Annual Report 2015

DIEHL
Annual Report 2015
In Grateful Commemoration
Dipl.-Kfm.
Peter Diehl
* March 12, 1949
✝ February 6, 2016
Key Business Figures
Balance sheet (on Dec. 31)
Balance sheet total
Gross liquidity
Net liquidity
Equity
2015
Mio €
2014
Mio €
2,339.4
407.1
212.8
539.5
2,228.4
395.1
186.7
531.3
Sales
3,108.5
3,039.1
Investment volume
117.1
96.0
R&D expenses
264.9
293.2
Income
(as a percentage of sales)
Net operating income
EBIT
EBITDA
Net income for the year
84.0
180.4
262.7
37.1
Employees (on Dec. 31)
2
15,889
(2.7)
(5.8)
(8.5)
(1.2)
134.1
193.9
274.7
80.0
16,297
(4.4)
(6.4)
(9.0)
(2.6)
CONTENTS
Highlights4
Corporate Management
5
Overview of the Diehl Group
6
Group Management Report of
Diehl Verwaltungs-Stiftung
Fiscal Year 2015
8
Basic Economic Conditions
8
Business Development of the Diehl Group
9
Special Aspects of the Financial
Situation and Risk Management
10
Advance Investments
10
Corporate Legal Changes
11
Metall
12
Controls
14
Defence
16
Aerosystems
18
Metering
20
Opportunities, Risks and Outlook
22
Employees24
Environment26
Beyond Daily Business
27
Consolidated Financial Statements
29
Supervisory Board Report
51
From the History of the Diehl Group
52
3
Highlights
Increase in corporate sales – Income
Lower metal prices prevented sales growth
Sales in the Aerosystems Corporate
affected by high pension reserves
in the Metall Corporate Division. An
Division again grew strongly as the
increase in sales could, however, be
productions rates of both large aircraft
In fiscal year 2015, the Diehl Group
achieved primarily with new products in the
manufacturers – Airbus and Boeing – conti-
achieved sales of € 3,108.5 million, thus €
rods and tubes segment and with synchro-
nued to rise. In particular, production
69.4 million or 2.3% more than in the year
nization packages in the forgings business
ramp-up of the Airbus A350 XWB program,
before. Controls and Aerosystems saw
field. Diehl Metal Applications (DMA) saw a
in which Diehl is involved with 15 work
distinct growth, Metering was slightly above
decline in sales due to lower copper prices
packages and thus one of the largest
the 2014 figure whereas Metall – due to
in the rolled products segment.
suppliers of this type, was of importance
for Aerosystems. FY 2015 was marked by
lower metal prices – and Defence dropped
below the previous year‘s level. The number
The Controls Corporate Division
numerous organizational optimizations in
of employees decreased by 408 persons –
achieved a distinct rise in sales with
the corporate division.
or 2.5% – to 15,889.
two-digit growth rates in all business units.
This was accounted for by further series
The Metering Corporate Division
In 2015, the net operating income amoun-
start-ups at our customers in America,
achieved a slight sales growth in the year
ted to € 84.0 million (€ 134.1 million in
Europe and Asia. The newly founded Diehl
under review. Demand in the Middle East
2014). The decline was due above all to
Connectivity Solutions GmbH is the point of
and Caribbean markets was distinctly
additional accruals for pensions necessary
contact for the household appliance
higher whereas the markets in China and
because of falling interest rates. Operating
industry and energy providers in terms of
Brazil fell short of expectations. When
improvements achieved are concealed by
energy and equipment management.
looking at customer segments, growth
mainly concentrated on the water provider
this effect.
Through the sale of its vehicle business, the
Diehl Defence Corporate Division has
contributed to consolidating the German
land systems industry. Business development was weaker above all at Diehl BGT
Defence and Junghans Microtec whereas
AIM Infrarot-Module GmbH achieved a
slight increase in sales. Defence sales
should now have bottomed out.
4
segment.
