A rePort: How is a head- liner actually produced? friedrich ... - polytec

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76 AUDITOR‘S REPORT AUDITOR‘S REPORT *) REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS We have audited the accompanying consolidated fi nancial statements of POLYTEC HOLDING AG, Hörsching, for the fi nancial year from January 1, to December 31, 2006. These consolidated fi nancial statements comprise the balance sheet as at December 31, 2006, and the income statement, statement of changes in equity and cash fl ow statement for the year ended December 31, 2006, and a summary of signifi cant accounting policies and other explanatory notes. Management‘s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated fi nancial statements in accordance with International Financial Reporting Standards as adopted by the EU. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditor‘s Responsibility Our responsibility is to express an opinion on these consolidated fi nancial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and in accordance with International Standards on Auditing, issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the fi nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated fi nancial statements. The procedures selected depend on the auditor‘s judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity‘s preparation and fair presen- *) Independent auditor‘s report POLYTEC ANNUAL REPORT 2006 tation of the consolidated fi nancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity‘s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated fi nancial statements. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion. Opinion Our audit did not give rise to any objections. Based on the results of our audit in our opinion, the consolidated fi nancial statements present fairly, in all material respects, the fi nancial position of the group as of December 31, 2006, and of its fi nancial performance and its cash fl ows for the fi nancial year from January 1, to December 31, 2006 in accordance with International Financial Reporting Standards as adopted by the EU. Report on Other Legal and Regulatory Requirements Laws and regulations applicable in Austria require us to perform audit procedures whether the consolidated management report is consistent with the consolidated fi nancial statements and whether the other disclosures made in the consolidated management report do not give rise to misconception of the position of the group. In our opinion, the consolidated management report for the group is consistent with the consolidated fi nancial statements. Linz, March 9, 2007 KPMG AUSTRIA GMBH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft Helge Löffl er Ernst Pichler Austrian chartered accountant Austrian chartered accountant
GLOSSARY ATX PRIME The ATX prime index consists of all companies listed in the prime market segment. In the prime market segment equities are included, that are allowed to the offi cial- or semi-offi cial market and correspond to further special requirements. Per March 2007 the index consists of 50 equities. BODY KIT Body Kit describes the exterior parts for a vehicle and normally consists of front and rear bumpers as well as side sills. CAPITAL EMPLOYED Equity plus interest bearing liabilities minus cash and fi nancial assets. DUE DILIGENCE Due diligence means the defi nitive detailed examination, verifi cation and assessment of a company in which an investment may potentially be made as the basis for the investment decision. EPSILON PLATFORM The Epsilon platform represents the next generation of GM’s mid size models of Opel, Vauxhall, Saab and others. The most well known models are the new Opel Vectra and the second generation of the Saab 9. EX DIVIDEND DAY People who own no shares until the ex dividend date do not receive the dividend. The price of the stocks is often adjusted downward before the start of trading on the ex dividend date because to compensate for this. HIGH SOLID PAINT A high solid paint has a portion of solid of up to 80%. The portion of solvent is in the range of 10% to 20%. IN MOULD GRAINING Is a covering process in which an ungrained Thermoplastic Polyolefi n (TPO) foam foil is wrapped onto a carrier and grained in a single process stage. IPO Initial Public Offering. The fi rst offering by a company not previously traded on a stock exchange; frequently called “new issue” or “going public”. OEM Abbreviation for “Original Equipment Manufacturer”. ONE-ON-ONE Conversation between the management and the investor. POLYURETHANE Polyurethane ist a foam plastic, made in a chemical reaction. RETURN ON CAPITAL EMPLOYED (ROCE) Ratio of operating profi t (earnings before interest and tax) to capital employed, expressed as a percentage. GROSS MARGIN Gross income divided by net sales, expressed as a percentage. Gross margins reveal how much a company earns taking into consideration the costs that it incurs for producing its products and/or services. TIER 2 SUPPLIER Not directly delivered to the OEM. VISCOSITY A measure of a fl uid’s resistance to fl ow; can be thought of as a measure of fl uid friction. IMPRINT Editor: POLYTEC HOLDING AG Headquarters: Linzer Strasse 5 A-4063 Hörsching, AUSTRIA Phone: +43-7221-701-0 Fax: +43-7221-701-35 offi ce@polytec-group.com www.polytec-group.com Conception: BCA Mensalia Design: Rosebud Inc. Photo: Klaus Vyhnalek, POLYTEC GROUP
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Polytec AT 0 0 0 0 A 0 0 X X 9 Annu
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POLYTEC GROUP OVERVIEW NET DEBT IN
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CONTENTS Preface of the CEO . . . .
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crease in order intake. Unfortunate
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Milestone ... NOT STIRRED James Bon
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Air vent and cabin roof: One of the
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BMW in front The BMW is the largest
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CLEAR AND
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SOUTH AFRICA S POLYTEC COMPOSITES S
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Mr Huemer, rumour has it, that you
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customers we do not have enough pow
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22 HOW IS A HEADLINER ACTUALLY PROD
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24 POLYTEC ANNUAL REPORT 2006 REPOR
Page 30 and 31: 26 POLYTEC ANNUAL REPORT 2006 REPOR
Page 32 and 33: 28 REINHARD URMANN is a member of t
Page 34 and 35: 30 Kässbohrer suppliers day 1993 F
Page 36 and 37: 32 POLYTEC Elastoform Building unde
Page 38 and 39: 34 seen the accounts of the trouble
Page 40 and 41: 36 CORPORATE GOVERNANCE The Austria
Page 42 and 43: 38 MEMBERS OF THE SUPERVISORY BOARD
Page 44 and 45: 40 INVESTOR RELATIONS INITIAL PUBLI
Page 46: 42 POLYTEC ANNUAL REPORT 2006 INVES
Page 49 and 50: also important for POLYTEC GROUP, u
Page 51 and 52: Automotive Composites Division UNIT
Page 53 and 54: solvent-free painting systems in 20
Page 55 and 56: FINANCIAL STATEMENTS CONSOLIDATED F
Page 57 and 58: CONSOLIDATED BALANCE SHEET AS OF DE
Page 59 and 60: CHANGES IN SHARE- HOLDERS EQUITY IN
Page 61 and 62: sure of balance sheet silent reserv
Page 63 and 64: 7%). If no independent cash fl ow c
Page 65 and 66: D. EXPLANATORY COMMENTS ON THE CONS
Page 67 and 68: 10. Goodwill Goodwill is allocated
Page 69 and 70: 17. Interest Bearing Liabilities Th
Page 71 and 72: 4. Risk Reporting In the context of
Page 73 and 74: 8. Executive Bodies of POLYTEC HOLD
Page 75 and 76: COST OF ACQUISITION OR PRODUCTION B
Page 77 and 78: OTHERS/ INDUSTRIAL CONSOLIDATION GR
Page 79: SCHEDULE OF GROUP INVESTMENTS AS OF
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A rePort: How is a head- liner actually produced? friedrich ... - polytec

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