεσε Προδυκτε ερφλλεν ηχηστε Ανσπρχηε ηινσιχητλιχη Χλασσ-A Oberflχηεν υνδ δυρχηλαυφεν ϖορµοντιερτ αν διε Βλεχηροηκαροσσε ονλινε δεν ΚΤΛund Lackierprozess beim Kunden. Dabei treten dauerhaft Prozesstemperaturen von bis zu 200°Χ αυφ, εινε Ανφορδερυνγ βει δερ διε Στρκεν ϖον ΣΜΧ ϖολλ ζυµ Τραγεν kommen.
Auch im Non-Automotive Bereich, der Solarindustrie, konnte ein neues Produkt fρ den Kunden Bosch mit gro⇓εµ Ερφολγ ιν Σεριε γεβραχητ ωερδεν. Εινε ειντειλιγε
Gehυσεωαννε ιν ΣΜΧ αλσ τραγενδεσ Ελεµεντ φρ ειν Σολαρτηερµιε-Modul βερνιµµτ διε Φυνκτιονεν ϖον βισηερ ϖερσχηιεδενστεν Εινζελβαυτειλεν ωιε Αλυ-Profile, Platten und Befestigungselementen. Diese technische Lσυνγ ιστ νευ υνδ wurde daher in 2011 mit einem Innovationspreis der AVK ausgezeichnet.
Hohe Prioritτ ιν δεν Εντωιχκλυνγσακτιϖιττεν ϖον ΠOLYTEC COMPOSITES hat weiterhin das Thema Leichtbau, angetrieben von den Anforderungen und Erfordernissen PKW Industrie. Dabei geht es um Themenstellungen wie Nachhaltigkeit oder Reichweitensteigerungen von Elektrofahrzeugen durch intelligenten Leichtbau. Die Composite-Werkstoffe und auch die Verarbeitungstechnologien von POLYTEC bieten hier mit dem Einsatz von z.B. Carbonfaser als Verstρκυνγσµατεριαλ υνδ βερ διε ςερωενδυνγ ϖον dichtereduzierten Werkstoffen eine Fλλε αν Μγλιχηκειτεν. Μεηρερε σεηρ interessante Entwicklungsauftrγε µιτ ϖερσχηιεδενεν Κυνδεν φρ Φαηρζευγε διε αβ 2013ff Markteinfηρυνγ ηαβen sind βερ 2011 ηιναυσ ιν Βεαρβειτυνγ. ∆ιε Βεδαρφε ιν diesem Sektor wachsen kontinuierlich. POLYTEC arbeitet daher mit Hochdruck und kontinuierlich daran die Wettbewerbsfηιγκειτ φρ διε ςεργαβεν ϖον Σεριεναυφτργεν mit Leichtbaulσυνγεν αυφ ηοηεµ Νιϖεαυ zu halten.
Das Leistungsspektrum des Bereichs CAR STYLING bietet die Mγλιχηκειτ, trotz der Fokussierung dieser Division auf Originalzubehρ υνδ Κλεινσεριεν, die gesamte notwendige Prozesskette einer automotiven Entwicklung abzudecken . Beginnend von den ersten Designskizzen βερ Χλαψ-Modelle (M1:1), Digitalisierung und CAD-Konstruktion bis hin zur Erstellung von Rapid-Prototyping-Modellen kann dem Kunden ein Φυλλ-Service-Paket ανγεβοτεν ωερδεν, ωιε εσ αυχη ιν εινερ Serienentwicklung βλιχh ist. Da jedoch gerade im Segment Originalzubehρ διε Entwicklungs- und Vorlaufzeiten wesentlich kρζερ σινδ αλσ ιν δερ Σεριενβελιεφερυνγ, sind sµτλιχηε Προζεσσε αυφ ηχηστε Φλεξιβιλιττ υνδ κυρζε Ρεακτιονσζειτεν ausgerichtet, ohne dabei hinsichtlich Dokumentation oder Qualitτσσιχηερυνγ Kompromisse einzugehen. Im hauseigenen Werkzeug- und Formenbau kννεν διε erforderlichen Produktionswerkzeuge und -vorrichtungen entwickelt und gefertigt werden, was ebenfalls zur kurzen Umsetzungsdauer beitrγτ.
Die Schwerpunkte der CAR STYLING Division im Bereich der Vorausentwicklung betreffen zum einen den Bereich Verfahrenstechnik, wo vor allem an der laufenden Verbesserung des Materials PUR-RRIM gearbeitet wird. So wird etwa der Einsatz von Carbonfaser als Fλλστοφφ fρ Πολψυρετηαν (ΠΥΡ) εϖαλυιερτ, υµ δεµ Τηεµα automobiler Leichtbau gerecht zu werden. Auch neue Mγλιχηκειτεν δερ Oberflχηενγεσταλτυνγ ϖον ΠΥΡ-Bauteilen bilden im Moment einen Schwerpunkt der Entwicklungsarbeit.
Im Bereich Innovationsmanagement befasst sich ein Team aus verschiedenen Funktionsbereichen der Division mit Mγλιχηκειτεν, δασ ηευτιγε Προδυκτσπεκτρυµ φρ die Herausforderungen der Zukunft umzugestalten. Dabei geht es einerseits um das finden zusτζλιχηερ Φεατυρεσ φρ ηευτε ιµ Προδυκτπρογραµµ βefindliche Bauteile (z.B. USB-Charging in einer Zubehραρµσττζε) οδερ διε σιννϖολλε Αδαπτιερυνγ ϖον Produkten fρ διε Μοβιλιττ ϖον µοργεν (ζ.Β. Ηεχκσποιλερ µιτ Πηοτοϖολταικπανεελεν).
