Annual / Quarterly Financial Statement • Jul 30, 2009
Annual / Quarterly Financial Statement
Open in ViewerOpens in native device viewer
| Page | |
|---|---|
| Consolidated Financial Statements as of 31 March 2009 | 1 |
| Financial Statements as of 31 March 2009 | 75 |
| Statement of all Legal Representatives | 111 |
| Consolidated Income Statement | 2 |
|---|---|
| Consolidated Balance Sheet | 3 |
| Consolidated Cash Flow Statement | 4 |
| Consolidated Statement of Changes in Equity | 5 |
| Notes to Consolidated Financial Statements | 6 |
| Group Management Report | 66 |
| Auditor's Report | 73 |
The consolidated financial statements of AT&S Austria Technologie & Systemtechnik Aktiengesellschaft as of 31 March 2009 prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and with section 245a (2) of the Austrian Commercial Code (UGB) have been translated into English. In case of different interpretations the German original is valid.
| Financial year ended 31 March | |||
|---|---|---|---|
| (in € 1,000) | Note | 2009 | 2008 |
| Revenues | 1 | 449,881 | 485,744 |
| Cost of sales | 2 | (383,528) | (396,458) |
| Gross Profit | 66,353 | 89,286 | |
| Selling costs | 2 | (22,427) | (23,097) |
| General and administrative costs | 2 | (21,236) | (21,734) |
| Other operating result | 4 | 3,892 | (1,227) |
| Non-recurring items | 5 | (27,642) | (1,113) |
| Operating result | (1,060) | 42,115 | |
| Financial income | 6 | 15,795 | 11,377 |
| Financial expense | 6 | (14,530) | (8,253) |
| Financial result | 1,265 | 3,124 | |
| Profit before tax | 205 | 45,239 | |
| Income tax expense | 7 | (5,992) | (3,949) |
| Profit/(loss) for the year | (5,787) | 41,290 | |
| Thereof equity holders of the parent company | (5,376) | 42,691 | |
| Thereof minority interests | (411) | (1,401) | |
| Earnings per share for profit attributable to equity hold | 24 | ||
| ers of the parent company (in EUR per share): | |||
| - Basic | (0.23) | 1.83 | |
| - Diluted | (0.23) | 1.83 |
| CONSOLIDATED BALANCE SHEET |
|---|
| ---------------------------- |
| 31 March | |||
|---|---|---|---|
| (in € 1,000) | Note | 2009 | 2008 |
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 8 | 349,853 | 297,750 |
| Intangible assets | 9 | 2,238 | 8,347 |
| Financial assets | 13 | 122 | 119 |
| Overfunded retirement benefits | 18 | 46 | 424 |
| Deferred tax assets | 7 | 9,962 | 9,391 |
| Other non-current assets | 10 | 3,066 | 2,461 |
| 365,287 | 318,492 | ||
| Current assets | 11 | 46,998 | 51,714 |
| Inventories | 12 | ||
| Trade and other receivables Financial assets |
13 | 101,013 14,013 |
93,751 20,044 |
| Non-current assets held for sale | 14 | 2,151 | 2,151 |
| Current income tax receivables | 322 | 84 | |
| Cash and cash equivalents | 15 | 7,031 | 9,364 |
| 171,528 | 177,108 | ||
| Total assets | 536,815 | 495,600 | |
| EQUITY | |||
| Share capital | 23 | 45,680 | 45,658 |
| Other reserves | 561 | (39,714) | |
| Retained earnings | 205,999 | 219,817 | |
| Equity attributable to equity holders of the parent | |||
| company | 252,240 | 225,761 | |
| Minority interests | 494 | 530 | |
| Total equity | 252,734 | 226,291 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Financial liabilities | 17 | 97,060 | 39,301 |
| Provisions for employee benefits | 18 | 9,751 | 10,830 |
| Other provisions | 19 | 7,322 | -- |
| Deferred tax liabilities | 7 | 9,845 | 7,280 |
| Other liabilities | 16 | 2,172 | 1,852 |
| Current liabilities | 126,150 | 59,263 | |
| Trade and other payables | 16 | 53,022 | 75.790 |
| Financial liabilities | 17 | 98,485 | 130,126 |
| Current income tax payables | 3,449 | 2,418 | |
| Other provisions | 19 | 2,975 | 1,712 |
| 157,931 | 210,046 | ||
| Total liabilities | 284,081 | 269,309 | |
| Total equity and liabilities | 536,815 | 495,600 |
| Financial year ended 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2008 |
| Cash flows from operating activities | ||
| Profit/(loss) of the year | (5,787) | 41,290 |
| Adjustments to reconcile profit for the year to cash generated from opera | ||
| tions: | ||
| Depreciation, amortisation and impairment less reversal of impairment of | ||
| fixed assets and assets held for sale | 53,436 | 37,695 |
| Changes in non-current provisions | 6,528 | 272 |
| Income tax expense | 5,992 | 3,949 |
| Financial expense/(income) | (1,265) | (3,124) |
| (Gains)/losses from the sale of fixed assets | 88 | 789 |
| Release from government grants | (1,105) | (2,597) |
| Other non-cash expense/(income), net | 1,303 | (712) |
| Changes in working capital: | ||
| - Inventories | 8,210 | (4,156) |
| - Trade and other receivables | (4,357) | (1,906) |
| - Trade and other payables | (18,459) | 3,575 |
| - Other provisions | 1,251 | (869) |
| Cash generated from operations | 45,835 | 74,206 |
| Interest paid | (5,243) | (7,737) |
| Interest and dividends received | 966 | 952 |
| Income tax paid | (2,825) | (5,593) |
| Net cash generated from operating activities | 38,733 | 61,828 |
| Cash flows from investing activities | ||
| Capital expenditure for property, plant and equipment and intangible as | ||
| sets | (59,058) | (103,363) |
| Proceeds from sale of property, plant and equipment and intangible assets | 256 | 481 |
| Purchases of financial assets | (3) | -- |
| Proceeds from sale of financial assets | 3,085 | 4,513 |
| Net cash used in investing activities | (55,720) | (98,369) |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 118,546 | 74,570 |
| Repayments of borrowings | (97,888) | (42,910) |
| Proceeds from government grants | 1,645 | 2,477 |
| Proceeds from the exercise of stock options | -- | 651 |
| Payments for the purchase of treasury shares | -- | (4,590) |
| Dividends paid | (7,930) | (7,249) |
| Net cash generated from financing activities | 14,373 | 22,949 |
| Net decrease in cash and cash equivalents | (2,614) | (13,592) |
| Cash and cash equivalents at beginning of the year | 9,364 | 24,597 |
| Exchange gains/(losses) on cash and cash equivalents | 281 | (1,641) |
| Cash and cash equivalents at end of the year | 7,031 | 9,364 |
| (in € 1,000) | Share capital |
Other reserves |
Retained earnings |
Equity attributable to equity holders of the parent company |
Minority interests |
Total equity |
|---|---|---|---|---|---|---|
| 31 March 2007 | 49,529 | (14,924) | 185,617 | 220,222 | 545 | 220,767 |
| Fair value gains/(losses) net of tax of available-for-sale financial assets |
-- | 7 | -- | 7 | -- | 7 |
| Currency translation differences | -- | (24,797) | 156 | (24,641) | (12) | (24,653) |
| Net income/(expense) recognised directly | ||||||
| in equity | -- | (24,790) | 156 | (24,634) | (12) | (24,646) |
| Profit/(loss) for the year | -- | -- | 42,691 | 42,691 | (1,401) | 41,290 |
| Total recognised income and expense in | ||||||
| 2007/08 | -- | (24,790) | 42,847 | 18,057 | (1,413) | 16,644 |
| Stock option plan: | ||||||
| - Value of employee services | 66 | -- | -- | 66 | -- | 66 |
| - Change in stock options | (182) | -- | -- | (182) | -- | (182) |
| Change in treasury stock net of tax | (3,755) | -- | -- | (3,755) | -- | (3,755) |
| Dividend relating to 2006/07 Minority interests through acquisition and reclassifications of losses attributable to |
-- | -- | (7,249) | (7,249) | -- | (7,249) |
| minority interests | -- | -- | (1,398) | (1,398) | 1,398 | -- |
| 31 March 2008 | 45,658 | (39,714) | 219,817 | 225,761 | 530 | 226,291 |
| Fair value gains/(losses) net of tax of | ||||||
| available-for-sale financial assets | -- | (17) | -- | (17) | -- | (17) |
| Currency translation differences | -- | 40.292 | -- | 40,292 | 8 | 40,300 |
| Net income/(expense) recognised directly | -- | 40,275 | -- | 40,275 | 8 | 40,283 |
| in equity | -- | -- | (5,376) | (5,376) | (411) | (5,787) |
| Profit/(loss) for the year Total recognised income and expense in |
||||||
| 2008/09 | -- | 40,275 | (5,376) | 34,899 | (403) | 34,496 |
| Stock option plan: | ||||||
| - Value of employee services | 22 | -- | -- | 22 | -- | 22 |
| Dividend relating to 2007/08 | -- | -- | (7,930) | (7,930) | -- | (7,930) |
| Minority interests through acquisition and reclassifications of losses attributable to |
||||||
| minority interests | -- | -- | (512) | (512) | 367 | (145) |
| 31 March 2009 | 45,680 | 561 | 205,999 | 252,240 | 494 | 252,734 |
AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (hereinafter referred to as "the Company", and with its subsidiaries referred to as "the Group") is incorporated in Austria. The Company is headquartered in Austria, Fabriksgasse 13, A-8700 Leoben-Hinterberg.
The Group manufactures and sells printed circuit boards and provides related services primarily to the telecommunication, automotive and electronics industries. The Group sells its products directly to original equipment manufacturers and, to a lesser extent, to contract electronic manufacturers primarily located in Europe and Asia.
Since 20 May 2008 the Company has been listed in the Prime Market segment of the Vienna, Austria, Stock Exchange and, after a period of double listing on the previous Stock Exchange in Frankfurt am Main, has been traded exclusively at the Vienna Stock Exchange since 15 September 2008. Prior to the change in Stock Exchange, the Company had been listed in the Prime Standard segment of the Frankfurt Stock Exchange, Germany, since 16 July 1999.
According to § 245a of the Austrian Commercial Code (UGB) the consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS and IAS) and interpretations (IFRIC and SIC) as adopted by the European Union (EU), set by the International Accounting Standards Board (IASB).
The consolidated financial statements have been prepared under the historical cost principle, except for securities and derivative financial instruments, which are measured at their fair values.
The balance sheet date for all consolidated companies is 31 March 2009 with the following exception: Due to the legal situation in China the reporting year of AT&S (China) Company Limited corresponds to the calendar year (31 December 2008), its consolidation was performed on the basis of the interim financial statements as of 31 March 2009.
The consolidated financial statements have been approved for issue by the Board of Directors on 13 May 2009. The separate financial statements of the Company, which are included in the consolidation after reconciliation to the applicable accounting policies, will be presented for approval to the Supervisory Board on 10 June 2009. The separate financial statements of the Company can be modified by the Supervisory Board and – in case of presentation to the Annual General Meeting – by the Company's equity holders. This could also affect the presentation of the consolidated financial statements.
In addition to the Company itself, the consolidated financial statements comprise the following fully consolidated subsidiaries as of that date the Company had the power to govern the financial and operating policies of the subsidiary, regularly accompanied by a voting interest of more than 50%:
The purchase method of accounting is used to account for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of transaction, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interests. The excess of the cost of acquisition over the fair value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement.
All significant intercompany accounts and transactions have been eliminated so that the consolidated financial statements present the accounting information of the Group as if it were one single company.
Investments in subsidiaries are consolidated in accordance with IAS 27 "Consolidated and Separate Financial Statements". Intercompany accounts receivable and payable as well as expenses and income are eliminated. Unless immaterial, intercompany results in non-current assets and inventories are eliminated. Uniform accounting and valuation methods are applied to all consolidated subsidiaries.
The Group considers transactions with minorities as transactions with equity holders of the Group. When minority interests are acquired, the difference between the purchase price and the attributable share of net assets acquired in the subsidiary is deducted from equity. Gains or losses on the sale of minorities are also recognised in equity. When sales are made to minorities, the difference between the purchase price and the attributable share in net assets of the subsidiary sold is also recognised in equity.
A geographical segment is a distinct activity of a company which offers or provides products or services within a specific economic environment and which is faced with risks and rewards that differ from other business activities in other economic environments.
A business segment is a distinct activity of a company which produces or provides an individual good or service or a group of similar goods or services and which is faced with risks and rewards that differ from those of other business segments.
The reporting currency of the Group is the euro (EUR). The functional currency of the foreign subsidiaries is the respective local currency.
With the exception of equity positions (historical exchange rate), the balance sheets of AT&S India, AT&S China, AT&S Asia Pacific, AT&S Japan K.K., AT&S ECAD, AT&S ECAD Technologies Inc., AT&S Korea and AT&S Americas are translated at the exchange rates on the balance sheet date. The income statements are translated at the average exchange rates of the reporting period. Translation adjustments are recognised in equity and not taken through profit or loss.
In the financial statements of each of the Group's entities foreign currency items are translated at the exchange rates prevailing on the day of the transaction. Monetary items are translated at the respective exchange rate ruling at the balance sheet date; non-monetary items which were recognised according to the historical cost principle are carried at the rate of their initial recognition. Translation adjustments from monetary items, with the exception of "securities available for sale", are taken through profit or loss. Translation differences from "securities available for sale" are recognised directly in equity and not in the income statement.
Net sales are recognised, net of sales taxes and discounts, according to the applicable Incoterms, when the title passes to the customer. Costs associated with product shipment and handling are classified as selling costs.
Interest income is recognised on a pro rata temporis basis, taking into account the effective interest rate of the asset.
The income tax burden is based on the profit before income tax and accounts for deferred taxes.
The Group provides for income taxes using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates that have been enacted or substantially enacted by the balance sheet date.
Temporary differences arise from the measurement of specific assets and liabilities, as well as tax loss carryforwards and amortisations of goodwill.
Deferred taxes on unrealised gains/losses from securities available for sale recognised in equity are also recognised in equity and not in the income statement.
In accordance with IFRS, deferred tax assets on loss carryforwards have to be recognised to the extent that it is probable that they will be utilised against future taxable profits.
Deferred taxes arising on temporary differences relating to participating interests in subsidiaries are recognised unless the temporary differences will not reverse in the foreseeable future.
Items of property, plant and equipment are measured at historical cost. Expenditure directly attributable to the acquisition and subsequent expenditure are capitalised, repairs and maintenance costs, however, are expensed as incurred. Borrowing costs directly attributable to the construction of an asset are expensed in the period in which they are incurred.
From the time of their availability for use, the assets are depreciated on a straight-line basis over their expected useful lives. Depreciation is charged on a pro rata temporis basis. Land is not subject to depreciation.
The depreciation method is uniform for the Group and based on the following useful lives:
| Plants and buildings | 15 - 50 years |
|---|---|
| Machinery and technical equipment | 5 - 15 years |
| Tools, fixtures, furniture and office equipment | 5 - 10 years |
Depreciation periods and methods are reviewed annually at the end of the financial year.
Expected costs for dismantling and removing assets are capitalised as part of acquisition costs and accounted for by a provision, provided that there is a legal or factual obligation against third parties and that a reasonable estimate can be made.
According to IAS 17 "Leases", leased assets for which the Group bears substantially all the risks and rewards of ownership are capitalised at their fair value or the lower present value of the minimum lease payments. Depreciation is effected over the useful life of the asset. If at the beginning of the lease it is not sufficiently certain that the title will pass to the lessee, the leased asset will be depreciated over the shorter of the two periods, the lease term or useful life. Financial obligations resulting from future lease payments are discounted and carried as liability. Current lease payments are split into repayment and financing costs.
Leased assets under all other lease agreements are classified as operating leases and attributed to the lessor. Lease payments are recognised as an expense.
Profits or losses resulting from the closure or retirement of non-current assets, which arise from the difference between the recoverable and the carrying amounts, are credited or charged to the income statement.
Expenditures on acquired patents, trademarks and licenses are capitalised at cost, including incidental acquisition expenses, and amortised on a straight-line basis over their useful lives, generally between 4 and 10 years. Amortisation terms and methods are reviewed annually at the end of the financial year.
Goodwill, which represents the excess of the cost of an acquisition over the fair value of the Group's share of the net identifiable assets, liabilities and contingent liabilities of the acquired subsidiary at the date of acquisition, is included in intangible assets.
Research costs are expensed as incurred and charged to cost of sales. Development expenditure is also expensed as incurred. An intangible asset arising from development shall be recognised if, and only if, an entity can demonstrate all of the following:
No capitalised development costs have been considered in these consolidated financial statements.
The Group regularly reviews the carrying amounts of its property, plant and equipment and intangible assets for possible impairment. If the recoverable amount of an asset is below its carrying amount, an impairment loss amounting to the difference is recognised. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. The value in use corresponds to the estimated future cash flows expected from the continued use of the asset and its disposal at the end of its useful life.
Goodwill is tested annually for impairment. If events during the financial year or changes in circumstances indicate that goodwill might be impaired, an impairment test will be carried out
immediately. Goodwill is allocated to cash-generating units for the purpose of impairment testing.
Non-current assets are classified as held for sale and measured at the lower of their carrying amounts or fair values less costs to sell, if their carrying amount will be recovered by sale rather than by continuing use in the business.
If the reason for the impairment recognised in the past no longer exists, with the exception of goodwill, a reversal of impairment up to amortised cost is made.
Inventories are stated at the lower of cost or net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less variable costs necessary to make the sale. Cost is determined by the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labor, other direct costs and related production overheads, but excludes interest expense.
Receivables are reported at nominal values, less any allowances for doubtful accounts. Foreign currency receivables are translated at the exchange rate prevailing at the balance sheet date. Risk management provides for all recognisable credit and country-specific risks.
The purchase or sale of financial assets shall be recognised and derecognised, as applicable, using trade date accounting or settlement date accounting. The fair values recognised in the balance sheet generally correspond to market prices of financial assets. Except for financial assets "at fair value through profit or loss" they are recognised initially including transaction costs.
Financial assets are divided into categories explained below. The classification depends on the respective purpose of the financial asset and is reviewed annually.
Financial instruments acquired primarily for the purpose of earning a profit from short-term fluctuations of prices or trader margins are classified as financial assets at fair value through profit or loss. At the time of their acquisition they are stated at cost, excluding transaction costs, in subsequent periods at their respective fair values. Realised and unrealised profits and losses are credited or charged to the income statement under "Financial result". This relates primarily to securities held for trading. Derivative financial instruments also fall into this category, unless hedge accounting is applied (refer to l. Derivative financial instruments).
Securities held to maturity are recognised at amortised cost using the effective interest rate method. Any impairment is recognised in profit or loss.
Loans and receivables are non-derivative financial assets with fixed or determinable payments which are not quoted in an active market. In the balance sheet the respective assets are recognised under the item "trade and other receivables".
Financial assets available for sale, on the one hand, relate to securities available for sale. Securities available for sale are instruments which management intends to sell as a reaction to or due to expected liquidity requirements or expected changes in interest rates, exchange rates or share prices. Their classification as non-current or current assets depends on the expected time to be held.
At the time of acquisition they are stated at cost, including transaction costs, in subsequent periods at their respective fair values. Unrealised profits and losses, net of tax, are recognised in equity and not taken through profit or loss until they are sold or considered as impaired.
Interest income and dividends from securities available for sale are included in the income statement under "Financial result".
When a security available for sale is sold, the accumulated unrealised profit or loss recognised in equity is included in "Financial result" in the reporting period.
When a security available for sale is considered impaired, the accumulated unrealised loss recognised in equity is charged to the income statement under "Financial result". An asset is impaired, if there are indications that the fair value is below its carrying amount. In particular, this is the case, if the decrease in fair value is of such extent that the acquisition cost is unlikely to be recovered in the foreseeable future. Recoverability is reviewed annually at the balance sheet date.
Furthermore, those financial assets are recognised under available-for-sale financial assets that have not been allocated to any of the other categories described. If the current fair value for listed equity instruments cannot be determined reliably, these financial assets will be measured at cost. Impairment losses, if any, are recognised in the income statement, and the respective impairment losses shall not be reversed.
The Group enters into derivative financial instruments to hedge against foreign currency fluctuations related to transactions in foreign currencies – in particular the US dollar. These instruments mainly include forward contracts, foreign currency options and foreign exchange swap contracts and are entered into in order to protect the Group against exchange rate fluctuations – by fixing future exchange rates for foreign currency assets and liabilities.
Further the Group manages its interest rate risk by using interest rate swaps. Value fluctuations of the hedged positions are compensated by corresponding value fluctuations of the derivatives. The Group does not hold any financial instruments for speculative purposes.
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair values. Hedge accounting pursuant to IAS 39 "Financial Instruments: Recognition and Measurement" is currently not applied, unrealised gains
and losses from derivative financial instruments, therefore, are credited or charged to the income statement under "Financial result".
Cash and cash equivalents comprise cash, time deposits, deposits held at call with banks and short-term, highly liquid investments with an original maturity of up to three months or less (commercial papers and money market funds).
Minority interests include the following:
Losses from minority interests can exceed the share in equity of these companies attributable to these interests. The exceeding amount and any additional losses attributable to minority interests are offset against the majority interest in total equity, with the exception of the amount for which the minorities have a binding obligation to compensate for the losses.
Provisions are recognised, if the Group has a legal or constructive obligation to third parties, which is based on past events, if it is probable that an outflow of resources will be required to settle this obligation and if the amount can be estimated reliably. The provisions are remeasured at each balance sheet date and adjusted accordingly.
Non-current provisions are reported at the discounted amount to be paid at each balance sheet date, if the interest effect resulting from the discounting is material.
The Group operates various defined contribution and defined benefit pension schemes.
A defined contribution plan is a pension plan under which the Group pays fixed contributions into an earmarked entity (fund). These contributions are charged to personnel expenses. No provision has to be set up, as there are no additional obligations beyond the fixed amounts.
For members of the Management Board and certain executive employees the Group has a defined benefit plan, under which the pension obligations are valued by qualified and independent actuaries at each balance sheet date. The Group's obligation is to fulfil the benefits committed to current and former members of the Board and executive employees as well as their dependents. The pension obligation calculated according to the projected unit credit method is reduced by the plan assets of the fund in case of a funded pension scheme. The present value of the pen-
sion liability is determined on the basis of years of service, expected compensations and pension adjustments.
To the extent that the plan assets do not cover the obligation, the net liability is accrued under retirement provisions. If the net assets exceed the pension obligation, the exceeding amount is reported under "Overfunded retirement benefits".
Personnel expenses reported in the respective financial year are based on expected values and include the acquired claims, the interest expense, the actuarial gains or losses using the corridor method as well as the investment results of the assets provided for coverage.
At each balance sheet date, due to the change in actuarial assumptions (turnover rate, current market interest rate of blue chip fixed-income corporate bonds, compensation level and actual returns on plan assets) adjustments in value result, referred to as actuarial gains or losses. These actuarial results are reported in accordance with IAS 19 "Employee Benefits" using the corridor method. Actuarial gains or losses exceeding the corridor (10% of the present value of the obligation or the fair value of plan assets) are charged or credited to income over the expected average remaining working lives of the employees covered by the plan; those not exceeding the corridor are not recognised.
Provisions for termination benefits have to be paid primarily on termination of employment by the employer or on the retirement of an employee according to labor regulations. At each balance sheet date the liabilities are remeasured by qualified and independent actuaries.
For employees who joined Austrian companies up to and including 2002 direct obligations of the company exist, which account for the major part of the Group's termination benefit obligations. In accordance with IAS 19 these liabilities are calculated using the projected unit credit method, taking into consideration the corridor method and represent termination benefit obligations not covered by plan assets. Actuarial gains or losses exceeding the corridor are charged or credited to income over the expected average remaining working lives of the employees covered by the plan. For employees who joined as of 1 January 2003 the termination benefit obligation is fulfilled by regular contributions to a staff provision fund ("Mitarbeitervorsorgekasse"). These contributions are included in personnel expenses. The Group has no further payment obligations once the contributions have been paid.
For employees of the companies in India obligations for termination benefits are covered by life insurances. Furthermore, termination benefit obligations exist for employees in South Korea.
Staff costs recognised in the respective financial year are based on expected values and include entitlements acquired, interest expense and the actuarial results using the corridor method.
Other employee benefits include provisions for anniversary bonuses and relate to employees in Austria and China.
Anniversary bonuses are special lump-sum payments stipulated in the Collective Agreement which are dependent on compensation and years of service. Eligibility is determined by a certain uninterrupted number of service years. The respective liability is calculated in accordance with the projected unit credit method based on the same parameters used for termination benefits, however, without taking into consideration the corridor method. Staff costs recognised in the respective financial year include entitlements acquired, interest expense and the actuarial
results. At each balance sheet date the liabilities are remeasured by qualified and independent actuaries.
The Group operates a stock option plan which is settled by the issue of treasury shares, as well as a stock option plan which is settled alternatively in cash or in treasury shares. These stock option plans are accounted for in accordance with IFRS 2 "Share-based Payment".
The fair value of the work performed by employees in return for the stock options granted to them is recognised as expense. The Group accounts for a corresponding increase in equity, if the work performed is compensated by the issue of treasury shares. Reference is made to Note 23 "Share capital". The Group accounts for an increase in liability, if it is settled alternatively in cash or in treasury shares. Reference is made to Note 16 "Trade and other payables".
At their initial recognition liabilities are measured at fair value less transaction cost and in subsequent periods at amortised cost using the effective interest rate method. Foreign currency liabilities are translated at the middle exchange rate prevailing at the balance sheet date.
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the group will comply with all attached conditions.
Government grants relating to costs are deferred and recognised over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the income statement on a straight-line basis over the expected lives of the related assets. They are recognised in the income statement under other operating income.
Contingent liabilities are not recognised in the balance sheet, but disclosed in the notes to the financial statements. They are not disclosed, if an outflow of resources with economic benefit is unlikely.
A contingent receivable is not recognised in the consolidated financial statements, but disclosed, if the inflow of an economic benefit is likely.
The IFRS already mandatory at the balance sheet date were adopted in the preparation of the consolidated financial statements. The IASB issued amendments to existing standards, as well as new standards and interpretations which are mandatory for 2008/09. These regulations were also adopted by the EU and relate to the following areas:
This amendment does not have an impact on the Group's assets and liabilities, its financial position and results of operations.
The IASB has issued further standards and amendments to standards and interpretations that are not yet mandatory in the financial year 2008/09. The following standards and interpretations had been adopted by the EU by the time these consolidated financial statements were prepared and published in the Official Journal:
The amendments are mandatory for accounting periods beginning on or after 1 January 2009. Thus, the Group will apply these new regulations as of the financial year 2009/10. From today's perspective, these amendments are not expected to have a material impact on the Group's assets and liabilities, its financial position and results of operations, a final assessment, however, cannot be made. In any case, the amendments will affect parts of the financial statement presentation.
Furthermore, under the annual improvements project of the IASB a total of 20 standards were amended in May 2008, which have also already been adopted by the EU and are not yet mandatory in the financial year 2008/09. The amendments include the following:
The amendments are mandatory for accounting periods beginning on or after 1 January 2009, with the exception of IFRS 5 and IFRS 1 (mandatory for accounting periods beginning on or after 1 July 2009). Thus, the Group will apply these new regulations as of the financial year 2009/10 (and the amendments of IFRS 5 and IFRS 1 as of the financial year 2010/11). From today's perspective, these amendments are not expected to have a material impact on the Group's assets and liabilities, its financial position and results of operations.
