Annual Report • Apr 6, 2016
Annual Report
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Merger of CROSS Industries AG into BF HOLDING AG
Admission to the Prime Market of the Vienna Stock Exchange
Restructuring of the long-term financing
All time high in revenues and profit
| CROSS INDUSTRIES GROUP AT A GLANCE 4 | |
|---|---|
| Key figures 4 | |
| Group structure 5 | |
| Foreword of the Management 6 | |
| Boards of the company 8 | |
| Group companies 11 | |
| SHARE & CORPORATE GOVERNANCE 16 |
| Share & Investor Relations 16 | |
|---|---|
| Corporate Governance Report 17 | |
| Report of the Supervisory Board 30 |
| CONSOLIDATED MANAGEMENT REPORT 33 | |
|---|---|
| Significant events in the business year 2015 34 | |
| Economic environment 35 | |
| Development of the segments35 | |
| Financial performance indicators 37 | |
| Non-financial performance indicators 39 | |
| Risk report 42 | |
| Significant events after the balance sheet date42 | |
| Disclosures pursuant to sec. 243a | |
| of the Austrian Commercial Code (UGB)42 | |
| Outlook 44 | |
| CONSOLIDATED FINANCIAL STATEMENTS 47 | |
|---|---|
| Consolidated income statement 48 | |
| Consolidated statement of comprehensive income 49 | |
| Consolidated balance sheet 50 | |
| Consolidated statement of cash flows 52 | |
| Consolidated statement of changes in equity 54 | |
| Notes to the consolidated financial statements 56 | |
| Schedule of holdings of CROSS Industries AG 120 | |
| Segment reporting 123 | |
| Auditor's Report 124 | |
| Statement of all legal representatives 126 | |
| Service 127 |
| Earnings Figures | 2014 | 2015 | Change in % | |
|---|---|---|---|---|
| Revenues | in m€ | 1,086.3 | 1,223.6 | 13 |
| EBITDA | in m€ | 148.1 | 178.4 | 20 |
| EBIT | in m€ | 93.0 | 112.9 | 21 |
| Earnings after taxes from continuing operations | in m€ | 54.9 | 65.0 | 18 |
| EBITDA margin | in % | 13.6% | 14.6% | - |
| EBIT margin | in % | 8.6% | 9.2% | - |
| Balance Sheet Figures | 31.12.2014 | 31.12.2015 | Change in % | |
|---|---|---|---|---|
| Balance sheet total | in m€ | 1,031.1 | 1,177.6 | 14 |
| Equity | in m€ | 370.9 | 386.6 | 4 |
| Equity ratio | in % | 36.0% | 32.8% | - |
| Net liquid funds (+) / Net debt (-) | in m€ | 315.1 | 387.4 | 23 |
| Gearing | in % | 85.0% | 100.2% | - |
| Employees | 31.12.2014 | 31.12.2015 | Change in % | |
| Number of employees as of reporting date | 4,182 | 4,553 | 9 |
Number of employees as of reporting date incl. contract workers and externals
Simplified presentation, December 31, 2015
PF Beteiligungsverwaltungs GmbH 100% Network Performance Channel GmbH 100% Wethje Carbon Composites GmbH 49% Durmont Teppichbodenfabrik GmbH 24% ACstyria Autocluster GmbH 12.3%
The CROSS Industries Group is a global automotive niche player that include worldwide renowned brands (KTM, Husqvarna, Pankl, WP), which are technology and market leaders in each niche. In the business year 2015 the focus was again on the strategic development of the majority interests. As of December 31, 2015 CROSS Industries AG holds 51.3% in KTM AG, 55.9% in Pankl Racing Systems AG and 89.5% in WP AG. The company holds further minority interests in Wethje Group (49%) and Durmont Teppichbodenfabrik GmbH (24%).
In the business year 2015 the CROSS Industries Group surpassed the one billion mark again and generated revenues in the amount of 1,223.6 m€, after 1,086.3 in the previous year and achieved a record EBIT in the amount of 112.9 m€ (93.0 m€ in the previous year). The balance sheet total increased from 1,031.1 m€ to 1,177.6 m€, the equity ratio is 32.8%.
In 2015 the CROSS Industries Group employed more than 4,500 people, thereof more than 75% in Austria. After the company's streamlining of the Group structure, restructurings and after the successful merger of CROSS Industries AG with BF HOLDING AG in the business year 2015, CROSS Industries AG still continues to focus intensively on the automotive niche areas.
All of the fully consolidated majority interests of CROSS Industries AG achieved record results in the business year 2015.
The major shareholding KTM AG could again increase both revenue and sales figures to new record levels by consistently implementing the global product strategy and expanding into all continents. Thus, KTM has been among the world's fastest growing motorcycle brands for a number of years. In the business year 2015 KTM increased revenues to 1,022.5 m€ (+18.3%) and sales to 152,181 vehicles, which corresponds to an increase of 8.3%. Worldwide 183,170 vehicles of KTM and Husqvarna have been sold, including DUKE 200, DUKE 390, RC 200 and RC 390 sold by the Indian partner Bajaj. Consequently, revenues broke through the one billion Euro mark for the first time. After the integration of the brand "Husqvarna", which could be completed successfully in 2014, KTM follows now a consistent two-brand strategy based on the brands "KTM" and "Husqvarna". After the completion of a new logistics center in Munderfing, the construction of a new motorsport building has begun, completion of which is scheduled for the first half of 2016. For 2016, extensive capital expenditures of over 100 m€ are planned to be made in infrastructure and model development for future motorcycles at the Mattighofen and Munderfing sites.
Pankl Racing Systems AG could also surpass its prior records in revenues in the business year 2015. Pankl achieved an increase in revenues by 5% to 173.6 m€. While revenues in Racing within the segment Racing/High Performance as well as revenues in the segment Aerospace experienced declines, the revenues of the High Performance segment showed a significant growth. The main reason for this favorable development was significant growth in the Kapfenberg high performance facility after starting the production of the new automated press line in autumn 2014. The high performance sites in Bruck
upon Mur and Slovakia contributed to the growth as well. Operating earnings of the Pankl Group decreased because of the expected slowdown in the Formula 1 business and ongoing weakness of the helicopter market and reached with 10.2 m€ (previous year: 11.9 m€) a solid level. The EBIT margin reached 5.9% of revenues (previous year: 7.2%). In the business year 2015 capital expenditures in tangible and intangible assets amounted to 11.6 m€. In 2015, capital expenditures were significant lower than depreciation after the significant capex program of the past years.
WP AG, a technology leader in the power sports segment, could also increase considerably its revenues to 144.6 m€ (+19.4%) and its EBIT to 9.7 m€ (previous year: 8.6 m€) and achieved new record levels. During the business year under review the serial production for two important products in the division chassis started. On the one hand it came to the first series start-up of semiactive chassis – developed and produced by WP. These components are used with street motorcycles and allow the driver an optimum adaption of the chassis to the driving conditions. Furthermore, "AER 48" - the first suspension fork for motocross motorcycles, developed by WP - was launched.
The key for a successful development in the future will be innovative products. In the business year research and development expenses amounted to 4.4 m€ (previous year: 2.0 m€). The products of WP Group are performing on an ambitious level; therefore customers expect ongoing further development. Since April 2015 WP AG is listed on the Vienna Stock Exchange. Two non-operating properties in Graz and Vienna were sold in the fourth quarter 2015. The financial resources, that have been made available, will be invested in the plant extension in Munderfing.
In the business year 2016 the CROSS Industries Group further concentrates on organic growth in all core areas, through further expansion of the market share and global growth, whereby the focus is on the emerging markets (especially Asian markets). Within the group divisions the focus is still on the mutual utilization of synergy potentials and on further development of cooperative projects.
Overall, a positive outlook can be given for all business segments of the CROSS Industries Group for 2016.
Wels, in March 2016
Stefan Pierer Chief Executive Officer
Stefan Pierer CEO Appointed until February 29, 2020
Friedrich Roithner CFO Appointed until February 29, 2020
Alfred Hörtenhuber Appointed until January 31, 2018
Wolfgang Plasser Appointed until May 31, 2017
Josef Blazicek Chairman
Elected until the end of the Annual General Meeting which votes on the discharge for the business year 2015
Gerald Kiska Member
Elected until the end of the Annual General Meeting which votes on the discharge for the business year 2015
Ernst Chalupsky Deputy Chairman
Elected until the end of the Annual General Meeting which votes on the discharge for the business year 2015
Elected until the end of the Annual General Meeting which votes on the discharge for the business year 2015
The business year 2015 will go down as another record year in KTM's history. A gratifying business performance could be realized and thus group revenues in the amount of 1,022.5 m€ could be achieved. Therefore, an increase by 18.3% compared to the previous year's period, could be registered. In the business year 2015 sales could be increased to 183,170 vehicles (+15.4% to the previous year) including the sales of the DUKE 200, DUKE 390, RC 200 and RC 390 by KTM's partner Bajaj in India. Thus, KTM reached an EBITDA in the amount of 141.5 m€ (+26.3% to the previous year) and an EBIT in the amount of 95.1 m€ (+26.2% to the previous year). The net income after taxes increased from 57.2 m€ in the previous year to 63.9 m€ in the business year 2015.
The implementation of the global product strategy as well as the expansion in further Asian and South American markets were consistently pursued in the business year 2015. Since the integration of the brand Husqvarna into the KTM Group, KTM AG pursues a consequent two-brand strategy for "KTM" and "Husqvarna".
As of December 31, 2015 the number of employees amounted to 2,515 (including contract workers and externals).
In the business year 2015 the KTM share was affected by some upwards and downwards movements and closed on the last trading day (December 31, 2015) at € 122.0 (December 29, 2014: € 135). Over the reporting period of nine months the highest closing price was € 138.4, the lowest € 104.5. The market capitalization for 10,845,000 shares admitted for trading amounted to 1,323.1 m€ as of December 31, 2015.
It is expected that the North American motorcycle market enjoys significant growth in the coming year and KTM is also relatively bullish with regard to Europe; the emerging markets in South America and Asia are marked by numerous uncertainties. Asian markets are regarded to represent the biggest growth opportunities over the medium term.
Shareholder structure KTM AG (Dec. 31, 2015)
| Earnings figures | 2014 | 2015 | Chg. in % | |
|---|---|---|---|---|
| Revenues | in m€ | 864.6 | 1,022.5 | 18% |
| EBITDA | in m€ | 112.1 | 141.5 | 26% |
| EBIT | in m€ | 75.4 | 95.1 | 26% |
| Earnings after taxes | in m€ | 57.2 | 63.9 | 12% |
| Balance sheet figures | 31.12.2014 | 31.12.2015 | Chg. in % | |
|---|---|---|---|---|
| Balance sheet total | in m€ | 694.8 | 848.9 | 22% |
| Equity | in m€ | 327.6 | 379.8 | 16% |
| Equity ratio | 47.1% | 44.7% | - | |
| Net debt | in m€ | 87.5 | 97.2 | 11% |
| Gearing | 26.7% | 25.6% | - |
| Stock exchange figures | 2014 | 2015 | Chg. in % | |
|---|---|---|---|---|
| Number of shares | share | 10,845,000 | 10,845,000 | - |
| Market capitalization | in m€ | 1,464.1 | 1,323.1 | -10% |
| Closing price | in € | 135.0 | 122.0 | -10% |
In the business year 2015 revenues of Pankl Group increased by 5% to a new record of 173.6 m€ (previous year: 165.0 m€). Operating earnings decreased because of the expected slowdown in the Formula 1 business and an ongoing weakness of the helicopter market. The EBIT reached a solid level of 10.2 m€ (previous year: 11.9 m€); the EBIT margin amounted to 5.9% (previous year: 7.2%) of revenues. After adding depreciation in the amount of 13.4 m€ EBITDA amounted to 23.6 m€ after 24.3 m€ in the previous year. The earnings after taxes increased from 6.9 m€ to 7.9 m€ in the business year 2015.
In the business year 2015, the Racing/High Performance segment revenues increased by 8.4% from 137.2 m€ to 148.7 m€. The main reason for this favorable development was significant growth in the High Performance segment. In the business year 2014 the motor racing business was characterized by an additional demand in early 2014 due to a rule change; as expected, the previous year's revenues could therefore not be attained in 2015. The Aerospace segment continued to suffer from low demand for civil helicopters.
As of December 31, 2015 the number of employees amounted to 1,319.
During the twelve-month period under review the highest closing price was € 30.2; the lowest € 26.0. As of December 31, 2015 the Pankl share closed at € 27.5. The market capitalization for 3,150,000 shares admitted for trading amounted to 86.6 m€.
Pankl will secure its technological leadership in its high market shares in the highly volatile and stagnating racing business by ongoing intense R&D activities. Pankl will utilize this know-how in serial applications also in the coming years. Future revenues growth of Pankl Group will primarily be generated in the High Performance division. In the Aerospace division Pankl will primarily focus on the jet engine business.
Shareholder structure Pankl Racing Systems AG (Dec. 31, 2015)
| Earnings figures | 2014 | 2015 | Chg. in % | |
|---|---|---|---|---|
| Revenues | in m€ | 165.0 | 173.6 | 5% |
| EBITDA | in m€ | 24.3 | 23.6 | -3% |
| EBIT | in m€ | 11.9 | 10.2 | -14% |
| Earnings after taxes | in m€ | 6.9 | 7.9 | 15% |
| Balance sheet figures | 31.12.2014 | 31.12.2015 | Chg. in % | |
|---|---|---|---|---|
| Balance sheet total | in m€ | 182.7 | 182.3 | 0% |
| Equity | in m€ | 76.8 | 82.9 | 8% |
| Equity ratio | 42.0% | 45.4% | - | |
| Net debt | in m€ | 70.9 | 69.1 | -3% |
| Gearing | 92.4% | 83.4% | - |
| Stock exchange figures | 2014 | 2015 | Chg. in % | |
|---|---|---|---|---|
| Number of shares | share | 3,150,000 | 3,150,000 | - |
| Market capitalization | in m€ | 85.4 | 86.6 | 1% |
| Closing price | in € | 27.1 | 27.5 | 2% |
14 CROSS Industries Group Share & Corporate Governance Consolidated management report Consolidated financial statements
The business operations of the WP Group have been newly targeted in 2014. The WP AG has been reconstructed gradually into the management holding of the WP Performance Systems Group.
The business year 2015 of the WP Group was characterized by a strong growth in revenues and essential product launches. The Group revenues increased significantly and reached with 144.6 m€ a new record level. The operating result of the WP Group (EBIT) amounted to 9.7 m€ in the period under review and was 13.3% above the previous year's level (previous year: 8.6 m€). The earnings position is mainly due to good fixed cost coverage on the current revenue level.
The balance sheet total as of December 31, 2015 amounted to 99.6 m€ (previous year. 103.7 m€). Consequently, the balance sheet total could be reduced by approximately 4%, despite strong growth in revenues. The decrease of the balance sheet total is mainly based on a reverse factoring program, concluded with KTM AG.
As of December 31, 2015 the number of employees amounted to 541.
The initial listing of the WP share on the Vienna Stock Exchange was on April 10, 2015. The share is listed on the regulated market in the segment mid-market. Since the initial listing, the highest closing price was € 18.76; the lowest € 13.50. As of December 31, 2015 the share closed at € 14.10. The market capitalization for 5,000,000 shares admitted for trading amounted to 70.5 m€.
The order backlog in all business areas is at the level of the previous year; thus, constant revenues are expected for 2016. Primary target for 2016 is the consolidation of the company on the increased revenue level and an improvement of the operating profit margin.
| Earnings figures | 2014 | 2015 | Chg. in % | |
|---|---|---|---|---|
| Revenues | in m€ | 121.1 | 144.6 | 19% |
| EBITDA | in m€ | 12.1 | 13.6 | 12% |
| EBIT | in m€ | 8.6 | 9.7 | 13% |
| Earnings after taxes | in m€ | 8.9 | 7.1 | -20% |
| Balance sheet figures | 31.12.2014 | 31.12.2015 | Chg. in % | |
|---|---|---|---|---|
| Balance sheet total | in m€ | 103.7 | 99.6 | -4% |
| Equity | in m€ | 37.9 | 42.3 | 12% |
| Equity ratio | 36.5% | 42.4% | - | |
| Net debt | in m€ | 22.4 | 20.0 | -11% |
| Gearing | 59.0% | 47.3% | - |
| Stock exchange figures | 2014 | 2015 | Chg. in % | |
|---|---|---|---|---|
| Number of shares | share | - | 5,000,000 | - |
| Market capitalization | in m€ | - | 70.5 | - |
| Closing price | in € | - | 14.1 | - |
Shareholder structure WP AG (Dec. 31, 2015)
10.0% ............... QINO Flagship AG 0.5% ................................ Freefloat
74.89% ............ Pierer Industrie AG 0.03% ....................Treasury shares 25.08% ............................ Freefloat
The CROSS Industries share showed a very positive development in the business year 2015. The share price closed at € 1.80 on the first trading day of the business year 2015 (at that time BF HOLDING AG) and increased to € 1.89 until the merger on June 2, 2015. Since the merger the CROSS Industries share price increased steadily and closed at € 3.70 on the record date December 31, 2015. As of December 31, 2015 the market capitalization for 225,386,742 shares admitted for trading amounted to 833.93 m€.
The highest closing price in the business year 2015 was € 5.10; the lowest € 1.71. In August 2015 the share price reached an enormous peak for a few days, which was due to a "shortage" in the market. The situation normalized again shortly afterwards.
The share capital amounts to € 225,386,742 and is represented by 225,386,742 bearer shares with each share carrying an equal voting right. Each share represents the same share in the share capital.
Investor Relations: Michaela Friepeß CROSS Industries Aktie
Phone: +43 7242 69 402 Fax: +43 7242 69 402 109 E-mail: [email protected] ISIN: AT0000820659 Vienna Stock Exchange: CIAG Reuters: CIAG:VI Bloomberg: CIAG:AV Class of shares: no-par-value ordinary bearer shares
The Management Board recommends the Annual General Meeting, which will be held on April 27, 2016, the distribution of a dividend amounting to € 0.03 per share. With regard to the earnings per share of € 0.13, this means a distribution ratio of 23.1%. Based on 225,386,742 shares the dividend payment would amount to approximately 6.76 m€.
The Management of CROSS Industries AG aims to inform market participants and the wider public and communicate with them in a transparent, timely and comprehensive manner. Therefore we regularly give updates on the corporate development and outlook of the CROSS Industries Group. To ensure transparency and an effective and efficient service, we publish all financial reports, press announcements, adhoc announcements, announcements regarding voting rights as well as company presentations on the company's webpage www.crossindustries.at. All this information is hence provided to all shareholders simultaneously.
| 01 Adherence to the Austrian Code of Corporate Governance (ÖCGK)18 |
|
|---|---|
| 02 Members of the Corporate Bodies and their | |
| remuneration: 20 | |
| Working procedures of the Management Board: 20 | |
| Composition of the Management Board: 20 | |
| Working procedures of the Supervisory Board: 22 | |
| Composition of the Supervisory Board 23 | |
| Committees of the Supervisory Board and their members 24 | |
| Independence of the Supervisory Board 25 | |
| Remuneration report: 26 | |
| 03 Measures to promote women 29 | |
| 04 Audits and external evaluation 29 |
The Austrian Corporate Governance Code provides Austrian stock corporations with a framework for managing and monitoring their company. The Code aims to establish a system of management and control of companies and groups that is accountable and geared towards creating sustainable, long-term value. It is designed to increase the degree of transparency for all stakeholders of a company.
The Code is based on the provisions of Austrian stock corporation, stock exchange, and capital market law, the EU recommendations regarding the responsibilities of members of Supervisory Boards and the compensation of company directors as well as the OECD Principles of Corporate Governance. Since 2002, the Code has undergone a number of revisions. The present Corporate Governance Report is based on the most recent amendment of the Code, which was adopted in January 2015. The Code can be accessed by the public at www.corporate-governance.at.
CROSS Industries AG is fully committed to the Austrian Code of Corporate Governance in its current version. This commitment by CROSS Industries AG is voluntary and aims to boost shareholder confidence and to constantly optimize the high internal legal, behavioral and ethical standards of CROSS Industries AG. The company is further obligated to fulfil the standards of the Code due to the listing of its shares in the Prime Market segment of the Vienna Stock Exchange.
The Corporate Governance Report of the business year 2015 is publicly available on the homepage of the company (www.crossindustries.at) in the section Investor Relations > Corporate Governance > Corporate Governance Report.
Due to this commitment CROSS Industries AG not only has to comply with the legal requirements (L-rules). Moreover, voluntary self-imposed obligation means that it must explain non-compliance with the so-called C-rules ("comply or explain") which go beyond the legal requirements. In line with this part of the Austrian Code of Corporate Governance, CROSS Industries AG explains its non-compliance with C-Rules of the Code as follows:
"C-rule 18": No separate internal audit department has been set up in the light of the company's size. However, the company has established an internal controlling and reporting system enabling the Management Board to identify risks and quickly implement an appropriate response. The Supervisory Board, particularly the Audit Committee, is regularly informed about the internal control mechanisms and risk management, throughout the group. Further information on risk management can be found in the consolidated financial statements as of December 31, 2015.
"C-rule 21": The company and its main direct subsidiaries comply with the provisions of the Compliance Decree for Issuers (ECV). Because of the large number of subsidiaries the application of the decree can not be extended to all subsidiaries; due to the size of the CROSS Vehicle Group unmanageable administrative expenses would arise. After extensive discussions and involvement of the subsidiaries, the Management Board of the company has therefore decided to refrain from an application to all subsidiaries.
"C-rules 27 and 30": The variable annual compensation components are not limited to a maximum and are dependent on earnings figures of companies of the CROSS Vehicle Group. All details of the Management Board remuneration, especially of the individual performance criteria of the variable compensation, will not be published. In the company's opinion, this information, additional to the information given in the Corporate Governance report, would not bring further relevant capital market information to the shareholders.
"C-rule 36": The Supervisory Board strives to continually improve its organization, work procedures and efficiency. An explicit self-evaluation did not take place in the business year under review.
"C-rule 38": In the business year 2015 the entire Management Board of the company was newly appointed due to the merger of the former CROSS Industries AG (FN 261823 i) – as transferring company – into BF HOLDING AG – as receiving company – which was resolved in the general meeting of April 22, 2015. After the merger the members of Management Board of the transferring company were appointed to the new Management Board of the company. As the company continues with the transferring company's operations, the implementation of a defined (structured) appointment procedure was waived since the new Management Board already performed the same tasks in the transferring company. The chairman of the Supervisory Board does not separately inform the general meeting about the principles of the remuneration systems; those can be found in the Corporate Governance report.
"C-rules 39, 41 and 43": As the Supervisory Board of CROSS Industries consisted solely of four members, a Remuneration and Nomination Committee as well as a committee that is authorized to make decisions in urgent cases, has not been set up, as it would not lead to an increase in efficiency of the Supervisory Board's work. The tasks of the Remuneration and Nomination Committee are fulfilled by the entire Supervisory Board.
"C-rule 49": The conclusion of contracts with members of the Supervisory Board in which such members are committed to the performance of a service outside of their activities on the Supervisory Board for the company for a remuneration not of minor value shall legally require the consent of the Supervisory Board. The company refrains from a publication due to the corresponding company and business secrets. Apart from that the notes to the consolidated financial statements contain notes to "related party transactions", which contain the remunerations of Supervisory Board members outside of their activities on the Supervisory Board.
"C-rule 83": This rule is not complied with, since the company-specific risk management is established on the affiliated-companies-level and thus, the risk management is part of the investment management due to the holding function.
CROSS Industries AG endeavors to abide not only by the minimum requirements but also by all of the Code's R-rules (Recommendations).
The company is committed to the principle of transparency and the goal of providing a true and fair view for the benefit of all shareholders. All relevant information is published in our annual report, quarterly reports, on the corporate website and within the context of our ongoing press relations work. Reports are prepared in accordance with the internationally recognized accounting principles (IFRS). CROSS Industries AG also informs its shareholders about all issues and developments of relevance to the company through ad-hoc announcements and corporate news. The financial calendar points out important dates. Comprehensive information is published on the website under the section "Investor Relations", and is thus available to all shareholders at the same time.
The company has issued a total of 225,386,742 ordinary shares. There are no preferential shares or restrictions on these ordinary shares. Accordingly, the principle of "one share – one vote" fully applies. The Austrian Takeover Act ensures that every shareholder will receive the same price for the shares in the case of a takeover bid (public tender offer). The shareholder structure is depicted in the section "Share & Investor Relations" of the annual report.
The boards of CROSS Industries AG consist of the Management Board, the Supervisory Board and the Annual General Meeting. The Management and Supervisory Board cooperate at regular intervals based on open and transparent discussion.
The Management Board of CROSS Industries AG or the individual Management Board members, respectively, act on the basis of the laws, the Articles of Association and the Management Board's rules of procedure, laid down by the Supervisory Board, that governs the rules of the cooperation between the Management Board members as well as the allocation of the duties within the Management Board.
Coordination within the Management Board occurs during regular meetings, which are held approximately every two to four weeks, but also in the form of an informal exchange of information. Matters discussed at the Management Board meetings include the current operations and the company strategy. Also discussed are any current or outstanding measures to be implemented by the relevant Management Board members.
The rules of procedure requires the Management Board or the individual Management Board members to provide extensive information and reporting to the Supervisory Board and define an extensive catalogue of measures and legal transactions which require the approval of the Supervisory Board.
The Management Board of CROSS Industries AG consists of four members (rule 16):
After graduating from the Montan-University in Leoben, Austria (Business and Energy Management), Stefan Pierer began his career as a sales assistant at HOVAL GmbH in Marchtrenk in 1982, where he continued on as a sales manager and authorized signatory for upper Austria. In 1987 he founded the CROSS Group in which he acts as majority shareholder and member of the Management Board. He has been shareholder and member of the Management Board of the KTM Group since 1992. In 2011 he established Pierer Industrie AG, in which he is sole shareholder and chairman of the Management Board.
Further main functions within the Group:
Mandates in supervisory boards or similar functions in other foreign and domestic companies, not included in the consolidated financial statements:
After graduating from the Johannes Kepler University of Linz (Business Administration), Friedrich Roithner started his career at Ernst & Young GmbH. After three years he switched to Austria Metall AG, where he was working until 2006 (since 2002 as a member of the Management Board). Since 2007 Friedrich Roithner is part of the management team at the CROSS Group. From March 2008 until June 2010 Friedrich Roithner was member of the Management Board of Unternehmens Invest AG; since July 2010 he is a member of the Management Board of CROSS Industries AG; since January 2011 he is a member of the Management Board of KTM AG.
Further main functions within the Group:
Mandates in supervisory boards or similar functions in other foreign and domestic companies, not included in the consolidated financial statements:
After graduating from high school, Alfred Hörtenhuber began his professional career as a sales assistant at K. Rosenbauer in Leonding (Austria) in 1975 and afterwards as export manager for Western Europe. He completed his management training at the MZSG St. Gallen and the IMD Lausanne. In 1985 Alfred Hörtenhuber joined the Miba Group, where he started as marketing manager. In 1990 he became member of the Management Board and was responsible for marketing, research and development of Miba Sintermetall AG. In 1998 he was appointed CEO of Miba Friction Group and member of the Management Board of Miba AG Holding. Since 2008 Alfred Hörtenhuber has been a member of the Management Board of CROSS Group and since October 2010 also of the Management Board of CROSS Industries AG.
Further main functions within the Group:
Mandates in supervisory boards or similar functions in other foreign and domestic companies, not included in the consolidated financial statements: None
Wolfgang Plasser was born in Upper Austria in 1962 and studied business sciences at the Vienna University of Economics and Business. Important positions in his professional career are his functions at KPMG, at the Investment Bank Austria and as CFO at Vossen AG and finally at the Ocean Consulting GmbH. Wolfgang Plasser has joined the Management Board of Pankl Racing Systems AG in 2004 and has become CEO in 2006.
Further main functions within the Group:
Member of the Management Board of Pankl Racing Systems AG
Mandates in supervisory boards or similar functions in other foreign and domestic companies, not included in the consolidated financial statements: None
In the 2015 fiscal year, the Supervisory Board diligently performed the duties incumbent upon it under Austrian law, the Articles of Association, the Austrian Code of Corporate Governance (ÖCGK), and the Rules of Procedure. All members of the Supervisory Board and its committees, with the exception of Gerald Kiska, are independent according to the terms of the Austrian Code of Corporate Governance and were properly represented in the relevant meetings. The Supervisory Board held a total of six meetings last year, at least once every quarter (C-Rule 36 of the ÖCGK). All members personally attended at least three meetings (C-Rule 58 of the ÖCGK), so no Supervisory Board member failed to attend more than half of the meetings. Furthermore, there were two meetings of the audit committee.
In accordance with the Articles of Association, the Supervisory Board has elected a Chairman and a Deputy Chairman and has appointed an Audit Committee in order to comply with legal requirements.
No contracts requiring approval by the Supervisory Board were concluded between the company and members of the Supervisory Board (C-Rule 49 of the ÖCGK).
Furthermore, the audit committee monitored the accounting processes (including the preparation of the consolidated financial statements) and the work of the auditor (including the audit of the consolidated financial statements) as well as the effectiveness of the system of internal control, the risk management system and the audit system. The independence of the auditor (group financial auditor) was reviewed and monitored in particular as regards the additional services given to the audited company.
For further information on the Supervisory Board's work methods, please refer to the Supervisory Board report.
The Supervisory Board of the company consists of four members and is comprised as follows:
Further mandates in supervisory boards or similar functions in other foreign and domestic companies, listed on a stock exchange:
KTM AG
Further mandates in supervisory boards or similar functions in other foreign and domestic companies, listed on a stock exchange: WP AG
Further mandates in supervisory boards or similar functions in other foreign and domestic companies, listed on a stock exchange: None
The Audit Committee of the company consists of three members and is comprised as follows:
Chairman
Deputy Chairman
Member
In accordance with the Stock Corporation Act the Supervisory Board of CROSS Industries AG established an Audit Committee to perform its supervisory and control functions.
The Audit Committee is responsible for the auditing and preparation for the approval of the annual financial report, the proposed distribution of net income and the management report, as well as the auditing of the consolidated financial statements and the corporate governance report. The committee also deals with the management letter written by the financial auditor as well as with the auditor's report as to the efficiency of the risk management. The audit committee makes a proposal for the selection of the auditor and presents the proposal of the Supervisory Board to the Annual General Meeting for voting. In line with C-Rule 81a of the ÖCGK, the audit committee must also establish a mutual line of communication with the financial auditor in a meeting.
The Audit Committee of CROSS Industries AG held two meetings in the business year 2015, in which a representative of the auditor also participated.
Since the Supervisory Board consists of no more than six members, the tasks of the Remuneration and Nomination committee are fulfilled by the entire Supervisory Board.
A member of the Supervisory Board shall be deemed as independent if said member does not have any business or personal relations with the company or its management board that constitute a material conflict of interests and is therefore suited to influence the behavior of the member.
Ernst Chalupsky is shareholder and managing director of Saxinger, Chalupsky & Parnter Rechtsanwälte GmbH. The CROSS Group is advised by Saxinger, Chalupsky & Partner Rechtsanwälte GmbH concerning legal affairs. The consulting services were used on standard terms and conditions.
Consulting and other services of Kiska GmbH, whose managing partner is the Supervisory Board member Gerald Kiska, are used on standard terms.
The independence of the Supervisory Board members is defined by following guidelines:
According to C-Rule 54 of the Austrian Code of Corporate Governance (ÖCGK), the Supervisory Board of the company shall include at least one independent member delegated by the shareholders who is not a shareholder with a share of more than 10 % or who represents such a shareholder's interests.
According to C-rule 53 the Supervisory Board member Gerald Kiska is not independent from the company and the Management Board. The other members of the Supervisory Board of CROSS Industries AG admit to the criterions of independence according to Rule C-53 and declare themselves independent.
In the determination of the total remuneration with regard to the members of the management board, the supervisory board ensures proportionality between the tasks assumed of and performance delivered by the individual member of the management board, between the situation of the Company and the ordinary remuneration and undertakes that long-term incentives with regard to a sustained corporate development are taken into account.
The remuneration of the Management Board members consists of fixed and variable components. The variable income component is dependent on the achievement of certain financial key figures and/or specific project milestones. The relevant targets for the calculation are mutually determined between the company and the management yearly.
The members of the Management Board are eligible for a company car. An accident insurance provides insurance cover in case of death or disability. Personal liability insurance covers the legal liability of the Management Board members that result from personal injuries, material damages or financial losses of third parties. An insurance cover exists for claims for damages due to financial losses of third parties or of the company due to breaches of duties of executive bodies of the company. The company bears the expenditures for those insurances.
For group internal mandates and functions no additional remunerations are granted.
In the case of premature termination without a compelling reason the fixed salary shall be paid out for the contractual period.
The members of the Management Board, except Stefan Pierer, render their services on the basis of employment contracts liable to income tax. The board activity of Stefan Pierer is regulated by a surrender contract with Pierer Konzerngesellschaft mbH. No further agreements with the Management Board exist, regarding occupational pension plans. According to contract the Management Board members are eligible for a voluntary severance payment, however fundamentally they are submitted to the system of "Abfertigung Neu" (new severance payments).
No stock option plans or similar share-based remuneration systems exist. A D&O insurance exist, which covers Management Board and Supervisory Board as well as the management of the Group companies.
The financial figures of the previous business year are related to the short fiscal year of BF HOLDING AG prior to the merger of CROSS Industries AG into BF HOLDING AG. Therefore the figures of the previous year are comparable only to a limited extent.
In the business year 2015 the total remuneration of the Management Board Members, including performance-related components, amounted to 4.52 m€ (previous year: short fiscal year 2014 (October 1 – December 31, 2014): 0.11 m€). The most important calculation parameter of the variable remuneration is – apart from the individually agreed performance-related target achievement – also the development of individual performance indicators of the Group. As of balance sheet date December 31, 2015 no loans or advance payments to current or previous Management Board members exist.
Management Board remuneration in the business year 2015 (group level):
| Fix (in EUR) | Fix in % | Variable (in EUR) | Variable in % | Total | |
|---|---|---|---|---|---|
| Stefan Pierer | 370,154.08 | 22 | 1,331.400,00 | 78 | 1,701,554.08 |
| Friedrich Roithner | 259,228.75 | 63 | 149,278.38 | 37 | 408,507.13 |
| Alfred Hörtenhuber *) | 282,415.37 | 59 | 199,923.93 | 31 | 482,339.30 |
| Wolfgang Plasser *) | 387,864.00 | 62 | 237,325.00 | 38 | 625,189.00 |
| Michaela Friepeß *) | 40,928.33 | 100 | 0.00 | 0 | 40,928.33 |
| Michael Hofer *) | 117,517.79 | 100 | 0.00 | 0 | 117,517.79 |
| Total | 1,458,108.32 | 43 | 1,917,927.31 | 57 | 3,376,035.63 |
Furthermore, due to adjustments of the management contracts, premiums from prior periods in the amount of 1,143 k€ were granted.
*) Alfred Hörtenhuber concluded an employee/Management Board contract with CROSS Industries AG; since October 1, 2015 he is charged to WP AG pursuant to a surrender contract.
Wolfgang Plasser was appointed to the Management Board of CROSS Industries with registration of the merger on June 2, 2015. Since October 1, 2015 Wolfgang Plasser is charged into CROSS Industries AG pursuant to a surrender contract. Furthermore he is surrendered to Pankl Racing Systems AG pursuant to a surrender contract.
The former Management Board members Michaela Friepeß and Michael Hofer received a total remuneration in the amount of EUR 158,446.12 until June 2, 2015.
The amount of the total remuneration of the Supervisory Board members is resolved within the frame of the Annual General Meeting for the respective preceding business year. Within the 18th Annual General Meeting on April 22, 2015 the total remuneration for the Supervisory Board for the short fiscal year 2014 (October 1 until December 31, 2014) was resolved in the amount of EUR 13,075. For the business year 2015 the total remuneration of the Supervisory Board was recognized in the income statement in the amount of EUR 53,000. Members of the Supervisory Board that are elected into the Supervisory Board or leave during a business year receive the remuneration corresponding with the duration of their actual affiliation within the Supervisory Board pro rata temporis.
The Management Board will propose a total remuneration in this amount to the 19th Annual General Meeting on April 27, 2016. The individual distribution should be divided as follows, subject to the approval of the Annual General Meeting:
| Supervisory Board member | Remuneration |
|---|---|
| Josef Blazicek | EUR 20,000,00 |
| - Chairman of the Supervisory Board |
|
| - Deputy chairman of the Audit Committee |
|
| Ernst Chalupsky | EUR 14,000,00 |
| - Deputy chairman of the Supervisory Board |
|
| - Member of the Audit Committee |
|
| Gerald Kiska | EUR 12,000,00 |
| - Member of the Supervisory Board |
|
| Mag. Klaus Rinnerberger | EUR 7,000,00 |
| - Member of the Supervisory Board |
|
| - Chairman of the Audit Committee |
|
| Total | EUR 53,000,00 |
Additional to the annual expense allowance the Supervisory Board members get a compensation for their cash expenses for their actually accrued expenses. The Supervisory Board members are furthermore covered by a manager liability insurance of the company up to a certain upper limit, which covers the personal liability of the Supervisory Board members in case of a negligent breach of duties in exercising their activity as body of the company. In the business year 2015 no further (other) compensation has been paid out to members of the Supervisory Board. Other business relationships with Supervisory Board member did not exist.
It is not anticipated that a woman will be appointed into the Management Board for the time being as it is not planned to enlarge the Management Board and existing contracts will not expire for a number of years. Equal treatment of female and male employees and equal career chances are a matter of fact for CROSS Industries AG. A specific program to promote the career advancement of women has not been set up.
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Linz, was appointed by the 18th Annual General Meeting to serve as the auditors of the consolidated financial statements and annual financial statements of the company for the business year from January 1, 2015 until December 31, 2015. In addition to this function, KPMG and partner offices around the world also sporadically perform tax and financial consulting service on behalf of the Group. Expenditures for the auditor consist of: audit consolidated financial statements (without subgroups) EUR 115,000 (previous year short fiscal year 2014 (October 1 – December 31, 2014): EUR 18,000) and audit of annual financial statements EUR 28,000 (previous year short fiscal year 2014 (October 1 – December 31, 2014): EUR 9,000).
In accordance with C-Rule 62 of the Austrian Code of Corporate Governance, the company commissions an external evaluation of compliance with the C and R-rules of the Code regularly every three years. CROSS Industries AG has commissioned Oberhammer Rechtsanwälte GmbH with the evaluation of the business year 2015. It revealed no indications that the declarations provided by the Management and Supervisory Board members regarding observation of and compliance with the C-Rules and R-Rules of the Austrian Code of Corporate Governance were untrue. The C-Rules and R-Rules of the Austrian Code of Corporate Governance (ÖCGK) were complied with – inasmuch as these were included in the formal obligation of CROSS Industries AG. The complete report including the results of the evaluation is available at www. crossindustries.at.
The next external evaluation will be conducted in 2019 for the 2018 business year.
In the business year 2015, the Supervisory Board of CROSS Industries AG held six meetings, thus fulfilling its duties required by law and under the articles of association and thereby it discussed intensively the overall economic situation and the future strategic development of the company and its Group companies as well as significant events. Within the context of its regular reporting and with comprehensive reports submitted in all meetings, the Management Board informed the Supervisory Board about the present state of business and the financial position of the Group as well as the personnel situation. About extraordinary developments additional information was supplied.
In the annual general meetings of BF HOLDING AG, FN 78112 x, and CROSS Industries AG, FN 261823 i, held on April 22, 2015, the resolutions passed to merge the CROSS Industries AG, FN 261823 i, as transferring company, into the BF HOLDING AG, FN 78112 x, as receiving company. The Management Board members of BF HOLDING AG, Michaela Friepeß and Michael Hofer, resigned from their Management Board function with effect from the registration of the merger into the commercial register. In the annual general meeting of April 22, 2015 Klaus Rinnerberger was elected into the Supervisory Board. In the Supervisory Board meeting of May 28, 2015 Stefan Pierer, Friedrich Roithner, Alfred Hörtenhuber and Wolfgang Plasser were appointed to the Management Board.
The Audit Committee dealt in detail with individual specialized issues and subsequently reported their findings to the Supervisory Board. The Presidium of the Supervisory Board was regularly informed about the current business situation by the Management Board. The Audit Committee convened twice. In March 2015 issues in connection with the annual and consolidated financial statements as well as the proposal for the appointment of the auditor were covered. In the meeting of October 2015 the auditor provided a brief overview over the planned process as well as the main audit focus for the business year 2015. The members of the Audit Committee were Klaus Rinnerberger (Chairman), Josef Blazicek (Deputy Chairman) and Ernst Chalupsky. Since the Supervisory Board consists of no more than six members, the tasks of the Remuneration and Nomination Committee are fulfilled by the entire Supervisory Board.
The annual financial statements and the management report for the business year 2015 as well as the consolidated financial statements and the Group management report for the business year 2015 were audited by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Linz. The audit did not give any objections and the annual and consolidated financial statements for the business year 2015 were granted an unqualified audit certificate.
The auditor certified that the accounting and the annual financial statements as of the business year 2015 are consistent with the applicable laws, that the annual financial statements give, in all material respects, a true and fair view as possible of the company's net assets, financial position and results of operations of the company for the business year 2015 in accordance with generally accepted accounting principles, and that the management report is consistent with the annual financial statements. Further, the auditor certified that the consolidated financial statements give a true and fair view in all material respects of the Group's net assets and financial position for the business year 2015 as well as of the results of operations and cash flows for the past business year in accordance with the International Financial Reporting Standards (IFRS) – as applicable in the EU -, and that the Group management report is consistent with the consolidated financial statements.
All documents related to the financial statements and the Independent Auditor's Report were discussed in detail with the auditor at the Audit Committee meeting held on March 16, 2016 and presented to the Supervisory Board together with the management reports and the corporate governance report in its subsequent meeting. The Audit Committee reported to the Supervisory Board that it agreed with the result of the audit and reached the conclusion, that the review of the financial statements and management report as well as the consolidated financial statements, the Group management report and the corporate governance report for the business year 2015 and the documents submitted for auditing are correct and in compliance with the law. The Management Board's decision regarding accounting policy is economic and practical and there is no reason for any objections.
The Supervisory Board agrees with the report of the Audit Committee and thereby with the result of the audit. In the Supervisory Board's final conclusion of the financial statements and the management report as well as the consolidated financial statements, the group management report and the corporate governance report for the business year 2015, gives no reason for any objections. Having been accepted by the Supervisory Board, the annual financial statements can be deemed approved pursuant to Art. 96 (4) of the Austrian Stock Corporation Law (AktG). The Supervisory Board acknowledged the consolidated financial statements and the group management report for the business year 2015. The Supervisory Board concurs with the Management Board on the proposal of the distribution of the net profit.
