Annual Report • Jun 30, 2020
Annual Report
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| Balance sheet figures | 31/12/2019 EUR thousand EUR thousand |
31/12/2018 |
|---|---|---|
| Total assets | 51,120 | 59,129 |
| Non-current assets | 15,337 | 15,110 |
| Current assets | 34,334 | 42,053 |
| Shareholders' equity | 15,300 | 9,500 |
| Provisions | 8,647 | 7,690 |
| Liabilities | 27,173 | 41,938 |
| 2019 | 2018 | |
|---|---|---|
| Income statement figures | EUR thousand EUR thousand | |
| Sales | 215,423 | 254,204 |
| EBITDA | 2,091 | 2,086 |
| -DSOQNjS | 513 | 1,453 |
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| Expected date | |
|---|---|
| 2S@QSNESGDjM@MBH@KXD@Q | 1 January 2020 |
| MMT@K&DMDQ@K,DDSHMF | TFTRS |
| (MSDQHL1DONQS | 30 September 2020 |
| \$MCNESGDjM@MBH@KXD@Q | 31 December 2020 |
| MMT@KjM@MBH@KRS@SDLDMSR | 30 June 2021 |
| 1. Letter to Shareholders | 4 |
|---|---|
| 2. Report of the Supervisory Board | 6 |
| 3. Investor Relations | 8 |
| 4. Group Management Report | 12 |
| 5. Consolidated Financial Statements | 36 |
| a. Consolidated Balance Sheet as of December 31, 2019 b. Consolidated Income Statement 2019 c. Consolidated Cash Flow Statement 2019 d. Consolidated Statement of Changes in Shareholders' Equity 2019 |
36 38 39 40 |
| e. Statement of Changes in Non-Current Assets as of December 31, 2019 |
42 |
| Notes to the Consolidated Financial Statements | 44 |
| Auditor's report | 50 |
| Imprint | 51 |
The English version of the annual report and the consolidated financial statements 2019 of HMS Bergbau AG is a one-to-one translation. The English version is not audited; in the event of variances, the German version shall take precedence over the English translation.
The 2019 financial year was continually marked by trade conflicts and concerns of a global recession. IMF economic forecasts, which had been reduced repeatedly during the year, also prompted significant reductions in coal prices.
Despite a relatively challenging market environment in 2019, HMS Bergbau AG continued its strategy of expanding its business activities to include additional raw materials such as manganese ore, chrome ore, clinker, phosphates, metals, fertilisers and cement products, with the aim of developing into an international raw materials trading group. Nevertheless, the international coal business, for which HMS Bergbau AG has amassed global expertise in mapping the entire value chain over decades, continued to be the focus of the Group's operating activities in the reporting period.
Despite relatively volatile commodity markets, HMS Bergbau AG increased its trading volumes thanks to its international business activities. These higher volumes however were not enough to compensate for the sharp fall in coal prices. As a result, our total output in the 2019 reporting period amounted to EUR 215 million compared to EUR 255 million in the same period of the prior year. Sales in 2019 were influenced by the strength in the trading business in Asia and higher tonnage but, at the same time, significantly lower coal prices. As in the prior year, Asia and Africa accounted for the majority of the Group's trading volume, with a share of roughly 92 per cent. Despite lower sales, EBITDA in 2019 was almost identical to the level reported for 2018. Earnings before interest, taxes, depreciation and amortisation in the 2019 reporting period amounted to EUR 2,091 thousand compared to EUR 2,086 thousand in the prior year. Net profit for the period as at 31 December 2019 amounted to EUR 517 thousand.
Total assets declined sharply from EUR 59.1 million as at 31 December 2018 to EUR 51.1 million as at the 31 December 2019 reporting date. This decrease was primarily the result of a reporting date-related reduction in trade receivables on the asset side of the balance sheet and a reduction in trade payables on the liabilities side. Equity improved significantly, rising from EUR 9.5 million on 31 December 2018 to EUR 15.3 million on the 31 December 2019 reporting date, resulting in an equity ratio of around 29 per cent.
In view of the Company's medium to long-term objectives, the energy markets are developing positively. Due to the steady increase in world energy consumption in recent years, the importance of coal as a fossil fuel is set to remain at the current level in the coming decades, if not increase. Above all, China, Indonesia and India are expected to continue to be major consumers of coal. Despite temporarily lower price levels, management is confident that coal and raw material prices will return to their higher price levels again in the future, driven by the strong growth in industrial demand from the Pacific region coupled with global population growth and an overall increase in per capita energy consumption. The reason for this is that without the flexible conversion of coal into electricity, these countries would not be able to achieve the same level of prosperity and economic growth.
HMS Bergbau AG's activities are therefore focused on not only expanding its business volumes in established markets but above all on improving its market position in the regions strategically important for the Group, such as South Africa, India and Indonesia. At the same time, the Group's initial activities in China and the USA have been opening up new business opportunities. The development of the US subsidiary has been exceptionally positive and has supported the establishment of new business partners.
Even though coal as an energy source is increasingly viewed negatively in Western industries, we believe that HMS Bergbau AG is making a major contribution to the economic development of many developing countries that were explicitly excluded from the global resolutions on CO2 reduction under the Paris Climate Agreement. This exclusion stemmed from the lack of alternatives to coal in these countries for their basic energy supply. Often these countries lack the financial resources as well as the necessary capacity for wind or solar energy. For this reason, all current UN resolutions support the use of fossil fuels in emerging countries until viable alternatives are available to them. These countries include Bangladesh, Pakistan, Vietnam and other countries such as China and India. By supplying these countries, which represent approximately 90 per cent of HMS Bergbau AG's trading volume, we are not only contributing to these countries' economic development but also making an active indirect contribution to achieving the goals of the Paris Climate Agreement.
HMS Bergbau AG's support for the Paris Climate Agreement is accompanied by its aim to continue to actively contribute to climate protection. The Company intends to have its operational activities climate-neutral certified by the year 2025. To achieve this, it hired independent analysts to determine the CO2 balance and carbon footprint of the HMS Group, including all locations. The calculation of CO2 emissions includes factors such as energy and water consumption, travel expenses, the Company's own goods transport, as well as the commute to and from work of its approximately 35 employees. These factors will be offset annually with immediate effect. To compensate, the Company acquires shares in international climate protection projects – reported according to Gold Standards – that aim at sustainably reducing greenhouse gases while working towards the UN's climate goals.
With the outbreak of the corona pandemic, several countries were subjected to curfews and contact bans. According to the IMF and OECD, the period of lockdown, which brought public life to a standstill in many countries, will lead to a deep global recession this year, which is expected be far more pronounced than the recession in 2019. According to the experts, the situation in the emerging and developing countries is particularly severe, as their financial requirements reach up to a level of at least USD 2.5 trillion.
The IMF also expects the economic development in the USA, the world's largest economy, to drop 5.9 per cent in 2020. The eurozone economy is expected to shrink by 7.5 per cent. According to the IMF, the emerging and developing countries together are likely to lose one per cent of their output. Whether a recovery is possible in 2021 depends largely on the course of the pandemic.
HMS Bergbau AG is also subject to the global effects of the coronavirus, which cannot yet be quantified. It is equally difficult to make reliable plans for the Company's economic development. Nevertheless, in the view of the HMS Bergbau AG management, the medium-term prospects are promising. The Company's international positioning and continually growing range of services should enable it to generate better results and achieve higher sales volumes in the future. The basic prerequisites for the planning of HMS Bergbau AG are relatively free markets without major trade restrictions and the successful containment of the corona pandemic.