The following amendments to standards under the IASB's improvements project of May 2008 relate to changes in wording or editing, which have no or only insignificant effects on accounting. The amendments are mandatory for accounting periods beginning on or after 1 January 2009. Thus, the Group will apply these new regulations as of the financial year 2009/10:
The following standards, amendments to standards and interpretations have already been issued by the IASB or IFRIC, but at the time the consolidated financial statements were prepared had not yet been adopted by the European Union:
Under the annual improvements project of the IASB a total of 10 standards and 2 interpretations were amended in April 2009. The amendments include the following, which at the time the consolidated financial statements were prepared had not yet been adopted by the EU:
The effects of these new regulations, which at the time these consolidated financial statements were prepared had not yet been adopted by the EU, cannot yet be estimated reliably.
The Group uses estimates and assumptions to determine the reported amounts of assets, liabilities, net sales and expenses, as well as the disclosure of commitments and contingent assets and liabilities. All estimates and assumptions are reviewed on a regular basis and are based on past experiences and additional factors, including expectations regarding future events that seem reasonable under given circumstances. In the future actual results may differ from these estimates. Management believes that the estimates are reasonable.
The present value of non-current employee benefits depends on various factors that are based on actuarial assumptions (refer to I.B.p. "Employee benefits"). On 31 March 2009 a reduction of the discount rate (actuarial parameter) from 5.25% to 4.75% would affect the projected retirement and termination benefit obligations as follows:
| (in € 1,000) | Retirement benefits | Termination benefits |
|---|---|---|
| Increase of present value of obligation | 775 | 743 |
An increase in the interest rate (actuarial parameter) from 5.25% to 5.75% would have the following effects on the present value of retirement and termination benefits entitlements at 31 March 2009:
| (in € 1,000) | Retirement benefits | Termination benefits |
|---|---|---|
| Reduction present value of obligation | 687 | 675 |
Reference is made to Note 18 "Provisions for employee benefits".
Deferred tax assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the balance sheet date. A future change in tax rates would also have an impact on the deferred tax assets recognised at the balance sheet date. Moreover, a different interpretation of tax laws by fiscal authorities could also lead to a change in income tax liabilities.
Deferred tax assets in the amount of EUR 29.6 million were not recognised for tax loss carryforwards in the Group. The major part of these non-capitalised tax loss carryforwards may be carried forward for an unlimited period of time. If they were subsequently expected to be realised, these deferred tax assets would have to be recognised. Reference is made to Note 7 "Income taxes".
Further estimates relate to impairments of non-current assets, the measurement of derivative financial instruments, the restructuring of the Leoben-Hinterberg plant, allowances for doubtful accounts and measurements of inventory. Reference is made to Note 4 "Other operating result", Note 5 "Non-recurring items" and Note 19 "Other provisions".
Risk management is carried out by a central treasury department (Group Treasury) under policies approved by the Management Board. Responsibilities, authorisations and limits are governed by internal guidelines. Group Treasury identifies, evaluates and hedges financial risks in close cooperation with the Group's operative units. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and nonderivative financial instruments, and investing excess liquidity.
Detailed information on credit risks and derivative financial instruments is contained in Note I.B.l. "Summary of significant accounting policies: Derivative financial instruments" and in Note 20 "Derivative financial instruments". The Group uses derivative financial instruments, such as forward contracts, options and swaps, exclusively for hedging purposes.
At the balance sheet date the Group has liquidity reserves in the amount of TEUR 66,898. Cash and cash equivalents, trading securities and securities available for sale account for TEUR 20,602 thereof and existing unused credit lines for TEUR 46,296 thereof.
The Company is authorised, subject to approval by the Supervisory Board, to issue up to 11,300,000 new shares of authorised capital as well as convertible bonds amounting to a total of TEUR 100,000, as well as to sell treasury shares (at the balance sheet date the Group holds 2,577,412 treasury shares).
Moreover, the Group has a significant positive cash flow from operating activities at its disposal. The net cash flow from operating activities amounts to TEUR 38,733 for the financial year 2008/09 (2007/08: TEUR 61,828).
With regard to liquidity risks, reference is also made to the detailed disclosures in Note 17 "Financial liabilities". In addition to the non-current funds available to the Company at the balance sheet date, it also obtained a binding loan commitment in the amount of EUR 37 million with a maturity of five years.
Minor interest rate risks on the assets side of the balance sheet relate to investments in securities. Most of the other liquid resources are invested short-term and all securities are available for sale. Reference is made to Note 13 "Financial assets" and Note 15 "Cash and cash equivalents".
On the liabilities side, 78% of the borrowings are subject to fixed interest rates, and most of the remaining variable interest rate loans (22%) have maturities of less than one year. Reference is made to Note 17 "Financial liabilities".
Transaction, translation and economic risk are constantly monitored to guard against currency risk. Transaction risk is mostly internally managed by closing positions (netting), in some cases derivative financial instruments are used to hedge open positions.
Due to its Asian subsidiaries the Group is exposed to local currency risks. As a result of legal restrictions and the illiquidity of the currencies in question, local hedging transaction are possible only to a limited extent. Wherever required, the risk is transferred to Europe and hedged there.
The Group applies the value at risk concept (VAR) to quantify the interest rate and currency risks. VAR is a measure for the market price risk and shows the highest possible loss that can occur over a certain period of time, taking into account the correlations between different risk elements.
In addition, by a so-called GAP analysis the potential loss resulting from a 1% change in price (currency rate or interest rate) with regard to the foreign currency or interest net position is determined. Correlations between different risk elements are not accounted for in this analysis.
If the interest rates at the balance sheet date had been 100 basis points higher (or lower, respectively), based on the financing structure at the balance sheet date the annual result of the Group would have been EUR 0.5 million (2007/08: EUR 1.2 million) lower (or higher, respectively), provided all other variables had remained constant. This would have mainly been due to higher (or lower, respectively) interest expenses for variable interest financial liabilities. Further components of equity would not be directly affected. The impact of this interest rate sensitivity analysis is based on the assumption that the interest rates would deviate during the entire financial year by 100 basis points.
If the exchange rate of the euro against all other currencies had risen (or fallen, respectively) by 1% at the balance sheet date, the annual result of the Group would have been EUR 0.6 million (2007/08: EUR 0.4 million) lower (or higher, respectively), provided all other variables had remained constant. This would have mainly been due to the measurement of trade receivables denominated in US dollars and derivative financial instruments at fair value. Further components of equity would not be directly affected in the sense of this exchange rate sensitivity analysis.
If the exchange rate of the US dollar against all other currencies had risen (or fallen, respectively) by 1% at the balance sheet date, the annual result of the Group would have been EUR 1.7 million (2007/08: EUR 0.9 million) higher (or lower, respectively), provided all other variables had remained constant. This would have mainly been due to the measurement of trade receivables denominated in US dollars, as well as trade payables and derivative financial instruments at fair value. Further components of equity would not be directly affected in the sense of this exchange rate sensitivity analysis.
In the exchange rate sensitivity analysis the respective impact on the result is calculated on the basis of foreign currency net positions at the balance sheet date and the development of net cash flows expected according to budget for the next 12 months, taking into account derivative financial instruments. Thus, the disclosures of the effect on the consolidated profit for the year also include the effects on the result of the net cash flows for the next 12 months. Funding within the Group between group companies and exchange rate related differences from the translation of financial statements into the group currency are not accounted for.
In the context of its strong growth in the past few years, the Group has established strong and long-term relations with key customers, resulting in a certain concentration on the customer side. In order to guard against this potential risk, the Group encourages the further diversification in the customer, industry and product mix and, apart from the Mobile Devices segment, increasingly focuses on the areas Industrial and Automotive. In order to further increase the existing customer portfolio, the focus is on the acquisition of new customers and on the development of the distribution network to better correspond to market requirements. The disappearance of weak market participants, which had been expected and in part has already taken place in the printed circuit board production, even in times of crisis provides the Group with opportunities to acquire new customers in addition to market shares.
A major portion of revenue in the Group is generated from two multinational groups operating in the Mobile Devices segment. The Group has significant receivables from these customers, which at 31 March 2009 account for 35% of total trade receivables (31 March 2008: 33%) The credit standing of these customers is monitored.
The monitoring of the credit risk is generally based on regular credit assessments and on taking out credit insurances for customers in the Group.
Reference is made to the detailed disclosures in Note 12 "Trade and other receivables".
In order to guard against losing its technological lead, the Group gives high priority to innovation, and hence to maintaining a highly active research and development programme. The Group has therefore made research and development expenditure at a high level particularly in the past financial year, focusing on new processes, products and design solutions. In addition, research was also conducted aimed at new customer segments, e.g. the area of photovoltaics. In doing so, the Group has sustainably intensified the existing technology and research network. The research and development activities of the Group are often carried out in cooperation with various external partners. In addition to taking into account customer requirements and ideas, project-related cooperations are entered into with research institutions, suppliers or other technology companies. Through its research and development effort, the Group is in a position to spot technological trends early and to help shape them, and then to rapidly commercialise the products that emerge.
The objectives of the Group with respect to capital management, on the one hand, include securing the going concern in order to be able to provide the equity holders with dividends and the other stakeholders with appropriate services, and on the other hand, maintaining an appropriate capital structure in order to optimise capital costs. To that end, the Group, as required, adjusts the dividend payments to equity holders, makes capital repayments to equity holders (redemption of treasury shares), issues new shares or changes its portfolio of assets.
As is customary in the industry, the Group monitors its capital based on net gearing, calculated from the ratio of net financial liabilities to equity. Net financial liabilities are calculated from financial liabilities less cash and cash equivalents as well as financial assets. The individual amounts for calculating the net financial liabilities and equity have to be taken directly from the consolidated balance sheet.
Unchanged on the prior year, basically the Group pursues the strategy of maintaining a net gearing of up to 80% in order to be able to borrow at reasonable cost. Net gearing as of 31 March 2009 amounted to 69% (31 March 2008: 62%). The calculation was simplified compared to the presentation in the consolidated financial statements of the prior year and the provisions for employee benefits are not included in the net financial liabilities according to the recognition of the interest component in staff costs.
Segment information is presented according to the following criteria:
The geographical segmentation is the primary reporting format and is performed according to the location of the assets held by the Group in Europe and Asia.
Business segments represent the secondary reporting format. The Group principally operates in the following business areas:
All other business areas of minor importance are included in "Other".
Transfers and transactions between the segments are performed under market conditions, as they would be applied to transactions with independent third parties.
| Not allocated and consolida |
||||
|---|---|---|---|---|
| (in € 1,000) | Europe | Asia | tion | Group |
| External sales | 335,299 | 114,582 | -- | 449,881 |
| Intercompany sales | -- | 159,938 | (159,938) | -- |
| Total revenues | 335,299 | 274,520 | (159,938) | 449,881 |
| Segment result/Operating result | (28,645) | 42,844 | (15,259) | (1,060) |
| Financial result | 1,265 | |||
| Profit before income tax | 205 | |||
| Income tax expense | (5,992) | |||
| Profit/(loss) for the year | (5,787) | |||
| Total assets | 134,333 | 391,862 | 10,620 | 536,815 |
| Liabilities | 60,253 | 34,199 | 189,629 | 284,081 |
| Capital expenditures | 9,191 | 39,375 | 725 | 49,291 |
| Depreciation/amortisation of property, | ||||
| plant and equipment and intangible assets | 13,563 | 38,747 | 1,126 | 53,436 |
Significant effects on the segment result:
| Not allocated | |||||
|---|---|---|---|---|---|
| (in € 1,000) | and consolida | ||||
| Europe | Asia | tion | Group | ||
| Non-recurring items | 21,996 | 5,646 | -- | 27,642 |
Reference is made to Note 5 "Non-recurring items".
| Not allocated | ||||
|---|---|---|---|---|
| and | ||||
| (in € 1,000) | Europe | Asia | consolidation | Group |
| External sales | 371,673 | 114,071 | -- | 485,744 |
| Intercompany sales | 142,562 | (142,562) | -- | |
| Total revenues | 371,673 | 256,633 | (142,562) | 485,744 |
| Segment result/Operating result | 13,755 | 47,966 | (19,606) | 42,115 |
| Financial result | 3,124 | |||
| Profit before income tax | 45,239 | |||
| Income tax expense | (3,949) | |||
| Profit for the year | 41,290 | |||
| Total assets | 164,566 | 343,968 | (12,934) | 495,600 |
| Liabilities | 65,918 | 65,226 | 138,165 | 269,309 |
| Capital expenditures | 8,448 | 102,674 | 298 | 111,420 |
| Depreciation/amortisation of property, | ||||
| plant and equipment and intangible assets | 10,151 | 24,436 | 1,394 | 35,981 |
Significant effects on the segment result:
| Not allocated and consolida |
||||
|---|---|---|---|---|
| (in € 1,000) | Europe | Asia | tion | Group |
| Impairments | 1,714 | 137 | -- | 1,851 |
| Non-recurring items | -- | 1,113 | -- | 1,113 |
| Reversals of impairments | -- | 272 | -- | 272 |
Reference is made to Note 5 "Non-recurring items", Note 8 "Property, plant and equipment" and Note 9 "Intangible assets".
By segment, the Group's revenues are broken down as follows:
| Financial year | ||
|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 |
| Mobile Devices | 287,538 | 323,371 |
| Industrial | 107,001 | 102,377 |
| Automotive | 41,298 | 50,234 |
| Other | 14,044 | 9,762 |
| 449,881 | 485,744 |
The other segment mainly relates to the service segment (design, assembly and trading).
Total assets are used jointly by all business segments. Thus a breakdown according to industry as well as an allocation of capital expenditures cannot be presented.
Revenue broken down by country is as follows:
Financial year
| (in € 1,000) | 2008/09 | 2007/08 |
|---|---|---|
| Austria | 20,038 | 22,022 |
| Germany | 92,169 | 120,033 |
| Hungary | 52,149 | 44,626 |
| Other EU | 34,113 | 31,862 |
| Asia | 175,060 | 203,237 |
| Canada, USA | 70,476 | 57,977 |
| Other | 5,876 | 5,987 |
| 449,881 | 485,744 |
| Financial year | ||
|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 |
| Main revenue | 449,666 | 485,430 |
| Incidental revenue | 215 | 314 |
| 449,881 | 485,744 |
The expense types of cost of sales, selling expenses and general and administrative costs are as follows:
| Financial year | ||
|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 |
| Cost of materials | 172,571 | 191,711 |
| Personnel expenses | 105,839 | 115,592 |
| Depreciation/amortisation | 44,192 | 35,003 |
| Purchased services incl. leased personnel | 24,489 | 29,677 |
| Maintenance (incl. spare parts) | 22,072 | 21,279 |
| Energy | 21,813 | 21,288 |
| Transportation costs | 7,689 | 8,519 |
| Change in inventories | 7,395 | (2,816) |
| Rental and leasing expenses | 6,221 | 5,202 |
| Other | 14,910 | 15,834 |
| 427,191 | 441,289 |
In the financial years 2008/09 and 2007/08 the item "other" mainly relates to travel expenses, legal and consulting fees, as well as insurance expenses.
The Group incurred research and development costs in the amount of TEUR 8,590 and TEUR 8,651 in the financial years 2008/09 and 2007/08, respectively. The above amounts represent only costs which can be directly allocated and which are recognised as expenses in cost of sales.
| Financial year | ||
|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 |
| Income from the reversal of government | ||
| grants | 843 | 2.064 |
| Expenses/income from foreign exchange | ||
| differences | 1,639 | (1,475) |
| Losses from the sale of non-current assets | (89) | (789) |
| Impairments/reversals of impairments of | ||
| property, plant and equipment *) | 1 | 135 |
| Impairments of assets held for sale **) | -- | (1,714) |
| Start-up losses ***) | (380) | (2,058) |
| Insurance reimbursements | -- | 15 |
| Miscellaneous other income | 1,878 | 2,595 |
| 3,892 | (1,227) |
*) Reference is made to Note 8 "Property, plant and equipment".
**) Reference is made to Note 14 "Non-current assets held for sale".
***) The start-up losses in 2008/09 are due to the construction of the second plant in India and the start-up losses in 2007/08 to the construction of the third plant in China.
The item "Miscellaneous other income" mainly relates to income from export refunds in Asia in the financial years 2008/09 and 2007/08.
Non-recurring items include the following:
| Financial year | ||
|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 |
| Impairments of goodwill | (5,426) | (1,113) |
| Impairments of other intangible assets | (108) | -- |
| Impairments of property, plant and equipment | (3,706) | -- |
| Losses from the disposal of assets | (13) | -- |
| Personnel expenses | (8,866) | -- |
| Net costs arising from other contractual obli | ||
| gations | (9,605) | -- |
| Income from the reversal of provisions for | ||
| restructuring | 82 | -- |
| (27,642) | (1,113) |
The impairments of goodwill relate to the write-down of the goodwill of AT&S Korea in the financial year 2008/09 and of AT&S ECAD in the prior financial year 2007/08. Reference is made to Note 9 "Intangible assets".
Restructuring Leoben-Hinterberg
In connection with the restructuring of the production site in Leoben-Hinterberg, Austria, nonrecurring expenses in the amount of TEUR 20,971 were incurred in the financial year 2008/09. The related expense items are as follows:
| Financial year | |
|---|---|
| (in € 1,000) | 2008/09 |
| Impairments of property, plant and equipment | (3,582) |
| Impairments of intangible assets | (12) |
| Personnel expenses | (7,788) |
| Net costs arising from other contractual obli | |
| gations | (9,589) |
| (20,971) |
The restructuring of the Leoben-Hinterberg location includes the adjustment of the production capacities to the expected utilisation of the plant in the future. Production machines that are no longer required were written off accordingly. The personnel expenses result from a social plan agreed upon in the third quarter of the past financial year. Net costs arising from other contractual obligations mainly relate to already incurred and expected vacancy costs for the unused building space based on the non-cancellable property lease obligations, and other contractual obligations to be recognised as expenses. Reference is made to Note 8 "Property, plant and equipment", Note 9 "Intangible assets" and Note 19 "Other provisions".
The other non-recurring personnel expenses in the amount of TEUR 1,078 result from a costcutting programme implemented in the fourth quarter of the financial year 2008/09 across the Group and the related reduction in personnel, in particular in the area of overhead costs. Noncurrent assets were also affected by the cost-cutting programme. Reference is made to Note 8 "Property, plant and equipment" and Note 9 "Intangible assets ".
| Financial year | |||
|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | |
| Interest income from financial assets at fair value and | |||
| available-for-sale securities | 706 | 660 | |
| Other interest income | 260 | 292 | |
| Gains from the sale of cash equivalents | 8 | 881 | |
| Realised gains from derivative financial instruments, | |||
| net | -- | 4,513 | |
| Gains from the measurement of derivative financial | |||
| instruments at fair value, net | -- | 4,169 | |
| Gains from foreign exchange differences, net | 14,764 | 862 | |
| Other financial income | 57 | -- | |
| Financial income | 15,795 | 11,377 | |
| Interest expense on borrowings | (8,764) | (7,650) | |
| Interest expense from finance leases Realised income from derivative financial instruments, |
(76) | (144) | |
| net | 2,755 | -- | |
| Losses from the measurement of derivative financial | |||
| instruments at fair value, net | (8,029) | -- | |
| Other financial expenses | (416) | (459) | |
| Financial expenses | (14,530) | (8,253) | |
| Financial result | |||
| 1,265 | 3,124 |
The income tax expense is broken down as follows:
| Financial year | |||
|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | |
| Current income taxes | 3,367 | 7,059 | |
| Deferred taxes | 2,625 | (3,110) | |
| Total tax expense | 5,992 | 3,949 |
The difference between the Group's actual tax expense and the theoretical amount that would arise using the Austrian statutory tax rate is as follows:
| Financial year | ||
|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 |
| Expected tax expense at standard Austrian | ||
| rate | 51 | 11,310 |
| Effect of different tax rates in foreign coun | (11,527) | |
| tries | (10,080) | |
| Non-creditable foreign withholding taxes | 4,292 | 1,867 |
| Effect of change in previously unrecognised | ||
| tax losses and temporary differences | 16,475 | 3,268 |
| Effect of the change in tax rate | (1,268) | (1,744) |
| Effect of permanent differences | (1,821) | (1,007) |
| Effect of taxes from prior periods | (235) | 329 |
| Other tax effects, net | 25 | 6 |
| Total tax expense | 5,992 | 3,949 |
Deferred tax assets and liabilities consist of the following:
| 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2008 |
| Deferred tax assets | ||
| Tax loss carryforwards including taxable goodwill | 3,459 | 5,411 |
| Non-current assets | 5,625 | 3,163 |
| Inventories | 1,264 | 1,155 |
| Trade receivables | 129 | 302 |
| Retirement, termination benefit and other employee | ||
| benefit obligations | 972 | 1,001 |
| Other non-current liabilities | 48 | 967 |
| Temporary differences arising from shares in sub | ||
| sidiaries | 1,705 | 508 |
| Other | 12 | 174 |
| Deferred tax assets | 13,214 | 12,681 |
| Deferred tax liabilities | ||
| Non-current assets | (2,662) | (3,407) |
| Unrealised gains from securities available for sale, | ||
| recognised in equity and not taken through profit or | ||
| loss | (8) | (19) |
| Provisions for termination benefits | (692) | (775) |
| Foreign currency valuation | (2,364) | (1,621) |
| Temporary differences arising from shares in sub | ||
| sidiaries | (4,589) | (1,152) |
| Other taxable temporary differences | (2,725) | (3,573) |
| Other | (57) | (23) |
| Deferred tax liabilities | (13,097) | (10,570) |
| Deferred tax assets, net | 117 | 2,111 |
Deferred tax assets and liabilities are netted, if a legally enforceable right exists to set off the actual tax credits against the actual tax liabilities and if they are levied by the same tax authority. The offset amounts are as follows:
| 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2008 |
| Deferred tax assets: | ||
| - non-current | 7,876 | 6,761 |
| - current | 2,086 | 2,630 |
| 9,962 | 9,391 | |
| Deferred tax liabilities: | ||
| - non-current | (6,740) | (5,123) |
| - current | (3,105) | (2,157) |
| (9,845) | (7,280) | |
| Deferred tax assets, net | 117 | 2,111 |
At 31 March 2009 the Group has tax loss carryforwards and taxable goodwill amounting to a total of TEUR 135,308 (at 31 March 2008 TEUR 54,911). For loss carryforwards amounting to TEUR 120,673 (at 31 March 2008 TEUR 34,757) thereof no deferred tax assets were recognised in the amount of TEUR 29,588 (at 31 March 2008 TEUR 8,866), since it is unlikely that they could be realised in the foreseeable future. TEUR 9,519 (at 31 March 2008 TEUR 4,789 of which accounts for the measurement of treasury shares, which would result in the need to recognise deferred taxes in consolidated equity, not affecting net income.
Deferred taxes (net) changed as follows:
| Financial year | ||
|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 |
| Carrying amount at the beginning of the fi nancial year |
2,111 | 217 |
| Currency translation differences | 622 | (1,228) |
| Income/(expense) recognised in the income | ||
| statement | (2,625) | 3,110 |
| Income taxes recognised in equity | 9 | 12 |
| Carrying amount at the end of the financial | ||
| year | 117 | 2,111 |
| Prepayments | |||||
|---|---|---|---|---|---|
| Machinery and | Tools, fixtures, | and construc | |||
| Land, plants | technical | furniture and of | tion in pro | ||
| (in € 1,000) | and buildings | equipment | fice equipment | gress | Total |
| Net carrying amount | |||||
| 31 March 2008 | 45,002 | 225,630 | 5,685 | 21,433 | 297,750 |
| Exchange differences | 8,097 | 38,970 | 320 | 3,552 | 50,939 |
| Additions | 1,247 | 13,184 | 2,233 | 32,011 | 48,675 |
| Disposals | (3) | (238) | (93) | -- | (334) |
| Transfers | -- | 41,355 | 57 | (41,412) | -- |
| Impairment | -- | (3,264) | (442) | -- | (3,706) |
| Reversals of impairment | -- | 1 | -- | -- | 1 |
| Depreciation, current | (2,692) | (38,728) | (2,052) | -- | (43,472) |
| Net carrying amount | |||||
| 31 March 2009 | 51,651 | 276,910 | 5,708 | 15,584 | 349,853 |
| Gross carrying amount | 61,261 | 591,115 | 21,607 | 15,584 | 689,567 |
|---|---|---|---|---|---|
| Accumulated depreciation | (9,610) | (314,205) | (15,899) | -- | (339,714) |
| Net carrying amount | 51,651 | 276,910 | 5,708 | 15,584 | 349,853 |
| Prepayments | |||||
|---|---|---|---|---|---|
| Machinery and | Tools, fixtures, | and construc | |||
| Land, plants | technical | furniture and of | tion in pro | ||
| (in € 1,000) | and buildings | equipment | fice equipment | gress | Total |
| Net carrying amount | |||||
| 31 March 2007 | 33,574 | 180,135 | 6,140 | 20,419 | 240,268 |
| Exchange differences | (3,603) | (12,978) | (243) | (1,589) | (18,413) |
| Additions | 17,056 | 88,192 | 2,251 | 3,379 | 110,878 |
| Disposals | -- | (673) | (207) | -- | (880) |
| Transfers | -- | 776 | -- | (776) | -- |
| Impairment | -- | (137) | -- | -- | (137) |
| Reversals of impairment | -- | 272 | -- | -- | 272 |
| Depreciation, current | (2,025) | (29,957) | (2,256) | -- | (34,238) |
| Net carrying amount | |||||
| 31 March 2008 | 45,002 | 225,630 | 5,685 | 21,433 | 297,750 |
| At 31 March 2008 | |||||
| Gross carrying amount | 50,888 | 495,038 | 21,531 | 21,433 | 588,890 |
| Accumulated depreciation | (5,886) | (269,408) | (15,846) | -- | (291,140) |
| Net carrying amount | 45,002 | 225,630 | 5,685 | 21,433 | 297,750 |
The value of the land included in land, plants and buildings amounts to TEUR 1,280 (TEUR 1,470 as at 31 March 2008).
Depreciation of the current financial year is recognised in cost of sales, selling costs, and general and administrative costs.
For some property, plant and equipment, which fulfilled the criteria for impairment, an impairment to their recoverable amount had to be recognised. The impairments in the financial year 2008/09 in the amount of TEUR 3,706 result exclusively from restructuring and cost-cutting measures. The determination of this amount was based on available estimates for the sale of these assets under market conditions and arm's length transactions. Reference is made to Note 5 "Non-recurring items".
An impairment loss recognised for a machine in the financial year 2006/07 was reversed in the financial year 2007/08 in the amount of TEUR 272. This reversal of impairment is due to a favourable change in the basis used to determine the recoverable amount in connection with the acquisition of a replacement machine.
