Annual Report 2010 - Frauenthal Holding AG

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144 Annual Report 2010 Consolidated Financial Statements Frauenthal Holding Group 2010 auditors’ report We have audited the consolidated annual financial statements of Frauenthal holding ag, vienna for the year ended 31 December 2010. These statements comprise the consolidated statement of financial position as at 31 December 2010, the consolidated income statement, the consolidated statement of comprehensive income, statement of cash flows and statement of changes in equity for the year then ended, and the notes to the accounts. responsibility of the Company’s legal representatives for the consolidated annual financial statements and the group’s accounting The Group’s legal representatives are responsible for the Group’s accounting and for the preparation of consolidated annual financial statements which, to the maximum extent possible, present a true and fair view of the Group’s assets, finances and earnings in accordance with the International Financial Reporting Standards (IFRSs) applicable in the EU and the regulations applicable in Austria. This responsibility includes: designing, implementing and maintaining an internal control system, to the extent that this is relevant to the preparation of consolidated annual financial statements and to the presentation of a true and fair view of the Group’s assets, finances and earnings, such that those statements are free from material misstatement whether due to fraud or error; selecting and applying appropriate accounting and measurement methods; and making estimates which are reasonable in the circumstances. auditors’ responsibilities, and description of the nature and scope of the statutory audit Our responsibility is to express an opinion on these consolidated annual financial statements based on our audit. We conducted our audit in accordance with Austrian statutory requirements and the International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). These principles require that we comply with the relevant codes of professional conduct, and plan and perform the audit so as to obtain reasonable assurance that the financial statements are free from material misstatement. An audit involves the performance of audit procedures to obtain evidence about the amounts and other disclosures in the consolidated annual financial statements. The selection of these procedures is at the due discretion of the auditors, taking into account their assessment of the risk of material misstatement due to fraud or error. In making this risk assessment, the auditors consider the internal control system, to the extent relevant to the preparation of the consolidated financial statements and the presentation of a true and fair view of the Group’s assets, finances and earnings, in order to arrive at audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes assessing the reasonableness of the accounting methods applied and of significant estimates made by the Company’s legal representatives, as well as evaluating the overall presentation of the consolidated annual financial statements. We believe that the audit evidence obtained is sufficient and appropriate to provide a sound basis for our audit opinion. opinion Our audit gave rise to no objections. Based on the results of our audit, in our opinion the consolidated financial statements to the maximum possible extent conform to the legal regulations, and present a true and fair view of the Group’s assets and finances as at 31 December 2010, as well as its earnings and cash flows for the year then ended, in accordance with the International Financial Reporting Standards (IFRS) applicable in the EU and the regulations applicable in Austria.
opinion on the group operating review The legal regulations require us to audit the Group operating review to determine whether it is consistent with the consolidated annual financial statements and whether the other disclosures made in the operating review do not present a false view of the Group’s position. The auditor’s report must also contain a statement as to whether the Group operating review is consistent with the consolidated financial statements and whether the disclosures made in accordance with section 243a UGB (Austrian Commercial Code) are correct. In our opinion the operating review is consistent with the consolidated financial statements. The disclosures under section 243a UGB are correct. Vienna, 15 March 2011 BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft m.p. Andreas Thürridl Auditor m.p. Berndt Zinnöcker Auditor Consolidated Financial Statements Frauenthal Holding Group 2010 The published auditor’s certificate relates to the complete consolidated annual financial statements and operating review, and not to the information extracted therefrom published in the Annual Report. 145
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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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ChangeS in Carrying valueS Carrying
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Automotive Components Wholesale Plu
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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 139 and 140: Liabilities EUR ’000 non-current
Page 143: Consolidated Financial Statements F
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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