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Geschäftsbericht 2014 | Seite 3
Inhalt
MEGATECH Jahresrückblick Seite 6 Highlights 2014 Seite 8 Vorstand und Aufsichtsrat Seite 14
Interview mit dem Vorstand der MEGATECH Seite 16 Die wichtigsten MEGATECH Produkte im Überblick Seite 26
Die weltweiten Standorte der MEGATECH Group Seite 28 Die Selfie-Welt von MEGATECH Seite 30 Joint Management Meeting Seite 32 Megahoney Seite 36 Bericht des Aufsichtsrats Seite 37 Consolidated Financial Statements as of 31/12/2014 Seite 39
Management Report Seite 113 Auditor‘s Report Seite 125
Impressum Seite 126
Geschäftsbericht 2014 | Seite 4
MegAteCh industries hlinsko fertigt für die dritte genera-tion des Audi tt Coupé die heckklappenverkleidung, den rahmen der heckscheibe und die Ladekante.
Geschäftsbericht 2014 | Seite 4
Geschäftsbericht 2014 | Seite 6
Dass wir diesen rückblick mit einem superlativ be-ginnen, geschieht aus respekt und Dankbarkeit
gegenüber allen, die den Weg gemeinsam mit uns gehen, die Verantwortung gemeinsam mit uns schul-tern, die entscheidungen gemeinsam mit uns tra-gen und die Leistung ge-meinsam mit uns erbrin-gen. gemeinsam gehört uns daher auch der erfolg und der stolz auf den fol-genden superlativ: 2014
war das erfolgreichste Jahr in der geschichte der MegAteCh industries Ag.
Was uns im abgelaufenen geschäftsjahr erfreute und ermutigte:
Die Auftragslage auf dem europäischen Markt
Unsere europäischen Werke arbeiteten nahe ihrer Vollauslastung und erzielten dank vieler gelungener operativer Verbesserungen einen gewinn nach steuern.
für drei Modelle von Audi – dem A3 Cabrio, dem tt und dem tt Cabrio – hatten wir 2014 Produktionsanläufe. für diese Modelle produ-zieren wir u. a. die heckklappenverkleidungen,
heckscheibenrahmen, Ladekanten und koffer-raumverkleidungen.
Mit opel, Porsche, bentley und Volkswagen nutzfahrzeuge konnten vier bedeutende neu-kunden dazugewonnen werden.
Das tech Center wächst unter neuer Leitung stetig weiter und ist dabei dank der anhaltend guten Auftragslage voll ausgelastet.
im Jahresdurchschnitt hatten 1.400 Mitarbeiter einen sicheren und zukunftsträchtigen Arbeits-platz innerhalb der verschiedenen einheiten der MegAteCh gruppe.
erfolgreiche strukturelle Verbesserungen
Das forschungs- und entwicklungsteam unse-res tech Centers ist ins Automotive intelligence Center in boroa bei bilbao übersiedelt und kann hier endlich unter einem Dach entwickeln, die Projektabwicklung steuern und die notwendi-gen Prototypen fertigen.
Das baulich veraltete Werk Liberec wurde ge-schlossen und die Produktion, soweit wir sie weiterführen, in die Werke hlinsko und Jablo-nec verlagert.
im september wurde die neue Produktionshalle 100 in hlinsko mit einem tag der offenen tür eröffnet. Mehr als 1.000 besucher strömten an diesem tag ins Werk.
Wir bliCkEn MiT FrEuDE AuF DAS AbGElAuFEnE GESCHäFTS-
jAHr 2014 zurüCk.
2014 war das erfolgreichste Geschäftsjahr in der Geschichte der
MEGATECH industries AG seit 2009.
Es ist uns gelungen,mit Opel, Porsche,
Bentley und Volkswagen nutzfahrzeuge vier
bedeutende neukunden zu gewinnen.
Geschäftsbericht 2014 | Seite 7
Die solide finanzierungsbasis
WirhabenmitČeskáspořitelnaeinenneuenFi-nanzierungspartner unserer tschechischen Wer-ke gewonnen und dadurch die finanzierung der laufenden und zukünftigen Projekte auf eine langfristig solide basis gestellt.
Auch in spanien hat sich die finanzierung von Werkzeugen und Projektabwicklung erfreulich entwickelt.
Der positive trend spiegelt sich auch in der 2014 erfolgten Aktualisierung unseres Corporate Design und unseres Webauftrittes mit optimierter verbes-serter homepage.
Der Aufsichtsrat der gesellschaft hat im november 2014 gerhard Pesout zum dritten Mitglied des Vor-stands bestellt. er gehört bereits seit september 2013 in seiner funktion als Country Manager unse-rer tschechischen Werke dem führungsteam an. Darüber hinaus wurde die systematische Verstär-kung unseres Managements in allen einheiten und Ländern weiter fortgesetzt.
im bewusstsein, dass solche stolzen erfolgsmel-dungen erstens Momentaufnahmen sind und zweitens eigentlich schon die Vergangenheit abbil-den, wenden wir uns der gegenwart und Zukunft zu – und damit beträchtlichen herausforderungen:
so erfreulich das geschäftsjahr 2015 für unsere europäischen Werke und das tech Center begon-nen hat: Unser standort brasilien bleibt leider ein sorgenkind. Die schwierige wirtschaftliche Lage unddierückläufigeAutomobilproduktioninBrasi-lien haben unsere bemühungen der vergangenen Jahre zunichte gemacht und dazu geführt, dass 2014 wieder ein Verlust verzeichnet werden musste.
obwohl brasilien ein für MegAteCh langfristig strategisch wichtiger Markt ist, müssen wir uns an-gesichts des derzeitigen schwierigen Marktumfel-des und der angespannten Wirtschaftslage vorbe-halten, sämtliche optionen zu überprüfen.
Davon unbeeinträchtigt bleiben unsere interna-tionalen expansionszie-le: Wir wollen unser Unternehmen durch or-ganisches Wachstum und Akquisitionen wei-ter ausbauen und bemü-hen uns deshalb ver-stärkt um internationale kooperationen, um auch in Ländern, auf Märkten und mit Produkten tätig werden zu können, in denen wir heute noch nicht vertreten sind.
Auch für 2015 haben wir uns ehrgeizige Ziele ge-steckt. große Anstrengungen werden notwendig sein, um sie zu erreichen, aber die erfolge des ab-gelaufenen geschäftsjahres machen diesbezüglich Mut. Wir danken allen kolleginnen, die durch ihre persönliche Leistung dazu beigetragen haben, von herzen.
Maximilian gesslerMitglied des Vorstandes
Große Anstrengungenwerden notwendig sein,um unsere ehrgeizigen ziele zu erreichen, aber die Erfolge des abgelaufenen Geschäft-jahres machen Mut.
MAXiMiliAn GESSlErMitglied des Vorstandes
der MegAteCh industries Ag
Geschäftsbericht 2014 | Seite 8
MegAteCh industries Ag
Das abgelaufene Jahr 2014 war das erfolgreichste in der geschichte der MegAteCh industries Ag. Alle Werke – mit Ausnahme des Werks in brasilien – schlossen mit einem gewinn nach steuern ab.
Die 2013 aufgebauten und initiierten Controlling- & reportingprozesse inklusive der implementierung einer eigenen konsolidierungs- und Planungs-soft-ware für alle standorte konnten 2014 abgeschlossen werden. somit sind sämtliche unserer standorte in den bereichen Controlling & reporting auf kapital-marktfähigem niveau.
insbesondere aus finanzierungssicht war 2014 ein besonders erfreuliches Jahr. Mittels einer erfolgrei-chen Umschuldung des kredit-Portfolios in tsche-chienistdieRefinanzierunggelungen.
im bereich des recruitings wurden unsere Manage-ment teams in allen Ländern und einheiten ver-stärkt. Mit gerhard Pesout wurde im november 2014 ein drittes Mitglied in den Vorstand bestellt. Zuvor war herr Pesout als Country Manager in tschechien für MegAteCh tätig.
2014 wurde das MegAWAtt system weiter ausge-baut, ein Programm, bei dem alle Mitarbeiter dazu eingeladen werden, innovative ideen einzureichen. Die besten Vorschläge werden in regelmäßigen intervallen direkt in den Werken ausgewählt, umge-setzt und mit Preisen ausgezeichnet.
Zur Verbesserung unserer internen kommunikation haben wir den firmennewsletter „Megazin insider“
gestartet und ausgebaut. Der newsletter erscheint einmal im Monat und berichtet über Wissenswertes aus den Werken weltweit. für die externe kommuni-kation wurde erstmals ein geschäftsbericht publi-ziert und die Webpage neu gestaltet.
MegAteCh tech Center & sales (spanien)
Das tech Center wurde Anfang des Jahres nach bo-roa bei bilbao in das AiC-Automotive intelligence Center – einem forschungs- und entwicklungszent-rum für firmen des Automobilsektors – ausgelagert. Dadurch war es uns möglich, die forschung, Pla-nung, Projektabwicklung und Prototypenfertigung an einem standort konzentriert zusammenzufassen. Durch die gute Auftragslage war das tech Center voll ausgelastet und konnte zusätzliche Mitarbeiter aufnehmen.
DiE HiGHliGHTS 2014 Ein ereignisreiches Geschäftsjahr als starkes
Fundament für die kommenden jahre.
AiC – Automotive intelligence Center
Geschäftsbericht 2014 | Seite 9
MegAteCh industries Czech republic
im ersten halbjahr 2014 wurde das Werk in Liberec geschlossen und die Produktion, soweit sie weiter-geführt wird, in die Werke hlinsko und Jablonec ver-lagert. für die belegschaft des Werks MegAteCh industries Liberec wurde ein outplacement Pro-gramm entwickelt, um sie bei der suche nach einer neuen Arbeitsstelle zu unterstützen. einige Mit-arbeiter konnten in anderen standorten der MegA-teCh industries weiterbeschäftigt werden.
Das Werk in hlinsko verzeichnete zahlreiche Auf-tragseingänge von Peugeot, Volkswagen, Audi, seat, Škoda, den neukunden Porsche und Volkswagen nutzfahrzeuge sowie von Automotive Lighting und Mahle behr.
nach mehreren Jahren der Verluste verzeichneten beide Werke 2014 einen gewinn, und das Werk hlinsko konnte in diesem Jahr erstmals seine Mit-arbeiterzahl erhöhen.
im september 2014 lud MegAteCh industries in hlinsko zum tag der offenen tür mit mehr als 1.000 besuchern – in einer stadt mit 10.000 einwohnern. im Zuge dessen wurde die renovierte Produktions-halle „Hall 100“ durchdie Bürgermeisterin offizielleröffnet. Das Werk wurde sponsor der eishockey-mannschaft hC hlinsko und des kulturzentrums der stadt.
MegAteCh industries Jablonec
OffizielleEröffnungvon„Hall100“beim tag der offenen tür für besucher
Geschäftsbericht 2014 | Seite 10
MegAteCh industries Peninsula iberica (spanien/Portugal)
in unseren Werken in spanien und Portugal wurden zahlreiche Verbesserungen des Produktionsablaufes vorgenommen, um sowohl die Qualität als auch die Produktivität zu steigern und gleichzeitig den La-gerbestand zu reduzieren. hervorzuheben sind die erfreulichen gewinne unserer Werke in orense (spa-nien) und Marinha grande (Portugal).
Die Werke der iberischen halbinsel erhielten Aufträ-ge von Peugeot für die entwicklung und herstellung eines innovativen, multifunktionellen ViP tisches – einer Mittelkonsole für fahrzeuge mit gehobener Ausstattung. erfreulich ist weiters die erweiterung der kunden um zwei namhafte Autohersteller mit bentley und opel, für die bedeutende Umfänge für den fahrzeuginnenraum hergestellt werden.
neben der optimierung der Arbeitsabläufe wurde auch in die Verbesserung der Ausstattung investiert.
MegAteCh industries brazil
trotz der äußerst schwierigen gesamtwirtschaftli-chen situation in brasilien konnte MegAteCh in-dustries brazil Auftragseingänge von renault und Volkswagen sowie samvardhana Motherson Pegu-form (sMP) verzeichnen.
Produktionsbereich brasilien
Produktionshalle MegAteCh industries orense (spanien)
Produktionshalle MegAteCh industries Marinha grande (Portugal)
Geschäftsbericht 2014 | Seite 11
Die geschulte Mitarbeiterin an unserem Standort in Portugal garantiert verlässliche Qualität.
Aus unserem Werk MegAteCh industries hlinsko kommen ebenfalls Verkleidungs-teile des kofferraums für die soeben neu gestartete Produktion des Audi tt Cabrio.
Geschäftsbericht 2014 | Seite 12
Geschäftsbericht 2014 | Seite 14
Dr. GEorG FlAnDorFEr wurde am 14. november 2011 als Vorsitzender in den Aufsichtsrat der MEGATECH Industries AG gewählt. Er ist ehemaliges Mitglied des Vorstands der Volkswagen AG.
AuFSiCHTSrAT
MAG. ulrikE GESSlEr-WolFinGEr ist notarin in Wien. Sie ist seit 26. november 2009 Mitglied des Aufsichtsrats der MEGATECH industries AG.
MAG. HErbErT HouF wurde am 24. Februar 2012 in den Aufsichtsrat der MEGATECH Industries AG gewählt und ist dessen stellvertretender Vorsitzender und Mitglied des Prüfungsausschusses. Hauptberuflich ist Mag. Houf als Wirtschaftsprüfer und Steuerberater in Wien tätig.
MATTHiAS übEl, bA, MbA wurde mit 4. April 2013 in den Aufsichtsrat der MEGATECH industries AG gewählt. Er gehört ebenfalls dem Prüfungsausschuss an. Er ist Mitglied des Vorstands der Endurance Capital AG in München.
Die funktionsperiode aller Aufsichtsratmitglieder endet mit dem Ablauf jener hauptversammlung, die über das ergebnis des Jahresabschlusses 2014 entscheidet.
Geschäftsbericht 2014 | Seite 15
VorSTAnD
Dr. MAXiMiliAn GESSlEr ist seit 26. november 2009 Mitglied des Vorstands und zeichnet sich verantwortlich für die bereiche Strategie, Vertrieb, Entwicklung, Personal, kommunikation und business Development.
DkFM. rAinEr DiECk ist seit 1. April 2013 Mitglied des Vorstands und zuständig für die bereiche Finanzen, Controlling, iT, Einkauf sowie M&A.
DiPl. inG. GErHArD PESouT verantwortet als Mitglied des Vorstands seit 10. november 2014 die bereiche Produktion, Qualität, logistik und MEGATECH Excellence System.
Geschäftsbericht 2014 | Seite 16
MAXiMiliAn GESSlErseit Juli 2008 Ceo der
MegAteCh gruppe
er ist seit 1986 in der in-
dustrie tätig – seit 1989 als
Unternehmer in der Metall-
und kunststoffbranche.
rAinEr DiECkseit 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 Diplom-kauf-
mann ist seit 1993 in ver-
schiedenen funktionen als
berater und Manager tätig.
Geschäftsbericht 2014 | Seite 16
Geschäftsbericht 2014 | Seite 17
MEGATECH IST in AllEn bErEiCHEn
ATTrAkTiVEr GEWorDEnMaximilian GESSlEr,
rainer DiECk und Gerhard PESouT im großen Vorstands-interview
GEHARD PESouTseit Juni 2014 Coo der
MegAteCh industries Ag
er ist seit 1978 in leitenden
Positionen in der Auto-
mobilbranche tätig und
war zuletzt Werkleiter
von faurecia in Peine,
Deutschland.
Geschäftsbericht 2014 | Seite 17
Geschäftsbericht 2014 | Seite 18
Der Vorstand der MegAteCh industries Ag, Maximilian gessler (group Ceo), rainer Dieck (group Cfo) und gerhard Pesout (group Coo) im gespräch über das vergangene geschäftsjahr, aktuelle Pläne und künftige herausforderungen.
ein kurzer rückblick auf das geschäftsjahr 2014 ...
MAXiMiliAn GESSlEr: 2014 war erfreulicher-weise ein sehr erfolgreiches geschäftsjahr, in dem es uns gelungen ist, einen großteil unse-rer Vorhaben umzusetzen. Wir haben mit einer
einzigen Ausnahme an al-len standorten gewinne erzielt, waren aber auch auf nicht operativen ge-bieten erfolgreich: bei der Akquisition neuer Aufträge, Refinanzierungen oder derVerbesserung aller Prozesse.
rAinEr DiECk: insbesonde-re auch aus finanzierungs-sicht war es ein erfreuliches Jahr, da uns die erfolgrei-che Umschuldung eines 25 Mio. eUr kredit-Portfolios in tschechien gelungen ist.
DurchdieseRefinanzierung sowiedie guteGe-schäftsentwicklung im letzten Jahr haben sich die Voraussetzungen für eine stabile finanzierungs-truktur in der gesamten gruppe deutlich verbes-sert. Die banken sehen MegAteCh mittlerweile wieder als verlässlichen Partner an. Leider verlief die entwicklung unseres standortes in brasilien kritisch. Dort ist es ab februar 2014 zu einem dramatischen Markteinbruch gekommen, der in dieser form von niemandem vorhergesehen wer-den konnte.
GErHArD PESouT: obwohl ich erst seit kurzem bei MegAteCh bin, waren 2014 im Vergleich zu 2013 die optimierung der organisation in tsche-chien mit entsprechend besseren ergebnissen und die Vorbereitung auf die nunmehr angelau-fenen und anstehenden neuen Aufträge positi-ve highlights für mich. Wir haben durch unsere bessere Leistung an Attraktivität für kunden und nicht zuletzt auch für banken gewonnen.
Worin erkennt ein Unternehmen seine eigene Attraktivität?
GESSlEr: Anhand der bewerbungen – daran, dass wir für interessante Leute attraktiv werden. Wir haben im vergangenen Jahr deutlich gemerkt, dass wir auch von Menschen, die bei etablierten
Der Auftragseingang 2014 hat ausschließlich
neue Automodellebetroffen, was uns beim
Anlaufen der Produktion 2015 und 2016 entspre-
chend stark steigende umsätze einbringen wird.
A-klasse-Unternehmen tätig sind oder waren, als interessanter Arbeitgeber wahrgenommen wer-den. so ist auch gerhard Pesout zu uns gestoßen, der seine karriere nach jahrelanger tätigkeit bei ford, Volvo, bosch und zuletzt bei faurecia nun bei uns fortsetzt.
Worin lag 2014 das hauptaugenmerk bei den investitionen?
