Geschäftsbericht 2013

Transcrição

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Inhalt
Working For The Best – eine Auswahl hervorragender Autos,
in denen MEGATECH Produkte verbaut werden Seite 04
„Wir sind auf einem guten Weg“
Das Interview mit dem Vorstand der MEGATECH AG,
Maximilian Gessler (Group CEO) und
Rainer Dieck (Group CFO)
Seite 22
Die Welt von MEGATECH
Die weltweiten Standorte der MEGATECH Group Seite 28
Die Produkte der MEGATECH
Die wichtigsten MEGATECH Produkte im Überblick Seite 30
Consolidated Financial Statements as of 31/12/2013
Seite 33
Management Report
Seite 95
Auditor`s Report
Seite 106
Impressum Seite 107
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Seit August 2012 produziert das Werk in Amurrio, Spanien, für den Golf 7 und den Golf 7
Variant die obere A-Säulenverkleidung, die
mittels Textilhinterspritzung hergestellt wird.
Das MEGATECH Werk in Jablonec, Tschechien,
steuert weitere sichtbare Innenteile wie die
obere B-Säulenverkleidung und die Einstiegsleiste für dieses wichtigste Fahrzeug des VWKonzerns bei. Übrigens: Teile von MEGATECH
werden seit der Markteinführung des Golf 4 in
diesem Auto verbaut.
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Die im spanischen Amurrio in Wendeplattenwerkzeugtechnik hergestellte B-Außensäulenverkleidung aus Styrol-Acrylnitril und Acrylnitril-Butadien-Styrol für den Seat Leon III
ST (ab Oktober 2013) und Seat Leon III 5T (ab
Oktober 2012) zählt zu den neuesten strategischen Produkten von MEGATECH. Seat setzte
– obwohl MEGATECH zuvor noch keine Außenverkleidungen hergestellt hatte – vollstes
Vertrauen in die Kompetenz, die MEGATECH
in den Bereichen Vorentwicklung, Entwicklung und Produktion aufweisen kann.
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Die CD-Säulenverkleidung mit genarbter
Oberfläche zählt zu den sichtbaren Innenteilen, die im Skoda Rapid Spaceback verbaut
werden. Die Produktion im tschechischen
Jablonec läuft seit August 2013. Die Herstellung sichtbarer Innensäulenverkleidungen
für den Skoda Rapid und den Skoda Rapid
Spaceback ist der bisher größte Auftragseingang, den MEGATECH von Skoda erhielt.
Skoda ist nunmehr ein wichtiger strategischer Kunde der tschechischen Standorte der
MEGATECH Gruppe.
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Seit März 2013 produziert das MEGATECH
Werk im spanischen Orense die untere Heckklappenverkleidung als 2-Komponententeil
mit Gummidichtlippe für den Citroën C4 Picasso. Mit den Auftragseingängen der PSA
Gruppe, dem zweitgrößten Kunden von
MEGATECH, erzielte die MEGATECH Gruppe
2013 rund 20 % ihres Jahresumsatzes.
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Mit dem C4 Cactus hat Citroën ein innovatives, revolutionäres Auto in einem außergewöhnlichen Design auf den Markt gebracht.
Ebenfalls innovativ ist der von MEGATECH
produzierte Wasserkasten, der aus zwei Teilen
mit einer Stärke von nur 1,8 Millimeter besteht. Ein einziges Werkzeug ermöglicht die
Herstellung von vier Versionen dieser Außenteile, damit diese sowohl in der Cactus-Version für den Links-, als auch für den Rechtsverkehr verbaut werden können.
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Der Wasserkasten für den Peugeot 301 bzw.
Citroën C-Elysée wird ohne Fixierung an den
Seiten eingebaut. Die Produktion im spanischen Werk Orense startete im Oktober 2012.
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Die untere B-Säulenverkleidung für
den Renault Duster wird mittels konventionellem
Spritzgussverfahren
hergestellt und muss als sichtbarer
Innenteil höchsten Qualitätsstandards entsprechen. Die Produktion
im Werk MEGATECH Industries Brazil,
das 2013 rund 50 % seines Jahresumsatzes mit der Produktion für Renault
erwirtschaftete, startete bereits im
Oktober 2011.
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Die obere C-Säulenverkleidung für den Renault Logan wird mittels konventionellem
Spritzgussverfahren hergestellt und muss als
großes, sichtbares Innenteil hohen Qualitätsstandards entsprechen. Die Produktion im
Werk MEGATECH Industries Brazil in Curitiba
begann im Oktober 2013.
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Für den Audi Q3 stellt MEGATECH die Ladekante, sowie den unteren und oberen Rahmen der Heckklappenverkleidung im Gasinnendruckverfahren her. Start der Produktion im spanischen Amurrio war Juli 2011. Die
MEGATECH Gruppe erhielt mit der Nominierung für die Produktion dieser Teile die ersten
Aufträge von Audi. Der gesamte VW-Konzern
steuert inzwischen rund 40 % zum Umsatz
der MEGATECH Gruppe bei.
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Rainer
DieCk
Seit April 2013 CFO der
MEGATECH Industries AG
Davor war Rainer Dieck
sechs Jahre lang in leitender
Position bei KPMG Advisory
AG, Wien tätig
Der studierte DiplomKaufmann ist seit 1993 in
verschiedenen Funktionen
als Berater und Manager
tätig
Wir sind
auf einem
guten weg
Maximilian GESSLER und
Rainer DIECK im großen
Vorstands-Interview
MAXIMILIAN
GESSLER
Seit Juli 2008 CEO der
Der promovierte Jurist ist
seit 1986 in der Industrie
tätig – seit 1989 als Unternehmer in der Metall- und
Kunststoffindustrie
Der Vorstand der MEGATECH Industries AG, Maximilian Gessler (Group CEO) und Rainer Dieck
(Group CFO) im Gespräch über die vergangenen
Geschäftsjahre, neue Herausforderungen und
Visionen.
Sie haben in diesen beiden Jahren zu offensiv
agiert? Auch weil viele neue Projekte – etwa
der Golf 7, Skoda Rapid, Seat Leon, Citroen
C4 Picasso, Citroen C-Elysée, Peugeot 301 – in
der Pipeline waren?
Blicken wir zuerst auf die doch sehr herausfordernden Jahre 2011 und 2012 zurück …
Rainer Dieck: Ja, wir haben damals mit extrem
anspruchsvollen Projekten begonnen und waren insbesondere in den Bereichen Finanzen und
Controlling nicht gut genug besetzt. Das muss
man ehrlich sagen.
Maximilian Gessler: Nachdem wir die Krise
2008/09 hervorragend gemeistert hatten, haben
wir 2011 und vor allem 2012 größere Schwierigkeiten bekommen. In diesen beiden Jahren sind
die Absatzzahlen für PKW – vor allem in Europa
– zu einem Zeitpunkt zurückgegangen, in dem
wir das größte Investitionsprogramm unserer GeschichWir haben ein besseres, te mit neuen Aufträgen und
Ausbau unseres Werks
qualifizierteres Team dem
in Jablonec gestartet hatten.
aufgebaut. Sowohl in Wir haben in diesen Jahren
überinvestiert, kein ausunserem Headquarter, reichend aussagekräftiges
als auch vor Ort in den Controlling sowie Probleme
mit unserer Liquidität geProduktionsstätten. habt.
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Aber Sie haben daraus gelernt!
Gessler: Ja, wir haben daraus gelernt, ein besseres, qualifizierteres Team aufzubauen, sowohl
in der Holding, als auch vor Ort in den Werken.
Wie unser COO, der von einem großen Systemlieferanten zu uns gekommen ist, es formuliert:
„Wer in der Champions League spielen will, muss
die Spieler dazu haben.“
Dieck: Durch die neue, einheitliche Struktur, die
wir geschaffen haben, sind wir als Vorstand nun
viel näher am Kunden und an unseren Produkten. Wir lassen unseren Mitarbeitern vor Ort zwar
Freiheiten im täglichen Geschäft, aber wir haben
das konzernweite Finanz- und Risikocontrolling
neu aufgesetzt. Wir wissen jetzt viel früher und
in viel besserer Qualität, was auf uns zukommt.
Wir können mit Recht sagen: Die MEGATECH Industries AG agiert heute viel professioneller. Auf
allen Ebenen.
Gessler: Ich habe mir 2011/12 oft gedacht: Da
hätte ich schneller reagieren müssen, weil ich
vieles hatte kommen sehen. Ich habe einige
Male zu lange gewartet. Jetzt sind wir viel konsequenter und viel schneller in unseren Entscheidungen, um Fehlentwicklungen abzustellen und
somit die fristgerechte Umsetzung aller geplanten Maßnahmen und die Einhaltung aller Budgets zu gewährleisten.
Dieck: Konsequenz und Professionalität sind
enorm wichtig. Gerade in der Automobilindustrie. Wir müssen uns daher permanent weiterentwickeln und verbessern. Deshalb haben wir auch
ein Excellence-Programm gestartet, wie es in
anderen, viel größeren Unternehmen erfolgreich
praktiziert wird. Das fängt bei den Produktionsund Logistikprozessen an und endet bei der
Ordnung in den Büros. Die
wesentlichen Stichworte sind
dabei „Lean-Management“
und „Lean-Production. Das
bedeutet für den ein oder
anderen Standort in unserer Gruppe, bislang gelebte
Denk- und Verhaltensmuster
komplett neu auszurichten.
Das heißt konkret?
Wir haben ein
Excellence-Programm
gestartet: Das fängt
bei den Produktionsund Logistikprozessen
an und endet bei der
Ordnung in den Büros.
Dieck: Am Beispiel Tschechien: Wir haben heute 300 Beschäftigte weniger
als noch vor ein, zwei Jahren. Dennoch ist der
Umsatz gestiegen. Und die Liquidität hat sich
verbessert.
Gessler: Wir sind schneller geworden. Beim
Golf 7 war im August 2012 der offizielle Produktionsstart. Und Ende Oktober hatten wir bereits
die volle Kapazität – immerhin 15.000 Autos in
der Woche – erreicht. Was mich dabei besonders
freut: Beim Golf 7 haben wir ein riesiges Paket
bekommen, viel mehr als noch beim Golf 6. Das
spricht für unsere Qualität.
Dieck: Worauf wir auch stolz sind: Viele vergleichbare Unternehmen und direkte Wettbewerber beliefern hauptsächlich andere Systemlieferanten. Wir beliefern hingegen zu mehr als
70 Prozent direkt die Hersteller.
Gessler: Und wir entwickeln selbst!
Dieck: Das ist ein strategischer Wettbewerbsvorteil, ein USP, der auch viel Geld kostet. Dabei darf
man nicht vergessen: Die Entwicklungskosten
müssen wir am Anfang in aller Regel selbst tragen. Die Amortisation erfolgt üblicherweise über
den Teilepreis während der Laufzeit der Projekte beziehungsweise Modelle. Deshalb läuft bei
uns seit einigen Wochen eine verschärfte „Lean
Development“-Offensive. Unsere 55 Ingenieure
müssen noch viel mehr in Richtung Arbeits- und
Kosteneffizienz denken, ohne dabei natürlich
ihre Kreativität einzuschränken. Ein echter Balanceakt.
Also konstatieren Sie eine positive finanzielle
Entwicklung für die MEGATECH Group …
Dieck: Ja. 2012 mussten wir noch einen Jahresverlust von rund 7 Mio. Euro hinnehmen, wobei
die zwei wesentlichen Verlustträger Tschechien
und Brasilien waren. In beiden Ländern ist uns
2013 dank unseres Top-Managements vor Ort
ein signifikanter Turnaround gelungen. Derzeit
unterstützt uns der Markt, der sich überraschend
gut entwickelt – bis auf Brasilien. Dort erleben
wir derzeit leider einen deutlichen Rückgang der
Volumina. Dem müssen wir durch weitere Restrukturierungsmaßnahmen Rechnung tragen.
Können Sie kurz die Eigentümerverhältnisse
der MEGATECH Industries AG skizzieren?
Gessler: Ende 2008 hat das damalige Management das Unternehmen gekauft. Mehrheitlich
ich und drei meiner damaligen Geschäftsführungspartner zu je 13 Prozent. Die sind in der
Zwischenzeit alle aus dem Unternehmen ausgeschieden. Die Anteile, die sie derzeit noch
halten, möchte ich in absehbarer Zeit übernehmen.
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Kurz zur Auftragslage …
Gessler: Nachdem wir mit BMW/MINI/Rolls
Royce 2013 einen wichtigen neuen Kunden gewinnen konnten, hat es uns sehr gefreut, mit
Volkswagen Nutzfahrzeuge, Porsche und Bentley 2014 weitere neue Kunden zu gewinnen und
bei bestehenden Kunden mit bedeutenden Neuaufträgen bedacht zu werden. Erfreulich ist die
Tendenz, dass pro Fahrzeug wesentlich größere
Pakete vergeben werden. Ebenfalls erfreulich ist,
dass die Volumina in der Serienproduktion zumindest in Europa wieder leicht wachsen.
Dieck: Nur zum Verständnis: Wenn ein Auftrag
2010 erteilt wird, können wir 2012 mit der Serienproduktion starten. Das heißt: zwei Jahre Entwicklungszeit. Erst danach beginnen wir, Geld zu
verdienen. Mittelfristig haben wir ein enormes
Potenzial mit unseren bestehenden Kunden in
neuen Märkten, z. B. in Mexiko oder vielleicht
auch in Russland. Und dann gibt es natürlich
auch potenzielle Kunden, die wir noch gerne
hätten. Das ist uns 2013 mit der Akquisition der
BMW Group gelungen.
GESSLER: Auch Mercedes, Opel oder Toyota
sind interessante Kunden für uns. Oder Renault
– außerhalb Brasiliens. Mit unseren Kenntnissen in Entwicklung und Fertigung sind wir ein
wichtiger Partner der Automobilindustrie. Dazu
kommt, dass wir an einigen neuen Produkten
arbeiten und unsere Referenzprodukte stetig
verbessern.
Dieck: Eines ist klar: Der Marktdruck in der Automobilindustrie wird nicht kleiner. Wir versuchen
dem zu begegnen, indem wir anspruchsvolle Teile
entwickeln und produzieren sowie neue Technologien und Materialien einsetzen. So ist z. B. die
Kombination von Materialien ein großes Thema oder auch Technologien, die den Trend zum
Leichtbau in der Automobilindustrie unterstützen.
Zurück zur konkreten Auftragslage: Die
scheint ja sehr gut zu sein …
GESSLER: Ja. Die tschechischen Werke haben insofern zwei herausfordernde Jahre vor sich, da
die neuen Aufträge für Audi, Volkswagen, BMW
und Mini starten. Für diese neuen Teile benötigen wir auch neue Maschinen.
