Annual Report • Jun 24, 2009
Annual Report
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for the financial year 2008
At the beginning of 2008 the world economy was still in relatively good shape but growth began to slow down significantly in the course of the year. Starting from September 2008, a downward trend of unparalleled intensity gathered momentum. The financial crisis triggered by the US subprime mortgage market led to widespread defaults and disruptions throughout the entire US economy and subsequently started to affect other industrial countries. The growth of the world economy (3.6%) in the year under review remained significantly below the previous year's level (5%). Especially, the Lehman Brothers' investment bank crash marked the beginning of an economic and financial tailspin.
US economic output rose by 1.2% in 2008. Following sharp declines in the gross domestic product in the last two quarters of 2008, the country started heading into a recession towards the end of the year. One of the main reasons behind this economic downturn was - besides a severe credit crunch – a significant drop in private consumption due to strongly declining assets and rising unemployment. This economic recession also affected all major countries of the eurozone. GDP growth was down to 0.9% (2007: 2.6%). In the first half of the year, private consumption was considerably weakened by a high inflation rate . The slowing global economy and the sustained appreciation of the euro which continued until the middle of the year led to a deterioration in corporate profit prospects, negatively affecting investment confidence. After years of booming development, the real economies of Ireland and Spain were additionally hit by a strongly declining construction industry. In the new EU member countries, economies showed diverse development trends until the autumn, but all in all, proved extremely resilient.
The weak business development in the automotive sector is reflected in the declining volume of vehicles produced worldwide, especially in the European markets, where the POLYTEC GROUP generates the majority of its sales. With a total manufacturing volume of 67 million vehicles, the world's car production decreased by more than 4% in 2008 compared to the previous year, recording the most significant decline since 2001, when production figures dropped by 3.4%.
While the worldwide car manufacturing volume increased by 2.2% in the first half of the year despite a price explosion on the raw material markets, the total number of produced vehicles decreased by almost 4 million units in the second half of the year . This dramatic development is mainly attributable to the effects of the worldwide financial crisis on the real economy, which impacted the automotive industry at a very early stage. More than 90% of the decline in production was registered in the fourth quarter of 2008, with all the world's major markets showing double digit declines in sales figures, leading to unparalleled production cutbacks. Several car manufacturers even halted their vehicle production completely in December 2008. This trend in the second half of the year, which defied all forecasts made at the beginning of the year, persisted until the beginning of 2009.
In numerous European regions, the number of new passenger car registrations dropped below the recessionary trough of the early nineties. In the US, the total number of new registrations declined by 30% in the second half of 2008 and reached the level of the early eighties. Thus, vehicle production fell to 12.7 million units, a decline of 20% in the second half of the year and, calculated on an annual basis, a total drop of 16%.
Due to the favourable development in the first half of 2008, the decline in car production in Europe amounted to 5%, which is relatively marginal compared to the US. However, the second half of the year saw a decline in production of 14%. While in Western Europe roughly 1.4 million fewer vehicles were produced in absolute terms compared to the previous year, total manufacturing volume in Eastern Europe increased by almost 400,000 units to 6.4 million vehicles.
While every fourth vehicle manufactured comes from the Asian region (excluding Japan), the NAFTA region only produces every fifth vehicle. However, more than 30% of all vehicles manufactured worldwide are produced in Europe, with the focus further shifting towards Eastern Europe in the course of the year. 30% of all vehicles produced in Europe are currently manufactured here. Back in 2005 this figure was only 20%.
Western Europe's production volume increased by 5.2% to 559,345 vehicles for the full year 2008 due to double digit growth in commercial vehicle production in the first half of the year, which, however, dropped drastically in the second half of 2008.
Nevertheless, the total production volume of commercial vehicles in the year under review remained slightly above the previous year's level, showing an increase of 1.5% to 2.7 million units worldwide. This expansion was only possible thanks to the positive development of all other markets. The highest growth rate was recorded in South America which increased production by 19.8% to roughly 195,000 units, almost double its output in 2006. Commercial vehicle production in Eastern Europe exceeded the previous year's level with 206,000 vehicles manufactured in 2008. In Asia as well, the volume of commercial vehicle production rose to more than 1.3 million units in 2008 or 50% of all commercial vehicles produced worldwide. The increase in volume in all other regions is exclusively attributable to the very favourable development up to August 2008.
Due to the full year effect of the acquisitions made in 2007 and the contribution as of October 1, 2008 of the Peguform Group to the group's consolidated financial statements, the POLYTEC GROUP increased sales by 62.6% in 2008 compared to the previous year. This growth was also driven by the outstanding performance of the commercial vehicle business over much of the year, whereas sales development in the car manufacturing segment, excluding acquisition effects, showed a downward trend.
With regard to discussions about the future sales and earnings development of the group and of its business divisions, it is important to point out that, as reported in section E. 2. of the Notes, POLYTEC will dispose of the newly acquired Peguform Group in 2009. Therefore, on the basis of these historical data, only limited forward-looking statements about the future business performance of the group are possible.
The group's key financial figures showed the following development:
| Key figures: Group's earnings situation | ||||||
|---|---|---|---|---|---|---|
| Unit | 2008 | 2007 | 2006 | |||
| Sales | EUR mn. 1,081.5 | 665.0 | 525.2 | |||
| EBITDA | EUR mn. | 65.0 | 63.7 | 48.0 | ||
| EBITDA margin (EBITDA / sales) | % | 6.0 | 9.6 | 9.1 | ||
| EBIT | EUR mn. | 16.7 | 41.0 | 30.3 | ||
| EBIT margin (EBIT / sales) | % | 1.5 | 6.2 | 5.8 | ||
| Net profit | EUR mn. | 3.0 | 37.3 | 18.3 | ||
| Net profit margin (net profit/ | ||||||
| sales) | % | 0.3 | 5.6 | 3.5 | ||
| Earnings per share | EUR | 0.08 | 1.66 | 0.86 | ||
| Average capital employed | EUR mn. | 365.0 | 171.9 | 143.9 | ||
| ROCE pre tax | ||||||
| (EBIT / capital employed) | % | 4.6 | 23.9 | 21.0 |
The 62.6% growth in sales was due to the first-time consolidation of the Peguform Group acquired in the year under review. Of the total increase in sales of EUR 416.5 million (+62.6%), EUR 327.4 million (+49.2%) are attributable to new acquisitions and EUR 122.1 million (+18.4%) are due to the full-year effect of the acquisitions made in 2007. Excluding these acquisition effects, total sales in 2008 showed an organic decline of EUR 33.0 million (- 5.0%). The operational decrease mainly concerned the Automotive Systems Division and, more specifically, the corporate account BMW.
Due to the unfavourable development of the automotive business described at the beginning of this report, the earnings situation of the group could not keep up with the growth in sales. While EBITDA registered a small increase of 2.0%, EBIT fell by 59.2% also due to extraordinary amortizations. This negative development is mainly attributable to the fourth quarter of 2008, as towards the end of the third quarter EBITDA still showed an
increase. . The fourth quarter is considerably influenced by the acquisition of the Peguform Group, which, compared to the 2007 sales position, would have doubled the performance of the POLYTEC GROUP.
The earnings development of the group is the result of the performance of the individual divisions, whose contributions to the group's total sales have changed considerably over the last two business years due to the recently made acquisitions.
| Unit | 2008 | 2007 | 2006 | |
|---|---|---|---|---|
| Sales | EUR mn. | 705.6 | 369.3 | 377.2 |
| Share of group sales | % | 65.2 | 55.5 | 71.8 |
| EBITDA | EUR mn. | 18.3 | 25.8 | 34.1 |
| EBITDA margin (EBITDA / sales) | % | 2.6 | 7.0 | 9.0 |
| EBIT | EUR mn. | -18.3 | 10.8 | 21.1 |
| EBIT margin (EBIT / sales) | % | -2.6 | 2.9 | 5.6 |
| Net profit | EUR mn. | -30.9 | 4.1 | 12.5 |
| Net profit margin | ||||
| (net profit / sales) | % | -4.4 | 1.1 | 3.3 |
| Average capital employed | EUR mn. | 282.7 | 106.2 | 86.9 |
| ROCE pre tax | ||||
| (EBIT / capital employed) | % | -6.5 | 10.2 | 24.2 |
The Automotive Systems Division accounts for 65.2% of total sales and is still the most important division in the group. In 2008, it posted sales totalling EUR 336.3 million (91.1%) including EUR 313.2 million attributable to the acquisition of the PEGU-FORM GROUP and EUR 49.4 million due to the full-year effect of the acquisition of POLYTEC Intex GmbH & Co. KG in 2007. Current operating business showed a decline in sales of EUR 26.2 million.
The decline in sales in the current operating business is mainly due to the negative performance of the corporate account BMW (despite the contribution of Peguform) compared to the previous year.
Gross profit at the division declined from 44% to 39.5% in relation to operating performance due to an increase in the material cost percentage. This decline is due to the introduction of Peguform's product mix, which encompasses a wider range of bought-in parts.
In 2008, EBIT turned negative, totalling EUR -18.8 million compared to a positive amount of EUR 10.8 million in 2007. In addition to the general downward trend that affected the business, especially in the fourth quarter of 2008, and pressure on margins following the acquisition of Peguform, this EBIT decline was mainly due to extraordinary amortizations of goodwill amounting to EUR 6.3 million (previous year: EUR 0.0). Results before amortization of goodwill (EBITDA) merely decreased to EUR -12.0 million, of which EUR -10.3 million were recorded in the fourth quarter 2008.
| Automotive Composites Division | ||||||
|---|---|---|---|---|---|---|
| Unit | 2008 | 2007 | 2006 | |||
| Sales | EUR mn. | 277.9 | 201.3 | 61.5 | ||
| Share of group sales | % | 25.7 | 30.3 | 11.7 | ||
| EBITDA | EUR mn. | 32.7 | 24.9 | 2.0 | ||
| EBITDA margin (EBITDA/ sales) | % | 11.8 | 12.4 | 3.3 | ||
| EBIT | EUR mn. | 24.3 | 19.9 | -0.2 | ||
| EBIT margin (EBIT/ sales) | % | 8.8 | 9.9 | -0.3 | ||
| Net profit | EUR mn. | 14.4 | 23.7 | -1.6 | ||
| Net profit margin | ||||||
| (net profit / sales) | % | 5.2 | 11.8 | -2.6 | ||
| Average capital employed | EUR mn. | 36.9 | 22.3 | 16.3 | ||
| ROCE pre tax | ||||||
| (EBIT / capital employed) | % | 65.9 | 89.2 | -1.2 |
Following the fundamental change of the Automotive Composites Division in 2007 due to the acquisition of the POLYTEC Composites Germany Group, this business unit profited from the outstanding performance of the commercial vehicle business over much of the year. Owing to the purchase of the Peguform Group and the subsequent integration of Peguform Composites s.r.o., Chodova Plana, Czech Republic, and the Weiden plants into the Automotive Composites Division, POLYTEC was able to consolidate and further expand the division's leading market position in the area of thermosetting moulded plastic parts.
The increase in sales by EUR 76.6 million (+38.0%) was largely due to the full-year effect of the acquisitions made in 2007, with EUR 14.1 million attributable to the purchase of Peguform. The division's sales also showed an excellent organic development. Driven by the strong performance of the HGV sector prior to autumn 2008 the division was able to operate at peak capacity for much of the business year. This favourable development was registered for all major customers of the division such as the HGV segments of Daimler, MAN and Iveco.
Earnings at the division developed favourably in the business year under review. After an EBIT of EUR 19.9 million in 2007, this earnings figure improved to EUR 24.3 million in 2008 despite the release of badwill totalling EUR 6.6 million included in previous year's results. This corresponds to an EBIT margin of 8.8% in relation to sales. This positive trend was mainly due to the consistent continuation of restructuring measures at the former Menzolit-Fibron GmbH that was acquired in 2007.
The decline in net profit by roughly EUR 9.3 million was mainly due to the considerable increase in deferred income tax. While a tax gain of EUR 4.8 million was posted in 2007 due to the cancellation of allowances for deferred tax assets as explained in the previous year's report, a deferred tax expenditure of EUR 3.0 million was recorded during the business year under review.
Despite or even partly because of the very good business development in 2008, the Automotive Composites Division was especially hard hit by the economic recession. As of the fourth quarter of 2008, production of HGVs and subsequently other commercial vehicles collapsed. In contrast to the car business, no government incentives to stimulate sales will be granted to this business segment in 2009. Against the backdrop of large inventories of finished vehicles held by customers and of considerable overcapacities in the transport sector in the current economic situation, there is little reason to expect a rapid recovery of HGV production.
| Car Styling Division | ||||
|---|---|---|---|---|
| Unit | 2008 | 2007 | 2006 | |
| Sales | EUR mn. | 77.7 | 74.7 | 66.8 |
| Share of group sales | % | 7.2 | 11.3 | 12.7 |
| EBITDA | EUR mn. | 8.9 | 9.6 | 7.1 |
| EBITDA margin (EBITDA / sales) | % | 11.4 | 12.9 | 10.6 |
| EBIT | EUR mn. | 6.8 | 7.9 | 5.3 |
| EBIT margin (EBIT / sales) | % | 8.7 | 10.6 | 7.9 |
| Net profit | EUR mn. | 4.4 | 5.3 | 3.3 |
| Net profit margin | ||||
| (net profit / sales) | % | 5.7 | 7.1 | 4.9 |
| Average capital employed | EUR mn. | 34.7 | 33.0 | 32.7 |
| ROCE pre tax | ||||
| (EBIT / capital employed) | % | 19.6 | 24.0 | 16.2 |
The Car Styling Division proved once again to be a sales and earnings driver for the group as a whole. Sales increased by 4.0% or EUR 3.9 million. This growth was purely organic and was achieved with the division's current corporate accounts.
The earnings situation of the division developed in line with its sales performance. Material expenses as a percentage of total operating output increased by 2.9 percentage points due to the increased use of external painting resources as a consequence of the optimal utilization of in-house capacities. Personnel expenses increased on a percentage basis to the same extent as total operating output, so that the expected positive effect on overheads from economies of scale could not apply. This was due to the employment of additional staff in areas such as project management to keep up with the growing work load following the expansion of the business.
As a result, EBITDA fell from EUR 9.6 million in 2007 to EUR 8.9 million in 2008. EBIT showed an even more substantial decline due to the inclusion of an extraordinary depreciation charge for property tools totaling EUR 0.5 million under the depreciation and amortization items.
| Other business units | |||||||
|---|---|---|---|---|---|---|---|
| Sales EUR mn. | 20.3 | 19.6 | 19.7 | ||||
| Share of group sales | % | 1.9 | 2.9 | 3.8 | |||
| EBITDA | EUR mn. | 5.2 | 3.5 | 4.8 | |||
| EBIT | EUR mn. | 3.9 | 2.4 | 4.1 | |||
| Net profit | EUR mn. | 15.0 | 4.2 | 4.1 | |||
| Net Profit | EUR Mio. | 15,0 | 4,2 | 4,1 |
The segment "other business units" encompasses the non-automotive business of the group and also includes POLYTEC Holding AG, the corporate steering unit. Moreover, all consolidation effects on results that cannot be directly attributed to a specific division are reported in this segment. The increase in the segment's net profit is mainly due to the recognition of deferred tax assets
(NWC/sales) % 4.43 8.93 7.9 3 Calculations based on the average NWC on account of acquisitions during the financial year.
in % of group sales
The asset ratio of the group grew considerably in the year under review mainly due to the acquisition of Peguform. The increase in investments was also attributable to this large-scale transaction. As in previous years, investments were made above all in plant and equipment for customer projects currently underway.
The decline in the equity ratio to 15.3% was once again solely attributable to the acquisition of Peguform, which was financed with borrowed funds. In the management's view, an equity ratio below 20% is only tolerable after the conclusion of an acquisition. An increase in equity capital was planned over the short and mid-term but could not be implemented due to the spreading economic recession. Please refer to section E.2. of the Notes for more information about the reduction of POLYTEC's debt burden in the course of the disposal of Peguform.
POLYTEC
The calculation of the net working capital to sales ratio was based on the average net working capital in both the 2007 and 2008 business years in order to guarantee better comparability with previous years' figures. Net working capital relative to sales on the reporting date would not have provided an informative comparison as, due to acquisitions made in the course of the year, it would have included the full amount of annual working capital but not of sales.
The decline in net working capital on the balance sheet date despite the acquisition of Peguform was due to two main factors: on the one hand, a factoring program was initiated by POLYTEC in 2008, which led to a considerable reduction in outstanding debts. On the other hand, the almost complete suspension of vehicle production in December 2008 meant that total accounts receivables and inventories as of the balance sheet date did not reflect "normal conditions" at the company .
| Key figures of the Group's financial position | ||||||
|---|---|---|---|---|---|---|
| Unit | 2008 | 2007 | 2006 | |||
| Net debt | EUR mn. | 346.4 | 29.2 | 4.2 | ||
| Net debt to EBITDA | – | 5.33 | 0.46 | 0.09 | ||
| Gearing (net debt /equity) | – | 2.24 | 0.18 | 0.03 |
The increase in net debt was mainly due to the acquisition of Peguform. In addition to financing the purchase price of EUR 218.5 million by raising short-term bank loans for a total amount of EUR 169.5 million and using liquidity reserves totaling EUR 49.0 million, the company incurred net debt for a total amount of EUR 130.3 million as of October 1, 2008 in the course of the acquisition.
| Unit | 2008 | 2007 | 2006 | |
|---|---|---|---|---|
| Cash flow from | ||||
| operating activities | EUR mn. | 92.6 | -7.5 | 48.4 |
| Cash flow from | ||||
| investing activities | EUR mn. | -246.6 | -9.7 | -20.7 |
| Cash flow from | ||||
| financing activities | EUR mn. | 205.5 | 23.6 | 3.9 |
| Changes in cash and | ||||
| cash equivalents | EUR mn. | 51.5 | 6.4 | 31.6 |
The cash flow from operating activities totaling EUR 92.6 million for the full-year 2008 encompassed cash flow from results amounting to EUR 43.3 million (previous year: EUR 49.9 million) and a change in working capital of EUR +49.3 million (previous year: EUR -57.4 million), which has already been explained in this report.
The cash flow from investing and financing activities was affected by the acquisition of Peguform and its financing. Detailed information in this regard has already been provided in the paragraph above.
The development of the POLYTEC GROUP in 2009 will be considerably influenced by the restructuring measures, the broad outlines of which have been agreed upon, and which will lead to the disposal of the Peguform Group acquired in 2008. At the same time, this divestment will result in a substantial reduction of the group's debt burden, as it will not only eliminate the immediate risk to the company's survival but also provide the basis for overcoming the current crisis in the automotive industry. Please refer to the Notes on the consolidated accounts under E.2. for further explanations in this regard.
Due to the disposal of Peguform, group sales in 2009 (excluding the business units that are to be sold off) are not expected to exceed EUR 600 million.. It is anticipated that new start-ups especially in the Automotive Systems Division, will compensate for the decline in current business operations.
The group divisions have been impacted by the decline in sales to different degrees. Although the car supply segment is reporting declines in sales of between 20% and 30% there are also temporary positive effects due to the government incentives to stimulate car sales (scrapping premium). In the view of the management, a slight improvement of the situation is anticipated for the second half of the year.
The commercial vehicle supply segment is certainly facing a considerably worse scenario. This business unit is not only confronted with more drastic declines in sales, which in some cases amount to 50% and more, neither is there much prospect of a short-term recovery. In fact, the business situation, at least in the first half of 2010 is not expected to be substantially better than in 2009. Management is, therefore, intensively monitoring the development of sales at the Automotive Composites Division, as one of the most negatively affected business units of the group, and is adopting remedial measures to counteract the unavoidable negative results arising from such a sales situation.
On the cost side, countermeasures focus on the adjustment of capacities to the changed business situation. In all of the group's major plants, overcapacities are being tackled with the introduction of short-time working schedules. As a last resort, plants will also have to be shut down as in the case of the recently announced closure of the Swedish plant (refer to the Notes under E.2. for further details).
The group's currently very limited financing capacities have to be taken into consideration when adopting cost-saving measures. Management has a duty to carefully evaluate restructuring steps in the light of the short-term impact that such remedial measures will have upon cash reserves.
However, all measures notwithstanding, the group will certainly not be able to prevent a negative EBIT in 2009.
This objective can only be achieved, besides internal restructuring efforts, if customers' contributions can be used to compensate for declines in results. The dramatic decrease in production volume has made former calculation parameters completely obsolete as a basis for price negotiations Moreover, as specific target output volumes cannot be reached, no rationalization effects can be applied, which used to be passed on to the customers in form of contractually agreed price reductions (savings). Thus, in addition to implementing all possible cost saving measures, management's top priority must be to obtain customer commitments to support the supply capacity of the component supply industry.
The responsible use of natural resources is a core element of the POLYTEC Group's business activities. Avoiding waste is of crucial importance for a group specializing in processing plastics. In the plants that work mainly with injection moulding technology, efforts are devoted to granulate waste material and channel it back into the production process. The group is also focusing on the increased use of natural materials.
All activities in the area of research and development concentrate on the sound (sparing) use of raw materials or the deployment of alternative materials. EMPEFLEX (flax fiber-reinforced polypropylene) is also intensively used for car interiors.
Several new developments and trademarks, which have been positively assessed in terms of environmental protection, were registered: POLYSWIRL (oil separator system; reduces oil consumption), POLYFLAX (natural fiber-based composite).
A more recent development is the use of sugar cane resin as a matrix material for long fiber-reinforced interior components. The car interior lining parts produced in this manner consist 100% of renewable raw materials. However, this process has not been used in series production yet. POLYTEC is, thus, once again playing a pioneering role in the use of renewable raw materials and the development of recyclable materials for use in automobile construction. Moreover, these materials can be largely produced independent from crude oil.
The TS 16949:2002 quality standard has been applied to all plants of the Automotive Systems Division. The group succeeded in harmonizing all processes in each single unit and optimizing operations based on a joint management system known as PEMS (Polytec Excellence Management System). Corporate identity, cost savings, comparability and synergies are the benefits arising from this system.
The planned expansion of the existing management system to include all relevant production plants as well as the integration of the "Environmental Management" and "Industrial Health and Safety Management" systems were realized in 2008.
The use of solvent-free varnishing systems was particularly pushed in the Car Styling Division and also in the Automotive Composites Division in line with the EU Solvent Directive.
All group's relevant plants are certified in accordance with the extremely strict environmental standard ISO 14001. Moreover, it is planned to further expand and improve this ISO certification beyond 2010.
The average number of employees4 of the POLYTEC GROUP and their geographic spread in the years from 2006 to 2008 can be showed as follows:
| 2008 | 2007 | 2006 | |
|---|---|---|---|
| Austria | 412 | 357 | 349 |
| Germany | 4,398 | 2,893 | 1,920 |
| Rest of Europe | 1,929 | 1,306 | 1,234 |
| North America | 17 | 20 | 22 |
| South America | 214 | 0 | 0 |
| South Africa | 73 | 88 | 99 |
| Asia | 252 | 103 | 0 |
| Total | 7,295 | 4,767 | 3,624 |
The average number of employees by division can be broken down as follows:
| 2008 | 2007 | 2006 | |
|---|---|---|---|
| Automotive Systems Division | 4,514 | 2,727 | 2,507 |
| Automotive Composites Division | 2,007 | 1,326 | 421 |
| Car Styling Division | 629 | 580 | 568 |
| Holding and other business units | 145 | 134 | 128 |
| Total | 7,295 | 4,767 | 3,624 |
The personnel key figure, sales per employee, developed as follows:
| Personnel key figures | ||||
|---|---|---|---|---|
| Unit | 2008 | 2007 | 2006 | |
| Sales per employees | TEUR | 148 | 139 | 145 |
Customer focus and the on-going improvement of processes in terms of profitability, environmental protection and efficiency are top priorities for a successful automobile supplier; these core elements also mark the work attitude of POLYTEC employees. Further long-term measures to secure the company's future profitability include the ongoing optimization of processes and the in-house program POLYBEST (profitability, sound economy, efficiency). These programs can only be successful if employees are willing to contribute their ideas to all areas of work and service provision. POLYTEC promotes the direct involvement of staff through a company-wide feedback-scheme, which is also connected with an incentive program.
In order to be able to face up to the challenges of the dynamic automotive business, POLYTEC GROUP promotes the professional training and further education for its employees on an ongoing basis, both through in-house staff training measures and external educational institutions. In addition to the further development of technical know-how and handicraft skills, the focus is also on foreign languages, which are essential for the business success of an internationally operating company such as POLYTEC.
The variable component of managers' remuneration is linked to the company's success based on performance-related schemes aimed at promoting a stronger identification of managers with the company as well as strengthening their sense of responsibility.
The POLYTEC GROUP carries out a wide range of research and development activities to meet the current and future demands of all stakeholders such as customers, authorities, the environment etc. In order to guarantee the company's competitiveness and future success, R&D measures range from the ongoing improvement and rationalization of existing manufacturing processes, the new and further technical development of automobile parts in coordination and collaboration with the customers, to the further development of materials. The focus is on sound and efficient use of resources and, where possible, on the deployment of environmentally friendly materials. Thus, R&D efforts are also geared towards improving environmental standards and protection. Order-related development work, which de facto corresponds to the development work for the customer, is separately charged to the customer or included in the price for automobile parts.
The main focus of research and development activities is on the Automotive Systems Division with its three development centers in Lohne, Geretsried and Morsbach-Lichtenberg as well as the newly acquired centers of the PEGUFORM GROUP in Bötzingen, Neustadt and Polinya. A total workforce of 571 people is employed in the area of research and development. The Polytec Automotive Systems Division's development activities are concentrated in the group companies Polytec Automotive GmbH & Co KG, Peguform GmbH as well as Peguform Iberica S.L.
In line with POLYTEC's customer and product-oriented strategy, each R&D development center is specialized on the range of products manufactured by the corresponding production plant. Thus, the R&D center based in the northern German plant of Lohne is mainly responsible for the development of engine bay parts, since they are mainly produced there. The bandwidth of development activities ranges from the substitution of aluminum parts with plastic parts to the further development of existing parts. The extended testing area provides the basis to meet ever increasing customer demands, pro-actively trial new developments and, thus, further consolidate POLYTEC's pioneering role in the area of engine bay components.
The R&D focus of the Bavarian development and production center based in Geretsried is on interior systems. R&D work concentrates on the development of materials with special attention to weight, costs and component quality. In the area of material development, the focus is on the further development of environmentally friendly materials based on natural fibers as well as of sandwich materials. In the manufacturing area, efforts concentrate, above all, on further developing the integrative module concept with a view to additionally reducing assembly costs.
In the R&D center of Morsbach-Lichtenberg in North Rhine-Westphalia, the focus is on pillar trims and, in particular, on mould decoration of textiles and other materials. The competence centre for special textile goods in mould decoration is also based here. R&D activities concentrate on the further development of thin wall technology in the area of injection moulding as well as of plastic door panels.
Research and development is also an integral part of PEGU-FORM GROUP's corporate policy. In the development centers of PEGUFORM GROUP the focus is on researching and testing future innovations within the framework of pre-development projects and on product development in the area of customer orders.
The participation in concept competitions guaranteed also in 2008 that coordination with customers in the pre-development phase already takes place at a very early stage of the decisionmaking process, enabling the adoption of effective problemsolving measures for interior and exterior products. Based on the collaboration between pre-development and product marketing, potential concept solutions are elaborated, which also include the marketing of innovations from pre-development projects. This is a key approach to increase customers' requests for series production and, therefore, a crucial part of the company's strategy to win new and additional orders.
In the area of quality planning, PEGUFORM GROUP's development projects are carried out according to strict customers' guidelines and regularly assessed, jointly with the quality control units of the customers.
In order to meet the ever increasing requirements of car manufacturers in terms of active and passive safety, PEGUFORM GROUP starts focusing on the definition of passenger protection systems already in the conceptual phase. In-depth know-how about international legal provisions concerning crash limit values of the human body based on different passengers' sizes as well as safety principles and impact direction of passenger protection systems, is required for the elaboration of solutions and design strategies for future vehicle and passenger protection systems. Based on extensive expertise in the area of simulation and testing, a wide range of assessments of the required features can be carried out on automobile components throughout all development stages. In addition to dimension and laboratory tests, assessments of the compliance with requirements and standards focus on legal provisions, environmental protection, functionality and acoustics.
Along with target-oriented pre-development projects carried out in close consultation with the automobile manufacturers, work also focuses on developing new materials, surfacing materials and process technologies. Some trademarks have already been successfully registered such as POLYSWIRL (oil separator system), POLYFLAX (natural fiber-based composite), POLYLOAD (a new type of lightweight matrix), POLYSKIN (a cost-effective 2-component process for high-quality interior parts), POLY-GRAIN (in mould granulation process). Further projects are in the pipeline. Overall, POLYREC GROUP currently holds over 240 registered trademarks and patents.
In the Automotive Composites Division R&D efforts are devoted to finding new and better applications for thermosetting plastic material. Further development activities concentrate on increasing production and processing efficiency of SMC (Sheet Moulding Compound) as well as on improving its processing security and varnishing techniques. The new generation of vehicles is also posing new demands in terms of component strength and shock resistance; this requires constant development of the basic material and the way in which it is processed. Another focus of development work is on reducing components' weight while at the same time safeguarding their main properties.
The POLYTEC Group invests around 2.2% of group sales in research and development.
For more detailed information about risk reporting please refer to section E. 4. of the Notes on the Consolidated Accounts. For information concerning group derivative financial instruments please refer to section C. 16 of the Notes.
The share capital of POLYTEC 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 and at the time of the compilation of this report included:
Huemer Holding GmbH: The company is an affiliated company of IMC Verwaltungsgesellschaft mbH, which holds shares in POLYTEC Holding AG. Total shareholding of the two companies amounts to roughly 32% of the share capital. The CEO of the POLYTEC GROUP, Friedrich Huemer, is sole shareholder of the IMC Verwaltungsgesellschaft mbH and the managing director with sole power of representation of both companies.
CROSS Motorsports Systems AG: The company based in Wels/ Austria is a 100% subsidiary of the listed company CROSS Industries AG and has a shareholding of around 15%.
Please refer to the Notes under E.2. for information about the pending changes in the shareholders' structure.