GESSlEr: Der Auftragseingang 2014 hat aus-schließlich neue Automodelle betroffen, was uns beim Anlaufen der Produktion 2015 und 2016 entsprechend stark steigende Umsät-ze einbringen wird. in der entwicklungs- und Vorbereitungsphase bedingen solche neuauf-träge ein entsprechendes investitionsvolumen, etwa in entwicklung, Werkzeuge, Maschinen oder gebäude, wie es im vergangenen Jahr am standort hlinsko geschehen ist.
DiECk: ein schwerpunkt aus meiner sicht war, dass wir wieder verstärkt aus dem eigenen Cashflow investieren konnten. Die hierzu not-wendigeInnenfinanzierungskrafthabenwirunsdurch gute operative ergebnisse in den einzel-nen Werken erarbeitet. neben investitionen in Maschinen und gebäude konnten wir im letz-ten Jahr auch in den it-bereichen unserer tsche-chischen und spanischen Werke weitreichende
Verbesserungen durchführen. in diese richtung wird auch 2015 weitergearbeitet. Aus heutiger sicht können wir fest-stellen, dass alle notwen-digen investitionen für 2015 bereits weitgehend mit entsprechenden fi-nanzierungszusagen ab-gesichert sind.
PESouT: ich bin mit er-fahrung im bereich Lean Management zu MegA-teCh gekommen und sehe die investitionen von 2014 als Meilenstein in der Umsetzung der Prinzipien des Lean Managements. operational excellence an allen standorten ist unser gesetz-tes Ziel.
für welche 2014 auf dem Markt erschienen Modelle wird von MegAteCh zugeliefert?
GESSlEr: Audi tt Coupé und tt Cabrio waren wohl die aufsehenerregendsten Modelle 2014, und die Produktion für den ebenfalls von uns belieferten Audi Q7 wird demnächst starten. Darüber hinaus produzieren wir am standort hlinkso auch für tier 2 Lieferanten.
Audi TT Coupé und TT Cabrio waren wohl die aufsehenerregendstenModelle 2014 und dieProduktion für den eben-falls von uns beliefertenAudi Q7 wirddemnächst starten.
Geschäftsbericht 2014 | Seite 19
Geschäftsbericht 2014 | Seite 20
hat das 2013 neu aufgesetzte Controlling im vergangenen Jahr bereits vollständig gegriffen oder ist dieser Prozess noch in entwicklung?
DiECk: Die 2013 aufgebauten und initiierten Prozesse inklusive der implementierung einer konsolidierungs- und Planungs-software für alle standorte sind praktisch abgeschlossen. Wir haben somit, bezogen auf die reporting-Quali-tät, das erreicht, was ich gerne „Capital Market
standard“ nenne. für eine mittelständische Unterneh-mensgruppe ist das unge-wöhnlich. Wir können heute bereits auf Werks-, Länder- oder gruppenebene monat-liche gewinn- und Verlust-rechnungen, bilanzen und Cash flows zeigen. regional gibt es noch Verbesserungs-bedarf, insbesondere in Accounting-Prozessen. Zu-sätzliche schwerpunkte wer-
den heuer auf it-security und risk Management liegen.
Welche neuen entwicklungen oder Anwendungen wurden 2014 produktseitig umgesetzt?
PESouT: Vor allem Verbesserungen im Leichtbau sind ein ständiges thema und oft mit längerer Vorlaufzeit zu behandeln, weil die erkenntnis-se aus großserienversuchen umgesetzt werden müssen. Die neue europäische gesetzgebung zwingt die Automobilhersteller derzeit zu mas-siven gewichtseinsparungen. MegAteCh ist heute in der Lage, im kunststoffspritzverfahren Produkte mit hohen dekorativen Anforderungen im sichtbereich anzubieten, wobei gewichtsein-sparungen bis zu 30 Prozent möglich sind. Mit diesem Prozess ermöglichen wir ein bedeuten-des Potential für die Produktion. Und auch für die kommenden Jahre arbeiten wir aktiv an wei-teren neuentwicklungen.
hat es im vergangenen Jahr Veränderungen bei den Unternehmensanteilen gegeben?
GESSlEr: ich habe 2014 zwei meiner drei ehema-ligen Partner ausgekauft und deren Anteile er-
Wir haben somit,bezogen auf die
reporting-Qualität, das erreicht, was ich
gerne „Capital Market Standard“ nenne.
Geschäftsbericht 2014 | Seite 21
worben. ich gehe davon aus, dass ich die übrigen Anteile im laufenden Jahr erwerben kann – ein wichtiger Punkt für die langfristige Planung und stabilität im Unternehmen.
Wirken sich schwankungen im neuwagen-geschäft in europa auf die Auftragslage aus?
DiECk: Unser geschäft ist nicht an öffentlich wahrgenommenen Wirtschaftszyklen im Auto-mobilbereich festzumachen. Wenn der Auto-markt sich weltweit um einige Prozentsätze auf oder ab verändert, wirken sich diese schwankun-gen nicht automatisch in gleichem Umfang auf unser geschäft aus. es hängt alles davon ab, für welche Modelle wir von welchen Werken aus be-liefern. hierbei gibt es sozusagen für jedes Werk einen eigenen konjunkturzyklus, der nicht zwin-gend den globalen entwicklungen folgt.
GESSlEr: trotz der Wirtschaftskrise der letzten drei Jahre in spanien und Portugal ist es uns dort vom Volumen her dank unserer Zulieferaufträ-
ge für den Volkswagen golf, den Polo, den seat Leon sehr gut ergangen. Die PsA-gruppe hatte zuletzt nicht immer nur er-freuliche schlagzeilen. für uns verläuft die Zusammen-arbeit durch die fertigung von teilen für den Citroën Picasso aber durchaus posi-tiv. Auch Modelle wie Citro-ën C-elysée, Peugeot 301 und Citroën Cactus sorgen für durchwegs erfreuliche Volumina.
Demnach wurden die erwartungen hinsicht-lich des Anlaufens von neuen Aufträgen erfüllt?
GESSlEr: Die im Vorjahr in Verhandlung stehen-den Aufträge wurden akquiriert, wir stehen jetzt in der Produktentwicklung. Die Produktions-starts erfolgen zwischen 2015 bis Anfang 2017.
Trotz der Wirtschaftskrise in Spanien und Portugalist es uns dort dank unserer Zulieferaufträgefür den Volkswagen Golf VII, den Polo V oder den Seat leon sehr gut ergangen.
Geschäftsbericht 2014 | Seite 22
ein vorsichtiger Ausblick auf neugeschäfte, für die 2015 ein Abschluss zu erwarten ist?
GESSlEr: im deutschen Premiumsegment wol-len wir uns stärker aufstellen und arbeiten auch in diese richtung. Wir sprechen hier derzeit al-lerdings von strategischer Planung, da es Pro-duktionen betrifft, die ab 2018/2019 anlaufen können. Die Zusammenarbeit mit bMW/Mini ist zukunftsträchtig, die beziehungen zum Volkswa-gen konzern und Peugeot sind weiter ausbau-fähig, ebenso wie jene zu unseren strategisch wichtigen systemlieferanten.
DiECk: Zudem geht der trend dahin, dass unse-reKundenhäufigergrößereAuftragspakete fürfahrzeuggruppen auf derselben Plattform oder für mehrere verschiedene fahrzeuge vergeben. Das bedeutet höhere Volumina, aber auch eine größere herausforderung bei der kapazitätspla-nung und finanzierung.
PESouT: An dieser stelle ist zu erwähnen, dass wir mit schneider electric auch einen nicht-Automo-tive kunden haben, für den wir u.a. elektrische spulen fertigen – eine jahrelange und stabile geschäftsbeziehung, die ebenfalls Ausbaumög-
lichkeiten bietet. Der Vorteil ist, dass diese Pro-dukte im Vergleich zu Automotive-Produkten sehr langlebige Produktionszeiten haben, da an einem schaltschrank nur selten Änderungen vor-genommen werden.
ist das Zuliefern an einen der big Player mit hohem Marktanteil für die neukunden- akquise hinderlich oder eine empfehlung?
GESSlEr: Das ist eine empfehlung, weil die außer-ordentlichen Qualitätsansprüche eines großkun-den in der branche gut bekannt sind. Wer diese dauerhaft und in großen stückzahlen erfüllen kann, außerdem ein Produktportfolio vom nutz-fahrzeugbiszurLuxusklasseaufweist,empfiehltsich damit automatisch auch für jeden kunden. Da wir es schaffen, seit dem golf iV durchge-hend die Qualitäts- und Logistik-herausforde-rungen für mehr als 600.000 fahrzeuge pro Jahr zu schaffen, trauen uns auch andere kunden sehr viel zu.
PESouT: bevorzugter Zulieferer für einen groß-konzern zu sein, ist sicherlich eine referenz, das macht sich gut im CV eines Zulieferers. Auch das ist wieder ein Attraktivitäts-Plus.
Geschäftsbericht 2014 | Seite 23
Wie ist nunmehr die finanzierung bei der MegAteCh-holding und den tochtergesell-schaften geregelt?
GESSlEr: großvolumige finanzierungen im be-reich der holding anzusiedeln und damit aus den lokalen gesellschaften rauszuholen, ist ein Projekt, das wir im vergangen Jahr gestartet ha-ben.
DiECk: Diesen Weg wollen wir auch weiter ver-folgen. Voraussetzung dafür ist jedoch ein ka-pitalmarktfähiges rating auf konzernebene. Da sind wir auf einem guten Weg. Wir lassen uns aber auch alle anderen optionen offen – unter bestimmten Voraussetzungen kann es auch vor-teilhafter sein, finanzierungen lokal aufzustellen. insgesamt streben wir die höchstmögliche fle-xibilität bei geringstmöglichen finanzierungs-kosten an, und zwar sowohl bezogen auf die fi-nanzierungsstruktur insgesamt als auch in jedem einzelnen finanzierungsvertrag. große finanzie-rungsvolumina werden aber wohl künftig eher auf holding-ebene zu platzieren sein.
eine Vision für MegAteCh bis 2025 ...
GESSlEr: Wir haben eine reihe von praktischen Aufgaben. Die konsolidierung der niederlas-sung in brasilien wird nur hand in hand mit einer erholung der gesamten brasilianischen Volkswirtschaft gelingen. immerhin handelt es sich um einen heimmarkt von mehr als 200 Millionen Menschen und einem entsprechenden bedarf an fahrzeugen, das Potenzial ist also da. Weiters das Aufschließen der spa-nischen und tschechischen betriebe zu unseren excel-lence-standards. Und unser Team mit hochqualifiziertenMitarbeitern, die von renom-mierten firmen kommen, zu verstärken. Die geschäftsan-bahnung mit weiteren glo-balen herstellern sehen wir ebenfalls als spannende herausforderung. bei der erweiterung der geschäftsfelder soll trotz-dem die balance zwischen Auftragskonzentrie-rung und einem zu großen split gehalten werden – mit diesen Aufgaben sind wir für die Zukunft bis 2025 gut beschäftigt und zugleich gerüstet.
Da wir es schaffen, seit dem Golf iV durchge-hend die Qualitäts- undlogistik-Herausforderun-gen für mehr als 600.000Fahrzeuge pro jahr zuschaffen, trauen unsauch andere kunden sehr viel zu.
in unserem Werk MegAteCh industries hlinkso produzieren wir für das Audi A3 Cabrio die rückwandseitenverkleidung, die sich aus zwei teilen zusammensetzt.
Geschäftsbericht 2014 | Seite 24
Geschäftsbericht 2014 | Seite 26
Innenausstattung
A-Säulenverkleidung rechte Seite | SEAT | Leon III 5T | SE 370
A-Säulenverkleidung linke Seite | SKODA | Rapid | SK 251
C-Säulenverkleidung linke Seite | SKODA | Rapid | SK 251
B-Säulenverkleidung linke Seite | SEAT | Leon III 5T | SE 370
A-Säulenverkleidung rechte Seite | VW | Golf VII + Golf Variant | VW 370 + VW 372
A-Säulenverkleidung linke Seite | VW |
Golf VII + Golf Variant | VW 370 + VW 372
C-Säulenverkleidung „Sonnenrollo“ weiß rechte Seite | VW | CC | VW 469
B-Säulenverkleidung weiß rechte Seite | VW | CC | VW 469
C-Säulenverkleidung „Sonnenrollo“ weiß linke Seite | VW | CC | VW 469
B-Säulenverkleidung rechte Seite | VW | Polo V | VW 250 |
B-Säulenverkleidung schwarz rechte Seite | VW | CC | VW 469
C-Säulenverkleidung schwarz linke Seite | VW | CC | VW 469
C-Säulenverkleidung rechte Seite | VW | Polo V | VW 250
A-Säulenverkleidung weiß rechte Seite | VW | CC | VW 469
A-Säulenverkleidung weiß linke Seite | VW | CC | VW 469
Radzierkappen | SKODA | Octavia 3 | SK 371
Einstiegsleiste | VW | Golf VII + Golf Variant | VW 370 + VW 372
B-Säulenverkleidung rechte Seite | VW | Golf VII + Golf Variant | VW 370 + VW 372
VW | CC | VW 469
B-Säulenverkleidung rechte Seite |
linke Seite | VW | CC | VW 469
C-Säulenverkleidung rechte Seite |
C-Säulenverkleidung C-Säulenverkleidung
A-Säulenverkleidung linke Seite | VW | Polo V | VW 250
A-Säulenverkleidung
VW | Polo V | VW 250
Technische Teile
Sitzteile
Module und Konsolen
Radzierkappen |
Außenkomponenten
SKODA | Octavia 3 |
KofferraumkomponentenKofferraumkomponenten
Untere Sitzverkleidung | CITROËN | C4 Picasso | B78
Sitzschublade | CITROËN |
C4 Picasso | B78
2K Wasserkasten | CITROËN | Elysée | M3 | PEUGEOT | 301 | M4
3K Luftführung | CITROËN | C4 Picasso | B78
B-Säulenverkleidung linke Seite | SKODA | Rapid | SK 251
B-Säulenverkleidung weiß linke Seite | VW | CC | VW 469
C-Säulenverkleidung schwarz rechte Seite | VW | CC | VW 469
B-Säulenverkleidung linke Seite | VW | Polo V | VW 250
CD-Säulenverkleidung linke Seite | SKODA | Rapid Spaceback | SK 253
A-Säulenverkleidung schwarz rechte Seite | VW | CC | VW 469
A-Säulenverkleidung schwarz linke Seite |VW | CC | VW 469
B-Säulenverkleidung schwarz linke Seite | VW | CC | VW 469
A-Säulenverkleidung rechte Seite | VW | Polo V | VW 250
C-Säulenverkleidung linke Seite | VW | Polo V | VW 250
CD-Säulenverkleidung rechte Seite | SEAT | Leon III 5T | SE 370
Dachkonsole | CITROËN |Citroën Berlingo | B9
B Säulenverkleidung außen | SEAT | Leon III 5T | SE 370
Mittelkonsole | CITROËN | Citroën Berlingo | B9
Mittelkonsole | CITROËN | Citroën Berlingo | B9
3K Luftführung | CITROËN | C4 Picasso | B78
DIE PRODUKTE DERMEGATECHAuf einen Blick: Unsere wichtigsten Produkte – gegliedert nach Produktkategorien mit allen Informationen zu Fahr-zeugmarken, Modellen und Modellcodes.
Kofferraumseitenverkleidung | SEAT | Leon III ST | SE 373
e-Box | MERCEDES | Vito | NCV2
Radhausverkleidung | CITROËN | C4 Picasso | B78
2K Wasserkasten | SEAT | Leon III 5T/ST | SE 370 + SE 373
Heckklappenverkleidung oberer Rahmen | Heckklappenverkleidung unterer Rahmen | AUDI | Q3 | AU 316
Ladekante | AUDI | Q3 | AU 316
Radzierkappen | VW | Passat | VW 461
Radzierkappen | SKODA | Superb B5 |
SK 451
CITROËN | C4 Picasso | B78
Elektrische Spule | Schneider Electric
Außenkomponenten
2K Wasserkasten | 2K Wasserkasten | CITROËN | Elysée | M3 | PEUGEOT | 301 | M4
KofferraumkomponentenKofferraumkomponenten
Radhausverkleidung | CITROËN | C4 Picasso | B78C4 Picasso | B78
Geschäftsbericht 2014 | Seite 27
Innenausstattung
A-Säulenverkleidung rechte Seite | SEAT | Leon III 5T | SE 370
A-Säulenverkleidung linke Seite | SKODA | Rapid | SK 251
C-Säulenverkleidung linke Seite | SKODA | Rapid | SK 251
B-Säulenverkleidung linke Seite | SEAT | Leon III 5T | SE 370
A-Säulenverkleidung rechte Seite | VW | Golf VII + Golf Variant | VW 370 + VW 372
A-Säulenverkleidung linke Seite | VW |
Golf VII + Golf Variant | VW 370 + VW 372
C-Säulenverkleidung „Sonnenrollo“ weiß rechte Seite | VW | CC | VW 469
B-Säulenverkleidung weiß rechte Seite | VW | CC | VW 469
C-Säulenverkleidung „Sonnenrollo“ weiß linke Seite | VW | CC | VW 469
B-Säulenverkleidung rechte Seite | VW | Polo V | VW 250 |
B-Säulenverkleidung schwarz rechte Seite | VW | CC | VW 469
C-Säulenverkleidung schwarz linke Seite | VW | CC | VW 469
C-Säulenverkleidung rechte Seite | VW | Polo V | VW 250
A-Säulenverkleidung weiß rechte Seite | VW | CC | VW 469
A-Säulenverkleidung weiß linke Seite | VW | CC | VW 469
Radzierkappen | SKODA | Octavia 3 | SK 371
Einstiegsleiste | VW | Golf VII + Golf Variant | VW 370 + VW 372
B-Säulenverkleidung rechte Seite | VW | Golf VII + Golf Variant | VW 370 + VW 372
VW | CC | VW 469
B-Säulenverkleidung rechte Seite |
linke Seite | VW | CC | VW 469
C-Säulenverkleidung rechte Seite |
C-Säulenverkleidung C-Säulenverkleidung
A-Säulenverkleidung linke Seite | VW | Polo V | VW 250
A-Säulenverkleidung
VW | Polo V | VW 250
Technische Teile
Sitzteile
Module und Konsolen
Radzierkappen |
Außenkomponenten
SKODA | Octavia 3 |
KofferraumkomponentenKofferraumkomponenten
Untere Sitzverkleidung | CITROËN | C4 Picasso | B78
Sitzschublade | CITROËN |
C4 Picasso | B78
2K Wasserkasten | CITROËN | Elysée | M3 | PEUGEOT | 301 | M4
3K Luftführung | CITROËN | C4 Picasso | B78
B-Säulenverkleidung linke Seite | SKODA | Rapid | SK 251
B-Säulenverkleidung weiß linke Seite | VW | CC | VW 469
C-Säulenverkleidung schwarz rechte Seite | VW | CC | VW 469
B-Säulenverkleidung linke Seite | VW | Polo V | VW 250
CD-Säulenverkleidung linke Seite | SKODA | Rapid Spaceback | SK 253
A-Säulenverkleidung schwarz rechte Seite | VW | CC | VW 469
A-Säulenverkleidung schwarz linke Seite |VW | CC | VW 469
B-Säulenverkleidung schwarz linke Seite | VW | CC | VW 469
A-Säulenverkleidung rechte Seite | VW | Polo V | VW 250
C-Säulenverkleidung linke Seite | VW | Polo V | VW 250
CD-Säulenverkleidung rechte Seite | SEAT | Leon III 5T | SE 370
Dachkonsole | CITROËN |Citroën Berlingo | B9
B Säulenverkleidung außen | SEAT | Leon III 5T | SE 370
Mittelkonsole | CITROËN | Citroën Berlingo | B9
Mittelkonsole | CITROËN | Citroën Berlingo | B9
3K Luftführung | CITROËN | C4 Picasso | B78
DIE PRODUKTE DERMEGATECHAuf einen Blick: Unsere wichtigsten Produkte – gegliedert nach Produktkategorien mit allen Informationen zu Fahr-zeugmarken, Modellen und Modellcodes.