The following amounts for leased non-current assets from finance leases are recorded under "Property, plant and equipment":
| 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2008 |
| Machinery and technical equipment | -- | 9,636 |
| Accumulated depreciation | -- | (5,651) |
| Net carrying amount | -- | 3,985 |
| 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2008 |
| Tools, fixtures, furniture and office | ||
| equipment | -- | 29 |
| Accumulated depreciation | -- | (22) |
| Net carrying amount | -- | 7 |
In connection with the collateralisation of various financing agreements property, plant and equipment in the amount of TEUR 1,772 (TEUR 2,680 at 31 March 2008) was mortgaged. Part of property, plant and equipment was acquired through finance leases.
| Industrial property | ||||
|---|---|---|---|---|
| and similar rights | ||||
| and assets, and li | ||||
| censes in such | Other intan | |||
| (in € 1,000) | rights and assets | Goodwill | gible assets | Total |
| Net carrying amount 31 March 2008 | 2,331 | 5,910 | 106 | 8,347 |
| Exchange differences | 29 | (484) | -- | (455) |
| Additions | 617 | -- | -- | 617 |
| Disposals | (11) | -- | -- | (11) |
| Impairment | (108) | (5,426) | -- | (5,534) |
| Amortisation, current | (722) | -- | (4) | (726) |
| Net carrying amount 31 March 2009 | 2,136 | -- | 102 | 2,238 |
| At 31 March 2009 | ||||
| Gross carrying amount | 12,786 | 5,052 | 131 | 17,969 |
| Accumulated amortisation | (10,650) | (5,052) | (29) | (15,731) |
| Net carrying amount | 2,136 | -- | 102 | 2,238 |
| Industrial property and similar rights and assets, and li censes in such |
Other intan | |||
| (in € 1,000) | rights and assets | Goodwill | gible assets | Total |
|---|---|---|---|---|
| Net carrying amount 31 March 2007 | 3,065 | 8,486 | 15 | 11,566 |
| Exchange differences | (31) | (1,463) | -- | (1,494) |
| Additions | 440 | -- | 102 | 542 |
| Disposals | (389) | -- | -- | (389) |
| Impairment | -- | (1,113) | -- | (1,113) |
| Amortisation, current | (754) | -- | (11) | (765) |
| Net carrying amount 31 March 2008 | 2,331 | 5,910 | 106 | 8,347 |
| At 31 March 2008 | ||||
|---|---|---|---|---|
| Gross carrying amount | 13,051 | 5,910 | 134 | 19,095 |
| Accumulated amortisation | (10,720) | -- | (28) | (10,748) |
| Net carrying amount | 2,331 | 5,910 | 106 | 8,347 |
Amortisation of the current financial year is charged to cost of sales, selling costs and general and administrative costs.
The impairments of TEUR 5,426 in the financial year 2008/09 mainly relate to the write-off of the entire goodwill of AT&S Korea on the basis of the impairment test for goodwill explained subsequently. The other impairments in the financial year 2008/09 in the amount of TEUR 108 result exclusively from restructuring and cost-cutting measures. The determination of these amounts is based on available estimates for the sale of these assets under market conditions and arm's length transactions. Reference is made to Note 5 "Non-recurring items".
In the prior financial year 2007/08 the impairment test of AT&S ECAD resulted in the impairment of the entire goodwill in the amount of TEUR 1,113.
For the purpose of the impairment test, goodwill is allocated to the cash-generating unit AT&S Korea and the Asia segment.
Due to the altered market conditions the long-term business plan of AT&S Korea was revised in the third quarter of the financial year 2008/09 and an impairment test was performed.
The value in use was derived from future cash flows which are based on a detailed budgeting adopted by the management. In order to determine the value in use of AT&S Korea a detailed planning horizon of seven years was used.
The cash flows after the planning horizon were projected based on assumed growth rates, which are derived from the average long-term growth rates of the industry in which the company operates.
Key assumptions used for value-in-use calculation of AT&S Korea:
| Gross profit margin1 | 12.1% |
|---|---|
| Growth rate2 | 3.0% |
| Discount rate3 | 15.9% |
1 Budgeted gross profit margin
2 Weighted average growth rate for the projection of cash flows according to the 7-year planning horizon
3 Pre-tax discount rate
Management determined budgeted gross profit margin based on past performance and its expectations for the future market development. The growth rate applied reflects industry expectations. The discount rate used is pre-tax and accounts for specific risks relating to the relevant business segments.
The impairment test resulted in an impairment of the entire goodwill of AT&S Korea in the amount of TEUR 5,426.
| 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2009 |
| Prepayments | 1,887 | 1,577 |
| Deposits made | 1,128 | 861 |
| Other non-current receivables | 51 | 23 |
| Carrying amount | 3,066 | 2,461 |
The prepayments relate to long-term rent prepayments for the factory premises in China.
| 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2008 |
| Raw materials and supplies | 18,207 | 17,974 |
| Work in progress | 8,963 | 13,334 |
| Finished goods | 19,828 | 20,406 |
| Carrying amount | 46,998 | 51,714 |
The write-down of inventories amounted to TEUR 8,979 at 31 March 2009 (TEUR 4,340 at 31 March 2008).
In connection with various financing agreements inventories in the amount of TEUR 0 (TEUR 750 at 31 March 2008) serve as collateral. Reference is made to Note 17 "Financial liabilities".
The carrying amounts of trade and other receivables are as follows:
| 31 March | ||||
|---|---|---|---|---|
| (in € 1,000) | 2009 | 2008 | ||
| Trade receivables | 86,001 | 78,229 | ||
| VAT receivables | 6,803 | 8,799 | ||
| Energy tax refunds | 3,511 | 2,264 | ||
| Prepayments | 2,327 | 633 | ||
| Insurance reimbursements | 1,573 | 1,010 | ||
| Deposits | 1,014 | 244 | ||
| Public grants, not yet received | -- | 166 | ||
| Other receivables | 763 | 3,314 | ||
| Impairments | (979) | (908) | ||
| 101,013 | 93,751 |
Other receivables mainly include prepaid expenses and deferred charges.
All receivables at 31 March 2009 and 31 March 2008 have remaining maturities of less than one year.
At the balance sheet date 31 March 2009 receivables in the amount of TEUR 6,072 (TEUR 11,059 at 31 March 2008) had been transferred to a bank under a genuine factoring arrangement.
In connection with various financing agreements trade receivables amounting to TEUR 36,000 (TEUR 43,200 at 31 March 2008) serve as collateral. Reference is made to Note 17 "Financial liabilities".
The carrying amounts of trade and other receivables approximately correspond to their respective fair values.
| Carrying amount |
thereof: not impaired and |
thereof: not impaired and not insured and overdue for the following periods |
||||
|---|---|---|---|---|---|---|
| (in € 1,000) | not overdue or insured, resp. |
between | between | |||
| Trade and other receivables | less than 3 months |
3 and 6 months |
6 and 12 months |
more than 12 months |
||
| 101,013 | 92,555 | 7,868 | 263 | 240 | 87 | |
| At 31 March 2008 | thereof: not impaired and not insured and overdue for the following periods |
|||||
| Carrying amount |
thereof: not impaired and |
between | between | |||
| (in € 1,000) | not overdue or insured, resp. |
less than 3 months |
3 and 6 months |
6 and 12 months |
more than 12 months |
|
| Trade and other receivables | 93,751 | 91,855 | 1,425 | 110 | 40 | 321 |
There were no indications at the balance sheet date that trade and other receivables which are neither impaired nor overdue would not be paid.
Impairment of trade and other receivables changed as follows:
| Financial year | |||
|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | |
| Impairment at the beginning of the financial year | 908 | 888 | |
| Utilisation | (81) | (434) | |
| Reversal | (141) | (119) | |
| Addition | 358 | 590 | |
| Currency translation differences | (65) | (17) | |
| Impairment at the end of the financial year | 979 | 908 |
The carrying amounts of financial assets are as follows:
| thereof | thereof | ||
|---|---|---|---|
| (in € 1,000) | 31 March 2009 | non-current | current |
| Financial assets at fair value through profit or loss | 13,987 | -- | 13,987 |
| Available-for-sale financial assets | 148 | 122 | 26 |
| 14,135 | 122 | 14,013 | |
| thereof | thereof | ||
| (in € 1,000) | 31 March 2008 | non-current | current |
| Financial assets at fair value through profit or loss | 19,969 | -- | 19,969 |
| Available-for-sale financial assets | 194 | 119 | 75 |
| 20,163 | 119 | 20,044 |
The fair values of the financial assets at fair value through profit or loss correspond to their carrying amounts and are as follows:
| 31 March | |||
|---|---|---|---|
| (in € 1,000) | 2009 | 2008 | |
| Bonds | 13,448 | 13,391 | |
| Derivative financial instruments*) | 539 | 6,578 | |
| 13,987 | 19,969 |
*) Reference is made to Note 20 "Derivative financial instruments".
All bonds held are denominated in euro.
| 31 March | |||
|---|---|---|---|
| (in € 1,000) | 2009 | 2008 | |
| Acquisition cost Impairment |
1,000 (1,000) |
1,000 (1,000) |
|
| Carrying amount | -- | -- |
Securities held to maturity are convertible bonds issued by Adcon Telemetry AG, Klosterneuburg. Due to ongoing insolvency proceedings relating to Adcon Telemetry AG these convertible bonds were fully written off.
The securities held to maturity are denominated in euro.
| 31 March | ||||
|---|---|---|---|---|
| (in € 1,000) | 2009 2008 |
|||
| Available-for-sale securities, at fair val | ||||
| ue | 123 | 171 | ||
| Other available-for-sale financial assets | 25 | 23 | ||
| Carrying amount | 148 | 194 |
Available-for-sale securities, at fair value developed as follows:
| Financial year | |||
|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | |
| Carrying amount at the beginning of the | |||
| financial year | 171 | 157 | |
| Disposals | (19) | -- | |
| Unrealised gains/(losses) from the current | |||
| period, recognised in equity | (26) | 21 | |
| Currency translation differences | (3) | (7) | |
| Carrying amount at the end of the | |||
| financial year | 123 | 171 |
All available-for-sale securities are denominated in euro.
Other financial assets available for sale relate to an investment and are measured at cost.
| Financial year | |||
|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | |
| Carrying amount at the beginning of the | |||
| financial year | 2,151 | 3,865 | |
| Impairment | -- | (1,714) | |
| Carrying amount at the end of the | |||
| financial year | 2,151 | 2,151 |
Non-current assets held for sale relate to the land and building of AT&S Verwaltungs GmbH & Co KG, Germany. In the financial year 2007/08 an impairment was recognised after the sales negotiations had not resulted in an effective sale.
On 13 May 2008 a mutually binding contract of sale offer with a condition precedent relating to the land and building was concluded. According to this offer, the buyer is obliged to accept the offer by 20 April 2009 at the latest, if he has been provided with a defined minimum amount of legally binding offers for lease and rental agreements. The net purchase price is determined within a margin and is based on the net rental return. The potential buyer informed of submitting a preliminary building application to the City of Augsburg, not having been provided with the defined minimum amount of legally binding offers for lease and rental agreements by 20 April 2009. A short-term extension of the contract of sale offer is being negotiated.
Assets held for sale mainly relate to the Europe segment.
| 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2008 |
| Bank balances and cash on hand | 4,250 | 7,848 |
| Time deposits | 2,304 | 794 |
| Restricted cash | 477 | 722 |
| Carrying amount | 7,031 | 9,364 |
At 31 March 2009 restricted cash relates to AT&S India and AT&S China (at 31 March 2008 to AT&S Korea, AT&S ECAD and AT&S India).
The reported carrying amounts correspond to the respective fair values.
| Remaining maturity | ||||
|---|---|---|---|---|
| (in € 1,000) | 31 March 2009 |
Less than 1 year |
Between 1 and 5 years |
More than 5 years |
| Trade payables | 32,826 | 32,826 | -- | -- |
| Government grants | 1,582 | 197 | 1,239 | 146 |
| Liabilities to fiscal authorities | ||||
| and other public taxing bodies | 2,610 | 2,610 | -- | -- |
| Social security payables | 1,789 | 1,789 | -- | -- |
| Liabilities from unconsumed vacations | 4,117 | 4,117 | -- | -- |
| Payables to employees | 7,987 | 7,987 | -- | -- |
| Other liabilities | 4,283 | 3,496 | 787 | -- |
| Carrying amount | 55,194 | 53,022 | 2,026 | 146 |
| Remaining maturity | ||||
|---|---|---|---|---|
| 31 March | Less than 1 | Between 1 and | More than 5 | |
| (in € 1,000) | 2008 | year | 5 years | years |
| Trade payables | 47,165 | 47,165 | -- | -- |
| Government grants | 1,207 | 215 | 700 | 292 |
| Liabilities from stock options | 63 | -- | 63 | -- |
| Liabilities to fiscal authorities | ||||
| and other public taxing bodies | 3,385 | 3,385 | -- | -- |
| Social security payables | 1,917 | 1,917 | -- | -- |
| Liabilities from unconsumed vacations | 5,121 | 5,121 | -- | -- |
| Payables to employees | 10,595 | 10,595 | -- | -- |
| Other liabilities | 8,189 | 7,392 | 797 | -- |
| Carrying amount | 77,642 | 75,790 | 1,560 | 292 |
The carrying amounts of the reported liabilities approximate the respective fair values.
Government grants relate mainly to grants for property, plant and equipment and are released to income on a straight-line basis over the useful life of the respective asset. The conditions to be met mainly include the following, with the deadlines for meeting the conditions already having expired at the balance sheet date:
Furthermore, the Group has received grants for project costs under a research project supported by the EU, which were recognised according to the costs incurred and the support quota on a pro rata basis as revenues and the accrued amount is included in the liabilities.
At the Supervisory Board Meeting held on 8 November 2004 a stock option plan (2005-2008) was approved, which allows the Company to grant stock options to the Management Board and executive employees, which can be settled in cash or by issuing equity instruments. Reference is made to Note I.B.q. "Share-based payments".
Each of these options entitles the holder to the right to either:
The stock options may be granted between 1 April 2005 and 1 April 2008.
The exercise price is determined at the respective date of grant, representing the average AT&S share price over a period of six months prior to the date of grant plus 10%. The exercise price corresponds at least to the nominal value of a share of the Company.
Granted options vest gradually with 20% of the options after two years, 30% of the options after three years and 50% of the options after four years. Options not exercised can be exercised after the expiration of the subsequent waiting period. Options not exercised within five years after grant date forfeit without compensation.
After expiration of the waiting period, but not during blocking period, the options can be entirely or partially exercised.
The Group applies the provisions of IFRS 2 "Share-based Payment" to measure stock option plans.
The following table summarises information about all stock options granted until 31 March 2009.
| Date of grant 1 April |
Date of grant 1 April |
Date of grant 1 April |
Date of grant 1 April |
|
|---|---|---|---|---|
| 2008 | 2007 | 2006 | 2005 | |
| Exercise price (in €) | 15.67 | 22.57 | 17.99 | 15.46 |
| 31 March 2007 | -- | -- | 143,000 | 124,500 |
| Number of options granted | -- | 149,000 | -- | -- |
| Number of options forfeited | -- | 20,000 | 15,000 | 4,000 |
| Number of options exercised | -- | -- | -- | 2,000 |
| Number of options expired | -- | -- | -- | -- |
| 31 March 2008 | -- | 129,000 | 128,000 | 118,500 |
| Number of options granted | 137,000 | -- | -- | -- |
| Number of options forfeited | -- | -- | -- | -- |
| Number of options exercised | -- | -- | -- | -- |
| Number of options expired | -- | -- | -- | -- |
| 31 March 2009 | 137,000 | 129,000 | 128,000 | 118,500 |
| Remaining contract period of stock options |
4 years | 3 years | 2 years | 1 year |
The stock options are reported at fair value at the respective balance sheet date using the Monte-Carlo method based on model assumptions. The fair value of those stock options granted as of 1 April 2008, 2007, 2006 and 2005 amounts to TEUR 0. As of 31 March 2008, the fair value of stock options granted as of 1 April 2007 was TEUR 56, of stock options granted as of 1 April 2006 was TEUR 53, and of stock options granted as of 1 April 2005 was TEUR 34. Reference is made to Note 28 "Related party transactions".
The following figures may deviate from those subsequently realised in the market for all stock options granted as of 1 April 2005, as of 1 April 2006, as of 1 April 2007 and as of 1 April 2008:
| Risk-free interest rate | 3.07 - 3.33% |
|---|---|
| Volatility | 40.22% |
| Dividend per share | 0.18 |
| Weighted average lives of | |
| options | 3.6 years |
| Expected life of the options | |
| (in months) | 28.5 - 52.5 |
Volatility is calculated based on daily share prices from 1 January 2003 until the balance sheet date.
In the 1st meeting of the nomination and compensation committee of the supervisory board on 17 March 2009 an additional stock option plan was approved, after it had been submitted for examination in the 55th supervisory board meeting on 16 December 2008. This stock option plan 2009-2012 for the grant of stock options to be settled either in cash or equity instruments to members of the management board, managing directors and executive employees is consistent with the stock option plan 2005-2008. Each of these options entitles to either acquire shares or a
cash settlement can be demanded, a mark-up of 10% is added to the average price of six months and the granted stock options may be exercised at staggered intervals, with 20% of the granted stock options exercisable after two years, 30% after three years and 50% after four years. Nonexercised stock options may be exercised after the subsequent waiting period has expired.
The stock options may be granted in the period between 1 April 2009 and 1 April 2012.
Other liabilities mainly include accrued legal, audit and consulting fees, debtors with credit balances, pension obligations and other accruals, as well as retained deposits.
| Remaining maturity | |||||
|---|---|---|---|---|---|
| Between 1 and 5 | More than | Interest rate | |||
| (in € 1,000) | 31 March 2009 | Less than 1 year | years | 5 years | in % |
| Bonds | 83,374 | 3,764 | 79,610 | -- | 5.5 |
| Export loans | 36,000 | 36,000 | -- | -- | 3.0 |
| Loans from state authorities: | |||||
| - European Recovery Program | 128 | 128 | -- | -- | 1.5 |
| - Public authorities | 340 | 29 | 311 | -- | 2.0 - 2.5 |
| Other bank borrowings | 72,834 | 55,695 | 17,139 | -- | 1.2 - 3.85 |
| Derivative financial instruments*) | 2,869 | 2,869 | -- | -- | |
| Carrying amount | 195,545 | 98,485 | 97,060 | -- |
| Remaining maturity | |||||
|---|---|---|---|---|---|
| Between 1 and 5 | More than | Interest | |||
| (in € 1,000) | 31 March 2008 | Less than 1 year | years | 5 years | rate in % |
| Export loans | 36,475 | 36,475 | -- | -- | 4.9 |
| Loans from state authorities: | |||||
| - European Recovery Program | 256 | 128 | 128 | -- | 1.5 |
| - Public authorities | 578 | 353 | 225 | -- | 2.0 - 2.5 |
| Other bank borrowings | 128,012 | 89,373 | 38,639 | -- | 2.5 - 6.4 |
| Liabilities from finance leases | 3,507 | 3,507 | -- | -- | 5.98 |
| Derivative financial instruments*) | 599 | 290 | 309 | -- | |
| Carrying amount | 169,427 | 130,126 | 39,301 | -- |
*) Reference is made to Note 20 "Derivative financial instruments".
The bonds with a total nominal value of EUR 80 million were placed by the Company on the Third Market of the Vienna Stock Exchange on 27 May 2008 with a maturity of five years. The bond is divided into amounts of EUR 50,000 and is exempt from the prospectus requirement pursuant to § 3 (1) 9 KMG (Austrian Capital Market Act). The annual fixed interest in the amount of 5.50% of the nominal value is payable subsequently on 27 May of each year. The bondholders do no have an ordinary cancellation right. An extraordinary cancellation right has
been agreed in case of the following events occurring at the Company or one of its main subsidiaries:
Other bank borrowings mainly relate to the financing of the plants in China and South Korea, in addition to the current liquidity needs. Funds were raised in particular for the expansion of the plant in China (on the basis of a G4 guarantee of the Republic of Austria), which have to be repaid according to the repayment schedule in semi-annual instalments until 31 March 2011. Interest for the residual term is mainly fixed and in part variable. The main contract terms are as follows:
The contractually agreed (undiscounted) interest and redemption payments of the financial liabilities at 31 March 2009 are as follows in the next financial years:
| Bonds | Export loans | Loans from state authorities |
Other bank borrowings |
Derivative financial |
|
|---|---|---|---|---|---|
| (in € 1,000) | instruments | ||||
| 2009/10 | |||||
| Redemption | -- | 36,000 | 157 | 55,695 | 2,869 |
| Fixed interest | 4,461 | -- | 8 | 1,065 | -- |
| Variable interest | -- | -- | -- | 157 | -- |
| 2010/11 | |||||
| Redemption | -- | -- | 177 | 14,000 | -- |
| Fixed interest | 4,461 | -- | 6 | 479 | -- |
| Variable interest | -- | -- | -- | -- | -- |
| 2011/12 | |||||
| Redemption | -- | -- | 94 | 3,139 | -- |
| Fixed interest | 4,461 | -- | 2 | 13 | -- |
| Variable interest | -- | -- | -- | -- | -- |
| 2012/13 | |||||
| Redemption | -- | -- | 40 | -- | -- |
| Fixed interest | 4,461 | -- | 1 | -- | -- |
| Variable interest | -- | -- | -- | -- | -- |
| 2013/14 | |||||
| Redemption | 80,000 | -- | -- | -- | -- |
| Fixed interest | 697 | -- | -- | -- | -- |
| Variable interest | -- | -- | -- | -- | -- |
At the prior-year balance sheet date 31 March 2008 the contractually agreed (undiscounted) interest and redemption payments of the financial liabilities were as follows for the next financial years:
| (in € 1,000) | Export loans | Loans from state authorities |
Other bank borrowings |
Liabilities from finance leases |
Derivative financial instruments |
|---|---|---|---|---|---|
| 2008/09 | |||||
| Redemption | 36,475 | 481 | 89,373 | 3,507 | 290 |
| Fixed interest | 12 | 9 | 1,780 | -- | -- |
| Variable interest | 1,789 | -- | 910 | -- | -- |
| 2009/10 | |||||
| Redemption | -- | 168 | 21,500 | -- | 290 |
| Fixed interest | -- | 5 | 1,010 | -- | -- |
| Variable interest | -- | -- | 102 | -- | -- |
| 2010/11 | |||||
| Redemption | -- | 152 | 14,000 | -- | 19 |
| Fixed interest | -- | 3 | 479 | -- | -- |
| Variable interest | -- | -- | -- | -- | -- |
| 2011/12 | |||||
| Redemption | -- | 33 | 3,139 | -- | -- |
| Fixed interest | -- | -- | 13 | -- | -- |
| Variable interest | -- | -- | -- | -- | -- |
The bonds, export loans, loans from state authorities and bank borrowings in part carry interest rates that differ from market interest rates. For this reason differences between their fair values and carrying amounts can arise.
| Carrying amounts | Estimated fair values | |||
|---|---|---|---|---|
| 31 March | 31 March | |||
| (in € 1,000) | 2009 | 2008 | 2009 | 2008 |
| Bonds | 83,374 | -- | 77,932 | -- |
| Export loans | 36,000 | 36,475 | 36,000 | 36,629 |
| Loans from state authorities | 468 | 834 | 469 | 814 |
| Other bank borrowings | 72,834 | 128,012 | 71,138 | 127,702 |
| Liabilities from finance leases | -- | 3,507 | -- | 3,507 |
| Derivative financial instruments | 2,869 | 599 | 2,869 | 599 |
| 195,545 | 169,427 | 188,408 | 169,251 |
The determination of the fair values is based on the current effective interest rates on loans and bonds with similar maturities that would be available to the Group.
| The carrying amounts of financial liabilities according to currencies are as follows: | ||
|---|---|---|
| 31 March | ||
| (in € 1,000) | 2009 | 2008 | ||
|---|---|---|---|---|
| Euro | 193,712 | 165,618 | ||
| Korean won | 1,474 | 2,680 | ||
| US dollar | 27 | 34 | ||
| Japanese yen | 271 | 338 | ||
| Indian rupee | 61 | 757 | ||
| 195,545 | 169,427 |
Bank borrowings are secured as follows:
Lines of credit of financing liabilities at 31 March 2009 are as follows:
| (in € 1,000) | Credit lines | Used |
|---|---|---|
| Export credit lines - committed | 36,000 | 36,000 |
| Other credit lines - committed | 142,972 | 124,416 |
| Credit lines - uncommitted | 60,000 | 32,260 |
| 238,972 | 192,676 |
Total future minimum lease payments from non-cancellable operating leases and rental expenses are as follows:
| 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2008 |
| Not later than 1 year | 3,541 | 3,881 |
| Between 1 and 5 years | 10,090 | 12,370 |
| Later than 5 years | 16,510 | 21,687 |
| Total minimum lease payments | 30,141 | 37,938 |
The Group entered into various operating lease agreements for the rental of office space, properties and production facilities, as well as factory and office equipment and technical equipment.
The obligations from operating leases are affected by a sale and lease back transaction concluded in the financial year 2006/07 for the properties and buildings in Leoben-Hinterberg and Fehring, Austria, with non-cancellable lease period until December 2021.
The previous finance lease contracts expired in the financial year 2008/09.
Payments to non-cancellable leasing and rental expenses are as follows:
| Financial year | |||
|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | |
| Leasing and rental expenses | 4,023 | 3,531 |
The provisions for employee benefits relate to pension, termination and other employee benefits.
The majority of the Group's employees in Austria and part of its employees in India are covered by defined contribution plans that have been transferred to a pension fund. For employees in Austria, the pension plans were supplemented by death and endowment insurance in the financial year 2008/09. Employer contributions are determined on the basis of a certain percentage of current salary and the Company's profit for the year. Contributions under these plans amounted to TEUR 450 in the financial year 2008/09 and to TEUR 347 in the financial year 2007/08.
The Group operates non-contributory defined benefit plans for the board members and other executive employees. The board members' and other executive employees' plans are funded and unfunded.
Retirement benefits of board members and executive employees are based on their salaries and years of service.
The employees in India are entitled to termination benefits upon retirement or, under certain circumstances, upon leaving the company, the amount of which depends on years of service and compensation level. The termination benefits range between half of a monthly salary per year of service and a fixed maximum. The obligations are covered by a life insurance.
Employees in Austria and Korea are entitled to receive termination benefits, which are based upon years of service and compensation levels and are generally payable upon retirement and, under certain circumstances, upon leaving the company. In Austria the termination benefits range from 2 to 12 months of final monthly salary depending on years of service, in Korea a fixed amount is paid depending also on years of service.
For employees who joined on or after 1 January 2003 regular contributions are paid to a staff provision fund ("Mitarbeitervorsorgekasse"). The contributions for the financial year 2008/09 amounted to TEUR 358 and for the financial year 2007/08 to TEUR 352.
The employees of the companies in Austria and in China are entitled to anniversary bonuses for long-term service, the eligibility to and amount of which are stipulated in the Collective Agreement.
These benefits are calculated similarly to the method used for termination benefits, based on the same parameters, however, without taking the corridor method into consideration.