The board of directors is not aware of limitations applying to the transfer of shares or any other restrictions relating to the exercise of the right to vote. No shareholders have particular rights of control.
With regard to the board of director's ability to issue shares, please refer to the Notes under D. 19. for more detailed information about the authorized capital.
There are no major agreements which would be affected by a change in control of the share capital or indemnification agreements between the company and its executive bodies or employees in the case of a public takeover bid.
With regard to the subsequent events after the balance sheet date please refer to the Notes on the Consolidated Accounts under E.2 for more detailed information. Other events after the balance sheet date that are of material importance for the evaluation of assets and liabilities are either included in this report or still unknown.
Hörsching, June 5, 2009
Friedrich Huemer Karl-Heinz Solly
Alfred Kollros Klaus Rinnerberger
The Board of Directors of POLYTEC HOLDING AG has informed the members of the Supervisory Board and its committee of business progress and the financial situation of the company on a regular basis. The communication between the Board of Directors and the Supervisory Board during meetings of the Supervisory Board and beyond is characterized by openness. Therefore, the Supervisory Board has always been able to thoroughly review the company's business conduct and to support the Board of Directors in fundamental decisions. The Supervisory Board conducted four meetings and thus met its obligations under the applicable legislation and the Statutes of the company by complying with the Austrian Corporate Governance Code.
The controlling function of the Supervisory Board requires transparency and independence. The Supervisory Board of POLY-TEC Holding AG is committed to the criteria of independence specified in the Austrian Corporate Governance Code. All members of the Supervisory Board declare themselves as independent in the sense of the criteria specified.
The Financial Statements, including the Management Report and the Consolidated Financial Statements and the Group Management Report of POLYTEC HOLDING AG were audited by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft in its capacity as auditor of the Financial Statements and Consolidated Financial Statements; the company confirmed that the accounting, the Financial Statements and Consolidated Financial Statements comply with the legal requirements, that the Financial Statements and the Consolidated Financial Statements provide a true and fair view of the asset, financial and profit situation of the company and that the Management Report and the Group Management Report are in line with the Financial Statements and the Consolidated Financial Statements.
The Independent Auditor's Report has been issued subject to the fulfillment of certain conditions. For more detailed information in this regard, please refer to the Independent Auditor's Report on page 53.
The Supervisory Board is in agreement with the outcome of the audit of the Financial Statements and the Consolidated Financial Statements. The final outcome of the audit, conducted by the Supervisory Board, of the Management Report, prepared by the Board of Directors, as well as of the Financial Statements, the Group Management Report and the Consolidated Financial Statements did not meet any objections.
The Supervisory Board agrees with the recommendation made by the Board of Directors to waive the dividend payment for the financial year 2008 due to the current earnings and liquidity situation of the group.
The Supervisory Board has approved the Financial Statements, which are thus adopted in accordance with § 125 sec. 2 AktG (Stock Corporation Act).
Hörsching, June 2009
Annual Financial Report 2008 15 Consolidated Acounts
| Consol idate d Income St ateme nt |
16 | |
|---|---|---|
| Consol idate d Balance Sheet |
17 | |
| Consol idate d Cash Flo w St ateme nt |
18 | |
| St ateme nt of ch ange s in co nsol idate d sharehol |
19 | |
| Note s on the Consolidated Accounts for the Financial Year 2008 |
||
| of the POLYTEC Holding AG, Hörsching | 20 | |
| General information | 20 | |
| Principles of consolidation | 20 | |
| Accounting and evaluation principles | 24 | |
| Information concerning the group's | ||
| profit and loss statement | ||
| and the consolidated balance sheet | 28 | |
| Other information | 37 | |
| Segment Reporting by Business | 44 | |
| Consolidated Movement of Fixed Assets | 46 | |
| Changes in Provisions for Severance Payments, | ||
| Pensions and Jubilee Payments | 48 | |
| Schedule of Group Investments | 50 | |
| St ateme nt of the Manageme nt Board |
52 | |
| r's Repo Indepe ndent Audito rt |
53 |
compared with the figures from the previous year
| in TEUR | Notes | 2008 | 2007 | |
|---|---|---|---|---|
| 1. | Net Sales | D. 1 | 1,081,467.6 | 664,989.7 |
| 2. | Other operating income | D. 2 | 58,423.8 | 23,928.8 |
| 3. | Changes in inventory of finished and unfinished goods | 29,530.5 | 12,811.8 | |
| 4. | Own work capitalised | 1,341.0 | 1,299.2 | |
| 5. | Expenses for materials and services received | D. 3 | -662,142.7 | -355,021.0 |
| 6. | Personnel expenses | D. 4 | -277,168.8 | -180,813.6 |
| 7. | Other operating expenses | D. 5 | -166,417.9 | -103,463.0 |
| 8. | Earnings before interest, taxes and amortisation (EBITDA) | 65,033.5 | 63,731.9 | |
| 9. | Depreciation | D. 6 | -41,982.0 | -22,685.2 |
| 10. Earnings before interest, taxes and amortisation of goodwill (EBITA) | 23,051.5 | 41,046.7 | ||
| 11. | Amortisation of goodwill | D. 6 | -6,312.0 | 0.0 |
| 12. Earnings before interest and taxes (EBIT) | 16,739.5 | 41,046.7 | ||
| 13. Income from associated companies | 141.6 | 42.1 | ||
| 14. Financial expenses | -12,688.1 | -2,592.8 | ||
| 15. Other financial results | -487.8 | 200.0 | ||
| 16. Financial result | D. 7 | -13,034.3 | -2,350.7 | |
| 17. | Earnings before tax | 3,705.2 | 38,696.0 | |
| 18. Taxes on income | D. 8 | -710.1 | -1,399.5 | |
| 19. Profit of the year after tax | 2,995.1 | 37,296.5 | ||
| 20. Minority interest | -1,151.5 | -303.7 | ||
| 21. Consolidated profit for the year (Result after minority interest) | 1,843.6 | 36,992.8 | ||
| Earnings per Share | D. 21 | 0.08 | 1.66 |
compared with the figures from the previous year
| in TEUR | Notes | 31.12.2008 | 31.12.2007 | |
|---|---|---|---|---|
| ASSETS | ||||
| Fixed Assets: | ||||
| I. | Intangible assets | D. 9 | 20,558.0 | 8,050.9 |
| II. | Goodwill | D. 10 | 19,299.5 | 25,611.5 |
| III. | Tangible assets | D. 11 | 474,438.6 | 107,721.8 |
| IV. | Investments in affiliated companies | 296.3 | 194.9 | |
| V. | Investments in associated companies | 31.0 | 1,045.2 | |
| VI. | Investment in Joint Ventures | D. 12 | 7,413.7 | 0.0 |
| VII. | Other financial assets | 3,419.2 | 3,021.7 | |
| VIII. | Deferred tax assets | D. 14 | 22,624.0 | 11,322.4 |
| 548,080.3 | 156,968.4 | |||
| Current assets: | ||||
| I. | Inventories | |||
| 1. Raw materials and supplies |
68,888.8 | 32,294.8 | ||
| 2. Unfinished goods and as yet unbillable services |
||||
| minues advanced payments | 83,692.5 | 38,740.5 | ||
| 3. Finished goods and merchandise |
23,431.6 | 16,774.9 | ||
| 4. Advance payments made |
1,828.6 | 6,158.0 | ||
| D. 15 | 177,841.5 | 93,968.2 | ||
| II. | Trade accounts receivable and other receivables and assets | |||
| 1. Trade accounts receivable |
146,654.5 | 118,407.8 | ||
| 2. Other receivables |
29,415.9 | 16,022.8 | ||
| 3. Income tax receivables |
11,260.2 | 5,525.6 | ||
| D. 16 | 187,330.6 | 139,956.2 | ||
| III. | Marketable securities | D. 17 | 6,795.6 | 4,886.2 |
| IV. | Cash and cash equivalents | D. 18 | 100,768.4 | 49,249.4 |
| 1,020,816.4 | 445,028.4 | |||
| LIABILITIES | ||||
| A. | Shareholder's Equity: | |||
| I. | Share capital | 22,329.6 | 22,329.6 | |
| II. | Capital reserves | 37,563.3 | 57,783.5 | |
| III. | Treasury stock | -215.5 | -215.5 | |
| IV. | Minority interests | 15,565.8 | 691.8 | |
| V. | Retained earnings | 79,549.1 | 78,328.4 | |
| D. 20 | 154,792.3 | 158,917.8 | ||
| B. | Long-term liabilities: | |||
| I. | Interest-bearing liabilities | D. 22 | 72,063.3 | 53,592.9 |
| II. | Provision for deferred taxes | D. 14 | 28,218.2 | 3,575.3 |
| III. | Long-term provisions for personnel | D. 23 | 28,264.4 | 25,318.9 |
| IV. | Other long-term liabilities | D. 24 | 5,745.7 | 15,060.2 |
| 134,291.6 | 97,547.3 | |||
| C. | Short-term liabilities: | |||
| I. | Trade accounts payable | D. 25 | 155,677.7 | 82,105.1 |
| II. | Short-term interest-bearing | D. 26 | 330,340.9 | 15,935.7 |
| III. | Short-term portion of long-term loans | D. 27 | 54,091.8 | 16,036.2 |
| IV. | Liabilities on income taxes | D. 28 | 2,465.6 | 3,454.4 |
| V. | Other short-term liabilities | D. 29 | 189,156.5 | 71,031.9 |
| 731,732.5 | 188,563.3 | |||
| 1,020,816.4 | 445,028.4 |
compared with the figures from the previous year
| in TEUR | 2008 | 2007 |
|---|---|---|
| Earnings before tax | 3,705.2 | 38,696.0 |
| - Income taxes |
-9,717.6 | -5,587.9 |
| +(-) Depreciation (appreciation) of fixed assets | 49,294.0 | 22,685.2 |
| - Dissolution of negative goodwill |
0.0 | -6,576.3 |
| + Book value of asset disposals |
9,118.7 | 16,032.7 |
| + Non-cash expenses from first-consolidation and deconsolidation |
0.0 | 435.7 |
| +(-) Increase (decrease) in long-term provisions | -812.4 | 365.1 |
| = Consolidated financial Cash flow |
51,587.9 | 66,050.5 |
| -(+) Profit (Loss) from asset disposals | 745.1 | -89.1 |
| - Book value of asset disposals |
-9,118.7 | -16,032.7 |
| = Consolidated Cash flow from earnings |
43,214.3 | 49,928.7 |
| -(+) Increase (decrease) in inventories, advance payments made | 56,319.1 | -22,935.8 |
| -(+) Increase (decrease) in trade and other receivables | 104,849.7 | -20,730.1 |
| +(-) Increase (decrease) in trade and other payables | -78,603.3 | 13,756.9 |
| +(-) Increase (decrease) in short-term provisions | -33,214.0 | -27,578.0 |
| = Consolidated Cash flow from operating activities |
92,565.8 | -7,558.3 |
| in TEUR | 2008 | 2007 |
|---|---|---|
| - Investments in fixed assets |
-54,724.9 | -25,926.5 |
| - Acquisition of consolidated subsidiaries |
||
| (Purchase price less the acquired cash and cash equivalents) | -192,808.9 | 5,140.3 |
| - Disposal of deconsolidated subsidiaries (Revenue less cash and cash equivalents) |
0.0 | -108.9 |
| - Purchase of marketable securities |
-10,989.5 | -4,864.6 |
| +(-) Profit (Loss) from asset disposals | -745.1 | 89.1 |
| + Translation differences |
3,590.0 | -48.1 |
| + Book value of asset disposals |
9,118.7 | 16,032.7 |
| = Consolidated Cash flow from investing activities |
-246,559.7 | -9,686.0 |
| in TEUR | 2008 | 2007 |
|---|---|---|
| +(-) Increase (decrease) in interest-bearing loans and liabilities to banks | 214,973.2 | 29,058.8 |
| +(-) Grant of long-term loans (less repayment) | -233.3 | 366.7 |
| - Dividends |
-6,689.9 | -5,774.9 |
| +(-) Other changes in equity | -2,537.1 | -27.0 |
| = Consolidated Cash flow from financing activities |
205,512.9 | 23,623.6 |
| in TEUR | 2008 | 2007 |
|---|---|---|
| +(-) Consolidated Cash flow from operating activities | 92,565.8 | -7,558.3 |
| +(-) Consolidated Cash flow from investing activities | -246,559.7 | -9,686.0 |
| +(-) Consolidated Cash flow from financing activities | 205,512.9 | 23,623.6 |
| = Changes in cash and cash equivalents |
51,519.0 | 6,379.3 |
| + Opening balance of cash and cash equivalents |
49,249.4 | 42,870.1 |
| = Closing balance of cash and cash equivalents |
100,768.4 | 49,249.4 |
| in TEUR | 2008 | 2007 |
| Cash and cash equivalents= | ||
| Closing balance of cash and cash equivalents | 100,768.4 | 49,249.4 |
| in TEUR | 2008 | 2007 |
| Other short-term liabilities | ||
| Provisions for deferred tax | 2,465.6 | 3,454.4 |
| Capital | Treasury | Minority | Retained | |||
|---|---|---|---|---|---|---|
| in TEUR | Share capital | reserves | stock | interests | earnings | Total |
| Balance as of January 1st,2008 | 22,329.6 | 57,783.5 | -215.5 | 691.8 | 78,328.4 | 158,917.8 |
| Consolidated profit for the year | 0.0 | 0.0 | 0.0 | 1,151.5 | 1,843.6 | 2,995.1 |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | -6,689.9 | -6,689.9 |
| Firstconsolidation of minorities | 0.0 | 0.0 | 0.0 | 13,250.3 | -2,063.8 | 11,186.5 |
| Currency Translation | 0.0 | 0.0 | 0.0 | 472.2 | -3,774.4 | -3,302.2 |
| Market valuation of securities | ||||||
| available for sale | 0.0 | 0.0 | 0.0 | 0.0 | -9,080.1 | -9,080.1 |
| Release of capital reserves | 0.0 | -20,220.2 | 0.0 | 0.0 | 20,220.2 | 0.0 |
| Other changes | 0.0 | 0.0 | 0.0 | 0.0 | 765.1 | 765.1 |
| Balance as of December 31st, 2008 | 22,329.6 | 37,563.3 | -215.5 | 15,565.8 | 79,549.1 | 154,792.3 |
| Capital | Treasury | Minority | Retained | |||
|---|---|---|---|---|---|---|
| in TEUR | Share capital | reserves | stock | interests | earnings | Total |
| Balance as of January 1st,2007 | 22,329.6 | 57,783.5 | -215.5 | 591.4 | 46,912.6 | 127,401.6 |
| Consolidated profit for the year | 0.0 | 0.0 | 0.0 | 303.7 | 36,992.8 | 37,296.5 |
| Dividends | 0.0 | 0.0 | 0.0 | -200.0 | -5,574.9 | -5,774.9 |
| Currency translations | 0.0 | 0.0 | 0.0 | -3.3 | -23.8 | -27.1 |
| Market valuation of securities | ||||||
| available for sale | 0.0 | 0.0 | 0.0 | 0.0 | 21.7 | 21.7 |
| Balance as of December 31st, 2007 | 22,329.6 | 57,783.5 | -215.5 | 691.8 | 78,328.4 | 158,917.8 |
The POLYTEC Group is a globally operating concern focusing on the plastics industry with its head office in Austria. In the automotive industry, the group is working as supplier of interior and engine compartment components and, following the acquisition of PEGUFORM GROUP, also of exterior components for serial production (Automotive Systems Division) as well as a supplier of original equipment and components for small series (Car Styling Division). The Automotive Composites Division functions as supplier for the automotive and industrial vehicle industry. Furthermore, the group produces PU plastic parts as well as machines for their production for other industries.
The consolidated accounts for the financial year 2008 of theP-OLYTEC Holding AG (hereinafter referred to as "Group") were prepared in accordance with the guidelines of the International Financial Reporting Standards (IFRS) and their interpretations.
The headquarters of the POLYTEC Holding AG is located in Hörsching, Austria and is listed in the commercial register of 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 accounts. Already published standards and standards applied by the EU or interpretations which did not have to be mandatorily applied were not prematurely applied (see also section D. 1 for further information).
In the face of the forthcoming use of not yet effective and by POLYTEC so far not applied standards or interpretations, no material modifications of balanced assets, liabilities or other information are expected in the consolidated accounts.
The consolidated accounts have been prepared in thousands Euro (TEUR). Calculation differences related to rounding may occur when summing up rounded amounts and percentages due to the use of automated calculating machines.
The profit and loss statement of the group is prepared in accordance with the total cost accounting method.
According to § 245a UGB [Austrian Business Code], the present consolidated accounts replace the consolidated accounts which would otherwise have to be prepared in accordance with § 244 ff UGB.
The basis of consolidation is determined in accordance with the principles of the IAS 27 (Consolidated and Separate Financial Statements and Accounting for Investments in Subsidiaries) in connection with SIC – 12 (Consolidation - Special Purpose Entities). The parent company is the POLYTEC Holding AG, Hörsching. The consolidated accounts include all companies by full consolidation, which are influenced by the parent company. Thus, 5 national subsidiaries (previous year: 4) and 38 international subsidiaries (previous year: 21) were included in addition to the parent company; these subsidiaries are under the legal and factual control of the POLYTEC Group. 13 companies (previous year: 8) which were not included are not important for the consolidated accounts. The balance sheet date for all companies included in the consolidated accounts is December 31, 2008.
Special purpose entities are included in the consolidated accounts provided that they are under the controlling influence of the POLYTEC Group. Special purpose entities are legal entities that are created to fulfil narrow and specific objectives.
Annual Financial Report 2008 Notes 21
An overview of the fully consolidated companies can be found in annex 5 of the notes of the consolidated accounts.
The annual accounts of subsidiaries are included into the consolidated accounts from the time of acquisition until the time of amortization. A subsidiary will first be included when the respective parent company is actually assigned the control with regard to the assets and the business activities of this company.
A joint venture is a contractual arrangement, whereby two or more parties undertake an economic activity that is subject to joint control. Investments are reported in the balance sheet pursuant to IAS 31 by applying the equity method of accounting. As a result, the carrying amount of the investment is reduced or increased in line with the results of the associated company. The group's share of the results of the associated company is recorded in the profit and loss account at the time of the acquisition.
Two joint ventures Celulosa Fabril (CEFA) S.A. in Sant Esteve (Spain) as well as SPPM Sociedale Portuguesa de Pintura e Modulos S.A. in Palmela (Portugal) are included in the consolidated financial statements of POLYTEC Group as of October 1, 2008.
In the financial year, the basis of consolidation is changed as follows:
| Basis of consolidation | Full consolidation |
At equity consolidation |
|---|---|---|
| As of Dec. 31, 2008 | 26 | 0 |
| Acquisitions | 15 | 2 |
| New company | 3 | 0 |
| As of Dec. 31, 2008 | 44 | 2 |
| Thereof foreign companies | 38 | 2 |
The following companies were included in the consolidated accounts for the financial year under review for the first time:
| Company | Share on equity |
Inclusion as of |
|---|---|---|
| POLYTEC Invest GmbH, Geretsried, | ||
| Germany (new company) | 100% | 01.04.2008 |
| POLYTEC Industrial Plastics GmbH, | ||
| Bochum, Germany (new company) | 70% | 01.04.2008 |
| PF-Beteiligungs GmbH, Hörsching | ||
| (new company) | 0% 1) | 01.10.2008 |
| PEGUFORM GROUP consisting of: | ||
| Peguform Luxembourg Holding S.a.r.l., | ||
| Luxemburg | 100% | 01.10.2008 |
| Peguform Luxembourg S.a.r.l., Luxemburg | 100% | 01.10.2008 |
| Peguform Netherlands B.V., | ||
| Baarn, Netherlands | 100% | 01.10.2008 |
| Peguform GmbH, Bötzingen, Germany | 100% | 01.10.2008 |
| Peguform Composites s.r.o., | ||
| Chodova Plana, Czech Republic | 100% | 01.10.2008 |
| Peguform Iberica S.L., Polinya, Spain | 100% | 01.10.2008 |
| Peguform de Teruel S.L., | ||
| Fuentes Claras, Spain | 100% | 01.10.2008 |
| Peguform Module Division Iberica | ||
| Front Ends S.L., Sant Esteve, Spain | 100% | 01.10.2008 |
| Peguform Module Division Iberica | ||
| Cockpits S.L., Martorell, Spain | 100% | 01.10.2008 |
| Peguform do Brasil, Ltda., Pinhais, Brazil | 100% | 01.10.2008 |
| Peguform Mexico S.A. de C.V., | ||
| Puebla Pue, Mexico | 100% | 01.10.2008 |
| Shock Absorb de Mexico S.A. de C.V., | ||
| Puebla Pue, Mexiko | 100% | 01.10.2008 |
| Fabrica de Parachoques de Mexico | ||
| S.A. de C.V. , Puebla Pue, Mexiko | 100% | 01.10.2008 |
| Peguform Portugal S.A., | ||
| Lissabon, Portugal | 100% | 01.10.2008 |
| Changchun Peguform Automotive Plastics | ||
| Technology Co. Ltd. , Changchun, China | 50% | 01.10.2008 |
1) included as special purpose entity in the consolidated accounts
On August 29, 2008 a purchasing agreement was signed with Cerberus Capital Management L.P. for the acquisition of 100% of the PEGUFORM GROUP. The transaction was completed on October 21, 2008 following unconditional approval from the competent competition authority. The purchase price amounted to EUR 218.5 million including EUR 137.4 million for the acquisition of all the shares in Peguform Luxembourg Holding S.a.r.l and EUR 81.1 million for securitised receivables of Cerberus Capital Management L.P. and Peguform Luxembourg Holding S.a.r.l. The assets and liabilities of the PEGUFORM GROUP acquired as a result of the transaction were included at the time of the acquisition at the following fair values:
| in TEUR | Carrying value prior to the acquisition |
Fair value at the time of the first consolidation |
|---|---|---|
| Intangible assets | 36,943.6 | 11,598.8 |
| Tangible assets | 385,426.4 | 368,139.1 |
| Financial assets | 7,117.0 | 7,117.0 |
| Inventories | 140,192.4 | 140,192.4 |
| Accounts receivable | 146,489.5 | 146,489.5 |
| Cash and cash equivalents | 25,665.9 | 25,665.9 |
| Deferred taxes net | -23,065.6 | -14,939.1 |
| Interest-bearing liabilities | -237,080.2 | -237,080.2 |
| Obligations due to | ||
| employees | -3,757.8 | -3,757.8 |
| Trade accounts payable | -160,584.1 | -160,584.1 |
| Other liabilities | -122,088.6 | -134,302.2 |
| Net assets | 195,258.5 | 148,539.3 |
| Minority interests | -14,066.7 | -11,186.5 |
| Net assets acquired | 181,191.8 | 137,352.8 |
| Total purchase price | 218,474.8 | |
| Thereof accounts receivable | ||
| acquired | 81,122.0 | |
| Thereof purchase price | ||
| of shares | 137,352.8 | |
| Difference | 0.0 |
Due to the events after the balance sheet date reported under E. 2., it is to be assumed that when the assets and liabilities of PEGUFORM GROUP are recognised for the first time, neither recognition of goodwill nor recognition of any negative consolidation difference in profit or loss, which could be interpreted as a "lucky buy", will be admissible.
Value adjustments performed in the course of the purchase price allocation mainly concerned the impairment of customer contracts and technologies capitalised in the PEGUFORM GROUP. Moreover, contingent liabilities and impairments of fixed assets were included as bad debt provisioning for orders at below cost price of Peguform GmbH (Germany) which were vital in determining the purchase price for the corporate acquisition. In addition, the creation of a planned bonus provision at the time of the first consolidation was no longer deemed necessary.
With regard to the acquisition of PEGUFORM, arbitration proceedings are currently underway in connection with the reduction of the purchase price. As these proceedings are still at a very early stage, it is not yet possible to make any predictions as to the outcome of this arbitration. For this reason, the purchase price allocation in the present consolidated accounts is only temporary, and, given the disposal of PEGUFORM in 2009, will be of no material consequence (refer to E.2.). The newly acquired companies of the PEGUFORM GROUP were integrated into the Polytec Automotive Systems Division, with the exception of Peguform Composites s.r.o., Chodova Plana which is based in the Czech Republic, and the Weiden plant, which belongs to Peguform GmbH, Bötzingen (Germany), which was integrated into the Polytec Automotive Composites Division.
The PEGUFORM GROUP was consolidated for the first time as of October 1, 2008 and thus showed only a 3 month-contribution to the POLYTEC GROUP's results.
The contribution to the values shown in the profit and loss statement is as follows:
| in TEUR | PEGUFORM GROUP |
|---|---|
| Net sales | 327,353.9 |
| Net loss | -1,276.6 |
POLYTEC Invest GmbH, which was set up following a partnership agreement as of January 2, 2008, was included for the first time in the consolidated financial statements as of April 1, 2008. The company focuses on the acquisition and administration of investments in other companies and, in the business year under review, it purchased all the shares in Grammer AG previously held by POLYTEC Holding AG.
As of March 28, 2008 POLYTEC Holding AG transferred its interests in POLYTEC EMC Engineering GmbH, POLYTEC EMC Engineering GmbH & Co KG as well as in POLYTEC Elastoform GmbH & Co KG at their carrying values into POLYTEC Industrial Plastics GmbH, which was founded 100% by POLYTEC Holding Deutschland GmbH.
Moreover, POLYTEC Holding AG sold its stake in POLYTEC THE-LEN GmbH to POLYTEC Industrial Plastics GmbH. As of October 28, 2008 the previous minority shareholder made a contribution in kind to POLYTEC Industrial Plastics GmbH in the form of its 40% interest in POLYTEC THELEN GmbH in the course of an increase of its capital contributions and acquired a 30% stake in this company.
In the business year under review, PF-Beteiligungs GmbH was set up as a special purpose entity as defined in SIC 12 in connection with the acquisition of shares in the PEGUFORM GROUP. This company holds a 10.2% interest in Peguform Luxembourg Holding S.a.r.l. Thus, 100% of Peguform Luxembourg Holding S.a.r.l. including all of its subsidiaries are to be included in the consolidated financial statements.
The consolidation of investments for acquisitions until March 31, 2004 was performed on the basis of the book value method by offsetting the acquisition costs of the investments against the equity ratio allotted to these investments at the time of acquisition. A goodwill will be assigned to the assets as far as possible. A badwill was analyzed in previous years for its reason of accrual and, if affecting future losses and expenses, recorded in accordance with IAS 22 as income at the time of occurrence of these losses and expenses.
IFRS 3 "Business Combinations" was applied for income occurred after March 31, 2004. Thus, the consolidation of investments was performed on the basis of the revaluation method (method concerning all assets and liabilities at Fair Value, also in the case of minorities and complete disclosure of the hidden reserves, independent from the amount of the minority interests). The investment book value is opposed by the proportionate, reevaluated
equity of the subsidiary (purchase accounting).
Remaining differences will be capitalized as goodwill. Goodwill occurred prior to January 1, 2005 were recorded with the book value of December 31, 2004 and are subject to an annual impairment test.
If the acquisition costs are lower as the net assets, the difference (negative consolidation difference) will be recognized in the income statement of the acquisition period.
Further information with regard to the effects of the first consolidation of the acquisitions in the year 2008 can be found in section B. 1.
Minority interests in the equity and in the result of the companies controlled by the parent company are disclosed in the Consolidated Financial Statements under equity in accordance with IAS 27.
All accounts receivables and payables, expenses and revenues resulting from transactions between the consolidated companies were eliminated by taking into account the principle of materiality. Intermediate results from group-internal deliveries were also eliminated as far as they are material.
All transactions in foreign currencies were valued at the exchange rate of the transaction date in the individual companies. Monetary assets and liabilities in foreign currencies are converted at the exchange rate on the balance sheet date. Resulting exchange rate differences are recorded in the profit and loss statement of the group.
The functional currency of non-EURO subsidiaries is the corresponding national currency; however, this does not apply for the Turkish company whose functional currency is EURO. Assets and liabilities of international subsidiaries were converted with the reference exchange rate of the European Central Bank on the balance sheet date. Positions of the profit and loss statement of the group were converted with average exchange rates of the financial year.
Non-monetary assets and liabilities in foreign currencies were converted at the exchange rate on the day of the transaction. Exchange rate differences of monetary positions which, from the economic point of view, belong to a foreign company like, for example, long-term debts and loans will be accounted with the group equity capital and will be recorded under the position "Differences from the currency translation".
The following currency exchange rates were used:
| Average exchange rate |
Exchange rate on balance sheet date |
|||
|---|---|---|---|---|
| 2008 | 2007 | 31.12.2008 | 31.12.2007 | |
| CAD | 1.5657 | 1.4663 | 1.6998 | 1.4449 |
| GBP | 0.8026 | 0.6873 | 0.9525 | 0.7334 |
| PLN | 3.5273 | 3.7749 | 4.1528 | 3.5935 |
| SEK | 9.6805 | 9.2647 | 10.8696 | 9.4415 |
| SKK | 31.1526 | 33.5763 | 30.1205 | 33.583 |
| USD | 1.4725 | 1.3797 | 1.3918 | 1.4721 |
| ZAR | 12.0919 | 9.6837 | 13.0719 | 10.0298 |
| CNY | 8.9767 | N.A. | 9.4967 | N.A. |
| CZK | 25.4453 | N.A. | 26.8817 | N.A. |
| BRL | 2.9682 | N.A. | 3.2436 | N.A. |
| MXN | 17.4520 | N.A. | 19.2308 | N.A. |
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 allied companies were retained.
Intangible assets are evaluated with their acquisition costs and amortized according to schedule on a straight-line basis. The amortization rates are between 10.0% and 66.7%.
Expenses for research are shown as expenses in the year of their occurrence. Development costs are normally also periodically occurring expenses. They have to be booked as assets if certain conditions can be proved and if they have been cumulatively fulfilled. Among other aspects, it must be verifiable that the development activities are very likely to result in future accrual of funds, which does not only cover the normal costs but also the corresponding development costs. Capitalised development costs for customer orders are amortised 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 approx. 2.2% (previous year: 2.8%).