Die POLYTEC GROUP wendete 2011 rund EUR 11,0 Mio. (2010: rd. EUR 16,0 Mio.) fρ Φορσχηυνγσ- und Entwicklungsarbeiten auf. Der deutliche Rχκγανγ ιστ αυφ διε Verυ⇓ερυνγ δεσ Βερειχηεσ Ιντεριορ Systems zurχκζυφηρεν.
Die Einrichtung eines angemessenen internen Kontroll- und Risikomanagementsystems in Hinblick auf den Rechnungslegungsprozess bzw. die Finanzberichterstattung liegt in der Verantwortung des Vorstands. Durch entsprechende organisatorische Ma⇓ναηµεn wird sichergestellt, dass die gesetzliche Vorgabe, nach der die Eintragungen in die Bχηερ υνδ διε σονστιγεν Aufzeichnungen vollstνδιγ, ριχητιγ, ζειτγερεχητ υνδ γεορδνετ ζυ ερφολγεν ηαβεν, erfλλτ ωιρδ.
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 Ma⇓ναηµεν υνδ Ρεγελν ζηλεν υ. α. Funktionstrennungen, Unterschriftenordnungen, ausschlie⇓λιχη κολλεκτιϖε υνδ αυφ wenige Personen eingeschrνκτε Ζειχηνυνγσερµχητιγυνγεν φρ Ζαηλυνγεν σοωιε systemunterstτζτε Πρφυνγεν δυρχη διε ϖερωενδετε Σοφτωαρε.
Durch ein standardisiertes konzernweites Finanzberichtswesen sowie eine interne Ad-hoc-Berichterstattung βερ unternehmenswichtige Ereignisse wird der Vorstand laufend βερ αλλε ρελεϖαντεν Σαχηϖερηαλτε ινφορµιερτ. ∆ερ Αυφσιχητσρατ ωιρδ ιν zumindest einer Aufsichtsratssitzung pro Quartal βερ δεν λαυφενδεν Γεσχηφτσγανγ, die operative Planung und die mittelfristige Strategie des Konzerns unterrichtet, in besonderen Fλλεν ωιρδ δερ Αυφσιχητσρατ αυχη υνµιττελβαρ ινφορµιερτ. Ιν δεν Prφυνγσαυσσχηυσσσιτζυνγεν ωιρδ υ. α. αυχη δασ ιντερνε Κοντρολλ- 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. Sµτλιχηε Ακτιεν σινδ ζυµ Ηανδελ ιµ Σεγµεντ πριµε µαρκετ δer Wiener Bρσε zugelassen.
Ακτιονρε µιτ εινερ Βετειλιγυνγ αµ Γρυνδκαπιταλ ϖον βερ 10,0% waren zum Bilanzstichtag 31. Dezember 2011:
Ηυεµερ Ινϖεστ ΓµβΗ: Die Gesellschaft hλτ rund 26,6% des Grundkapitals (teilweise βερ ιηρε 100%-Tochtergesellschaft Huemer Holding GmbH) an der POLYTEC Holding AG. Die Familie des CEO der POLYTEC GROUP, Ing. Friedrich Huemer, ist Alleineigentµερin der Anteile an den genannten Gesellschaften. Ing. Friedrich Huemer ist allein vertretungsbefugter Geschφτσφηρερ der genannten Gesellschaften.
Gegenβερ δεµ Βιλανζστιχηταγ 31. ∆εζεµβερ 2010 entspricht dies einer Reduktion des Anteilsbesitzes um 4,2%. Diese wurde der Gesellschaft am 28. Jννερ 2011 ιν Form einer Stimmrechtsmitteilung gem. ♣ 91 Βρσεγεσετζ µιτγετειλτ.
Das fρ eine Betriebsmittellinie im Geschφτσϕαηρ 2009 σιχηερυνγσβερειγνετε Aktienpaket im Ausma⇓ ϖον 16% ωυρδε ιµ ϑννερ 2011 ναχη ϖολλστνδιγερ Rχκφηρυνγ δieser Kreditlinie an die Huemer Holding GmbH rχκβερτραγεν.
∆ελτα Λλοψδ Ασσετ Μαναγεµεντ Νς hλτ per Stimmrechtsmitteilung vom 9. Mai 2011 βερ φολγενδε Φονδσ insgesamt 10,9% des Grundkapitals der POLYTEC Holding AG:
Keine Inhaber von Aktien verfγεν βερ βεσονδερε Κοντρολλρεχητε.
Mit Schreiben gem. ♣♣ 91 φφ. Βρσεγεσετζ vom 30. Juni 2011 wurde die POLYTEC Holding AG informiert, dass die PT Automotive Consulting GmbH ihre sµτlichen Aktien rund 19,7% der Stimmrechte im Rahmen eines Accelerated-Bookbuilding-Verfahrens platziert hat und folglich keine weiteren Stimmrechte an der Emittentin hλτ.
Hinsichtlich der Mγλιχηκειτ δεσ ςορστανδεσ, Ακτιεν αυσζυγεβεν, ϖερωεισεν ωιρ αυf die Erlυτερυνγεν ζυµ γενεηµιγτεν Καπιταλ ιµ Anhang unter Abschnitt III.
Es existiert keine Entschδιγυνγσϖερεινβαρυνγ ζωισχηεν δερ Gesellschaft und Mitgliedern des Vorstandes fρ δεν Fall eines Kontrollwechsels. Ebenso gibt es keine Entschδιγυνγσϖερειnbarungen fρ διε Αυφσιχητσρατσµιτγλιεδερ υνδ Αρβειτνεηµερ. Weitere bedeutende Vereinbarungen, auf die ein Kontrollwechsel oder ein φφεντλιχηεσ ⇐βερναηµεανγεβοτ εινε Αυσωιρκυνγ ηττεν, βεστεηεν νιχητ.