Berlin, April 2020
Heinz Schernikau
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Steffen Ewald "GHDE%HM@[email protected]
Dennis Schwindt "[email protected]
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Dr. Hans-Dieter Harig "G@HQL@MNESGD2TODQUHRNQX!N@QC
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Performance of the Stock Markets
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| (2(-6*- #\$ |
||||
|---|---|---|---|---|
| 3HBJDQRXLANK | ',4 | |||
| !KNNLADQFRXLANK | ',4&8 | |||
| 1DTSDQRRXLANK | ',4& #\$ | |||
| ,@QJDSRDFLDMS3Q@MRO@QDMBXKDUDK | .ODM,@QJDSBasic Board | |||
| #DRHFM@SDCRONMRNQ+HRSHMFO@QSMDQ | .##.!'% JSHDMFDRDKKRBG@ES | |||
| Investor relations | &%\$( JSHDMFDRDKKRBG@ES | |||
| Share capital | \$41 | |||
| -TLADQNERG@QDR | 4,590,588 | |||
| %QDDkN@S | ||||
| Performance Data | ||||
| 2G@QDOQHBDNM7DSQ@BKNRHMFOQHBD | \$41 | |||
| 2G@QDOQHBDNM7DSQ@BKNRHMFOQHBD | \$41 | |||
| ,@QJDSB@OHS@KHR@SHNMNM | \$41 | |||
| ,@QJDSB@OHS@KHR@SHNMNM | \$4187,680,231 |
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3GD JDXPTDRSHNMENQ DBNMNLHBCDUDKNOLDMS HM @MCVHKKADGNVKNMFDBNMNLHDRVHKKADRTAIDBS SNBTQEDVR@MCA@MRNMRNBH@KBNMS@BS
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1@V L@SDQH@K OQHBDR HM EDKK AX
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ESDQ FQ@CT@KKX @A@MCNMHMF HSR DWO@MRHUD LNMDS@QX ONKHBX HM SGD %\$# Q@HRDC JDX HMSDQDRS Q@SDRSN @ BNQQHCNQ NE
ODQ BDMS
3GD %\$# RTARDPTDMSKX BTSHMSDQDRSQ@SDRNMSGQDDNBB@RHNMRHMSGDODQHNCEQNL )TKXSN.BSNADQSN@MHMSDQDRSQ@SDBNQQHCNQU@KHC@S SG@SSHLDNE
ODQBDMS
3GDITRSHjB@SHNMRENQSGD QDOD@SDCHMSDQDRSQ@SDBTSRHMBKTCDCSGD@ARDMBDNEHMk@SHNM@QXOQDRRTQD@MCTMBDQS@HMSHDR QDF@QCHMFFKNA@K DBNMNLHB CDUDKNOLDMS
ESDQSGD 42 %DCDQ@K 1DRDQ-UD HM @M HLOQNLOSTLDDSHMF KNVDQDCSGD JDX HMSDQDRS Q@SD@SSGDADFHMMHMFNE,@QBGHSKNVDQDCSGDQ@SD @F@HMHMLHC ,@QBGSN@BNQQHCNQNESN
ODQBDMS @F@HMRS SGD A@BJCQNO NE SGD BNQNM@ O@MCDLHB
3GD CDBHRHNMRDUDMFNE@QADXNMCHMSDQDRSQ@SDR
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6HSG SGD NTSAQD@J NE SGD BNQNM@ O@MCDLHB L@MX BNTMSQHDRVDQDRTAIDBSSNBTQEDVR@MCA@MRNMRNBH@K BNMS@BS
3GDKNBJCNVMVGHBGAQNTFGSOTAKHBKHEDSN@ RS@MCRSHKKHML@MXBNTMSQHDRVHKK@KQD@CXKD@CSN@FKNA@K QDBDRRHNMSGHRXD@Q@BBNQCHMFSN(,%@MC.\$"#DRSH-L@SDR
3GD QDBDRRHNM HR DWODBSDCSNADLNQDRDUDQD SG@MSGDCNVMSTQMDWODQHDMBDCHM
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3GDOTAKHBKHEDRS@MCRSHKKVHKKBNRS@ANTSSVNODQBDMS@FD ONHMSRNE@MMT@KFKNA@KFQNVSGNUDQ@KK@BBNQCHMFSNSGD .\$"# DWODQSR
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6GDSGDQ @QDBNUDQXHRONRRHAKDHMCDODMCRK@QFDKXNMSGD BNTQRDNECDUDKNOLDMSNESGDBNQNM@O@MCDLHB
!X,@QBG@KNMDFKNA@KHMCHBDRG@CKNRSTOSN ODQ BDMS NESGDHQ U@KTD
#@HKX kTBST@SHNMR NE ADSVDDM @MC ODQ BDMS VDQD MNS TMBNLLNM
3GD NUDQ@KK DMUHQNMLDMSENQRSNBJL@QJDSRHMHRDWODBSDCSN QDL@HMBG@KKDMFHMF@MCDWSQDLDKXUNK@SHKD
3GD HMBQD@RD HM FKNA@K SQ@CD HM FNNCR @MC RSD@CHKX FQNVHMFOQNCTBSHNMG@UDKDCSN@RG@QO QHRDHMFKNA@K DMDQFX BNMRTLOSHNM
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3GD(MSDQM@SHNM@K\$MDQFX FDMBXOQDCHBSR@MHMBQD@RD HMCDL@MCENQOQHL@QXDMDQFXNE@ANTSSVHBDSGDBTQ-QDMS KDUDK AX SN NUDQ AHKKHNM J6G
3GHR ENQDB@RSHRA@RDCNMSGD@RRTLOSHNMSG@SAXSG@SSHLD SGDRS@MC@QCNEKHUHMFHMSGDDLDQFHMF@MCCDUDKNOHMF BNTMSQHDR VHKK G@UD QD@BGDC SGD KDUDK NE SGD 6DRSDQM HMCTRSQH@KHRDC BNTMSQHDR
BBNQCHMF SN SGD DWODQSR NE SGD6NQKC\$MDQFX.TSKNNJDMDQFXBNMRTLOSHNMHM Erica, India, China, Southeast Asia and the Middle East RGNTKC@KRNHMBQD@RDAXODQBDMSAX
3GD!/\$MDQFX.TSKNNJENQDRDDR@QHRDHMOQHL@QX DMDQFXBNMRTLOSHNMFKNA@KKXNEITRS
ODQBDMSD@BG XD@QNM@UDQ@FDNUDQSGDMDWSXD@QRBNLO@QDCVHSG ODQ BDMS HMSGD ODQHNC EQNL SN
'HFG-DQ DMDQFX BNMRTLOSHNM HR @MSHBHO@SDCSN AD K@QFDKX @ QDRTKS NE SGD FQNVSG HM FKNA@K DBNMNLHB NTSOTS
#TD SN DMDQFX R@UHMF LD@RTQDR GNVDUDQ DMDQFX BNM-RTLOSHNMNUDQSGDO@RSEDVXD@QRG@RADDMQHRHMF@S@ RKNVDQO@BDSG@MDBNMNLHBFQNVSG
!XENQDW- @LOKDFKNA@K&#/HRDWODBSDCSNCNTAKDVGHKDDMDQFX BNMRTLOSHNMHRNMKXDWODBSDCSNHMBQD@RDAX@QNTMC@ SGHQC
3GDDLDQFHMFL@QJDSRlDRODBH@KKX"GHM@@MC(M-CH@l@QDBNMSQHATSHMFSNSGHRFQNVSG
%NQMNV"GHM@VHKK QDL@HMSGDK@QFDRSFQNVSGL@QJDSENQDMDQFXGNVDUDQ AXSGDDMCNESGDENQDB@RSODQHNCHM(MCH@HRKHJDKX SNG@UDS@JDMNUDQSGHRONRHSHNM
3GD BTQQDMS !/ \$MDQFX .TSKNNJ @RRTLDR SG@S HM SGD MDWSXD@QRSGDRG@QDNEQDMDV@AKDDMDQFHDRVHKKHM-BQD@RD Q@OHCKXEQNLSGD BTQQDMS KDUDKNE QNTFGKXODQ BDMS SN @QNTMC ODQ BDMS
3NFDSGDQ VHSG M@STQ@K F@R QDMDV@AKDDMDQFHDR@QD@MSHBHO@SDCSNBNMSQHATSD @QNTMCODQBDMSNESGDQHRDNUDQSGDMDWSEDVXD@QR #DROHSDSGHR QHRD HM QDMDV@AKDR NHK F@R @MC BN@K VHKK QDL@HMSGDCNLHM@MSRNTQBDRNEDMDQFX
3GDRG@QDNE ENRRHKETDKHRDWODBSDCSNCDBKHMDEQNLHSRKDUDKHM NE @QNTMC ODQ BDMS SN @OOQNWHL@SDKX ODQ BDMS HM @KADHS EQNL UDQX GHFG A@RD
6GDQD@R F@R HR OQNIDBSDCSNHMBQD@RD@SFQNVSGQ@SDRNE@QNTMC
ODQ BDMSFQNVSGHMNHK@MCBN@KHRDWODBSDCSNBNLDSN@ RS@MCRSHKK
BBNQCHMFSNSGD !/ RSTCX FKNA@K BN@K BNMRTLOSHNM VHKKQDL@HM@KLNRSTMBG@MFDCVNQKCVHCD
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ODQBDMS
(MSGDK@RSXD@QR BN@KBNMRTLOSHNMG@CHMBQD@RDCAX
ODQBDMS
3GHR CDUDKNOLDMSVHKKL@JDF@RSGDRDBNMCLNRSHLONQS@MS DMDQFXRNTQBD@ESDQNHKAX
(SHROQDCHBSDCSG@SBN@K VHKKADCHROK@BDCSNSGHQCOK@BD HMSGDOQHL@QX DMDQFX RDBSNQ
'NVDUDQ BN@KVHKK BNMSHMTDSNS@JD jQRS OK@BD HMONVDQFDMDQ@SHNM
3GDRKHFGSCDBKHMDNEBN@KHRCTD SNSGD HMBQD@RDC TRD NE NSGDQ DMDQFXRNTQBDR HM"GH-M@
-DUDQSGDKDRR "GHM@ QDL@HMR SGD LNRS HLONQS@MS L@QJDS ENQ BN@K @MC VHKK BNMRTLD @KLNRS G@KE NESGHR QDRNTQBDHM
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3GD CDBKHMDHMCDL@MCENQBN@KHMSGDHMCTRSQH@KHRDCM@SHNMR HRADHMFNEERDSAXHMBQD@RDCCDL@MCHMDLDQFHMFL@Q-JDSR RTBG @R "GHM@ @MC (MCH@
6GHKD BN@KR RG@QD NE OQHL@QXDMDQFXRNTQBDRVHKKCDBKHMDEQNLODQBDMS in 2017 to about 21 per cent in 2040, absolute con-RTLOSHNM VHKK QDL@HM QNTFGKX SGD R@LD CTD SN QHRHMF DMDQFXCDL@MC
BBNQCHMFSNSGDB@KBTK@SHNMRNESGD6NQJHMF&QNTONM \$MDQFX !@K@MBDR &DQL@MXR DMDQFX BNMRTLOSHNM HM EDKKAX
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LHKKHNMSNMMDR NE BN@K DPTHU@KDMS SBDVGHBGV@RSGDKNVDRSKDUDKRHMBDSGDD@QKXR The decline in consumption was mainly due to conti-MTDC HLOQNUDLDMSR HM DMDQFX DEjBHDMBX RGHESR HMSGD DMDQFXLHW @MC @ BXBKHB@KCDBKHMD HM HMCTRSQH@K DMDQFX BNMRTLOSHNM
3GDDEEDBSNESGDRDE@BSNQRV@RNEERDSAX BNNKDQVD@SGDQ@MC@MHMBQD@RDHMONOTK@SHNM
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3GDNUDQ@KKBNMRTLOSHNMNEmineral oil in 2019 incre- @RDCHM&DQL@MXAX
ODQBDMS
3GDBNMRTLOSHNMNE CHDRDKETDKHMBQD@RDCAX
ODQBDMS@MCSG@SNEF@RN-KHMDAX
ODQBDMS
3GDCDL@MCENQ@HQBQ@ESETDKHMBQD- @RDCAX
ODQBDMS
BBNQCHMFSNSGDDWODQSRNESGD 6NQJHMF&QNTONM\$MDQFX!@K@MBDRSGD
ODQBDMS HMBQD@RDHMGD@SHMFNHKHRKHJDKXSNG@UDADDM@QDRTKSNE RSNBJOHKHMF
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LHKKHNMSBDVGHBGHR
ODQBDMS@ANUDSGD KDUDK NE SGD OQDUHNTR XD@Q
3GHR CDUDKNOLDMS V@R HMkTDMBDCAXSGDFQD@SDQTRDNEM@STQ@KF@RSNFDMDQ@SD power and heat in the power stations and combined GD@S @MC ONVDQ "'/ TMHSR NESGD DKDBSQHBHSX TSHKHSHDR 3GDBNNKDQVD@SGDQHMSGDjQRSG@KENEHR@MNSGDQ QD@RNMENQGHFGDQR@KDRUNKTLDRO@QSHBTK@QKXEQNLOQHvate households as well as the commercial, retail and RDQUHBDRDBSNQR
RSD@CXHMBQD@RDHMSGDBNMRSQTBSHNM NEMDVM@STQ@KF@R jQDCGNLDRANNRSDCBNMRTLOSHNM FQNVSG
3GD DBNMNLHB RKNVCNVM HM GNVDUDQ G@CSGDNOONRHSDDEEDBS
Hard coalBNMRTLOSHNMV@R@F@HML@QJDCAX@RG@QO CDBKHMD
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3GDRHFMHjB@MS-
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LHKKHNM SBDHMlRNLDODQBDMSKNVDQSG@MHMSGDOQD-UHNTRXD@Q
6HSG@SNS@KOQNCTBSHNM NE
LHKKHNMSNMMDR KHFMHSD HRRSHKK NMD NESGDLNRS HLONQS@MSRNTQBDRNECNLDRSHBDMDQFX
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KSGNTFGQDMD-V@AKDDMDQFHDRHMBQD@RDCSGDHQBNMSQHATSHNMSN
ODQ BDMSSGDDMDQFXLHWQDL@HMDCAQN@C
,HMDQ@KNHKV@R RSHKKSGDLNRSHLONQS@MSRNTQBDNEDMDQFXVHSG@RG@QD NE
ODQBDMSENKKNVDCAXM@STQ@KF@RVHSG
ODQ BDMS
'@QC BN@K @MC KHFMHSD SNFDSGDQ BNUDQDC @QNTMC ODQBDMSNEBNMRTLOSHNM
LHKKHNMSBDHM German hard coal production, in contrast, had ceased DMSHQDKXAXSGDDMCNE
!NSGCNLDRSHBM@STQ@KF@R ODQBDMS@MCNHKOQNCTBSHNM ODQBDMSCDBKHMDC 1DMDV@AKDR NMSGD NSGDQ G@MC QDBNQCDC FQNVSG NE @QNTMCODQBDMS
.UDQ@KKDMDQFXOQNCTBSHNMEQNLCN-LDRSHB QDRNTQBDRBNUDQDC@KLNRSODQBDMSNESNS@K BNMRTLOSHNM
3GD LNRS HLONQS@MS CNLDRSHB DMDQFX RNTQBD HR MNV QDMDV@AKDR VHSG @ RG@QD NE
ODQ BDMSENKKNVDCAXKHFMHSDVHSG
ODQBDMS
.HK OQHBDR VDQD HM @ RG@QO CNVMSQDMC EQNL LHC SND@QKXVHSGU@QHDSHDRRTBG@R63(@MC!QDMSQD- @BGHMFKNVRNEITRSNUDQ42#ODQA@QQDK@SSGDADFHM-MHMFNE@LNTMSHMFSN@OQHBDCQNONE QNTFGKX ODQBDMS
2HMBDSG@SSHLDSGDNHKL@QJDSG@RADDMGHFGKX UNK@SHKDVHSGODQHNCRNERHFMHjB@MSOQHBDkTBST@SHNMR
(M @KNMDOQHBDRQ@MFDCADSVDDM42#@MCODQ A@QQDK
SSGDDMCNE!QDMSV@ROQHBDC@SITRSTMCDQ 42#ODQA@QQDK
.HKOQHBDRRS@QSDCSGDXD@QNM@ONRHSHUDMNSDTMSHK SGDDMCNE OQHK
6GDQD@R!QDMSBNRSITRSTMCDQ42# ODQA@QQDKKHSQDR@SSGDADFHMMHMFNESGDXD@QSGD OQHBDOD@JDC@S42#l@OQHBDkTBST@SHNMNE@KLNRS ODQBDMS
3GDONNQDQDBNMNLHBNTSKNNJSGDMB@TRDC NHKOQHBDRSNkTBST@SDADSVDDM42#@MC42#CT-QHMFSGDXD@Q
(M#DBDLADQ./\$" @MCNSGDQOQNCTBHMF BNTM-SQHDR@FQDDCSN@RG@QODQBTSHMOQNCTBSHNM
