AnnuAl RepoRt - AVAG Holding SE

Transcription

A European Automotive Trade Group
2013
2014
Annual Report
Independent Motor Vehicle Trading Group
AVAG Holding Se is one of the leading independent motor vehicle trading groups
in Germany. As of August 31, 2014, there were a total of 35 domestic and 14
foreign commercial operations in 140 locations, all under the umbrella of the
operational management and financial holding company based at our Augsburg headquarters. the three intermediate holding companies DIo, DIA and AVI,
which are divided according to manufacturer and region, coordinate the commercial activities. AVAG Holding Se has a majority stake in automotive trading
operations in Germany, Austria, Croatia, poland and Hungary. In addition, AVAG
Holding Se maintains service companies and departments which, in an advisory
capacity, support the local trading operations in their operational business activities and relieve them from activities that do not directly add value.
Map of Operating Locations
Map of Operating Locations
Europe-wide there are a total of 49 commercial operations in 141 locations to date under the umbrella of the operational
management
and there
financial
based operations
at our Augsburg
Of these,
35 authorised
Europe-wide
are holding
a total ofcompany
49 commercial
in 141headquarters.
locations to date
under the
umbrella of dealers
the operational
operate
at
a
total
of
111
locations
in
Germany.
management and financial holding company based at our Augsburg headquarters. Of these, 35 authorised dealers
operate at a total of 111 locations in Germany.
Schwedt
OPEL, FORD
Berlin
OPEL, FORD,
SUBARU
Göttingen
TOYOTA
Halle
3
2
Warsaw
9
OPEL
3
5
NISSAN, TOYOTA
9 Leipzig
OPEL, NISSAN
Dresden
OPEL, NISSAN,
TOYOTA, LEXUS
Gießen
OPEL, HONDA,
SUBARU
Chemnitz
OPEL, NISSAN
5
Coburg
2
Nuremberg
2
FORD, VOLVO
OPEL, FORD
6
2
Stuttgart
OPEL
OPEL
7
Augsburg
OPEL, FORD, HONDA,
SUBARU, NISSAN
Kaufbeuren
FORD
OPEL, SUBARU, KIA
Amberg
OPEL, FORD,
SUBARU
5
Kempten
Regensburg
OPEL,
SUBARU
1
2 Landshut
OPEL, SUBARU
15
2
8
Hof
3
Ingolstadt
10
Linz
OPEL
Vienna
OPEL, KIA, PEUGEOT,
NISSAN, FORD
1
11
15
Munich
OPEL, FORD,
SUBARU,
TOYOTA, KIA
Budapest
4 Salzburg
OPEL, NISSAN
OPEL, SUZUKI
OPEL, FORD,
SUBARU, KIA
1
2 Graz
FORD
3
1
Zagreb
OPEL, FIAT,
ALFA ROMEO
2
Osijek
OPEL,
CITROËN
Rijeka
OPEL, FIAT,
ALFA ROMEO
1
Split
OPEL
Operating
Locations
AVAG
Holdings
of 08/2014
Operating
Locations
of of
AVAG
Holdings
SESE
as as
of 08/2014
tHe GRoup
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foReWoRd
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SupeRViSoRY BoARd RepoRt
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G o A l S A n d S t R At e G i e S
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Group organisational Chart
AVAG Holding
DIO
DIA
Augsburg
• VH AAC SiGG GmbH
• Branch Augsburg: Sigg-Haunstetten
• Branch Augsburg: Sigg-donaustraße
• Branch Augsburg: Sigg-donauwörther Straße
• Branch meitingen: Sigg-meitingen
Dresden
• VH AiS dReSden GmbH
• Branch dresden: AiS dresden-Altkaitz
• Branch freital: AiS dresden-freital
• Branch lexus: lexus forum dresden
Augsburg
• VH HAAS AutomoBile GmbH & Co. KG
• Branch Königsbrunn: Haas Automobile-Königsbrunn
• Branch Schwabmunich: Haas Automobile-Schwabmunich
Kempten
• VH AutoHAuS HAeBeRlen GmbH
• Branch füssen: AH Haeberlen-füssen
• Branch immenstadt: AH Haeberlen-immenstadt
• Branch Kaufbeuren: AH Schmitz & Haeberlen
• Branch landsberg: AH Haeberlen-landsberg
Gießen
• VH AutoHAuS nAu GmbH
• Branch Stadtallendorf: AH nau-Stadtallendorf
• Branch Gießen: AH nau-Gießen
• Branch Wetzlar: AH nau-Wetzlar
• Branch Butzbach: AH nau-Butzbach
Munich
• VH WiCKenHÄuSeR GmbH & Co. KG
• Branch munich: Wickenhäuser am olympiapark
• Branch munich: Wickenhäuser-meglinger Straße
• Branch Wolfratshausen: Wickenhäuser im loisachtal
Munich
• VH AutoHAuS KuttendReieR GmbH
Regensburg
• VH SieBeR AutomoBile GmbH & Co. KG
• Branch Straubing: Sieber Automobile-Straubing
• Branch neutraubling: Sieber Automobile-neutraubling
Landshut und ingolstadt
• VH AutoHAuS SieBeR GmbH
• Branch dingolfing: AH Sieber-dingolfing
• VH AmZ inGolStAdt
nuremberg
• VH KRopf AutomoBile GmbH
• Branch Amberg: AH Schwarzkopf-Amberg
Hof
• VH Auto eXneR GmbH & Co. KG
• Branch naila: Auto exner-naila
• Branch Selb: Auto exner-Selb
• Branch Hof: Auto exner-mehrmarken Centrum
• Branch Gera: Auto exner-Gera
• Branch Hermsdorf: Auto exner-Hermsdorf
Chemnitz
• VH Auto CenteR noRd GmbH
• Branch Chemnitz: Auto Center Süd
• Branch Chemnitz: Auto Center lange
• Branch Röhrsdorf: Auto Center Röhrsdorf
• ACn ZentRAllAGeR GmbH (RSl)
Dresden
• VH AutoHAuS dReSden GmbH
• Branch dresden: AH dresden-possendorfer Straße
• Branch freital: AH dresden-freital
Berlin
• VH KAdeA BeRlin GmbH
• Branch Berlin: KAdeA-Köpenick
• Branch Berlin: KAdeA-Britz
• Branch Berlin: KAdeA-Wilmersdorf
• Branch Berlin: KAdeA-neukölln
Leipzig
• VH AutomoBilZentRum leipZiG GmbH
• Branch leipzig: AmZ-Grünau
• Branch leipzig: AmZ-Schönefeld
• Branch leipzig: AmZ-Johannisplatz
• Branch leipzig: AmZ-markkleeberg
• Branch leipzig: AmZ-Staiger-Waldstraße
• Branch Schkeuditz: AmZ-Schkeuditz
Halle
• VH dit HAlle GmbH
• Branch Halle-neustadt: dit Halle-Angersdorf
• Branch Bernburg: dit Halle-Bernburg
Munich
• VH dit munich GmbH
• Branch munich: dit munich-Berg am laim
• Branch munich: dit munich-frankfurter Ring
• Branch munich: dit munich-landsberger Straße
• Branch lexus: lexus forum munich
Göttingen
• VH dit GÖttinGen GmbH
• Branch Goslar: dit Göttingen-Goslar
• Branch osterode: dit Göttingen-osterode
Dresden
• VH AutoCenteR dReSden GmbH
• Branch dresden: AC dresden-Bremer Straße
• Branch dresden: AC dresden-Kaitz
Halle
• VH AutoCenteR HAlle GmbH
• Branch Angersdorf: AC Halle-Angersdorf
Augsburg
• VH AutoCenteR HAAS GmbH
Chemnitz
• VH Auto CenteR CHemnitZ GmbH
• Branch Chemnitz: AC Chemnitz
• Branch Röhrsdorf: AC Chemnitz-Röhrsdorf
Croatia
Zagreb
• VH pSC ZAGReB d.o.o.
• Branch Zagreb: pSC Zagreb-dubrava
• Branch Zagreb: pSC Zagreb-Velika Gorica
Rijeka
• VH pSC pRimoRJe d.o.o.
Split
• VH pSC dAlmACiJA d.o.o.
osijek
• VH pSC oSiJeK d.o.o.
osijek
• VH pSC SlAVoniJA d.o.o.
Poland
Warsaw
• VH Auto ZoliBoRZ Sp. zo.o.
• Branch Warsaw: Auto praga
• Branch piaseczno: Auto piaseczno
Hungary
Budapest
• VH AutoSZAlon dunA Kft.
Austria
Leipzig
• VH AutoCenteR leipZiG GmbH
• Branch leipzig: AC leipzig-Grünau
Vienna
• VH opel & BeYSCHlAG GmbH
• Branch Vienna 21: Beyschlag-leopoldau
• Branch Vienna 22: Beyschlag-donaustadt
• Branch Klosterneuburg: Beyschlag-Klosterneuburg
• loGiStiK pARK 19 GmbH (RSl)
Augsburg
• VH AutoHAuS AlBeRt Still GmbH
• Branch Augsburg: AH Still-Augsburg
Vienna
• VH BeRnHARd KAndl GmbH
• Branch Vienna 3: Kandl-Rennweg
• Branch Vienna 10: Kandl-favoriten
• Branch Vienna 13: Kandl-Speising
Augsburg
• VH AutomoBilfoRum SiGG & Still GmbH
• Branch Augsburg: Amf Sigg & Still am Kobelweg
Kaufbeuren
• VH AutomoBilfoRum KAufBeuRen GmbH
• Branch landsberg: Amf landsberg
Munich
• VH AutomoBilfoRum KuttendReieR GmbH
• Branch munich: Amf Kuttendreier-AHG
• Branch munich: Amf Kuttendreier-olympiapark
• Branch munich: Amf Kuttendreier-meglinger Straße
• Branch Wolfratshausen: Amf Kuttendreier im loisachtal
nürnberg
• VH AutomoBilfoRum KRopf GmbH
• Branch Amberg: Amf Schwarzkopf
Salzburg
• VH ÖfAG GmbH
• Branch St. Johann: ÖfAG-pongau
• Branch Zell am See: ÖfAG-pinzgau
• Branch Straßwalchen: ÖfAG-flachgau
Traun bei Linz
• VH AutoHAuS SulZBACHeR GmbH & Co. KG
Graz
• VH AutomoBilfoRum ReiSinGeR GmbH
• Branch Bärnbach: Amf Reisinger-Bärnbach
Vienna
• VH AutomoBilfoRum BeYSCHlAG GmbH
• Branch Vienna 22: Amf Beyschlag-donaustadt
Berlin
• VH AutomoBilfoRum KAdeA GmbH
• Branch Berlin: Amf KAdeA-Goerzallee
• Branch Berlin: Amf KAdeA-Bessemerstraße
• Branch Berlin: Amf KAdeA-Seesener Straße
Schwedt
• VH SCHWedteR AutoHAuS GmbH
Schwedt
• VH AutomoBilfoRum SCHWedt
Stuttgart
• VH Auto StAiGeR GmbH
• Branch Stuttgart: Staiger leinfelden-echterdingen
• Branch Stuttgart: Staiger Waiblingen
• Branch Stuttgart: Staiger esslingen
• Branch Stuttgart: Staiger Schwäbisch-Gmünd
• Branch Stuttgart: Staiger Göppingen
• Staiger ZentRAllAGeR GmbH (RSl)
Coburg
• VH Hommert Auto Zentrum GmbH
• Branch Sonneberg: Auto Zentrum Sonneberg
Centralised Services
• Vehicle distribution Centre • departmental Consultation • financial Services
• Car fit Service GmbH • Car fit Auto-teile-Zubehör GmbH, Augsburg
• VH dAC AutomoBilCenteR GmbH • Car fit Österreich GmbH
4
AV-International
• Autofutura d.o.o., Zagreb • AVAG investments Sp. z o.o., Warschau
• duna immobilien Kft., Budapest • diA dienst am Auto GmbH, traun
As of: 08/2014
| S tat u s R e p o r t | Y e ar - e n d R e s u lt s | G o v e r n i n g B o d i e s o f t h e C o m pa n y | F i n a n c i a l C a l e n d ar |
Contents
The Group
Map of operating locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Group Organisational Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Foreword
by the Management Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Supervisory Board Report
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
G o a l s a n d st r at e g i e s
of AVAG Holding SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
S tat u s R e p o r t
Group and Parent Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
A n n u a l f i n a n c i a l stat e m e n ts
Annual financial statements of the AVAG Group . . . . . . . . . . . . . . . . . . . . 56
Balance Sheet of AVAG Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Profit and Loss Statement for AVAG Group . . . . . . . . . . . . . . . . . . . . . . . 60
Expanatory notes to the consolidated financial statements . . . . . . . . . . . . 61
Auditor’s opinion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Annual financial statements of AVAG Holding SE. . . . . . . . . . . . . . . . . . . . . 64
Balance sheet for AVAG Holding SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Profit and Loss Statement for AVAG Holding SE . . . . . . . . . . . . . . . . . . . . 68
Expanatory notes to the annual financial statements . . . . . . . . . . . . . . . . . 69
Auditor’s opinion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
G o v e r n i n g B o d i e s o f t h e C o m pa n y
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Financial Calendar
and imprint. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
AVA G H o l d i n g A n n u a l R e p o r t 2 0 1 3 | 2 0 1 4 5
| T H E G R OUP FO R E W O R D | S UPE R V I S O R Y B O A R D R EPO R T | G O A L S A ND S T R ATE G IE S |
The Management Board of AVAG Holding SE
6
Roman Still
Management Board Spokesman
Albert C. Still
Management Board Spokesman
Markus Kruis
Chief Financial Officer
Ulf Pfeiffer
Member of the Management Board
Foreword by the
Management Board
The past fiscal year was a very successful one for our group. Many markets in
Europe, as well as the German market, benefited from a growing overall market.
For the most part, our most high-volume manufacturers also developed positively which meant that, in line with this trend - driven by the positive general
economic situation - we too were able to share in this development.
Adjusted to reflect AVAG’s fiscal year, performance on the German automobile
market as a whole was, with around 3.0 million new vehicle registrations, approx.
2.1% up on the previous year. The majority of the brands which we represent
performed better than the market as a whole. Our biggest-selling brand Opel
performed significantly better than the market, with a growth in sales of 7.2%.
The key drivers behind this market growth were above all the new models Adam
and Mokka, the updated Insignia and the phase-out of the Corsa. With 7.0%
growth, Ford were able to confirm their strong trend of recent years.
While the strike at the production plant in Genk was still causing considerable
problems last year, this year Ford were able to operate without any impediment,
scoring successes with the new products Fiesta, Focus, Mondeo and Transit.
Unfortunately, Toyota performed less well than the market as a whole, we see
the most urgent problem here as being the insufficient availability of the Yaris and
Aygo over the past year. In the meantime, Toyota have once again promised to
supply a greater quantity of products, so we can hope to see an upwards trend
here. Nissan have experienced such an upwards trend, above all due to the
successful launch of the new Qashqai, their most important model.
The withdrawal of Chevrolet was of particular importance to us, and to the market as a whole. GM already announced in December 2013 that in future Chevrolet vehicles would no longer be sold in Europe, with the exception of the CIS
countries. Given that AVAG, as a group, could expect to sell and repair around
4,500 to 5,000 Chevrolet vehicles a year, the announcement of the pull-out was
a critical moment for us as dealers. However, as a result of fair exit conditions, a
successful sell-off and by focussing on new areas of business we were able to
compensate for this significant loss of turnover. At the same time of course, this
decision was a very important signal for the future: In Europe, GM are committed
to Opel – without any ifs or buts. Following years of debate about the future of
the brand, this sends an unequivocal message, which has since been confirmed
on numerous occasions.