Es bestehen keine Satzungsbestimmungen, die βερ διε gesetzlichen Bestimmungen zur Ernennung von Vorstand oder Aufsichtsrat sowie zur ⊗νδερυνγ der Satzung hinausgehende Regelungen enthalten.
Hρσχηινγ, αµ 27. Mρζ 2012
Der Vorstand
Friedrich Huemer e. h. Peter Haidenek e. h. Alfred Kollros e. h.
POLYTEC Holding AG, Hörsching
mit Gegenüberstellung der Vorjahreszahlen in tausend Euro (TEUR)
| Aktiva | Passiva | ||||
|---|---|---|---|---|---|
| 31.12.2011 | 31.12.2010 | 31.12.2011 | 31.12.2010 | ||
| EUR | TEUR | EUR | TEUR | ||
| A. Anlagevermögen: |
A. Eigenkapital: |
||||
| I. Immaterielle Vermögens- |
I. Grundkapital |
22.329.585,00 | 22.330 | ||
| gegenstände | 294.415,48 | 302 | II. Kapitalrücklagen (gebunden) |
38.869.949,79 | 38.870 |
| II. Sachanlagen |
842.757,08 | 605 | III. Bilanzgewinn (davon Gewinnvortrag |
||
| III. Finanzanlagen |
57.573.799,75 | 39.956 | EUR 13.210.956,09; Vorjahr: TEUR 1.626) | 47.898.956,57 | 13.211 |
| 58.710.972,31 | 40.863 | 109.098.491,36 | 74.410 | ||
| B. Umlaufvermögen: |
B. Rückstellungen: |
||||
| I. Forderungen und sonstige |
1. Rückstellungen für Abfertigungen |
350.000,00 | 294 | ||
| Vermögensgegenstände: | 2. Steuerrückstellungen |
500.000,00 | 0 | ||
| 1. Forderungen aus Liefer- |
3. Sonstige Rückstellungen |
2.857.890,00 | 2.676 | ||
| ungen und Leistungen | 131.148,48 | 14 | 3.707.890,00 | 2.969 | |
| 2. Forderungen gegenüber |
C. Verbindlichkeiten: |
||||
| verbundenen Unternehmen | 28.648.165,31 | 32.015 | 1. Verbindlichkeiten aus Liefe |
||
| 3. Sonstige Forderungen und |
rungen und Leistungen | 593.833,02 | 616 | ||
| Vermögensgegenstände | 12.870.266,08 | 902 | 2. Verbindlichkeiten gegenüber |
||
| 41.649.579,87 | 32.931 | verbundenen Unternehmen | 2.028.000,00 | 101 | |
| II. Guthaben bei Kreditinstituten | 15.163.176,15 | 4.423 | 3. Sonstige Verbindlichkeiten (davon aus Steuern | ||
| 56.812.756,02 | 37.355 | EUR 90.080,67; Vorjahr: TEUR 45; | |||
| C. Rechnungsabgrenzungsposten |
50.234,96 | 5 | davon im Rahmen der sozialen Sicherheit | ||
| EUR 47.199,63; Vorjahr: TEUR 48) | 145.748,91 | 126 | |||
| 2.767.581,93 | 843 | ||||
| 115.573.963,29 | 78.223 | 115.573.963,29 | 78.223 | ||
| Haftungsverhältnisse | 42.038.140,02 | 108.139 |
mit Gegenüberstellung der Vorjahreszahlen in tausend Euro (TEUR)
| 2011 | 2010 | |
|---|---|---|
| EUR | TEUR | |
| 1. Umsatzerlöse | 11.523.376,69 | 9.025 |
| 2. Sonstige betriebliche Erträge | 1.092.212,36 | 949 |
| 3. Personalaufwand | -4.143.769,90 | -3.292 |
| 4. Abschreibungen auf immaterielle Gegenstände des Anlagever |
||
| mögens und Sachanlagen 5. Sonstige betriebliche Aufwendungen |
-340.019,09 | -307 |
| a) Steuern, soweit sie nicht unter Z 14 fallen | -6.277,55 | -2 |
| b) Übrige | -5.674.684,42 | -5.702 |
| 6. Zwischensumme aus Z 1 bis Z 5 (Betriebsergebnis) | 2.450.838,09 | 670 |
| 7. Erträge aus Beteiligungen (davon aus verbundenen Unternehmen EUR 10.043.779,44; Vorjahr: TEUR 17.508) |
10.043.779,44 | 17.526 |
| 8. Sonstige Zinsen und ähnliche Erträge (davon aus verbundenen Unternehmen EUR 1.239.426,80; Vorjahr: TEUR 980) |
1.926.035,46 | 1.042 |
| 9. Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen (davon aus verbundenen Unternehmen EUR 20.596.000,00; Vorjahr: TEUR 3.969) |
20.596.000,00 | 3.992 |
| 10. Aufwendungen aus Finanzanlagen (davon Abschreibungen EUR -135.000,00; Vorjahr: TEUR -6.975; davon Aufwendungen aus verbundenen Unternehmen EUR -135.000,00; Vorjahr: TEUR -11.686) |
-135.000,00 | -11.686 |
| 11. Zinsen und ähnliche Aufwendungen (davon betreffend verbundene Unternehmen EUR -1.111,23; Vorjahr: TEUR -153) |
-150.779,97 | -435 |
| 12. Zwischensumme aus Z 7 bis Z 11 (Finanzergebnis) | 32.280.034,93 | 10.439 |
| 13. Ergebnis der gewöhnlichen Geschäftstätigkeit | 34.730.873,02 | 11.110 |
| 14. Steuern vom Einkommen | -42.872,54 | 412 |
| 15. Jahresüberschuss | 34.688.000,48 | 11.522 |
| 16. Übertrag aus Rücklage für eigene Anteile | 0,00 | 63 |
| 17. Gewinnvortrag aus dem Vorjahr | 13.210.956,09 | 1.626 |
| 18. Bilanzgewinn | 47.898.956,57 | 13.211 |
Der vorliegende Jahresabschluss 2011 ist nach den Vorschriften des UGB aufgestellt worden.