Goodwill results from acquisitions of subsidiaries or interests in associated companies. Since January 1, 2005, goodwill is not yearly amortized but 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 production, reduced by scheduled amortizations, or the lower achievable market price. The scheduled amortizations will be determined on a straight-line method.
For limited-life assets, the following rates are used for the scheduled depreciation:
| in % | |
|---|---|
| Buildings and leasehold improvements | 4.0 – 20.0 |
| Technical equipment and machinery | 6.7 – 50.0 |
| Other equipment, fixtures, fittings and equipment | 10.0 – 50.0 |
| Low value items | 100.0 |
Substantial impairment beyond the scope of the scheduled amortizations will be taken into account by extraordinary amortizations. In the case of a discontinuation of the reasons for extraordinary amortizations, corresponding revaluations will be performed.
In the case of fixed assets being immobilized, sold or give up, the profit or loss from the difference of the sales revenue and the net book value will be recorded as other operating income or expenses.
Maintenance expenses will be recorded as expenses in the financial year of their occurrence.
Interests on borrowed capital for fixed assets which are produced or acquired over a long period will not be booked as assets.
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 was performed according to schedule over the economic useful life or over the shorter periods of the leasing agreement. 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.
Interests in joint ventures are balanced pursuant to IAS 31 by applying the equity method of accounting.
The investments balanced at the acquisition costs are investments which are not listed on an active market and whose current value can, therefore, not be determined on a reliable basis.
The loans are subject to variable interest rates so that their book value almost corresponds to the market value.
Extraordinary amortizations will be performed for all financial assets in the case of impairment (see also the annex "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 are also those derivative financial assets reported that show a positive market value and are classified as "Held for trading".
The investment portfolio as of December 31, 2008 affects shares which have been classified as "available for sale" like in the previous year. The adjustment of the present value was recorded under the equity capital not affecting net income. The evaluation is performed with the stock-exchange price on the balance sheet date so that the present value can be reliably determined.
Cash and other short time financial means consist of cash on hand, cheques and cash at banks as well as securities which are used by the group for liquidity management. They are evaluated at market values which are formed on sufficiently solvent markets and which can thus be reliably determined.
Assets are tested at the balance sheet date if any indications exist for an impairment. For goodwill, such an annual verification (impairment test) is performed short time before any balance sheet day even if no indications for impairment are given.
For the purpose of the impairment test, the POLYTEC Group summarizes its assets which are generating cash flow on the lowest level (cash-generating unit). Goodwill is assigned to those cash-generating units which are expected to benefit from synergies and which represent the lowest group-internal level of the management monitoring of the cash flow.
The value in use of the asset corresponds to the present value of the estimated future cash flows from continuing use of such asset and from the disposal at the end of its useful life applying a fair market discount rate before taxes which is adjusted to the specific risks of the assets. The interest rate used for calculating the present value is the weighted average capital costs of the group and was defined with 6% for the financial year 2008 (2007: 8%). If no individual cash flow can be determined for an individual asset, the determination of the value of benefit is performed for the next higher unit to which this asset belongs and for which an individual cash flow can be determined.
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 extraordinary amortizations, corresponding revaluations will be performed for fixed assets. Goodwill which has been amortized due to impairment are no longer written up.
Due to legal obligations, the employees of Austrian group companies who have joined the company prior to January 1, 2002 will receive a one-time severance payment in the case of a termination of the employment contract or in the case of retirement. The amount of compensation depends on the number of years of service and the applicable income 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 with the "projected-unit-credit method" and by applying a discount rate of 5.5% (previous year: 5.25%) and by including a dynamic rate for future salary increases of 3.0% (previous year: 3.0%). A reduction for fluctuation of personnel bases 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 amortization method is applied for actuarial profits and losses. If actuarial profits/losses exceed the cash value of the benefit obligation at the beginning of the financial year by more than 10.0%, they are distributed over the expected average remaining service lifetime of the employees and booked as income or expenses. The current service costs, past service costs to be settled as well as actuarial profits/losses are disclosed in the profit and loss statement of the group as part of personnel costs. Interest costs corresponding to severance payments provisions are shown in the financial results.
Due to legal obligations, the employees of Italian group companies may receive non-recurring payments in the case of a termination of the employment contract or in the case of other legally defined events. The amount of compensation depends on the number of years of service and the applicable income on the payment date of the compensation. Similar obligations apply for employees of Polish or Turkish companies.
Pension obligations apply for certain employees of German group companies. Accounting of these obligations is performed in accordance with IAS 19. For this purpose, the present value of the defined benefit obligation DBO is calculated and compared to the current value of the planned assets existent on the balance sheet date. The pension provisions are calculated according to the "projected unit credit method", where, depending on the distribution of the obligations to entitlements and liquid pensions and due to the specific regulations of the individual pension funds, a discount rate of 5.75% to 6.0% (previous year: 5.25% to 5.5%) as well as an increase of 1.5% to 1.75% (previous year: 0.5% to 2.0%) will be applied. The guidelines 2005G— Dr. Klaus Heubeck will be used for the insurance-mathematical calculations.
Interest costs resulting from the long-term provisions for personnel are recorded in the profit and loss statement of the group under Financial Expenses.
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 expenses (the income tax credit) includes the actual taxes and the deferred taxes.
The actual taxes for the individual companies are calculated from 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 commercial balance sheet of the individual companies resulting from deviating periods, as well as for consolidation bookings. They are determined according to IAS 12 using the the balance-sheet-liability method. Furthermore, the probably realizable tax advantage from existing accumulated losses is included in the calculation. Deferred tax assets on losses carried forward were formed as far as their utilization is expected within a foreseeable period. The calculation of the deferred taxes is based on the customary national income tax rate.
The value of the trade account payables results from the present value of the received services at the date of their occurrence. In the following, these liabilities are valued at continued acquisition costs.
Other liabilities, especially accrued interest-bearing liabilities, are reported with their repayment amount unless there is no substantial difference to the present value. Subsequently these liabilities are valued at continued acquisition costs.
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 accordance with IFRS 3.
Financial assets and liabilities are disclosed in the balance sheet if the group becomes a contractual party of a financial instrument.
Financial assets are derecognized from the accounts if the contractual rights from the assets expire or if the assets will be transferred with all substantial rights and obligations. Financial liabilities are derecognized from the accounts if the contractual obligations have been balanced, deleted or expired. Purchases and sales of financial instruments common in the market are balanced on the settlement date.
Financial assets will be categorized as follows:
Financial liabilities will be categorized as follows: a. Amortized cost
Other categories applicable according to IAS 39 are not applied.
In accordance with the financial policy of the group, derivative financial instruments are held for hedging purposes and to optimize the net interest result of the group.
The following pending derivative financial instruments are held on December 31, 2008.
| Currency | Long term |
Nominal in TEUR |
Fair Value in TEUR |
|
|---|---|---|---|---|
| Interest rate swap | EUR | Dec.11 | 5,000.0 | -187.4 |
| Interest rate swap | EUR | Oct.12 | 10,000.0 | - 454.1 |
In the course of the financial year, forward exchange operations were used to hedge the foreign exchange risk which is part of the group's business in South Africa. No open forward exchange operations are existent on the balance sheet date.
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 were 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.
POLYTEC 28 Notes Annual Financial Report 2008
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 includes the interest and interest equivalent expenses arising for debt financing and finance leasing transactions as well as the interest component of the variation of the obligations to employees.
The financial revenues include the interest, dividends and other revenues realized from the assessment of funds and the investments in financial assets. Interest yields are realized proportional to time taking into account the effective interest rate of the asset. Dividend yields are shown at the occurrence of the legitimate claim.
Profits and losses from the sale of financial assets, impairment losses from financial assets, exchange rate profits and losses in connection with financing as well as results from security transactions are shown in the financial results.
Estimations and assumptions have to be made to a certain degree in the consolidated financial statements, which have an influence on the balanced assets and liabilities, information with regard to other obligations on the balance sheet date and the recognition of income and expenses during the reporting period. The actual amounts to be realized in the future may deviate from the estimations. Especially the assumptions concerning future cash flow of cash-generating 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) in the following years.
The segments represent product groups and correspond to the internal reporting system of the group. In correspondence with the product groups, the different segments are divided into Automotive Systems, Automotive Composites and Car Styling Division. A detailed description of the business activities of the different divisions can be found in section A. of the notes of the consolidated accounts.
Assets and liabilities as well as expenses and earnings were only assigned to the individual segments as far as they could be assigned 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 conditions usual on the market.
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.
Being a supplier of the automotive industry, the group only depends on a small number of major customers. In 2007 and 2008, only three customer groups achieved more than 10% of the group's entire sales. Due to the broad variety of models and brands of our major customers which are operating both in the passenger car sector and in the commercial vehicle sector, all separately reported business fields are affected by the relationship between the customer and the supplier, but, of course, to a different degree.
On the balance sheet dates, the specifications concerning geographical areas on the group level can be summarized as follows:
| External sales | Deferred tax assets | Obligations for employees | ||||
|---|---|---|---|---|---|---|
| in TEUR | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 |
| Austria | 49,562.3 | 60,314.8 | 10,594.3 | 455.5 | 1,885.1 | 1,747.0 |
| Germany | 654,256.8 | 387,161.0 | 7,047.7 | 9,125.0 | 24,686.1 | 21,822.0 |
| Other EU | 291,835.8 | 166,255.6 | 3,925.2 | 1,624.4 | 1,568.5 | 1,625.2 |
| Rest of world | 85,812.7 | 51,258.3 | 1,056.8 | 117.5 | 124.7 | 124.7 |
| Konzern | 1,081,467.6 | 664,989.7 | 22,624.0 | 11,322.4 | 28,264.4 | 25,318.9 |
All information for the segments of the group can be found in annex 1 of the notes of the consolidated financial statement.
Sales according to categories are divided as follows:
| in TEUR | 2008 | 2007 |
|---|---|---|
| Sales and other sales | 987,797.5 | 635,436.0 |
| Tooling and development sales | 93,670.1 | 29,553.7 |
| Total | 1,081,467.6 | 664,989.7 |
| in TEUR | 2008 | 2007 |
|---|---|---|
| Earnings from the disposals and | ||
| appreciation of fixed assets excluding | ||
| financial assets | 173.6 | 508.6 |
| Income from release of provisions | 32,490.8 | 9,701.5 |
| Badwill (IFRS 3) | 0.0 | 6,576.3 |
| Exchange rate gains | 1,101.1 | 230.8 |
| Other income | 24,658.3 | 6,911.6 |
| Total | 58,423.8 | 23,928.8 |
The increase in income from the release of provisions is the result of, among other things, the reduction in provisioning for price differences and troubled loan losses (arising from the price allocation of the acquisitions made in 2007).
| in TEUR | 2008 | 2007 |
|---|---|---|
| Material expenses | 497,935.2 | 278,840.2 |
| Expenses for services received | 164,207.5 | 76,180.8 |
| Total | 662,142.7 | 355,021.0 |
| in TEUR | 2008 | 2007 |
|---|---|---|
| Wages and salaries | 223,513.2 | 145,968.7 |
| Expenses for statutory social charges | 46,247.8 | 31,011.8 |
| Expenses for severance payments | ||
| and pensions | 4,008.5 | 2,583.2 |
| Other personnel expenses | 3,399.3 | 1,249.9 |
| Total | 277,168.8 | 180,813.6 |
The average number of employees was:
| in TEUR | 2008 | 2007 |
|---|---|---|
| Workers | 5,538 | 3,731 |
| Employees | 1,757 | 1,036 |
| Total | 7,295 | 4,767 |
The average number of employees includes pro rata temporis employees of companies which have been included into the consolidated accounts for the first time. On the balance sheet date of December 31, 2008, the POLYTEC Group employed 12,486 employees (9,093 workers and 3,393 white-collar employees).
| in TEUR | 2008 | 2007 |
|---|---|---|
| Leased staff | 27,799.0 | 23,746.2 |
| Maintenance | 28,822.7 | 15,896.0 |
| Transport | 18,407.0 | 12,775.8 |
| Rent building | 16,421.5 | 11,329.2 |
| Other rent and leases | 9,569.9 | 4,667.0 |
| IT and communication costs | 7,086.1 | 3,628.9 |
| Consulting fees | 5,091.7 | 3,538.1 |
| Loss on exchange rate | 2,549.0 | 1,084.4 |
| Other expenses | 15,909.8 | 11,282.5 |
| Other sales expenses | 5,698.2 | 4,971.0 |
| Other administration expenses | 25,382.8 | 9,173.7 |
| Risk provision and damaging | 2,088.2 | 502.8 |
| Non income based taxes and charges | 673.3 | 447.9 |
| Losses on disposal of fixed assets, | ||
| excluding financial assets | 918.7 | 419.5 |
| Total | 166,417.9 | 103,463.0 |
Extraordinary amortizations on intangible assets and tangible fixed assets amounting to TEUR 1,728.6 (previous year: TEUR 0.0) are included in the amortizations amounting to TEUR 41,851.1 (previous year: TEUR 22,685.2). Information with regard to the structure of the individual positions can be found in the Consolidated Movement of 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, extraordinary amortizations amounting to TEUR 6,312.0 were required in 2008.
| in TEUR | 2008 | 2007 |
|---|---|---|
| Income from associated companies | 356.6 | 0.0 |
| Income from other investments | 141.6 | 42.1 |
| Income from other securities | 1,006.0 | 0.0 |
| Interest income and income from securities | 3,743.4 | 3,212.2 |
| Write off of financial assets | -1,000.0 | 0.0 |
| Interest component of pension | ||
| commitments | -1,349.8 | -822.6 |
| Other interest expenses | -15,083.1 | -4,982.4 |
| Other financial result | -849.0 | 200.0 |
| Total | -13,034.3 | -2,350.7 |
The interest component from pension promises is a non-cash item. All other interest expenses or income are cash items.
In the financial year under review, an extraordinary amortization was recorded on a non-consolidated minority interest.
| in TEUR | 2008 | 2007 |
|---|---|---|
| Current income taxes | 2,952.3 | 3,548.0 |
| thereof non periodic | 1,331.3 | -419.8 |
| Changes in deferred income taxes | -2,242.2 | -2,148.5 |
| thereof non periodic | 0.0 | 0.0 |
| Total | 710.1 | 1,399.5 |
| thereof non periodic | 1,331.3 | -419.8 |
The income tax expense of the financial year 2008 amounting to TEUR 3,492.5 (previous year: TEUR 1,399.5) is higher by an amount of TEUR 897.8 (previous year: lower by an amount of TEUR 8,274.5) compared to the calculated income tax expense amounting to TEUR 2,594.7 (previous year: TEUR 9,674.0) which would result by applying a tax rate of 25% to the result prior to income taxes amounting to TEUR 10,378.6 (previous year: TEUR 38,696.0).
The reasons for the difference between the calculated and the actually shown income tax expense of the group can be summarized as follows:
| in TEUR | 2008 | 2007 |
|---|---|---|
| Earnings before tax | 3,705.2 | 38,696.0 |
| thereof 25% calculated tax on income | 926.3 | 9,674.0 |
| Changes in provisions | ||
| for deferred tax assets | 18,049.6 | -7,807.7 |
| Effects on tax audit | -18,373.6 | 0.0 |
| Non profit-related elements | ||
| of the income taxes | -2,053.4 | 412.0 |
| Tax free income from | ||
| non consolidated investments | -561.0 | -176.9 |
| Non deductible write-off of investments | 50.9 | 154.6 |
| Differences from the discrepancy between | ||
| the local and consolidated tax rate | 882.8 | 1,090.4 |
| Effekt aus der Wertberichtigung von | ||
| Konzerndarlehen | -331.7 | 0.0 |
| Permanent differences from the consolidation | ||
| (amortization of goodwill, release of negative | ||
| goodwill and consolidation debts) | 752.3 | -1,489.9 |
| Other items | 36.6 | -37.2 |
| Taxes on income for the reporting period | -621.2 | 1,819.3 |
| Non-periodic income tax expense | 1,331.3 | -419.8 |
| Disclosed consolidated tax on income | 710.1 | 1,399.5 |
The increase in value adjustments for deferred tax assets relates especially to the Automotive Systems Division as well as POLY-TEC Holding AG and was required in view of the expectation that they will be of limited use in future.
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).
TEUR 0.0 (previous year: TEUR 2.3) of the intangible assets are mortgaged or pledged as a security for bank liabilities.
The goodwill is allocated to the following divisions:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Car Styling | 12,643.1 | 12,643.1 |
| Automotive Systems | 0.0 | 6,312.0 |
| Automotive Composites | 119.2 | 119.2 |
| Other | 6,537.2 | 6,537.2 |
| Total | 19,299.5 | 25,611.5 |
The classification of the tangible assets summarized in the consolidated balance sheet as well as their development is shown in the Consolidated Movement of Assets (annex 2 of the notes).
The future expenses from non-terminable Operating Leasing agreements (without the obligations towards the POLYTEC Immobilien Group which are explained in the notes under E. 5) on December 31, 2008 amounted to TEUR 44,466.1 (previous year: TEUR 29,180.1) and are falling due as follows:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Within one year | 12,087.9 | 7,278.9 |
| Longer than one year and within five years | 32,378.2 | 21,901.2 |
| Longer than five years | 0.0 | 0,0 |
Technical equipment and machinery include finance lease goods with a book value amounting to TEUR 148,263.4 (previous year: TEUR 21,795.3).
The finance lease results in leasing obligations to third parties amounting to TEUR 79,437.2 (previous year: TEUR 23,260.1). The specified leasing obligations (cash values) are falling due as follows:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Within one year | 40,425.8 | 7,002.6 |
| Longer than one year and within five years | 32,051.3 | 15,816.8 |
| Longer than five years | 6,960.1 | 440.7 |
The leasing payments (without redemption for residual value) corresponding to the cash values amount to TEUR 77,081.9 (previous year: TEUR 22,384.7) and are falling due as follows:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Within one year | 40,497.8 | 7,589.8 |
| Longer than one year and within five years | 30,827.3 | 14,507.9 |
| Longer than five years | 5,756.8 | 287.0 |
In the financial years 2008, extraordinary amortizations on fixed assets amounting to TEUR 1,859.5 (previous year: TEUR 0.0) had to be recognized. Revaluations (previous year: TEUR 0.0) were not made in the financial year.
TEUR 50,082.8 (previous year: TEUR 54,151.0) of the tangible assets are mortgaged or pledged as a security for bank liabilities.
The joint ventures acquired in the course of purchasing the PEGUFORM GROUP were included in the consolidated financial statements by applying the equity method of accounting and can be shown as follows:
| in TEUR | Celulosa Fabril (CEFA) S.A. |
SPPM Sociedale Portuguesa de Pintura e Modulos S.A. |
|---|---|---|
| As of January 1, 2008 | 0.0 | 0.0 |
| Change in the basis of | ||
| consolidation | 7,057.1 | 0.0 |
| Share of profit/loss | 356.6 | 0.0 |
| As of December 31, 2008 | 7,413.7 | 0.0 |
Since the shareholders' equity of SPPM Sociedale Portuguesa de Pintura e Modulos S.A was negative both at the time of the acquisition and at the balance sheet date, the carrying value of the joint venture is to be reported as a zero-amount for both dates.
| As of December 31, 2008 | SPPM Sociedale Portuguesa de |
|
|---|---|---|
| in TEUR | Celulosa Fabril (CEFA) S.A. |
Pintura e Modulos S.A. |
| Fixed assets | 9,238.4 | 16,944.7 |
| Current assets | 18,670.1 | 3,492.1 |
| Long-term liabilities | 1,706.3 | 7,496.5 |
| Short-term liabilities | 13,264.1 | 19,267.6 |
| Sales | 68,415.2 | 15,071.9 |
| Profit/loss for the period | 1,427.0 | -7,858.8 |
The group has issued long-term loans to companies of the POL-YTEC Immobilien Group (see also the explanations with regard to affiliated companies). The contractually agreed cash flow from the agreed repayments and interests (with the interest rate at the corresponding balance sheet date) can be summarized as follows:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Carrying value | 2.483,3 | 2.250,0 |
| Cash flow of the following year | 1.050,2 | 1.350,5 |
| Cash flow in the years 2 to 5 | 1.673,0 | 1.073,2 |
| Cash flow more than 5 years | 0,0 | 0,0 |
The differences between the amount stated in the tax balance sheet and the IFRS balance sheet result from the following differences and take effect on deferred taxes:
| 31.12.2008 | 31.12.2007 | |||
|---|---|---|---|---|
| Assets Liabilities | Assets Liabilities | |||
| Intangible assets | 21.7 | 4,082.6 | -38.7 | 1,161.3 |
| Tangible assets | -2,985.5 | 42,763.3 | -1,955.1 | 426.4 |
| Provision for severance | ||||
| payments | 367.0 | -24.9 | 415.4 | -24.9 |
| Provisions for Pensions | 734.8 | 588.3 | 822.8 | -6.3 |
| Provisions for personnel | 478.1 | -1,130.2 | 489.6 | -19.3 |
| Tax losses carried | ||||
| forward | 12,296.0 | -139.7 | 2,462.5 | 0.0 |
| Leasing liabilities | 3,174.0 | -17,766.2 | 3,921.2 | 0.0 |
| Other provisions | 1,648.0 | 4,609.7 | 0.0 | |
| Others | 6,817.0 | -2,702.6 | 471.5 | 687.0 |
| Subtotal | 22,551.1 | 25,670.6 11,198.9 | 2,224.2 | |
| Consolidation of debt | 0.0 | 2,547.6 | 25.7 | 1,351.1 |
| Eimination of | ||||
| intercompany profits | 72.9 | 0.0 | 97.8 | 0.0 |
| Capitalization/Provi | ||||
| sions for deferred | ||||
| taxes | 22,624.0 | 28,218.2 11,322.4 | 3,575.3 |
For differences resulting from investments in subsidiaries, no deferred taxes were shown in the consolidated balance sheet in accordance with IAS 12.39. Deferred taxes on accumulated deficits amounting to TEUR 44,571.6 (previous year: TEUR 1,955.7) were not booked as liabilities..
The inventory is structured as follows:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Raw materials and supplies | 68,888.8 | 32,294.8 |
| Unfinished goods | 70,738.8 | 12,649.1 |
| Work-in-progress | 63,178.6 | 33,234.5 |
| Advance payments received | -50,224.9 | -7,143.1 |
| Finished goods and merchandise | 23,431.6 | 16,774.9 |
| Advance payments made | 1,828.6 | 6,158.0 |
| Total | 177,841.5 | 93,968.2 |
TEUR 7,524.2 (previous year: TEUR 6,993.7) of the inventory are pledged as a security for bank liabilities.
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Trade accounts receivable | 146,654.5 | 118,407.8 |
| thereof with a residual term > 1 year | 10,389.4 | 476.0 |
| thereof from affiliated companies | 149.0 | 2.9 |
| thereof from associated companies | 126.0 | 0.0 |
| Other receivables and assets | 27,146.9 | 13,759.3 |
| thereof with a residual term > 1 year | 769.3 | 737.1 |
| thereof from affiliated companies | 0.0 | 0.0 |
| thereof from associated companies | 8.0 | 6.8 |
| thereof from related companies | 59.3 | 880.5 |
| Income tax receivable | 11,260.2 | 5,525.6 |
| thereof with a residual term > 1 year | 0.0 | 0.0 |
| Prepayments and deferred charges | 2,269.0 | 2,263.5 |
| thereof with a residual term > 1 year | 177.6 | 155.8 |
| Total | 187,330.6 | 139,956.2 |
| thereof with a residual term > 1 year | 11,336.3 | 1,368.9 |
| thereof from associated companies | 157.0 | 9.7 |
| thereof from affiliated companies | 126.0 | 0.0 |
| thereof from related companies | 59.3 | 880.5 |
In the scope of silent global assignments, TEUR 83,240.7 (previous year: TEUR 89,850.9) of the accounts receivable from deliveries and services have been transferred to banks for security purposes.
The maturity structure of the accounts receivable from deliveries and services for third parties at the balance sheet date can be summarized as follows:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Non payable | 121,189.4 | 85,539.4 |
| Due up to 60 days | 20,666.3 | 29,647.0 |
| Due up to 120 days | 2,139.4 | 2,125.7 |
| Due up to 360 days | 2,273.8 | 758.2 |
| Longer than 360 days | 385.6 | 337.5 |
| Total | 146,654.5 | 118,407.8 |
For the determination of the recoverability of the accounts receivable, not only the individual creditworthiness of the debtor, but especially their days overdue has to be taken into account. According to estimations made by the management, there are no substantial differences between the book value and the market value of the accounts receivable.
The existing value adjustments concerning accounts receivable developed as follows in the financial year:
| Trade | Other | |
|---|---|---|
| in TEUR | Receivables | receivables |
| Balance as of January 1, 2008 | 2,968.3 | 439.3 |
| Changes in consolidation | 3,826.9 | 0.0 |
| Use | -2,209.7 | -135.5 |
| Release | -1,352.6 | 0.0 |
| Allocation | 4,054.8 | 118.2 |
| Foreign exchange rate differences | 3.5 | -67.7 |
| Balance as of | ||
| December 31, 2008 | 7,291.2 | 354.3 |
The inventory affects the shares in the Grammer AG held by the POLYTEC Holding AG on December 31, 2008.
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Cash in hand, checks, cash at banks | 100,768.4 | 49,249.4 |
Restrictions concerning the amounts included in this position were not existent on the balance sheet date.
| in TEUR | Amortized cost |
Fair value through profit and loss |
Fair value through profit and loss |
Carrying value 31.12.2008 |
Market value 31.12.2008 |
|---|---|---|---|---|---|
| Loans and receivables | |||||
| Receivables and other assets | 171,702.2 | 0.0 | 0.0 | 171,702.2 | 171,702.2 |
| Loans | 2,483.3 | 0.0 | 0.0 | 2,483.3 | 2,483.3 |
| Cash and cash equivalents (short term) | 100,768.4 | 0.0 | 0.0 | 100,768.4 | 100,768.4 |
| 274,953.9 | 0.0 | 0.0 | 274,953.9 | 274,953.9 | |
| Held for trading | |||||
| Interest derivative instruments | 0.0 | 0.0 | -641.5 | -641.5 | -641.5 |
| Available for sale | |||||
| Investments in other companies | 1,263.2 | 0.0 | 0.0 | 1,263.2 | 1,263.2 |
| Other securities | 15,875.7 | -9,080.1 | 0.0 | 6,795.6 | 6,795.6 |
| 17,138.9 | -9,080.1 | 0.0 | 8,058.8 | 8,058.8 | |
| Total | 292,092.8 | -9,080.1 | -641.5 | 282,371.2 | 282,371.2 |
| in TEUR | Amortized cost |
Fair value through profit and loss |
Fair value through profit and loss |
Carrying value 31.12.2007 |
Market value 31.12.2007 |
|---|---|---|---|---|---|
| Loans and receivables | |||||
| Receivables and other assets | 127,717.8 | 0.0 | 0.0 | 127,717.8 | 127,717.8 |
| Loans | 2,250.0 | 0.0 | 0.0 | 2,250.0 | 2,250.0 |
| Cash and cash equivalents (short term) | 49,249.4 | 0.0 | 0.0 | 49,249.4 | 49,249.4 |
| 179,217.2 | 0.0 | 0.0 | 179,217.2 | 179,217.2 | |
| Held for trading | |||||
| Interest derivative instruments | 0.0 | 0.0 | 150.5 | 150.5 | 150.5 |
| Available for sale | |||||
| Investments in other companies | 2,011.8 | 0.0 | 0.0 | 2,011.8 | 2,011.8 |
| Other securities | 4,864.5 | 21.7 | 0.0 | 4,886.2 | 4,886.2 |
| 6,876.3 | 21.7 | 0.0 | 6,898.0 | 6,898.0 | |
| Total | 186,093.5 | 21.7 | 150.5 | 186,265.7 | 186,265.7 |
Cash and cash equivalents, trade receivable and other short term financial assets have short-term maturity. Therefore, the carrying values of these assets are nearly to the residual value. The residual value of other long-term receivables and other longterm financial assets accords to the cash value of the payments in respect to the actual market parameter.
Available for sale assets also includes securities which are not stock listed. Therefore, allocation of the fair value of these assets was not reliable and so the carrying value was recognized to amortized costs.
The equity capital of the POLYTEC Holding AG on the balance sheet date amounts to TEUR 22,329.6 (previous year: TEUR 22,329.6) 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 of May 21, 2008, an authorized capital stock was agreed. With the corresponding approval of the supervisory board and for a period of 5 years from the registration of the authorized capital stock, the Board of Directors is entitled to increase the equity capital by up to TEUR 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.
In January of 2006, the group has purchased 29,934 own shares with a nominal value of EUR 1.00 each (0.13% of the equity capital) and a purchase price of EUR 7.20 per share from a retired member of the group's management (decision of the annual general meeting of October 27, 2004). Since then, the inventory has not been changed. The own shares purchased are evaluated with their acquisition costs and deducted from the group's equity capital.
The capital reserves include the agio deposited on the occasion of capital increases, less the costs of the initial public offering of POLYTEC Holding AG in the financial year 2006, which can be allocated to the capital increase. In the business year under review, capital reserves totalling TEUR 20,220.2 were liquidated in the individual accounts of POLYTEC Holding AG to cover the net loss pursuant to Austrian legislation.
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:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Total equity | 154,792.3 | 158,917.8 |
| Balance sheet total | 1,020,816.4 | 445,028.4 |
| Equity ratio | 15.2% | 35.7% |
For POLYTEC, the term "Capital Management" means the control of the equity capital and the net financial liabilities which can be summarized under the term "Capital Employed". By optimizing 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 liabilities against EBITDA) for the assessment of its debt capacity. The entire costs of the used capital and the risks related to the different types of capital are monitored on a permanent basis.
According to IAS 33 (Earnings per Share) the "basic earnings per share" result from the division of the net income allocated to the shareholders (annual net profit of the group after minority interests) by the weighted average of outstanding ordinary shares during the reporting period.
| in | 2008 | 2007 | |
|---|---|---|---|
| Net income after minorities | TEUR | 1,843.6 | 36,992.8 |
| Weighted average number | |||
| of ordinary shares issued | shares | 22,329,585 | 22,329,585 |
| Average number | |||
| of own shares | shares | 29,934 | 29,934 |
| Average number | |||
| of shares outstanding | shares | 22,299,651 | 22,299,651 |
| Earnings per share | EUR/share | 0.08 | 1.66 |
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.