Dieck: Wir müssen auslaufende Aufträge Jahr für
Jahr durch Akquisitionen ersetzen. Eine große
Herausforderung. Ein zweiter Aspekt ist die solide und nachhaltige Finanzierung großer Projekte.
Neue Maschinen zu finanzieren ist heute auf der
Basis einer soliden wirtschaftlichen Entwicklung
in der Regel nicht so problematisch. Hier stehen
uns auch meist interessante Leasing-Modelle zur
Verfügung. Die Finanzierung der Werkzeuge ist
deutlich schwieriger. Diese können der Bank in
der Regel nicht als Sicherheit gegeben werden.
Zudem gehören die Werkzeuge letztendlich immer den Kunden.
Ist ein Börsegang ein Thema?
GESSLER: Nein, das ist derzeit kein Thema. Uns
ist wichtig, seriös aufzutreten und uns an Großunternehmen zu orientieren. Deshalb haben wir
die Rechtsform einer Aktiengesellschaft gewählt,
nachdem wir seit Beginn schon einen Aufsichtsrat hatten und unsere Jahresabschlüsse freiwillig
testieren ließen.
Dieck: Aber wir denken über alternative Finanzierungsoptionen auf Holding-Ebene nach, wie
z. B. Schuldscheindarlehen. Das wollen wir aber
solide evaluieren und vorbereiten.
Und Ihr Ausblick für 2014?
Dieck: 2014 werden wir allen Prognosen zur Folge ein gutes Jahr haben. Wir rechnen mit einem
positiven EBT von etwa 2 Mio. EUR (ohne Sondereffekte aus einer möglichen Refinanzierung
unsere Kredite in Tschechien). Ein Unsicherheitsfaktor, auch für das Ergebnis, ist aber zweifelsohne die wirtschaftliche Entwicklung in Brasilien.
GESSLER: Wir legen jetzt den Grundstein für unsere Zukunft bis 2025. Die Aufträge dazu haben
wir zum Teil schon akquiriert. Wir sind auf einem
guten Weg.
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Die Welt von
10
megatech
Die weltweiten Standorte der MEGATECH Group
im Überblick: alle Werke, alle Tech Center,
alle Verkaufsbüros in Europa und Übersee.
1.
5
MEGATECH
Industries Hlinsko s.r.o.
Tschechien
Im vierten Wiener Gemeindebezirk laufen die Fäden der MEGATECH-Welt zusammen. Neben
dem CEO und CFO arbeiten
sieben weitere Mitarbeiter in der
Firmenzentrale, die für die strategische Planung, den Vertrieb
und das Konzerncontrolling verantwortlich sind.
4
8
7
2.
MEGATECH
Industries AG
Österreich
3.
MEGATECH
Industries Jablonec s.r.o.
Tschechien
In der tschechischen Stadt Hlinsko sind rund 420 Mitarbeiter im
stark expandierenden, neu ausgebauten Werk der MEGATECH
Gruppe beschäftigt. Neben
sichtbaren
Fahrzeuginnenteilen als auch technischen Teilen
für Klima- und Lüftungsanlagen
werden Scheinwerferreflektoren
und elektrotechnische Komponenten hergestellt.
4.
In der Glas- und Schmuckproduktionsstadt im Norden Tschechiens sind rund 310 Mitarbeiter
angestellt. Das Werk wurde 2010–
2012 auf den neusten industriellen Standard gebracht und produziert seither ausschließlich für
OEMs sichtbare Fahrzeuginnenteile und Radzierblenden. Die
Geschichte des Werks reicht bis
ins 19. Jahrhundert zurück.
5.
MEGATECH
Industries Amurrio, S.L.
Spanien
MEGATECH
Industries Orense, S.L.
Spanien
Das Werk im Baskenland beschäftigt rund 250 Mitarbeiter. Es
verfügt über ein sehr breites Produktspektrum und stellt diverse
Teile für zahlreiche namhafte
Kunden in der Automobilbranche her.
In der galizischen Stadt arbeiten rund 160 Mitarbeiter im
modernsten Werk der Gruppe,
das als Vorbild für alle Werke
der MEGATECH Gruppe gilt.
Hier werden die meisten neuen
Prozesse erprobt. Das Werk spezialisiert sich auf die Erzeugung
anspruchsvoller, sichtbarer Innenteile und technischer Teile.
6.
6
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6
MEGATECH
Brasil Componentes
Automotivos Ltda., Brasilien
Seit 1979 ist MEGATECH in Brasilien präsent. Das Werk in Curitiba
beschäftigt rund 130 Mitarbeiter und verfügt über eine breite
Produktpalette. In einem zusätzlichen Vertriebsbüro in Sao Paulo
betreuen Mitarbeiter die Kunden
direkt vor Ort.
2
7.
MEGATECH
Industries Marinha Grande, Lda.
Portugal
In Marinha Grande, einer der
wichtigsten Werkzeugformbauregionen Europas, befindet sich
die jüngste Fabrik der MEGATECH
Gruppe. Das stark expandierende
Werk mit rund 55 Mitarbeitern
musste nach der Akquisition
2011 zuerst auf den automotiven
Standard gebracht werden und
konzentriert sich nun ausschließlich auf das Automobilgeschäft.
3 2
1
7
9
5
8.
MEGATECH
Industries Technical
Center, A.I.E., Spanien
9.
SC Megatech Engineering
Center S.R.L
Rumänien
Das Tech Center der MEGATECH
Gruppe befindet sich in der Nähe
von Bilbao. Die rund 42 Mitarbeiter entwickeln Produkte und
Werkzeuge im Kundenauftrag.
Darüber hinaus beschäftigen sie
sich mit Grundlagenforschung
und neuen Materialien.
Die CAD-Entwicklung der Produkte für die gesamte MEGATECH Gruppe erfolgt in der
rumänischen Hauptstadt Bukarest. Die sechs Mitarbeiter arbeiten weiters mit allen im Entwicklungsprozess notwendigen
Simulationsprogrammen.
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3
4
10.
Megatech
Industries Deutschland GmbH
Deutschland
Die Mitarbeiter in Deutschland
sind für die Projektabwicklung
und den Vertrieb für alle deutschen Kunden zuständig. Ihr
Aufgabenbereich umfasst ebenso die technische Betreuung der
Werke der Kunden MEGATECHs.
Technisches Verständnis und
Kundennähe sind selbstverständlich.
11.
Megatech
Sales Office
Frankreich
Drei Mitarbeiter kümmern sich
um die Projektabwicklung und
den Vertrieb für die französischen Kunden der MEGATECH
Gruppe.
12.
Megatech
Industries India Private Ltd.
Indien
Um auch auf dem boomenden
asiatischen Märkten präsent zu
sein, hat MEGATECH seit 2012
eine Repräsentanz in der indischen Metropole Pune, dem
Zentrum der indischen Automobilindustrie, eingerichtet.
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DiE Produkte der
megatech
Auf einen Blick: Unsere wichtigsten Produkte – gegliedert
nach Produktkategorien mit allen Informationen zu Fahrzeugmarken, Modellen und Modellcodes.
B-Säulenverkleidung linke Seite |
SEAT | Leon III 5T | SE 370
A-Säulenverkleidung linke Seite |
SKODA | Rapid | SK 251
Einstiegsleiste | VW | Golf VII + Golf Variant | VW 370 + VW 372
A-Säulenverkleidung rechte Seite |
CD-Säulenverkleidung rechte Seite |
C-Säulenverkleidung linke Seite |
CD-Säulenverkleidung linke Seite |
SKODA | Rapid Spaceback | SK 253
A-Säulenverkleidung
weiß linke Seite |
VW | CC | VW 469
linke Seite | VW |
Golf VII + Golf Variant |
VW 370 + VW 372
schwarz linke Seite |
VW | CC | VW 469
Innenausstattung
rechte Seite | VW |
Golf VII + Golf Variant |
VW 370 + VW 372
B-Säulenverkleidung weiß
rechte Seite | VW | CC | VW 469
B-Säulenverkleidung weiß
linke Seite | VW | CC | VW 469
weiß rechte Seite |
VW | CC | VW 469
schwarz rechte Seite |
VW | CC | VW 469
B-Säulenverkleidung schwarz
B-Säulenverkleidung schwarz
linke Seite |
VW | Polo VII | VW 250
C-Säulenverkleidung
„Sonnenrollo“ weiß rechte Seite |
VW | CC | VW 469
C-Säulenverkleidung
„Sonnenrollo“ weiß linke Seite |
VW | CC | VW 469
C-Säulenverkleidung schwarz
C-Säulenverkleidung schwarz
rechte Seite |
Untere Sitzverkleidung |
CITROËN |
C4 Picasso |
B78
B-Säulenverkleidung rechte Seite |
VW | Polo VII | VW 250 |
30
C-Säulenverkleidung rechte Seite |
C-Säulenverkleidung linke Seite |
Kofferraumkomponenten
Heckklappenverkleidung oberer Rahmen |
Heckklappenverkleidung unterer Rahmen |
AUDI | Q3 | AU 316
Dachkonsole |
CITROËN |
CITROËN Berlingo |
B9
Kofferraumseitenverkleidung |
SEAT | Leon III ST |
SE 373
Ladekante |
AUDI | Q3 |
AU 316
Technische Teile
3K Luftführung | CITROËN |
C4 Picasso | B78
e-Box |
MERCEDES | Vito |
NCV2
Außenkomponenten
Mittelkonsole |
CITROËN |
CITROËN Berlingo | B9
B-Säulenverkleidung rechte Seite |
VW | Golf VII + Golf Variant |
VW 370 + VW 372
2K Wasserkasten |
SEAT |
Leon III 5T/ST |
SE 370 + SE 373
Sitzteile
Module
und
Konsolen
2K Wasserkasten |
CITROËN | Elysée | M3 | PEUGEOT | 301 | M4
B Säulenverkleidung
außen | SEAT | Leon III 5T |
SE 370
Radhausverkleidung |
CITROËN |
C4 Picasso | B78
Radzierkappen |
SKODA | Octavia 3 |
SK 371
Sitzschublade |
CITROËN |
C4 Picasso |
B78
Radzierkappen |
SKODA | Superb B5 |
SK 451
Radzierkappen |
VW | Passat |
VW 461
31
W
i
t
b
Work
ing for
the
best
+
Consolidated Financial
Statements as of
31/12/2013
I. Consolidated income statement
in kEUR
Note
Revenue
Changes in inventories of finished goods
and work in progress
Capitalisation of development costs
Raw materials and consumables used
2013
2012
restated
2012
(as prev.
reported)
143,637
147,490
147,490
-149
-655
-655
2,723
2,204
2,204
-100,484
-105,228
-105,228
Employee benefit expenses
20
-29,996
-33,268
-33,225
Other income
21
3,108
2,443
2,443
Other fixed expenses
22
-11,204
-9,835
-9,835
7,635
3,151
3,194
-749
-2,454
-2,454
6,886
697
740
-6,160
-6,146
-6,146
726
-5,449
-5,406
EBITDA before non-recurring items
Non-recurring items
23
EBITDA after non-recurring items
Depreciation and amortisation
24
Operating result (EBIT)
Interest result
25
-2,117
-1,342
-1,342
Other financial result
26
-928
535
535
Financial result
-3,045
-807
-807
Result before tax
-2,319
-6,256
-6,213
401
-872
-872
-1,918
-7,128
-7,085
2013
2012
restated
2012
(as prev.
reported)
-1,927
-7,106
-7,063
9
-22
-22
-1,918
-7,128
-7,085
Income tax expense
27
Loss for the year
in kEUR
Loss attributable to:
Owner of the parent
Non-controlling interests
Loss for the year
See note 32 for an explanation of restatement.
34
II. Consolidated statement of comprehensive income
in kEUR
Loss for the year
2013
2012
restated
2012
(as prev.
reported)
-1,918
-7,128
-7,085
9
43
0
9
43
0
-316
-264
-264
-316
-264
-264
-307
-221
-264
-2,225
-7,349
-7,349
2013
2012
restated
2012
(as prev.
reported)
-2,234
-7,327
-7,327
9
-22
-22
-2,225
-7,349
-7,349
Other comprehensive income for the year:
Items that will not be reclassified to
profit or loss
Remeasurements of employment
benefit obligations
Items that may be subsequently reclassified
to profit or loss
Currency translation differences
Other comprehensive income for the
year, net of tax
Total comprehensive income for the year
in kEUR
Total comprehensive income attributable to:
Owner of the parent
Total comprehensive income for the year
Items in the statement above are disclosed net of tax. The income tax relating to each component
of other comprehensive income is disclosed in note 27.