Kofferraumseitenverkleidung | SEAT | Leon III ST | SE 373
e-Box | MERCEDES | Vito | NCV2
Radhausverkleidung | CITROËN | C4 Picasso | B78
2K Wasserkasten | SEAT | Leon III 5T/ST | SE 370 + SE 373
Heckklappenverkleidung oberer Rahmen | Heckklappenverkleidung unterer Rahmen | AUDI | Q3 | AU 316
Ladekante | AUDI | Q3 | AU 316
Radzierkappen | VW | Passat | VW 461
Radzierkappen | SKODA | Superb B5 |
SK 451
CITROËN | C4 Picasso | B78
Elektrische Spule | Schneider Electric
Außenkomponenten
2K Wasserkasten | 2K Wasserkasten | CITROËN | Elysée | M3 | PEUGEOT | 301 | M4
KofferraumkomponentenKofferraumkomponenten
Radhausverkleidung | CITROËN | C4 Picasso | B78C4 Picasso | B78
Geschäftsbericht 2014 | Seite 28
4. MEGATECH Industries Amurrio, S.L.
Spanien
Das Werk im baskenland be-schäftigt rund 240 Mitarbei-ter. Es verfügt über ein sehr breites Produktspektrum und stellt diverse Teile für zahlrei-che namhafte kunden in der Automobilbranche her.
2. MEGATECH Industries Hlinsko s.r.o.
Tschechien
In der tschechischen Stadt Hlinsko sind rund 440 Mit-arbeiter im stark expandie-renden, neu ausgebauten Werk der MEGATECH Gruppe beschäftigt. neben sichtba-ren Fahrzeuginnenteilen als auch technischen Teilen für klima- und lüftungsanlagen werden Scheinwerferreflek-toren und elektrotechnische komponenten hergestellt.
5. MEGATECH Industries Orense, S.L.
Spanien
in der galizischen Stadt arbei-ten rund 130 Mitarbeiter im modernsten Werk der Grup-pe, das als Vorbild für alle Werke der MEGATECH Grup-pe gilt. Hier werden die meis-ten neuen Prozesse erprobt. Das Werk spezialisiert sich auf die Erzeugung anspruchsvol-ler, sichtbarer Innenteile und technischer Teile.
3. MEGATECH Industries Jablonec s.r.o.
Tschechien
in der Glas- und Schmuck-produktionsstadt im norden Tschechiens sind rund 270 Mitarbeiter angestellt. Das Werk wurde 2010–2012 auf den neusten industriellen Standard gebracht und pro-duziert seither ausschließlich für OEMs sichtbare Fahr-zeuginnenteile und radzier-blenden. Die Geschichte des Werks reicht bis ins 19. jahr-hundert zurück.
6. MEGATECH Brasil Componentes Automotivos Ltda., Brasilien
Seit 1979 ist MEGATECH in brasilien präsent. Das Werk in Curitiba beschäftigt rund 120 Mitarbeiter und verfügt über eine breite Produktpalette. in einem zusätzlichen Vertriebs-büro in Sao Paulo betreuen Mitarbeiter die kunden direkt vor ort.
1. MEGATECH Industries AG
Österreich
im vierten Wiener Gemein-debezirk laufen die Fäden der MEGATECH-Welt zusammen. neben dem CEo und CFo arbeiten neun weitere Mit-arbeiter in der Firmenzent-rale, die für die strategische Planung, den Vertrieb und das konzerncontrolling ver-antwortlich sind.
6
2
7
5 84
3 2
111
10
DiE WElT VonMEGATECHDie weltweiten Standorte der MEGATECH Group im überblick: alle Werke, alle Tech Center, alle Verkaufsbüros in Europa und übersee.
10. MEGATECH Industries Deutschland
GmbH Deutschland
Die acht Mitarbeiter in Deutschland sind für die Projektabwicklung und den Vertrieb für alle deutschen kunden zuständig. ihr Aufga-benbereich umfasst ebenso die technische Betreuung der Werke der kunden MEGA-TECHs. Technisches Verständ-nis und kundennähe sind selbstverständlich.
12. MEGATECH Industries India Private
Ltd., Indien
um auch auf dem boomen-den asiatischen Märkten prä-sent zu sein, hat MEGATECH seit 2012 eine repräsentanz in der indischen Metropole Pune, dem Zentrum der in-dischen Automobilindustrie, eingerichtet.
7. MEGATECH Industries Marinha Grande, Lda. Portugal
In Marinha Grande, einer der wichtigsten Werkzeugform-bauregionen Europas, befin-det sich die jüngste Fabrik der MEGATECH Gruppe. Das stark expandierende Werk mit rund 50 Mitarbeitern musste nach der Akquisition 2011 zuerst auf den automotiven Stan-dard gebracht werden und konzentriert sich nun aus-schließlich auf das Automobil-geschäft.
8. MEGATECH Industries Technical Center, A.I.E., Spanien
Das Tech Center der MEGA-TECH Gruppe befindet sich in der nähe von bilbao. Die rund 70 Mitarbeiter entwickeln Produkte und Werkzeuge im kundenauftrag. Darüber hin-aus beschäftigen sie sich mit Grundlagenforschung und neuen Materialien.
9. SC MEGATECH Engineering Center S.R.L
Rumänien
Die CAD-Entwicklung der Produkte für die gesamte MEGATECH Gruppe erfolgt in der rumänischen Haupt-stadt bukarest. Die zehn Mitarbeiter arbeiten wei-ters mit allen im Entwick-lungsprozess notwendigen Simulationsprogrammen.
12
9
Geschäftsbericht 2014 | Seite 29
11. MEGATECH Sales Office
Frankreich
Drei Mitarbeiter kümmern sich um die Projektabwick-lung und den Vertrieb für die französischen kunden der MEGATECH Gruppe.
DiE SElFiE-WElT VonMEGATECHMehr als 1.350 Mitarbeiter in den niederlassungen in Österreich, Deutschland, Spanien, Portugal, Rumänien, Tschechien und Brasilien bilden das Rückgrat unseres unternehmens. Hier ein paar Fotogrüße von unseren Standorten.
Geschäftsbericht 2014 | Seite 30
1
3
4
5
2
Geschäftsbericht 2014 | Seite 31
1, 2, 3, 7, 8, 10: Mitarbeiter der MEGATECH Industries Orense (Spanien)
4, 5: Mitarbeiter der MEGATECH Industries Amurrio (Spanien)
6: Mitarbeiter der MEGATECH Industries Hlinsko (Tschechien)
9, 11: Mitarbeiter der MEGATECH Industries Marinha Grande (Portugal)
6
7
8
11
10
9
Geschäftsbericht 2014 | Seite 32
in dreitätigen Workshops und Diskussionsrunden werden erfahrungen und neue ideen ausgetauscht, aktuelle themen behandelt sowie implementie-rungspläne für weitere strategische Projekte ent-wickelt.DieJointManagementMeetingsfindeninder nähe eines unserer Produktionsstandorte oder büros statt, um es allen teilnehmern zu ermögli-chen, die Projektumsetzungen in den Werken re-gelmäßig vor ort mitverfolgen zu können.
Das erste Joint Management Meeting 2014 fand im Mai in Marinha grande in Portugal statt und stand unter dem Motto „Lean Development“, wo-bei die verstärkten synergien zwischen dem tech Center und den Werken diskutiert wurden. Wäh-rend einer Werksführung in MegAteCh industries Marinha grande wurden die umfangreichen Mo-dernisierungsarbeiten in der Produktion präsen-tiert. im rahmen des treffens wurde dem Werk hlinsko die Auszeichnung „best factory 2013“ so-wie dem Werk in brasiien der Preis „best improve-ment 2013“ verliehen.
im november 2014 lud das technische büro in ru-mänien nach bukarest zum zweiten Joint Manage-ment Meeting des Jahres. bei diesem treffen lag der schwerpunkt auf dem thema kostenoptimie-rung. im Zuge dessen wurde bei einem eigenen Workshop zum thema „smart optimization“ die optimale nutzung der Mitarbeiter-ressourcen er-örtert. Die teilnehmer des JMM erarbeiteten in fünf gruppen optimierungspläne in unterschied-lichen bereichen – wie einkauf und Vertragsma-nagement, der optimalen Verwendung von geld-mitteln oder risikomanagement.
joinT MAnAGEMEnT
MEETinGEin Fixpunkt der MEGATECH-Gruppe sind die zweimal jährlich
stattfindenden joint Management Meetings (jMM), bei denen der Vorstand, die landesmanager sowie
Werks- und Abteilungsleiter aller Standorte zusammentreffen.
Geschäftsbericht 2014 | Seite 33
Werksbesuch des joint Management Meeting Teams in MEGATECH Industries Marinha Grande (Portugal)
Das joint Management Meeting Team zu Gast beim SC MEGATECH Engineering Center in Bukarest
Workshop zum Thema “Smart optimization” während des Joint Management Meetings in Rumänien
Geschäftsbericht 2014 | Seite 34
Im Mittelpunkt unserer Produktionsstätten
stehen immer unsere Mitarbeiter und ihre besonderen Fähigkeiten.
Geschäftsbericht 2014 | Seite 36
MEGAHonEynatural best quality
product fromour plant in hlinsko
CORPORATESoCiAl rESPonSibiliTy:
MEGAHonEy
Im Herbst 2011 wurden auf dem Gelände
des Werks Hlinsko fünf bienenvölker angesiedelt,
die von einem erfahrenen Imker betreut werden.
Der gewonnene Honig – unser Megahoney –
ist ein beliebtes Geschenk für kunden und besucher.
Das Jahr 2014 war somit für das Werk nicht nur in der Produktion
der kunststoffteile äußerst erfolgreich, sondern auch in der Honigernte
mit 350 Gläsern feinstem blüten- und Waldhonig.
Geschäftsbericht 2014 | Seite 37
Der Vorstand der Megatech industries Ag hat die Mitglieder des Aufsichtsrats regelmäßig, zeitnah und umfassend sowohl schriftlich als auch münd-lich über die Lage, den geschäftsverlauf und die finanzsituation des Unternehmens sowie der toch-tergesellschaften im konzern informiert.
im geschäftsjahr 2014 wurden sechs Aufsichtsrats-sitzungen abgehalten, an denen in drei sitzungen alle Mitglieder des Aufsichtsrats teilgenommen hatten. Am 29.04.2014 konnte fernando del Val nicht an der Aufsichtsratssitzung teilnehmen. Am 25.07.2014 sowie am 29.08.2014 konnte Matthias Übel nicht an den Aufsichtsratssitzungen teilneh-men und wurde jeweils durch Vollmacht von Ulrike Gessler-Wolfingervertreten.
in diesen Aufsichtsratssitzungen, aber auch darü-ber hinaus, wird eine offene kommunikation zwi-schen dem Vorstand und dem Aufsichtsrat geführt.
Der Aufsichtsrat war damit stets in der Lage, die geschäftsgebarung des Unternehmens fundiert zu überprüfen und den Vorstand bei grundsätzlichen entscheidungen zu unterstützen.
Der Aufsichtsrat hat die ihm nach gesetz, satzung und geschäftsordnung obliegenden Aufgaben unter beachtung der einschlägigen bestimmungen wahrgenommen. sofern erforderlich, hat der Auf-sichtsrat beschlüsse im schriftlichen Verfahren ge-fasst.
PwC Wirtschaftsprüfungs gmbh hat eine Prüfung des unternehmensrechtlichen Jahresabschlusses zum 31. Dezember 2014 nach den geltenden ge-setzlichen bestimmungen der §§ 268 ff. Ugb sowie eine freiwillige Prüfung des ifrs konzernabschlus-ses zum 31. Dezember 2014 nach den international standards on Auditing (isA) vorgenommen.
Die Prüfung hat nach ihrem abschließenden ergeb-nis keinen Anlass zu beanstandungen ergeben.
Der Abschlussprüfer hat daher bestätigt, dass der Jahresabschluss der Megatech lndustries Ag samt Lagebericht des Vorstandes sowie der konzernab-schluss samt konzernlageberichts des Vorstands des Megatech lndustries konzerns nach ifrs den gesetzlichen bestimmungen entsprechen.
sie vermitteln unter der beachtung ordnungsge-mäßer buchführung ein möglichst getreues bild der Vermögens-, finanz- und ertragslage der ge-sellschaft und ihrer tochtergesellschaften.
Der Aufsichtsrat erklärt sich mit dem Lagebericht des Vorstandes einverstanden und billigt den Jah-resabschluss 2014 der Megatech industries Ag. Der Jahresabschluss 2014 ist somit festgestellt.
Der Aufsichtsrat schließt sich der empfehlung des Vorstands an, das ergebnis des geschäftsjahres 2014 auf neue rechnung vorzutragen.
Weiters schlägt der Aufsichtsrat vor, PwC Öster-reich gmbh Wirtschaftsprüfungsie für einegesell-schaft in der ordentlichen hauptversammlung für das geschäftsjahr 2015 als Abschlussprüfer der Megatech industries Ag zu bestellen.
Die Mitglieder des Aufsichtsrats sprechen dem Vorstand sowie allen Mitarbeiterinnen und Mit-arbeitern im konzern Anerkennung und Dank für die hohen Leistungen und ihr großes engagement im geschäftsjahr 2015 aus.
Wien, am 20.04.2015
Dr. georg flandorfer
Bericht des Aufsichtsrats derMEGATECH Industries AGfür das Geschäftsjahr 2014
Geschäftsbericht 2014 | Seite 40
I. Consolidated income statement
in kEUR Note 2014 2013
Revenue 5 124,451 131,516
Changes in inventories of finished goods and work in progress -457 -45
Capitalisation of development costs 17 3,215 2,723
Raw materials and consumables used 6 -83,198 -91,948
Employee benefit expenses 7 -26,004 -26,923
Other income 8 2,051 2,385
other expenses 22 -11,204 -9,835
EBITDA before non-recurring items 10,528 7,754
non-recurring items 10 -753 -949
EBITDA after non-recurring items 9,775 6,805
Depreciation and amortisation 11 -5,223 -5,896
Operating result (EBIT) 4,552 909
Interest income 12 328 304
Interest costs 12 -1,975 -2,002
other financial result 13 2,036 -928
Financial result 389 -2,626
Result before tax 4,941 -1,717
income tax expense 14 -507 177
Result after tax continued operations 4,434 -1,540
Discontinued operations 15 -2,413 -378
Result for the year 2,021 -1,918
in kEUR 2014 2013
Result attributable to:
Owner of the parent 2,021 -1,927
non-controlling interests 0 9
Result for the year 2,021 -1,918
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation).
Geschäftsbericht 2014 | Seite 41
II. Consolidated statement of comprehensive income
in kEUR 2014 2013
Result for the year 2,021 -1,918
Other comprehensive income for the year:
Items that will not be reclassified to profit or loss
remeasurements of employment benefit obligations 4 4
4 9
Items that may be subsequently reclassified toprofit or loss
Currency translation differences -8 -120
-8 -120
Comprehensive income for the year continuedoperations -4 -111
Comprehensive income for the year discontinuedoperations 209 -196
Other comprehensive income for the year, net of tax 205 -307
Total comprehensive income for the year 2,226 -2,225
in kEUR 2014 2013
Total comprehensive income attributable to:
Owner of the parent 2,226 -2,234
non-controlling interests 0 9Total comprehensive income for the year 2,226 -2,225
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 14.1.
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation).
Geschäftsbericht 2014 | Seite 42
in kEUR Note 2014 2013
AssetsNon-current assets
Property, plant and equipment 16 41,276 43,550
Intangible assets 17 18,174 12,586
Deferred tax assets 14 707 775
Available-for-sale financial assets 60 60
Derivative financial instruments 19 0 1
non-current other receivables 22 11,955 12,860
72,172 69,832
Current assets
Inventories 20 10,757 11,368
Trade receivables 21 10,723 20,638
Other receivables 22 4,783 4,923
Cash and cash equivalents 23 1,881 6,335
28,144 43,264
Total assets 100,316 113,096
Total equity and liabilities 100.316 113.096
III. Consolidated balance sheet
Geschäftsbericht 2014 | Seite 43
in kEUR Note 2013 2012
Equity and liabilities
Equity
Registered capital 24 7,050 7,050
Other reserves 24 34,900 41,948
Currency translation differences 641 440
Retained earnings -2,751 -11,824
39,840 37,614
Non-current liabilities
non-current financial liabilities 25 13,683 4,449
Government grants 28 1,317 1,355
non-current employee benefits 29 392 434
non-current other provisions 30 744 1,246
other non-current liabilities 27 1,544 0
Deferred tax liabilities 14 2,960 4,036
20,640 11,520
Current liabilities
Current financial liabilities 25 12,343 28,577
Trade payables 26 20,888 26,390
Other payables 27 5,947 8,755
Government grants 28 22 24
Current provisions 30 636 216
39,836 63,962
Total liabilities 60,476 75,482
Total equity and liabilities 100,316 113,096
in previous year 2013, „trade and other receivables” and “trade and other payables” were shown in oneline.Forabetterunderstandingofthefigures2014,asplitwasdoneinbothareas.