Moreover, due to recommendation of the Audit Committee, a proposal for the election of the auditor for the business year 2016 was prepared for the 19th Annual General Meeting on April 27, 2016. KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Linz, is proposed as auditor for the business year from January 1, 2016 until December 31, 2016.
The Supervisory Board would like to thank the Management Board as well as all employees for their dedication and contribution to the gratifying results in the past business year. We also convey our thanks to the shareholders, customers and partners that put their trust in the company and therefore have been essential to this success.
Wels, in March 2016
Josef Blazicek Chairman of the Supervisory Board
| 1. Significant events in the business year 2015 34 | |
|---|---|
| 2. Economic environment 35 | |
| 3. Development of the segments 35 | |
| KTM AG35 | |
| Pankl Racing Systems AG 36 | |
| WP AG36 | |
| 4. Financial performance indicators37 | |
| Earnings analysis37 | |
| Balance sheet analysis 38 | |
| Liquidity analysis 39 | |
| Investments 39 | |
| 5. Non-financial performance indicators 39 | |
| Employees39 | |
| Research and Development 39 | |
| Quality and sustainability 40 | |
| Environment 41 | |
| Corporate Social Responsibility41 | |
| 6. Risk report 42 | |
| 7. Significant events after the balance sheet date42 | |
| 8. Disclosures pursuant to sec. 243a | |
| of the Austrian Commercial Code (UGB)42 | |
| 9. Outlook 44 | |
as of December 31, 2015 of CROSS Industries AG (formerly: BF HOLDING AG), Wels
The business year 2015 of CROSS Industries AG (formerly: BF HOLDING AG) was characterized by significant legal changes. The merger of CROSS Industries AG into BF HOLDING AG, which was announced in autumn 2014, has been completed successfully.
The merger was registered with the company register on June 2, 2015 and since then the company operates as CROSS Industries AG. Due to the merger the business area of the receiving company (BF HOLDING AG) also changed – the business purpose of the new CROSS Industries AG is the function of a holding company in the automotive sector. The CROSS Industries Group is a global automotive niche player that include worldwide renowned brands (KTM, Husqvarna, Pankl, WP), which are technology and market leaders in each niche. The Group's primary target is the strategic industrial leadership and the development of the majority interests. Within the Group divisions the focus is on the mutual utilization of potential synergies and on the further development of cooperative projects. By bundling the core capabilities a competitive advantage is achieved. For further information we refer to the Group notes (Point I. Company).
With effect from the registration of the merger with the commercial register Stefan Pierer, Friedrich Roithner, Alfred Hörtenhuber and Wolfgang Plasser have been appointed as new members of the Executive Board.
In the course of the merger of CROSS Industries AG into BF HOLDING AG the share capital of the company has been increased by EUR 210,000,000 to EUR 225,386,742 through issuance of 210,000,000 new shares. These new shares were allocated to Pierer Industrie AG as sole shareholder of the transferring company.
Furthermore it was announced in June 2015, that the Vienna Stock Exchange has admitted to trading on the Official Market the 210,000,000 new shares issued in the course of the merger. The new shares are tradeable as of June 8, 2015. Pierer Industrie AG, majority shareholder of CROSS Industries AG, has – in the course of a private placement which was not subject to the approval and publication of a prospectus – sold 52,828,074 shares of the company (approximately 23.44% of the share capital) and thus met the criteria for the inclusion in the prime market of the Vienna Stock Exchange. Since June 22, 2015 the shares of CROSS Industries AG are trading in the prime market segment of the Vienna Stock Exchange. As of December 31, 2015 Pierer Industrie AG holds 74.89% shares in CROSS Industries AG.
The applications for the review of the conversion ratio pursuant to § 225c Austrian Stock Exchange Act that were filed by 6 shareholders in July 2015, have all been withdrawn. Furthermore the proceedings concerning the action for rescission against the resolution of the shareholders meeting regarding the merger of BF HOLDING AG with CROSS Industries AG was terminated in September 2015 due to a waiver of the claim by the claimant. In connection with the merger of BF HOLDING AG with CROSS Industries AG no open proceedings exist anymore.
In October 2015 the action for rescission of a minority shareholder was sustained and the approving resolution of the General Meeting of July 25, 2014, concerning the disposal of the operating shareholdings of the BRAIN FORCE Group in Germany and Italy, was annulled. The company has appealed against the decision of the court of first instance. However, the outcome of these proceedings has no impacts on the effectiveness of the disposal of these shareholdings.
Furthermore, it was announced that the share buyback program of CROSS Industries AG was terminated prematurely on July 29, 2015. In the period between March, 13 2014 and July 29, 2015 CROSS Industries AG repurchased a total of 71,038 of its own shares. The Management Board of CROSS Industries AG passed resolutions on August 28, 2015 to sell 71,038 of its treasury shares on the Vienna Stock Exchange. A respective sales program has been established and published. On December 1, 2015 it was decided to extend the sales program until June 11, 2016. As of December 31, 2015 10,008 own shares have been sold via the Vienna Stock Exchange.
After the merger of CROSS Industries AG had been completed in July 2015 the long-term financing has been restructured. The perpetual bond in the amount of originally 60 m€ has been redeemed prematurely in the amount of 59 m€ in the course of a repurchase offer. The
redemption of the bond was financed through a new financing program, which was completed in the total amount of 86.5 m€. The new financing was ensured through long-term capital market products (promissory note and registered bonds) with maturity between 5 and 10 years. The remaining bond with the nominal value of 1.01 m€ was terminated and repaid on February 7, 2016 in adherence of the ordinary termination period.
In April 2015 the successful corporate development of the WP Group hit its peak with the stock exchange listing in April 2015. The shares of WP AG are listed on the Regulated Market of the Vienna Stock Exchange, Mid-market segment, since April 10, 2015.
Furthermore, a partnership between CROSS Industries AG and AGM Automotive LLC, Troy Michigan, USA has been entered. CROSS Industries AG sold the majority shareholding in Durmont Teppichbodenfabrik GmbH to AGM Automotive LLC in April. CROSS Industries AG remains shareholder with 24% in Durmont Teppichbodenfabrik GmbH.
According to the evaluations of the International Monetary Fund (IMF) of January 2016 the world economy will recover weaker than in assumed in the prognosis of January 2015. For 2016 the IMF estimates a global growth of 3.4%, whereby for industrialized countries a growth of 2.1% is forecasted for 2016 and 2017. For the Euro-zone a development of only 1.7% is prognosticated for 2016 and 2017. The development in the US American region is expected to increase by 2.6%. For 2017 the IMF expects a worldwide growth of 3.6%.
For emerging and developing countries growth in economic performance of 4.3% for 2016 and 4.7% for 2017 is still prognosticated. For India the greatest development is expected, with an increase of 7.5% for 2016 and 2017.
The overall European market1 was up 10.7% on the preceding year, with 494,108 vehicles registered. The increase was due mainly to the growth in the largest European markets such as Germany (+7.7%), Italy (+14.6%), Spain (+21.8%) and the United Kingdom (+21.0%).
Amid a difficult market environment, KTM brand vehicles succeeded in gaining additional market share in key markets such as Austria (up by 1 percentage point from the previous year) and Finland (up by 3.2 percentage points). KTM has a share of 8.4% of the total European market. Husqvarna's market share grew in Sweden (up by 1 percentage point from the previous year), Austria (up by 1.4 percentage points) and Finland (up by 0.6 percentage points). Husqvarna has a share of 1.1% of the total European market.
Registrations in the overall U.S. market2 went up 4.1% in 2015 compared to 2014, rising to 419,864 vehicles. KTM succeeded in increasing its share of the overall US market to 5.2%, a rise of 0.4 percentage points from the prior year. Husqvarna increased its market in the US by 0.2 percentage points to 0.8%.
Group revenues increased by 18.3% from 864.6 m€ in the previous year to 1,022.5 m€. Revenues in North America rose 49.7% from the previous year to 301.8 m€; this corresponds to 29.5% of total revenues. In Europe, revenues were up 10.9% on the preceding year, rising to 512.2 m€; Europe thus accounted for 50.1% of total revenues. Revenues in other countries rose by 3.6% compared to the previous year, to 208.5 m€. The percentage of total revenues earned in the other countries was 20.4%.
motorcycles >= 120ccm without motocross, scooters and ATVs, incl. electric motorcycles motorcycles >= 120 ccm inclusive motocross, without scooters and ATVs, incl. electric motorcycles Motorcycles (including Sportminicycles and X-Bows) represent 83.8% of total revenues, this percentage remaining essentially constant relative to the previous year (82.5%). Revenues in the offroad segment increased 22.5% from the previous year, to 425.4 m€ (41.6% of revenues). In the street segment, revenues went up 18.6% from the previous year, to 390.6 m€. Revenues from Spares, Clothing and Accessories (PowerWear and PowerParts) and Other rose by 9.6% relative to the previous year to 165.3 m€.
In the business year 2015, revenues of Pankl increased by 5% to a new record level of 173.6 m€. Revenues from motor racing and the Aerospace segment experienced declines. High performance revenues showed a significant growth. The USA continued to be the largest single geographic market accounting for 29.4% of the total revenues. The largest European markets were Germany (25.8%), Austria (10.8%) and Italy (9.5%).
In the business year 2015, the Racing/High Performance segment revenues increased by 8.4% from 137.2 m€ to 148.7 m€. The main reason for this favorable development was significant growth in the Kapfenberg high performance facility after start of production of the new automated press line in autumn 2014. Also the high performance sites in Bruck upon Mur and Slovakia contributed to the growth. In 2015, the motor racing business experienced an expected decline in revenues, because it enjoyed additional demand in 2014 due to a rule change.
The Aerospace segment continued to suffer from low demand for civil helicopters. This was mainly due to ongoing low oil prices which led to a reduction in the use of helicopters for offshore oil exploration. The start of airplane jet engine driveshaft deliveries dampened the revenues decline. In the business year 2015, Aerospace segment revenues decreased by 8.6% to 25.6 m€ (previous year: 28.0 m€).
The business year 2015 of the WP Group was characterized by a strong growth in revenues and essential product launches. The Group revenues increased from 121.1 m€ to 144.6 m€. This increase could be discovered across the majority of the customer segments. The earnings before taxes amounted to 8.7 m€ and increased significantly compared to the previous year (previous year: 5.3 m€). The income situation of the Group was clearly characterized by high costs for product launches and increased expenses or research and development. During the business year under review the serial production for two important products in the division chassis began. On the one hand it came to the series start-up of semiactive chassis – developed and produced by WP. On the other hand "AER 48" - the first suspension fork for motocross motorcycles, developed by WP - was launched.
For further information on the individual segments we refer to the consolidated financial statements of the respective companies or their webpages.
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| m€ | |||
| Earnings figures: | |||
| Revenues | 1,223.6 | 1,086.3 | 910.6 |
| Operating earnings before depreciation (EBITDA) | 178.4 | 148.1 | 116.7 |
| EBITDA margin | 14.6% | 13.6% | 12.8% |
| Operating earnings (EBIT) | 112.9 | 93.0 | 65.9 |
| EBIT margin | 9.2% | 8.6% | 7.2% |
| Earnings from continuing operations | 65.0 | 54.9 | 45.7 |
| Earnings from discontinued operations | 0.0 | 2.1 | -14.0 |
| Operating cash flow | 106.9 | 82.1 | 64.1 |
| Balance sheet figures: | |||
| Balance sheet total | 1,177.6 | 1,031.1 | 939.2 |
| Equity | 386.6 | 370.9 | 308.5 |
| Equity ratio | 32.8% | 36.0% | 32.8% |
| Working Capital employed 1) | 243.3 | 206.8 | 180.4 |
| Net debt 2) | 387.4 | 315.1 | 342.7 |
1) Working Capital employed: Trade receivables plus inventories minus trade payables
2) Net debt: Interest bearing liabilities minus cash and cash equivalents
To present previous year's figures, the consolidated financial statements of CROSS Industries AG are used. Thus, the comparability is given, despite the merger in June 2015.
In the business year 2015 CROSS Industries Group achieved revenues in the amount of 1,223.6 m€ (previous year: 1,086.3 m€). The EBIT amounted to 112.9 m€, which increased by approximately 21% compared to the previous year's period (previous year: 93.0 m€).
| Revenues Group companies | 2015 | 2014 | 2013 |
|---|---|---|---|
| m€ | |||
| KTM AG | 1,022.5 | 864.6 | 716.4 |
| Pankl Racing Systems AG | 173.6 | 165.0 | 139.8 |
| WP AG | 144.6 | 121.1 | 111.1 |
| Other and consolidation | -117.1 | -64.5 | -56.7 |
| CROSS Industries Group | 1,223.6 | 1,086.3 | 910.6 |
| EBIT Group companies | 2015 | 2014 | 2013 |
|---|---|---|---|
| m€ | |||
| KTM AG | 95.1 | 75.4 | 54.9 |
| Pankl Racing Systems AG | 10.2 | 11.9 | 6.2 |
| WP AG | 9.7 | 8.6 | 6.4 |
| Other and consolidation | -2.1 | -2.8 | -1.5 |
| CROSS Industries Group | 112.9 | 93.0 | 65.9 |
In the business year 2015 KTM Group increased its sales to 183,170 vehicles (+15% to the previous year), including the sales of the DUKE 200 and DUKE 390, RC 200 and RC 390 by KTM's partner Bajaj in India. Revenues increased to 1,022.5 m€ (+18% compared to the previous year). Through this significant rise in sales and revenues KTM could increase its EBIT to 95.1 m€ compared to 75.4 m€ in the previous year (+26% to the previous year).
In the business year 2015 Pankl Group achieved revenues in the amount of 173.6 m€ (previous year: 165.0 m€). The EBIT amounted to 10.2 m€ and decreased compared to the previous year (11.9 m€). The EBIT margin was 5.9% (previous year: 7.2%). While revenues in Racing within the segment Racing/High Performance as well as revenues in the segment Aerospace experienced declines, the revenues of the High Performance segment showed a significant growth.
In the business year 2015 WP Group increased revenues by approximately 19% from 121.1 m€ in the previous year's period to 144.6 m€. This increase could be discovered across all product lines and across the majority of the customer segments. However, the Group's income situation was characterized by high costs for product launches and increased expenses or research and development. In the period under review the EBIT amounted to 9.7 m€ and increased by 13% compared to the previous year.
| Balance sheet structure | 2015 | 2014 | 2013 | |||
|---|---|---|---|---|---|---|
| m€ | in % | m€ | in % | m€ | in % | |
| Non-current assets | 639.2 | 54% | 579.7 | 56% | 535.3 | 57% |
| Current assets | 538.4 | 46% | 451.4 | 44% | 403.9 | 43% |
| Total assets | 1,177.6 | 100% | 1,031.1 | 100% | 939.2 | 100% |
| Equity | 386.6 | 33% | 370.9 | 36% | 308.5 | 33% |
| Non-current liabilities | 532.9 | 45% | 411.7 | 40% | 398.4 | 42% |
| Current liabilities | 258.1 | 22% | 248.5 | 24% | 232.3 | 25% |
| Equity and liabilites | 1,177.6 | 100% | 1,031.1 | 100% | 939.2 | 100% |
The balance sheet total of CROSS Industries Group increased by 146.5 m€ or 14% to 1,177.6 m€ compared to the previous year.
In the business year 2015 the non-current assets increased by 59.5 m€ to 639.2 m€ due to investment activities. Their proportion of total assets fell from 56% to 54%. The current assets increased by 87.0 m€ to 538.4 m€. This rise is attributable to increased inventories and trade receivables in the amount of 36.3 m€ on the one hand; on the other hand to cash and cash equivalents, which increased by 45.7 m€ as of December 31, 2015.
In the business year 2015 equity increased by 15.7 m€ from 370.9 m€ to 386.6 m€. The equity ratio amounted 32.8% as of December 31, 2015 (previous year: 36.0%). This decrease is due to the refinancing of the perpetual bond of CROSS Industries AG in the amount of 60 m€, which was recorded as equity in the balance sheet as before.
Due to the refinancing of the perpetual bond, the financing of investments as well as the growth, the non-current interest-bearing liabilities increased by 105 m€ and mainly led to an increase in the non-current liabilities by 121.2 m€ to 532.9 m€.
The refinancing of the perpetual bond had an impact on the equity and the net debt of the Group and the related key figures. If the perpetual bond would still be recorded as equity in the balance sheet as of December 31, 2015, the equity ratio would be 38%. The net debt would amount to 327.4 m€ and gearing would be 73%.
In the business year 2015 the cash flow from operating activities amounted to 106.9 m€ was above the previous year's figure of 82.1 m€. The cash flow from investing activities amounted to -110.1 m€. Taking into account the cash flow from financing activities in the amount of 50.7 m€, the liquid funds increased in the business year 2015 by 45.7 m€ to 135.1 m€ compared to December 31, 2014.
In the last business year CROSS Industries Group invested 133.0 m€ (previous year: 108.4 m€) in in tangible and intangible assets. About 110.9 m€ (previous year: 84.4 m€) come from the KTM Group. In addition to the usual high investments in series development projects (43.5 m€) and procurement of tools, KTM made significant investments in capacity and expansion in the business year 2015. The construction of the KTM logistics center in Munderfing was finished and the construction of a new motor sports building started.
The Pankl Group invested 11.6 m€ (previous year: 17.5 m€) in tangible and intangible assets in the business year 2015. The investments break down in fixed asset categories as follows: intangible assets 0.3 m€, land and buildings, machines and equipment as well as advance payments in the amount of 9.5 m€ and other tangible assets in the amount of 1.8 m€.
The WP Group invested 10.5 m€ (previous year: 4.7 m€) in tangible and intangible assets in the business year 2015.
The employee development within the Group is very positive. In the business year 2015 additional 501 employees could be hired, thereof 446 in Austria. Due to the deconsolidation of Durmont Teppichbodenfabrik GmbH 130 employees went off. As of December 31, 2015 the number of employees in the Group amounted to 4,553 (previous year: 4,182 employees).
In the business year 2015 the expenses for research and development (prior capitalization of development costs) of the CROSS Industries Group amounted to 69.6 m€. The products of all Group companies are on a very high performance level paired with customers' expectations of consistent development and further development. The product life cycle is subject to strong deviations depending on individual customers. In the business year 2015 KTM employed 382 persons on average in its research and development department (16.1% of the total headcount). About 68.8 m€ were invested in research and development in the business year 2015, which corresponds to 6.7% of the total revenues (+ 0.4 percentage points compared to the previous year). The business under review saw a multitude of key projects in the offroad and street areas. KTM also entered the highly technology-driven sports touring segment with the KTM 1290 Super Duke GT, presented for the first time at EICMA 2015. While a wide-ranging portfolio of Motocross models was presented during the course of 2015, the focus in the offroad segment lay principally on developing new KTM and Husqvarna Enduro platforms for series production. During 2015, numerous R&D projects were taken forward at various stages from concept development to the start of series production and successfully completed.
Technology leadership is one of the major success factors in the Racing and High Performance divisions. Hence, research and development is of major importance for the companies of the Pankl Group. In the business year 2015, total expenses for research and development amounted to 12.6 m€. Pankl tests and applies new materials to fulfill the ever more demanding requirements in motor racing for lower weight and higher durability. To satisfy the industry's demanding R&D requirements, Pankl Group realizes optimal synergies with academic (university for mining and material sciences Leoben, technical university of Graz and Vienna) and other research institutions. Ongoing technological improvements are also a major success factor in aerospace.
Technical innovations and new product launches are substantially responsible for the competitive position of the WP Group. Therefore trends must be quickly recognized. The expenses for research and development amounted to 4.4 m€ (previous year: 2.0 m€) in the business year 2015. The products of the WP Group range in a very challenging level of performance, thus, customers expect permanent development.
The CROSS Industries Group pursues a consistent and sustainable path in order to improve its quality management system as well as internal and external processes for product development. A quick reaction to market requirements is also of great importance to the Group.
The KTM Group uses a process-oriented quality management system for all activities, from product idea to market analyses to design studies, design and development, cooperation with suppliers, the procurement of components for series production, parts production, the assembly of engine and vehicle, right to packing and dispatch.
Strategic leadership, focusing on the development of key competencies, continuously improving the work processes, working in partnership with employees and suppliers and maintaining a process-oriented quality management system allow KTM Group to create added value both for the company and for the shareholders. With a workforce of 2,100 in Austria, as of December 31, 2015, KTM is one of the region's largest employers.
KTM uses every opportunity to respond to the demands regarding sustainability that any modern company endeavors to comply with. For instance, the factory and administrative buildings are constructed in a resource-conserving and energy-efficient manner, the cooling of test chambers and toolshop is controlled using groundwater, and for the manufacturing of fabricated materials and finished products various materials are sorted by type and reusable containers are used.
The production company in Mattighofen largely sources its requirements from the local procurement market; KTM therefore plays an active role in adding and maintaining value at the regional level.
The development, production and distribution of high quality products are major constituents of the Pankl Group's mission statement. Pankl secures highest quality standards via comprehensive quality management regarding product quality and process supervision.
Registrations and certifications guarantee customers highest product quality. Annual compliance audits are required to maintain the certified status. Pankl Group has the following certifications complying with the appropriate requirements of the automotive and aerospace industries: ISO 9001, ISO 14001, ISO/TS 16949, ISO 27001, ISO 31000, VDA 6.1 and AS/EN 9100.
The WP Group develops and produces tailored components in close cooperation with and for its customers, with the agreed quality, cost and scheduling targets. Continuous development of products and process workflows belongs to WP Group's core competences. Permanent enlargements of know-how and zero-error principle are targets for safeguarding and expanding of the product and customer portfolio.
Environmentally responsible behavior and sustainable production are of great importance to the CROSS Industries Group.
As a manufacturing company, KTM is fully aware of its responsibility towards the environment. Setting an innovative example for the entire industry, KTM has developed a special motorcycle logistics system on reusable metal plates, which dispenses with the need for additional packaging material.
KTM meets Euro III, the European emission standard for motorcycles, with all off-road carburetors (EXC models). The standard not only applies to new, but also to already existing vehicle types. We primarily achieve compliance by using fuel injection systems.
In the business year 2015 the energy costs of the Pankl Group were 1.9% and are on a similar level to the previous year (previous year: 1.8%). Pankl Group did not incur any expenses in connection with the acquisition of CO2-certificates and is not included in the National Allocation Plan (NAP). In the business year 2014, Pankl Group extended its environment management system by the ISO 14001 standard. The subsidiaries in Austria and Slovakia were certified at the beginning of the business year 2015. A roll-out to the other Pankl locations is currently in progress.
In order to preserve natural limited resources WP Group intents on an efficient utilization of raw materials and relies on recycling of aluminum waste. To ensure a cost-optimized, sustainable, environmentally friendly and resource-saving production, WP constantly invests in new and modern production plants.
The KTM Group supports the spinal cord research foundation "Wings for Life" set up by Heinz Kinigadner in all marketing matters. "Wings for Life" is a non-profit organization aiming to promote and speed up research and medical-scientific progress towards finding a cure for paraplegia induced by spinal cord injuries.
Pankl Group's operating entities choose which social projects are supported because they know the local needs and requirements. Employee health and safety are top priorities for Pankl. The company offers a number of initiatives to help its employees to stay fit and healthy. Furthermore, combining work and family is a major topic. That is why Pankl tries to actively take part, support and advise employees in the times before and after childbirth and the time after parental leave. Pankl employees in the Austrian facilities receive financial grants for childcare, childbirth and marriage.
The employees of WP Group are a key element for the company's success. Their identification with the company and the commitment to the company's targets is the decisive contribution to the company's success. A financial reward for individual performance through modern remuneration models is as important to the WP Group as rewarding of the employees' overall performance through voluntary social benefits. In addition the potential of the employees is drawn out and encouraged through a large amount of individual responsibility.
Regarding the risk report, please refer to the explanations in the notes to the consolidated financial statements (item 33 and 34) of CROSS Industries AG.
Regarding significant events after the balance sheet date, please refer to notes to the consolidated financial statements (item 38) of CROSS Industries AG.
Pierer Industrie AG: 74.89%
by the company, its Group entities or by third parties on its account. The acquisition of treasury stock may be made over the stock exchange or outside of it.
Furthermore, it was decided to authorize the Management Board for a period of five years as of the resolution date, subject to the approval of the Supervisory Board, to sell treasury shares in a way other than via the stock exchange or through a public offering, excluding the subscription rights of existing shareholders, and to determine the conditions of sale, whereby the subscription rights of existing shareholders can only be excluded if these shares are issued as consideration in the acquisition of companies, businesses, business units or shares in one or several companies in Austria or abroad or to service stock options granted to staff, executive employees and members of the Management Board. This authorization may be executed once or several times, in full or in parts, individually or jointly, and is valid for the maximum statutory period. In addition, the Management Board was authorized to cancel treasury shares without further approval from the Annual General Meeting.
c) By resolution of the Annual General Meeting of March 2, 2011, the Management Board, subject to the approval of the Supervisory Board, was authorized in accordance with Section 169 AktG to increase the share capital until March 1, 2016 by an additional € 7,693,371 through the issue of up to 7,693,371 new bearer or registered common shares (no-par value shares) for a cash or non-cash consideration, possibly in several tranches, and to determine the issue price, the terms of the issue and further details of the execution of the capital increase in consultation with the Supervisory Board [authorized capital 2011]. An increase of the share capital within that period has not been performed.
Furthermore, the Management Board, with the approval of the Supervisory Board, was authorized to exclude the shareholders' subscription rights if – the capital increase is made for a non-cash consideration, i.e. if shares are issued to acquire companies, businesses, business units or shares in one or several companies in Austria or abroad, or – the capital is increased to service stock options granted to staff, executive employees and members to the Management Board, or – to exclude peak amounts from shareholders' subscription rights, or – to service a greenshoe granted to the issuing banks.
The development of CROSS Industries AG strongly depends on the development of subsidiaries integrated in the corporation.
The CROSS Industries Group continues to focus on organic growth in all core areas, through further expansion of the market share and global growth. A strong focus is on the Emerging Markets, especially Asian markets. Within the Group divisions the focus is on the mutual utilization of synergy potentials and on the further development of cooperative projects.
Based on the current order situation, the Management expects a continuing positive development of the business performance. As in recent years markets will develop differently throughout the different continents. For that reason importance is attached to the continuous review and the critical evaluation of the market, productivity and cost situation. Thus, immediate measures will be implemented, in order to stabilize the intended earnings situation, if necessary.
Overall a positive outlook can be given for all business segments of the CROSS Industries Group for the business year 2016.
KTM Group expects that the North American motorcycle market enjoys significant growth in the coming year and KTM is also relatively bullish with regard to Europe; the emerging markets in South America and Asia are marked by numerous uncertainties. Asian markets are regarded to represent the biggest growth opportunities over the medium term. In 2016, the KTM Group is expected to continue growing in both revenue and volume terms while sustaining current levels of profitability. Among other things, a new Enduro generation will be launched for the KTM brand in 2016. The company expects further substantial growth in the Husqvarna brand for 2016. From 2017, this historic brand will bring a full range of street motorcycles onto the market. KTM has set the medium-term goal of increasing annual volumes to 250,000. In 2016, extensive capital expenditure of over 100 m€ will again be made in infrastructure and model development at the Mattighofen and Munderfing sites. In 2016, work will begin on the construction of the KTM Experience in Mattighofen, which will include a museum and demonstration workshop.
The KTM Group's liquidity and financing situation is marked by long-term loans and a varied portfolio of different financing instruments with various counterparties. Sufficient liquidity reserves for the planned growth are thus available.
Pankl Group will secure its technological leadership and its high market shares in the highly volatile and stagnating racing business by ongoing intense R&D activities. Pankl will utilize this know-how in serial applications also in the coming years. Future revenues growth of Pankl Group will primarily be generated in the High Performance division. In the Aerospace division Pankl will primarily focus on the jet engine business.
Concerning the WP Group the order backlog is at the level of the previous year in all in all business areas; thus, constant revenues are expected for 2016. Primary targets for 2016 are the consolidation of the company on the increased revenues level and an improvement of the operating earnings margin. The key for a successful development in the future will be innovative products. The ratio of investments in research and development in relation to revenues should still be held at approximately 5%. Due to the stable financial situation of the WP Performance Systems GmbH, with a high equity ratio and a financing with matching maturities, the company stands on a solid financial foundation.
Because of the stable financial situation in all subsidiaries, with high equity ratios and financing with matching maturities, new market opportunities will arise for the companies of the CROSS Industries Group in 2016.
Wels, March 11, 2016
The Management Board of CROSS Industries AG
Stefan Pierer, CEO Friedrich Roithner, CFO Alfred Hörtenhuber Wolfgang Plasser
| CONSOLIDATED FINANCIAL STATEMENTS 201547 | |
|---|---|
| Consolidated income statement 48 | |
| Consolidated statement of comprehensive income 49 | |
| Consolidated balance sheet 50 | |
| Consolidated statement of cash flows 52 | |
| Consolidated statement of changes in equity 54 | |
| Notes to the consolidated financial statements56 | |
| Schedule of holdings of CROSS Industries AG 120 | |
| Segment reporting 123 | |
| Auditor's Report 124 | |
| Statement of all legal representatives126 | |
| Service127 |
for the business year from January 1, 2015 until December 31, 2015
| Consolidated income statement | Notes no. | 2015 | 2014 |
|---|---|---|---|
| in k€ | |||
| Revenues | 7 | 1,223,570 | 1,086,300 |
| Cost of sales | 8 | -851,760 | -770,090 |
| Gross profit | 371,810 | 316,210 | |
| Selling and racing expenses | 8 | -150,845 | -128,331 |
| Research and development expenses | 8 | -17,071 | -11,059 |
| Administration expenses | 8 | -72,654 | -67,772 |
| Other operating expenses | 11 | -22,212 | -17,764 |
| Other operating income | 12 | 3,825 | 1,722 |
| Earnings from operating activities | 112,853 | 93,006 | |
| Interest income | 13 | 1,525 | 1,182 |
| Interest expenses | 13 | -17,770 | -18,145 |
| Earnings from at equity holdings | 20 | -2,851 | 356 |
| Other financial and investment income | 13 | -3,794 | -4,455 |
| Earnings before taxes | 89,963 | 71,944 | |
| Income taxes | 14 | -24,981 | -17,068 |
| Earnings after taxes from continuing operations | 64,982 | 54,876 | |
| Earnings from discontinued operations | 15 | 0 | 2,086 |
| Result of the business year | 64,982 | 56,962 | |
| thereof owners of the parent company | 30,009 | 26,206 | |
| thereof non-controlling interests | 34,973 | 30,756 | |
| Undiluted (=diluted) earnings per share (EUR) | 16 | 0.13 | 0.12 |
The following notes to the consolidated financial statements form an integral part of the consolidated income statement.
for the business year from January 1, 2015 until December 31, 2015
| Consolidated statement of comprehensive income | Notes no. | 2015 | 2014 |
|---|---|---|---|
| in k€ | |||
| Other income Items that were reclassified into the income statement or that can be reclassified afterwards |
|||
| Currency translation of foreign subsidiaries | 661 | 3,647 | |
| Currency translation of associates accounted for using the equity method | 20 | -5 | 0 |
| Currency translation of net investments in foreign operations | 26 | 2,124 | 0 |
| Deferred tax on currency translation of net investments in foreign operations | -90 | 0 | |
| Valuation of cash flow hedges | 26 | 5,931 | -1,048 |
| Deferred tax on the valuation of cash flow hedges | -1,483 | 262 | |
| 7,138 | 2,861 | ||
| Items that were not reclassified into the income statement | |||
| Revaluatioin of the net debt from definded benefit plans | 31 | 131 | -3,469 |
| Tax effect | -32 | 867 | |
| 99 | -2,602 | ||
| Other income after taxes | 7,237 | 259 | |
| Comprehensive income | 72,219 | 57,221 | |
| thereof owners of the parent company | 33,625 | 25,841 | |
| thereof non-controlling interests | 38,594 | 31,380 |
as at December 31, 2015
| Consolidated balance sheet | Notes no. | Dec. 31, 2015 | Dec. 31, 20141) |
|---|---|---|---|
| Assets | |||
| in k€ | |||
| Non-current assets | |||
| Property, plant and equipment | 17 | 276,093 | 241,008 |
| Goodwill | 18 | 117,724 | 117,261 |
| Intangible assets | 19 | 207,805 | 182,673 |
| Investments accounted for using the equity method | 20 | 3,968 | 6,868 |
| Deferred tax assets | 14 | 7,160 | 6,125 |
| Receivables from affiliated companies | 105 | 0 | |
| Other non-current assets | 21 | 26,360 | 25,775 |
| 639,215 | 579,710 | ||
| Current assets | |||
| Inventories | 22 | 242,678 | 220,064 |
| Trade receivables | 23 | 110,831 | 97,139 |
| Receivables from affiliated companies | 6,084 | 1,642 | |
| Receivables and other assets | 23 | 42,797 | 43,117 |
| Cash and cash equivalents | 24 | 135,124 | 89,404 |
| Assets held for sale | 25 | 855 | 0 |
| 538,369 | 451,366 | ||
| 1,177,584 | 1,031,076 |
1) adjusted, see notes item 6.
| Consolidated equity and liabilities in k€ Consolidated equity Share capital 26 225,387 1,332 Capital reserves 26 9,798 137,825 Perpetual bond 26 0 58,987 Other reserves including retained earnings 26 -38,516 6,183 Equity of the owners of the parent company 196,669 204,327 Non-controlling interests 26 189,947 166,601 386,616 370,928 Non-current liabilities Financial liabilities 27 465,224 322,068 Employee benefits 31 20,905 19,379 Liabilities to affiliated companies 0 40,313 Deferred tax liabilities 14 38,313 21,795 Other non-current liabilities 28 8,471 8,153 532,913 411,708 Current liabilities Financial liabilities 27 57,343 44,264 Trade liabilities 111,399 111,879 Liabilities to affiliated companies 2,158 4,534 Provisions 30 10,226 8,837 Tax liabilities 1,643 5,904 Other current liabilities 28 75,286 73,022 258,055 248,440 |
Consolidated balance sheet | Notes no. | Dec. 31, 2015 | Dec. 31, 20141) |
|---|---|---|---|---|
| 1,177,584 | 1,031,076 |
1) adjusted, see notes item 6.
The following notes to the consolidated financial statements form an integral part of the consolidated balance sheet.
for the business year from January 1, 2015 until December 31, 2015
| Consolidated statement of cash flows Notes no. |
2015 | 2014 |
|---|---|---|
| in k€ | ||
| Consolidated cash flow from operating activities | ||
| Result of the business year | 64,982 | 56,962 |
| + (-) Interest expenses / Interest income |
16,245 | 16,963 |
| + Tax expenses |
24,981 | 17,068 |
| + Depreciation/amortization of property, plant and equipment and intangible assets |
65,571 | 56,499 |
| + (-) Addition (reversal) from long-term employee benefits |
1,256 | 1,203 |
| (-) + Profit (loss) from the sale of shareholdings in subsidiaries |
-1,211 | -4,236 |
| (-) + Profit (loss) from equity consolidation |
2,851 | -356 |
| (-) + Profit (loss) from the sale of fixed assets |
244 | 1,536 |
| (-) + Profit (loss) from the valuation of non consolidated subsidiaries |
2,541 | 7,360 |
| + (-) Other non-cash expenses (income) 32 |
-4,247 | 5,876 |
| 173,213 | 158,875 | |
| - (+) Increase (Decrease) in inventories |
-20,827 | -27,052 |
| - (+) Increase (Decrease) in trade receivables, advance payments, other current and non-current assets |
-17,943 | -20,794 |
| + (-) Increase (Decrease) in trade liabilities, advance payments, |
100 | 765 |
| other current and non-current liabilities | ||
| + (-) Increase (Decrease) in tax liabilities, deferred tax liabilities and other liabilities |
855 | -5,079 |
| - (+) Increase (Decrease) in assets held for sale |
0 | -4,444 |
| 135,398 | 102,271 | |
| + Interest received |
1,538 | 548 |
| - Interest paid |
-16,256 | -16,343 |
| - Income taxes paid |
-14,066 | -4,076 |
| + Dividends received |
250 | 0 |
| Consolidated cash flow from operating activities | 106,864 | 82,400 |
| Consolidated statement of cash flows | Notes no. | 2015 | 2014 |
|---|---|---|---|
| in k€ | |||
| Consolidated cash flow from investing activities | |||
| - Acquistion of intangible assets and property, plant and equipment |
-115,726 | -92,824 | |
| - Acquistion of financial assets |
-192 | -1,043 | |
| + Income from the disposal of intangible assets and property, plant and equipment |
2,054 | 1,646 | |
| + Income from the disposal/redemption of financial assets |
198 | 8,782 | |
| - (+) Income from the disposal of shares in subsidiaries |
3,610 | 11,466 | |
| -110,056 | -71,973 | ||
| Consolidated cash flow from financing activities | |||
| - Dividend payments to third parties |
-14,752 | -9,055 | |
| + Shareholder contribution |
0 | 9,770 | |
| - Repayent perpetual bond |
-58,990 | 0 | |
| + (-) Disposal / Acquisition treasury shares |
36 | 0 | |
| + (-) Disposal / Acquisition on non-controlling interests |
-5,406 | 5,028 | |
| + (-) Change of current financial liabilities |
9,107 | 7,754 | |
| + Inflows from raising non-current interest bearing liabilities |
150,408 | 54,485 | |
| + Outflows from the repayment of non-current interest bearing liabilities |
-28,868 | -35,111 | |
| + (-) Other financing activities |
-882 | -151 | |
| 50,653 | 32,720 | ||
| Consolidated cash flow | |||
| Consolidated cash flow from operating activities | 106,864 | 82,400 | |
| Consolidated cash flow from investing activities | -110,056 | -71,973 | |
| Consolidated cash flow from financing activities | 50,653 | 32,720 | |
| Change in liquid funds within the Group | 47,461 | 43,147 | |
| + Effect of foreign currency fluctuations |
-1,741 | 3,537 | |
| + Opening balance of liquid funds within the Group |
89,404 | 42,720 | |
| Closing balance of liquid funds within the Group | 135,124 | 89,404 | |
| comprising: | |||
| cash on hand, checks, cash in banks | 135,124 | 89,404 |
The following notes to the consolidated financial statements form an integral part of the consolidated statement of cash flows.
| Share capital |
Capital reserves |
Perpetual bond |
Reserves including retained earnings |
|---|---|---|---|
| 1,332 | 137,825 | 58,987 | 11,425 |
| 0 | 0 | 0 | 30,009 |
| 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 30,009 |
| -5,313 | |||
| -70,805 | |||
| -1,111 | |||
| -1,013 | |||
| 19 | |||
| -36,789 | |||
| 1,332 | 141,220 | 58,987 | -26,159 |
| 0 | 0 | 0 | 26,206 |
| 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 26,206 |
| -3,094 | |||
| 0 | 9,770 | 0 | 0 |
| 0 | 1,421 | ||
| 0 | 0 | ||
| 0 0 |
0 -13,165 |
0 0 |
-114 13,165 |
| 0 224,055 0 0 0 225,387 0 |
0 -128,027 0 0 0 9,798 0 |
0 0 0 -58,987 0 0 0 |
1) adjusted, see notes item 6.
| Total | Non-controlling | Total | Reserve | Foreign | IAS 19 reserve | IAS 39 |
|---|---|---|---|---|---|---|
| consolidated | interests | for treasury | currency | for actuarial | reserve | |
| equity | shares | translation | losses | |||
| reserve | ||||||
| 370,928 | 166,601 | 204,327 | 0 | 605 | -3,544 | -2,303 |
| 64,982 | 34,973 | 30,009 | 0 | 0 | 0 | 0 |
| 7,237 | 3,621 | 3,616 | 0 | 1,156 | 143 | 2,317 |
| 72,219 | 38,594 | 33,625 | 0 | 1,156 | 143 | 2,317 |
| -14,752 | -9,439 | -5,313 | 0 | 0 | 0 | 0 |
| 23,709 | -1,514 | 25,223 | 0 | 0 | 0 | 0 |
| -5,406 | -4,295 | -1,111 | 0 | 0 | 0 | 0 |
| -60,000 | 0 | -60,000 | 0 | 0 | 0 | 0 |
| -82 | 0 | -82 | -101 | 0 | 0 | 0 |
| 386,616 | 189,947 | 196,669 | -101 | 1,761 | -3,401 | 14 |
| 308,524 | 138,135 | 170,389 | 0 | -1,138 | -2,070 | -1,784 |
| 56,962 259 |
30,756 624 |
26,206 -365 |
0 0 |
0 1,742 |
0 -1,588 |
0 -519 |
| 57,221 | 31,380 | 25,841 | 0 | 1,742 | -1,588 | -519 |
| -9,055 | -5,961 | -3,094 | 0 | 0 | 0 | 0 |
| 9,770 | 0 | 9,770 | 0 | 0 | 0 | 0 |
| 5,028 | 3,607 | 1,421 | 0 | 0 | 0 | 0 |
| -560 | -560 | 0 | 0 | 0 | 114 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 |
CROSS Industries AG (formerly: BF HOLDING AG) has its headquater in 4600 Wels, Edisonstraße 1, and is registered with the commercial register at the regional court Wels as commercial court, under the registration number FN 78112 x.
As of the effective date of the merger, January 1, 2015, CROSS Industries AG as transferring company was merged into BF HOLDING AG as receiving company. The merger took place on June 2, 2015. BF HOLDING AG has been renamed to CROSS Industries AG.
The corporate purpose of CROSS Industries AG is to act as a holding company, with a particular focus on the acquisition and administration of industrial companies as well as companies and shareholdings in industrial companies, the management of companies and shareholdings being part of the CROSS Industries Group, the performance of services for these companies (group services) as well as, in general, services in the field of management consultancy.
The company is part of the Group of Pierer Konzerngesellschaft mbH, Wels (ultimate group parent company) and its affiliated companies and is included in the parent's consolidated financial statements. These consolidated financial statements for the largest scope of consolidation are filed with the regional court Wels as commercial court, registration number FN 134766 k.
The following table shows the main fully consolidated subgroups and group of companies, the interest held (taking direct and indirect interests into account), the voting rights held as well as the corporate purpose as of December 31, 2015:
Share and voting right in %: 51.28
KTM Group engages in the development, production and distribution of motorized leisure vehicles (power sports) in particular under the "KTM" and "Husqvarna" brands, and holds stakes in entities engaging in the development, production and distribution of such equipment. As of December 31, 2015 the KTM Group comprises 39 subsidiaries, located in Austria, USA, Japan, South Africa, Mexico and India and in various other countries of Europe and Asia which are included in the consolidated financial statements. Furthermore the KTM Group has shareholdings inter alia in general importers that are based in important distribution markets (New Zealand and Dubai) as well as in various flagship stores in Austria and Germany. Significant sales markets include USA, Germany, Australia, France, United Kingdom, Italy, Spain, Austria, Canada, Malaysia and other European countries.