For the financial year 2008, the Board of Directors of the POLY-TEC Holding AG will propose to waive the payment of a dividend (previous year: EUR 0.30 per share).
This position includes all interest-bearing liabilities with a remaining term of more than one year and can be structured as follows:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Liabilities due to banks | 30,682.1 | 37,024.7 |
| thereof with a residual term > 5 years | 3,007.1 | 9,960.6 |
| thereof with collateral securities | 26,356.4 | 30,896.9 |
| Other interest bearing liabilities | 2,369.8 | 310.7 |
| thereof with a residual term > 5 years | 219.3 | 231.2 |
| Lease liabilities | 39,011.4 | 16,257.5 |
| thereof with a residual term > 5 years | 6,960.1 | 440.7 |
| Total | 72,063.3 | 53,592.9 |
The substantial part of the liabilities towards credit institutes secured by property can be prematurely terminated by the financing banks if the equity ratio of the group falls below a predefined value or if the ratio of the net financial liabilities and the EBITDA exceeds a defined value.
The expiring long-term and short-term interest-bearing liabilities of the group towards credit institutes are existent in the following currencies:
| 2008 | 2007 | |||
|---|---|---|---|---|
| Propor | Average ordinary | Propor | Average ordinary | |
| tion% | interest | tion% | interest | |
| EUR | 97.5 | 3.76 | 88.2 | 5.17 |
| GBP | 0.6 | 4.40 | 3.6 | 7.00 |
| SEK | 0.6 | 3.61 | 4.2 | 5.25 |
| PLN | 0.1 | 6.69 | 4.0 | 6.17 |
| BRL | 1.2 | 3.22 | 0.0 | n.a |
This position summarizes all long-term provisions for obligations due to employees:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Provision for severance payments | 1,713.1 | 1,596.5 |
| T.F.R. Severance payment entitlements | 1,529.3 | 1,582.9 |
| Provision for pensions | 22,566.2 | 20,817.8 |
| Provision for long-service bonus payments | 2,291.9 | 1,154.7 |
| Other long-term provisions | 163.9 | 167.0 |
| Total | 28,264.4 | 25,318.9 |
Further information about the development of the provisions for severance payments, pensions and long service bonus payments in the previous financial years are in annex 3 of the notes of the consolidated financial statement.
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Contingent liabilities and provisions | 2,325.1 | 12,331.0 |
| Government grants | ||
| (residual terms > 1 year) | 3,420.6 | 2,729.2 |
| Total | 5,745.7 | 15,060.2 |
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Trade accounts payable | 154,264.4 | 81,428.3 |
| thereof due to associated companies | 316.7 | 1,177.3 |
| thereof due to affiliated companies | 1,428.9 | 441.1 |
| Advanced payments received | 1,413.3 | 676.8 |
| Total | 155,677.7 | 82,105.1 |
| 31.12.2008 | 31.12.2007 |
|---|---|
| 327,678.1 | 15,675.9 |
| 314.3 | 185.5 |
| 2,274.2 | 0.0 |
| 74.3 | 74.3 |
| 330,340.9 | 15,935.7 |
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Bank liabilities residual term | ||
| less than 1 year | 13,666.0 | 9,033.6 |
| Lease liabilities residual term | ||
| less than 1 year | 40,425.8 | 7,002.6 |
| Total | 54,091.8 | 16,036.2 |
The liabilities from income taxes basically include liabilities from corporate income taxes and municipal trade earnings taxes (or similar/comparable taxes) in different states where group companies have their registered office. The liabilities have developed as follows:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Balance as of January 1 | 3,454.4 | 1,688.4 |
| Changes in consolidation | 690.0 | -136.1 |
| Exchange rate differences | 0.7 | -15.8 |
| Use | -2,894.1 | -549.5 |
| Release | -105.6 | -36.8 |
| Addition | 1,320.2 | 2,504.2 |
| Balance as of December 31 | 2,465.6 | 3,454.4 |
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Provision for vacation | 9,163.4 | 7,807.5 |
| Other personal expenses | 31,858.6 | 9,960.1 |
| Losses and risks | 33,752.1 | 18,508.3 |
| Other provisions | 59,540.2 | 15,620.6 |
| Short term provisions | 134,314.3 | 51,896.5 |
| Liabilities to associated companies | 57.0 | 78.5 |
| Tax liabilities | 20,058.0 | 5,388.4 |
| Social security liabilities | 4,268.4 | 1,920.3 |
| Other liabilities | 24,014.8 | 10,174.5 |
| Government grants within one year | 879.6 | 861.6 |
| Deferred charges | 5,564.4 | 712.1 |
| Total | 189,156.5 | 71,031.9 |
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 statement.
The allocation of the financial liabilities to the categories according to IAS 39 on the balance sheet date and on the previous balance sheet date can be represented as follows:
| Fair value | Fair value | ||||
|---|---|---|---|---|---|
| Amortized | through profit | through profit | Carrying value | Market value | |
| in TEUR | cost | and loss | and loss | 31.12.2008 | 31.12.2008 |
| Measured at amortized costs | |||||
| Long-term interest-bearing financial liabilities | 33,051.9 | 0.0 | 0.0 | 33,051.9 | 33,051.9 |
| Short-term interest-bearing financial liabilities | 344,006.9 | 0.0 | 0.0 | 344,006.9 | 344,006.9 |
| Trade accounts payable | 155,677.7 | 0.0 | 0.0 | 155,677.7 | 155,677.7 |
| Other short-term liabilities | 24,071.2 | 0.0 | 0.0 | 24,071.2 | 24,071.2 |
| 556,807.7 | 0.0 | 0.0 | 556,807.7 | 556,807.7 | |
| Not allocated according IAS 39 | |||||
| (financial lease) | |||||
| Long-term interest bearing financial liabilities | 39,011.4 | 0.0 | 0.0 | 39,011.4 | 39,011.4 |
| Short-term interest bearing financial liabilities | 40,425.8 | 0.0 | 0.0 | 40,425.8 | 40,425.8 |
| 79,437.2 | 0.0 | 0.0 | 79,437.2 | 79,437.2 | |
| Total | 636,244.9 | 0.0 | 0.0 | 636,244.9 | 636,244.9 |
| Amortized | Fair value through profit |
Fair value through profit |
Carrying value | Market value | |
|---|---|---|---|---|---|
| in TEUR | cost | and loss | and loss | 31.12.2007 | 31.12.2007 |
| Measured at amortized costs | |||||
| Long-term interest-bearing financial liabilities | 37,335.4 | 0.0 | 0.0 | 37,335.4 | 37,335.4 |
| Short-term interest-bearing financial liabilities | 24,969.3 | 0.0 | 0.0 | 24,969.3 | 24,969.3 |
| Trade accounts payable | 81,428.3 | 0.0 | 0.0 | 81,428.3 | 81,428.3 |
| Other short-term liabilities | 12,521.8 | 0.0 | 0.0 | 12,521.8 | 12,521.8 |
| 156,254.8 | 0.0 | 0.0 | 156,254.8 | 156,254.8 | |
| Not allocated according IAS 39 | |||||
| (financial lease) | |||||
| Long-term interest bearing financial liabilities | 16,257.5 | 0.0 | 0.0 | 16,257.5 | 16,257.5 |
| Short-term interest bearing financial liabilities | 7,002.6 | 0.0 | 0.0 | 7,002.6 | 7,002.6 |
| 23,260.1 | 0.0 | 0.0 | 23,260.1 | 23,260.1 | |
| Total | 179,514.9 | 0.0 | 0.0 | 179,514.9 | 179,514.9 |
Trade payables and short-term liabilities have short-term maturity and so the carrying values accord nearly the residual value. The residual value of the interest bearing liabilities and the other financial liabilities were calculated with the cash value of payments in respect to the actual market parameters.
The cash flow statement is depicted using the indirect method. The financial resource fund exclusively comprises cash and bank deposits. Income tax payments are shown separately in the group cash flow from business activities.
Interest deposits and interest payments are allocated to the group cash flow from the business activities. They can be specified with the following amounts:
| in TEUR | 2008 | 2007 |
|---|---|---|
| Interest cash in | 3,741.4 | 3,212.2 |
| Interest cash out | -15,079.7 | -4,982.4 |
| Total | -11,338.3 | -1,770.2 |
The payment of dividends will be shown as part of the financing activities. The effects from modifications of the basis of consolidation were eliminated and are shown in the group cash flow from the investment activities.
The financial crisis which began to take hold in 2008 and the massive production slump in the automobile and commercial vehicle industry had a considerable impact on the business and financial situation of the POLYTEC GROUP, leading to a substantial decline in results in the third and fourth quarters of 2008 and the first half of 2009. As a consequence of this unfavorable development and the group's considerably higher level of debt following the acquisition of Peguform, parts of the business were deemed to be at risk as of the fourth quarter of 2008. Refinancing resources were urgently needed to redeem the short-term borrowings incurred for the acquisition of Peguform, the repayment of which was due in the second and third quarters of 2009. At the same time, additional liquidity reserves had to be guaranteed to safeguard the continuation of the operating business.
After a thorough analysis of the group, which was carried out at the request of the lending banks with the involvement of external experts and which was completed in April 2009, a compromise solution to guarantee the survival of the POLYTEC GROUP was found in May 2009 following intensive and solution-oriented negotiations.
The restructuring program agreed between the company, the core shareholders and the lending banks, encompasses the following measures:
• The POLYTEC GROUP will (by transferring its shares to PEGU-FORM Luxembourg Holding S.A.R.L.) dispose of the Peguform Group, acquired in 2008, and at the same time assign the promissory notes issued by PEGUFORM Luxembourg Holding S.A.R.L. (363,632 Preferred Equity Certificates Class C with a nominal value of EUR 100 each and 34,809 Preferred Equity Certificates Class D with a nominal value of EUR 1,000) to two companies directly managed by the industrial manufacturers Stefan Pierer and Rudolf Knünz. The promissory notes referred POLYTEC 38 Notes Annual Financial Report 2008
to above have been eliminated from these consolidated financial statements as intra-group liabilities owed by Peguform to POLYTEC Holding AG in the course of the consolidation of intra-group balances. The first-time consolidation is expected as of June 30, 2009.
The implementation of these measures, especially the finalization of all relevant agreements, requires the prior approval of the Annual General Meeting of the POLYTEC Holding AG, which will take place on June 26, 2009.
Due to the agreed disposal of the Peguform Group, subject to prior approval of the Annual General Meeting, this business segment will be categorized as "held for disposal" pursuant to IFRS 5, starting from the first quarter of 2009 and will be reported separately. This change affects only the Automotive Systems Division, as all Peguform's business units belonging to the Automotive Composites Division will remain in the possession of Polytec.
As of December 31, 2008 all assets and liabilities of the Peguform Group were retired from the group's balance sheet of POL-YTEC Holding AG, which based on the parameters laid down in the basic sales agreement led to a loss on disposal of roughly EUR 33.4 million. The one-time book loss, which will be recorded in the business year 2009 pursuant to IFRS 5, following valuation adjustments and the disposal of Peguform, will result in a considerably smaller amount of roughly EUR 12.0 million due to the current losses of Peguform in the first half of 2009.
In order to guarantee liquidity in the first half of 2009, the POLY-TEC GROUP was granted bridge-financing resources for a total volume of roughly EUR 14.0 million. For EUR 6.0 million of these borrowed funds,, the group's shares in Grammer AG were pledged as security for bank liabilities.
Following the injection of this fresh capital and the promise of further funds in the course of the restructuring program, the valuation and preparation of the balance sheet in the 2008 consolidated accounts was based on the assumption that the company would continue its business operations.
In May 2009, the decision was taken to close the Swedish plant in Ljungby, belonging to the Automotive Composites Division. .This closure, which will take place during the course of 2009, is necessary in order to adjust the capacities of this division to the considerable decline in sales, especially in the HGV segment.
As a precautionary measure following the shutdown of the Swedish production plant, an extraordinary amortization of the plant assets totalling EUR 1.3 million was booked. The customer orders currently fulfilled at the Swedish plant will be transferred to other group production sites.
Other events after the balance sheet date, which are important for the assessment on the balance sheet date, such as pending legal proceedings or claims for damages as well as other obligations or impending losses, which would have to be booked 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 accounts or are not known.
Towards the POLYTEC Immobilien GmbH Group, there is an existing obligation with regard to a leasing agreement amounting to TEUR 1,500.0 (previous year: TEUR 1,500.0).
Other risks and obligations, which have not been mentioned in the present consolidated accounts or in the explanations concerning the consolidated accounts, are not existent.
In the scope of its business activities, the POLYTEC Group is subject to a variety of risks which are directly related to the corporate transactions. Risk management is an integral part of all business processes of POLYTEC. Also the comprehensive certifications required by a supplier of the automotive industry (e.g. TS ISO/16949:2002) already specify certain regulations, which will also be monitored with the help of external audits. Corresponding to the organizational structure of POLYTEC, risks will be locally managed and monitored close to the market, especially in the scope of the current business processes. However, the financial risks are mainly controlled by the corporate headquarters. The following basic risk fields can be identified:
Sales market risks: The automotive supplier industry is a market with a very stiff competition which is also currently facing a quickly proceeding consolidation process. The sales revenue is, in first place, dependent from the acquisition of new orders which will partially be placed up to 4 to 5 years prior to the serial production. In this phase of the order acquisition, each supplier faces a strong competition for the best conditions. During the serial production, the supplier is also dependent from the sales figures of the vehicle for which the supplier provides the components; however, the supplier is not able to influence this success. Furthermore, the suppliers are permanently benchmarked by the OEM even after the start of the serial production which may result in price demands or, as an extreme example, in the loss of an order. POLYTEC intends to keep the dependency from individual delivery relationships as low as possible with the help of a balanced customer and order mix.
Procurement market risks: One substantial risk is the fluctuation of the raw material prices which, in the case of the POLY-TEC Group as a plastic-processing company, will especially be caused by a sustainable change of the oil price, but also by the refinery capacities. On the procuring side, this risk is especially countervailed with long-term delivery agreements; on the part of the sales market, this risk is especially countervailed, as far as enforceable towards the customers, with material fluctuation clauses in the disclosed calculations. In parts, our customers directly negotiate with the supplier with regard to raw material and bought-in parts. As far as prices are only agreed upon an annual basis with the customer, the change of the raw material prices is an important parameter with regard to the negotiations concerning the annual new determination of the prices. Furthermore, it is intended to use new raw materials (natural fiber) with increased research and development expenses.
Credit risk: Due to the customer structure, more than 90% of the turnover is achieved with OEMs or huge system suppliers, and POLYTEC is only subject to a very low credit risk. A lot of our customers have external ratings performed by famous agencies which can be used for the assessment of the creditworthiness. However, accounts receivable will be critically monitored on a permanent basis, and the payment of accounts receivable according to agreement will be ensured. In the financial year 2008, approx. 53% (2007: 52%) of the turnover was achieved with the three major customers; this results in a certain accumulated credit risk, but this risk is assessed as rather uncritical with regard to non-payments of credits by the management. Being dependent from only a few number of customers is a basic characteristic of suppliers of the automotive industry. In this context, the "customer" is defined as a group of affiliated companies which can also produce vehicles of several different brands.
The risk of non-payment in the case of liquid assets is very low, since the contractual partners are exclusively banks with very good creditworthiness.
Despite the credit risk which is generally classified very low, the maximum theoretical risk of non-payment corresponds to the book values of the individual financial assets and amounts to the following:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Loans and receivable | 274,953.9 | 179,217.2 |
| At fair value through profit and loss | 1,263.2 | 2,011.8 |
| Held for trading | 0.0 | 150.5 |
| Available for sale | 6,795.6 | 4,886.2 |
| Total | 283,012.7 | 186,265.7 |
The analysis of the overdue but not impaired trade accounts receivables and of other accounts receivable can be presented as follows:
| 31.12.2008 | Overdue but not impaired | |||||
|---|---|---|---|---|---|---|
| Not overdue | Up to | Up to | Up to | longer than | ||
| Total | and not impaired | 60 days | 60–120 days | 120–360 days | 360 days | |
| Trade accounts receivables | 146,654.5 | 121,189.4 | 20,666.3 | 2,139.4 | 2,273.8 | 385.6 |
| Other accounts receivables | 40,676.1 | 37,342.4 | 658.2 | 1,049.6 | 76.8 | 1,549.1 |
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 corporate headquarters. The group has installed a cash management system for all basic companies of the group which can also be used to optimize the net interest result. The financial liabilities of the group on the basis of the concluded agreements show the following expected cash flow (including interest payments made with the interest rate on the balance sheet date):
| Carryinf value | Total obligate | Thereof | Thereof over 1 but | Thereof more | |
|---|---|---|---|---|---|
| in TEUR | 31.12.2008 | cash flows | till 1 year | less than 5 years | than 5 years |
| Bank loans | 44,348.1 | 54,413.7 | 15,998.3 | 29,090.0 | 9,325.4 |
| Bank current account | 327,678.0 | 334,955.3 | 334,955.3 | 0.0 | 0.0 |
| Financial lease | 79,437.2 | 87,356.7 | 44,563.7 | 34,348.7 | 8,444.3 |
| Trade lease | 155,677.6 | 155,677.6 | 155,677.6 | 0.0 | 0.0 |
| Other financial liabilities | 29,104.0 | 29,104.0 | 28,817.1 | 67.6 | 219.3 |
| Total | 636,244.9 | 661,507.3 | 580,012.0 | 63,506.3 | 17,989.0 |
| in TEUR | Carryinf value 31.12.2007 |
Total obligate cash flows |
Thereof till 1 year |
Thereof over 1 but less than 5 years |
Thereof more than 5 years |
|---|---|---|---|---|---|
| Bank loans | 51,794.3 | 59,429.3 | 17,102.9 | 31,659.3 | 10,667.1 |
| Bank current account | 9,939.9 | 10,222.2 | 10,222.2 | 0.0 | 0.0 |
| Financial lease | 23,260.1 | 25,315.8 | 7,263.0 | 17,662.8 | 390.0 |
| Trade lease | 81,428.3 | 81,428.3 | 81,428.3 | 0.0 | 0.0 |
| Other financial liabilities | 13,092.3 | 13,092.3 | 12,781.6 | 79.5 | 231.2 |
| Total | 179,514.9 | 189,487.9 | 128,798.0 | 49,401.6 | 11,288.3 |
The revolving credits 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 will normally be prolonged on a 12-month basis so that the above mentioned repatriations cannot be expected.
Foreign exchange risk: The predominant part of the turnover of the POLYTEC Group is invoiced in Euro so that the foreign exchange risk only affects the group to a very low degree. In parts, the purchase of intermediate inputs is performed with the same currency as the sale of intermediate inputs so that foreign exchange risks are hedged. The group is subject to higher foreign exchange risks in such countries in which invoices are written in Euro but in which intermediate inputs have to be purchased with the local currency. Such risks, for example, are existent with regard to Polish zloty or the Slovakian koruna. 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:
| 31.12.2008 in foreign |
|||
|---|---|---|---|
| in TEUR | in Euro | currency | Total |
| Investments | 8,676.9 | 0.0 | 8,676.9 |
| Receivables and other assets | 154,435.7 | 17,266.5 | 171,702.2 |
| Loans | 2,483.3 | 0.0 | 2,483.3 |
| Cash in bank | 92,015.2 | 8,753.2 | 100,768.4 |
| Interest derivative instruments | -641.5 | 0.0 | -641.5 |
| Securities | 6,795.6 | 0.0 | 6,795.6 |
| Total | 263,765.2 | 26,019.7 | 289,784.9 |
| 31.12.2008 | ||||||||
|---|---|---|---|---|---|---|---|---|
| in foreign | ||||||||
| in TEUR | in Euro | currency | Total | |||||
| Long-term interest-bearing | ||||||||
| financial liabilities | 71,375.2 | 688.1 | 72,063.3 | |||||
| Short-term interest-bearing | ||||||||
| financial liabilities | 375,783.4 | 8,649.3 | 384,432.7 | |||||
| Accounts payable trade | 146,564.4 | 9,113.2 | 155,677.6 | |||||
| Other short term liabilities | 19,889.5 | 4,181.7 | 24,071.2 | |||||
| Total | 613,612.5 | 22,632.3 | 636,244.8 |
| 31.12.2007 | |||
|---|---|---|---|
| in foreign | |||
| in TEUR | in Euro | currency | Total |
| Investments | 2,011.8 | 0.0 | 2,011.8 |
| Receivables and other assets | 117,554.7 | 10,163.1 | 127,717.8 |
| Loans | 2,250.0 | 0.0 | 2,250.0 |
| Cash in bank | 45,577.8 | 3,671.6 | 49,249.4 |
| Interest derivative instruments | 150.5 | 0.0 | 150.5 |
| Securities | 4,886.2 | 0.0 | 4,886.2 |
| Total | 172,431.0 | 13,834.7 | 186,265.7 |
| 31.12.2007 in foreign |
|||
|---|---|---|---|
| in TEUR | in Euro | currency | Total |
| Long-term interest-bearing financial liabilities |
53,363.1 | 229.8 | 53,592.9 |
| Short-term interest-bearing financial liabilities |
23,809.7 | 8,162.2 | 31,971.9 |
| Accounts payable trade | 74,841.9 | 6,586.4 | 81,428.3 |
| Other short term liabilities | 10,811.3 | 1,710.5 | 12,521.8 |
| Total | 162,826.0 | 16,688.9 | 179,514.9 |
The distribution structure shows that the risk the group is subject to due to the change of exchange rates is very low since both the financial assets held in the foreign currency amounting to 9.0% (previous year: 7.4%) and the liabilities amounting to 3.6% (previous year: 9.3%) account for only a minor part of the total volume. Furthermore, a change of a currency would affect both assets and liabilities and thus show compensatory effects. A 10% increase in exchange rates would lead to an improvement of results by an amount of TEUR 338.7 (previous year: a decrease by TEUR 285.4).
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 will be 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:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Liabilities to banks | 372,026.3 | 61,734.2 |
| thereof with fix interest rate | 2,985.9 | 3,813.9 |
| thereof with variable interest rate | 369,040.4 | 57,920.3 |
| Finance lease | 79,437.2 | 23,260.1 |
| thereof with fix interest rate | 78,454.2 | 21,703.2 |
| thereof with variable interest rate | 983.0 | 1,556.9 |
| Other liabilities | 5,032.5 | 570.5 |
| thereof with fix interest rate | 5,032.5 | 570.5 |
| there of with variable interest rate |
0.0 | 0.0 |
| Total | 456,496.0 | 85,564.8 |
| thereof with fix interest rate | 86,472.6 | 26,087.6 |
| thereof with variable interest rate | 370,023.4 | 59,477.2 |
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, on the basis of the contractually agreed remaining terms, result in an increase of the interest expenses by approx. TEUR 3,556.1 (2007: TEUR 328.0).
The following results were achieved from the interest rate swaps held by the group:
| in TEUR | 2008 | 2007 |
|---|---|---|
| Received payments | 131.4 | 57.2 |
| Valuation result | -779.1 | 134.0 |
| Total | -647.7 | 191.2 |
Exchange rate change risk: The securities of the current assets (shares) held by the group are subject to the risk of the change of the stock exchange price. An increase (decrease) of the stock exchange price by 10% would result in an increase (decrease) of the equity capital not affecting the net income by TEUR 679.6 (2007: TEUR 488.6).
| 31.12.2008 | Income | Income | Invest | ||||
|---|---|---|---|---|---|---|---|
| Value | Currency | from other | from other | ments value | Net | ||
| in TEUR | Interests | Adjustments | Translation | securities | investments | adjustments | income |
| Loans and receivables | -12,188.6 | -2,004.6 | -1,579.0 | 0.0 | 0.0 | 0.0 | -15,772.2 |
| Financial investments | |||||||
| avaible for sale | 0.0 | 0.0 | 0.0 | 1,009.8 | 139.1 | -1,000.0 | 148.9 |
| Financial investments | |||||||
| held-to-maturity | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| At fair value through profit and loss | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Affiliated persons in the sense of IAS 24 are the IMC Verwaltungsgesellschaft mbH, Hörsching and its affiliated companies. The sole owner and sole manager of the IMC Verwaltungsgesellschaft mbH is the chairman of the management board of the POLYTEC Holding AG, Mr. Friedrich Huemer.
The following companies of the IMC Group had established business relationships with POLYTEC in the financial year 2008:
The POLYTEC Group has long-term leasing agreements with the POLYTEC Immobilien Group with regard to the following properties of the POLYTEC Group:
| 1. POLYTEC Holding AG | Group Headquarter |
|---|---|
| 2. POLYTEC FOR Car Styling GmbH & Co KG | Plant Hörsching |
| 3. Polytec AVO n.v. | Plant Schoten |
| 4. Polytec Thermoplast GmbH & Co KG | Plants Idstein |
| 5. Polytec Riesselmann GmbH & Co KG | Plants Lohne, Hoden hagen and Wolmirstedt |
| 6. POLYTEC Interior GmbH | Plants Nordhalben and Ebersdorf |
| 7. POYTEC Intex GmbH & Co. KG | Plants Morsbach and Waldbröl |
| 8. Polytec Interior Polska Sp.z.o.o. | Plant Tomaszow Mazowiecki |
| 9. Polytec Interior Zaragoza S.L. | Plant Zaragoza |
| 10. Polytec Composites Sweden AB | Plant Ljungby |
| 11. POLYTEC Composites Germany GmbH & Co KG |
Plants Gochsheim, Cornberg and Voerde |
| 12. POLYTEC Composites Slovakia s.r.o. | Plant Sladkovicovo |
| 13. POLYTEC Elastoform GmbH & Co KG | Plant Marchtrenk |
| 14. POLYTEC THELEN GmbH | Plant Bochum |
The rental expenses from the rental contracts in the financial year amounted to approx. EUR 8.7 million (previous year: EUR 6.7 million).
The rental contracts can be terminated by complying with a period of notice of six months, but longer waivers of entitlement to terminate the contract have also been agreed in some cases. The lease rental charges which are existent due to the fixed period of notice or due to longer waivers of entitlement to terminate the contract amount to TEUR 22,692.5 (previous year: TEUR 24,358.5 ) on December 31, 2008 and are falling due as follows:
| in TEUR | 31.12.2008 | 31.12.2007 |
|---|---|---|
| Within one year | 7,936.1 | 7,038.1 |
| Longer than one year within five years | 7,378.2 | 10,131.8 |
| Over five years | 7,378.2 | 7,188.6 |
For all properties, the POLYTEC Group was granted certain sales options by the lessor. Furthermore, there are certain options with regard to the purchase of 100% of the interests in the real estate companies themselves.
The POLYTEC Group has long-term leasing agreements with the Polytec Estates Sweden AB with regard to plants which are used in the factory in Ljungby. The agreements are treated in the consolidated accounts as finance lease. The leasing charges in the financial year 2008 amounted to TEUR 774.8 (previous year: TEUR 782.7).
Loans were issued to two companies of the Polytec Immobilien Group which are balanced under "Loans" in the financial assets. The loans will be charged with interests at arm's length and can be repaid at latest until June 30, 2011. Further information can be found in section D. 12.
The POLYTEC Group has a contract for work and labor with the IMC Verwaltungsgesellschaft mbH, Hörsching concerning the provision of a member of the corporate management for the POLYTEC Holding AG, Hörsching.
The PPI Plastics Products Innovation GmbH & Co KG functions as supplier of injection molding products for the POLYTEC Group.
GLOBE AIR AG provided transport services to employees of the POLYTEC Group in the business year under review.
The fixed and variable salaries of 6 (previous year: 7) active executives having a key position within the group amounted to TEUR 1,609.5 in the financial year (previous year: TEUR 3,615.0). Furthermore, benefits in kind in the form of company cars and cellular phones were received by those executives.
There is an individual, contractually agreed pension promise for one retired executive. Not yet paid variable portions of salary affecting the year 2008 are balanced in the short-term personnel reserves.
There are no stock-option plans or similar shareholding-based remuneration falling under IFRS 2.
The recorded expenses for payments to members of the supervisory board in the financial year amounted to TEUR 73.8 (previous year: TEUR 60.8).
There are no credits or advanced payments with regard to current or former members of the organs of the company. No former member of the organs of the company receives any kind of salary from the group or one of its affiliated companies.