Over all our brands, this year too we have succeeded in further expanding our
presence within the market. During this fiscal year we once again achieved a
market share of over 1% in Germany.
| T H E G R OUP FO R E W O R D | S UPE R V I S O R Y B O A R D R EPO R T | G O A L S A ND S T R ATE G IE S |
As in the last fiscal year, this year too the Austrian motor vehicle market saw
a decline in sales. Whereas our main partner Opel performed better than the
market and managed to increase their market share, for the reasons mentioned
above Ford performed less well in relation to the market, KIA and Chevrolet. We
were unable to escape the effects of
this decline entirely, with results slightly
below those for the previous year.
“We have further
expanded our
market presence”
Our eastern European interests in
Poland, Hungary and Croatia developed positively, without exception.
Our third-biggest market Poland was
around 15.8% up on the previous year.
With an increase of 8.3%, we too were
able to profit from this growth. In Croatia, the hope that accession to the
EU would lead to a certain recovery was fulfilled. The market grew markedly
(+24.3%). We too were able to grow, albeit, due to our strong commitment to
Chevrolet in previous years, below the rate of the market (+16.5%). The Hungarian market continued to recover, expanding for the third year in a row with a
growth of 17.5%. We actually recorded a disproportionately high growth here.
The overall positive development of the markets and of our manufacturer brands
as well as the consistent implementation of our consolidation strategy have helped our group to move forwards. With a total of 45,624 new cars, over all the
markets which we serve we have expanded our presence within the markets and
in relation to the brands which we represent. With 40,063 units, sales of used
vehicles are also well up on the previous year. We also managed to maintain
after-sales services at virtually the previous year’s level. We actually managed
to increase labour turnover, although income from parts sales fell slightly. This
is attributable in particular to regular reductions in recommended retail prices in
this sector.
8
| S tat u s R e p o r t | Y e a r - e n d R e s u lt s | G o v e r n i n g B o d i e s o f t h e C o m pa n y | F i n a n c i a l C a l e n d a r |
It is clear that our new strategic focus was exactly right. The restrained strategy
of consolidation and the strict separation between brands which we initiated
were the key factors behind our success. The combination of brand separation
with our area concept helped us to concentrate our focus on the exploitation of
all market and brand potentials within an area. This and our orientation around
medium-sized enterprises with a decentralised structure and local managing
partners are particular USPs of our company. Flat hierarchies allow us to implement measures rapidly and, working together with our managing partners,
respond quickly to negative market trends and adverse economic developments.
Conversely, we are immediately able to introduce new ideas and exploit potential
opportunities. For example, this year we have already succeeded in achieving
our performance target of at least 1% return on sales, ahead of schedule.
We are optimistic about future prospects for the
coming year. The general economic situation
is expected to develop in a similar way to last
year. Our manufacturers are also well positioned
and are providing additional positive impetus
with new products and marketing ideas. As a
consequence, we expect the new fiscal year to
develop on approximately the same level as the
last one. The implementation of our consolidation measures over the past fiscal year and our
new orientation towards a strategy of optimisation allow is us make each individual area a
little bit better and thus stabilise the group as
a whole and develop it going forwards. During
the new fiscal year the emphasis will be on cost
awareness and strict inventory management.
We are very well equipped with our proven range of instruments such as our in-house used car market, our new car distribution
centre as well as our excellent controlling systems, dealership comparisons and
best practice examples.
“Our new
strategic focus
was exactly
right”
|
tHe GRoup
foReWoRd
|
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|
Of course, we could not have achieved our record of success without our outstanding employees. At this point, we would therefore like to express our gratitude to all employees and of course our managing partners, who have shown
high levels of motivation and outstanding personal commitment towards our
company over the past year, thereby making a unique contribution to the success enjoyed by AVAG.
Augsburg, February 2015
the Management Board
Roman Still
10
Albert C. Still
Markus Kruis
ulf pfeiffer
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S tAt u S R e p o R t
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Y e A R - e n d R e S u lt S
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G o V e R n i n G B o d i e S o f t H e C o m pA n Y
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finAnCiAl CAlendAR
AVA G H o l d i n G A n n u A l R e p o R t 2 0 1 3 | 2 0 1 4
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11
| T H E G R OUP | FO R E W O R D S UPE R V I S O R Y B O A R D R EPO R T | G O A L S A ND S T R ATE G IE S |
The Supervisory Board regularly monitored the Company’s Management Board
during the fiscal year. At joint meetings, the Management Board informed the
Supervisory Board in writing and orally of the Company’s economic and financial
position.
The accounting procedures, the 2013/2014 annual financial statements and the
status report of AVAG Holding SE, as well as the consolidated annual financial
statements, have been audited by
KPMG Bayerische Treuhandgesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft,
Steuerberatungsgesellschaft, Munich,
and have been issued an unqualified auditor’s opinion. The Supervisory Board
duly noted and agreed with the results of said audit.
The Supervisory Board has reviewed and approved at its meeting on January 27
2015 the annual financial statements of AVAG Holding SE and the consolidated
annual financial statements as at August 31 2014, as well as the status report
and group status report prepared by the Management Board, they have thus
been adopted.
The Supervisory Board, from left to right:
Dr. Guido Schacht, Johannes Hall, Albert K. Still (Supervisory Board Chairman),
Erhard Paulat, Dr. Walter Eschle, Prof. Dr. Heinz-Dieter Assmann
12
The report prepared by the Management Board on relationships with affiliated
companies for the fiscal year 2013/2014 (dependence report) has also been
audited by KPMG Bayerische Treuhandgesellschaft Aktiengesellschaft, Wirtschaftsprüfungsgesellschaft, Steuerberatungsgesellschaft, Munich, and has
been issued an unqualified auditor’s opinion. The dependence report and the
auditor’s report prepared by KPMG Bayerische Treuhandgesellschaft Aktiengesellschaft have been reviewed by the Supervisory Board, in particular with
respect to the companies included in the scope of the report and the legal transactions subject to reporting. In accordance with the final result of the audit of
the dependence report by the Supervisory Board as approved at the Supervisory
Board meeting of January 27, 2015, there are no objections to be made to the
Management Board’s closing statement pursuant to § 312 para. 3 of the German Stock Corporation Act [AktG]. The Supervisory Board concurs with the opinion of the auditor, who has issued the following auditor’s opinion for said report:
“Following our dutiful audit and assessment, we confirm that
(1) the factual information in the report is accurate,
(2) with respect to the legal transactions set forth in the report, the Company’s
performance was not inappropriately high or disadvantages have been
compensated for.”
The Management Board proposes that the net income for 2013/2014 of EUR
12,591,114.85 be initially added to the profit brought forward from the previous
year of EUR 3,821,391.99, following this, an amount of EUR 629,555.74 should
be allocated to legal reserves. The Supervisory Board concurs with this proposal. The unappropriated earnings of EUR 15,782,951.10 are to be allocated as
follows:
1. Payment of a dividend of EUR 0.41
per share with dividend entitlement, total EUR 1,574,810.00
2. Balance carried forward to new account EUR14,208,141.10
EUR 15,782,951.10
Augsburg, January 2015
The Supervisory Board
AVA G H o l d i n g A n n u a l R e p o r t 2 0 1 3 | 2 0 1 4 1 3
| T H E G R OUP | FO R E W O R D | S UPE R V I S O R Y B O A R D R EPO R T 14
G O A L S A ND S T R ATE G IE S |
Goals and strategies
Picture on left: Autohaus Wickenhäuser in Munich
Photo: Opel
| T H E G R OUP | FO R E W O R D | S UPE R V I S O R Y B O A R D R EPO R T G O A L S A ND S T R ATE G IE S |
Goals and Strategies of AVAG Holding SE
The role of AVAG Holding SE
The role of the dealership area
AVAG Holding SE sees itself as an international operational
management and financial holding company. The operational aspect relates in particular to the successful operation
of distribution centres in Germany, Austria and Croatia supplying the volume brands which we distribute. This makes
it possible for the operational subsidiaries to order vehicles
at any time. This guarantees the customers a wider range
of choices and rapid deliverability. In addition, as a management holding company AVAG makes available to its operational dealers highly qualified specialists who, with their specialised knowledge and advice, support the dealers and develop and implement new concepts. For this reason AVAG
employs, for example, experts in the important specialist
areas of marketing & market development, treasury, personnel management, after-sales, corporate and commercial
customers, IT, insurance, property management as well as
quality and environmental management, whose expertise
the dealers may need to access from time to time but who
it would not be worthwhile for the dealers to employ fulltime. In addition to all this, as part of its activities as financial holding company AVAG Holding SE, always the majority
shareholder in the operational dealerships, acts towards the
partners as a provider of equity and borrowed capital in order to relieve these of the burden of structuring the liabilities
side while at the same time exploiting synergies within the
area of finance.
The symbiosis of medium-sized structures on the local
distribution level and a strong partner in the background
which performs centralised key functions and which makes
its services available as a package is, for our medium-sized
dealerships, the guarantee for their successful survival in
the increasingly tough competitive environment within the
automotive trade. This way, in line with the motto “all business is local”, the decision-making competence and individuality of a medium-sized dealership, which is so important
in day-to-day business, is retained without, on the other
hand, losing out on the advantages of a centrally managed
organisation. The core function of the head office is thereby
to combine administrative elements synergistically in order
to allow the local business operations to concentrate fully
on their core function, i.e. the sale and repair of vehicles.
We believe that the different dealerships of a manufacturer,
for example Opel, within a particular region should be under the management of a managing partner/manager. We
refer to such a region as an area. If an area is, in our view,
clearly too large (turnover > EUR 100 million), this necessitates additional administrative processes which no longer
permit a managing partner/manager to be sufficiently close
to day-to-day business. This is where “cell division” comes
into play. If, on the other hand, an area is clearly too small
(turnover < EUR 20 million), it cannot exploit the necessary
potential synergies. In this case, entities must be merged
together in order to benefit from the necessary “economies
of scale”. In our view, only flexible units with annual sales of
at least 500 new cars are, in the medium and long-term, in
a position to meet the requirements of today’s market. At
the same time we ensure a strict separation of brands on
the local level, going as far as creating separate legal entities for all the manufacturers which we represent.
We also see the successful cooperation on distribution level with our partner dealers from the Opel, Ford, Toyota,
KIA and Nissan organisations as a very important module
in terms of achieving an even more intensive exploitation of
the market. Due to their proximity to and close collaboration
with the local partners, our partner advisers can support the
local partners of the associated dealerships more competently and effectively with advice and practical assistance
than would be possible for the manufacturers.
16
Strategic orientation: optimisation
We emerged from our successful consolidation phase, at
the latest, with the acquisitions at the end of the fiscal year.
However, this does not represent a U-turn, rather, we have
developed the consolidation further by means of an optimisation strategy. By optimisation we mean the improvement
of each individual area. For this purpose we have identified
key issues in order to focus on new trends and developments within our sector and within the markets and exploit
these. Jointly with responsible project managers, we examine the requirements area by area. If necessary, the project
mangers then assist on-site with implementation within the
area until the process has been finally and permanently established.
All of this ultimately serves the purpose of achieving the
company’s economic target. The aim is to achieve a sustainable return on sales of at least 1% and a capital ratio of
around 20%. Business operations which fail to achieve this
must either be successfully reorganised or discontinued.
Controlled organic growth and acquisitions, expansion of
the brand portfolio as well as the exploitation of key market
opportunities – like the takeover last year of Autohaus Staiger in Stuttgart – will also continue in the future. However,
prior to each involvement we will critically examine whether
this is, in the long term, consistent with the aforementioned
economic goals.
In parallel with this, however, we stand by our strategy of
risk diversification which we have practised for years. This
diversification applies to both brands and markets. The
objective is to smooth out individual effects and limit concentration risk. Despite this policy of diversification, we see
brand exclusivity as a key asset. Brand exclusivity means
full concentration on the possibilities of the brand and the
most effective exploitation of local market potential. This
gives rise to the objective of managing each brand with its
own team and, depending on the potential, within its own
company.
| T H E G R OUP | FO R E W O R D | S UPE R V I S O R Y B O A R D R EPO R T AVAG’s marketing:
Professional cultivation of the markets
Nowadays, the possibilities for market cultivation are more
diverse and specifically targeted than ever. Moreover, our
target groups and their media behaviour are becoming increasingly inhomogeneous. Accordingly, in order to exploit
the full potential all the different channels have to be “played
against” one another in a balanced way. To do this it is necessary to understand the different media and their particular impact, but above all to have an exact knowledge of the
target groups and the way they tend to use these media.
As a service provider for our dealerships we see it as our
task to define the balanced marketing mix for each make. In
consultation with the respective manufacturers and importers, we transform the national campaigns into local marketing. In doing so we always make sure that we place our
own strengths clearly in the foreground, thereby differentiating ourselves from the competition, because on a local
level a campaign is ultimately only successful if it boosts
sales.
In detail, the marketing mix can look very different depending on the make, the region and in some cases also on
the sales team. Our task is to meet the expectations of all
as far as possible. The focus of our marketing activities is,
as before, on the classic channels, although a clear shift
towards the “new media” can be observed.
In cultivating the market we have for years supported our
dealerships with our own call centre. Both in sales and in
service, we have specialised in identifying customers and
potential customers. As a further service provider, our Lettershop places our dealerships in the comfortable situation
of not having to deal with carrying out in some case very
time-consuming mailing campaigns.
Not only is the new and used vehicle warranty which we
offer a USP, it represents one of our most important customer loyalty instruments. As a dealer warranty, we now offer
these with warranty periods of five to seven years. Our warranty is available, exclusively to our customers, at all AVAG
dealerships throughout Europe. The resounding success of
our warranty has once again been confirmed impressively
during the past fiscal year. We now see this effective customer loyalty instrument and the resulting profit contributions
in sales and after-sales as indispensible.
After-sales strategies
In 2012/13 we were able to successfully develop one key
goal for the service and parts division, the implementation
of a standard direct reception concept. Comparable and
measurable parameters were defined and processes systematised. The direct reception facilities were made more
attractive, with the available workshop services and accessories presented to customers in an optimal manner. In addition to providing the best possible “car-related” service,
we focus here in particular on parts which are vulnerable to
competition such as tyres and wheels, glass repair service
and batteries.
In order to support the sales process, we will be continuing
to conduct intensive sales training for the service advisers
in the new fiscal year. Another key aspect of our efforts for
the service division in the coming fiscal year is an increased
Internet presence offering service and parts, combined with
an intensification of the marketing of our service division.
Our primary goal was and is to further optimise the processes and organisations within our service departments and
to ensure that the customer can expect the highest level of
quality and satisfaction at our dealerships.
In line with AVAG’s general focus on optimisation, the aftersales division is also pursuing this policy. Having introduced
numerous initiatives aimed at improving the sales process,
customer loyalty and marketing, we wish to take a further
step forwards. Although all the processes are clearly defined and appropriate training provided, we still keep encountering deviations and different interpretations. In order
to create even more comparability and measurability we
are integrating service packages in the reception process.
Through the use of standardised packages and numbers
18
we can improve the requirements analysis and thus target
customers’ needs more specifically. This way, we integrate
the customers better into the reception process. We expect
this to lead to greater customer satisfaction and improved
rates of returning customers. The introduction of automatic registration of parts procurements within the group has
certainly helped optimise processes in the parts division. In
the original parts business in particular, widening the range
on offer through supplementary purchases from other areas as well as including other AVAG brands helps us better
penetrate the independent workshops market. We are also
simplifying orders from outside through the development of
our own web shop, which makes order processing a significantly leaner process.
The focus continues to be on the parts and purchasing division. In the case of oil and tyres in particular as well as
third-party parts business, we achieved an even more consistent exploitation of synergies through a deliberate bundling of purchasing activities. In combination with our direct
reception concept we were able to further expand our glass
repair service to dissuade our customers from drifting off
to supposedly cheaper fast-fit groups. In addition to the
regular training of our employees, one element contributing
to our success is the comparable measurability offered by
our information portal.