Share and voting right in %: 55.85
Pankl Group specializes in the production of lightweight and high-strengths components for the international niche-markets motor racing, luxury/high performance cars and aerospace. Pankl focuses primarily on developing, optimizing and testing products. Pankl aims at premium technologies, lowest tolerances and prompt delivery. Pankl Group has a global network of companies and facilities in Austria, Germany, United Kingdom, Slovakia, Japan and the USA.
Share and voting right in %: 89.48
The WP Group operates in the motorcycle supplier segment. The WP Group, with its headquarter in Munderfing, Austria, develops, produces and distributes suspension elements, frameworks, radiators and exhaust systems.
The consolidated financial statements as of December 31, 2014 and December 31, 2015 were prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB), and the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), to the extent used in the EU. The additional requirements according to article 245a, Austrian Business Enterprise Code (Unternehmensgesetzbuch, UGB), were adhered to.
The following changes were passed by the IASB for already existing IFRS, and several new IFRS and IFRIC were enacted, which were already adopted by the EU Commission and are thus mandatory applicable as of January 1, 2015 or June 17, 2014:
The first-time adoption of the indicated IFRS did not cause any major changes compared to the previous year. The balancing and valuation methods have not been changed.
The IASB and the IFRIC have passed further standards and implementations, but these do not as yet have to be mandatorily applied in the business year 2015 and/or have not yet been endorsed by the European Commission. These are the following standards and interpretations:
| Standard/amendment | IASB date of application |
Endorsement by EU? |
EU date of application |
|---|---|---|---|
| New Standards and interpretations | |||
| IFRS 15 Revenues from contracts with customers | Jan. 1, 2018 | No | |
| IFRS 9 Financial instruments | Jan. 1, 2018 | No | |
| IFRS 16 Leasing | Jan. 1, 2019 | No | |
| Amended standards and interpretations | |||
| IAS 19: Defined Benefit Plans: Employee Contributions | Jul. 1, 2014 | Yes | Feb 1, 2015 |
| Annual improvements IFRS 2010-2012 | Jul. 1, 2014 | Yes | Feb 1, 2015 |
| Amendment to IAS 1: Disclosure Initiative | Jan. 1, 2016 | Yes | Jan. 1, 2016 |
| Amendment to IAS 27: Equity method in separate financial statements |
Jan. 1, 2016 | Yes | Jan. 1, 2016 |
| Annual improvements to IFRS 2012 – 2014 | Jan. 1, 2016 | Yes | Jan. 1, 2016 |
| Amendments to IAS 16 and IAS 38: Clarification of acceptable methods of depreciation and amortization |
Jan. 1, 2016 | Yes | Jan. 1, 2016 |
| Amendments to IFRS 11: Accounting for acquisitions of inte rests in joint operations |
Jan. 1, 2016 | Yes | Jan. 1, 2016 |
| Amendments to IAS 16 and IAS 41: Bearer plants | Jan. 1, 2016 | Yes | Jan. 1, 2016 |
| Standard/amendment | IASB date of application |
Endorsement by EU? |
EU date of application |
|---|---|---|---|
| Amendments to IFRS 10, IFRS 12 and IAS 28: Investment entities: Applying the consolidation exception |
Jan. 1, 2016 | No | |
| Amendments to IFRS 10 and IAS 28: Sale or contribution of assets between an investor and its associate or joint venture |
postponed | No |
IFRS 15 specifies how and when revenues should be recognized. In addition, it is required by the preparer of the financial statements to provide the recipients of the Financial Statements with more informative and relevant information than has hitherto been. Therefore the standard offers a single principle based five-stage model which has to be applied to all contracts with customers. The first-time application will lead to adjustments to internal processes and documentations as well as additional disclosures in the notes. No major impacts to the assets, financial and profit positions of the CROSS Industries Group will be expected.
IFRS 16 governs the recognition, measurement, presentation as well as the disclosure requirements of leasing relationships. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. For accounting purposes the lessor continues to distinguish between finance or operating leasing agreements. The effects on the consolidated financial statements of the CROSS Industries Group are being analyzed. By capitalization of leasing agreements an increase in the book value and in the financial liabilities is expected.
In June 2014 the IASB published IFRS 9 Financial Instruments, which amends the provisions governing the recognition and measurement of financial assets, the impairment provisions, and the provisions on hedge accounting. The effects of IFRS 9 on the CROSS Industries Group are still being investigated. The new impairment of provisions, recognition of expected loss and the simplifications of hedge accounting particularly affect the CROSS Industries Group. No major changes are expected as regards classification and measurement of financial instruments.
Further amended standards and interpretations are not relevant to the CROSS Industries Group and/or do not have major impacts. An early application of the new standards that are not yet compulsorily applicable is not planned.
As of the effective date of the merger, January 1, 2015, CROSS Industries AG as transferring company was merged into BF HOLDING AG as receiving company. The merger took place on June 2, 2015. As the control of the merged companies is exercised by the same party, the Pierer Konzerngesellschaft mbH, both before and after the merger, it is considered as a merger of companies under common control pursuant to IFRS 3.2(c). Thus, the provisions of IFRS 3 are not applicable. According to IAS 8.10 an accounting method has to be developed, which leads to an authentic, economically adequate and decision relevant presentation.
As a result a disclosure of hidden reserves in connection with the allocation of the purchase price was not made, but all assets and liabilities as of June 2, 2015 (no retroactivity of the transaction) were taken over, each with the book value. The previous accounting and measurement methods will be continued.
From an economic point of view and analogous to the regulations for reverse acquisitions a take over by the receiving company BF HOLDING AG through the transferring company CROSS Industries AG takes place in the course of the merger process. Therefore, the figures of the previous year's consolidated financial statements of CROSS Industries AG are presented as comparative values. The share capital of CROSS Industries AG, which disappeared due to the merger, is replaced by the share capital of BF HOLDING AG (after the successful merger through a non-cash contribution) (see the statement of changes in consolidated equity).
Presentation of the effects on the equity due to the merger:
| in k€ | Share capital |
Capital reserves |
Reserves including retained earnings |
Total | Minority interests |
Total consolidated equity |
|---|---|---|---|---|---|---|
| Additon to equity BF HOLDING AG (prior to capital increase) |
15,387 | 9,798 | 238 | 25,423 | 0 | 25,423 |
| Reclassification of equity CROSS Industries AG |
-1,332 | -137,825 | -70,843 | -210,000 | 0 | -210,000 |
| Capital increase due to merger | 210,000 | 0 | 0 | 210,000 | 0 | 210,000 |
| Additions to shares in affiliated companies |
0 | 0 | -140 | -140 | -1,514 | -1,654 |
| Costs in connection with the capital increase |
0 | 0 | -60 | -60 | 0 | -60 |
| Effects on equity due to the merger | 224,055 | -128,027 | -70,805 | 25,223 | -1,514 | 23,709 |
Presentation of the balance sheet of BF HOLDING AG at the merger date June 2, 2015:
| Receivables from affiliated companies | 24,780 |
|---|---|
| Shares in affiliated companies | 406 |
| Securities | 1,654 |
| Other assets | 305 |
| 27,145 | |
| Liabilities towards financial institutions | 1,597 |
| Other liabilities | 125 |
| 1,722 | |
| Equity | 25,423 |
The effects on the income statement of BF HOLDING AG since the merger date are of subordinate significance in these consolidated financial statements.
In the course of the merger of CROSS Industries AG into BF HOLDING AG the share capital of the company has been increased by € 210,000,000 to € 225,386,742 through the issuance of 210,000,000 new shares. These new shares were allocated to Pierer Industrie AG as sole shareholder of the transferring company.
In July 2015, according to § 225c AktG, applications have been filed by shareholders for judicial review of the conversion ratio established in the course of the merger. The proceedings concerning the action for rescission against the resolution of the shareholders meeting regarding the approval of the merger of BF HOLDING AG with CROSS Industries AG was terminated in September 2015 due to a waiver of the claim by the claimant. Furthermore, with the resolution of the regional court of Wels, it was announced, that in the proceedings of the review of the conversion ratio all claimants had withdrawn the application and these proceedings have therefore been terminated as well. In connection with the merger of BF HOLDING AG into CROSS Industries AG no open proceedings exist anymore.
The accounting of the companies, which are included in the consolidated financial statements, is based on standardized accounting principles. These principles have been applied by all of the companies included. The companies included in the group financial statements set up their annual financial statements as of balance sheet date December 31.
The consolidated financial statements are prepared in euros, the functional currency of the parent company and are set up in thousand Euros (€k) rounded. Where rounded amounts and percentages are aggregated, rounding differences may occur.
The business year of CROSS Industries AG comprises the period from January 1, 2015 until December 31, 2015.
The consolidated financial statements will be released on March 16, 2016 (previous year: March 16, 2015) by the Management Board for approval by the Supervisory Board, for submission to the annual general meeting and subsequent publication. The Supervisory Board is entitled to initiate changes to the consolidated financial statements within the framework of its supervisory duty.
The scope of consolidation is based on the application of IFRS 10 and IFRS 11. Besides the CROSS Industries AG all principal subsidiaries are included in the consolidated financial statements. Subsidiaries are companies controlled by the Group. The Group controls a company if it is exposed to fluctuating returns as a result of commitments in the company or has rights to such returns and has the ability to influence these returns by using its power of disposition over the company. The financial statements of subsidiaries are included in the consolidated financial statements from the moment control begins and until the moment control ends.
A materiality threshold is set in the Group to determine the scope of consolidation. Companies whose businesses are dormant or of low volume and that are insignificant for the presentation of a true and fair view of the net assets, financial position and earnings performance are not consolidated but are reported as other non-current assets and measured amortized cost or written down for impairment. The impact on assets and equity of those companies is less than 1.5% of the Group value.
An associate is a company on which the Group has significant influence. Significant influence is the possibility of participating in the financial and business decision-making process of the company in which the participation is held. In this respect there is neither control nor joint control of the decision-making processes. The results, assets and liabilities of associates are consolidated in these financial statements using the equity method. Under the equity method, investments in associates are included in the consolidated statement of financial position at cost, adjusted for changes in the Group's share of the profit or loss and other income of the associate after the acquisition date.
The consolidated group companies are listed in the notes to the consolidated financial statements as of December 31, 2015 under page 120.
In business year 2015 the scope of consolidation changed as follows:
| Fully consolidated companies |
At equity companies |
|
|---|---|---|
| As at December 31, 2014 | 63 | 6 |
| Additions to the scope of consolidation | 2 | 0 |
| Disposals from the scope of consolidation | -2 | 0 |
| Disposals through mergers | -1 | -1 |
| As at December 31, 2015 | 62 | 5 |
| thereof foreign companies | 42 | 4 |
CROSS Industries AG – as the parent company of the CROSS Industries Group – was not considered in the above table.
CROSS Industries AG and AGM Automotive LLC, Troy Michigan, USA, a global player in the supply of interior trim, lightning and electronic components for the automotive industry, have signed a purchase contract on the acquisition of 76% of Durmont Teppichbodenfabrik GmbH on April 10th, 2015. A Put/Call option was concluded on the remaining 24% of CROSS Industries AG and is recognized in the consolidated financial statements of December 31, 2015 as non-current receivables. In April 2015 Durmont Teppichbodenfabrik GmbH was deconsolidated.
Until its disposal, the company generated revenues in the amount of 10,717 k€ (business year 2014: 41,808 k€) and earnings after taxes in the amount of 338 k€ (business year 2014: 1,498 k€).
A presentation as discontinued operations is not established as the company does not represent a major line of business due to its size. Therefore, the proceeds from deconsolidation in the amount of 1,211 k€ will be presented in the other operating income.
Husqvarna Motorsports, Inc., Murrieta, USA, and Husqvarna Motorcycles SA Pty Ltd, Northriding, South Africa, were established in 2015 and have thus been included in the scope of consolidation for the first time.
KTM Events & Travel Services AG (in liquidation) was deconsolidated in 2015 and is thus no longer included in the consolidated financial statements. Due to the loss of control, a loss on deconsolidation of -146 k€ was recognized in the income statement under other operating expenses.
The number of fully consolidated entities also reduced by one company due to the transfer of the operating business of KTM Motorrad AG to KTM AG and the subsequent merger of KTM Immobilien GmbH into KTM Motorrad AG. KTM Motorrad AG was subsequently transformed into a GmbH and renamed KTM Immobilien GmbH.
In the business year 2015 Wethje Holding GmbH, which is consolidated using the equity method, had been merged into Wethje GmbH Kunststofftechnik and renamed Wethje Carbon Composites GmbH.
The effects of transactions with non-controlling interests as well as the change of the profit attributable to the shareholders' equity during the business year describes as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Acquired (-) and/or disposed (+) book value of non-controlling interests | 4,295 | -3,607 |
| Received (+) / paid (-) purchase price to non-controlling interests | -5,406 | 5,028 |
| Differential amount recognized in equity | -1,111 | 1,421 |
In the business year 2015 CROSS Industries AG increased its share in KTM AG from 51.18% to 51.28% and in Pankl Racing Systems AG from 51.13% to 55.18%. CROSS Industries AG decreased its share in WP AG from 90% to 89.48%.
Furthermore Pankl Racing Systems AG increased its share in Pankl APC Turbosystems GmbH from previously 51.00% to 70.00%.
Capital consolidation: New acquisitions are consolidated for the first time using the acquisition method in accordance with IFRS 3. This means that at the acquisition date, i.e. the date when the power to exercise control is obtained, the remeasured identifiable assets and liabilities of the acquired business entity are contrasted to the consideration paid and, if applicable, to the amount reported for the non-controlling interests and the fair value of the interests already held at the acquisition date. Any positive balance is capitalized as goodwill; any negative balance is recognized as an income item, "Gain on a bargain purchase", in the consolidated income statement after reassessing the values reported. Any acquisition-related costs are recognized as an expense. Unless otherwise stated, the amount for the non-controlling interests is recognized with the pro rata net asset of the acquired company without goodwill.
Transactions with owners of non-controlling interests that do not result in a loss of control are recognized directly, and exclusively, in equity without any restatements of the assets and liabilities of the company or its goodwill.
In the consolidation of income and expenses, intercompany revenues and other income were set off with material and other intercompany expenses. Thus, the consolidated income statement only records external turnover.
All debts, receivables and loans of consolidated companies are allocated in the debt consolidation.
Interim results from the intercompany sales of inventories and assets were eliminated.
Deferred taxes from consolidation are recognized in the consolidation procedures that impact the income statement.
Shares of non-controlling shareholders in equity are listed separately within the equity capital. Minority interests are regrouped into liabilities if the right to tender applies.
Shares in associated companies and in joint ventures are recognized using the equity method. Changes of the shares of the Group after the acquisition of shares are recognized in the net assets of the associated company/joint venture. If the loss attributable to the Group exceeds the shareholding in the associated company/joint venture, the book value of this shareholding (including long-term investments) is written off completely. Further losses are only recognized if the Group is obliged to pay or did pay already. The financial statements of the associated companies/joint ventures are set up or transferred to IFRS in all major issues. The goodwill of the associated company/joint venture is included in the book value of the shareholding and is not amortized as scheduled.
Currency conversion: The Group currency is the Euro. Subsidiaries located outside the Eurozone are regarded as economically independent companies. Under the functional currency concept, the assets and liabilities reported in the individual financial statements for these companies, including goodwill reported and value adjustments resulting from initial consolidation, are therefore translated at the average exchange rate at the balance sheet date and the items recognized in income statement at the weighted average exchange rate for the business year. Any resultant foreign currency profits and losses are recognized in the statement of comprehensive income as "other income" without affecting net income.
In the individual financial statements of the Group companies transactions in foreign currencies were recorded at the exchange rate on the transaction date. As of balance sheet date, the foreign currency items were translated at the reporting date rate. All exchange rate differences are recorded as income or expense in the individual financial statements for the period in which they occurred.
The main foreign exchange rates used for currency translation in the consolidated financial statements showed the following trends over the year:
| Closing rate | Average rate | |||
|---|---|---|---|---|
| Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
| US Dollar | 1.0887 | 1.2141 | 1.1096 | 1.3288 |
| British Pound | 0.7340 | 0.7789 | 0.7260 | 0.8064 |
| Swiss Franc | 1.0835 | 1.2024 | 1.0676 | 1.2146 |
| Japanese Yen | 131.0700 | 145.2300 | 134.2865 | 140.3772 |
| South African Rand | 16.9530 | 14.0353 | 14.1528 | 14.4065 |
| Mexican Peso | 18.9145 | 17.8679 | 17.5995 | 17.6621 |
The financial reporting of the entities included in the consolidated financial statements is based on uniform accounting policies. They are identical to those used in the business year 2014, except for the standards applied for the first time.
The consolidated balance sheet is divided into non-current and current assets. The consolidated income statement is subdivided according to toe cost of sales method. The consolidated cash flow statement is drawn up according to the indirect method.
As a matter of principle, any and all current assets and liabilities are realized or discharged within a period of twelve months after the balance sheet date or within an operating cycle, as the case may be. All other assets and liabilities are realized or discharged outside this period of time as a matter of principle.
To increase the utility of the consolidated financial statements, some individual items and presentations have been reclassified as of December 31, 2015. Additionally, the notes have been partly reordered and disclosures in the notes have been adapted and/or enhanced. The previous year's figures have been adjusted accordingly.
The cost of sales method was applied to set up the consolidated income statement.
Revenues are reported after the transfer of risk or after the time when a service was performed, as the case may be, less cash discounts, customer bonuses and other discounts.
Other operating income is realized when economic benefit is likely to arise from the underlying contract and a reliable determination of the income has been made.
Interest income is realized pro rata temporis taking into account the effective yield.
Dividend income is recognized when the right to dividend payment arises.
Property, plant and equipment are recognized at acquisition or production costs less depreciation. Depreciation is determined by the straight-line method and is based on the following expected useful lives:
| Useful life | |
|---|---|
| in years | |
| Buildings | 10 -50 |
| Machinery/tools | 2 -25 |
| Fixtures and fitting tools and equipment | 2 - 10 |
The costs of self-constructed property, plant and equipment comprise direct costs including an allocation of production overheads (indirect materials or indirect labor). Financing costs resulting from the direct attribution of borrowings and/or from the application of an average interest rate to the expenses incurred are not capitalized due to the absence of qualifying assets as defined ion IAS 23.
Non-scheduled depreciation is carried out when the expected discounted earnings (future cash flows) fall short of the current book values.
If a property is classified as investment property within the meaning of IAS 40 CROSS Industries Group defines the following criteria. Properties held as financial investment pursuant to IAS 40.5 include properties that are held by CROSS as owner or lessee under a finance lease for generating rental income and/or for value increase. Not included are properties that are held for production or supply of goods and/ or services or that are held for administrative purposes, and properties that are held for sale within the operating activities of the company or for the process of production or development of such sales.
If Property, plant and equipment are financed by leasing contracts in which the material opportunities and risks devolves to the lessee, they are recognized as finance leasing. They are recognized at the lower of the fair value or present value of the minimum lease payments to be expected in the future. Depreciation takes place on a straight-line basis over the economic useful life or, if shorter, over the term of the leasing contracts. Lease payments are divided into interest and redemption components. They are reported under property, plant and equipment or payment obligations under financial liabilities. The interest element of the lease obligation is recognized directly in the consolidated income statement.
Goodwill is not subject to regular depreciation, but undergoes an annual impairment test and appropriate depreciation is taken into consideration in net income as required.
When carrying out the impairment test, goodwill is allocated to cash generating units. Impairment losses recognized in cash generating units are calculated as a comparison of the hitherto book value (including allocated goodwill) and the higher amount of fair values less costs to sell and value in use. If the fair value less costs to sell falls below the book value, value adjustments in the amount of the difference must be made on the goodwill. Any remaining difference is allocated to the other assets in the cash-generating unit in proportion to their book values.
The cash flows used for the impairment test are based on the latest planning, approved by the Supervisory Board. The planning usually entails a planning horizon of three to five years. In accordance with the detailed planning timeframe, under the going concern assumption the cash flows of the fifth detailed planning period are used as a basis for calculating the perpetual annuity; whereby no growth reduction on the discount rate is used. Medium-term planning is based on internal assumptions concerning future development of sales, prices, and costs, the future opening up of new markets, and the composition of the product mix. The assumptions are based mainly on the wealth of the experience gained over many years and management assessments.
For the assessment of the impairment test the utility value was used, which represents the present value of the expected future cash flows before tax. The determination of the discount rate (WACC) is mainly based on publicly available capital market data.
The calculation is based on the application of the following discount rates before tax:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| KTM Group | 10.1% | 10.4% |
| Pankl Group | 9.8% | 10.7% |
| WP Group | 10.1% | 10.5% |
The utility values calculated are checked for plausibility using the multiples method and scenarios are computed regarding the discount rate and budgeted future EBITs. A sensitivity analysis showed that under all other conditions being equal, an increase in the discount rate before tax by 1% would lead to a value adjustment in the amount of 4.6 m€ (previous year: 0 m€). A decrease in EBIT by 10% would lead to a value adjustment in the amount of 5.1 m€ (previous year: 0 m€).
Intangible assets are capitalized at acquisition- or manufacturing cost and valued less depreciation. Scheduled depreciation is calculated using the straight-line method based on the following periods of useful life:
| Useful life | |
|---|---|
| in years | |
| Software | 2 - 5 |
| Self-constructed intangible assets | 5 |
| Other intangible assets | 2 - 15 |
For intangible assets generated internally, the production period is subdivided into research, development and a model update phases. The costs incurred during the research and model update phases are immediately recognized in the income statement. Expenditures incurred during the development phase are capitalized as intangible assets if the developed product or process meets certain requirements confirming the future benefit of such expenditure, i.e. primarily if technical feasibility and marketability have been achieved. Intangible assets generated internally are measured at cost less amortization and write-downs. Amortization is effected using the straight-line method and is based on a useful life of five years. The amortization of capitalized development costs that are clearly attributable to projects starts upon the commencement of series production.
Intangible assets with an indefinite useful life, as the brand name "KTM", in the amount of 61,103 k€ capitalized during the original purchase price allocation, are not amortized regularly, but are subjected to an annual impairment test and any depreciation recognized in the income statement. The Management board considers the useful life of the brand "KTM" as indefinite since the rights in the relevant sales markets do not underlie timely, legal or contractual restrictions and no economic devaluation exists due to the sustainable reputation of the brand.
Brand measurement is based on fair value less disposal costs and measurement takes place on the basis of the relief-from-royalty method. The royalty rate in the amount of 1.5% of the revenues, which forms the basis for measurement, was derived from comparable publicly available license agreements. The impairment loss requiring a write-down as of December 31, 2015 was calculated by analogy with the impairment test performed for goodwill, on the basis of the current five-year planning framework. As the discount rate, the asset-specific costs of capital in the amount of 12.1% (previous year: 14.0 %), comprised of the consolidated input tax for WACC of 9.1% (previous year: 11.0%) and a risk premium for the brand in the amount of 3.0% (previous year: 3.0%). The risk premium was derived on the basis of the WACC-to-WARA concept.
Discount rate, royalty and budgeted revenues are the material value-determining parameters of the valuation of the "KTM" brand. A sensitivity analysis regarding these parameters shows that, analogous to the previous year, no reasonably possible changes of major assumptions could lead to a situation in which the book value exceeds the recoverable amount.
Deferred tax assets and liabilities are included to account for future tax effects expected to result from business transactions that have already been recorded either in the consolidated financial statements or in the tax accounts (temporary differences). Deferred taxes relating to tax loss carryforwards are calculated taking into account their timely realizability. Deferred tax assets and deferred tax liabilities are reported on a net basis if they are subject to the same tax jurisdiction. To determine the difference of the tax base of consolidated or at-equity valued shares in regard to the group equity, deferred taxes are allocated if a realization is feasible in the foreseeable future. Calculations are based on the normal income tax rate in the relevant country at the time of the anticipated reversal of the difference in value.
Purchases and sales of financial instruments are recognized at settlement date.
Financial assets held for trading, are measured at their market price, and changes in the measurement are recognized in the income statement.
Held to maturity investments are measured at amortized cost usingthe effective interest method.
Other financial assets (financial assets available for sale) are measured at their fair value on the balance sheet date. As a matter of principle, the stock exchange prices valid as of the balance sheet date are recognized as the fair value; changes in the measurement are recognized in other comprehensive income, provided such changes are material. Other non-current financial assets include equity instruments that are not quoted in an active market and whose fair value cannot be reliably measured. These are accounted for at cost less impairment.
Impairment losses are recognized for financial asset if there is objective evidence. Such objective evidence includes, for instance, financial difficulties, insolvency, breach of contract or considerable delay in payment by the obligor or issuer. In the case of an investment in an equity instrument, a significant or prolonged decline in the fair value below its cost is objective evidence of impairment. The Group regards a decline by 20% as significant and a period of nine months as prolonged.
Cash and cash equivalents include cash on hand, cash in banks, checks and fixed-term deposits for a maximum of 3 months (from acquisition date) and are reported at fair value at balance sheet date.
Accounts receivable and other assets are reported at fair value upon acquisition and at amortized cost in the subsequent periods. Foreign currency receivables are recognized at the closing date rate less necessary impairment due to recognizable risks. Financial receivables are classified as "Loans and Receivables" and reported using the amortized cost method.
Individual value adjustments of financial assets are only executed if they are regarded as uncollectable or partially uncollectable. Indictors for individual value adjustments are financial difficulties, insolvency, breach of contract or considerable delay in payment on the part of the customer. The individual value adjustments consist of numerous separate items none of which is material if considered on its own. Financial assets will only be derecognized directly if contractual rights for payments from financial assets no longer exist (in particular in the case of insolvency). If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed either directly or by adjusting an allowance account.
Financial liabilities are measured at amortized cost. Foreign currency liabilities are translated at the closing date rate. Financial liabilities are classified as "Financial Liabilities at Amortized Cost". Any difference between the amount received and the repayment amount is distributed over the time to maturity by means of the effective interest method and recognized in the financial result. The issuing costs incurred in connection with bonds are recognized as an expense over the time to maturity. Foreign currency liabilities are converted at the closing exchange rate.
In the business year 2015 between the group companies WP AG and KTM AG and an Austrian credit institution, a program was set up in order to finance trade payables (supplier finance program). In the framework of this program the credit institution offers suppliers to discount and pay their receivables from KTM AG prior to maturity by the credit institution. KTM AG redeems the liability at maturity according to the invoice by payment to the credit institution.
The program was examined to civil law aspects as well as to the requirements of IAS 39. While on the level of group companies trade liabilities further exist, from CROSS Industries Group's point of view no exchange of services took place, but debt capital increased which is shown under non-current financial liabilities. As of December 31, 2015 the liabilities from this program amount to 34,338 k€ (previous year: 0 k€).
The Group holds derivative financial instruments (foreign currency forwards and interest rate swaps) to hedge interest rate and foreign currency risks. Derivative financial instruments are used to offset the graduation of cash flows from future transactions. Expected revenues in foreign currency are the basis for the planning of future cash flows.
According to IAS 39, derivatives are generally measured at their market value. For derivative financial instruments the CROSS Industries Group applies the rules of "Cash flow hedge accounting" in accordance with IAS 39. The CROSS Industries-Group does not apply fair value hedge accounting.
A cash flow hedge exists when variable payment flows from assets, liabilities and forecast transactions that are subject to a market price risk are hedged. If the requirements for a cash flow hedge are met, the effective part of the market value fluctuations of the hedging instrument must be recognized directly in the group's consolidated equity. It is only reported in the income statement when the transaction is occurred. With the currency hedge the CROSS Industries-Group recognizes the change of the market value of the derivatives used in the income statement. Upon that, changes in the market value can be compared to the closing date rate of foreign currency trade payables or foreign currency trade receivables. Changes in earnings from ineffectiveness of the derivative financial instruments are recognized in the income statement.
Hedge accounting requires certain prerequisites. On the one hand a documentation of hedging relationships must be available and on the other hand the hedging effectiveness must range from 80% to 125% to be determined by periodically repeated measurements. The balance between unrealized losses and profits is verified by efficiency analysis.
To measure the effectiveness of currency hedges the underlying- and hedging transactions are grouped into maturity ranges according to the hedged risk. The maturity ranges shall comprise one quarter at the maximum. The hedging relationship is tested prospectively by comparing the material terms (maturity,…) of the hedging and underlying transactions. The dollar-offset method is used for the retrospective hedge effectiveness measurement fair value changes of the underlying transaction are compared and assessed against the fair value changes of the hedging transaction.
The prospective effectiveness of interest hedging is measured by sensitivity analysis, the retrospective effectiveness is measured using the dollar-offset-method.
Hedging transactions that do not meet the criteria for hedging instruments defined in IAS 39 are classified as trading transactions and recognized in the category "At Fair-Value through Profit or Loss" (held for trading). Market value changes are recognized in full in the income statement for the current period and reported in the financial result.
Derivatives are measured at fair value. The fair value is the market value, determined by actuarial methods. The basis is the market data (interest rate, exchange rates…) at balance sheet date. The valuation of foreign currency forwards is based on the forward rate at balance sheet date. The credit rating of the contracting party is included into the valuation by credit value adjustment (CVA) if the market values are positive. If the market values are negative a debit value adjustment (DVA) is deducted to account for the default risk. Special models are used to estimate the measurement, which are checked for plausibility by bank valuations.
Inventories are measured at acquisition or manufacturing costs or, if lower, at net realizable value on the balance sheet date (lower of cost or net realizable value). The net realizable value is the result of the estimated sale proceeds less the estimated cost of distribution. Inventories are valued using the average cost method on the basis of an inventory coverage analysis with provision for obsolescence. Additional, on a case-by-case basis the economic benefit of the existing inventories is examined and, if necessary, an additional impairment is made because of long time of storage or limited sales opportunities.
Acquisition costs include all costs incurred for the item to achieve the required state and to be shipped to the relevant location. Manufacturing costs include material and production costs as well as appropriate parts of the material and production overheads. Administrative and distribution overheads are not part of the manufacturing costs. Interest on debt capital is not capitalized since inventories are no qualified assets according to IAS 23.
The employee benefits consist of obligations for severance payments, pensions and anniversary bonuses. Moreover, statutory provisions require the CROSS Industries-Group to make severance payments to all employees in Austria whose employment contracts commenced before January 1, 2003 if the employer terminates the contract or the employee retires. This defined benefit obligation depends on the number of years of service and the income at the time of termination or retirement. For all employees in Austria whose contracts commenced after December 31, 2002, 1.53 % of their salaries are paid monthly into a company employee benefit fund, where the contributions are saved in employees' accounts and paid out to them on termination of their employment contract or transferred as credit to another fund. The group is only obliged to pay the contributions that are reported under expenses in the business year for which they were paid (defined contribution obligation).
The value of defined benefit obligations for pensions and severance payments is determined using the projected unit credit method specified in IAS 19 Employee Benefits on the basis of actuarial assumptions. This projected unit credit method takes into consideration both the known benefits accrued at the balance sheet date and the increases in salaries and pensions to be expected in the future. It involves determining the present value of the defined benefit obligation (DBO) and offsetting it against the fair-value of the existing plan assets at the balance sheet date if necessary.
Due to collective contractual agreements companies of the CROSS Industries-Group are required to pay employees in Austria jubilee benefits once they have reached a certain number of years in service (minimum years of service: 25) (defined benefit obligation).
Any differences at the end of the year (actuarial gains or losses) between the severance payment obligations calculated according to plan and the actual projected benefit obligations are recognized in the other comprehensive income.
Other provisions are formed when a liability to third parties exist, its takeup appears probable and the anticipated size of the provision required can be reliably estimated.
Government grants and subsidies are recognized as soon as it is certain that the group will receive them and the group can meet the specified requirements. Grants and subsidies are generally recognized in the income statement on the basis of a direct connection with the relevant costs that will be settled by the grant or subsidy.
Investment grants from public funds that are shown as individual positions in the financial statements of the companies are shown in the consolidated financial statements under non-current debt capital.
Contingent liabilities are potential liabilities resulting from past events, whether or not a contingent liability comes into being is determined by whether or not future events occur that are beyond the full control of the company. The contingent liability is a current obligation based on previous events, but not recognized since it is not probable that an outflow of resources embodying economic benefits or service potential will be required to settle the obligation or, in the extremely rare circumstances where the amount of the obligation cannot be measured with sufficient reliability.
To a certain extent, estimates and assumptions have to be made in the consolidated financial statements. These estimates have an impact on the balance sheet assets and liabilities, the disclosure of contingent liabilities at the balance sheet date, and the reporting of expenses and income in the business year. The Management Board refers to empirical data that is considered adequate. The subsequent actual amounts may then differ from such estimates, if parameters do not develop according to expectations. New conditions will be considered when arising and assumptions will be adjusted accordingly.
The following judgements were made in respect of the application of accounting policies in the CROSS Industries Group.
Estimations about the criteria for the classification as finance lease have to be made. Further details are provided under under note 17. Property, plant and equipment as well as under note 35. Leases.
Derecognition of receivables in connection with ABS agreements:
Evaluations were made with respect to the conditions for derecognition under IAS 39. Further details are provided under note 34. Financial instruments.
Investment Property
Evaluating the finance lease relationship recognized under Buildings, as described in note 35. Leases, required assumptions to be made regarding whether the property in question was an investment property as per IAS 40.
The logistics center is predominantly used by the subsidiary KTM itself. A small portion is rented to third parties outside the Group. These subleases to non-group lessees concern companies which have long-term relationships with the KTM Group for the supply of goods or services, and represent an outsourced part of the KTM value chain. As the subleasing does not serve the purpose of earning rental income, but is instead carried out in the interests of the operating business, the section that is rented to non-group third parties is disclosed under property, plant and equipment and is not regarded as investment property.
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| KTM | 1,022,487 | 864,635 |
| Pankl | 173,638 | 165,027 |
| WP | 144,583 | 121,091 |
| Other | 19,641 | 48,948 |
| Consolidation | -136,779 | -113,401 |
| 1,223,570 | 1,086,300 |
The breakdown of external revenues by region is based on the location of the customers.
| Europe | North America | Others | ||||
|---|---|---|---|---|---|---|
| in k€ | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 |
| External revenues | 650,968 | 633,731 | 353,635 | 241,417 | 218,967 | 211,152 |
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Cost of materials and cost of purchased services | 668,779 | 603,571 |
| Personnel expenses | 113,556 | 104,506 |
| Depreciation and amortization relating to property, plant and equipment and to intangible assets |
51,639 | 43,000 |
| Other operating expenses | 17,786 | 19,013 |
| 851,760 | 770,090 | |
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Cost of materials and cost of purchased services | 17,637 | 19,301 |
| Personnel expenses | 56,300 | 47,790 |
| Depreciation and amortization relating to property, plant and equipment and to intangible assets |
4,753 | 4,049 |
| Other operating expenses | 82,050 | 67,244 |
| Sponsorship income and other operating income | -9,895 | -10,053 |
| 150,845 | 128,331 |
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Cost of materials and cost of purchased services | 4,793 | 1,259 |
| Personnel expenses | 13,468 | 9,071 |
| Depreciation and amortization relating to property, plant and equipment and to intangible assets |
1,566 | 1,608 |
| Other operating expenses | 4,289 | 5,764 |
| Sponsorship income and other operating income | -7,045 | -6,643 |
| 17,071 | 11,059 |
Expenses disclosed under research and development expenses comprise research costs and non-capitalizable development costs.
Personnel expenses before the effects of capitalizing development costs were 33,138 k€ (previous year: 27,228 k€).
As of 2015, amortization charged to capitalized development costs is disclosed under cost of sales. The previous year figures have been restated accordingly, leading to an increase of 20,380 k€ in cost of sales and a corresponding reduction in research and development expenses.
The total research and development expenses (before capitalized development costs) amounted to 69,553 k€ (previous year: 55,908 k€) and therefore approximately 5.7% (previous year: 5.1%) of revenues.
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Cost of materials and cost of purchased services | 3,220 | 534 |
| Personnel expenses | 33,183 | 29,227 |
| Depreciation and amortization relating to property, plant and equipment and to intangible assets |
7,213 | 6,270 |
| Other operating expenses | 31,143 | 32,894 |
| Other operating income | -2,105 | -1,153 |
| 72,654 | 67,772 |
Sponsorship income and contributions are deducted from the corresponding expenses, as are subsidies.
Scheduled depreciation and impairment on assets are shown in the income statement under their corresponding operating area.
The expenses attributable to the business year under review for the auditor of the financial statements, KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, can be broken down as follows:
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Audit of all individual financial statements | 321 | 370 |
| Audit of consolidated financial statements | 301 | 286 |
| Special audits | 19 | 17 |
| Other services | 34 | 160 |
| 675 | 833 |
The Management Board remuneration 2015 of CROSS Industries AG (including remunerations for Management Board members of BF HOLDING AG until the date of merger) includes salaries, benefits in kind, bonuses as well as payments into the company's employee benefits fund and amounted to 3,421 k€ (previous year: 2,637 k€). Due to adjustments of Management Board contracts bonuses from prior periods have been granted in the amount of 1,143 k€.
Apart from that, there were no agreements on a company pension for the Management Board and no payments of the pension fund were made to the Management Board in the business year 2015.
A total remuneration for the Supervisory Board of CROSS Industries AG for the business year 2015 in the amount of 53 k€ (previous year: 36 k€) will be proposed.
As of the balance sheet date, there are no pending loans and advances granted to members of the Supervisory Board of CROSS Industries AG.
| 2015 | |
|---|---|
| As at January 1, 2015 | 4,182 |
| Changes during the business year 2015 | 501 |
| Changes in the scope of consolidation | -130 |
| As at December 31, 2015 | 4,553 |
| thereof manual workers | 2,422 |
| thereof clerical staff | 2,131 |
Employee numbers as stated include contract workers and external staff.
As of December 31, 2015 the number of employees amounted to 3,488 in Austria and 1,065 abroad.
The total employee expenses in the business year 2015 amounted to 239,987 k€ (previous year: 211,949 k€), without effects from capitalization of development costs).
Other operating expenses can be broken down as follows:
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Guarantee expenses | 21,518 | 17,535 |
| Other expenses | 694 | 229 |
| 22,212 | 17,764 |
The other operating expenses include depreciations in the amount of 400 k€ (previous year: 164 k€).
Other operating income can be broken down as follows:
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Subsidies | 1,361 | 636 |
| Income from the disposal of assets | 260 | 202 |
| Result on deconsolidation Durmont | 1,211 | 0 |
| Other income | 993 | 884 |
| 3,825 | 1,722 |
Financial- and investment result can be broken down as follows:
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Interest income | 1,525 | 1,182 |
| Interest expenses | -17,770 | -18,145 |
| Result from at equity holdings | -2,851 | 356 |
| Other financial- and investment result | -3,794 | -4,455 |
| -22,890 | -21,062 |
For the result from investments recognized at-equity please refer to note 20.
The other financing and investment result mainly includes expenses from the valuation of financial instruments in the amount of 1,218 k€ (previous year: 2,365 k€), expenses in connection with financial assets in the amount of 3,330 k€ (previous year: 7,574 k€) as well as foreign currency gains in the amount of 690 k€ (previous year: 754 k€).
The Group's tax expenses and tax income are attributable to current taxes and deferred taxes as follows:
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Current taxes | -10,783 | -9,370 |
| Deferred taxes | -14,198 | -7,698 |
| -24,981 | -17,068 |
Income taxes comprise taxes on income payable in each country as well as deferred taxes. The Austrian companies of the CROSS Industries Group are taxed at a corporate income tax rate of 25%. The calculation of foreign taxes is based on the laws and regulations that are in force or have been adopted in the individual countries. The tax rates applicable to foreign entities vary from 8.5% to 38.0%.
An offsetting and reconciliation of the expected tax expenses for the business year (application of the total group tax rate of 25.0 % to the earnings before tax) to the actual tax expenses can be shown as follows:
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Earnings before taxes | 89,963 | 71,944 |
| Expected tax expenses/-income | -22,491 | -17,985 |
| Non-temporary differences | -688 | -3,332 |
| Rate/value adjustments/Utilization of loss carry forwards | -2,583 | 2,799 |
| Taxes from prior periods | 277 | 198 |
| Effects of foreign tax rates | -810 | -758 |
| Result from at equity holdings | -729 | 57 |
| Investment allowances | 1,467 | 1,146 |
| Other | 576 | 807 |
| -24,981 | -17,068 |
The capitalized tax loss carry forwards of the CROSS Industries Group can be summarized as follows:
| Loss carry forward |
thereof value adjusted |
Remaining loss carry forward |
Deferred tax asset |
|
|---|---|---|---|---|
| in k€ | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 |
| CROSS Industries AG, Wels | 76,668 | -76,668 | 0 | 0 |
| CROSS KraftFahrZeug GmbH, Wels | 3,011 | -3,011 | 0 | 0 |
| KTM AG, Mattighofen | 0 | 0 | 0 | 0 |
| Pankl Group, Bruck an der Mur | 14,733 | -5,695 | 9,038 | 3,008 |
| WP Group, Munderfing | 1,386 | -1,386 | 0 | 0 |
| 95,798 | -86,760 | 9,038 | 3,008 |
| Loss carry forward |
thereof value adjusted |
Remaining loss carry forward |
Deferred tax assets |
|
|---|---|---|---|---|
| in k€ | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
| CROSS Industries AG, Wels | 17,516 | -17,516 | 0 | 0 |
| CROSS KraftFahrZeug GmbH, Wels | 2,175 | -2,175 | 0 | 0 |
| KTM AG, Mattighofen | 42,593 | 0 | 42,593 | 10,648 |
| Pankl Group, Bruck an der Mur | 14,123 | -4,662 | 9,461 | 2,793 |
| WP Group, Munderfing | 1,644 | -1,644 | 0 | 0 |
| Durmont Teppichbodenfabrik GmbH, | 2,161 | -2,161 | 0 | 0 |
| Hartberg | ||||
| 80,212 | -28,158 | 52,054 | 13,441 |
Deductible temporary differences and not yet used tax losses (incl. not yet used partial depreciations) for which active deferred taxes were not capitalized amounted to 111,162 k€ (previous year: 29,536 k€). Value adjustments of loss carry forwards and temporary differences have been carried out in the amount at which a mid-term realization of deferred tax assets is considered uncertain from today's point of view.
