Annual Report 2010 - Frauenthal Holding AG

142 Annual Report 2010
Consolidated Financial Statements Frauenthal Holding Group 2010
[45] Related party disclosures
FT-Holding GmbH, Chemnitz continued to hold a 72.9 % interest in Frauenthal Holding AG. Hannes Winkler and Ernst
Lemberger each own 50 % of FT-Holding GmbH. Frauenthal Vermögensverwaltung GmbH (FVV), Vienna (formerly Ventana
Beteiligungsgesellschaft m.b.H., Vienna) draws up the consolidated financial statements for the largest group of companies
to which the Frauenthal Group belongs.
Related party transactions between Frauenthal Group companies and entities controlled by Hannes Winkler and Ernst Lemberger,
involving rental and other services, amounted to EUR 3,425,000 in 2010 (2009: EUR 3,355,000).
With effect from 30 June 2010, the entire holding of FVV in Validus Immobilien Holding GmbH was transferred to a company
wholly owned by Hannes Winkler, by way of a demerger. Validus Immobilien Holding GmbH and all of its subsidiaries are
thus controlled by Hannes Winkler.
Validus Immobilien Holding GmbH charged EUR 2,785,000 in rent (2009: EUR 2,550,000) for office, commercial and storage
space used by SHT Haustechnik AG, and the new premises at Rooseveltplatz 10, 1090 Vienna, where all the central
departments of Frauenthal Holding AG, as well as the top management of the Automotive Components Division are located.
Additional rentals, as compared to 2009, largely relate to the property developed for SHT Haustechnik AG in Innsbruck. The
rental cost is in line with normal market rates and was subjected to an arms-length comparison which was confirmed by an
independent valuation report.
The expenses in respect of services rendered by Hans-Peter Moser and Martin Sailer were again charged by FVV. They amounted
to EUR 632,000 (2009: EUR 656,000). This figure only includes Martin Sailer’s remuneration for three months, as his salary
has been paid directly by Frauenthal Holding AG since 25 March 2010.
Other costs amounting to EUR 29,000 (2009: EUR 158,000) were charged to Frauenthal Holding AG by FVV, Vienna, in
2010. These costs included rent for the first three and a half months of 2010, for office space at the previous location, at
Prinz-Eugen-Strasse 30, 1040 Vienna.
Frauenthal Group companies, for their part, charged FVV subsidiaries EUR 21,000 (2009: EUR 9,000) for IT and other services.
Dietmar Kubis, Deputy Chairman of the Supervisory Board, received a payment of EUR 4,000 (including expenses) for consultancy
services rendered to the Automotive Components Division.
[46] Events after the end of the reporting period
Frauenthal Automotive Components GmbH acquired a 24 % interest in Styria Arcuri S.A., Sibiu, Romania from a non-controlling
shareholder on 25 February 2011. The price was about EUR 1.1m. As a result of this transaction Styria Arcuri S.A. is now wholly
owned by Frauenthal Automotive GmbH.