In addition to measuring and evaluating success in terms
of sales, this controlling tool allows stock analyses to be
carried out and stock level strategies to be determined
quickly and simply. For example we have implemented new
modules for evaluating overstocking, enabling us to better
counter the occurrence of so-called 6-parts [6er Teilen?].
Process of transition within the corporate
and commercial customers business
The corporate and commercial customers business is the
second mainstay of the automotive trade and, with a share
of around 25 per cent of relevant fleet vehicle registrations,
a core area of business.
The framework conditions in the corporate and commercial
customers sector have changed fundamentally in recent
years. AVAG Holding SE has therefore strategically reoriented the corporate and commercial customers business in
virtually all dealerships.
Within the dynamic corporate and commercial customers
business, selling involves not only selling the product, but
providing a service tailored to the customer’s needs. This
requires particular personal and professional qualifications
on the part of the sales advisor, as well as salesmanship
skills. The service aspect must also be professionally implemented in the commercial sector in order to offer customers a perfect service and mobility solution.
In order to ensure that this proactive approach is implemented today, in view of the increasingly tough competition, the
dealerships are provided with all the important instruments,
for example a CRM tool (set up for b2b), effective sales
force support, marketing campaigns, internal training and a
professional call-centre.
The correct interpretation and correct use of this data will
increasingly be the subject of the regularly held parts manager meetings during the coming fiscal year. These will allow
the participants from the locations to exchange practical
experience and best practices directly.
| T H E G R OUP | FO R E W O R D | S UPE R V I S O R Y B O A R D R EPO R T Further developments in the IT system
environment
In Augsburg, AVAG Holding SE operates a central computing centre of redundant design. The entire business software of all dealerships is run here, in completely virtualised
form. This centralised hardware makes it possible to provide a flexible IT infrastructure which can be controlled in a
standardised way in order to meet all the requirements of
the dealerships.
In order to be able to continue to guarantee smooth dataprocessing operations in the coming years, at the end of
2013 AVAG’s experts replaced all the components of the
old computing centre with new ones. As well as increasing
computing power, working memory and storage capacity,
the IT team also further extended security against failure.
In addition, they replaced the central firewall cluster, which
led to an increase in the range of security safeguards. As
well as the upgrades in the area of servers (Windows 2003
to Windows 2008R2), a new AVAG PC workplace was introduced. This system reduces power consumption by up
to 80% in comparison with conventional workstations and,
with its space saving design, contributed to logistical advantages which made possible an IT upgrade at several
locations in Stuttgart. In addition to these locations, the
experts are also integrating other business operations in
Munich, Leipzig, Gera and Hermsdorf into the AVAG IT environment.
In the field of software, the experts developed the project
eASC, the electronic AVAG service check. This allows service advisers to refer to a tablet, for example, for support
during direct reception or in providing information on prices.
In addition, the integration of the brand KIA was implemented and the web shop solution developed further. Another
new development was the data hub in the parts division
which controls the electronic exchange of documents between the AVAG areas.
These further developments in AVAG Holding SE’s IT system environment improve the logistics and flexibility of the
computing centre and thus increase effectiveness and efficiency in day-to-day business.
20
Professional treasury and cash management
“Cash is fact, profit is opinion!” – the professional treasury management of AVAG Holding SE should be seen in
precisely this light. Tight margins and high capital requirements on the one hand and sales-oriented managers who,
as complete professionals within the trade, cannot let any
opportunity pass, demand cost-optimised daily availability
of liquidity.
It is the responsibility of AVAG Holding SE to secure the
group’s financing, to provide the operational companies
with liquidity and to monitor its use.
In order to further stabilise our relationships with commercial banks we have during the past fiscal year changed over
to fixing our credit lines, previously arranged on an “until further notice” basis, for two years. Agreements to this
effect have since been signed with most of our commercial banks, while we are in negotiations with the remaining
banks.
One of the biggest challenges for the operating locations
in Germany and Austria during the past fiscal year was the
changeover to SEPA with effect from 1 February 2014.
While the treasury management and payroll accounting
system function smoothly, it transpired that, although the
enterprise resource planning systems were able to generate SEPA transfers, the whole area of SEPA debit notes
was and still is wholly inadequate in its implementation. This
causes a certain amount of additional work in operations
which have to deal with a lot of debit notes (i.e. primarily the
central warehouse and distribution centres).
This should be remedied through the introduction of a
completely new payment transactions module which will, in
addition, possess an account assignment functionality. Its
testing and introduction in the subsidiaries will be one of the
big challenges for the coming fiscal year.
Other challenges include:
• Changeover of all Austrian banks to the communication standard EBICS, which has been in general use
in Germany for some years, due to the discontinuation
of TANs in paper form.
• Selection of a single Germany-wide partner in the area
of card payments and changeover in the subsidiaries.
• Further optimisation of interest expenses and bank
charges.
Project development / property management
Through continuous investment, we keep our property portfolio within Germany and abroad attractive, in this way guaranteeing our customers an enjoyable shopping experience
at our modern dealerships.
The following plots of land and properties were acquired
during the course of the fiscal year: Gera, Esslingen, Waiblingen and Schwäbisch-Gmünd, in contrast, plots of land in
Zwickau, Einbeck and Saalepark were sold off.
Personnel management
AVAG Holding SE’s personnel management experts are the
contact partners for all personnel-relevant questions for the
management at the head office in Augsburg and for the
managers of the local dealerships.
One important responsibility of the department lies in the
maintenance of the existing properties as well as a forwardlooking property development programme.
A big part of the focus over the past fiscal year was on the
implementation of the new CI specifications by the manufacturer Opel. Their implementation will also be continued
during the following year.
The main focus of the personnel department lies on the recruitment of managers and specialists. Consequently, the issue of personnel development and the qualification of future
management is a key concern and will be further expanded
and perfected in 2015. The coaching of high-potentials on
the local level is also increasing in importance. The training
and coaching are carried out by in-house managers.
Also, the brand KIA was successfully integrated at the locations Hof, Munich, Kaufbeuren and Landsberg and the relevant dealer standards implemented. The implementation
and integration of the brands Hyundai and Dacia is planned
for the coming fiscal year.
A further function of the personnel department is to provide
support to local personnel officers, in particular in relation
to payroll accounting matters, but also in connection with
general personnel management issues.
Other key tasks in the coming fiscal year are the new build
projects in Nuremberg and Munich. In Nuremberg we are
converting the Obi-Baumarkt DIY store in the Bessemerstrasse which we have acquired into a modern Opel dealership. In Munich, a completely new dealership for the brand
Hyundai is being built in the Dachauerstrasse.
The core responsibilities of personnel management also include support and advice in relation to matters involving
employment law. One important task involves guaranteeing
defined processes in day-to-day personnel work. These
have an impact on the correctness of the payroll accounting and personnel controlling in particular. Compliance with
standards and the continuous review of these processes
is therefore of key importance, among other things for the
efficiency of the personnel department.
In the Stuttgart area, we are looking for a plot of land as a
replacement for the Nordbahnhof property, the lease agreement on which is running out. Once we find a suitable site
we will be building a new dealership for Opel-Staiger.
Our aim is to support the people in the dealerships in their
day-to-day work and push forward the further development
of personnel management.
| T H E G R OUP | FO R E W O R D | S UPE R V I S O R Y B O A R D R EPO R T Financial services
Insurance business
For years it has been the declared philosophy of AVAG
Holding SE that all the brands which we represent should
bring their own manufacturer’s bank or their chosen banking partner into the business relationship with AVAG. In
the financing of purchasing and sales, AVAG Holding SE
is thus affiliated as a partner with the GMAC, Toyota, Ford,
Nissan and Honda banks, the so-called captive banks. We
conduct the majority of the used vehicle business with the
non-captive banks.
The fact that we exploit insurance policies as a source of
revenue on a long-term and consistent basis through our
central AVAG department focusing exclusively on the insurance business, as well as with specialised employees
and advisers on a local level, has once again borne fruit
over the past year. We have succeeded in pushing forward
consistently and successfully the continuous expansion of
the volume of insurance business conducted with our respective business partners.
During the last fiscal year, the volume of sales passed on to
our automotive banks in Germany and Austria amounted to
343 million euro.
For example, during the past fiscal year 2013/2014 a total
of 18,265 motor insurance policies were concluded (previous year: 16,248), of which 7,834 (previous year: 6,574)
are attributable to our international affiliated companies and
10,431 (previous year: 9,674) to domestic companies. This
means that it has been possible to increase domestic penetration to 29.3 % (previous year: 29.2 %), resulting in a
portfolio volume of 45,322 policies (previous year: 42,387)
with a premiums volume of EUR 21.8 million (previous year:
EUR 19.8 million).
We pay particular attention to the balance between the aforementioned purchasing and sales financing. Here, banking
partners offering powerful and affordable credit are prioritised. This makes it possible for us to continue to pursue
the tried and tested strategy of risk diversification in order
to take on the challenges on the market with the necessary
flexibility and drive forward the development of the financial
services division.
Over the past three years, the sales instrument leasing has
once again developed into an important customer loyalty
instrument. The Opel locations of AVAG Holding SE thus
make use of and support the sales strategy of Adam Opel
AG, which was established on 01.07.14.
Financing/Leasing
Period FY
Leasing and
financing applications
(units)
Volume
(million euro)
2010/11 *
24,165
312.0
2011/12 *
24,588
326.0
2012/13 *
23,605
307.1
2013/14 *
25,495
343.0
* All partners (captive & non-captive), previously only GMAC Bank.
As from FY 2010/11 Germany & Austria.
22
Controlling and transparency
With the group increasing in size and increasing internationalisation, a meaningful and efficient system of controlling
has become a key factor for success. From the planning to
the target/performance comparison, it is important to be
able to gather, analyse and process specific information in
condensed form to serve as a basis for both operational
and strategic corporate decisions.
Our controlling and evaluation platform “Infoportal” has proved indispensable. This tool is linked to our Dealer Management Systems and creates unprecedented transparency in
virtually all areas and departments of the dealership. Irrespective of whether this involves contribution margins of a
sales adviser over a particular period, unsettled workshop
orders, an evaluation of stored winter tyres or processed
accident claims, divided according to insurance companies,
the Infoportal always supplies the right answers. Another
reason why the infoportal has developed into a true USP in
the AVAG locations is the user-friendliness of the system.
With the introduction of our AVAG dealership comparison
we fulfil a long-cherished wish of many members of management within our company. They can now compare sales and key figures down to account level. This can be done
on area level, but also down to the comparison of selected
locations. Strengths and potentials of departments, locations and whole areas can be identified in no time.
This tool provides unprecedented transparency and provides a clear objective basis for many management level
discussions.
One of our key success factors is the continuous presence
of our controlling team in the business locations. In this way
we guarantee continual further training of our accounting
and financial managers within the dealerships. In addition,
this allows weak points to be identified and eliminated at
short notice. This also guarantees a close relationship with
day-to-day business operations within AVAG.
Economies of scale and stock management
A central networking of our stocks of new cars in Germany, Austria and Croatia for the brands Opel, Ford, Toyota,
Nissan, KIA and Subaru means that the sales advisers at
our locations in these countries have real-time access to
approx. 4,400 new vehicles available for sale. This means
that virtually any customer wish can be realised within a
very short time. Additionally, there are at any given time approx. 5,000 new vehicles passing through the system as
demonstration vehicles, hire vehicles or vehicles awaiting
delivery to customers. A continuing process of optimisation means we can keep the delivery time for a requested
vehicle down to three working days, thus also reducing our
capital commitment.
of incoming enquiries from potential customers as far as
the contract of sale. Various filter functions and plausibility
checks are used to identify vehicles which are incorrectly
positioned in terms of price. All in all, this tool has developed into a key control instrument within our used vehicle
business.
In Germany and Austria, AVAG operates support centre
warehouses for the manufacturer Opel. We are also growing jointly with the manufacturer Ford, with whom we are
parts-dealing partners in Chemnitz, Berlin and Vienna. We
aim in future to further expand the experience and reliability
which we demonstrate daily as a competent logistics specialist in the area of parts and accessories for Opel, Ford, Toyota, Nissan and KIA. The central spare parts warehouses
have developed into a guarantee of high deliverability and
thus play a crucial part in ensuring that customers’ vehicles
only remain within our workshops for a short period of time.
Our logistics centres are distinguished by a high level of
competence and technical know-how. This makes them attractive logistics partners. We will also continue to actively
expand the concepts developed in cooperation with insurance companies for supplying approved workshops with
economical replacement parts for repairing referred cases
of damage.
In addition, from their workplace the salespersons can access the entire stock of used vehicles within the group of
companies. The wide selection of used vehicles – on average we have approx. 5,000 to 6,000 used cars in stock
- and an attractive price-performance ratio help us to meet
virtually all of our customers’ requirements and wishes. An
intelligent IT application makes it possible for each of our
locations to manage its stock of vehicles, with photos, and
automatically distribute these to predefined online markets.
The same system captures and monitors the processing
| T H E G R OUP | FO R E W O R D | S UPE R V I S O R Y B O A R D R EPO R T | G O A L S A ND S T R ATE G IE S |
24
S tat u s R e p o r t | Y e ar - e n d R e s u lt s | G o v e r n i n g B o d i e s o f t h e C o m pa n y | F i n a n c i a l C a l e n d ar |
Status Report
Picture on left: Auto Żoliborz, Warsaw
Photo: Opel
Status Report and Group Status Report
of AVAG Holding SE,
Augsburg as on 31 August 2014
A. Basis of the Group
AVAG Holding SE, Augsburg, is one of Europe’s leading
independent motor vehicle trading groups, with 49 operational dealer business in a total of 140 operating locations. The three intermediate holding companies DIO, DIA
and AVI, which are organised according to manufacturers
and regions, coordinate the trading activities. In addition
to Germany, AVAG is also active in the countries Austria,
Croatia, Poland and Hungary. The AVAG Group distributes
the brands Opel/Chevrolet, Toyota/Lexus as well as Ford.
In addition, Nissan, Honda, Subaru, Peugeot, KIA, Fiat Alfa
Romeo, Suzuki and Citroën dealerships are also operated.
In the past year the AVAG Group brought around 86.000
vehicles onto the road, achieving an overall turnover of EUR
1.37 billion euro.
The following changes took place during the fiscal year
2013/14:
On 01.07.2014 the AVAG Group took over the insolvent
Autohaus Vogel with locations in Gera and Hermsdorf by
means of an asset deal. The takeover of the Opel dealer primarily serves to consolidate coverage of the market region.
Organisationally, the business will be integrated with Auto
Exner GmbH & Co. KG.
26
Furthermore, the Opel dealership in Leipzig operated by
AutoStaiger GmbH was taken over on 01.07.2014. The
business will be integrated organisationally with Automobilzentrum Leipzig.
All of AutoStaiger GmbH’s other dealerships were acquired
on 01.08.2014. Specifically these involve the locations in
Stuttgart, Leinfelden, Waiblingen, Göppingen, SchwäbischGmünd and Esslingen, which will all be transformed into exclusive Opel dealerships. The acquisition was agreed with
Autohaus Staiger GmbH (formerly Autowelt KADEA GmbH)
in the form of an asset deal.
During the fiscal year 2013/14, Alfred Hommert KG, Coburg, was acquired on 01.09.2014. The company, which
has been an authorised Ford dealer since 1985, was taken
over by DIA GmbH.
The Munich Toyota dealer Ernst Wieser was taken over on
01.04.2014 by means of an asset deal. The Toyota/Lexus
dealership on the Landsbergerstrasse will continue to be
run by DIT München GmbH, part of the AVAG Group.
B. Economic report
1. General economic framework conditions
Economic growth within the euro zone was slow overall in
the first half of 2014. There were in some cases very significant differences, whereas the economic upturn continues
very steadily in the United Kingdom, Ireland and Poland,
and Eastern Europe can, generally, show positive growth,
in the countries of western Europe the economic recovery
proceeds at a very low positive level, but significantly better
than in the last year 2013.