3GDSNS@KBTS @LNTMSDCSN QNTFGKX EDVDQ A@QQDKR KHSQDR D@BGNENHKOQNCTBSHNMODQC@X
3GDRN B@KKDC./\$" VHSG HSR GD@UXVDHFGSR 2@TCH Q@AH@ @MC 1TRRH@ G@R ADDMSQXHMFSNHMkTDMBDSGDNHKOQHBDVHSGRTBGOQNCTB-SHNM KHLHSRENQSGD O@RSSGQDD XD@QR
'NVDUDQ ADB@TRD SGDCDL@MCENQ./\$"NHKHRDWODBSDCSNCDBKHMDRHFMHj-B@MSKXHMSGDjQRSG@KENE@BBNQCHMFSNDWODQSRSGHR HMkTDMBDBNTKCVD@JDM@F@HMRNNM
2HMBDSGD ADFHMMHMF NE BQTCD NHK G@R ADDM RTE-EDQHMF EQNL SGD OQHBD V@Q ADSVDDM 2@TCH Q@AH@ @MC 1TRRH@ANSGNEVGNL@QD JDDOHMFNHKOQNCTBSHNMGHFG CDROHSDKNVDQCDL@MC
2HMBDSGDNTSAQD@JNESGDBNQN-M@O@MCDLHBNHKOQHBDRG@UDADDMHMEQDDE@KK
(M,@QBG @A@QQDKNENHKBNRS@QNTMC42#
3GDK@RSSHLD HSV@R@SSGHRKDUDKV@RHM
3GD4263(NHK@KRNEDKK CQ@RSHB@KKXHM@MCHRRSQTFFKHMFSNL@HMS@HM@KDUDKNE 42#ODQA@QQDK
BBNQCHMFSNDWODQSRSGDCDL@MC RGNBJB@TRDCAXSGDBNQNM@UHQTRBNTKCQDCTBDSGDCD-L@MCENQBQTCDNHKAX@ETQSGDQODQBDMS
.UDQ SGD K@RS XD@QR FKNA@K DMDQFX BNMRTLOSHNM G@RFQNVM Q@OHCKX
R D@QKX @RSGDSG BDMSTQX BN@K V@RSQ@CDC@RSGDOQHL@QXDMDQFXRNTQBD@MCFQDVRH-FMHjB@MSKXHMHLONQS@MBD@KNMFRHCDM@STQ@KF@R@MCNHK 3NC@XENRRHKETDKR@BBNTMSENQLNQDSG@MODQBDMS NE OQHL@QX DMDQFX BNMRTLOSHNM VNQKCVHCD
KSGNTFG DMDQFXTRDHRADBNLHMFHMBQD@RHMFKXDEjBHDMSDBNMN-LHBFQNVSG@MCHMBQD@RDCBNMRTLOSHNM@QDOQDUDMSHMF @CDBKHMD
(M FKNA@K BN@K BNMRTLOSHNM BNMSHMTDC SN QHRD AX @QNTMC
ODQ BDMS
"N@K BNMRTLOSHNMENQONVDQ FDMDQ@SHNM @KNMD HMBQD@RDC AX LNQD SG@M AHKKHNM J6G ODQBDMS
"N@K@BBNTMSDCENQODQBDMSNE SGDFKNA@KDKDBSQHBHSXLHW
(MGNVDUDQOQDKHLHM@QX C@S@EQNLSGD(MSDQM@SHNM@K\$MDQFX FDMBX(\$ RGNV-DC@RHFMHjB@MSCDBKHMDHMBN@KTRDNE
ODQBDMS
3GD VD@JDQ BN@K CDL@MCSGHR XD@Q HRL@HMKXSGD QDRTKS NE CNTAKD CHFHSCDBKHMDRHMSGD4MHSDC2S@SDR@MC\$TQNOD
S SGD R@LD SHLD SGD BN@K L@QJDSR @QD DWODBSDC SN RGNV@GHFGCDFQDDNERS@AHKHSXNUDQSGDMDWSXD@QR VGHBG @BBNQCHMF SN SGD (MSDQM@SHNM@K \$MDQFX FDMBX VHKKADCQHUDML@HMKXAXQNATRSFQNVSGHMSGDJDX RH@M L@QJDSR
"GHM@@MC(MCH@QDL@HMSGDLNRSHLONQS@MS RH@M L@QJDSRVHSG"GHM@QDL@HMHMFSGDK@QFDRSBN@KBNMRT-LDQ OQNCTBDQ @MC HLONQSDQ VHSG BNMRTLOSHNM NE @K-LNRSODQBDMS
"N@KR RG@QD NE SGD FKNA@K DMDQFX LHW @LNTMSDC SN @QNTMCODQBDMSHM
\$UDMAXSGHRRG@QD HR MNS DWODBSDCSN BG@MFDLTBG @MC HR OQNIDBSDC @S ODQBDMS
(M@ARNKTSDSDQLRBN@KBNMRTLOSHNMVHKK BNMSHMTDSNQHRD
3GDRG@QDNEBN@KENQONVDQFDMDQ@SHNM HR@MSHBHO@SDCSNDPT@K@QNTMCODQBDMS
3GDBNTMSQX VHSGSGDFQD@SDRSHMBQD@RDHRKHJDKXSNQDL@HM(MCH@VHSG @M @MMT@K FQNVSG Q@SD NE
ODQ BDMS
3GD (\$ @KRN BK@RRHjDR(MCNMDRH@5HDSM@LSGD/GHKHOOHMDR,@K@XRH@ @MC/@JHRS@M@RBNMRTLDQRVHSGRHFMHjB@MSHMBQD@RDR
2SHKKSGD BNTMSQXQDBDMSKXAQNTFGSBN@K jQDCFDMDQ@SHMFB@O@BH-SXNMRSQD@LNEFHF@V@SSR&6VHSG@SKD@RS@MNSGDQ &6DWODBSDCSNBNLDNMRSQD@LHMSGDXD@QR@GD@C (M!@MFK@CDRGVGDQD M@STQ@K F@R G@R KNMF ADDMSGD L@HMRNTQBDNEONVDQFDMDQ@SHNMBN@KHRDWODBSDCSN F@HMHLONQS@MBDHMSGDETSTQDVHSG&6NEB@O@BHSX HMSGDOHODKHMD
/TAKHBNOONRHSHNMSNBN@KHRFQNVHMFSNSGDDWSDMSSG@S RNLD BNTMSQHDR @QD BNMRHCDQHMF HLOKDLDMSHMF LNQD RSQHMFDMS BKHL@SD @MC DMUHQNMLDMS@K ONKHBHDR
S SGD R@LD SHLD QDMDV@AKD DMDQFHDR @MC M@STQ@K F@R @QD ADBNLHMF HMBQD@RHMFKXBNLODSHSHUD
-DUDQSGDKDRRSGD SQDMCSNV@QCRKDRRBN@KHRHMBNMRHRSDMSSGQNTFGNTSSGD VNQKClHMBKTCHMFHM\$TQNOD
6GHKD6DRSDQM\$TQNODHR NMSGDV@XSNOG@RHMFNTSBN@KLNSHU@SDCAXSGDDW-O@MRHNMNEQDMDV@AKDR@MCSGDBNMBDOSNEBKHL@SDOQNtection, most Eastern European countries are not plan-MHMFSNENKKNVRTHS
(M\$@RSDQM\$TQNODKHFMHSDQDL@HMR@ BNQMDQRSNMDNESGDDKDBSQHBHSXRXRSDL
(M@CCHSHNMSNSGDUDQXGHFGHMBQD@RDHMDMDQFXCDL@MC DWODBSDCHM(MCH@@RHLHK@QHMBQD@RDHMCDL@MCHRDW-ODBSDCHM(MCNMDRH@!Q@YHKSGD,HCCKD\$@RS@MC"GHM@ (MSGDLDCHTLSDQLSGD(\$ DWODBSRBN@KCDL@MCSN CDBKHMDHM@KK.\$"#BNTMSQHDRAX
(M@KKMNM .\$"# BNTMSQHDRGNVDUDQSGDCDL@MCENQBN@KHR@MSHBHO@SDC SNHMBQD@RD
BBNQCHMF SN OQDKHLHM@QX B@KBTK@SHNMR AX SGD &DQL@M "N@K (LONQSDQR RRNBH@SHNM 5DQDHM CDQ *NGKDMHLONQ-SDTQDD
5
VNQKCSQ@CDHMG@QCBN@KG@RQHRDMAX
ODQ BDMSSN LHKKHNMSNMMDR HM @MC FKNA@K G@QC BN@KOQNCTBSHNMG@R QHRDMAX
ODQBDMSSNAHKKH-NMSNMMDR
"GHM@ROQNCTBSHNM@KNMDHMBQD@RDCAX LHKKHNMSNMMDRNQODQ BDMSSN
AHKKHNMSNMMDR
%NK-KNVHMF@MHMBQD@RDHMOQNCTBSHNM@MCVNQKCSQ@CD HMBQD@RDC@F@HMHM
2D@ANQMDDWONQSRHMBQD@RDCHM TRSQ@KH@(MCNMDRH@1TRRH@@MC"@M@C@VGHKDSGNRDNE SGD42 QDBNQCDC@RHFMHjB@MSCDBKHMD
3GDL@INQOQNCTBHMFBNTMSQHDR"GHM@@MC(MCH@@QD@KRN L@INQBNMRTLDQRNEHLONQSDCBN@K@MCHLONQS@MSOHKK@QR NESGDFKNA@KSQ@CD HMG@QCBN@K
1HRHMFFKNA@KSQ@CD HM G@QCBN@KHR@KRNADHMFCQHUDMAXFQNVHMFCDL@MCEQNL 2NTSG\$@RS RH@
6NQKCOQNCTBSHNMHMBQD@RDCHM@MC
(M @KNMD OQNCTBSHNM UNKTLDR QNRD AX
ODQ BDMS SN @QNTMC
AHKKHNMSNMMDR
3GD OQHL@QX QD@RNM ENQSGHR RG@QOQHRDV@RNMBD@F@HMSGDCDUDKNOLDMSNE"GHM@ @MC(MCH@VGHBGFQDVAX
ODQBDMS@MC
ODQBDMS QDRODBSHUDKX
1TRRH@(MCNMDRH@@MC2NTSG EQHB@VDQD @KRN@AKDSNHMBQD@RDSGDHQOQNCTBSHNM
3GDRHFMHjB@MS HMBQD@RD HMSGD XD@Q TMCDQ QDUHDVV@R L@HMKXCTDSNCDUDKNOLDMSRHM"GHM@ LHKKHNMSNM-MDR@MC(MCH@ LHKKHNMSNMMDR
QHRHMFOQNCTBSHNM trend can also be observed in countries that play a ma-INQQNKDHML@QHSHLDG@QCBN@KSQ@EjB
'@QCBN@KOQNCTB-SHNM @KRN HMBQD@RDC HM1TRRH@ LHKKHNMSNMMDR @MC (MCNMDRH@ LHKKHNM SNMMDR
TRSQ@KH@ (MCNMDRH@ 1TRRH@@MCSGD42 @QDL@INQOHKK@QRNESGDVNQKCBN@K SQ@CD
3GD HMBQD@RD HM OQNCTBSHNM HM SGDRD BNTMSQHDR RGNVRSG@SSGDQD @QD RSHKK BNTMSQHDR VHSG FQNVHMF BN@K CDL@MC
6GHKD"GHM@@MC(MCH@OQNCTBD@RTARS@MSH@K O@QSNESGDHQNVMBN@KATS@KRNHLONQSRTARS@MSH@KPT@M-
SHSHDREQNLSGDVNQKCBN@KL@QJDSSGDQD@QD@MTLADQNE 2\$ - BNTMSQHDRSG@SSQHFFDQ BNQQDRONMCHMF CDL@MC NM SGD VNQKC BN@K L@QJDS SN RTOOKX MDVKX ATHKS G@QC BN@K jQDCONVDQOK@MSR
The increase in world trade in hard coal in 2017 and V@RCTDK@QFDKXSNFQNVHMFCDL@MCHMSGD 2\$ - BNTMSQHDRCQHUDMAXFQNVHMFCDL@MCHMSGDL@MTE@BST-QHMFRDBSNQ
3GDBNMRSQTBSHNMNELNCDQMG@QCBN@K jQDC ONVDQOK@MSR@KNMFVHSGFQNVHMFRSDDKOQNCTBSHNMKDC SN@CCHSHNM@KCDL@MCENQBNJHMF@MCRSD@LBN@K
3GD CDUDKNOLDMSLNCDK NE 2\$ - BNTMSQHDR HR A@RDC NM G@QCBN@KRHLHK@QSNSG@SNE"GHM@@MCVHKKNMKXDWO@MC SNQDMDV@AKDDMDQFXRNTQBDR@ESDQ@SHLDK@F
(M &DQL@M G@QC BN@K HLONQSR VDMS @F@HMRSSGD FKNA@KSQDMC@MC@F@HMEDKKAX@QNTMCODQBDMSNQ LHKKHNMSNMMDR
(LONQSRNEBNJHMFBN@KEDKKAXODQBDMS (M BNLO@QHRNM HLONQSR NERSD@L BN@KRKTLODC AX ODQBDMSCTDSNSGDHMBQD@RHMFONVDQFDMDQ@SHNMEQNL QDMDV@AKDDMDQFHDR@MCRSHEEDQBNLODSHSHNMEQNLM@STQ@K F@R@ESDQ@RHFMHjB@MSQHRDHMSGDOQHBDNE".
3GDK@QFDRSBN@KDWONQSDQRHMVDQD TRSQ@KH@ LHKKHNMSNMMDR(MCNMDRH@LHKKHNMSNMMDR@MC1TR-RH@LHKKHNMSNMMDR
3GD42 DWONQSDCLHKKHNM SNMMDRENKKNVDCAX"NKNLAH@LHKKHNMSNMMDR2NTSG EQHB@ LHKKHNMSNMMDR @MC "@M@C@ LHKKHNMSNM-MDR
3GD OQHBD NE BN@K @ ENRRHK ETDK V@R TM@AKD SN L@SBG SGD ONRHSHUD OQHBD ODQENQL@MBD HM
BBNQCHMFSN SGD /( BN@KOQHBDHMCDWSGDOQHBDODQSNMMDNEBN@K STQMDCRG@QOKXKNVDQEQNL42#
@SSGDADFHMMHMF NE)@MT@QXSN42#
@SSGDDMCNE)TMD
6HSG LNQDDMBNTQ@FHMFDBNMNLHBENQDB@RSRSGDBN@KOQHBD ODQSNMMDQDBNUDQDCHM2DOSDLADQSN42#
3GD BN@K L@QJDS DMCDCSGD QDONQSHMF XD@Q VHSG @ OQHBD NE 42#
ODQSNMMD
Stable business relationships with customers and sup-OKHDQRATHKSNMLTST@KSQTRSENQLSGDBNQMDQRSNMDNESGD RTBBDRRETK HMSDQM@SHNM@K SQ@CHMF @BSHUHSHDR NE SGD ',2 !DQFA@T&QNTO
3GD OQHL@QX BTRSNLDQR NE SGD ',2 !DQFA@T &QNTO include power plant companies and steel and cement L@MTE@BSTQDQR
%TQSGDQBTRSNLDQR@KRNHMBKTCDHMCTR-SQH@KBNLO@MHDRRTBG@RFK@RRVNQJR@RVDKK@RO@ODQ LHKKR@MCV@RSDOQNBDRRHMFOK@MSR
.TQBKHDMSDKDBNM-RHRSRNEOQHU@SD@RVDKK@RRS@SD NVMDCATRHMDRRDREQNL RH@\$TQNODSGD,HCCKD\$@RS@MC EQHB@
3GD',2!DQFA@T&QNTOBNNODQ@SDRVHSG QDMNVMDC and reliable producers based primarily in Indonesia, 2NTSG EQHB@ 1TRRH@ /NK@MC @MC -NQSG @MC 2NTSG LDQHB@
6D @KRN QDOQDRDMS MTLDQNTR HMSDQM@SHNM@K BN@KOQNCTBDQR@MC@QDQDRONMRHAKDENQSGDHQBNLOKDSD BN@KRDKKHMF@BSHUHSHDRBN@KHMRDKDBSDCL@QJDSR
3GD ',2 !DQFA@T &QNTO NEEDQR HSR BTRSNLDQR @MC ATRHMDRRO@QSMDQR@BNLOKDSD Q@MFDNERDQUHBDREQNL SGDSHLDKXRTOOKXNEQ@VL@SDQH@KRSNSGDNQF@MHR@SHNMNE SGDDMSHQDSQ@MRONQSKNFHRSHBR
3GD ',2 &QNTO NQF@MHRDR SGD DMSHQD KNFHRSHBR QDPTHQDLDMSR ENQ HSR O@QSMDQR HM 2NTSG EQHB@ENQDW@LOKDEQNLSQTBJSQ@MRONQSSN Q@HK SQ@MRONQSSNONQSG@MCKHMFVGHBGDMRTQDR@GHFGKDUDK NECDKHUDQXQDKH@AHKHSXENQHSRRTOOKHDQR@MCBTRSNLDQR
',2!DQFA@T &CNDRBNMCTBS@MX QDRD@QBGNQCD-UDKNOLDMS
(MSDQM@SHNM@K BNLODSHSHNM ENQ PT@KHjDC ODQRNMMDK QD-L@HMR HMSDMRD
,@M@FDLDMS BNMSHMTDR SN ENBTR NM RTRS@HM@AKDDLOKNXDDCDUDKNOLDMSHM@MDEENQSSNAHMC DLOKNXDDR SN SGD ',2 &QNTO ENQ SGD KNMF SDQL
3N OTQRTD HSR RSQ@SDFHB FN@KR SGD ',2 &QNTO OK@BDR @ O@QSHBTK@QDLOG@RHRNMPT@KHjDCNMFNHMFSQ@HMHMF@MC ETQSGDQDCTB@SHNM
-DVDLOKNXDDRVDQDQDBQTHSDClDR-ODBH@KKXHMSGD RH@M@MC2NTSG EQHB@ML@QJDSRl@MC LNQD@QDRSHKKOK@MMDC
3GDQHRJR@RRNBH@SDCVHSGDLOKN-XDDkTBST@SHNM@QDNEERDSAXG@UHMFRTBBDRRHNMOK@MR HMOK@BD@MCFQNNLHMFDLOKNXDDCDOTSHDR
\$LOKNXDD SQ@HMHMFV@RNEEDQDCOQHL@QHKXENQMDVDLOKNXDDRHMSGD QDONQSHMFXD@Q
(M@CCHSHNMVDG@UD@MDLOKNXDDRSNBJ NOSHNMOQNFQ@LLDSNFHUDNTQDLOKNXDDR@M@CCHSHNM@K HMBDMSHUD
\$LOKNXDDR@KRNG@UDSGDNOONQSTMHSXSN@B-PTHQD BNLO@MX RG@QDR @S @ OQDEDQDMSH@K OQHBDSGQNTFG R@K@QXBNMUDQRHNMR
3GDQDRTKSRNENODQ@SHNMRNESGD',2&QNTOHMSGDjM@MBH@KXD@QBNLO@QDCSNSGDOQDUHNTRXD@QVDQD@RENKKNVR
| 31/12/2019 | 31/12/2018 | Change | |||
|---|---|---|---|---|---|
| % | |||||
| 215,423 | 100 | 254,204 | 100 | -38,781 | -15 |
| 206,428 | 96 | 246,910 | 97 | -40,482 | -16 |
| 2,180 | 1 | 2,048 | 1 | 132 | 7 |
| 74 | 0 | 93 | 0 | -19 | -21 |
| 4,500 | 2 | 4,034 | 2 | 465 | 12 |
| 4 | 0 | 4 | 0 | 0 | 1 |