Geschäftsbericht 2014 | Seite 44
IV. Consolidated statement of changes in equity
in kEUR
Regi
ster
ed
capi
tal
Oth
er
rese
rves
Curr
ency
tr
ansl
atio
n di
ffer
ence
s
Reta
ined
ea
rnin
gs
Non
- co
ntro
lling
in
tere
sts
Tota
l eq
uity
31 December 2012 7,050 41,761 756 -9,901 -39 39,627
Result for the year 0 0 0 -1,927 9 -1,918
Remeasurements of employment benefit obligations 0 0 0 9 0 9
Currency translation differences 0 0 -316 0 0 -316
Total comprehensive income 0 0 -316 -1,918 9 -2,225
Transactions with owners
Shareholders' contribution 0 187 0 0 75 262
Transactions with non-controlling interests 0 0 0 -5 -45 -50
Total transactions with owners 0 187 0 -5 30 212
31 December 2013 7,050 41,948 440 -11,824 0 37,614
Result for the year 0 0 0 2,021 0 2,021
remeasurements of employment benefit obligations 0 0 0 4 0 4
Currency translation differences 0 0 201 0 0 201
Total comprehensive income 0 0 201 2,025 0 2,226
Reclassifications 0 -7,048 0 7,048 0 0
31 December 2014 7,050 34,900 641 -2,751 0 39,840
Geschäftsbericht 2014 | Seite 45
V. Consolidated statement of cash flows
in kEUR 2014 2013
EBIT 4,552 909
Depreciation and amortisation 5,223 5,896
Change in inventory -3 4,286
Change in trade receivables 8,593 978
Change in trade payables -4,259 1,359
Change in other current assets/liabilities -1,047 -1,927
Change in working capital 3,284 4,696
Change in provisions -388 -123
Government grants -40 -54
Gain (-) / loss (+) from disposal of assets 38 -211
Interest received 22 45
Interest paid -283 -643
Taxes paid -1,139 -343
Cash flow from operating activities continued operations 11,269 10,172
Cash flow from operation activities discontinued operations -712 391
Total cash flow from operating activities 10,557 10,563
Investments in property, plant and equipment -2,435 -2,274
Investments in intangible assets -4,365 -2,972
Transactions with non-controlling interests 0 -50
Proceeds from disposal of fixed assets 93 3,275
Cash flow from investing activities continued operations -6,707 -2,021
Cash flow from investing activities discontinued operations -954 -121
Total cash flow from investing activities -7,661 -2,142
Free Cash flow 2,896 8,421
Geschäftsbericht 2014 | Seite 46
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(seenote 15 for an explanation).
in kEUR 2014 2013
Repayment of bank loans -22,812 -1,113
Proceeds from new loans 25,992 1,008
Proceeds from other financing 21 0
Changes in bank overdrafts and recourse factoring -9,384 -2,469
Finance lease -307 -369
interest paid for long-term financing -1,386 -1,100
Transactions with non-controlling interest 0 75
Currency differences -83 200
Cash flow from financing activities continued operations -7,959 -3,768
Cashflowfromfinancingactivitiesdiscontinuedoperations 760 -345
Total cash flow from financing activities -7,199 -4,113
Total cash flow -4,303 4,308
Cash and cash equivalents at beginning of the year 6,335 2,257
Currency differences -28 -230
Total cash flow -4,303 4,308
Disposed cash and cash equivalents -123 0
Cash and cash equivalents at end of the year 1,881 6,335
Cash and free overdrafts 2,381 7,676
Geschäftsbericht 2014 | Seite 47
VI. Notes to the consolidated financial statements
1 general information
Megatech industries Ag (‘the company’) is located in taubstummengasse 13/9, 1040 Vienna, Austria, and is registered under the commercial registry number fn 337381z at the Vienna Commercial Court. the company is owned to the extent of 99.3% by Megatech industries s.L. located in Amurrio, spain. Ultimate parent is eib beteiligungsgesellschaft mbh, located in taubstummengasse 13/12, 1040 Vienna, Austria, registered at the Vienna Commercial Court under the commercial registry number fn 135029y. Ultimate controlling party is Mr. Maximilian gessler. eib beteiligungsgesellschaft mbh preparestheconsolidatedfinancialstatementsforthelargestandsmallestgroupofcompanies.ThisgroupreportisdisclosedattheViennaCommercialCourt.Infirstquarter2015theultimateparentchanged to Megatech industries Aktiengesellschaft, Vaduz, Liechtenstein.
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, Portugal and the Czech republic, complemented by a sales company in germany. the group owns two tech Centers, one in spain and one in romania, for the design and development of products.
Geschäftsbericht 2014 | Seite 48
Consolidated companies are as follows:
*) Megatech brasil Componentes Automotive Ltda, brazil was sold as at 31 December 2014. the result is reported as result from discontinued operations (see note 15).
The consolidated financial statements as at 31December 2014were prepared by themanagingdirectors and released for issue on the date when this report was signed. The entity financialstatementsoftheparentcompany,whichhavebeenincludedintheconsolidatedfinancialstatementsafter transition to the applicable accounting standards, will be presented to the supervisory board for review and approval.
TheconsolidatedfinancialstatementswerepreparedinEUR.Unlessstatedotherwiseallamountsareshowninthousandsofeuro(kEUR).Allfigurespresentedarerounded,sominordiscrepanciesmayarise in the addition of these amounts.
Company Place of business
Country Share in capital
Acitivites
Megatech Industries AG Vienna Austria Holding
Megatech industries Amurrio. S.l. Amurrio Spain 100.0% Production
Megatech industries orense S.l. Orense Spain 100.0% Production
Megatech Perfect Plastics Marinha Grande ltda.
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
SC Megatech Engineering Center S.r.l. 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
Megatech Brasil Componentes Automotivos ltda. *) Curritiba brazil 100.0% Production
Megatech Industries Deutschland GmbH Wolfsburg Germany 100.0% Sales
Megatech Automotive GmbH Vienna Austria 100.0% Dormant
Megatech industries india Pl Pune India 100.0% Dormant
Geschäftsbericht 2014 | Seite 49
2Summaryofsignificantaccountingpolicies
Theprincipalaccountingpoliciesappliedinthepreparationoftheseconsolidatedfinancialstatementsare set out below. these policies have been consistently applied to all the years presented, unless stated otherwise.
2.1 basis of preparation
The consolidated financial statements of the group have been prepared in accordance withinternational financial reporting standards and ifriC interpretations as adopted by the eU. the consolidated financial statements have been prepared under the historical cost convention, asmodifiedbytherevaluationofavailable-for-salefinancialassets,andfinancialassetsandfinancialliabilities(includingderivativeinstruments)atfairvaluethroughprofitorloss.
Thepreparationoffinancialstatements inconformitywith IFRSrequirestheuseofcertaincriticalaccounting 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 areaswhereassumptionsandestimatesaresignificanttotheconsolidatedfinancialstatementsaredisclosed in note 4.
2.2.1 Changes in accounting policy and disclosures
2.1.1.1 new standards, amendments and interpretations adopted by the group
IFRS10,‘Consolidatedfinancialstatements’,buildsonexistingprinciplesbyidentifyingtheconceptof control as the determining factor in whether an entity should be included in the consolidated financialstatementsoftheparentcompany.Thestandardprovidesadditionalguidancetoassistinthedeterminationofcontrolwherethisisdifficulttoassess.IFRS10doesnothaveamaterialimpactonthegroupsconsolidatedfinancialstatements.
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 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. ifrs 11 does not have a material impact on the group’s consolidatedfinancialstatements.
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-balancesheetvehicles.IFRS12doesnothaveamaterialimpactonthegroup’sconsolidatedfinancialstatements.
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2.1.1.2 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 2015, and have not been applied in preparing these consolidated financial statements. None of these is expected to have a significant effect on the consolidatedfinancialstatementsofthegroup,exceptthefollowingsetoutbelow:
IFRS9,‘Financialinstruments’,addressestheclassification,measurementandrecognitionoffinancialassetsandfinancialliabilities.ThecompleteversionofIFRS9wasissuedinJuly2014.ItreplacestheguidanceinIAS39thatrelatestotheclassificationandmeasurementoffinancialinstruments.IFRS9retainsbutsimplifiesthemixedmeasurementmodelandestablishesthreeprimarymeasurementcategories forfinancialassets:amortisedcost, fairvaluethroughOCIandfairvaluethroughP&L.Thebasis of classificationdependson the entity’s businessmodel and the contractual cash flowcharacteristicsofthefinancialasset.Investmentsinequityinstrumentsarerequiredtobemeasuredatfairvaluethroughprofitorlosswiththeirrevocableoptionatinceptiontopresentchangesinfairvalue in oCi not recycling. there is now a new expected credit losses model that replaces the incurred lossimpairmentmodelusedinIAS39.Forfinancialliabilitiestherewerenochangestoclassificationand measurement except for the recognition of changes in own credit risk in other comprehensive income,forliabilitiesdesignatedatfairvaluethroughprofitorloss.IFRS9relaxestherequirementsfor hedge effectiveness by replacing the bright line hedge effectiveness tests. it requires an economic relationship between the hedged item and hedging instrument and for the ‘hedged ratio’ to be the same as the one management actually use for risk management purposes. Contemporaneous documentation is still required but is different to that currently prepared under iAs 39. the standard is effective for accounting periods beginning on or after 1 January 2018. early adoption is permitted. the group is yet to assess ifrs 9’s full impact.
ifrs 15, ‘revenue from contracts with customers’, deals with revenue recognition and establishes principlesforreportingusefulinformationtousersoffinancialstatementsaboutthenature,amount,timinganduncertaintyofrevenueandcashflowsarisingfromanentity’scontractswithcustomers.revenue is recognised when a customer obtains control of a good or service and thus has the ability todirect theuseandobtain thebenefits fromthegoodorservice.Thestandardreplaces IAS18‘revenue’ and iAs 11, ‘Construction contracts’, and related interpretations. the standard is effective for annual periods beginning on or after 1 January 2017, and earlier application is permitted. the group is assessing the impact of ifrs 15.
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.
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2.2 Consolidation
subsidiaries are all entities (including structured entities) over which the group has control. the group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the 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. As of 31 December 2014 and 31 December 2013 the group has 100% of shares and voting rights of all subsidiaries included in the scope of consolidation.
the group uses the acquisition method 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 considerationarrangement.Acquisition-relatedcostsareexpensedas incurred. Identifiableassetsacquired 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’sproportionateshareoftherecognisedamountsoftheacquiree’sidentifiablenetassets.
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 thegroup’sshareoftheidentifiablenetassetsacquiredisrecordedasgoodwill.Ifthisislessthanthefair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised in the income statement.
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 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 to its fair valueatthedatewhencontrol is lost,withthechangeincarryingamountrecognisedinprofitorloss. the fair value is the initial carrying amount for the purposes of subsequently accounting for the retainedinterestasanassociate,jointventureorfinancialasset.Inaddition,anyamountspreviouslyrecognised 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 recognisedinothercomprehensiveincomearereclassifiedtoprofitorloss.
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.
Geschäftsbericht 2014 | Seite 52
Globale innovationen: Das Tech Center ist 2014
in das AiC-Automotive Intelligence Center bei Bilbao
übersiedelt.
Geschäftsbericht 2014 | Seite 54
2.3 foreign currency translation
2.3.1 Functional and presentation currency
Items included in thefinancial statementsofeachof thegroup’sentitiesaremeasuredusing thecurrency of the primary economic environment in which the entity operates (‘the functional currency’). Theconsolidatedfinancialstatementsarepresentedinthousandsofeuro(kEUR),whichisthegroup’spresentation currency.
2.3.2 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 theincomestatement,exceptwhendeferredinothercomprehensiveincomeasqualifyingcashflowhedges and qualifying net investment hedges.
foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presentedintheincomestatementunder‘otherfinancialresults’.Allotherforeignexchangegainsand losses are presented in the income statement under ‘other income’ / ‘other expenses’.
Changes in the fair value of monetary securities denominated in foreign currency classified asavailable-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 differencesrelatingtochangesinamortisedcostarerecognisedinprofitorloss,andotherchangesin carrying amount are recognised in other comprehensive income.
Translationdifferences innon-monetaryfinancialassetsandliabilitiessuchasequitiesheldatfairvalue throughprofitor lossare recognised inprofitor lossaspartof the fair valuegainor loss.Translationdifferencesinnon-monetaryfinancialassetssuchasequitiesclassifiedasavailable-for-sale are included in other comprehensive income.
2.3.3 Group companies
Theresultsandfinancialpositionofallthegroupentities(noneofwhichhasthecurrencyofahyper-inflationaryeconomy)thathaveafunctionalcurrencydifferentfromthepresentationcurrencyaretranslated 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.
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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.
2.4 Property, plant and equipment
Landandbuildingscomprisemainlyfactoriesandoffices.Property,plantandequipmentisstatedathistorical 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,onlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflowto 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 thefinancialperiodinwhichtheyareincurred.
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:
buildings 25-33 yearsMachinery 5-15 yearsforklifts 5 yearsVehicles 3-5 yearsFurniture,fittingsandequipment 3-10years
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.
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2.5 intangible assets
2.5.1 Trademarks
Acquired trademark rights are capitalised on the basis of the costs incurred to acquire and bring to use those rights. these costs are amortised over their estimated useful lives of ten years.
2.5.2 Research and development cost
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; howtheintangibleassetwillgenerateprobablefutureeconomicbenefits; theavailabilityofadequatetechnical,financialandotherresourcestocompletethedevelopment
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 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, usually not exceeding six years.
2.5.3 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.
2.5.4 Contractual customer relationships
Contractual customer relationships acquired in a business combination are recognised at fair value attheacquisitiondate.Thecontractualcustomerrelationshaveafiniteusefullifeof15yearsandare carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship.
2.5.5 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. the useful life is based on the project time period for which the patents were developed usually not exceeding six years.
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2.6Impairmentofnon-financialassets
Assetsthathaveanindefiniteusefullife–forexample,goodwillorintangibleassetsnotreadyforuse – 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,assetsaregroupedatthelowestlevelsforwhichthereareseparatelyidentifiablecashflows(cash-generatingunits).Non-financialassetsotherthangoodwillthatsufferedanimpairmentare reviewed for possible reversal of the impairment at each reporting date.
2.7 financial assets
2.7.1 Classification
Thegroupclassifiesitsfinancialassetsinthefollowingcategories:atfairvaluethroughprofitorloss,loansandreceivables,andavailableforsale.Theclassificationdependsonthepurposeforwhichthefinancialassetswereacquired.Managementdetermines theclassificationof itsfinancialassetsatinitial recognition.
Financialassetsatfairvaluethroughprofitorloss
Financialassetsatfairvaluethroughprofitor lossarefinancialassetsheldfortrading.Afinancialassetisclassifiedinthiscategoryifacquiredprincipallyforthepurposeofsellingintheshortterm.Derivatives are also categorised as held for trading unless they are designated as hedges. Assets in thiscategoryareclassifiedascurrentassetsifexpectedtobesettledwithin12months;otherwise,theyareclassifiedasnon-current.
Loans and receivables
Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepaymentsthatare not quoted in an active market. they are included in current assets, except for maturities greater than12monthsafter theendof the reportingperiod.Theseareclassifiedasnon-currentassets.the group’s loans and receivables comprise ‘trade receivables’, ‘other receivables’ and ‘cash and cash equivalents’ in the balance sheet.
Available-for-salefinancialassets
Available-for-salefinancialassetsarenon-derivativesthatareeitherdesignatedinthiscategoryornot classified in any of the other categories. They are included in non-current assets unless theinvestment matures or management intends to dispose of it within 12 months after the end of the reporting period.
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2.7.2 Recognition and measurement
Regular purchases and sales of financial assets are recognised on the trade date – the date onwhich the group commits to purchase or sell the asset. investments are initially recognised at fair valueplus transactioncosts forallfinancialassetsnotcarriedat fair value throughprofitor loss.Financialassetsarederecognisedwhentherightstoreceivecashflowsfromtheinvestmentshaveexpired or have been transferred and the group has substantially transferred all risks and rewards of ownership.Available-for-salefinancialassetsandfinancialassetsatfairvaluethroughprofitorlossare subsequently carried at fair value. Loans and receivables are subsequently carried at amortised costusingtheeffectiveinterestmethod.Financialassetscarriedatfairvaluethroughprofitorlossareinitially 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 valueadjustments 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-for-saleequityinstrumentsarerecognisedintheincomestatementaspartoffinancialresultwhenthegroup’s right to receive payments is established. Changes in fair value are recognised as gains and losses in comprehensive income.
2.7.3 Offsetting financial instruments
financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. the legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.
the group did not offset any amounts in 2014 and 2013 except one transaction with related parties (see note 35.1 for details).
2.8Impairmentoffinancialassets
2.8.1 Assets carried at amortised cost
the group assesses at the end of each reporting period whether there is objective evidence that a financialassetorgroupoffinancialassetsisimpaired.Afinancialassetoragroupoffinancialassetsis 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 thatlossevent(orevents)hasanimpactontheestimatedfuturecashflowsofthefinancialassetorgroupoffinancialassetsthatcanbereliablyestimated.
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the criteria that the group uses to determine that there is objective evidence of an impairment loss include:
significantfinancialdifficultyoftheissuerorobligor; a breach of contract, such as default or delinquency in interest or principal payments; thegroup,foreconomicorlegalreasonsrelatingtotheborrower’sfinancialdifficulty,granting
to the borrower a concession that the lender would not otherwise consider; theprobabilitythattheborrowerwillenterbankruptcyorotherfinancialreorganisation; thedisappearanceofanactivemarketforthatfinancialassetbecauseoffinancialdifficulties;or observable data indicating that there is a measurable decrease in the estimated future cash flowsfromaportfoliooffinancialassetssincetheinitialrecognitionofthoseassets,althoughthedecreasecannotyetbeidentifiedwiththeindividualfinancialassetsintheportfolio,includingadverse 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 theasset’scarryingamountandthepresentvalueofestimatedfuturecashflows(excludingfuturecreditlossesthathavenotbeenincurred)discountedatthefinancialasset’soriginaleffectiveinterestrate. 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.
2.8.2 Assets classified as available-for-sale
the group assesses at the end of each reporting period whether there is objective evidence that afinancialassetoragroupoffinancialassets is impaired.Fordebtsecurities, thegroupusesthecriteria referred to under ‘assets carried at amortised cost’ above. in the case of equity investments classifiedasavailableforsale,asignificantorprolongeddeclineinthefairvalueofthesecuritybelowits cost is also evidence that the assets are impaired. if any such evidence exists for available-for-sale financialassets,thecumulativeloss–measuredasthedifferencebetweentheacquisitioncostandthecurrentfairvalue,lessanyimpairmentlossonthatfinancialassetpreviouslyrecognisedinprofitorloss–isremovedfromequityandrecognisedinprofitorloss.Impairmentlossesrecognisedinthe consolidated income statement on equity instruments are not reversed through the consolidated incomestatement.If,inasubsequentperiod,thefairvalueofadebtinstrumentclassifiedasavailablefor sale increases and the increase can be objectively related to an event occurring after the impairment losswasrecognisedinprofitorloss,theimpairmentlossisreversedthroughtheconsolidatedincomestatement.