The general economic growth forecast for the euro zone
was reduced by the OECD from 1.2 % to 0.8 % in September 2014.
In Germany an increase of 0.8 % in gross domestic product
was recorded in the first half of 2014. The forecast for the
year 2014 as a whole is for 1.5 %. Overall, we assess the
general economic conditions as being stable.
2. Sector-related framework conditions
The international automobile markets developed positively
overall in the first eight months of the year 2014.
Following the marked declines in the automotive trade since
the financial and credit crisis, in the first eight months of the
year 2014 the western European market grew by 5.1 % in
comparison with the previous year, with 8,038,200 new vehicle registrations, and has now been growing consistently
for twelve months. The turnaround on the automotive markets thus appears to be confirmed.
The new vehicle registration figures for the individual countries confirm this development. However, in the single
month August 2014 the German car market failed to grow
as expected in comparison with the previous year, with
213,092 new car registrations (-0.4 %). The August figures
for Italy were similar and France was actually 3.0 % down
on the same month of the previous year. However, other
countries showed significant growth, for example by 14 %
in Spain and by 10 % in the United Kingdom in comparison
with the same month of the previous year.
Overall there remains a sustained positive trend in all western European markets for the first eight months of the year
2014. The important markets Spain and the United Kingdom both show two-digit growth rates in this period. The
markets in Italy (+3.5 %), Germany (+2.6 %) and France
(+1.6 %) also showed a positive long-term development. A
similar picture can be seen in the smaller markets in Eastern
Europe, also including Poland (+15.7 %), Hungary (+20.7
%) and Croatia (+27.3 %).
2,021,609 (previous year: 1,969,820) new vehicle registrations were recorded, cumulatively, for the German market from January to August 2014, representing an increase
of around 2.6 %. Of all new vehicle registrations, around
62.6 % were of a commercial nature. The growth in the
German market results for the most part from commercial
registrations, whereas the private market is, as before, only
developing sluggishly. Looking at the individual segments,
the compact class makes up the biggest share with 25.9
%, but is down overall. This is followed by the segments
city cars (14.7 %), medium class (12.7 %) and vans (9.9 %).
Taken as a whole, these four classes account for the lion’s
share of the overall market, at 63.2 %. As previously, the
strongest growth can be seen in the SUV segment as well
as in compact cars (A and B segments).
The following table shows the new vehicle market, adjusted
to AVAG’s financial year. The new vehicle market saw a continuous improvement each month over this fiscal year. Thus,
with 3,004,220 (previous year: 2,943,608) newly registered
vehicles nationwide, our fiscal year saw an increase of approx. 2.1 % in comparison with the previous year, slightly
above our forecast figure of 2.9 million vehicles.
|
tHe GRoup
|
foReWoRd
|
|
|
Germany
Sept. 13 to Aug. 14
28
New Registrations
in Units
Volkswagen
652,656
Mercedes
BMW
Change in %
Market Share
in %
from
2012/13
Sept. 12 to Aug. 13
New Registrations
in Units
Market Share
in %
21.72
3.65
629,694
21.39
269,081
8.96
-4.78
282,575
9.60
265,935
8.85
-4.11
277,346
9.42
Audi
256,041
8.52
-0.11
256,327
8.71
opel
216,979
7.22
7.87
201,157
6.83
Ford
209,956
6.99
8.50
193,501
6.57
Renault
102,092
3.40
2.77
99,337
3.37
Hyundai
99,451
3.31
-0.33
99,776
3.39
Toyota/Lexus
73,138
2.43
-5.54
77,425
2.63
Fiat (incl. Alfa + lancia)
72,314
2.41
-3.97
75,305
2.56
nissan
62,180
2.07
16.11
53,553
1.82
Kia
52,998
1.76
-6.21
56,506
1.92
Dacia
47,910
1.59
3.88
46,121
1.57
Honda
21,359
0.71
-13.38
24,658
0.84
Chevrolet
11,271
0.38
-58.24
26,988
0.92
Subaru
5,849
0.19
-34.36
8,911
0.30
T o TA L
3,004,220
100.00
2.06
2,943,608
100.00
Overall, in relation to AVAG’s fiscal year, on the German
market our manufacturer Opel performed significantly better
than the market in general. As a result of this disproportionate increase in sales the market share rose once again to
7.22 %. In particular the models Adam, Mokka and Corsa,
which is being discontinued at the end of the year, contributed to this welcome growth. The Insignia, which underwent
a design update in June 2013 and now features modified
front headlights and LED strips as well as a redesigned rear
end, has also performed well. In addition, sales of the newly
launched SUV Mokka and the end-of-line sales of the Corsa are impressive. The new PR and marketing measures by
Opel, in particular the “Umparken im Kopf” [“Think Again”]
campaign, have had a very positive impact. Taken together,
these measures have led to a significant improvement in the
way the Opel brand is perceived by the market.
On the other hand, the model Zafira is not doing as well as
expected, since this segment has shrunk by half in Europe.
The previously biggest selling model Astra was unable to
maintain its lead position within the Opel range, but has
stabilised again.
On 5 December 2013 GM announced that the Chevrolet
brand would only remain on sale in Europe (with the exception of CIS states) until the end of 2015. As a result of negotiations between the manufacturer and European dealers,
the dealer agreement with Chevrolet was terminated prematurely with effect from 30 June 2014. This development
is reflected in the number of registrations in the overall market and naturally with us too, since only end-of-line sales
took place during the fiscal year. These had largely come to
an end by the end of February.
Following an almost two-digit fall in new vehicle registrations in the previous year, Ford showed a marked recovery
during this fiscal year (+8.5 %). The market share has already regained the level of 2011/12 during the fiscal year.
The models Fiesta and Focus continue to account for the
majority of Ford’s new vehicle registrations. The Focus managed to increase its market share to 1.8 %. One positive
factor in this context is the successful EcoBoost strategy.
The small yet extraordinarily powerful 1.0 litre petrol engine was for the third year in succession voted International
Engine of the Year 2013 and is used in the models Fiesta,
B-Max, Focus, C-Max and Grand C-Max, among others.
“That the Ford Focus is so popular is attributable to the
numerous innovative technologies and particularly fuelefficient and powerful engines which are available for this
successful model”, says Wolfgang Kopplin, Marketing and
Sales Manager at Ford-Werke GmbH.
With the successful launch of the B-Max, Ford was able
to win new customers in the microvans segment, but the
market share declined significantly in the year 2014. The
fact that the delivery problems caused by the three-month
strike at the Genk plant, which halted production and led to
long, have been ended is now showing positive effects. In
addition, the expansions in capacity in relation to the Kuga
model, the second generation of which came onto the market in 2013 and which, with 16,861 new vehicle registrations in the first eight months of the year 2014, showed an
increase of 61.4 % in registrations, are making themselves
noticeable.
30
Ford’s commercial vehicles business has once again grown
(3.7 %) and the market share as of August 2014 is now
8.7 %. The commercial vehicles business is of particular
importance to Ford. 2014 will, in the estimation of Bernhard
Mattes, Chairman of the Management Board of Ford-Werke
GmbH, be “a very good commercial vehicles year” for Ford
in Germany. In explanation, Mattes pointed out that that
within only 24 months Ford have completely updated and
expanded their European commercial vehicles range. This
product offensive, now including four separate model series
– Courier, Connect, Custom and Transit – is being very well
received by customers, as is confirmed by the sales figures.
The new Connect was brought onto the market in the first
quarter of 2014. The “International Van of the Year” stands
out in terms of design, fuel consumption and CO2 emissions and is expected to undermine the VW Caddy’s market
share.
The commercial vehicles family is rounded off by the new
Courier, positioned within the legendary transporter range
as a compact entry model. The 4.16 metre long transporter
is equipped with safety features which set new standards
in this segment.
Nationwide, new vehicle registrations of Toyotas fell
from 77,425 to 73,138 over the course of the fiscal year
2013/14. The decline is essentially attributable to the Lexus
models and the Verso. Currently, the models Auris (+6.2 %)
and Aygo (+10.2 %) have showed significant growth in the
first eight months of the year 2014. The facelift which the
Auris was given has had a positive effect. In the case of the
Aygo, the planned introduction of the new generation model in September 2014 meant that the model which is being
phased out was no longer available in adequate numbers
at the end of the fiscal year, which hindered growth in sales
of the Aygo. Much the same happened with the Yaris at the
end of the fiscal year. A facelifted version is being brought
to the market at the beginning of the new fiscal year, which
has had a noticeable impact on new vehicle registrations
over the past two months.
Following a significant fall in new vehicle registrations in the
previous year (-21.16 %) Nissan have to a significant degree
recovered during this fiscal year (+16.11 %), even if they
have not yet managed to achieve the level of 2011/2012.
The Toyota Yaris and the Auris are, by a significant margin,
the Japanese manufacturer’s flagship models on the German market. Following its successful launch at the beginning of 2013, the Auris also achieved an increase in sales
(+6.2 %) in the first eight months of 2014. This is above all
a confirmation of how the company’s commitment to their
hybrid strategy continues to bear fruit. In 2013, 28 % of all
Toyotas sold in Germany were hybrid vehicles. Around 40
% of all Aurises sold are hybrid models. The percentage for
the Yaris is 33 %. 24 hybrids and one plug-in hybrid models
are on sale in around 80 countries worldwide. A further 15
hybrid models are planned by the end of 2015. This shows
that, by continually adding to the number of hybrid models,
Toyota are focusing on expanding this market segment, and
this policy is also paying off.
With 5,444,926 (previous year: 5,508,790) registered changes of ownership from January to August 2014, the used
vehicle business was unable to maintain its level of the previous year and is down slightly, by 1.2 %. In the view of the
German Federation for Motor Trades and Repairs (ZDK) the
used vehicle business is expected to end the year 2014 at
the previous year’s level of 7.1 million registered changes
of ownership.
The new models Micra and Note, which have been available since the autumn of 2013, have in particular contributed
to this growth. The Micra, in the form of the K13, is now in
its fourth generation and the Note is in its second generation following facelifts in 2007 and 2009. The Nissan Note is
now for the first time on sale worldwide.
Nissan lost some of their market leadership in the SUV segment as a result of the introduction of the new model Qashqai and the associated lack of availability of the new model
at the time it first went on sale.
Over the past fiscal year, the vehicle service sector has,
overall, stabilised at slightly above the previous year’s level. The service business and workshop capacity utilisation has developed nationwide on the previous year’s level.
As regards the further demand for repair and maintenance
work in the year 2014, this will depend very much on how
the number of vehicles on the road in Germany develops.
Generally, the German Federation for Motor Trades and Repairs (ZDK) anticipates a reasonable development in demand over the rest of the calendar year and expects the
after-sales business overall to develop in the calendar year
2014 at the previous year’s level. We go along with this
view.
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Austria
Sept. 13 to Aug. 14
Market Share
in %
from
2012/13
Sept. 12 to Aug. 13
New Registrations
in Units
Market Share
in %
Volkswagen
55,591
18.01
-4.03
57,926
18.16
Skoda
21,690
7.03
7.12
20,248
6.35
opel
20,360
6.59
10.08
18,495
5.80
Audi
19,038
6.17
-2.87
19,601
6.14
Ford
19,320
6.26
-3.06
19,929
6.25
Renault
16,379
5.31
-2.14
16,737
5.25
BMW
16,116
5.22
5.18
15,323
4.80
Mercedes
11,194
3.63
-6.02
11,911
3.73
peugeot
10,613
3.44
-3.66
11,016
3.45
Kia
8,944
2.90
-10.28
9,969
3.12
toyota/lexus
7,730
2.50
-3.87
8,041
2.52
nissan
6,506
2.11
-23.12
8,463
2.65
Suzuki
5,024
1.63
-8.72
5,504
1.73
Chevrolet
1,934
0.63
-55.22
4,319
1.35
308,725
100.00
319,024
100.00
T o TA L
32
New Registrations
in Units
Change in %
-3.23
a) Austria
Opel is well represented in Austria and is actually performing better than the
market as a whole. Opel managed to increase its sales in Austria by 10.1 % in
the past fiscal year 2013/2014, whereas the market as a whole was down by
3.2 %. Expressed in figures: Opel achieved 20,360 new vehicle registrations
(previous year: 18.495) whereas the market as a whole saw a reduction in units
from 319,024 (2012/2013) to 308,725 (2013/2014).
The preceding Table shows the new vehicle market, adjusted to AVAG’s fiscal
year.
From January to August 2014 a total of 212,500 (previous year: 222.810) new
vehicle registrations were recorded for the Austrian market, corresponding to a
fall of around 4.6 per cent. Looking at the individual segments the medium
class represents the biggest share with 32.1 %, followed by the segments
“off-road vehicles” (22.0 %), “city cars” (19.2 %) and “vans” (14.3 %). Taken
together, these four classes dominate the overall market with 87.7 % of sales.
Opel’s biggest-selling models are the Zafira, Mokka and Corsa (3,690/ 3,449/
3,445 sold), followed by the Astra with 2,902 units in the period 09/2013 to
08/2014.
With 551,208 registered changes of ownership of January to August 2014, the
used vehicle business was down by 2.4 %. With 36,971 changes of
ownership, Opel accounted for a share of 6.7 %. By comparison, Opel’s
market share in terms of new vehicle registrations was 6.8 % over the aforementioned period (previous year: 6.1 %). The classic used vehicle business is,
as before, strongly influenced by the above-average supply of “nearly new”
vehicles in the form of vehicles registered by dealers and manufacturers
themselves.
| T H E G R O U P | F O R E W O R D | S U P E R V I S O R Y B O A R D R E P O R T | G O A L S A N D S T R AT E G I E S |
Croatia
Sept. 13 to Aug. 14
Market Share
in %
from
2012/13
Sept. 12 to Aug. 13
New Registrations
in Units
Market Share
in %
Volkswagen
5,407
16.19
24.27
4,351
Opel
3,684
11.03
32.14
2,788
10.37
Skoda
3,338
10.00
111.27
1,580
5.88
Renault
2,038
6.10
24.57
1,636
6.09
Citroen
2,007
6.01
13.33
1,771
6.59
Kia
1,296
3.88
-22.35
1,669
6.21
Fiat (incl. Alfa + Lancia)
604
1.81
114.95
281
1.05
Chevrolet
442
1.32
-61.86
1,159
4.31
33,395
100.00
24.27
26,873
100.00
T o tal
34
New Registrations
in Units
Change in %
16.19
b) Croatia
Following the collapse of the car market since the beginning of the economic
and financial crisis, it seems as if the Croatian market is slowly stabilising again.
In Croatia, the vehicle market has grown by 24.2 % in comparison with the
previous year, increasing to 33,395 units, or 6,522 units more than in the same
period of the previous year.
However, the increase in new vehicle registrations is attributable not to the
improved economic framework conditions but to the exceptionally large fleet
business (car hire firms, government or public procurement, INA ...). In the
private buyers segment in Croatia, there are as yet no indications of an
improvement in sales figures. As long as there is no economic growth, the
framework of current sales and the share of almost 70 % accounted for by
fleet business is unlikely to change.
With 3,684 new cars (previous year: 2,788), representing a growth of 32.1 %,
the new vehicle registrations of our main brand Opel in the period under review
lie well above the market average, resulting in an increase in the market share
to 11.0 %. Although the other brand which we distribute in Croatia, Citroen,
achieved two-digit growth of 13.3 % in this fiscal year, it remained behind the
market overall. The AVAG Group’s Croatian dealerships managed to defy
this trend and achieve a significantly higher increase above the market average.
Following the very poor last fiscal year (- 61.1 %) the manufacturer Fiat/
Alfa Romeo, which we have represented since the beginning of 2011, achieved
a clear increase again, from 281 to 604 marketed vehicles.