Corporate
Management
The limited partnership Diehl Stiftung & Co. KG is managed
by Diehl Verwaltungs-Stiftung, the general partner. Executive Board and Supervisory Board are the organs of Diehl
Verwaltungs-Stiftung.
Supervisory Board
Dipl.-Ing. Karl Diehl († January 19, 2008)
Honorary Chairman
Dr. rer. pol. Klaus Maier
Chairman
RA Werner Diehl
Deputy Chairman
Dipl.-Kfm. Peter Diehl († February 6, 2016)
Deputy Chairman
Dr.-Ing. E.h. Thomas Diehl
Dr. rer. nat. Herbert Fehrecke (from May 1, 2016)
RA Karlhermann Jung
Executive Board
Capital spending rises again – R&D
expenses return to normal
In the year under review, total capital
spending in the Diehl Group amounted to €
117.1 million, thus clearly exceeding the
previous year‘s value of € 96.0 million which
was already high in a multi-year comparison. At € 264.9 million, R&D expenses were
distinctly below the 2014 figure. This was
attributable to the completion of the Airbus
Dr.-Ing. E.h. Thomas Diehl
President and Chief Executive Officer
Corporate Department Technology
Dipl.-Wirtsch.-Ing. Wolfgang Weggen
Executive Vice President
Corporate Department Finance and
Controlling
Dipl.-Kfm. Claus Günther
Corporate Division Defence
A350 XWB large-scale program, which
restored development costs to a normal
level.
Dipl.-Kfm. Frank Gutzeit
Corporate Division Metering
Dipl.-Ing. (FH) Dieter Neugebauer
Corporate Division Controls
Prof. Dr.-Ing. Heiner Otten
Corporate Division Metall (until March 31, 2015)
Dr.-Ing. Heinrich Schunk
Corporate DivisionMetall (from April 1, 2016)
Dipl.-Kfm. Dr.-Ing. Martin Sommer
Corporate Department Human Resources
Dipl.-Ing. (FH) Rainer von Borstel
Corporate Division Aerosystems
Senior Vice President
Dr. rer. pol. Herbert Wust
Corporate Affairs
Organizational status as of June 2016
5
Overview of the Diehl Group
Corporate Divisions
Diehl Metall Stiftung & Co. KG
Division Board
Dr.-Ing. Heinrich Schunk (P) (from 01.04.2016)
Dipl.-Ing. (FH) Werner Reinl (P) (until 31.03.2016)
Prof. Dr.-Ing. Heiner Otten (P) (until 31.03.2015)
Dipl.-Kfm. Rainer Wehn
Diehl AKO Stiftung & Co. KG
Division Board
Dipl.-Ing. (FH) Dieter Neugebauer (P)
Josef Fellner
Diehl Defence Holding GmbH
Division Board
Dipl.-Kfm. Claus Günther (P)
Dipl.-Bw. Thomas Bodenmüller
Dr. Rainer Kroth
Dipl.-Ing. (BA) Helmut Rauch
Diehl Aerosystems Holding GmbH
Division Board
Dipl.-Ing. (FH) Rainer von Borstel (P)
Dipl.-Ing. (FH) Hans-Peter Traber
Dr. rer. pol. Christoph Weigand
Diehl Metering GmbH
Division Board
Dipl.-Kfm. Frank Gutzeit (P)
Inf.-Bw (VWA) Thomas Gastner
Bw. (FH) Jean-François Marguet
Dr.-Ing. Robert Westphal
P = President
6
Diehl Metall Messing
Diehl Metall Schmiedetechnik
Röthenbach a d Pegnitz
Diehl Augé Découpage
Besançon/France
Diehl do Brasil Metalúrgica
São Paulo/Brazil
Diehl Metal India
Pune/India
Diehl Metall (Shenzhen)
Shenzhen/China
Diehl Power Electronic
Siaugues Sainte-Marie/France
Diehl Metal Applications
Berlin
Teltow
Diehl AKO
Wangen
Nürnberg
Diehl Controls Polska
Namysłów/Poland
Wroclaw/Poland
Diehl Defence Holding
Überlingen
Office Abu Dhabi/U.A.E.