Total deferred tax assets and liabilities were calculated from the following statement of financial position items:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Deferred tax assets | ||
| Current assets | ||
| Receivables and other assets | 0 | 732 |
| Inventories | 6,854 | 4,895 |
| Non-current assets | ||
| Property, plant and equipment and intangible assets | 637 | 659 |
| Financial assets | 532 | 479 |
| Loss carry forwards | 3,008 | 13,441 |
| Employee benefits | 3,235 | 4,418 |
| Provisions | 2,242 | 1,651 |
| Liabilities | 1,796 | 1,370 |
| 18,304 | 27,645 | |
| Offset | -11,144 | -21,520 |
| 7,160 | 6,125 | |
| Deferred tax liabilities | ||
| Current assets | -1,558 | -266 |
| Non-current assets | ||
| Intangible assets | -44,575 | -39,855 |
| Property, plant and equipment | -2,958 | -3,039 |
| Other | -366 | -155 |
| -49,457 | -43,315 | |
| Offset | 11,144 | 21,520 |
| -38,313 | -21,795 |
Deferred tax assets include amounts for remaining sevenths of write-downs of participation to going concern value pursuant to sec. 12 para. 3 no.2 of the Austrian Corporate Tax Act (KStG) in the item financial assets, in the amount of 2,128 k€ (previous year: 1,916 k€).
The temporary differences in the item "Intangible assets" result mainly from development costs (which are not capitalizable for tax purposes) and the quasi-permanent differences resulting from the recognition as an asset of the "KTM" brand.
As at December 31, 2015 (as in the previous year) it was to be assumed either that under current tax regulations the differences between the value for tax purposes of equity interests in consolidates subsidiaries and the proportion of equity recognized in the consolidated IFRS financial statements (outside-basis differences), which arise largely from retained profits/uncovered losses, will remain untaxed in the foreseeable future, or that their reversal can be controlled by the Group.
It was also to be assumed either that the differences between the value for tax purposes of equity interests in holdings accounted for using the equity method and the book value of those holdings (outside-basis differences) will remain untaxed in the foreseeable future, or that their reversal can be controlled by the Group.
In accordance with IAS 12.39, no deferred tax war recognized in connection with the temporary differences of 197,253 k€ (previous year: 251,892 k€) arising in connection with holdings in subsidiaries and financial investments accounted for using the equity method.
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Deferred tax (net) as at January 1 | -15,670 | -15,173 |
| Changes in the scope of consolidation | 0 | 913 |
| Deferred taxes affecting income | -14,198 | -7,698 |
| Deferred taxes recognized in other income | -1,606 | 1,129 |
| Fureign currency | 321 | 318 |
| Reclassifications | 0 | 4,750 |
| Other changes | 0 | 91 |
| Deferred tax (net) as at December 31 | -31,153 | -15,670 |
Deferred taxes in business year 2015 developed as follows:
In the business year 2015, a provision for tax audit risks of 4,750 k€ war reclassified as a tax liability. This provision was utilized in full during 2014 and 2015.
In the previous year the income from discontinued operations presented the operating result and the result on deconsolidation of Wethje Group, Hengersberg, Germany.
After the successful merger of BF HOLDING AG with CROSS Industries AG the number of shares amounts to 225,386,742. As of December 31, 2015 61,030 treasury shares were held. For better comparability, the calculation of the earnings per share assumes a number of shares for the prior year period in the amount of 225,386,742.
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Earnings - Owner of the parent company (in k€) | 30,009 | 26,206 |
| Total number of shares (unit) | 225,386,742 | 225,386,742 |
| less treasury shares (unit) | -61,030 | 0 |
| 225,325,712 | 225,386,742 | |
| Undiluted (=diluted) earnings per share (EUR) | 0.13 | 0.12 |
| Technical equipment and |
Fixtures and fittings tools and |
Advance payments made and assets under |
||||
|---|---|---|---|---|---|---|
| in k€ | Land | Buildings | machinery | equipment | construction | Total |
| Cost of acquisition and production | ||||||
| As at January 1, 2015 | 17,300 | 147,259 | 145,324 | 191,784 | 24,359 | 526,026 |
| Currency translation | 11 | 935 | 1,724 | 1,311 | 34 | 4,015 |
| Disposals due to disclosure as asset held for sale |
-187 | -347 | -892 | 0 | 0 | -1,426 |
| Additions/disposals due to changes in the scope of consolidation |
0 | 0 | -3,674 | -344 | -714 | -4,732 |
| Additions | 1,302 | 19,702 | 18,068 | 12,276 | 27,634 | 78,982 |
| Transfers | 0 | 12,967 | 122,130 | -106,733 | -28,366 | -2 |
| Disposals | -130 | -3,444 | -10,263 | -17,552 | -182 | -31,571 |
| As at Deember 31, 2015 | 18,296 | 177,072 | 272,417 | 80,742 | 22,765 | 571,292 |
| Accumulated depreciation | ||||||
| As at January 1, 2015 | 61 | 42,093 | 96,576 | 146,244 | 44 | 285,018 |
| Currency translation | 2 | 340 | 1,353 | 970 | 0 | 2,665 |
| Disposals due to disclosure as asset held for sale |
0 | -28 | -543 | 0 | 0 | -571 |
| Additions/disposals due to changes in the scope of consolidation |
0 | 0 | -1,132 | -209 | -44 | -1,385 |
| Additions | 1 | 5,772 | 22,564 | 9,015 | 0 | 37,352 |
| Transfers | 0 | 0 | 83,202 | -83,202 | 0 | 0 |
| Disposals | 0 | -417 | -10,197 | -17,266 | 0 | -27,880 |
| As at December 31, 2015 | 64 | 47,760 | 191,823 | 55,552 | 0 | 295,199 |
| Book value: | ||||||
| As at December 31, 2015 | 18,232 | 129,312 | 80,594 | 25,190 | 22,765 | 276,093 |
| As at December 31, 2014 | 17,239 | 105,166 | 48,748 | 45,540 | 24,315 | 241,008 |
In the business year 2015 reclassifications between machinery and fixtures and fitting tools and equipment have been made. The disclosure of machines, which are held for production purposes, is now based on uniform Group-wide principles under machinery.
Additions to buildings include investments of 14,588 k€ as additions from finance lease relationships, which were not cash-effective in the business year 2015. For further details we refer to item 35. Leases.
Additions to property, plant and equipment also include investments of 8,755 k€ (previous year: 5,370 k€) which had not yet had any cash effect as of the reporting date.
In the business year 2015 the facilities under construction include capitalized borrowing costs in the amount of 29 k€ (previous year: 0 k€). For determining the capitalizable borrowing costs a financing cost rate on arm's length terms in the amount of 1.5% is the basis.
| Land | Buildings | Technical equipment and machinery |
Fixtures and fittings tools and equipment |
Advance payments made and assets under construction |
Total | |
|---|---|---|---|---|---|---|
| in k€ | ||||||
| Cost of acquisition and production | ||||||
| As at January 1, 2014 | 23,685 | 149,897 | 131,436 | 176,223 | 14,959 | 496,200 |
| Currency translation | 13 | 922 | 1,973 | 1,466 | 33 | 4,407 |
| Addition due to the redemption of the disclosure as discontinued operation |
0 | 0 | 3,337 | 310 | 366 | 4,013 |
| Additions/disposals due to changes in the scope of consolidation |
-1,884 | -13,795 | -7,332 | -1,238 | -54 | -24,303 |
| Additions | 581 | 8,418 | 8,930 | 13,877 | 33,269 | 65,075 |
| Transfers | 0 | 2,752 | 11,355 | 7,049 | -23,534 | -2,378 |
| Disposals | -5,095 | -935 | -4,375 | -5,903 | -680 | -16,988 |
| As at December 31, 2014 | 17,300 | 147,259 | 145,324 | 191,784 | 24,359 | 526,026 |
| Accumulated depreciation | ||||||
| As at January 1, 2014 | 514 | 37,684 | 87,952 | 135,721 | 0 | 261,871 |
| Currency translation | 2 | 322 | 1,563 | 1,164 | 0 | 3,051 |
| Addition due to the redemption of the disclosure as discontinued operation |
0 | 0 | 710 | 130 | 44 | 884 |
| Additions/disposals due to changes in the scope of consolidation |
-456 | -1,009 | -1,610 | -493 | 0 | -3,568 |
| Additions | 1 | 5,317 | 11,979 | 15,345 | 0 | 32,642 |
| Transfers | 0 | 0 | 0 | -2 | 0 | -2 |
| Ascriptions | 0 | 0 | 0 | 0 | 0 | 0 |
| Disposals | 0 | -221 | -4,018 | -5,621 | 0 | -9,860 |
| As at December 31, 2014 | 61 | 42,093 | 96,576 | 146,244 | 44 | 285,018 |
| Book value: | ||||||
| As at December 31, 2014 | 17,239 | 105,166 | 48,748 | 45,540 | 24,315 | 241,008 |
| As at December 31, 2013 | 23,171 | 112,213 | 43,484 | 40,502 | 14,959 | 234,329 |
In the business year 2014 the Wethje Group is included in the assets schedule until the deconsolidation as of October 1, 2014 with additions to acquisition costs in the amount of 825 k€ as well as with depreciation in the amount of 976 k€.
In the facilities under construction a building which is not finished is included as at December 31, 2014 with a book value of 12,405 k€ (previous year: 0 k€), which can be classified as finance lease. Less advance payments in the amount of 4,835 k€ investments in the amount of 7,570 k€ are included in the additions to finance lease, which were not cash effective in the business year 2014.
The capitalized goodwill in the amount of 117,724 k€ (previous year: 117,261 k€) breaks down as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| KTM Group | 94,096 | 94,215 |
| Pankl Group | 22,668 | 22,086 |
| WP Group | 960 | 960 |
| 117,724 | 117,261 |
The change in goodwill is largely due to the currency translation.
According to IAS 36 Impairment, the goodwill disclosed is no longer amortized, but is tested annually for impairment. For the method of calculation, see the accounting policies section.
In business year 2015 development cost in the amount of 43,469 k€ (previous year: 35,881 k€) were capitalized. As per December 31, 2015 the item "intangible assets" includes development cost with a book value in the amount of 113,296 k€ (previous year: 92,343 k€). A depreciation period of five years, in accordance with an expected useful life, was determined.
Unchanged from prior year, the brand "KTM" - recognized in the first-time consolidation with 60,000 k€ within this group - is included with the amount of € 61,103k in the intangible assets. The increase of € 1,103k in financial year 2010 is due to a payment on account to KTM Kühler GmbH, Mattighofen. The brand value is subject to an annual impairment test but did not result in a requirement to value adjustment. Please refer to the section Accounting principles and Balancing and Valuation Methods for the method of calculation.
With transfer agreement, dated September 17, 2013 KTM AG acquired the license rights for the use of the brand "Husqvarna" from Pierer Industrie AG in the amount of 10,000 k€. The license right is amortized over the remaining useful life for 12 years.
| Concessions, industrial property rights and similar rights and benefits as well as licenses derived therefrom |
Customer base, brand value self-construc ted intangible assets |
Goodwill | Advance payments made and assets under construction |
Total | |
|---|---|---|---|---|---|
| in k€ | |||||
| Cost of acquisition and production: | |||||
| As at 1.1.2015 | 40,617 | 223,418 | 140,089 | 5,343 | 409,467 |
| Currency translation | 205 | 50 | 539 | 0 | 794 |
| Additions/disposals due to changes in the scope of consolidation |
-408 | -840 | -83 | 0 | -1,331 |
| Additions | 4,142 | 43,469 | 0 | 6,363 | 53,974 |
| Transfers | 116 | 0 | 0 | -114 | 2 |
| Disposals | -4,538 | -31,367 | 0 | 0 | -35,905 |
| As at December 31, 2015 | 40,134 | 234,730 | 140,545 | 11,592 | 427,001 |
| Concessions, industrial property rights and similar |
||||
|---|---|---|---|---|
| rights and | Customer base, | Advance | ||
| benefits as well | brand value | payments | ||
| as licenses | self-construc | made and | ||
| derived | ted intangible | assets under | ||
| therefrom | assets | Goodwill | construction | Total |
in k€
| As at January 1, 2015 | 22,174 | 64,531 | 22,828 | 0 | 109,533 |
|---|---|---|---|---|---|
| Currency translation | 63 | 43 | -7 | 0 | 99 |
| Additions/disposals due to changes in the scope of consolidation |
-159 | -578 | 0 | 0 | -737 |
| Additions | 4,340 | 23,879 | 0 | 0 | 28,219 |
| Disposals | -4,242 | -31,400 | 0 | 0 | -35,642 |
| As at December 31, 2015 | 22,176 | 56,475 | 22,821 | 0 | 101,472 |
| Book value: | |||||
| As at December 31, 2015 | 17,958 | 178,255 | 117,724 | 11,592 | 325,529 |
| As at December 31, 2014 | 18,443 | 158,887 | 117,261 | 5,343 | 299,934 |
In the asset additions to the intangible assets investments in the amount of 1,153 k€ are included, which are not cash-effective as of the reporting date (previous year: 1,855 k€).
Development costs of an asset, not yet ready for use, in the amount of 715 k€ have been impaired due to the termination of the project. Furthermore a ready for use project has been impaired by 912 k€ due to changed assumptions in the sales planning and the resulting lack of value retention.
| Concessions, industrial property rights and similar rights and benefits as well as licenses derived therefrom |
Customer base, brand value self-construc ted intangible assets |
Goodwill | Advance payments made and assets under construction |
Total | |
|---|---|---|---|---|---|
| in k€ | |||||
| Cost of acquisition and production: | |||||
| As at January 1, 2014 | 36,606 | 210,637 | 141,284 | 10 | 388,537 |
| Currency translation | 396 | 53 | 619 | 0 | 1,068 |
| Addition due to the redemption of the disclosure as discontinued operation |
359 | 840 | 0 | 0 | 1,199 |
| Additions/disposals due to changes in the scope of consolidation |
-638 | -4,400 | -1,814 | 0 | -6,852 |
| Additions | 3,867 | 35,934 | 0 | 3,567 | 43,368 |
| Transfers | 578 | 10 | 0 | 1,790 | 2,378 |
| Disposals | -551 | -19,656 | 0 | -24 | -20,231 |
| As at December 31, 2014 | 40,617 | 223,418 | 140,089 | 5,343 | 409,467 |
| Concessions, industrial property rights and similar rights and benefits as well as licenses derived therefrom |
Customer base, brand value self-construc ted intangible assets |
Goodwill | Advance payments made and assets under construction |
Total | |
|---|---|---|---|---|---|
| in k€ | |||||
| Accumulated depreciation | |||||
| As at January 1, 2014 | 18,825 | 63,107 | 22,827 | 0 | 104,759 |
| Currency translation | 194 | 42 | 1 | 0 | 237 |
| Addition due to the redemption of the disclosure as discontinued operation |
72 | 390 | 0 | 0 | 462 |
| Additions/disposals due to changes in the scope of consolidation |
-307 | -918 | 0 | 0 | -1,225 |
| Additions | 4,013 | 19,843 | 0 | 0 | 23,856 |
| Transfers | 2 | 0 | 0 | 0 | 2 |
| Disposals | -625 | -17,933 | 0 | 0 | -18,558 |
| As at December 31, 2014 | 22,174 | 64,531 | 22,828 | 0 | 109,533 |
| Book value: | |||||
| As at December 31, 2014 | 18,443 | 158,887 | 117,261 | 5,343 | 299,934 |
| As at December 31, 2013 | 17,781 | 147,530 | 118,457 | 10 | 283,778 |
Until the deconsolidation as of October 1, 2014 Wethje-Group was included with additions of acquisition costs in the amount of 445 k€ and depreciation in the amount of 432 k€ in the assets schedule in the business year 2014.
Investments in associates included under the equity method are regarded individually as immaterial.
The associated companies include minority shareholdings in KTM New Zealand Ltd., Auckland, New Zealand, KTM Middle East Al Shafar LLC, Dubai, United Arab Emirates, Kiska GmbH, Anif, as well as Wethje-Group, Pleinting, Germany.
KTM New Zealand Ltd. and KTM Middle East Al Shafar LLC act as general importers for products of the brands KTM and Husqvarna in the respective markets.
Kiska GmbH is a design company which provides services in the field of development and design.
Wethje-Group develops and produces Carbon Composite components for the automotive and aerospace sector.
The balance sheet date of Kiska GmbH is March, 31 and of KTM New Zealand Ltd. it is June 30. The reporting dates were set when the companies were founded or at any rate before the equity interests were acquired. A change in the account date is not sought on account of materiality considerations. For the purpose of accounting under the equity-method unaudited interim financial statements at December 31 were used. For the Wethje-Group an audited reporting package as of December 31 was used.
In the business year 2015 the book values developed as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Book value of holdings as at January 1 | 6,868 | 2,422 |
| Changes in the scope of consolidation | 0 | 4,220 |
| Share of the net profit for the year | -1,565 | 356 |
| Value adjustment Wethje Group | -1,286 | 0 |
| Payout | -78 | -130 |
| Foreign currency translation reported in other comprehensive income | -5 | 0 |
| Acquisition of holdings | 94 | 0 |
| Disposal of holdings | -60 | 0 |
| 3,968 | 6,868 | |
| 21.Other non-current assets | ||
| Dec. 31, 2015 | Dec. 31, 2014 |
| 26,360 | 25,775 | |
|---|---|---|
| Other non-current financial assets | 6,409 | 3,896 |
| Loans | 2,045 | 1,993 |
| Non-consolidated subsidiaries and financial assets not accounted for under the equity method |
17,906 | 19,886 |
| in k€ |
During 2014, KTM Immobilien GmbH entered into a property lease as lessee. The lessor is Oberbank Mattigtal Immobilienleasing GmbH. This is a project company whose sole purpose ist the construction of the KTM logistics center in Munderfing. It is 90% owned by die Oberbank Leasing Gesellschaft mbH, with the remaining 10% being held by KTM Immobilien GmbH (book value of holding 49 k€). The lease is treated as a finance lease in the consolidated financial statements. See note 35. Leases.
PF Beteiligungsverwaltungs GmbH does not perform any operating activities (see note 29.).
The holdings in the non-consolidated companies represent a financial asset in an equity instrument. It is measured in accordance with IAS 39 and recognized at amortized cost due to its non-marketability.
| As at Jan. 1, 2015 |
Additions | Currency translation |
Value adjustment |
Disposals | As at Dec. 31, 2015 |
|
|---|---|---|---|---|---|---|
| in k€ | ||||||
| Non-consolidated subsidiaries and financial assets not accounted for under the equity method |
19,886 | 587 | -1 | -2,541 | -25 | 17,906 |
| Loans | 1,993 | 0 | 225 | 0 | -173 | 2,045 |
| 21,879 | 587 | 224 | -2,541 | -198 | 19,951 |
6,409 3,896
| As at Jan. 1, 2014 |
Additions | Currency translation |
Value adjustment |
Disposals | As at Dec. 31, 2014 |
|
|---|---|---|---|---|---|---|
| in k€ | ||||||
| Non-consolidated subsidiaries and financial assets not accounted for under |
||||||
| the equity method | 5,913 | 20,302 | 0 | -6,305 | -24 | 19,886 |
| Loans | 1,860 | 75 | 247 | 0 | -189 | 1,993 |
| 7,773 | 20,377 | 247 | -6,305 | -213 | 21,879 | |
| The other non-current assets comprise the following: | Dec. 31, 2015 | Dec. 31, 2014 | ||||
| in k€ | ||||||
| Purchase price claim Wethje | 3,634 | 3,608 | ||||
| Purchase price claim Durmont | 1,440 | 0 | ||||
| Non-current portion of the purchase price Durmont | 960 | 0 | ||||
| Other | 375 | 288 |
With the sale of the majority interest in the Wethje Group 2014 a Put-/Call option for 23% of the shares of Wethje-Group was concluded. With the sale of the shares in Durmont Teppichbodenfabrik GmbH a Put-/Call option for the remaining 24% held by CROSS Industries AG was concluded as well. Due to this arrangement both options are classified as non-current receivable in the consolidated financial statements as of December 31, 2015.
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Raw materials and supplies | 60,370 | 55,651 |
| Work in progress | 36,861 | 35,382 |
| Finished goods and merchandise | 145,447 | 129,031 |
| 242,678 | 220,064 | |
| Dec. 31, 2015 | Dec. 31, 2014 | |
| in k€ | ||
| Inventories gross | 272,160 | 246,517 |
| - value adjustment | -29,482 | -26,453 |
| Inventories net | 242,678 | 220,064 |
The book value of inventories, written down to the lower net selling value, amounts to 114,159 k€ (previous year 107,535 k€).
The adjustments to receivables developed as follows:
| Trade receivables | Other financial receivables |
Financial assets - Loans |
|
|---|---|---|---|
| in k€ | |||
| As at Jan. 1, 2014 | 2,140 | 0 | 0 |
| Changes in the scope of consolidation | -21 | 0 | 0 |
| Currency translation | 5 | 0 | 0 |
| Additions | 722 | 0 | 0 |
| Utilization | -531 | 0 | 0 |
| Reversals | -167 | 0 | 0 |
| As at Dec. 31, 2014 = Jan. 1, 2015 | 2,148 | 0 | 0 |
| Changes in the scope of consolidation | 10 | 0 | 0 |
| Currency translation | 44 | 0 | 0 |
| Additions | 719 | 0 | 0 |
| Utilization | -273 | 0 | 0 |
| Reversals | -122 | 0 | 0 |
| As at Dec. 31, 2015 | 2,526 | 0 | 0 |
The expenses for completely writing off trade receivables amounted to 340 k€ (previous year: 257 k€).
The current receivables and other assets comprise as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Receivables arising from derivative financial instruments | 3,573 | 466 |
| Securities | 1,636 | 0 |
| Receivables due from associated companies | ||
| from trade accounts | 5,930 | 5,366 |
| other | 0 | 2,243 |
| Subsidies | 4,575 | 7,281 |
| Asset backed securities financing (ABS) | 2,842 | 3,281 |
| Other | 6,423 | 7,750 |
| Other current financial assets | 24,979 | 26,387 |
| Receivables due from tax offices | 7,535 | 5,019 |
| Advance payments for inventories and other advane payments | 7,963 | 8,801 |
| Other | 2,320 | 2,910 |
| Other current non-financial assets | 17,818 | 16,730 |
| Other current assets | 42,797 | 43,117 |
Cash and cash equivalents include cash on hand, cash in banks, checks and fixed-term deposits in the amount of 135,124 k€ (previous year: 89,404 k€).
In this item a property with a building in the amount of 506 k€ as well a test bench in the amount of 349 k€ are included. The disposal of these assets was decided in the fourth quarter 2015. The selling efforts began and a sale is expected during the first quarter 2016.
The assets are valued at book value as this is lower than the fair value less selling costs on basis of the existing offers of potential buyers. The assets are no longer depreciated or amortized.
The development of the consolidated equity in the business year 2015 and 2014 is presented on page 54.
The share capital as of December 31, 2015 amounts to € 225,386,742 and is divided into 225,386,742 no-par value bearer shares, each of which contributes to the share capital to the same extent.
As part of the merger of CROSS Industries AG into BF HOLDING AG the share capital of the company increased by € 210,000,000 to € 225,386,742 by issuing 210,000,000 new shares.
In the previous year the share capital amounted to € 1,332,000 and affected CROSS Industries AG, which was merged into BF HOLDING AG in 2015. See also note 2. in the notes to the consolidated financial statements.
The shares of the company are listed on the Vienna Stock Exchange.
As of balance sheet date the authorized capital amounts to € 7,693,371.00 (previous year: 7,693 k€). The Management Board, subject to the approval of the Supervisory Board, was authorized in accordance with Section 169 AktG to increase the share capital until March 1, 2016 by an additional € 7,693,371 through the issue of up to 7,693,371 new bearer or registered common shares (no-par value shares) for a cash or non-cash consideration, possibly in several tranches, and to determine details of the execution of the capital increase in consultation with the Supervisory Board. An increase of the share capital within that period has not been performed.
The shares grant the rights that are usually due to shareholders under the Austrian Stock Corporation Act. These include the right to payout of the dividend resolved upon at the General Meeting as well as the right to vote at the General Meeting. All shares have been fully paid in. The equity of the consolidated financial statements corresponds to the equity of the individual financial statement of CROSS Industries AG.
In December 2005 a perpetual bond of CROSS Industries AG in the amount of 60.000 k€ was issued. This bond was adjusted by adding the agio and deducting transaction expenses; the associated deferred taxes are shown in the equity capital. The bond was reported as equity. Since the capital of CROSS Industries AG was available without limitation and there was further no call option on the part of the bond creditors. Under IAS 32.20 there was also no actual redemption commitment. The resulting increase in the capital resources amounted to 58,987 k€.
In July 2015 CROSS Industries AG invited the holders of the bonds to submit offers to the repurchase of the bonds at the repurchase price. Offers could be submitted in the period between July 3, 2015 and July 13, 2015. The repurchase price was 102% of the nominal value of the bonds plus interest. CROSS Industries AG received offers in the nominal value of 58,990 k€; the company repurchased and withdrawn the total amount.
In December 2015 CROSS Industries AG ordinarily terminated the remaining amount of the perpetual bond (nominal value 1,010 k€) as of February 7, 2016. As of balance sheet date the remaining amount of the perpetual bond was reclassified from equity into current financial liabilities.
The Group´s reserves include transactions from the capital consolidation, which strengthen the equity, as well as other equity transactions not affecting results including the revaluation of financial assets and the result of the business year. The revaluation reserve according to IAS 39 comprises the cash flow hedge reserve.
The cash flow hedge reserve including shares of minority interest (after taxes) developed as follows:
| As at December 31, 2015 | 431 |
|---|---|
| statement - recognition in the operating earnings | |
| Transfer of consolidated equity to the consolidated income | 1,904 |
| statement - recognition in the financial result | |
| Transfer of consolidated equity to the consolidated income | 1,242 |
| Effective share of fair value adjustments of cash flow hedges | 1,302 |
| As at December 31, 2014 | -4,017 |
| statement - recognition in the operating earnings | |
| Transfer of consolidated equity to the consolidated income | 981 |
| statement - recognition in the financial result | |
| Transfer of consolidated equity to the consolidated income | 1,049 |
| Effective share of fair value adjustments of cash flow hedges | -2,816 |
| As at January 1, 2014 | -3,231 |
| in k€ | |
The IAS 19 reserve includes actuarial losses from pension and severance pay provisions. As at 31 December 2015 the IAS 19 reserve – including shareholdings of non-controlling interests – amounts to -5,730 k€ (previous year: -5,828 k€).
Reserves from currency translation differences comprise all price differences resulting from the conversion of annual financial statements of consolidated subsidiaries, which have been prepared in foreign currencies. The net investments in foreign subsidiaries comprise the following loans, besides the value of the interest:
| Dec. 31, 2015 | Dec. 31, 2014 | Currency | |
|---|---|---|---|
| Credit amount in k€ | |||
| Pankl Racing Systems UK Ltd. | 1,615 | 1,615 | GBP |
| CP-CARRILLO, LLC | 1,069 | 1,069 | USD |
| Pankl Holdings, Inc. | 16,550 | 17,550 | USD |
| KTM North America, Inc. | 3,863 | 0 | USD |
As the redemption in the foreseeable future is neither planned nor likely to occur, effects from foreign currency translation are recognized in other earnings.
The reserve for treasury shares of the company comprises acquisition costs of the shares of the company held by the Group. As of December 31, 2015 the Group held 61,030 shares in CROSS Industries AG (December 31, 2014: no shares).
The other earnings after taxes developed in the consolidated equity as follows:
| 2015 | IAS 39 Reserve |
IAS 19 Reserve for actuarial losses |
Balancing item currency translation |
Total | Non controlling interests |
Total consolidated equity |
|---|---|---|---|---|---|---|
| in k€ | ||||||
| Differences from currency translation | 0 | 0 | 1,156 | 1,156 | 1,534 | 2,690 |
| Cash flow hedge | 2,317 | 0 | 0 | 2,317 | 2,131 | 4,448 |
| Revaluation of net liabilities from defined benefit plans |
0 | 143 | 0 | 143 | -44 | 99 |
| 2,317 | 143 | 1,156 | 3,616 | 3,621 | 7,237 |
| 2014 | IAS 39 Reserve |
IAS 19 Reserve for actuarial losses |
Balancing item currency translation |
Total | Non controlling interests |
Total consolidated equity |
|---|---|---|---|---|---|---|
| in k€ | ||||||
| Differences from currency translation | 0 | 0 | 1,742 | 1,742 | 1,905 | 3,647 |
| Cash flow hedge | -519 | 0 | 0 | -519 | -267 | -786 |
| Revaluation of net liabilities from defined benefit plans |
0 | -1,588 | 0 | -1,588 | -1,014 | -2,602 |
| -519 | -1,588 | 1,742 | -365 | 624 | 259 |
The minority interests include interests of third parties in the equity of the consolidated subsidiaries.
| Pankl Racing | |||||
|---|---|---|---|---|---|
| 2015 | KTM AG | Systems AG | WP AG | Other | Total |
| Percentage of non-controlling interests as | |||||
| of balance sheet date | 48.72% | 44.15% | 10.52% | ||
| in k€ | |||||
| Revenues | 1,022,487 | 173,638 | 144,583 | ||
| Profit | 63,934 | 6,674 | 7,184 | ||
| Other income | 4,832 | 2,147 | 258 | ||
| Comprehensive income | 68,766 | 8,821 | 7,442 | ||
| Profit attributable to non-controlling interests | 31,128 | 3,101 | 744 | 0 | 34,973 |
| Other income attributable to non-controlling | 2,362 | 1,233 | 26 | 0 | 3,621 |
| interests | |||||
| Non-current assets | 370,496 | 91,970 | 49,690 | ||
| Current assets | 399,680 | 91,941 | 43,283 | ||
| Non-current liabilities | -269,695 | -73,051 | -29,089 | ||
| Current liabilities | -199,353 | -27,760 | -26,609 | ||
| Net assets | 301,128 | 83,100 | 37,275 | ||
| Book value of non-controlling interests | 146,719 | 39,330 | 3,898 | 0 | 189,947 |
| Cash flows from operating activities | 118,104 | 16,541 | 11,713 | ||
| Cash flows from investing activities | -94,302 | -11,333 | -8,123 | ||
| Cash flows from financing activities | 27,367 | -9,747 | -8,075 | ||
| Change in liquid funds | 51,169 | -4,539 | -4,485 | ||
| Dividends to non-controlling interests | 8,012 | 1,127 | 300 | 0 | 9,439 |
| 2014 | KTM AG | Pankl Racing Systems AG |
WP AG | Other | Total |
|---|---|---|---|---|---|
| Percentage of non-controlling interests as of balance sheet date |
48.82% | 48.87% | 10.00% | ||
| in k€ | |||||
| Revenues | 864,636 | 165,027 | 121,091 | ||
| Profit | 57,183 | 5,376 | 9,091 | ||
| Other income | -1,585 | 2,566 | 193 | ||
| Comprehensive income | 55,598 | 7,942 | 9,284 | ||
| Profit attributable to non-controlling interests | 27,873 | 2,998 | 0 | -115 | 30,756 |
| Other income attributable to non-controlling interests |
-771 | 1,376 | 0 | 19 | 624 |
| Pankl Racing | |||||
|---|---|---|---|---|---|
| 2014 | KTM AG | Systems AG | WP AG | Other | Total |
| Percentage of non-controlling interests as | |||||
| of balance sheet date | 48.82% | 48.87% | 10.00% | ||
| in k€ | |||||
| Non-current assets | 305,323 | 93,996 | 47,101 | ||
| Current assets | 310,705 | 91,993 | 49,878 | ||
| Non-current liabilities | -189,128 | -72,259 | -33,792 | ||
| Current liabilities | -178,021 | -35,446 | -30,353 | ||
| Net assets | 248,879 | 78,284 | 32,834 | ||
| Book value of non-controlling interests | 121,921 | 40,908 | 3,772 | 0 | 166,601 |
| Cash flows from operating activities | 79,649 | 14,662 | 28,478 | ||
| Cash flows from investing activities | -69,735 | -15,929 | -18,528 | ||
| Cash flows from financing activities | 23,755 | 3,789 | -6,210 | ||
| Change in liquid funds | 33,669 | 2,522 | 3,740 | ||
| Dividends to non-controlling interests | 5,300 | 661 | 0 | 0 | 5,961 |
The aim of the Group is to maintain a strong capital structure in order to maintain investor, creditor and market confidence and to ensure the company's sustainable development. The Management regularly controls the return on capital as well as the amounts of the dividends, which will be distributed to the holders of ordinary shares.
The strategy of CROSS Industries Group aims at ensuring equity resources to its group companies that meet the local requirements. Some loan contracts include financial covenants regarding equity ratio and dynamic debt level (net debt divided by EBITDA); the nonadherence would lead to a premature repayment of the financial liabilities. In the business year under review all of the financial covenants have been fulfilled.
As a control tool the Management uses equity, balance sheet total and EBITDA pursuant to IFRS.
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Equity according to IFRS | 386,616 | 370,928 |
| Balance sheet total according to IFRS | 1,177,584 | 1,031,076 |
| Equity ratio | 32.8% | 36.0% |
Besides the equity ratio the key figures "Gearing" (the ratio of net debt to equity) as well as the dynamic debt level (the ratio of net debt to EBITDA) are used for monitoring the capital. Net debt is defined as interest bearing bonds and loans, liabilities from finance leases and other interest bearing liabilities less cash and cash equivalents. The aim is the long-term liquidity, the efficient use of debt financing and the financial risk limitation to optimize the risk return.
Net debt is represented as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Non-current financial liabilities | 465,224 | 322,068 |
| Current financial liabilities | 57,343 | 44,264 |
| Interest bearing liabilities towards shareholders | 0 | 38,201 |
| 522,567 | 404,533 | |
| Cash and cash equivalents | -135,124 | -89,404 |
| Net debt | 387,443 | 315,129 |
| Dec. 31, 2015 | Dec. 31, 2014 | |
| in k€ | ||
| Equity according to IFRS | 386,616 | 370,928 |
| Net debt | 387,443 | 315,129 |
| Gearing | 100.2% | 85.0% |
| Dec. 31, 2015 | Dec. 31, 2014 | |
| in k€ | ||
| Net debt | 387,443 | 315,129 |
| EBITDA | 178,424 | 148,097 |
| Dynamic debt level | 2.2 | 2.1 |
The decline in the equity ratio as well as the increase in the net debt is due to the perpetual bond, which was recognized in the equity in the previous year in the amount of 60,000 k€ that has been refinanced with interest bearing debt capital. If the perpetual bond would still be recognized in equity on December 31, 2015, the equity ratio would be 38%; net debt would be 327.4 m€ and gearing would be 73%.
| in k€ Bonds KTM AG CROSS Industries AG Pankl Racing Systems AG Promissory note loan Registered bond Liabilities towards credit institutions Leasing liabilities Other interest bearing liabilities Total financial liabilities |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | |
|---|---|---|---|---|---|
| Nominal value | Book value | Maturity < 1 year |
Maturity > 1 year |
||
| 85,000 | 84,845 | 0 | 84,845 | ||
| 76,010 | 75,700 | 1,010 | 74,690 | ||
| 10,000 | 9,962 | 0 | 9,962 | ||
| 171,010 | 170,507 | 1,010 | 169,497 | ||
| 56,500 | 56,268 | 0 | 56,268 | ||
| 30,000 | 30,000 | 0 | 30,000 | ||
| 237,672 | 237,672 | 51,338 | 186,334 | ||
| 22,504 | 22,504 | 1,207 | 21,297 | ||
| 5,616 | 5,616 | 3,788 | 1,828 | ||
| 523,302 | 522,567 | 57,343 | 465,224 |
| Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
|---|---|---|---|---|
| in k€ | Nominal value | Book value | Maturity | Maturity |
| < 1 year | > 1 year | |||
| Bonds | ||||
| KTM AG | 85,000 | 84,729 | 0 | 84,729 |
| CROSS Industries AG | 75,000 | 74,578 | 0 | 74,578 |
| Pankl Racing Systems AG | 10,000 | 9,939 | 0 | 9,939 |
| 170,000 | 169,246 | 0 | 169,246 | |
| Liabilities towards credit institutions | 184,476 | 184,476 | 41,709 | 142,767 |
| Leasing liabilities | 8,797 | 8,797 | 687 | 8,110 |
| Other interest bearing liabilities | 3,813 | 3,813 | 1,868 | 1,945 |
| Total financial liabilities | 367,086 | 366,332 | 44,264 | 322,068 |
| Nominal value |
Issue | Maturity | Interest rate | |
|---|---|---|---|---|
| KTM AG | 85,000 | April 2012 | 5 years | 4.375% |
| CROSS Industries AG | 75,000 | October 2012 | 6 years | 4.625% |
| Pankl Racing Systems AG | 10,000 | August 2013 | 4 years | 3.250% |
| CROSS Industries AG Perpetual bond |
1,010 December 2005 | 10,16 years | 6.875% |
In July 2015 CROSS Industries AG has restructured the long-term financing. The company issued promissory notes with a volume of 56,500 k€ and maturities of 5 and 7 years and registered bonds with a volume of 30,000 k€ and a maturity of 10 years. The raising of debt capital mainly served to prematurely repurchase the perpetual bond of CROSS Industries AG in a nominal value of 60,000 k€, which had been classified as equity capital until the repayment of the bond.
Deferred interest expenses are included in the current financial liabilities.
Other non-current liabilities can be mainly broken down as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Deposits | 6,248 | 5,998 |
| Other financial liabilities | 0 | 441 |
| Other non-current financial liabilities | 6,248 | 6,439 |
| Investment subsidies | 1,637 | 1,165 |
| Other non-financial liabilities | 586 | 549 |
| Other non-current non-financial liabilities | 2,223 | 1,714 |
| Other non-current liabilities | 8,471 | 8,153 |
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Revenue bonuses | 13,398 | 11,761 |
| Discounts | 8,818 | 5,198 |
| Liabilities towards associated companies from trade accounts | 3,770 | 3,974 |
| Liabilities from derivative financial instruments | 3,568 | 9,277 |
| Personnel-related liabilities | 3,519 | 4,327 |
| Other financial liabilities | 5,593 | 7,634 |
| Other current financial liabilities | 38,666 | 42,171 |
| Personnel-related liabilities | 24,153 | 19,663 |
| Advance payments | 4,408 | 1,997 |
| Liabilities towards tax offices | 4,367 | 3,153 |
| Other non-financial liabilities | 3,692 | 6,038 |
| Other current non-financial liabilities | 36,620 | 30,851 |
| Other current liabilities | 75,286 | 73,022 |
The total amount of registered liens is 104,154 k€ (previous year: 113,047 k€) and comprises as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Property, plant and equipment | 89,051 | 96,814 |
| Receivables | 15,103 | 16,233 |
| 104,154 | 113,047 |
As of the balance sheet date liabilities towards banks were secured by mortgages by collateralization of shares in affiliated companies with a market value of 42,515 k€ (previous year: 181,827 k€). These affect KTM AG with 348,483 shares (previous year: 1,364,864 shares).
In the course of the sale of the disposal of the Peguform Group, PF Beteiligungsverwaltungs GmbH granted guarantees in the amount of maximum of 15% of the purchase price to the buyer. At balance sheet two warranty cases are claimed (arbitration proceedings and additional tax claim from a tax audit at SMP Deutschland GmbH). Contingent liabilities in the amount of 14,616 k€ exist on balance sheet date.
As of balance sheet date declaration of surety and guarantees exist in the amount of 14,625 k€ (previous year 6,147 k€).
The group forms provisions for guarantees, gestures of goodwill and complaints for known, expectable individual cases. The expected expenses are mainly based on former experiences.
Estimates of future expenses are inevitably subject to numerous uncertainties, which can lead to an adjustment of the formed provision. It cannot be excluded that the actual expenses for these measures exceed the formed provision in an unforeseeable way. As of December 31, 2015 a total amount of 8,834 k€ (previous year: 7,343 k€) for provisions for guarantees and gestures of goodwill was recognized.
During the business year current provisions have developed as follows:
| Current Provisions | As at Jan. 1, 2015 |
Currency translation |
Additions | Reversals | Utilization | Changes in the scope of consoli dation |
As at Dec. 31, 2015 |
|---|---|---|---|---|---|---|---|
| in k€ | |||||||
| Provisions for guarantees and warranties |
7,343 | 4 | 8,425 | -82 | -6,741 | -115 | 8,834 |
| Provisions for restructurings | 4 | 0 | 0 | 0 | -4 | 0 | 0 |
| Provisions for litigations | 400 | 0 | 645 | -220 | -50 | 0 | 775 |
| Other provisions | 1,090 | 0 | 618 | -56 | -641 | -394 | 617 |
| 8,837 | 4 | 9,688 | -358 | -7,436 | -509 | 10,226 |
Employee benefits include provisions for:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Severance payments | 17,827 | 16,911 |
| Anniversary bonuses | 3,078 | 2,468 |
| 20,905 | 19,379 |
During the business year net liabilities on defined benefit plans for severance pay and retirement pay developed as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | ||
|---|---|---|---|
| in k€ | |||
| Projected benefit obligation: | |||
| As at January 1 | 16,911 | 13,411 | |
| Service cost | 1,015 | 758 | |
| Interest expenses | 327 | 422 | |
| Payments made | -197 | -277 | |
| Actuarial gain/loss | -131 | 3,469 | |
| Changes in the scope of consolidation | 0 | -921 | |
| Other | -98 | 49 | |
| As at December 31 | 17,827 | 16,911 | |
| Plan assets: | |||
| As at January 1 | 0 | 263 | |
| Payments received | 0 | 0 | |
| Payments made | 0 | -27 | |
| Actuarial gain/loss | 0 | 0 | |
| Changes in the scope of consolidation | 0 | -236 | |
| As at December 31 | 0 | 0 | |
| Net debt (Projected benefit obligation less plan assets) | 17,827 | 16,911 |
As of December 31, 2015 the weighted remaining terms (duration) of the obligations relating to severance payments is 14 years (previous year: 15 years).
The actuarial loss is made up as follows:
| 2015 | 2014 | |
|---|---|---|
| in k€ | ||
| Change in expected values | 1,158 | 174 |
| Change in demographic assumptions | 2 | 69 |
| Change in financial assumptions | -1,291 | 3,226 |
| Actuarial loss | -131 | 3,469 |
| The valuation of obligations is subject to the following assumptions: | ||
| Dec. 31, 2015 | Dec. 31, 2014 | |
| Interest rate | 2.00 % | 2.00 % |
| Wages and salary trends | 2.50 % | 3.00 % |
transition rule transition rule The discounting rate was determined based on very long average terms and high average life expectancy. The discounting rate is the yield
62-65 years with
Pension age (years) women/men 62-65 years with
for first-rank fixed-rate corporate bonds at balance sheet date.
Staff fluctuation is determined for each company and taken into account depending on age/service. The actuarial assumptions are based on mortality tables for the individual country. The statutory retirement age for each country was selected as the retirement age.