Die Gesellschaft ist als große Kapitalgesellschaft gemäß § 221 UGB einzustufen.
Im Interesse einer klaren Darstellung wurden in der Bilanz und in der Gewinn- und Verlustrechnung einzelne Posten zusammengefasst. Diese Posten sind im Anhang gesondert ausgewiesen.
Die Gewinn- und Verlustrechnung ist in Staffelform nach dem Gesamtkostenverfahren aufgestellt.
Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buchführung sowie der Generalnorm, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln, aufgestellt.
Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der Vollständigkeit eingehalten.
Bei der Bewertung wurde von der Fortführung des Unternehmens ausgegangen.
Bei den Vermögensgegenständen und Schulden wurde der Grundsatz der Einzelbewertung angewandt.
Die bisher angewandten Bewertungsmethoden wurden beibehalten.
Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem insbesondere nur die am Abschlussstichtag verwirklichten Gewinne ausgewiesen werden.
Alle erkennbaren Risken und drohenden Verluste wurden berücksichtigt.
Immaterielle Vermögensgegenstände werden, soweit gegen Entgelt erworben, zu Anschaffungskosten aktiviert und in längstens fünf Jahren abgeschrieben.
Sachanlagen werden zu Anschaffungs- oder Herstellungskosten, abzüglich planmäßiger Abschreibungen, bewertet.
Die planmäßigen Abschreibungen werden linear unter Zugrundelegung folgender Nutzungsdauern und Abschreibungssätze berechnet:
| Nutzungs- dauer in Jahren |
Abschrei bungssatz % |
|
|---|---|---|
| Andere Anlagen, Betriebs | ||
| und Geschäftsausstattung | 2 - 10 | 10,0 - 50,0 |
Von den Zugängen in der ersten Hälfte des Geschäftsjahres wird die volle Jahresabschreibung, von den Zugängen in der zweiten Hälfte wird die halbe Jahresabschreibung verrechnet.
Geringwertige Vermögensgegenstände werden im Jahr der Anschaffung voll abgeschrieben.
Außerplanmäßige Abschreibungen werden vorgenommen, soweit der Ansatz mit einem niedrigeren Wert erforderlich ist.
Finanzanlagen werden grundsätzlich mit den Anschaffungskosten, gegebenenfalls vermindert um Abschreibungen zur Berücksichtigung dauernder Wertminderungen, bewertet.
Forderungen und sonstige Vermögensgegenstände werden mit dem Nennbetrag angesetzt. Fremdwährungsforderungen werden unter Berücksichtigung des Niederstwertprinzips mit dem Referenzkurs der Europäischen Zentralbank zum Bilanzstichtag bewertet. Für erkennbare Risken werden Einzelwertberichtigungen gebildet.
Bei der Bemessung der Rückstellungen werden entsprechend den gesetzlichen Erfordernissen alle erkennbaren Risken und drohenden Verluste berücksichtigt.
Die Rückstellungen für Abfertigungen wurden wie im Vorjahr nach anerkannten finanzmathematischen Grundsätzen auf Basis eines Rechnungszinssatzes von 3,0 %, eines Pensionseintrittsalters von 60 Jahren bei Frauen und 65 Jahren bei Männern ermittelt. Die Rückstellungen für Abfertigungen wurden wie im Vorjahr nach anerkannten finanzmathematischen Grundsätzen auf Basis eines Rechnungszinssatzes von 3,0% (Vorjahr: 3,0%) ermittelt. Das rechnungsmäßige Pensionsalter entspricht wie im Vorjahr dem höchstmöglichen Anfallsalter für die Alterspension gemäß der im Budgetbegleitgesetz 2003 verankerten Pensionsreform.
Rückstellungen für Jubiläumsgelder werden gebildet; die Vorsorge wird wie im Vorjahr nach anerkannten finanzmathematischen Grundsätzen unter Zugrundelegung eines Rechnungszinssatzes von 3,0% (Vorjahr: 3,0%) und eines Fluktuationsabschlages von 20,0% (Vorjahr: 20,0%) berechnet.
Verbindlichkeiten werden mit ihrem Rückzahlungsbetrag angesetzt. Fremdwährungsverbindlichkeiten werden unter Berücksichtigung des Höchstwertprinzips mit dem Referenzkurs der Europäischen Zentralbank zum Bilanzstichtag bewertet.
Die Aufgliederung des Anlagevermögens und seine Entwicklung im Berichtsjahr sind im Anlagenspiegel angeführt (vergleiche Anlage*1 zum Anhang).
Aus der Nutzung von nicht in der Bilanz ausgewiesenen Sachanlagen besteht auf Grund von langfristigen Mietverträgen für das Geschäftsjahr 2012 eine Verpflichtung von EUR 511.191,12 (Vorjahr: TEUR 292). Der Gesamtbetrag der Verpflichtungen für die nächsten 5 Jahre beträgt EUR 2.360.481,69 (Vorjahr: TEUR 585).
