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POLYTEC 2012 Notes
Notes to the Consolidated
Financial Statements
for the 2012 Financial Year of the POLYTEC Holding AG, Hörsching
(A) General information
The POLYTEC Group is a globally operating corporation focusing
on the automotive and plastics industry with its head office
in Austria. In the automotive industry, the group is working as
supplier of exterior and engine compartment components in
the high-volume market segment as well as a supplier of original
equipment and components for small and medium series.
Furthermore, the group produces PUR molded parts as well as
machines for their production for other industries.
The consolidated accounts for the financial year 2012 of the
POLYTEC Holding AG (hereinafter referred to as “Group” or
“POLYTEC GROUP”) were prepared in accordance with the guidelines
of the International Financial Reporting Standards (IFRS)
and their interpretations in line with the EU standard practice.
They also comply with the additional requirements of § 245a
Para. 1 of the Austrian Commercial Code (UGB).
The headquarters of the POLYTEC Holding AG is located
in Hörsching, Austria, and is listed in the “Landes- und
Handelsregister Linz” [Commercial Registry of the City of Linz]
under the number FN 197646 g.
All standards, which had to be mandatorily applied for the financial
years, were applied with regard to the preparation of the
present consolidated financial statements.
The International Accounting Standards Board (IASB) is currently
working on a wide range of important projects, their application,
however, will be mandatory for financial years commencing
on January 1, 2013. For the 2012 financial year, only amendments
to IFRS 1 (First-Time Adoption of International Financial
Reporting Standards: Severe Hyperinflation and Removal
of Fixed Dates for First-Time Adopters), IFRS 7 (Disclosures:
Transfer of Financial Assets) and IAS 12 (Deferred Tax: Recovery
of Underlying Assets) shall be taken into account.
The new or amended standards, which are applicable from
January 1, 2012, do not lead to any material changes in the
consolidated financial statements of the POLYTEC GROUP. As
a result, the accounting and valuation principles applied in the
2012 financial year remained unchanged compared with the consolidated
financial statements as of December 31, 2011.
Application of the following standards published by the IASB
is not yet mandatory and they have not been applied by the
POLYTEC GROUP to date either:
Applicable for the
first time for financial
Standard/
years commencing
interpretation title on or after:
IAS 1 (revised) Amendments to IAS 1: July 1, 2012
Presentation of the components
of other comprehensive income
IAS 19 (revised) Amendment to the accounting January 1, 2013
standard for employee benefits
IAS 27 Separate Financial Statements 1) January 1, 2013
(amended 2011)
IAS 28 Investments in Associates January 1, 2013
(amended 2011) and Joint Ventures 1)
IAS 32 (revised) Offsetting Financial Assets and January 1, 2014
Liabilities
IFRS 7 Disclosure - Offsetting January 1, 2013
(complements) Financial Assets and Liabilities 1)
IFRS 9 Financial Instruments (still January 1, 2015
not adopted by the EU)
IFRS 10 Consolidated Financial Statements 1) January 1, 2013
IFRS 11 Joint Arrangements 1) January 1, 2013
IFRS 12 Disclosure of Interest January 1, 2013
in Other Entities 1)
IFRS 13 Fair Value Measurement January 1, 2013
1)
Application of these standards will be mandatory within the EU starting from
January 1, 2014
This list represents the changes relevant for POLYTEC GROUP.
The resulting repercussions on future transactions are currently
being evaluated.
The revised IAS 19 standard envisages the abolition of the corridor
method, which had been hitherto applied by the POLYTEC
GROUP. The revised IAS 19 standard will be applied by the
POLYTEC GROUP starting from the 2013 business year.
The new IFRS 9 envisages far-reaching changes with regard to
the classification and evaluation of financial instruments, the
impairment of financial assets and the rules on hedge accounting.
Because of the ongoing revision of the standard, the impact
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