Expenses for (defined benefit) retirement, termination and other employee benefits consist of the following:
| Retirement benefits | Termination benefits | Other employee benefits |
||||
|---|---|---|---|---|---|---|
| Financial year Financial year |
Financial year | |||||
| (in € 1,000) | 2008/09 | 2007/08 | 2008/09 | 2007/08 | 2008/09 | 2007/08 |
| Current service cost | 188 | 204 | 1,267 | 1,329 | 259 | 352 |
| Interest expense | 433 | 402 | 626 | 527 | 96 | 85 |
| Past service cost | 195 | 195 | -- | -- | -- | -- |
| Expected return on plan assets | (395) | (363) | (13) | (14) | -- | -- |
| Actuarial losses/(gains) | 32 | 25 | 159 | 177 | (129) | (152) |
| Total expenses | 453 | 463 | 2,039 | 2,019 | 226 | 285 |
Expenses for retirement, termination and other employee benefits are recognised in cost of sales, selling costs and general and administrative costs.
| 31 March | ||||
|---|---|---|---|---|
| (in € 1,000) | 2009 | 2008 | ||
| (Overfunded) retirement benefits | (46) | (424) | ||
| Underfunded retirement benefits | 953 | 878 | ||
| Underfunded termination benefits | 6,554 | 7,983 | ||
| Other employee benefits | 2,244 | 1,969 | ||
| Provisions for employee benefits | 9,751 | 10,830 | ||
| Accrued retirement, termination and other | ||||
| employee benefits, net | 9,705 | 10,406 |
Retirement benefits and termination benefits in the balance sheet are as follows:
| Retirement benefits | Termination benefits | ||||
|---|---|---|---|---|---|
| 31 March | 31 March | ||||
| (in € 1,000) | 2009 | 2008 | 2009 | 2008 | |
| Present value of funded obligations | 8,381 | 7,811 | 392 | 383 | |
| Fair value of plan assets | (6,769) | (8,042) | (184) | (160) | |
| 1,612 | (231) | 208 | 223 | ||
| Present value of unfunded obligations | 900 | 825 | 10,653 | 11,948 | |
| Unrecognised past service cost | -- | (195) | -- | -- | |
| Unrealised actuarial gains/(losses) | (1,605) | 55 | (4,307) | (4,188) | |
| Provisions/(receivables) in the balance sheet, | |||||
| net | 907 | 454 | 6,554 | 7,983 | |
| thereof receivables (overfunded benefits) | (46) | (424) | -- | -- | |
| thereof provisions (underfunded benefits) | 953 | 878 | 6,554 | 7,983 |
The present value of projected retirement benefit obligations, the movement in plan assets and funded status are as follows:
| Funded retirement benefits Financial year |
Unfunded retirement benefits Financial year |
|||
|---|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | 2008/09 | 2007/08 |
| Present value of retirement benefit | ||||
| obligation | ||||
| Present value at beginning of year | 7,811 | 7,670 | 825 | 919 |
| Exchange differences | -- | 2 | -- | -- |
| Current service cost | 188 | 147 | -- | 57 |
| Interest expense | 390 | 358 | 43 | 43 |
| Reclassification of unfunded retire | ||||
| ment benefit obligations to funded | ||||
| retirement benefit obligations | -- | 173 | -- | (173) |
| Actuarial losses/(gains) | 142 | (342) | 32 | (21) |
| Benefits paid | (150) | (197) | -- | -- |
| Present value at end of year | 8,381 | 7,811 | 900 | 825 |
| Fair value of plan assets | ||||
| Fair value at beginning of year | 8,042 | 7,009 | ||
| Contributions to plan assets | -- | 422 | ||
| Expected return on plan assets | 395 | 363 | ||
| Actuarial gains/(losses) | (1,518) | 445 | ||
| Benefits paid | (150) | (197) | ||
| Fair value at end of year | 6,769 | 8,042 | ||
| Funded status | ||||
| funded retirement benefits | 1,612 | (231) |
Plan assets held to cover the pension obligations have been transferred to pension funds. The diversification of the portfolio is as follows:
| 31 March | |||
|---|---|---|---|
| 2009 | 2008 | ||
| Debt securities | 47% | 41% | |
| Equity securities | 24% | 35% | |
| Real estate | 4% | 4% | |
| Cash and cash | |||
| equivalents | 25% | 20% | |
| 100% | 100% |
| Funded termination benefits Financial year |
Unfunded termination benefits Financial year |
|||
|---|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | 2008/09 | 2007/08 |
| Present value of termination bene fit obligation |
||||
| Present value at beginning of year | 383 | 344 | 11,948 | 11,145 |
| Exchange differences | (25) | (35) | (64) | (108) |
| Current service cost | 37 | 33 | 1,230 | 1,296 |
| Interest cost | 29 | 25 | 598 | 502 |
| Actuarial losses/(gains) | (18) | 35 | 298 | 887 |
| Benefits paid | (14) | (19) | (3,357) | (1,774) |
| Present value at end of year | 392 | 383 | 10,653 | 11,948 |
| Fair value of plan assets | ||||
| Fair value at beginning of year | 160 | 168 | ||
| Exchange differences | (11) | (15) | ||
| Contributions to plan assets | 34 | (8) | ||
| Expected return on plan assets | 13 | 14 | ||
| Actuarial gains/(losses) | 2 | 11 | ||
| Benefits paid | (14) | (10) | ||
| Fair value at end of year | 184 | 160 | ||
| Funded status | ||||
| funded termination benefits | 208 | 223 |
The aggregate movement in funded and unfunded termination benefits is as follows:
The aggregate movement in other employee benefits (anniversary bonuses) is as follows:
| Financial year | ||||
|---|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | ||
| Present value at beginning of year | 1,969 | 1,836 | ||
| Exchange differences | 174 | (55) | ||
| Service cost | 259 | 352 | ||
| Interest expense | 96 | 86 | ||
| Actuarial losses/(gains) | (129) | (152) | ||
| Benefits paid | (125) | (98) | ||
| Present value at end of year | 2,244 | 1,969 |
The actuarial assumptions are as follows:
| Other employee benefits | ||||||
|---|---|---|---|---|---|---|
| Retirement benefits | Termination benefits | (anniversary bonuses) | ||||
| 31 March | 31 March | 31 March | ||||
| 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | |
| Discount rate | 5.25% | 5.25% | 5.25 - 8% | 5.25 - 8% | 4 - 5.25% | 4 - 8% |
| Expected return on | ||||||
| plan assets | 4.44% | 5.13% | 8% | 8% | -- | -- |
| Expected rate of | ||||||
| compensation in | 2.5% | 2.5% | 3.25 - 10% | 3.25 - 7% | 3.25 - 10% | 3.25 - 10% |
| crease | ||||||
| Expected rate of pen | ||||||
| sion increase | 2.25% | 2.25% | -- | -- | -- | -- |
| Retirement age | Individual | Individual | ||||
| (women/men) | 58-65 | 58-65 | according to | according to | -- | -- |
| 2003 pension | 2003 pension | |||||
| reform | reform |
| Closure | Relocation | Restructuring | ||||
|---|---|---|---|---|---|---|
| (in € 1,000) | Total | Warranty | Augsburg plant | Fohnsdorf plant | Leoben | Other |
| Carrying amount | ||||||
| 31 March 2008 | 1,712 | 624 | 104 | 526 | -- | 458 |
| Utilisation | (901) | (286) | (65) | (460) | -- | (90) |
| Reversal | (411) | (133) | -- | (66) | -- | (212) |
| Addition | 9,886 | 1,035 | -- | -- | 8,533 | 318 |
| Exchange differences | 11 | 25 | -- | -- | -- | (14) |
| Carrying amount | ||||||
| 31 March 2009 | 10,297 | 1,265 | 39 | -- | 8,533 | 460 |
| 31 March | ||
|---|---|---|
| (in € 1,000) | 2009 | 2008 |
| thereof non-current | 7,322 | -- |
| thereof current | 2,975 | 1,712 |
| Carrying amount | 10,297 | 1,712 |
The provision for warranties relates to the costs for expected complaints about products still under warranty. The accrued amount is the best estimate of these costs based on past experience and actual facts, which due to the uncertainty as to amount and timing are not yet recognised as liabilities.
Due to the economic decline of the Original Equipment Manufacturer Industry (OEM industry), which had a direct impact on the printed circuit board industry, the Company decided on 4 October 2001 to close down the plant in Augsburg, Germany, in order to improve the Group's cost structure. This decision had an economic impact on both limited partnerships, AT&S Augsburg GmbH & Co. KG and AT&S Verwaltungs GmbH & Co KG. The provision relates to costs arising from contractual obligations.
The relocation of the production from Fohnsdorf, Austria, to nearby Leoben-Hinterberg, Austria, was completed in January 2006. The provision related to costs from contractual obligations amounting to TEUR 306 at 31 March 2008 and other costs amounting to TEUR 220. This provision was utilised in the financial year 2008/09 and the remaining amount reversed.
This provision for costs from contractual obligations relates to future vacancy costs for no longer used building space based on the non-cancellable property lease obligations. The provision was recognised in the amount of the present value of the expenses expected to be incurred largely in the long term. For an overall presentation of the restructuring of the Leoben-Hinterberg location, reference is made to Note 5 "Non-recurring items".
Other provisions are provisions for other onerous contracts.
The derivative financial instruments mainly include foreign currency options, currency swaps, interest rate swaps and forward contracts. Acquisition of assets, trade receivables and payables and payments related to borrowings are the main items hedged.
The carrying amounts of the Group's derivative financial instruments correspond to their fair values. The fair value corresponds to the amount that would be incurred or earned, if the transaction was settled at the balance sheet date.
The fair values of the derivative financial instruments are as follows:
| 31 March 2009 | 31 March 2008 | |||
|---|---|---|---|---|
| (in € 1,000) | Assets | Liabilities | Assets | Liabilities |
| Forward contracts at fair value | 131 | -- | 2,558 | -- |
| Currency swaps at fair value | 372 | 2,869 | 3,476 | -- |
| Currency options at fair value | 3 | -- | 544 | -- |
| Interest rate swaps at fair value | 33 | -- | -- | 599 |
| Total fair values | 539 | 2,869 | 6,578 | 599 |
| Net of current portion: | ||||
| Forward contracts at fair value | 131 | -- | 2,558 | -- |
| Currency swaps at fair value | 372 | 2,869 | 3,476 | -- |
| Currency options at fair value | 3 | -- | 544 | -- |
| Interest rate swaps at fair value | 33 | -- | -- | 290 |
| Non-current portion | -- | -- | -- | 309 |
The nominal amounts and the fair values of derivative financial instruments relating to hedges against exchange rate fluctuations are as follows at balance sheet date, presented by currency:
| 31 March 2009 | 31 March 2008 | |||
|---|---|---|---|---|
| Nominal amount | Nominal amount | |||
| (in 1,000 | Fair value | (in 1,000 | Fair value | |
| Currency | local currency) | (in € 1,000) | local currency) | (in € 1,000) |
| US dollar | 67,158 | (2,363) | 70,267 | 6,578 |
The nominal amounts and the fair values of derivative financial instruments relating to hedges against interest rate fluctuations are as follows at balance sheet date, presented by currency:
| 31 March 2009 | 31 March 2008 | |||
|---|---|---|---|---|
| Nominal amount | Nominal amount | |||
| (in 1,000 | Fair value | (in 1,000 | Fair value | |
| Currency | local currency) | (in € 1,000) | local currency) | (in € 1,000) |
| Euro | 10,000 | 33 | 10,000 | (599) |
The remaining terms of derivative financial instruments are as follows at balance sheet date:
| 31 March | ||
|---|---|---|
| (in months) | 2009 | 2008 |
| Forward contracts | 10 | 10 |
| Currency swaps | 10 | 12 |
| Currency options | 3 | 3 |
| Interest rate swaps | 15 | 27 |
At 31 March 2009, the fixed interest rate for interest rate swaps is 2.9%. The floating interest rate is based on EUR swap rates (CMS - constant maturity swap rates).
The carrying amounts and amounts stated of financial instruments included in several balance sheet items by measurement category are as follows at the balance sheet date:
| Fair values | ||||
|---|---|---|---|---|
| (in € 1,000) | through profit or | Fair values | (Amortised) | Carrying |
| 31 March 2009 | loss | in equity | cost | amounts |
| Assets | ||||
| Non-current assets | ||||
| Financial assets | -- | 97 | 25 | 122 |
| Current assets | ||||
| Trade and other receivables | -- | -- | 87,358 | 87,358 |
| Financial assets | 13,987 | 26 | -- | 14,013 |
| Cash and cash equivalents | -- | -- | 7,031 | 7,031 |
| Liabilities | ||||
| Non-current liabilities | ||||
| Financial liabilities | -- | -- | 97,060 | 97,060 |
| Current liabilities | ||||
| Trade and other payables | -- | -- | 40,813 | 40,813 |
| Financial liabilities | 2,869 | -- | 95,616 | 98,485 |
| (in € 1,000) 31 March 2008 |
Fair values through profit or loss |
Fair values in equity |
(Amortised) cost |
Carrying amounts |
|---|---|---|---|---|
| Assets | ||||
| Non-current assets | ||||
| Financial assets | -- | 96 | 23 | 119 |
| Current assets | ||||
| Trade and other receivables | -- | -- | 81,811 | 81,811 |
| Financial assets | 19,969 | 75 | -- | 20,044 |
| Cash and cash equivalents | -- | -- | 9,364 | 9,364 |
| Liabilities | ||||
| Non-current liabilities | ||||
| Financial liabilities | 309 | -- | 38,992 | 39,301 |
| Current liabilities | ||||
| Trade and other payables | -- | -- | 57,760 | 57,760 |
| Financial liabilities | 290 | -- | 129,836 | 130,126 |
Regarding non-cancellable leasing and rental agreements, reference is made to Note 17 "Financial liabilities". At 31 March 2009 the Group has other financial commitments amounting to TEUR 6,264 (TEUR 20,413 at 31 March 2008) in connection with contractually binding investment projects. Furthermore, at the balance sheet date the Group has contingent liabilities to customs authorities and from bank guarantees in the amount of TEUR 2 (TEUR 350 at 31 March 2008). Other guarantees or contingencies relating to the ordinary business operations do not exist at the balance sheet date.
| Outstanding shares (in 1,000 |
Ordinary shares |
Share premium | Stock options |
Treasury shares, net of tax |
Share capital | |
|---|---|---|---|---|---|---|
| shares) | (in € 1,000) | (in € 1,000) | (in € 1,000) | (in € 1,000) | (in € 1,000) | |
| 31 March 2007 | 23,538 | 28,490 | 63,265 | 371 | (42,597) | 49,529 |
| Stock option plans: Value of services |
||||||
| rendered | -- | -- | -- | 66 | -- | 66 |
| Change in stock options | -- | -- | 29 | (211) | -- | (182) |
| Change in treasury shares | (215) | -- | -- | -- | (3,755) | (3,755) |
| 31 March 2008 Stock option plans: Value of services |
23,323 | 28,490 | 63,294 | 226 | (46,352) | 45,658 |
| rendered | -- | -- | -- | 22 | -- | 22 |
| Change in stock options | -- | -- | 248 | (248) | -- | -- |
| Change in treasury shares | -- | -- | -- | -- | -- | -- |
| 31 March 2009 | 23,323 | 28,490 | 63,542 | -- | (46,352) | 45,680 |
At 31 March 2009 the share capital in the amount of TEUR 28,490 is made up of 25,900,000 no-par value shares with a notional value of EUR 1.1 per share.
The number of shares issued amounts to 25,900,000. At the balance sheet date 31 March 2009 2,577,412 treasury shares were held by the Group, 23,322,588 shares were outstanding.
By a resolution passed at the 11th Annual General Meeting on 5 July 2005 the Management Board was authorised to increase the share capital by a nominal amount of up to TEUR 12,430 until 4 July 2010, if required, in several tranches upon approval by the Supervisory Board by issuing up to 11,300,000 no-par value bearer shares paid for in cash or contribution in kind, partially or entirely excluding the existing shareholders' subscription rights, and to set the detailed issue conditions in agreement with the Supervisory Board. The Supervisory Board is authorised to adopt changes to the articles of association that are due to the issuance of shares from the authorised capital.
A resolution passed at the 11th Annual General Meeting on 5 July 2005 authorised the Management Board upon approval by the Supervisory Board to issue convertible bonds in accordance with § 174 (2) AktG (Austrian Stock Corporation Act) at a maximum nominal value of TEUR 100,000 (in several tranches) until 4 July 2010, to set the issue conditions and the conversion method and to exclude the existing shareholders' subscription rights.
A resolution passed at the 9th Annual General Meeting on 3 July 2003 authorised the Management Board upon approval by the Supervisory Board to perform a conditional capital increase in accordance with § 159 (3) AktG (Austrian Stock Corporation Act) of up to TEUR 2,970 by issuing up to 2,700,000 new no-par value bearer shares paid for in cash by 3 July 2008 (authorised conditional share capital) related to grants of stock options to Management Board, executive and other employees of the Company and its affiliated companies.
A resolution was passed at the 11th Annual General Meeting on 5 July 2005 to perform a conditional capital increase in accordance with § 160 (2) AktG (Austrian Stock Corporation Act) and to grant stock options and conversion rights to creditors of convertible bonds by a nominal amount of TEUR 12,430 by issuing up to 11,300,000 new common bearer shares. Furthermore, the Management Board was authorised to set the further details of the conditional capital increase. The Supervisory Board is authorised to adopt changes (due to the issuance of shares from the conditional capital increase) to the articles of association. The new issued shares resulting from the conditional capital increase are fully entitled to dividends for the financial year in which they were issued.
Most recently, at the 14th Annual General Meeting on 3 July 2008, the Management Board in accordance with § 65 (1) 8 AktG (Austrian Stock Corporation Act) was authorised to acquire treasury shares of up to 10% of the share capital within 30 months as of the date the resolution was passed (the purchase price per no-par value share to be acquired shall not be below EUR 1.10 and shall not exceed EUR 110) and to retract the treasury shares acquired without an additional shareholders' resolution, or to use them for the Group's stock option plan. The supervisory board is authorised to pass amendments to the articles of association, which result from the issue of shares from authorised capital.
Since 15 May 2006, the Group has purchased a total of 2,632,432 treasury shares at the prevailing market price amounting to a total of TEUR 47,484. In the financial year 2008/09 shares were neither sold nor used for servicing the Company's stock option plan. At 31 March 2009 the Group still holds 2,577,412 treasury shares (unchanged to prior year) (9.95% of the share capital) with a total purchase price of TEUR 46,577.
At the 14th Annual General Meeting on 3 July 2008 the Management Board in accordance with § 65 (1b) AktG was authorised, for a period of five years as of the date the resolution was passed, i.e. up to and including 3 July 2013, upon approval by the Supervisory Board, to sell the purchased treasury shares also in a different way than via the stock exchange or by public offer, in particular to service convertible bonds as consideration for the acquisition of subsidiaries, investments, companies or businesses and in doing so – if required – exclude the existing shareholders' subscription rights in accordance with §§ 169 to 179 AktG; this authorisation can be exercised in its entirety or in several parts.
In the financial year 2008/09 a dividend of EUR 0.34 was paid per share (in the financial year 2007/08 EUR 0.31).
At the Supervisory Board Meeting held on 15 June 2000 a stock option plan was approved, which allows the Company to grant stock options settled by equity instruments to the Management Board and executive employees. Reference is made to Note I.B.q. "Share-based payment".
The stock options may be granted between 1 August 2000 and 1 April 2004 at a price representing the average AT&S share price over a period of three months prior to the date of grant plus 10%. Granted options vest gradually with 20% of the options after two years, 30% of the options after three years and 50% of the options after four years. Options can only be exercised within a period of three months beginning 1 July of the respective financial year. The options are not negotiable or tradable. Each option carries the right to purchase a share (equity-settled share-based payment transactions).
The following table summarises information about all stock options granted until 31 March 2009.
| 1 April | 1 April | |
|---|---|---|
| 2004 | 2003 | |
| Exercise price (in €) | 16.81 | 8.63 |
| 31 March 2007 | 64,000 | 28,000 |
| Number of options granted | -- | -- |
| Number of options forfeited | 3,500 | -- |
| Number of options exercised | 24,000 | 28,000 |
| Number of options expired | -- | -- |
| 31 March 2008 | 36,500 | -- |
| Number of options granted | -- | -- |
| Number of options forfeited | 36,500 | -- |
| Number of options exercised | -- | -- |
| Number of options expired | -- | -- |
| 31 March 2009 | -- | -- |
The weighted average price of the exercised stock options at the time of exercise was EUR 12.61 for the entire stock option plan.
In the context of its transition provisions IFRS 2 stipulates the accounting of stock options which were granted before 1 January 2005. An option exists either to account for only those stock options granted after 7 November 2002 or for all granted stock options.
The Group opted to account for only those stock options which were granted after 7 November 2002.
The stock options are reported at fair value at the respective date of grant using the Black Scholes option pricing model based on model assumptions. The exercise period expired in the financial year 2008/09.
Earnings per share is calculated in accordance with IAS 33 "Earnings Per Share".
The number of shares issued is 25,900,000. At 31 March 2009 2,577,412 treasury shares were held, which were deducted in the calculation of earnings per share.
The weighted average number of outstanding shares for the basic earnings per share calculation amounted to 23.3 million in the financial year 2008/09 and to 23.4 million in the financial year 2007/08.
The weighted average number of outstanding shares for the diluted earnings per share calculation amounted to 23.3 million in the financial year 2008/09 and to 23.4 million in the financial year 2007/08.
The following table shows the composition of the diluted weighted average number of outstanding shares in the respective periods:
| Financial year | |||
|---|---|---|---|
| (in 1,000) | 2008/09 | 2007/08 | |
| Weighted average number of shares | |||
| outstanding - basic | 23,323 | 23,385 | |
| Diluting effect of options | -- | -- | |
| Weighted average number of shares | |||
| outstanding - diluted | 23,323 | 23,385 |
Basic earnings per share are calculated by dividing the profit for the period attributed to the equity holders of the Company by the weighted average number of outstanding ordinary shares of the same period.
| Financial year | |||
|---|---|---|---|
| 2008/09 | 2007/08 | ||
| Profit for the year (in € 1,000) | (5,376) | 42,691 | |
| Weighted average number of outstanding shares - basic (in 1,000) |
23,323 | 23,385 | |
| Basic earnings per share (in €) | (0.23) | 1.83 |
Diluted earnings per share are calculated by dividing the profit for the period attributed to the equity holders of the Company by the weighted average number of outstanding shares including the number of potentially outstanding ordinary shares of the respective period. Potentially outstanding ordinary shares comprise the additional shares to be issued for exercisable options and are included in diluted earnings per share under the assumption that these shares are diluted.
| Financial year | ||
|---|---|---|
| 2008/09 | 2007/08 | |
| Profit for the year (in € 1,000) Weighted average number of |
(5,376) | 42,691 |
| outstanding shares - diluted (in 1,000) | 23,323 | 23,385 |
| Diluted earnings per share (in €) | (0.23) | 1.83 |
According to IAS 33 the treasury shares which are held to fulfil the stock option plan do not dilute the outstanding shares.
According to the provisions of the Austrian Stock Corporation Act ("Aktiengesetz") the local financial statements of AT & S Austria Technologie & Systemtechnik Aktiengesellschaft as of 31 March 2009 prepared under Austrian GAAP serve as the basis for the distribution of dividends. These financial statements reported retained earnings amounting to TEUR 45,615 at 31 March 2009 (TEUR 13,526 at 31 March 2008).
The distribution of dividends is subject to the approval by the Annual General Meeting. The Management Board proposes to the Annual General Meeting to distribute a dividend of EUR 0.18 per outstanding share from the retained earnings totalling TEUR 45,615 and to carry forward the remaining balance to new account.
At the 56th Supervisory Board Meeting on 17 March 2009 the proposal for a capital increase at AT&S Korea was approved. The capital increase in the amount of KRW 36,000 million or approx. EUR 20 million was carried out in March 2009. Since the minority shareholders waived their subscription rights, the share of the Company in AT&S Korea now amounts to 98.76%.
At the 56th Supervisory Board Meeting on 17 March 2009 a potential sale of AT&S ECAD was approved. By purchase contract dated 20 April 2009 the Company agreed with the buyer to sell all of its shares in AT&S ECAD at a fixed sales price. The sale also relates to the subsidiary AT&S ECAD Technologies Inc., USA. Overall, however, the sale of AT&S ECAD has only an insignificant impact on the Group.
In connection with various acquisitions and projects the Group received services from consulting companies, which are held by the chairman of the Supervisory Board (AIC Androsch International Management Consulting GmbH) as well as by Supervisory Board member (Dörflinger Management und Beteiligungs GmbH) respectively. The fees charged are as follows:
| Financial year | ||
|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 |
| AIC Androsch International Management Consult | ||
| ing GmbH | 366 | 367 |
| Dörflinger Management & Beteiligungs GmbH | 9 | 6 |
| 375 | 373 |
Furthermore, certain manufacturing processes of AT&S Korea have been outsourced. Parts of these external manufacturing services were carried out by persons affiliated with minority shareholders, totalling TEUR 432 in the financial year 2008/09 (TEUR 1,251 in the financial year 2007/08). The outstanding liabilities as of 31 March 2009 amounted to TEUR 25 (31 March 2008: TEUR 382).
In the financial year 2008/09 and until the date of issuance of these consolidated financial statements the following persons served on the Management Board:
In the financial year 2008/09 the following persons were elected members of the Supervisory Board:
The number of granted stock options and personnel expenses from stock options granted are as follows:
| Number of granted stock options 31 March |
Personnel expenses Financial year |
(in € 1,000) | ||
|---|---|---|---|---|
| 2009 | 2008 | 2008/09 | 2007/08 | |
| Dr. Harald Sommerer | 160,000 | 140,000 | 10 | 119 |
| Dkfm. Steen Ejlskov Hansen | 120,000 | 105,000 | 8 | 92 |
| Ing. Heinz Moitzi | 120,000 | 90,000 | 16 | 122 |
| Total Management Board | 400,000 | 335,000 | 34 | 333 |
| Total other executive employees | 112,500 | 77,000 | 7 | 131 |
| 512,500 | 412,000 | 41 | 464 |
Reference is made to Note 16 "Trade and other payables" and Note 23 "Share capital".