Der Gesamtbetrag der sonstigen Ausleihungen mit einer Restlaufzeit bis zu einem Jahr beträgt EUR 0,00 (Vorjahr: TEUR 350).
| hievon mit einer Rest- |
hievon mit einer Restlauf |
||
|---|---|---|---|
| laufzeit bis zu | zeit von mehr | ||
| einem Jahr EUR |
als einem Jahr EUR |
Bilanzwert EUR |
|
| Forderungen aus Lieferungen | |||
| und Leistungen | 131.148,48 | 0,00 | 131.148,48 |
| Vorjahr in TEUR | 14 | 0 | 14 |
| Forderungen gegenüber ver bundenen Unternehmen |
27.535.485,26 | 1.112.680,05 28.648.165,31 | |
| Vorjahr in TEUR | 22.888 | 9.127 | 32.015 |
| Sonstige Forderungen und | |||
| Vermögensgegenstände | 6.103.382,34 | 6.766.883,74 12.870.266,08 | |
| Vorjahr in TEUR | 902 | 0 | 902 |
| 33.770.016,08 | 7.879.563,79 41.649.579,87 | ||
| Vorjahr in TEUR | 23.804 | 9.127 | 32.931 |
Die Forderungen gegenüber verbundenen Unternehmen betreffen im Wesentlichen Steuerumlagen, Konzernfinanzierungen und sonstige Verrechnungen. Der Anstieg der sonstigen Forderungen in 2011 resultiert überwiegend aus dem Verkauf des Bereichs Interior-Systems an Toyota Boshoku Europe N.V., Belgien.
Im Posten "Sonstige Forderungen und Vermögensgegenstände" sind Erträge in Höhe von EUR 391.922,74 (Vorjahr: TEUR 66) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
Das Grundkapital beträgt zum 31.12.2011 EUR 22.329.585,00 und ist in 22.239.585 Stückaktien zum Nennbetrag von je EUR 1,00 zerlegt. Die Aktien lauten auf Inhaber.
Das Grundkapital der Gesellschaft blieb im Geschäftsjahr 2011 unverändert.
Mit Beschluss der ordentlichen Hauptversammlung vom 21.5.2008 wurde ein genehmigtes Kapital beschlossen. Der Vorstand ist berechtigt mit Zustimmung des Aufsichtsrats längstens fünf Jahre ab Eintragung des genehmigten Kapitals das Grundkapital um bis zu Nominale EUR 11.164.792,00 durch Ausgabe neuer Aktien zu einem Mindestausgabebetrag von je EUR 1,00 zu erhöhen. Die Ausgabe der neuen Aktien kann auch unter Ausschluss des Bezugrechts der Aktionäre erfolgen.
Die sonstigen Rückstellungen umfassen im Wesentlichen Vorsorgen für nicht konsumierte Urlaube, Erfolgsprämien sowie Risiken aus Finanzkontrakten.
| hievon mit einer Rest- laufzeit bis zu einem Jahr EUR |
hievon mit einer Rest- ein bis fünf Jahren EUR |
hievon mit einer Rest laufzeit von laufzeit von über fünf Jahren EUR |
Bilanzwert EUR |
|
|---|---|---|---|---|
| Verbindlichkeiten aus Liefe rungen und Leistungen |
593.833,02 | 0,00 | 0,00 | 593.833,02 |
| Vorjahr in TEUR | 616 | 0 | 0 | 616 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen |
2.028.000,00 | 0,00 | 0,00 | 2.028.000,00 |
| Vorjahr in TEUR | 101 | 0 | 0 | 101 |
| Sonstige Verbindlichkeiten | 145.748,91 | 0,00 | 0,00 | 145.748,91 |
| Vorjahr in TEUR | 126 | 0 | 0 | 126 |
| 2.767.581,93 | 0,00 | 0,00 | 2.767.581,93 | |
| Vorjahr in TEUR | 843 | 0 | 0 | 843 |
Im Posten "Sonstige Verbindlichkeiten" sind Aufwendungen in Höhe von EUR 144.788,32 (Vorjahr: TEUR 96) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
| 31.12.2011 EUR |
31.12.2010 TEUR |
|
|---|---|---|
| Wechselbürgschaften | 5.736.000,00 | 9.736 |
| Ausfallsbürgschaften | 5.338.813,00 | 31.144 |
| Sonstige Bürgschaften | 18.693.813,02 | 27.541 |
| Garantien | 1.500.000,00 | 1.500 |
| Haftung für Leasingverpflichtungen | 5.724.117,00 | 3.561 |
| Ausfallbürgschaft Factoring | 5.045.397,00 | 34.657 |
| 42.038.140,02 | 108.139 |
Die Wechselbürgschaften bestehen gegenüber inländischen Kreditinstituten. Die Ausfallsbürgschaften bestehen gegenüber in- und ausländischen Banken. Die sonstigen Bürgschaften betreffen im wesentlichen Mietverpflichtungen. Die Garantien bestehen gegenüber einem inländischen Unternehmen. Die Haftung für Leasingverpflichtungen betrifft die Mithaftung als zweiter Leasingnehmer. Die Ausfallbürgschaft Factoring betrifft das Restrisiko einer Inanspruchnahme der Gesellschaft für den Fall, dass an Konzerngesellschaften bevorschusste, jedoch dem Grunde nach nicht gerechtfertigte Forderungen, weder beim Schuldner der Forderung noch bei der Konzerngesellschaft einbringlich sind. Das Delkredererisiko, den Rechtsbestand der Forderung vorausgesetzt, wird von der Factoringgesellschaft getragen.