The persons mentioned in the following were members of the corporate management during the financial year and at the time of the preparation of the consolidated accounts:
Friedrich Huemer, Wallern Alfred Kollros, St. Valentin Karl Heinz Solly, Leonding Klaus Rinnerberger, Brunn am Gebirge (since March 1, 2009) Reinhard Urmann, Maxhütte-Haidhof, Germany (up to March 1, 2009)
The persons mentioned in the following were members of the supervisory board during the financial year and at the time of the preparation of the consolidated accounts:
Fred Duswald, Thalheim (chairman) Helmut Trauth, Knittelsheim, Germany (vice chairman) Robert Büchelhofer, Starnberg, Germany Viktoria Kickinger, Vienna Andreas Szigmund, Linz
Hörsching, June 5, 2009
Friedrich Huemer Karl-Heinz Solly
Alfred Kollros Klaus Rinnerberger
| Automotive Systems | Automotive Composites | |||
|---|---|---|---|---|
| in TEUR | 2008 | 2007 | 2008 | 2007 |
| Net sales (not consolidated) | 781,153.3 | 427,847.2 | 307,478.1 | 215,270.5 |
| thereof: | ||||
| Internal sales own division | 75,459.7 | 58,488.9 | 28,352.3 | 13,910.3 |
| Internal sales other divisions | 105.9 | 63.0 | 1,222.0 | 16.9 |
| External sales | 705,587.7 | 369,295.3 | 277,903.8 | 201,343.3 |
| EBITDA | 18,315.1 | 25,807.4 | 32,663.8 | 24,885.3 |
| Depreciation and amortisation | 36,642.3 | 14,985.1 | 8,325.2 | 4,993.8 |
| thereof extraordinary | 528.6 | 0.0 | 1,330.9 | 0.0 |
| thereof goodwill | 6,312.0 | 0.0 | 0.0 | 0.0 |
| Material earnings positions | ||||
| income from reversal of provisions for liabilities | 24,931.0 | 3,870.8 | 6,379.4 | 5,731.7 |
| dissolution of negativ goodwill (IFRS 3) | 0.0 | 0.0 | 0.0 | 6,576.3 |
| Earnings before interest and tax (EBIT) | -18,327.2 | 10,822.3 | 24,338.6 | 19,891.5 |
| Financial expenses | -9,785.8 | -3,005.6 | -1,936.9 | -1,059.3 |
| Other finacial results | -374.2 | 0.0 | -1,000.0 | 8.9 |
| Taxes on income | -2,382.6 | -3,670.1 | -7,002.5 | 4,831.0 |
| Profit for the year after tax | -30,869.8 | 4,146.6 | 14,399.2 | 23,672.1 |
| Operating assets | 715,104.5 | 194,699.0 | 105,353.4 | 121,326.9 |
| Operating liabilities | 277,585.3 | 66,727.2 | 62,245.8 | 90,596.6 |
| Capital employeed | 437,519.2 | 127,971.8 | 43,107.6 | 30,730.3 |
| thereof: | ||||
| deffered taxes | 6,502.1 | 2,174.4 | 5,538.9 | 8,776.3 |
| Employee benefit obligations | 11,118.8 | 7,780.4 | 15,223.5 | 15,758.6 |
| Investments | 43,632.1 | 16,359.1 | 5,955.9 | 4,664.0 |
| Other non-cash revenues (+) / expenses (-) | -7,018.8 | -2,847.4 | -724.7 | -7,282.8 |
| External sales | Deferred tax obligations | Employee benefit obligations | ||||||
|---|---|---|---|---|---|---|---|---|
| in TEUR | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | ||
| Austria | 49,562.3 | 60,314.8 | 10,594.3 | 455.5 | 1,885.1 | 1,747.0 | ||
| Germany | 654,256.8 | 387,161.0 | 7,047.7 | 9,125.0 | 24,686.1 | 21,822.0 | ||
| Rest of EU | 291,835.8 | 166,255.6 | 3,925.2 | 1,624.4 | 1,568.5 | 1,625.2 | ||
| Rest of the world | 85,812.7 | 51,258.3 | 1,056.8 | 117.5 | 124.7 | 124.7 | ||
| Group | 1,081,467.6 | 664,989.7 | 22,624.0 | 11,322.4 | 28,264.4 | 25,318.9 |
| Konzern | Konsolidierung | Sonstige Segmente | Car Styling | ||||
|---|---|---|---|---|---|---|---|
| 2007 | 2008 | 2007 | 2008 | 2007 | 2008 | 2007 | 2008 |
| 748,457.7 | 1,196,968.0 | 0.0 | 0.0 | 20,983.9 | 21,115.6 | 84,356.1 | 87,221.0 |
| 83,286.0 | 114,066.1 | 0.0 | 0.0 | 1,358.5 | 766.9 | 9,528.3 | 9,487.2 |
| 1,434.3 | 0.0 | 0.0 | 18.8 | 98.2 | 83.3 | 8.2 | |
| 664,989.7 | 1,081,467.6 | 0.0 | 0.0 | 19,606.6 | 20,250.5 | 74,744.5 | 77,725.6 |
| 63,731.9 | 65,033.5 | -195.3 | 270.2 | 3,654.9 | 4,887.8 | 9,579.6 | 8,896.6 |
| 22,685.2 | 48,294.0 | 0.0 | 0.0 | 1,026.7 | 1,225.3 | 1,679.6 | 2,101.2 |
| 1,859.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| 6,312.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| 32,490.8 | 0.0 | 0.0 | 33.6 | 1,132.2 | 65.4 | 48.2 | |
| 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| 16,739.5 | -195.3 | 270.2 | 2,628.2 | 3,662.5 | 7,900.0 | 6,795.4 | |
| -12,688.1 | -95.7 | -103.4 | 2,243.0 | -148.7 | -675.2 | -713.3 | |
| -346.2 | 229.7 | 7,332.1 | 3.5 | -6,304.1 | 0.0 | 0.0 | |
| -710.1 | 1,020.8 | -292.6 | -1,654.2 | 10,613.4 | -1,927.0 | -1,645.8 | |
| 37,296.5 | 2,995.1 | 959.5 | 7,206.3 | 3,220.5 | 7,823.1 | 5,297.8 | 4,436.3 |
| 375,301.2 | 879,460.2 | -1,562.9 | -4,021.3 | 18,926.3 | 19,141.4 | 41,911.9 | 43,882.2 |
| 171,651.6 | 353,022.4 | -25.2 | -4,064.9 | 6,685.5 | 8,438.5 | 7,667.5 | 8,817.7 |
| 203,649.6 | 526,437.8 | -1,537.7 | 43.6 | 12,240.8 | 10,702.9 | 34,244.4 | 35,064.5 |
| 22,624.0 | -808.4 | -849.4 | 769.5 | 10,990.1 | 410.6 | 442.3 | |
| 28,264.4 | -146.8 | -208.1 | 743.6 | 825.3 | 1,183.1 | 1,304.9 | |
| 54,724.9 | 0.0 | 0.0 | 2,948.4 | 1,175.9 | 1,955.0 | 3,961.0 | |
| -8,306.3 | -270.1 | 61.3 | 34.4 | -97.3 | 108.7 | -526.8 | |
| Cost of acquisition or production | |||||
|---|---|---|---|---|---|
| Balance as of Jan. 1. 2008 |
Additions due to initial consolidation |
Translation differences |
Additions | Disposals | |
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| I. Intangible assets: | |||||
| 1. Research and development costs |
4,903.2 | 2,440.0 | 0.0 | 3,042.8 | 508.0 |
| 2. Rights |
10,343.6 | 9,658.0 | -74.7 | 1,570.4 | 822.2 |
| 3. Goodwill |
45,627.3 | 0.0 | 0.0 | 0.0 | 0.0 |
| 4. Customer contracts |
0.0 | 79,933.0 | 0.0 | 0.0 | 0.0 |
| 60,874.1 | 92,031.0 | -74.7 | 4,613.2 | 1,330.2 | |
| II. Tangible assets: | |||||
| 1. Land and buildings |
10,814.4 | 157,962.1 | -524.9 | 1,946.8 | 489.7 |
| 2. Technical equipment and machinery |
189,371.8 | 390,483.8 | -2,705.2 | 23,652.8 | 8,524.1 |
| 3. Other equipment, fixtures, |
|||||
| fittings and equipment | 47,543.5 | 19,243.6 | -1,497.2 | 8,280.2 | 5,092.1 |
| 4. Advance payments made and |
|||||
| assets under construction | 7,303.8 | 41,828.4 | -79.7 | 15,665.2 | 7,496.9 |
| 255,033.5 | 609,517.9 | -4,807.0 | 49,545.0 | 21,602.8 | |
| III. Financial assets: | |||||
| 1. Investments in affiliated companies |
194.9 | 50.7 | 0.0 | 50.7 | 0.0 |
| 2. Investments in associated companies |
1,045.2 | 0.0 | 0.0 | 0.0 | 14.2 |
| 3. Other investments |
0.0 | 7,057.0 | 0.0 | 356.7 | 0.0 |
| 4. Loans |
770.2 | 4.9 | 0.0 | 99.3 | 0.0 |
| 5. Fixed asset securities |
2,250.0 | 0.0 | 0.0 | 1,575.0 | 1,341.7 |
| 6. Wertpapiere des Anlagevermögens |
1.5 | 0.0 | 0.0 | 60.0 | 0.0 |
| 4,261.8 | 7,112.6 | 0.0 | 2,141.7 | 1,355.9 | |
| 320,169.4 | 708,661.5 | -4,881.7 | 56,299.9 | 24,288.9 |
| Cost of acquisition or production | ||||||
|---|---|---|---|---|---|---|
| Balance as of | Additions due to | Translation | ||||
| Jan. 1. 2008 | initial consolidation | differences | Additions | Disposals | ||
| TEUR | TEUR | TEUR | TEUR | TEUR | ||
| I. Intangible assets: | ||||||
| 1. Research and development costs |
3,618.2 | 0.0 | 0.0 | 1,344.0 | 59.0 | |
| 2. Rights |
6,626.2 | 2,627.9 | 10.9 | 1,155.8 | 101.4 | |
| 3. Goodwill |
45,627.3 | 0.0 | 0.0 | 0.0 | 0.0 | |
| 55,871.7 | 2,627.9 | 10.9 | 2,499.8 | 160.4 | ||
| II. Tangible assets: | ||||||
| 1. Land and buildings |
8,543.3 | 13,965.8 | -267.1 | 1,623.3 | 14,796.4 | |
| 2. Technical equipment and machinery |
147,983.0 | 37,216.9 | -129.9 | 11,298.3 | 9,312.2 | |
| 3. Other equipment, fixtures, |
||||||
| fittings and equipment | 36,543.4 | 4,114.1 | 408.8 | 5,654.2 | 2,764.9 | |
| 4. Advance payments made and |
||||||
| assets under construction | 5,578.0 | 5,578.3 | 17.8 | 4,825.9 | 1,022.9 | |
| 198,647.7 | 60,875.1 | 29.6 | 23,401.7 | 27,896.4 | ||
| III. Financial assets: | ||||||
| 1. Investments in affiliated companies |
155.0 | 14.9 | 0.0 | 25.0 | 0.0 | |
| 2. Investments in associated companies |
45.2 | 1,000.0 | 0.0 | 0.0 | 0.0 | |
| 3. Other investments |
760.0 | 10.2 | 0.0 | 0.0 | 0.0 | |
| 4. Loans |
2,616.7 | 0.0 | 0.0 | 800.0 | 1,166.7 | |
| 5. Fixed asset securities |
1.6 | 0.0 | 0.0 | 0.0 | 0.1 | |
| 3,578.5 | 1,025.1 | 0.0 | 825.0 | 1,166.8 | ||
| 258,097.9 | 64,528.1 | 40.5 | 26,726.5 | 29,223.6 |
| Net book value | ||||||
|---|---|---|---|---|---|---|
| Balance as of | Depreciation of the | Thereof | Accumulated | Balance as of | Balance as of | |
| Transfers | Dec. 31. 2008 | fiscal year | extraordinary | Depreciation | Dec. 31. 2008 | Dec. 31. 2007 |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| 0.0 | 9,878.0 | 556.0 | 0.0 | 1,084.3 | 8,793.7 | |
| 382.3 | 21,057.4 | 1,853.7 | 0.0 | 15,067.2 | 5,990.2 | |
| 0.0 | 45,627.3 | 6,312.0 | 6,312.0 | 26,327.8 | 19,299.5 | 25,611.5 |
| 0.0 | 79,933.0 | 1,157.3 | 0.0 | 74,158.9 | 5,774.1 | |
| 382.3 | 156,495.7 | 9,879.0 | 6,312.0 | 116,638.2 | 39,857.5 | 33,662.4 |
| 557.4 | 170,266.1 | 1,981.2 | 0.0 | 36,169.2 | 134,096.9 | |
| 17,663.7 | 609,942.8 | 30,243.5 | 1,859.5 | 332,937.6 | 277,005.2 | |
| 1,231.8 | 69,709.8 | 6,190.3 | 0.0 | 43,758.9 | 25,950.9 | |
| -19,835.2 | 37,385.6 | 0.0 | 0.0 | 0.0 | 37,385.6 | |
| -382.3 | 887,304.3 | 38,415.0 | 1,859.5 | 412,865.7 | 474,438.6 | |
| 0.0 | 296.3 | 0.0 | 0.0 | 0.0 | 296.3 | |
| 0.0 | 1,031.0 | 1,000.0 | 1,000.0 | 1,000.0 | 31.0 | |
| 0.0 | 7,413.7 | 0.0 | 0.0 | 0.0 | 7,413.7 | |
| 0.0 | 874.4 | 0.0 | 0.0 | 0.0 | 874.4 | |
| 0.0 | 2,483.3 | 0.0 | 0.0 | 0.0 | 2,483.3 | |
| 0.0 | 61.5 | 0.0 | 0.0 | 0.0 | 61.5 | |
| 0.0 | 12,160.2 | 1,000.0 | 1,000.0 | 1,000.0 | 11,160.2 | |
| 0.0 | 1,055,960.2 | 49,294.0 | 9,171.5 | 530,503.9 | 525,456.3 |
| Net book value | ||||||
|---|---|---|---|---|---|---|
| Transfers | Balance as of Dec. 31. 2008 |
Depreciation of the fiscal year |
Thereof extraordinary |
Accumulated Depreciation |
Balance as of Dec. 31. 2007 |
Balance as of Dec. 31. 2006 |
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR |
| 0.0 | 4,903.2 | 256.5 | 0.0 | 528.4 | 4,374.8 | 3,346.3 |
| 24.2 | 10,343.6 | 1,223.9 | 0.0 | 6,667.5 | 3,676.1 | 1,310.5 |
| 0.0 | 45,627.3 | 0.0 | 0.0 | 20,015.8 | 25,611.5 | 25,611.5 |
| 24.2 | 60,874.1 | 1,480.4 | 0.0 | 27,211.7 | 33,662.4 | 30,268.3 |
| 1,745.5 | 10,814.4 | 1,046.2 | 0.0 | 3,853.6 | 6,960.8 | 5,364.5 |
| 2,315.7 | 189,371.8 | 15,527.2 | 0.0 | 111,200.4 | 78,171.4 | 49,597.9 |
| 3,587.9 | 47,543.5 | 4,631.4 | 0.0 | 32,257.7 | 15,285.8 | 10,460.6 |
| -7,673.3 | 7,303.8 | 0.0 | 0.0 | 0.0 | 7,303.8 | 5,578.0 |
| -24.2 | 255,033.5 | 21,204.8 | 0.0 | 147,311.7 | 107,721.8 | 71,001.0 |
| 0.0 | 194.9 0.0 |
0.0 | 0.0 | 194.9 | ||
| 0.0 | 1,045.2 | 0.0 | 0.0 | 0.0 | 1,045.2 | |
| 0.0 | 770.2 0.0 |
0.0 | 0.0 | 770.2 | 760.0 | |
| 0.0 | 2,250.0 | 0.0 | 0.0 | 0.0 | 2,250.0 | 2,616.7 |
| 0.0 | 1.5 0.0 |
0.0 | 0.0 | 1.5 | ||
| 0.0 | 4,261.8 | 0.0 | 0.0 | 0.0 | 4,261.8 | 3,578.5 |
| 0.0 320,169.4 |
22,685.2 | 0.0 | 174,523.4 | 145,646.0 | 104,847.8 |
in the Financial Years 2004–2008
| 2008 | 2007 | 2006 | 2005 | 2004 | |
|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| Present value of severance payments (DBO) | |||||
| as of January 1st | 1,743.3 | 1,947.4 | 1,925.1 | 1,354.7 | 1,247.8 |
| Service cost | 123.6 | 162.0 | 179.0 | 147.6 | 161.2 |
| Interest cost | 91.0 | 87.2 | 80.3 | 67.7 | 68.0 |
| Severance payments | -98.0 | -178.5 | -126.0 | -89.3 | -126.8 |
| Realized actuarial profit/loss | 61.4 | -274.8 | -111.0 | 444.4 | 4.5 |
| Present value of severance payments (DBO) | |||||
| as of December 31st | 1,921.3 | 1,743.3 | 1,947.4 | 1,925.1 | 1,354.7 |
| Unrealized actuarial profit/loss | -208.2 | -146.8 | -435.0 | -566.8 | -187.1 |
| Provisions for severanc payments | |||||
| as of December 31st | 1,713.1 | 1,596.5 | 1,512.4 | 1,358.3 | 1,167.6 |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| Present Value of Pensions (DBO) as of January 1st | 20,652.9 | 7,147.7 | 6,588.2 | 5,634.6 | 708.6 |
| Reclassification | 2,306.0 | 13,752.3 | 0.0 | 0.0 | 4,651.2 |
| Service cost | 585.9 | 326.6 | 283.6 | 446.2 | 332.3 |
| Interest cost | -212.7 | 726.9 | 264.7 | 251.3 | 90.8 |
| Pensions payments | -791.2 | -630.4 | -169.1 | -157.0 | -148.3 |
| Realized actuarial profit/loss | -1,082.4 | -670.2 | 180.3 | 413.1 | 0.0 |
| Present Value of Pensions (DBO) as of December 31st | 21,458.5 | 20,652.9 | 7,147.7 | 6,588.2 | 5,634.6 |
| Unrealized actuarial profit/loss | 1,107.7 | 164.9 | -619.1 | -413.2 | 0.0 |
| Provisions for pensions as of December 31st | 22,566.2 | 20,817.8 | 6,528.6 | 6,175.0 | 5,634.6 |
| 2008 | 2007 | 2006 | 2005 | 2004 | |
|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | |
| Present Value of performance orientated obligations | 2,291.2 | 1,154.7 | 818.4 | 819.5 | 808.3 |
| Realized actuarial profit/loss | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Provisions for jubilee payments | 2,291.2 | 1,154.7 | 818.4 | 819.5 | 808.3 |
| Balance as of January 1, 2008 |
Changes in consoli dation |
Currency Translation |
Reclassifi cation from long-term provisions |
Utilisation | Release | Addition | Balance as of December 31, 2008 |
|
|---|---|---|---|---|---|---|---|---|
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Provisions for vacation | 7,807.5 | 4,058.8 | -100.9 | 0.0 | 7,509.5 | 0.0 | 4,907.5 | 9,163.4 |
| Other short-term personal | ||||||||
| expenses | 9,960.1 | 30,766.5 | -0.9 | 0.0 | 10,388.1 | 7,399.5 | 8,920.5 | 31,858.6 |
| provisions for anticipated | ||||||||
| losses and risks | 18,508.3 | 20,965.5 | 86.0 | 12,331.0 | 18,148.3 | 6,848.6 | 6,858.2 | 33,752.1 |
| Provisions | 15,620.6 | 57,052.0 | -53.2 | 0.0 | 22,572.9 | 10,170.5 | 19,664.2 | 59,540.2 |
| 51,896.5 | 112,842.8 | -69.0 | 12,331.0 | 58,618.8 | 24,418.6 | 40,350.4 | 134,314.3 |
| direct and | Type of | ||||
|---|---|---|---|---|---|
| indirect share | consoli | ||||
| Company | Location | Country Parent Company | % | dation1) | |
| POLYTEC Automotive Systems GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KO |
| POLYTEC Invest GmbH | Geretsried | GER | POLYTEC Holding AG | 100.0 | KV |
| PF Beteiligungs GmbH | Hörsching | AUT | Huemer Holding GmbH | 0.02) | KV |
| 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 Kraftfahrzeugbauteile und Autoausstattung | Komló | HUN | POLYTEC Holding AG | 35.0 | KOE |
| Herstellungs- und Vertriebsgesellschaft m.b.H. | |||||
| Automotive Systems Division: | |||||
| Polytec Holding Deutschland GmbH | Geretsried | GER | POLYTEC Holding AG | 100.0 | KV |
| POLYTEC Interior GmbH | Geretsried | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| Polytec Automotive GmbH & Co KG | Geretsried | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| Polytec Automotive Verwaltungs GmbH | Geretsried | 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 KG | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| LLW Lohner Lackierwerk GmbH | Lohne | GER | Polytec Riesselmann GmbH & Co KG | 100.0 | KV |
| Polytec Finance & Services GmbH & Co KG | Lohne | GER | Polytec Holding Deutschland GmbH | 100.0 | KO |
| POLYTEC Intex GmbH & Co. KG | Morsbach | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| POLYTEC Intex Montage GmbH | Morsbach | GER | POLYTEC Intex GmbH & Co. KG | 100.0 | KO |
| Polytec Thermoplast GmbH & Co KG | Idstein | GER | Polytec Holding Deutschland GmbH | 100.0 | KV |
| Polytec Interior UK Ltd. | Birmingham | GBR | POLYTEC Interior GmbH | 100.0 | KO |
| Polytec Interior Zaragoza S.L. | Zaragoza | ESP | POLYTEC Holding AG | 100.0 | KV |
| Polytec Interior Polska Sp.z.o.o. | Tomaszow Mazowiecki POL | POLYTEC Holding AG | 100.0 | KV | |
| Polytec Interior South Africa (Proprietary) Ltd. | Rosslyn | SAF | Polytec Holding Deutschland GmbH | 100.0 | KV |
| Peguform Luxembourg Holding S.a.r.l. | Luxemburg | LUX | POLYTEC Gruppe | 100.0 | KV |
| Peguform Luxembourg S.a.r.l. | Luxemburg | LUX | Peguform Luxembourg Holding S.a.r.l. | 100.0 | KV |
| Peguform Netherlands B.V. | Baarn | NED | Peguform Luxembourg S.a.r.l. | 100.0 | KV |
| Peguform GmbH | Bötzingen | GER | Peguform Netherlands B.V. | 94.8 | KV |
| Peguform Luxembourg Holding S.a.r.l. | 5.2 | ||||
| Peguform Iberica S.L. | Polinya/Barcelona | ESP | Peguform Luxembourg Holding S.a.r.l. | 100.0 | KV |
| Peguform de Teruel S.L. | Fuentes Claras | ESP | Peguform Iberica S.L. | 100.0 | KV |
| Peguform Module Division Iberica Front Ends S.L. | Sant Esteve | ESP | Peguform Iberica S.L. | 100.0 | KV |
| Peguform Module Division Iberica Cockpits S.L. | Martorell | ESP | Peguform Module Division | 59.6 | KV |
| Iberica Front Ends S.L. | |||||
| Peguform Iberica S.L. | 40.4 | ||||
| Peguform do Brasil, Ltda. | Sao Jose dos Pinhais | BRA | Peguform Iberica S.L. | 100.0 | KV |
| direct and indirect share |
Type of consoli |
||||
|---|---|---|---|---|---|
| Company | Location | Country Parent Company | % | dation1) | |
| Peguform Mexico S.A. de C.V. | Puebla Pue | MEX | Peguform Iberica S.L. | 100.0 | KV |
| Shock Absorb de Mexico S.A. de C.V. | Puebla Pue | MEX | Peguform Iberica S.L. | 100.0 | KV |
| Fabrica de Parachoques de Mexico S.A. de C.V. | Puebla Pue | MEX | Peguform Iberica S.L. | 100.0 | KV |
| Peguform Portugal S.A. | Lissabon | POR | Peguform Iberica S.L. | 100.0 | KV |
| Changchun Peguform Automotive Plastics Technology Co. Ltd. |
Changchun | CHN | Peguform GmbH | 50.0 | KV |
| Peguform Corporate Management Services (Chang chun) Co., Ltd. |
Changchun | CHN | Peguform GmbH | 100.0 | KO |
| Celulosa Fabril (CEFA) S.A. | Sant Esteve | ESP | Peguform Iberica S.L. | 50.0 | KE |
| SPPM Sociedale Portuguesa de | Palmela | POR | Peguform Iberica S.L. | 50.0 | KE |
| Pintura e Modulos S.A. | |||||
| PDN Holding GmbH | Bötzingen | GER | Peguform Netherlands B.V. | 100.0 | KO |
| PDN Real Estate GmbH | Bötzingen | GER | Peguform Netherlands B.V. | 100.0 | KO |
| Peguform Personalleasing GmbH | Bötzingen | GER | Peguform GmbH | 100.0 | KO |
| Automotive Composites Division: | |||||
| PT Beteiligungs GmbH | Hörsching | AUT | POLYTEC Holding AG | 100.0 | KV |
| POLYTEC Composites Sweden AB | Ljungby | SWE | POLYTEC Holding AG | 100.0 | KV |
| POLYTEC Composites Italia S.r.l. | Mondovì | ITA | 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 | POLYTEC Composites | ||||
| GmbH & Co KG | Gochsheim | GER | Beteiligungs GmbH | 55.0 | KV |
| POLYTEC Interior GmbH | 30.0 | ||||
| Polytec Holding Deutschland GmbH | 15.0 | ||||
| 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 | |||||
| Peguform Composites s.r.o. | Chodova Plana | CZE | Peguform GmbH | 100.0 | KV |
| INAPAL PLASTICOS, S.A. | Leca do Balio | POR | Germany GmbH & Co KG | 19.7 | KOE |
| Industrial Division: | |||||
| POLYTEC Industrial Plastics GmbH | Bochum | GER | Polytec Holding Deutschland GmbH | 70.0 | KV |
| POLYTEC Elastoform GmbH & Co KG | Marchtrenk | AUT | POLYTEC Industrial Plastics GmbH | 70.0 | KV |
| POLYTEC EMC Engineering GmbH & Co KG | Marchtrenk | AUT | POLYTEC Industrial Plastics GmbH | 70.0 | KV |
POLYTEC EMC Engineering GmbH Hörsching AUT POLYTEC Industrial Plastics GmbH 70.0 KO POLYTEC THELEN GmbH Bochum GER POLYTEC Industrial Plastics GmbH 70.0 KV
1) KV – fully consolidated
KE – at equity consolidated company
KO – due to subordinated importance not consolidated company
KOE – due to subordinated importance no at equity valuation
2) Consolidation as a special purpose entity iS SIC 12
Pursuant to Article 82 (4) of the Stock Exchange Act, the Executive Board of POLYTEC Holding AG herewith confirms
That, to our knowledge, the Consolidated Financial Statements 2007 drawn up in compliance with applicable financial reporting standards present, as fairly as possible, the financial position and financial performance of the POLYTEC Holding AG included in the consolidated figures of the POLYTEC GROUP;
that the Status Report presents the business development, the Earnings and the position of the entirety of the companies included in the consolidated figures of the POLYTEC Group in such a manner as to present as fairly as possible the financial position and financial performance and to describe the essential risks and uncertainties to which the POLYTEC Group is exposed.
Hörsching, June 5, 2009
Friedrich Huemer Karl-Heinz Solly
Alfred Kollros Klaus Rinnerberger
We have audited the accompanying consolidated financial statements of POLYTEC Holding AG, Hörsching, for the financial year from January 1 to December 31, 2008. These consolidated financial statements comprise the balance sheet as at December 31, 2008, and the income statement, statement of changes in equity and cash flow statement for the year ended December 31, 2008, and a summary of significant accounting policies and other explanatory notes.
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on Auditing and International Standards on Auditing (ISAs), issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accounts (IFAC). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity'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 entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
At an extraordinary Annual General Meeting to be held on June 26, 2009 a restructuring agreement will have to be approved, which, in the management board's view, will provide the basis for the further financing of the group. We would like to point out that the present independent auditor's report has been compiled subject to the following conditions:
Based on the results of our audit and, provided that the conditions mentioned above are fulfilled, it is our opinion that the consolidated financial statements present fairly, in all material respects, the financial position of the group as of December 31, 2008, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.
In addition, we would like to draw attention to the following:
The achievement of the future business performance, as presented by the management board, and the guaranteed injection of financing resources, provide the basis for the group's survival in line with the going concern assumption. We would like to point out that due to the current economic situation in general and more specifically to the unpredictable development of the automobile and commercial vehicle industry, changes might arise in relation to the group's future earning and financing situation, which cannot be fully estimated from today's perspective. Besides, the risk, that the survival of POLYTEC GROUP's subsidiaries might be at stake, cannot be fully ruled out. Therefore, future detrimental impairments of the assets shown in the balance sheet (including tax assets) might be possible.
Furthermore, we would like to point out that business planning and the resulting liquidity planning include measures that are still subject to negotiations (i.e. personnel measures, OEM contributions), which might have a substantial influence on the group's future earnings and financing situation.
Law and regulation applicable in Austria require us to perform audit procedures whether the group management report is consistent with the consolidated financial statements and whether the other disclosures made in the group management report do not give rise to misconception of the position of the group.
In our opinion, the Group Management Report is consistent with the consolidated financial statements.
Linz, June 5, 2009
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Wirtschaftsprüfer Wirtschaftsprüfer (Austrian Chartered Accountants)
Dr. Helge Löffler Mag. Ernst Pichler
Publisher and responsible for contents: POLYTEC Holding AG Headquarters: Linzer Straße 50 A-4063 Hörsching T +43-7221-701-0 F +43-7221-701-35 [email protected] www.polytec-group.com
Design: section.d design communication GmbH
www.polytec-group.com
POLYTEC Holding AG, Hörsching Bericht über die Prüfung des Jahresabschlusses zum 31. Dezember 2008 5. Juni 2009
Bestätigungsvermerk
Wir haben den beigefügten Jahresabschluss der
für das Geschäftsjahr vom 1. Jänner bis zum 31. Dezember 2008 unter Einbeziehung der Buchführung geprüft. Die Buchführung, die Aufstellung und der Inhalt dieses Jahresabschlusses sowie des Lageberichtes in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften liegen in der Verantwortung der gesetzlichen Vertreter der Gesellschaft. Unsere Verantwortung besteht in der Abgabe eines Prüfungsurteils zu diesem Jahresabschluss auf der Grundlage unserer Prüfung und einer Aussage, ob der Lagebericht in Einklang mit dem Jahresabschluss steht.
Wir haben unsere Prüfung unter Beachtung der in Österreich geltenden gesetzlichen Vorschriften und Grundsätze ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern, die Prüfung so zu planen und durchzuführen, dass ein hinreichend sicheres Urteil darüber abgegeben werden kann, ob der Jahresabschluss frei von wesentlichen Fehldarstellungen ist und eine Aussage getroffen werden kann, ob der Lagebericht mit dem Jahresabschluss in Einklang steht. Bei der Festlegung der Prüfungshandlungen werden die Kenntnisse über die Geschäftstätigkeit und über das wirtschaftliche und rechtliche Umfeld des Unternehmens sowie die Erwartungen über mögliche Fehler berücksichtigt. Im Rahmen der Prüfung werden die Nachweise für Beträge und sonstige Angaben in der Buchführung und im Jahresabschluss überwiegend auf Basis von Stichproben beurteilt. Die Prüfung umfasst ferner die Beurteilung der angewandten Rechnungslegungsgrundsätze und der von den gesetzlichen Vertretern vorgenommenen, wesentlichen Schätzungen sowie eine Würdigung der Gesamtaussage des Jahresabschlusses. Wir sind der Auffassung, dass unsere Prüfung eine hinreichend sichere Grundlage für unser Prüfungsurteil darstellt.