Due to the termination of the dealer agreement, only 442 new vehicles by
Chevrolet (previous year: 1,159), which we also distribute in Croatia, were
registered in the period under review.
A growth was observed across all vehicle segments, with the notable exception
of the medium class, which showed a decline by 60.0 %. An increase was also
seen in the commercial vehicles segment, above all in the case of the Vivara.
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Poland
Sept. 13 to Aug. 14
New Registrations
in Units
Change in %
Market Share
in %
from
2012/13
New Registrations
in Units
Market Share
in %
Skoda
43,407
13.65
35.73
31,981
11.64
Volkswagen
29,246
9.19
14.60
25,520
9.29
opel
23,096
7.26
26.15
18,309
6.66
Ford
22,913
7.20
27.27
18,003
6.55
Renault
15,927
5.01
20.56
13,211
4.81
8,495
2.67
-14.07
9,886
3.60
Chevrolet
4,943
1.55
-51.71
10,236
3.73
318,076
100.00
15.79
274,706
100.00
T o TA L
c) Poland
The motor vehicle market in Poland grew strongly in the fiscal year, from
274,706 to 318,076 new vehicle registrations. The increase of 15.8 % (previous year: 2.3 %) actually surpassed expectations. the positive economic
outlook in poland is being driven by investment and consumption.
except for the brand Chevrolet, which has largely disappeared from the
european market due to the premature termination of the dealer agreements
with effect from 30 June 2014, the high-volume brands performed very well
during the past fiscal year. With 23,096 new vehicle registrations (previous
year: 18,309), our main brand Opel achieved an increase of 26.2 %, well above
the market average.
Due to the termination of the dealer agreement, only 4,943 new vehicles by
Chevrolet, which we also distribute in poland, were registered in the period
under review (previous year: 10,236). this share will continue to fall sharply
during the fiscal year 2014/15.
36
Sept. 12 to Aug. 13
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finAnCiAl CAlendAR
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Hungary
Sept. 13 to Aug. 14
Sept. 12 to Aug. 13
Market Share
in %
from
2012/13
13,784
15.42
73.36
7,951
10.79
opel
8,147
13.12
21.69
6,695
12.66
Ford
5,992
9.65
23.09
4,868
9.21
Volkswagen
5,167
8.32
9.03
4,739
8.96
Suzuki
4,718
7.6
31.97
3,575
6.76
1,313
2.11
-35.19
2,026
3.83
454
0.73
688
1.3
-34.01
62,101
100.00
17.48
52,863
100.00
Skoda
Chevrolet
T o TA L
New Registrations
in Units
Change in %
New Registrations
in Units
Market Share
in %
d) Hungary
nationwide, the registration of new cars increased by 17.5 % to 62,101 new
vehicles in comparison with the previous year. the market continues to be
dominated by fleet sales, which account for 75 % of the total number of new
cars sold. the leasing companies continue to play an important role on the
Hungarian market.
the main brand which we represent, opel, recorded an increase of 21.7 %
during the fiscal year, with 8,147 new cars sold (previous year: 6,695), thus
achieving a growth rate of more than 20.0 % for the second year in succession. Due to the termination of the dealer agreement, only 454 vehicles by
Chevrolet, which we also distribute in Hungary, were registered in the period
under review (previous year: 688). The brand Suzuki, which we also market in
Hungary, had as of August 2014 succeeded in increasing its number of new
vehicle registrations significantly in comparison with the previous year, up by
32.0 % to 4,718 vehicles (previous year: 3,575).
AVA G H o l d i n G A n n u A l R e p o R t 2 0 1 3 | 2 0 1 4
37
38
Status Report
Picture on left: Autocenter Dresden
Photo: Nissan
3. Development of business of the AVAG Group
3.1. Sales
With its 35 German and 14 international affiliated companies engaged in sales at a total of 140 locations (previous year: 131) AVAG Holding SE sold 85,687 (previous
year: 81,121) new and used vehicles in the past fiscal year
2013/2014. After having fallen below the billion euro level
in the previous year, sales revenues in the vehicles sector
rose again in the fiscal year to TEUR 1,036,168 (previous
year: TEUR 977,285). This increase results both from sales
of new cars and sales in the used cars segment.
3.1.1. Sales of new cars
AVAG Holding SE’s dealerships in Germany and abroad sold
a total of 45,624 new cars in the past fiscal year 2013/2014
(previous year: 44,909). The sales figures of our 35 domestic businesses engaged in sales activities increased again
slightly in the new cars business with 33,362 new vehicle
registrations (previous year: 33,183). With 19,911 vehicle
sales (previous year: 20,155), DIO’s dealerships were down
on last year’s sales figures, whereas DIA managed to increase sales by 3.2 % with 13,451 vehicles (previous year:
13,028).
48.321
50000
47.714
42.673
Collectively, our 14 business interests engaged in sales activities in other European countries, which are represented
in a total of 29 sales locations in the countries Austria, Croatia, Poland and Hungary, managed to market a total of
12,262 new cars (previous year: 11,726).
Opel and Chevrolet accounted for a share of 60.8 % and
4.2 % respectively of the total numbers. The brand Ford
(17.6 %) showed the same strong percentage increase as
Opel in the fiscal year (+3.6 %). Unfortunately, Toyota (8.2
%) reported a slight fall in sales. The remaining brands thus
account for 9.2 %. As a result of Chevrolet’s withdrawal
from the European market, Chevrolet’s share of sales fell
sharply during the period under review (5.1 %), since the
number of available new vehicles was virtually exhausted
by the end of the second quarter of 2013/14.
44.909
45.624
40000
Total
AVI
30000
DIA
20000
DIO
10000
2009/10
40
2010/11
2011/12
2012/13
2013/14
3.1.2. Sales of used vehicles
With 40,063 used vehicles sold in total (previous year:
36,212), our dealerships managed to surpass the previous
year’s figure comfortably during the during the past fiscal
year. Taking into consideration the development of the market as a whole, this increase can be seen as being very
positive.
Both the dealerships operated by DIO GmbH, with 20,889
used vehicles sold (previous year: 19,084) and the companies controlled by DIA Albert Still GmbH and AV Holding
International GmbH/AV International GmbH continued to
improve performance in comparison with the previous year
and actually achieved two-digit growth rates in this fiscal
year.
The increase achieved by DIO GmbH thus more than compensates for the slight fall in the figures for new car sales.
This is largely attributable to the “Young Opel” programme promoted by Opel, which was received well by customers. In particular, the dealerships operated by DIA Albert
Still GmbH managed to further increase used vehicle sales through an active purchasing policy. Abroad, the ontarget growth resulted from the intensification of independent purchasing. With 11,729 registered used vehicle sales
(previous year: 10,481), the DIA dealerships surpassed
last year’s performance by around 1,250 units, together,
the companies controlled by AVI sold 7,445 units (previous
year: 6,647), again exceeding the previous year’s figures.
50000
40000
38.258
33.343
36.501
36.212
40.063
Total
AVI
30000
DIA
20000
DIO
10000
2009/10
2010/11
2011/12
2012/13
2013/14
3.2. After-sales
The after-sales business is the second mainstay of the automotive trade. However, there is considerable competitive pressure from fast-fit groups such as ATU or Pit-Stop,
which in this fiscal year too we withstood comparatively
successfully. Very high quality products, the resulting extended maintenance intervals of the vehicles and the reduction
in the number of warranty claims oblige us to stabilise or
improve the utilisation of our workshop capacity through
active after-sales marketing. Accordingly, our after-sales
turnover in the past year, amounting in total to EUR 336.1
million (previous year: EUR 336.9 million) remained at the
same level.
Turnover in the parts and accessories business, at EUR
219.4 million in total (previous year: EUR 224.3 million) and
in the service business, at EUR 91.8 million (previous year:
EUR 88.4 million) is EUR 1.5 million down on the previous
year’s level. The decreases are essentially attributable to
price reductions initiated by manufacturers, turnover volumes are currently increasing.
4. Earnings, Assets and Financial Position of the AVAG Group and AVAG Holding SE
4.1. The AVAG Group
4.1.1. Earnings situation
Sales revenues increased during the past fiscal year from
EUR 1,313 billion to EUR 1,372 billion, whereas the result from ordinary activities rose significantly from EUR 8.3
million to EUR 20.1 million. Taking into consideration the
development of the overall market, the result can certainly
be regarded as a success. This is this attributable, among
other things, to the synergy effects resulting from the structures created within the AVAG Group. The basis for these
improvements also included the measures and adaptations
within the individual companies initiated and also already
implemented during the preceding fiscal year.
Whereas sales revenues have increased by 4.5 %, the
gross profit rose by 5.6 % to EUR 248.2 million. This is
largely attributable to the service and parts business. This
was affected by the slightly improved cost-of-materials ratio
of 81.9 % (previous year: 82.1 %). Profits on sales of more
than EUR 5.0 million were achieved through the sale of property, these are reported under other operating income.
42
The operating result rose significantly from EUR 17.6 million to EUR 28.1 million. The result was affected by cost
increases in the area of personnel expenses, essentially
due to the new operating locations. However, the personnel expenses ratio is, at 9.7 % overall, virtually unchanged
in comparison with the previous year.
Personnel expenses increased by 5.4 % in the fiscal year
2013/14, above all because of the newly acquired companies. These include usual wage and salary increases of
approx. 2 to 3 % p.a. This salary adjustment as well as the
expansion involving various new business locations have
led to an increase in personnel costs. Nominally, personnel
expenses have increased from EUR 126.3 million to EUR
133.1 million.
The financial result improved, among other things due to
the reduction of the interest burden from the SMART mezzanine capital from EUR - 9.3 million to EUR - 8.0 million.
The balance of operating result and financial result leads
to an operating profit of EUR 20.1 million (previous year:
EUR 8.3 million), that is to say EUR 11.8 million above the
previous year’s level. A significantly higher tax burden in
comparison with the previous year of EUR 7.1 million (previous year: EUR 2.5 million), which is essentially attributable
to the strong performance of the operational subsidiaries,
together with the profit share due to partners outside of
the group, amounting to EUR 2.3 million (previous year:
EUR 1.7 million) leads to a consolidated net income in the
amount of EUR 10.7 million (previous year: EUR 4.1 million).
The profit on sales, in relation to the earnings before income
taxes, amounts to 1.5 % (previous year: 0.6 %), exceeding
our target of a minimum return on sales of 1.0 %.
4.1.2. Assets situation
The consolidated balance sheet total amounted, as at balance sheet date, to 371.8 million euro (previous year: 336.3
million euro), 35.5 million euro above the previous year’s
level. On the assets side, the fixed assets increased by 6.6
million euro in comparison with the previous year to EUR
175.1 million (previous year: EUR 168.5 million) and the current assets increased by EUR 28.8 million from EUR 166.3
million to EUR 195.1 million.
The change in the fixed assets is essentially attributable to
the acquisition of Autohaus Staiger and Hommert GmbH &
Co. KG. A contrary effect results from the sales of property,
as a result of which profits on sales in the amount of EUR
5.3 million were achieved.
In the current assets, inventories increased by EUR 20.3
million to EUR 132.7 million, trade accounts receivable increased by EUR 6.3 million to EUR 36.8 million and other
assets increased from EUR 17.9 million to EUR 21.5 million. The trade accounts receivable increased as per the
reporting date above all as a result of the recent acquisition
of the Staiger Group. In other assets, increased receivables
resulting from sales support are responsible for the increase.
The equity ratio provides an indication of the Group’s capital structure. Including equity-related financing, it stood at
18.3 % (previous year: 17.4 %). The equity as shown on the
balance sheet amounts to EUR 60.2 million and the equity
surrogates amount to EUR 8.0 million euro as per reporting
date. At the Shareholders’ Meeting on 28.03.2014 it was
decided that, out of AVAG Holding SE’s net income of EUR
15.0 million, a dividend of EUR 0.31 per share with dividend
entitlement will be distributed, in total EUR 1.2 million, with
EUR 10.0 million being allocated to retained earnings. The
net income remaining after the distribution of the dividend
and allocation to retained earnings was carried forward to
new account. The allocation to the retained earnings is intended to strengthen the company in the long term. As of
31.08.14 the legal reserve changed by EUR 0.6 million due
to the increase required by law.
On the reporting date, equity-related funds comprised EUR
8.0 million from the bank consortium comprising BayernMezzanine, LfA and KSK Augsburg.
Provisions increased by EUR 9.8 million to EUR 42.7 million. The increase is essentially attributable to the increase
of EUR 2.2 million in provisions for customer loyalty instruments, of EUR 2.4 million for tax provisions, of EUR 0.4
million for personnel provisions and of EUR 1.1 million for
pension provisions.
The customer loyalty programmes were pushed forward
during the fiscal year 2013/14 and should, in the coming
years, lead to positive effects in the service business. The
personnel provisions have essentially risen due to the good
fiscal year.
Total liabilities (excluding profit participation rights and subordinated liabilities) of the AVAG Group also increased significantly, by EUR 13.0 million to EUR 255.1 million. The liabilities to banks rose from EUR 196.4. million to EUR 205.3
million, which is essentially attributable to the increase in
vehicle stocks under inventory assets. Within the liabilities
to banks, a clear shift from short-term financing towards
long-term financing occurred as a result of the refinancing
which took place in January 2014.
The items current account and euro loan were reduced in
comparison with the previous year to EUR 4.9 million (previous year: EUR 28.0 million). Currently, long-term loans have
increased from EUR 35.9 million to EUR 63.1 million.
cash and cash equivalents of the AVAG Group amounted
to EUR 4.2 million (previous year: EUR 5.6 million). At EUR
29.7 million the annual cash flow was EUR 4.7 million up on
the previous year’s level (EUR 25.0 million).
Trade accounts payable rose from EUR 17.5 million to EUR
21.0 million due to the reporting date and as a result of the
newly acquired dealerships.
The cash flow from current business activities stood at EUR
15.4 million (previous year: EUR 41.5 million). This is attributable, in particular, to the increase in new and used vehicles
and trade accounts receivable.
Deferred income and accrued expenses rose by EUR 3.1
million due to payments for coming fiscal years.
4.1.3. Financial Situation
Analysing the cash flow statement gives an indication of the
Group’s financial position. At the end of the fiscal year the
4.2. The cash flow from investment activities was EUR - 21.1
million (previous year: EUR -10.2 million). The cash flow
from financing activities was EUR 4.3 million (previous year:
EUR 31.2 million).
AVAG Holding SE
4.2.1. Earnings situation
AVAG Holding SE is an operational management and financial holding company that supports all automotive-related
areas of business. It frees the operating companies from
activities that do not add value directly, since it bundles
certain areas of expertise (e.g. in the areas of marketing,
IT, treasury, quality and environmental management etc.)
at headquarters and through the placement of its specialists makes them available as a service to all operating
companies. Bundling these functions allows us to achieve
substantial synergy effects. This professional assistance
allows the dealerships to focus their main efforts on active sales and individual customer care. AVAG Holding SE
plays a supporting role here. By deploying specialists in, for
example, the specialty areas of after-sales, key customer
care, insurance, etc. it offers the operating units additional
direct support in their day-to-day business. This effect is
enhanced by the dealerships’ ability to access our central
vehicle distribution centre, which gives us a further edge
over our competitors.
Given the underlying economic conditions in the fiscal year
2013/14, the management is very satisfied with the net income of EUR 12.6 million which was achieved (previous
year: EUR 4.3 million). The sales revenues, consisting of
distribution centre activities, rental incomes and intragroup
allocations, increased during the year under review from
EUR 225.8 million in the previous year to EUR 263.1 million
in. This is above all due to the significant increase in sales
revenues in the area of the vehicle distribution centre function, by 17.6 % to EUR 243.0 million, which is essentially
attributable to the higher volume of units sold within the
Group. The other operating income rose to EUR 6.4 million
(previous year: EUR 1.0 million) due to the sale of land and
buildings.