Sämtliche Haftungsverhältnisse betreffen wie im Vorjahr Risikoübernahmen von verbundenen Unternehmen.
Außerbilanzielle Geschäfte nach § 237 Z 8a UGB aus denen wesentliche Risiken oder Vorteile resultieren könnten, liegen zum Bilanzstichtag nicht vor.
| 2011 | 2010 | |
|---|---|---|
| EUR | TEUR | |
| Inland | 2.286.747,11 | 2.008 |
| Ausland | 9.236.629,58 | 7.017 |
| 11.523.376,69 | 9.025 |
| 2011 | 2010 | |
|---|---|---|
| EUR | TEUR | |
| Erträge aus dem Abgang vom Anlagevermögen | 16.024,63 | 5 |
| Erträge aus der Auflösung von Rückstellungen | 12.483,08 | 0 |
| Übrige | 1.063.704,65 | 944 |
| 1.092.212,36 | 949 | |
| Personalaufwand | ||
| 2011 EUR |
2010 TEUR |
|
| Gehälter | 3.407.804,09 | 2.677 |
| Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen |
87.448,26 | 66 |
| Aufwendungen für gesetzlich vorgeschrie bene Sozialabgaben sowie vom Entgelt |
||
| abhängige Abgaben und Pflichtbeiträge | 644.712,66 | 544 |
| Sonstige Sozialaufwendungen | 3.804,89 | 6 |
| 4.143.769,90 | 3.292 |
Von den Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen entfielen im Geschäftsjahr EUR 17.549,55 (Vorjahr: TEUR 24) auf Mitglieder des Vorstands und leitende Angestellte.
Im Posten "Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen" sind EUR 56.361,00 (Vorjahr: TEUR 43) an Aufwendungen für Abfertigungen enthalten.
Die übrigen sonstigen betrieblichen Aufwendungen beinhalten im Wesentlichen Geschäftsführungs-, Versicherungs-, Miet-, Beratungs- und Softwarewartungsaufwendungen.
Die Erträge aus Beteiligungen von EUR 10.043.779,44 (Vorjahr: TEUR 17.526) stammen im Wesentlichen aus Gewinnausschüttungen von Tochterunternehmen.
Die Erträge aus dem Abgang von und der Zuschreibung zu Finanzanlagen beinhalten insbesondere die Erträge aus dem Ende Juni 2011 erfolgten Verkauf der Anteile an der POLYTEC Interior Polska Sp.z.o.o., Tomaszow Mazowiecki, Polen, die Zuschreibung zu den Anteilen an der POLYTEC Holding Deutschland, GmbH, Lohne, Deutschland, sowie die Auflösung von Wertberichtigungen von Forderungen aus der Finanzierung von verbundenen Unternehmen.
Die Aufwendungen aus Finanzanlagen beinhalten die Abschreibung der Anteile an der POLYTEC Invest.
| 2011 EUR |
2010 TEUR |
|
|---|---|---|
| Körperschaftsteuer: | ||
| Laufendes Jahr | 510.500,00 | 4 |
| Aus Vorperioden | 10.500,00 | -14 |
| Steuerumlagen Gruppenbesteuerung | -478.127,46 | 37 |
| Latenter Steueraufwand (Gruppenbesteuerung) | 0,00 | -439 |
| 42.872,54 | -412 |
Die Steuerumlagen betreffen inländische verbundene Unternehmen, welche in die Steuergruppe der Gesellschaft einbezogen sind.
Die Steuerumlagen werden nach der sogenannten Belastungsmethode verrechnet, wobei im Fall eines steuerlichen Gewinns das inländische Gruppenmitglied eine Steuerumlage an den Gruppenträger zu entrichten hat. Im Fall eines steuerlichen Verlustes eines inländischen Gruppenmitglieds hat der Gruppenträger eine Ausgleichszahlung an das Gruppenmitglied zu leisten.
Der im Geschäftsjahr ausgewiesene laufende Steueraufwand betrifft ausschließlich das ordentliche Ergebnis.
Der Gesamtbetrag der aktivierbaren latenten Steuern zum 31.12.2011 beträgt rund TEUR 1.927 (Vorjahr: TEUR 6.841). Davon stammen aus den bei der Gesellschaft steuerlich zu erfassenden Personengesellschaften aktivierbare aktive latente Steuern in Höhe von rund TEUR 413 (Vorjahr: TEUR 415).
Bis zum 31.12.2011 wurden in der Steuergruppe (§ 9 KStG) der Gesellschaft ausländische Verluste aus dem Jahr 2011 und früheren Geschäftsjahren in Höhe von TEUR 11.642 (Vorjahr: TEUR 21.357) einbezogen, für die keine Rückstellung für latente Steuer gebildet wurde, da durch die Übernahme dieser steuerlichen Verluste noch kein steuerlicher Vorteil im Inland erzielt wurde bzw. da mit einer zeitnahen Umkehr der Steuerentlastung nicht ernsthaft zu rechnen ist.
Die Gesellschaft ist Mutterunternehmen des POLYTEC-Konzerns im Sinn des § 228 UGB. Der von der POLYTEC Holding AG, als oberstes Mutterunternehmen, verpflichtend aufzustellende Konzernabschluss wird beim Firmenbuch des Landes- als Handelsgerichtes Linz hinterlegt.