35
III. Consolidated balance sheet
in kEUR
Note
2013
2012
Property, plant and equipment
5
43,550
48,330
Intangible assets
6
12,586
13,067
Deferred tax assets
15
775
710
Available-for-sale financial assets
3
60
60
Derivative financial instruments
8
1
1
Non-current trade and other receivables
9
12,860
12,207
69,832
74,375
Assets
Non-current assets
Current assets
Inventories
10
11,368
17,052
Trade and other receivables
9
25,561
28,355
Cash and cash equivalents
11
6,335
2,257
43,264
47,664
113,096
122,039
Total assets
36
in kEUR
Note
2013
2012
Registered capital
12
7,050
7,050
Other reserves
12
41,948
41,761
440
756
Retained earnings
-11,824
-9,901
Equity attributable to owners of the parent
37,614
39,666
0
-39
37,614
39,627
Equity and liabilities
Equity
Non-current liabilities
Participative loans
16
0
238
Government grants
17
1,355
1,273
Non-current financial liabilities
14
4,449
4,239
8
0
1,822
Deferred tax liabilities
15
4,036
4,852
Non-current employee benefits
18
434
468
Non-current other provisions
19
1,246
1,305
11,520
14,197
Current liabilities
Current provisions
19
216
970
Government grants
17
24
161
8
0
662
Trade and other payables
13
35,145
37,166
Current financial liabilities
14
28,577
29,256
63,962
68,215
75,482
82,412
113,096
122,039
Total liabilities
Total equity and liabilities
37
Currency
translation
differences
Retained
earnings
38,233
1,020
-2,838
-17
43,448
Loss for the year
(as previously reported)
0
0
0
-7,063
-22
-7,085
0
0
-264
0
Total comprehensive income
0
0
-264
-7,063
Shareholders' contribution
0
3,528
0
0
0
3,528
Total transactions with owners
0
3,528
0
0
0
3,528
31/12/2012
7,050
41,761
756
-9,901
-39
39,627
31.12.2011
7,050
38,233
1,020
-2,838
-17
43,448
Loss for the year restated
0
0
0
-7,106
-22
-7,128
benefit obligations
0
0
0
43
0
43
0
0
-264
0
0
-264
restated
0
0
-264
-7,063
0
3,528
0
0
0
3,528
0
3,528
0
0
0
3,528
7,050
41,761
756
-9,901
-39
39,627
31/12/2011
0
-22
Total
equity
Other
reserves
7,050
in kEUR
Noncontrolling
interests
Registered
capital
IV. Consolidated statement of changes in equity
-264
-7,349
Transactions with owners
-22
-7,349
31.12.2012
38
31.12.2012
Total
equity
Noncontrolling
interests
Retained
earnings
Currency
translation
differences
Other
reserves
Registered
capital
in kEUR
7,050
41,761
756
-9,901
-39
39,627
Loss for the year
0
0
0
-1,927
9
-1,918
benefit obligations
0
0
0
9
0
9
0
0
-316
0
0
-316
0
0
-316
-1,918
9
-2,225
0
187
0
0
75
262
Transactions with
non-controlling interests
0
0
0
-5
-45
-50
0
187
0
-5
30
212
7,050
41,948
440
-11,824
0
37,614
31.12.2013
39
V. Consolidated statement of cash flows
in kEUR
2013
2012
restated
2012
(as prev.
reported)
726
-5,449
-5,406
Depreciation and amortisation
6,160
6,146
6,146
Change in inventory
5,095
1,326
1,326
Change in trade receivables
1,449
-1,402
-1,402
Change in trade payables
-239
175
175
Change in other current assets/liabilities
-555
-1,037
-1,037
5,750
-938
-938
-677
145
102
-54
-184
-184
Gain (-) / loss (+) from disposal of assets
-245
-365
-365
Net finance costs
-755
-656
-656
Taxes paid
-342
-844
-844
10,563
-2,145
-2,145
Investments in property, plant and equipment
-2,433
-5,147
-5,147
Investments in intangible assets
-2,973
-2,999
-2,999
-50
0
0
3,314
955
955
-2,142
-7,191
-7,191
8,421
-9,336
-9,336
EBIT
Change in working capital
Change in provisions
Government grants
Cash flow from operating activities
Transactions with non-controlling interests
Proceeds from disposal of fixed assets
Cash flow from investing activities
Free Cash flow
40
in kEUR
2013
2012
restated
2012
(as prev.
reported)
-1,113
-869
-869
0
-104
-104
1,008
6,562
6,562
-2,552
5,634
5,634
-369
0
0
-1,362
-846
-846
75
0
0
200
57
57
-4,113
10,434
10,434
Total cash flow
4,308
1,098
1,098
Cash and cash equivalents at beginning
of the year
2,257
1,414
1,414
-230
-255
-255
Total cash flow
4,308
1,098
1,098
Cash and cash equivalents at end of the year
6,335
2,257
2,257
Cash and free overdrafts
7,676
3,862
3,862
Repayment of bank loans
Repayment of other financing
Proceeds from new loans
Changes in bank overdrafts and
recourse factoring
Finance lease
Interest paid for long-term financing
Transactions with non-controlling interest
Currency differences
Cash flow from financing activities
Currency differences
The reporting of consolidated statement of cash flows has been amended as compared to the prior
year. Bank overdrafts and loans from recourse factoring are now included in cash flow from financing
activities, while in the prior year these items were included in cash and cash equivalents. Furthermore, currency differences were reclassified from cash flow from operating activities to cash flow from
financing activities. The prior-year amounts were adjusted accordingly.
41
VI. Notes to the consolidated financial statements
1. General information
Megatech Industries AG (‘the company’) is located in Vienna/Austria and is owned to the extent of
99.3 % by Megatech Industries s.l. located in Amurrio, Spain.
Megatech Industries AG (‘the company’) and its subsidiaries (together, ‘the group’) develop,
manufacture, assemble and supply interior and exterior plastic components for the global automotive
industry. Production sites are located in Spain, Brazil, Portugal and the Czech Republic, complemented
by a sales company in Germany. The group has two Tech Centers, one in Spain and one in Romania
for the design and development of products.
Consolidated companies are as follows:
Company
Place of
business
Country
Vienna
Austria
Megatech Industries Amurrio, s.l.
Amurrio
Spain
100.0%
Production
Megatech Industries Orense s.l.
Orense
Spain
100.0%
Production
Marinha
Grande
Portugal
100.0%
Production
Megatech Industries Hlinsko s.r.o.
Hlinsko
Czech
Republic
100.0%
Production
Megatech Industries Jablonec s.r.o.
Jablonec
Czech
Republic
100.0%
Production
Megatech Brasil Componentes
Automotivos Ltda.
Curritiba
Brazil
100.0%
Production
Bucharest
Romania
100.0%
Engineering
Megatech Industries
Intellectual Property S.L.U
Amurrio
Spain
100.0%
Engineering
Megatech Industries Technical Center A.I.E.
Amurrio
Spain
100.0%
Engineering
Wolfsburg
Germany
100.0%
Sales
Vienna
Austria
100.0%
Dormant
Pune
India
100.0%
Dormant
Megatech Industries AG
Megatech Perfect Plastics
Marinha Grande Ltda.
SC Megatech Engineering Center S.r.l.
Megatech Industries
Deutschland GmbH
Megatech Automotive GmbH
Megatech Industries India PL
42
Share in
capital
Acitivites
Holding
The consolidated financial statements at 31 December 2013 were prepared by the managing
directors and released for issue. The entity financial statements of the parent company, which have
been included in the consolidated financial statements after transition to the applicable accounting
standards, will be presented to the Supervisory Board for review and approval.
The consolidated financial statements were prepared in EUR. Unless otherwise stated all amounts are
shown in thousands of euros (kEUR). All figures presented are rounded, so minor discrepancies may
arise in the addition of these amounts.
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements
are set out below. These policies have been consistently applied to all the years presented, unless
otherwise stated.
A) Basis of preparation
The consolidated financial statements of the group have been prepared in accordance with
International Financial Reporting Standards and IFRIC interpretations as adopted by the EU. The
consolidated financial statements have been prepared under the historical cost convention, as
modified by the revaluation of available-for-sale financial assets, and financial assets and financial
liabilities (including derivative instruments) at fair value through profit or loss.
The preparation of financial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of applying
the group’s accounting policies. The areas involving a higher degree of judgement or complexity, or
areas where assumptions and estimates are significant to the consolidated financial statements are
disclosed in note 4.
Changes in accounting policy and disclosures
a) The following standards were adopted by the group for the first time for the financial year beginning
on or after 1 January 2013 and have a material impact on the group:
Amendment to IAS 1, ‘Financial statement presentation’ regarding other comprehensive income. The
main change resulting from these amendments is a requirement for entities to group items presented
in ‘other comprehensive income’ (OCI) on the basis of whether they are potentially reclassifiable to
profit or loss subsequently (reclassification adjustments). The amendements do not address which
items are presented in OCI.
IAS 19, ‘Employee benefits’ was revised in June 2011. The effects on the group’s accounting
policies were as follows: to immediately recognise all past service costs; and to replace interest cost
and expected return on plan assets with a net interest amount that is calculated by applying the
discount rate to the net defined benefit liability (asset). See note 32 for the impact on the financial
statements.
43
b) The following standards were adopted by the group for the first time for the financial year beginning
on or after 1 January 2013 and do not have a material impact on the group:
Amendment to IFRS 7, ‘Financial instruments: Disclosures’, regarding asset and liability offseting. This
amendment includes new disclosures to facilitate a comparison between those entities that prepare
IFRS financial statements to those that prepare financial statements in accordance with US GAAP.
IFRS 13, ‘Fair value measurement’, aims to improve consistency and reduce complexity by providing
a precise definition of fair value and a single source of fair value measurement and disclosure
requirements for use across IFRS. The requirements, which are largely aligned between IFRS and
US GAAP, do not extend the use of fair value accounting but provide guidance on how it should be
applied where its use is already required or permitted by other standards within IFRS.
Amendments to IAS 36, ‘Impairment of assets’, on the recoverable amount disclosures for nonfinancial assets. This amendment removed certain disclosures of the recoverable amount of cash
generating units (CGUs) which had been included in IAS 36 as a result of the issue of IFRS 13. The
amendment is not mandatory for the group until 1 January 2014, however the group has decided to
adopt the amendment early as of 1 January 2013.
c) New standards and interpretations not yet adopted
A number of new standards and amendments to standards and interpretations are effective for annual
periods beginning after 1 January 2014 and have not been applied in preparing these consolidated
financial statements. None of these is expected to have a significant effect on the consolidated
financial statements of the group, except the following set out below:
IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial
assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It replaces
the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS
9 requires financial assets to be classified into two measurement categories: those measured at fair
value and those measured at amortised cost. The determination is made at initial recognition. The
classification depends on the entity’s business model for managing its financial instruments and the
contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains
most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken
for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in
other comprehensive income rather than the income statement, unless this creates an accounting
mismatch. The group has yet to assess IFRS 9’s full impact. The group will also consider the impact of
the remaining phases of IFRS 9 when completed by the Board.
IFRS 10, ‘Consolidated financial statements’ builds on existing principles by identifying the concept
of control as the determining factor in whether an entity should be included in the consolidated
financial statements of the parent company. The standard provides additional guidance to assist
in the determination of control where this is difficult to assess. The group does not expect material
impact of IFRS 10 and will apply the standard for the reporting period beginning on 1 January 2014.
IFRS 11, ‘Joint arrangements’ focuses on the rights and obligations of the parties to the arrangement
rather than its legal form. There are two types of joint arrangements: joint operations and joint
ventures. Joint operations arise where the investors have rights to the assets and obligations for
44
the liabilities of an arrangement. A joint operator accounts for its share of the assets, liabilities,
revenue and expenses. Joint ventures arise where the investors have rights to the net assets of the
arrangement; joint ventures are accounted for under the equity method. Proportional consolidation
of joint arrangements is no longer permitted. The group does not expect material impact of IFRS 11
and will apply the standard for the reporting period beginning on 1 January 2014.
IFRS 12, ‘Disclosures of interests in other entities’ includes the disclosure requirements for all forms
of interests in other entities, including joint arrangements, associates, structured entities and other
off-balance sheet vehicles. The group does not expect material impact of IFRS 12 and will apply the
standard for the reporting period beginning on 1 January 2014.
IFRIC 21, ‘Levies’, sets out the accounting principles for an obligation to pay a levy that is not income
tax. The interpretation addresses what the obligating event is that gives rise to pay a levy and when
a liability should be recognised. The group is not currently subject to significant levies so the impact
on the group is not material.
There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to
have a material impact on the group.
B) Consolidation
Subsidiaries are all entities over which the group has the power to govern the financial and operating
policies generally accompanying a shareholding of more than one half of the voting rights. The existence
and effect of potential voting rights that are currently exercisable or convertible are considered when
assessing whether the group controls another entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the group. They are deconsolidated from the date that control
ceases.
The group uses the acquisition method of accounting to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred,
the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group.
The consideration transferred includes the fair value of any asset or liability resulting from a contingent
consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business combination are measured
initially at their fair value at the acquisition date. The group recognises any non-controlling interest
in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling
interest’s proportionate share of the recognised amounts of the acquiree’s identifiable net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree
and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of
the group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the
fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference
is recognised in profit or loss.
Transactions with non-controlling interests that do not result in loss of control are accounted for
as equity transactions – that is, as transactions with the owners in their capacity as owners. The
difference between the fair value of any consideration paid and the relevant share acquired of the
45
carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to
non-controlling interests are also recorded in equity.
When the group ceases to have control, any retained interest in the entity is remeasured at its fair
value at the date when control is lost, with the change in carrying amount recognised in profit or
loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the
retained interest as an associate, joint venture or financial asset. In addition, any amounts previously
recognised in other comprehensive income in respect of that entity are accounted for as if the group
had directly disposed of the related assets or liabilities. This may mean that amounts previously
recognised in other comprehensive income are reclassified under profit or loss.
Inter-company transactions, balances and unrealised gains on transactions between group companies
are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been
changed where necessary to ensure consistency with the policies adopted by the group.
C) Foreign currency translation
a) Functional and presentation currency
Items included in the financial statements of each of the group’s entities are measured using the
currency of the primary economic environment in which the entity operates (‘the functional currency’).
The consolidated financial statements are presented in thousand euros (kEUR), which is the group’s
presentation currency.
b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in
the income statement, except when deferred in other comprehensive income as qualifying cash flow
hedges and qualifying net investment hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in the income statement under ‘other financial results’. All other foreign exchange gains
and losses are presented in the income statement under ‘other income/expenses’.
Changes in the fair value of monetary securities denominated in foreign currency classified as
available-for-sale are determined on the basis of translation differences resulting from changes in the
amortised cost of the security and other changes in the carrying amount of the security. Translation
differences relating to changes in amortised cost are recognised in profit or loss, and other changes
in carrying amount are recognised in other comprehensive income.
Translation differences in non-monetary financial assets and liabilities such as equities held at fair
value through profit or loss are recognised in profit or loss as part of the fair value gain or loss.
Translation differences in non-monetary financial assets such as equities classified as available-forsale are included in other comprehensive income.
46
c) Group companies
The results and financial position of all the group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
 assets and liabilities for each balance sheet presented are translated at the closing rate at the
date of that balance sheet;
 income and expenses for each income statement are translated at average exchange rates
(unless this average is not a reasonable approximation of the cumulative effect of the rates
prevailing on the transaction dates, in which case income and expenses are translated at the rate
on the dates of the transactions); and
 all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of the net investment in foreign
operations, and of borrowings and other currency instruments designated as hedges of such
investments, are posted to other comprehensive income. When a foreign operation is partially
disposed of or sold, exchange rate differences that were recorded in equity are recognised in the
income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as
assets and liabilities of the foreign entity and translated at the closing rate.
D) Property, plant and equipment
Land and buildings comprise mainly factories and offices. Property, plant and equipment is stated at
historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the
acquisition of these items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the group and the cost of the item can be measured reliably. The carrying amount of a replaced
part is derecognised. All other repairs and maintenance are charged to the income statement during
the financial period in which they are incurred.
Borrowing costs are only capitalised when they are directly attributable to the acquisition or production
of a qualifying asset as part of the asset, all other borrowing costs are recognised as an expense in
the period in which they occur.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to
allocate their cost to their residual value over their estimated useful lives, as follows:
47
Buildings
Machinery
Forklifts
Vehicles
Furniture, fittings and equipment
25-33 years
5-15 years
5 years
3-5 years
3-10 years
During the evaluation of the useful life of assets in 2013, the group found out that the useful life of
machinery is up to 15 years. Therefore the depreciation period has been changed from 5 – 10 years
to 5 – 15 years.