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2.9Derivativefinancialinstruments
The group does not use hedge accounting pursuant to IAS 39, therefore all derivative financialinstrumentsareclassifiedasderivatives.Changes in fair valueare recognisedasgainsand lossesin 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.
2.10 inventories
Inventoriesarestatedatthelowerofcostandnetrealisablevalue.Costisdeterminedusingthefirst-in,first-out(FIFO)method.Thecostoffinishedgoodsandworkinprogresscomprisesdirectmaterialcosts, 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.
2.11 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 classifiedascurrentassets.Ifnot,theyarepresentedasnon-currentassets.
trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.
2.12 Cash and cash equivalents
Intheconsolidatedstatementofcashflows,cashandcashequivalentsincludescashinhand,depositsheld at call with banks.
2.13 registered capital
Registeredcapitalisclassifiedasequity.
2.14 trade payables
trade payables are obligations to pay for goods or services that have been acquired in the ordinary courseofbusinessfromsuppliers.Tradeaccountspayableareclassifiedascurrentliabilitiesifpaymentis 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.
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2.15 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)andtheredemptionvalueisrecognisedintheincomestatementovertheperiodofthefinancialliabilities using the effective interest method.
2.16 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 betweenthetaxbasisofassetsandliabilitiesandtheircarryingamountsintheconsolidatedfinancialstatements. 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 profitwillbeavailableagainstwhichthetemporarydifferencescanbeutilised.
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.
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2.17Employeebenefits
2.17.1 Severance payments
some group companies pay a severance payment in case of retirement after an uninterrupted period ofserviceoffiveyearstotheiremployees.Thesebenefitsareclassifiedasadefinedbenefitobligationand 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 a statutory terminationbenefitschemeforallemployeeswhojoinedanAustriancompanyduringorafter2003.Thecompanyhasnofurtherobligations.Claimsbyemployeestoseverancepaymentsarefiledwiththe statutory severance payment scheme, while the regular contributions are treated similar to those fordefinedcontributionplansandareincludedin‘employeebenefitexpenses’.
2.17.2 Anniversary payments
some group companies pay an anniversary bonus to their employees after an uninterrupted period ofservice.Thesebenefitsareclassifiedasadefinedbenefitobligationandaccountedforaccordinglyusingtheprojectedunitcreditmethod.Actuarialgainsandlossesarerecognisedinprofitorlossinthe period incurred.
2.17.3 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.
2.18 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; itisprobablethatanoutflowofresourceswillberequiredtosettletheobligation;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 reflectscurrentmarketassessmentsofthetimevalueofmoneyandtherisksspecifictotheobligation.the increase in the provision due to the passage of time is recognised as an interest expense.
2.19 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.
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2.20 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 whenthesignificantrisksandrewardsofownershiphavepassedtothebuyer.Thisiswhentitleandinsurance 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 futurecashflowdiscountedattheoriginaleffectiveinterestrateoftheinstrument,andcontinuesunwinding the discount as interest income. interest income on impaired loans and receivables is recognised using the original effective interest rate.
2.21 non-recurring items
Non-recurringitemsarethosematerialitemsoffinancialperformancethatthegroupbelievesshouldbe separately disclosed in the income statement to assist in the understanding of the underlying financialperformanceachievedbythegroupanditsbusinesses.Suchitemsarematerialbynatureoraffectthefinancialyear’sresultsandrequireseparatedisclosureinaccordancewithIAS1.Non-recurring items that relate to the operating performance of the group comprise restructuring costs.
2.22 Leases
Leasesinwhichasignificantportionoftherisksandrewardsofownershipareretainedbythelessorare classified as operating leases. Paymentsmade under operating leases (net of any incentivesreceived 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 substantiallyalltherisksandrewardsofownershipareclassifiedasfinanceleases.Financeleasesarecapitalised at the lease’s commencement at the lower of the fair value of the leased equipment 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 includedinothernon-current liabilities.The interestelementof thefinancecost is charged to the incomestatement over the lease period so as to produce a constant periodic rate of interest on the remaining balanceoftheliabilityforeachperiod.Theequipmentacquiredunderfinanceleasesisdepreciatedover the shorter of the useful life of the asset and the lease term.
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MegAteCh industries hlinsko fertigt für die dritte genera-tion des Audi tt Coupé die heckklappenverkleidung, den rahmen der heckscheibe und die Ladekante.
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3 financial risk management
3.1 financial risk factors
Thegroup’sactivitiesexposeittoavarietyoffinancialrisks:marketrisk(includingforeignexchangecurrencyrisk,fairvalueinterestraterisk,cashflowinterestrateriskandpricerisk),creditriskandliquidity risk. the group’s overall risk management programme focuses on the unpredictability of financialmarketsandseekstominimisepotentialadverseeffectsonthegroup’sfinancialperformance.If required, the group uses derivative financial instruments to hedge certain risk exposures. Riskmanagement is carried out centrally by the group’s management.
the following sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. in practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
3.1.1 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 the 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 were used:
2014 2013
Average Closing Average Closing
brl 3.1228 3.2207 2.8687 3.2576
Czk 27.5358 27.7350 25.9797 27.4270
total foreign exchange losses in 2014 amounted to keUr -314 (2013: keUr -1,972). there were no hedging instruments in place in 2014 and 2013, because loss is not cash effective and management decidednottousehedginginstrumentsthatcausehighcashoutflowsupfront.
At 31 December 2014, if the exchange rate of the Czech crown had increased additionally by 5.0% withallothervariablesheldconstant,profitbeforetaxwouldhavebeenkEUR-907lower(2013:kEUR-1,035). there are no material risks in other currencies (including brL).
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Cashflowandfairvalueinterestraterisk
Thegroup’sinterestrateriskarisesfromnon-currentfinancialliabilities.Financialliabilitiesissuedatvariableratesexposethegrouptocashflowinterestrateriskwhichispartiallyoffsetbycashheldatvariablerates.Attheendof2014,almostallofthegroup’sfinancialliabilitiesweredenominatedineuro.
At 31 December 2014, if the eUribor had increased additionally by 0.5%-points with all other variablesheldconstant,profitbeforetaxwouldhavebeenkEUR-80lower(2013:kEUR-115).Thereare no material risks in any other underlying.
3.1.2 Credit risk
The group’s credit risk is mainly confined to the risk of customers defaulting on sales invoicesraised. Any credit risk arising from cash deposits and derivative financial instruments is deemedtobeinsignificantonthebasisthatnearlyallrelevantcounterpartiesareinvestmentgradeentitiesrecognised by international credit-rating agencies. each local entity is responsible for managing and analysing the credit risk for each of their new customers before standard payment and delivery terms and conditions are offered. Main customers of the group are the big automotive producers with regard to which credit risk is considered low. the maximum risk to the group is the carrying amount.
3.1.3 Commodity price risk
the group is exposed to commodity price risks as main raw materials can only be purchased on the spotmarketsandnocommodityhedgesareavailable.Pricefluctuationscanpartlybepassedontocustomers, depending on the contractual relationship.
3.1.4 Liquidity risk
Liquidityriskistheriskthatthegroupcouldexperiencedifficultiesinmeetingitscommitmentstocreditorsasfinancial liabilities falldueforpayment.Thegroupmanages its liquidityriskbyusingreasonable and retrospectively-assessed assumptions to forecast future cash-generating capabilities andworkingcapitalrequirementsofthebusinessesitoperatesandbymaintainingsufficientreserves,committed borrowing facilities and other credit lines as appropriate.
Forecastliquidityrepresentsthegroup’sexpectedcashinflows,principallygeneratedfromsalesmadetocustomers,lessthegroup’scontractually-determinedcashoutflows,principallyrelatedtosupplierpayments and the repayment of borrowings, plus the payment of any interest accruing thereon. the matchingofthesecashinflowsandoutflowsrestsontheexpectedageingprofilesoftheunderlyingassetsandliabilities.Currentfinancialassetsandfinancialliabilitiesarerepresentedprimarilybythegroup’stradereceivablesandtradepayables,respectively.Thematchingofthecashflowsthatresultfrom 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 thegroup.Financingcashoutflowsmaybe longer-terminnature.Thegroupdoesnotholdnon-currentfinancialassetstomatchagainstthesecommitments,buthasinvestedsignificantlyinnon-currentnon-financialassetswhichgeneratethesustainablefuturecashinflows,netoffuturecapitalexpenditurerequirements,neededtoserviceandrepaythegroup’sfinancialliabilities.
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The table below analyses the group’s non-derivative financial liabilities and net-settled derivativefinancialliabilities,dividingthemintorelevantmaturitygroupingsbasedontheremainingperiodatthebalancesheetdatetothecontractualmaturitydate.Derivativefinancial liabilitiesareincludedin the analysis if their contractual maturities are essential for an understanding of the timing of the cashflows.
Theamountsdisclosedinthetablearethecontractualundiscountedcashflows.
Financialliabilitieswithcontractualundiscountedcashflows,whicharedueinmorethanoneyear,havebeenreclassifiedto0-3monthsin2013becausethegroupmanagementdecidednottorepayinstalments in December 2013 due to serious legal restrictions.
in kEUR 0-3 months
3-12 months
1-2 years
2-5 years
> 5 years
as of 31 December 2014
Financial liabilities (excl. bank overdrafts) 2,737 8,995 2,900 7,239 4,242
bank overdrafts incl. recourse factoring 1,056 36 0 0 0
Finance lease 111 333 444 904 0
Trade payables 20,764 124 0 0 0
Other payables 4,797 1,025 422 1,211 0
other financing 2 7 9 4 0
in kEUR 0-3 months
3-12 months
1-2 years
2-5 years
> 5 years
as of 31 December 2013
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
Finance lease 39 118 157 340 0
Trade payables 26,327 63 0 0 0
Other payables 1,808 174 0 0 0
other financing 0 0 0 0 0
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3.2 Capital risk management
the group’s objectives when managing capital are to safeguard the group’s ability to continue as a goingconcerninordertoprovidereturnsforshareholdersandbenefitsforotherstakeholdersandto 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 beforenon-recurringitemsaswellastheequityratio.Netdebtiscalculatedastotalfinancialliabilities(including‘currentandnon-currentfinancialliabilities’asshowninthebalancesheet)lesscashandcash equivalents. equity is calculated as ‘equity’ as shown in the balance sheet.
in kEUR 31/12/2014 31/12/2013
Financial liabilities 26,026 32,715
- Cash and cash equivalents -1,881 -6,212
Net debt 24,145 26,503
EBITDA before non recurring items 10,528 7,754
Net debt/EBITDA before non recurring items 2.29 3.42
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(Seenote 15 for an explanation.
based on contracts with banks, the group also puts focus on tangible equity ratio. tangible equity ratio isdefinedinthesamewayasequityratiobutincludesadjustmentsforintangibleassets,deferredtaxassets and receivables and payables from or to related parties.
in kEUR 31/12/2014 31/12/2013
Total equity 39,840 37,614
Total assets 100,316 113,096
Equity ratio 39.7% 33.3%
Geschäftsbericht 2014 | Seite 70
in kEUR 31/12/2014 31/12/2013
Total equity 39,840 37,614
- intangible assets -18,174 -12,586
- Deferred tax assets -707 -775
- receivables from related parties -12,217 -13,592
+ Payables to related parties 2,023 26
Tangible equity 10,765 10,687
Total assets 100,316 113,096
- intangible assets -18,174 -12,586
- Deferred tax assets -707 -775
- receivables from related parties -12,217 -13,592
+ Payables to related parties 2,023 26
Tangible assets 71,241 86,169
Tangible equity ratio 15.1% 12.4%
3.3 fair value estimation
Thetablebelowanalysesfinancialinstrumentscarriedatfairvalue,byvaluationmethod.Thedifferentlevelshavebeendefinedasfollows:
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 at31 December 2013:
in kEUR Level 2 Level 3 Total
Assets
Financial assets at fair value through P&l
Trading derivatives 0 0 0
Available-for-sale financial assets
Equity securities 0 60 60
Total assets 0 60 60
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the following table presents the group’s assets and liabilities that were measured at fair value at31 December 2013:
no transfers between levels took place in 2014 and 2013.
The fairvalueoffinancial instruments thatarenot traded inanactivemarket (forexample,over-the-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-specificestimates.Ifallsignificantinputsrequiredtomeasureaninstrumentatfairvalueareobservable, the instrument is included in level 2.
Ifoneormoreofthesignificantinputsisnotbasedonobservablemarketdata,theinstrumentisincluded in level 3.
in kEUR Level 2 Level 3 Total
Assets
Financial assets at fair value through P&l
Trading derivatives 1 0 1
Available-for-sale financial assets
Equity securities 0 60 60
Total assets 1 60 61
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 estimateswill,bydefinition,seldomequaltherelatedactualresults.Theestimatesandassumptionsthathaveasignificantriskofcausingamaterialadjustmenttothecarryingamountsofassetsandliabilitieswithinthenextfinancialyearareaddressedbelow.
4.1 estimated residual values and useful economic lives
the group’s objectives when managing capital are to safeguard the group’s ability to continue as a goingconcerninordertoprovidereturnsforshareholdersandbenefitsforotherstakeholdersandto 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 beforenon-recurringitemsaswellastheequityratio.Netdebtiscalculatedastotalfinancialliabilities(including‘currentandnon-currentfinancialliabilities’asshowninthebalancesheet)lesscashandcash equivalents. equity is calculated as ‘equity’ as shown in the balance sheet.
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4.2Employeebenefits
At 31 December 2014, the employee benefits obligation (severance and anniversary payments)amounted to kEUR 392 (2013: kEUR 434) The group’s benefit scheme liabilities are sensitive tochanges in various underlying actuarial assumptions set by management. these assumptions include thediscountandinflationratestoapplytoschemeliabilities,themortalityratestoapplytoschememembers and the rates of increase of future salaries. further details regarding the assumptions are set out in note 29.3.
4.3 Deferred taxation
At 31 December 2014, the group recognised deferred tax assets on tax loss carry-forwards in an amountofkEUR818(2013:kEUR990).Iffuturetaxableprofitswithinthe3-yearplanperioddefinedfor 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 loss carry-forwards in an amount of keUr 0 (2013: keUr -77).
5 revenue
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation).
other revenues mainly refer to sales of raw material to subcontractors.
in kEUR 2014 2013
Sale of parts 109,080 109,685
Sale of tools 6,942 13,903
Other revenue 8,429 7,928
Total 124,451 131,516
6 raw materials and consumables used
raw materials and consumables used include keUr -221 (2013: keUr -96) for the provision for impairment of inventories and write-down of inventories. it also includes keUr 110 (2013: keUr 33) for the reversal of provision for impairment of inventories.
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7Employeebenefitexpenses
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation)
in kEUR 2014 2013
Wages and salaries -19,648 -20,373
Social security costs -5,861 -6,019
Severance payment costs (note 29) 0 -5
Anniversary payment costs (note 29) 29 6
Other employment costs -524 -532
Total employee costs -26,004 -26,923
number of employees (FTEs) as per 31 December 1,104 1,227
Average number of employees (FTEs) 1,214 1,306
8 other income
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation)
other income mainly refers to cost compensations from customers and suppliers.
in kEUR 2014 2013
Government grants 278 253
Gains from disposal of assets 42 331
Rents 93 251
Other income 1,638 1,550
Total other income 2,051 2,385
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9 other expenses
in kEUR 2014 2013
Consultancy costs -2,050 -2,373
Temporary workers -1,794 -1,719
Rents and similar costs -1,056 -1,415
Travel expenses -922 -809
Bad debts (incl, reversals) -345 -179
Energy non-production -340 -452
IT services -335 -372
Insurance costs -298 -451
Telephone and internet costs -264 -279
Bank charges -212 -209
Repair and maintenance -210 -231
Marketing -177 -106
Others -1,527 -1,359
Total other expenses -9,530 -9,954
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation)
Consultancy costs include keUr 746 (2013: keUr 1,128) for capitalised development costs.
bad debts include keUr -483 (2013: keUr -319) for the provision and write-off of bad debts and keUr 138 (2013: keUr 140) for the reversal of the provision for bad debts.
10 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.
in 2014 non-recurring items mainly refer to the long-planned closing of the plant in Liberec, Czech republic and ongoing restructuring program in Amurrio, spain.
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11 Depreciation and amortisation
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation)
in kEUR 2014 2013
Depreciation -3,127 -3,775
Amortisation -2,190 -1,757
Impairment of property, plant, equipment -34 -364
Reversal of impairment 128 0
Total -5,223 -5,896
12 interest result
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation)
Theincreaseinotherinterestcostsmainlyreferstoincreasedliabilitiesforfinanceleaseandtocostsfor non-recourse factoring that was implemented in 2014.
in kEUR 2013 2012
Interest result
interest income from short-term bank deposits 22 45
Interest income from related parties 306 259
Interest income 328 304
Interest costs for bank borrowings -1,532 -1,960
Interest costs for related parties -72 0
Other interest costs -371 -42
Interest costs -1,975 -2,002
Interest result -1,647 -1,698
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13Otherfinancialresult
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation)
ThenetforeignexchangeresultonfinancingactivitieswasmainlycausedbychangesintheEUR/CZKexchange rate.
The2014non-recurringfinancialresultreferstoanagreementbetweenMegatechGroup,BAWAGP.s.k bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (bAWAg PSKAG)andČeskáSpořitelna,a.s.torefinancetheloancontracttoMegatechGroupbyBAWAGPSKAg (see also note 25.1). it includes the impact from the waiver from bAWAg Psk Ag and the costs relating to this agreement.
Changes in the fair value of financial instruments were caused by the negative development ofinflation rate swaps. These inflation rate swapswere terminated in 2013. It was agreedwith thebank to waive half of the liabilities. the impact from this agreement was reported as a non-recurring financialresultin2013.
in kEUR 2014 2013
net foreign exchange result on financing activities -245 -1,885
Changes in fair value of financial instruments 0 -571
non-recurring financial result 2,281 1,528
Other financial result 2,036 -928
Geschäftsbericht 2014 | Seite 77
in kEUR 2014 2013
Current taxes
Current tax on profits for the year -1,388 -623
Adjustments in respect of prior years -88 114
Total current taxes -1,476 -509
Deferred taxes
Origination and reversal of temporarydifferences 906 698
Attributable to a change in the rate of domesticincome tax rate 1 -12
Adjustments in respect of prior years 62 0
Total deferred taxes 969 686
Total tax charge -507 177
14 income tax expense
14.1 total tax charge
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation)
Geschäftsbericht 2014 | Seite 78
in kEUR 2014 2013
Profit before tax 4,941 -1,717
Tax calculated at domestic tax rates applicable toprofits in the respective countries -1,413 42
Tax effects of:
- Expenses not deductible for tax purposes -437 -1
- Gains not taxable 105 77
- utilisation of previously unrecognised tax losses 917 8
- Tax losses for which no deferred income tax asset was recognised -96 -51
- re-measurement of deferred taxes - change of tax rate 1 -12
- Adjustments in respect of prior years -26 114
- Tax credits 442 0
Total tax charge -507 177
Reportingoffiguresfor2013hasbeenamendedduetoreportingofdiscontinuedoperations(see note 15 for an explanation)
the weighted average applicable tax rate was 28.6% (2013: 2.4%). the change was due to a change intheprofitabilityofthegroup’ssubsidiariesintherelevantcountries,someofthemwithanegativeresult.
in 2014, no gains or losses from taxes were included in other comprehensive income (2013: keUr 0).