As of December 31, 2015 a change (+/- 0.5 percentage points) of the parameters "Interest rate" and "Wages and salary trend" had changed the present value of the future payments as follows:
| Parameter | Change | |
|---|---|---|
| -0.50% | +0.50% | |
| Interest rate | 7.3% | -6.7% |
| Wages and salary trends | -6.7% | 7.2% |
As of December 31, 2014 a change (+/- 0,5 percentage points) of the parameters "Interest rate" and "Wages and salary trend" had changed the present value of the future payments as follows:
| Parameter | Change | |
|---|---|---|
| -0.50% | +0.50% | |
| Interest rate | 7.7% | -7.0% |
| Wages and salary trends | -6.9% | 7.6% |
Obligations related to claims from anniversary bonuses developed as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| As at January 1 | 2,468 | 1,644 |
| Service cost | 253 | 166 |
| Interest expenses | 49 | 57 |
| Payments made | 0 | -7 |
| Actuarial loss | 291 | 597 |
| Other | 17 | 11 |
| As at December 31 | 3,078 | 2,468 |
For employees in Austria whose employment contracts commenced before January 1, 2003 1.53% of their salaries are paid monthly into a company employee benefit fund. In business year 2015 payments in the amount of 1,779 k€ (previous year: 1,446 k€) were made.
The changes in the statement of financial position items presented in the cash flow statement cannot be directly inferred from the statement of financial position since effects that did not influence payments and other business transactions that did not influence payments are neutralized.
Other noncash income/expenses include mainly unrealized foreign currency gains/losses as well as measurement effects from receivables and inventories.
As a globally active group the CROSS Industries-Group is confronted with a large number of risks. The Management Board and Supervisory Board are regularly informed about risks that can have a major impact on the Group's business operations. Management takes timely action to avoid, minimize and hedge risks.
An internal control system adapted to the company's needs and incorporating basic principles such as segregation of duties and dual control has been integrated into the financial reporting process. Internal and external audits ensure that the processes are continually improved and optimized. Furthermore, a uniform reporting system is in place throughout the Group, for the ongoing management and control of the risk management process.
Continuous growth of subsidiaries depends on a variety of factors, such as demand behavior, product development, changes in foreign currency rates, the general economic setting in the individual markets, prices of goods purchased from others, or employee development.
The earnings situation of CROSS Industries AG is characterized by expenses for financing, acquisition of shareholdings, expenses for projects and mainly depends on the dividend policy of its group companies. The shareholding in KTM Group is currently its biggest and most essential interest.
The CROSS Industries Group is a diversified group of companies focusing on the automotive sector. Besides those risks the group faces, the individual group companies also face specific risks.
Cyclical risk: The focus of activities of the KTM/WP-Group is on the motorcycle industry. The sales opportunities for motorcycles are determined by the general economic trend prevailing in the countries and regions where the motorcycle manufacturers do business. As the last years have shown, the motorcycle industry is generally a cyclical industry and is moreover subject to strong fluctuations regarding demand. This risk is counteracted by relevant market research and market forecasts, which are then taken into account in the planning process.
The Pankl Group is influenced by rule changes in the motor racing market. The constant rule changes result in increased development and testing activities for the individual racing teams. The risk exists, on the one hand, that the challenges cannot be met by Pankl, but on the other hand, the opportunity is given for Pankl to further increase market share and to further strengthen the leading market position via innovations. Through the postponement of test days or season starts the seasonality of revenues can be influenced in individual racing classes.
In the area of civil aviation the growth in the helicopter sector stagnates due to the downslide in the oil price; opportunities could arise in the engine sector for fixed-wing airplanes. The global reduction of military budgets has a negative impact on the military aerospace segment.
Competition and pricing pressure: The market for motorcycles in the industrialized countries is dominated by intense competition; KTM's strongest competitors are four Japanese and three European manufacturers and, on a slightly smaller scale, one US manufacturer, with some of them having the benefit of greater financial resources and higher sales figures and market shares. The street motorcycle market is moreover characterized by high pricing pressure, and new competitors are trying to enter the market by relying on a low-price strategy. Due to KTM's successful market strategy, market leadership was achieved in Europe.
Sales risk: The largest individual sales markets of the KTM Group are the European market and the US market. A slump in these markets could have a negative impact on the business activities of the KTM Group. Entering new markets essentially involves a cost risk for the KTM Group as, in some of these markets, the trend of sales as well as the political framework is difficult to assess. By collaborating with its strategic partner Bajaj Auto Ltd,, India, KTM continues the committed joint efforts towards the implementation of a global product strategy.
Restrictions relating to motorcycling: The revenues of the KTM/WP Group depends, inter alia, on the possible offroad uses of its motorcycles and is therefore considerably influenced by the national legal framework regulating offroad motorsport, motorcycle registration and rider's licenses.
Changes of the procurement market: Quantity, quality and price are the most relevant risks the CROSS Industries Group faces on the procurement market. The CROSS Industries Group reacts to these risks by continuous auditing of existing and potential suppliers and long-term purchasing contracts. The quality of provided materials is continuously monitored.
In the view of the current development on the national and international markets, the procurement risk faced by the KTM Group mainly involves the timely introduction of suitable measures to ensure the supply of parts if suppliers become insolvent or supply bottlenecks materialize. KTM is therefore exposed to this risk only indirectly. To minimize risk and ensure the availability of materials, KTM places great emphasis on using predetermined criteria to carefully select new suppliers and on sustainably collaborating with existing suppliers and/or further developing such cooperations in stable supplier relationships with a long-term approach. As the quality of KTM's products is strongly determined by the quality and characteristics of the subcomponents to be sourced, particular attention is paid to the creditworthiness, operating facilities and production processes of suppliers. The continuous availability of parts is ensured by appropriate monitoring.
The Pankl Group needs high quality (raw-) materials such as high-grade steel, titanium- and aluminum alloys for the production of individual components. Timely availability of raw materials is depended on careful planning of future order volumes. A shortage of materials might lead to delays in production and deliveries or higher material expenses. Since Pankl buys the majority of raw materials abroad, the company is subject to numerous risks including economic or political disruptions, delays in transport or exchange rate fluctuations. Each of the above mentioned risks might have a negative impact on the company´s business operations and operating result.
At the WP Group the risk in connection with the procurement markets is currently considered to be higher. The supply with certain raw materials (aluminum alloys, special steel and plastic) is currently very difficult and may lead to bottlenecks. The further price development of raw materials is difficult to predict, which may have effects on the WP Group.
Research and development, racing: Technical innovation and the introduction of new products contribute in a relevant measure to the position among competitors. It is therefore vital that new trends be timely identified. To counteract the risk, the products' innovative capacity must be ensured.
KTM therefore places a high value on the early recognition of motorcycle trends, on research and development regarding engineering and functionality and on investigating customer wishes so as to achieve innovative product development close to the market. Racing achievements are not only an important marketing instrument for the company but also form the basis for product development and set standards for series development. Valuable experience is gathered whenever products can be tested in racing conditions at racing events. Before being introduced into series production, all technical innovations are moreover subjected to comprehensive testing by the quality management system so as to eliminate, to the greatest extent possible, any technical defects that could have a negative effect on earnings development.
Pankl's research and development process carries the risk that the development activities may not bring the desired results and the customers may not honor the effort with appropriate orders. The Pankl Group aims to minimize these risks through ongoing market observation and close cooperation with customers.
Product liability risk: In its business environment, the CROSS Industries Group is also exposed to claims for damages raised because of accidents and injuries. This applies especially to the USA, where claims asserted in product liability cases involve higher amounts of liability. Corresponding insurance has been taken out to hedge these risks.
Risks due to the legal framework: As the CROSS Industries Group markets its products in a large number of countries, it is exposed to the risk of changes in national regulations, terms of licenses, taxes, trade restrictions, prices, income and exchange restrictions as well as to the risk of political, social and economic instability, inflation and interest rate fluctuations. The respective country specific risks are checked thoroughly before a new market is entered and continuously monitored to enable the group to react to changes in a timely manner.
Compliance: In accordance with the requirements of sec. 234(b) of the Austrian Commercial Code, a corporate governance report was drawn up. In this regard, please refer to the publication in the annual report of CROSS Industries AG and/or the website of CROSS Industries AG.
Business and environmental risk: Although risk cannot be fully excluded as regards forces of nature, the CROSS Industries Group tries to minimize the risk of production processes being affected, by providing appropriate contingency plans and insurance.
Personnel-related risks: Especially with regard to the growth course, risks may arise if key staff leaves the company. Efficient personnel management as well as the constant pursuit of personnel development programs are designed to counteract the risk of managerial staff leaving the company.
The risk of a shortage of skilled staff is minimized by a comprehensive apprentice training program in our own apprentice workshop. The aim is to recruit employees in the region and retain them in the long term.
Financial risks: Regarding the financial risks (currency risks, interest rate risks, default risks as well as liquidity risks), reference is made to the explanations given in item 34.
The CROSS Industries Group holds primary and derivative financial instruments. Primary financial instruments mainly include financial assets, trade receivable, deposits with banks, liabilities towards banks, trade payables, financial liabilities and bonds. The amount of primary financial instruments is shown in the consolidated balance sheet and described in the notes to the consolidated financial statements.
Derivative financial instruments are generally used to hedge existing changes in interest rate and foreign exchange risks. The use of derivative financial instruments is subject to appropriate authorization and control procedures in the Group. A linkage to an underlying transaction is mandatory; trading activities are not permitted.
Acquisitions and sales of any financial instruments are recognized on the settlement date.
The financial instruments are generally valued at cost at the time of addition. The financial instruments are written off if the rights to payments from the investment have expired or have been transferred and the group has basically transferred all the risks and opportunities that are involved in ownership.
The fair value of financial instruments is determined by listed market prices for the identical instrument in active markets (level 1). In case no listed market price on active markets is available, the fair value is determined by valuation methods, whose parameters are based on monitorable market data (level 2). Otherwise the determination of the fair value is based on valuation methods for which at least one material parameter is not based on monitorable market data (level 3).
Reclassifications between levels are recognized at balance sheet date. There were no reclassifications between levels in business year 2015.
The following table shows book values and fair values of the financial assets (financial instruments on the assets side), broken down by class and measurement category in accordance with IAS 39. It does not provide information on the fair value or measurement level of financial assets not measured at fair value, where the book value is a reasonable approximation of fair value or where the asset is an equity instrument measured at acquisition cost.
| Book value | Fair value | Fair value | ||||
|---|---|---|---|---|---|---|
| Dec. 31, 2015 | Dec. 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |
| in k€ | ||||||
| Loans and receivables | ||||||
| Cash and cash equivalents | 135,124 | |||||
| Trade receivables | 110,831 | |||||
| Receivables to affiliated companies | 6,189 | |||||
| Other financial assets (current and non-current) | 26,179 | |||||
| Financial assets - loans | 2,045 | |||||
| Total | 280,368 | |||||
| Available for sale | ||||||
| Other non-current financial assets | 17,906 | |||||
| Total | 17,906 | |||||
| Held for trading | ||||||
| Other current assets - securities | 1,636 | 1,636 | 1,636 | 0 | 0 | 1,636 |
| Total | 1,636 | |||||
| Fair value - hedging instruments | ||||||
| Other current assets - derivatives with | ||||||
| positive market value | 3,573 | 3,573 | 0 | 3,573 | 0 | 3,573 |
| Total | 3,573 | |||||
| Total | 303,483 | |||||
| Fair value | ||||||
| Book value Dec. 31, 2014 |
Fair value Dec. 31, 2014 |
Level 1 | Level 2 | Level 3 | Total | |
| in k€ | ||||||
| Loans and receivables Cash and cash equivalents |
89,404 | |||||
| Trade receivables | 97,139 | |||||
| Receivables to affiliated companies | 1,642 | |||||
| Other financial assets (current and non-current) | 29,817 | |||||
| Financial assets - loans Total |
1,993 219,995 |
|||||
| Available for sale | ||||||
| Other non-current financial assets | 19,886 | |||||
| Total | 19,886 | |||||
| Held for trading | ||||||
| Other current assets - securities | 0 | |||||
| Total | 0 |
| Book value | Fair value | Fair value | ||||
|---|---|---|---|---|---|---|
| Dec. 31, 2014 | Dec. 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |
| in k€ | ||||||
| Fair value - hedging instruments | ||||||
| Other current assets - derivatives with positive market value |
466 | 466 | 0 | 466 | 0 | 466 |
| Total | 466 | |||||
| Total | 240,347 |
Receivables sold in connection with KTM's existing ABS program are derecognized according to the regulations under IAS 39. In the context of the ABS program, receivables insured on a revolving monthly basis are sold up to a maximum volume of 75,000 k€ (previous year: 50,000 k€). As at the reporting date, trade receivables of 55,067 k€ (previous year: 48,926 k€) had been sold to third parties. The agreement was entered in 2012 and amended in 2014 and 2015 and runs until 2022. Up to a contractually defined amount, KTM continues to bear a risk from credit-related defaults. As at December 31, 2015, the maximum ensuing risk of loss was 385 k€ (previous year: 342 k€). The expected loss is recorded as a liability and expenses at the time of sale. As at December 31, 2015, the book value of the ongoing commitment was 385 k€ (previous year: 342 k€) and was disclosed under other current liabilities. The book value represents the fair value of the ongoing commitment. In the period under review, income of 43 k€ (previous year: 96 k€) and accumulated expenses since the start of the transaction of 385 k€ (previous year: 342 k€) were recognized. The volume is not subject to any material fluctuations.
In addition there exists a factoring agreement within the CROSS Industries Group on a maximum volume of 2,500 k€ (previous year: 5,000 k€). The receivables, sold in connection with those contracts, amounted to 479 k€ (previous year: 1,166 k€) on the balance sheet date and are derecognized completely according to the regulations of IAS 39 due to the transfer of control.
The following table shows the book values and fair values of the financial liabilities (financial instruments shown on the liabilities side) broken down by class or measurement category according to IAS 39. It does not provide information on financial liabilities not measured at the fair value, if the book value constitutes a reasonable approximate value of fair value.
| Book value | Fair value | Fair value | ||||
|---|---|---|---|---|---|---|
| Dec. 31, 2015 | Dec. 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |
| in k€ | ||||||
| At amortized cost | ||||||
| Interest bearing liabilities | 329,556 | 342,171 | 0 | 0 | 342,171 | 342,171 |
| Bonds | 170,507 | 178,500 | 167,903 | 10,597 | 178,500 | |
| Liabilities finance lease | 22,504 | |||||
| Trade liabilities | 111,399 | |||||
| Liabilities to affiliated companies | 2,158 | |||||
| Other financial liabilities (current and non-current) |
41,346 | |||||
| Total | 677,470 | |||||
| Held for trading | ||||||
| Other financial liabilities - derivatives with negative market value |
645 | 645 | 0 | 645 | 0 | 645 |
| Total | 645 |
| Book value Fair value |
Fair value | |||||||
|---|---|---|---|---|---|---|---|---|
| Dec. 31, 2015 | Dec. 31, 2015 | Level 1 | Level 2 | Level 3 | Total | |||
| in k€ | ||||||||
| Fair value - hedging instruments | ||||||||
| Other financial liabilities - derivates with | 2,923 | 2,923 | 2,923 | 2,923 | ||||
| negative market value (cash flow hedge) | ||||||||
| Total | 2,923 | |||||||
| Total | 681,038 | |||||||
| Book value | Fair value | Fair value | ||||||
| Dec. 31, 2014 | Dec. 31, 2014 | Level 1 | Level 2 | Level 3 | Total | |||
| in k€ | ||||||||
| At amortized cost | ||||||||
| Interest bearing liabilities | 188,289 | 192,463 | 0 | 0 | 192,463 | 192,463 | ||
| Bonds | 169,246 | 179,215 | 168,388 | 0 | 10,827 | 179,215 | ||
| Liabilities finance lease | 8,797 | |||||||
| Trade liabilities | 111,879 | |||||||
| Liabilities to affiliated companies | 44,847 | |||||||
| Other financial liabilities | ||||||||
| (current and non-current) | 39,333 | |||||||
| Total | 562,391 | |||||||
| Held for trading | ||||||||
| Other financial liabilities - derivatives with negative market value |
1,085 | 1,085 | 0 | 1,085 | 0 | 1,085 | ||
| Total | 1,085 | |||||||
| Fair value - hedging instruments | ||||||||
| Other financial liabilities - derivates with negative market value (cash flow hedge) |
8,192 | 8,192 | 0 | 8,192 | 0 | 8,192 | ||
| Total | 8,192 | |||||||
| Total | 571,668 |
The following table shows the valuation technique used to determine the fair value and the significant unobservable input factors used.
| Financial instruments measured at fair value | |||||||
|---|---|---|---|---|---|---|---|
| Type | Measurement technique | Significant, unobservable input factors |
Connection between signi ficant unobservable input factors and measurement at fair value |
||||
| Forward exchange contract and interest rate swaps |
Market comparison method: The fair values are based on price quotations of banks. Similar contracts are traded on an active market and the price quotations reflect the actual transaction costs for similar instruments. |
Not applicable | Not applicable | ||||
| Securities | Securities are measured at the current quoted price on the reporting date |
Not applicable | Not applicable | ||||
| Type | Measurement technique | Significant, unobservable input factors |
|---|---|---|
| Bonds | To measure listed bonds the closing price on the balance sheet date is used and/or discounted cash flows |
Not applicable |
| Financial liabilities | Discounted cash flows | Risk premium for own credit risk |
The Group enters into set-off agreements with banks in connection with derivatives. Generally, the amounts owed by a counterparty on a single day with regard to all outstanding transactions in the same currency according to such agreements are aggregated into a single net amount payable by one party to the other. In certain cases – e.g. when a credit event such as a default occurs - all outstanding transactions under the agreement are terminated, their value as of termination is determined and only a single net amount is payable for settling all transactions. These items are not set off in the statement of financial position, as such, since the net set-off of multiple transactions under the same framework agreements does not generally occur.
KTM has paid a one-off security deposit of 4,707 k€ in relation to the Munderfing logistics center (disclosed as a finance lease) and has made ongoing monthly deposit payments totaling 53 k€ to the lessor.
According to the terms of the lease contract, these deposits will be returned to the lessee on termination of the lease. In accordance with IAS 32.42, the deposit is therefore set off against the liability under the finance lease.
The tables below show financial assets and liabilities that have been offset along with amount that are subject to a set-off agreement but which have not been set off as they do not fulfill the criteria for set-off prescribed under IFRS.
| Financial assets 2015 | Financial assets (gross) |
Offset accounting amounts (gross) |
Recognized financial assets (net) |
Effects from master settlement agreement |
Net amount |
|---|---|---|---|---|---|
| in k€ | |||||
| Other receivables | 4,760 | -4,760 | 0 | 0 | |
| Other financial assets Derivatives with positive market value |
|||||
| Currency futures | 3,573 | 0 | 3,573 | -1,143 | 2,430 |
| Total | 8,333 | -4,760 | 3,573 | -1,143 | 2,430 |
| Financial liabilities 2015 | Financial liabilities (gross) |
Offset accounting amounts (gross) |
Recognized financial liabilities (net) |
Effects from master settlement agreement |
Net amount |
| in k€ | |||||
| Liabilities from finance lease Other financial liabilities |
27,264 | -4,760 | 22,504 | 0 | 22,504 |
| Total | 30,832 | -4,760 | 26,072 | -1,143 | 24,929 |
|---|---|---|---|---|---|
| Interest rate swaps | 2,251 | 0 | 2,251 | 0 | 2,251 |
| Currency futures | 1,317 | 0 | 1,317 | -1,143 | 174 |
| Derivatives with negative market value |
| Financial assets 2014 | Financial assets (gross) |
Offset accounting amounts (gross) |
Recognized financial assets (net) |
Effects from master settlement agreement |
Net amount |
|---|---|---|---|---|---|
| in k€ | |||||
| Other receivables | 4,707 | -4,707 | 0 | 0 | |
| Other financial assets Derivatives with positive market value |
|||||
| Currency futures | 466 | 0 | 466 | -466 | 0 |
| Total | 5,173 | -4,707 | 466 | -466 | 0 |
| Financial liabilities 2014 | Financial liabilities (gross) |
Offset accounting amounts (gross) |
Recognized financial liabilities (net) |
Effects from master settlement agreement |
Net amount |
|---|---|---|---|---|---|
| in k€ | |||||
| Liabilities from finance lease | 13,504 | -4,707 | 8,797 | 0 | 8,797 |
| Other financial liabilities Derivatives with negative market value |
|||||
| Currency futures | 5,385 | 0 | 5,385 | -466 | 4,919 |
| Interest rate swaps | 3,892 | 0 | 3,892 | 0 | 3,892 |
| Total | 22,781 | -4,707 | 18,074 | -466 | 17,608 |
The net result from the financial instruments as by class or measurement category according to IAS 39 includes net gains/losses, total interest income/expenses as well as impairment losses, and breaks down as follows:
| 2015 | from interest | from subsequent fair value measurement |
from value adjustment |
from gain/loss on disposal |
Net result (Total) |
|---|---|---|---|---|---|
| in k€ | |||||
| Loans and receivables | 1,525 | 0 | -613 | -300 | 612 |
| Available for sale | 64 | 0 | -2,925 | 0 | -2,861 |
| Fair value - hedging instruments and Held for trading |
-621 | 598 | 0 | 0 | -23 |
| At amortized cost | -15,331 | 0 | 0 | 0 | -15,331 |
| Total | -14,363 | 598 | -3,538 | -300 | -17,603 |
| 2014 in K€ |
from interest | from subsequent fair value measurement |
from value adjustment |
from gain/loss on disposal |
Net result (Total) |
|---|---|---|---|---|---|
| Loans and receivables | 1,182 | 0 | -555 | -257 | 370 |
| Available for sale | 35 | 0 | -7,360 | 481 | -6,844 |
| Fair value - hedging instruments and Held for trading |
-391 | -535 | 0 | 0 | -926 |
| At amortized cost | -15,919 | 0 | 0 | 0 | -15,919 |
| Total | -15,093 | -535 | -7,915 | 224 | -23,319 |
The change in the value adjustment to loans and receivables is shown under the other operating expenses. The earnings-neutral part from the subsequent measurement at fair value of the financial assets available for sale is recognized in the fair value reserve AfS- securities. The remaining components of the net result are included in financial income and/or financial expenses.
Regarding its assets, liabilities and planned transactions, the CROSS Industries-Group is exposed to credit, market, currency and liquidity risks. The aim of financial risk management is therefore to control and limit these risks. The Management and Supervisory Boards are regularly informed about any risks that could have a significant effect on business development.
The basic principles of financial risk management are laid down and monitored by the Supervisory Board as well as the Management Board. Group treasury and the decentralized treasury units are in charge of implementation. The KTM Group, the Pankl Group as well as the WP Group apply derivative financial instruments to hedge the financial risks described below. The aim is to hedge operative cash flows against fluctuations of foreign exchange rates and/or interest rates. The hedging scope usually encompasses current still open items as well as planned transactions in the coming twelve months. In exceptional cases and in accordance with the Supervisory Board, also longer-term strategic hedge positions can be employed.
As a global enterprise, the CROSS Industries Group is also affected by general economic conditions, such as changes in monetary parities or developments on the world's financial markets. The exchange rate trends for the US dollar in particular, which represents the highest individual foreign exchange risk for the KTM Group, play a significant role in the company's sales and earnings performance. In the business year 2015 25% of the revenues (previous year: 24%) were generated by the KTM Group in US Dollars. Currency risk management, especially hedging strategies, can compensate for exchange rate deviations to a great extent, at least over a model year. For business year 2016 the US dollar-business was hedged at a rate between EUR/USD 1.0765 and 1.1240.
There are also currency risks for the group when financial assets and liabilities are in a currency that is not the local one of the respecting company. The Group companies issue the majority of invoices in their local currency and finance themselves to a large extent in the local currency. Investments are primarily in the national currency of the investing Group company. For these reasons, most resulting currency positions will be closed out naturally.
Apart from investments in Austria, the CROSS Industries Group also does international investments outside the euro zone, however to a subordinate extent. Exchange rate fluctuations, in particular between the Euro and the US Dollar and between currencies of Austria´s neighboring countries can prove disadvantageous for the value of such interests.
Sensitivity analyses were carried out for the currency risks involved in financial instruments that show the impact of hypothetical changes in exchange rates on earnings (after tax) and equity. The relevant balances as of the balance sheet date as well as the purchases and sales planned to be made in foreign currency in the business year 2016 were used as a basis. It was assumed for the analysis that the risk faced on the balance sheet date essentially represents the risk during the business year. The group tax rate used was 25%. In addition, the analysis was also based on the assumption that all other variables, especially interest rates, remain constant. Included in the analysis were currency risks for financial instruments that are denominated in a currency deviating from the functional one and of a monetary nature.
Currency risks from Euro positions in subsidiaries whose functional currency derivatives from the Euro were added to the currency risk for the functional currency of the relevant subsidiary. Risks involved in foreign currency positions not in Euros were aggregated at Group level. Exchange rates differences resulting from converting financial statements into the Group currency are not taken into account.
A sensitivity analysis is conducted for currency risk. In this respect effects of changes in the exchange rate of +/- 10% are shown on profit and loss, other income and equity.
The CROSS Industries Group bases the analysis on the following assumptions:
| Increase (+) / Decrease (-) | Appreciation by 10% | Depreciation by 10% | ||
|---|---|---|---|---|
| in k€ | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
| Change of the earnings (after tax)" | 2,499 | 6,413 | -3,218 | -7,914 |
| Change of the currency related cash flow hedge reserve | -7,307 | -5,172 | 8,930 | 6,322 |
| Change of equity | -4,808 | 1,241 | 5,712 | -1,592 |
The financial instruments primarily have variable interest rates both on the asset and liability side. As a result, the risk lies in rising expense interest rates and falling income interest rates due to an adverse change in the market interest rates.
The CROSS Industries Group is refinanced at variable rates and is thus exposed to interest rate fluctuations on the market. The risk is observed by a constant monitoring of the money and capital markets as well as by the implementation of fixed interest rate payer swaps. If the interest rate payer swaps are closed, the company receives variable interest and pays fixed interest on the nominal values agreed.
Interest rate risks are therefore generally the result of primary financial instruments with variable interest rates (cash flow risk). Sensitivity analyses were carried out for the interest rate risks involved in these financial instruments that show the impact of hypothetical changes in market interest rate levels on earnings (after tax) and group equity. The balances affected at the balance sheet date were taken as the basis. It was assumed for the analysis that the risk at the balance sheet date basically represents the risk during the business year. The group tax rate used was 25%. In addition, the analysis was also based on the assumption that all other variables, especially exchange rates, remain constant.
A change in the market interest rate level by 50 basic points would have the following effect:
| Increase (+) / Decrease (-) | Increase by 50 BP | Decrease by 50 BP | |||
|---|---|---|---|---|---|
| in k€ | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
| Change of the earnings (after tax) | 16 | 84 | -17 | -82 | |
| Change of the currency related cash flow hedge reserve | 412 | 694 | -420 | -716 | |
| Change of equity | 428 | 778 | -437 | -798 |
The default risk is the risk of financial losses arising because a contracting party of a financial instrument fails to meet payment obligations.
The default risk involved in receivables from customers can be considered low, as the risk rating of new and existing customers is checked regularly and security is demanded. Default risks are hedged by credit insurance on the one hand, and bank securities on the other hand (guarantees, letters of credit). Internal guidelines define the default risks and give procedures for controlling them.
Moreover, the group is exposed to a credit risk resulting from derivative financial instruments, should the parties not meet their contractual obligations. The contract parties are international financial institutions. When derivative financial instruments have a positive market value, the default risk is limited to the costs of replacing them. Given that the contract parties are solely banks with high credit ratings, the risk involved can be classed as low.
On the asset side, the amounts shown represent the maximum default risk. Additional master settlement agreements – except those settlement agreement described in item 34.2. of the consolidated notes - do not exist.
The book values of the receivables can be broken down as follows:
| Book value Dec. 31, 2015 |
thereof: As of the reporting date neither impaired nor overdue |
thereof: As of the reporting date not impaired and due in the following periods of time |
thereof impaired |
||||
|---|---|---|---|---|---|---|---|
| in k€ | up to 30 days |
30 to 60 days |
60 to 90 days |
more than 90 days |
|||
| Trade receivables | 110,831 | 86,742 | 13,658 | 2,605 | 1,752 | 3,266 | 2,808 |
| Receivables towards affiliated companies |
6,189 | 5,476 | 170 | 163 | 49 | 331 | 0 |
| Other financial liabilities (current and non-current) |
26,179 | 25,604 | 205 | 30 | 47 | 293 | 0 |
| Financial assets - loans | 2,045 | 2,045 | 0 | 0 | 0 | 0 | 0 |
| Total | 145,244 | 119,867 | 14,033 | 2,798 | 1,848 | 3,890 | 2,808 |
| Book value Dec. 31, 2014 |
thereof: As of the reporting date neither impaired nor overdue |
thereof: As of the reporting date not impaired and due in the following periods of time |
thereof impaired |
||||
|---|---|---|---|---|---|---|---|
| in k€ | up to 30 days |
30 to 60 days |
60 to 90 days |
more than 90 days |
|||
| Trade receivables | 97,139 | 75,469 | 14,978 | 2,523 | 826 | 297 | 3,046 |
| Receivables towards affiliated companies |
1,642 | 865 | 164 | 137 | 98 | 378 | 0 |
| Other financial liabilities (current and non-current) |
29,817 | 29,817 | 0 | 0 | 0 | 0 | 0 |
| Financial assets - loans | 1,993 | 1,993 | 0 | 0 | 0 | 0 | 0 |
| Total | 130,591 | 108,144 | 15,142 | 2,660 | 924 | 675 | 3,046 |
Regarding the recognized financial trade and other receivables that were neither written-off nor in default, there are no signs at the balance sheet date that the debtors may not fulfill their payment obligations.
A major aim of financial risk management in the CROSS Industries Group is to ensure liquidity and financial flexibility at all times. Factors contributing liquidity risks include, in particular, proceeds from revenues being below the planning assumptions due to weaker demand. For this purpose a liquidity reserve in the form of unused credit lines (cash and guaranteed credit) – and if required in the form of cash in hand – is held at banks with a high credit ranking. Top priority is given to ensuring liquidity over the short and medium term. Another major control parameter is the maximization of free cash flow by cost-cutting measures, proactive working capital management and reduced investment expenditures. From today's perspective, sufficient commitments have been given concerning the creditworthiness of our strategic financing partners and thus the hedging of current liquidity reserves. The long-term liquidity requirements are met by issuing company shares and bonds, taking out bank loans as well as by capital increases.
The contractually agreed (undiscounted) cash flows (payment of interest and principal) as well as the remaining terms to maturity of the financial liabilities consist of the following elements:
| Book value | Cash flows 2016 | Cash flows 2017 until 2020 | Cash flows from 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in k€ | Dec. 31, 2015 |
Interest fixed |
Interest variable |
Redemp tion |
Interest fixed |
Interest variable |
Redemp tion |
Interest fixed |
Interest variable |
Redemp tion |
| At amortized cost | ||||||||||
| Interest bearing liabilities | 329,556 | 4,275 | 1,409 | 55,126 | 12,329 | 4,017 | 218,473 | 6,013 | 286 | 56,189 |
| Bonds | 170,507 | 7,582 | 0 | 1,010 | 7,623 | 0 | 170,000 | 0 | 0 | 0 |
| Liabilities finance lease | 22,504 | 4 | 404 | 1,207 | 0 | 1,415 | 3,998 | 0 | 2,230 | 17,299 |
| Trade liabilities | 111,399 | 0 | 0 | 111,399 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financial liabilities towards affiliated companies |
2,158 | 0 | 0 | 2,158 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other financial liabilities (current and non-current) |
41,346 | 0 | 0 | 35,098 | 0 | 0 | 921 | 0 | 0 | 5,327 |
| Total | 677,470 | 11,861 | 1,813 | 205,998 | 19,952 | 5,432 | 393,392 | 6,013 | 2,516 | 78,815 |
| Held for trading | ||||||||||
| Other financial liabilities - Derivatives with negative market value |
645 | 141 | 0 | 0 | 0 | 0 | 500 | 0 | 0 | 0 |
| Total | 645 | 141 | 0 | 0 | 0 | 0 | 500 | 0 | 0 | 0 |
| Fair value - hedging instruments | ||||||||||
| Other financial liabilities - Derivatives with negative market value (Cash flow hedge) |
2,923 | 786 | 0 | 1,780 | 863 | 0 | 0 | 0 | 0 | 0 |
| Total | 2,923 | 786 | 0 | 1,780 | 863 | 0 | 0 | 0 | 0 | 0 |
| Total | 681,038 | 12,788 | 1,813 | 207,778 | 20,815 | 5,432 | 393,892 | 6,013 | 2,516 | 78,815 |
| Book value | Cash flows 2016 | Cash flows 2017 until 2020 | Cash flows from 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in k€ | Dec. 31, 2014 |
Interest fixed |
Interest variable |
Redemp tion |
Interest fixed |
Interest variable |
Redemp tion |
Interest fixed |
Interest variable |
Redemp tion |
| At amortized cost | ||||||||||
| Interest bearing liabilities | 188,289 | 1,717 | 1,427 | 43,577 | 4,356 | 2,742 | 115,818 | 681 | 226 | 28,894 |
| Bonds | 169,246 | 7,513 | 0 | 0 | 15,374 | 0 | 170,000 | 0 | 0 | 0 |
| Liabilities finance lease | 8,797 | 14 | 162 | 687 | 4 | 550 | 1,550 | 0 | 1,039 | 6,560 |
| Trade liabilities | 111,879 | 0 | 0 | 111,879 | 0 | 0 | 0 | 0 | 0 | 0 |
| Financial liabilities towards affiliated companies |
44,847 | 0 | 1,008 | 4,540 | 0 | 955 | 40,307 | 0 | 0 | 0 |
| Other financial liabilities (current and non-current) |
39,333 | 23 | 0 | 33,089 | 5 | 0 | 246 | 0 | 0 | 5,998 |
| Total | 562,391 | 9,267 | 2,597 | 193,772 | 19,739 | 4,247 | 327,921 | 681 | 1,265 | 41,452 |
| Held for trading | ||||||||||
| Other financial liabilities - Derivatives with negative market value |
1,085 | 0 | 0 | 1,085 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1,085 | 0 | 0 | 1,085 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fair value - hedging instruments | ||||||||||
| Other financial liabilities - Derivatives with negative market value (Cash flow hedge) |
8,192 | 1,264 | 0 | 8,178 | 1,131 | 0 | 14 | 152 | 0 | 0 |
| Total | 8,192 | 1,264 | 0 | 8,178 | 1,131 | 0 | 14 | 152 | 0 | 0 |
| Total | 571,668 | 10,531 | 2,597 | 203,035 | 20,870 | 4,247 | 327,935 | 833 | 1,265 | 41,452 |
The table includes all financial instruments that were held at the balance sheet date and where payments have already been agreed upon on a contractual basis. Budgeted figures for any additional future financial liabilities are not included. Operating loans are assumed to have an average remaining 12-month-term; these loans are regularly renewed and are, therefore, available to the company for a longer period of time. Foreign exchange balances were converted using the exchange rate at the balance sheet date. Variable interest payments were estimated based on the most recent interest rate fixing before the balance sheet date. Financial liabilities repayable at any time are allocated with the shortest maturity.
The Group's derivative instruments (currency futures, interest swaps) are essentially implemented to hedge foreign currency and interest change risk.
In the framework of cash-flow-hedge-accounting variable future payment flows from long-term liabilities with a maturity until 2020 as well as future operating foreign currency payment flows, whose in- and out payments are planned in the next 12 months are hedged.
The following derivate financial instruments used as hedging instruments were applied as of December 31, 2015:
| Foreign exchange forward | Nominal value Dec. 31, 2015 |
Market values Dec. 31, 2015 |
Exposures Dec. 31, 2015 |
Maturity until 1 year |
Maturity 1- 5 years |
|---|---|---|---|---|---|
| Currency | in 1000 | in k€ | in k€ | ||
| local currency | |||||
| USD | 67,000 | -817 | 81,199 | 67,000 | 0 |
| JPY | 2,310,000 | 422 | 26,853 | 2,310,000 | 0 |
| CAD | 37,470 | 1,505 | 34,263 | 37,470 | 0 |
| GBP | 32,860 | 700 | 48,520 | 32,860 | 0 |
| CHF | 18,590 | 236 | 20,843 | 18,590 | 0 |
| SEK | 117,000 | -117 | 19,842 | 117,000 | 0 |
| MXN | 56,500 | 181 | 8,884 | 56,500 | 0 |
| DKK | 6,030 | 2 | 2,661 | 6,030 | 0 |
| PLN | 12,750 | 63 | 7,591 | 12,750 | 0 |
| NOK | 16,480 | 87 | 6,931 | 16,480 | 0 |
| CZK | 132,000 | -7 | 7,848 | 132,000 | 0 |
| ZAR | 0 | 0 | 0 | 0 | 0 |
| Interest rate swaps | 80,572 | -1,606 | 0 | 44,846 | 35,726 |
| Foreign exchange forward | Nominal value Dec. 31, 2014 |
Market values Dec. 31, 2014 |
Exposures Dec. 31, 2014 |
Maturity until 1 year |
Maturity 1- 5 years |
|---|---|---|---|---|---|
| Currency | in 1000 | in k€ | in k€ | ||
| local currency | |||||
| USD | 37,600 | -2,915 | 85,057 | 37,600 | 0 |
| JPY | 2,350,000 | -457 | 27,028 | 2,350,000 | 0 |
| CAD | 22,300 | -265 | 25,663 | 22,300 | 0 |
| GBP | 31,830 | -1,450 | 47,273 | 31,830 | 0 |
| CHF | 20,470 | -180 | 20,137 | 20,470 | 0 |
| SEK | 66,000 | 230 | 18,368 | 66,000 | 0 |
| MXN | 0 | 0 | 0 | 0 | 0 |
| DKK | 6,850 | 1 | 1,751 | 6,850 | 0 |
| PLN | 13,360 | 42 | 7,144 | 13,360 | 0 |
| NOK | 11,950 | 84 | 5,404 | 11,950 | 0 |
| CZK | 108,850 | 26 | 7,178 | 108,850 | 0 |
| ZAR | 121,000 | -35 | 14,809 | 121,000 | 0 |
| Interest rate swaps | 81,418 | -2,807 | 0 | 839 | 80,579 |
In the case of the following derivative financial instruments no hedging relationship could be established.
| Nominal value Dec. 31, 2015 |
Market values Dec. 31, 2015 |
Maturity until 1 year |
Maturity 1- 5 years |
|
|---|---|---|---|---|
| in 1000 | in k€ | |||
| local currency | ||||
| Interest rate swaps | 31,000 | -645 | 11,000 | 20,000 |
| Nominal value Dec. 31, 2014 |
Market values Dec. 31, 2014 |
Maturity until 1 year |
Maturity 1- 5 years |
|
| in 1000 local currency |
in k€ |
Forward exchange transactions concluded by companies of the CROSS Industries Group are mainly concluded in order to hedge future revenues and material expenses in foreign currency fluctuation risks.
At December 31, 2015, payer interest rate swaps of 111,572 k€ (previous year: 112,418 k€) were held to reduce the volatility of variable interest payments on loans. Of these, interest rate swaps with a nominal value of 31,000 k€ (previous year: 31,000 k€) and with a negative market value of 645 k€ (previous year: 1,085 k€) were classified as "held for trading".
Under buildings and machinery a finance lease is recognized, in which the CROSS Industries Group is the lessee. The building in question is the KTM logistics center at the Munderfing site, which was completed in 2015. After a contract period of 15 years, there will be a pre-emptive tender right to acquire the building at residual value.
The book value of assets held under finance leases is as follows:
| Advance payments made construction in |
|||
|---|---|---|---|
| 2015 | Buildings | Machinery | progress |
| in k€ | |||
| Acquisition value | 27,050 | 3,757 | 0 |
| Accumulated depreciat | -360 | -2,851 | 0 |
| Book value | 26,690 | 906 | 0 |
| Advance payments | |||
| 2014 | Buildings | Machinery | made construction in progress |
| in k€ | |||
| Acquisition value | 0 | 3,757 | 12,405 |
| Accumulated depreciat | 0 | -2,307 | 0 |
The present value of the minimum lease payments is as follows:
| Leasing payments | Present value | |||
|---|---|---|---|---|
| in k€ | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
| Until 1 year | 1,489 | 864 | 1,463 | 824 |
| 2 to 5 years | 4,910 | 2,104 | 4,660 | 1,984 |
| Over 5 years | 24,919 | 12,305 | 19,815 | 10,157 |
| 31,318 | 15,273 | 25,938 | 12,965 | |
| less interest payments | -4,054 | -1,769 | ||
| less deposits | -4,760 | -4,707 | ||
| Book value of lease obligations | 22,504 | 8,797 |
Payment obligations under finance leases are disclosed in the consolidated balance sheet under financial liabilities (see note 27).
Interest on finance leases of 168 k€ was recorded in 2015 (previous year: 56 k€).
The use of the logistics center is predominantly used by itself. A small portion is let to third parties outside the Group. Payments of 1,796 k€ are expected in the next few years.
The option exists to extend each of the contracts for a further five years at the end of the current term.
Apart from financing- and operating leasing relationships, rent- and leasing relationships in the CROSS Industries Group exist. They have to be classified according to their economic content as operating leasing relationship. The leasing agreements include leasing installments, which are mostly based on variable interest.
Payments from lease payments (rental and lease expenses) from operating leasing relations recorded as expenses amounted to 13,906 k€ (previous year: 15,425 k€) in the business year 2015.
The use of lease assets not reported under property, plant and equipment (mostly rent for properties, operating- and administration buildings and storage areas, leasing of CNC machinery, vehicles and computer equipment) entails obligations to third parties totaling 62,755 k€ (previous year: 57,927 k€) that are payable as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Until 1 year | 11,751 | 10,510 |
| 2 to 5 years | 38,715 | 36,906 |
| Over 5 years | 12,289 | 10,511 |
| 62,755 | 57,927 |
The definition of operating lease expenses is standardized group-wide. This item now also includes long-term rents for land and buildings on third party land. Prior year figures have been restated accordingly.
The reported expenses neither include payments from subleases recognized as expenses, nor significant contingent rental payments.
The operating leasing agreements are mostly subject to variable interest rates; purchase options are partly provided.
Apart from financing- and operating leasing relations, where the CROSS Industries Group operates as the lessee, there are rent- and leasing relations in the CROSS Industries Group, where the group, according to the economic content of the operating leasing relation, operates as the lessor. Operating leasing relations are concluded for a basic leasing period of 25 years. The leasing agreements include leasing installments, which are mostly based on variable interest.
Claims for maintaining minimum leasing payments from irredeemable operating leasing relations exist, which will be due as follows:
| Dec. 31, 2015 | Dec. 31, 2014 | |
|---|---|---|
| in k€ | ||
| Until 1 year | 824 | 859 |
| 2 to 5 years | 412 | 1,379 |
| Over 5 years | 0 | 0 |
| 1,236 | 2,238 |
In business year 2015 leasing agreements from operating leasing relations amounted to 969 k€ (previous year: 862 €k).