| 213,186 | 99 | 253,089 | 100 | -39,904 | -16 |
| 2,237 | 1 | 1,114 | 0 | 1,123 | > 100 |
| -539 | -684 | 145 | 21 | ||
| 0 | 1,098 | -1,098 | -100 | ||
| -223 | -223 | 0 | 0 | ||
| 2,091 | 2,086 | 6 | 0 | ||
| 1,474 | 1,305 | 169 | 13 | ||
| -961 | 148 | -1,109 | < -100 | ||
| 513 | 1,453 | -940 | -65 | ||
| EUR thousand |
% | EUR thousand |
% | EUR thousand |
MDSOQNjSNE\$41
DWBKTCHMF\$41
NEODMRHNMOQNUHRHNMRODMRHNMOQNUHRHNMRNE\$41
2@KDR HM VDQD BG@Q@BSDQHRDC NUDQ@KK AX RSQNMF SQ@CHMFATRHMDRRHM RH@VHSGHMBQD@RDCSNMM@FD@MC @S SGD R@LD SHLD RHFMHjB@MSKX KNVDQ BN@K OQHBDR
S @QNTMC ODQ BDMS RH@ @MC EQHB@ NMBD @F@HM @B-BNTMSDCENQSGDL@INQHSX NESGDUNKTLDSQ@CDCAXSGD &QNTO@QNTMCODQBDMS
(MHSH@KR@KDRNE@RHF-MHjB@MSL@FMHSTCDVDQD@KRN@BGHDUDCVHSGSGDGDKONE ',242
3GDBNRSNEL@SDQH@KRQ@SHNHLOQNUDCXD@Q NM XD@Q @LNTMSHMF SN
ODQ BDMS HM SGD QD-ONQSHMFODQHNCBNLO@QDCSN
ODQBDMSHM
/DQRNMMDK BNRSR HMBQD@RDC RKHFGSKX NUDQ SGD OQDUHNTR XD@Q QHRHMF EQNL \$41 SGNTR@MC SN \$41 SGNTR@MC@RSGDODQRNMMDKHMSGDCDO@QSLDMSRNE3Q@- [email protected]@SHNMRHM RH@@MC EQHB@@LNMFNSGDQR VDQD@KRNDWO@MCDCHMSGDXD@Q
-DUDQSGDKDRRSGD ODQRNMMDK BNRS Q@SHN QDL@HMDC DRRDMSH@KKX TMBG@MFDC @S@QNTMCODQBDMS
.SGDQ DWODMRDR MDSNENSGDQ HMBNLD QDRTKSDCRODBHj-B@KKXEQNLKDF@K@MCBNMRTKSHMFEDDRUDGHBKD@MCSQ@UDK BNRSRETKjKLDMSBNRSRNBBTO@MBXBNRSR@MCSGNE SGD@KKNB@SHNMSNODMRHNMOQNUHRHNMR
(MSGDXD@Q SGDRDBNRSR@LNTMSDCSN\$41SGNTR@MCHMBNL-O@QHRNMSN\$41SGNTR@MCHMSGDOQHNQXD@Q
3GDMDS@RRDSRNE',2&QNTOBNLO@QDCSN#DBDLADQVDQD@RENKKNVR
| 31/12/2019 | 31/12/2018 | Change | ||||
|---|---|---|---|---|---|---|
| EUR thousand |
% | EUR thousand |
% | EUR thousand |
% | |
| Assets | ||||||
| Non-current assets | 15,337 | 30 | 15,110 | 26 | 227 | 2 |
| Inventories | 0 | 0 | 116 | 0 | -116 | -100 |
| 1DBDHU@AKDR | 27,411 | 54 | 39,162 | 66 | -11,751 | -30 |
| Cash and cash equivalents | 5,077 | 10 | 1,614 | 3 | 3,463 | > 100 |
| .SGDQ@RRDSR | 3,295 | 6 | 3,127 | 5 | 168 | 5 |
| 51,120 | 100 | 59,129 | 100 | -8,009 | -14 | |
| Capital | ||||||
| Shareholders' equity | 15,705 | 31 | 10,845 | 18 | 4,860 | 45 |
| .VMRG@QDR | -405 | -1 | -1,345 | -2 | 939 | -70 |
| Non-current liabilities | 8,373 | 16 | 7,090 | 12 | 1,283 | 18 |
| Current liabilities | 27,447 | 54 | 42,538 | 72 | -15,091 | -36 |
| 51,120 | 100 | 59,129 | 100 | -8,009 | -14 |
-NM BTQQDMS@RRDSR@RNE#DBDLADQ@LNTM-SDCSN\$41
LHKKHNM@MCVDQDUHQST@KKXTMBG@MFDC BNLO@QDCSNSGD)TMD QDONQSHMFC@SD
2KHFGS BG@MFDR @LNTMSHMF SN @QNTMC \$41 SGNTR@MC QDRTKSDCEQNLSGD HMBQD@RD HM @CU@MBDO@XLDMSR @MC @RRDSRTMCDQBNMRSQTBSHNM
SSGDR@LDSHLDNSGDQKN- @MRCDBKHMDCEQNL\$41SGNTR@MCSN\$41 SGNTR@MC@RNE#DBDLADQ@R@ QDRTKSNESGD QDO@XLDMSNEKN@MKH@AHKHSHDR
-NM BTQQDMSKH@AHKHSHDRHMBKTCDODMRHNMNAKHF@SHNMR
3GD BG@MFDR@QDCTDSN@BST@QH@KQD@RNMR
"TQQDMSKH@AHKHSHDR L@HMKXBNMRHRSNEKH@AHKHSHDRSNRTOOKHDQR@MCEQNLSQ@CD jM@MBHMF
3GD XD@Q NM XD@Q CDBKHMD BNLO@QDCSNSGD #DBDLADQQDONQSHMFC@SDHRDRRDMSH@KKXCTDSN QDONQSHMFC@SDDEEDBSR
"@RG@MCB@RGDPTHU@KDMSRCDUDKNODC@RENKKNVRHMSGDjM@MBH@KXD@Q
| 2019 | 2018 |
|---|---|
| EUR thousand | |
| 2,035 | 5,746 |
| -290 | -1,856 |
| 2,086 | 846 |
| 3,831 | 4,737 |
| -4,169 | -8,906 |
| -338 | -4,169 |
| 5,077 | 1,614 |
| -5,415 | -5,783 |
| -338 | -4,169 |
| EUR thousand |
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| 2019 | 2018 | Change | ||||
|---|---|---|---|---|---|---|
| EUR thousand |
% | EUR thousand |
% | EUR thousand |
% | |
| 1DUDMTD3NS@KODQENQL@MBD | 164,417 | 100 | 190,996 | 100 | -26,579 | -14 |
| "NRSNEL@SDQH@KR | 158,386 | 96 | 185,800 | 97 | -27,414 | -15 |
| Personnel costs | 1,360 | 1 | 1,375 | 2 | -15 | -1 |
| Depreciation and amortisation | 27 | 0 | 27 | 0 | 0 | 1 |
| .SGDQNODQ@SHMFDWODMRDR | ||||||
| NSGDQNODQ@SHMFD@QMHMFR | 3,301 | 2 | 3,053 | 0 | 248 | 8 |
| 3@WDRDWBKTCHMFHMBNLDS@WDR | 4 | 0 | 4 | 0 | 0 | 1 |
| Tax expenses | 163,078 | 99 | 190,258 | 98 | -27,181 | -14 |
| Operating result | 1,340 | 1 | 738 | 2 | 602 | 82 |
| \$@QMHMFREQNLHMUDRSLDMS@MCjM@MBH@KQDRTKS | -43 | -293 | 250 | 85 | ||
| 2@KDNERG@QDR | 0 | 1,098 | -1,098 | -100 | ||
| Allocation to pension provisions NE@KKNB@SHNMTMCDQ&DQL@M BBNTMSHMF+@V ,NCDQMHR@SHNM BS:!HK,N&< |
-223 | -223 | 0 | 0 | ||
| Earnings before income taxes | 1,074 | 1,319 | 852 | 65 | ||
| (MBNLDS@WDR | -808 | 275 | -1,083 | < -100 | ||
| -DSOQNkS | 266 | 1,595 | -1,329 | -83 |
MDSOQNjSNE\$41
DWBKTCHMF\$41
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| 31/12/2019 | 31/12/2018 | Change | |||
|---|---|---|---|---|---|
| thousand | % | thousand | % | thousand | % |
| 17,831 | 39 | 16,129 | 34 | 1,701 | 11 |
| 20,652 | 45 | 27,170 | 58 | -6,518 | -24 |
| 4,871 | 11 | 1,256 | 3 | 3,615 | > 100 |
| 2,526 | 6 | 2,616 | 6 | -90 | -4 |
| 45,879 | 100 | 47,172 | 100 | -1,293 | -3 |
| 17,405 | 38 | 15,753 | 33 | 1,652 | 11 |
| -405 | -1 | -1,345 | -3 | 939 | -70 |
| 8,373 | 18 | 7,090 | 15 | 1,283 | 18 |
| 20,506 | 45 | 25,673 | 54 | -5,167 | -20 |
| 45,879 | 100 | 47,172 | 100 | -1,293 | -3 |
| EUR | EUR | EUR |
3GD HMBQD@RD HMjWDC@RRDSR HMV@RL@HMKX@ QD-RTKSNESGDHMBQD@RDHMMNM BTQQDMS@CU@MBDRSN@EjKH@SDC companies coupled with a simultaneous reduction in NSGDQKN@MR
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MD@QKXV@QMHMF system has been implemented in order to be able to QD@BSSNBG@MFDRHMSGDL@QJDS@RPTHBJKX@RONRRHAKD
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(M EQHB@@MC RH@SGD"NLO@MXHRENBTRHMFNM ATHKCHMFKNMF SDQLRTOOKHDQ@MCBTRSNLDQQDK@SHNMRGHOR SNO@QSHBHO@SDHMSGDFQNVHMFHLONQS@MBDNEANSGQDFH-NMRHMVNQKCBN@KSQ@CHMF
(MSGDjM@MBH@KXD@QR@GD@C SGDL@HMS@RJNE',2!DQFA@T &VHKKADSNRS@AHKHRD SGDATRHMDRRHM\$TQNODVGHKD@SSGDR@LDSHLDFQNVHMF SGD RH@@MC EQHB@ATRHMDRR@MCBNMSHMTHMFSNDWO@MC HMSGD42L@QJDS
3GD"NLO@MXOK@MRSNBNMRHRSDMSKX OTQRTD HSRRSQ@SDFXSN DWO@MCSGDU@KTD BG@HMRODBHjB@KKX AX BNMBKTCHMF @MC RTBBDRRETKKX HLOKDLDMSHMF DWBKTRHUD BNKK@ANQ@SHNMR @MC L@QJDSHMF @FQDDLDMSR @RVDKK@RSGQNTFGSGDCDUDKNOLDMSNEOQNOQHDS@QXOQN-CTBSHNMQDRNTQBDR
(M @CCHSHNM SN DWO@MCHMF ATRHMDRR UNKTLDR ',2 !DQFA@T &R@BSHUHSHDRENBTRNMHLOQNUHMFHSRL@QJDS ONRHSHNM HM RSQ@SDFHB@KKX HLONQS@MS L@QJDSR @MC ATRH-
MDRRRDFLDMSR
3GDENBTRBNMSHMTDRSNADNMFKNA@K ONRHSHNMHMF@ANUD@KKHM2NTSG EQHB@(MCH@@MC(MCNMD-RH@ATS@KRNHMSGD42
(M@CCHSHNMSNSGDBN@KATRHMDRR SGD"NLO@MXR@BSHUHSHDR@QDBDMSQDCNMSGDDWO@MRHNM NESQ@CDHMNSGDQQ@VL@SDQH@KRRTBG@RNQDREDQSHKHRDQR @MCBDLDMSOQNCTBSR
(MSGDLDCHTLSDQLSGHRSQ@CHMF ATRHMDRRRGNTKCADBNLD@MNSGDQOHKK@QNE',2!DQF-A@T &
3GDkDWHAKDRSQTBSTQDRNE',2!DQFA@T &G@UDDM@- AKDCSGDBNLO@MXSN@RRDQSHSRDKE@MCCDUDKNOVDKKHM @CHEjBTKSL@QJDSDMUHQNMLDMSNUDQSGDO@RSEDVXD@QR -DWSSNL@JHMF HSR RSQTBSTQDR DUDMLNQD kDWHAKDSGD BNLO@MXG@R@KRNS@OODCMDVL@QJDSRNUDQSGDO@RS EDVXD@QR@RO@QSNEHSRUDQSHB@K@MCGNQHYNMS@KHMSDFQ@- SHNM
3GHRCDUDKNOLDMSRGNTKCKD@CSNADSSDQQDRTKSRHM SGDETSTQD@MC@KKNV',2!DQFA@T &SNBNMSHMTDSN O@QSHBHO@SDHMSGDL@QJDSNM@K@RSHMFA@RHR@MCO@QSHBH-O@SDHMSGDKNMF SDQLONRHSHUDTOV@QCSQDMCDLDQFHMF HMSGDBNLLNCHSXL@QJDSR
,@M@FDLDMSVHKKBNMSHMTD SNOTQRTDSGDRDFN@KRBNMRHRSDMSKXHMSGDjM@MBH@K XD@Q
3GDHLO@BSNESGDBNQNM@UHQTRNMOK@MMHMFB@MMNSAD @RRDRRDC@SSGHRSHLD
The Supervisory Board decides upon the remunerati-NMRXRSDLENQSGD,@M@FDLDMS!N@QCNE',2!DQFA@T &HMBKTCHMF@KKL@SDQH@KBNMSQ@BST@KDKDLDMSR@MCQD-UHDVRHSQDFTK@QKX
(S@KRNCDSDQLHMDRSGDQDLTMDQ@SHNM ENQHMCHUHCT@K,@M@FDLDMS!N@QCLDLADQR
,@M@FD-LDMS !N@QC QDLTMDQ@SHNM BNMRHRSR NE jWDC DKDLDMSR @KNMFRHCDU@QH@AKDODQENQL@MBD QDK@SDCBNLONMDMSR %HWDCQDLTMDQ@SHNMHRO@HC@R@LNMSGKXR@K@QXQDF@QC-KDRR NE ODQENQL@MBD
,@M@FDLDMS !N@QC LDLADQR @KRNQDBDHUD@CCHSHNM@KMNM B@RGEQHMFDADMDjSRVGHBG L@HMKXBNMRHRSNESGDU@KTDTMCDQS@WK@VENQSGDOQHU@SD TRD NE @ BNLO@MX B@Q
/DQENQL@MBD QDK@SDC QDLTMD-Q@SHNM HR CDODMCDMS NM SGD "NLO@MXR QDRTKS ENQ SGD jM@MBH@KXD@Q@MCSGDODQRNM@KODQENQL@MBDNESGD,@- M@FDLDMS!N@QCLDLADQHMPTDRSHNM
3GDQDLTMDQ@SH-NMNESGD"GHDE\$WDBTSHUD.EjBDQ@KRNHMBKTCDRODMRHNM BNLLHSLDMSR
3GD',2&QNTODMSDQDCHMSNGDCFHMFSQ@MR@BSHNMRHM SGDQDONQSHMFODQHNCCTDSNSGDOQHBD@MCBTQQDMBXQHRJR NETMCDQKXHMFHMCHUHCT@KOGXRHB@KSQ@MR@BSHNMR
3GDQDVDQDMNCDODMCDMBHDRHMSGDQDONQSHMFODQHNC@RCDjMDCTMCDQ2DBSHNM JS&
3GHR L@M@FDLDMS QDONQS HMBKTCDR ENQV@QC KNNJHMF RS@SDLDMSRSG@SQDkDBSSGDBTQQDMSNOHMHNMNESGD',2 &QNTORL@M@FDLDMSVHSGQDF@QCSNETSTQDDUDMSR
MX RS@SDLDMSBNMS@HMDCHMSGHRQDONQSQDkDBSHMFNQATHKCHMF TONMHMSDMSHNMR@RRTLOSHNMRDWODBS@SHNMRENQDB@RSR NQTMCDQKXHMF@RRTLOSHNMRHR@ENQV@QC KNNJHMFRS@SD-LDMS
3GDRD RS@SDLDMSR @QD A@RDC TONM OK@MR DRSH-L@SDR@MCENQDB@RSRSG@S@QDBTQQDMSKX@U@HK@AKDSNSGD ',2 &QNTORL@M@FDLDMS @MCSGDQDENQD NMKX QDEDQ SNSGDONHMSHMSHLD@SVGHBGSGDXVDQDL@CD
%NQV@QC KNNJHMFRS@SDLDMSR@QDHMGDQDMSKXRTAIDBSSNQHRJR@MC uncertainties, which could result in actual develop-LDMSRCHEEDQHMFRHFMHjB@MSKXEQNLSGDRDENQV@QC KNNJHMF RS@SDLDMSR NQ DUDMSR HLOKHDC NQ DWOQDRRDC SGDQDHM ',2!DQFA@T &CNDRMNS@RRTLD@MX QDRONMRHAHKH-SXENQRTBGRS@SDLDMSR@MCCNDRMNSHMSDMCSNTOC@SD RTBG RS@SDLDMSR HM KHFGS NE MDV HMENQL@SHNM NQ ETSTQD DUDMSR
3GDHLO@BSNESGDBNQNM@UHQTRNMOK@MMHMFB@MMNSAD @RRDRRDC@SSGHRSHLD
Berlin, March 2020
Heinz Schernikau "GHDE\$WDBTSHUD.EjBDQ
Steffen Ewald "GHDE%[email protected]
Dennis Schwindt "[email protected]