Total emoluments paid to the members of the Management Board and to executive employees:
| Financial year 2008/09 | Financial year 2007/08 | |||||
|---|---|---|---|---|---|---|
| (in € 1,000) | fixed | variable* | total | fixed | variable* | total |
| Dr. Harald Sommerer | 457 | -- | 457 | 456 | 463 | 919 |
| Dkfm. Steen Ejlskov Hansen | 366 | -- | 366 | 366 | 232 | 598 |
| Ing. Heinz Moitzi | 316 | -- | 316 | 266 | 156 | 422 |
| Executive employees | 2,907 | -- | 2,907 | 2,977 | 719 | 3,716 |
| 4,046 | 5,655 |
* The following payments in kind from stock options are included in the variable emoluments paid to members of the Management Board and executive employees:
| Financial year | |||
|---|---|---|---|
| (in € 1,000) | 2008/09 | 2007/08 | |
| Dr. Harald Sommerer | -- | 184 | |
| Dkfm. Steen Ejlskov Hansen | -- | 13 | |
| Executive employees | -- | 15 | |
| -- | 212 |
Expenses for termination benefits and retirement benefits for members of the Management Board and executive employees are as follows:
| Termination benefits | Retirement benefits | |||
|---|---|---|---|---|
| Financial year Financial year |
||||
| (in € 1,000) | 2008/09 | 2007/08 | 2008/09 | 2007/08 |
| Management Board and | ||||
| executive employees | 109 | 205 | 476 | 529 |
Total remuneration and services rendered personally by members of the Supervisory Board:
| Financial year 2008/09 | Financial year 2007/08 | ||||||
|---|---|---|---|---|---|---|---|
| (in € 1,000) | fixed | variable | total | fixed | variable | total | |
| Dkfm. Dr. Hannes Androsch | 18 | -- | 18 | 18 | 11 | 29 | |
| Ing. Willibald Dörflinger | 9 | -- | 9 | 9 | 5 | 14 | |
| Dr. Erich Schwarzbichler | 11 | -- | 11 | 15 | 5 | 20 | |
| Dr. Georg Riedl | 11 | -- | 11 | 9 | 5 | 14 | |
| Dipl.-Ing. Albert Hochleitner | 10 | -- | 10 | 9 | 5 | 14 | |
| Dkfm. Karl Fink | 11 | -- | 11 | 9 | 5 | 14 | |
| 70 | -- | 70 | 69 | 36 | 105 |
Shareholdings of Management Board and Supervisory Board members and their relatives at 31 March 2009:
| Total shares | ||||
|---|---|---|---|---|
| Shares | Options | and options | % capital | |
| Management Board members | 47,449 | 400,000 | 447,449 | 1.73 |
| Supervisory Board members: | ||||
| Dkfm. Dr. Hannes Androsch | 445,853 | -- | 445,853 | 1.72 |
| Other members of the Supervisory | ||||
| Board | 9,295 | -- | 9,295 | 0.03 |
| Total Supervisory Board members | 455,148 | -- | 455,148 | 1.75 |
| Private foundations: | ||||
| Dörflinger Privatstiftung | 4,574,688 | -- | 4,574,688 | 17.66 |
| Sommerer Privatstiftung | 120,600 | -- | 120,600 | 0.47 |
| Androsch Privatstiftung | 5,570,666 | -- | 5,570,666 | 21.51 |
| Total private foundations | 10,265,954 | -- | 10,265,954 | 39.64 |
| Relatives of Board members | 7,500 | -- | 7,500 | 0.03 |
| 10,776,051 | 400,000 | 11,176,051 | 43.15 |
Average number of staff in the financial year:
| Financial year | ||||
|---|---|---|---|---|
| 2008/09 | 2007/08 | |||
| Waged workers | 4,931 | 4,919 | ||
| Salaried employees | 1,388 | 1,354 | ||
| 6,319 | 6,273 |
The calculation of the number of staff includes an average of 2,734 temporary workers for the financial year 2008/09 and an average of 2,547 for the financial year 2007/08.
Leoben-Hinterberg, 13 May 2009
The Management Board:
Dkfm. Steen Ejlskov Hansen Ing. Heinz Moitzi m.p. m.p.
AT&S is one of the market leaders in the industry worldwide and the largest manufacturers of printed circuit boards in Europe and India. In addition to simple printed circuit boards, AT&S in particular offers highly complex electronic connecting elements, which accounts for a great portion of the product portfolio of AT&S as a result of the growing customer need for miniaturisation on part of the customers. In this context, the HDI/Microvia technology is of particular importance, which is used mainly in mobile devices such as mobile phones or PDAs.
Over time, mobile phones developed into multimedia devices with GPS, camera, TV and other supplementary functions. Thus, the Mobile Devices industry, apart from mobile phones, also includes digital cameras, music and video players, etc. Increasing demand for technologically complex components is also observed in the area Industrial, which in particular comprises industrial electronics, measurement and control technology, medical technology and aviation. Usually, in this area many small orders involving different technologies and specifications have to be processed. The complexity of printed circuit boards also rises in the Automotive area due to the ever more efficient electronics used in automobiles, driven by the component manufacturers and the increased number of input/output channels required. Therefore, in addition to standard printed circuit boards, the HDI technology is used increasingly.
With a global presence in Asia and Europe, AT&S supplies internationally operating corporations. At the same time, AT&S also serves the demand from smaller companies and produces prototypes and small series. With its current production capacities, AT&S is able to service the volume production existing mainly in Asia, as well as the European niche business.
AT&S is also technologically one of the leading printed circuit board manufacturers. The excellent performance in the area of research and development is an important prerequisite for that. AT&S is working in networks of customers, suppliers and research institutions on the latest innovative techniques. In addition, the Company has profound long-term experience in the area of industrial large series production. The ongoing optimisation of the business processes is one of the major core elements of the corporate strategy.
AT&S manufactures a broad range of printed circuit boards: single-sided, double-sided, multlayer, HDI (High Density Interconnection, a multilayer printed circuit board with extremely find structures), flexible, rigid-flexible and semi-flexible. The service spectrum includes various technologies for the treatment of printed circuit boards using various base materials.
In addition to the development and manufacture of printed circuit boards for large and small series as well as prototypes, AT&S as comprehensive solution provider offers its customers various additional services, such as design and assembling of printed circuit boards. Until the past financial year the offer had been complemented by the area of trading (trade in printed circuit board of third-party manufacturers), with the respective activities being terminated due to too low profit prospects in relation to the related risks.
The financial year 2008/09 of the AT&S Group was significantly affected by the macroeconomic developments. The first quarter already fell short of expectations. In the second quarter, due to the fairly good utilisation of the plants and a favorable product mix the profit situation could be temporarily improved, however, in mid-November a significant decline in customer orders occurred. Due to the high share of sales of the Mobile Devices area, the overall business
of the AT&S Group is subject to seasonality, as a result of which the first and fourth quarter are usually characterised by a low utilisation, and the second and third quarter of the financial year by a very good utilisation. In the financial year 2008/09, however, the decline in orders already meant for November instead of full utilisation an under-utilisation of all plants, which lasted until the end of the financial year.
Thus, in the difficult economic climate in the financial year 2008/09, after many years of growth, the Company experienced a slight decline in revenue, as compared to the prior year. The decline in the amount of EUR 35.9 million corresponds to a change of -7.4%, the fourth quarter being particularly hard hit, with revenues down EUR 18.9 million over the prior year, which is in line with global economic developments.
Despite the decline in revenue, Mobile Devices with revenues of EUR 287.5 million and a share of sales of 64% is still by far the largest business segment of the AT&S Group. The Industrial area even managed to increase net sales over the prior year and thus this second largest business segment with a share of sales of already 24% or EUR 107 million is becoming ever more important. In the third largest business segment, Automotive, the global automobile crisis results in a decline in revenue of almost 18%. The project-related revenue in the service segment, by contrast, could even be increased significantly year-on-year.
From a geographical perspective, the ongoing expansion of production to Asia is noticeable, with the mass production in the HDI area now being performed almost exclusively in the plants in Shanghai. This development follows the industry trend and is necessary in order to be able to continue to produce competitively at the highest quality on the international markets. Due to the high personnel costs in the mass production, positive margins are hardly achievable in the Austrian plants. Out of the total sales, 61% (in the prior year 53%) were already produced in Asia.
With regard to net sales by country, in addition to shifts of production sites of customers within Europe to Central and Eastern Europe, a decline occurred in Asia and an expansion in the USA and in Canada. Through the distribution company AT&S Americas, which was founded just over a year, this market can now be serviced locally.
The intensified focus of the Austrian production locations on the European niche business of small series and special short-term orders made a restructuring programme necessary at the Leoben-Hinterberg location. The production capacities there were adjusted to the production volumes, which are down by approx. 40%. Apart from the related non-recurring expenses in the amount of EUR 21 million, the restructuring measures also had a negative impact on the current production result.
The gross profit margin declined particularly due to the lower utilisation of the production capacities in the AT&S Group and the related higher prorated fixed costs year-on-year from 18.4% to 14.7%, and the gross profit was down EUR 22.9 million.
Based on the lower gross result, the operating result is also affected by non-recurring expenses in the amount of EUR 27.6 million from the restructuring of the Leoben-Hinterberg location, the write-down of goodwill of AT&S Korea and the cost-cutting programme implemented across the Group and shows a red zero. The operating result adjusted for the non-recurring items is positive at EUR 26.6 million in the financial year 2008/09, compared to the adjusted prioryear figure of EUR 43.2 million. Consequently, the adjusted EBIT margin is 5.9% and thus 3 percentage points down on the prior-year figure calculated in the same way.
At the balance sheet date 31 March 2009, consolidated equity amounts to EUR 252.7 million and was up EUR 26.4 million on the prior year despite the consolidated loss for the year as a result of currency appreciations directly recognised in equity. The equity ratio of 47% means an increase of around 1.5 percentage points year-on-year and has a strong equity position.
In the financial year 2008/09 the net gearing of the AT&S Group rose by EUR 34.5 million to EUR 174.4 million. The increased net gearing mainly results from additional borrowings to finance the capacity expansions in China, raising the debt ratio from 62.0% in the prior year to 69.1%. In the financial year 2008/09 borrowings were converted into long-term debt, in particular through the placement of a bond. For details on the calculation method of the ratios and additional explanations, reference is made to the risk report in the notes to the consolidated financial statements.
Under the investing activities of AT&S, additions to property, plant and equipment and intangible assets totalled EUR 49.3 million in the financial year 2008/09. The investments primarily relate to the expansion in China, but also to the modernisation of the Austrian plants and the expansion of the plant in India.
On an annual average, AT&S had 6,319 employees in the financial year 2008/09 and thus 46 persons more than on the prior year average (2007/08: 6,273). By the end of the current financial year, however, the headcount had to be reduced, most notably due to the capacity adjustment at the Leoben-Hinterberg location. Whereas in China and India the "natural" turnover was mainly sufficient to adjust the headcount to the reduced utilisation level, a social plan had to be agreed upon for the Leoben-Hinterberg location, which, apart from termination benefits and hardship payments also included the establishment of a work foundation to finance the further training of laid-off staff.
Well trained and motivated staff is a key factor in keeping up with international competition. Therefore, AT&S pays special attention to training and education programmes which are designed to promote intercultural skills in addition to professional competencies. This is accompanied by a transparent and performance-oriented compensation system (based on economic value added and ROCE) that promotes the entrepreneurial thinking and acting of staff.
Sustained management and economical use of available resources are of the highest priority for AT&S. AT&S combines the three factors quality – environment – human being in an integrated management system. This uniform body of regulations is based on the international quality standard ISO 9001: 2000, ISO/TS 16949 (quality management of the automotive industry), the environmental standard ISO 14001, as well as on the standard OHSAS 18001 for the area of safety and health. Regular internal audits and inspections by independent third parties confirm the compliance with the management system for the financial year 2008/09. In the past financial year the plant in Korea was also included and inspected, so that now all AT&S locations worldwide are certified accordingly.
With regard to environmental protection, it also has to be noted that AT&S as one of the first circuit board manufacturers implemented the environmental management according to ISO 14001 already in the financial year 1996/97. Since AT&S takes environmental protection measures far beyond the statutory minimum requirements, AT&S is even regarded as a pioneer in environmental matters by certification authorities.
Regarding material events after the balance sheet date, reference is made to the disclosures in the notes to the consolidated financial statements, Note IV.27. "Material events after the balance sheet date".
As of 31 March 2009 the share capital of AT&S amounts to EUR 28,490,000 and is made up of 25,900,000 no-par value shares with a notional value of EUR 1.10 per share. The voting right at the Annual General Meeting is exercised according to no-par value shares, with one par-value share entitling to one vote. All shares are bearer shares.
Significant shareholdings in the group parent AT&S AG are as follows at the balance sheet date:
| Shares | % Capital | % Voting rights | |
|---|---|---|---|
| Dörflinger-Privatstiftung (private foundation): Franz-Josefs-Kai 5 A-1010 Vienna |
4,574,688 | 17.66% | 19.61% |
| Androsch Privatstiftung (private foundation): Franz-Josefs-Kai 5 A-1010 Vienna |
5,570,666 | 21.51% | 23.89% |
At the balance sheet date 2,577,412 treasury shares are held. The authorisation granted again on 3 July 2008 to the Management Board to repurchase up to 10% of the share capital of AT&S
AG on the market within 30 months thus is valid until 2 January 2011. The treasury shares may be used to service the stock option plan of the Company or they may also be sold.
Until 3 July 2008 the Management Board was authorised to carry out a conditional capital increase by up to EUR 2,970,000 through the issue of new bearer shares in order to grant stock options to members of the Management Board, executive employees and staff.
Until 4 July 2010 the Management Board is authorised, with the approval of the Supervisory Board, to increase the share capital by up to EUR 12,430,000 through the issue of up to 11,300,000 no-par value bearer shares, partially or entirely excluding the subscription rights of existing shareholders.
With the approval of the Supervisory Board, the Management Board is authorised to issue convertible bonds of up to EUR 100,000,000 until 4 July 2010, if required, excluding the subscription rights of existing shareholders. To grant subscription or exchange rights to the creditors of the convertible bond the Management Board is authorised to increase the share capital by up to EUR 12,430,000 through the issue of up to 11,300,000 new bearer shares.
For further details, reference is made to the disclosures in the notes to the consolidated financial statements, Note IV.23. "Share capital".
Within AT&S, the research and development (R&D) area is the driving force in the identification of new technological connection solutions. On the one hand, this includes the optimisation of current processes and materials up to their implementation in production and, on the other hand, innovative technologies to revolutionise the manufacture of printed circuit boards are also identified and developed internally.
AT&S has mainly two R&D facilities, in Leoben-Hinterberg and in Shanghai. Their main task is applied research up to the basic feasibility of the respective technology, and at the Austrian location new technologies are also identified and pre-evaluated. In cooperation with the local technology in the plants the process and product innovations are advanced further through experimental development. Furthermore, new processes have to be integrated in the existing production process.
In order to maintain its position among the global technology leaders also in the future, AT&S is cooperating with numerous external partners. On the one hand, requirements and ideas for future products are communicated by customers, and on the other hand, AT&S derives new technologies from future applications, such as for instance embedding. In addition to the own resources, cooperations are also entered into with research institutions or suppliers, if required.
In the financial year 2008/09 the area "embedded components" was a central research focus. As a result of directly embedding electronic components within the printed circuit board, apart from cost savings, additional space is gained on the surface of the printed circuit board and the reliability is increased. Under the "Hermes" research project, running over several years and headed by AT&S, an industry standard for the embedding of chips that is suitable for series production is worked upon in cooperation with ten other prominent companies from various stages of the value added chain. Moreover, in the high technology segment of HDI printed circuit boards, the Company is working on ways of further miniaturisation and on the development of new production processes and more cost-effective alternative processes. AT&S also focuses
on a variety of projects with new production technologies for a more flexible and more effective printed circuit board manufacture, in order to be able to produce smaller volumes and more complex products competitively in particular in the Austrian plants. The research activities in the area of photovoltaics are focused on the development and production of more energyefficient, back-side contact photovoltaic panels.
The risks, uncertainties and opportunities of AT&S are basically characterised by the global developments on the printed circuit board market. The material risks and uncertainties the AT&S Group specifically is faced with are explained in the notes to the consolidated financial statements under "II. Risk report".
Regarding market and technology, it can be noted that the Mobile Devices area, which is of great importance for AT&S, has to be divided increasingly into a low-cost segment and a hightechnology high-end segment (e.g. for smartphones). As a result of the core competences and the current positioning of AT&S, the Group will increasingly focus on the high-end segment in the future. AT&S will continue to pursue a growth strategy in this target market with the by far more interesting profit potential.
Regarding the use of financial instruments and the explanation of the financial risk management, reference is also made to the risk report in the notes to the consolidated financial statements.
The strong equity position and the technological top position of AT&S are considered opportunities and an advantage over competitors, especially in the current economic climate. As can be seen from individual cases, it is expected that weak market participants will disappear from the competition and well positioned companies with strong credit standing, such as AT&S, will get the opportunity to even gain shares in individual target markets.
Analyses assume that the global sales of the printed circuit board industry will decline by about 16%, measured in US dollars, in the year 2009. It is not to be expected that AT&S will be able to defy this trend. Due to the general market development and the reorientation of the strategy in the Mobile Devices segment to a long-term profit optimisation, management expects a decline in sales for the coming financial year 2009/10.
The production capacities installed worldwide in the AT&S Group are sufficient given the macroeconomic developments and thus it is possible to reduce the investing activities for the following financial year 2009/10 to a low level. About half of the investments planned for the following year in the amount of approx. EUR 30 million is accounted for by projects that have already been started in the financial year 2008/09. Among other things, the timing of the expansion of the production site in India was also adjusted to the currently required level.
In the next financial year the individual plants will have to be increasingly adapted to the respective market and production requirements. The trend will continue of shifting mass production to Asia and improving the performance and cost structure of the Austrian plants for small series and servicing niche markets. Even if the restructuring measures implemented in the past financial year take effect in the financial year 2009/10 and further cost savings are realised, a forecast of the annual result is hardly possible from today's perspective. However, excluding one-off effects, a decline is to be expected for current business operations. A sustained improvement in profits is expected only after a general recovery of the markets.
Leoben-Hinterberg, 13 May 2009
The Management Board
Dr. Harald Sommerer m.p.
Dkfm. Steen Ejlskov Hansen m.p.
Ing. Heinz Moitzi m.p.
We have audited the accompanying consolidated financial statements of AT&S Technologie & Systemtechnik Aktiengesellschaft, Leoben-Hinterberg, for the fiscal year from April 1, 2008 to March 31, 2009. These consolidated financial statements comprise the consolidated balance sheet as at March 31, 2009, the consolidated income statement, consolidated cash flow statement and consolidated statement of changes in equity for the year ended March 31, 2009, 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 (IFRS) as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; 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 in accordance with International Standards on Auditing (ISA), issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (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.
Our audit did not give rise to any objections. Based on the results of our audit, in our opinion the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of March 31, 2009, and of its financial performance and its cash flows for the fiscal year from April 1, 2008 to March 31, 2009 in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.
Laws and regulations applicable in Austria require us to perform audit procedures whether the consolidated management report is consistent with the consolidated financial statements and whether the other disclosures made in the consolidated management report do not give rise to misconception of the position of the Group. The auditor's report also has to contain a statement as to whether the consolidated management report is consistent with the consolidated financial statements.
In our opinion, the consolidated management report for the Group is consistent with the consolidated financial statements.
Vienna, May 13, 2009
PwC Wirtschaftsprüfung GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
signed:
Mag. Dr. Aslan Milla Austrian Certified Public Accountant
Disclosure, publication and duplication of the financial statements together with the auditor's report according to Section 281 (2) UGB in a form not in accordance with statutory requirements and differing from the version audited by us is not permitted. Reference to our audit may not be made without prior written permission from us.
| Balance Sheet | 76 |
|---|---|
| Income Statement | 78 |
| Notes to Financial Statements | 80 |
| Management Report | 101 |
| Auditor's Report | 109 |
| A K T I V A | 31. März 2009 EUR |
31. März 2008 EUR |
|---|---|---|
| A. ANLAGEVERMÖGEN | ||
| I. Immaterielle Vermögensgegenstände |
||
| 1. gewerbliche Schutzrechte und ähnliche Rechte | ||
| und Vorteile sowie daraus abgeleitete Lizenzen | 1.863.090,15 | 1.871.766,20 |
| 2. geleistete Anzahlungen | 101.584,72 | 101.584,72 |
| 1.964.674,87 | 1.973.350,92 | |
| II. Sachanlagen |
||
| 1. Grundstücke und Bauten auf fremdem Grund | 353.315,91 | 316.834,72 |
| 2. technische Anlagen und Maschinen | 28.307.522,25 | 29.491.960,00 |
| 3. andere Anlagen, Betriebs- und Geschäftsausstattung | 2.508.914,15 | 2.548.557,51 |
| 4. geleistete Anzahlungen | 292.734,83 | 130.619,97 |
| 31.462.487,14 | 32.487.972,20 | |
| III. Finanzanlagen | ||
| 1. Anteile an verbundenen Unternehmen | 232.537.337,28 | 183.758.491,11 |
| 2. Ausleihungen an verbundene Unternehmen | 52.311.202,31 | 46.208.958,99 |
| 3. Beteiligungen | 24.880,00 | 22.500,00 |
| 4. Wertpapiere des Anlagevermögens | 92.003,81 | 92.003,81 |
| 5. sonstige Ausleihungen | 885.307,14 | 501.161,40 |
| 285.850.730,54 | 230.583.115,31 | |
| B. UMLAUFVERMÖGEN | 319.277.892,55 | 265.044.438,43 |
| I. Vorräte |
||
| 1. Roh-, Hilfs- und Betriebsstoffe | 5.243.232,38 | 5.169.883,05 |
| 2. unfertige Erzeugnisse | 3.108.262,05 | 5.868.903,92 |
| 3. fertige Erzeugnisse und Waren | 11.322.978,16 | 14.941.540,04 |
| 19.674.472,59 | 25.980.327,01 | |
| II. Forderungen und sonstige Vermögensgegenstände |
||
| 1. Forderungen aus Lieferungen und Leistungen | 57.364.931,36 | 55.629.939,00 |
| 2. Forderungen gegenüber verbundenen Unternehmen | 25.172.198,45 | 24.720.164,32 |
| 3. sonstige Forderungen und Vermögensgegenstände | 8.672.789,54 | 8.478.546,62 |
| 91.209.919,35 | 88.828.649,94 | |
| III. Wertpapiere und Anteile | ||
| 1. sonstige Wertpapiere und Anteile | 13.285.069,07 | 13.325.869,07 |
| 2. eigene Anteile | 7.603.365,55 | 26.521.569,55 |
| 20.888.434,62 | 39.847.438,62 | |
| IV. Kassenbestand, Guthaben bei Kreditinstituten | 765.789,25 | 1.435.715,93 |
| 132.538.615,81 | 156.092.131,50 | |
| C. RECHNUNGSABGRENZUNGSPOSTEN | 1.049.734,93 | 1.060.370,56 |
| SUMME AKTIVA | 452.866.243,29 | 422.196.940,49 |
| 31. März 2009 EUR |
31. März 2008 EUR |
|
|---|---|---|
| Grundkapital | 28.490.000,00 | 28.490.000,00 |
| Kapitalrücklagen gebundene |
93.340.702,50 | 93.340.702,50 |
| 1. gesetzliche Rücklage 2. Rücklage für eigene Anteile |
2.849.000,00 7.603.365,55 |
2.849.000,00 26.521.569,55 |
| davon Gewinnvortrag | 45.614.596,86 5.596.728,42 177.897.664,91 |
13.526.408,34 24.209.734,18 164.727.680,39 |
| 1.524.991,99 | 1.080.769,18 | |
| Rückstellungen für Abfertigungen Rückstellungen für Pensionen Steuerrückstellungen sonstige Rückstellungen |
5.838.456,01 899.917,00 641.871,49 26.104.201,32 33.484.445,82 |
7.253.704,60 824.794,00 636.621,49 20.521.912,46 29.237.032,55 |
| Anleihe Verbindlichkeiten gegenüber Kreditinstituten Verbindlichkeiten aus Lieferungen und Leistungen Verbindlichkeiten gegenüber verbundenen Unternehmen sonstige Verbindlichkeiten davon aus Steuern davon im Rahmen der sozialen Sicherheit |
80.000.000,00 106.913.778,99 7.698.410,04 34.846.309,05 10.500.642,49 1.333.244,86 1.377.393,25 239.959.140,57 |
0,00 159.873.552,97 11.263.733,54 49.466.514,47 6.547.657,39 1.437.724,72 1.605.818,79 227.151.458,37 |
| P A S S I V A A. EIGENKAPITAL III. Gewinnrücklagen IV. Bilanzgewinn B. ZUSCHÜSSE AUS ÖFFENTLICHEN MITTELN C. RÜCKSTELLUNGEN D. VERBINDLICHKEITEN |
| SUMME PASSIVA | 452.866.243,29 | 422.196.940,49 |
|---|---|---|
| HAFTUNGSVERHÄLTNISSE | 1.861.147,10 | 6.945.687,67 |
| 2008/09 | 2007/08 | ||
|---|---|---|---|
| EUR | EUR | ||
| 1. | Umsatzerlöse | 339.556.133,39 | 374.708.853,05 |
| 2. | Veränderung des Bestands an fertigen und unfertigen Erzeugnissen | -2.220.112,95 | -1.445.439,68 |
| 3. | andere aktivierte Eigenleistungen | 36.722,70 | 11.216,53 |
| 4. | sonstige betriebliche Erträge | ||
| a) Erträge aus dem Abgang vom Anlagevermögen mit Ausnahme der Finanzanlagen | 261.376,18 | 400.312,18 | |
| b) Erträge aus der Auflösung von Rückstellungen | 164.757,33 | 1.330.712,29 | |
| c) übrige | 25.468.862,02 | 13.885.738,08 | |
| 5. | Aufwendungen für Material und sonstige bezogene Herstellungsleistungen | ||
| a) Materialaufwand | -249.137.186,78 | -247.355.811,26 | |
| b) Aufwendungen für bezogene Leistungen | -15.411.548,18 | -18.708.639,05 | |
| 6. Personalaufwand | |||
| a) Löhne | -28.113.406,33 | -34.242.461,16 | |
| b) Gehälter | -27.533.064,23 | -29.572.060,05 | |
| c) Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeiter | |||
| vorsorgekassen | -1.919.107,45 | -1.766.789,80 | |
| d) Aufwendungen für Altersversorgung | -469.636,92 | -175.635,88 | |
| e) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt | |||
| abhängige Abgaben und Pflichtbeiträge | -15.468.480,39 | -17.039.256,25 | |
| f) sonstige Sozialaufwendungen | -219.668,29 | -184.683,40 | |
| 7. | Abschreibungen | ||
| a) auf immaterielle Gegenstände des Anlagevermögens und Sachanlagen | -9.432.757,75 | -10.040.870,54 | |
| b) abzüglich Amortisation von Investitionszuschüssen aus öffentlichen Mitteln | 112.371,35 | 184.220,59 | |
| 8. | sonstige betriebliche Aufwendungen | ||
| a) Steuern, soweit sie nicht unter Z 20 fallen | -166.527,87 | -317.430,09 | |
| b) übrige | -40.402.499,60 | -37.031.163,53 | |
| 9. | Zwischensumme aus Z 1 bis 8 (Betriebsergebnis) | -24.893.773,77 | -7.359.187,97 |
| 10. Erträge aus Beteiligungen | 110.228.531,06 | 3.563.635,00 | |
| davon aus verbundenen Unternehmen | 110.228.531,06 | 3.563.635,00 | |
| 11. Erträge aus anderen Wertpapieren und Ausleihungen des Finanzanlagevermögens | 2.336.118,34 | 2.048.889,64 | |
| davon aus verbundenen Unternehmen | 2.332.953,34 | 2.045.998,77 | |
| 12. sonstige Zinsen und ähnliche Erträge | 847.740,45 | 793.641,93 | |
| davon aus verbundenen Unternehmen | 0,00 | 2.052,39 | |
| 13. Erträge aus dem Abgang von Finanzanlagen und Wertpapieren des Umlaufvermögens | 6.069.752,36 | 6.512.529,98 | |
| 14. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens | |||
| davon sind gesondert auszuweisen | -31.753.854,25 | -22.188.268,24 | |
| a) Abschreibungen | -18.959.004,00 | -19.307.767,00 | |
| b) Aufwendungen aus verbundenen Unternehmen | -12.794.850,25 | -2.880.501,24 | |
| davon aus Abschreibungen | -12.569.862,65 | -2.704.051,05 | |
| 15. Zinsen und ähnliche Aufwendungen | |||
| a) Zinsen und ähnliche Aufwendungen | -14.763.361,00 | -9.297.535,70 | |
| davon aus verbundenen Unternehmen | -22.516,67 | -84.697,99 | |
| b) abzüglich Amortisation von Zinsenzuschüssen aus öffentlichen Mitteln | 0,00 | 1.890,07 | |
| 16. Zwischensumme aus Z 10 bis 15 (Finanzergebnis) | 72.964.926,96 | -18.565.217,32 | |
| 17. Ergebnis der gewöhnlichen Geschäftstätigkeit/zu übertragen | 48.071.153,19 | -25.924.405,29 | |
| 2008/09 EUR |
2007/08 EUR |
|
|---|---|---|
| 17. Ergebnis der gewöhnlichen Geschäftstätigkeit/Übertrag | 48.071.153,19 | -25.924.405,29 |
| 18. außerordentliche Aufwendungen | -26.443.326,98 | 0,00 |
| 19. außerordentliches Ergebnis | -26.443.326,98 | 0,00 |
| 20. Steuern vom Einkommen und vom Ertrag | -528.161,77 | -160.967,15 |
| 21. Jahresüberschuss/-fehlbetrag | 21.099.664,44 | -26.085.372,44 |
| 22. Anpassung Rücklage für eigene Anteile | 18.918.204,00 | 15.402.046,60 |
| 23. Gewinnvortrag aus dem Vorjahr | 5.596.728,42 | 24.209.734,18 |
| 24. Bilanzgewinn | 45.614.596,86 | 13.526.408,34 |
Der Jahresabschluss der AT & S Austria Technologie & Systemtechnik Aktiengesellschaft (im Folgenden kurz AT&S genannt) zum 31. März 2009 wurde gemäß den Bestimmungen des Unternehmensgesetzbuches (UGB) in der geltenden Fassung erstellt. Die Grundsätze ordnungsmäßiger Buchführung sowie die Generalnorm, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage zu vermitteln, wurden beachtet.