In einer für 26. Juni 2009 einberufenen außerordentlichen Hauptversammlung soll einer Restrukturierungsvereinbarung zugestimmt werden, die aus Sicht des Vorstands die Grundlage für die weitere Finanzierung der Gruppe darstellt. Wir weisen darauf hin, dass der vorliegende Bestätigungsvermerk unter der Bedingung erteilt wurde,
Auf Grund der bei der Prüfung gewonnenen Erkenntnisse entspricht der Jahresabschluss unter Voraussetzung, dass die im vorstehenden Absatz genannten Bedingungen erfüllt werden den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens-, Finanzund Ertragslage des Unternehmens in Übereinstimmung mit den österreichischen Grundsätzen ordnungsmäßiger Buchführung. Der Lagebericht steht in Einklang mit dem Jahresabschluss.
POLYTEC Holding AG, Hörsching Bericht über die Prüfung des Jahresabschlusses zum 31. Dezember 2008
Die Realisierung der vom Vorstand dargestellten zukünftigen Geschäftsentwicklung und die Sicherstellung der Finanzierung sind als Grundlagen für das weitere Bestehen des Konzerns bzw der Gesellschaft und somit für die Aufrechterhaltung der Going-Concern Prämisse anzusehen. Wir weisen in diesem Zusammenhang darauf hin, dass auf Grund der derzeitigen wirtschaftlichen Situation generell und der schwer einschätzbaren Entwicklung im Automobilund Nutzfahrzeugbereich speziell Veränderungen in der künftigen Ertragslage ,und im künftigen Finanzierungsbedarf eintreten können, die aus heutiger Sicht nicht abschließend eingeschätzt werden können. Weiters ist nicht auszuschließen, dass Tochtergesellschaften des Polytec-Konzerns in ihrem Fortbestand gefährdet sind. Daher sind nachteilige künftige Wertminderungen der bilanzierten Vermögensgegenstände bzw Inanspruchnahmen aus Haftungen möglich.
Darüber hinaus ist anzumerken, dass die Planungsrechnungen und die daraus resultierenden Liquiditätsplanungen noch unverhandelte Maßnahmen (zB Personalbereich, OEM-Beiträge) beinhalten, die einen wesentlichen Einfluss auf die künftige Ertragslage und den Finanzbedarf der Gesellschaft haben können.
Linz, am 5. Juni 2009
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
P'-4 (\2 IA A
Dr. l~l{dffler Mag. Ernst Pichler Wi s haftsprüfer Wirtschaftsprüfer
Die Veröffentlichung oder Weitergabe des Jahresabschlusses mit unserem Bestätigungsvermerk darf nur in der von uns bestätigten Fassung erfolgen. Für abweichende Fassungen (zB Verkürzung oder Übersetzung in eine andere Sprache) sind die Vorschriften des § 281 Abs 2 UGB zu beachten.
POLYTEC Holding AG, Hörsching Beilage I
mit Gegenüberstellung der Vorjahreszahlen in tausend Euro (TEUR)
| Aktiva | Passiva | ||||
|---|---|---|---|---|---|
| 31.12.2008 EUR |
31.12.2007 TEUR |
31.12.2008 EUR |
31.12.2007 TEUR |
||
| mögen: A. Anlagever |
A. Eigenkapital: | ||||
| materielle Vermögens- m I. I |
I. Grundkapital | 22.329.585,00 | 22.330 | ||
| gegenstände | 353.963,22 | 323 | II. Kapitalrücklagen (gebunden) | 38.869.949,79 | 59.090 |
| II. Sachanlagen g |
645.630,72 , |
570 | III. Gewinnrücklagen (gesetzliche Rücklage) g ) (g g |
0,00 , |
1.090 |
| III. Finanzanlagen | 195.900.621,80 | 81.934 | IV. Rücklage für eigene Anteile | 68.848,20 | 212 |
| 196.900.215,74 | 82.827 | V. Bilanzgewinn (davon Gewinnvortrag | |||
| mögen: mlaufver B. U |
EUR 79.303.765,35; Vorjahr: TEUR 43.221) | 0,00 | 85.994 | ||
| I. Forderungen und sonstige | 61.268.382,99 | 168.716 | |||
| Vermögensgegenstände: | B. Rückstellungen: | ||||
| 1. Forderungen gegenüber | 1. Rückstellungen für Abfertigungen | 400.261,00 | 343 | ||
| men verbundenen Unterneh |
26.367.261,68 | 51.386 | 2. Steuerrückstellungen | 777.800,00 | 2.183 |
| 2. Sonstige Forderungen und | 3. Sonstige Rückstellungen | 2.489.336,50 | 3.507 | ||
| Vermögensgegenstände | 15.997.675,97 | 1.254 | 3.667.397,50 | 6.033 | |
| 42.364.937,65 | 52.640 | Verbindlichkeiten: C. |
|||
| Wertpapiere und Anteile: II. |
1. Verbindlichkeiten gegenüber Kreditinstituten | 60.142.135,77 | 0 | ||
| 1. Eigene Anteile | 68.848,20 | 212 | 2. Verbindlichkeiten aus Liefe | ||
| Wertpapiere Sonstige 2. |
0,00 | 4.865 | Leistungen rungen und |
527.326,47 | 277 |
| 68.848,20 | 5.077 | 3. Verbindlichkeiten gegenüber | |||
| III. Guthaben bei Kreditinstituten | 457.243,42 | 34.584 | men verbundenen Unterneh |
113.932.044,88 | 0 |
| 42.891.029,27 | 92.300 | 4. Sonstige Verbindlichkeiten (davon aus Steuern | |||
| C. Rechnungsabgrenzungsposten | 66.670,34 | 4 | EUR 102.467,29; Vorjahr: TEUR 65; | ||
| men der sozialen Sicherheit m Rah davon i |
|||||
| EUR 42.544,95; Vorjahr: TEUR 38) | 320.627,74 | 106 | |||
| 174.922.134,86 | 383 | ||||
| 239.857.915,35 | 175.132 | 239.857.915,35 | 175.132 | ||
| Haftungsverhältnisse | 234.227.780,18 | 94.109 |
mit Gegenüberstellung der Vorjahreszahlen in tausend Euro (TEUR)
| 2008 EUR |
2007 TEUR |
|
|---|---|---|
| 1. Umsatzerlöse | 8.275.721,99 | 7.620 |
| 2. Sonstige betriebliche Erträge | 1.335.080,71 | 140 |
| 3. Personalaufwand | -2.809.476,72 | -2.777 |
| 4. Abschreibungen auf immaterielle Gegenstände des Anlagever mögens und Sachanlagen |
-494.539,38 | -354 |
| 5. Sonstige betriebliche Aufwendungen (Übrige) | -5.430.099,42 | -4.943 |
| 6. Zwischensumme aus Z 1 bis Z 5 (Betriebsergebnis) |
876.687,18 | -314 |
| 7. Erträge aus Beteiligungen (davon aus verbundenen Unternehmen EUR 5.890.340,03; Vorjahr: TEUR 42.994) |
6.004.362,39 | 43.036 |
| 8. Sonstige Zinsen und ähnliche Erträge (davon aus verbundenen Unternehmen EUR 1.460.474,43; Vorjahr: TEUR 792) |
4.196.622,98 | 3.002 |
| 9. Erträge aus dem Abgang von Finanzanlagen und Wertpapieren des Umlaufvermögens (davon aus verbundenen Unternehmen EUR 5.800.000,00; Vorjahr: TEUR 43) |
5.991.874,00 | 205 |
| 10. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens (davon Ab schreibungen EUR 105.448.589,69; Vorjahr: TEUR 0; davon Aufwendungen aus verbundenen Unter nehmen EUR 115.066.382,69; Vorjahr: TEUR 300) |
-115.209.766,55 | -373 |
| 11. Zinsen und ähnliche Aufwendungen (davon betreffend verbundene Unternehmen EUR 1.497.171,88; Vorjahr: TEUR 0) |
-3.995.354,36 | -575 |
| 12. Zwischensumme aus Z 7 bis Z 11 (Finanzergebnis) |
-103.012.261,54 | 45.295 |
| 13. Ergebnis der gewöhnlichen Geschäftstätigkeit | -102.135.574,36 | 44.981 |
| 14. Steuern vom Einkommen | 1.378.109,00 | -2.208 |
| 15. Jahresfehlbetrag (-überschuss) | -100.757.465,36 | 42.773 |
| 16. Auflösung von Kapitalrücklagen (gebunden) | 20.220.216,15 | 0 |
| 17. Auflösung von Gewinnrücklagen | ||
| (gesetzliche Rücklage) | 1.090.100,00 | 0 |
| 18. Übertrag aus Rücklage für eigene Anteile | 143.383,86 | 0 |
| 19. Gewinnvortrag aus dem Vorjahr | 79.303.765,35 | 43.221 |
| 20. Bilanzgewinn | 0,00 | 85.994 |
Der vorliegende Jahresabschluss 2008 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. Die Anwendung dieser Bewertungsprämisse beruht auf den im Mai 2009 positiv abgeschlossenen Restrukturierungsverhandlungen mit den maßgeblichen kreditgewährenden Banken der Gruppe.
Bei den Vermögensgegenständen und Schulden wurde der Grundsatz der Einzelbewertung angewandt. Hinsichtlich der Bewertung der Beteiligungsansätze wird auf Beilage III/3 verwiesen.
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- | Abschrei | |
|---|---|---|
| dauer in | bungssatz | |
| Jahren | % | |
| 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 oder nach steuerlichen Sondervorschriften zulässig ist.
Finanzanlagen werden grundsätzlich mit den Anschaffungskosten, gegebenenfalls vermindert um Abschreibungen zur Berücksichtigung dauernder Wertminderungen, bewertet.
Im vorliegenden Abschluss wurde hinsichtlich der Beteiligung Peguform Luxembourg Holding S.à.r.l, Luxemburg, von diesem Grundsatz in Anwendung des § 201 Abs 2 letzter Satz UGB abgewichen. Da auf Basis der mit den wesentlichen Gläubigerbanken der POLYTEC-Gruppe im Mai 2009 erreichten Sanierungsvereinbarung davon auszugehen ist, dass die Peguform-Gruppe gegen Abgabe von Verbindlichkeiten von rd. 170 Mio EUR aus dem Vermögen der POLYTEC Holding AG abgehen wird, wurden die entsprechenden Vermögensgegenstände und die zugeordneten Finanzverbindlichkeiten als Bewertungseinheit angesehen. Folglich wurden die Vermögensgegenstände (Finanzanlagen und sonstige Forderungen) in Höhe der zuzuordnenden Finanzverbindlichkeiten bewertet und eine Abwertung auf den niedrigeren beizulegenden Wert unterlassen. Aus Sicht des Vorstands ist mit diesem Vorgehen gewährleistet, dass der Jahresabschluss ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der POLYTEC Holding AG vermittelt.
Forderungen und sonstige Vermögensgegenstände werden mit dem Nennbetrag angesetzt. Fremdwährungsforderungen werden mit dem Referenzkurs der Europäischen Zentralbank zum Bilanzstichtag bewertet. Für erkennbare Risken werden Einzelwertberichtigungen gebildet.
Wertpapiere und Anteile des Umlaufvermögens werden mit ihren Anschaffungskosten oder dem niedrigeren beizulegendem Wert am Bilanzstichtag bewertet.
Bei der Bemessung der Rückstellungen werden entsprechend den gesetzlichen Erfordernissen alle erkennbaren Risken und drohenden Verluste berücksichtigt.
Die Rückstellungen für Abfertigungen wurden nach anerkannten finanzmathematischen Grundsätzen auf Basis eines Rechnungszinssatzes von 3,0 %, eines Pensionseintrittsalters von 60rJahren bei Frauen und 65 Jahren bei Männern ermittelt.
Rückstellungen für Jubiläumsgelder werden gebildet; die Vorsorge wird nach anerkannten finanzmathematischen Grundsätzen unter Zugrundelegung eines Rechnungszinssatzes von 3,0r% und eines Fluktuationsabschlages von 20,0i% berechnet.
Verbindlichkeiten werden mit ihrem Rückzahlungsbetrag angesetzt. Fremdwährungsverbindlichkeiten werden 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 2009 eine Verpflichtung von EUR 239.758,80 (Vorjahr: TEUR 373). Der Gesamtbetrag der Verpflichtungen für die nächsten 5 Jahre beträgt EUR 239.758,80 (Vorjahr: TEUR 621).
Der Gesamtbetrag der sonstigen Ausleihungen mit einer Restlaufzeit bis zu einem Jahr beträgt EUR 1.083.326,00 (Vorjahr: TEUR 1.267).
| hievon mit einer Rest- laufzeit bis zu |
hievon mit einer Restlauf zeit von mehr |
||
|---|---|---|---|
| einem Jahr EUR |
als einem Jahr EUR |
Bilanzwert EUR |
|
| Forderungen gegenüber ver bundenen Unternehmen |
19.655.201,68 | 6.712.060,00 26.367.261,68 | |
| Vorjahr in TEUR | 43.843 | 7.542 | 51.386 |
| Sonstige Forderungen und Vermögensgegenstände |
15.997.675,97 | 0,00 15.997.675,97 | |
| Vorjahr in TEUR | 1.254 | 0 | 1.254 |
| 35.652.877,65 | 6.712.060,00 42.364.937,65 | ||
| Vorjahr in TEUR | 45.098 | 7.542 | 52.640 |
Im Posten "Sonstige Forderungen und Vermögensgegenstände" sind Erträge in Höhe von EUR 23.909,00 (Vorjahr: TEUR 59) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
Das Grundkapital beträgt zum 31.12.2008 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 2008 unverändert.
Mit Beschluss der 8. 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 Bezugsrechts der Aktionäre erfolgen.
Die Gesellschaft hat im Jänner 2006 von einem ausgeschiedenen Mitglied des Konzernmanagements 29.934 Stück eigene Aktien mit einem Nennbetrag von je EUR 1,00 (0,13 % des Grundkapitals) zu einem Kaufpreis von EUR 7 20 je Aktie erworben (Ermächtigung der 7,20außerordentlichen Hauptversammlung vom 27.10.2004). Der Bestand an eigenen Aktien ist seitdem unverändert.
Im Geschäftsjahr wurden gebundene Kapitalrücklagen in Höhe von EUR 20.220.216,15 aufgelöst. Zum 31.12.2008 sind gebundene Rücklagen gemäß § 130 AktG in Höhe von TEURr38.870 und somit mehr als 10 % des Grundkapitals vorhanden.
Die Steuerrückstellungen betreffen zum 31.12.2008, wie im Vorjahr, ausschließlich Rückstellungen für latente Steuern, welche auf Grund der temporären Berücksichtigung von steuerlichen Verlusten ausländischer Gesellschaften gemäß der körperschaftsteuerlichen Gruppenbesteuerung zu bilden waren. Auf die Erläuterungen zu "Steuern vom Einkommen" wird verwiesen.
Die sonstigen Rückstellungen umfassen im Wesentlichen Vorsorgen für nicht konsumierte Urlaube, Erfolgsprämien, Risiken aus Finanzkontrakten sowie Vorsorgen für Risiken aus einer abgegebenen Patronatserklärung.
| 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 gegen über Kreditinstituten |
60.142.135,77 | 0,00 | 0,00 | 60.142.135,77 |
| Vorjahr in TEUR | 0 | 0 | 0 | 0 |
| Verbindlichkeiten aus Liefe rungen und Leistungen |
527.326,47 | 0,00 | 0,00 | 527.326,47 |
| Vorjahr in TEUR | 277 | 0 | 0 | 277 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen |
113.932.044,88 | 0,00 | 0,00 | 113.932.044,88 |
| Vorjahr in TEUR | 0 | 0 | 0 | 0 |
| Sonstige Verbindlichkeiten | 320.627,74 | 0,00 | 0,00 | 320.627,74 |
| Vorjahr in TEUR | 106 | 0 | 0 | 106 |
| 174.922.134,86 | 0,00 | 0,00 | 174.922.134,86 | |
| Vorjahr in TEUR | 383 | 0 | 0 | 383 |
Im Posten "Sonstige Verbindlichkeiten" sind Aufwendungen in Höhe von EUR 234.770,43 (Vorjahr: TEUR 109) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
| 31.12.2008 EUR |
31.12.2007 TEUR |
|
|---|---|---|
| Wechselbürgschaften | 10.736.000,00 | 10.736 |
| Ausfallsbürgschaften | 110.944.064,10 | 38.922 |
| Sonstige Bürgschaften | 24.533.526,50 | 26.982 |
| Garantien | 76.500.000,00 | 1.500 |
| Haftung für Leasingverpflichtungen | 11.514.189,58 | 15.969 |
| 234.227.780,18 | 94.109 |
Die Wechselbürgschaften bestehen gegenüber inländischen Kreditinstituten. Die Ausfallsbürgschaften bestehen gegenüber in- und ausländischen Banken. Die sonstigen Bürgschaften betreffen Miet- und Leasingverpflichtungen. Die Garantien bestehen gegenüber einem inländischen Unternehmen und einem inländischen Kreditinstitut. Die Haftung für Leasingverpflichtungen betrifft die Mithaftung als zweiter Leasingnehmer. Sämtliche Haftungsverhältnisse betreffen Risikoübernahmen von verbundenen Unternehmen.
Im Zuge der Akquisition Peguform wurde von der POLYTEC Holding Deutschland GmbH, Geretsried, Deutschland, ein Darlehen bei Kreditinstituten in Höhe von TEUR 112.500 aufgenommen und an die POLYTEC Holding AG weitergereicht. Die entsprechende Verbindlichkeit der POLYTEC Holding AG ist unter den Verbindlichkeiten an verbundenen Unternehmen bilanziert. Darüber hinaus haftet die POLYTEC Holding AG gegenüber den kreditgewährenden Banken unmittelbar als Garant.
| 2008 | 2007 | |
|---|---|---|
| EUR | TEUR | |
| Inland | 1.938.165,20 | 2.017 |
| Ausland | 6.337.556,79 | 5.603 |
| 8.275.721,99 | 7.620 | |
| 2008 EUR |
2007 TEUR |
|
|---|---|---|
| Erträge aus dem Abgang vom Anlagevermögen | 27.700,00 | 4 |
| Erträge aus der Auflösung von Rückstellungen | 1.132.200,00 | 18 |
| Übrige | 175.180,71 | 118 |
| 1.335.080,71 | 140 |
| 2008 EUR |
2007 TEUR |
|
|---|---|---|
| Gehälter | 2.263.310,93 | 2.288 |
| Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen |
70.683,16 | 59 |
| Aufwendungen für gesetzlich vorgeschrie Aufwendungen für gesetzlich vorgeschrie bene Sozialabgaben sowie vom Entgelt |
||
| abhängige Abgaben und Pflichtbeiträge | 475.220,05 | 430 |
| Sonstige Sozialaufwendungen | 262,58 | 1 |
| 2.809.476,72 | 2.778 |
Von den Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen entfielen im Geschäftsjahr EUR 36.314,00 (Vorjahr: TEUR 34) auf Mitglieder des Vorstands und leitende Angestellte.
Im Posten "Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen" sind EUR 57.727,00 (Vorjahr: TEUR 50) an Aufwendungen für Abfertigungen enthalten.
Die übrigen sonstigen betrieblichen Aufwendungen beinhalten im Wesentlichen Geschäftsführungs-, Versicherungs-, Miet-, Beratungs- und Aufwendungen für Softwarewartung.
| 2008 | 2007 | |
|---|---|---|
| EUR | TEUR | |
| Körperschaftsteuer: | ||
| Laufendes Jahr | 3.500,00 | 3 |
| Aus Vorperioden | -709,00 | -4 |
| Steuerumlagen Gruppenbesteuerung | 24.800,00 | 25 |
| Latenter Steueraufwand (Gruppenbesteuerung) | -1.405.700,00 | 2.184 |
| -1.378.109,00 | 2.208 |
Der Aufwand für Steuerumlagen betrifft inländische verbundene Unternehmen, der Verbrauch der Rückstellung für latente Steuern ausländische verbundene Unternehmen, welche in die Steuergruppe der Gesellschaft einbezogen sind.
Der Gesamtbetrag der aktivierbaren latenten Steuern zum 31.12.2008 beträgt EURr12.173.636,00 (Vorjahr: TEUR 1.507). Davon stammen aus den bei der Gesellschaft , ( j ) steuerlich zu erfassenden Personengesellschaften aktivierbare aktive latente Steuern in Höhe von EUR 528.087,00 (Vorjahr: TEUR 482).
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 31.12.2008 bestanden folgende derivative Finanzinstrumente:
| Buchwert | beizulegen | ||
|---|---|---|---|
| Rückstellung | der Wert | ||
| Nominale | 31.12.2008 | 31.12.2008 | |
| Kategorie der Finanzinstrumente | EUR | EUR | EUR |
| Zinssatz-Swap | 10.000.000,00 | 454.088,22 | -454.088,22 |
| Zinssatz-Swap | 5.000.000,00 | 187.431,19 | -187.431,19 |
Die beizulegenden Zeitwerte gemäß § 237a Abs 3 UGB entsprechen den rechnerischen Marktwerten am Bilanzstichtag.
| 2008 | 2007 | |
|---|---|---|
| Angestellte (im Jahresdurchschnitt) | 30 | 28 |
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 Ing. Alfred K o l l r o s , St. Valentin Herr Ing. Karl-Heinz S o l l y , Leonding Herr Mag. Klaus R i n n e r b e r g e r , Brunn am Gebirge (seit 1.3.2009) Herr Dipl.-Ing. Reinhard U r m a n n , Maxhütte-Haidhof, Deutschland (bis zum 1.3.2009)
Der Gesamtbetrag der Bezüge des Vorstands im Geschäftsjahr betrug TEUR 1.286 (Vorjahr: TEUR 2.964). Vom angegebenen Betrag wurden TEUR 193 (Vorjahr: TEUR 325) nicht von der Gesellschaft selbst, sondern von verbundenen Unternehmen der Gesellschaft aufgewendet.
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 Dr. Andreas S z i g m u n d , Linz
Die erfassten Aufwendungen für Vergütungen an Mitglieder des Aufsichtsrats betrugen im Geschäftsjahr EUR 73.750,00 (Vorjahr: TEUR 61).
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 5. Juni 2009
Der Vorstand
Ing. Friedrich Huemer Ing. Alfred Kollros Mag. Klaus Rinnerberger Ing. Karl-Heinz Solly
Anlage 1 zum Anhang: Anlagenspiegel Anlage 2 zum Anhang: Beteiligungsliste POLYTEC Holding AG, Anlage 1 Hörsching zum Anhang
Anlagenspiegel zum 31. Dezember 2008
| Anschaffungs- und Herstellungskosten | Abschreibungen | Nettowert | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stand am 1.1.2008 EUR |
Zugänge EUR |
buchungen EUR Um- |
Abgänge EUR |
31.12.2008 Stand am EUR |
Stand am 1.1.2008 EUR |
Zugänge EUR |
Abgänge EUR |
31.12.2008 Stand am EUR |
31.12.2008 Stand am EUR |
31.12.2007 Stand am EUR |
|
| mögensgegenstände: I. Immaterielle Ver Rechte |
564.977,27 | 325.576,05 | 0,00 | 3.613,92 | 886.939,40 | 241.836,14 | 294.753,95 | 3.613,91 | 532.976,18 | 353.963,22 | 323.141,13 |
| II. Sachanlagen: | |||||||||||
| 1. Andere Anlagen, Betriebs und Geschäftsausstattung |
967.156,78 | 275.280,07 | 14.952,57 | 72.660,81 | 1.184.728,61 | 411.910,24 | 199.785,43 72.597,78 | 539.097,89 | 645.630,72 | 555.246,54 | |
| 2. Geleistete Anzahlungen | 14.952,57 | 0,00 -14.952,57 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 14.952,57 | |
| 982.109,35 | 275.280,07 | 0,00 | 72.660,81 | 1.184.728,61 | 411.910,24 | 199.785,43 72.597,78 | 539.097,89 | 645.630,72 | 570.199,11 | ||
| III. Finanzanlagen: | |||||||||||
| denen Unternehmen 1. Anteile an verbun |
87.168.304,36 146.703.053,57 | 0,00 | 9.226.516,52 224.644.841,41 | 7.529.017,79 105.448.589,69 | 0,00 112.977.607,48 | 111.667.233,93 79.639.286,57 | |||||
| 2. Beteiligungen | 45.177,79 | 0,00 | 0,00 | 14.198,73 | 30.979,06 | 0,00 | 0,00 | 0,00 | 0,00 | 30.979,06 | 45.177,79 |
| Anlagevermögens 3. Wertpapiere des |
0,00 | 81.719.082,81 | 0,00 | 0,00 | 81.719.082,81 | 0,00 | 0,00 | 0,00 | 0,00 | 81.719.082,81 | 0,00 |
| Ausleihungen 4. Sonstige |
2.249.994,00 | 1.575.000,00 | 0,00 | 1.341.668,00 | 2.483.326,00 | 0,00 | 0,00 | 0,00 | 0,00 | 2.483.326,00 | 2.249.994,00 |
| 89.463.476,15 229.997.136,38 | 0,00 10.582.383,25 308.878.229,28 | 7.529.017,79 105.448.589,69 | 0,00 112.977.607,48 | 195.900.621,80 81.934.458,36 | |||||||
| 91.010.562,77 230.597.992,50 | 0,00 10.658.657,98 310.949.897,29 | 8.182.764,17 105.943.129,07 76.211,69 114.049.681,55 | 196.900.215,74 82.827.798,60 |
Die Gesellschaft hält bei folgenden Unternehmen mindestens 20,0 % Anteilsbesitz:
| Kapital- | Eigenkapital/ | Ergebnis des | ||
|---|---|---|---|---|
| anteil | Wäh- | Negatives | Geschäfts | |
| % | rung | Eigenkapital | jahres | Stichtag |
| 31.12.2008 | ||||
| 100,0 | EUR | 1.700.000,00 | 5.510.997,30 | 31.12.2007 |
| EUR | 40.557,68 | 5.466,52 | 31.12.2008 | |
| 100,0 | EUR | 46.191,16 | 5.579,47 | 31.12.2007 |
| USD | 621.100,40 | 125.871,97 | 31.12.2008 | |
| 80,0 | USD | 495.228,43 | 367.306,67 | 31.12.2007 |
| CAD | -129.925,00 | 6.519,00 | 31.12.2008 | |
| 80,0 80,0 |
CAD CAD |
-136.444,00 136.444,00 |
40.314,00 40.314,00 |
31.12.2007 |
| GBP | 1.462.518,00 | 1.609.053,00 | 31.12.2008 | |
| 100,0 | GBP | -146.536,00 | -142.373,00 | 31.12.2007 |
| EUR | 879.676,43 | 315.465,62 | 31.12.2008 | |
| 100,0 | EUR | 864.210,81 | 597.497,55 | 31.12.2007 |
| lungs- und Vertriebsgesellschaft | ||||
| 31.12.2007 | ||||
| 31.12.2006 | ||||
| POLYTEC Holding Deutschland | 31.12.2008 | |||
| GmbH, Geretsried, Deutschland | 31.12.2007 | |||
| EUR | 2.230.544,00 | -1.039.942,00 | 31.12.2008 | |
| 31.12.2007 | ||||
| 31.12.2008 | ||||
| 31.12.2007 | ||||
| 31.12.2008 | ||||
| 31.12.2007 | ||||
| 31.12.2008 | ||||
| 31.12.2007 | ||||
| 100,0 | EUR EUR |
3.151.515,86 24.225.883,43 |
-74.367,57 24.191.475,33 |
31.12.2008 31.12.2007 |
| 24,0 100,0 100,0 100,0 99,9 100,0 |
EUR THUF 2) THUF EUR EUR EUR PLN PLN EUR EUR SEK SEK |
1.700.000,00 577.760 528.592 1) 60.588.889,82 3.270.486,00 39.809.696,18 6.024.676,00 3.781.958,00 |
5.562.740,03 99.168 112.084 1) 13.065.847,31 -36.469,00 18.022.306,69 -21.787.389,49 -3.463.029,54 2.242.718,00 1.877.075,00 10.106.442,00 -35.119.822,00 3.086.552,00 -10.765.235,00 |
1) Jahresabschluss liegt noch nicht vor.
2) Im Geschäftsjahr 2008 verminderte sich der Anteil von 35,0 % auf 24,0 %.
| Kapital- | Negatives | Ergebnis des | |||
|---|---|---|---|---|---|
| anteil | Wäh- | Eigenkapital/ | Geschäfts | ||
| Beteiligungsunternehmen | % | rung | Eigenkapital | jahres | Stichtag |
| Peguform Luxembourg | EUR | -9.507.171,00 | -786.275,50 | 31.12.2008 | |
| Holding S.à.r.l, Luxemburg | 89,8 | EUR | -8.720.895,50 | -7.282.650,46 | 31.12.2007 |
| POLYTEC Invest GmbH, | |||||
| 1) Geretsried, Deutschland |
100,0 | EUR | 7.369.911,14 | -8.255.088,86 | 31.12.2008 |
| POLYTEC Automotive 1) Systems GmbH, Hörsching |
100,0 | EUR | 34.490,82 | -509,18 | 31.12.2008 |
1) Gründung in 2008
Nachdem sich die Weltwirtschaft Anfang 2008 noch in einer relativ robusten Verfassung befand, verlangsamte sich das Wachstum im weiteren Verlauf des Jahres sp¸rbar. Der Abw‰rtstrend entwickelte ab September eine in dieser Intensit‰t bisher nicht f¸r mˆglich gehaltene Dynamik. Die urspr¸nglich vom amerikanischen Hypothekenmarkt ausgehende Finanzkrise f¸hrte zu erheblichen Verwerfungen der gesamten US-Wirtschaft und griffsukzessive auf alle anderen Industriel‰nder ¸ber. Die Expansion der Weltwirtschaft (3,6 %) blieb im Berichtsjahr deutlich unter dem Wert des Vorjahrs (5 %). Insbesondere der Zusammenbruch der Investmentbank Lehman Brothers markierte den Beginn des freien Falls der Finanz- und Realwirtschaft.