The cost of materials in relation to turnover was slightly up
on the previous year and is predominantly affected by the
central distribution centre’s purchase and sale of new vehicles.
Following the good fiscal year 2013/14, personnel expenses increased by EUR 1.2 million to EUR 7.9 million as
a result of additional employees and performance-related
remuneration.
44
Other operating expenses fell by EUR 0.6 million as a result
of the elimination of special effects from the previous year
such as losses in book value resulting from the disposal
of securities and the formation of provisions. Overall, other
operating expenses were reduced from EUR 5.3 million to
EUR 4.6 million. In view of the developments described, the
operating result of AVAG Holding SE increased by EUR 5.7
million to EUR 5.7 million.
The financial result for the period under review grew significantly, by EUR 3.6 million to EUR 8.4 million, with highly
variable developments within the financial result. On the one
hand, interest and similar expenses fell by EUR 0.9 million
as a result of the scheduled amortisation of profit participation rights in the middle and at the end of the last fiscal
year. Currently, write-ups of financial assets in the amount
of EUR 0.6 million had to be made due to improvement of
the economic performance of subsidiaries and the income
from securities and investment lendings fell by EUR 0.5 million (essentially as a result of lower interest income from
securities). As a result of taking out new long-term loans,
the interest for long-term loans rose by EUR 0.7 million.
The income from participating interests rose by EUR 2.4
million to EUR 8.5 million during the past fiscal year as a
result of the positive development of the investments in the
operational business.
The result from ordinary operating activities thus amounted
to EUR 14.2 million on the reporting date, in comparison
with EUR 4.9 million in the previous year.
Analogously to the result from ordinary operating activities,
the net income was increased from EUR 4.3 million to EUR
12.6 million.
4.2.2. Assets
The balance sheet total of AVAG Holding SE increased by
EUR 32.0 million to EUR 215.6 million (previous year: EUR
183.6 million) over the last fiscal year.
current assets are, at EUR 94.7 million (previous year: EUR
67.8 million) well above the previous year’s level. Under current assets, accounts receivable and other assets amounted to EUR 72.5 million as per the reporting date (previous
year: EUR 52.5 million) and inventories amounted in total
to EUR 22.2 million (previous year: EUR 15.2 million). The
inventories thus increased by EUR 7.0 million in the fiscal
year, having fallen to a very low level in the previous year.
The amounts owed by affiliated companies essentially consist of receivables from the cash management of the AVAG
Group and income from participating interests.
On the liabilities side, the balance sheet equity increased
due to the good results over the past two fiscal years by
EUR 11.4 million to EUR 67.3 million (previous year: EUR
55.9 million). At the Shareholders’ Meeting on 28.03.2014
it was decided that, out of the previous year’s net income
of EUR 15.0 million, a dividend of EUR 0.31 euro per share
with dividend entitlement should be distributed, amounting
in total to EUR 1.2 million, and an amount of EUR 10.0 million was allocated to retained earnings. The allocation to the
retained earnings is intended to strengthen the company
in the long-term. As of 31.08.14 the legal reserve changed
by EUR 0.6 million corresponding to the increase required
by law.
Equity-related funds were composed of EUR 8.0 million
from the bank consortium comprising Bayern-Mezzanine,
LfA and KSK Augsburg. The effective equity thus amounts
in total to EUR 75.3 million (previous year: EUR 63.9 million)
and our effective capital ratio remains virtually unchanged at
34.9 %. Total liabilities are, at EUR 148.2 million, well above
the previous year’s level (previous year: EUR 127.7 million),
after AVAG Holding SE arranged a long-term refinancing in
the amount of approx. EUR 30.0 million at the beginning of
the calendar year.
On the assets side, this development is attributable to several factors. Property, plant and equipment increased by
EUR 8.3 million, from EUR 49.6 million to EUR 57.9 million,
due to recent purchases of land and buildings in the Stuttgart area, while at the same time the lendings to affiliated
companies were reduced by EUR 4.4 million due to the
sale of a plot of land in the greater Munich area. Moreover,
4.2.3. Financial situation
The cash and cash equivalents of AVAG Holding SE amounted to EUR - 2.5 million at the end of the reporting period,
in comparison with EUR - 5.7 million in the previous year.
A cash flow from current operating activities of EUR 12.7
million (previous year: EUR 5.4 million) was set against a
cash flow from investment activities amounting in total to
EUR - 2.1 million (previous year: EUR 6.6 million). The cash
flow from financing activities changed from EUR - 2.9 million to EUR - 7.4 million, above all due to the repayment of
euro loans.
4.3. Financial instruments
One of AVAG Holding SE’s most important tasks as a management and holding company is the structuring and management of financial instruments within the group. With
respect to operating funds, financing basically comprises
two components:
The largest component in terms of volume is the financing
of our stocks of inventory vehicles. Available to us as partners for the financing of our inventories of new and used
vehicles are, on the one hand, manufacturers’ banks, socalled captives, as well as providers of vehicle financing that
are not linked to manufacturers, so-called non-captives.
The financing of the other business operations takes the
form of credit lines provided by commercial banks. All German and Austrian operations are linked to AVAG Holding
SE (which holds the overall credit lines) through cash pool
structures based on zero balancing procedures with fixed
interest rates.
During the course of the fiscal year and as on balance sheet
date, adequate credit lines were available to the group in
both areas of business, availment of these credit lines is
subject to pronounced seasonal fluctuations.
Both parts of the inventory vehicle financing and the financing of operating funds via commercial banks are subject
to the risk of interest rate changes which we have hedged
through CAP agreements scaled according to maturity and
strike rate, and also interest rate swaps with different terms.
Interest rates have been at an historical low since the end
of 2009. Given the current overall economic situation, we
do not expect any sharp rises in interest rates over the medium term.
46
Our short-term current account financing via commercial
banks is in principle unsecured, based on the equality of
treatment principle, during the past fiscal year, in order to
secure/ stabilise our operating funds financing we have agreed a two-year term with automatic extension option for
parts of our credit lines.
In the field of medium to long-term outside financing, we
differentiate between traditional long-term outside capital
from bank loans and items with an equity-like character.
During the past fiscal year the share accounted for by traditional loans has increased sharply as a result of our 30.0
million euro property financing project. Our current bank
loan portfolio consists largely of fixed positions that are not
subject to any significant risk of interest rate changes.
The second key element in terms of medium to long-term
outside financing, profit participation rights with a subordinate character, is now only of secondary importance following the repayment of SMART and STAGE [profit participation rights] during the fiscal year 2012/13. In the case of
the remaining profit participation right on the part of Bayern
Mezzanine/LfA/Kreissparkasse Augsburg we have agreed
annual unscheduled repayments in the amount of EUR 1.0
million during the past fiscal year, so that only a final amount
of EUR 5.0 million will be due for repayment on maturity of
the profit participation right in August 2017.
4.4. General assessment of the Group’s earnings, assets and financial situation
For years we have successfully pursued a strategy of risk
diversification. In other words, we spread the risk for the
AVAG Group by participating in different markets, and also
with different brands. As is known, we operate in five European countries, marketing a total of 12 brands. This approach enables us to spread risk across various shoulders.
We believe this method of reducing risk has proved to be
the right approach for us over the long-term. It means that
even in difficult market situations in individual regions and/
or in individual markets, we succeed in posting satisfactory/
good results. For example, last year we posted consolidated sales of EUR 1.37 billion and an operating result of EUR
20.1 million. Given the current situation and the continuing
need to adapt to the changes on the European automobile market, we are very satisfied with our return on sales
of 1.5 %. We are also on a very sound footing in financial
terms. We have (balance-sheet) equity of EUR 60.2 million
along with EUR 8 million of equity-related resources, giving
us an economic equity ratio of 18.3 % of our balance-sheet
total. Over the coming years we plan to further strengthen
our equity basis. The medium-term goal of the AVAG Group
is an equity ratio of 20%. In taking this measure, AVAG Holding SE’s shareholders wish to affirm their confidence in
their company’s future prospects.
Above all, the improving development of the market, the
optimisation measures which have been implemented and
the one-off effect resulting from the sale of property contributed to an improvement in the result in comparison with
the previous year’s forecasts.
5. Financial and non-financial performance indicators
The company controls its operational business on the basis
of the sales revenues, the annual result and the return on
sales. Another important performance indicator is the number of persons employed by the company.
The number of employees of the AVAG Group increased
during the fiscal year from 3,446 to 3,508. The key influencing factor here is the newly acquired companies.
Our employees are the most important resource contributing to the success of the AVAG Group. This is why internal
training events are held regularly within the different departments in order to promote the continuing vocational training
of our employees. The vocational training provided to the
employees is supplemented with external advance training
measures provided by manufacturers or other providers.
C. Supplementary Report (§ 289 para. 2 no. 1 HGB)
No events of particular importance occurred after the balance sheet date.
D. Forecast, Opportunities, Risk Report
1. Risk report and risk management system
The AVAG Group has installed a central risk management
system which is implemented in all of the AVAG Group’s
dealerships. The purpose of this is to allow risks to be
identified at an early stage, their impact reduced by means
of appropriate measures and any threat to the company’s
existence averted. It makes an important contribution to the
achievement of the strategic, operational and financial goals
of the AVAG Group and the individual dealerships and is
intended to contribute to a sustained increase in the value of the company. It involves a comprehensive system of
reporting, including a daily analysis which allows changes
in the sales market to be identified quickly. It also involves
daily management of vehicle stocks and sales figures. In the
service business, a daily analysis of capacity utilisation and
added value takes place.
The performance of the individual dealerships and the
distributed brands are analysed on brand level in regular
meetings between the senior management and divisional
management and further action and future developments
are discussed.
General economic risks can have various different causes.
Economic risks can arise from an unfavourable development of global or regional markets, for example from a possible intensification of the political crises in the Ukraine and
in the Near East which could have major impacts on the
German economy and the prospects for economic recovery.
The global economic risks are limited by our presence within
the local German market. This means that the company’s
development depends very closely on the development of
the economy within Germany. The materialisation of such
risks can have a serious impact on the sales achieved by
the company.
48
Market risks
Changes in the sector-specific environment can also have
a negative impact on the earnings, financial and assets situation.
The drivers behind the assessment of risks within the automotive trade are the development of domestic demand
in general, the performance of the brand marketed by the
dealership and its positioning within the regional market.
In addition, an essentially saturated automotive market in
Germany, exacerbated by the flows of products channelled
by the manufacturers, leads to a further intensification in
competition and ultimately to an attrition of dealerships.
A daily analysis is therefore implemented within the AVAG
Group which allows changes within the sales market to be
identified rapidly.
The same applies to our international sphere of operations,
namely the markets in Austria, Croatia, Poland and Hungary. As is well known, AVAG has for years pursued a strategy
of risk diversification, i.e. we operate in different European
markets, with a number of different brands – the heavyweight within our overall portfolio remains the Opel brand.
The lack of profitability on the part of the car manufacturer Opel is, as before, the main uncertainty. However, Opel
has been performing very encouragingly since 2013. The
number of new vehicle registrations and the market share
are rising steadily. The company is expected to be back in
the profit zone by the middle of the decade, and Opel are
aiming for a return on sales of five per cent in Europe by
2022.
With a market share of 2.4 %, the brand Toyota has failed
to live up to its expectations on the German market. As previously, Toyota are seriously committed to hybrid drivetrain
technologies. Toyota can now offer vehicles with hybrid
drive in virtually all segments. The Japanese manufacturer’s
main sales driver is the Yaris hybrid, which is also their flagship model in this sector. The Toyota Auris touring sports
convertible closes the gap in the lower medium size segment which has been open since 2006.
risk for us. We consider the residual value risk of returned
leased vehicles through careful calculation at the time of
concluding the contract and through regular monitoring of
residual values. In addition, we form a provision to cover
any risks not taken into calculation.
The financing of purchasing and sales is a key success factor nowadays within the automotive trade. The financing of
the dealerships as well as sales financing within the AVAG
Group are controlled via AVAG Holding SE. The new car
inventory financing and new car end customer financing, involving various different arrangements, is essentially based
on the manufacturer’s banks. In the used vehicles business,
we work together with several financial partners, both in
purchasing and sales financing.
On Group level, in addition to Opel, the brands Toyota,
Chevrolet and Nissan have, in particular, already become
established, and the most recent high-volume brand Ford
already occupies second position in our brands ranking,
even though the dealerships are still in the start-up phase.
One important risk factor in the automotive trade is the
management of stocks of new and used vehicles. Within
the AVAG Group, this is managed centrally for each vehicle
brand, exploiting the advantages of a centrally controlled
inventory management which allows each individual dealership access to all of the vehicles. This means that customers can be presented with a wide range of new and used
vehicles. Several times a year, inventories are systematically
cleared of used vehicles that have been on sale for some
time through our intra-group auction “Motorbay”.
In principle, the obligation to take back leased vehicles
also involves risks for AVAG. With leasing, we essentially
distinguish between contracts based on residual value and
mileage-based contracts. Leasing contracts involving buyback obligations for pre-determined buy-back values do
not generally present a risk, whereas buy-back obligations
for mileage-based contracts generally harbour risks. AVAG
favours leasing transactions with fixed residual values and
concentrates on a 50 : 50 division of the total number between both contract types. In operational terms, the leasing
buy-back obligations do not currently represent a significant
Legal Risks
Legal risks can essentially arise from legal disputes, complaints or warranty claims.
Provisions have been formed in appropriate amounts for
proceedings which are currently pending. No individual risks
exist which could have a serious impact on the company’s
business and thus its result.
Financial risks
Financial risks primarily involve liquidity, interest, bad debt
and tax risks.
AVAG Holding SE is also responsible for providing and
controlling liquidity within the Group. The availability of liquidity and the stability of the overall financing take first
priority. Some of these financing positions are exposed to
an interest rate risk, part of which is fixed or capped groupwide through the conclusion of corresponding interest rate
hedging agreements on the level of AVAG Holding SE.
Our professional cash management system provides us with
same-day liquidity management across all countries and
banking relationships. Of these credit lines in the amount
of EUR 414 million (as of August 31, 2014), AVAG Holding
SE used around 49% or EUR 205 million. For years, AVAG
Holding SE’s stated philosophy has been for all brands that
we represent to include their own manufacturer’s bank/their
chosen banking partner in the business relationship with
AVAG. Consequently, AVAG Holding SE has sales financing
relationships with GMAC, Toyota, Ford, Nissan and Honda
banks. The new business relations entered into since the
end of 2008 with the non-captives BDK, S-Kreditpartner,
Santander-Bank, Getin Bank and akf-Bank have since become an established part of our inventory vehicle financing.
Short-term interest rates have been at a constant low level
since the end of 2009. Given the current overall economic
situation, we again expect a similar level of interest rates
for 2015.
50
In view of the risk of default in payment by commercial customers, the dealerships enjoy protection in the event of default in payment under the service and advice agreement
concluded with AVAG Holding SE and in addition through
the trade credit insurance taken out with Euler/Hermes.
Consequently, this does not represent any significant risk to
dealership operations.
Tax risks essentially arise through the export of vehicles and
spare parts to other countries within and outside of Europe.
This risk is countered by following standard procedures for
exports within the entire AVAG Group which are intended to
minimise the risk.
General assessment of the company’s risk situation
The assessment of the overall risk situation is the result of
the consolidated consideration of all the significant individual risks. We are not aware at present of any risks which
could constitute a threat to the continuing existence of the
company.
2. Opportunities and forecast
2.1. Wider framework conditions
We see the German economy facing challenging developments. In September 2014 the OECD downgraded its
growth forecast for Germany for 2014 from 1.9 % to 1.5 %
and for 2015 from 2.1 % again to 1.5 %. This is also reflected in the ifo business climate index which, in September
2014, had been at a low point (104.7) for over a year. “The
German economic motor is no longer turning over”, explained ifo president Hans-Werner Sinn. Growing concern
about international political crises in the Ukraine and the
Near East also have a dampening effect on the mood within
the German economy.