| 31/12/2019 | 31/12/2018 | |||
|---|---|---|---|---|
| EUR | EUR | EUR | ||
| A. | Non-current assets | |||
| I. | Intangible assets | |||
+HBDMBDRHMCTRSQH@KOQNODQSXQHFGSR RHLHK@QQHFGSR@MCU@KTDR@MCKHBDMBDR HMRTBGQHFGSR@MCU@KTDR |
||||
Company value |
||||
| 314,816.83 | 16,519.77 | |||
| II. Fixed assets | ||||
Technical equipment and machinery |
||||
.SGDQDPTHOLDMSNEjBD @MCE@BSNQXDPTHOLDMS |
||||
Advance payments and assets under construction |
||||
| 6,441,055.76 | 5,453,601.55 | |||
| III. Financial assets | ||||
Shares in associated companies |
||||
.SGDQKN@MRQDBDHU@AKD |
||||
| 8,581,239.37 | 9,639,669.21 | |||
| 15,337,111.95 | 15,109,790.53 | |||
| B. | Current assets | |||
| I. | (MUDMSNQHDR | |||
Products |
||||
| II. 1DBDHU@AKD@MCNSGDQ@RRDSR | ||||
Trade receivables |
||||
1DBDHU@AKDREQNL@RRNBH@SDR |
||||
.SGDQ@RRDSR \$41SGNTR@MC 5I 3\$41 |
||||
| 29,256,653.17 | 40,322,121.16 | |||
| III. "@RG@MCB@RGDPTHU@KDMSR | ||||
| 34,333,812.57 | 42,052,757.89 | |||
| C. | Accruals and deferrals | 89,504.36 | 115,907.62 | |
| D. Deferred taxes | 1,359,750.28 | 1,850,320.33 | ||
| 51,120,179.16 | 59,128,776.37 |
36
Passiva
51,120,179.16 59,128,776.37
| 31/12/2019 | 31/12/2018 | |||
|---|---|---|---|---|
| EUR | EUR | EUR | ||
| A. | Shareholders' equity | |||
| I. | Subscribed equity | 4,542,774.00 | 4,205,096.00 | |
| II. | "@OHS@KQDRDQUD | 9,654,752.07 | 3,916,647.36 | |
| III. /QNkSQDRDQUDR | ||||
Statutory reserve |
||||
.SGDQOQNjSQDRDQUDR |
||||
| 278,271.37 | 278,271.37 | |||
| IV. Contributions made to implement the capital increase |
0.00 | 3,750,000.00 | ||
| V. | Consolidated net loss | |||
| VI. Exchange differences | ||||
| -1,942,281.88 | -2,659,062.06 | |||
| VI. Minority interests | ||||
| 15,299,902.50 | 9,500,418.76 | |||
| B. | Provisions | |||
/DMRHNMOQNUHRHNMR@MCRHLHK@QNAKHF@SHNMR |
||||
3@WOQNUHRHNMR |
||||
.SGDQOQNUHRHNMR |
||||
| 8,647,399.63 | 7,690,422.80 | |||
| C. | Liabilities | |||
+H@AHKHSHDRSNA@MJR |
||||
DQG@KSDMD MY@GKTMFDM@TE!DRSDKKTMFDM |
||||
Trade payables |
||||
.SGDQKH@AHKHSHDR SGDQDNEEQNLS@WDR\$41SGNTR@MC OQDUHNTRXD@Q\$41SGNTR@MC SGDQNEENQRNBH@KRDBTQHSX\$41SGNTR@MC OQDUHNTRXD@Q\$41SGNTR@MC SGDQDNEEQNLRG@QDGNKCDQR \$41SGNTR@MC OQDUHNTRXD@Q\$41 SGNTR@MC |
||||
| 27,172,877.03 | 41,937,934.81 | |||
37
| 2019 | 2018 | ||
|---|---|---|---|
| EUR | EUR | ||
| Sales | |||
| .SGDQNODQ@SHMFD@QMHMFR | |||
| SGDQDNEEQNLBTQQDMBXSQ@MRK@SHNM\$41SGNTR@MC OQDUHNTRXD@Q\$41SGNTR@MC |
|||
| "NRSNEL@SDQH@KR | |||
| "NRSRENQFNNCROTQBG@RDC | |||
| Personnel costs | |||
| @ 6@FDR@MCR@K@QHDR |
|||
| A Social security costs and pension support costs SGDQDNEENQODMRHNMR\$41SGNTR@MC |
|||
| OQDUHNTRXD@Q\$41SGNTR@MC | |||
| Amortisation | |||
| LNQSHR@SHNMNEHMS@MFHAKD@RRDSR@MCjWDC@RRDSR | |||
| .SGDQNODQ@SHMFDWODMRDR SGDQDNEEQNLBTQQDMBXSQ@MRK@SHNM \$41SGNTR@MCOQDUHNTRXD@Q\$41SGNTR@MC |
|||
| .SGDQHMSDQDRS@MCRHLHK@QD@QMHMFR | |||
| (MSDQDRS@MCRHLHK@QDWODMRDR SGDQDNEEQNLCHRBNTMSHMFNEODMRHNMNAKHF@SHNMR |
|||
| \$41SGNTR@MCOQDUHNTRXD@Q\$41SGNTR@MC | |||
| (MBNLDS@WDR SGDQNEEQNLCDEDQQDCS@WDR\$41SGNTR@MC OQDUHNTRXD@Q\$41SGNTR@MC |
|||
| 10. | Earnings after taxes | 517,329.08 | 1,456,814.44 |
| .SGDQS@WDR | |||
| 12. | -DSOQNkSENQSGDODQHNC | 513,395.12 | 1,452,928.53 |
| +NRRB@QQXENQV@QC | |||
| 1DRTKSSNAD@KKNB@SDCSNLHMNQHSHDRHMSDQDRS+NRR | |||
| 15. | Consolidated balance sheet loss | -1,324,939.71 | -1,941,413.98 |
| Earnings Before Interest, Taxes, Depreciation and LNQSHR@SHNM\$!(3# |
2,091,349.20 | 2,085,799.42 |
MDSOQNjSNE\$41
DWBKTCHMF\$41
NEODMRHNMOQNUHRHNMRODMRHNMOQNUHRHNMRNE\$41
| 2019 | 2018 | ||
|---|---|---|---|
| EUR thousand | EUR thousand | ||
| 1. | Cash flow from current operating activities | ||
| -DSD@QMHMFRENQSGDODQHNC | 513 | ||
| #DOQDBH@SHNMNEjWDC@RRDSR | 74 | 93 | |
| /QNjSEQNLR@KDRNELHMNQHSHDR | 0 | ||
| Decrease in provisions | -134 | 889 | |
| .SGDQMNM B@RGDWODMRDRHMBNLDHMBKODMRHNMOQNUHRHNM | 89 | -737 | |
| Increase in inventories, trade receivables and other assets | 11,743 | -8,773 | |
| Increase in inventories, trade payables and other liabilities | -11,751 | 13,433 | |
| (MSDQDRSDWODMRDHMSDQDRSHMBNLD | 539 | 684 | |
| (MBNLDS@WDWODMRDS@WADMDjS | 912 | -148 | |
| (MBNLDS@WO@XLDMSR | 49 | -50 | |
| "@RGlNVEQNLBTQQDMSNODQ@SHMF@BSHUHSHDR | 2,035 | 5,746 | |
| 2. | Cash flow from investment activities | ||
| "@RGNTSkNVENQHMUDRSLDMSRHMOQNODQSXOK@MS@MCDPTHOLDMS | -1,040 | -875 | |
| "@RGNTSkNVENQHMUDRSLDMSRHMHMS@MFHAKD@RRDSR | -1 | -6 | |
| "@RGHMkNVEQNLR@KDRNELHMNQHSXHMSDQDRSR to consolidated subsidiaries |
0 | 1,100 | |
| "@RGNTSkNVEQNLpurchase NELHMNQHSXHMSDQDRSR to consolidated subsidiaries |
-338 | 0 | |
| "@RGNTSkNVENQHMUDRSLDMSRHM@RRNBH@SDCBNLO@MHDR | 0 | -2,074 | |
| "@RGHMkNVEQNLSGDQDO@XLDMSNEKN@MR | 1,089 | 0 | |
| "@RGlNVEQNLHMUDRSLDMS@BSHUHSHDR | -290 | -1,856 | |
| 3. | Cash flow from financing activities | ||
| "@RGHMkNVREQNLDPTHSXHMIDBSHNMR | 47 | 25 | |
| 2@KDNESQD@RTQXRG@QDR | 2,279 | ||
| "@RGNTSkNVRENQSGDQDOTQBG@RDNESQD@RTQXRSNBJ | 0 | -79 | |
| 1@HRHMFNEKNMF SDQLKN@MR | 0 | 960 | |
| 1DO@XLDMSNEKNMF SDQLKN@MR | -240 | -60 | |
| "@RGlNVEQNLkM@MBHMF@BSHUHSHDR | 2,086 | 846 | |
| 4. | Cash and cash equivalents at the end of the period | ||
| "G@MFDR@EEDBSHMFO@XLDMS2TASNS@KRl | 3,831 | 4,737 | |
| "@RG@MCB@RGDPTHU@KDMSR@SSGDRS@QSNESGDODQHNC | -4,169 | -8,906 | |
| "@RG@MCB@RGDPTHU@KDMSR@SSGDDMCNESGDODQHNC | -338 | -4,169 | |
| 5. | Composition of cash and cash equivalents | ||
| Cash and cash equivalents | 5,077 | 1,614 | |
| Current liabilities | -5,415 | -5,783 | |
| "@RG@MCB@RGDPTHU@KDMSR@SSGDDMCNESGDODQHNC | -338 | -4,169 |
| Group's Equity | |||||
|---|---|---|---|---|---|
| Subscribed | Capital | Capital | Generated | ||
| capital | reserve | contributions | consolidated | ||
| common shares |
made to implement |
shareholders' equity |
|||
| the capital | |||||
| increase | |||||
| EUR | EUR | EUR | |||
| 31/12/2017 | 4,208,746.00 | 3,966,747.36 | 0.00 | -3,120,292.35 | |
| "G@MFDRHMSGDA@RHRNEBNMRNKHC@SHNM | |||||
| 1DOTQBG@RDNESQD@RTQXRG@QDR | |||||
| Non-cash capital increase | |||||
| 2@KDRNELHMNQHSXHMSDQDRS | |||||
| "TQQDMBXSQ@MRK@SHNMCHEEDQDMBDR | |||||
| "NMRNKHC@SDCMDSHMBNLDKNRR | |||||
| 31/12/2018 | 4,205,096.00 | 3,966,747.36 | 0.00 | -3,120,292.35 | |
| "G@MFDRHMSGDA@RHRNEBNMRNKHC@SHNM | |||||
| 2@KDNESQD@RTQXRG@QDR | |||||
| "NLLDQBH@KQDFHRSQ@SHNM NE@MNM B@RGBNMSQHATSHNMOQDUHNTRXD@Q |
|||||
| "NMUDQRHNMNEBNMUDQSHAKDKN@MR | |||||
| "TQQDMBXSQ@MRK@SHNMCHEEDQDMBDR | |||||
| "NMRNKHC@SDCMDSHMBNLDKNRR | |||||
| 31/12/2019 | 4,542,774.00 | 9,654,752.07 | 0.00 | -1,046,668.34 | |
| Minority shareholders | |||||
|---|---|---|---|---|---|
| Accumulated remaining consolidated income Currency translation adjustments |
Group's share |
Minority interest |
Accumulated remaining consolidated income Currency translation adjustments |
Shareholders' equity |
Group equity |
| EUR | EUR | EUR | EUR | EUR | EUR |
| -538,632.14 | 4,516,568.87 | 11,219.10 | 0.00 | 11,219.10 | 4,527,787.97 |
| -538,632.14 | 4,516,568.87 | 13,687.30 | -4,221.21 | 9,466.09 | 9,500,418.76 |
-617,342.17 12,533,515.56 2,873,687.30 -107,300.36 2,766,386.94 15,299,902.50
41
| Procurement and manufacturing costs | |||||||
|---|---|---|---|---|---|---|---|
| 01/01/2019 | Currency conversion |
Additions | Disposals | Re classifications |
31/12/2019 | ||
| EUR | EUR | EUR | EUR | EUR | EUR | ||
| I. | Intangible assets | ||||||
| +HBDMBDRHMCTRSQH@KOQNODQSXQHFGSR RHLHK@QQHFGSR@MCU@KTDR@MC KHBDMBDRHMRTBGQHFGSR@MCU@KTDR |
0,00 | ||||||
| Goodwill | 0,00 | ||||||
| 300,686.75 | -412.00 | 288,707.33 | 0.00 | 0,00 | 588,982.08 | ||
| II. | Property, plant and equipment | ||||||
| Technical equipment and machinery | 0,00 | ||||||
| .SGDQDPTHOLDMSNEjBD@MCE@BSNQX equipment |
0,00 | ||||||
| #DONRHSRO@HCOK@MSTMCDQBNMRSQTBSHNM | 0,00 | ||||||
| 5,961,497.21 | -20,552.00 | 1,039,919.74 | 31,345.37 | 0,00 | 6,949,519.59 | ||
| III. (MUDRSLDMSR | |||||||
| Investments | 0,00 | ||||||
| .SGDQKN@MRQDBDHU@AKD | 0,00 | ||||||
| 11,403,017.10 | 30,644.57 | -1,089,074.41 | 0.00 | 0,00 10,344,587.26 | |||
| 17,665,201.06 | 9,680.57 | 239,552.66 | 31,345.37 | 0,00 17,883,088.92 |
| Accumulated amortisation and depreciation | Book values | ||||||
|---|---|---|---|---|---|---|---|
| 01/01/2019 | Currency conversion |
Additions | Disposals | Re classifications |
31/12/2019 | 31/12/2019 | 31/12/2018 |
| EUR | EUR | EUR | EUR | EUR | EUR | EUR | EUR |
| 227,894.49 | 187.15 | 40,259.20 | 0.00 | 0.00 | 274,165.26 | 314,816.82 | 16,519.77 |
| 507,895.66 | -1,472.57 | 33,384.10 | 31,343.37 | 0.00 | 508,463.83 | 6,441,055.76 | 5,453,601.55 |
| 1,763,347.89 | 0.00 | 0.00 | 0.00 | 0.00 | 1,763,347.89 | 8,581,239.37 | 9,639,669.21 |
| 2,499,138.05 | -1,285.42 | 73,643.30 | 31,343.37 | 0.00 | 2,545,976.98 | 15,337,111.95 15,109,790.53 |
',2!DQFA@T &HRGD@CPT@QSDQDCHM!DQKHM&DQL@MX The company has been entered into the commercial QDFHRSDQ NE SGD #HRSQHBS "NTQS NE !DQKHM "G@QKNSSDMATQF TMCDQ'1!