Die Wirtschaftsleistung der Vereinigten Staaten stieg 2008 um 1,2 %. Mit R¸ckg‰ngen des Bruttoinlandsprodukts in den letzten beiden Quartalen befanden sich die USA aber bereits Ende des Jahrs in einer Rezession. Eine der wesentlichen Ursache hierf¸r war ñ neben der Kehrtwende in der Kreditvergabe der Banken ñ ein Einbruch des privaten Konsums aufgrund stark r¸ckl‰ufiger Vermˆgenswerte und steigender Arbeitslosenzahlen. Die Wirtschaftskrise erfasste auch alle grˆfleren L‰nder des Euroraums. Das BIP-Wachstum rangierte nur noch bei 0,9 % (2007: 2,6 %). W‰hrend der ersten Jahresh‰lfte schw‰chte die hohe Inflation den privaten Konsum. Wegen der abk¸hlenden Weltkonjunktur und der bis Jahresmitte anhaltenden Euro-Aufwertung verschlechterten sich die Ertragsaussichten der Unternehmen, was vor allem deren Investitionsneigung einschr‰nkte. Nach Jahren des Booms belastete der stark r¸ckl‰ufige Bausektor die Volkswirtschaften Irlands und Spaniens zus‰tzlich. In den neuen Mitgliedsl‰ndern der Europ‰ischen Union zeigte sich die Konjunktur bis zum Herbst zwar differenziert ausgepr‰gt, aber insgesamt ausgesprochen robust.
Maflgeblich f¸r den Gesch‰ftsverlauf ist das weltweit produzierte Fahrzeugvolumen, insbesondere der europ‰ischen Marken, mit welchen die POLYTEC GROUP den ¸berwiegendenAnteil des Umsatzes erwirtschaftet. Mit ca. 67 Mio. produzierten
1 Quelle: ACEA ñ EU Economic Report
2 Quelle: VDA
Fahrzeugen ergab sich f¸r 2008 ein R¸ckgang in Hˆhe von mehr als 4 % gegen¸ber 2007. Das ist die deutlichste Verringerung der weltweiten Automobilproduktion seit 2001, als das produzierte Fahrzeugvolumen um 3,4 % sank. W‰hrend das Fahrzeugvolumen im ersten Halbjahr trotz der Preisexplosion auf den
Rohstoffm‰rkten weltweit noch um 2,2 % zunahm, sank die Zahl der produzierten Fahrzeuge im zweiten Halbjahr um fast 4 Mio. Einheiten. Die Ursache f¸r diese dramatische Entwicklung ist in den Auswirkungen der weltweiten Finanzkrise auf die Realwirtschaft zu sehen, die den Automobilsektor bereits zu einem sehr fr¸hen Zeitpunkt massiv getroffen hat. Mehr als 90 % des R¸ckgangs im Jahr 2008 entfielen dabei allein auf das vierte Quartal, in dem alle wichtigen Absatzm‰rkte der Welt hohe zweistellige Absatzr¸ckg‰nge aufwiesen, was zu noch nie gesehenen K¸rzungen auf der Produktionsseite f¸hrte. Manche Hersteller stoppten die Fahrzeugproduktion im Dezember 2008 sogar vollst‰ndig. Eine Entwicklung, die auch noch in den Jahresanfang 2009 hineinwirkt. Durch die Entwicklung in der zweiten Jahresh‰lfte wurden alle zu Jahresbeginn 2008 aufgestellten Prognosen hinf‰llig.
Die Zahl der Neuzulassungen fiel in vielen Regionen Europas unter das Rezessionstief der fr¸hen 90er-Jahre. In den USA sanken die Neuzulassungen im zweiten Halbjahr um fast 30 % und erreichten das Niveau der fr¸hen 80er-Jahre. Folglich fiel die Fahrzeugproduktion auf 12,7 Mio. Einheiten, wobei der R¸ckgang im zweiten Halbjahr bei ca. 20 % lag. Auf Jahressicht gerechnet bedeutet dies ein Minus von 16 %. Aufgrund der guten Entwicklung des ersten Halbjahres fiel der R¸ckgang in Europa
mit minus 5 % vergleichsweise gering aus. Auf das zweite Halbjahr bezogen zeigte sich hingegen auch hier ein Einbruch auf der Produktionsseite von 14 %. W‰hrend in Westeuropa absolut gesehen fast 1,4 Mio. Fahrzeuge weniger produziert wurden als im Vorjahr, stieg die Produktion in Osteuropa um fast 400.000 Einheiten auf 6,4 Mio. St¸ck.
In der Region Asien (ohne Japan) wird mittlerweile jedes vierte Fahrzeug gefertigt, w‰hrend aus der NAFTA-Region nur noch jedes f¸nfte Fahrzeug stammt. In Europa werden weiterhin mehr als 30 % aller weltweit hergestellten Fahrzeuge produziert, wobei sich das Gewicht 2008 noch einmal zugunsten Osteuropas verschoben hat. Mittlerweile werden dort 30 % der in Europa produzierten Fahrzeuge hergestellt. 2005 waren es lediglich 20 %. Nutzfahrzeugproduktion
Die Produktion in Westeuropa stieg im Gesamtjahr um 5,2 % auf 559.345 Einheiten. Verantwortlich hierf¸r war die hohe Nutzfahrzeugproduktion im ersten Halbjahr, die zweistellig zulegte, w‰hrend im weiteren Jahresverlauf die Produktion im hohen zweistelligen Bereich zur¸ckgefahren wurde.
Dennoch blieb das Produktionsvolumen von Nutzfahrzeugen im Berichtsjahr insgesamt knapp ¸ber dem Vorjahreswert. Mit weltweit 2,7 Mio. produzierten Einheiten wurde eine Steigerung in Hˆhe von 1,5 % erreicht. Erzielt wurde dieser Zuwachs nur durch die positive Entwicklung auf den ¸brigen Absatzm‰rkten. Das hˆchste Wachstum verzeichnete S¸damerika mit einem Plus von 19,8 % auf rund 195 Tausend Einheiten, das sich damit seit 2006 fast verdoppelt hat. Die
Nutzfahrzeugproduktion in Osteuropa ¸bertraf mit 206 Tausend Einheiten das Vorjahresniveau. Auch in Asien stieg das Produktionsvolumen von Nutzfahrzeugen auf ¸ber 1,3 Mio. Einheiten und steht f¸r mehr als 50 % aller in der Welt produzierten Nutzfahrzeuge. Der Zuwachs in den ¸brigen Regionen ist ausschliefllich auf die sehr gute Entwicklung bis etwa August 2008 zur¸ckzuf¸hren. 3.
Aufgrund des Ganzjahreseffekts der im Jahr 2007 get‰tigten Akquisitionen und dem Beitrag der ab 1.10.2008 in den Konzernabschluss einbezogenen Peguform-Gruppe konnte die POLYTEC GROUP ihren Umsatz gegen¸ber dem Vorjahrum 62,6 % steigern. Dieser Effekt wird auch von einer ¸ber weite Strecken des Jahres hervorragenden Nutzfahrzeugkonjunktur getragen, w‰hrend im Bereich der PKW- Zulieferung die um Akquisitionseffekte bereinigte Absatzentwicklung r¸ckl‰ufig war.
Im Oktober 2008 erfolgte der Erwerb der Peguform-Gruppe (89,81 % durch die Gesellschaft und 10,19 % durch eine nahe stehende Gesellschaft). Daraus resultierten Zug‰nge in den Finanzanlagen (Anteile an verbundenen Unternehmen und Wertpapiere des Anlagevermˆgens) iHv. EUR 204,5 Mio. und Forderungen aus der Kaufpreisfinanzierung an das nahe stehende Unternehmen iHv. EUR 14,0 Mio.
Bei der Diskussion der Umsatz- und Ertragsentwicklung der Gruppe und ihrer Divisionen ist in Folge zu beachten, dass wie im Punkt 9. beschrieben die POLYTEC im Jahr 2009 die eben ersterworbene Peguform-Gruppe wieder abgeben wird und daher aus diesen vergangenheitsbezogenen Angaben nur sehr eingeschr‰nkt R¸ckschl¸sse auf die zuk¸nftige Entwicklung des Konzern mˆglich sind.
| Umsatz | EUR Mio. |
1.081,5 | 665,0 | 525,2 |
|---|---|---|---|---|
| EBITDA | EUR Mio. |
65,0 | 63,7 | 48,0 |
| EBITDA-Marge (EBITDA / Umsatz) |
% | 6,0 | 9,6 | 9,1 |
| EBIT | EUR Mio. |
16,7 | 41,0 | 30,3 |
| EBIT-Marge (EBIT / Umsatz) |
% | 1,5 | 6,2 | 5,8 |
| Net Profit |
EUR Mio. |
3,0 | 37,3 | 18,3 |
| Net Profit-Marge (Ergebnis nach Steuern / Umsatz) |
% | 0,3 | 5,6 | 3,5 |
| Ergebnis je Aktie |
EUR | 0,08 | 1,66 | 0,86 |
| Durchschnittliches Capital Employed |
EUR Mio. |
365,0 | 171,9 | 143,9 |
| ROCE vor Steuern (EBIT / Capital Employed) |
% | 4,6 | 23,9 | 21,0 |
Im Einzelnen zeigen die wesentlichen Kennziffern der Gruppe folgende Entwicklung: Kennzahlenzur Ertragslage der Gruppe Einheit 2008 2007 2006
Das Umsatzwachstum von 62,6 % ist auf die erstmalige Konsolidierung der im Berichtsjahr akquirierten Peguform-Gruppe zur¸ckzuf¸hren. Vom gesamten Umsatzanstieg von EUR 416,5 Mio. (+ 62,6 %) entfielen rund EUR 327,4 Mio. (+ 49,2 %) auf Neuakquisitionen sowie EUR 122,1 Mio. (+18,4%) auf den Full Year Effekt aus den Neuakquisitionen des Vorjahres, w‰hrend organisch ein Umsatzr¸ckgang von EUR 33,0 Mio. (- 5,0 %) zu verzeichnen war. Der operative R¸ckgang betraf vor allem die Automotive Systems Division und dortim Speziellen den Kunden BMW.
Ertragslage mit der Anstieg des Umsatzes nicht Schritt halten. W‰hrend beim EBITDA noch ein kleiner Anstieg von 2,0 % erzielt wurde, sank das EBIT auch in Folge von auflerplanm‰fligen Abschreibungen um 59,2 %. Diese Entwicklung stammt zum ¸berwiegenden Ausmafl aus dem 4. Quartal 2008, da noch zum Ende des Dritten Quartals zum Beispiel beim EBITDA eine Steigerung des Ergebnisses zu verzeichnen war. Das vierte Quartal ist maflgeblich beeinflusst durch die Akquisition Peguform, die die POLYTEC GROUP auf Basis des Umsatzes 2007 mehr als verdoppelt h‰tte.
Die Ertragsentwicklung der Gruppe ist das Ergebnis der Entwicklung in den einzelnen Divisionen, deren Anteil am Gruppenumsatz sich in den letzten beiden Gesch‰ftsjahren akquisitionsbedingt deutlich ver‰nderte.
Beitrag der Gesch‰ftssegmente zum Gruppenumsatz (in %)
Automotive System Division Automotive Composites Division Car Styling Division Sonstige
| Umsatz | EUR Mio. |
705,6 | 369,3 | 377,2 |
|---|---|---|---|---|
| Anteil am Konzernumsatz |
% | 65,2 | 55,5 | 71,8 |
| EBITDA | EUR Mio. |
18,3 | 25,8 | 34,1 |
| EBITDA-Marge (EBITDA / Umsatz) |
% | 2,6 | 7,0 | 9,0 |
| EBIT | EUR Mio. |
-18,3 | 10,8 | 21,1 |
| EBIT-Marge (EBIT / Umsatz) |
% | -2,6 | 2,9 | 5,6 |
| Net Profit |
EUR Mio. |
-30,9 | 4,1 | 12,5 |
| Net Profit-Marge (Ergebnis nach Steuern / Umsatz) |
% | -4,4 | 1,1 | 3,3 |
| Durchschnittliches Capital Employed |
EUR Mio. |
282,7 | 106,2 | 86,9 |
| ROCE vor Steuern (EBIT / Capital Employed) |
% | -6,5 | 10,2 | 24,2 |
Die mit einem Anteil am Konzernumsatz von 65,2 % nachwie vorwichtigste Division der Gruppe verzeichnete 2008 einen Umsatzanstieg von EUR 336,3 Mio. (91,1%), der mit einem Beitrag von EUR 313,2 Mio auf die Akquisition der PEGUFORM GROUP zur¸ckzuf¸hren ist. W‰hrend der Full Year Effekt aus der im Vorjahr erworbenen POLYTEC Intex GmbH & Co. KG einen Umsatzbeitrag von EUR 49,4 Mio. lieferte, wurde beim bestehenden Gesch‰ft ein Umsatzabgang von EUR 26,2 Mio. verzeichnet.
Teileumsatz Werkzeugumsatz
Der R¸ckgang des Bestandsgesch‰fts ist vor allem auf den Kunden BMW zur¸ckzuf¸hren, der trotz des Beitrags von Peguform gegen¸ber dem Vorjahr zur¸ckging.
Der Rohertrag der Division sank aufgrund einer gestiegenen Materialquote von 44,3 % auf 39,5 % bezogen auf die Betriebsleistung. Dieser R¸ckgang beruht auf dem zugegangenen Produktmix der Peguform, der grˆflere Umf‰nge an Zukaufteilen umfasst.
In Summe drehte das EBIT der Division nach EUR 10,8 Mio. in 2007 auf EUR -18,3 Mio. in 2008. Neben dem allgemeinen Gesch‰ftsr¸ckgang insbesondere im 4. Quartal 2008 und der nach der Akquisition Peguform gedr¸ckten Margensituation war daf¸r auch eine auflerplanm‰flige Abschreibung eines Firmenwertes in Hˆhe von EUR 6,3 Mio. verantwortlich (Vorjahr EUR 0,0 Mio.). Das Ergebnis vor Firmenwertabschreibungen (EBITA) ging lediglich auf EUR -12,0 Mio. zur¸ck, wovon ein anteiliger Verlust von EUR -10,3 Mio. auf das vierte Quartal entfiel.
| Umsatz | EUR Mio. |
277,9 | 201,3 | 61,5 |
|---|---|---|---|---|
| Anteil am Konzernumsatz |
% | 25,7 | 30,3 | 11,7 |
| EBITDA | EUR Mio. |
32,7 | 24,9 | 2,0 |
| EBITDA-Marge (EBITDA / Umsatz) |
% | 11,8 | 12,4 | 3,3 |
| EBIT | EUR Mio. |
24,3 | 19,9 | -0,2 |
| EBIT-Marge (EBIT / Umsatz) |
% | 8,8 | 9,9 | -0,3 |
| Net Profit |
EUR Mio. |
14,4 | 23,7 | -1,6 |
| Net Profit-Marge (Ergebnis nach Steuern / Umsatz) |
% | 5,2 | 11,8 | -2,6 |
| Durchschnittliches Capital Employed |
EUR Mio. |
36,9 | 22,3 | 16,3 |
| ‰nderung ROCE vor Steuern (EBIT / Capital Employed) |
% | 65,9 | 89,2 | -1,2 |
2007 aufgrund der Akquisition der POLYTEC Composites Germany Group, profitierte dieser Bereich im Jahr 2008 von einer ¸ber weite Strecken des Jahres hervorragenden Konjunktur f¸r Nutzfahrzeuge. Durch den Erwerb der Peguform- Gruppe und der Integration der in diesem Bereich t‰tigen Peguform Composites s.r.o., Chodova Plana, Tschechien sowie des Werkes Weiden in die Automotive Composites Division konnte die f¸hrende Marktstellung der Division im Bereich Duroplast-Formteile gefestigt und ausgebaut werden.
Der Anstieg des Umsatzes um EUR 76,6 Mio. (+ 38,0 %) ist zu EUR 14,1 Mio. der Unternehmensakquisition Peguform und zum ¸berwiegenden Anteil auf den Full Year Effekt aus der Akquisition des Vorjahrs zur¸ckzuf¸hren. Aber auch die organische Entwicklung des Umsatzes der Division verlief hervorragend. Getragen von einer bis in den Herbst 2008 hinein starken LKW-Konjunktur konnte ¸ber weite Strecken des Gesch‰ftsjahres an der Kapazit‰tsgrenze operiert werden. Die Entwicklung betraf alle wesentlichen Kunden der Division wie die LKW Sparte von Daimler oder MAN und Iveco.
Sehr erfreulich entwickelte sich die Ertragslage der Division. Nach einem EBIT von von EUR 19,9 Mio. in 2007 konnte 2008 diese Ertragszahl auf EUR 24,3 Mio. verbessert werden, und das obwohl im Vorjahresergebnis eine Badwillauflˆsung von EUR 6,6 Mio. enthalten war. Dies bedeutet bezogen auf den Umsatz eine Marge von 8,8 %. Diese Entwicklung war nur mˆglich durch die konsequente Weiterf¸hrung der Restrukturierung der in 2007 erworbenen ehemaligen Menzolit-Fibron. Der R¸ckgang des Nettoergebnisses der Division um rd. EUR 9,3 Mio. ist vor allem
auf einen deutlichen Anstieg der latenten Ertragsteuern zur¸ckzuf¸hren. W‰hrend im Vorjahr ein Steuerertrag von EUR 4,8 Mio. auszuweisen war, der wie im Vorjahresbericht erl‰utert vor allem auf die R¸cknahme von Wertberichtigungen auf aktive Steuerlatenzen zur¸ckzuf¸hren war, ist im abgelaufenen Gesch‰ftsjahr ein latenter Steueraufwand von EUR 3,0 Mio. zu erfassen gewesen.
Trotz oder auch zum Teil aufgrund der sehr guten Entwicklung im Jahr 2008 ist die Division Automotive Composites besonders von den Auswirkungen der Wirtschaftskrise betroffen. Ab dem 4. Quartal 2008 begann ein Totaleinbruch der LKW-Produktion und in Folge auch von anderen Nutzfahrzeugen. Zum Unterschied vom PKW-Gesch‰ft ist in diesem Gesch‰ftsfeld im Jahr 2009 keine Anreizung des Umsatzes durch staatliche Maflnahmen gegeben. Hohe Lagerst‰nde an fertigen Fahrzeugen bei unseren Kunden und in Relation zur Wirtschaftslage sp¸rbare ‹berkapazit‰ten im Transportgewerbe geben wenig Anlass zur Hoffnung auf ein rasches Wideranziehen der LKW-Produktion.
| Umsatz | EUR Mio. |
77,7 | 74,7 | 66,8 |
|---|---|---|---|---|
| Anteil am Konzernumsatz |
% | 7,2 | 11,3 | 12,7 |
| EBITDA | EUR Mio. |
8,9 | 9,6 | 7,1 |
| EBITDA-Marge (EBITDA / Umsatz) |
% | 11,4 | 12,9 | 10,6 |
| EBIT | EUR Mio. |
6,8 | 7,9 | 5,3 |
| EBIT-Marge (EBIT / Umsatz) |
% | 8,7 | 10,6 | 7,9 |
| Net Profit |
EUR Mio. |
4,4 | 5,3 | 3,3 |
| Net Profit-Marge (Ergebnis nach Steuern / Umsatz) |
% | 5,7 | 7,1 | 4,9 |
| Durchschnittliches Capital Employed |
EUR Mio. |
34,7 | 33,0 | 32,7 |
| ROCE vor Steuern (EBIT / Capital Employed) |
% | 19,6 | 24,0 | 16,2 |
Als stabiler Umsatz- und Ertragsbringer bewies sich einmal mehr die Car Styling Division des Konzerns. Der Umsatz konnte um EUR 3,0 Mio. oder 4,0 % gesteigert werden. Dieses Wachstum ist ausschliefllich organisch und konnte mit den bestehenden Hauptkunden der Division erzielt werden.
Entwicklung Divisionsumsatz (in Mio. EUR)
Gegenl‰ufig zum Umsatz entwickelte sich die Ertragslage der Division. Die Materialkosten in Prozent der Betriebsleistung stiegen um 2,0 Prozentpunkte, da aufgrund der sehr guten Auslastung vermehrt auf externe Lackierkapazit‰ten zur¸ckgegriffen werden musste. Der Personalkosten stiegen prozentuell in etwa in gleichem Ausmafl wie die Betriebsleistung, wodurch der an sich zu erwartende Effekt aus der Fixkostendegression ausblieb. Grund daf¸r war, dass in Bereichen wie Projektmanagement zus‰tzliche Mitarbeiter aufgebaut werden mussten, um der Ausweitung des Gesch‰ftes gerecht werden zu kˆnnen.
Als Folge auf die beschriebenen Entwicklungen sank das EBITDA von EUR 9,6 Mio. in 2007 auf EUR 8,9 Mio. Der R¸ckgang des EBIT fiel noch etwas deutlicher aus, da
in der Abschreibung eine Sonderabschreibung aufim Eigenbestand befindliche Werkzeuge in Hˆhe von EUR 0,5 Mio. enthalten ist. Sonstige
| Umsatz | EUR Mio. |
20,3 | 19,6 | 19,7 |
|---|---|---|---|---|
| Anteil am Konzernumsatz |
% | 1,9 | 2,9 | 3,8 |
| EBITDA | EUR Mio. |
5,2 | 3,5 | 4,8 |
| EBIT | EUR Mio. |
3,9 | 2,4 | 4,1 |
| ‰ftsbereiche Net Profit |
erfassen im Wesentlichen EUR Mio. |
das 15,0 |
nicht 4,2 |
4,1 |
Gesch‰ft der Gruppe. In diesem Bereich werden auch die konzernleitende POLYTEC Holding AG sowie Ergebniseinfl¸sse aus nicht den Divisionen zuordenbaren Konsolidierungsvorg‰ngen abgebildet. Der Anstieg des Nettoergebnisses in diesem Bereich beruht im Wesentlichen auf der Bildung von aktiven latenten Steuern. Kennzahlen
| ˆgen / Bilanzsumme) |
||||
|---|---|---|---|---|
| Anlagenquote | ||||
| (Anlageverm | % | 51,5 | 32,7 | 37,6 |
| ˆgen (Net Working Capital) Eigenkapitalquote (Eigenkapital / Bilanzsumme) |
% | 15,2 | 35,7 | 45,7 |
| ˆ Bilanzsumme |
EUR Mio. |
1.020,8 | 445,0 | 278,9 |
| Nettoumlaufverm | EUR Mio. |
17,9 | 77,3 | 41,7 |
| Nettoumlaufverm gen in % vom Umsatz |
||||
| (NWC / Umsatz) |
% | ‰ftsjahr 3 4,4 |
3 8,9 |
7,9 |
Akquisition Peguform zur¸ckzuf¸hren ist. Der Anstieg der Investitionen beruht ebenfalls aufder get‰tigten Groflakquisition.
3 Aufgrund unterj‰hriger Akquisitionen Berechnung bezogen auf das durchschnittliche NWC.
Wie auch in den Vorjahren betrafen die Investitionen vor allem die Anschaffung von Anlagen f¸r in Entwicklung befindliche Kundenprojekte.
Investitionen nach Anlagenkategorien (in Mio. EUR)
Immaterielle Vermˆgenswerte Sachanlagen Finanzanlagen
Der R¸ckgang der Eigenkapitalquote auf 15,2 % ist erneut auf die g‰nzlich fremdfinanzierte Akquisition Peguform zur¸ckzuf¸hren. Eine Eigenkapitalquote von unter 20 % ist aus Sicht des Managements nur unmittelbar nach einer Akquisition akzeptabel. Mittelfristig w‰re eine Eigenkapitalst‰rkung geplant gewesen, die aber aufgrund der einsetzenden Wirtschaftskrise nicht mehr umgesetzt werden konnte. Auf die Entschuldung der POLYTEC GROUP im Zuge der Abgabe der Peguform im Jahr 2009, die unter Punkt 9. erl‰utert ist, wird verwiesen.
Bilanzstruktur POLYTEC GROUP (in %)
im Jahr 2007 und 2008 das durchschnittliche Nettoumlaufvermˆgen herangezogen, um eine bessere Vergleichbarkeit mit den Werten der Vorjahre herzustellen. Das Verh‰ltnis Nettoumlaufvermˆgen am Bilanzstichtag zum Umsatz w‰re nicht
aussagekr‰ftig, da aufgrund der unterj‰hrigen Akquisitionen zwar das Ñvolleì Working Capital in die Relation einginge, aber nur der aliquote Umsatz. F¸r den R¸ckgang des Net Working Capital zum Bilanzstichtag, trotz der Akquisition
Peguform, sind zwei Faktoren verantwortlich. Zum einen wurde von der POLYTEC im Jahr 2008 ein Factoring-Programm umgesetzt, das zu einer deutlichen Reduktion der Forderungsauflenst‰nde f¸hrte, zum anderen ist aufgrund des fast vollst‰ndigen Einbruchs der Automobilproduktion im Dezember 2008 der Bestand an Forderungen und Vorr‰ten zum Bilanzstichtag nicht repr‰sentativ f¸r den ÑNormalzustandì des Unternehmens. Kennzahlen
| Einheit | 2008 | 2007 | 2006 | |
|---|---|---|---|---|
| Nettofinanzschulden | EUR Mio. |
346,4 | 29,2 | 4,2 |
| Nettofinanzschulden zu EBITDA |
- | 5,33 | 0,46 | 0,09 |
| Gearing (Nettofinanzschulden / Eigenkapital) |
- | 2,24 | 0,18 | 0,03 |
Der Anstieg der Nettofinanzschulden ist vor allem auf die Akquisition Peguform zur¸ckzuf¸hren. Neben der Finanzierung des Kaufpreises von EUR 218,5 Mio. durch Aufnahme kurzfristiger Bankkredite in Hˆhe von EUR 169,5 Mio. und Verwendung bestehender Liquidit‰tsreserven von EUR 49,0 Mio. wurden im Zuge der Akquisition per 1.10.2008 auch Nettofinanzschulden von EUR 130,3 Mio. ¸bernommen. Einheit2008 2007 2006
| ‰tigkeit | ||||
|---|---|---|---|---|
| ‰tigkeit Cash-Flow aus der Betriebst |
EUR Mio. |
92,6 | -7,5 | 48,4 |
| ‰nderung der fl¸ssigen Mittel Cash-Flow aus der Investitionst |
EUR Mio. |
-246,6 | -9,7 | -20,7 |
| Cash-Flow aus der Finanzierungst |
EUR Mio. |
205,5 | 23,6 | 3,9 |
| ‰tigkeit Ver |
EUR Mio. |
ˆhe 51,5 |
von 6,4 |
31,6 |
setzt sich zusammen aus einem Cash-Flow aus dem Ergebnis von EUR 43,2 Mio. (Vorjahr: EUR 49,9 Mio.) und einer Ver‰nderung des Working Capital von EUR +49,3 Mio. (Vorjahr: EUR -57,4 Mio.), welche bereits erl‰utert wurde. Der Cash-Flow aus Investitions- und Finanzierungst‰tigkeit ist gepr‰gt durch die
Akquisition Peguform und deren Finanzierung, welche im vorigen Absatz erl‰utert wurde. 4.
Die POLYTEC Holding AG musste im Gesch‰ftsjahr 2008 Abschreibungen auf Finanzanlagen iHv. EUR 105,4 Mio. vornehmen. Dar¸ber hinaus waren Wertberichtigungen und Foderungsverzichte gegen Tochtergesellschaften notwendig, was das Jahresergebnis mit weiteren EUR 9,7 Mio. an einmaligen Aufwendungen f¸r verbundene Unternehmen belastet ist.
Die Aufwendungen waren notwendig, da sich die Ertragslage der betreffenden Gesellschaften aufgrund der Automobil- und Wirtschaftskrise verschlechterte. Abschreibungen iHv.EUR 48,7 Mio. betrafen die erst 2008 erworbene Peguform.
Der Jahresverlust 2008 f¸hrte zu einem entsprechenden R¸ckgang des Eigenkapitals der Gesellschaft, wobei noch immer eine Eigenkapitalquote von 25,5 % ausgewiesen werden kann. 5.
Die Entwicklung der POLYTEC GROUP im Jahr 2009 ist nat¸rlich maflgeblich gepr‰gt durch die in ihren Grunds‰tzen beschlossen Restrukturierung, welche zur Abgabe der erst im Jahr 2008 erworbenen Peguform Gruppe f¸hren wird. Damit einhergehend erfolgt aber auch eine substantielle Entschuldung der Gruppe, die nicht nur die unmittelbar drohende Bestandsgef‰hrdung beseitigt, sondern auch die Basis f¸r die das ‹berwinden der derzeit herrschenden Automobilkrise legen soll. Auf die Erl‰uterungen unter Punkt 9. wird verwiesen.
Aufgrund der Abgabe der Peguform ist davon auszugehen, dass der Umsatz 2009 der Gruppe (ohne zu ver‰uflernde Gesch‰ftsbereiche) die Grˆflenordnung von rd. EUR 600 Mio. nicht wesentlich ¸bersteigen wird. Der R¸ckgang im Bestandsgesch‰ft w¸rde noch deutlicher ausfallen, wenn nicht durch Neuanl‰ufe vor allem in der Automotive Systems Division ein gewisser kompensatorischer Effekt eintreten w¸rde. Die Divisionen der Gruppe sind von den Umsatzr¸ckg‰ngen in unterschiedlichem
Ausmafl betroffen. W‰hrend im Bereich der PKW-Zulieferung zwar R¸ckg‰nge zwischen 20 und 30 % im Schnitt zu verzeichnen sind, gibt es hier auch durchaus gegenl‰ufige positive Effekte z.B.durch die ˆffentliche Fˆrderung des PKW-Absatzes (Abwrackpr‰mie). Aus der Sicht des Managements sollte es hier im zweiten Halbjahr 2009 zu einer leichten Entspannung der Situation kommen.