Die Gesellschaft setzt derivative Finanzinstrumente sowohl zur Absicherung von Fremdwährungs- und Zinsänderungsrisiken als auch zur Verbesserung des Nettozinsergebnisses der POLYTEC-Gruppe im Rahmen der Aufgaben des Konzerntreasury ein. Zum 31.12.2011 bestanden folgende derivative Finanzinstrumente:
| beizulegen | ||||
|---|---|---|---|---|
| Rückstellung | der Wert | |||
| 31.12.2011 | 31.12.2011 | |||
| Kategorie der Finanzinstrumente | Nominale | EUR | EUR | |
| Zinssatz-Swap | EUR | 10.000.000,00 | 288.170,00 | -288.170,00 |
| Devisentermingeschäft | USD | 500.000,00 | 11.285,00 | -11.285,00 |
| Devisentermingeschäft | USD | 500.000,00 | 2.520,00 | -2.520,00 |
Die beizulegenden Zeitwerte gemäß § 237a Abs 3 UGB entsprechen den rechnerischen Marktwerten am Bilanzstichtag.
Darüber hinaus bestehen Call Optionen auf den Erwerb von konzernfremden Gesellschaftsanteilen. Die Optionen sind ab 2014 ausübbar.
Wesentliche Geschäfte mit nahe stehenden Personen und Unternehmen werden mit Firmen, die sich im mittelbaren oder unmittelbaren Beteiligungsbesitz des Vorstandsvorsitzenden befinden, getätigt (sogenannte IMC-Gruppe). Sie betreffen neben der werkvertraglich geregelten Stellung des Vorstandsvorsitzenden unter anderem die Anmietung des Betriebsgebäudes der POLYTEC Holding AG. Darüber hinaus hat die POLYTEC Holding AG Haftungen für Mietverhältnisse, welche von Konzerngesellschaften mit der IMC-Gruppe geschlossenen wurden, übernommen. Weiters hat die POLYTEC Holding AG in 2011 von einem Unternehmen der IMC-Gruppe Forderungen gegenüber einem nahe stehenden Unternehmen unter Buchwert übernommen. Sämtliche getätigten Geschäfte wurden zu marktüblichen Bedingungen abgeschlossen.
| 2011 | 2010 | |
|---|---|---|
| Angestellte (im Jahresdurchschnitt) | 37 | 34 |
Mitglieder des Vorstands waren während des Geschäftsjahres und zum Zeitpunkt der Erstellung des Jahresabschlusses:
Herr Ing. Friedrich H u e m e r , Wallern (Vorstandsvorsitzender) Herr Dkfm. Peter H a i d e n e k , Velden (seit 1.2.2011) Herr Ing. Alfred K o l l r o s , St. Valentin
Der Gesamtbetrag der Bezüge des Vorstands im Geschäftsjahr betrug TEUR 2.913 (Vorjahr: TEUR 2.021).
Mitglieder des Aufsichtsrats waren während des Geschäftsjahres und zum Zeitpunkt der Erstellung des Jahresabschlusses:
Herr Mag. Fred D u s w a l d , Thalheim (Vorsitzender) Herr Manfred Helmut T r a u t h , Knittelsheim, Deutschland (Stellvertreter des Vorsitzenden) Herr Prof. Dr. Robert B ü c h e l h o f e r , Starnberg, Deutschland Frau Dr. Viktoria K i c k i n g e r , Wien Herr Mag. Reinhard S c h w e n d t b a u e r , Leonding ,
Die erfassten Aufwendungen für Vergütungen an Mitglieder des Aufsichtsrats betrugen im Geschäftsjahr EUR 88.750,00 (Vorjahr: TEUR 90).
Es bestehen keine Kredite oder Vorschüsse an aktuelle oder frühere Mitglieder der Organe der Gesellschaft. Keine früheren Mitglieder der Organe der Gesellschaft erhalten Bezüge von der Gesellschaft oder einem ihrer verbundenen Unternehmen.
Hörsching, am 27. März 2012
Der Vorstand
Ing. Friedrich Huemer Ing. Alfred Kollros Dkfm. Peter Haidenek
Anlage 1 zum Anhang: Anlagenspiegel Anlage 2 zum Anhang: Beteiligungsliste
| Anschaffungs- und Herstellungskosten | Abschreibungen | Nettowert | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stand am 1.1.2011 EUR |
Zugänge EUR |
Abgänge EUR |
Stand am 31.12.2011 EUR |
Stand am 1.1.2011 EUR |
Zugänge EUR |
Zu- schreibungen EUR |
Abgänge EUR |
Stand am 31.12.2011 EUR |
Stand am 31.12.2011 EUR |
Stand am 31.12.2010 EUR |
|
| I. Immaterielle Ver mögensgegenstände: |
|||||||||||
| Rechte | 858.198,06 | 129.442,30 | 0,00 | 987.640,36 | 556.137,16 | 137.087,72 | 0,00 | 0,00 | 693.224,88 | 294.415,48 | 302.060,90 |
| II. Sachanlagen: | |||||||||||
| Andere Anlagen, Betriebs und Geschäftsausstattung |
1.377.165,58 | 482.974,01 | 146.262,30 | 1.713.877,29 | 772.093,51 | 202.931,37 | 0,00 | 103.904,67 | 871.120,21 | 842.757,08 | 605.072,07 |
| III. Finanzanlagen: | |||||||||||
| 1. Anteile an verbundenen Unternehmen |
106.394.699,42 | 1.358.371,00 | 962.271,82 | 106.790.798,60 | 68.075.249,73 | 135.000,00 | 18.000.000,00 | 962.271,82 | 49.247.977,91 | 57.542.820,69 | 38.319.449,69 |