',2 !DQFA@T & HR @ large stock corporation VHSGHMSGDLD@MHMFNE2DBSHNMNESGD&DQL@M "NLLDQBH@K"NCD'&!
3GD BNMRNKHC@SDC jM@MBH@K RS@SDLDMSR NE ',2 !DQF-A@T &ENQSGDjM@MBH@KXD@QEQNL)@MT@QXSN#Dcember 2019 were prepared in accordance with the @BBNTMSHMF @MC U@KT@ SHNM OQHMBHOKDR TMCDQ &DQL@M BNLLDQBH@K K@V @MC SGD OQNUHRHNMR NE SGD &DQL@M 2SNBJ"NQ ONQ@SHNM BS JS&
3GDjM@MBH@KXD@QNESGD&QNTO@MC@KKDMSHSHDRHMBKTCDC HMSGDBNMRNKHC@SDCjM@MBH@KRS@SD LDMSRBNQQDRONMCR SNSGDB@KDMC@QXD@Q
In addition to the balance sheet, income statement @MCMNSDRSGDB@RGkNVRS@SDLDMS@MCRS@SDLDMSNE BG@MFDR HM DPTHSX @QD OQDRDMSDC RDO@Q@SDKX OTQRT@MS SN2DBSHNM'&!
3GD HMBNLD RS@SDLDMS V@R OQDO@QDC TRHMF SGD SNS@K BNRSLDSGNC
KK&DQL@M@MCENQDHFM@RRNBH@SDCRTARHCH@QHDRVDQDHMBKTCDCHMSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR
| Name | Headquarters | Interest in % |
Equity EUR thousands |
Annual result EUR thousand |
|---|---|---|---|---|
| ',2!DQFA@T EQHB@/SX+SC | )NG@MMDRATQF | 100 | 136 | -152 |
| ',2!DQFA@T2HMF@ONQD/SD+SC | 2HMF@ONQD | 100 | 2,774 | 1,060 |
| /3 ',2!DQFA@T(MCNMDRH@ | )@J@QS@ | 100 | -4,091 | -461 |
| Silesian Coal International &QNTONE"NLO@MHDR2 |
*@SNVHBD | 847 | -259 | |
| ',2!DQFA@T42 "NQO | Miami | 100 | 101 | 101 |
HL-NUDLADQFDFQŘMCDS
3GD@MMT@KjM@MBH@KRS@SDLDMSRNESGDRTARHCH@QHDR HM-BKTCDC HM SGD BNMRNKHC@SDC jM@MBH@K RS@SDLDMSR VDQD prepared as at 31 December 2019, which is the re-ONQSHMFC@SDNESGDO@Q DMSBNLO@MX
3GD@MMT@KjM@MBH@KRS@SDLDMSRNESGDRTARHCH@QHDR HM-BKTCDC HM SGD BNMRNKHC@SDC jM@MBH@K RS@SDLDMSR VDQD OQDO@QDCHM@TMHENQLL@MMDQTRHMFSGD@BBNTMSHMF@MC U@KT@SHNMOQHMBH OKDRNE',2!DQFA@T &OTQRT@MSSN KDF@KOQNUHRHNMR
3GDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRVDQDOQDO@QDC@R @SSGDQDONQSHMFC@SDNESGDO@QDMSBNLO@MX
%NQ ETKKX BNMRNKHC@SDC RTARHCH@QHDR @BPTHQDC OQHNQSN January 2010, capital consolidation was carried out as @SSGDC@SDNE@BPTHRHSHNM@BBNQCHMFSNSGDANNJU@KTD LDSGNCOTQRT@MSSN2DBSHNMMN
'&!NKCUDQ-RHNMVGDQDAXSGD@BPTHRHSHNMBNRSRVDQDNEERDS@F@HMRS SGDOQNQ@S@DPTHSXNESGDRTARHCH@QHDR@R@SSGDSHLDNE @BPTHRHSHNMNQSGDHQjQRS SHLDBNMRNKHC@SHNM
%NQRTARHCH- @QHDR@BPTHQDC@ESDQ)@MT@QXB@OHS@KBNMRNKHC@SH-NMHRB@Q QHDCNTS@R@SSGDSHLDNE@BPTHRHSHNM@BBNQCHMF SNSGDQDU@KT@SHNMLDSGNCOTQRT@MSSN2DB SHNM '&!
\$PTHSXHRQDBNFMHRDC@SSGD@LNTMSDPTHU@KDMSSN SGDOQDRDMSU@KTDNESGD@RRDSRKH@AHKHSHDR@BBQT@KR@MC CDEDQQ@KR@MCRODBH@KHSDLRHMBKTCDCHMSGDBNMRNKHC@- SDC j M@MBH@K RS@SDLDMSR @OOKHB@AKD @R @S SGD SHLD NE @BPTHRHSHNM
The date on which the entity is established by the parent company always represents the date on which ca-OHS@KHRBNMRNKHC@SDCVHSGHMSGDLD@MHMFNE2DBSHNM '&!
R@ QD RTKSB@OHS@KV@RBNMRNKHC@SDCA@RDC NMSGDU@KTDR@R@SSGDDMSHSHDRDRS@AKHRGLDMS@KRNENQ DMSHSHDRDRS@AKHRGDCOQHNQSNSGDQDONQSHMFXD@Q
MXOQNjSRNQKNRRDRFDMDQ@SDCAXRTARHCH@Q HDRADENQD)@MT- @QXVDQDHMBKTCDCHM@MCNEERDS@F@HMRSSGDO@QDMS
3GD BNMRNKHC@SDC jM@MBH@KRS@SDLDMSR @QD OQDO@QDC HM DTQNRSGDETMBSHNM@K@MCQDONQSHMFBTQQDMBXNESGDO@- QDMSBNLO@MX
3GD A@K@MBD RGDDSR NE ENQDHFM RTARHCH@QHDR @QD SQ@MR-K@SDC TRHMF SGD RONS DWBG@MFD Q@SD OQDU@HKHMF NM SGD balance sheet date in accordance with Section 308a RDMSDMBD'&!@MCSGDHMBNLDRS@SDLDMSRTRHMFSGD @UDQ@FD @MMT@K Q@SD HM @BBNQC@MBDVHSG2DBSHNM @ RDMSDMBD'&!
2G@QDGNKCDQRDPTHSXHRSQ@MRK@SDC@S
3GDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRBNLOKXVHSGSGD @OOKHB@AKDOQNUHRHNMRNE2DBSHNM'&!
(MS@MFHAKD @RRDSR are carried at cost less scheduled @LNQSHR@SHNM
BNLO@MXR QD S@HMDC D@QMHMFR
%NQ SGDRD BNLO@MHDR SGDBNMRNKHC@SHNMCHCMNSQDRTKSHM@CHEEDQDMBDVHSGHMSGD LD@MHMFNE2DBSHNM'&!NKCUDQRHNM
\$MSHSHDR@BPTHQDC@ESDQ)@MT@QX@QDHMBKTCDC@R @SSGDSHLDSGDXADB@LDRTARHCH@QHDRNESGDO@QDMSBNL-O@MXOTQRT@MSSN2DBSHNM'&!
Mutual receivables and liabilities between the consolida-SDCDMSHSHDR@QDNEERDS@F@HMRSD@BGNSGDQ@MCDKHLHM@SDC VHSGHMSGDBNMSDWSNECDASBNMRNKHC@SHNM
MX QDRTKSHMF CHEEDQDMBDREQNLSGDBNMRNKHC@SHNMNEHMSQ@ FQNTOQDBDH-U@AKDR@MCKH@AHKHSHDRCDMNLHM@SDCHMENQDHFMBTQQDMBHDR @QDCHQDBSKXQDBNFMHRDCHMDPTHSX
(MSQ@ FQNTOR@KDR @QDNEERDS @F@HMRSSGD BNQQDRONMCHMF HMSQ@ FQNTODWODMRDR
\$WODMRDR@MCHMBNLDEQNLNSGDQATRHMDRRSQ@MR@BSHNMR ADSVDDM BNMRNKHC@SDC DMSHSHDR @QD @KRN NEERDS @F@HMRS D@BGNSGDQ
3GDQD VDQD MN HMSQ@ FQNTO OQNjSR EQNL CDKHUDQHDR @MC RDQUHBDRVHSGHMSGD&QNTO
SGDGHRSNQHB@KQ@SD
\$WBG@MFD Q@SD CHEEDQDMBDR @QHRHMF EQNL SGD BTQQDMBX SQ@MRK@SHNMNEHSDLRNESGDHMBNLDRS@SDLDMS@MCSGD@M-MT@KQDRTKSR@QDQDONQSDC@RHMBNLDNQDWODMRDRVHSGHM SGDBNMRNKH C@SDCMDSOQNjS
Property, plant and equipment are carried at cost less RSQ@HFGS KHMDCDOQDBH@SHNMNUDQSGDDWODBSDCTRDETKKHED
%HM@MBH@K@RRDSR@QDB@QQHDC@SBNRS
(MB@RDRNEODQL@- MDMS HLO@HQLDMS jM@MBH@K @RRDSR @QD HLO@HQDC @SSGDHQ KNVDQ E@HQ U@KTD
(E SGD QD@RNMR ENQ SGD HLO@HQLDMS MN KNMFDQDWHRSSGDHL O@HQLDMSKNRRHRQDUDQRDC
Cash and cash equivalents HLO@HQLDMS QDBNFMHRDC @S SGDHQMNLHM@K@LNTMSR
3GDRDCHEEDQDM-BDR@QDDWODBSDCSNADQDUDQRDCHMK@SDQXD@QR
3GD@LNTMSRQDBNFMHRDC @QDSNADQDKD@RDCVGDMSGDS@WATQCDMNQQD KHDENBBTQR NQHRMNKNMFDQDWODBSDCSNNBBTQ
OQDUHNTRXD@Q @MC @M TMBG@MFDC ODMRHNMSQDMC NE
3GD CHEED-QDMBDADSVDDMSGDRDUDM XD@Q@MCSDM XD@Q@UDQ@FDHM-
3GDRS@SDLDMSNEBG@MFDRHMMNM BTQQDMS@RRDSRRGNVR SGDCDUDKNOLDMSNESGDHMCHUHCT@KKHMDHSDLRVHSGHMnoncurrent assets
Goodwill QDRTKSDC EQNL SGD QDOTQBG@RD NE @M HMSDQDRS HM2HKDRH@M"N@K(MSDQM@SHNM@K&QNTONE"NLO@MHDR 2
HMD@QKX
3GDTRDETKKHEDNEFNNCVHKKHRXD@QR
Advance payments and assets under construction re-K@SDSN DWOKNQ@SHNM @MCCDUDKNOLDMS BNRSR @RRNBH@SDC VHSGSGD@BPTHRHSHNMNE@LHMHMFKHBDMBDENQSGDBN@KjDKC HM.QYDRYD/NK@MC
.SGDQKN@MRQDBDHU@AKD@QDSN@EjKH@SDCBNLO@MHDR
3GD CHRONR@KQDRTKSDCL@HMKXEQNLSGDQDO@XLDMSNE@FQ@M-SDCKN@M
As in the previous year, all receivables, other assets and liabilitiesDWBDOSENQKH@AHKHSHDRSNA@MJRG@UDQDL@HMHMF SDQLRNEKDRRSG@MNMDXD@Q
SDQDRSQ@SDVGHBGHRQDRSQHBSDCEQNLCHRSQHATSHNM2DBSHNM RDM SDMBD '&! QDUHRDC UDQRHNM @LNTMSDC SN\$41SGNTR@MC
3GDjQRS SHLD@OOKHB@SHNMNESGD &DQL@M BBNTMSHMF+@V,NCDQMHR@SHNM BS!HK,N&HM SGDjM@MBH@KXD@Q QDRTKSDCHM@M@LNTMSDCSNAD @KKNB@SDCSNODMRHNMOQNUHRHNMRNE\$41SGNTR@MC in accord-ance with actuarial principles, which is spread NUDQ@ODQHNCNEXD@QROTQRT@MSSN QSHBKDRDM-SDMBDNESGD(MSQNCTBSNQX BSSNSGD&DQL@M"NL-LDQBH@K"NCD\$&'&!
SNS@KNE\$41SGNTR@MC NESGHR@LNTMSV@R@KKNB@SDC@R@S#DBDLADQ 3GD QDL@HMHMF@LNTMSNE\$41SGNTR@MCVHKKAD @KKNB@SDCSNODMRHNMNAKHF@SHNMRHMXD@QKXHMRS@KLDMSRNE \$41SGNTR@MCTMSHKSGDXD@Q@MCQDBNFMHRDC @R@MDWODMRD
.SGDQOQNUHRHNMRS@JDHMSN@BBNTMS@KKENQDRDD@AKDQHRJR @MC TMBDQS@HM NAKHF@SHNMR @MC @QD QDBNFMHRDC @S SGDHQ RDSSKDLDMS@LNTMSH
D
HMBKTCHMFDWODBSDCHMBQD@RDRHM OQHBDR@MCBNRSR
Liabilities@QDQDBNFMHRDC@SSGDHQQDO@XLDMS@LNTMS
3GD SQ@MRK@SHNM NE ATRHMDRR SQ@MR@BSHNMR HM ENQDHFM currenciesHRA@RDCNMSGDRONSDW BG@MFDQ@SDHM@B-BNQC@MBDVHSG2DBSHNM@'&!