Deutlich schlechter stellt sich die Lage im Bereich der Nutzfahrzeug-Belieferung dar.Nicht nur, dass in diesem Gesch‰ftsfeld weitaus deutlichere Umsatzr¸ckg‰nge festzustellen sind ñ in Einzelf‰llen betr‰gt der R¸ckgang ¸ber 50 % und deutlich mehr ñ besteht hier kein Anlass zur Hoffnung auf eine kurzfristige Entspannung. Es ist eher davon auszugehen, dass die Gesch‰ftslage zumindest im ersten Halbjahr 2010 nicht wesentlich besser ausf‰llt als im Jahr 2009. Der Umsatzentwicklung der Automotive Composites Division als betroffenes Gesch‰ftssegment wird daher vom Management besonders intensiv verfolgt und es werden laufend Gegenmaflnahmen ergriffen, um die beieiner solchen Umsatzlage unvermeidlichen negativen Ergebnisse einzud‰mmen. Kostenseitig werden laufend alle Maflnahmen ergriffen um die Kapazit‰ten an die
ver‰nderte Gesch‰ftslage anzupassen. In allen wesentlichen Werken der Gruppe wird mit Kurzarbeit versucht, die ‹berkapazit‰ten nach Mˆglichkeit abzufedern. Als letzte Konsequenz m¸ssen auch Werksschlieflungen, wie die j¸ngst bekannt gegebene Schlieflung des schwedischen Standortes (siehe Erl‰uterungen unter Punkt 9.) umgesetzt werden. Bei allen Maflnahmen zur Kosteneinsparung ist auf die derzeit sehr engen
Finanzierungsmˆglichkeiten der Gruppe bedacht zu nehmen. Es ist die Aufgabe des Managements Restrukturierungsschritte im Lichte der kurzfristigen Cash-Belastung sehr genau zu evaluieren.
Letztlich werden alle Maflnahmen nicht verhindern kˆnnen, dass die Gruppe im Jahr 2009 kein positives Betriebsergebnis (EBIT) erreichen wird. Neben den internen Restrukturierungsmaflnahmen muss es auch gelingen, Beitr‰ge
der Kunden zur Abgangsdeckung zu erreichen. Die zum Teil dramatisch gesunkenen Produktionsst¸ckzahlen haben dazu gef¸hrt, dass Kalkulationsparameter, die beim Preisabschluss Basis der Vereinbarung waren, keine G¸ltigkeit mehr haben. Ebenso kˆnnen Ratioeffekte, die dem Kunden in Form von vertraglich zugesicherten Preisreduktionen (Savings) weitergegeben werden m¸ssten, aufgrund der Nichterreichung der St¸ckzahlen nicht umgesetzt werden. Es muss daher oberstes Ziel des Managements sein, neben der Umsetzung aller mˆglichen Kostensenkungspotentiale, die Kunden f¸r deren Mitverantwortung f¸r die Aufrechterhaltung der Lieferf‰higkeit des Zulieferers zu gewinnen. 6.
F¸r die POLYTEC GROUP ist der schonende Umgang mit nat¸rlichen Ressourcen ein Kernpunkt der Gesch‰ftst‰tigkeit. Als schwerpunktm‰flig kunststoffverarbeitender Konzern ist vor allem Abfallvermeidung ein wesentlicher Aspekt. In den Werken, die vor allem in der Spritzgusstechnologie arbeiten, wird daher versucht, Ausschuss soweit wie mˆglich zu regranulieren und wieder in den Produktionsprozess einflieflen zu lassen. Ein weiterer Schwerpunkt liegt im verst‰rkten Einsatz von nat¸rlichen Werkstoffen. S‰mtliche Aktivit‰ten im Bereich Forschung und Entwicklung fokussieren auch auf
die wirtschaftliche (sparsame) Nutzung von Rohstoffen oder den Einsatz von alternativen Materialien. Weiterhin wird EMPEFLEX (flachsfaserverst‰rktes Polypropylen) intensiv im Bereich Automobilinnenverkleidung eingesetzt.
Es wurden einige Neuentwicklungen und Warenzeichen eingetragen, die auch hinsichtlich Umweltschutz positiv zu beurteilen sind: POLYSWIRL (÷labscheider System; Reduktion des ÷lverbrauchs), POLYFLAX (Verbundstoff auf Naturfaserbasis). Eine neuere Entwicklung ist der Einsatz von Zuckerrohr-Harz als Matrix-Werkstoff f¸r
langfaserverst‰rkte Innenverkleidungsteile. Die so produzierten Verkleidungsteile bestehen fast zu 100 % aus nachwachsenden Rohstoffen. Das Verfahren wird derzeit aber noch nicht in Serie eingesetzt. Damit beweist POLYTEC wiederholt seine Vorreiterrolle im Einsatz nachwachsender Rohstoffe und in der Entwicklung von recyclingf‰higen Materialien f¸r den Automobilbau. Die Materialien kˆnnen dar¸ber hinaus auch weitgehend unabh‰ngig von Rohˆl produziert werden. Die Qualit‰tsnorm TS 16949:2002 ist mittlerweile in allen Werken der Automotive
Systems Division Standard. Die Prozesse der einzelnen Bereiche sind weitestgehend harmonisiert und mittels eines gemeinsamen Managementsystems, genannt PEMS (Polytec Excellence Management System), Optimierungen in den Abl‰ufen
herbeigef¸hrt. Corporate Identity, Kosteneinsparungen, Vergleichbarkeit und Synergien sind die Vorteile. Die f¸r das Gesch‰ftsjahr 2008 geplante Ausweitung des bisherigen
Managementsystems in den wesentlichen Produktionsstandorten und die Systeme "Umweltmanagement" und "Arbeitssicherheitsmanagement" zu integrieren wurde umgesetzt. Der Einsatz von lˆsungsmittelfreien Lacksystemen wurden insbesondere in der Car
Styling Division und nun auch in der Automotive Composites Division weiter vorangetrieben und weitestgehend umgesetzt. Mit diesem Umstieg wird die EU- Lˆsemittelrichtlinie erf¸llt.
Alle wesentlichen Standorte der Gruppe sind nach der anspruchsvollen Umweltnorm ISO 14001 zertifiziert und es ist geplant auch ¸ber das Jahr 2010 hinaus diesen Standard zu erhalten und weiter zu verbessern. Arbeitnehmer
Die durchschnittliche Anzahl der Besch‰ftigten 4 der POLYTEC GROUP und ihre geografische Verteilung in den Jahren 2006 bis 2008 stellt sich wie folgt dar: 20082007 2006
| 412 | 357 | 349 | |
|---|---|---|---|
| Deutschland | 4.398 | 2.893 | 1.920 |
| ¸damerika Resteuropa |
1.929 | 1.306 | 1.234 |
| ¸dafrika Nordamerika |
17 | 20 | 22 |
| S | 214 | 0 | 0 |
| Summe S |
7.295 73 |
4.767 88 |
3.624 99 |
| Asien | 252 | 103 | 0 |
| ‰ftigtenstand | wie folgt: |
| 2008 2007 2006 |
||||
|---|---|---|---|---|
| Automotive Systems Division |
4.514 | 2.727 | 2.507 | |
| ‰ftsbereiche und Automotive Composites Division |
2.007 | 1.326 | 421 | |
| Car Styling Division |
629 | 580 | 568 | |
| Summe Sonstige Gesch |
7.295 | 4.767 | 3.624 | |
| Konzernleitung | 145 | 134 | 128 | |
Als wesentliche Kennzahl im Personalbereich entwickelte sich der Umsatz je Mitarbeiter wie folgt: 2008 2007 2006
| Kennzahlen zum Personal: |
||||
|---|---|---|---|---|
| Umsatz je Mitarbeiter |
TEUR | 148 | 139 | 145 |
4 Mitarbeiter von erstmals in den Konzernabschluss einbezogenen Unternehmen sind in der Aufstellung zeitanteilig ab dem Zeitpunkt der Erstkonsolidierung enthalten.
Kundenorientierung wie auch die laufende Verbesserung der Prozesse im Hinblick auf Wirtschaftlichkeit, Umwelt und Effizienz nehmen f¸r einen erfolgreichen Automobilzulieferer hˆchste Priorit‰t ein; diese Aspekte bestimmen auch die Einstellung der Mitarbeiter der POLYTEC gegen¸ber ihrer T‰tigkeit. Ein kontinuierlicher Verbesserungsprozess wie auch das interne Programm POLYBEST (Wirtschaftlichkeit, Sparsamkeit, Effizienz) dienen als Langzeitmaflnahmen zur Absicherung des Unternehmenserfolges. Diese Programme kˆnnen jedoch nur durch die st‰ndige Bereitschaft der Mitarbeiter, ihre Ideen in alle Bereiche der Leistungserbringung einflieflen zu lassen, erfolgreich sein. POLYTEC fˆrdert diese Bereitschaft durch ein betriebliches Vorschlagswesen, das auch mit entsprechenden Pr‰mienanreizen verbunden ist. Um f¸r die dynamischen Herausforderungen des Marktes ger¸stet zu sein, fˆrdert die
POLYTEC GROUP die laufende Weiterbildung seiner Mitarbeiter sowohl durch konzerninterne Fortbildungsmaflnahmen als auch durch Entsendung zu externen Bildungseinrichtungen. Neben der Weiterentwicklung des technisch-handwerklichen Know-how wird auch ein Schwerpunkt auf die Vermittlung von Fremdsprachen gelegt, ein f¸r ein internationales Unternehmen wie POLYTEC unverzichtbarer Bestandteil des Gesch‰ftserfolgs. F¸r leitende Mitarbeiter ist ein Teil der Verg¸tung an den Unternehmenserfolg
gekoppelt, um die Unternehmensidentifikation und das Verantwortungsbewusstsein zu fˆrdern. Forschung
Die Forschungs- und Entwicklungschwerpunkte der POLYTEC GROUP sind breit angelegt, um allen aktuellen und zuk¸nftigen Anspr¸chen der Interessensgruppen wie Kunden, Behˆrden oder der Umwelt bestmˆglich entsprechen zu kˆnnen. Um die Wettbewerbsf‰higkeit und damit auch den Unternehmenserfolg sicherzustellen, reichen die Aktivit‰ten von der laufenden Verbesserung und Rationalisierung der bestehenden Fertigungsprozesse, der technischen Neu- und Weiterentwicklungen von Automobilteilen in Abstimmung und Zusammenarbeit mit den Kunden bis hin zur Weiterentwicklung von Werkstoffen. Ein wichtiger Fokus liegt dabei auf dem sparsamen Einsatz von Ressourcen und ñ sofern mˆglich ñ auf den Einsatz von umweltfreundlichen Werkstoffen. Somit zielen die Bem¸hungen im Bereich Forschung und Entwicklung auch auf die Verbesserung der Umweltstandards und des Umweltschutzes ab. Die auftragsbezogene Entwicklungsarbeit, die de facto die Entwicklungsarbeit des Kunden ¸bernimmt, wird mit dem Kunden direkt abgerechnet oder von ihm ¸ber den Teilepreis abgegolten. Der Schwerpunkt der Forschungs- und Entwicklungst‰tigkeit betrifft die Automotive
Systems Division, die neben den drei bisherigen Entwicklungszentren in Lohne, Geretsried und in Morsbach-Lichtenberg, auch jene der im Gesch‰ftsjahr akquirierten Peguform Group in Bˆtzingen, Neustadt sowie Polinya f¸hrt. In Summe sind 571 Mitarbeiter im Bereich Forschung und Entwicklung besch‰ftigt. Die Entwicklungst‰tigkeiten der Polytec Automotive Systems Division werden in den Konzerngesellschaften Polytec Automotive GmbH & Co KG,Peguform GmbH sowie Peguform Iberica S.L.konzentriert.
Die Entwicklungszentren sind - entsprechend der POLYTEC-Strategie Aufgaben kunden- und fertigungsnah zu lˆsen - auf jene Produkte spezialisiert, die auch an den jeweiligen Standorten produziert werden. So verantwortet das Zentrum im norddeutschen Lohne die Entwicklung von neuen Motorraumteilen, weil sich dort auch der wesentlichste Produktionsstandort f¸r Motorraumteile befindet. Die Bandbreite der Entwicklungst‰tigkeit reicht von der Substitution von Aluminium durch Kunststoff bis hin zur Weiterentwicklung von bestehenden Teilen. Der erweiterte Testingbereich erlaubt einerseits den stetig wachsenden Kundenanforderungen zu entsprechen, aber auch aktiv an Neuentwicklungen zu arbeiten und damit die Vorreiterrolle von POLYTEC im Bereich der Motorraumteile weiter zu festigen.
Im bayerischen Geretsried liegt der Entwicklungsschwerpunkt auf Interieur- Systemen. Hier wird an der Weiterentwicklung von Werkstoffen mit Fokus auf Gewicht, Kosten und Bauteilwertigkeit gearbeitet. Im Bereich der Werkstoffentwicklung ist der Fokus klar auf die Weiterentwicklung von umweltfreundlichen Materialien auf Naturfaserbasis und Sandwich-Werkstoffen ausgerichtet. Im Bereich der Fertigung wird insbesondere in der Weiterentwicklung des integrativen Modulkonzepts gearbeitet, um die Montagekosten weiter zu reduzieren. Im nordrheinwestf‰lischen Morsbach-Lichtenberg liegt der Entwicklungsschwerpunkt
im Bereich der S‰ulenverkleidungen, insbesondere in der Hinterspritztechnik von Stoffen und sonstigen Materialien. Zudem befindet sich dort auch das Kompetenzzentrum f¸r das Ausr¸sten von speziellen Textilwaren f¸r die Hinterspritztechnik. Auch der Einsatz von D¸nnwandtechnik im Spritzgussbereich aber auch T¸rverkleidungen aus Kunststoff werden an diesem Standort entwickelt bzw. weiterentwickelt.
Forschung und Entwicklung ist auch in der Peguform Group ein zentraler Bestandteil der Unternehmenspolitik. In den Entwicklungszentren der Peguform Group wird dabei in Vorentwicklungsprojekten an zuk¸nftigen Innovationen und im Kundenauftrag an Produktentwicklungsprojekten gearbeitet. ‹berdie Teilnahme an Konzeptwettbewerben wurde auch in 2008 sichergestellt,
dass der Bereich der Vorentwicklung bereits in sehr fr¸hen Entscheidungsphasen mit den Kunden im Gespr‰ch ist, um mˆgliche Lˆsungsans‰tze f¸r die Problemstellungen bei Interieur- und Exterieurprodukten zu entwickeln. In Zusammenarbeit von Vorentwicklung und Produktmarketing werden Konzeptvorschl‰ge erarbeitet, die auch die Vermarktung von Innovationen aus Vorentwicklungsprojekten beinhalten. Dies ist h‰ufig der Schl¸ssel, um von Kunden Serienanfragen zu erhalten, und somit ein wesentlicher Bestandteil f¸r die Akquisition von Neu- und Zusatzauftr‰gen. Im Bereich Qualit‰tsplanung f¸hrt die Peguform Group die aktuellen
Entwicklungsprojekte nach den kundenspezifischen Vorgaben durch. Diese Entwicklungsprojekte werden regelm‰flig gemeinsam mit den Qualit‰tsabteilungen der Kunden ¸berpr¸ft. Um den st‰ndig steigenden Anforderungen hinsichtlich der aktiven und passiven
Sicherheit im Fahrzeugbau gerecht zu werden, besch‰ftigt sich die Peguform Group bereits in der Konzeptphase u. a. mit der Auslegung von Insassenschutz-Systemen.
Zur Erarbeitung von Lˆsungsans‰tzen und Gestaltungsstrategien f¸r k¸nftige Insassenschutzsysteme sind fundierte Kenntnisse bez¸glich der internationalen gesetzlichen Anforderungen, der Belastungsgrenzen des menschlichen Kˆrpers unter Ber¸cksichtigung von unterschiedlichen Insassengrˆflen sowie der Schutzprinzipien und der Wirkrichtung von Insassenschutzsystemen notwendig. Durch die Kompetenzen im Bereich der Simulation und des Versuchs kˆnnen umfangreiche ‹berpr¸fungen der geforderten Eigenschaften an den Bauteilen in allen Entwicklungsstufen durchgef¸hrt werden. Hierzu z‰hlen neben den Dimensions- und Laborpr¸fungen Erprobungsschleifen zur Absicherung der Anforderungen im Hinblick auf Gesetze, Umwelt, Funktion und Akustik.
Neben den zielgerichteten Vorentwicklungs-Projekten, die in enger Abstimmung mit den Automobil-Herstellern durchgef¸hrt werden, wird an neuen Werkstoffen, Oberfl‰chenmaterialien und Prozesstechniken gearbeitet. Einige Warenzeichen konnten schon erfolgreich angemeldet werden, wie zum Beispiel POLYSWIRL (÷labscheider System), POLYFLAX (Verbundstoff auf Naturfaserbasis), POLYLOAD (neuartiges Leichtbautr‰germaterial), POLYSKIN (Zwei-Komponentenverfahren f¸r kostenoptimierte hochwertige Innenraumteile) oder POLYGRAIN (Inmould Kˆrnungsverfahren). Weitere sind in Vorbereitung. In Summe h‰lt die POLYTEC GROUP zurzeit mehr als 240 eingetragene Warenzeichen und Patente. Im Bereich Automotive Composites Division wird schwerpunktm‰flig insbesondere
getrachtet, neue und bessere Einsatzmˆglichkeiten f¸r den Werkstoff Duroplaste zu finden. Weitere Entwicklungsverfahren betreffen die Effizienzsteigerung in der Produktion und Bearbeitung von SMC (Sheet Moulding Compound) und dessen prozesssichere Verarbeitung sowie Lackierung. Die Anforderungen, die aus einer neuen Fahrzeuggeneration an die Festigkeit und Schlagz‰higkeit der Bauteile gestellt werden, erfordern ebenfalls eine laufende Weiterentwicklung des Grundmaterials (schlagz‰h modifiziertes POLYTECplast D-LFT) und seiner Verarbeitung. Einen Schwerpunkt in der Entwicklung bildet auch die Gewichtsreduktion der Bauteile bei gleichzeitiger Beibehaltung der Bauteileeigenschaften.
Die POLYTEC GROUP wendet rund 2,2 % (Vorjahr 2,8 %) ihres Konzernumsatzes f¸r Forschungs- und Entwicklungsarbeiten auf. 7.
Die POLYTEC-Gruppe ist im Rahmen ihrer Gesch‰ftst‰tigkeit einer Vielzahl von Risiken ausgesetzt, die untrennbar mit dem unternehmerischen Handeln verbunden sind. Risikomanagement ist f¸r die POLYTEC ein integraler Bestandteil aller Gesch‰ftsprozesse. Auch die f¸r einen Automobilzulieferer notwendigen umfangreichen Zertifizierungen (z.B. TS ISO/16949:2002) geben hier bereits entsprechende Regelungen vor, welche auch durch externe Audits ¸berwacht werden. Der Organisation der POLYTEC entsprechend werden Risiken dezentral und marktnah vor allem im Rahmen der laufenden Gesch‰ftsprozesse gemanagt und ¸berwacht. Die Steuerung der finanziellen Risiken erfolgt jedoch im Wesentlichen durch die Konzernzentrale. Folgende wesentliche Risikofelder kˆnnen identifiziert werden:
Die Automobilzulieferindustrie gilt als Markt mit hohem Wettbewerb, der sich auflerdem in einem rasch fortschreitenden Konsolidierungsprozess befindet. Die Absatzerfolge sind an erster Stelle abh‰ngig von der Gewinnung neuer Auftr‰ge, welche zum Teil bis zu 4 bis 5 Jahre vor dem Serienanlauf vergeben werden. In dieser Phase der Auftragsakquisition ist jeder Zulieferer einem starken Konditionenwettbewerb ausgesetzt. W‰hrend des Serienlaufs istder Zulieferer auch abh‰ngig vom Absatz des Fahrzeuges, f¸r welches er zuliefert, ohne diesen Erfolg beeinflussen zu kˆnnen. Weiters wird seitens der OEMs auch nach dem Serienstart ein laufendes Benchmarking der Zulieferer betrieben, was Preisforderungen oder im Extremfall den Verlust eines Auftrages nach sich ziehen kann. POLYTEC trachtet durch einen ausgewogenen Kunden- und Auftragsmix, die Abh‰ngigkeit von einzelnen Lieferbeziehungen so gering wie mˆglich zu halten. Beschaffungsmarktrisiken:
Wesentliches Risiko ist die Schwankung der Rohstoffpreise, welche im Falle der POLYTEC-Gruppe als kunststoffverarbeitendem Konzern vor allem durch nachhaltige Ver‰nderung des ÷lpreises, aber auch der Raffineriekapazit‰ten verursacht werden. Beschaffungsseitig wird diesem Risiko vor allem mit langfristigen Liefervertr‰gen absatzseitig, soweit gegen¸ber dem Kunden durchsetzbar, mit 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 Ver‰nderung der Rohstoffpreise ein wichtiger Parameter in den Gespr‰chen f¸rdie j‰hrliche Neufestlegung der Preise. Weiters versucht man durch verst‰rkte Forschungs- und Entwicklungsaufwendungen neue Rohstoffe (Naturfaserstoffe) einzusetzen. FinanzielleRisiken und deren Management und Sensitivit‰t:
Aufgrund der Kundenstruktur, mehr als 90 % des Umsatzes wird mit den OEMs oder groflen Systemlieferanten erzielt, ist die POLYTEC dem Bonit‰tsrisiko der Automobilindustrie ausgesetzt. Die Auflenst‰nde werden laufend kritisch verfolgt und die vereinbarungsgem‰fle Bezahlung von Forderungen sichergestellt. Im Gesch‰ftsjahr 2008 wurden rund 60 % (2007: 52 %) des Umsatzes mit den drei grˆflten Kunden erzielt, was ein gewisses Klumpenkreditrisiko ergibt, welches vom Management aber als unkritisch im Hinblick auf Kreditausf‰lle eingestuft wird. Die Abh‰ngigkeit von wenigen Kunden ist ein Wesensmerkmal der Automobilzulieferindustrie. Als Kunde wird in diesem Zusammenhang eine Gruppe verbundener Unternehmen definiert, welche durchaus auch mehrere Automobilmarken herstellen kann. Das Ausfallsrisiko bei fl¸ssigen Mitteln ist gering, da die Vertragpartner
ausschliefllich Banken mit sehr guter Bonit‰t sind. Liquidit‰tsrisiko:Die Gruppe sichert ihren Liquidit‰tsbedarf durch vertragliche
Vereinbarung entsprechender Kreditrahmen, gegebenenfalls auch durch Halten einer Barreserve. Die Steuerung erfolgt einheitlich durch die Konzernzentrale. F¸r alle wesentlichen Unternehmen der Gruppe ist ein Cashmanagement-System installiert, dass auch zur Optimierung des Nettozinsergebnisses dient.
Der weitaus ¸berwiegende Anteil der Ums‰tze der POLYTEC- Gruppe wird in Euro fakturiert, sodass das W‰hrungsrisiko den Konzern in Summe nur gering betrifft. Zum Teil erfolgt der Einkauf von Vorleistungen in derselben W‰hrung wie der Verkauf, sodass sich W‰hrungsrisiken nat¸rlich Ñhedgenì. Die Gruppe ist grˆfleren W‰hrungsrisiken in jenen L‰ndern ausgesetzt, in denen in Euro fakturiert, aber Vorleistungen in lokaler W‰hrung zugekauft werden m¸ssen. Solche Risiken bestehen etwa gegen den Polnischen Zloty und der Slowakischen Krone. Diese Risiken sind vielfach nicht Finanzinstrumenten zuzuordnen, da sie vor allem auch auf Personalkosten zur¸ckzuf¸hren sind. Zins‰nderungsrisiko:Dem Zins‰nderungsrisiko begegnet POLYTEC durch ein der
langfristigen Zinsmeinung entsprechendes Portfolio von variablen und fixen Finanzierungen. Derivative Produkte werden bei Bedarf zur Zinssicherung oder zur Optimierung des Nettozinsergebnisses eingesetzt. Kurs‰nderungsrisiko:Die von der Gruppe gehaltenen bˆrsenotierten Wertpapiere
des Umlaufvermˆgens (Aktien) unterliegen dem Risiko der Bˆrsekurs‰nderung. Ein Anstieg (Fall) des Bˆrsekurses um 10 % w¸rde zu einer erfolgsneutralen Erhˆhung (Verminderung) der Eigenmittel von TEUR 679,6 (2007: TEUR 488,6) f¸hren. 8.
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. S‰mtliche Aktien sind zum Handel im Segment Prime Market der Wiener Bˆrse zugelassen. Aktion‰re mit einer Beteiligung am Grundkapital von ¸ber 10,0 % waren am
Bilanzstichtag und zum Zeitpunkt der Erstellung des Abschlusses:
Huemer Holding GmbH: Die Gesellschaft ist ein verbundenes Unternehmen der IMC Verwaltungsgesellschaft mbH, welche ihrerseits Aktien an der POLYTEC Holding AG h‰lt. In Summe betr‰gt der Anteil der beiden Gesellschaften rund 32 % des Grundkapitals. Der CEO der POLYTEC GROUP, Ing. Friedrich Huemer, ist Alleineigent¸mer der Anteile an der IMC Verwaltungsgesellschaft mbH und bei beiden Gesellschaften alleinvertretungsbefugter Gesch‰ftsf¸hrer. CROSS Motorsports Systems AG: Die Gesellschaft mit Sitz in Wels/÷sterreich ist
eine 100 % Tochtergesellschaft der CROSS Industries AG und h‰lt einen Anteil von rund 15 %. Auf die anstehenden Ver‰nderungen in der Aktion‰rsstruktur, welche im Anhang
unter Punkt 9. beschrieben sind, wird verwiesen. Beschr‰nkungen hinsichtlich der ‹bertragung von Aktien oder irgendwelche anderen
Einschr‰nkungen hinsichtlich der Stimmrechtsaus¸bung sind dem Vorstand nicht bekannt. Keine Inhaber von Aktien verf¸gen ¸ber besondere Kontrollrechte. Hinsichtlich der Mˆglichkeit des Vorstandes Aktien auszugeben verweisen wir auf die
Erl‰uterungen zum genehmigten Kapital im Anhang unter III.
Es existiert eine Entsch‰digungsvereinbarung zwischen der Gesellschaft und einem Vorstandsmitglied f¸r den Fall eines Kontrollwechsels. Es gibt keine Entsch‰digungs vereinbarungen f¸r die Aufsichtsratsmitglieder und Arbeitnehmer. Weitere bedeutende Vereinbarungen, auf die ein Kontrollwechsel oder ein ˆffentliches ‹bernahmeangeboteine Auswirkung h‰tte, bestehen nicht. 9.
Die im Jahr 2008 beginnende Finanzkrise einerseits und der massive Einbruch der Automobil- und Nutzfahrzeugkonjunktur andererseits, hatten auch erhebliche Auswirkungen auf die Gesch‰fts- und Finanzlage der POLYTEC Gruppe. Entsprechende Gesch‰ftsr¸ckg‰nge im dritten und vierten Quartal, die sich auch im ersten Halbjahr 2009 fortsetzen, waren die Folge. Dies, in Verbindung mit einer aufgrund der Akquisition Peguform substantiell erhˆhten Verschuldung der Gruppe, f¸hrte dazu, dass Teile des Konzerns beginnend mit dem vierten Quartal 2008 auf Sicht als in ihrem Bestand gef‰hrdet angesehen werden mussten. Eine Refinanzierung der f¸r die Akquisition Peguform kurzfristig aufgenommenen Fremdmittel, die im zweiten und dritten Quartal 2009 f‰llig w‰ren, war dringend geboten. Gleichzeitig musste zus‰tzliche Liquidit‰t f¸r die Aufrechterhaltung des operativen Gesch‰ftsbetriebes sichergestellt werden.
Nach einer eingehenden Analyse des Konzerns, die auf Wunsch der kreditgew‰hrenden Banken auch unter Beiziehung externer Fachleute bis einschliefllich April 2009 durchgef¸hrt wurde, konnte nach intensiven aber lˆsungsorientierten Verhandlungen im Mai 2009 ein Kompromiss gefunden werden, der helfen soll,das ‹berleben der POLYTEC-Group sicherzustellen. Die in ihren Grundz¸gen zwischen Unternehmen, Kernaktion‰ren und Banken
angestrebte Restrukturierung sieht folgende wesentliche Eckpunkte vor: Die POLYTEC Gruppe wird (durch ‹bertragung der Anteile an der PEGUFORM
Gesamtbetrag von EUR 169,5 Mio. fremdfinanziert haben, verzichten auf Anspr¸che aus Krediten, die EUR 110,0 Mio. ¸bersteigen. Die verbleibenden Verpflichtungen aus den Akquisitionskrediten in Hˆhe von EUR
Vertr‰ge, bedarf der Zustimmung der Hauptversammlung der POLYTEC Holding AG.Diese wurde f¸r den 26.6.2009 einberufen. Zur Sicherstellung der Liquidit‰t im ersten Halbjahr 2009 wurden der POLYTEC-
Gruppe ‹berbr¸ckungsfinanzierungen mit einem Gesamtbetrag von rund EUR 14,0 Mio. gew‰hrt. F¸r einen Teilbetrag von EUR 6,0 Mio. wurden die von der Gruppe gehaltenen Aktien der Grammer AG sicherungsweise verpf‰ndet. Mit der Zuf¸hrung dieser frischen Finanzmittel und der Zusage weiterer Mittel im
Zuge der Umsetzung der Restrukturierung konnte bei der Bilanzierung und Bewertung im vorliegenden Abschluss vom Fortbestand des Unternehmens ausgegangen werden. Im Mai 2009 wurde die Schlieflung des Standortes Ljungby, Schweden der
Automotive Composites Division im Jahr 2009 beschlossen. Die Schlieflung ist eine notwendige Maflnahme, um die Kapazit‰ten dieser Division an die zum Teil sehr deutlichen Umsatzr¸ckg‰nge vor allem in der LKW-Zulieferung anzupassen. Als Vorsorge f¸rdie Schlieflung dieses Standortes wurden im vorliegenden Abschluss auflerplanm‰flige Abschreibungen auf dem schwedischen Standort zuzuordnende Anlagen in Hˆhe von EUR 1,3 Mio. vorgenommen. Die derzeit am Standort
Schweden gefertigten Auftr‰ge werden groflteils auf andere Standorte der Gruppe verlagert. Weitere Ereignisse nach dem Bilanzstichtag, die f¸r die Bewertung am Bilanzstichtag
materiell sind, sind im vorliegenden Konzernabschluss ber¸cksichtigt oder nicht bekannt.
Hˆrsching, am 5. Juni 2009
Der Vorstand
Ing. Friedrich Huemer Ing. Karl-Heinz Solly
Ing. Alfred Kollros Mag. Klaus Rinnerberger
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