The residual values and useful lives of assets are reviewed, and adjusted if appropriate, at the end
of each reporting period. An asset’s carrying amount is written down immediately to its recoverable
amount if the carrying amount is greater than the estimated recoverable amount. Gains and losses on
disposals are determined by comparing the proceeds with the carrying amount and are recognised
under ‘other income’ or ‘other expenses’ in the income statement.
E) Intangible assets
a) Patents
Self-developed patents whose fair value can be measured reliably are capitalised, based either on an
expert valuation or on the expected turnover which will be generated with the patent. Amortisation
is calculated using the straight-line method to allocate the cost of patents over their estimated useful
life. Useful life is based on the project time period for which the patents have been developed.
b) Research and development costs
No intangible asset is recognised in the research phase. The expenditure is recognised as an expense
when it is incurred. An intangible asset arising from development is only recognised if the company
can demonstrate all of the following:
the technical feasibility of completing the intangible asset so that it will be available for use or
sale;
 its intention to complete the intangible asset and use or sell it;
its ability to use or sell the intangible asset;
 how the intangible asset will generate probable future economic benefits;
 the availability of adequate technical, financial and other resources to complete the development
and to use or sell the intangible asset;
 the ability to reliably measure the expenditure attributable to the intangible asset during its
development.
Directly attributable costs that are capitalised as part of the projects include the employee costs,
material costs, external costs and an appropriate portion of relevant overheads.
Development costs recognised are amortised on a straight-line basis over the project period related
to the development costs.
48
c) Software licences
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and
bring to use the specific software. These costs are amortised over their estimated useful lives of three
to five years.
d) Contractual customer relationships
Contractual customer relationships acquired in a business combination are recognised at fair value
at the acquisition date. The contractual customer relations have a finite useful life of 15 years and
are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line
method over the expected life of the customer relationship.
F) Impairment of non-financial assets
Assets that have an indefinite useful life – for example, goodwill or intangible assets not ready for
use – are not subject to amortisation and are tested annually for impairment.
Assets that are subject to amortisation are reviewed for impairment whenever events or changes
in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is
recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For
the purpose of assessing impairment, assets are grouped at the lowest levels for which there are
separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill
that suffered an impairment are reviewed for possible reversal of the impairment at each reporting
date.
G) Financial assets
a) Classification
The group classifies its financial assets in the following categories: at fair value through profit or loss,
loans and receivables, and available-for-sale. The classification depends on the purpose for which
the financial assets were acquired. Management determines the classification of its financial assets at
initial recognition.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are financial assets held for trading. A financial
asset is classified in this category if acquired principally for the purpose of selling in the short term.
Derivatives are also categorised as held for trading unless they are designated as hedges. Assets in
this category are classified as current assets if expected to be settled within 12 months; otherwise,
they are classified as non-current.
49
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. They are included in current assets, except for maturities greater
than 12 months after the end of the reporting period. These are classified as non-current assets. The
group’s loans and receivables comprise ‘trade and other receivables’ and ‘cash and cash equivalents’
in the balance sheet.
Available-for-sale financial assets are non-derivatives that are either designated in this category or
not classified in any of the other categories. They are included in non-current assets unless the
investment matures or management intends to dispose of it within 12 months after the end of the
reporting period.
b) Recognition and measurement
Regular purchases and sales of financial assets are recognised on the trade date – the date on
which the group commits to purchase or sell the asset. Investments are initially recognised at fair
value plus transaction costs for all financial assets not carried at fair value through profit or loss.
Financial assets are derecognised when the rights to receive cash flows from the investments have
expired or have been transferred, and the group has substantially transferred all risks and rewards of
ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss
are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised
cost using the effective interest method. Financial assets carried at fair value through profit or loss are
initially recognised at fair value, any transaction costs are expensed in the income statement.
When securities classified as available-for-sale are sold or impaired, the accumulated fair value
adjustments recognised in equity are included in the income statement as ‘gains and losses from
investment securities’. Interest on available-for-sale securities calculated using the effective interest
method is recognised in the income statement as part of other income. Dividends on available-forsale equity instruments are recognised in the income statement as part of finance income when the
group’s right to receive payments is established. Changes in fair value are recognised as gains and
losses in comprehensive income.
H) Impairment of financial assets
a) Assets carried at amortised cost
The group assesses at the end of each reporting period whether there is objective evidence that a
financial asset or group of financial assets is impaired. A financial asset or a group of financial assets
is impaired and impairment losses are incurred only if there is objective evidence of impairment as a
result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’), and
that loss event (or events) has an impact on the estimated future cash flows of the financial asset or
group of financial assets that can be reliably estimated.
50
The criteria that the group uses to determine that there is objective evidence of an impairment loss
include:
significant financial difficulty of the issuer or obligor;
a breach of contract, such as a default or delinquency in interest or principal payments;
the group, for economic or legal reasons relating to the borrower’s financial difficulty, granting
to the borrower a concession that the lender would not otherwise consider;
the probability that the borrower will enter bankruptcy or other financial reorganisation;
the disappearance of an active market for that financial asset because of financial difficulties; or
observable data indicating that there is a measurable decrease in the estimated future cash
flows from a portfolio of financial assets since the initial recognition of those assets, although
the decrease cannot yet be identified with the individual financial assets in the portfolio,
including adverse changes in the payment status of borrowers in the portfolio; and
national or local economic conditions that correlate with defaults on the assets in the portfolio
For the loans and receivables category, the amount of the loss is measured as the difference between
the asset’s carrying amount and the present value of estimated future cash flows (excluding future
credit losses that have not been incurred) discounted at the financial asset’s original effective interest
rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the
income statement. If a loan or investment held to maturity has a variable interest rate, the discount
rate for measuring any impairment loss is the current effective interest rate determined under the
contract.
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 recognised (such as an improvement in
the debtor’s credit rating), the reversal of the previously recognised impairment loss is recognised in
the income statement.
b) Assets classified as available-for-sale
The group assesses at the end of each reporting period whether there is objective evidence that a
financial asset or a group of financial assets is impaired. For debt securities, the group uses the criteria
referred to under ‘assets carried at amortised cost’ above. In the case of equity investments classified as
available for sale, a significant or prolonged decline in the fair value of the security below its cost is also
evidence that the assets are impaired. If any such evidence exists for available-for-sale financial assets,
the cumulative loss – measured as the difference between the acquisition cost and the current fair value,
less any impairment loss on that financial asset previously recognised in profit or loss – is removed
from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income
statement on equity instruments are not reversed through the consolidated income statement. If, in a
subsequent period, the fair value of a debt instrument classified as available for sale increases and the
increase can be objectively related to an event occurring after the impairment loss was recognised in
profit or loss, the impairment loss is reversed through the consolidated income statement.
51
I) Derivative financial instruments
The group does not use hedge accounting according to IAS 39, therefore all derivative financial
instruments are classified as derivatives. Changes in fair value are recognised as gains and losses
in the income statement. Derivatives are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently remeasured at their fair value.
J) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the firstin, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct material
costs, direct production costs and production overheads (based on normal operating capacity).
Net realisable value is the estimated selling price in the ordinary course of business, less applicable
variable selling expenses.
K) Trade receivables
Trade receivables are amounts due from customers for merchandise and products sold or services
performed in the ordinary course of business. If collection is expected in one year or less, they are
classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method, less provision for impairment.
L) Cash and cash equivalents
In the consolidated statement of cash flows, cash and cash equivalents includes cash in hand, deposits
held at call with banks.
M) Registered capital
Registered capital is classified as equity.
N) Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Trade accounts payable are classified as current liabilities if payment
is due within one year or less. If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method.
52
O) Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are
subsequently carried at amortised cost; any difference between the proceeds (net of transaction
costs) and the redemption value is recognised in the income statement over the period of the financial
liabilities using the effective interest method.
P) Current and deferred income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income
statement, except to the extent that it relates to items recognised in other comprehensive income or
directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in
equity respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company and its subsidiaries operate
and generate taxable income.
Deferred income tax is recognised, using the liability method, on temporary differences arising
between the tax basis of assets and liabilities and their carrying amounts in the financial statements.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively
enacted at the balance sheet date and are expected to apply when the related deferred income tax
asset is realised or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilised.
Deferred income tax is applied to temporary differences arising on investments in subsidiaries,
except for deferred income tax liability where the timing of the reversal of the temporary difference
is controlled by the group and it is probable that the temporary difference will not reverse in the
foreseeable future.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income taxes assets and
liabilities relate to income taxes levied by the same taxation authority on either the same taxable
entity or different taxable entities where there is an intention to settle the balances on a net basis.
Q) Employee benefits
a) Termination benefits
Some group companies pay a termination indemnity in case of retirement after an uninterrupted
period of service of 5 years to their employees. These benefits are classified as a defined benefit
obligation and accounted for accordingly using the projected unit credit method. Actuarial gains
and losses are recognised in other comprehensive income in the period incurred. Legal regulations
in Austria require employers to make regular contributions equal to 1.53 % of their monthly salary to
53
a statutory termination benefit scheme for all employees who joined an Austrian company during or
after 2003. The company has no further obligations. Claims by employees to termination benefits are
filed with the statutory termination benefit scheme, while the regular contributions are treated similar
to those for defined contribution plans and are included in ‘employee benefit expenses’.
The group adopted IAS 19 (revised 2011), ‘Employee benefits’ on 1 January 2013. The revised employee
benefit standard introduces changes to the recognition, measurement, presentation and disclosure
of post-employment benefits. Under IAS 19 (revised 2011) it is no longer allowed to report actuarial
gains/losses on termination benefits in the income statement; instead they must be reported as
other comprehensive income.
b) Anniversary payments
Some group companies pay an anniversary bonus to their employees after an uninterrupted period
of service. These benefits are classified as a defined benefit obligation and accounted for accordingly
using the projected unit credit method. Actuarial gains and losses are recognised in profit or loss in
the period incurred.
c) Bonus payments
The group recognises a liability and an expense for bonuses based on the expected bonus payments
for the relevant year. The group recognises a provision where contractually obliged or where there is
a past practice that has created a constructive obligation.
R) Provisions
Provisions for environmental restoration, legal claims, onerous contracts etc. are recognised when:
the group has a present legal or constructive obligation as a result of past events;
it is probable that an outflow of resources will be required to settle the obligation; and
the amount has been reliably estimated.
Provisions are not recognised for future operating losses. Provisions are measured at the present
value of the expenditures expected to be required to settle the obligation using a pre-tax rate that
reflects current market assessments of the time value of money and the risks specific to the obligation.
The increase in the provision due to the passage of time is recognised as an interest expense.
S) Government grants
Government grants relating to capital expenditure projects are treated as deferred income and released
to the income statement over the expected useful lives of the assets for which the government grants
are provided.
54
T) Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods
and services in the ordinary course of the group’s activities. Revenue is shown net of value-added
tax, returns, rebates and discounts and after eliminating sales within the group. A sale is recognised
when the significant risks and rewards of ownership have passed to the buyer. This is when title and
insurance risk have passed to the customer and the goods have been delivered to a contractually
agreed location.
Interest income is recognised using the effective interest method. When a loan and receivable is
impaired, the group reduces the carrying amount to its recoverable amount, which is the estimated
future cash flow discounted at the original effective interest rate of the instrument, and continues
unwinding the discount as interest income. Interest income on impaired loans and receivables is
recognised using the original effective interest rate.
U) Non-recurring items
Non-recurring items are those material items of financial performance that the group believes should
be separately disclosed in the income statement to assist in the understanding of the underlying
financial performance achieved by the group and its businesses. Such items are material by nature
or affect the financial year’s results and require separate disclosure in accordance with IAS 1. Nonrecurring items that relate to the operating performance of the group include restructuring costs.
V) Leases
Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor
are classified as operating leases. Payments made under operating leases (net of any incentives
received from the lessor) are charged to the income statement on a straight-line basis over the
period of the lease. The group leases certain equipment. Leases of equipment where the group bears
substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are
capitalised at the lease’s commencement at the lower of the fair value of the leased property and the
present value of the minimum lease payments. Each lease payment is divided between the liability and
finance charges. The corresponding rental obligations, net of finance charges, are included in other
non-current liabilities. The interest element of the finance cost is charged to the income statement
over the lease period so as to produce a constant periodic rate of interest on the remaining balance
of the liability for each period. The equipment acquired under finance leases is depreciated over the
shorter of the useful life of the asset and the lease term.
55
3. Financial risk management
A) Financial risk factors
The group’s activities expose it to a variety of financial risks: market risk (including foreign exchange
currency risk, fair value interest rate risk, cash flow interest rate risk), credit risk and liquidity risk. The
group’s overall risk management programme focuses on the unpredictability of financial markets
and seeks to minimise potential adverse effects on the group’s financial performance. If required
the group uses derivative financial instruments to hedge certain risk exposures. Risk management is
carried out centrally by the group’s management.
a) Market risk
Foreign exchange risk
The group operates internationally and is exposed to foreign exchange risk arising primarily from the
Czech crown and the Brazilian real. Foreign exchange risk arises from future commercial transactions
and bank loans in other currencies than in functional currency.
Management has set up a policy to require group companies to manage their foreign exchange risk
against their functional currency with internal hedging as far as possible. Furthermore, developments
in foreign currencies are passed on to customers with a certain time delay. Group management will
coordinate any additional hedging that may be necessary.
The following exchange rates have been used:
2013
2012
Average
Closing
Average
Closing
BRL
2.8687
3.2576
2.5084
2.7036
CZK
25.9797
27.4270
25.1491
25.1510
Total foreign exchange losses in 2013 amounted to kEUR -1,972 (profit 2012: kEUR 450). There were no
hedging instruments in place in 2013 and 2012, because loss is not cash effective and management
decided not to use hedging instruments that causes cash outflows.
At 31 December 2013, if the rate of Czech Crown had increased additionally by 5.0% with all other
variables held constant, profit before tax would have been kEUR -1,035 lower (2012: kEUR -1,323).
There are no material risks in other currencies (including BRL).