3GD @LNTMS NE B@OHS@KHRDC CDEDQQDCS@W@RRDSR\$41SGNTR@MCHRQDRSQHBSDC EQNLCHRSQHATSHNM
Subscribed capital @LNTMSHMF SN \$41 BNMRHRSR NE NQCHM@QX AD@QDQ RG@QDR VHSG @ MNLHM@K U@KTD NE \$41
D@BG
#TQHMF SGD jM@M-BH@KXD@QSQD@RTQXRG@QDRVHSG@MNLHM@KU@KTDNE\$41 VDQDRNKCSN@MHMUDRSNQ
(M@CCHSHNM SQD@R TQX RG@QDR VDQD HRRTDC SN DLOKNXDDR NE VGHBG @M@LNTMSNE\$41
ODQRG@QD\$41
V@R @KKNB@SDCSNSGDRG@QDB@OHS@K
RNESGDQDONQSHMFC@SD SGD "NLO@MX GDKC @ SNS@K NE SQD@RTQX RG@QDR B@OHS@K HMBQD@RD @F@HMRS BNMSQHATSHNM HM JHMC DWDBTS-DCHMV@RDEEDBSHUDKXDMSDQDCHMSNSGDBNLLDQBH@K QDFHRSDQHM)@MT@QX
BBNQCHMFKXSGDQDK@SDCHRRTD NEMN O@QU@KTDRG@QDRVHSG@MNSHNM@KHMSDQDRS HMSGDRG@QDB@OHS@KNE\$41
ODQRG@QDV@R@KKNB@- SDCSNSGDRG@QDB@OHS@K
2G@QDGNKCDQKN@MRBNMSQHATSDC HMSGD jM@MBH@K XD@QSNS@KKDC \$41 3GDCHEEDQDMBDV@RQDBNFMHRDC@RB@OHS@KQDRDQUDR@MC SGDHSDLs"NMSQHATSHNMRL@CDSNDWDBTSDSGD@OOQNUDC B@OHS@KHMBQD@RDfV@RDMSHQDKXQDBK@RRHjDCCTDSNSGDDE-EDBSHUDDMSQXHMSNSGDBNLLDQBH@KQDFHRSDQ
Capital reserves NE \$41
QDRTKSDC EQNL SGDCHEEDQDMBDADSVDDMSGDMNLHM@KU@KTD@MCSGDHRRTD OQHBD
3GDHMBQD@RDNE\$41
HROQHL@QHKX@ QDRTKSNESGDQD BK@RRHjB@SHNMNESGDHSDLs"NMSQHATSHNMR L@CDSNDWDBTSDSGD@OOQNUDCB@OHS@KHMBQD@RDfLDMSH-NMDC@ANUDENKKNVHMFSGDDMSQXNESGDBNMSQHATSHNM HM JHMC HMSN SGD BNLLDQBH@K QDFHRSDQ HM )@MT@QX SGD R@KD NE SQD@RTQX RG@QDR @MC SGD HRRTD NE SQD@RTQXRG@QDRSNDLOKNXDDR
Authorised capital@LNTMSRSN\$41
3GD @TSGNQHR@SHNMDWOHQDR@SSGDDMCNE TFTRS Conditional capital@LNTMSRSN\$41
2TARBQHOSHNM QHFGSR RSHKK DWDQBHR@AKD VHSGHM SGD BNMSDWS NE @M DLOKNXDD RSNBJ NOSHNMR OQN FQ@LLD SNS@KKDC VGHBGL@XADHRRTDCUH@SQD@RTQXRG@QDR
Pension provisionsMDSNESGDE@HQU@KTDNEOK@M@RRDSR NE\$41SGNTR@MCRDQUHMFDW BKTRHUDKXSNLDDSODM-RHNMNAKHF@SHNMR@LNTMSDCSN\$41SGNTR@MC@R NESGD QDONQSHMFC@SD
/K@M@RRDSR@QDGDKCHMSGDENQL NE@L@M@FDLDMS@MCBNKK@SDQ@KSQTRS@FQDDLDMSENQAD-MDjBH@QHDR@MCBNMRHRSNE@A@MJ@BBNTMS@MCBTRSNCX @BBNTMS @S #62 HMUDRSHMF HM DPTH SHDR
3GD E@HQ U@KTD \$41SGNTR@MCDPT@KRSGDMNLHM@K@LNTMSNESGD A@MJ@BBNTMS@MCSGDOQHBDNESGDDPTHSXETMC@R@SSGD QDONQSHMFC@SD
(MSGDjM@MBH@KXD@Q\$41SGNTR@MC V@R QDBNFMHRDC @R HMBNLD EQNLSGD U@KT@SHNM NE OK@M @RRDSR
/DMRHNMR @LNTMSHMF SN \$41 SGNTR@MC VDQDO@HC HMO@QSH@KKXEQNLSQTRS @RRDSR
%NQ @B-ST@QH@K QD@RNMR @ QDUDQR@KNEOQNUHRHNMR HMSGD @LNTMS NE\$41SGNTR@MCV@R QDBNFMHRDCHMODQRNMMDKDW
ODMRDR
3GDBNLONTMCHMFNEHMSDQDRS@MCSGDBG@MFD HMSGDCHRBNTMS Q@SD QDRTKSDC HM @M HMSDQDRS DWODMRDNE \$41 SGNTR@MC VGHBG V@R QDBNFMHRDC HM SGD HM-BNLDRS@SDLDMS
.SGDQOQNUHRHNMRL@HMKXBNMBDQMBNRSRENQSGDOQDO@Q@- SHNM NESGD jM@MBH@K RS@SDLDMSR NE \$41 SGNTR@MC OQDUHNTRXD@Q\$41SGNTR@MC2TODQUHRNQX!N@QC QDLTMDQ@SHNMNE\$41SGNTR@MCOQDUHNTRXD@Q\$41 SGNTR@MC @MC ODQRNMMDK OQNUHRHNMR NE \$41 SGNTR@MCOQDUHNTRXD@Q\$41SGNTR@MC
+H@AHKHSHDR SN A@MJR HMBKTCD \$41 SGNTR@MC NE SQ@CD jM@MBHMF NE HMCHUHCT@K A@BJ SN A@BJ SQ@MR@B-SHNMR@MC\$41SGNTR@MCNENUDQCQ@ESE@BHKHSHDR
M @LNTMSNE\$41SGNTR@MCHRTRDCPT@QSDQKXSNQDO@X SGD NUDQCQ@ES E@BHKHSHDR QDRTKSHMF HM \$41 SGNTR@MC NESGDSNS@KE@BHKHSHDRG@UHMF@QDRHCT@KSDQLNELNQDSG@M NMDXD@Q
3GDNSGDQBNLONMDMSRG@UD@QDL@HMHMFSDQL NETOSNNMDXD@Q
All trade payables and other liabilitiesG@UD@QDL@HMHMF SDQLNEKDRRSG@MNMDXD@Q
',2 !DQFA@T & HRRTDC @ KDSSDQ NE BNLENQS SN CT-HRONQS@FDMBX&LA'@BBNQCHMFSNVGHBGHSTMCDQS@JDR SNLDDSSGDjM@MBH@KNAKHF@SHNMRNE',2!DQFA@T"N@K #HUHRHNM&LA'ENQLDQKX',2!DQFA@T &"N@K#HUHRH-NMQDK@SHMFSN@BN@KG@MCKHMF@MCOQNBDRRHMFBNMSQ@BS VHSG CTHRONQS @FDMBX &LA'
3GHR KDSSDQ NE BNLENQS HR BTQQDMSKXMNSDWODBSDCSNADTSHKHRDC
As at 31 December 2019, the Group's purchase ob-KHF@SHNMR EQNL BNMSQ@BSR BNMBKTCDC @LNTMSDCSN \$41 SGNTR@MC@KKQDK@SHMFSNSGDjM@MBH@KXD@Q
CCHSHNM@KNSGDQjM@MBH@KNAKHF@SHNMRL@HMKXQDRTKSEQNL QDMS@K @MC KD@RD @FQDDLDMSR
3GD L@STQHSHDR NE SGDRD NAKHF@SHNMR@QD@RENKKNVR
| 4OSNXD@Q |
\$41 | SGNTR@MC |
|---|---|---|
| !DSVDDM@MCXD@QR | \$41 | SGNTR@MC |
SalesNE\$41SGNTR@MCVDQDFDMDQ@SDCHMSGD jM@MBH@KXD@QL@HMKXEQNLSQ@CHMFBN@KOQNCTBSRRTBG@R RSD@L BN@K BNJHMF BN@K @MSGQ@BHSD NQDR @MC BDLDMS OQNCTBSR
.M@QDFHNM@KA@RHRR@KDRNQHFHM@SDCEQNL RH@ EQHB@\$TQNOD.SGDQBNTMSQHDR
"NRSNEL@SDQH@KR QDRTKSDCEQNLSGDFKNA@KOTQBG@RDNE RSD@LBN@KBNJHMFBN@K@MC@MSGQ@ BHSD
.SGDQNODQ@SHMF incomeHMBKTCDRHMBNLDEQNLSGDMDS-SHMFNEODQRNMMDK QDK@SDCMNM B@RGADMDjSRNE\$41 SGNTR@MC
.SGDQNODQ@SHMFDWODMRDRL@HMKXHMBKTCDKDF@K@MCBNM-RTKSHMF EDDR \$41 SGNTR@MC UDGHBKD @MC SQ@UDK
Cash and cash equivalents include cash and liabilities to A@MJRCTDNMCDL@MC@RVDKK@RNSGDQBTQQDMSANQQN-
3GDLDLADQRNESGD2TODQUHRNQX!N@QCQDBDHUDCQDLT-MDQ@SHNMNE\$41SGNTR@MCENQSGDHQ@BSHUHSHDRHM which was entirely attributable to unpaid remuneration HMOQHNQXD@QR
3GDBNLO@MXG@RQDBNFMHRDC@OQNUHRHNM SNS@KKHMF\$41SGNTR@MCENQSGD QDLTMDQ@SHNMRSHOT K@SDCAXSGD"NLO@MXR QSHBKDRNE RRNBH@SHNMENQSGD jM@MBH@KXD@Q@MCOQHNQXD@QR
VHMFRQDK@SDCSNSGDCHRONRHSHNMNEB@RG@MCB@RGDPTH-U@KDMSR
DWODMRDR \$41 SGNTR@MC ETKjKLDMS BNRSR \$41 SGNTR@MCNBBTO@MBXBNRSR\$41SGNTR@MC @MCSGD SG NESGD @KKNB@SHNMSN ODMRHNM OQNUHRHNMR \$41 SGNTR@MC QDRTKSHMFEQNLSGD BG@MFDCLD@- RTQDLDMSOTQRT@MSSN2DBSHNMRDMSDMBD'&!
ThejM@MBH@KQDRTKSHMBKTCDRHMSDQDRSDWODMRDRNMODMRH-
NMNAKHF@SHNMRNE\$41SGNT R@MC (MBNLDS@WADMDjSR QDRTKSDCEQNLSGDB@QQXNUDQNECD-
EDQQDCS@W@RRDSR\$41 SGNTR@MCNEQDUDQR@K@R@M
DWODMRD
3GD @TCHSNQR EDD @LNTMSDC SN \$41 SGNTR@MC
(M @CCHSHNMSGD@TCHSNQODQENQLDCNSGDQRDQUHBDRSNS@KKHMF \$41SGNTR@MCHM
M@UDQ@FDNERS@EEVNLDMLDMV@RDLOKN-XDCHMSGDjM@MBH@KXD@Q
3GD CHEEDQDMBD ADSVDDM RDUDM XD@Q @MCSDM XD@Q @UD-Q@FDHMSDQDRSQ@SDRHMSGDU@KT@SHNMNEODMRHNMOQNUHRHNMR 2DBSHNMRDMSDMBD'&!NE\$41SGNTR@MC @MCCDEDQQDCS@W@RRDSRNE\$41SGNTR@MC@QDQD-RSQHBSDCEQNLCHRSQHATSHNM
3GD"NLO@MXBTQQDMSKXBNMRHCDQRHSRDKEDWONRDCSNSGD FKNA@K DEEDBSR NE SGD BNQNM@UHQTR 2 12 "N5
3GD DBNMNLHBBNMRDPTDMBDR@BQNRR@KKHMCTRSQHDRRTFFDRS SG@SSGD"NLO@ MXVHKK@KRNAD@EEDBSDCHMSGDRGNQSSN LDCHTLSDQL
3GDDBNMNLHBDEEDBSRB@MMNSADPT@MSH jDC@SSGHRSHLD
3GDQDVDQDMNNSGDQDUDMSRNERODBH@K RHFMHjB@MBD@ESDQSGDDMCNESGDj M@MBH@KXD@Q
Berlin, 31 March 2020
Heinz Schernikau "GHDE\$WDBTSHUD.EjBDQ
Steffen Ewald "GHDE%HM@[email protected]
Dennis Schwindt "[email protected]
',2!DQFA@T & MCDQ6TGKGDHCD 12459 Berlin Deutschland 3 % \$ ,@HKGLRGLR @F
BNL VVV
GLR @F
BNL
&%\$( JSHDMFDRDKKRBG@ES .RSDQFQTAD '@MMNUDQ Deutschland 3 % \$ ,@HKJNMS@JSFEDH
@F VVV
FEDH
@F
6D@TCHSDCSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRNE',2!DQF-A@T &!DQKHM@MCHSRRTARHCH@QHDRSGD&QNTOlBNMRHRSHMFNESGD BNMRNKHC@SDCA@K@MBDRGDDS@RNE#DBDLADQSGDBNMRNK-HC@SDC HMBNLDRS@SDLDMSSGDBNMRNKHC@SDCB@RGkNVRS@SDLDMS @MCSGDBNMRNKHC@SDCRS@SDLDMSNEBG@MFDRHMRG@QDGNKCDQRDP-THSX ENQ SGD jM@MBH@K XD@Q EQNL )@MT@QX SGQNTFG #D-BDLADQ@RVDKK@RSGDMNSDRSNSGDBNMRNKHC@SDCjM@MBH@K RS@SDLDMSRHMBKTCHMFSGDOQDRDMS@SHNMNE@BBNTMSHMFONKHBHDR
(M @CCHSHNMVD@TCHSDCSGD QDONQSNMSGDRHST@SHNMNESGDBNLO@MX @MCSGD',2!DQFA@T &&QNTOENQSGDjM@MBH@KXD@QEQNL)@M-T@QXSGQNTFG#DBDLADQ
(MNTQNOHMHNMA@RDCNMSGD JMNVKDCFDNAS@HMDC HMSGDBNTQRD NESGD@TCHS
(M @BBNQC@MBD VHSG 2DBSHNM RDMSDMBD '&! &DQL@M "NLLDQBH@K"NCDVDCDBK@QDSG@SNTQ@TCHSG@RMNSKDCSN@MX NAIDBSHNMR SN SGD QDFTK@QHSX NE SGD BNMRNKHC@SDC jM@MBH@K RS@SD-LDMSR NQ SGD QDONQS NM SGD RHST@SHNM NE SGD "NLO@MX @MC SGD &QNTO
6DBNMCTBSDCNTQ@TCHSNESGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR @MCSGDQDONQSNMSGDRHST@SHNMNESGD"NLO@MX@MCSGD&QNTOHM @BBNQC@MBD VHSG 2DBSHNM '&! @MCSGD FDMDQ@KKX @BBDOSDC &DQL@MRS@MC@QCRENQSGD @TCHS NE jM@MBH@KRS@SDLDMSR OQNLTK-F@SDCAXSGD(MRSHSTSDNE/TAKHB TCHSNQRHM&DQL@MX(MRSHSTSCDQ 6HQSRBG@ESROQŘEDQ l (#6
.TQ QDRONMRHAHKHSHDR TMCDQSGDRD QTKDR @MCONKHBHDR@QDETQSGDQCDRBQHADCHMSGDRDBSHNMDMSHSKDCs TCHSNQ?R QDRONMRHAHKHSHDR ENQ SGD @TCHS NE SGD BNMRNKHC@SDC jM@MBH@K RS@SD-LDMSR@MCSGDL@M@FDLDMSQDONQSfNENTQ@TCHSNOHMHNM