| 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 |
| 3. Sonstige | |||||||||||
| Ausleihungen | 1.605.706,00 | 0,00 | 1.605.706,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 1.605.706,00 |
| 108.031.384,48 | 1.358.371,00 | 2.567.977,82 | 106.821.777,66 | 68.075.249,73 | 135.000,00 | 18.000.000,00 | 962.271,82 | 49.247.977,91 | 57.573.799,75 | 39.956.134,75 | |
| 110.266.748,12 | 1.970.787,31 | 2.714.240,12 | 109.523.295,31 | 69.403.480,40 | 475.019,09 | 18.000.000,00 | 1.066.176,49 | 50.812.323,00 | 58.710.972,31 | 40.863.267,72 |
Die Gesellschaft hält bei folgenden Unternehmen mindestens 20,0 % Anteilsbesitz, die Angaben zu Eigenmittel und Ergebnis basieren zum Teil auf den vorläufigen Ergebnissen für 2011:
| Kapital- | Eigenkapital/ | Ergebnis des | |||
|---|---|---|---|---|---|
| anteil | Wäh- | Negatives | Geschäfts | ||
| Beteiligungsunternehmen | % | rung | Eigenkapital | jahres | Stichtag |
| POLYTEC FOR Car Styling | EUR | 1.700.000,00 | 3.958.279,44 | 31.12.2011 | |
| GmbH & Co KG, Hörsching | 100,0 | EUR | 1.700.000,00 | 3.342.246,99 | 31.12.2010 |
| POLYTEC CAR STYLING | |||||
| Hörsching GmbH, (vormals: | |||||
| POLYTEC FOR Car Styling | EUR | 45.366,46 | 4.709,57 | 31.12.2010 | |
| GmbH), Hörsching | 100,0 | EUR | 40.656,80 | 5.656,89 | 31.12.2009 |
| POLYTEC FOHA INC., | USD | 1.908.346,00 | 417.430,00 | 31.12.2011 | |
| Warren, USA | 80,0 | USD | 1.490.067,35 | 747.415,88 | 31.12.2010 |
| POLYTEC FOHA CORP., | CAD | 23.934,00 | 155.471,00 | 31.12.2011 | |
| Markham, Kanada | 80,0 | CAD | -131.637,00 | 2.869,00 | 31.12.2010 |
| Polytec Holden Ltd., | GBP | 2.661.708,00 | 550.733,00 | 31.12.2011 | |
| Bromyard, Großbritannien | 100,0 | GBP | 2.115.060,00 | 559.808,00 | 31.12.2010 |
| POLYTEC-AVO N.V., | EUR | 979.935,00 | 117.852,00 | 31.12.2011 | |
| Schoten, Belgien | 100,0 | EUR | 862.082,23 | 286.182,52 | 31.12.2010 |
| POLYTEC Holding Deutschland | EUR | 33.408.005,00 | 5.488.512,00 | 31.12.2011 | |
| GmbH, Lohne, Deutschland | 100,0 | EUR | 27.919.492,91 | 13.685.437,42 | 31.12.2010 |
| POLYTEC Interior Zaragoza | EUR | -6.337.546,00 | 135.137,00 | 31.12.2011 | |
| S.L., Zaragoza, Spanien | 100,0 | EUR | -6.472.683,00 | -3.429.086,47 | 31.12.2010 |
| POLYTEC Industrial Plastics | EUR | 12.746.973,00 | 2.571.804,00 | 31.12.2011 | |
| GmbH, Bochum, Deutschland | 70,0 | EUR | 10.175.168,90 | 149.228,29 | 31.12.2010 |
| PT Beteiligungs GmbH, | EUR | 3.314.071,63 | 557.856,93 | 31.12.2011 | |
| Hörsching | 100,0 | EUR | 8.636.214,70 | 8.438.835,21 | 31.12.2010 |
| POLYTEC Invest GmbH, | 25.770,83 | -12.718,10 | 31.12.2011 | ||
| Geretsried, Deutschland | 100,0 | EUR | -96.511,07 | -121.511,07 | 31.12.2010 |
| PPI Plastic Products Innovation | 1.194.914,37 | -866.193,39 | 31.12.2011 | ||
| GmbH & Co KG, Ebensee | 100,0 | EUR | 1.194.914,37 | 0,00 | 31.12.2010 |
| POLYTEC PLASTICS Ebensee | |||||
| GmbH, Ebensee (vormals: PPI | |||||
| Plastic Products Innovation | 58.428,76 | 3.721,85 | 31.12.2010 | ||
| GmbH, Hörsching) | 100,0 | EUR | 54.706,91 | 3.057,28 | 31.12.2009 |
| Ratipur Kraftfahrzeugbauteile | |||||
| und Autoausstattung Herstel | |||||
| lungs- und Vertriebsgesellschaft | |||||
| mit beschränkter Haftung, | THUF | 653.004 | 39.900 | 31.12.2010 | |
| Komló, Ungarn | 24,0 THUF | 613.104 | 1.223 | 31.12.2009 | |
| Polytec Composites Sweden AB, | SEK | -10.429.687,62 -25.901.128,54 | 31.12.2009 | ||
| Ljungby, Schweden (in Insolvenz) | 100,0 | SEK | 10.106.442,00 -35.119.822,00 | 31.12.2008 |
Wir haben den beigefügten Jahresabschluss der POLYTEC Holding AG, Hörsching, für das Geschäftsjahr vom 1. Jänner 2011 bis zum 31. Dezember 2011 unter Einbeziehung der Buchführung geprüft. Dieser Jahresabschluss umfasst die Bilanz zum 31. Dezember 2011, die Gewinn- und Verlustrechnung für das am 31. Dezember 2011 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 2011 sowie der Ertragslage der Gesellschaft für das Geschäftsjahr vom 1. Jänner 2011 bis zum 31. Dezember 2011 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 2012
Mag. Nikolaus Schaffer Mag. Ulrich Dollinger Wirtschaftsprüfer Wirtschaftsprüfer
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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