Annual Report 2010 - Frauenthal Holding AG

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138 Annual Report 2010 Consolidated Financial Statements Frauenthal Holding Group 2010 Most of the rest of the Group’s borrowing is at variable rates of interest. Of this, 12.4m (2009: EUR 15.5m) is long term and EUR 14.0m (2009: EUR 11m) is short term. The corporate treasury function keeps a close watch on interest rate trends and the related risk. If necessary, interest rate hedges can be employed. During the reporting period the average rate of interest on the Group’s interest bearing borrowings was 2.60 % (2009: 3.07 %). The Group subjects its interest rate risk to sensitivity analyses in accordance with IFRS 7. These reveal the effects of changes in market interest rates on interest payments, income and expense, other income statement items and equity. The interest rate sensitivity analyses are based on the following assumptions. Changes in the market interest rates of fixed-rate underlying financial instruments only affect the Group’s results when these instruments are remeasured to fair value. Fixed interest financial instruments measured at amortised cost are not exposed to interest rate risk. Changes in market interest rates affect net interest income from variable rate underlying financial instruments and are therefore included in the calculation of profit sensitivity. If the market interest rate of variable rate financial liabilities at the end of the reporting period had been 200 basis points higher/lower, then profit would have been approx. EUR 176,000 lower/higher. If the rate had been 500 basis points higher/ lower at the end of the reporting period, this would have led to a profit EUR 302,000 lower/higher than the actual result. Equity would have been EUR 302,000 lower/higher. A discount rate of 4.5 % is applied to the provisions for employee benefits. If the level of market interest rates had been 60 basis points higher at the end of the reporting period (5.1 % discount rate as in 2009), then equity would have been EUR 1.3m higher. Fair values The fair values of the derivative financial instruments held, and their measurement categories and carrying values are shown in the table below. The fair values of the underlying financial instruments are effectively identical to the carrying values due to the daily or short-term maturities.
Liabilities EUR ’000 non-current liabilities Consolidated Financial Statements Frauenthal Holding Group 2010 Carrying Fair Carrying Fair Assets EUR ’000 Measurement category value at 31 Dec. 2010 value at 31 Dec. 2010 value at 31 Dec. 2009 value at 31 Dec. 2009 Financial assets AFS 1,158 1,158 1,435 1,435 Financial assets in a hedging relationship n.a. 0 0 0 0 Currency futures transaction HFT 0 0 0 0 Trade receivables LAR 67,511 67,511 45,364 45,364 Other assets LAR 11,834 11,834 4,558 4,558 Cash and cash equivalents aggegrated by measurement categories n.a. 3,416 3,416 2,267 2,267 Available for sale AFS 1,158 1,435 Loans and receivables LAR 79,345 49,922 Held for trading HFT 0 0 Bond FLAC 70,000 69,685 70,000 66,500 Bank borrowings FLAC 12,369 12,369 11,069 11,069 Current liabilities Bond FLAC 1,375 1,375 1,375 1,375 Bank borrowings FLAC 14,043 14,043 16,386 16,386 Trade payables FLAC 49,775 49,775 37,053 37,053 Other liabilities FLAC 24,395 24,395 22,180 22,180 Currency futures transaction HFT 50 50 40 40 aggegrated by measurement categories Measurement category Carrying value at 31 Dec. 2010 Fair value at 31 Dec. 2010 Carrying value at 31 Dec. 2009 Financial liabilities measured at amortised cost FLAC 157,914 141,677 Held for trading HFT 50 40 EUR ’000 Net result in 2010 Fair value at 31 Dec. 2009 Net result in 2009 net results by measurement categories Available for sale AFS 0 0 Held for trading HFT -50 -40 Loans and receivables LAR -1,582 -1,845 Current and non-current liabilities FLAC -3,942 -4,689 The net results by measurement categories include the negative fair values of the dollar-denominated currency futures contracts and options held by the Industrial Honeycombs Division, which are shown under the “Held for trading” item. The “Loans and receivables” item relates to the impaired receivables. Details of the latter are given in Note 18. The “Current and non-current liabilities” concern interest expense in 2010. 139
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ANNUAL REPORT 2010 Strength through
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CONSOLIDATION AND SOLID EARNINGS PE
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JuMp in earningS at induStrial hone
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taSk Franz Haring, 47, testing and
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Senior leadership team (Slt) The se
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CORPORATE GOVERNANCE Corporate gove
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volume in the automotive Components
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in 2012, and we’re confident that
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produCt SHT now operates six logist
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CorPorate governanCe PoliCy Frauent
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Honeycombs Division). He is also a
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indePendenCe oF the SuPerviSory Boa
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Governance, and monitored by the au
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ut the market still has much ground
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key Share ratioS Investor Relations
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Strength through diverSitY
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in Toruń, Poland, from Necks Inves
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8 1 2 3 4 5 6 7 Linnemann-Schnetzer
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„in the frauenthal group, pioneer
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solid stabilisers, but up to 15kg l
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FaC has developed a new strategy -
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taSk Bernd Eichelberger, 49, Lothar
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SHT Haustechnik AG is Austria’s l
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positions. This is particularly cru
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operating revieW Operating Review 4
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Business performance All three divi
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taSk Monika Burian, 46, sorting fi
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evenue by geographical markets Prof
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2010 2009 aSSetS EUR ’000 EUR ’
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Shareholder value Operating Review
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produCt SHT Haustechnik AG has six
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eference entity. This indicator imp
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Market riSk Economic conditions in
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In 2010 the impairment review resul
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indicator system supports internal
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at all stages of the goods flow. Th
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Die HR development is crucial to th
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In the power station catalyst busin
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ConSolidated finanCial StateMentS C
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Note 9,27 16 18 19 16 Consolidated
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Note 19 19 19 7,19 19 19 13,20,22 2
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Statement of changes in equity tota
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ChangeS in Carrying valueS Carrying
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Page 89 and 90: Automotive Components Wholesale Plu
Page 91 and 92: new interpretations 1) Consolidated
Page 93 and 94: Consolidated Financial Statements F
Page 95 and 96: IFRIC 19 Extinguishing Financial Li
Page 99 and 100: The following companies are fully c
Page 121 and 122: [21] Short-term provisions Changes
Page 123 and 124: Liabilities at 31 Dec. 2009 in EUR
Page 125 and 126: Sundry other income Consolidated Fi
Page 129 and 130: Change in deferred tax Consolidated
Page 131 and 132: e. StateMent oF CaSh FloWS Consolid
Page 133 and 134: EUR ’000 Consolidated Financial S
Page 135 and 136: 2000 1800 1600 1400 1200 1000 800 6
Page 137: Consolidated Financial Statements F
Page 145 and 146: opinion on the group operating revi
Page 147 and 148: CoMpanY finanCial StateMentS
Page 149 and 150: taSk Kamel Navarro, 31, aligning pa
Page 151 and 152: income statement Company Financial
Page 153 and 154: gloSSarY
Page 155 and 156: p.a. Poa PoC PoFa Pln reg. no. roCe
Page 157 and 158: Frauenthal Liegenschaftsverwaltung
Page 159: impressum Financial calender 2011 1
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Annual Report 2010 - Frauenthal Holding AG

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