6D@QD HMCDODMCDMS NE SGD &QNTO BNLO@MHDR HM @BBNQC@MBD VHSG &DQ-L@MBNLLDQBH@KK@V@MCQTKDRNEOQNEDRRHNM@KBNMCTBS@MCG@UD ETKjKKDCNTQNSGDQ&DQL@MOQNEDRRHNM@KNAKHF@SHNMRHM@BBNQC@MBD VHSGSGDRD QDPTHQDLDMSR
6DADKHDUDSG@SSGD@TCHSDUHCDMBDVD G@UDNAS@HMDCHRRTEjBHDMS@MC@OOQNOQH@SDSNENQLSGDA@RHRENQ NTQ@TCHSNOHMHNMNMSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR@MCSGD QDONQSNMSGDRHST@SHNMNESGD"NLO@MX@MCSGD&QNTO
.TQ@TCHSNOHMHNMRNMSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR@MC SGDQDONQSNMSGDRHST@SHNMNESGD"NLO@MX@MCSGD&QNTOCNMNS DWSDMCSNSGDNSGDQHMENQL@SHNM@MC@BBNQCHMFKXVDOQNUHCDMDH-SGDQ @M @TCHSNOHMHNMMNQ @MXNSGDQENQLNE @TCHS BNMBKTRHNMNM SGDRDHRRTDR
In connection with our audit, we have the responsibility to read the NSGDQHMENQL@SHNM@MCSNDU@KT@SDVGDSGDQSGDNSGDQHMENQL@SHNM
3GD KDF@K QDOQDRDMS@SHUDR @QD QDRONMRHAKD ENQSGD OQDO@Q@SHNM NE SGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRVGHBGBNLOKXVHSG&DQL@M commercial law in all material respects, and that the consolidated jM@MBH@K RS@SDLDMSR FHUD @SQTD @MCE@HQ UHDV NESGD MDS @RRDSR jM@MBH@KONRHSHNM@MCQDRTKSRNENODQ@SHNMRNESGD&QNTOHM@BBNQC- @MBDVHSGFDMDQ@KKX@BBDOSDC@BBNTMSHMFOQHMBHOKDR
(M@CCHSHNM SGDKDF@KQDOQDRDMS@SHUDR@QDQDRONMRHAKDENQSGDHMSDQM@KBNMSQNKR that they have determined to be necessary in accordance with FDMDQ@KKX@BBDOSDC@BBNTMSHMFOQHMBHOKDRHMNQCDQSNE@BHKHS@SDSGD OQDO@Q@SHNMNEBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRSG@S@QDEQDDEQNL @MXHMSDMSHNM@KNQTMHMSDMSHNM@KL@SDQH@KLHRRS@SDLDMSR
6GDMOQDO@QHMFSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRSGD KDF@K QDOQDRDMS@SHUDR@QDQDRONMRHAKDENQ@RRDRRHMFSGD&QNTO?R@AHKHSX SNBNMSHMTD@R@FNHMFBNMBDQM@MCENQCHRBKNRHMFL@SSDQRQDK@SHMF SNSGD BNMSHMT@SHNM NESGD ATRHMDRRVGDQD QDKDU@MS
(M @CCHSHNM SGDX@QDQDRONMRHAKDENQ@BBNTMSHMFNMSGDA@RHRNESGDFNHMFBNM-BDQM@BBNTMSHMFOQHMBHOKDTMKDRRBNMSQ@QXSNE@BSNQK@V
(M @CCHSHNM SGD KDF@K QDOQDRDMS@SHUDR @QD QDRONMRHAKD ENQ SGD OQDO@Q@SHNM NE SGD QDONQS NM SGD RHST@SHNM NE SGD "NLO@MX @MC SGD &QNTO VGHBG NUDQ@KK BNMUDXR @SQTD OHBSTQD NESGD &QNTO?R ONRHSHNM @MC HR BNMRHRSDMS VHSGSGD BNMRNKHC@SDC jM@MBH@K RS@SDments in all material respects, complies with German statutory OQNUHRHNMR@MC@BBTQ@SDKXOQDRDMSRSGDNOONQSTMHSHDR@MCQHRJRNE SGDETSTQDCDUDKNOLDMS
(M@CCHSHNMSGDKDF@KQDOQDRDMS@SHUDR@QD QDRONMRHAKD ENQ SGD @QQ@MFDLDMSR @MC LD@RTQDR RXRSDLR SG@S SGDXCDDLMDBDRR@QXSNDM@AKDSGDOQDO@Q@SHNMNE@FQNTOL@M- @FDLDMSQDONQSHM@BBNQC@MBDVHSGSGD@OOKHB@AKD&DQL@MRS@ST-SNQXOQNUHRHNMR@MCSNOQNUHCDRTEjBHDMS@MCRTHS@AKDDUHCDMBDENQ SGDRS@SDLDMSRHMSGDFQNTOL@M@FDLDMSQDONQS
.TQ NAIDBSHUD HR SN NAS@HM QD@RNM@AKD @RRTQ@MBD @R SN VGDSGDQ SGD BNMRNKHC@SDC jM@MBH@K RS@SDLDMSR @R @ VGNKD @QD EQDD EQNL intentional or unintentional material misstatements, and whether SGD QDONQS NMSGDONRHSHNM NESGD"NLO@MX @MCSGD&QNTO @R @ VGNKDOQNUHCDR@SQTDOHBSTQDNESGD"NLO@MX?RRHST@SHNM@MCHM @KKL@SDQH@KQDRODBSRHRBNMRHRSDMSVHSGSGDBNMRNKHC@SDCjM@MBH@K RS@SDLDMSR@MCSGDJMNVKDCFDNAS@HMDCHMSGDBNTQRDNESGD@TCHS complies with German statutory provisions, accurately presents SGDNOONQSTMHSHDR@MCQHRJRNESGDETSTQDCDUDKNOLDMS@MCSNHRRTD an audit opinion that includes our audit opinion on the consoli-C@SDCjM@MBH@KRS@SDLDMSR@MCSGD QDONQSNMSGDONRHSHNMNESGD "NLO@MX@MCSGD&QNTO
1D@RNM@AKD@RRTQ@MBDHR@GHFGKDUDKNE@RRTQ@MBDATSMNFT@Qantee that an audit conducted in accordance with Section 317 '&! @MC HM BNLOKH@MBD VHSG SGD &DQL@M FDMDQ@KKX @BBDOSDC RS@MC@QCRENQSGD@TCHSNEjM@MBH@KRS@SDLDMSROQNLTKF@SDCAXSGD (MRSHSTSCDQ6HQSRBG@ESROQŘEDQ(#6VHKK @KV@XRCDSDBS @L@SDQH@K LHRRS@SDLDMS
,HRRS@SDLDMSR B@M @QHRD EQNL EQ@TC NQ DQQNQ @MC @QD BNMRHCDQDCL@SDQH@K HE HMCHUHCT@KKX NQSNFDSGDQ BNTKC QD@RNM- @AKX AD DWODBSDCSN HMkTDMBDSGD DBNMNLHB CDBHRHNMR NE TRDQR S@JDMNMSGDA@RHRNESGDRDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSR@MC SGDQDONQSNMSGDONRHSHNMNESGD"NLO@MX@MCSGD&QNTO
(M@CCHSHNMVD
q DU@KT@SDSGDNUDQ@KKOQDRDMS@SHNMRSQTBSTQD@MCBNMSDMSNESGD BNMRNKHC@SDC jM@MBH@K RS@SDLDMSR HMBKTCHMF SGD CHRBKNRTQDR @MC VGDSGDQSGD BNMRNKHC@SDC jM@MBH@K RS@SDLDMSR QDOQDRDMS SGDTMCDQKXHMFSQ@MR@BSHNMR@MCDUDMSRHM@L@MMDQSG@SFHUDR @SQTD@MCE@HQUHDVNESGD&QNTORMDS@RRDSRjM@MBH@KONRHSHNM @MCQDRTKSRNENODQ@SHNMRHM@BBNQC@MBDVHSG&DQL@MFDMDQ@KKX @BBDOSDC@BBNTMSHMFOQHMBHOKDR
q NAS@HMRTEjBHDMS@MC@OOQNOQH@SD@TCHSDUHCDMBDQDF@QCHMFSGD jM@MBH@KHMENQL@SHNMNESGDDMSHSHDRNQATRHMDRR@BSHUHSHDRVHSGHM SGD&QNTOSNDWOQDRR@MNOHMHNMNMSGDBNMRNKHC@SDCjM@MBH@K RS@SDLDMSR@MCSGDQDONQSNMSGDONRHSHNMNESGD"NLO@MX@MC SGD &QNTO
6D @QD QDRONMRHAKD ENQ SGD CHQDBSHNM RTODQUHRHNM @MCODQENQL@MBDNESGD&QNTO@TCHS
6D@QDRNKDKXQDRONMRHAKD ENQNTQ@TCHSNOHMHNMR
6D @QD MNS HRRTHMF @RDO@Q@SD @TCHS NOHMHNM NMSGDOQNRODBSHUD HMENQL@SHNMNQSGDTMCDQKXHMF@RRTLOSHNMR
3GDQDHR@RHFMHjB@MS TM@UNHC@AKD QHRJSG@SETSTQD DUDMSRVHKKCDUH@SDRHFMHjB@MSKXEQNL SGDOQNRODBSHUDHMENQL@SHNM
6DBNLLTMHB@SDVHSGSGNRDBG@QFDCVHSGFNUDQM@MBDQDF@QCHMF @LNMFNSGDQL@SSDQRSGDOK@MMDCRBNOD@MCSHLHMFNESGD@TCHS @MCRHFMHjB@MS@TCHSjMCHMFRHMBKTCHMF@MXRHFMHjB@MSCDjBHDMBHDR HMSGDHMSDQM@KBNMSQNKRXRSDLSG@SVDHCDMSHEXCTQHMFNTQ@TCHS
!DQKHM
,@QBG / - 1\$2&LA' 6HQSRBG@ESROQŘETMFRFDRDKKRBG@ES 2SDTDQADQ@STMFRFDRDKKRBG@ES
6DMMHMF Auditor
3GDQDONQSHMBKTCDRENQV@QC KNNJHMFRS@SDLDMSRSG@SQDkDBSSGDBTQQDMSNOHMHNMNE',2!DQFA@T &RL@M@FDLDMSVHSGQDF@QCSNETSTQD DUDMSR
MXRS@SDLDMSBNMS@HMDCHMSGHRQDONQSQDkDBSHMFNQATHKCHMFTONMHMSDMSHNMR@RRTLOSHNMRDWODBS@SHNMRENQDB@RSR@MCTMCDQKXHMF @RRTLOSHNMRHR@ENQV@QC KNNJHMFRS@SDLDMS
3GDRDRS@SDLDMSR@QDA@RDCTONMOK@MRDRSHL@SDR@MCENQDB@RSRSG@S@QDBTQQDMSKX@U@HK@AKD SN',2!DQFA@T &RL@M@FDLDMS
3GDXSGDQDENQDNMKXQDEDQSNSGDC@XNMVGHBGSGDXVDQDL@CD
%NQV@QC KNNJHMFRS@SDLDMSR@QD M@STQ@KKXRTAIDBSSNQHRJR@MCTMBDQS@HMSHDRVGHBGBNTKCQDRTKSHM@BST@KCDUDKNOLDMSRCHEEDQHMFRHFMHjB@MSKXEQNLSGDRDENQV@QC KNNJHMF RS@SDLDMSRNQDUDMSRHLOKHDCNQDWOQDRRDCSGDQDHM
',2!DQFA@T &CNDRMNS@RRTLD@MXKH@AHKHSXENQRTBGRS@SDLDMSR@MCCNDRMNS HMSDMCSNTOC@SDRTBGRS@SDLDMSRHMUHDVNEMDVHMENQL@SHNMNQETSTQDDUDMSR
3GHR@MMT@KŰQDONQSNE',2!DQFA@T &CNDRQDOQDRDMS @MMT@KjM@MBH@KRS@SDLDMSR HM @BBNQC@MBDVHSG&DQL@M BNLLDQBH@K K@V @MCSGD QDFTK@SHNMRNESGD&DQL@M2SNBJ"NQONQ@SHNM BS HMENQL@SHNMNQjFTQDRBNMS@HMDCHMSGHRQDONQSG@UDADDMRTAIDBSSN@MNEjBH@K@TCHSAX@M@TCHSNQ
3GHRQDONQSHRENQQDEDQDMBDNMKXVHSGHM SGDRBNODNE',2!DQFA@T &RCHRBKNRTQDNAKHF@SHNMRHM@BBNQC@MBDVHSGSGDFDMDQ@KSDQLR@MCBNMCHSHNMRNE#DTSRBGD!ŅQRD & BNMBDQMHMF.3"SQ@CHMFNMSGD%Q@MJETQS2SNBJ\$WBG@MFD
3GD\$MFKHRGUDQRHNMNESGD@MMT@KQDONQS@MCSGDBNMRNKHC@SDCjM@MBH@KRS@SDLDMSRNE',2!DQFA@T &HR@NMD SN NMDSQ@MRK@SHNM 3GD\$MFKHRGUDQRHNMHRMNS@TCHSDCHMSGDDUDMSNEU@QH@MBDRSGD&DQL@MUDQRHNMRG@KKS@JDOQDBDCDMBDNUDQSGD\$MFKHRGSQ@MRK@SHNM
Berlin, Germany MCDQ6TGKGDHCD 12459 Berlin Germany 3 %
\$ ,@HKGLRGLR @F
BNL
3 % \$ ,@HKGLRHGLR @F
BNL
Mumbai India 3
\$ L@HKGLRFQNVDKKGLR @F
BNL
China 3 \$ ,@HKGLRBGHM@GLR @F
BNL
',2.HK@MC&@R#HUHRHNM&LA' Berlin, Germany MCDQ6TGKGDHCD 12459 Berlin Germany 3 % \$ ,@HKGLRGLR @F
BNL
HMS Bergbau Singapore Pte. Ltd. 1@EkDR/K@BD 4.!/K@Y@Ů 2HMF@ONQD 2HMF@ONQD 3 % \$ L@HKRHMF@ONQDGLR @F
BNL
Lahore /@JHRS@M 3 \$ L@HKGLRO@JHRS@MGLR @F
BNL
3 \$ ,@HKGLRRQHK@MJ@GLR @F
BNL
6DRS%K@FKDQ2S /' ,H@LH%+ 42 3 \$ ,@HKGLRTR@GLR @F
BNL
YRHDCYHAĘV*@SNVHB@BGTK
\$
(LHDKH ÷VHĨSNBGNVHBD Poland 3 % \$ L@HKGLRONK@MCGLR @F
BNL
Nairobi *DMX@ 3 \$ ,@HKGLRJDMX@GLR @F
BNL
3 \$ ,@HKGLRCTA@HGLR @F
BNL
S Subsidiaries 1. [email protected]
2@MCSNM)NG@MMDRATQF 2NTSG EQHB@ 3 \$ ,@HKGLR@GLR @F
BNL
HMS Bergbau Malaysia (ONG/DQ@J Malaysia 3 \$ L@HKGLRL@K@XRH@GLR @F
BNL
!@MFK@CDRG1. HMS Bergbau Bangladesh #G@J@ \$ ,@HKGLRA@MFK@CDRGGLR @F
BNL
updates: September 2019
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