56
Cash flow and fair value interest rate risk
The group’s interest rate risk arises from non-current financial liabilities. Financial liabilities issued at
variable rates expose the group to cash flow interest rate risk which is partially offset by cash held
at variable rates. At the end of 2013 almost all of the group’s financial liabilities were denominated
in euros. The group used an interest rate swap to hedge certain exposures to movements in interest
rates up to mid-2012. This interest rate swap had the economic effect of converting borrowings from
floating rates to fixed rates.
b) Credit risk
The group’s credit risk is mainly confined to the risk of customers defaulting on sales invoices
raised. Any credit risk arising from cash deposits and derivative financial instruments is deemed
to be insignificant on the basis that nearly all relevant counterparties are investment grade entities
recognised by international credit-rating agencies. Each local entity is responsible for managing and
analysing the credit risk for each of their new clients before standard payment and delivery terms and
conditions are offered. Main customers of the group are the big automotive producers where credit
risk is considered low.
c) Commodity price risk
The group is exposed to commodity price risks as main raw materials can only be purchased on the
spot markets and no commodity hedges are available. Price fluctuations can partly be passed on to
customers, depending on the contractual relationship.
d) Liquidity risk
Liquidity risk is the risk that the group could experience difficulties in meeting its commitments to
creditors as financial liabilities fall due for payment. The group manages its liquidity risk by using
reasonable and retrospectively-assessed assumptions to forecast future cash-generating capabilities
and working capital requirements of the businesses it operates and by maintaining sufficient reserves,
committed borrowing facilities and other credit lines as appropriate.
Forecast liquidity represents the group’s expected cash inflows, principally generated from sales made
to customers, less the group’s contractually-determined cash outflows, principally related to supplier
payments and the repayment of borrowings, plus the payment of any interest accruing thereon. The
matching of these cash inflows and outflows rests on the expected ageing profiles of the underlying
assets and liabilities. Current financial assets and financial liabilities are represented primarily by the
group’s trade receivables and trade payables respectively. The matching of the cash flows that result
from trade receivables and trade payables takes place typically over a period of three to four months
from recognition in the balance sheet and is managed to ensure the ongoing operating liquidity of
the group. Financing cash outflows may be longer-term in nature. The group does not hold noncurrent financial assets to match against these commitments, but has invested significantly in noncurrent non-financial assets which generate the sustainable future cash inflows, net of future capital
expenditure requirements, needed to service and repay the group’s financial liabilities.
The table below analyses the group’s non-derivative financial liabilities and net-settled derivative
financial liabilities, dividing them into relevant maturity groupings based on the remaining period at
57
the balance sheet date to the contractual maturity date. Derivative financial liabilities are included
in the analysis if their contractual maturities are essential for an understanding of the timing of the
cash flows.
The amounts disclosed in the table are the contractual undiscounted cash flows.
in kEUR
0-3
months
3-12
months
1-2
years
2-5
years
>5
years
Financial liabilities
(excl. bank overdrafts)
15,311
2,521
956
1,877
1,732
Bank overdrafts
incl. recourse factoring
11,530
623
0
0
0
39
118
157
340
0
Participative loans
0
0
0
0
0
0
0
0
0
0
28,135
237
0
0
0
0
0
0
0
0
as of 31 December 2013
Finance lease
Other financing
Financial liabilities with contractual undiscounted cash flows, which are due in more than one year,
are reclassified in to 0-3 months because the group management decided not to repay instalments
in December 2013 due to serious legal restrictions (see 14.A).
in kEUR
0-3
months
3-12
months
1-2
years
2-5
years
>5
years
15,460
602
1,787
1,500
2,102
Bank overdrafts
incl. recourse factoring
0
14,476
0
0
0
Finance lease
0
0
0
0
0
Participative loans
0
0
0
0
238
0
662
540
1,282
0
29,076
1,650
0
0
0
0
0
0
0
0
as of 31 December 2012
(excl. bank overdrafts)
Other financing
58
B) Capital risk management
The group’s objectives when managing capital are to safeguard the group’s ability to continue as a
going concern in order to provide returns for shareholders and benefits for other stakeholders and
to maintain an optimum capital structure to reduce the cost of capital.
Consistent with others in the industry, the group monitors capital on the basis of net debt/EBITDA
before non-recurring items as well as the equity ratio. Net debt is calculated as total financial liabilities
(including ‘current and non-current financial liabilities’ as shown in the balance sheet) less cash and
cash equivalents. Equity is calculated as ‘equity’ as shown in the balance sheet plus participative loans
(blocked and subordinated).
Based on contracts with banks, the group’s target is to exceed a minimum equity ratio of 30% and to
achieve a net debt / EBITDA ratio before non-recurring items of less than 3.50. Group management
monitors the actual development of ratios on a monthly basis and also forecasts ratios on a quarterly
basis.
The ratios at the end of the year were as follows:
in kEUR
31.12.2013
31/12/2012
restated
31/12/2012
(as prev.
Reported)
33,026
33,495
33,495
- Cash and cash equivalents
-6,335
-2,257
-2,257
26,691
31,238
31,238
EBITDA before non recurring items
7,635
3,151
3,194
Net debt/EBITDA before non recurring items
3.50
9.91
9.78
37,614
39,627
39,627
0
238
238
Total equity and equity means
37,614
39,865
39,865
Total equity and liabilities
113,096
122,039
122,039
33.3%
32.7%
32.7%
Net debt
Total equity
Participative loans
Equity ratio
59
C) Fair value estimation
The table below analyses financial instruments carried at fair value, by valuation method. The different
levels have been defined as follows:
quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);
inputs other than quoted prices included under level 1 that are observable for the asset or
liability, either directly (that is, as prices) or indirectly (i.e., derived from prices) (level 2);
inputs for the asset or liability that are not based on observable market data (i.e., unobservable
inputs) (level 3).
The following table presents the group’s assets and liabilities that were measured at fair value at
31 December 2013:
in kEUR
Level 2
Level 3
Total
1
0
1
0
60
60
1
60
61
0
0
0
0
0
0
Assets
Financial assets at fair value through P&L
Trading derivatives
Equity securities
Total assets
Liabilities
Financial liabilities at fair value through P&L
Trading derivatives
Total liabilities
The following table presents the group’s assets and liabilities that were measured at fair value at
31 December 2012:
60
in kEUR
Level 2
Level 3
Total
1
0
1
0
60
60
1
60
61
2,484
0
2,484
2,484
0
2,484
Assets
Financial assets at fair value through P&L
Trading derivatives
Equity securities
Total assets
Liabilities
Financial liabilities at fair value through P&L
Trading derivatives
Total liabilities
The fair value of financial instruments that are not traded in an active market (for example, overthe-counter derivatives) is determined by using valuation techniques. These valuation techniques
maximise the use of observable market data where it is available and rely as little as possible on
entity-specific estimates. If all significant inputs required to measure an instrument at fair value are
observable, the instrument is included in level 2.
If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3.
4. Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
The group makes estimates and assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual results. The estimates and assumptions
that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are addressed below.
A) Estimated residual values and useful economic lives
The carrying values of certain fixed assets are sensitive to assumptions relating to projected residual
values and useful economic lives, which determine the depreciable amount and the rate at which
capital expenditure is depreciated. The group reassesses these assumptions at least annually or
whenever there are indications that they require revision. Estimated residual values are based on
available secondary market prices as at the reporting date unless these are estimated to be zero.
61
Useful economic lives are based on the expected usage, wear and tear, technical or commercial
obsolescence and legal limits on the usage of capital assets.
B) Employee benefits
At 31 December 2013 the employee benefits obligation (termination benefits and anniversary
payments) amounted to kEUR 434 (2012: kEUR 468) The group’s benefit scheme liabilities are sensitive
to changes in various underlying actuarial assumptions set by management. These assumptions
include the discount and inflation rates to apply to scheme liabilities, the mortality rates to apply to
scheme members and the rates of increase of future salaries. Further details regarding the assumptions
are set out in note 18.
C) Deferred taxation
At 31 December 2013 the group recognised deferred tax assets on tax losses carry forwards in an
amount of kEUR 990 (2012: kEUR 1,177). If future taxable profits within the 3-year plan period defined
for the accounting and measurement of deferred taxes are 10 % lower than the assumptions made at
the balance sheet date, this would have a negative impact on the reported deferred tax assets on tax
losses carry forwards in an amount of kEUR -77 (2012: kEUR -96).
62
Land and
building
Machinery
and
vehicles
Machinery
and vehicles
finance
lease
Furniture
and
equipment
Total
5. Property, plant and equipment
41,334
49,756
612
4,231
95,933
Additions
288
4,228
0
631
5,147
Disposals
-831
-430
0
-27
-1,288
Transfers
99
-76
0
-23
0
149
-493
0
-56
-400
41,039
52,985
612
4,756
99,392
Additions
96
1,647
1,003
690
3,436
Disposals
-738
-1,389
-612
-422
-3,161
Transfers
250
-247
0
-3
0
-2,101
-1,912
-53
-97
-4,163
38,546
51,084
950
4,924
95,504
Historic costs
in kEUR
1 January 2012
Currency difference
31 December 2012
Currency difference
31 December 2013
Land and
building
Machinery
and
vehicles
Machinery
and vehicles
finance
lease
Furniture
and
equipment
Total
Accumulated depreciation
1 January 2012
-6,362
-37,238
-612
-3,266
-47,478
Depreciation
-1,487
-3,109
0
-335
-4,931
399
323
0
20
742
51
500
0
54
605
31 December 2012
-7,399
-39,524
-612
-3,527
-51,062
Depreciation
-1,161
-2,051
-56
-754
-4,022
545
175
612
387
1,719
-364
0
0
0
-364
393
1,301
3
78
1,775
-7,986
-40,099
-53
-3,816
-51,954
in kEUR
Disposals
Currency difference
Disposals
Impairment
Currency difference
31 December 2013
63
Land and
building
Machinery
and
vehicles
Machinery
and vehicles
finance
lease
Furniture
and
equipment
Total
33,640
13,461
0
1,229
48,330
30,560
10,985
897
1,108
43,550
Book value
in kEUR
1 January 2013
31 December 2013
During evaluation of the useful life of assets in 2013 the group found out that the useful life of
machinery is up to 15 years. The depreciation period has therefore been changed from 5 – 10 years
to 5 – 15 years. Because of this prolonged useful life depreciation of machinery was reduced from
kEUR -2,778 to kEUR -2,051 in 2013.
Impairment of land and building refers to land and building that are not used any more. The group
received an offer from a third party to buy this land and building. The fair value of these assets has
been impaired to the amount offered. As the assets are pledged for bank loans the group needs the
agreement from the bank to sell them. Impairment is included in depreciation and amortisation.
Patents
Customer
relationships
Development
costs
Other
Total
6. Intangible assets
1,042
8,385
2,595
2,614
14,636
Additions
0
0
2,938
61
2,999
Disposals
0
0
-45
-28
-73
Currency difference
0
0
0
8
8
1,042
8,385
5,488
2,655
17,570
Additions
0
0
2,784
189
2,973
Disposals
0
0
-1,567
-258
-1,825
Currency difference
0
0
0
-130
-130
1,042
8,385
6,705
2,456
18,588
Historic costs
in kEUR
1 January 2012
31 December 2012
31 December 2013
64
Patents
Customer
relationships
Development
costs
Other
Total
1 January 2012
-467
-1,118
0
-1,741
-3,326
Amortisation
-219
-559
-222
-215
-1,215
Disposals
0
0
0
27
27
Currency difference
0
0
0
11
11
-686
-1,677
-222
-1,918
-4,503
-89
-559
-916
-210
-1,774
Disposals
0
0
0
197
197
Currency difference
0
0
0
78
78
-775
-2,236
-1,138
-1,853
-6,002
Accumulated amortisation
in kEUR
31 December 2012
Amortisation
Patents
Customer
relationships
Development
costs
Other
Total
31 December 2013
1 January 2013
356
6,708
5,266
737
13,067
31 December 2013
267
6,149
5,567
603
12,586
Book value
in kEUR
65
7. Financial instruments by category
Loans and
receivables
at FV
through
P&L
Availablefor-sale
Total
Assets
Financial assets available for sale
0
0
60
60
0
1
0
1
38,421
0
0
38,421
6,335
0
0
6,335
44,756
1
60
44,817
2013
in kEUR
Total financial assets
Loans and
receivables
at FV
through
P&L
Availablefor-sale
Total
Assets
Financial assets available for sale
0
0
60
60
0
1
0
1
40,562
0
0
40,562
2,257
0
0
2,257
42,819
1
60
42,880
2012
in kEUR
Total financial assets
66
at FV
through
P&L
at
amortised
cost
Total
Liabilities
0
32,424
32,424
Financial lease liabilities
0
602
602
Participative loans
0
0
0
0
0
0
0
28,372
28,372
Total financial liabilities
0
61,398
61,398
2013
in kEUR
at FV
through
P&L
at
amortised
cost
Total
Liabilities
0
33,495
33,495
Financial lease liabilities
0
0
0
Participative loans
0
238
238
2,484
0
2,484
0
30,726
30,726
2,484
64,459
66,943
2012
in kEUR
67
8. Derivative financial instruments
The fair value of a derivative is classified as a non-current asset or liability if the remaining maturity
of the derivative is more than 12 months, and as a current asset or liability if the maturity of the
derivative is less than 12 months. Gains and losses resulting from derivative financial instruments are
recognised in the income statement.
in kEUR
31/12/2013
31/12/2012
Notional amount
0
4,000
Fair value
0
-2,484
5,542
7,125
1
1
Inflation rate swaps
Interest rate cap
Notional amount
Fair value
Inflation rate swaps were terminated in 2013. By agreement with the bank, half of the total liability
(kEUR 1,528) has been converted into a long-term loan. The second half was waived and is reported
as a non-recurring financial result (kEUR 1,528).
68
9. Trade and other receivables
in kEUR
31/12/2013
31/12/2012
Trade and other receivables 3rd party
26,924
29,581
- provision for impairment
-2,095
-2,034
24,829
27,547
732
808
25,561
28,355
12,860
12,207
Total non-current trade and other receivables
12,860
12,207
Total trade and other receivables
38,421
40,562
Current trade and other receivables
Trade and other receivables 3rd party - net
Trade and other receivables related parties
Total current trade and other receivables
Trade and other receivables related parties
All long term loans to related parties are repayable within the next seven years.
in kEUR
31/12/2013
31/12/2012
Current trade and other receivables
25,561
28,355
12,059
11,188
37,620
39,543
Fair values of trade and other receivables
Total
The fair values of loans to related parties are based on cash flows discounted using a rate based on
the borrowing rate of 3.75% (2012: 3.75%). The discount rate equals the refinancing rate of the group
with banks.
The creation and release of provisions for impaired receivables have been included under ‘other
expenses’ in the income statement. Amounts charged to the allowance account are generally written
off when there is no expectation of recovering additional cash.
69
in kEUR
31/12/2013
31/12/2012
-2,034
-2,295
-319
-346
83
343
152
258
23
6
-2,095
-2,034
31/12/2013
31/12/2012
35,822
37,963
Overdue < 3 months
2,875
2,062
Overdue 3-6 months
438
614
Overdue > 6 months
1,381
1,957
40,516
42,596
Provision for impairment of trade and other receivables
At 1 January
Provision for receivables impairment
Receivables written off during the year as uncollectable
Unused amounts reversed
Currency difference
At 31 December
Overdues in trade and other receivables are as follows:
in kEUR
Overdue amounts in trade and other receivables
Not overdue
Total
The group has a number of independent customers for whom there is no recent history of default.