Taxonthegroup’sprofitbeforetaxdiffersfromthetheoreticalamountthatwouldariseusingtheweightedaveragetaxrateapplicabletoprofitsoftheconsolidatedentitiesasfollows:
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14.2 Deferred income tax
the analysis of deferred tax assets and deferred tax liabilities including offsetting of balances within the same tax jurisdiction is as follows:
in kEUR 31/12/2014 31/12/2013
Deferred tax assets
Deferred tax assets to be recovered after more than 12 months 343 579
Deferred tax assets to be recovered within 12 months 364 196
Total deferred tax assets 707 775
Deferred tax liabilities
Deferred tax liabilities to be recovered after more than 12 months -3,031 -3,901
Deferred tax liabilities to be recovered within 12 months 71 -135
Total deferred tax liabilities -2,960 -4,036
Net deferred tax -2,253 -3,261
the gross movement on the deferred income tax account is as follows:
in kEUR 2014 2013
At 1 January -3,261 -4,142
Income statement charge 969 910
Change in scope of consolidation 49 0
Currency rate difference -10 -29
At 31 December -2,253 -3,261
Geschäftsbericht 2014 | Seite 81
Das Herzstück unserer Arbeit bilden die zahlreichen Mitarbeiter.
Die modernen Maschinen werden durch geschulte Handarbeit
perfekt ergänzt und abgerundet.
Geschäftsbericht 2014 | Seite 82
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:
in kEUR
Empl
oyee
be
nefi
ts
Prov
isio
ns
Tax
loss
es
Oth
ers
Tota
l
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
Charged/(credited) to income statement -7 -19 81 737 792
Change in scope of consolidation 0 0 -247 -10 -257
Currency difference 0 -1 -6 -13 -20
31 December 2014 25 108 818 1,817 2,768
Deferred tax assets
in kEUR
Fixe
d as
sets
Oth
ers
Tota
l31 December 2012 -6,049 -111 -6,160
Charged/(credited) to income statement 510 -15 495
Currency difference 146 5 151
31 December 2013 -5,393 -121 -5,514
Charged/(credited) to income statement 179 -2 177
Change in scope of consolidation 306 0 306
Currency difference 9 1 10
31 December 2014 -4,899 -122 -5,021
Deferred tax liabilties
Geschäftsbericht 2014 | Seite 83
Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisationoftherelatedtaxbenefitthroughfuturetaxableprofitsisprobable.Nodeferredtaxassetsfor tax loss carry-forwards were recognised for entities where it currently does not appear likely that sufficienttaxableincomewillbeavailableagainstwhichthetaxeslosscarry-forwardscanbeutilised.the group did not recognise deferred income tax assets of keUr 653 (2013: keUr 2,587) in respect of losses amounting to keUr 6,389 (2013: keUr 10,662). total tax loss carried forward is keUr 11,155 (2013: keUr 15,042), of which keUr 870 will expire in the next year (2013: keUr 1,373), and keUr 4,999(2013:kEUR8,113)willexpireinthenexttwotofiveyears.
15 Discontinued operations
because of the distressed market situation in brazil, with a drop down of the whole automotive industry by around 40% compared to the prior year, in December 2014 the management of the group decided to sell the brazilian entity and to exit the brazilian market at least for the next few years.
As at 31 December 2014 the shares in Megatech brasil Componentes Automotivos Ltda., brazil, were sold to Megatech industries Aktiengesellschaft fürstentum Liechtenstein, Vaduz, Liechtenstein (see note 35.2). As Megatech group lost control over the brazilian entity, this entity was deconsolidated.
in accordance with ifrs 5, the impact the deconsolidation of the brazilian entity has on the consolidatedincomestatementandconsolidatedcashflowstatementisreclassifiedandreportedasresult from discontinued operations.
An analysis of the result of discontinued operations and the result from the deconsolidation of the brazilian entity is as follows:
in kEUR 2014 2013
Revenue 7,409 12,121
Expenses -9,965 -12,723
Result before tax from discontinued operations -2,556 -602
Taxes on income from discontinued operations 905 224
Result after tax from discontinued operations -1,651 -378
Disposed assets other than cash and cash equivalents -4,326 0
Disposed cash and cash equivalents -123 0
Disposed liabilities 5,266 0
Provision for receivables from disposed entity -950 0
Take-over of costs -200 0
Provision for guarantees provided -260 0
Currency translation difference reclassified from oCi -169 0
Result from deconsolidation -762 0
Total result from discontinued operations -2,413 -378
Geschäftsbericht 2014 | Seite 84
16 Property, plant and equipment
in kEUR 2014 2013
operating cash flows -712 391
investing cash flows -954 -121
Financing cash flows 760 -345
Thecashflowfromdiscontinuedoperationsisasfollows:
in kEUR
Land
and
bu
ildin
g
Mac
hine
ry
and
ve
hicl
es
Mac
hine
ry
and
vehi
cles
fi
nanc
e
leas
e
Furn
itur
e
and
eq
uipm
ent
Tota
l
31 December 2012 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
Currency difference -2,101 -1,912 -53 -97 -4,163
31 December 2013 38,546 51,084 950 4,924 95,504
Additions 37 1,370 1,807 595 3,809
Disposals 0 -248 0 -24 -272
Change in scope of consoli-dation -2,458 -5,397 0 -482 -8,337
Transfers 931 -947 0 0 -16
Currency difference -134 26 -24 11 -121
31 December 2014 36,922 45,888 2,733 5,024 90,567
Historic costs
Geschäftsbericht 2014 | Seite 85
in kEUR
Land
and
bu
ildin
g
Mac
hine
ry
and
ve
hicl
es
Mac
hine
ry
and
vehi
cles
fi
nanc
e
leas
e
Furn
itur
e
and
eq
uipm
ent
Tota
l
31 December 2012 -7,399 -39,524 -612 -3,527 -51,062
Depreciation -1,161 -2,051 -56 -754 -4,022
Disposals 545 175 612 387 1,719
Impairment -364 0 0 0 -364
Currency difference 393 1,301 3 78 1,775
31 December 2013 -7,986 -40,099 -53 -3,816 -51,954
Depreciation -1,036 -1,623 -121 -347 -3,127
Disposals 0 242 0 6 248
Change in scope of conso-lidation 793 4,312 0 388 5,493
Impairment 0 -34 0 0 -34
Reversal of impairment 128 0 0 0 128
Currency difference 7 -45 1 -8 -45
31 December 2014 -8,094 -37,247 -173 -3,777 -49,291
Accumulated depreciation
in kEUR
Land
and
bu
ildin
g
Mac
hine
ry
and
ve
hicl
es
Mac
hine
ry
and
vehi
cles
fi
nanc
e
leas
e
Furn
itur
e
and
eq
uipm
ent
Tota
l
31 December 2013 30,560 10,985 897 1,108 43,550
31 December 2014 28,828 8,641 2,560 1,247 41,276
Carrying amounts
reversal of impairment of land and building refers to land and building that has been impaired in 2013. the group received an offer from a third party to buy this land and building. the fair value of these assets was adjusted to the amount offered. reversal of impairment is included in depreciation and amortisation, as well as the impairment in 2013.
Foradditionsinmachineryandvehiclesfinancelease,thegrouppaidkEUR433fordown-payments.
Thetotalamountoftransfers(kEUR-16)referstotransfersbetweenfixedassetsandintangibleassets(see also note 17).
Geschäftsbericht 2014 | Seite 86
17 intangible assets
in kEUR
Dev
elop
men
t co
sts
Cust
omer
re
lati
onsh
ips
Trad
emar
ks
Oth
er
Tota
l
31 December 2012 5,488 8,385 0 3,697 17,570
Additions 2,784 0 0 189 2,973
Disposals -1,567 0 0 -258 -1,825
Currency difference 0 0 0 -130 -130
31 December 2013 6,705 8,385 0 3,498 18,588
Additions 4,186 0 3,540 179 7,905
Disposals -92 0 0 6 -86
Change in scope of consolidation 0 0 0 -183 -183
Transfers 0 0 0 16 16
Currency difference -9 0 0 -8 -17
31 December 2014 10,790 8,385 3,540 3,508 26,223
Historic costs
in kEUR
Dev
elop
men
t co
sts
Cust
omer
re
lati
onsh
ips
Trad
emar
ks
Oth
er
Tota
l31 December 2012 -222 -1,677 0 -2,604 -4,503
Amortisation -916 -559 0 -299 -1,774
Disposals 0 0 0 197 197
Currency difference 0 0 0 78 78
31 December 2013 -1,138 -2,236 0 -2,628 -6,002
Amortisation -1,012 -559 -354 -265 -2,190
Disposals 0 0 0 -21 -21
Change in scope of conso-lidation 0 0 0 160 160
Currency difference 0 0 0 4 4
31 December 2014 -2,150 -2,795 -354 -2,750 -8,049
Accumulated amortisation
Geschäftsbericht 2014 | Seite 87
in kEUR
Dev
elop
men
t co
sts
Cust
omer
re
lati
onsh
ips
Trad
emar
ks
Oth
er
Tota
l
31 December 2013 5,567 6,149 0 870 12,586
31 December 2014 8,640 5,590 3,186 758 18,174
Carrying amounts
the category ‘Patents’ that has been reported separately in the past is now included in ‘other’ because of its low carrying amount.
Additions to trademarks refer to a related party transaction with Megatech industries s.L., spain. the purchase price is partly offset against (keUr 1,610) with receivables from Megatech industries s.L., Spain.Therest(kEUR1,930)willbepaidoverthenextfiveyears(seealsonote35.5).
the total amount of transfers (keUr 16) refers to transfers between property, plant and equipment and intangible assets (see also note 16).
18 financial instruments by category
2014 in kEUR
Loan
s an
d re
ceiv
able
s
at F
V
thro
ugh
P&
L
Ava
ilabl
e-
for-
sale
Tota
l
Financial assets available for sale 0 0 60 60
Derivative financial instruments 0 0 0 0
Trade receivables 10,723 0 0 10,723
Other receivables 16,738 0 0 16,738
Cash and cash equivalents 1,881 0 0 1,881
Total 29,342 0 60 29,402
Assets
Geschäftsbericht 2014 | Seite 88
Aus unserem Werk MegAteCh industries hlinsko kommen ebenfalls Verkleidungs-teile des kofferraums für die soeben neu gestartete Produktion des Audi tt Cabrio.
Geschäftsbericht 2014 | Seite 90
2013 in kEUR
Loan
s an
d re
ceiv
able
s
at F
V
thro
ugh
P&
L
Ava
ilabl
e-
for-
sale
Tota
l
Financial assets available for sale 0 0 60 60
Derivative financial instruments 0 1 0 1
Trade receivables 20,638 0 0 20,638
Other receivables 17,783 0 0 17,783
Cash and cash equivalents 6,335 0 0 6,335
Total 44,756 1 60 44,817
Assets
2014 in kEUR
at F
V t
h-ro
ugh
P&L
at
amor
tise
d co
st
Tota
l
Financial liabilities excluding finance lease 0 24,357 24,357
Financial lease liabilities 0 1,669 1,669
Trade payables 0 20,888 20,888
other payables excluding non-financial liabilities 0 2,591 2,591
Total 0 49,505 49,505
Liabilities
2013 in kEUR
at F
V t
h-ro
ugh
P&L
at
amor
tise
d co
st
Tota
l
Financial liabilities 0 32,424 32,424
Financial lease liabilities 0 602 602
Trade payables 0 26,390 28,372
other payables excluding non-financial liabilities 0 1,982 28,372
Total 0 61,398 61,398
Liabilities
Geschäftsbericht 2014 | Seite 91
19Derivativefinancialinstruments
In2014allderivativefinancialinstrumentshavebeensoldwithoutanyimpactonresult.
Inflationrateswapswereterminatedin2013.Byagreementwiththebank,halfofthetotalliability(keUr 1,528) was converted into a long-term loan. the second half was waived and was reported as anon-recurringfinancialresult(kEUR1,528).
20 inventories
in kEUR 31/12/2014 31/12/2013
Inventories
Raw materials 3,161 4,019
unfinished goods 515 866
Tools and moulds 4,952 3,734
Finished goods 1,964 2,541
Merchandise 165 208
Total inventories 10,757 11,368
in kEUR 31/12/2014 31/12/2013
Impairment on inventories
At 1 January -456 -442
Provision for impairment on inventories -221 -96
use of provision for impairment on inventories 0 39
Reversal of provision for impairment on inventories 110 33
Currency difference 5 10
At 31 December -562 -456
no inventories were recorded at net realisable value in 2014 and 2013.
the item ‘reversal of provision for impairment on inventories’ mainly refers to inventories impaired in the past that were sold or used in production in the year the provision was reversed.
Geschäftsbericht 2014 | Seite 92
in kEUR 31/12/2014 31/12/2013
Trade receivables 3rd party (gross) 12,205 21,398
Trade receivables related parties (gross) 30 719
Provision for impairment of trade receivables -1,512 -1,479
Total 10,723 20,638
21 trade receivables
the development of the provision for impairment or trade receivables is as follows:
in kEUR 31/12/2014 31/12/2013
At 1 January -1,479 -2,312
Addition -483 -319
usage 291 977
Reversal 138 152
Change in scope of consolidation 16 0
Currency difference 5 23
At 31 December -1,512 -1,479
All provisions for impairment of trade receivables refer to receivables from 3rd parties. no provision is necessary for trade receivables from related parties.
overdue trade receivables are as follows:
in kEUR
Rece
ivab
les
gros
s
Prov
isio
n fo
r ba
d de
bt
Rece
ivab
les
gros
s
Prov
isio
n fo
r ba
d de
bt
not overdue 8,503 0 17,423 0
Overdue <3m 2,168 -21 2,875 -28
overdue 3-6m 62 -13 438 -92
overdue >6m 1,502 -1,478 1,381 -1,359
Total 12,235 -1,512 22,117 -1,479
31/12/2014 31/12/2013
Geschäftsbericht 2014 | Seite 93
the group has a number of independent customers who have no recent history of default. taking the group’s customer structure into consideration, the credit risk can be evaluated as low.
the set-up and release of provisions for impaired receivables have been included in ‘other expenses’ in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation to recover the respective receivables.
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 1,044 (2013: keUr 2,531). 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.
total amount of trade receivables transferred and derecognised is keUr 5,590 (2013: keUr 0).
All trade receivables are current receivables. the fair values are the same as the carrying amounts.
22 other receivables
in kEUR 31/12/2014 31/12/2013
non-current receivables related parties (gross) 11,955 12,860
Current receivables related parties (gross) 1,182 14
Other receivables 3rd party (gross) 4,551 4,909
Provision for impairment of other receivables -950 0
Total 16,738 17,783
the development of the provision for impairment of other receivables is as follows:
in kEUR 31/12/2014 31/12/2013
At 1 January 0 0
Addition -950 0
At 31 December -950 0
the full amount of the provision for impairment of other receivables refers to Megatech brasil Componentes Automotivos Ltda., brazil, that was sold as at 31 December 2014. Additions to these provisions are included in result from discontinued operations.
Geschäftsbericht 2014 | Seite 94
overdue in other receivables are as follows:
in kEUR
Rece
ivab
les
gros
s
Prov
isio
n fo
r ba
d de
bt
Rece
ivab
les
gros
s
Prov
isio
n fo
r ba
d de
bt
not overdue 17,589 -851 17,783 0
Overdue <3m 47 -47 0 0
overdue 3-6m 0 0 0 0
overdue >6m 52 -52 0 0
Total 17,688 -950 17,783 0
31/12/2014 31/12/2013
Thefairvaluesofreceivablesfromrelatedpartiesarebasedoncashflowsdiscountedusingaratebasedontheborrowingrateof3.75%(2013:3.75%).Thediscountrateequalstherefinancingrateofthe group with banks. the fair value of non-current receivables from related parties is keUr 11,310 (2013: keUr 12,059). the valuation of the fair value is in accordance with the level 2-method (see note 3.3). Current receivable fair values equal the carrying amount.
All non-current receivables from related parties will be repaid within the next six years, thereof keUr 1.445 in 2015.
in kEUR 31/12/2014 31/12/2013
Cash in hand and bank accounts 1,881 6,271
Cash restricted or pledged 0 64
Cash and cash equivalents 1,881 6,335
23 Cash and cash equivalents
in kEUR 31/12/2014 31/12/2013
Cash and cash equivalents 1,881 6,335
Free bank overdrafts 500 1,341
Cash and free overdrafts 2,381 7,676
the fair values are the same as the carrying amounts.
Cash and free overdrafts are as follows:
Geschäftsbericht 2014 | Seite 95
24 equity
24.1 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 brasil 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 in.
24.2 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 (2013: keUr 7,592).
in 2014 keUr 7,048 was transferred to retained earnings to cover losses incurred in the past.
25 financial liabilities
in kEUR 31/12/2014 31/12/2013
Non-current
Bank loans 12,393 3,982
Finance lease liabilities 1,277 467
other financing liabilities 13 0
Total non-current 13,683 4,449
Current
Bank overdrafts incl, recourse factoring 1,044 11,610
Bank loans 10,899 16,832
Finance lease liabilities 392 135
other financing liabilities 8 0
Total current 12,343 28,577
Total financial liabilities 26,026 33,026
in unserem Werk MegAteCh industries hlinkso produzieren wir für das Audi A3 Cabrio die rückwandseitenverkleidung, die sich aus zwei teilen zusammensetzt.
Geschäftsbericht 2014 | Seite 96
Geschäftsbericht 2014 | Seite 98
25.1 bank borrowings
25.1.1 Refinancing of BAWAG PSK AG loans
InJuly2014,themanagementofMegatechGroupsignedanagreementwithČeskáSpořitelna,a.s.fortherefinancingofthetotalBAWAGPSKAGloanvolume.Onepartofthisrefinancingagreementwas that Megatech group repays the instalment outstanding in December 2013 to bAWAg Psk Ag. bAWAg Psk Ag waived part of the outstanding 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 800MegatechGrouphasasignificantdeleveragingintheCzechentitiesfromkEUR24,200tokEUR19,200. Megatech industries Ag acts as guarantor of these loans.