In the business year 2015 the Group concluded contracts on the purchase of intangible assets and property, plant and equipment in 2016 in the amount of 8,859 k€ (previous year: 3,289 k€). In 2015 the major part of this obligation could be allocated to the new construction of the production of exhausts at the WP Group in Munderfing in the amount of 6,445 k€.
The business segments of the CROSS Industries Group comply with its holding companies (KTM AG Group, Pankl Racing Systems AG Group, WP AG Group). The diversification of the business fields and the presentation of the segment results are conducted to the Management Approach according to IFRS 8 and follow the internal reports of the management information system to the Management Board as the Chief operating decision maker. The segment reporting is made with the segments KTM, Pankl, WP and others, according to the internal reporting.
The segment "others" include CROSS Industries AG, CROSS KraftFahrZeug Holding GmbH and Durmont Teppichbodenfabrik GmbH (until its deconsolidation).
A description of the individual segment can be found under item I.
EBIT as the key ratio for segment reporting describes operating earnings for the period before financial income and income taxes.
Intersegmental information (presentation of revenues by regions and product groups) for the business year 2015 and 2014 we refer to item 7 "Revenues" and regarding products and services of each segment to item I.
None of the segments report reliance on external customers within the meaning of IFRS 8.34.
Goods and services between the segments are recorded at arm's length conditions.
The segment reporting is provided on page 123.
Pierer Industrie AG is majority shareholder of CROSS Industries AG. In turn, CROSS Industries AG is majority shareholder of Pankl Racing Systems AG. On January 13, 2016 Pierer Industrie AG announced to make a voluntary public takeover offer (exchange offer) to the shareholders of Pankl Racing Systems AG. In return for one Pankl share Pierer Industrie AG offers 8 shares of CROSS Industries AG. Pierer Industrie AG submitted the offer document to the Takeover Commission on February 17, 2016. By decision of March 2, 2016 the Takeover Commission ordered not to publish the order documents, which was planned for March 4, 2016. Due to the complexity of the circumstances the legal questions in connection with the public exchange offer, the examination procedure could not have been completed by the Takeover Commission within the legal deadline, according to section 11 paragraph 1 Takeover Act (ÜbG).
In December 2015 CROSS Industries AG terminated its subordinated bond (perpetual bond) in the amount of the nominal value of 1,010 k€ with February 7, 2016. The repayment of the partial debentures took place on February 8, 2016.
Further events after December 31, 2015 that are of material interest for the assessment of assets and liabilities, are either taken into account in the present report or unknown.
Shares of CROSS Industries AG in the amount of 74.89% are held by Pierer Industrie AG, Wels. Pierer Industrie AG is held by 100% of Pierer Konzerngesellschaft mbH, Wels. Sole shareholder of Pierer Konzerngesellschaft mbH, Wels is Stefan Pierer.
In business year 2015 the shareholders have not received any dividend from the previous business year 2014.
Stefan Pierer holds the following essential positions in the Pierer Konzerngesellschaft mbH Group:
By an assignment agreement dated September 17, 2013, KTM AG acquired the license right for the use of the "Husqvarna" brand from Pierer Industrie AG for 10,000 k€. The license right is being amortized over its remaining useful life of 12 years and periodically tested for impairment. A valuation was performed in order to verify the measurement of the license right and the acquisition was approved by the Supervisory Board of KTM AG. The transaction was thus carried out at arm's length.
On May 13, 2015 CROSS Industries AG (formerly: BF HOLDING AG) made use of its Put option to sell all of its held CROSS Industries bonds (on May 13, 2015: 2,400 units). The company sold them in the amount of the nominal value (24.0 m€) together with the accrued interest to Pierer Industrie AG. In July 2015 Pierer Industrie AG held bonds of CROSS Industries AG in a nominal value of 56.8 m€, which were sold to CROSS Industries AG in connection with the repurchase offer of CROSS Industries AG. As of December 31, 2015 Pierer Industrie AG does not hold bonds of CROSS Industries AG.
As of December 31, 2014 financing determined at arm's length existed with Pierer Industrie AG in the amount of 38.2 m€. After the merger with BF HOLDING AG this has been settled with receivables in the amount of 24.4 m€. The remaining liabilities were redeemed. As of December 31, 2015 no interest bearing liabilities towards Pierer Industrie AG exist. As of balance sheet date further liabilities towards Pierer Industrie AG exist in the amount of 18 k€ (previous year: 60 k€) resulting from current settlements.
In December 2015 CROSS Industries AG sold 262,500 shares of Pankl Racing Systems AG to Pierer Industrie AG in the amount of 7,350 k€, whereby receivables in the amount of 3,150 k€ are still open on December 31, 2015. Further open receivables towards Pierer Industrie AG exist in the amount of 11 k€ (previous year: 0 k€) resulting from current settlements.
Furthermore income from Pierer Industrie AG in the amount of 438 k€ (previous year: 298 k€) as well as expenditures in the amount of 469 k€ (previous year: 411 k€) from current services and interest expenditures had been generated.
A cooperation with the Indian Bajaj Group has been in place since 2007. The Bajaj Group is India's second largest manufacturer of motorcycles and three wheelers, selling approximately 3.81 million units in the last financial year (balance sheet date: March 31, 2015). The cooperation focuses on the joint development of entry level street motorcycles, which are produced in India and distributed under the "KTM" brand by both companies in their respective core markets.
Mr. Rajiv Bajaj, Deputy Chairman of the Supervisory Board, is the managing director of Bajaj Auto Ltd., Pune, India. Mr. Srinivasan Ravikumar, member of the Supervisory Board, is a director of Bajaj Auto International Holdings B.V., Amsterdam, Netherlands, and President of Business Development and Assurance of Bajaj Auto Ltd., Pune, India. Bajaj Auto International Holdings B.V., Amsterdam, Netherlands, a subsidiary of Bajaj Auto Ltd., Pune, India, held 47.99% of KTM AG at December 31, 2015. Towards Bajaj Auto Ltd., Pune, India, a receivable (including receivables from advances paid) in the amount of 227 k€ as well as a liability in the amount of 2,735 k€ (previous year: receivable in the amount of 4,422 k€ as well as a liability in the amount of 476 k€) exist on December 31, 2015.
Bajaj Auto International Holdings B.V. granted KTM Immobilien GmbH (formerly: KTM Motorrad AG) a short-term arm's length, interest-bearing loan of 5,000 k€ due on March 31, 2015, which had been redeemed accordingly. Due to the cooperation with the Bajaj-Group income in the amount of 0 k€ (previous year: 3,800 k€) and expenditures in the amount of 71,604 k€ (previous year: 74,604 k€) incurred.
Arm's length deliveries of motorcycles and spare parts are made to KTM New Zealand Ltd. and die KTM MIDDLE EAST AL SHAFAR LLC, two general importers in the KTM Group accounted for under the equity method. Arm's length deliveries of motorcycles and spare parts are made to KTM dealers in which the KTM Group holds minority investments and which are accounted for as other non-current financial assets.
Wohnbau-west Bauträger Gesellschat m.b.H., a direct subsidiary of Pierer Konzerngesellschaft mbH, as general contractor, provides services connected with planning and constructing the KTM logistics center in Munderfing for Oberbank Mattigtal Immobilienleasing GmbH, with which KTM Immobilien GmbH has concluded an arm's-length leasing contract. In 2014 KTM Immobilien GmbH made prepayments of 4,835 k€ to Oberbank Mattigtal Immobilienleasing GmbH.
The construction services provided by Wohnbau-west Bauträger Gesellschat m.b.H. in 2015 came to 14,730 k€ (previous year: 7,570 k€). Oberbank Leasing Gesellschaft mbH holds 90% and KTM AG 10% of Oberbank Mattigtal Immobilienleasing GmbH.
Pierer Industrie AG holds 100% in Moto Italia GmbH, Meran, Italy and 25.07% in All for One Steeb AG, Filderstadt, Germany. In 2014 the KTM Group purchased from Moto Italia spare parts for the "Husqvarna" brand in the amount of 4.6 m€. For the future sales of these spare parts, a division of margins was agreed that was fulfilled in 2014 ahead of schedule with a payment to Moto Italia GmbH in the amount of 1.3 m€. In the business year 2015 no major transactions took place. All for One Steeb AG provided IT consultancy services to the CROSS Industries Group for 5,435 k€ (previous year: 2,989 k€). As at balance sheet date liabilities towards All for One Steeb AG in the amount of 1,361 k€ (previous year: 27 k€) existed.
Mr. Gerald Kiska is member of the Supervisory Board of CROSS Industries AG, Wels and Chief Executive of Kiska GmbH, Anif in which KTM AG, Mattighofen, holds a 26.0% share. Furthermore Mr. Gerald Kiska is managing director of KTM Technologies GmbH, Anif. For services of Kiska GmbH expenditures in the amount of 12,278 k€ (previous year: 7,132 k€) as well as income in the amount of 684 k€ (previous year: 480 k€) arose in business year 2015. As of December 31, 2015 there were outstanding liabilities towards Kiska GmbH, Anif in the amount of 3,722 k€ (previous year: 3,796 k€).
Other material transactions with related parties and the amount of the outstanding balances with related parties were as follows:
| 2015 | Receivables | Liabilities | Earnings | Expenses |
|---|---|---|---|---|
| in K€ | ||||
| Shareholder (direct and indirect) | 10 | 1,657 | 649 | 5,424 |
| Financial assets accounted for using the equity method | 3,652 | 86 | 11,618 | 672 |
| Other related parties | 4,952 | 737 | 13,116 | 5,368 |
| 8,614 | 2,480 | 25,383 | 11,464 | |
| 2014 | Receivables | Liabilities | Earnings | Expenses |
| in K€ | ||||
| Shareholder (direct and indirect) | 713 | 3,910 | 185 | 3,970 |
| Financial assets accounted for using the equity method | 5,398 | 1 | 10,882 | 0 |
| Other related parties | 6,210 | 4,344 | 8,670 | 2,845 |
| 12,321 | 8,255 | 19,737 | 6,815 |
All transactions with affiliated companies and persons took place under standard market conditions.
The schedule of equity holdings comprises all companies, which have been included in the consolidated financial statements apart from the parent company (see page 120).
The following individuals were members of the Supervisory Board in 2015:
The following persons were members of the Management Board with collective power of representation in 2015:
Wels, March 11, 2016
The Management Board
Stefan Pierer Friedrich Roithner Alfred Hörtenhuber Wolfgang Plasser
Annex 1 to the consolidated notes: Schedule of holdings as of December 31, 2015 Annex 2 to the consolidated notes: Segment reporting as of December 31, 2015
(formerly: BF HOLDING AG) as at December 31, 2015
| Company | Initial consoli dation date |
Interest in % | Consolidation type |
|---|---|---|---|
| Fully consolidated companies: | |||
| Pankl Racing Systems AG, Kapfenberg | Jan. 1, 2008 | 55.85 | FC |
| Pankl Engine Systems GmbH & Co KG, Bruck upon Mur | Jan. 1, 2008 | 55.85 | FC |
| Pankl Drivetrain Systems GmbH & Co KG, Kapfenberg | Jan. 1, 2008 | 55.85 | FC |
| Pankl Racing Systems UK Ltd., Bicester, Great Britain | Jan. 1, 2008 | 55.85 | FCA |
| Pankl Holdings, Inc., Carson City, Nevada, USA | Jan. 1, 2008 | 55.85 | FCA |
| Capital Technology Beteiligungs GmbH, Bruck upon Mur | Jan. 1, 2008 | 55.85 | FC |
| CP-CARRILLO, LLC, Irvine, USA | Jan. 1, 2008 | 39.10 | FCA |
| Performance Equipment Company, LLC, Irvine, USA | Jan. 1, 2008 | 39.10 | FCA |
| Pankl Emission Control Systems GmbH, Kapfenberg | Jan. 1, 2008 | 55.85 | FC |
| Pankl Aerospace Systems Inc., Cerritos, USA | Jan. 1, 2008 | 55.85 | FCA |
| Pankl Beteiligungs GmbH, Kapfenberg | Jan. 1, 2008 | 55.85 | FC |
| Pankl Schmiedetechnik GmbH & Co KG, Kapfenberg | Jan. 1, 2008 | 55.85 | FC |
| Pankl Aerospace Systems Europe GmbH, Kapfenberg | Jan. 1, 2008 | 55.85 | FC |
| Pankl Automotive Slovakia s.r.o., Topolcany, Slovakia | Jan. 1, 2008 | 55.85 | FCA |
| Pankl Engine Systems Inc., Irvine, USA | Jul. 27, 2011 | 55.85 | FCA |
| Carrillo Acquisitions Inc., Irvine, USA | Dec. 23, 2011 | 55.85 | FCA |
| Pankl - APC Turbosystems GmbH, Mannheim, Germany | Sep. 28, 2012 | 39.10 | FCA |
| WP AG, Munderfing | Jun. 30, 2005 | 89.48 | FC |
| WP Performance Systems GmbH, Munderfing | Nov. 30, 2007 | 89.48 | FC |
| WP Components GmbH, Munderfing 1) | Dec. 31, 2009 | 89.48 | FC |
| WP Immobilien GmbH, Munderfing 2) | Apr. 30, 2005 | 90.01 | FC |
| CROSS KraftFahrZeug Holding GmbH, Wels | Sep. 30, 2010 | 100.00 | FC |
| KTM AG, Mattighofen 3) | May 31, 2005 | 51.28 | FC |
| KTM Immobilien GmbH (formerly: KTM Motorrad AG), Mattighofen 4) | May 31, 2005 | 51.47 | FC |
| KTM North America, Inc., Amherst, Ohio, USA | May 31, 2005 | 51.28 | FCA |
| KTM-Motorsports Inc., Amherst, Ohio, USA | May 31, 2005 | 51.28 | FCA |
| KTM-Sportmotorcycle Japan K.K., Tokyo, Japan | May 31, 2005 | 51.28 | FCA |
| KTM-Racing AG, Frauenfeld, Switzerland | May 31, 2005 | 51.28 | FCA |
| KTM-Sportcar GmbH, Mattighofen | May 31, 2005 | 51,28 | FC |
| KTM Motorcycles S.A. Pty. Ltd., Northriding, South Africa | Mar. 1, 2009 | 51.28 | FCA |
| KTM Sportmotorcycle Mexico C.V. de S.A., Lerma, Mexico | Jun. 1, 2009 | 51.28 | FCA |
| KTM South East Europe S.A., Elefsina, Greece | Nov. 1, 2010 | 51.28 | FCA |
| KTM Technologies GmbH, Anif | Oct. 1, 2008 | 37.95 | FC |
| KTM Sportmotorcycle GmbH, Mattighofen | Mar. 31, 2011 | 51.28 | FC |
| Company | Initial consoli dation date |
Interest in % | Consolidation type |
|---|---|---|---|
| KTM-Sportmotorcycle India Private Limited, Pune, India | Jun. 1, 2012 | 51.28 | FCA |
| Husqvarna Motorcycles GmbH, Mattighofen | Jan. 1, 2013 | 51.28 | FC |
| KTM-Sportmotorcycle GmbH, Ursensollen, Germany | Dec. 31, 2013 | 51.28 | FCA |
| KTM Switzerland Ltd, Frauenfeld, Switzerland | Dec. 31, 2013 | 51.28 | FCA |
| KTM-Sportmotorcycle UK Ltd., Brackley, Great Britain | Dec. 31, 2013 | 51.28 | FCA |
| KTM-Sportmotorcycle Espana S.L., Terrassa, Spain | Dec. 31, 2013 | 51.28 | FCA |
| KTM-Sportmotorcycle France SAS, Saint Priest, France | Dec. 31, 2013 | 51.28 | FCA |
| KTM-Sportmotorcycle Italia s.r.l., Gorle, Italy | Dec. 31, 2013 | 51.28 | FCA |
| KTM-Sportmotorcycle Nederland B.V., Malden, Netherlands | Dec. 31, 2013 | 51.28 | FCA |
| KTM-Sportmotorcycle Scandinavia AB, Örebro, Sweden | Dec. 31, 2013 | 51.28 | FCA |
| KTM-Sportmotorcycle Belgium S.A., Wavre, Belgium | Dec. 31, 2013 | 51.28 | FCA |
| KTM Canada Inc., St-Bruno, Canada | Dec. 31, 2013 | 51.28 | FCA |
| KTM Hungária Kft., Törökbálint, Hungary | Dec. 31, 2013 | 51.28 | FCA |
| KTM Central East Europe s.r.o., Bratislava, Slovakia | Dec. 31, 2013 | 51.28 | FCA |
| KTM Österreich GmbH, Mattighofen | Dec. 31, 2013 | 51.28 | |
| KTM Nordic Oy, Vantaa, Finland | Dec. 31, 2013 | 51.28 | FCA |
| KTM Sportmotorcycle d.o.o., Marburg, Slovenia | Dec. 31, 2013 | 51.28 | FCA |
| KTM Czech Republic s.r.o., Pilsen, Czech Republic | Dec. 31, 2013 | 51.28 | FCA |
| KTM Sportmotorcycle SEA PTE. Ltd. (formerly: KTM Sportmotorcycle Singapore PTE Ltd.), Singapur, Singapur |
Jan. 1, 2014 | 51.28 | FCA |
| Husqvarna Motorcycles Italia S.r.l., Albano Sant'Alessandro, Italy | Dec. 31, 2013 | 51.28 | FCA |
| Husqvarna Motorcycles Deutschland GmbH, Ursensollen, Germany | Dec. 31, 2013 | 51.28 | FCA |
| Husqvarna Motorcycles Espana S.L., Terrassa, Spain | Dec. 31, 2013 | 51.28 | FCA |
| Husqvarna Motorcycles UK Ltd., Brackley, Great Britain | Dec. 31, 2013 | 51.28 | FCA |
| Husqvarna Motorcycles France SAS, Saint Priest, France | Dec. 31, 2013 | 51.28 | FCA |
| HQV Motorcycles Scandinavia AB, Örebro, Sweden | Dec. 31, 2013 | 51.28 | FCA |
| Husqvarna Motorcycles North America, Inc., Murrieta, CA, USA | Dec. 1, 2013 | 51.28 | FCA |
| Husqvarna Motorsports, Inc., Murrieta, CA, USA | Apr. 1, 2015 | 51.28 | FCA |
| Husqvarna Motorcycles S.A. Pty. Ltd., Northriding, South Africa | Apr. 1, 2015 | 51.28 | FCA |
| Wethje Carbon Composites GmbH (formerly: Wethje Holding GmbH), Hengersberg, Germany |
- | 49.00 | IEA |
|---|---|---|---|
| Wethje Immobilien GmbH, Vilshofen-Pleinting, Germany 5) | - | 52.06 | IEA |
| KTM New Zealand Ltd., Auckland, New Zealand | - | 13.33 | IEA |
| Kiska GmbH, Anif | - | 13.33 | IE |
| KTM MIDDLE EAST AL SHAFAR LLC, Dubai, United Arab Emirates | - | 12.82 | IEA |
| Initial consoli | Consolidation | ||
|---|---|---|---|
| Company | dation date | Interest in % | type |
| Other non-current financial assets: | |||
| Durmont Teppichbodenfabrik GmbH, Hartberg | - | 24.00 | NC |
| PF Beteiligungsverwaltungs GmbH, Wels | - | 100.00 | NC |
| Network Performance Channel GmbH, Neu-Isenburg, Germany | - | 100.00 | NCA |
| ACstyria Autocluster GmbH, Grambach | - | 12.33 | NC |
| KTM Australia Pty Ltd., Perth, Australia | - | 51.28 | NCA |
| KTM Finance GmbH, Frauenfeld, Switzerland | - | 51.28 | NCA |
| KTM Wien GmbH, Mattighofen | - | 38.97 | NC |
| KTM do Brasil Ltda., Sao Paulo, Brasil | - | 51.28 | NCA |
| KTM Braumandl GmbH, Wels | - | 13.33 | NC |
| Project Moto Rütter & Holte GmbH, Oberhausen, Germany | - | 13.33 | NCA |
| MX - KTM Kini GmbH, Wiesing | - | 13.33 | NC |
| KTM Regensburg GmbH, Regensburg, Germany | - | 13.33 | NCA |
| Oberbank Mattigtal Immobilienleasing GmbH, Linz | - | 5.13 | NC |
| Mattighofen Museums-Immobilien GmbH, Mattighofen | - | 25.13 | NC |
| KTM Events & Travel Service AG, Frauenfeld, Switzerland 6) | - | 51.28 | NCA |
| KISKA Inc., Murrieta, USA | - | 26.15 | NCA |
| Pankl Japan Inc., Tokyo, Japan | - | 55.85 | NCA |
| WP Suspension B.V., Malden, Netherlands | - | 89.48 | NCA |
| WP Cooling Systems (Dalian) Co., Ltd., Dalian, China | - | 89.48 | NCA |
| WP Germany GmbH, Ursensollen, Germany | - | 89.48 | NCA |
| WP Suspension North America, Inc., Murrieta, CA, USA | - | 89.48 | NCA |
| BFS Brain Force Software AG, Maur, Switzerland 6) | - | 100.00 | NCA |
1) 0.02% are held by CROSS Industries AG
2) 5% are held by Cross Industries AG
3) 51.18% are held by CROSS KraftFahrZeug Holding GmbH; 0.1% are held by CROSS Industries AG
4) 0.39% are held by CROSS KraftFahrZeug Holding GmbH
5) 6% are held by Cross Industries AG
6) in liquidation
NC Not consolidated due to little or no significance, Austria
NCA Not consolidated due to little or no significance, abroad
| 2015 | KTM | PANKL | WP | Other | Consoli dation |
Group continuing operations |
Discon tinued operations |
|---|---|---|---|---|---|---|---|
| in k€ | |||||||
| Revenues (including revenues within the segments) |
1,022,487 | 173,638 | 144,583 | 19,641 | -136,779 | 1,223,570 | 0 |
| Revenues external | 1,021,385 | 165,494 | 24,377 | 12,314 | 0 | 1,223,570 | 0 |
| Earnings from operating activities | 95,105 | 10,205 | 9,692 | -2,080 | -69 | 112,853 | 0 |
| Investments | 110,893 | 11,639 | 10,464 | 184 | -224 | 132,956 | 0 |
| Depreciation | 46,419 | 13,437 | 3,876 | 1,839 | 0 | 65,571 | 0 |
| Share of the earnings of companies, that are accounted for under the equity |
133 | 0 | 0 | -2,984 | 0 | -2,851 | 0 |
method
| 2014 | KTM | PANKL | WP | Other | Consoli dation |
Group continuing operations |
Discon tinued operations |
|---|---|---|---|---|---|---|---|
| in k€ | |||||||
| Revenues (including revenues within the segments) |
864,635 | 165,027 | 121,091 | 48,948 | -113,401 | 1,086,300 | 23,967 |
| Revenues external | 864,462 | 158,225 | 20,831 | 42,782 | 0 | 1,086,300 | 23,277 |
| Earnings from operating activities | 75,377 | 11,894 | 8,553 | -2,793 | -25 | 93,006 | -1,650 |
| Investments | 84,363 | 17,504 | 4,679 | 627 | 0 | 107,173 | 1,270 |
| Depreciation | 36,686 | 12,423 | 3,567 | 2,415 | 0 | 55,091 | 1,408 |
| Share of the earnings of companies, that are accounted for under the equity method |
628 | 0 | 0 | -272 | 0 | 356 | 0 |
We have audited the accompanying consolidated financial statements of CROSS Industries AG (formerly: BF HOLDING AG), Wels, that comprise the balance sheet as of 31 December 2015, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of cash flows and the consolidated statement of changes in equity for the fiscal year then ended, and the notes.
The Company's management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements pursuant to Section 245a UGB (Austrian Commercial Code) and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Austrian Standards on Auditing. Those standards require that we comply with International Standards on Auditing – ISA. In accordance with International Standards on Auditing, we are required to comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about 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 our 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, we consider internal control relevant to the Group's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Our audit did not give rise to any objections. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2015 and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.
Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the other disclosures are not misleading with respect to the Company's position. The auditor's report also has to contain a statement as to whether the management report for the Group is consistent with the consolidated financial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
In our opinion, the management report for the Group is consistent with the consolidated financial statements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
Linz, 11 March 2016
KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Ernst Pichler Wirtschaftsprüfer (Austrian Chartered Accountant)
The consolidated financial statements together with our auditor's opinion may only be published if the consolidated financial statements and the management report for the Group are identical with the audited version attached to this report. Section 281 paragraph 2 UGB (Austrian Commercial Code) applies.
We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and that the group management report gives a true and fair view of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties the group faces.
We confirm to the best of our knowledge that the separate financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company as required by the applicable accounting standards and that the management report gives a true and fair view of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties the company faces.
Wels, March 2016
The Management Board CROSS Industries AG
Stefan Pierer Friedrich Roithner Alfred Hörtenhuber Wolfgang Plasser
| Financial calendar | |
|---|---|
| March 16, 2016 | Publication Year-end Results 2015 |
| April 6, 2016 | Publication Annual Financial Report 2015 |
| April 17, 2016 | Record Date General Meeting |
| April 27, 2016 | 19th Annual General Meeting of CROSS Industries AG |
| April 29, 2016 | Ex-Dividend Day |
| May 2, 2016 | Record Date |
| May 3, 2016 | Dividend Payment Day |
| May 13, 2016 | Report on the 1st Quarter 2016 |
| August 26, 2016 | Report on the 1st Half-Year 2016 |
| November 11, 2016 | Report on the 3rd Quarter 2016 |
Owner and publisher CROSS Industries AG Edisonstraße 1 4600 Wels, Österreich FN 78112 x / Regional court Wels as commercial court
Concept and design: Grafik-Buero Elena Gratzer, 4600 Wels
While every care was taken in compiling this Annual Report and checking that the data it contains is correct, slight differences in totals from adding up rounded amounts and percentages, typographical errors and misprints cannot be excluded.
This report and the forward-looking statements it contains were prepared on the basis of all the data and information available at the time of going to press. We wish to point out, however, that various factors may cause the actual results deviate from the forward-looking statements given in the report.
This annual report is published in German and English. In the event of disputes, the German version shall take precedence.
Edisonstraße 1, 4600 Wels Telefon: +43 (0)7242 / 69402 Fax: +43 (0)7242 / 69402 / 109 [email protected] www.crossindustries.at
zum 31. Dezember 2015
Lagebericht Bilanz Gewinn- und Verlustrechnung Anhang Anlage 1 zum Anhang: Anlagenspiegel Anlage 2 zum Anhang: Beteiligungsliste Bestätigungsvermerk Erklärung der gesetzlichen Vertreter
Da diese Gesellschaft eine reine Holdinggesellschaft ist, beinhaltet der Lagebericht neben den Informationen des Einzelabschlusses auf Basis UGB (Teil 1) auch die Informationen des Konzernabschlusses auf Basis IFRS (Teil 2).
Das Geschäftsjahr für den Einzelabschluss der CROSS Industries AG umfasst den Zeitraum vom 1.1.2015 bis 31.12.2015.
Das Geschäftsjahr 2015 der CROSS Industries AG (vormals BF HOLDING AG) war von wesentlichen gesellschaftsrechtlichen Veränderungen geprägt. Die im Herbst 2014 angekündigte Verschmelzung der CROSS Industries AG auf die BF HOLDING AG wurde erfolgreich durchgeführt.
Die Verschmelzung wurde am 2. Juni 2015 in das Firmenbuch eingetragen und das Unternehmen firmiert seither unter der Firmenbezeichnung CROSS Industries AG. Durch die Verschmelzung hat sich auch das Geschäftsfeld der Gesellschaft geändert – der Geschäftsgegenstand der neuen CROSS Industries AG ist die Ausübung einer Holdinggesellschaft im automotiven Sektor.
Die CROSS Industries AG besitzt zum Abschlussstichtag über die CROSS KraftFahrZeug Holding GmbH eine Mehrheitsbeteiligung an der KTM AG. Weiters hält sie 89,48% der Anteile an der WP AG, 55,85% der Anteile an der Pankl Racing Systems AG sowie 49% Anteile an der Wethje Carbon Composites GmbH. Zum Stichtag 31.12.2015 hält die CROSS Industries AG weitere 100% der Anteile an der PF Beteiligungsverwaltungs GmbH, 100% der Anteile an der Network Performance Channel GmbH, 24% an der Durmont Teppichbodenfabrik GmbH und 12,33% an der ACstyria Autocluster GmbH.
Da die CROSS Industries AG im Wesentlichen die Aufgaben einer Holdinggesellschaft erfüllt, wird im Lagebericht auch auf die Entwicklungen des Geschäftsjahres 2015 ihrer Tochtergesellschaften sowie des Konzerns insgesamt eingegangen.
Aufgrund der Verschmelzung der CROSS Industries AG auf die BF HOLDING AG sind die Vorjahreszahlen nur bedingt vergleichbar.
Die CROSS Industries AG hat im abgelaufenen Geschäftsjahr einen Jahresgewinn von € 8,96 Mio. (Vorjahr: Jahresverlust TEUR -10) erzielt. Positiv wirkten sich im Wesentlichen Dividendenerträge aus den Beteiligungsunternehmen aus sowie Erträge aus dem Abgang der Beteiligung an der Durmont Teppichbodenfabrik GmbH. Negativ wirkte sich neben den sonstigen betrieblichen Aufwendungen im Wesentlichen auch die Abschreibungen von verbundenen Unternehmen und von Beteiligungen der Wethje Carbon Composites GmbH sowie der PF Beteiligungsverwaltungs GmbH auf das Ergebnis aus. Die Eigenkapitalquote beträgt zum Stichtag 31.12.2015 58,9% und liegt somit auf einem sehr hohen Niveau.
Die Bilanzsumme zum 31.12.2015 lag bei € 415,0 Mio. (Vorjahr: TEUR 26.698). Das Anlagevermögen hat sich im Geschäftsjahr 2015 auf € 355,3 Mio. erhöht und ist im Wesentlichen auf den Zugang an Anteilen an verbundenen Unternehmen sowie Beteiligungen durch die Verschmelzung der CROSS Industries AG auf die BF HOLDING AG (nunmehr: CROSS Industries AG) und Übertragung ihres Vermögen als Ganzes in die CROSS Industries AG zurückzuführen.
Das Umlaufvermögen hat sich im Geschäftsjahr 2015 auf € 59,4 Mio. erhöht (Vorjahr: TEUR 26.247) und ist im Wesentlichen auf die Erhöhung der Forderungen und sonstigen Vermögensgegenstände in Höhe von € 58,9 Mio. zurückzuführen. Die darin enthaltenen Forderungen gegenüber verbundenen Unternehmen betragen zum Stichtag € 57,4 Mio. (Vorjahr: TEUR 1.802) und betreffen im Wesentlichen Finanzierungsforderungen sowie Forderungen aus phasengleicher Ergebnisübernahme.
Das Eigenkapital betrug zum Stichtag € 244,6 Mio. (Vorjahr: TEUR 25.191). Im Rahmen der Verschmelzung der CROSS Industries AG auf die BF HOLDING AG wurde das Grundkapital der Gesellschaft um EUR 210.000.000 auf EUR 225.386.742 durch Ausgabe von 210.000.000 Stück jungen Aktien erhöht.
Die Verbindlichkeiten lagen zum Ende des Geschäftsjahres 2015 bei € 169,5Mio. (Vorjahr: TEUR 1.346). Von den Verbindlichkeiten betreffen € 76,0 Mio. (Vorjahr: € 0) Anleihen, € 56,5 Mio. (Vorjahr: € 0) Schuldscheindarlehen, € 30,0 Mio. (Vorjahr: € 0) Namensschuldverschreibungen, € 2,3 Mio. (Vorjahr: TEUR 1.229) Verbindlichkeiten gegenüber Kreditinstituten, 1,3 Mio. (Vorjahr: TEUR 36) Verbindlichkeiten gegenüber verbundenen Unternehmen sowie € 2,6 Mio. (Vorjahr: TEUR 11) sonstige Verbindlichkeiten.
Im Jahresdurchschnitt beschäftigte die Gesellschaft 13 (Vorjahr: 1) MitarbeiterInnen.
Das Geschäftsjahr 2015 der CROSS Industries AG (vormals: BF HOLDING AG) war von wesentlichen gesellschaftsrechtlichen Veränderungen geprägt. Die im Herbst 2014 angekündigte Verschmelzung der CROSS Industries AG auf die BF HOLDING AG wurde erfolgreich durchgeführt.
Die Verschmelzung wurde am 2. Juni 2015 in das Firmenbuch eingetragen und das Unternehmen firmiert seither unter der Firmenbezeichnung CROSS Industries AG. Durch die Verschmelzung hat sich auch das Geschäftsfeld der aufnehmenden Gesellschaft (BF HOLDING AG) geändert – der Geschäftsgegenstand der neuen CROSS Industries AG ist die Ausübung einer Holdinggesellschaft im automotiven Sektor. Die CROSS Industries-Gruppe ist ein globaler Automotiv-Nischenproduzent mit weltweit bekannten Marken (KTM, Husqvarna, Pankl, WP), die in ihren Segmenten jeweils zu den Technologie- und Marktführern zählen. Im Vordergrund steht die strategische industrielle Führung und Entwicklung der Mehrheitsbeteiligungen. Innerhalb der Konzernbereiche wird auf die wechselseitige Nutzung der Synergiepotentiale und auf eine Weiterentwicklung der Kooperationsprojekte gesetzt. Durch die Bündelung der Kernkompetenzen wird ein Wettbewerbsvorsprung erzielt. Für weitere Informationen zu den Mehrheitsbeteiligungen verweisen wir auf den Konzernanhang (Punkt I. Unternehmen).
Mit Wirkung der Eintragung der Verschmelzung in das Firmenbuch wurden Dipl.-Ing. Stefan Pierer, Mag. Friedrich Roithner, Ing. Alfred Hörtenhuber und Mag. Wolfgang Plasser als neue Vorstandsmitglieder der Gesellschaft bestellt.
Im Rahmen der Verschmelzung der CROSS Industries AG auf die BF HOLDING AG wurde das Grundkapital der Gesellschaft um EUR 210.000.000 auf EUR 225.386.742 durch Ausgabe von 210.000.000 jungen Aktien erhöht. Diese jungen Aktien wurden der Pierer Industrie AG als Alleinaktionärin der übertragenden Gesellschaft zugewiesen.
Weiters wurde im Juni 2015 bekannt gegeben, dass die Wiener Börse die im Rahmen der Verschmelzung ausgegebenen 210.000.000 jungen Aktien zum Amtlichen Handel zugelassen hat und die jungen Aktien seit dem 8. Juni 2015 handelbar sind. Die Pierer Industrie AG, Hauptaktionärin der CROSS Industries AG, hat im Juni im Rahmen einer prospektfreien Privatplatzierung 52.828.074 Aktien der Gesellschaft (rund 23,44% des Grundkapitals) verkauft und somit die Kriterien für die Aufnahme der Aktien der Gesellschaft in den prime market der Wiener Börse geschaffen. Seit dem 22. Juni 2015 notieren die Aktien der CROSS Industries AG im prime market der Wiener Börse. Die Pierer Industrie AG hält zum 31.12.2015 74,89% Anteile an der CROSS Industries AG.
Die im Juli 2015 von 6 Aktionären der Gesellschaft gemäß § 225c AktG eingebrachten Anträge auf Überprüfung des im Rahmen der Verschmelzung festgelegten Umtauschverhältnisses wurden allesamt zurückgezogen. Ebenso wurde eine Anfechtungsklage gegen den Hauptversammlungsbeschluss hinsichtlich der Verschmelzung der BF HOLDING AG mit der CROSS Industries AG im September 2015 aufgrund eines Anspruchsverzichtes des Klägers beendet. Damit bestehen im Zusammenhang mit der Verschmelzung der BF HOLDING AG mit der CROSS Industries AG keine offenen Verfahren mehr.
Im Oktober 2015 wurde der Anfechtungsklage eines Minderheitsaktionärs Folge gegeben und der Zustimmungsbeschluss der Hauptversammlung vom 25.07.2014 zum Verkauf der operativen Beteiligungen der BRAIN FORCE Gruppe in Deutschland und Italien für nichtig erklärt. Die Gesellschaft hat gegen das Urteil des erstinstanzlichen Gerichts Berufung eingelegt. Der Ausgang dieses Verfahren hat jedoch keine Auswirkungen auf die Wirksamkeit des Verkaufs dieser Beteiligungen.
Weiters wurde bekannt gegeben, dass das Aktienrückkaufprogramm der CROSS Industries AG am 29. Juli 2015 vorzeitig beendet wurde. Im Zeitraum vom 13. März 2014 bis zum 29. Juli 2015 wurden 71.038 Stückaktien zurückgekauft. Der Vorstand der CROSS Industries AG hat am 28. August 2015 den Beschluss gefasst, die von ihr gehaltenen 71.038 eigenen Aktien über die Wiener Börse zu verkaufen und ein entsprechendes Veräußerungsprogramm festgelegt sowie veröffentlicht. Am 1. Dezember 2015 wurde beschlossen das Veräußerungsprogramm bis 11. Juni 2016 zu verlängern. Zum Stichtag am 31. Dezember 2015 wurden 10.008 Stück eigene Aktien über die Wiener Börse verkauft.
Nach Abschluss der Verschmelzung der CROSS Industries AG wurde im Juli 2015 die langfristige Finanzierung neu strukturiert. Die ewige Anleihe (Perpetual Bond) der CROSS Industries AG in Höhe von ursprünglich € 60 Mio. wurde im Ausmaß von € 59 Mio. im Rahmen eines Rückkaufangebotes vorzeitig getilgt. Die Rückzahlung der Anleihe wurde durch eine Neufinanzierung, welche in einer Gesamthöhe von € 86,5 Mio. abgeschlossen wurde, finanziert. Diese erfolgte durch langfristige Kapitalmarktprodukte (Schuldscheindarlehen und Namensschuldverschreibungen) mit Laufzeiten zwischen 5 und 10 Jahren. Die verbliebene Anleihe im Nominale von € 1,01 Mio. wurde von der CROSS Industries AG unter Einhaltung der ordentlichen Kündigungsfrist am 7. Februar 2016 gekündigt und zurückgezahlt.
Im April 2015 fand die erfolgreiche Unternehmensentwicklung der WP-Gruppe im Börsegang einen Höhepunkt. Die Aktien der WP AG notieren seit dem 10. April 2015 an der Wiener Börse im Geregelten Freiverkehr, Marktsegment Midmarket.
Weiters wurde eine Partnerschaft zwischen der CROSS Industries AG und der AGM Automotive LLC, Troy Michigan, USA, eingegangen. Die CROSS Industries AG hat im April 2015 der AGM Automotive LLC die Mehrheitsbeteiligung an der Durmont Teppichbodenfabrik GmbH verkauft. Die CROSS Industries AG bleibt mit 24% weiterhin an der Durmont Teppichbodenfabrik GmbH beteiligt.
Nach Einschätzungen des Internationalen Währungsfonds (IWF) vom Jänner 2016 wird sich die Weltwirtschaft etwas schwächer erholen, als in der Prognose vom Jänner 2015 angenommen wurde. Der IWF sieht für das Jahr 2016 einen Anstieg der weltweiten Wirtschaftsleistung von 3,4 %, wobei für Industrieländer ein Wachstum von 2,1 % für 2016 und 2017 angenommen wird. Für die Eurozone wird jedoch nur eine Entwicklung von 1,7 % für 2015 und 2016 prognostiziert. Die Entwicklung im USamerikanischen Raum wird mit einem Anstieg von 2,6% angekündigt. Für das Jahr 2017 sieht der IWF ein weltweites Wachstum von 3,6 %.
Für die Schwellen- und Entwicklungsländer wird nach wie vor ein Wachstum der Wirtschaftsleistung von 4,3 % für das Jahr 2016 und 4,7 % für das Jahr 2017 prognostiziert, wobei für Indien mit einem Wachstum von 7,5 % für 2016 und 2017 die größte Entwicklung erwartet wird.
Der europäische Gesamtmarkt1 konnte im Vergleich zum Vorjahr mit 494.108 zugelassenen Fahrzeugen um 10,7% zulegen. Der Anstieg ist vorwiegend auf die positive Entwicklung in den größten europäischen Märkten wie Deutschland (+ 7,7%), Italien (+ 14,6%), Spanien (+ 21,8%) und Großbritannien (+ 21,0%) zurückzuführen.
Die Fahrzeuge der Marke KTM konnten in einem schwierigen Marktumfeld in den wesentlichen Märkten wie Österreich (+ 1 Prozentpunkt zum Vorjahr) und Finnland (+ 3,2 Prozentpunkte zum Vorjahr) die Marktanteile steigern. Am europäischen Gesamtmarkt beträgt der Marktanteil von KTM 8,4%. Der Marktanteil von Husqvarna konnte sich in den Märkten in Schweden (+1 Prozentpunkt zum Vorjahr), Österreich (+ 1,4 Prozentpunkte zum Vorjahr) und Finnland (+ 0,6 Prozentpunkte zum Vorjahr) positiv entwickeln. Am europäischen Gesamtmarkt beträgt der Marktanteil von Husqvarna 1,1%.
Die Zulassungen am US-Gesamtmarkt2 erhöhten sich im Geschäftsjahr 2015 gegenüber dem Vorjahr um 4,1% auf 419.864 Fahrzeuge. KTM konnte die Marktanteile am US-Gesamtmarkt gegenüber dem Vorjahr um 0,4 Prozentpunkte auf 5,2% steigern. Husqvarna steigerte seine Marktanteile um 0,2 Prozentpunkte auf 0,8% am US-Gesamtmarkt.
Der Konzernumsatz erhöhte sich gegenüber dem Vorjahr um 18,3% von € 864,6 Mio. auf € 1.022,5 Mio. Der Umsatz in Nordamerika erhöhte sich gegenüber dem Vorjahr um 49,7% auf € 301,8 Mio. und entspricht 29,5% des Gesamtumsatzes. In Europa erhöhte sich der Umsatz gegenüber dem Vorjahr um 10,9% auf € 512,2 Mio.; hier beträgt der Gesamtumsatzanteil 50,1%. In den übrigen Ländern
1 Motorräder >= 120ccm ohne Motocross, Scooters und ATVs, inkl. Elektromotorräder
2 Motorräder >= 120 ccm inklusive Motocross, ohne Scooters und ATVs, inkl. Elektromotorräder
erhöhte sich der Umsatz gegenüber dem Vorjahr um 3,6% auf € 208,5 Mio. Der Gesamtumsatzanteil in den übrigen Ländern beträgt 20,4%.