Taking into consideration the group’s client structure, the credit risk can be evaluated as low.
Certain subsidiaries of the group transferred receivable balances to a bank in exchange for cash
based on a factoring agreement. At the end of the year the receivable balances transferred amounted
to kEUR 2,531 (2012: kEUR 5,081). Since certain credit risks are not transferred to banks, the
derecognition criteria according to IAS 39 are not fully met, which is why related receivables have
not been derecognised.
70
10. Inventories
in kEUR
31/12/2013
31/12/2012
4,019
5,192
Unfinished goods
866
955
Tools and moulds
3,734
7,778
Finished goods
2,541
2,884
208
243
11,368
17,052
31/12/2013
31/12/2012
-442
-431
-96
-195
Use of provision for impairment on inventories
39
85
Reversal of provision for impairment on inventories
33
108
Currency difference
10
-9
-456
-442
Inventories
Raw materials
Merchandise
Total inventories
in kEUR
Impairment on inventories
At 1 January
Provision for impairment on inventories
At 31 December
No inventories were recorded at net realisible value in 2013 and 2012.
71
11. Cash and cash equivalents
in kEUR
31/12/2013
31/12/2012
6,271
2,257
64
0
6,335
2,257
31/12/2013
31/12/2012
6,335
2,257
Free bank overdrafts
1,341
1,605
Cash and free overdrafts
7,676
3,862
Cash in hand and bank accounts
Cash restricted or pledged
Cash and free overdrafts are as follows:
in kEUR
12. Equity
A) Registered capital
The company increased the registered capital at 11 November 2010 by EUR 7,000,000 through a
contribution in kind of 100 % of the shares in Megatech Industries Amurrio s.l., Megatech Industries
Orense s.l. and Megatech Engineering Center s.r.l. and 99.99 % in Megatech Brazil Componentes
Automotivos LTDA, granted by Megatech Industries s.l. in exchange for shares of the company. At
year-end the company had registered capital of EUR 7,050,000.
In total Megatech Industries AG issued 70,500 no-par value shares. Registered capital is fully paid.
B) Other reserves
Other reserves resulted from changes in the scope of consolidation in 2010 amounting to kEUR
34,356 and from capital increases in subsidiaries of the group from related parties amounting to kEUR
7,592 (2012: kEUR 7,405).
In 2013 related parties decided to transfer kEUR 187 (2012: kEUR 3,528) of participative loans to
equity to strengthen the equity of Megatech Industries Jablonec s.r.o..
72
13. Trade and other payables
in kEUR
31/12/2013
31/12/2012
25,238
26,687
Social security and other taxes
3,185
2,487
Accrued expenses
2,331
2,770
Payables to employees
1,109
1,018
148
165
26
20
3,108
4,019
35,145
37,166
Trade payables
Deferred income
Payables to related parties
Other payables
Total trade and other payables
73
14. Financial liabilities
in kEUR
31/12/2013
31/12/2012
3,982
4,239
467
0
4,449
4,239
Bank overdrafts incl. recourse factoring
11,610
14,210
Bank loans
16,832
15,046
135
0
Total current
28,577
29,256
33,026
33,495
Non-current
Bank loans
Finance lease liabilities
Total non-current
Current
Finance lease liabilities
A) Bank borrowing
In 2013, BAWAG PSK AG (Vienna) informed Megatech Group about their new internal strategy and the
intention to reduce the corporate business in the future significantly. Furthermore BAWAG PSK AG stated
that Megatech Group will not be one of the preferred customers of BAWAG PSK AG and that Megatech
Group should force the management of the Czech entities to refinance the existing BAWAG PSK AG loans.
Megatech Industries Hlinsko s.r.o. and Megatech Jablonec s.r.o. had saved during the year 2013 all
necessary amounts for the planned instalment (kEUR 1,659) in December 2013. Due to serious legal
restrictions (in Czech Republic as well as in Austria) considering the fact that Megatech Group did
obviously not have a long-term financing solution with BAWAG PSK AG for 2014 and onwards, the
mangement of the Megatech Group decided not to pay the foreseen instalment in December 2013
and to prolong this payment until having a final solution with BAWAG PSK AG. No other breach of
covenants has taken place.
In May 2014, the management of the Megatech Group had reached an agreement with Ceska
Sporitelna, a.s. for the refinancing of the total BAWAG PSK AG loan volume. One part of this refinancing
agreement is that Megatech Group will pay the open instalment of December 2013 to BAWAG PSK AG.
BAWAG PSK AG will waive part of the outstsanding loans in an amount of kEUR 2,627. Together with
an additional one-time payment by Megatech entities to BAWAG PSK AG in an amount of kEUR 800
Megatech Group will have a significant deleveraging in the Czech enities from kEUR 24,200 (including
PIK interests, booked in ‘other payables’) to kEUR 19,200. This amount reflects also the new borrowing
base with Ceska Sporitelna, a.s.. The formal contracts with BAWAG PSK AG and Ceska Sporitelna, a.s.
were concluded on 23 July 2014. Megatech Industries AG acts as guarantor of these loans.
74
Together with the new refinancing terms and conditions the financial position of Megatech Group
in the Czech Republic – and, therefore, also in the group – will be significantly strengthened by
substantially lower yearly instalments and interest payments.
The Group has pledged certain assets as collateral against certain borrowings. The carrying amounts
of these assets and the secured liabilities are as follows:
in kEUR
31/12/2013
31/12/2012
19,422
19,524
Pledged machinery
3,429
5,308
Pledged trade receivables
9,506
11,022
485
8,469
Total amount of pledged assets
32,842
44,323
Amount of bank borrowings secured
28,622
33,495
3,802
0
Pledged land & building
Pledged other assets
Amount of bank borrowings unsecured
In addition to the pledged assets from Megatech Industries Jablonec s.r.o. and Megatech Industries
Hlinsko s.r.o., Megatech Industries AG has also pledged the shares in certain group companies.
B) Finance lease liabilities
Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event
of default.
in kEUR
31/12/2013
31/12/2012
0-1 year
157
0
1-5 years
497
0
> 5 years
0
0
654
0
Future finance charges on finance lease liabilities
-52
0
Present value of finance lease liabilities
602
0
Gross finance lease liabilities– minimum
lease payments
75
The present value of finance lease liabilities is as follows:
in kEUR
31/12/2013
31/12/2012
0-1 year
135
0
1-5 years
467
0
> 5 years
0
0
602
0
Present value of finance lease liabilities
C) Fair value of financial liabilties
The carrying amounts and fair value of the non-current borrowings are as follows:
in kEUR
31/12/2013
31/12/2012
Book value
4,449
4,239
Fair value
4,283
4,249
Financial liabilties non-current
The fair value of current borrowings equals their carrying amount, as the impact of discounting is not
significant. The fair values are based on cash flows discounted using a rate based on the borrowing
rate of 3.75% (2012: 3.75%).
76
15. Deferred income tax
The analysis of deferred tax assets and deferred tax liabilities including offsetting of balances within
the same tax jurisidiction is as follows:
in kEUR
31/12/2013
31/12/2012
Deferred tax assets to be recovered after
more than 12 months
579
684
Deferred tax assets to be recovered within 12 months
196
26
Total deferred tax assets
775
710
Deferred tax liabilities to be recovered
after more than 12 months
-3,901
-4,084
Deferred tax liabilities to be recovered
within 12 months
-135
-768
Total deferred tax liabilities
-4,036
-4,852
Net deferred tax
-3,261
-4,142
Deferred tax assets
Deferred tax liabilities
The gross movement on the deferred income tax account is as follows:
in kEUR
2013
2012
-4,142
-4,144
Income statement charge
910
-27
Currency rate difference
-29
29
-3,261
-4,142
At 1 January
At 31 December
The movement in deferred income tax assets and liabilities, without taking into consideration the
offsetting of balances within the same tax jurisdiction, is as follows:
77
Deferred tax assets
in kEUR
Employee
benefits
Provisions
Tax losses
Others
Total
1 January 2012
66
312
1,364
619
2,361
Charged/(credited)
to income statement
-29
-97
-205
-31
-362
1
8
18
-8
19
31 December 2012
38
223
1,177
580
2,018
Charged/(credited)
to income statement
-3
-81
-91
590
415
Currency difference
-3
-14
-96
-67
-180
31 December 2013
32
128
990
1,103
2,253
Currency difference
Deferred tax liabilties
in kEUR
Fixed assets
Others
Total
-6,098
-407
-6,505
Charged/(credited)
to income statement
34
301
335
Currency difference
15
-5
10
31 December 2012
-6,049
-111
-6,160
Charged/(credited)
to income statement
510
-15
495
Currency difference
146
5
151
-5,393
-121
-5,514
1 January 2012
31 December 2013
Deferred income tax assets are recognised for tax losses carried forward to the extent that the
realisation of the related tax benefit through future taxable profits is probable. No deferred tax assets
for tax losses carry-forward were recognised for entities where it currently does not appear likely
that sufficient taxable income will be available against which the taxes losses carry-forward can be
utilised. The group did not recognise deferred income tax assets of kEUR 2,587 (2012: kEUR 2,045) in
respect of losses amounting to kEUR 10,662 (2012: kEUR 7,556). Total tax loss carried forward is kEUR
15,042, of which kEUR 1,373 will expire in 2014, and kEUR 8,113 will expire in 2015-2018.
78
16. Participative loans
Participative loans have been granted by related parties. They are subordinated to financial liabilities
unless these specific financial liabilities are repaid and do not bear any interest. In 2013 all participative
loans were transferred to equity (refer also to note 31).
17. Government grants
Some group companies have obtained grants from public organisations for financing investments in
tangible fixed assets. The group companies comply with all conditions set by the public organisations
for the corresponding government grants.
in kEUR
2013
2012
At 1 January
1,434
1,618
Additions
234
0
Repayments
-37
0
-253
-184
At 31 December
1,379
1,434
in kEUR
2013
2012
Government grants non-current
1,355
1,273
24
161
1,379
1,434
Releases
Government grants current
At 31 December
79
18. Non-current employee benefits
Provisions for non-current employee benefits include the following actuarial assumptions:
in kEUR
2013
2012
Discount rate
3.5%
3.5%
Salary increase
2.0%-2.75%
2.0%-2.75%
Retirement age
64-65 years
64-65 years
5%-20%
5%-20%
Labour turnover rate
Assumptions regarding future mortality expectations are made based on actuarial advice in
accordance with published statistics.
80
A) Termination benefits
Some group companies pay a termination indemnity benefit in case of retirement after an
uninterrupted period of service of 5 years to their employees.
in kEUR
2013
2012
restated
2012
(as prev.
reported)
53
82
82
Current service costs
5
10
10
Interest costs
1
3
3
Actuarial losses/(gains)
-9
-43
-43
Benefits paid
-2
-1
-1
Currency difference
-4
2
2
At 31 December
44
53
53
Total costs/(gains) included in employee
benefit expenses
5
10
-33
Total costs included in interest costs
1
3
3
Total costs/(gains) included in income statement
6
13
-30
-9
-43
0
Development of provisions
At 1 January
Total costs/(gains) included in other
comprehensive income
The development of provisions equals the development of defined benefit obligations.
Changes in discount rate cause following impact on defined benefit obligation:
in kEUR
Increase in discount rate by 0.5%
Decrease in discount rate by 0.5%
2013
2012
-4
-4
4
4
The group adopted IAS 19 (revised 2011), ‘Employee benefits’ on 1 January 2013. The restated income
statement and other comprehensive income for 2012 therefore includes a reclassification of kEUR 43
in gains from employee benefit expenses (income statement) to remeasurements of employment
benefit obligations (other comprehensive income) (see note 32).
81
B) Anniversary payments
Some group companies pay an anniversary bonus after an uninterrupted period of service.
in kEUR
2013
2012
415
529
13
34
4
11
Actuarial losses/(gains)
-19
-154
Benefits paid
-10
-12
Currency difference
-13
7
At 31 December
390
415
-6
-120
4
11
-2
-109
Development of provisions
At 1 January
Current service costs
Interest costs
Total costs/(gains) included in employee benefit expenses
Total costs included in interest costs
Total costs/(gains) included in income statement
The development of provisions equals the development of defined benefit obligations.
Changes in the discount rate have the following impact on defined benefit obligations:
in kEUR
Increase in discount rate by 0.5%
Decrease in discount rate by 0.5%
82
2013
2012
-20
-21
22
23
19. Provisions
Environm.
restoration
Legal
claims
Onerous
Contracts
Others
Total
in kEUR
560
161
754
527
2,002
- Additions
0
148
0
601
749
- Unused amounts reversed
0
-6
-48
0
-54
-60
-17
-219
-95
-391
0
0
354
-354
0
15
-26
20
-40
-31
515
260
861
639
2,275
- Additions
0
170
17
91
278
- Unused amounts reversed
0
-36
-307
0
-343
Used during year
-57
0
0
-546
-603
Reclassification
-17
-14
-19
50
0
Currency difference
-23
-25
-14
-83
-145
31 December 2013
418
355
538
151
1,462
1 January 2012
Charged/(credited) to the income
statement
Used during year
Reclassification
Currency difference
31 December 2012
Charged/(credited) to the income
statement
Environm.
restoration
Legal
claims
Onerous
Contracts
Others
Total
in kEUR
455
260
590
0
1,305
Current provisions
60
0
271
639
970
Total Provisions
515
260
861
639
2,275
31 December 2012
Non-current provisons
83
Environm.
restoration
Legal
claims
Onerous
Contracts
Others
Total
in kEUR
363
355
437
91
1,246
Current provisions
55
0
101
60
216
Total Provisions
418
355
538
151
1,462
31 December 2013
Non-current provisons
A) Environmental restoration
The buildings of one group company are located in an area where the soil is historically contaminated
(by production which took place in former times). A corresponding provision for future costs to
restore the area is recognised based on an expert opinion.
B) Legal claims
The amount represents a provision for certain legal claims brought against the group by former
employees. In the opinion of the managing directors, after taking appropriate legal advice, the
outcome of these legal claims will not give rise to any significant loss beyond the amount provided
for at 31 December 2013.
C) Onerous contracts
For onerous supply contracts in some group companies a provision was recognised which will
be consumed within the next years according to the obligations arising from the contracts with
customers.