TogetherwiththenewrefinancingtermsandconditionsthefinancialpositionofMegatechGroupintheCzechRepublic–and,therefore,alsointhegroup–issignificantlystrengthenedbysubstantiallyloweryearlyinstalmentsandinterestpaymentsfortheloanswhichwererefinanced.
25.1.2 Pledges and securities
the group has pledged certain assets as collateral against certain borrowings. the carrying amounts of these assets and the secured liabilities are as follows:
bank loans from Megatech industries Jablonec s.r.o., Czech republic and Megatech industries hlinsko s.r.o, Czech republic (in total keUr 14.219) are secured by land and building, machinery, receivables and inventories of both Czech companies. in addition, Megatech industries Ag also pledged the shares in both Czech entities and also in Megatech industries intellectual Property s.L.U., spain.
bank loans in an amount of keUr 1.286 from Megatech industries Amurrio s.L., spain, and Megatech industries orense s.L., spain, are secured by land and building of Megatech industries Amurrio s.L., spain.
two minor loans (in total keUr 206) for machinery are secured by the machinery purchased with money from these loans.
Liabilities from recourse factoring (keUr 1.044) are secured by corresponding trade receivables.
in kEUR 31/12/2014 31/12/2013
Pledged land & building 20,664 19,422
Pledged machinery 4,599 3,429
Pledged trade receivables 5,203 9,506
Pledged intangible assets 365 485
Total amount of pledged assets 30,831 32,842
Amount of bank borrowings secured 16,755 28,622
Amount of bank borrowings unsecured 7,581 3,802
Geschäftsbericht 2014 | Seite 99
25.2 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 31/12/2014 31/12/2013
Gross finance lease liabilities– minimum lease payments
0-1 year 444 157
1-5 years 1,348 497
> 5 years 0 0
1,792 654
Future finance charges on finance lease liabilities -123 -52
Present value of finance lease liabilities 1,669 602
Thepresentvalueoffinanceleaseliabilitiesisasfollows:
in kEUR 31/12/2014 31/12/2013
0-1 year 392 135
1-5 years 1,277 467
> 5 years 0 0
Present value of finance lease liabilities 1,669 602
25.3Fairvalueoffinancialliabilities
the carrying amounts and fair value of the non-current borrowings are as follows:
in kEUR 31/12/2014 31/12/2013
Financial liabilties non-current
Carrying amount 13,683 4,449
Fair value 13,102 4,283
the fair value of current borrowings equals their carrying amount, as the impact of discounting is not significant.Thefairvaluesarebasedondiscountedcashflowsusingaratebasedontheborrowingrate of 3.75% (2013: 3.75%). the valuation of fair value is in accordance with the level 2-method (see note 3.3).
Geschäftsbericht 2014 | Seite 100
26 trade payables
All trade payables in 2014 and 2013 are payables to 3rd parties.
27 other payables
other non-current liabilities (keUr 1,544) fully refer to liabilities to related parties.
Current other payables include as follows:
in kEUR 31/12/2014 31/12/2013
VAT payables 1,454 2,194
Accrued bonuses 899 654
Payables to employees 879 1,109
Payables income tax 685 2,379
Payables social securities 581 806
Current Payables to related parties 479 26
Other payables 970 1,587
Total other payables 5,947 8,755
other payables to related parties (non-current and current) include keUr 1,930 with regard to the purchase price of trademark rights from Megatech industries s.L., spain. this amount will be paid in thenextfiveyears.Seealsonote35.5.
Thefairvaluesofotherpayablestorelatedpartiesarebasedoncashflowsdiscountedusingaratebasedontheborrowingrateof3.75%(2013:3.75%).Thediscountrateequalstherefinancingrateofthe group with banks. the fair value of non-current other payables to related parties is keUr 1,488 (2013: keUr 0). the valuation of the fair value is in accordance with the level 2-method (see note 3.3). Current other payables fair values equal the carrying amount.
28 government grants
Some group companies obtained grants from public organisations for financing investments inproperty, plant and equipment. the group companies comply with all conditions set by the public organisations for the corresponding government grants.
Geschäftsbericht 2014 | Seite 101
in kEUR 2014 2013
At 1 January 1,379 1,434
Additions 238 234
Repayments 0 -36
Releases -278 -253
At 31 December 1,339 1,379
in kEUR 2014 2013
Government grants non-current 1,317 1,355
Government grants current 22 24
Total 1,339 1,379
29Non-currentemployeebenefits
29.1 severance payments
some group companies pay a severance donation in case of retirement after an uninterrupted period of service of 5 years to their employees.
in kEUR 2014 2013
Development of provisions
At 1 January 44 53
Current service costs 4 5
Curtailment -4 0
Interest costs 1 1
Actuarial losses/(gains) -4 -9
benefits paid -1 -2
Currency difference 0 -4
At 31 December 40 44
Total costs/(gains) included in employee benefit expenses 0 5
Total costs included in interest costs 1 1
Total costs/(gains) included in income statement 1 6
Total costs/(gains) included in other comprehensive income -4 -9
Geschäftsbericht 2014 | Seite 102
Thedevelopmentoftheprovisionsequalsthedevelopmentofthedefinedbenefitobligations.
Actuariallossesandgainsarisefromchangesinfinancialassumptions.
Thesensitivityofthedefinedbenefitobligationisasfollows:
in kEUR 2014 2013
increase in discount rate by 1.0% -4 -7
Decrease in discount rate by 1.0% 5 -7
increase in benefit levels by 0.5% 2 2
the above sensitivity analysis is based on a change in the assumption while holding all other assumptions constant.
29.2 Anniversary payments
some group companies pay an anniversary bonus after an uninterrupted period of service.
in kEUR 2014 2013
Development of provisions
At 1 January 390 415
Current service costs 12 13
Curtailment -13 0
Interest costs 4 4
Actuarial losses/(gains) -28 -19
benefits paid -12 -10
Currency difference -1 -13
At 31 December 352 390
Total costs/(gains) included in employee benefit expenses -29 -6
Total costs included in interest costs 4 4
Total costs/(gains) included in income statement -25 -2
Thedevelopmentoftheprovisionequalsthedevelopmentofthedefinedbenefitobligations.
Actuariallossesandgainsarisefromchangesinfinancialassumptions.
Geschäftsbericht 2014 | Seite 103
Thesensitivityofthedefinedbenefitobligationisasfollows:
in kEUR 2014 2013
increase in discount rate by 1.0% -34 -39
Decrease in discount rate by 1.0% 39 44
increase in salaries by 1.0% 37 42
Decrease in salaries by 1.0% -20 -23
increase in benefit levels by 0.5% 5 6
29.3Non-currentemployeebenefits(severanceandanniversarypayments)
Provisionsfornon-currentemployeebenefitsincludethefollowingactuarialassumptions:
2014 2013
Discount rate 2.0%-3.0% 3.5%
Salary increase 0.0%-2.0% 2.0%-2.75%
Retirement age 65 years 64-65 years
labour turnover rate 15%-24% 5%-20%
Assumptions regarding future mortality expectations are made based on actuarial advice in accordance with published statistics.
the expected maturity analysis for the next ten years of undiscounted severance and anniversary payments are as follows:
Seve
ranc
e pa
ymen
t
Ann
iver
sary
pa
ymen
ts
Tota
l
<1 year 3 6 9
1-2 years 3 10 13
2-5 years 11 94 105
5-10 years 16 238 254
Geschäftsbericht 2014 | Seite 104
30 Provisions
in kEUR
Envi
ronm
. re
stor
atio
n
Lega
l cla
-im
s
One
rous
Co
ntra
cts
Oth
ers
Tota
l
31 December 2012 515 260 861 639 2.275
Charged/(credited) to the income statement
- 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
Charged/(credited) to the income statement
- Additions 0 59 196 460 715
- unused amounts reversed 0 0 -254 -32 -286
used during year -42 0 -278 -1 -321
Change in scope of consolidation 0 -189 0 0 -189
Currency difference -4 4 -2 1 -1
31 December 2014 372 229 200 579 1,380
in kEUR
Envi
ronm
. re
stor
atio
n
Lega
l cla
-im
s
One
rous
Co
ntra
cts
Oth
ers
Tota
l
31 December 2013
non-current provisions 363 355 437 91 1,246
Current provisions 55 0 101 60 216
Total Provisions 418 355 538 151 1,462
Geschäftsbericht 2014 | Seite 105
in kEUR
Envi
ronm
. re
stor
atio
n
Lega
l cla
-im
s
One
rous
Co
ntra
cts
Oth
ers
Tota
l
31 December 2014
non-current provisions 318 229 133 64 744
Current provisions 54 0 67 515 636
Total Provisions 372 229 200 579 1,380
30.1 environmental restoration
the buildings of one group company are located in an area where the soil is historically contaminated (due to production which took place in former times). A corresponding provision for future costs to restore the area is recognised based on an expert opinion.
30.2 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, having taken appropriate legal advice, the outcomeoftheselegalclaimswillnotgiverisetoanysignificantlossbeyondtheamountprovidedfor at 31 December 2014.
30.3 onerous contracts
With regard to 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.
30.4 other provisions
other provisions added in 2014 mainly refer to the disposal of Megatech brasil Componentes Automotivos Ltda., brazil. see note 35.2
31 Contingent liabilities
At the balance sheet date, the group had no contingent liabilities as in the previous year.
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32 Commitments
32.1 Capital commitments
Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows:
in kEUR 2014 2013
Property, plant and equipment 770 0
Intangible assets 0 0
Total 770 0
32.2 operating lease commitments
the group also leases various machinery and cars under cancellable operating lease agreements. the group is required to give a three- to six-months notice for the termination of these agreements. the lease expenditure charged to the income statement during the year amounted to keUr 117 (2013: keUr 147).
the future aggregate minimum lease payments for non-cancellable operating lease are as follows:
in kEUR 2014 2013
<1 year 0 68
1 - 5 years 0 80
> 5 years 0 0
the non-cancellable operating lease from 2013 referred to a contract that was terminated in agreement with the lessor in 2014.
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33Cashflowandnon-cashtransactions
33.1 bank loans and bank overdrafts
RepaymentofbankloansincludeskEUR-15,269cashoutflowfortherefinancingofloansvis-à-visbAWAg Psk Ag.
ProceedsfromnewloansincludekEUR19,200cashinflowfromČeskáSpořitelna,a.s.referringtotherefinancingofBAWAGPSKAGloans.
BankoverdraftsandrecoursefactoringincludeskEUR-8,741cashoutflowfortherefinancingofbankoverdraftsvis-à-visBAWAGPSKAG.
ProceedfromnewloansincludekEUR5,283cashinflowfromČeskáSpořitelna,a.s.forashort-termloan, thereof keUr 4,473 have already been repaid and are included in repayment of bank loans.
33.2 non-cash transactions
in 2014 keUr 1,610 was offset between Megatech group and Megatech industries s.L., spain. this transaction reduced the non-current and current receivables from related parties and also the non-current and current payables to related parties.
in 2013 no material non-cash transactions were carried out.
34 business combinations and changes in scope of consolidation
no business combination took place in 2013 and 2014.
After the management’s decision to exit the south American market in 2014, Megatech brasil Componentes Automotivos Ltda., brazil, was sold and deconsolidated as at 31 December 2014. the impact from deconsolidation is included in the result from discontinued operations. see also note 15.
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35 related-party transactions
the group is controlled by Megatech industries s.L. (incorporated in spain) that owns 99.3% of the company’s registered capital. on 31 December 2014 the ultimate parent was eib BeteiligungsgesellschaftmbH,Vienna.Infirstquarter2015theultimateparentchangedtoMegatechindustries Aktiengesellschaft, Vaduz, Liechtenstein. the group’s ultimate controlling party was and is Mr. Maximilian gessler.
35.1 Purchase of trademark rights
As at 1 January 2014 Megatech industries Ag, Austria, purchased trademark rights mainly for the european Union from Megatech industries s.L., spain. the rights transferred refer to the registered trademarks MEGATECH INDUSTRIES (CtM word trademark) and MEGATECH (CTM figurativetrademark).
Valuation was done by an external auditor. According to the valuators sensitivity analysis, the value range is between keUr 2,655 and keUr 4,425. the purchase price was set at keUr 3,540, of which keUr 1.610 was offset against receivables from Megatech industries s.L., spain, in 2014, the rest will bepaidinfiveinstalmentsbetween2015and2019.Liabilitiesarechargedwithinterestonanarm’slength basis.
35.2 sale of Megatech brasil Componentes Automotivos Ltda.
As at 31 December 2014, the shares in Megatech brasil Componentes Automotivos Ltda., brazil, held by Megatech industries Ag, Austria, were sold to Megatech industries Aktiengesellschaft, Vaduz, Liechtenstein. As the group lost control this entity was deconsolidated.
the sales price of the shares in Megatech brasil Componentes Automotivos Ltda., brazil, is eUr 1.00. Megatech industries Ag, Austria, takes over the costs for the restructuring of the sold company in amount of keUr 200. the group included a provision in same amount. if Megatech industries Aktiengesellschaft, Vaduz, Liechtenstein, will gain any positive cash impacts from Megatech brasil Componentes Automotivos Ltda., the buyer is obliged to pay 25% out of this impact to Megatech industries Ag, Austria, in an amount of up to keUr 500.
Megatech industries Ag, Vienna, guaranteed for a customer loan to Megatech brasil Componentes Automotivos Ltda., brazil, in amount of kbrL 1.000 in April 2014. in January 2015 Megatech brasil Componentes Automotivos Ltda., brazil, started with the repayment of the loan.
see note 15 for the information on the impact on the consolidated income statement from the deconsolidation of Megatech brasil Componentes Automotivos Ltda.; brazil.
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35.3 services to / from related parties
All transactions were made on an arm’s length basis.
in kEUR 2014 2013
With controlling parties
Sale of consulting services 8 27
Purchase of consulting services 0 -66
Recharging of other costs -21 -13
Interest income charged 306 259
Interest costs charged -72 0
With other related parties
Purchase of consulting services 36 29
35.4 receivables from related parties
Loans to related parties are charged with variable interest rates depending on the development of the eUribor 3M.
receivables from Megatech brasil Componentes Automotivos Ltda., brazil, of in total keUr 950 include a provision for bad debts. in 2013, this company was included in scope of consolidation and was deconsolidated in 2014.
in kEUR 2014 2013
Loans at 1 January 13,552 12,962
loans advanced during year 0 331
Change in scope of consolidation 887 0
loans repaid/compensated with payables -1,672 0
Interest charged 306 259
Loans at 31 December 13,073 13,552
Trade and other receivables against related parties 94 40
Total receivables against related parties 13,167 13,592
Provision for bad debt -950 0
Carrying amount receivables against related parties 12,217 13,592
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35.5 Payables to related parties
As at 31 December 2014, Megatech group has outstanding payables of keUr 2,023 (2013: keUr 26) to related parties, of which keUr 1,930 (2013: keUr 0) refer to the purchase of trademark rights from MegatechIndustriesS.L.,Spain.Thesepayableswillbepaidinfiveequalinstalmentsoverthenext5years. Payables with regard to the purchase price of trademark rights are charged with interest on an arm’s length basis based on the eUribor 3M.
remaining payables refer to interest charged on open purchase price and recharged costs.
35.6 key management compensation
key management includes members of the executive board and the supervisory board. the compensation paid to key management for employee services is shown below:
in kEUR 2014 2013
Salaries and other short term benefits paid 586 689
Bonus paid 209 0
thereof bonus accrued in prior years -209 0
Bonus accrued in current year 550 209
Termination of employment (paid) 0 259
Total 1,136 1,157
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36 events after the reporting date
Infirstquarter2015theultimateparentchangedfromEIBBeteiligungsgesellschaftmbHtoMegatechindustries Aktiengesellschaft Vaduz, Liechtenstein. the ultimate controlling party of both companies is Mr. Maximilian gessler.
Vienna, 10 April 2015
Managing Directors
Dipl.-kfm. rainer Dieck Dr. Maximilian gessler Dipl. ing. gerhard Pesout
Work
Geschäftsbericht 2014 | Seite 112
ing for the best
Mehr als 1.350 Mitarbeiter in 7 Standorten garantieren
den hohen Produktionsstandard bei MEGATECH.
Geschäftsbericht 2014 | Seite 114
1 Economic conditions
In fiscal year 2014, global economic growthincreased slightly to 2.7% (2013: 2.6%). the economic situation in many industrialised nations improved despite the continued presence of structural obstacles. Inflation remainedmoderate despite the expansionary monetary policies of many central banks. economic growth in a number of emerging economies was held incheckbycurrencyfluctuationsandstructuraldeficits. In addition, the falling oil price hada negative impact on the economy in the oil producing countries. global new passenger car registration increased by 4.5% to 73.4 million vehicles in 2014, exceeding the previous year’s record level. the primary growth drivers were theAsia-Pacificregion,NorthAmerica,Westerneurope and Central europe. in contrast, the overall markets for passenger cars in eastern europe and south America remained clearly below the prior-year level.
in Western europe, the gDP recovered compared with the previous year, growing 1.2% after 0.0%. Most northern european countries returned to a moderate growth path, while there were signs that the recession is coming to an end in most of the crisis-hit southern european countries. the unemployment rate in europe declined slightly to 12.1% (2013: 12.5%). however, unemployment in greece and spain was well above this average. the stabilisation of the passenger car markets in Western europe, which began in the second half of 2013, continued in the reporting period. the number of new registrations increased again for thefirsttimeafterfouryearsofdecline.However,at 12.1 million vehicles (+4.9%), market volumes were still down substantially on the level before the financial and economic crisis (2007: 14.9million vehicles). Whereas the french market almost stagnated (+0.5%), moderate growth was recorded in italy (+4.9%) compared with the low prior-year volume. in spain, the continuation of the government purchase incentive programme
accelerated the recovery process (+18.3%). sustained high demand from private customers led to a market growth of 9.3% in the United kingdom.
in Central and eastern europe, gDP growth decreased to an average of 1.6% (2013: 2.2%). the economic trend in Central europe remained positive. in contrast, economic growth in eastern europe contracted sharply, largely due to the conflict between Russia and Ukraine and theresulting uncertainty. the demand for passenger cars decreased by 6.7% to 3.6 million vehicles. this was mainly attributable to the sharp decline in unit sales in the russian market, which accounts for around two thirds of the region’s total sales, due to the political crisis. even the government scrapping programme - introduced in russia on 1 september, 2014 - with the aim of promoting the purchase of locally produced new vehicles was unable to stop demand slumping by 10.0% to 2.3 million. in contrast, at 0.9 million passenger cars, eU markets in Central europe postedasignificantgrowthof14.8%
brazil was skirting recession during the reporting period; after a 2.5% increase in the previous year, no growth was recorded. the number of new car registrations fell by 9.4% to 2.5 million units. Due to the weak economic environment, higher interestratesandreducedconsumerconfidence,market volumes in brazil were also at the lowest levelforthepastfiveyears.Brazil’sownvehicleexports slumped by 40.9% to 335 thousand units due to the weakness of the Argentinian market (-28.8% compared to 2013), among other factors. Although the gDP is expected to recover slightly in 2015, the automotive market is estimated for further reductions and the market volume will againdecreasesignificantly.