Office Bangkok/Thailand
Office Koblenz
Office Berlin-Steglitz
Diehl Controls (Nanjing)
Nanjing/China
Diehl Controls North America
Naperville, Illinois/USA
Diehl Controls Mexico
Querétaro/Mexico
Diehl & Eagle-Picher
Röthenbach a d Pegnitz
Diehl Raytheon Missile Systeme
Überlingen
AIM Infrarot-Module
Heilbronn
Diehl BGT Defence
Überlingen
Röthenbach a d Pegnitz
Nonnweiler
Diehl Aerosystems
Office Abu Dhabi/U.A.E.
Office Seattle, Washington/USA
Apparatebau Gauting
Oberpfaffenhofen
Dresden
Diehl Metering/Deutschland
Ansbach
Nürnberg
Apolda
Diehl Metering/China
Jinan
Diehl Aerospace
Überlingen
Frankfurt am Main
Nürnberg
Donauwörth
Hamburg
Rostock
Seattle, Washington/USA
Toulouse/France
Sterrett, Alabama/USA
Diehl Gas Metering
Ansbach
Diehl Metering/Dänemark
Esbjerg
Diehl Metering/Großbritannien
Rochdale
Diehl Metering/V.A.E.
Dubai
Diehl SynchroTec
Manufacturing
Wuxi/China
Diehl Werkzeugbau Seebach
Seebach
Franconia Industries
Meriden, Connecticut/USA
SMH Süddeutsche Metallhandelsgesellschaft
Röthenbach a d Pegnitz
Sundwiger Messingwerk
Hemer
The Miller Company
Meriden, Connecticut/USA
ZIMK
Zehdenick Innovative Metallund Kunststofftechnik
Zehdenick
Diehl Connectivity Solutions
Nürnberg
DynITEC
Troisdorf
PARSYS
Schrobenhausen
EuroSpike
Röthenbach a d Pegnitz
RAM-System
Ottobrunn
JUNGHANS Microtec
Dunningen
JUNGHANS T2M
La Ferté Saint Aubin/France
Diehl Aerospace Asia Pacific
Singapore
Diehl Aircabin
Laupheim
Hamburg
Tianjin/China
Toulouse/France
Nyírbátor/Hungary
Diehl Metering/Österreich
Wien
Diehl Metering/Polen
Bażanowice
Diehl Comfort Modules
Diehl Service Modules
Hamburg
Diehl Metering/Singapur
Diehl Metering/Spanien
Madrid
Diehl Metering/Frankreich
Saint-Louis
Nanterre
Villeurbanne
Organizational status as of June 2016
7
Group Management Report
of Diehl Verwaltungs-Stiftung
Fiscal Year 2015
Sales – € million –
Sales by Corporate Divisions – € million –
2,929 2,8302,905 3,0393,108
Metall 850 (852)
Controls 475 (403)
27.3%
15.3%
13.0%
Defence 405 (488)
Aerosystems 1,057 (975)
Metering 310 (308)
10.0%
0.4%
34.0%
Other 11 (13)
2011 20122013 20142015
(previous year)
Basic Economic Conditions
For years, the German national economy
lacks stimulating impulses from important
has seen low growth rates so that fluctuati-
trading partners, due above all to the
on took place above all behind the comma.
decreasing dynamics in China, the
After a real growth rate of 1.6% in the
weaker demand from Russia and the
previous year, the gross domestic product
recession in Brazil. Against this background,
grew by 1.7% in 2015 after all. Develop-
the originally optimistic forecasts for the
ment over the course of the year was
economic development in Germany in 2016
characterized by minor ups and downs
are just being revised downwards – growth
while doubts about the further economic
is expected to be at best at the previous
development diminished again somewhat as
year‘s level. Despite the low growth rates,
domestic demand was rather strong more
the economic development was astonish-
recently – which was certainly due to the
ingly immune to the crises of past years.