84
20. Employee benefit expense
in kEUR
2013
2012
restated
2012
(as prev.
reported)
Wages and salaries
-21,710
-24,267
-24,267
Social security costs
-6,339
-7,215
-7,215
-5
-10
33
6
120
120
-1,948
-1,896
-1,896
-29,996
-33,268
-33,225
Number of employees (FTEs) as per 31 December
1,381
1,564
1,564
Average number of employees (FTEs)
1,471
1,685
1,685
Termination benefit costs (note 18)
Anniversary payment costs (note 18)
Other employment costs
Total employee costs
21. Other income
in kEUR
2013
2012
Gains from disposal of assets
365
376
Government grants
253
184
Rents
251
227
0
386
Other income
2,239
1,270
Total other income
3,108
2,443
Energy non-production recharged
Other income mainly refers to cost recharges to suppliers and customers.
85
22. Other expenses
in kEUR
2013
2012
Consultancy costs
-2,680
-2,162
Rents and similar costs
-1,841
-1,549
Temporary workers
-1,723
-902
Travel expenses
-907
-1,069
Insurance costs
-491
-434
IT services
-468
-331
Energy non-production
-452
-741
Telephone and internet costs
-351
-421
Repair and maintenance
-266
-316
Bank charges
-221
-227
0
-386
-1,804
-1,297
-11,204
-9,835
Energy non-production recharged to renter
Others
Total other expenses
Consultancy costs include kEUR 1,128 (2012: kEUR 363) for developments that are capitalised.
Others includes kEUR -319 (2012: kEUR -346) costs for the provision of bad debt and kEUR 152 (2012:
kEUR 258) for the reversal of the provision for bad debt.
23. Non-recurring items
Some group companies had restructuring programmes in 2012 and 2013 in order to improve
production and administration processes. Costs for the reduction in the number of employees are
shown as restructuring costs under non-recurring items.
86
24. Depreciation and amortisation
in kEUR
2013
2012
Depreciation
-4,022
-4,931
Amortisation
-1,774
-1,215
-364
0
-6,160
-6,146
2013
2012
71
2
259
422
0
12
330
436
-2,142
-1,515
-305
-263
Interest costs
-2,447
-1,778
Interest result
-2,117
-1,342
Impairment of property, plant, equipment
Total
25. Interest result
in kEUR
Interest result
Interest income from short-term bank deposits
Interest income from related parties
Other interest income
Interest income
Interest costs for bank borrowings
Other interest costs
The interest result in 2013 was worse than in 2012 by kEUR 775 mainly because of higher loan levels
and higher interest rates in Spain and Brazil.
87
26. Other financial result
in kEUR
2013
2012
-1,885
523
-571
12
Non-recurring financial result
1,528
0
-928
535
Net foreign exchange result on financing activities
Changes in fair value of financial instruments
The net foreign exchange result on financing activities was mainly caused by changes in the EUR/
CZK exchange rate. Changes in the fair value of financial instruments were caused by the negative
development of inflation rate swaps. These inflation rate swaps were terminated in 2013. It was
agreed with the bank to waive half of liabilities. The impact from this agreement is reported as a nonrecurring financial result (see also Note 8).
27. Income tax expense
in kEUR
2013
2012
-623
-722
114
-123
-509
-845
Origination and reversal of temporary differences
922
-27
Attributable to a change in the rate of
domestic income tax rate
-12
0
Total deferred taxes
910
-27
Total tax charge
401
-872
Current taxes
Current tax on profits for the year
Adjustments in respect of prior years
Total current taxes
Deferred taxes
Tax on the group’s profit before tax differs from the theoretical amount that would arise using the
weighted average tax rate applicable to profits of the consolidated entities as follows:
88
in kEUR
2013
2012
restated
2012
(as prev,
reported)
-2,319
-6,256
-6,213
247
1,627
1,619
- Expenses not deductible for tax purposes
-1
-132
-132
- Gains not taxable
77
0
0
- Utilisation of previously unrecognised tax losses
27
9
9
- Tax losses for which no deferred income tax asset
was recognised
-51
-1,905
-1,897
- Re-measurement of deferred taxes - change of
tax rate
-12
0
0
- Adjustments in respect of prior years
114
-471
-471
Total tax charge
401
-872
-872
Profit before tax
Tax calculated at domestic tax rates applicable to
profits in the respective countries
Tax effects of:
The weighted average applicable tax rate was 11% (2012: 26%). The change was due to a change in
the profitability of the group’s subsidiaries in the relevant countries, some of them with a negative
result.
In 2013, no gains or losses from taxes have been included in other comprehensive income
(2012: kEUR 0).
28. Contingent liabilities
At balance sheet date, the group had no contingent liabilities, as in the previous year.
29. Commitments
A) Capital commitments
At the end of 2013 the group did not have any commitments for capital expenditure contracted for
but not yet incurred (2012: kEUR 0).
89
B) Operating lease commitments
The group also leases various machinery and cars under cancellable operating lease agreements. The
lease expenditure charged to the income statement during the year amounted to kEUR 147 (2012:
kEUR 236).
The future aggregate minimum lease payments are as follows:
in kEUR
2013
2012
<1 year
68
235
1 - 5 years
80
175
> 5 years
0
3
in kEUR
2013
2012
55
50
218
199
0
0
Non-cancellable operating lease
Cancellable operating lease
<1 year
1 - 5 years
> 5 years
30. Business combinations and changes in scope of consolidation
No business combination took place in 2012 and 2013.
In January 2013, Megatech Industries Intellectual Property S.L.U, Amurrio, Spain, was demerged from
Megatech Industries Amurrio, s.l., Amurrio, Spain. Together with the newly incorporated Megatech
Industries Technical Center A.I.E., Amurrio, Spain, (incorporation in January 2013) and SC Megatech
Engineering Center S.r.l., Bucharest, Romania, this company constitutes the Tech-Center group, which
researches and develops as well as owns the group’s intellectual property.
In April 2013, Megatech Industries Amurrio, s.l., Amurrio, Spain, took over 25% of Megatech Perfect
Plastics Marinha Grande Ltda., Marinha Grande, Portugal. It previously had a non-controlling interest.
Megatech Perfect Plastics Marinha Grande Ltda. is thus under 100% control of Megatech Group.
In September 2013, Megatech Industries Deutschland GmbH, Wolfsburg, Germany was established in
order to strengthen sales in German market
In 2012 the group founded Megatech Industries India PL, Pune, India.
90
31. Related-party transactions
The group is controlled by Megatech Industries s.l. (incorporated in Spain), which owns 99.3 % of
the company’s registered capital. The ultimate parent is EIB Beteiligungs GmbH, Vienna. The group’s
ultimate controlling party is Mr. Gessler.
The following transactions were conducted with related parties:
A) Services to / from related parties
in kEUR
2013
2012
27
0
Purchase of consulting services
-66
0
Recharging of other costs
-13
0
Interest income charged
259
422
29
0
With controlling parties
Sale of consulting services
With other relating parties
Purchase of consulting services
All transactions were made on an arm’s lengths basis.
91
B) Receivables from related parties
in kEUR
2013
2012
12,962
12,469
Loans advanced during year
331
124
Interest charged
259
422
Interest received
0
-53
13,552
12,962
40
53
13,592
13,015
Loans at 1 January
Loans at 31 December
Other receivables against related parties
Total receivables against related parties
Loans to related parties are charged with variable interest rates depending on the development of
EURIBOR 3M.
C) Payables to related parties
in kEUR
2013
2012
258
3,669
-187
-3,498
Currency difference
-45
87
At 31 December
26
258
At 1 January
Transfer of participative loan to equity
In 2013 Payables to related parties mainly included payables for re-charging costs. In 2012 payables
against related parties mainly included participative loans that were converted into equity in 2013.
92
D) Key management compensation
Key management includes members of the Executive Board and Supervisory Board. The compensation
paid to key management for employee services is shown below:
in kEUR
2013
2012
Salaries and other short term benefits
689
329
Termination benefits
259
28
Total
948
357
Key management compensation increased significantly in 2013 because of the higher number of
people included in key management.
32. Changes in accounting policies
The group adopted IAS 19 (revised 2011), ‘Employee benefits’ on 1 January 2013. The revised employee
benefit standard introduces changes to the recognition, measurement, presentation and disclosure
of post-employment benefits. Under IAS 19 (revised 2011) it is no longer allowed to report actuarial
gains/losses on termination benefits in the income statement; instead they must be reported as other
comprehensive income.
The restated income statement and other comprehensive income for 2012 restated therefore
includes a reclassification of kEUR 43 in gains from employee benefit expenses (income statement) to
remeasurements of employment benefit obligations (other comprehensive income).
93
33. Events after the reporting date
A) Bank loans and Refinancing
In May 2014 the management of the Megatech Group had reached an agreement with Ceska
Sporitelna, a.s. for the refinancing of the total BAWAG PSK AG loan volume. The structure of the
deal, together with the new terms and conditions, will lead to significant deleveraging in the Czech
entities from kEUR 24,200 (including PIK interests, booked in ‘other payables’) to kEUR 19,200 (this
amount reflects also the new borrowing base with Ceska Sporitelna, a.s.) as well as to substantially
lower yearly instalments and interest payments. The formal contracts with BAWAG PSK AG and Ceska
Sporitelna, a.s. were concluded on 23 July 2014.
Vienna, 24 July 2014
Managing Directors
94
Dr. Maximilian Gessler
Dipl.-Kfm. Rainer Dieck
Work
ing for
the
best
+
Management
Report 2013
I. Economic conditions
Global economic growth in the reporting period,
at 2.5%, was down on the previous year’s level
(2012: 2.6%). The economic situation in the
industrialised nations improved slightly in
the course of the year despite the continued
presence of structural obstacles. Most emerging
economies recorded robust economic growth.
Inflation was moderate despite the expansionary
monetary policies of many central banks. Global
passenger car production rose by 5.6% to
74.6 million units in the reporting period. This
development was driven by rapid growth in
China and the NAFTA region in particular.
In Western Europe, GDP stagnated after
declining by 0.2% in the previous year. Most
Southern European EU countries again recorded
negative growth rates in the reporting period
due to the negative effects of the sovereign
debt crisis, among other things. By contrast,
growth rates were positive in most Northern
European countries. The overall unemployment
rate in Europe continued to rise, reaching 12.6%
(previous year: 11.8%). Unemployment in Greece,
Portugal, Spain and Cyprus was well above this
average. New car registrations in 2013 were even
lower than in the previous year. Demand reached
its lowest level for 20 years, at 11.5 million
vehicles (-1.9% compared to previous year).
However, the passenger car markets that were
most affected by the debt crisis stabilised at a
low level in the second half of the year. Demand
declined year-on-year in the volume markets
96
of Germany (-4.2%), France (-5.6%) and Italy
(-7.1%). In Spain (+3.3%), a further decline in
new registrations was prevented by government
incentive programs. Sustained high demand
from private customers in the United Kingdom
led to market growth of 10.7%.
In Central and Eastern Europe, GDP growth
declined to an average of 2.1% (previous year:
2.5%), primarily due to muted growth in Russia
of 1.6% (previous year: 3.4%). The demand for
new passenger cars decreased by 3.9%. In Russia,
by far the region’s largest passenger car market,
even government car loan subsidies in second
half of 2013 were unable to stop the decline in
demand (-5.7%).
Brazil’s growth rate recovered to reach 2.3%
(previous year: 1.0%). The economic situation
is marred by structural deficits and high rates
of inflation. Demand for new passengers cars
decreased by 3.1% compared to the record level
achieved in 2012. The market continued to be
buoyed by government tax incentives, but their
effect had been much stronger in 2012.
II.
Development of the
Megatech Group
1. Highlights





EBITDA before non-recurring items more
than doubled
Operating result (EBIT) turned positive in
2013 after a difficult 2012
High impact in other financial result from the
EUR/CZK exchange rate (no cash impact)
Free cash flow kEUR 8,421 after kEUR -9,336
in 2012
New key customer BMW Group with material
projects for Mini and BMW 5 series





New material projects with existing customers
(e.g. Audi Q7)
Start of production of Citroen C4
Reduction of working capital by kEUR 6,457
Reduction of net debt by kEUR 4,547
Termination of loss-making SWAP deal in
Spain resulting in an extraordinary financial
result of kEUR 1,528
2. Revenue and result
in kEUR
2013
2012 (restated)
Revenue
143,637
147,490
7,635
3,151
726
-5,449
-2,117
-1,342
-928
535
Result before tax
-2,319
-6,256
Profit (loss) for the year
-1,918
-7,128
EBITDA before non-recurring items
Operating result (EBIT)
Interest result
In 2013 economic conditions in the main markets
of the Megatech Group remained difficult.
Nevertheless, sales of parts increased slightly.
Total revenue declined by 2.6% due to lower
sales of tools.
High efforts in restructuring, started in 2012 in
nearly all plants and prolonged in 2013, caused
a significant improvement in raw material
consumption and also in personnel expenses.
Raw material consumption decreased by 1.4
percentage points. In total, raw materials
and consumables used fell by 4.5% to kEUR
100,484. Personnel expenses were reduced by
1.7 percentage points as a result of successfully
restructuring production process and cost
97
savings in overheads. Total employee benefit
expenses declined by 9.8% to kEUR 29,996.
As a result of these cost savings, EBITDA before
non-recurring items increased by 142.3% to
kEUR 7,635.
Costs for non-recurring items for restructuring
fell from kEUR 2,454 in 2012 to kEUR 749 in 2013.
The operating result (EBIT) was transformed from
kEUR -5,449 into kEUR 726.
The interest result in 2013 deteriorated by kEUR
-775 compared to 2012 mainly because of higher
loan levels and higher interest rates in Spain and
Brazil.
The other financial result turned negative.
After kEUR 535 in 2012, mainly due to FX-gains
in the EUR/CZK exchange rate, the result in
2013 was kEUR -928. A positive result from
an agreement with a bank to waive 50% of
liabilities from inflation rate swaps (kEUR 1,528)
could not offset losses from inflation rate swaps
themselves (kEUR -571) and from changes in the
EUR/CZK exchange rate (kEUR -1,899). The EUR/
CZK exchange rate was significantly changed in
November 2013 by the Czech national bank.
The loss for the year fell from kEUR -7,128 in
2012 to kEUR -1,918.
3. Financial position
A) Repayment of bank loans
In 2013, BAWAG PSK AG (Vienna) informed
Megatech Group about their new internal
strategy and the intention to reduce the corporate
business in the future significantly. Furthermore
BAWAG PSK AG stated that Megatech Group will
not be one of the preferred customers of BAWAG
PSK AG and that Megatech Group should
force the management of the Czech entities to
refinance the existing BAWAG PSK AG loans.