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1 Economic conditions 2 Development of the Megatech Group
2.1 highlights
2.2 revenue and result
SuccessfulrefinancingofBAWAGPSKAGloans, with keUr 2,281 impact in other financialresultandsignificantreductionofannualcashoutflowsduringnextyears
ebitDA before non-recurring items increased by 35.8%
operating result (ebit) increased from keUr 909 to keUr 4,552
Positive net result after three years with losses
research and Development team in spain moved to Automotive intelligence Center (AiC) in boroa, spain
opening of new production hall (“hall 100”) in hlinsko, Czech republic
successful closing of plant in Liberec, Czech republic
start of production of Audi tt and tt roadster
high order intakes from current customers as well as from new customers (opel, Porsche, bentley, Volkswagen nutzfahrzeuge) for all production facilities
Downturn in brazilian automotive market also hit Megatech brasil and led to disposal of brazilian entity at the end of 2014
in kEUR 2014 2013
Revenue 124,451 131,516
EbiTDA before non-recurring items 10,528 7,754
Operating result (EBIT) 4,552 909
Interest result -1,647 -1,698
other financial result 2,036 -928
result before tax continued operations 4,941 -1,717
Profit (loss) for the year 2,021 -1,918
While the sale of parts remained nearly unchanged in 2014 - keUr 109,080 after keUr 109,685 in 2013 – sale of tools decreased from keUr 13,903 in 2013 to keUr 6,942 in 2014. such fluctuations are normal in our tools businessas the sale of tools is highly dependent on the start of the production of new products. other revenue (mainly sales to sub-contractors) is quite stable.
ongoing improvements in production and purchases allowed for a reduction of rate of the raw materials and consumables used by 3.1 percentage points. in total, raw materials and consumables used fell by 9.5% to keUr 83,198. Total employeebenefitexpenseswere reducedby 3.4% to keUr 26,004.
As a result, ebitDA before non-recurring items again increased by 35.8% to keUr 10,528 after an increase of 142.3% in 2013.
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2.3 financial position
2.3.1 repayment of bank loans
Costs for non-recurring items for restructuring accounted for keUr -753 and mainly refer to the long-planned closing of the the plant in Liberec, Czech republic, and further restructuring in Amurrio, spain.
After turning the operating result (ebit) into positive in 2013, ebit increased by 400% to keUr 4,552 in 2014.
Interestresultin2014didnotchangesignificantlycompared to 2013. the positive impact of the refinancingofBAWAGPSKAGloansinQ32014,that led to lower interest payments in the Czech entities, are offset by higher loan level in spain andbyhigherinterestcostsforfinanceleaseinthe Czech entities due to new investments for upcoming projects.
Theotherfinancialresult2014includesthekEUR2,281impactfromtherefinancingofbankloansand keUr -245 from fX losses in eUr/CZk. in 2013, impact from eUr/CZk fX losses was keUr -1,899. 2013 also includes the impact from waiver of50%oftheliabilitiesfrominflationrateswaps(kEUR1,528)andlossesfrominflationrateswaps(keUr -571).
the result from discontinued operations includes the net result after taxes for the brazilian entity (keUr -1,651) and the result from deconsolidation (keUr -762).
After three years with a negative net result, Megatech group was able to turn the net result 2014 into positive and reached keUr 2,021.
in July 2014, the management of Megatech group signed an agreement with Česká Spořitelna,a.s. fortherefinancingofthetotalBAWAGPSKAG loan volume. One part of this refinancingagreement was that Megatech group pays the open instalment of December 2013 to bAWAg Psk Ag. bAWAg Psk Ag waived part of the outstanding 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 had a
significant deleveraging in the Czech entitiesfrom keUr 24,200 to keUr 19,200. Megatech industries Ag acts as guarantor of these loans.Together with the new refinancing terms andconditions, the financial position of Megatechgroup in the Czech republic – and, therefore, alsointhegroup–issignificantlystrengthenedby substantially lower annual instalments and interest payments for the loans which were refinanced.
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2.3.2 net debt and gearing
2.3.3 Working capital
An agreement to waive outstanding loans in the amount of keUr 2,627 together with the high redemption to be paid for bank loans and overdrafts,partlyoffsetbynewloansandfinancelease liabilities, led to a reduction of financialliabilities by 21.2% in 2014. As cash and cash equivalents also reduced significantly, total net
debt fell by 9.5% in 2014 after a reduction of 14.6% in 2013.
because of the decrease in net debt and increasing equity due to the positive net result, gearing again reduced by 10.4 percentage points after -7.8 percentage points in 2013.
ongoing focus on improvement of working capital structure enabled further reduction of working capital. Working capital, excluding the brazilian entity, in 2013 was keUr 3,385. the
reduction to keUr -572 mainly refers to the material reduction of trade receivables, partly by using non-recourse factoring but also by improving the management of trade receivables.
in kEUR 2014 2013
non-current financial liabilities 13,683 4,449
Current financial liabilities 12,343 28,577
26,026 33,026
Cash and cash equivalents -1,881 -6,335
Net debt 24,145 26,691
Total equity 39,840 37,614
Gearing (net debt / total equity) 60,6% 71,0%
in kEUR 2014 2013
inventories 10,757 11,368
trade receivables 10,723 20,638
other receivables 4,783 4,923
trade payables -20,888 -26,390
other payables -5,947 -8,755
Working capital -572 1,784
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2.3.4Cashflow
2.4 Discontinued operations
in kEUR 2014 2013
Cash flow from operating activities 10,557 10,563
Cash flow from investing activities -7,661 -2,142
Cash flow from financing activities -7,199 -4,113
Total cash flow -4,303 4,308
Cashflowfromoperatingactivitiesincludesthepositive impact from the working capital keUr of 3,284 (2013: keUr 4,696). the stable high positive cash flow from operating activities allows fornecessary investments in property, plant and equipment, tools and development costs for new projects starting in 2015-2017.
The cash flow from investing activities includesmore than keUr 4,000 for capitalised development costs for projects starting in 2015-2017 and keUr 900 payment to discontinued operations. While
the2013cashflowfrominvestingactivitieswashighly influenced from disposal of property,plant and equipment (keUr 3,275), in 2014 no material cash in was reported for the disposal of property, plant and equipment.
Thenegativecashflowfromfinancingactivitiesmainly refers to the repayment of bank loans and overdrafts regarding the refinancing ofbAWAg Psk Ag loans (keUr -4,810) and interest paymentsforlong-termfinancing.
because of the distressed market situation in brazil, with a drop down of the whole automotive industry by around 40% compared to prior year, the management of the group decided to sell the brazilian entity and to exit the brazilian market at least for the next few years.
As at 31 December 2014, the shares in Mega-tech brasil Componentes Automotivos Ltda., brazil, were sold to Megatech industries Aktien-gesellschaft, Vaduz, Liechtenstein. As Megatech
group lost control over the brazilian entity, the entity was deconsolidated.
in accordance with ifrs 5, the impact from the brazilian entity shown in the consolidated income statement and the consolidated cash flow statement is reclassified and reported asresult from discontinued operations.
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An analysis of the result of discontinued operations and the result from deconsolidation of the entity is as follows:
in kEUR 2014 2013
Revenue 7,409 12,121
Expenses -9,965 -12,723
Result before tax from discontinued operations -2,556 -602
Taxes on income from discontinued operations 905 224
Result after tax from discontinued operations -1,651 -378
Result from deconsolidation -762 0
Total result from discontinued operations -2,413 -378
3 Research and development
r&D activities and innovation are the major drivers of productivity and growth. in this technological area, innovation is the key for Megatech to keep its competitiveness. After one of the longest and deepest economic crises in the contemporary history, the promotion of research and innovation has become crucial. through its research lines, Megatech has the objective to incorporate new innovative technologies in processes and products.
During the year 2014, Megatech focused its research efforts on lightweight material, through the study of thermoplastic composites and physical foaming technology. on the basis of the very promising results obtained in 2014 in the weight-saving thematic, Megatech decided to proceed in this research line for the year 2015. these new developments will allow offering value-added products complying with the requirements of the future CAfe 2020 standard, hence implying a direct increase in Megatech’s market share.
the 2014 thermoplastic composites project not only brought Megatech a thorough knowledge of the processing of such materials in order to obtainanaestheticalfinish,butalsoaclueabouttheir big potential for structural parts and some specificapplications.
As for the study of the physical foaming technology, Megatech is now able to propose its customers foamed products, coated or not. first customer presentations attract great interest for the new products, also from new potential customers.
in 2015, in addition to further developments in lightweight materials and thermoplastic composites the focus of research and development will be on the development of natural fiber composite materials obtainedthrough thermoforming and over-injection, lightweight materials based on hollow glass spheres, and scratchproof injected parts with perfect aesthetics.
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4 Sustainability, health, environment
5 Risk report
5.1 Liquidity risk
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 state-of-the art processes to protect the environment. A systematic risk analysis of processes is an
integral task of the executive board. Continuous internal audits and external audits performed by authoritiesandcustomersconfirmtheexcellentresults of these processes.
At the end of 2014, 1,104 employees worked for Megatech group (2013: 1,227).
the group’s activities expose it to a variety of financial risks: market risk (including foreignexchange price risk, currency risk, fair value interestraterisk,cashflowinterestrateriskandprice risk), credit risk and liquidity risk. the group’s overall risk management programme focuses
ontheunpredictabilityoffinancialmarketsandseeks to minimise potential adverse effects on the group’s financial performance. The groupuses derivative financial instruments to hedgecertain risk exposures. risk management is carried out centrally by the group management.
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 borrowingfacilities and other credit lines as appropriate.forecast liquidity represents the group’s expected cash inflows, principally generatedfrom 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 onthe expected ageing profiles of the underlyingassetsandliabilities.Currentfinancialassetsand
financial liabilities are represented primarily bythe group’s trade receivables and trade payables, respectively.Thematchingofthecashflowsthatresult 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 cash outflows may be longer-term in nature.Thegroupdoesnot holdnon-current financialassets to match against these commitments, but has invested significantly in non-current non-financial assetswhich generate the sustainablefuture cash inflows, net of future capitalexpenditure requirements, needed to service andrepaythegroup’sfinancialliabilities.
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5.2 Credit risk
5.3 Commodity price risk
5.4 foreign exchange risk
5.5 interest rate risk
Thegroup’screditriskismainlyconfinedtotherisk of customers defaulting on sales invoices raised. Any credit risk arising from cash deposits and derivative financial instruments is deemedto be insignificant on the basis that nearly allrelevant 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 customers before standard payment and delivery terms and conditions are offered. Main customers of the group are the big automotive producers with regard to which credit risk is considered low.
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.Pricefluctuationscanpartlybepassed
on to customers, depending on the contractual relationship.
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 transactionsandfinancinginforeigncurrencies.Management has set up a policy to require group companies to manage their foreign exchange risk against their functional 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.
Bytheendof2014,thegroup’sfinancialliabilitieswere mainly denominated in euro.
the group’s interest rate risk arises from non-current financial liabilities. Financial liabilitiesissued at variable rates expose the group to cash
flowinterestrateriskwhichispartiallyoffsetbycash held at variable rates.
4 Sustainability, health, environment
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6 Financial instruments
7 Branch offices
8 Expected development
8.1 short- and medium-term
if required, the Megatech group uses interest rate swaps to hedge against negative developments
in interest rates. At the end of 2014, no interest rate swaps are used.
Thegroupdoesnothaveanybranchoffices.
our forecasts are based on current estimates by third-party institutions and our major customers. the global economy is assumed to grow slightly faster in 2015 than in the reporting period. it is expected that the emerging economies of Asia will record the highest growth rates. the major industrialised nations are expected to see signs of recovery in the economies, though the rates of expansion will remain moderate.
in Western europe, the economic recovery is expected to continue in 2015. however, the upturn remains contingent on structural problems being resolved. the situation of the economies in Central and eastern europe should remain stable, depending on how the conflictbetween russia and Ukraine evolves.
the situation of Megatech group is continuing to improve. After operational turnaround in 2013 therefinancingofmajorbankloansin2014givesmore leeway.
Caused by the high order intake in the second half 2013 and the year 2014, focus will be on non-event launches of numerous projects:
first half of 2015 Audi Q7, seat Leon, seat ibiza, VW t6 second half of 2015 bentley sUV, Citroën berlingo first half of 2016 Audi Q1, Peugeot 3008 and 5008, Porsche boxster and Cayman, seat tribu second half of 2016 bMW 5 series, Citroën C3 Picasso and Jumpy, Mini Cooper, opel Meriva, Peugeot expert, skoda snowman and Yeti
this high number of contemporaneous projects demands for excellent project management but also for a good financial situation to be ableto pre-finance development costs and toolsarising before soP and also new buildings and machinery needed for higher output.the smallest production plant in Marinha grande, Portugalisplannedtobesignificantlyextendedin 2015 so turnover will be more than doubled in 2016.
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starting in 2015, Megatech group plans to set up a third production site in the Czech republic in brno to be able to provide higher outputs with short ways of transportation to main customers in Central europe. this production site will be a custom-built solution, provided by the highly
reputable project developer CtP. Megatech will rent the new facility (incl. special fit-outs). Softopening is planned for the end of March 2016, full production start is planned for the beginning of July 2016.
After three years of restructuring (2012-2013 operational restructuring with operational turnaround 2013; 2014 refinancing of majorbank loans and exit of the brazilian market and a positive net result after three years with losses), Megatech group is fully back as very reliable partner for customers, suppliers and banks. high order intakes since second half of 2013 and improvingfinancingoffersarebestevidenceforthe good development in recent history.
Megatech group thus is prepared to strengthen its position as tier-1 supplier without neglecting tier-2 and non-automotive business. research and development are prepared to implement new technologies very fast. As fast-follower Megatech group is able to offer best products for best prices and to participate in market trends very early.
As some of the main customers intend to have global supplier structures, Megatech will follow
its customers and will grow to a global player step by step. the basis for globalisation will be a strong and sustainable relationship with these customers. During the next one to two years, interesting countries and markets for expansion will be evaluated. focus will be on the takeover of existing companies instead of greenfieldinvestments.
Megatech continues and will increase the focus on being a solution provider for its customers. this means that wherever and whenever possible, Megatech will solve customer problems (e.g. to take business from struggled suppliers).
to be able to reach long-term targets, the board is aware of the necessity to reach investment grade rating. further improvements in daily business thus are necessary and already planned or have already been started.
Inthefirstmonthsof2015,allentitiesreportatleastequalfinancialresultscomparedtothefirstmonthsof2014.Someofthemaresignificantlybetter than last year, so the consolidated results
of Megatech group are better than during the firstmonthsof2014,andMegatechGroupkeepson improving.
6 Financial instruments
7 Branch offices8.2 Long term expectations
8.3Actualfiguresfirstmonths2015
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In first quarter 2015 the ultimate parentchanged from eib beteiligungsgesellschaft mbh to Megatech industries Aktiengesellschaft
fürstentum Liechtenstein, Liechtenstein. the ultimate controlling party of both companies is Mr. Maximilian gessler.
9 Subsequent events
Vienna, 10 April 2015
Managing Directors
Dipl.-kfm. rainer Dieck Dr. Maximilian gessler Dipl. ing. gerhard Pesout
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 thedevelopmentofourbusiness.Thesameappliesintheeventofasignificantshiftincurrentexchangerates,mainlyCzech 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.
Auditor's Report
report on the Consolidated financial statements
Wehave audited the accompanying consolidated financial statements ofMegatech IndustriesAG, Vienna,whichcomprise the consolidated balance sheet as of 31 December 2014 and the consolidated income statement, the consolidatedstatementofcomprehensiveincome,ofchangesinequityandofcashflowsfortheyearthenended,andthenotestotheconsolidatedfinancialstatements.AsprovidedunderSection275(2)UGB(liabilityprovisionregardingtheauditoffinancial statementsofsmallandmedium-sizedcompanies),our responsibilityand liabilitytowards the Company 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
TheCompany’smanagementisresponsibleforthepreparationandfairpresentationoftheseconsolidatedfinancialstatements in accordance with international financial reporting standards as adopted by the eU, and for such internal controlasmanagementdeterminesisnecessarytoenablethepreparationofconsolidatedfinancialstatementsthatare 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. Weconducted 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 toobtain reasonableassuranceaboutwhether theconsolidatedfinancial statementsare free frommaterialmisstatement.
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 theassessmentoftherisksofmaterialmisstatementoftheconsolidatedfinancialstatements,whetherduetofraudorerror. in making those risk assessments, the auditor considers internal control relevant to the group’s preparation and fairpresentationoftheconsolidatedfinancialstatementsinordertodesignauditproceduresthatareappropriatein 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 financialstatements.
Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.
opinion
Inouropinion,theconsolidatedfinancialstatementspresentfairly,inallmaterialrespects,thefinancialpositionofMegatechIndustriesAGasof31December2014,andofitsfinancialperformanceanditscashflowsfortheyearthenended in accordance with international financial reporting standards as adopted by the eU.
Vienna, 10 April 2015
PwC Wirtschaftsprüfung gmbhsigned:
Christian neuherzAustrianCertifiedPublicAccountant
signed:
p.p. bettina Maria szaurerAustrianCertifiedPublicAccountant
Disclosure, publication and duplication of the Consolidated financial statements together with the auditor’s report in a form differing from the version audited by us is not permitted. reference to our audit may not be made without prior written permission from us.
Geschäftsbericht 2014 | Seite 125
Geschäftsbericht 2014 | Seite 126
Impressum
Medieninhaber (Verleger):MegAteCh industries Agtaubstummengasse 13/91040 WienÖsterreich
tel.: +43 1 236 70 38 [email protected]
Konzept und Realisierung:Purtscher relations Pr gmbh, www.purtscherrelations.atgerersdorferDesignChefredakteur/Konzeption:rudolph Lobmeyr, Carola Purtscher, Dina gerersdorferArtdirektion und Grafik:Dina gerersdorfer, Martha PloderFotos:kathi bruder (Vorstand)Miriam höhne (Produkte)Audi AgMegAteCh industries AgLitho:bernsteiner Media gmbhDruck:feinschliff gmbh
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