Insbesondere wurde bei der Bewertung von der Fortführung des Unternehmens ausgegangen sowie der Grundsatz der Einzelbewertung von Vermögensgegenständen und Schulden beachtet. Dem Vorsichtsprinzip wurde durch Berücksichtigung aller erkennbaren Risiken und drohenden Verluste Rechnung getragen. Nur die am Abschlussstichtag realisierten Gewinne wurden ausgewiesen. Die bisher angewandten Bewertungsmethoden wurden beibehalten.
Fallen Vermögensgegenstände oder Verbindlichkeiten unter mehrere Posten der Bilanz, erfolgt die Angabe bei den entsprechenden Posten.
Zur Verbesserung der Klarheit und Aussagekraft wurde die Gliederung der Posten des Jahresabschlusses teilweise geändert und zur Gewährung der Vergleichbarkeit die Vorjahreszahlen entsprechend angepasst.
Seit dem 31. März 1999 übt die AT&S die Funktion eines Mutterunternehmens im Sinne des § 244 UGB aus.
In den Geschäftsjahren von 1999/2000 bis 2003/04 wurden unter Anwendung der Bestimmungen des § 245a UGB ein Konzernabschluss nach in den USA allgemein anerkannten Rechnungslegungsstandards (US Generally Accepted Accounting Principles), ergänzt um die unternehmensrechtlich verpflichtend vorgeschriebenen Erläuterungen und Anmerkungen, und ein Konzernlagebericht aufgestellt.
Seit dem Geschäftsjahr 2004/05 werden unter Anwendung der Bestimmungen des § 245a UGB ein Konzernabschluss nach international anerkannten Rechnungslegungsstandards (International Accounting Standards (IAS) und International Financial Reporting Standards (IFRS)), ergänzt um die unternehmensrechtlich verpflichtend vorgeschriebenen Erläuterungen und Anmerkungen, und ein Konzernlagebericht aufgestellt.
Die AT&S stellt den Konzernabschluss für den größten Kreis von Unternehmen auf.
Im Folgenden werden die wesentlichen Umstrukturierungsmaßnahmen des Geschäftsjahres dargestellt:
City, Südkorea, erworben und im Anschluss daran eine Kapitalerhöhung um KRW 4.000 Mio. durchgeführt, wodurch sich der Anteil der AT&S auf 86,3 % erhöht hatte. Im Geschäftsjahr 2007/08 wurde eine weitere Kapitalerhöhung in Höhe von KRW 24.000 Mio. durchgeführt, wodurch sich der Anteil der AT&S auf 97,27 % erhöht hatte. Mit Generalversammlungsbeschluss vom 17. März 2009 wurde im abgelaufenen Geschäftsjahr eine weitere Kapitalerhöhung in Höhe von KRW 36.000 Mio. durchgeführt. Der Anteil beläuft sich nun auf 98,76 %.
Immaterielle Vermögensgegenstände und Sachanlagen werden zu Anschaffungs- oder Herstellungskosten zuzüglich Anschaffungsnebenkosten abzüglich planmäßiger und außerplanmäßiger Abschreibungen ausgewiesen.
Die planmäßigen Abschreibungen erfolgen linear unter Zugrundelegung der betriebsgewöhnlichen Nutzungsdauer.
| Nutzungsdauer | |
|---|---|
| immaterielle Vermögensgegenstände | 4 - 10 Jahre |
| Bauten auf fremdem Grund | 12 - 50 Jahre |
| technische Anlagen und Maschinen | 5 - 15 Jahre |
| andere Anlagen, Betriebs- und Geschäftsausstattung | 4 - 10 Jahre |
Für Zugänge während der ersten Hälfte des Geschäftsjahres wurde eine volle Jahresabschreibung, für Zugänge während der zweiten Hälfte des Geschäftsjahres eine halbe Jahresabschreibung angesetzt. Die Abschreibung für Zugänge erfolgt nach Maßgabe des Zeitpunktes ihrer Inbetriebnahme.
Die Möglichkeit der Sofortabschreibung von geringwertigen Vermögensgegenständen gemäß § 226 Abs. 3 UGB wurde in Anspruch genommen.
Die Bewertung der Finanzanlagen erfolgte zu Anschaffungskosten bzw. entsprechend dem Niederstwertprinzip zum niedrigeren Marktwert (Kurswert) zum Bilanzstichtag.
Die Bewertung der Roh-, Hilfs- und Betriebsstoffe erfolgt zu Anschaffungskosten unter Beachtung des strengen Niederstwertprinzips. Da der Bestand an Ersatzteilen für Maschinen und Anlagen in seiner Größe, seinem Wert und seiner Zusammensetzung nur geringen Veränderungen unterliegt und der Gesamtwert von untergeordneter Bedeutung ist, wird für diese Bestände ein Festwert angesetzt. Laufende Zukäufe werden sofort aufwandswirksam erfasst. Der im Bilanzposten "Roh-, Hilfs- und Be-
triebsstoffe" enthaltene Festwert für die Ersatzteile beträgt EUR 1.525.187,44 (Vorjahr: EUR 1.525.187,44). Der Ersatzteilbestand wurde im Geschäftsjahr 2006/07 überprüft. Erhaltene Skonti, Boni sowie Frachtkosten und Zölle wurden berücksichtigt.
Die Bewertung der unfertigen und fertigen Erzeugnisse erfolgte zu Herstellungskosten.
Die Ermittlung der Herstellungskosten der unfertigen und fertigen Erzeugnisse zum 31. März 2009 erfolgt auf Basis der Vollkosten, wie es § 203 Abs. 3 UGB als Wahlrecht vorsieht.
Forderungen und sonstige Vermögensgegenstände sind zu Nennwerten angesetzt. Für erkennbare Ausfallrisiken werden Einzelwertberichtigungen gebildet.
Fremdwährungsforderungen werden mit dem Entstehungskurs oder mit dem niedrigeren Devisengeldkurs zum Bilanzstichtag angesetzt.
Die Bewertung der Wertpapiere des Umlaufvermögens und der eigenen Anteile erfolgt zu Anschaffungskosten oder zu niedrigeren Kurswerten zum Bilanzstichtag. Im Zusammenhang mit Wertpapieren des Umlaufvermögens wurden Zuschreibungen in Höhe von EUR 163.150,51 (Vorjahr: EUR 65.260,20) aus steuerrechtlichen Gründen unterlassen.
Die Berechnung der Rückstellungen für Abfertigungen erfolgt nach den Bewertungsvorschriften der IFRS (IAS 19) unter Anwendung der Korridormethode auf Basis eines Rechnungszinssatzes in Höhe von 5,25 % (Vorjahr: 5,25 %) und eines Pensionseintrittsalters gemäß den Bestimmungen der Pensionsreform 2003 sowie unter Berücksichtigung der betriebsindividuellen Fluktuation durch entsprechende Abschläge. Die Berechnung erfolgt unter Beachtung der Bestimmungen des Fachgutachtens KFS/RL 2 und 3 vom 5. Mai 2004 des Institutes für Betriebswirtschaft, Steuerrecht und Organisation der Kammer der Wirtschaftstreuhänder.
Die Berechnung der Rückstellungen für Pensionen erfolgt nach den Bewertungsvorschriften der IFRS (IAS 19) unter Anwendung der Korridormethode auf Basis eines Rechnungszinssatzes in Höhe von 5,25 % (Vorjahr: 5,25 %) unter Zugrundelegung der Sterbetafeln AVÖ 2008-P. Das Pensionseintrittsalter wurde gemäß den Bestimmungen der Pensionsreform 2003 ermittelt. Mit Stichtag 31. Dezember 1996, 31. Dezember 2001, 31. März 2003, 31. März 2005, 31. März 2007 sowie 31. März 2008 wurden Pensionsverpflichtungen teilweise an die APK-Pensionskasse Aktiengesellschaft, Wien, übertragen.
Die Berechnung der Rückstellung für Jubiläumsgelder erfolgt nach den Bewertungsvorschriften der IFRS (IAS 19) aufgrund der kollektivvertraglichen Ansprüche bei Anwendung eines Rechnungszinssatzes von 5,25 % (Vorjahr: 5,25 %) sowie unter Berücksichtigung der betriebsindividuellen Fluktuation durch entsprechende Abschläge.
Bei der Berechnung der sonstigen Rückstellungen ist entsprechend den gesetzlichen Erfordernissen allen erkennbaren Risiken und ungewissen Verbindlichkeiten ausreichend Rechnung getragen worden.
Verbindlichkeiten sind mit ihrem Rückzahlungsbetrag angesetzt.
Fremdwährungsverbindlichkeiten werden mit ihrem Entstehungskurs oder mit dem höheren Devisenbriefkurs zum Bilanzstichtag bewertet.
Zur Entwicklung der Posten des Anlagevermögens siehe Seite 8. Der in den Grundstücken und Bauten enthaltene Grundwert beträgt EUR 14.293,44 (Vorjahr: EUR 14.293,44).
Die Beteiligung an der AT&S Korea Co., Ltd wurde um EUR 12.372.000,00 wertberechtigt. Der Buchwert in Höhe von EUR 27.237.538,14 entspricht nun dem Nutzwert (Value-in-use) der Gesellschaft, welcher aus zukünftigen Cashflows abgeleitet wurde.
Die Beteiligung an der AT&S Deutschland GmbH wurde um EUR 5.805.000,00 wertberichtigt. Der Buchwert in Höhe von EUR 2.161.000,00 entspricht ebenso dem Nutzwert (Value-in-use) der Gesellschaft.
Die im laufenden Geschäftsjahr durchgeführte Beteiligungserhöhung in Höhe von EUR 197.862,65 an der AT&S ECAD Technologies Private Limited, Bangalore, Indien, wurde zu 100 % wertberichtigt.
| cha ffun Ans |
stel lun gsk gs-/ Her oste n |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| cha ffun Ans erte gsw 1. A pril 20 08 EU R |
Zug äng e EU R |
Abg äng e EU R |
Um buc hun gen EU R |
d am Stan 31. Mä rz 2 009 EU R |
Abs chre ibun gen kum ulie rt EU R |
hwe Buc rt 31. Mä rz 2 009 EU R |
hwe Buc rt 31. Mä rz 2 008 EU R |
Abs chre ibu nge n im Ges chä ftsj ahr EU R |
|
| I. Im teri elle Ve rmö stän de ma gen sge gen |
|||||||||
| 1. g rbli che Sch utz hte d ä hnl ich e R ech te u nd ewe rec un |
|||||||||
| V ile s owi e da s ab gele itet e L izen orte rau zen |
11.6 32.7 25, 17 |
598 .553 ,22 |
853 .008 ,01 |
14.4 00,0 0 |
11.3 92.6 70, 38 |
9.52 9.5 80,2 3 |
1.86 3.09 0,15 |
1.87 1.76 6,20 |
21.6 31,5 6 7 |
| 2. g elei stet e A hlu nza nge n |
101 .584 ,72 |
0,00 | 0,00 | 0,00 | 101 .584 ,72 |
0,00 | 101 .584 ,72 |
101 .584 ,72 |
0,00 |
| Zw isch ens um me |
11.7 34.3 09, 89 |
598 .553 ,22 |
853 .008 ,01 |
14.4 00,0 0 |
11.4 94.2 55, 10 |
9.52 9.5 80,2 3 |
1.96 4.67 4,87 |
1.97 3.35 0,92 |
21.6 31,5 7 6 |
| II. S ach anl age n |
|||||||||
| 1. G dstü cke d B uf f dem Gr und aut run un en a rem |
409 .062 ,20 |
.807 ,54 66 |
0,00 | 0,00 | 475 .869 ,74 |
122 .553 ,83 |
353 .315 ,91 |
316 .834 ,72 |
30.3 26,3 5 |
| 2. t ech nisc he A nla d M hin gen un asc en |
226 .422 1,70 .96 |
8.58 1.37 2,14 |
10.0 32.9 99,4 9 |
225 .970 ,00 |
225 .197 .304 ,35 |
196 .889 .782 ,10 |
28.3 07.5 22,2 5 |
29.4 91.9 60,0 0 |
9.89 3.67 0,06 |
| 3. a nde re A nla , Be trie bs- und Ge sch äfts stat tun gen aus g |
15.1 35.6 90, 89 |
1.26 4.4 14,0 5 |
1.94 3.07 6,96 |
28.5 00,0 0 |
14.4 85.5 27,9 8 |
11.9 76. 613 ,83 |
2.50 8.9 14,1 5 |
2.54 8.55 7,5 1 |
1.31 1.03 9,12 |
| d de ring tige Ve rmö stän avo n ge wer gen sge gen |
0,00 | 181 .502 ,25 |
181 .502 ,25 |
0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 181 .502 ,25 |
| 4. g elei e A hlu stet nza nge n |
130 .619 ,97 |
430 .984 ,86 |
0,00 | 268 .870 ,00 - |
292 .734 ,83 |
0,00 | 292 .734 ,83 |
130 .619 ,97 |
0,00 |
| isch Zw ens um me |
242 .098 .334 ,76 |
10.3 43.5 78,5 9 |
11.9 76.0 76,4 5 |
14.4 00,0 0 - |
240 .45 1.43 6,90 |
208 .988 .949 ,76 |
31.4 62.4 87, 14 |
32.4 87.9 72,2 0 |
11.2 35.0 35,5 3 |
| III. Fin anl anz age n |
|||||||||
| 1. A ile a erb und n U hm nte nte n v ene rne en |
255 .748 .78 1,15 |
7.15 3.70 8,82 6 |
0,00 | 0,00 | 322 .902 .489 ,97 |
90.3 65. 152 ,69 |
232 .537 .337 ,28 |
183 .758 .49 1,11 |
18.3 74. 862 ,65 |
| 2. A usle ihu erb und Un ehm tern nge n a n v ene en |
46.2 08.9 58,9 9 |
6. 102 .243 ,32 |
0,00 | 0,00 | 52.3 11.2 02,3 1 |
0,00 | 52.3 11.2 02,3 1 |
46.2 08.9 58,9 9 |
0,00 |
| etei ligu 3. B nge n |
22.5 00,0 0 |
2.97 5,00 |
595 ,00 |
0,00 | 24. 880 ,00 |
0,00 | 24. 880 ,00 |
22.5 00,0 0 |
0,00 |
| 4. W api des An lag rmö ertp ere eve gen s |
92.0 03, 81 |
0,00 | 0,00 | 0,00 | 92.0 03, 81 |
0,00 | 92.0 03, 81 |
92.0 03, 81 |
0,00 |
| 5. s tige Au slei hun ons gen |
501 .16 1,40 |
384 .145 ,74 |
0,00 | 0,00 | 885 .307 ,14 |
0,00 | 885 .307 ,14 |
501 .16 1,40 |
0,00 |
| isch Zw ens um me |
302 .573 .405 ,35 |
73. 643 .072 ,88 |
595 ,00 |
0,00 | 376 .215 .883 ,23 |
90.3 65. 152 ,69 |
285 .850 .730 ,54 |
230 .583 .115 ,31 |
18.3 74. 862 ,65 |
| S u m m e |
556 .406 .050 ,00 |
84.5 85.2 04,6 9 |
12.8 29.6 79,4 6 |
0,00 | 28. 161 .575 ,23 6 |
308 .883 .682 ,68 |
319 .277 .892 ,55 |
265 .044 .438 ,43 |
30.2 31.5 29,7 5 |
ad 1)
8.063,00 davon im außerordentlichen Aufwand erfasst
ad 2)2.415.846,35 davon im außerordentlichen Aufwand erfasst
ad 3)5.805.000,00 davon im außerordentlichen Aufwand erfasst
| Buchwert 31. März 2009 EUR |
Höhe des Anteils % |
Höhe des Eigenkapitals EUR |
Ergebnis des letzten Geschäftsjahres EUR |
Buchwert 31. März 2008 EUR |
|
|---|---|---|---|---|---|
| Anteile an verbundenen Unternehmen | |||||
| AT&S Verwaltungs GmbH & Co KG, Augsburg, Deutschland |
1.955.236,99 | 100 | 821.744,00 | -164.321,00 1) | 1.955.236,99 |
| AT&S Deutschland GmbH, Nörvenich, Deutschland |
2.161.000,00 | 100 | 1.351.121,00 | 162.017,00 1) | 7.966.000,00 |
| AT&S India Private Limited, Nanjangud, Indien |
10.898.516,89 | 100 | 12.658.590,00 | -570.057,00 1) | 10.898.516,89 |
| AT&S (China) Company Limited, Shanghai, China |
111.893.000,00 | 100 | 198.375.870,00 | 55.277.130,00 1) | 64.992.100,00 |
| AT & S Klagenfurt Leiterplatten GmbH, Klagenfurt |
300.000,00 | 77,32 | 2.113.811,27 | -515.492,10 2) | 300.000,00 |
| DCC - Development Circuits & Components GmbH, Wien |
209.735,00 | 100 | 340.859,36 | 54.023,34 2) | 209.735,00 |
| AT&S Asia Pacific Limited, Hongkong, China |
77.875.865,92 | 100 | 78.657.509,00 | 445.544,00 1) | 77.875.865,92 |
| AT&S ECAD Technologies Private Limited, Bangalore, Indien |
0,00 | 94,20 | 78.047,00 | -201.893,00 1) | 0,00 |
| AT&S Korea Co., Ltd., Ansan-City, Südko rea |
27.237.538,14 | 98,76 | 8.837.452,00 | -10.026.751,00 1) | 19.561.036,31 |
| AT&S Americas, LLC., San Jose, Kalifornien | 6.444,34 | 100 | 10.251,00 | 2.565,00 | 0,00 |
| Summe | 232.537.337,28 | 183.758.491,11 | |||
| Beteiligungen | |||||
| IS Industrie-Service Dienstleistungs GmbH in Liqu., Fohnsdorf |
22.500,00 | 45 | 53.225,42 | 3.225,42 3) | 22.500,00 |
| CEST Kompetenzzentrum für elektronische Oberflächentechnologie GmbH, |
|||||
| Wiener Neustadt | 2.380,00 | 6,80 | 4) | 4) | 0,00 |
| Summe | 24.880,00 | 22.500,00 |
1) Jahresabschluss zum 31. März 2009 nach internationalen Rechnungslegungsvorschriften (IFRS)
2) Jahresabschluss zum 31. März 2009 nach UGB
3) vorläufiger Jahresabschluss zum 31. Dezember 2008 nach UGB
4) keine Angabe
Unter dem Posten "Ausleihungen an verbundene Unternehmen" ist ein Betrag in Höhe von EUR 83.370,00 (Vorjahr: TEUR 11.776) innerhalb eines Jahres fällig.
| Bilanzwert am 31. März 2009 EUR |
davon Restlauf zeit mehr als ein Jahr EUR |
|
|---|---|---|
| Forderungen aus Lieferungen und Leistungen | 57.364.931,36 | 0,00 |
| Forderungen gegenüber verbundenen Unternehmen | 25.172.198,45 | 0,00 |
| Sonstige Forderungen und Vermögensgegenstände | 8.672.789,54 | 0,00 |
| Summe | 91.209.919,35 | 0,00 |
| Bilanzwert am 31. März 2008 EUR |
davon Restlauf zeit mehr als ein Jahr EUR |
|
| Forderungen aus Lieferungen und Leistungen | 55.629.939,00 | 0,00 |
| Forderungen gegenüber verbundenen Unternehmen | 24.720.164,32 | 0,00 |
| Sonstige Forderungen und Vermögensgegenstände | 8.478.546,62 | 0,00 |
| Summe | 88.828.649,94 | 0,00 |
Die Forderungen der Gesellschaft gegenüber verbundenen Unternehmen bestehen aus Forderungen aus Lieferungen und Leistungen in Höhe von EUR 2.190.556,95 (Vorjahr EUR 22.705.509,32), aus Forderungen aus Sonstige in Höhe von EUR 22.978.028,32 (Vorjahr EUR 1.500.000) und aus Forderungen aus Steuerumlagen in Höhe von EUR 3.613,18 (Vorjahr EUR 514.655,00).
In den sonstigen Forderungen und Vermögensgegenständen sind folgende wesentliche Erträge enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden:
| 31. März 2009 EUR |
31. März 2008 EUR |
|
|---|---|---|
| Energieabgabenrückvergütung | 3.326.760,79 | 2.069.380,79 |
| HTP High Tech Plastics GmbH (vormals HTP Fohnsdorf GmbH) |
0,00 | 65.760,00 |
| Zuschüsse aus öffentlichen Mitteln | 0,00 | 153.835,95 |
| Zuschuss Altersteilzeit | 165.507,90 | 216.078,48 |
| Steuerfreie Prämien | 480.612,93 | 249.161,80 |
| Versicherungsvergütung | 1.557.128,26 | 1.009.709,81 |
| Summe | 5.530.009,88 | 3.763.926,83 |
Der Vorstand hat mit 20. April 2006 beschlossen, in Ausübung der Ermächtigung der 11. ordentlichen Hauptversammlung vom 5. Juli 2005 sowie nach Zustimmung durch den Aufsichtsrat mittels Umlaufbeschluss vom 7. April 2006 gemäß § 192 Abs. 3 AktG 2.100.000 eigene Aktien der gemäß § 65 Abs. 1 Z 8 AktG rückerworbenen eigenen Aktien gegen Auflösung einer Rücklage gemäß § 225 Abs. 5 Satz 2 UGB einzuziehen und somit das Grundkapital herabzusetzen. Der Einzug von 2.100.000 eigenen Aktien ist am 3. Mai 2006 erfolgt. Das Grundkapital beträgt somit EUR 28.490.000 und besteht aus 25.900.000 Stückaktien mit einem rechnerischen Wert von je EUR 1,10.
Der Vorstand wurde mit Beschluss der 11. ordentlichen Hauptversammlung vom 5. Juli 2005 ermächtigt, bis zum 4. Juli 2010 das Grundkapital der Gesellschaft um bis zu EUR 12.430.000, allenfalls in mehreren Tranchen, mit Zustimmung des Aufsichtsrates durch Ausgabe von bis zu 11.300.000 auf den Inhaber lautenden nennbetragslosen Stückaktien gegen Bareinzahlung oder Sacheinlage, auch unter teilweisem oder gänzlichem Ausschluss des Bezugsrechtes der Aktionäre, zu erhöhen und die näheren Ausgabebedingungen (insbesondere Ausgabekurs, Gegenstand der Sacheinlage, Inhalt der Aktienrechte, Ausschluss der Bezugsrechte etc.) mit Zustimmung des Aufsichtsrates festzulegen. Der Aufsichtsrat wurde ermächtigt, Änderungen der Satzung, die sich durch die Ausgabe von Aktien aus dem genehmigten Kapital ergeben, zu beschließen.
Gemäß § 174 Abs. 2 AktG wurde der Vorstand in der 11. Hauptversammlung vom 5. Juli 2005 ermächtigt, bis 4. Juli 2010 mit Zustimmung des Aufsichtsrates Wandelschuldverschreibungen im Gesamtnennbetrag von bis zu EUR 100.000.000, auch in mehreren Tranchen, auszugeben, alle Bedingungen, die Ausgabe und das Umtauschverfahren der Wandelschuldverschreibungen festzusetzen sowie das Bezugsrecht der Aktionäre auszuschließen.
In der 9. ordentlichen Hauptversammlung vom 3. Juli 2003 wurde der Vorstand gemäß § 159 Abs. 3 AktG ermächtigt, mit Zustimmung des Aufsichtsrates bis zum 3. Juli 2008 eine bedingte Kapitalerhöhung zur Einräumung von Aktienoptionen an Mitglieder des Vorstandes der Gesellschaft, leitende Angestellte und Arbeitnehmer der Gesellschaft und verbundene Unternehmen um bis zu EUR 2.970.000 durch Ausgabe von bis zu 2.700.000 Stück neuen auf Inhaber lautenden Stückaktien gegen Bareinlage durchzuführen (genehmigtes bedingtes Kapital).
In der 11. ordentlichen Hauptversammlung vom 5. Juli 2005 wurde der Vorstand ermächtigt, das Grundkapital um bis zu EUR 12.430.000 durch Ausgabe von bis zu 11.300.000 neuen auf Inhaber lautenden Stammaktien zur Gewährung von Bezugs- oder Umtauschrechten an die Gläubiger der Wandelschuldverschreibungen und Feststellung der Erfordernisse gemäß § 160 Abs. 2 AktG durchzuführen sowie die weiteren Einzelheiten der bedingten Kapitalerhöhung und ihrer Durchführung festzusetzen und über die Ermächtigung des Aufsichtsrates Änderungen der Satzung, die sich durch die Ausgabe der Aktien aus dem bedingten Kapital ergeben, zu beschließen. Die neu ausgegebenen Aktien der bedingten Kapitalerhöhung haben die volle Dividendenberechtigung für das laufende Geschäftsjahr, in dem sie begeben werden.
In der 14. ordentlichen Hauptversammlung vom 3. Juli 2008 wurde der Vorstand neu ermächtigt, gemäß § 65 Abs. 1 Z 8 AktG binnen 30 Monaten (Vorjahr binnen 18 Monate) ab Beschlussfassung eigene Aktien der Gesellschaft im Ausmaß von bis zu 10 % des Grundkapitals der Gesellschaft zu erwerben, wobei der Erwerbskurs je zu erwerbender Stückaktie EUR 1,10 nicht unterschreiten und EUR 110 nicht überschreiten darf, und die erworbenen eigenen Aktien ohne weiteren Hauptversammlungsbeschluss einzuziehen oder zur Durchführung des Mitarbeiterbeteiligungs- bzw. Stock-Option-Programmes der Gesellschaft zu verwenden.