Megatech Industries Hlinsko s.r.o. and Megatech
Jablonec s.r.o. had saved during the year 2013 all
necessary amounts for the planned instalment
(kEUR 1,659) in December 2013. Due to serious
legal restrictions (in Czech Republic as well as
in Austria) considering the fact that Megatech
Group did obviously not have a long-term
financing solution with BAWAG PSK AG for 2014
and onwards, the mangement of the Megatech
Group decided not to pay the foreseen instalment
in December 2013 and to prolong this payment
until having a final solution with BAWAG PSK AG.
No other breach of covenants has taken place.
In May 2014, the management of the Megatech
98
Group had reached an agreement with Ceska
Sporitelna, a.s. for the refinancing of the total
BAWAG PSK AG loan volume. One part of this
refinancing agreement is that Megatech Group
will pay the open instalment of December 2013
to BAWAG PSK AG. BAWAG PSK AG will waive
part of the outstsanding loans in an amount of
kEUR 2,627. Together with an additional one-time
payment by Megatech entities to BAWAG PSK
AG in an amount of kEUR 800, Megatech Group
will have a significant deleveraging in the Czech
enities from kEUR 24,200 (including PIK interests,
booked in ‘other payables’) to kEUR 19,200. This
amount reflects also the new borrowing base with
Ceska Sporitelna, a.s.. The formal contracts with
BAWAG PSK AG and Ceska Sporitelna, a.s. were
concluded on 23 July 2014. Megatech Industries
AG acts as a guarantor of these loans.
Together with the new refinancing terms and
conditions, the financial position of Megatech
Group in the Czech Republic – and, therefore, also
in the Group - will be significantly strengthened
by substantially lower yearly instalments and
interest payments.
B) Net debt and Gearing
in kEUR
2013
2012
Non-current financial liabilities
4,449
4,239
28,577
29,256
33,026
33,495
-6,335
-2,257
Net debt
26,691
31,238
Total equity
37,614
39,627
Gearing (net debt / total equity)
71.0%
78.8%
Current financial liabilities
While total financial liabilities remained stable
in 2013, cash and cash equivalents increased
significantly. Net debt therefore decreased by
14.6%. Despite a reduction in equity owing to
the negative result and the negative impact of
changes in the EUR/BRL exchange rate, gearing
improved by 7.8 percentage points to 71.0%.
C) Working capital
in kEUR
2013
2012
Inventories
11,368
17,052
25,561
28,355
-35,145
-37,166
1,784
8,241
Working capital
A strong focus not only on production process
but also on working capital management caused
a reduction in working capital at the end of the
year by 78.4% to kEUR 1,784.
99
4. Cash flow
in kEUR
2013
2012
Cash flow from operating activities
10,563
-2,145
Cash flow from investing activities
-2,142
-7,191
Cash flow from financing activities
-4,113
10,434
Total cash flow
4,308
1,098
After negative operating cash flow in 2012,
Megatech Group returned to earning money in
its operative business. Cash flow from operating
activities was kEUR 10,563 this figure includes
kEUR 5,750 of cash inflow from working capital.
of kEUR 3,314 from the disposal of fixed assets.
Negative cash flow from financing activities is
mainly due to interest payouts and changes in
bank overdrafts and recourse factoring.
Cash flow from investing activities was kEUR
-2,142 and was influenced positively by proceeds
III. Research and development
In 2013, the Megatech Group continued working
in lightweight materials and technologies.
Positive results were achieved in the technology
of physical foam for grained parts. Megatech
Group is one of the first suppliers to produce
parts from serial tools with excellent quality.
In 2014 we will introduce this technology and
these products to our customers. The first
presentations have taken place at Volkswagen
and BMW.
Besides work in thermoplastics, Megatech Group
has started to develop composite technologies.
With the first prototypes manufactured, the
group has seen a level of rigidity that is achieved
with very low thickness. This technology could
be integrated into conventional or multimaterial injection processes. In 2014 Megatech
Group received its first development order to be
100
paid by customer for new parts with composite
technologies. The next step for this technology in
the following years will be to develop composite
films and to apply expertise to textile injection.
In the area of laminating, the group started to
reach level where it can integrate this technology
and apply it in a new development projects. In
2014 first orders with laminating technology
have been received from Porsche.
Due to steps taken in 2013, Megatech Group was
able to create a prototype of a door panel with
the help of all these technologies and products
in order to show the potential to our main
customers. Megatech Group will also integrate
natural fibres linked to thermoforming.
IV. Sustainability, health,
environment
Megatech Group recognises its responsibility for
humans and the environment along the entire
value chain and is working for innovative solutions
to create long-term benefits for employees,
the environment and the group. Measures
have therefore been taken to guarantee and
continuously improve the health and safety of
employees and neighbours and to ensure stateof-the art processes to protect the environment.
A systematic risk analysis of processes is an
integral task of the Managing Board. Continuous
internal audits and external audits performed by
authorities and customers confirm the excellent
results of these processes.
At the end of 2013 1,381 employees worked for
Megatech Group (2012: 1,564).
V. Risk report
The group’s activities expose it to a variety of
financial risks: market risk (including foreign
exchange currency risk, fair value interest
rate risk, cash flow interest rate risk), credit
risk and liquidity risk. The group’s overall risk
management programme focuses on the
unpredictability of financial markets and seeks
to minimise potential adverse effects on the
group’s financial performance. The group uses
derivative financial instruments to hedge certain
risk exposures. Risk management is carried out
centrally by the group management.
1. Liquidity risk
The group manages its liquidity risk by using
reasonable
and
retrospectively-assessed
assumptions to forecast future cash-generating
capabilities and working capital requirements of
the businesses it operates and by maintaining
sufficient reserves, committed borrowing
facilities and other credit lines as appropriate.
Forecast liquidity represents the group’s
expected cash inflows, principally generated
from sales made to customers, less the group’s
contractually-determined
cash
outflows,
principally related to supplier payments and the
repayment of borrowings, plus the payment of
any interest accruing thereon. The matching
of these cash inflows and outflows rests on
the expected ageing profiles of the underlying
assets and liabilities. Current financial assets and
financial liabilities are represented primarily by
the group’s trade receivables and trade payables
respectively. The matching of the cash flows that
result from trade receivables and trade payables
takes place typically over a period of three to
four months from recognition in the balance
sheet and is managed to ensure the on-going
operating liquidity of the group. Financing
101
cash outflows may be longer-term in nature.
The group does not hold non-current financial
assets to match against these commitments, but
has invested significantly in non-current non-
financial assets which generate the sustainable
future cash inflows, net of future capital
expenditure requirements, needed to service
and repay the group’s financial liabilities.
2. Credit risk
The group’s credit risk is mainly confined to the
risk of customers defaulting on sales invoices
raised. Any credit risk arising from cash deposits
and derivative financial instruments is deemed
to be insignificant on the basis that nearly all
relevant counterparties are investment grade
entities recognised by international credit-rating
agencies. Each local entity is responsible for
managing and analysing the credit risk for each
of their new clients before standard payment and
delivery terms and conditions are offered. Main
customers of the group are the big automotive
producers where credit risk is considered low.
3. Commodity price risk
The group is exposed to commodity price risks
as main raw materials can only be purchased on
the spot markets and no commodity hedges are
available. Price fluctuations can partly be passed
on to customers, depending on the contractual
relationship.
4. Foreign exchange risk
The group operates internationally and is exposed
to foreign exchange risk arising primarily from
the Czech crown and the Brazilian real. Foreign
exchange risk arises from future commercial
transactions and financing in foreign currency.
with internal hedging as much as possible.
Furthermore, developments in foreign currencies
are passed on to customers with a certain time
delay. Group management will coordinate any
additional hedging that may be necessary.
Management has set up a policy to require
group companies to manage their foreign
exchange risk against their functional currency
By the end of 2013 the group’s financial liabilities
were mainly denominated in euros.
5. Interest rate risk
The group’s interest rate risk arises from noncurrent financial liabilities. Financial liabilities
issued at variable rates expose the group to cash
102
flow interest rate risk which is partially offset by
cash held at variable rates.
VI. Financial instruments
If required the Megatech Group uses interest rate
swaps to hedge against negative developments
in interest rates.
VII. Branch offices
The group does not have any branch offices.
VIII. Expected development
Our forecasts are based on current estimates by
third-party institutions and our major customers.
Assumptions for growth of the global economy
in 2014 are slightly higher than in 2013, with ongoing stronger development of the emerging
economies of Asia. High public debt levels in
Europe, the USA and Japan, over-capacities
in China and the unresolved conflicts in the
Middle East and East Asia continue to pose
risk factors which could have a material and
unexpectedly adverse impact on the outlook.
Signs of recovery in the economies of the major
industrialised nations are expected while the
rates of expansion will remain moderate in the
medium term.
In Western Europe, the consolidation already
started in 2013 is forecast to continue into 2014.
However, developments remain contingent on
structural problems being resolved, especially in
Southern Europe. Demand for passengers cars is
expected to start rising again in 2014 after four
years of decline. Nevertheless, as the ongoing
debt crisis is still unsettling customers in many
countries in the region and restricting their
financial opportunities to buy new cars, only
modest growth is forecast.
In Central and Eastern European countries,
whose economies are heavily dependent on
the economic situation in Western Europe,
significantly faster growth on a level with the
previous year is likely. Forecasts for demand in
passenger cars show a moderate increase in
2014 compared to 2013.
The growth rate in Brazil was expected to remain
at the level of 2013. Owing to its dependence
on demand for raw materials, the Brazilian
market is heavily influenced by developments in
the global economy. Furthermore, increasingly
protectionist tendencies are adversely affecting
the performance of the car market. Demand for
vehicles in 2013 was unable to keep pace with
the high level of the prior year in spite of tax
breaks being extended. During second quarter
2014 the demand in new passenger cars dropped
significantly. For the second half of the year only
slow recovery is expected.
103
The situation for the Megatech Group is
significantly better than one year ago.
Nevertheless, the focus will continue to be the
process of restructuring and optimisations.
Main projects will be
 Local refinancing of Czech entities
 Finalising of the transfer of production from
the plant in Liberec to Hlinsko and Jablonec
and closing and selling of the plant in Liberec
 Finalising of the reconstruction and
modification of Hall 100 in Hlinsko
 Finalising of the re-location of the TechCenter to AIC (Automotive Intelligence
Cluster) Boroa
 Stabilising of financing for the subsidiary in
Brazil
 Further improvements in working capital
 Start of production for several major Audi
projects
 Further projects in the Brazilian entity
(VW, Peguform, Faurecia) to enhance capacity
utilisation
104
 New projects with existing customers (e.g.
VW Group, PSA, Faurecia, BMW)
 Acquisition of projects with new OEMs and
tier 1 suppliers
 Further operational restructuring of the plant
in Amurrio (change to lean production and
improvement of quality standards and
process) and in Brasil
Megatech Group has budgeted for further
significant improvements in its operating
business as well as in financing in 2014. In HY1
2014 most entities are on track. The plant in
Amurrio was facing some non-budgeted quality
issues that are solved in meanwhile. In Brazil the
decline in automotive market in second quarter
influenced also our plant and caused significantly
reduction of turnover compared to budget
and last year. Improvement of total Megatech
group is continuing and consolidated results are
significantly better than last year.
IX. Subsequent events
In May 2014 the management of the Megatech
Group had reached an agreement with Ceska
Sporitelna, a.s. for the refinancing of the total
BAWAG PSK AG loan volume. The structure
of the deal, together with the new terms and
conditions, will lead to significant deleveraging
in the Czech entities from kEUR 24,200 (including
PIK interests, booked in ‘other payables’) to
kEUR 19,200 (this amount reflects also the new
borrowing base with Ceska Sporitelna, a.s.) as
well as to substantially lower yearly instalments
and interest payments. The formal contracts with
BAWAG PSK AG and Ceska Sporitelna, a.s. were
concluded on 23 July 2014.
Managing Directors
Dr. Maximilian Gessler
Dipl.-Kfm. Rainer Dieck
This report contains forward-looking statements on the business development of Megatech Industries Group. The
statements are based on assumptions relating to the development of the economic and legal environment in individual
countries and economic regions, and in particular for the automotive industry, which we have made on basis of the
information available to us and which we consider to be realistic at the time of preparing this report. The estimates given
entail a degree of risk, and the actual developments may differ from those forecast. Consequently, any unexpected fall
in demand or economic stagnation in our key sales markets Europe and Brazil will have a corresponding impact on
the development of our business. The same applies in the event of a significant shift in current exchange rates, mainly
Czech crown and Brazilian real against the euro. In addition, expected business developments may vary if this report’s
assessments of value-enhancing factors and risk develop in a way other than we are currently expecting.
105
Auditor's Report
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Megatech Industries AG, Vienna, which
comprise the consolidated balance sheet as of 31 December 2013 and the consolidated income statement, the
consolidated statement of comprehensive income, of changes in equity and of cash flows for the year then ended, and
the notes to the consolidated financial statements. As provided under Section 275 (2) UGB (liability provision regarding
the audit of financial statements of small and medium sized companies), our responsibility and liability towards the
Compay and any third parties arising from the audit are limited to a total of EUR 2 million.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with the International Financial Reporting Standards as adopted by the EU, and for such internal control as
management determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor‘s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted
our audit in accordance with laws and regulations applicable in Austria and in accordance with International Standards
on Auditing. Those standards require that we 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 the auditor‘s judgment, including the assessment of the risks
of material misstatement of the consolidated fiancial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the Group‘s preparation and fair presentation of the
consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Group‘s internal control. An audit also includes
evaluating the appropriateness of 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 ad appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
Megatech Industries AG as of 31 December 2013, and of its financial performance and its cash flows for the year then
ended in accordance with International Financial Reporting Standards as adopted by the EU.
PwC Wirtschaftsprüfung GmbH
106
p.p. Bettina Maria Szaurer
Christian Neuherz
Austrian Certified Public Accountant
Austrian Certified Public Accountant
Impressum
Medieninhaber (Verleger):
Taubstummengasse 13/9
1040 Wien
Österreich
Tel.: +43 1 236 70 38 0
[email protected]
www.megatech-industries.com
Konzept und Realisierung:
Kabane13 MedienGesmbH, www.kabane13.at
Purtscher Relations GmbH, www.purtscherrelations.at
Chefredakteur:
Ralf Strobl
Artdirektion und Produktion:
Miriam Höhne, Harald Wegerer
Fotos:
Kathi Bruder (Vorstand)
Miriam Höhne (Produkte)
Volkswagen Aktiengesellschaft, www.seat-mediacenter.com, Audi AG, Citroen, Automobiles Peugeot,
Renault Communications, SKODA_Intercar (Autos)
Druck:
Grasl FairPrint

Geschäftsbericht 2013

Transcrição

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