Der Anteil der Motorräder inkl. Sportminicycles und X-Bows am Gesamtumsatz ist mit 83,8% gegenüber dem Vorjahr (82,5%) in etwa unverändert geblieben. Die Umsätze im Offroad-Segment erhöhten sich im Vergleich zum Vorjahr um 22,5% auf € 425,4 Mio. (41,6% am Umsatz). Im Street-Segment erhöhten sich die Umsätze gegenüber dem Vorjahr um 18,6% auf € 390,6 Mio. (38,2% am Umsatz). Der Umsatz mit Ersatzteilen, Bekleidung und Zubehör (PowerWear und PowerParts) und Sonstige erhöhte sich im Vergleich zum Vorjahr um 9,6% auf € 165,3 Mio.
Die Umsatzerlöse der Pankl-Gruppe konnten im Geschäftsjahr 2015 gegenüber dem Vorjahr um 5% auf einen neuen Rekordwert von € 173,6 Mio. gesteigert werden. Während im Bereich Racing sowie im Bereich Aerospace die Umsätze rückläufig waren, konnte im Bereich High Performance ein deutliches Umsatzplus erzielt werden. Die USA stellen mit 29,4% Anteil am Gesamtumsatz weiterhin den größten Absatzmarkt dar. Die wichtigsten Absatzmärkte in Europa sind Deutschland (25,8%), Österreich (10,8%) und Italien (9,5%).
Die Umsätze in den Bereichen Racing/High Performance konnten im Geschäftsjahr 2015 um 8,4% von € 137,2 Mio. auf € 148,7 Mio. gesteigert werden. Hauptursache für diese erfreuliche Entwicklung war ein massives Wachstum im High Performance-Werk in Kapfenberg nach Inbetriebnahme der neuen automatisierten Pressenlinie im Herbst 2014 sowie ein Wachstum in den High Performance-Werken in Bruck an der Mur und in der Slowakei. Der Rennsportbereich war im Geschäftsjahr 2014 von einer Sonderkonjunktur zu Jahresbeginn aufgrund von Reglementänderungen geprägt und konnte daher 2015 erwartungsgemäß nicht den Vorjahresumsatz erreichen.
Die Entwicklung des Bereichs Aerospace ist nach wie vor von einer schwachen Nachfrage an zivilen Helikoptern geprägt. Grund hierfür ist der anhaltend niedrige Rohölpreis und der damit einhergehende geringere Bedarf an Helikoptern für den Offshore-Einsatz der Ölindustrie. Das anlaufende Geschäft mit Triebwerkswellen für Flächenflugzeuge konnte diesen Effekt etwas dämpfen. Der Umsatz des Bereichs Aerospace verringerte sich im Geschäftsjahr 2015 von € 28,0 Mio auf € 25,6 Mio. bzw. um 8,6%.
Das Geschäftsjahr 2015 der WP Gruppe war von einem starken Umsatzwachstum und von wichtigen Neuproduktanläufen geprägt. Der Umsatz des Konzerns konnte von € 121,1 Mio. auf € 144,6 Mio. gesteigert werden. Der Umsatzanstieg war in allen Produktsparten und über einen Großteil der Kundensegmente festzustellen. Das Ergebnis vor Steuer lag bei € 8,7 Mio. und konnte gegenüber dem Vorjahr deutlich gesteigert werden (Vorjahr: € 5,3 Mio.). Die Ertragslage des Konzerns war aber durch hohe Kosten für Neuproduktanläufe und gestiegenen Kosten für Forschung und Entwicklung gekennzeichnet.
Im abgelaufenen Jahr erfolgte für zwei wichtige Produkte in der Division Fahrwerke der Serienstart. Zum einen kam es zum Serienanlauf der ersten von WP entwickelten und gefertigten Semiaktiven Fahrwerke. Weiteres wurde mit der "AER 48" die erste von WP entwickelte Luftgabel für Motocross Motorräder auf den Markt gebracht.
Für weitere Informationen zu den einzelnen Segmenten wird auf die jeweiligen Konzernabschlüsse der Unternehmen bzw. auf deren Homepage verwiesen.
| 2015 | 2014 | 2013 | |
|---|---|---|---|
| Mio. € | Mio. € | Mio. € | |
| Ertragskennzahlen: | |||
| Umsatz | 1.223,6 | 1.086,3 | 910,6 |
| Betriebsergebnis vor Abschreibung (EBITDA) | 178,4 | 148,1 | 116,7 |
| EBITDA-Marge | 14,6% | 13,6% | 12,8% |
| Ergebnis der betrieblichen Tätigkeit (EBIT) | 112,9 | 93,0 | 65,9 |
| EBIT-Marge | 9,2% | 8,6% | 7,2% |
| Ergebnis aus fortgeführten Geschäftsbereichen | 65,0 | 54,9 | 45,7 |
| Ergebnis aufgegebener Geschäftsbereiche | 0,0 | 2,1 | -14,0 |
| Operativer Cash-Flow | 106,9 | 82,1 | 64,1 |
| Bilanzkennzahlen: | |||
| Bilanzsumme | 1.177,6 | 1.031,1 | 939,2 |
| Eigenkapital | 386,6 | 370,9 | 308,5 |
| Eigenkapitalquote | 32,8% | 36,0% | 32,8% |
| Working Capital employed 1) | 243,3 | 206,8 | 180,4 |
| Nettoverschuldung 2) | 387,4 | 315,1 | 342,7 |
1) Working Capital employed: Forderungen aus LuL zuzüglich Vorräte abzüglich Verbindlichkeiten aus LuL
2) Nettoverschuldung: Finanzverbindlichkeiten abzüglich Flüssige Mittel
Als Vorjahreszahlen wurde der Konzernabschluss der CROSS Industries AG herangezogen, wodurch trotz der Verschmelzung im Juni 2015 die Vergleichbarkeit gegeben ist.
Im Geschäftsjahr 2015 erzielte die CROSS Industries-Gruppe Umsatzerlöse in Höhe von € 1.223,6 Mio. (Vorjahr: € 1.086,3 Mio.) und ein Ergebnis der betrieblichen Tätigkeit (EBIT) in Höhe von € 112,9 Mio., welches im Vergleich zur Vorjahresperiode um rund 21% gestiegen ist (Vorjahr: € 93,0 Mio.).
| Umsatz Beteiligungsunternehmen | 2015 | 2014 | 2013 |
|---|---|---|---|
| Mio. € | Mio. € | Mio. € | |
| KTM AG | 1.022,5 | 864,6 | 716,4 |
| Pankl Racing Systems AG | 173,6 | 165,0 | 139,8 |
| WP AG | 144,6 | 121,1 | 111,1 |
| Sonstige und Konsolidierung | -117,1 | -64,5 | -56,7 |
| CROSS Industries Gruppe | 1.223,6 | 1.086,3 | 910,6 |
| EBIT Beteiligungsunternehmen | 2015 | 2014 | 2013 |
| Mio. € | Mio. € | Mio. € | |
| KTM AG | 95,1 | 75,4 | 54,9 |
| Pankl Racing Systems AG | 10,2 | 11,9 | 6,2 |
| WP AG | 9,7 | 8,6 | 6,4 |
| Sonstige und Konsolidierung | -2,1 | -2,8 | -1,5 |
| CROSS Industries Gruppe | 112,9 | 93,0 | 65,9 |
Die KTM-Gruppe konnte den Absatz – unter Berücksichtigung der in Indien durch den KTM-Partner Bajaj verkauften Duke 200, Duke 390, RC 200 und RC 390 – im Geschäftsjahr 2015 auf 183.170 (+15% zum Vorjahr) steigern. Der Umsatz stieg auf € 1.022,5 Mio. (+18 % gegenüber dem Vorjahr). Durch diesen deutlichen Anstieg bei Absatz und Umsatz konnte KTM das EBIT auf € 95,1 Mio. gegenüber € 75,4 Mio. im Vorjahr steigern (+26% zum Vorjahr).
Die Pankl-Gruppe erzielte im Geschäftsjahr 2015 einen Umsatz von € 173,6 Mio. (Vorjahr: € 165,0 Mio.). Das EBIT beträgt € 10,2 Mio. und hat sich im Vergleich zum Vorjahr (€ 11,9 Mio.) verringert. Die EBIT-Marge liegt bei 5,9% (Vorjahr: 7,2%). Während im Bereich Racing innerhalb des Segmentes Racing/High Performance sowie im Segment Aerospace die Umsätze rückläufig waren, konnte im Bereich High Performance ein deutliches Umsatzplus erzielt werden.
Die WP-Gruppe steigerte im Geschäftsjahr 2015 den Umsatz um rund 19 % von € 121,1 Mio. im Vergleichszeitraum des Vorjahres auf insgesamt € 144,6 Mio. Der Umsatzanstieg war in allen Produktsparten und über einen Großteil der Kundensegmente festzustellen. Die Ertragslage des Konzerns war aber durch hohe Kosten für Neuproduktanläufe und gestiegene Kosten für Forschung und Entwicklung gekennzeichnet. Das EBIT lag in der Berichtsperiode mit € 9,7 Mio. um rund 13% über dem Vorjahr.
| 2015 | 2014 | 2013 | ||||
|---|---|---|---|---|---|---|
| Mio. € | in % | Mio. € | in % | Mio. € | in % | |
| Langfristige Vermögenswerte | 639,2 | 54% | 579,7 | 56% | 535,3 | 57% |
| Kurzfristige Vermögenswerte | 538,4 | 46% | 451,4 | 44% | 403,9 | 43% |
| Vermögenswerte | 1.177,6 | 100% | 1.031,1 | 100% | 939,2 | 100% |
| Eigenkapital | 386,6 | 33% | 370,9 | 36% | 308,5 | 33% |
| Langfristige Schulden | 532,9 | 45% | 411,7 | 40% | 398,4 | 42% |
| Kurzfristige Schulden | 258,1 | 22% | 248,5 | 24% | 232,3 | 25% |
| Eigenkapital und Schulden | 1.177,6 | 100% | 1.031,1 | 100% | 939,2 | 100% |
Die Bilanzstruktur der CROSS Industries-Gruppe hat sich wie folgt entwickelt:
Die Bilanzsumme der CROSS Industries-Gruppe erhöhte sich gegenüber dem Vorjahr um € 146,5 Mio. bzw. 14% auf € 1.177,6 Mio.
Die langfristigen Vermögenswerte sind im Geschäftsjahr 2015 um € 59,5 Mio. aufgrund der Investitionstätigkeit auf € 639,2 Mio. angestiegen. Ihr Anteil am gesamten Vermögen ist aber von 56% auf 54% gesunken. Die kurzfristigen Vermögenswerte haben sich um € 87,0 Mio. auf 538,4 Mio. erhöht. Diese Zunahme beruht zum einen auf dem wachstumsbedingten Anstieg der Vorräte und der Forderungen aus Lieferungen und Leistungen in Höhe von € 36,3 Mio. sowie auf den um € 45,7 Mio. erhöhten Stand an Zahlungsmitteln zum Stichtag.
Das Eigenkapital erhöhte sich im Geschäftsjahr um € 15,7 Mio. von € 370,9 Mio. auf € 386,6 Mio. Die Eigenkapitalquote beträgt zum 31.12.2015 32,8% (Vorjahr: 36,0%). Dieser Rückgang ist auf die Refinanzierung der bisher im Eigenkapital bilanzierten ewigen Anleihe der CROSS Industries AG in Höhe von € 60 Mio. zurückzuführen.
Durch die Refinanzierung der ewigen Anleihe, die Finanzierung von Investitionen sowie des Wachstums sind die langfristigen verzinslichen Verbindlichkeiten um € 105 Mio. angestiegen und führten im Wesentlichen zur Zunahme der langfristigen Schulden um € 121,2 Mio. auf € 532,9 Mio.
Die Refinanzierung der ewigen Anleihe hatte Auswirkungen auf das Eigenkapital und die Nettoverschuldung des Konzerns und die damit zusammenhängenden Kennzahlen. Wäre die ewige Anleihe zum 31.12.2015 noch im Eigenkapital bilanziert so hätte die Eigenkapitalquote 38% betragen. Die Nettoverschuldung würde € 327,4 Mio. betragen und ein Gearing von 73% ergeben.
Der Cashflow aus dem operativen Bereich lag im Geschäftsjahr 2015 bei € 106,9 Mio. und damit über dem Vorjahreswert von € 82,1 Mio. Der Zahlungsmittelabfluss aus Investitionen betrug € -110,1 Mio. Nach Berücksichtigung des Cashflows aus Finanzierungsaktivitäten in Höhe von € 50,7 Mio. erhöhten sich die liquiden Mittel im Vergleich zum 31.12.2014 um € 45,7 Mio. auf € 135,1 Mio. im Geschäftsjahr 2015.
Im abgelaufenen Geschäftsjahr wurden in der CROSS Industries-Gruppe € 133,0 Mio. (Vorjahr: € 108,4 Mio.) in Sachanlagen und Immaterielle Vermögenswerte investiert, wovon rund € 110,9 Mio. (Vorjahr: € 84,4 Mio.) aus der KTM-Gruppe stammen. Im laufenden Geschäftsjahr wurden bei KTM neben den gewohnt hohen Investitionen in Serienentwicklungsprojekte (€ 43,5 Mio.) und in die Anschaffung von Werkzeugen erhebliche Kapazitäts- und Erweiterungsinvestitionen vorgenommen. Es wurde das KTM Logistikzentrum in Munderfing fertiggestellt und mit dem Bau eines neuen Motorsportgebäudes begonnen.
Die Pankl-Gruppe investierte im Geschäftsjahr 2015 in Sachanlagen und immaterielle Vermögenswerte € 11,6 Mio. (Vorjahr: € 17,5 Mio.). Die Investitionen verteilen sich wie folgt auf folgende Anlagengruppen: Immaterielle Vermögenswerte € 0,3 Mio., Grundstücke, Gebäude, Maschinen und maschinelle Anlagen sowie Anzahlungen € 9,5 Mio. und sonstige Sachanlagen € 1,8 Mio.
Die WP-Gruppe investierte im Geschäftsjahr 2015 in Sachanlagen und immaterielle Vermögenswerte € 10,5 Mio. (Vorjahr: € 4,7 Mio.).
Erfreulich stellt sich die Mitarbeiterentwicklung in der Gruppe dar. Im Geschäftsjahr 2015 konnten weitere 501 Mitarbeiter aufgenommen werden, davon 446 in Österreich. 130 Mitarbeiter gingen aufgrund der Endkonsolidierung des Tochterunternehmens Durmont Teppichbodenfabrik GmbH ab. Die Gruppe beschäftigt zum 31.12.2015 4.553 Mitarbeiter (Vorjahr: 4.182 Mitarbeiter).
Der Aufwand für Forschung und Entwicklung (vor Aktivierung von Entwicklungsleistungen) lag im Geschäftsjahr 2015 in der CROSS Industries-Gruppe bei € 69,6 Mio. Die Produkte aller Konzernunternehmen bewegen sich in einem sehr anspruchsvollen Leistungsniveau, weshalb von den Kunden eine permanente Entwicklung und Weiterentwicklung gefordert wird. Der Produktlebenszyklus ist je nach Kunden stark abweichend.
Im Geschäftsjahr 2015 beschäftigte die KTM in der Forschungs- und Entwicklungsabteilung durchschnittlich 382 Mitarbeiter (16,1% der gesamten Belegschaft). Rund € 68,8 Mio. wurden im Geschäftsjahr 2015 in die Forschung und Entwicklung investiert, dies entspricht 6,7% des Gesamtumsatzes (+ 0,4 Prozentpunkte gegenüber dem Vorjahr). Das abgelaufene Geschäftsjahr umfasste eine Vielzahl zentraler Projekte im Offroad- und Street- Bereich. Mit der erstmals im Rahmen der EICMA 2015 präsentierten KTM 1290 Super Duke GT betritt KTM das besonders technologiegetriebene Sporttouring-Segment. Während im Laufe des Geschäftsjahres 2015 bereits ein umfassendes Portfolio an Motocross-Modellen vorgestellt werden konnte, lag der Fokus im Offroad-Bereich vor allem in der Serienentwicklung neuer KTM und Husqvarna Enduro Plattformen. Im Geschäftsjahr 2015 wurde eine Vielzahl an F&E-Projekten in verschiedenen Stadien von Konzeptentwicklungen bis hin zu Serienanläufen vorangetrieben und erfolgreich abgeschlossen.
Technologieführerschaft ist im Rennsport- und High Performance Bereich einer der wesentlichen Erfolgsfaktoren, dementsprechend nimmt Forschung und Entwicklung in den Unternehmen der Pankl-Gruppe eine zentrale Rolle ein. Die Gesamtaufwendungen für die intensiven Forschungs- und Entwicklungstätigkeiten beliefen sich im Geschäftsjahr 2015 auf € 12,6 Mio. Der Einsatz bzw. die Erprobung neuer Materialien trägt entscheidend zur Erfüllung der hohen Anforderungen im Rennsportbereich bei. Durch Kooperationen mit universitären (Montanuniversität Leoben, TU Graz, TU Wien) und außeruniversitären Forschungseinrichtungen werden optimale Synergien im Entwicklungsbereich erreicht, um den hohen Ansprüchen der Branche gerecht zu werden. Auch in der Luftfahrt ist die ständige technologische Weiterentwicklung ein entscheidender Erfolgsfaktor.
Bei der WP-Gruppe sind technische Innovationen und die Einführung neuer Produkte maßgeblich für die Stellung im Wettbewerb verantwortlich. Dazu müssen neue Trends rechtzeitig erkannt werden. In der WP-Gruppe lag der Aufwand für Forschung und Entwicklung im Geschäftsjahr 2015 bei € 4,4 Mio. (Vorjahr: € 2,0 Mio.). Die Produkte der WP-Gruppe bewegen sich in einem sehr anspruchsvollen Leistungsniveau, weshalb von den Kunden eine permanente Entwicklung und Weiterentwicklung gefordert wird.
Die CROSS Industries-Gruppe verfolgt einen konsequenten und nachhaltigen Weg der Verbesserung des Qualitätsmanagementsystems und sämtlicher interner und externer Prozesse zur Erstellung der Produkte, sowie eine rasche Reaktion auf Marktbedürfnisse.
Die KTM-Gruppe wendet ein prozessorientiertes Qualitätsmanagementsystem für sämtliche Tätigkeiten von der Produktidee über Marktanalysen, Designstudium, Konstruktion und Entwicklung, Zusammenarbeit mit den Zulieferbetrieben, Serienbeschaffung von Komponenten, Teilefertigung, Zusammenbau von Motor und Fahrzeug bis zu Verpackung und Versand an.
KTM schafft durch die strategische Führung, die Fokussierung auf die Entwicklung der Kernkompetenzen, die ständige Verbesserung der Arbeitsprozesse, den partnerschaftlichen Umgang mit den Mitarbeitern und Lieferanten und das prozessorientierte Qualitätsmanagementsystem sowohl für die Gesellschaft als auch für die Aktionäre Mehrwert. Mit 2.100 Mitarbeitern in Österreich zum Stichtag 31.12.2015 ist KTM einer der größten Arbeitgeber in der Region.
KTM nutzt jede Möglichkeit, den Nachhaltigkeitsanforderungen eines modernen Unternehmens gerecht zu werden. So sind die Betriebs- und Verwaltungsgebäude ressourcen-schonend und energieeffizient gebaut, die Kühlung der Prüfräume und des Werkzeugbaus wird mittels Grundwasser gesteuert, für Vor- und Fertigprodukte werden diverse Materialien sortengetrennt und Mehrweggebinde verwendet.
Die Produktionsgesellschaft in Mattighofen deckt ihren Bedarf zu einem großen Teil aus dem lokalen Beschaffungsmarkt, womit KTM eine aktive Rolle in der Schaffung und Erhaltung regionaler Wertschöpfung spielt.
Die Entwicklung, Produktion und der Vertrieb qualitativ hochwertiger Produkte sind ein wesentlicher Bestandteil des Unternehmensleitbildes der Pankl-Gruppe. Diese Maxime wird durch eine lückenlose Qualitätssicherung im Hinblick auf die Produktqualität und durch eine Überwachung der Prozesse sichergestellt.
Zulassungen und Zertifizierungen garantieren dem Kunden höchste Produktqualität. Jährliche Überwachungsaudits gewährleisten darüber hinaus eine Weiterführung der Zertifizierungen. Entsprechend den Anforderungen der Automobil- und Luftfahrtindustrie verfügt die Pankl-Gruppe über Zertifizierungen gemäß ISO 9001, ISO 14001, ISO/TS 16949, ISO 27001, ISO 31000, VDA 6.1 sowie AS/EN 9100.
Die WP-Gruppe entwickelt und produziert für ihre Kunden in enger Zusammenarbeit maßgeschneiderte Komponenten mit den vereinbarten Qualitäts-, Kosten- und Terminzielen. Laufende Weiterentwicklung von Produkten und Prozessabläufen gehört zu den Kernkompetenzen der WP Gruppe. Eine permanente Erweiterung des Know-hows und Null-Fehler-Prinzip sind Ziele zur Sicherung und Ausweitung der Produkt- und Kundenportfolios.
Umweltgerechtes Handeln und nachhaltiges Wirtschaften haben auch für die die CROSS Industries-Gruppe hohe Priorität.
KTM ist sich als produzierendes Unternehmen der Verantwortung gegenüber der Umwelt bewusst. Als innovatives Beispiel für die gesamte Industrie gilt das von KTM eigens entwickelte Motorrad-Logistik-System auf Mehrweg-Metallplatten, durch das auf zusätzliches Verpackungsmaterial verzichtet werden kann.
KTM erfüllt bei allen Offroad-Vergasern (EXC-Modelle) die Euro III Norm, die europäische Abgasnorm für Motorräder. Diese Norm gilt nicht nur für neue, sondern auch für bestehende Fahrzeugtypen. Primär wird dies durch den Einsatz von Benzineinspritzsystemen möglich.
Die Energiekosten bei der Pankl-Gruppe, gemessen am Umsatz, beliefen sich auf 1,9% und sind damit auf ähnlichem Niveau wie im Vorjahr (2014: 1,8%). Die Pankl-Gruppe hatte im abgelaufenen Geschäftsjahr keinen Aufwand im Zusammenhang mit dem Erwerb von CO2-Zertifikaten und ist auch nicht im Rahmen des Nationalen Allokationsplans (NAP) erfasst. Im Geschäftsjahr 2014 wurde die Erweiterung des Umweltmanagementsystems der Pankl Gruppe hinsichtlich der Norm ISO 14001 gestartet. Die Zertifizierung in Österreich und der Slowakei erfolgte im Geschäftsjahr 2015. Die Ausrollung auf weitere Standorte ist derzeit im Laufen.
Um natürlich begrenzte Ressourcen zu schonen, ist die WP-Gruppe auf eine möglichst vollständige Rohstoffausnutzung bedacht und setzt auf das Recycling von Aluminiumabfällen. Um eine kostenoptimierte, nachhaltige, umwelt- und ressourcenschonende Produktion zu gewährleisten, wird ständig in neue und moderne Produktionsanlagen investiert.
Die KTM-Gruppe unterstützt die von Heinz Kinigadner ins Leben gerufene "Wings for Life Stiftung für Rückenmarkforschung", in allen Marketingbelangen. "Wings for Life" ist eine gemeinnützige Gesellschaft mit dem Ziel, die Forschung und den medizinisch-wissenschaftlichen Fortschritt zur künftigen Heilung von Querschnittslähmung als Folge von Rückenmarksverletzungen zu fördern und zu beschleunigen.
Bei der Pankl-Gruppe erfolgt die Auswahl von sozialen Projekten, welche unterstützt werden sollen, direkt durch die einzelnen Unternehmen der Pankl-Gruppe, da diese die lokalen Gegebenheiten und Bedürfnisse am besten kennen. Die Gesundheit und Sicherheit der Mitarbeiter liegt Pankl am Herzen. Das Unternehmen unterstützt daher mit verschiedenen Angeboten die Mitarbeiter dabei, aktiv und gesund zu bleiben. Weiters ist die Vereinbarkeit von Familie und Beruf ein zentrales Thema. Deshalb versucht Pankl, die Mitarbeiter auch inhaltlich aktiv in der Phase vor und nach der Geburt sowie nach der Karenz zu begleiten, zu beraten und zu unterstützen. An den österreichischen Pankl-Standorten werden die Mitarbeiter außerdem durch Zuschüsse für Kindergarten, Geburt bzw. Hochzeit finanziell unterstützt.
Die Mitarbeiterinnen und Mitarbeiter der WP-Gruppe sind ein wesentlicher Bestandteil des Unternehmenserfolgs. Ihre Identifikation mit dem Unternehmen und ihr Engagement für dessen Ziele leisten den entscheidenden Beitrag zum Unternehmenserfolg. Eine finanzielle Anerkennung von individueller Leistung durch moderne Vergütungsmodelle ist der WP-Gruppe ebenso wichtig, wie die Honorierung der Gesamtleistung der Belegschaft durch freiwillige Sozialleistungen. Daneben werden Potenziale der Mitarbeiter unter anderem durch ein hohes Maß an Eigenverantwortung gefordert und gefördert.
Für die Ausführungen zum Risikobericht verweisen wir auf den Konzernanhang (Punkt 33 und 34) der CROSS Industries AG.
Hierzu verweisen wir auf die Ausführungen im Anhang des Konzernabschlusses (Punkt 38) der CROSS Industries AG.
Das Grundkapital beträgt EUR 225.386.742. Es ist zerlegt in 225.386.742 Stück auf Inhaber lautende, nennbetragslose Stückaktien mit Stimmrecht, wobei jede Stammaktie am Grundkapital in gleichem Umfang beteiligt ist. Die Aktien gewähren die gewöhnlichen nach dem österreichischen Aktiengesetz den Aktionären zustehenden Rechte. Dazu zählt das Recht auf die Auszahlung der in der Hauptversammlung beschlossenen Dividende sowie das Recht auf Ausübung des Stimmrechtes in der Hauptversammlung. Sämtliche Aktien sind zum Handel an der Wiener Börse zugelassen, seit Juni 2015 sind die Aktien der CROSS Industries AG im prime market der Wiener Börse handelbar.
Dem Vorstand sind keine Beschränkungen bekannt, die Stimmrechte oder die Übertragung von Aktien betreffen.
Nach Kenntnis der Gesellschaft bestand per 31. Dezember 2015 folgende direkte oder indirekte Beteiligung am Kapital der CROSS Industries AG, die zumindest 10 von Hundert betragen:
Pierer Industrie AG: 74,89%
Es gibt keine Aktien mit besonderen Kontrollrechten.
Es bestehen derzeit keine Mitarbeiterbeteiligungsmodelle.
Es bestehen keine über das Gesetz hinausgehenden Bestimmungen hinsichtlich der Mitglieder des Vorstandes und des Aufsichtsrates.
Möglichkeiten, Aktien auszugeben oder zurückzukaufen:
a) Der Vorstand der CROSS Industries AG (vormals BF HOLDING AG) hat am 7. März 2014 beschlossen, von der Ermächtigung der ordentlichen Hauptversammlung der Gesellschaft vom 28.02.2013 Gebrauch zu machen. Die Gesellschaft hat im März 2014 das Aktienrückkaufprogramm gestartet. Das Rückkaufproramm bezieht sich auf Inhaber lautende Stückaktien der CROSS Industries AG (früher BF HOLDING AG), von denen bis zu 10% des Grundkapitals rückgekauft werden können. Der Erwerb erfolgt zum Durchschnittskurs der jeweils letzten fünf Börsetage mit einer Bandbreite von +/- 20%. Das Aktienrückkaufprogramm wurde am 29. Juli 2015 beendet. Im Zeitraum vom 13. März 2014 bis zum 29. Juli 2015 wurden 71.038 Stückaktien zurückgekauft. Der Vorstand der CROSS Industries AG hat am 28. August 2015 den Beschluss gefasst, die von ihr gehaltenen 71.038 eigenen Aktien über die Wiener Börse zu verkaufen. Das Aktienverkaufsprogramm dauert von 7. September 2015 bis voraussichtlich 11. Juni 2016. Zum Stichtag 31. Dezember 2015 wurden 10.008 eigene Aktien über die Wiener Börse verkauft.
b) Durch Beschluss der Hauptversammlung vom 28. Februar 2013 wurde der Vorstand gemäß § 65 Abs. 1 Z 4 und 8 AktG zum Erwerb eigener Aktien ermächtigt, wobei der Anteil der zu erwerbenden Aktien am Grundkapital mit 10% begrenzt ist, die Ermächtigung für einen Zeitraum von 30 Monaten ab Beschlussfassung gilt und der Gegenwert (Erwerbskurs) je zu erwerbender Stückaktie den Durchschnittskurs der jeweils letzten fünf Börsetage nicht mehr als 20% über- oder unterschreiten darf. Die Ermächtigung kann ganz oder in mehreren Teilbeträgen und in Verfolgung eines oder mehrerer Zwecke durch die Gesellschaft, ihre Konzernunternehmen oder für deren Rechnung durch Dritte ausgeübt werden. Der Erwerb eigener Aktien kann über die Börse oder außerhalb davon erfolgen.
Weiters wurde beschlossen, die Ermächtigung des Vorstandes für die Dauer von fünf Jahren ab Beschlussfassung mit Zustimmung des Aufsichtsrates für die Veräußerung eigener Aktien eine andere Art der Veräußerung als über die Börse oder durch ein öffentliches Angebot unter Ausschluss des Bezugsrechtes der Aktionäre zu beschließen und die Veräußerungsbedingungen festzusetzen, wobei das Bezugsrecht der Aktionäre nur dann ausgeschlossen werden kann, wenn diese Aktien als Gegenleistung im Rahmen eines Erwerbes von Unternehmen, Betrieben, Teilbetrieben oder Anteilen an einer oder mehreren Gesellschaften im In- oder Ausland oder zur Bedienung von Aktienoptionen an Arbeitnehmer, leitende Angestellte und Mitglieder des Vorstandes ausgegeben werden. Diese Ermächtigung kann einmal oder mehrmals ganz oder in Teilen, einzeln oder gemeinsam ausgeübt werden und gilt für die höchste gesetzlich zulässige Dauer. Weiters wurde der Vorstand ermächtigt, die eigenen Aktien ohne weiteren Hauptversammlungsbeschluss einzuziehen.
c) Durch Beschluss der Hauptversammlung vom 2. März 2011 wurde der Vorstand gemäß § 169 AktG ermächtigt, das Grundkapital mit Zustimmung des Aufsichtsrates bis 01.03.2016 um bis zu weitere EUR 7.693.371,00 durch Ausgabe von bis zu 7.693.371 Stück neue, auf Inhaber oder Namen lautende Stammaktien (Stückaktien) gegen Bar- und/oder Sacheinlage – allenfalls in mehreren Tranchen – zu erhöhen und den Ausgabebetrag, die Ausgabebedingungen und die weiteren Einzelheiten der Durchführung der Kapitalerhöhung im Einvernehmen mit dem Aufsichtsrat festzusetzen [Genehmigtes Kapital 2011]. Eine Erhöhung des Grundkapitals innerhalb der Frist wurde nicht vorgenommen.
Weiters wurde der Vorstand mit Zustimmung des Aufsichtsrates ermächtigt, das Bezugsrecht der Aktionäre auszuschließen, wenn die Kapitalerhöhung gegen Sacheinlagen erfolgt, das heißt Aktien zum Zwecke des Erwerbs von Unternehmen, Betrieben, Teilbetrieben oder Anteilen an einer oder mehreren Gesellschaften im In- und Ausland ausgegeben werden oder die Kapitalerhöhung zur Bedienung von Aktienoptionen an Arbeitnehmer, leitende Angestellte und Mitglieder des Vorstandes erfolgt oder um Spitzenbeträge vom Bezugsrecht der Aktionäre auszunehmen oder um eine den Emissionsbanken eingeräumte Mehrzuteilungsoption zu bedienen.
d) Durch Beschluss der Hauptversammlung vom 2. März 2011 wurde der Vorstand ermächtigt, mit Zustimmung des Aufsichtsrates bis einschließlich fünf Jahre ab dem Tag dieser Beschlussfassung Finanzinstrumente im Sinne des § 174 AktG, insbesondere Wandelschuldverschreibungen, Gewinnschuldverschreibungen, Genussrechte mit einem Gesamtnennbetrag von bis zu EUR 15.000.000,00, die auch das Bezugs- und/oder das Umtauschrecht auf den Erwerb von insgesamt bis zu 7.693.371 Aktien der Gesellschaft einräumen können und/oder so ausgestaltet sind, dass ihr Ausweis als Eigenkapital erfolgen kann, auch in mehreren Tranchen und in unterschiedlicher Kombination, auszugeben, und zwar auch mittelbar im Wege der Garantie für die Emission von Finanzinstrumenten durch ein verbundenes Unternehmen der Gesellschaft mit Wandlungsrechten auf Aktien der Gesellschaft. Für die Bedienung kann der Vorstand das bedingte Kapital oder eigene Aktien verwenden. Ausgabebetrag und Ausgabebedingungen sowie der etwaige Ausschluss des Bezugsrechts der Aktionäre auf die emittierten Finanzinstrumente sind vom Vorstand mit Zustimmung des Aufsichtsrates festzulegen.
Die Entwicklung der CROSS Industries AG hängt von der Entwicklung der in den Konzern einbezogenen Tochterunternehmen ab.
Die CROSS Industries-Gruppe setzt zukünftig weiterhin auf organisches Wachstum in ihren Kernbereichen durch Ausbau der Marktanteile und globales Wachstum, wobei ein starker Fokus auf den Emerging Markets, insbesondere den asiatischen Märkten, liegt. Innerhalb der Konzernbereiche wird weiterhin auf die wechselseitige Nutzung der Synergiepotenziale sowie auf die Weiterentwicklung und Ausweitung der Kooperationsprojekte gesetzt.
Aufgrund der derzeitigen Auftragslage geht das Management in seiner Einschätzung auch für das Geschäftsjahr 2016 weiterhin von einer positiven Geschäftsentwicklung aus. Wie schon in den letzten Jahren werden sich auch in Zukunft die Märkte in den verschiedenen Kontinenten unterschiedlich entwickeln. Aus diesem Grund wird auf die kontinuierliche Überprüfung und kritische Beurteilung der Markt-, Produktivitäts- und Kostensituation Wert gelegt, um gegebenenfalls Sofortmaßnahmen zur Stabilisierung der angestrebten Ertragslage durchzuführen.
Insgesamt kann für alle Geschäftsbereiche der CROSS Industries-Gruppe für das Geschäftsjahr 2016 ein positiver Ausblick gegeben werden.
Während die KTM-Gruppe im nordamerikanischen Motorradmarkt für das nächste Jahr ein deutliches Wachstum erwartet und auch für Europa verhalten positiv gestimmt ist, sind die Emerging Markets in Südamerika und Asien durch zahlreiche Unsicherheiten gekennzeichnet. Mittelfristig werden jedoch in den asiatischen Märkten die größten Wachstumschancen gesehen. 2016 erwartet die KTM Gruppe
| CROSS Industries AG (vormals: BF HOLDING AG), | |
|---|---|
| Wels |
| Aktiva | Passiva | ||||
|---|---|---|---|---|---|
| 31.12.2015 EUR |
31.12.2014 TEUR |
31.12.2015 EUR |
31.12.2014 TEUR |
||
| I. Immaterielle Vermögensgegenstände: A. Anlagevermögen: |
I. Grundkapital A. Eigenkapital: |
225.386.742,00 | 15.387 | ||
| Konzessionen, gewerbliche Schutzrechte | II. Kapitalrücklagen: | ||||
| und ähnliche Rechte und Vorteile sowie | Gebundene | 9.797.934,84 | 9.798 | ||
| daraus abgeleitete Lizenzen | 2.910,12 | 0 | III. Gewinnrücklage: | ||
| II. Sachanlagen: | 1. Gesetzliche Rücklage | 464.984,41 | 0 | ||
| 1. Bauten auf fremdem Grund | 0,00 | 14 | 2. Rücklage für eigene Anteile | 101.359,83 | 118 |
| 2. Andere Anlagen, Betriebs- und Geschäftsausstattung | 643.630,49 | 4 | 566.344,24 | 118 | |
| 3. Geleistete Anzahlungen und Anlagen in Bau | 8.419,08 | 0 18 |
IV. Bilanzgewinn/-verlust (davon Verlustvortrag | ||
| 652.049,57 | EUR 111.648,15; Vorjahr: TEUR 102) | 8.851.325,33 | -112 | ||
| 1. Anteile an verbundenen Unternehmen (davon Umgründungs- III. Finanzanlagen: |
Rückstellungen: B. |
244.602.346,41 | 25.191 | ||
| mehrwert: EUR 34.275.720,66; Vorjahr: TEUR 0) | 349.551.065,19 | 406 | 1. Abfertigungsrückstellung | 120.400,00 | 0 |
| 2. Beteiligungen | 4.583.216,88 | 0 | 2. Sonstige Rückstellungen | 761.739,13 | 161 |
| 3. Wertpapiere (Wertrechte) des Anlagevermögens | 540.272,59 | 0 | 882.139,13 | 161 | |
| 354.674.554,66 | 406 | C. Verbindlichkeiten: | |||
| 355.329.514,35 | 424 | 1. Anleihen | 76.010.000,00 | 0 | |
| B. Umlaufvermögen: | 2. Schuldscheindarlehen | 56.500.000,00 | 0 | ||
| I. Forderungen und sonstige Vermögensgegenstände: | 3. Namensschuldverschreibungen | 30.000.000,00 | 0 | ||
| 1. Forderungen aus Lieferungen und Leistungen | 8.805,08 | 0 | 4. Verbindlichkeiten gegenüber Kreditinstituten | 2.336.166,44 | 1.229 |
| 2. Forderungen gegenüber verbundenen Unternehmen | 57.422.524,31 | 1.802 | 5. Verbindlichkeiten aus Lieferungen und Leistungen | 632.389,95 | 70 |
| 3. Forderungen gegenüber Unternehmen, | 6. Verbindlichkeiten gegenüber | ||||
| mit denen ein Beteiligungsverhältnis besteht | 61.130,58 | 0 | verbundenen Unternehmen | 1.343.020,10 | 36 |
| 4. Sonstige Forderungen und Vermögensgegenstände | 1.430.340,43 | 23 | 7. Sonstige Verbindlichkeiten (davon aus | ||
| 58.922.800,40 | 1.825 | Steuern EUR 327.924,94; Vorjahr: TEUR 5; | |||
| II. Wertpapiere und Anteile: | davon im Rahmen der sozialen Sicherheit | ||||
| 1. Eigene Anteile | 101.359,83 | 118 | EUR 26.707,15; Vorjahr: TEUR 4) | 2.671.746,15 | 11 |
| 2. Sonstige Wertpapiere und Anteile | 0,00 | 24.303 | 169.493.322,64 | 1.346 | |
| 101.359,83 | 24.421 | ||||
| III. Kassenbestand, Guthaben bei Kreditinstituten | 328.703,52 | 0 | |||
| 59.352.863,75 | 26.247 | ||||
| C. Rechnungsabgrenzungsposten | 295.430,08 | 27 | |||
| 414.977.808,18 | 26.698 | 414.977.808,18 | 26.698 | ||
| Haftungsverhältnisse | 14.624.830,16 | 669 |
Beilage I/1
| 1.10. - | ||
|---|---|---|
| 2015 EUR |
31.12.2014 TEUR |
|
| 1. Umsatzerlöse | 8.768.634,53 | 35 |
| 2. Sonstige betriebliche Erträge: | ||
| a) Erträge aus dem Abgang vom und der Zuschreibung zum | ||
| Anlagevermögen mit Ausnahme der Finanzanlagen | 0,00 | 0 |
| b) Erträge aus der Auflösung von Rückstellungen | 7.664,00 | 32 |
| c) Übrige | 238.876,70 | 24 |
| 246.540,70 | 56 | |
| 3. Personalaufwand: | ||
| a) Gehälter | -2.561.689,55 | -58 |
| b) Aufwendungen für Abfertigungen und Leistungen | ||
| an betriebliche Mitarbeitervorsorgekassen | -49.807,32 | -6 |
| c) Aufwendungen für gesetzlich vorgeschriebene Sozialabgaben sowie vom Entgelt abhängige Abgaben und Pflichtbeiträge |
-383.967,98 | -34 |
| d) Sonstige Sozialaufwendungen | -14.638,66 | 0 |
| -3.010.103,51 | -98 | |
| 4. Abschreibungen: | ||
| Auf immaterielle Gegenstände des | ||
| Anlagevermögens und Sachanlagen | -85.716,24 | -3 |
| 5. Sonstige betriebliche Aufwendungen: | ||
| a) Steuern, soweit sie nicht unter Steuern | ||
| vom Einkommen und vom Ertrag fallen | -35.233,40 | 0 |
| b) Übrige | -8.479.760,16 | -340 |
| -8.514.993,56 | -341 | |
| 6. Zwischensumme aus Z 1 bis Z 5 (Betriebsergebnis) | -2.595.638,08 | -350 |
| 7. Erträge aus Beteiligungen (davon aus verbundenen | ||
| Unternehmen EUR 23.797.012,10; Vorjahr: TEUR 0) | 23.797.012,10 | 0 |
| 8. Sonstige Zinsen und ähnliche Erträge (davon aus verbundenen | ||
| Unternehmen EUR 762.427,72; Vorjahr: TEUR 391) | 895.581,07 | 392 |
| 9. Erträge aus dem Abgang von Finanzanlagen | 1.391.407,57 | 0 |
| 10. Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens: |
||
| a) Abschreibungen | -5.472.238,30 | 0 |
| b) Aufwendungen aus verbundenen Unternehmen | -559.569,81 | -1 |
| -6.031.808,11 | -1 | |
| 11. Zinsen und ähnliche Aufwendungen (davon betreffend | ||
| verbundene Unternehmen EUR 431.352,33; Vorjahr: TEUR 0) | -8.041.155,64 | -4 |
| 12. Zwischensumme aus Z 7 bis Z 11 (Finanzergebnis) | 12.011.036,99 | 387 |
| 13. Ergebnis der gewöhnlichen Geschäftstätigkeit | 9.415.398,91 | 37 |
| 14. Steuern vom Einkommen und vom Ertrag | -4.062,50 | -30 |
| 15. Jahresüberschuss | 9.411.336,41 | 6 |
| 16. Zuweisung Rücklage eigene Anteile | 0,00 | -16 |
| 17. Zuweisung zu Gewinnrücklagen | -464.984,41 | 0 |
| 18. Auflösung von Kapitalrücklagen | 16.621,48 | 0 |
| 19. Jahresgewinn/-verlust | 8.962.973,48 | -10 |
| 20. Verlustvortrag aus dem Vorjahr | -111.648,15 | -102 |
| 21. Bilanzgewinn/-verlust | 8.851.325,33 | -112 |
Der vorliegende Jahresabschluss für das Geschäftsjahr 2015 ist nach den Vorschriften des Unternehmensgesetzbuches in der gegenwärtigen Fassung aufgestellt worden.