Weiters wurde der Vorstand in der 14. ordentlichen Hauptversammlung vom 3. Juli 2008 ermächtigt, gemäß § 65 Abs. 1b AktG für die Dauer von fünf Jahren ab Beschlussfassung, sohin bis einschließlich 3. Juli 2013 (dritten Juli zweitausenddreizehn), mit Zustimmung des Aufsichtsrates und ohne weiteren Beschluss der Hauptversammlung die erworbenen eigenen Aktien der Gesellschaft auch auf andere Art als über die Börse oder durch ein öffentliches Angebot zu veräußern, insbesondere zur Bedienung von Wandelschuldverschreibungen oder als Gegenleistung für den Erwerb von Unternehmen, Betrieben, Teilbetrieben oder sonstigen Vermögenswerten oder von Beteiligungen an Gesellschaften, Unternehmen, Betrieben, Teilbetrieben oder sonstigen Vermögenswerten und hierbei - sofern erforderlich das Bezugsrecht der Aktionäre gemäß § 65 Abs. 1b i.V.m. §§ 169 bis 171 AktG auszuschließen. Die Ermächtigung kann ganz oder in Teilen ausgeübt werden und ersetzt die in der letzten Hauptversammlung vom 3. Juli 2007 beschlossene Ermächtigung über die Veräußerung eigener Aktien.
Die AT & S Austria Technologie & Systemtechnik Aktiengesellschaft hält zum Bilanzstichtag 2.577.412 Stück eigene Anteile.
| Entwicklung des Postens eigene Anteile |
Stück | Bilanzwert EUR |
Anteil am Grundkapital in % |
|
|---|---|---|---|---|
| Anfangsbestand 1.4.2008 | 2.577.412 | 26.521.569,55 | 9,95 | |
| Abwertung eigene Anteile zum 31.3.2009 | -18.918.204,00 | |||
| Endbestand 31.3.2009 | 2.577.412 | 7.603.365,55 | 9,95 | 1) |
1) Der Anteil am Grundkapital wurde berechnet mit der Anzahl der Stückaktien (25.900.000 Stück).
Auf Basis des in der Aufsichtsratssitzung vom 15. Juni 2000 genehmigten Stock-Option-Plans wurden am 1. August 2000 103.000 Aktienoptionen zu einem Ausübungspreis von je EUR 43,90, am 1. April 2001 108.000 Aktienoptionen zu einem Ausübungspreis von je EUR 33,34, am 1. April 2002 105.500 Aktienoptionen zu einem Ausübungspreis von je EUR 14,18, am 1. April 2003 122.500 Aktienoptionen zu einem Ausübungspreis von je EUR 8,63 und am 1. April 2004 146.500 Aktienoptionen zu einem Ausübungspreis von je EUR 16,81 ausgegeben. Der Stock-Option-Plan war befristet, der letzte Zuteilungstag war der 1. April 2004.
| Anzahl und Aufteilung der eingeräumten Optionen |
Ing. Willibald Dörflinger |
Dr. Harald Sommerer |
Dkfm. Steen E. Hansen |
leitende Angestellte |
gesamt |
|---|---|---|---|---|---|
| Stück | Stück | Stück | Stück | Stück | |
| 1. April 2004 | 40.000 | 40.000 | 30.000 | 36.500 | 146.500 |
| davon ausgelaufen | -40.000 | -20.000 | -15.000 | -30.900 | -105.900 |
| davon ausgeübt | 0 | -20.000 | -15.000 | -5.600 | -40.600 |
| Summe | 0 | 0 | 0 | 0 | 0 |
Eine Aktienoption berechtigt zum Erwerb einer Stammaktie der AT&S.
Zum Bilanzstichtag 31. März 2009 ist der Ausübungszeitraum der im Stock-Option-Plan 1 zugeteilten Aktienoptionen endgültig ausgelaufen.
Aufgrund des Auslaufens des Stock-Option-Plans 1 (2000 bis 2004) wurde in der Aufsichtsratssitzung vom 8. November 2004 der Stock-Option-Plan 2 (SOP 2005 von 2005 bis 2008) genehmigt. Die Zuteilung von Aktienoptionen kann im Zeitraum zwischen 1. April 2005 und 1. April 2008 erfolgen.
Jede dieser Optionen berechtigt
Im Rahmen des "SOP 2005" wurden am 1. April 2005 187.000 Aktienoptionen zu einem Ausübungspreis von je EUR 15,46, am 1. April 2006 148.000 Aktienoptionen zu einem Ausübungspreis von je EUR 17,99, am 1. April 2007 149.000 Aktienoptionen zu einem Ausübungspreis von je EUR 22,57 und am 1. April 2008 137.000 Aktienoptionen zu einem Ausübungspreis von je EUR 15,67 zugeteilt. Der Stock-Option-Plan war befristet, der letzte Zuteilungstag war der 1. April 2008.
Der Ausübungspreis der Aktienoptionen wird jeweils am Tag der Zuteilung bestimmt und entspricht dem durchschnittlichen Schlusskurs der Aktien der AT&S an der Frankfurter Wertpapierbörse bzw. an der Börse der Hauptnotierung der Aktien der AT&S während der letzten sechs Kalendermonate, die dem Tag der jeweiligen Zuteilung vorausgehen, zuzüglich eines auf Basis dieses Durchschnitts berechneten Aufschlags in Höhe von 10 %. Als Kurs gilt der Schlusskurs im Xetra-Handel oder einem vergleichbaren Nachfolgesystem. Der Ausübungspreis entspricht jedoch zumindest dem auf eine Aktie der AT&S entfallenden anteiligen Betrag des Grundkapitals.
Die Ausübung der zugeteilten Aktienoptionen ist wie folgt gestaffelt:
Die Aktienoptionen können innerhalb einer Black-out-Periode nicht ausgeübt werden.
Die Optionen können nur von Optionsberechtigten ausgeübt werden, die zum Zeitpunkt der Ausübung im aufrechten Anstellungs-/Dienstverhältnis mit einer Gesellschaft der AT&S-Gruppe stehen. Die Optionen sind nicht übertragbar und nicht verpfändbar.
| Anzahl und Aufteilung | Ing. Willibald | Dr. Harald | Dkfm. Steen | Ing. Heinz | leitende | |
|---|---|---|---|---|---|---|
| der eingeräumten Option | Dörflinger | Sommerer | E. Hansen | Moitzi | Angestellte | gesamt |
| Stück | Stück | Stück | Stück | Stück | Stück | |
| 1. April 2005 | 40.000 | 40.000 | 30.000 | 30.000 | 47.000 | 187.000 |
| davon ausgelaufen | -40.000 | 0 | 0 | 0 | -26.500 | -66.500 |
| davon ausgeübt | 0 | 0 | 0 | 0 | -2.000 | -2.000 |
| 1. April 2006 | 0 | 40.000 | 30.000 | 30.000 | 48.000 | 148.000 |
| davon ausgelaufen | 0 | 0 | 0 | 0 | -20.000 | -20.000 |
| 1. April 2007 | 0 | 40.000 | 30.000 | 30.000 | 49.000 | 149.000 |
| davon ausgelaufen | 0 | 0 | 0 | 0 | -20.000 | -20.000 |
| 1. April 2008 | 0 | 40.000 | 30.000 | 30.000 | 37.000 | 137.000 |
| Summe | 0 | 160.000 | 120.000 | 120.000 | 112.500 | 512.500 |
Zum Bilanzstichtag am 31. März 2009 unterschritt der Börsenkurs den Ausübungspreis der am 1. April 2005, am 1. April 2006, am 1. April 2007 und am 1. April 2008 zugeteilten Aktienoptionen. Für Verpflichtungen aus dem Stock-Option-Programm wurde daher keine Rückstellung für den Stock-Option-Plan 2 eingestellt.
| Zuteilung am: | 1.4.2005 | 1.4.2006 | 1.4.2007 | 1.4.2008 |
|---|---|---|---|---|
| Beizulegender Wert zum 31. März 2009 | EUR 0,000 | EUR 0,000 | EUR 0,000 | EUR 0,000 |
Die Bewertung dieser Aktienoptionen erfolgt zum jeweiligen Bilanzstichtag unter Anwendung des Monte-Carlo-Verfahrens.
Zusammensetzung:
| 31. März 2009 EUR |
31. März 2008 EUR |
|
|---|---|---|
| nicht konsumierte Urlaube | 3.072.673,68 | 4.231.193,75 |
| sonstiger Personalaufwand | 303.717,41 | 2.990.620,00 |
| Urlaubszuschuss/Weihnachtsremuneration | 2.092.106,01 | 2.614.837,14 |
| ungewisse Verbindlichkeiten | 6.152.994,00 | 6.152.994,00 |
| Jubiläumsgelder | 1.123.993,00 | 1.153.199,00 |
| Betriebsübersiedlung Fohnsdorf | 0,00 | 525.963,23 |
| Drohverluste derivative Finanzinstrumente | 2.869.488,14 | 599.121,11 |
| Zeitausgleich | 234.359,77 | 859.365,19 |
| Drohverluste aus schwebenden Geschäften | 291.397,20 | 106.193,27 |
| Gewährleistung und Schadensfälle | 804.112,84 | 647.908,90 |
| Rechts- und Beratungsaufwand | 223.011,39 | 212.331,45 |
| Skonto Debitoren | 220.378,01 | 128.965,42 |
| Restrukturierung Werk Leoben-Hinterberg | 8.532.787,87 | 0,00 |
| sonstige Rückstellungen < EUR 125.000 | 183.182,00 | 299.220,00 |
| Summe | 26.104.201,32 | 20.521.912,46 |
Der Posten "ungewisse Verbindlichkeiten" beinhaltet eine Rückstellung für Forschungs- und Entwicklungsrisiken sowie sonstige ungewisse Verpflichtungen.
Unter dem Posten "Restrukturierung Werk Leoben-Hinterberg" sind im Wesentlichen Kosten im Zusammenhang mit zukünftigen Leasingzahlungen für ungenutzte Produktionsflächen enthalten.
| Restlaufzeit | ||||
|---|---|---|---|---|
| Bezeichnung: | Bilanzwert am 31. März 2009 EUR |
von bis zu einem Jahr EUR |
von mehr als einem Jahr und bis zu fünf Jahren EUR |
von mehr als fünf Jahren EUR |
| Anleihe | 80.000.000,00 | 0,00 | 80.000.000,00 | 0,00 |
| Verbindlichkeiten gegenüber Kreditinstituten |
106.913.778,99 | 89.774.384,99 | 17.139.394,00 | 0,00 |
| Verbindlichkeiten aus Lieferungen und Leistungen |
7.698.410,04 | 7.698.410,04 | 0,00 | 0,00 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen |
34.846.309,05 | 34.846.309,05 | 0,00 | 0,00 |
| sonstige Verbindlichkeiten | 10.500.642,49 | 10.189.742,49 | 310.900,00 | 0,00 |
| Summe | 239.959.140,57 | 142.508.846,57 | 97.450.294,00 | 0,00 |
| Restlaufzeit | ||||
| Bezeichnung: | Bilanzwert am 31. März 2008 EUR |
von bis zu einem Jahr EUR |
von mehr als einem Jahr und bis zu fünf Jahren EUR |
von mehr als fünf Jahren EUR |
| Verbindlichkeiten gegenüber Kreditinstituten |
159.873.552,97 | 121.234.158,97 | 38.639.394,00 | 0,00 |
| Verbindlichkeiten aus Lieferungen und Leistungen |
11.263.733,54 | 11.263.733,54 | 0,00 | 0,00 |
| Verbindlichkeiten gegenüber verbundenen Unternehmen |
49.466.514,47 | 49.466.514,47 | 0,00 | 0,00 |
| sonstige Verbindlichkeiten | 6.547.657,39 | 6.322.457,39 | 225.200,00 | 0,00 |
Die Verbindlichkeiten gegenüber verbundenen Unternehmen setzen sich zusammen aus Verbindlichkeiten aus Lieferungen und Leistungen in Höhe von EUR 21.832.336,56 (Vorjahr EUR 27.566.514,47) und aus Verbindlichkeiten aus Finanzierung in Höhe von EUR 13.013.972,49 (Vorjahr 21.900.000,00).
Unter den "sonstigen Verbindlichkeiten" sind folgende wesentliche Aufwendungen enthalten, die erst nach dem Abschlussstichtag zahlungswirksam werden:
| 31. März 2009 EUR |
31. März 2008 EUR |
|
|---|---|---|
| Gebietskrankenkasse | 1.377.393,25 | 1.605.818,79 |
| Provisionsansprüche | 99.921,73 | 72.109,56 |
| Versicherungen | 328,94 | 182.387,24 |
| Finanzamt | 942.697,83 | 828.410,38 |
| Löhne und Gehälter | 1.874.848,80 | 918.545,70 |
| Gemeinden | 75.545,80 | 96.921,87 |
| Summe | 4.370.736,35 | 3.704.193,54 |
| Bilanzwert am 31. März 2009 EUR |
davon dinglich besichert EUR |
|
|---|---|---|
| Verbindlichkeiten gegenüber Kreditinstituten | 106.913.778,99 | 74.639.394,00 |
| Vorjahr: | 159.873.552,97 | 117.886.723,00 |
Als dingliche Sicherheiten gegenüber Kreditinstituten dienen einerseits die Exportforderungen sowie andererseits die Abtretung der Ansprüche und Rechte aus dem Gesellschafterdarlehen an die AT&S (China) Company Limited, Shanghai, China und der AT&S Korea Co., Ltd., Ansan-City, Südkorea.
| Stand 31.3.2009 EUR |
davon gegenüber verbundenen Unternehmen EUR |
|
|---|---|---|
| aus Garantien | 1.861.147,10 | 1.861.147,10 |
| Vorjahr: | 6.945.687,67 | 6.945.687,67 |
Im Geschäftsjahr 2002/03 wurde ein Garantieübereinkommen zwischen der Deutschen Bank AG, Bangalore, Indien, und der AT&S geschlossen:
Zwischen der Raiffeisenlandesbank Oberösterreich und der AT&S wurde ein Bürgschaftsübereinkommen geschlossen, in dem die AT&S die Haftung für einen ERP-Kredit in Höhe von EUR 700.000 übernommen hat. Der zum Bilanzstichtag aushaftende Kreditbetrag beläuft sich auf EUR 128.000 (Vorjahr: EUR 256.000).
Im Geschäftsjahr 2006/07 wurde ein Garantieübereinkommen zwischen der China Construction Bank, Shanghai, China, und der AT&S geschlossen:
| des folgenden Geschäftsjahres EUR |
der folgenden fünf Geschäftsjahre EUR |
|
|---|---|---|
| Verpflichtungen aus Sale-and-Lease-back-Transaktion | 2.120.831,00 | 10.604.155,00 |
| Vorjahr: | 2.478.480,00 | 12.392.400,00 |
| Verpflichtungen aus Mietverträgen | 627.629,00 | 933.458,00 |
| Vorjahr: | 658.109,00 | 2.303.605,00 |
| Verpflichtungen aus Leasingverträgen | 0,00 | 0,00 |
| Vorjahr: | 3.686.604,00 | 3.905.574,00 |
| Summe | 2.748.460,00 | 11.537.613,00 |
| Vorjahr: | 6.823.193,00 | 18.601.579,00 |
Zum Bilanzstichtag waren für Ersatz- und Erweiterungsinvestitionen Bestellungen in Höhe von EUR 1,5 Mio. (Vorjahr: EUR 1,6 Mio.) offen.
In der AT&S werden derivative Finanzinstrumente zum Schutz gegen mögliche Zinssatz- und Wechselkursschwankungen und zur partiellen Abdeckung sowohl bestehender als auch erwarteter, aber noch nicht fixierter Fremdwährungsverpflichtungen bzw. Fremdwährungsforderungen abgeschlossen. Die zum 31. März 2009 offenen währungsabhängigen Produkte sind innerhalb eines Jahres fällig. Der beizulegende Zeitwert entspricht dem Marktwert und beträgt EUR - 2.330.413,37.
| Nominalwert | Marktwert in EUR |
Buchwert in EUR |
|
|---|---|---|---|
| 31. März 2009 | 31. März 2009 | 31. März 2009 | |
| Währungsabhängige Produkte | |||
| Devisentermingeschäft | USD 8.000.000,00 | 131.686,98 | 0,00 |
| Swaps | USD 51.157.750,00 | -2.497.910,57 | -2.869.488,14 |
| Options | USD 10.500.000,00 | 3.286,13 | 0,00 |
| Zinsabhängige Produkte | |||
| Swaps | EUR 10.000.000,00 | 32.524,09 | 0,00 |
| Summe | -2.330.413,37 | -2.869.488,14 | |
| Nominalwert | Marktwert in EUR |
Buchwert in EUR |
|
| 31. März 2008 | 31. März 2008 | 31. März 2008 | |
| Währungsabhängige Produkte | |||
| Devisentermingeschäft | USD 20.212.500,00 | 2.478.211,71 | 0,00 |
| Swaps | USD 41.362.249,50 | 3.274.945,40 | -242,98 |
| Options | USD 7.500.000,00 | 544.079,01 | 0,00 |
| Zinsabhängige Produkte | |||
| Swaps | EUR 10.000.000,00 | -598.878,13 | -598.878,13 |
| 2008/09 EUR |
2007/08 EUR |
||
|---|---|---|---|
| 1. | Umsatzerlöse | ||
| Ausland | 316.387.372,44 | 348.044.883,54 | |
| Inland | 23.168.760,95 | 26.663.969,51 | |
| 339.556.133,39 | 374.708.853,05 | ||
| 2. | Personalaufwand | 2008/09 EUR |
2007/08 EUR |
| a) | Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen |
||
| Vorstandsmitglieder und leitende Angestellte | 100.236,89 | 109.743,31 | |
| übrige Arbeitnehmer | 1.818.870,56 | 1.657.046,49 | |
| 1.919.107,45 | 1.766.789,80 |
In den Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen sind Aufwendungen für Abfertigungen in Höhe von EUR 1.681.837,32 (Vorjahr: EUR 1.524.722,48) enthalten.
| 2008/09 EUR |
2007/08 EUR |
||
|---|---|---|---|
| b) | Aufwendungen für Altersversorgung | ||
| Vorstandsmitglieder und leitende Angestellte | 17.938,03 | 181.743,13 | |
| übrige Arbeitnehmer | 451.698,89 | -6.107,25 | |
| 469.636,92 | 175.635,88 | ||
| 2008/09 EUR |
2007/08 EUR |
||
| 3. | Außerordentliche Aufwendungen | ||
| Ungenutzte Produktionsflächen | 8.804.301,97 | 0,00 | |
| Abschreibungen Maschinen | 2.423.909,35 | 0,00 | |
| Sozialplan Mitarbeiter inkl. Stiftung | 9.410.115,66 | 0,00 |
| Wertberichtigung AT&S Deutschland GmbH, Nörvenich, Deutschland |
5.805.000,00 | 0,00 |
|---|---|---|
| 26.443.326,98 | 0,00 |
Der Posten betrifft sämtliche Aufwendungen im Zusammenhang mit den vorgenommenen Restrukturierungsmaßnahmen am Standort Leoben-Hinterberg.
Vom Wahlrecht, latente Gewinnsteuern auf temporäre Differenzen zwischen dem unternehmensrechtlichen und dem steuerlichen Ergebnis zu aktivieren, wurde nicht Gebrauch gemacht. Der gemäß § 198 Abs. 10 UGB aktivierbare Betrag beträgt EUR 3.465.305 (Vorjahr: EUR 2.236.878).
Gemäß dem Steuerreformgesetz 2005, BGBl. I 2004/57, beträgt der Körperschaftsteuersatz seit 1. Jänner 2005 25 %.
Gemäß § 9 Abs. 8 KStG 1988 hat die AT&S als Gruppenträger mit folgenden Töchtern (Gruppenmitgliedern) eine Unternehmensgruppe gebildet:
Da keine latenten Gewinnsteuern aktiviert werden, hat die Unternehmensgruppe keine Ergebnisauswirkung auf den Posten Steuern vom Einkommen und vom Ertrag. Die AT&S hat als Gruppenträger an die österreichischen Gruppenmitglieder Körperschaftsteuer in Höhe von EUR 19.757,78 verrechnet.
| 2008/09 | 2007/08 |
|---|---|
| 1.081 | 1.278 |
| 530 | 543 |
| 1.611 | 1.821 |
Im Geschäftsjahr waren folgende Personen als Vorstand tätig:
Im Geschäftsjahr waren folgende Personen als Aufsichtsratsmitglieder bestellt:
Vom Betriebsrat waren delegiert:
| 2008/09 | 2007/08 | |||||
|---|---|---|---|---|---|---|
| fix variabel*) Summe |
fix | variabel*) | Summe | |||
| TEUR | TEUR | TEUR | TEUR | TEUR | TEUR | |
| Dr. Harald Sommerer | 457 | -- | 457 | 456 | 463 | 919 |
| Dkfm. Steen E. Hansen | 366 | -- | 366 | 366 | 232 | 598 |
| Ing. Heinz Moitzi | 316 | -- | 316 | 266 | 156 | 422 |
| Gesamt | 1.139 | -- | 1.139 | 1.088 | 851 | 1.939 |
*) In den variablen Bezügen des Vorstandes sind folgende Sachbezüge aus Aktienoptionen inkludiert:
| 2008/09 TEUR |
2007/08 TEUR |
|
|---|---|---|
| Dr. Harald Sommerer | 0 | 184 |
| Dkfm. Steen Ejlskov Hansen | 0 | 13 |
| 0 | 197 |
Anzahl der zum Bilanzstichtag gesamt gewährten Aktienoptionen nach Abzug der nicht ausgeübten ("expired") Aktienoptionen der Mitglieder des Vorstandes:
| 31. März | |||
|---|---|---|---|
| 2009 | 2008 | ||
| Dr. Harald Sommerer | 160.000 | 140.000 | |
| Dkfm. Steen Ejlskov Hansen | 120.000 | 105.000 | |
| Ing. Heinz Moitzi | 120.000 | 90.000 | |
| Summe | 400.000 | 335.000 |
Zum 31. März 2009 liegt der Ausübungspreis der Zuteilungen für den Vorstand vom 1. April 2005 in Höhe von EUR 15,46 (100.000 Stück), vom 1. April 2006 in Höhe von EUR 17,99 (100.000 Stück), vom 1. April 2007 in Höhe von EUR 22,57 (100.000 Stück) und vom 1. April 2008 in Höhe von EUR 15,67 (100.000 Stück) über dem Tageskurs zum Bilanzstichtag (EUR 2,95).
Für die Aufsichtsratsmitglieder sind Vergütungen in Höhe von EUR 70.200 (Vorjahr: EUR 105.410) angefallen.
| Aktien | ||||
|---|---|---|---|---|
| Stand 31.3.2009 |
Stand 31.3.2008 |
Veränderung | ||
| Vorstand | ||||
| Dr. Harald Sommerer | 43.777 | 41.500 | 2.277 | |
| Sommerer Privatstiftung | 120.600 | 120.600 | 0 | |
| Dkfm. Steen Ejlskov Hansen | 2.000 | 0 | 2.000 | |
| Ing. Heinz Moitzi | 1.672 | 1.672 | 0 | |
| Familienangehörige der Vorstandsmitglieder | 7.500 | 7.500 | 0 | |
| Aufsichtsrat | ||||
| Dkfm. Dr. Hannes Androsch | 445.853 | 445.853 | 0 | |
| Androsch Privatstiftung | 5.570.666 | 5.570.666 | 0 | |
| Dörflinger-Privatstiftung | 4.574.688 | 4.574.688 | 0 | |
| Dr. Georg Riedl | 9.290 | 9.290 | 0 | |
| Johann Fuchs | 4 | 4 | 0 | |
| Gerhard Fürstler | 1 | 1 | 0 |
Leoben-Hinterberg, am 13. Mai 2009
Der Vorstand:
Dkfm. Steen Ejlskov HANSEN e.h. Ing. Heinz MOITZI e.h.
Die AT&S Austria Technologie & Systemtechnik Aktiengesellschaft (im Folgenden kurz "AT&S" genannt) zählt mit deren Tochtergesellschaften weltweit zu den führenden Unternehmen der Branche und ist in Europa und Indien der größte Leiterplattenproduzent. Neben einfachen Leiterplatten bietet AT&S vor allem hochkomplexe elektronische Verbindungselemente, die auf Grund des kundenseitig wachsenden Miniaturisierungsbedarfs im Produktportfolio der AT&S einen hohen Anteil ausmachen. Dabei steht insbesondere die HDI/Microvia- Technologie im Zentrum, die vor allem in mobilen Endgeräten wie Mobiltelefonen oder PDA's zum Einsatz kommt.
Mit einer globalen Präsenz über Tochtergesellschaften in Asien, Europa und den USA beliefert AT&S weltweit agierende Konzerne. Gleichzeitig bedient AT&S auch die Nachfrage von kleineren Unternehmen und fertigt Prototypen und Kleinserien. Die beiden Produktionsstandorte der AT&S befinden sich in Leoben-Hinterberg und in Fehring, die Produktionsstandorte der Tochtergesellschaften in Klagenfurt, Indien, Shanghai und Südkorea. Mit diesen Produktionskapazitäten ist AT&S in der Lage, sowohl die vorwiegend in Asien bestehende Volumenproduktion als auch das europäische Nischengeschäft zu bedienen.
AT&S ist auch technologisch einer der führenden Leiterplattenhersteller. Die hervorragenden Leistungen im Bereich Forschung und Entwicklung stellen eine dafür wesentliche Voraussetzung dar. AT&S arbeitet in Netzwerken aus Kunden, Lieferanten und Forschungseinrichtungen an immer neuen innovativen Techniken. Die laufende Optimierung der Geschäftsprozesse ist eines der wesentlichen Kernelemente der Unternehmensstrategie.
AT&S fertigt eine breite Palette an Leiterplatten: einseitige, doppelseitige, mehrlagige, HDI (High Density Interconnection, eine mehrlagige Leiterplatte mit extrem feinen Strukturen), flexible, starrflexible und semi-flexible. Das Leistungsspektrum umfasst unterschiedlichste Techniken der Behandlung von Leiterplatten unter Einsatz verschiedener Basismaterialien.
Neben der Entwicklung und Herstellung von Leiterplatten für Groß-, Kleinserien und Prototypen bietet die AT&S ihren Kunden als Gesamtlösungsanbieter verschiedene Zusatzleistungen wie Design und Bestückung von Leiterplatten an. Bis zum abgelaufenen Geschäftsjahr wurde das Angebot auch durch den Bereich Trading (Leiterplattenhandel von Drittherstellern) ergänzt, wobei diesbezügliche Aktivitäten aufgrund zu geringer Ertragsaussichten in Relation mit den damit verbundenen Risiken nunmehr beendet werden.
Das Geschäftsjahr 2008/09 der AT&S war deutlich von den gesamtwirtschaftlichen Entwicklungen beeinflusst. Nach einer bereits relativ schlechten Auslastung insbesondere des Werkes in Leoben-Hinterberg war ab Mitte November ein signifikanter Rückgang der Kundenaufträge zu verzeichnen. Diese Entwicklungen haben den Trend der laufenden Verlagerung der Massenproduktion nach Asien, insbesondere im HDI-Bereich, noch verstärkt und am Standort Leoben-Hinterberg im Geschäftsjahr 2008/09 ein Restrukturierungsprogramm erforderlich gemacht.
Die Restrukturierung umfasst die Anpassung der Produktionskapazitäten an die künftig erwartete Auslastung des Werkes. In bilanzieller Hinsicht wurden nicht mehr benötigte Produktionsmaschinen entsprechend abgewertet und für die Leerstehungskosten der nicht mehr genutzten Gebäudeflächen auf Basis der unkündbaren Immobilienleasingverpflichtungen Rückstellungen gebildet.