continued good development on the labor
Should the refugee crisis, however, escalate
market, the low oil price and above all the
into a real crisis of the EU, and the Schen-
zero interest rate policy which has boosted
gen Agreement be subjected to strong
consumption in the absence of any interest
restrictions, perhaps accompanied by a
income for secure investments. However,
Brexit, European integration would get into
that which may be good for the economy in
reverse, probably with considerable
the short term involves considerable risks
negative effects on the economies of the
over the long run. Misallocation of resour-
EU countries. All forecasts for the further
ces, redistribution for the benefit of debtors
economic development are thus subject to
and at the expense of savers, inflation and
the reservation that the EU will finally prove
real-estate bubble are the associated
to be able to act.
catchwords. Owing to its strong dependence on exports, the German economy-
8
Employees by Corporate Divisions
Employees
13,974
14,369
14,520
16,297
15,889
Metall 3,311 (3,281)
Controls 3,258 (3,137)
20.8%
20.5%
Defence 2,315 (2,832)
14.6%
Aerosystems
4,576 (4,585)
Metering 1,890 (1,914)
Übriges 539 (548)
11.9%
3.4%
28.8%
2011
2012
2013
2014
2015
(previous year)
Business Development of the
Diehl Group
Sales and income figures are major control
division where this was largely due to the
parameters for business development on a
sale of Diehl Defence Land Systems to
corporate level:
Krauss-Maffei Wegmann. Only Controls
notably increased its workforce as it had to
In fiscal year 2015, corporate sales of €
expand its capacities in Poland and Mexico
3,108.5 million were generated, thus € 69.4
to cope with its distinctly higher business
million or 2.3% more than in the year
volume. The number of employees also
before but just fell short of the € 3.2 billion
rose slightly at the Metall division because
expected last year. Development of the
– without the metal value share – the
individual corporate divisions was very
processing proceeds relevant for value
different though. Whereas Metall sales were
creation slightly increased. The personnel
slightly below the previous year‘s level
strength of Metering and Aerosystems
because of the lower copper prices over
slightly decreased.
2014 and Metering only recorded little
growth, Controls and Aerosystems both
The net operating income amounted to €
saw strong growth. Owing to program-rela-
84.0 million (€ 134.1 million in 2014). Thus,
ted effects, Defence sales were distinctly
the goal budgeted for 2015 was not
below the previous year‘s figure but should
achieved as a result of lower sales. The
now have bottomed out.
decrease over the prior year was due above
all to the heavy burden imposed by the
By December 31, the number of employees
additional accruals for pensions made
had decreased slightly by 408 persons, or
necessary by the fallen discount interest
2.5%, to 15,889. The reduction was almost
rate. Operating improvements achieved are
exclusively attributable to the Defence
concealed by this effect. This measure is a
legally fixed set-up of hidden reserves
which will be reversed when interest rates
turn around and go up again.
9
Group Management Report
2015
Investments – € million –
R&D Expense – € million –
80.5
72.2
87.1
96.0
117.1
279.5
295.7
307.9
293.2
264.9
2011
2012
2013
2014
2015
2011
2012
2013
2014
2015
Special Aspects of the Financial Situati-
achieved, overcompensating for the negative
project run-up, it expanded its capacities and
on and Risk Management
cash flow from investing and financing activi-
continued to expand its Hungarian location.
ties totaling € 119.0 million.
Investments in the Defence corporate division
focused on Diehl BGT Defence in Überlingen,
The corporate group‘s balance-sheet total
rose by € 111.0 million to € 2,339.4 million.
The Diehl Group has to cope with metal price
especially diverse missile projects. A substan-
On the assets side, this mainly results from
fluctuations, above all the copper quotation,
tial increase was also recorded by Metering at
the high net increase in tangible assets of €
as well as the development of foreign curren-
its locations in France and Germany for set-up
38.0 million. The rise in current assets is due
cies, the U.S. dollar being of prime import-
of new production lines. Controls concen-
above all to an increase in inventories of €
ance. The metal price risk is accommodated
trated its investments on further worldwide
37.6 million on account of advance expen-
especially by hedging in the form of futures
capacity build-up, in particular in Poland. The
ditures. Deferred taxes on the assets side
contracts for the primary metals copper and
focus of Metall investments was on set-up of
rose by € 23.4 million especially because of
zinc at the London Metal Exchange. The cor-
a production line for steel synchronizer rings
interest parameter changes regarding the
porate finance department of Diehl Stiftung
in Wuxi (China).