Mit Verschmelzungsvertrag vom 22.4.2015, mit Verschmelzungsstichtag vom 1.1.2015, wurde die CROSS Industries AG, FN 261823 i, als übertragende Gesellschaft auf die BF HOLDING AG (nunmehr: CROSS Industries AG), FN 78112 x, als übernehmende Gesellschaft verschmolzen. Die Eintragung der Verschmelzung im Firmenbuch erfolgte mit dem 2.6.2015.
Die in der Bilanz und Gewinn- und Verlustrechnung dargestellten Vorjahreszahlen entsprechen jenen, der aufnehmenden Gesellschaft BF HOLDING AG. Ein Vergleich mit den Vorjahreszahlen ist daher nur eingeschränkt möglich.
Im Interesse einer klaren Darstellung wurden in der Bilanz und in der Gewinn- und Verlustrechnung einzelne Posten zusammengefasst. Diese Posten sind im Anhang gesondert ausgewiesen.
Die Gewinn- und Verlustrechnung ist in Staffelform nach dem Gesamtkostenverfahren aufgestellt.
Soweit es zur Vermittlung eines möglichst getreuen Bildes der Vermögens-, Finanz- und Ertragslage erforderlich ist, wurden im Anhang zusätzliche Angaben gemacht.
Bei der Gesellschaft handelt es sich gemäß § 221 Abs 3 2. Satz UGB um eine große Kapitalgesellschaft.
Die Gesellschaft ist ein konsolidierungspflichtiges Mutterunternehmen im Sinn des § 244 UGB und hat einen Konzernabschluss, der beim Landes- als Handelsgericht Wels unter der Nummer FN 78112 x hinterlegt wird, aufzustellen.
Die Gesellschaft steht mit der Pierer Konzerngesellschaft mbH, Wels (oberstes Konzernmutterunternehmen), und deren verbundenen Unternehmen in einem Konzernverhältnis und wird in deren Konzernabschluss einbezogen. Dieser Konzernabschluss wird beim Landes- als Handelsgericht Wels unter der Nummer FN 134766 k hinterlegt und stellt den Konzernabschluss für den größten Konzernkreis dar.
Der Jahresabschluss wurde unter Beachtung der Grundsätze ordnungsmäßiger Buchführung sowie der Generalnorm, ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens zu vermitteln, aufgestellt.
Bei der Erstellung des Jahresabschlusses wurde der Grundsatz der Vollständigkeit eingehalten.
Bei der Bewertung wurde von der Fortführung des Unternehmens ausgegangen. Der Liquiditätsplan der CROSS Industries AG sieht in den 12 Monaten nach dem Bilanzerstellungszeitpunkt keinen zusätzlichen Finanzierungsbedarf vor. Sämtliche Tilgungen, Zinszahlungen und operativen Aufwendungen können aus den liquiden Mitteln gedeckt werden.
Die operativen Gesellschaften der CROSS-Gruppe sind eigenständig mittel- und langfristig finanziert.
Bei Vermögensgegenständen und Schulden wurde der Grundsatz der Einzelbewertung angewandt.
Dem Vorsichtsgrundsatz wurde Rechnung getragen, indem insbesondere nur die am Abschlussstichtag verwirklichten Gewinne ausgewiesen werden.
Alle erkennbaren Risiken und drohenden Verluste, die im Geschäftsjahr 2015 oder in einem früheren Geschäftsjahr entstanden sind, wurden berücksichtigt.
Immaterielle Vermögensgegenstände werden zu Anschaffungskosten aktiviert und in längstens 3 bis 4 Jahren abgeschrieben. Selbst erstellte immaterielle Vermögensgegenstände und geringwertige Vermögensgegenstände (Einzelanschaffungswert unter je EUR 400,00) werden sofort als Aufwand erfasst.
Sachanlagen werden zu Anschaffungs- oder Herstellungskosten, abzüglich planmäßiger Abschreibungen, bewertet. Geringwertige Vermögensgegenstände (Einzelanschaffungswert bis EUR 400,00) werden im Zugangsjahr aktiviert und voll abgeschrieben.
Die Ermittlung der planmäßigen Abschreibungen erfolgt nach der linearen Abschreibungsmethode unter Zugrundlegung folgender Nutzungsdauern:
| Nutzungsdauer in Jahren |
|
|---|---|
| Büro und Geschäftsausstattung | 3 - 10 |
| Investitionen in Fremdgebäude | i10 |
Außerplanmäßige Abschreibungen auf einen zum Abschlussstichtag niedrigeren beizulegenden Wert werden vorgenommen, soweit der Ansatz mit einem niedrigeren Wert erforderlich ist.
Das Finanzanlagevermögen wird zu Anschaffungskosten, vermindert um außerplanmäßige Abschreibungen - soweit diese notwendig sind, um dauernden Wertminderungen Rechnung zu tragen - angesetzt. Die im Jahresabschluss ausgewiesenen wesentlichen Anteile an verbundenen Unternehmen, Beteiligungen und Wertpapiere (Wertrechte) des Anlagevermögens wurden auf ihre Werthaltigkeit untersucht. Bei jenen Anteilen an verbundenen Unternehmen und Beteiligungen deren Aktien an der Börse gehandelt werden und der Börsenkurs zum Bilanzstichtag unter den anteiligen Anschaffungskosten liegt, wurden auf Basis der vorliegenden Unternehmensplanungen überschlägige Unternehmenswertermittlungen durchgeführt. Daraus ergaben sich keine Abwertungserfordernisse.
Forderungen und sonstige Vermögensgegenstände werden mit dem Nennbetrag, vermindert um notwendige Wertberichtigungen angesetzt.
Bei der Bemessung der Rückstellungen wurden entsprechend den gesetzlichen Erfordernissen alle erkennbaren Risiken und drohenden Verluste berücksichtigt.
Verbindlichkeiten werden mit ihrem Rückzahlungsbetrag angesetzt.
Die Rückstellungen für Abfertigungen betreffen vertraglich vereinbarte Abfertigungen und wurden nach anerkannten finanzmathematischen Grundsätzen auf Basis eines Rechnungszinssatzes von 2 % und eines Pensionseintrittsalters von 65 Jahren ermittelt.
Die Aufgliederung des Anlagevermögens und seine Entwicklung im Geschäftsjahr sind im Anlagenspiegel angeführt (vergleiche Anlage 1 zum Anhang).
Beilage I/7
Die Finanzanlagen haben sich insbesondere durch folgende Transaktionen verändert:
Mit Verschmelzungsvertrag vom 22.4.2015 wurde die CROSS Industries AG, FN 261823 i, als übertragende Gesellschaft auf die BF HOLDING AG (nunmehr: CROSS Industries AG), FN 78112 x, als übernehmende Gesellschaft durch Übertragung ihres Vermögens als Ganzes auf Grund der unternehmensrechtlichen Schlussbilanz zum 31.12.2014 verschmolzen. Die Eintragung der Verschmelzung im Firmenbuch erfolgte mit dem 2.6.2015.
Folgende Finanzanlagen sind im Zuge der Verschmelzung auf die BF HOLDING AG (nunmehr: CROSS Industries AG) übertragen worden:
90 % Anteile an der WP AG, Munderfing, 100 % Anteile an der PF Beteiligungsverwaltungs GmbH, Wels, 100 % Anteile an der CROSS KraftFahrZeug Holding GmbH, Wels, 51,13 % Anteile an der Pankl Racing Systems AG, Kapfenberg, 100 % Anteile an der Durmont Teppichbodenfabrik GmbH, Hartberg, 25,1 % Anteile an der KTM Technologies GmbH, Anif, 49 % Anteile an der Wethje Carbon Composites GmbH (vormals: Wethje Holding GmbH), Hengersberg, Deutschland, 6 % Anteile an der Wethje Immobilien GmbH, Vilshofen-Pleinting, Deutschland, 5 % Anteile an der WP Immobilien GmbH, Munderfing, 1 % Anteile an der KTM Immobilien GmbH, Mattighofen, und 0,02 % Anteile an der WP Components GmbH, Munderfing.
Durch Verschmelzung der CROSS Industries AG auf die BF HOLDING AG (nunmehr: CROSS Industries AG) resultiert ein Umgründungsmehrwert in Höhe von EUR 34.275.720,66; der dem indirekt gehaltenen Tochterunternehmen KTM AG, Mattighofen, zugeordnet wurde.
Die Gesellschaft hat mit Notariatsakt vom 10.4.2015 76 % Anteile an der Durmont Teppichbodenfabrik GmbH, Hartberg, verkauft. Über die bei der CROSS Industries AG, Wels, verbleibenden 24 % der Anteile wurde eine Put-/Call-Option abgeschlossen.
Mit Kauf- und Abtretungsvertrag vom 8.5.2015 hat die CROSS Industries AG, Wels, 1 % Anteile an der KTM Immobilien GmbH, Mattighofen, an die CROSS KraftFahrZeug Holding GmbH, Wels, verkauft.
Im Geschäftsjahr 2015 hat die CROSS Industries AG, Wels, mit Notariatsakt vom 3.7.2015 12,33 % Anteile an der AC styria Autocluster GmbH, Grambach, erworben.
Die Gesellschaft hat mit Kauf- und Abtretungsvertrag vom 9.7.2015 100 % Anteile an der Network Performance Channel GmbH, Neu-Isenburg, Deutschland, von der Network Performance Channel GmbH, Wels, erworben.
Mit Verschmelzungsvertrag vom 17.9.2015 wurde die 100 % Tochtergesellschaft Network Performance Channel GmbH, Wels, in die CROSS KraftFahrZeug Holding GmbH, Wels, durch Übertragung ihres Vermögens als Ganzes auf Grund der unternehmensrechtlichen Schlussbilanz zum 31.12.2014 verschmolzen.
Die CROSS Industries AG, Wels, hat mit Notariatsakt vom 7.10.2015 25 % Anteile an der KTM Technologies GmbH, Anif, verkauft.
Die Gesellschaft hat im Geschäftsjahr 10,98 % Anteile an der Pankl Racing Systems AG, Kapfenberg, erworben und 8,33 % Anteile veräußert, 2,07 % Anteile wurde von den Wertpapieren des Umlaufvermögens in das Anlagevermögen umgegliedert. Die CROSS Industries AG, Wels, hält zum Stichtag 55,85 % am Grundkapital der Pankl Racing Systems AG, Kapfenberg.
Im Geschäftsjahr 2015 hat die CROSS Industries AG, Wels, 0,52 % Anteile an der WP AG, Munderfing, veräußert und hält somit zum Stichtag 89,48 % Anteile.
Die CROSS Industries AG, Wels, hält zum Stichtag 31.12.2015 direkt 0,1 % Anteile an der KTM AG, Mattighofen, und indirekt über die 100,00 % Tochtergesellschaft der CROSS KraftFahrZeug Holding GmbH, Wels, 51,18 % am Grundkapital und an den Stimmrechten der KTM AG, Mattighofen.
Die CROSS Industries AG, Wels, hat im Rahmen des Shareholders Agreement vom 11.8.2014 eine Put/Call- Option auf den Verkauf von weiteren 23 % Anteilen an der Wethje Carbon Composites GmbH (vormals: Wethje Holding GmbH), Hengersberg, Deutschland, abgeschlossen. Die Option kann erstmalig 3 Jahre nach dem Closing für die Dauer von 6 Monaten und damit vom 1.10.2017 bis zum 31.3.2018 ausgeübt werden.
Im Geschäftsjahr wurden Abschreibungen auf Anteile an verbundenen Unternehmen in Höhe von EUR 2.155.126,77 (Vorjahr: TEUR 0), Abschreibungen an Unternehmen, mit denen ein Beteiligungsverhältnis besteht, in Höhe von EUR 3.257.112,53 (Vorjahr: TEUR 0) sowie Abschreibungen auf Wertpapiere des Anlagevermögens in Höhe von EUR 59.999,00 (Vorjahr: TEUR 0) vorgenommen.
Aus der Nutzung von in der Bilanz nicht ausgewiesenen Sachanlagen besteht auf Grund von langfristigen Miet-, Pacht- und Leasingverträgen für das Geschäftsjahr 2016 eine Verpflichtung von EUR 330.876,32 (Vorjahr: TEUR 119). Der Gesamtbetrag der Verpflichtungen für die nächsten 5 Jahre beträgt EUR 1.509.511,61 (Vorjahr: TEUR 286).
| Restlaufzeit | |||||
|---|---|---|---|---|---|
| < ein Jahr EUR |
> ein Jahr EUR |
> 5 Jahre EUR |
Bilanzwert EUR |
||
| Forderungen aus Liefe | |||||
| rungen und Leistungen | 8.805,08 | 0,00 | 0,00 | 8.805,08 | |
| Vorjahr in TEUR | 0 | 0 | 0 | 0 | |
| Forderungen gegenüber | |||||
| verbundenen Unternehmen | 27.100.906,35 | 30.321.617,96 | 0,00 | 57.422.524,31 | |
| Vorjahr in TEUR | 1.402 | 400 | 0 | 1.802 | |
| Forderungen gegenüber Unter nehmen, mit denen ein Beteili |
|||||
| gungsverhältnis besteht | 61.130,58 | 0,00 | 0,00 | 61.130,58 | |
| Vorjahr in TEUR | 0 | 0 | 0 | 0 | |
| Sonstige Forderungen und | |||||
| Vermögensgegenstände | 165.815,73 | 1.011.682,19 | 252.842,51 | 1.430.340,43 | |
| Vorjahr in TEUR | 23 | 0 | 0 | 23 | |
| 27.336.657,74 | 31.333.300,15 | 252.842,51 | 58.922.800,40 | ||
| Vorjahr in TEUR | 1.425 | 400 | 0 | 1.825 |
Die Forderungen gegenüber verbundenen Unternehmen betreffen Finanzierungsforderungen in Höhe von EUR 31.620.936,74 (Vorjahr: TEUR 400), Forderungen aus phasengleicher Ergebnisübernahme EUR 20.000.000,00 (Vorjahr: TEUR 0), Forderungen aus laufenden Verrechnungen und sonstige Forderungen in Höhe von EUR 5.801.587,57 (Vorjahr: TEUR 3). Im Vorjahr waren weiters Forderungen aus Anleihezinsen in Höhe von TEUR 1.399 beinhaltet.
Die Forderungen gegenüber Unternehmen, mit denen ein Beteiligungsverhältnis besteht, betreffen Forderungen aus laufenden Verrechnungen und sonstige Forderungen in Höhe von EUR 61.130,58 (Vorjahr: TEUR 0).
Die sonstigen Forderungen und Vermögensgegenstände in Höhe von EUR 1.430.340,43 (Vorjahr: TEUR 23) betreffen im Wesentlichen Forderungen aus Anteilsverkäufen in Höhe von EUR 1.046.136,98 (Vorjahr: TEUR 0), Forderungen für Mitarbeiter in Höhe von EUR 252.842,51 (Vorjahr: TEUR 0) sowie Forderungen aus Steuern in Höhe von EUR 64.808,23 (Vorjahr: TEUR 20).
Im Posten "Sonstige Forderungen und Vermögensgegenstände" sind Erträge in Höhe von EUR 142.740,78 (Vorjahr: TEUR 0) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
Im Rahmen der Verschmelzung der CROSS Industries AG auf die BF HOLDING AG (nunmehr: CROSS Industries AG) wurde das Grundkapital der Gesellschaft um EUR 210.000.000,00 auf EUR 225.386.742,00 durch Ausgabe von 210.000.000 Stück jungen Aktien erhöht. Das Grundkapital ist in 225.386.742 Stück auf Inhaber lautende nennbetragslose Stückaktien, von denen jede eine gleiche Beteiligung am Grundkapital repräsentiert.
Die Aktien der Gesellschaft notieren an der Wiener Börse.
Das genehmigte Kapital beträgt zum Bilanzstichtag EUR 7.693.371,00 (Vorjahr: TEUR 7.693). Der Vorstand wurde bis zum 1.3.2016 ermächtigt gemäß § 169 AktG das Grundkapital mit Zustimmung des Aufsichtsrats bis zum 1.3.2016 um bis zu weitere EUR 7.693.371,00 durch Ausgabe von bis zu 7.693.371 Stück neue, auf Inhaber oder Namen lautende Stammaktien (Stückaktien) gegen Bar- und/oder Sacheinlage - allenfalls in mehreren Tranchen - zu erhöhen und die weiteren Einzelheiten der Durchführung der Kapitalerhöhung im Einvernehmen mit dem Aufsichtsrat festzusetzen. Eine Erhöhung des Grundkapitals innerhalb der Frist wurde nicht vorgenommen.
Im Geschäftsjahr 2015 wurde erstmalig eine gesetzliche Rücklage in Höhe von EUR 464.984,41 gebildet.
Die Gesellschaft hat im Geschäftsjahr 2015 10.008 Stück eigene Anteile verkauft, dafür wurde eine Rücklage für eigene Anteile in Höhe von EUR 16.621,48 aufgelöst. Zum Stichtag hält die Gesellschaft 61.030 Stück eigene Aktien für die eine Rücklage für eigene Anteile in Höhe von EUR 101.359,83 gebildet wurde.
Die sonstigen Rückstellungen in Höhe von EUR 761.739,13 (Vorjahr: TEUR 161) beinhalten im Wesentlichen Rückstellungen für Prämien in Höhe von EUR 401.400,00 (Vorjahr: TEUR 0), Rückstellungen für Rechts- und Beratungskosten in Höhe von EUR 159.177,90 (Vorjahr: TEUR 70), Rückstellungen für nicht konsumierte Urlaube und Zeitguthaben in Höhe von EUR 94.961,23 (Vorjahr: TEUR 0), sonstige Rückstellungen in Höhe von EUR 53.200,00 (Vorjahr: TEUR 30) sowie Rückstellungen für Aufsichtsratsvergütungen in Höhe von EUR 53.000,00 (Vorjahr: TEUR 61).
| < ein Jahr EUR |
Restlaufzeit > ein Jahr EUR |
> fünf Jahre EUR |
Bilanzwert EUR |
|
|---|---|---|---|---|
| Anleihen | 1.010.000,00 | 75.000.000,00 | 0,00 | 76.010.000,00 |
| Vorjahr in TEUR | 0 | 0 | 0 | 0 |
| Schuldscheindarlehen | 0,00 | 44.000.000,00 | 12.500.000,00 | 56.500.000,00 |
| Vorjahr in TEUR | 0 | 0 | 0 | 0 |
| Namensschuldverschreibungen | 0,00 | 0,00 | 30.000.000,00 | 30.000.000,00 |
| Vorjahr in TEUR | 0 | 0 | 0 | 0 |
| Übertrag: | 1.010.000,00 | 119.000.000,00 | 42.500.000,00 | 162.510.000,00 |
| 0 | 0 | 0 | 0 |
| Restlaufzeit | ||||
|---|---|---|---|---|
| < ein Jahr | > ein Jahr | > fünf Jahre | Bilanzwert | |
| EUR | EUR | EUR | EUR | |
| Übertrag: | 1.010.000,00 | 119.000.000,00 | 42.500.000,00 | 162.510.000,00 |
| 0 | 0 | 0 | 0 | |
| Verbindlichkeiten gegen | ||||
| über Kreditinstituten | 2.336.166,44 | 0,00 | 0,00 | 2.336.166,44 |
| Vorjahr in TEUR | 1.229 | 0 | 0 | 1.229 |
| Verbindlichkeiten aus Liefe | ||||
| rungen und Leistungen | 632.389,95 | 0,00 | 0,00 | 632.389,95 |
| Vorjahr in TEUR | 70 | 0 | 0 | 70 |
| Verbindlichkeiten gegenüber | ||||
| verbundenen Unternehmen | 1.343.020,10 | 0,00 | 0,00 | 1.343.020,10 |
| Vorjahr in TEUR | 36 | 0 | 0 | 36 |
| Sonstige Verbindlichkeiten | 2.418.903,64 | 0,00 | 252.842,51 | 2.671.746,15 |
| Vorjahr in TEUR | 11 | 0 | 0 | 11 |
| 7.740.480,13 | 119.000.000,00 | 42.752.842,51 | 169.493.322,64 | |
| Vorjahr in TEUR | 1.346 | 0 | 0 | 1.346 |
Die Anleihen im Gesamtvolumen von EUR 76.010.000,00 wurden mit Verschmelzungsvertrag vom 22.4.2015 von der CROSS Industries AG, FN 261823 i, als übertragende Gesellschaft auf die BF HOLDING AG (nunmehr: CROSS Industries AG), FN 78112 x, als übernehmende Gesellschaft übertragen und betreffen einerseits eine im Dezember 2005 begebene Anleihe (Perpetual Bond) in Höhe von EUR 60.000.000,00, die im laufendem Geschäftsjahr in Höhe von EUR 58.990.000,00 vorzeitig getilgt wurde und in Höhe von EUR 1.010.000,00 mit einer fixen Verzinsung bis 2015 und anschließender variabler Verzinsung resultiert. Die Anleihe (Perpetual Bond) in Höhe von EUR 1.010.000,00 wurde am 1.12.2015 mit Wirkung zum 7.2.2016 gekündigt. Zum Bilanzierungszeitpunkt war diese Anleihe somit vollständig getilgt. Andererseits wurde im September 2012 eine Anleihe in Höhe von EUR 75.000.000,00 mit einer Laufzeit von 6 Jahren und einer Verzinsung von 4,625 % begeben.
Der Perpetual Bond ist als nicht besicherte Teilschuldverschreibung, die nachrangig zu allen anderen gegenwärtigen oder künftigen nicht besicherten, nicht nachrangigen Verbindlichkeiten der CROSS Industries AG ist, ausgestaltet. Zinsen müssen von der CROSS Industries AG nur ausbezahlt werden, wenn eine Dividende oder eine andere Ausschüttung an die Aktionäre beschlossen wird, andere nachrangige Verbindlichkeiten oder Gesellschafterdarlehen getilgt werden oder Zinsen auf Gesellschafterdarlehen gezahlt werden.
Die CROSS Industries AG hat im Juli 2015 ein Schuldscheindarlehen in Höhe von EUR 56.500.000,00 begeben, welches in Höhe von TEUR 44.000 mit einer Laufzeit von 5 Jahren und in Höhe von TEUR 12.500 mit einer Laufzeit von 7 Jahren abgeschlossen wurde. Das Darlehen wird in Höhe von TEUR 24.500 mit einem fixen Zinssatz und in Höhe von TEUR 32.000 mit einem variablen Zinssatz verzinst.
Am 17.7.2015 hat die CROSS Industries AG eine Namensschuldverschreibung in Höhe von EUR 30.000.000,00 mit einer fixen Verzinsung und einer Laufzeit von 10 Jahren begeben.
Die Verbindlichkeiten gegenüber verbundenen Unternehmen belaufen sich auf EUR 1.343.020,10 (Vorjahr: TEUR 36) und betreffen in Höhe von EUR 18.204,00 (Vorjahr: TEUR 33) Lieferungen und Leistungen, sonstige Verbindlichkeiten in Höhe von EUR 1.321.316,10 (Vorjahr: TEUR 0) sowie Verbindlichkeiten aus Steuerumlagen in Höhe von EUR 3.500,00 (Vorjahr: TEUR 4).
Die sonstigen Verbindlichkeiten in Höhe von EUR 2.671.746,15 (Vorjahr: TEUR 11) betreffen im Wesentlichen Zinsen aus den begebenen Anleihen, Schuldscheindarlehen und Namensschuldverschreibungen in Höhe von EUR 2.004.470,76 (Vorjahr: TEUR 0) sowie sonstige Verbindlichkeiten in Höhe von EUR 667.275,39 (Vorjahr: TEUR 11).
Im Posten "Sonstige Verbindlichkeiten" sind Aufwendungen in Höhe von EUR 2.295.658,91 (Vorjahr: TEUR 11) enthalten, die erst nach dem Bilanzstichtag zahlungswirksam werden.
| 31.12.2015 TEUR |
31.12.2014 TEUR |
|
|---|---|---|
| Bürgschaftserklärung für die Wethje Carbon Composites GmbH, Deutschland |
5.582 | 0 |
| Haftungsgarantie für die Wethje Carbon Composites GmbH, Deutschland, gegenüber Mitsubishi Rayon Co., Ltd., Japan |
5.635 | 0 |
| Bürgschaftserklärung für die Durmont Teppichbodenfabrik GmbH, Hartberg |
2.750 | 0 |
| Garantie für die Network Performance Channel GmbH, Deutschland, gegenüber IXIA TECHNOLOGIES |
||
| INTERNATIONAL Limeted, Irland | 658 | 669 |
| 14.625 | 669 |
Die Haftungsverhältnisse betreffen in Höhe von EUR 658.074,54 (Vorjahr: TEUR 669) verbundene Unternehmen.
Die Umsatzerlöse beinhalten die Weiterverrechnungen laufender Projekte und Erlöse für Dienstleistungen. Im Geschäftsjahr wurden im Inland EUR 8.201.571,54 (Vorjahr: TEUR 8) und in anderen EU Ländern EUR 567.062,99 (Vorjahr: TEUR 27) Umsatz erzielt.
Die übrigen sonstigen betrieblichen Erträge betreffen im Wesentlichen die Vermietung von Büroflächen in Höhe von EUR 224.262,92 (Vorjahr: TEUR 16).
Die Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen betreffen in Höhe von EUR 44.307,32 (Vorjahr: TEUR 6) Leistungen an betriebliche Mitarbeitervorsorgekassen.
Die Aufwendungen für Abfertigungen und Leistungen an betriebliche Mitarbeitervorsorgekassen setzen sich wie folgt zusammen:
| 2015 EUR |
1.10. - 31.12.2014 EUR |
|
|---|---|---|
| Vorstände Mitarbeitervorsorgekasse | 26.501,49 | 6.112,55 |
| Veränderung Abfertigungsrückstellung Vorstände | 5.500,00 | 0,00 |
| Sonstige Arbeitnehmer | 17.805,83 | 0,00 |
| 49.807,32 | 6.112,55 |
Die übrigen sonstigen betrieblichen Aufwendungen betreffen im Wesentlichen Aufwendungen für konzerninterne Dienstleistungen, Aufwendungen für Vorstandstätigkeiten, Steuerberatungsaufwand sowie Rechts- und Beratungsaufwand.
Die Erträge aus Beteiligungen in Höhe von EUR 23.797.012,10 (Vorjahr: TEUR 0) betreffen Dividendenerträge gegenüber verbundenen Unternehmen.
Sonstige Zinsen und ähnliche Erträge betreffen im Wesentlichen Zinsen aus Darlehen in Höhe von EUR 856.814,50 (Vorjahr: TEUR 7).
Die Aufwendungen aus Finanzanlagen und aus Wertpapieren des Umlaufvermögens betreffen in Höhe von EUR 2.155.126,77 (Vorjahr: TEUR 0) Abschreibungen von verbundenen Unternehmen und in Höhe von EUR 3.317.111,53 (Vorjahr: TEUR 0) Abschreibungen von Beteiligungen sowie Verluste aus abgegangenen Finanzanlagen in Höhe von EUR 559.569,81 (Vorjahr: TEUR 1).
Die Gesellschaft ist seit der Veranlagung 2014 Gruppenmitglied der Unternehmensgruppe gemäß § 9 KStG der Pierer Konzerngesellschaft mbH, Wels.
Die steuerlichen Ergebnisse der Gruppenmitglieder werden dem Gruppenträger zugerechnet. Die zu leistenden Steuerumlagen zwischen dem Gruppenträger und jedem einzelnen Gruppenmitglied wurde in Form von einer Gruppen- und Steuerumlagevereinbarung geregelt.
Die Steuern vom Einkommen und vom Ertrag enthalten die voraussichtlich an die Gruppenträger zu zahlende Mindestkörperschaftsteuer.
Auf Grund der steuerlichen Verlustsituation ergibt sich kein aktivierbarer Steuerabgrenzungsbetrag gemäß § 198 Abs 10 UGB.
(im Jahresdurchschnitt)
Im Jahresdurchschnitt beschäftigte die Gesellschaft 13 (Vorjahr: 1) Angestellte, davon 3 (Vorjahr: 0) Teilzeitbeschäftigte.
Da der Abschlussprüfer der Gesellschaft auch Abschlussprüfer des Konzernabschlusses der CROSS Industries AG ist, wird hinsichtlich der auf das Geschäftsjahr 2015 entfallenden Aufwendungen für den Abschlussprüfer auf die entsprechenden Angaben im Konzernanhang dieser Gesellschaft verwiesen.
Im Juli 2015 hat die CROSS Industries AG ihre Finanzierungen neu strukturiert. Dabei wurden einerseits Schuldscheindarlehen mit einem Volumen von TEUR 56.500 und Laufzeiten von 5 und 7 Jahren sowie andererseits Namensschuldverschreibungen mit einem Volumen von TEUR 30.000 und einer Laufzeit von 10 Jahren, begeben. Die Aufnahme des Fremdkapitals diente unter anderem dazu, die ewige Anleihe der CROSS Industries AG mit einen Nominale von TEUR 60.000, vorzeitig zurückzukaufen.
Weiters hat die CROSS Industries AG am 19.9.2012 eine Anleihe in Höhe von EUR 75.000.000,00 mit einer Laufzeit von 6 Jahren und einem Kupon von 4,625 % begeben.
Ein wesentliches Ziel des Finanzrisikomanagements in der CROSS-Gruppe ist es, die jederzeitige Zahlungsfähigkeit und die finanzielle Flexibilität sicherzustellen. Zu diesem Zweck wird eine Liquiditätsreserve in Form von ungenützten Kreditlinien (Bar- und Avalkredite) und bei Bedarf in Form von Barbeständen bei Banken von hoher Bonität vorgehalten.
Der langfristige Liquiditätsbedarf der Gruppe wurde durch die Emission von Unternehmensanleihen sowie die Aufnahme von Bankkrediten sichergestellt.
Die operativen Gesellschaften sind durch kurz- bzw langfristige Finanzierungen selbst finanziert.
Die KTM AG hat am 24.4.2012 eine Anleihe (ISIN: AT0000A0UJP7) mit einer Laufzeit von 5 Jahren und einem Volumen von 85 Mio. EUR erfolgreich platziert. Die Anleihe notiert mit einer Stückelung von EUR 500,00 im Geregelten Freiverkehr der Wiener Börse und ist mit einem fixen Kupon von 4,375 % verzinst. Die Liquiditäts- und Finanzierungssituation des KTM-Konzerns hat sich im abgelaufenen Geschäftsjahr weiter verbessert. Wesentliche Finanzierungsinstrumente wurden langfristig kommittiert und optimiert. Das Working Capital Management wurde weiterhin verbessert und steht auch im kommenden Jahr im Fokus. Für das geplante Wachstum stehen somit ausreichende Liquiditätsreserven aus einem Portfolio an unterschiedlichen Finanzierungsinstrumenten mit verschiedenen Kontrahenten zur Verfügung.
Im August 2013 begab die Pankl Racing Systems AG eine 3,25 % Anleihe mit einer Laufzeit von 2013 bis 2017 über TEUR 10.000.
Die WP-Gruppe ist durch kurz- und langfristige Lombarddarlehensverträge bzw Bankkredite finanziert.
Als Mitglieder des Aufsichtsrats waren im Geschäftsjahr 2015 die nachstehenden Herren bestellt:
Josef B l a z i c e k (Stellvertretender des Vorsitzenden bis zum 2.6.2015, Vorsitzender seit 2.6.2015) Dr. Ernst C h a l u p s k y (Vorsitzender bis zum 2.6.2015, Stellvertreter des Vorsitzenden seit 2.6.2015) Mag. Gerald K i s k a Mag. Klaus R i n n e r b e r g e r (seit 2.6.2015)
CROSS Industries AG (vormals: BF HOLDING AG), Wels
Anlage 1 zum Anhang
| Anschaffungs- und Herstellungskosten | Abschreibungen | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stand am 1.1.2015 EUR |
Zugänge EUR |
schmelzung Zugänge aus Ver- EUR |
Abgänge EUR |
chungen Umbu- EUR |
31.12.2015 Stand am EUR |
Stand am 1.1.2015 EUR |
schmelzung Zugänge aus Ver- EUR |
gänge EUR Zu- |
gänge EUR Ab- |
31.12.2015 Stand am EUR |
Buchwerte 31.12.2015 Stand am EUR |
31.12.2014 Stand am EUR |
|
| I. Immaterielle Vermö gensgegenstände: |
|||||||||||||
| Konzessionen, gewerb liche Schutzrechte und Vorteile sowie daraus abgeleitete Lizenzen ähnliche Rechte und |
180.534,79 | 0,00 | 345.952,14 | 180.534,79 | 0,00 | 345.952,14 | 180.534,39 | 340.039,07 | 3.002,95 180.534,39 | 343.042,02 | 2.910,12 | 0,40 | |
| II. Sachanlagen: | |||||||||||||
| 1. Bauten auf frem dem Grund |
105.769,44 | 0,00 | 0,00 | 105.769,44 | 0,00 | 0,00 | 91.736,67 | 0,00 | 779,60 | 92.516,27 | 0,00 | 0,00 | 14.032,77 |
| schäftsausstattung Betriebs- und Ge 2. Andere Anlagen, |
310.179,92 | 18.952,42 | 1.304.013,72 | 335.322,27 | 0,00 | 1.297.823,79 | 306.401,19 | 590.606,18 | 81.933,69 324.747,76 | 654.193,30 | 643.630,49 | 3.778,73 | |
| 3. Geleistete Anzahlungen und Anlagen in Bau |
0,00 | 9.557,58 | 0,00 | 1.138,50 | 0,00 | 8.419,08 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 8.419,08 | 0,00 |
| 415.949,36 | 28.510,00 | 1.304.013,72 | 442.230,21 | 0,00 | 1.306.242,87 | 398.137,86 | 590.606,18 | 82.713,29 417.264,03 | 654.193,30 | 652.049,57 | 17.811,50 | ||
| III. Finanzanlagen: | |||||||||||||
| denen Unternehmen 1. Anteile an verbun |
5.072.086,09 11.540.221,17 348.488.428,96 | 1) | 2) 9.897.784,67 1.169.198,65 |
356.372.150,20 | 4.665.958,24 | 0,00 2.155.126,77 | 0,00 | 6.821.085,01 | 1) 349.551.065,19 |
406.127,85 | |||
| 2. Beteiligungen | 0,00 | 0,00 | 7.840.329,41 | 0,00 | 0,00 | 7.840.329,41 | 0,00 | 0,00 3.257.112,53 | 0,00 | 3.257.112,53 | 4.583.216,88 | 0,00 | |
| 3. Wertpapiere (Wert rechte) des An |
|||||||||||||
| lagevermögens | 0,00 | 56.031,20 | 60.000,00 | 0,00 | 2) 484.240,39 |
600.271,59 | 0,00 | 0,00 | 59.999,00 | 0,00 | 59.999,00 | 540.272,59 | 0,00 |
| 5.072.086,09 11.596.252,37 356.388.758,37 | 9.897.784,67 1.653.439,04 | 364.812.751,20 | 4.665.958,24 | 0,00 5.472.238,30 | 0,00 10.138.196,54 | 354.674.554,66 | 406.127,85 | ||||||
| 5.668.570,24 11.624.762,37 358.038.724,23 | 10.520.549,67 1.653.439,04 | 366.464.946,21 | 5.244.630,49 | 930.645,25 5.557.954,54 597.798,42 11.135.431,86 | 355.329.514,35 | 423.939,75 |
1) davon Umgründungsmehrwert EUR 34.275.720,66 2) Umgliederung vom Umlaufvermögen
Die Gesellschaft hält bei folgenden Unternehmen mindestens 20,00 % Anteilsbesitz:
| Ergebnis des | ||||
|---|---|---|---|---|
| Eigenkapital/ | letzten | |||
| Kapital- | Negatives | Geschäfts | ||
| anteil | Eigenkapital | jahres 1) |
||
| Beteiligungsunternehmen | % | Stichtag | EUR | EUR |
| Verbundene Unternehmen: | ||||
| CROSS KraftFahrZeug | ||||
| Holding GmbH, Wels | 100,00 31.12.2015 214.943.462,16 | 7.482.264,63 | ||
| PF Beteiligungsver | ||||
| waltungs GmbH, Wels | 100,00 31.12.2015 | 13.505.093,18 | -1.819.715,71 | |
| WP AG, Munderfing | 89,48 31.12.2015 | 33.816.445,57 | 3.408.517,74 | |
| Pankl Racing Sys | ||||
| tems AG, Kapfenberg | 55,58 31.12.2015 | 62.337.227,69 | 5.235.800,48 | |
| WP Immobilien GmbH, | ||||
| Munderfing 2) | 5,00 31.12.2015 | 11.028.944,63 | 511.167,33 | |
| WP Components GmbH, Munderfing 2) | 0,02 31.12.2015 | 4.492.466,99 | -357.309,57 | |
| KTM AG, Mattighofen 2) | 0,10 31.12.2015 304.733.069,13 62.549.253,35 | |||
| Network Performance Channel | ||||
| GmbH, Neu-Isenburg, Deutschland | 100,00 31.12.2015 | -409.356,48 | 3) 3) -146.727,97 |
|
| Beteiligungen: | ||||
| Wethje Carbon Composites GmbH | ||||
| (vormals: Wethje Holding GmbH), | ||||
| Hengersberg, Deutschland | 49,00 31.12.2015 | 928.377,27 | -5.101.455,77 | |
| Wertpapiere (Wertrechte) | ||||
| des Anlagevermögen: | ||||
| Durmont Teppichboden | ||||
| fabrik GmbH, Hartberg | 24,00 31.12.2015 | 5.136.847,35 | 675.128,74 |
3) Vorläufiger Jahresabschluss zum 31.12.2015
1) Jahresüberschuss/-fehlbetrag
2) direkt gehalten, auf Grund weiterer indirekt gehaltener Anteil handelt es sich um Anteile an verbundenen Unternehmen
CROSS Industries AG (vormals: BF HOLDING AG), Wels Bericht über die Prüfung des Jahresabschlusses zum 31. Dezember 2015 11. März 2016
Wir haben den beigefügten Jahresabschluss der
bestehend aus der Bilanz zum 31. Dezember 2015, der Gewinn- und Verlustrechnung für das an diesem Stichtag endende Geschäftsjahr sowie dem Anhang, geprüft.
Die gesetzlichen Vertreter der Gesellschaft sind verantwortlich für die Aufstellung und sachgerechte Gesamtdarstellung dieses Jahresabschlusses in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften und für die internen Kontrollen, die die gesetzlichen Vertreter als notwendig erachten, um die Aufstellung eines Jahresabschlusses zu ermöglichen, der frei von wesentlichen beabsichtigten oder unbeabsichtigten falschen Darstellungen ist.
Unsere Aufgabe ist es, auf der Grundlage unserer Prüfung ein Urteil zu diesem Jahresabschluss abzugeben. Wir haben unsere Abschlussprüfung in Übereinstimmung mit den österreichischen Grundsätzen ordnungsgemäßer Abschlussprüfung durchgeführt. Diese Grundsätze erfordern die Anwendung der internationalen Prüfungsstandards (International Standards on Auditing - ISA). Nach diesen Grundsätzen haben wir die beruflichen Verhaltensanforderungen einzuhalten und die Abschlussprüfung so zu planen und durchzuführen, dass hinreichende Sicherheit darüber erlangt wird, ob der Jahresabschluss frei von wesentlichen falschen Darstellungen ist.
Eine Abschlussprüfung beinhaltet die Durchführung von Prüfungshandlungen, um Prüfungsnachweise für die im Jahresabschluss enthaltenen Wertansätze und sonstigen Angaben zu erlangen. Die Auswahl der Prüfungshandlungen liegt im pflichtgemäßen Ermessen des Abschlussprüfers. Dies schließt die Beurteilung der Risiken wesentlicher beabsichtigter oder unbeabsichtigter falscher Darstellungen im Jahresabschluss ein. Bei der Beurteilung dieser Risiken berücksichtigt der Abschlussprüfer das für die Aufstellung und sachgerechte Gesamtdarstellung des Jahresabschlusses durch die Gesellschaft relevante interne Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des internen Kontrollsystems der Gesellschaft abzugeben. Eine Abschlussprüfung umfasst auch die Beurteilung der Angemessenheit der angewandten Rechnungslegungsgrundsätze und der Vertretbarkeit der von den gesetzlichen Vertretern ermittelten geschätzten Werte in der Rechnungslegung sowie die Beurteilung der Gesamtdarstellung des Jahresabschlusses.
Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen.
Unsere Prüfung hat zu keinen Einwendungen geführt. Nach unserer Bernieilung entspricht der Jahresabschluss den gesetzlichen Vorschriften und vermittelt ein möglichst getreues Bild der Vermögens- und Finanzlage der Gesellschaft zum 31. Dezember 2015 sowie der Ertragslage der Gesellschaft für das an diesem Stichtag endende Geschäftsjahr in Übereinstimmung mit den österreichischen unternehmensrechtlichen Vorschriften.
Der Lagebericht ist auf Grund der gesetzlichen Vorschriften darauf zu prüfen, ob er mit dem Jahresabschluss in Einklang steht und ob die sonstigen Angaben im Lagebericht nicht eine falsche Vorstellung von der Lage der Gesellschaft erwecken. Der Bestätigungsvermerk hat auch eine Aussage darüber zu enthalten, ob der Lagebericht mit dem Jahresabschluss in Einklang steht und ob die Angaben nach § 243a UGB zutreffen.
Der Lagebericht steht nach unserer Beurteilung in Einklang mit dem Jahresabschluss. Die Angaben gemäß § 243a UGB sind zutreffend.
Linz, am 11. März 2016
Die Veröffentlichung oder Weitergabe des Jahresabschlusses mit unserem Bestätigungsvermerk darf nur in der von uns bestätigten Fassung erfolgen. Dieser Bestätigungsvermerk bezieht sich ausschließlich auf den deutschsprachigen und vollständigen Jahresabschluss samt Lagebericht. Für abweichende Fassungen sind die Vorschriften des§ 281Abs2 UGB zu beachten.
Wir bestätigen nach bestem Wissen, dass der im Einklang mit den maßgebenden Rechnungslegungsstandards aufgestellte Konzernabschluss ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Konzerns vermittelt, dass der Konzernlagebericht den Geschäftsverlauf, das Geschäftsergebnis und die Lage des Konzerns so darstellt, dass ein möglichst getreues Bild der Vermögens-, Finanzund Ertragslage des Konzerns entsteht, und dass der Konzernlagebericht die wesentlichen Risiken und Ungewissheiten beschreibt, denen der Konzern ausgesetzt ist.
Wir bestätigen nach bestem Wissen, dass der im Einklang mit den maßgebenden Rechnungslegungsstandards aufgestellte Jahresabschluss des Mutterunternehmens ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage des Unternehmens vermittelt, dass der Lagebericht den Geschäftsverlauf, das Geschäftsergebnis und die Lage des Unternehmens so darstellt, dass ein möglichst getreues Bild der
DI Stefan Pierer Mag. Friedrich Roithner Ing. Alfred Hörtenhuber Mag. Wolfgang Plasser
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