Die Umsatzerlöse der AT&S im abgelaufenen Geschäftsjahr 2008/09 in Höhe von EUR 339,6 Mio. bedeuten im Vorjahresvergleich einen Rückgang von EUR 35,2 Mio. bzw. 9,4 %. Besonders deutlich hat sich mit einer Abweichung von ca. 40 % der Umsatzanteil aus den in Leoben-Hinterberg produzierten Mengen reduziert. Die Umsätze aus den in Fehring produzierten Mengen waren hingegen nur leicht rückläufig. Die asiatischen Tochtergesellschaften gewinnen für die Umsatzerzielung der Konzernmuttergesellschaft AT&S immer mehr an Bedeutung.
Das Restrukturierungsprogramm am Standort Leoben-Hinterberg hat neben den damit verbundenen außerordentlichen Aufwendungen auch das laufende Ergebnis belastet. Die Umstellungsmaßnahmen und die schlechte Auslastung insbesondere in der zweiten Hälfte des Geschäftsjahres haben zu einem negativen Betriebsergebnis in Höhe von EUR 24,9 Mio. und somit zu einer Verschlechterung gegenüber dem Vorjahr um EUR 17,5 Mio. geführt.
Im Finanzergebnis konnten im Geschäftsjahr 2008/09 umfassende Ausschüttungen der Tochterunternehmen, insbesondere der AT&S (China) Company Limited sowie der AT&S Asia Pacific Limited, verbucht werden. Die Beteiligung an der AT&S Korea wurde auf Basis des für diesen Produktionsstandort angepassten Geschäftsplans um EUR 12,4 Mio. auf EUR 27,2 Mio. wertberichtigt. Letztlich zeigt das Finanzergebnis einen deutlichen Nettoertrag in Höhe von EUR 73,0 Mio.
Auch in der Vermögensstruktur wird die steigende Bedeutung der Produktionsstandorte der asiatischen Tochtergesellschaften verdeutlicht. Die Finanzanlagen an verbundenen Unternehmen in Form von Anteilen und Ausleihungen betragen zum 31. März 2009 über 60 % der Bilanzsumme.
Das Eigenkapital zum Bilanzstichtag 31. März 2009 beträgt EUR 177,9 Mio. und erhöhte sich gegenüber dem Vorjahr um EUR 13,2 Mio. Die Eigenkapitalquote von 39,3 % entspricht dem Vorjahreswert (39,0 %) und zeigt eine sehr gute Eigenkapitalausstattung.
Im Geschäftsjahr 2008/09 ist die Nettoverschuldung der AT&S um EUR 27,8 Mio. auf EUR 172,9 Mio. angestiegen. Die Nettoverschuldung errechnet sich aus der Anleihe und Verbindlichkeiten gegenüber Kreditinstituten abzüglich Kassenbestand und Guthaben bei Kreditinstituten sowie sonstigen Wertpapieren und Anteilen des Umlaufvermögens (ohne eigene Anteile). Der Nettoverschuldungsgrad, berechnet aus dem Verhältnis der Nettofinanzverbindlichkeiten zu Eigenkapital ist damit von 88 % im Vorjahr auf 97 % angestiegen. Die Erhöhung der Nettoverschuldung resultiert im Wesentlichen aus zusätzlich aufgenommenen Fremdmitteln zur Finanzierung von Kapitalerhöhungen bzw. Ausleihungen an die Tochterunternehmen.
Die Teilergebnisse der Geldflussrechnung zeigen im mehrjährigen Vergleich folgende Werte (berechnet gemäß Fachgutachten der österreichischen Kammer der Wirtschaftstreuhänder):
| 2008/09 | 2007/08 | 2006/07 | |
|---|---|---|---|
| TEUR | TEUR | TEUR | |
| Netto-Geldfluss aus laufender Ge | |||
| schäftstätigkeit | 25.826 | 7.944 | -6.420 |
| Netto-Geldfluss aus der Investitions | |||
| tätigkeit | -37.361 | -58.850 | -59.123 |
| Netto-Geldfluss aus der Finanzie | |||
| rungstätigkeit | 10.865 | 50.749 | 35.975 |
Der im Geschäftsjahr 2008/09 angestiegene und deutlich positive Netto-Geldfluss aus laufender Geschäftstätigkeit ist im Wesentlichen auf Dividendenzahlungen der Tochtergesellschaften zurückzuführen.
Im Rahmen der Investitionstätigkeit der AT&S wurden insgesamt EUR 10,9 Mio. in immaterielle Vermögensgegenstände und in das Sachanlagevermögen investiert, weiters wurde eine Kapitalerhöhung des Tochterunternehmens AT&S Korea in Höhe von EUR 20 Mio. durchgeführt.
Der durchschnittliche Mitarbeiterstand der AT&S betrug im abgelaufenen Geschäftsjahr 1.611 und liegt damit um 210 Personen unter dem Vorjahr (2007/08: 1.821). Die Reduktion ist insbesondere auf die Kapazitätsanpassung am Standort Leoben-Hinterberg zurückzuführen. Es wurde ein Sozialplan vereinbart, der neben Abfertigungs- und Härteausgleichszahlungen die Einrichtung einer Arbeitsstiftung zur Finanzierung von Weiterbildungsprogrammen der ausgetretenen Mitarbeiter umfasste.
Um im internationalen Wettbewerb bestehen zu können, stellen gut ausgebildete, motivierte Mitarbeiter einen wesentlichen Baustein dar. AT&S legt daher besonderen Wert auf internationale Aus- und Weiterbildungsprogramme. Flankierend hiezu fördert ein transparentes und leistungsorientiertes Vergütungssystem (basierend auf Economic Value Added und ROCE) das unternehmerische Denken und Handeln der Mitarbeiter.
Nachhaltiges Wirtschaften und der schonende Umgang mit den zur Verfügung stehenden Ressourcen haben für die AT&S höchste Priorität. AT&S kombiniert die drei Faktoren Qualität – Umwelt – Mensch in einem integrierten Managementsystem. Dieses einheitliche Regelwerk basiert auf den internationalen Qualitätsnormen ISO 9001: 2000, ISO/TS 16949 (Qualitätsmanagement der Automobilindustrie), der Umweltnorm ISO 14001 sowie auf dem Standard OHSAS 18001 für den Bereich Sicherheit und Gesundheit. Regelmäßige interne Audits und Überprüfungen durch unabhängige Dritte bestätigten für das Geschäftsjahr 2008/09 die Einhaltung des Managementsystems.
Zum Umweltschutz ist weiters hervorzuheben, dass AT&S bereits im Geschäftsjahr 1996/97 als einer der ersten Leiterplattenhersteller das Umweltmanagement nach ISO 14001 eingeführt hat. Da AT&S weit über die gesetzlichen Mindestanforderungen hinaus umweltschützende Maßnahmen setzt, wird das Unternehmen von Zertifizierungsstellen sogar als Vorreiter in Umweltfragen gesehen.
In der 56. Aufsichtsratssitzung vom 17. März 2009 wurde einem möglichen Verkauf der AT&S E-CAD Technologies Private Limited zugestimmt. Mit Kaufvertrag vom 20. April 2009 wurde seitens der Gesellschaft mit dem Käufer vereinbart, sämtliche Anteile der Gesellschaft an der AT&S ECAD zu einem fixierten Verkaufspreis zu veräußern. Insgesamt hat der Verkauf der AT&S ECAD jedoch keine wesentlichen Auswirkungen auf die AT&S.
der künftigen Entwicklung der AT&S Korea wird jedoch grundsätzlich positiv gesehen. Um an diesem Standort auch lokal eine optimale Finanzierungsstruktur auszuweisen, wurde das Eigenkapital der Gesellschaft durch Ausgabe von neuen Anteilen um KRW 36 Mrd. (ca. EUR 20 Mio.) im März 2009 erhöht, die zur Gänze von der AT&S gezeichnet wurden. Der Anteil an der AT&S Korea beträgt nunmehr 98,76 %.
• In Indien wurde im Geschäftsjahr 2008/09 basierend auf einer Vollauslastung des bestehenden dortigen Werkes sowie der noch am Ende des vorangegangenen Geschäftsjahres steigenden Nachfrage die Errichtung eines zweiten Werkes der AT&S India Private Limited beschlossen. Aufgrund des durch die Wirtschaftskrise bedingten Nachfragerückgangs werden vorerst nur das Gebäude mit Infrastruktur sowie einzelne Produktionseinheiten zur Verbesserung der Performance des bestehenden Werks installiert. Der Komplettausbau des zweiten Werks kann bei Bedarf relativ kurzfristig umgesetzt werden.
Zum Bilanzstichtag per 31. März 2009 beträgt das gezeichnete Kapital der Gesellschaft EUR 28.490.000 und besteht aus 25.900.000 Stückaktien mit einem rechnerischen Nennwert von je EUR 1,1 pro Aktie. Das Stimmrecht in der Hauptversammlung wird nach Stückaktien ausgeübt, wobei je eine Stückaktie das Recht auf eine Stimme gewährt. Sämtliche Aktien lauten auf Inhaber.
Die maßgeblichen Beteiligungen an der AT&S zum Bilanzstichtag stellen sich wie folgt dar:
| Aktien | % Kapital | % Stimmrechte | |
|---|---|---|---|
| Dörflinger-Privatstiftung: Franz-Josefs-Kai 5 A-1010 Wien |
4.574.688 | 17,66 % | 19,61 % |
| Androsch Privatstiftung: Franz-Josefs-Kai 5 A-1010 Wien |
5.570.666 | 21,51 % | 23,89 % |
Zum Bilanzstichtag werden 2.577.412 Stück eigene Aktien gehalten. Die erneut am 3. Juli 2008 beschlossene Ermächtigung des Vorstandes, bis zu 10 % des Grundkapitals der AT&S AG am Markt binnen 30 Monaten zurückzukaufen, läuft somit bis 2. Jänner 2011. Die eigenen Aktien können zur Bedienung des Stock-Option-Plans der Gesellschaft verwendet oder auch veräußert werden.
Bis zum 3. Juli 2008 war der Vorstand mit Zustimmung des Aufsichtsrates ermächtigt, zur Einräumung von Aktienoptionen an Mitglieder des Vorstands, leitende Angestellte und Arbeitnehmer eine bedingte Kapitalerhöhung um bis zu EUR 2.970.000 durch Ausgabe neuer Inhaberaktien durchzuführen.
Bis zum 4. Juli 2010 ist der Vorstand ermächtigt, mit Zustimmung des Aufsichtsrates das Grundkapital um bis zu EUR 12.430.000 durch Ausgabe von bis zu 11.300.000 nennbetragslosen Inhaberstückaktien unter teilweisem oder gänzlichem Ausschluss des Bezugsrechtes zu erhöhen.
Mit Zustimmung des Aufsichtsrates kann der Vorstand bis zum 4. Juli 2010 bei Bedarf unter Ausschluss des Bezugsrechtes Wandelschuldverschreibungen von bis zu EUR 100.000.000 ausgeben. Zur Gewährung von Bezugs- oder Umtauschrechten an die Gläubiger der Wandelschuldverschreibung ist
der Vorstand ermächtigt, das Grundkapital um bis zu EUR 12.430.000 durch die Ausgabe von bis zu 11.300.000 neue Inhaberaktien zu erhöhen.
Weiterführend wird auf die Erläuterungen unter Punkt 4.5. "Eigenkapital" im Anhang zum Jahresabschluss verwiesen.
Innerhalb der AT&S ist der Bereich Forschung & Entwicklung (F&E) die treibende Kraft bei der Identifizierung neuer technologischer Verbindungslösungen. Einerseits umfasst dies die Optimierung aktueller Verfahren und Materialien bis hin zu deren Einführung in die Produktion, andererseits werden auch innovative Technologien zur Revolutionierung der Herstellung von Leiterplatten identifiziert und selbst entwickelt.
Die F&E Einrichtung in Leoben-Hinterberg hat dabei nicht nur für die österreichischen Produktionsstandorte, sondern auch für die Werke in den Tochtergesellschaften zentrale Bedeutung. Die Hauptaufgabe liegt in der angewandten Forschung bis zur prinzipiellen Machbarkeit der jeweiligen Technologie, wobei zusätzlich die Identifizierung und Vorevaluierung neuer Technologien erfolgt. In Zusammenarbeit mit der Technik in den Werken werden die Prozess- und Produktinnovationen mittels experimenteller Entwicklung weiter vorangetrieben. Weiters sind neue Prozesse in den bestehenden Produktionsablauf zu integrieren.
Um auch künftig technologisch an der Weltspitze zu bleiben, arbeitet die AT&S mit zahlreichen externen Partnern zusammen. Einerseits werden kundenseitig Anforderungen und Ideen für zukünftige Produkte mitgeteilt, andererseits leitet AT&S aus zukünftigen Applikationen neue Techniken ab, wie etwa Embedding. Je nach Bedarf werden zusätzlich zu den eigenen Ressourcen auch Kooperationen mit Forschungseinrichtungen oder Lieferanten eingegangen.
Im Geschäftsjahr 2008/09 stellte der Bereich "Embedded Components" einen zentralen Forschungsschwerpunkt dar. Durch die Direkteinbettung von elektronischen Bauteilen in das Innere der Leiterplatte wird neben Kosteneinsparungen zusätzlicher Platz auf der Leiterplattenoberfläche gewonnen und die Zuverlässigkeit erhöht. Im Rahmen des mehrjährigen von der AT&S geleiteten Forschungsprojektes "Hermes" wird in Zusammenarbeit mit zehn weiteren prominenten Unternehmen aus verschiedensten Stufen der Wertschöpfungskette an einem Industriestandard für die serientaugliche Einbettung von Chips gearbeitet. Weiters wird im Hochtechnologiesegment der HDI Leiterplatten insbesondere an Möglichkeiten zur weiteren Miniaturisierung und der Entwicklung neuer Herstellungsprozesse und preisgünstigerer Alternativprozesse gearbeitet. Schwerpunktmäßig befasst sich die AT&S auch in einer Vielzahl von Projekten mit neuen Produktionstechnologien zu einer flexibleren und effektiveren Leiterplattenfertigung, um speziell in den österreichischen Werken kleinere Volumina und komplexere Produkte wettbewerbsfähig produzieren zu können. Die Forschungstätigkeiten im Bereich der Photovoltaik fokussieren auf die Entwicklung und Produktion von energieeffizienteren, rückseitenkontaktierten Photovoltaikpanelen.
Die Risiken, Ungewissheiten und Chancen von AT&S sind grundsätzlich von den weltweiten Entwicklungen am Leiterplattenmarkt geprägt.
Markt- und technologieseitig ist zu beobachten, dass der für AT&S bedeutende Bereich Mobile Devices zunehmend in ein Low-Cost-Segment und ein hochtechnologisches High-End-Segment (z.B. für
Smartphones) unterteilt werden muss. Aufgrund der Kernkompetenzen und derzeitiger Positionierung wird sich AT&S gemeinsam mit den Tochtergesellschaften verstärkt auf das High-End-Segment konzentrieren. In diesem Zielmarkt mit dem auch weitaus interessanteren Ertragspotential wird AT&S weiterhin eine Wachstumsstrategie verfolgen.
In geographischer Hinsicht ist die laufende Ausweitung der Produktion nach Asien erkennbar, wobei die Massenproduktion im HDI-Bereich nun bereits fast zu Gänze in der Tochtergesellschaft AT&S China in Shanghai erfolgt. Diese Entwicklung folgt dem Industrietrend und ist notwendig, um weiterhin auf den internationalen Märkten konkurrenzfähig in höchster Qualität produzieren zu können. In den österreichischen Werken sind aufgrund der hohen Personalkosten in der Massenproduktion kaum positive Margen erzielbar. Die österreichischen Produktionsstandorte der AT&S sind daher auf die Fertigung von kleineren Volumina und komplexeren Produkten auszurichten.
Als Chancen und Vorteil gegenüber dem Mitbewerb werden insbesondere im aktuellen wirtschaftlichen Umfeld die starke Kapitalausstattung und die technologische Spitzenposition von AT&S gesehen. Wie sich anhand von Einzelfällen bereits zeigt, wird erwartet, dass schwache Marktteilnehmer aus dem Wettbewerb ausscheiden und gut positionierte, bonitätsmäßig starke Unternehmen wie AT&S die Möglichkeit erhalten werden, in einzelnen Zielmärkten sogar Anteile zu gewinnen.
Das Risikomanagement erfolgt durch das zentrale Treasury entsprechend den vom Vorstand verabschiedeten Richtlinien. Diese detaillierten, internen Richtlinien regeln die Zuständigkeiten, Handlungsparameter und Limite. Das Treasury identifiziert, bewertet und sichert finanzielle Risiken in enger Zusammenarbeit mit den operativen Einheiten der AT&S. Der Vorstand gibt sowohl für das bereichsübergreifende Risikomanagement als auch für bestimmte Bereiche, wie z.B. den Umgang mit dem Fremdwährungsrisiko, das Zins- und Kreditrisiko, den Einsatz derivativer und nicht derivativer Finanzinstrumente sowie die Investition von Liquiditätsüberschüssen, Richtlinien vor.
Derivative Finanzinstrumente wie Devisentermingeschäfte, Optionen und Swaps werden ausschließlich zu Sicherungszwecken eingesetzt. Es wird auf die detaillierten Angaben unter Punkt 4.12. "Derivative Finanzinstrumente" im Anhang zum Jahresabschluss verwiesen.
Die AT&S verfügt über Liquiditätsreserven in Höhe von EUR 62 Mio. Davon entfallen auf liquide Mittel (Kassenbestand, Guthaben bei Kreditinstituten) und sonstige Wertpapiere und Anteile EUR 14,1 Mio. sowie EUR 47,9 Mio. auf bestehende, nicht ausgenützte Finanzierungsrahmen.
Es besteht die Möglichkeit, mit Zustimmung des Aufsichtsrates bis zu 11.300.000 neue Aktien aus genehmigtem Kapital zu emittieren sowie Wandelschuldverschreibungen im Gesamtnennbetrag von bis zu TEUR 100.000 auszugeben, weiters die eigenen Anteile (zum Bilanzstichtag hält die AT&S 2.577.412 eigene Aktien) zu veräußern.
Aktivseitig bestehen geringe Zinsänderungsrisiken im Wertpapiervermögen. Sonstige Liquiditätsbestände werden überwiegend kurzfristig veranlagt, und der gesamte Wertpapierbestand ist jederzeit veräußerbar.
Passivseitig sind zum Bilanzstichtag 79 % des Gesamtbetrages aus Anleihen und Verbindlichkeiten gegenüber Kreditinstituten fix verzinst. Die verbleibenden variabel verzinsten Kredite (21 %) weisen großteils eine Laufzeit von unter einem Jahr auf.
Zur Absicherung der Währungsrisiken wird eine laufende Überwachung aller währungsrelevanten Risiken durchgeführt. Innerhalb der AT&S erfolgt die Kurssicherung von Transaktionsrisiken zunächst durch Schließen von Positionen (Netting), für offene Positionen werden bei Bedarf derivative Finanzinstrumente eingesetzt.
Die AT&S setzt zur Quantifizierung der Zins- und Währungsrisiken das Value-at-Risk-Konzept (VAR) ein. VAR ist ein Maß für das Marktpreisrisiko und zeigt den höchstmöglichen Verlust, der über einen bestimmten Zeitraum eintreten kann. Dabei werden die Korrelationen der verschiedenen Risikoelemente zueinander berücksichtigt.
Zusätzlich wird in einer so genannten GAP-Analyse der mögliche Verlust durch eine 1 %ige Preisänderung (Wechselkurs und Zinsen), bezogen auf die Fremdwährungs- bzw. Zinsnettoposition, ermittelt. Dabei werden keine Korrelationen der verschiedenen Risikoelemente zueinander berücksichtigt.
Im Rahmen des starken Wachstums der vergangenen Jahre hat die AT&S intensive und langfristige Partnerschaften mit Schlüsselkunden aufgebaut, die zu einer gewissen Konzentration auf Kundenseite geführt haben. Um diesem potenziellen Risiko entgegenzuwirken, forciert AT&S die weitere Diversifikation im Kunden-, Branchen- und Produkt-Mix und konzentriert sich neben dem Bereich Telekommunikation zunehmend auch auf die Bereiche Automobil und Industrie. Um das bestehende Kundenportfolio weiter zu verbreitern, werden verstärkt Akzente in der Neukundengewinnung gesetzt und die Vertriebsstruktur entsprechend den Markterfordernissen weiterentwickelt.
Generell basiert die Kontrolle des Kreditrisikos auf einer laufenden Bonitätsprüfung und auf dem Abschluss von Kreditversicherungen für die einzelnen Kunden.
Analysen gehen davon aus, dass die weltweiten Umsätze der Leiterplattenindustrie im Jahr 2009 in US-Dollar gemessen um rund 16 % sinken werden. Es ist nicht zu erwarten, dass sich AT&S diesem Trend entziehen können wird. Aufgrund der allgemeinen Marktentwicklung und der Neuausrichtung der Strategie im Bereich Mobile Devices im Sinne einer nachhaltigen Ertragsoptimierung erwartet das Management für das folgende Geschäftsjahr 2009/10 einen Umsatzrückgang.
Die Investitionstätigkeit für das Geschäftsjahr 2009/10 wird auf ein geringes Ausmaß beschränkt werden, nachdem die Produktionskapazitäten der AT&S AG und deren Tochtergesellschaften in Anbetracht der makroökonomischen Entwicklungen jedenfalls ausreichend sind.
Die einzelnen Werke werden verstärkt auf die konkreten Markt- und Produktionsanforderungen auszurichten sein. Der Trend wird weiterhin in Richtung Verlagerung von Massenproduktion nach Asien in die vorhandenen Tochtergesellschaften und Verbesserung der Performance und Kostenstruktur der österreichischen Werke für Kleinserien und Bedienung von Nischenmärkten gehen. Auch wenn im Geschäftsjahr 2009/10 die im abgelaufenen Geschäftsjahr getätigten Restrukturierungsmaßnahmen greifen und weitere Kosteneinsparungen umsetzbar sein sollten, ist eine Jahresergebnisprognose aus derzeitiger Sicht nur eingeschränkt möglich. Für die laufende Geschäftstätigkeit ist jedoch von einem Rückgang auszugehen. Mit einer nachhaltigen Ertragsverbesserung wird erst nach einer allgemeinen Erholung der Märkte gerechnet.
Leoben-Hinterberg, am 13. Mai 2009
Der Vorstand
Dr. Harald Sommerer e.h.
Dkfm. Steen Ejlskov Hansen e.h.
Ing. Heinz Moitzi e.h.
Wir haben den beigefügten Jahresabschluss der AT & S Austria Technologie & Systemtechnik Aktiengesellschaft, Leoben-Hinterberg, für das Geschäftsjahr vom 1. April 2008 bis 31. März 2009 unter Einbeziehung der Buchführung geprüft. Dieser Jahresabschluss umfasst die Bilanz zum 31. März 2009, die Gewinn- und Verlustrechnung für das am 31. März 2009 endende Geschäftsjahr sowie eine Zusammenfassung der wesentlichen angewandten Bilanzierungs- und Bewertungsmethoden und sonstige Anhangangaben.
Die gesetzlichen Vertreter der Gesellschaft sind für die Buchführung sowie für die Aufstellung eines Jahresabschlusses verantwortlich, der ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften vermittelt. Diese Verantwortung beinhaltet: Gestaltung, Umsetzung und Aufrechterhaltung eines internen Kontrollsystems, soweit dieses für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, damit dieser frei von wesentlichen Fehldarstellungen ist, sei es aufgrund von beabsichtigten oder unbeabsichtigten Fehlern; die Auswahl und Anwendung geeigneter Bilanzierungsund Bewertungsmethoden; die Vornahme von Schätzungen, die unter Berücksichtigung der gegebenen Rahmenbedingungen angemessen erscheinen.
Unsere Verantwortung besteht in der Abgabe eines Prüfungsurteils zu diesem Jahresabschluss auf der Grundlage unserer Prüfung. Wir haben unsere Prüfung unter Beachtung der in Österreich geltenden gesetzlichen Vorschriften und Grundsätze ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern, dass wir die Standesregeln einhalten und die Prüfung so planen und durchführen, dass wir uns mit hinreichender Sicherheit ein Urteil darüber bilden können, ob der Jahresabschluss frei von wesentlichen Fehldarstellungen ist.
Eine Prüfung beinhaltet die Durchführung von Prüfungshandlungen zur Erlangung von Prüfungsnachweisen hinsichtlich der Beträge und sonstigen Angaben im Jahresabschluss. Die Auswahl der Prüfungshandlungen liegt im pflichtgemäßen Ermessen des Abschlussprüfers unter Berücksichtigung seiner Einschätzung des Risikos eines Auftretens wesentlicher Fehldarstellungen, sei es aufgrund von beabsichtigten oder unbeabsichtigten Fehlern. Bei der Vornahme dieser Risikoeinschätzung berücksichtigt der Abschlussprüfer das interne Kontrollsystem, soweit es für die Aufstellung des Jahresabschlusses und die Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage der Gesellschaft von Bedeutung ist, um unter Berücksichtigung der Rahmenbedingungen geeignete Prüfungshandlungen festzulegen, nicht jedoch um ein Prüfungsurteil über die Wirksamkeit der internen Kontrollen der Gesellschaft abzugeben. Die Prüfung umfasst ferner die Beurteilung der Angemessenheit der angewandten Bilanzierungs- und Bewertungsmethoden und der von den gesetzlichen Vertretern vorgenommenen wesentlichen Schätzungen sowie eine Würdigung der Gesamtaussage des Jahresabschlusses.
Wir sind der Auffassung, dass wir ausreichende und geeignete Prüfungsnachweise erlangt haben, sodass unsere Prüfung eine hinreichend sichere Grundlage für unser Prüfungsurteil darstellt.
Unsere Prüfung hat zu keinen Einwendungen geführt. Aufgrund der bei der Prüfung gewonnenen Erkenntnisse entspricht der Jahresabschluss nach unserer Beurteilung den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage der Gesellschaft zum 31. März 2009 sowie der Ertragslage der Gesellschaft für das Geschäftsjahr vom 1. April 2008 bis zum 31. März 2009 in Übereinstimmung mit den österreichischen Grundsätzen ordnungsmäßiger Buchführung.
Der Lagebericht ist aufgrund der gesetzlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob die sonstigen Angaben im Lagebericht nicht eine falsche Vorstellung von der Lage der Gesellschaft erwecken. Der Bestätigungsvermerk hat auch eine Aussage darüber zu enthalten, ob der Lagebericht mit dem Jahresabschluss in Einklang steht.
Der Lagebericht steht nach unserer Beurteilung in Einklang mit dem Jahresabschluss.
Wien, den 13. Mai 2009
PwC Wirtschaftsprüfung GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
gez.:
Mag. Dr. Aslan Milla Wirtschaftsprüfer
Eine von den gesetzlichen Vorschriften abweichende Offenlegung, Veröffentlichung und Vervielfältigung im Sinne des § 281 Abs. 2 UGB in einer von der bestätigten Fassung abweichenden Form unter Beifügung unseres Bestätigungsvermerks ist nicht zulässig. Im Fall des bloßen Hinweises auf unsere Prüfung bedarf dies unserer vorherigen schriftlichen Zustimmung.
We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and that the group management report gives a true and fair view of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties the group faces.
Leoben-Hinterberg, 13 May 2009
The Management Board
Harald Sommerer Chairman of the Board
Steen Ejlskov Hansen Member of the Board
Heinz Moitzi Member of the Board
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.