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POLYTEC 2012 Notes
Information concerning capital management
The POLYTEC Holding AG is not subject to any statutory minimum
capital requirements. However, the group considers a
sufficient equity capital stock as an important element of the
insolvency reserve. The relation between the equity capital and
the total capital can be summarized as follows:
TEUr Dec. 31, 2012 Dec. 31, 2011
Total equity 133,622 120,330
Balance sheet total 259,764 268,310
Equity ratio 51.4% 44.8%
The Board of Directors of POLYTEC Holding AG will propose
payment of a dividend of EUR 0.35 per share for the 2012
financial year to the Annual General Meeting.
In principle, the dividends are subject to the deduction of capital
gains tax at 25%. This means that for individuals with unlimited
liability for tax, their income tax liability is settled (final taxation).
Joint stock companies with unlimited liability for tax,
which hold at least 10% of the share capital, are exempt from
capital gains tax. For those individuals whose liability for tax is
limited, the relevant double taxation treaties must also be taken
into account.
For POLYTEC, the term “Capital Management” means the control
of the equity capital and the net financial liabilities. By optimizing
both components, the Group tries to optimize the return
for the shareholders. Apart from the equity ratio, POLYTEC
especially uses the parameters “Gearing” (net financial liabilities
against equity capital) and “Leverage Ratio” (net financial liabilities
against EBITDA) for the assessment of its debt capacity. The
entire costs of the used capital and the risks related to the different
types of capital are monitored on a permanent basis.
21. EarninGS per share
According to IAS 33 (Earnings per Share) the “basic earnings
per share” result from the division of the net income allocated
to the shareholders (annual net profit of the group after noncontrolling
interests) by the weighted average of outstanding
ordinary shares during the reporting period.
2012 2011
Net income after
non-controlling interests TEUR 21,689 34,490
Weighted average number
of ordinary shares issued shares 22,329,585 22,329,585
Average number of
treasury shares shares 65,511 0
Average number of
shares outstanding shares 22,264,074 22,329,585
Earnings per share EUR/shares 0.97 1.54
The diluted earnings per share correspond to the non-diluted
earnings per share since no financial instruments with dilution
effect are circulating at the moment.
In accordance with the provisions of the Austrian Stock
Corporation Act, the separate financial statements of POLYTEC
Holding AG prepared in accordance with Austrian accounting
regulations as of December 31, 2012 provide the basis for payment
of a dividend.
22. Interest-bearing lIABIlities
This position includes all interest-bearing liabilities with a remaining
term of more than one year and can be structured as follows:
TEUr Dec. 31, 2012 Dec. 31, 2011
Liabilities due to banks 8,891 14,365
thereof with a residual term > 5 years 179 0
thereof with collateral securities 8,891 14,365
Other interest-bearing liabilities 181 190
thereof with a residual term > 5 years 0 0
Lease liabilities 3,383 3,698
thereof with a residual term > 5 years 0 0
Total 12,454 18,253
The expiring long-term and short-term interest-bearing liabilities
of the group towards credit institutes are existent in the following
currencies:
2012 2011
Average
Average
proportion ordinary proportion ordinary
% interest % interest
EUR 96.0 1.91 94.3 2.61
GBP 4.0 2.16 5.7 2.69
23. oBlIGAtions due to employees
This position summarizes all long-term provisions for
obligations due to employees:
TEUr Dec. 31, 2012 Dec. 31, 2011
Provisions for severance payments 2,549 2,417
Provisions for pensions 14,209 13,788
Provisions for long-service
bonus payments 1,302 1,170
Other long-term provisions 327 290
Total 18,387 17,665
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