2.2. Outlook for 2014/2015
Current economic forecasts are more negative than at the
beginning of the year, however, the employment market
remains robust, incomes are rising and consumption is
supporting the economic recovery. The development of the
global economy and in particular the economic upturn in
the euro zone are currently proceeding more slowly than
expected. In addition, the Russia-Ukraine crisis and other
conflicts have a depressing effect on the mood of companies and consumers. Following the slight fall in general
economic output during the second quarter, the economic
indicators for Germany currently point towards an initially
very modest development. Overall, however, we anticipate
a healthy demand in the new vehicles business.
Under the leadership of the Dr. Karl-Thomas Neumann, new
Sales Director Peter Christian Küspert, Marketing Director
Tina Müller and the new Head of Sales in Germany Jürgen Keller, Opel are set on a very promising course. The
company is expected to be back in the profit zone by the
middle of the decade. According to Dr. Karl-Thomas Neumann, Chairman of the Management Board of Adam Opel
AG, Opel hope to achieve a return on sales of five per cent
in Europe by 2022 and increase market share to eight per
cent. In Germany, the plan is to increase the market share
year by year with new products, segments and engines. In
eight years Opel plans once again to be the second-biggest
car brand in Europe.
The future of the automotive sector depends very much on
the further development of the general economic situation.
The interplay of the European markets will play a key role
here. In this respect it is difficult to offer precise forecasts.
Nonetheless, an upswing has been noticeable over the past
12 months which leads us to look optimistically towards the
future. Based on the estimates of the ZDK, a volume of 3.1
million new vehicle registrations by the end of the current
calendar year is realistic. Expectations for 2015 are equally
positive, since both we and the ZDK also expect this to be
a stable year for the industry. Initial estimates are for up to
3.1 million new vehicle registrations in 2015. We also assume that the market will develop constantly at 2014’s level
of approx. 3.1 million new vehicle registrations. Our volume
planning for the coming fiscal year also rests on this basis.
A lot of work remains to be done over the coming four years
in terms of the range of models on offer. 27 new models
and 17 new engines are going to be brought onto the market.
The Corsa no. 5, which has already been unveiled at the
Paris Motor Show, will be available at dealerships at the
beginning of the new year. The front end and interior have
been given a modern look oriented on the sister model
Adam. Overall, the new look is beefier and sportier. The
interior offers an exclusive design, an all-round package of
safety and assistance systems and optimum digital interconnectivity. As expected, the new engines (SIDI family including three cylinder 90 and 115 HP) as well as the newly
launched 1.6 turbo diesel with 136 HP and a 95 HP diesel
will make for a more dynamic drive. Initial press reviews
have been universally positive.
As from summer 2015, a further compact car will be added
with the Opel KARL. Five doors, up to 5 seats and, at 3.68
metres, the everyday practicality typical of the brand. “The
Name KARL is derived from the values of the Opel brand:
exciting, approachable, German. The name is also short,
crisp, full of character and memorable”, explains head of
marketing Tina Müller. This means that Opel will now offer the broadest range of any manufacturer in the A und B
segments, and above all a car which, with an entry version available at a recommended price of less than 10,000
euros, opens up a new segment and thus new groups of
potential buyers. In particular, we are hoping to recapture
the lost Chevrolet Spark customers and even overcompensate for these.
The new Astra will be coming onto the market in October
2015. This gives us the opportunity during the coming fiscal
year once again to achieve good sales during the phaseout.
Overall, Opel’s model range strategy (brand development)
and their successes in the development of modern, contemporary drivetrain technologies is conceptually sound,
and we believe that with the new and existing models Opel
have an attractive, appealing and above all contemporary
range of models which should help them further increase
their market share. Through the numerous changes and
successful restructurings, the realignments and the model
offensives, we believe Opel have chosen a sound approach
and are on course for a successful future.
The models produced by Ford are becoming increasingly
popular. A total of 15 new models will be coming onto the
market in Europe by 2015, expanding Ford’s portfolio of
cars and commercial vehicles.
What makes the new EcoSport, which has been on the
market since 2014, an outstanding lifestyle SUV is above all
its advanced technical features. The compact all-rounder is
based on the modern, global B-segment architecture which
also forms the basis for the Ford Fiesta. During the past fiscal year the EcoSport, which has been available since May
2014, has not yet made any great impact, but a significantly
higher demand is expected over the new fiscal year.
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The Ford Focus, for the past two and a half years the biggest selling car worldwide, was given a compete facelift at
the end of 2014. This involves extensive design changes –
both interior and exterior.
In addition, the new Ford Mondeo is coming onto the German market at the end of 2014. The latest generation of
Ford’s flagship model impresses with its striking design,
wealth of innovative technologies, state-of-the-art engines
and first-class driving comfort.
Also, the new generations of the Ford S-Max and Galaxy
are due to be launched in 2015. The new Ford Mustang is
also going to be introduced onto the German market.
At the beginning of 2016 the range of SUV models will be
expanded to include the Kuga’s “big brother”, the Ford
Edge. This has already managed to conquer the market in
the USA and in other countries. It comes equipped with a
wide range of advanced automatic driver assistance systems, for example a tool which allows automatic parking at
the touch of a button and the Pre-Collision Assist function.
For 2015, Ford are aiming to achieve a two-digit market
share in the commercial vehicle business. In this connection, Ford’s German CEO has pointed out that the group aimed to continue growing more strongly than the industry as
a whole in Europe with the help of their new products and
the “ONE Ford” strategy. The aim is to achieve a growth of
65 % by the year 2016.
Overall, Ford’s model range strategy (brand development)
and their success in the development of modern, contemporary drivetrain technologies strike us as being conceptually sound, and we believe that with the new and existing
models Ford have an attractive, appealing and above all
contemporary range of models. In our view, the manufacturer has chosen a sound approach for a successful future.
For Toyota, the new fiscal year starts with the launch of the
fourth generation of the Aygo and a facelift for the Yaris. The
Aygo comes with a striking X-design front end and can be
configured individually with the x-play. The design packages
allow plenty of space for the customer to express their own
personality with the Aygo. In 2013 the Yaris was “one of
Europe’s 10 most popular vehicles” explains Agustin Martin, Marketing Director of Toyota Motor Europe. The facelift
includes a distinctive X-design front end like the Aygo, and
a wide range of models. Among other versions, the Yaris is
also available as full hybrid.
The fourth generation of the Prius is planned for the end of
2015. The new hybrid system is supposed to be narrower,
lighter and more efficient.
On 20 April 2014, Lexus presented the new NX compact
SUV at the Auto China 2014 motor show in Peking. With its
distinctive design, it is targeted at new customers who aspire to an urban and active lifestyle. The innovative features
of the new NX include numerous advanced yet user-friendly
technologies such as a cable-free charger for smartphones,
new touchpad controls, a 360° camera, a multi-information
display with G-sensor as well as a 6.2 inch head-up display.
“Slightly challenging, and not intended to be to everyone’s
taste”, is how European CEO Alain Uyttenhoeven, Vice President of the premium brand describes the strategy behind
the NX. The Lexus NX should be available at the beginning
of 2015 and is expected to account for a fifth of Lexus’s
sales in Europe in 2015.
In the premium sector, the currently available range of Lexus models will be crowned at the beginning of 2015 with
the RC-F sports coupé. This car is in the same league as
models such as the BMW M3 or the Mercedes C 63 AMG.
All current developments, plans and steps taken by Nissan
are still based on the medium-term plan Power 88 which
was introduced back in 2011, and which defines as its aspiration a worldwide market share and yield of 8 per cent by
2016. With the measures formulated therein: strengthening
the brand, expanding the sales force, improving quality, becoming market leader in emission-free vehicles, expansion
and cost leadership, Nissan have set themselves ambitious
goals – at the end of the last fiscal year (31.03.2014), a
market share of 6.2 per cent had been achieved. In order
to achieve this target in 2016, Nissan too will continue to
make every effort to support us, supplying high-quality vehicles and providing customers with attractive offers and
terms.
In terms of model strategy, the emphasis is above all on the
high volume models – the Qashqai, Micra and Note – and
the new Leaf electric car.
The third generation of the X-Trail unveiled at the IAA in
September 2013 is also promising positive effects. It is
oriented on the Hi-Cross design study and is intended to
stimulate the off-road segment. As far as innovative electric
powertrains are concerned, Nissan already has two models
on offer, the Leaf and the E-NV200. The Leaf is one of the
most successful electric vehicles on the market.
As from October 2014, Nissan will finally once again be
represented in the C segment with the model Pulsar. The
hatchback saloon is specifically designed to meet the needs
of Europe motorists and, at 2.70 metres, has the longest
wheelbase in its class, providing more room in the back.
The range of engines exclusively comprises turbocharged
models.
In this way, Toyota are showing that they remain very active
on the German market, also in terms of model strategy,
offering customers a wide range of attractive vehicles.
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According to thomas Hausch, Manager of nissan Center
europe, nissan has the clear objective of becoming market
leader among the Asian manufacturers in europe by 2016.
they also plan to achieve this goal on the German market.
In order to reach this target, in an unprecedented product
offensive 15 new models are going to be brought into the
market by 2016, including the successors to the Qashqai
and X-trail, which were introduced in 2014, as well as a
new vehicle in the compact class. overall, the plan is to
maintain the previous trend with 2-digit growth rates. For
2014 nissan anticipate a growth rate in europe of 15.4 %,
to 780,000 vehicles.
technologies, and we are of the opinion that, with their new
and existing models nissan has an attractive and appealing
and, above all, timely range of models which forms a good
basis for gaining market share. In our view, the manufacturer has taken the right steps and chosen the right path for
the future.
As from the 2014/2015 season, nissan is the official
worldwide automotive sponsor of the ueFA Champions
league. the agreement remains in force until the end of
the 2017/2018 season and further extends the activities
within the european club competitions. this partnership is
an example of nissan’s commitment to and growth within
the world of sport, coming on top of other worldwide sponsoring activities in the fields of football and athletics.
Given constant market development, within the Group we
are planning to achieve generally increasing sales revenues
in the mid-single-digit percentage range in the new fiscal
year. In combination with the measures which we initiated
on the costs side during the last fiscal year, and which we
are continuing, we anticipate an appropriate pre-tax result
in the low two-digit (millions) range. As in previous years,
we are aiming for a return on sales of around 1.0 %.
thomas Hausch, Manager of nissan Center europe GmbH,
comments on the deal: “In addition to putting across the
message that we are the biggest-selling Japanese brand
in Germany, the partnership with UEFA underpins our aspiration of rising to become the biggest Asian automobile
manufacturer in the German automobile champions league
by 2016.”
For AVAG Holding Se we are expecting a net income in the
high single-digit millions range for 2014/15. This will essentially be driven by the income from participating interests in
the subsidiaries.
All in all, we appreciate the model strategy (brand development) of the manufacturer nissan and its successful
concept of developing modern, contemporary drivetrain
We
1)
2)
3)
4)
5)
54
|
Basically, we view future prospects optimistically, with a firm
belief in our own strengths! Our strategy is essentially aimed
at operating profitably in the long term within the market
of 3.1 million new vehicle registrations which we expect in
2015.
All in all, we believe that while we are still facing a challenging and environment, we are well equipped for the tasks
that lie ahead and expect that with our strategy of optimisation, our cost-awareness and our overall more cautious
direction we are on the right track.
would like to point out that, as a result of any
severe fluctuations on the overall market
substantial fluctuations in market shares of the marketed brands or
unforeseen restructurings within the entire Group such as changes in the number of locations in
measures taken by or the development of our main suppliers
changes in the underlying economic conditions, actual results might well deviate
from expected future developments.
|
|
|
finAnCiAl CAlendAR
|
E. Shareholder Structure and Relationships with Affiliated Companies
Still Vermögensverwaltungs GmbH & Co. KG, Augsburg,
has held a majority interest in AVAG Holding Societas Europaea since 2006. In accordance with § 17 of the German
Stock Corporation Act [Aktiengesetz], AVAG Holding SE,
Augsburg, is deemed to be a controlled business of Still
Vermögensverwaltungs GmbH & Co. KG, Augsburg.
Accordingly, we have prepared a report on our company’s
relationships to affiliated companies. This report contains a
closing statement to the effect that, according to circumstances known to us at the time when the legal transaction
was effected, the company received the appropriate consideration for each transaction and that no other measures
in the interest of or at the instigation of affiliated companies
were either taken or omitted.
Augsburg, December 19, 2014
AVAG Holding Societas europaea
the Management Board
Roman Still
Albert C. Still
Markus Kruis
ulf pfeiffer
AVA G H o l d i n G G e S C H Ä f t S B e R i C H t 2 0 1 3 | 2 0 1 4
55
56
| S tat u s R e p o r t Y e ar - e n d R e s u lt s | G o v e r n i n g B o d i e s o f t h e C o m pa n y | F i n a n c i a l C a l e n d ar |
Annual Financial Statements
of the AVAG Group
Picture on left: Automobilforum Reisinger, Graz
Photo: Ford
Balance Sheet for AVAG Group
as of August 31, 2014
Assets
08/31/2014
EUR
08/31/2013
EUR
EUR
3,125,435.37
2,034,854.47
EUR
A . F i x ed A ssets
I.Intangible assets
1. Industrial property rights and similar rights and
assets acquired for a consideration and licenses
thereto
2.Goodwill
742,024.35
2,383,411.02
756,229.75
2,791,084.22
II. Tangible assets
1.Land. land rights and buildings. including buildings
on third-party land
2. Other fixtures and fittings. tools and equipment
3. Payments on account and fixed assets under
construction
111,568,852.27
110,644,237.84
47,646,949.90
43,698,018.33
1,578,166.92
160,793,969.09
1,247,248.91
155,589,505.08
III.Financial assets
1.Investments
151,849.35
99,243.60
2.Loans to companies with which the company is
affiliated by virtue of participation
4,609,917.42
3,669,589.14
3. Securities held as fixed assets
5,115,500.00
4.Other loans
1,254,769.19
5,213,500.00
11,132,035.96
1,116,031.41
175,051,440.42
10,098,364.15
168,478,953.45
B . C urre n t assets
I.Inventories
1.Supplies
2.Merchandise
3.Payments on account
4.Payments on account received on orders
357,294.48
377,546.79
135,166,625.45
114,587,111.68
42,408.00
92,739.41
-2,878,216.82
132,688,111.11
-2,715,249.60
112,342,148.28
II. Accounts receivable and other assets
1.Trade accounts receivable
36,777,741.53
2.Other assets
21,451,420.94
III.Cash on hand. credit balances at banks
and cheques
C . P repayme n ts a n d accrued i n c o me
58
30,464,695.92
58,229,162.47
17,919,529.42
48,384,225.34
4,229,155.16
5,552,029.23
195,146,428.74
166,278,402.85
1,576,538.30
1,588,678.95
371,774,407.46
336,346,035.25
Shareholders’ Equity and Liabilities
08/31/2014
08/31/2013
EUR
EUR
A . S hareh o lders ’ E q u i ty
I. Subscribed Capital
40,000,000.00
40,000,000.00
Nominal amount, own shares
-2,300,480.77
-2,300,480.77
Issued capital
37,699,519.23
37,699,519.23
1.Legal reserve
3,846,358.89
3,216,803.15
2.Other reserves
10,000,000.00
0.00
-78,201.00
-85,081.00
1,473,526.66
3,132,854.43
II. Revenue reserves
III.Equity difference from currency conversion
IV.Retained earnings
7,239,310.48
6,704,007.16
60,180,514.26
50,668,102.97
1.Provisions for pensions and similar obligations
6,178,315.64
5,062,137.66
2.Provisions for taxation
4,462,792.34
2,012,023.38
32,021,172.78
25,765,484.62
42,662,280.76
32,839,645.66
V. Shares held by third parties
B . A ccrued l i ab i l i t i es
3.Other provisions
C . L i ab i l i t i es
1. Profit participation rights and subordinated liabilities
2.Liabilities to banks
3.Trade accounts payable
4.Other liabilities
—thereof from taxes EUR 21,870 thousand
(prior year: EUR 18,943 thousand)—
—thereof in respect of social security
EUR 747 thousand (prior year: EUR 847 thousand)—
D . D eferred i n c o me
8,000,000.00
8,000,000.00
205,286,394.92
196,381,112.14
20,992,528.68
17,492,786.39
28,997,294.06
28,409,449.51
263,276,217.66
250,283,348.04
5,655,394.78
2,554,938.58
371,774,407.46
336,346,035.25
Profit and Loss Statement
for AVAG Group for the Period
from September 1, 2013 to August 31, 2014
2013/2014
EUR
1. Sales revenues
2. Capitalised costs of self-constructed assets
3.Other operating income
2012/2013
EUR
EUR
EUR
1,372,278,867.32
1,313,174,009.47
12,000.00
76,040.00
8,051,735.17
1,380,342,602.49
3,318,489.79
1,316,568,539.26
4. Cost of materials
a) Cost of raw materials, consumables and supplies
and of purchased merchandise
b) Cost of purchased services
1,103,943,131.23
20,089,849.84
1,058,396,646.89
1,124,032,981.07
19,736,863.23
1,078,133,510.12
5.Personnel expenses
a) Wages and salaries
b) Social security and other pension costs
—in respect of old age pensions EUR 982,315.10
(prior year: EUR 339,945.00)—
22,776,694.87
104,617,871.50
133,069,958.91
21,691,347.11
126,309,218.61
6. Amortisation/depreciation of fixed intangible and
tangible assets
21,338,027.34
21,803,088.59
7.Other operating expenses
73,781,135.06
72,747,957.52
28,120,500.11
17,574,764.42
8. Income from participating interests
221,514.16
124,193.27
9. Income from other securities and loans of financial
assets
320,330.02
842,656.98
10.Other interest and similar income
427,662.50
298,481.18
98,000.00
0.00
11.Write-downs of financial assets
12.Interest and similar expenses
13.Result from ordinary activities
14.Income taxes
15.Net income for the year before third party interests
16.Portion of profit due to third parties
17.Consolidated net income
18.Loss / profit carryforward
19.Allocation to revenue reserves on account of own
shares
20.Allocation to legal reserve
21.Retained earnings
60
110,293,264.04
8,887,458.36
-8,015,951.68
10,574,068.62
-9,308,737.19
20,104,548.43
8,266,027.23
7,111,565.41
2,515,151.98
12,992,983.02
5,750,875.25
2,294,867.87
1,653,785.40
10,698,115.15
4,097,089.85
1,404,967.25
-747,432.27
-10,000,000.00
0.00
-629,555.74
-216,803.15
1,473,526.66
3,132,854.43
Explanatory Notes to the Consolidated
Financial Statements of AVAG Holding SE
The consolidated financial statements have been set forth in abridged form, i.e.
the balance sheet, profit and loss statement and status report are reproduced in
this report. The notes to the consolidated financial statements, cash flow statement and statement of shareholders’ equity have not been reproduced. The
complete version of the consolidated financial statements of AVAG Holding SE
will be published in the electronic Federal Bulletin at www.ebundesanzeiger.de
On January 08, 2014, the auditing firm KPMG Bayerische Treuhandgesellschaft
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft
issued the following unqualified auditor’s opinion with respect to the complete
consolidated financial statements.
Auditor’s Opinion
We have audited the consolidated financial statements prepared by AVAG Holding SE, Augsburg – consisting of a balance sheet, profit and loss statement,
notes thereto, statement of cash flows and statement of shareholders’ equity –
and the status report on the position of the company and the Group for the fiscal
year beginning September 1, 2013 through August 31, 2014. The preparation
of the consolidated financial statements and Group status report pursuant to
German commercial regulations is the responsibility of the Management Board
of the company. Our task is to express an opinion on the consolidated financial
statements and the Group status report based on the audit we conducted.
We conducted our audit of the consolidated financial statements in accordance
with § 317 of the German Commercial Code in compliance with generally accepted German auditing standards set forth by the Institut der Wirtschaftsprüfer
(IDW). In accordance with the foregoing, the audit is to be planned and conducted such that inaccuracies and infringements that materially affect the representation of the asset, financial and earnings position of the company provided
by the consolidated financial statements prepared in accordance with generally
accepted accounting principles and by the consolidated status report can be
recognized with sufficient certainty. When establishing the auditing procedures,
knowledge of the business activities and the economic and legal environment
of the Group, as well as expectations as to possible errors, are taken into consideration. As part of the audit, the effectiveness of internal accounting control
systems as well as evidence for the information contained in the consolidated
financial statements and consolidated status report are assessed predominantly
by means of random sampling. The audit comprises an assessment of the annual financial statements of the businesses included in the consolidated financial
statements, the delimitation of the consolidated Group, the related accounting
and consolidation principles and the material estimations of the Management
Board, as well as a valuation of the overall presentation of the consolidated
financial statements and the Group status report. We are of the opinion that our
audit provides a sufficiently certain basis for our assessment.
62
Our audit has not given rise to any reservations.
In our opinion based on the knowledge gained during the audit, the consolidated financial statements are in accordance with legal regulations and provide
a representation of the asset, financial and earnings position of the Group in
accordance with generally accepted accounting principles that corresponds to
actual circumstances. The Group status report concurs with the consolidated
financial statements and provides an accurate representation of the position of
the Group and accurately depicts the opportunities and risks of its future development.
Augsburg, January 8, 2015
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
Querfurth Krucker
AuditorAuditor
|
64
tHe GRoup
|
foReWoRd
|
|
|
Annual Financial Statements
of AVAG Holding SE
Picture on left: DIT Munich-Landsberger Straße
Photo: Toyota
Balance Sheet for AVAG Holding SE
as of August 31, 2014
Assets
08/31/2014
EUR
08/31/2013
EUR
EUR
EUR
A . F i x ed A ssets
I.Intangible Assets
1. Industrial property rights and similar rights and
assets acquired for a consideration and licenses
thereto
256,628.00
176,517.00
II. Tangible assets
1.Land, land rights and buildings, including buildings
on third-party land
2. Other fixtures and fittings, tools and equipment
3. Payments on account and fixed assets under
construction
56,314,001.01
48,535,079.44
1,033,327.00
379,626.51
536,851.05
57,884,179.06
654,959.06
49,569,665.01
III.Financial assets
1. Shares in affiliated undertakings
21,533,453.31
21,533,453.31
2. Loans to affiliated undertakings
29,930,865.30
34,305,443.44
3.Investments
85,025.18
74,725.18
4.Loans to undertakings with which the company is
affiliated by virtue of participation
4,609,917.42
3,669,589.14
5. Securities held as fixed assets
5,115,500.00
5,213,500.00
6.Other loans
1,046,884.02
62,321,645.23
747,820.81
120,462,452.29
65,544,531.88
115,290,713.89
B . C urre n t A ssets
I.Inventories
1.Supplies
2.Merchandise
15,700.00
22,229,769.54
15,700.00
22,245,469.54
15,226,617.76
15,242,317.76
II. Accounts receivable and other assets
1.Trade accounts receivable
2. Accounts receivable from affiliated
undertakings
3.Other assets
III.Cash on hand
C . P repayme n ts a n d accrued I n c o me
66
77,772.26
48,963.22
70,228,387.82
2,155,688.10
49,659,670.60
72,461,848.18
2,812,252.77
52,520,886.59
3,126.37
2,622.01
94,710,444.09
67,765,826.36
401,903.47
510,849.90
215,574,799.85
183,567,390.15
Shareholders’ Equity and Liabilities
08/31/2014
08/31/2013
EUR
EUR
A . S hareh o lders ’ E q u i ty
I. Subscribed capital
40,000,000.00
40,000,000.00
Nominal amount, own shares
-2,300,480.77
-2,300,480.77
Issued capital
37,699,519.23
37,699,519.23
1.Legal reserve
3,846,358.89
3,216,803.15
2.Other reserves
10,000,000.00
0.00
III.Retained Earnings
15,782,951.10
15,012,101.99
67,328,829.22
55,928,424.37
624,076.00
216,422.25
2,622,442.50
1,440,150.87
3,246,518.50
1,656,573.12
II. Revenue Reserves
B . A ccrued l i ab i l i t i es
1.Provisions for taxation
2.Other provisions
C . L i ab i l i t i es
1. Profit participation rights and subordinated liabilities
8,000,000.00
8,000,000.00
70,898,389.28
59,553,403.51
6,129,477.70
504,722.68
4. Liabilities to affiliated companies
45,296,958.12
44,012,930.87
5.Other liabilities
—thereof from taxes EUR 13,140,214.49
(prior year: EUR 11,197,736.03)—
14,396,548.96
13,420,140.73
144,721,374.06
125,491,197.79
278,078.07
491,194.87
215,574,799.85
183,567,390.15
2.Liabilities to banks
3.Trade accounts payable
D . D eferred i n c o me
Profit and Loss Statement
for AVAG Holding SE for the Period
from September 1, 2013 to August 31, 2014
2013/2014
EUR
1. Sales revenues
2. Capitalised costs of self-constructed assets
3.Other operating income
2012/2013
EUR
EUR
EUR
263,094,345.54
225,820,823.53
12,000.00
76,040.00
6,405,559.66
269,511,905.20
1,049,833.07
226,946,696.60
4. Cost of materials
a) Cost of purchased merchandise
b) Cost of purchased services
244,638,685.37
4,640,367.84
207,961,712.64
249,279,053.21
4,819,028.88
212,780,741.52
5.Personnel expenses
a) Wages and salaries
b) Social charges
631,971.25
6,033,524.52
7,913,963.89
624,331.48
6,657,856.00
6. Amortisation/depreciation of fixed intangible and
tangible assets
1,978,360.91
2,216,411.48
7.Other operating expenses
4,595,325.13
5,298,668.72
5,745,202.06
-6,981.12
8. Income from participating interests
—from affiliated companies
EUR 8,290,000.00 (prior year: EUR 5,972,351.63)—
8,508,186.97
6,061,016.38
9. Income from other securities and loans of financial
assets
2,211,664.75
2,741,916.82
10.Other interest and similar income
3,177,848.26
3,782,413.04
11.Write-ups of financial assets
566,000.00
0.00
12.Write-downs of financial assets
848,000.00
1,150,000.00
13.Interest and similar expenses
—of which to affiliated companies
EUR 1,363,766.58 (prior year EUR 2,212,044.96)—
5,172,595.19
8,443,104.79
6,573,105.35
4,862,240.89
14.Result from ordinary activities
14,188,306.85
4,855,259.77
15.Income taxes
-1,597,192.00
-519,196.73
16.Net income for the year
12,591,114.85
4,336,063.04
3,821,391.99
10,892,842.10
-629,555.74
-216,803.15
15,782,951.10
15,012,101.99
17.Profit carryforward
18.Allocation to legal reserve
19.Retained earnings
68
7,281,992.64
Explanatory Notes to the Annual
Financial Statements of AVAG Holding SE
The annual financial statements have been set forth in abridged form, i.e. the
balance sheet, profit and loss statement and status report are reproduced in this
report. The notes to the financial statements have not been reproduced. The
complete version of the annual financial statements of AVAG Holding SE will be
published in the electronic Federal Bulletin at www.ebundesanzeiger.de.
On January 08, 2014, the auditing firm KPMG Bayerische Treuhandgesellschaft
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft
issued the following unqualified auditor’s opinion with respect to the complete
annual financial statements.
Auditor’s Opinion
We have audited the annual financial statements – consisting of a balance sheet,
profit and loss statement, as well as notes thereto – with a view to the accounting of AVAG Holding Societas Europaea, Augsburg, and its status report on the
position of the company and the group for the fiscal year beginning September
1, 2013 through August 31, 2014. The accounting and the preparation of the
annual financial statements and status report pursuant to German commercial
regulations are the responsibility of the Management Board of the company. Our
task is to express an opinion on the annual financial statements, including accounting methods, and on the status report based on the audit we conducted.
We conducted our audit of the annual financial statements in accordance with
§ 317 of the German Commercial Code in compliance with generally accepted
German auditing standards set forth by the Institut der Wirtschaftsprüfer (IDW).
In accordance with the foregoing, the audit is to be planned and conducted such
that inaccuracies and infringements that materially affect the representation of
the asset, financial and earnings position of the company provided by the annual
financial statements prepared in accordance with generally accepted accounting
principles and by the status report can be recognized with sufficient certainty.
When establishing the auditing procedures, knowledge of the business activities
and the economic and legal environment of the company, as well as expectations as to possible errors, are taken into consideration. As part of the audit, the
effectiveness of internal accounting control systems as well as evidence for the
information contained in the books of account, the annual financial statements
and status report are assessed predominantly by means of random sampling.
The audit comprises an assessment of the related accounting principles and
the material estimations of the Management Board, as well as a valuation of the
overall presentation of the annual financial statements and the status report.
We are of the opinion that our audit provides a sufficiently certain basis for our
assessment.
70
Our audit has not given rise to any reservations.
In our opinion based on the knowledge gained during the audit, the annual financial statements are in accordance with legal regulations and provide a representation of the asset, financial and earnings position of the company in accordance
with generally accepted accounting principles that corresponds to actual circumstances. The status report concurs with the annual financial statements and
provides an accurate representation of the position of the company and accurately depicts the opportunities and risks of its future development.
Augsburg, January 8, 2015
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
QuerfurthKrucker
AuditorAuditor
Governing Bodies of the Company
Management Board
Markus Kruis
Businessman
Member of the
Management Board
Diedorf
Albert C. Still
Businessman
Spokesman
Neusäß
Roman Still
Business Graduate
Spokesman
Augsburg
Ulf Pfeifer
Businessman
Member of the
Management Board
Munich
Supervisory Board
Albert K. Still
Businessman
Chairman
Stadtbergen
72
Dr. Guido Schacht
Director
Senior Advisor Automotive
HypoVereinsbank, Member of Unicredit
Munich
Prof. Dr. Heinz-Dieter Assmann LL.M.
University Lecturer at the University of Tübingen
Deputy Chairman
Tübingen
Erhard Paulat
Chairman of GMAC Bank GmbH
Potsdam
Dr. Walter Eschle
Board Member of Stadtsparkasse Augsburg
Augsburg
Johannes Hall
Entrepreneur
Vienna
| S tat u s R e p o r t | Y e ar - e n d R e s u lt s G o v e r n i n g B o d i e s o f t h e C o m pa n y F i n a n c i a l C a l e n d ar |
Financial Calendar
2015
20 January 2015
First Quarterly Report for the fiscal year 2014/15 (as of November 2014)
27 January 2015
Regular Supervisory Board Meeting of AVAG Holding SE
10 February 2015
Press Conference on Financial Statements 2015
17 March 2015
Regular Shareholders’ Meeting of AVAG Holding SE
20 April 2015
Second Quarterly Report for the fiscal year 2014/15
20 June 2015
Third Quarterly Report for the fiscal year 2014/15
23 June 2015
20 October 2015
4. Quarterly Report fiscal year 2014/15
20 October 2015
Imprint
Publisher:
AVAG Holding SE
Robert-Bosch-Strasse 7
86167 Augsburg
www.avag.eu
Corporate communication:
Holger Zander
holger.zander@avag.eu
Tel.: +49.(0)821.74017-58
Fax: +49.(0)821.7420-83
Design and layout:
EDVANTAGE New Marketing
A European Automotive Trade Group
AVAG Holding SE, Robert-Bosch-Straße 7, 86167 Augsburg, Tel.: +49.(0)821.740170, info@avag.eu, www.avag.eu

AnnuAl RepoRt - AVAG Holding SE

Transcription

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