pension reserves. On the liabilities side, the
& Co. KG averts the dollar risk based on a de-
shareholders‘ equity rose from € 531.3 million
fined strategy in line with market conditions,
At € 264.9 million, R&D expenses were
to 539.5 million. Thus, the equity ratio now is
using derivative financial instruments.
distinctly below the previous year‘s level
(€ 293.2 million), which was due to the fact
23.1%. The strong rise on the liabilities side
is accounted for by additional accruals in the
Advance Investments
that the development costs at Aerosystems
returned to normal again after the work in
amount of € 69.6 million and dominated by
the increase in accruals for pensions due to
In the year under review, the group‘s invest-
the Airbus A350 XWB large-scale program
the changed interest parameters.
ment volume (addition to tangible assets/
was completed. A significant increase in
intangible assets) amounted to € 117.1 million,
development expenses was recorded at
The cash flow statement was for the first
thus clearly exceeding the previous year‘s
Controls which was concerned above all with
time prepared according to the German
value (€ 96.0 million) which was already high
customer-specific application developments of
Accounting Standards DRS 21. Cash holdings
in a multi-year comparison. Aerosystems,
electronic controls for household appliances
rose from € 374.4 million to € 389.8 million.
Defence and Metering considerably increased
as well as set-up of its new Decentralized
An operating cash flow of € 134.2 million was
their investments over the prior year. With an
Energy Management business field. Metall
addition to inventories of € 34.7 million, the
centered on developing temperature- and
Aersosystems corporate division accounted
wear-resistant as well as lead-free materials
for the biggest share of the overall volume.
and the order-related new development of
In the course of the Airbus A350 XWB
steel synchronizer rings. Defence concen-
10
trated on expanding its system capability
appliance industry and energy providers in
in ground-based air defence as well as on
terms of energy and equipment manage-
further development of technologies for the
ment. At the end of the year, Diehl also foun-
submarine-launched IDAS missile. Metering
ded Diehl Ventures GmbH to support start-up
finally focused on the further development
companies. The company looks for young
of ultrasonic technology, the improvement
companies with great innovative potential and
of test technology and the expansion of the
will provide capital and support, as required.
radio system as well as the range of software
In this way, we want to secure access to new
offered.
technologies, test new business models, open
up new markets or customer segments and
Corporate Legal Changes
profit from the innovation-promoting start-up
culture.
The reporting period again saw some
important corporate legal changes:
At the beginning of the new fiscal year,
the Metering corporate division leased the
With effect from the beginning of 2015, the
business operations of the Nürnberg-based
operating business of Diehl Defence Land
Diehl Metering Systems GmbH to the Ans-
Systems GmbH was sold to a subsidiary
bach-based Diehl Metering GmbH to reduce
of Krauss-Maffei Wegmann. Thus, Diehl
organizational complexity. The Hungarian
contributed to consolidating the German land
subsidiary MOM was also sold in early 2016
systems industry and will in the future con-
by way of a management buyout as market
centrate on its core business in the fields of
conditions in Hungary proved to be difficult
missiles, intelligent munition as well as target
over the long term.
engagement and protection. At the end of
the fiscal year, the Controls corporate division
Details about the described general business
established the Diehl Connectivity Solutions
development are provided in the following for
GmbH (DCS) which is to integrate the new
the individual corporate divisions:
Decentralized Energy Management business
field. Various applications for an intelligent
home are networked in a central cloud. DCS
will be the point of contact for the household
11
Group Management
Report 2015
Metall
Sales – € million –
852
850
The Metall Corporate Division essentially
for the first time be sold to the Non-
achieved level sales. Growth was hindered
European automotive industry. Approval of
solely by the copper prices which were
the large-scale investment in a horizontal
almost 4% lower on an annual average.
extrusion press was of great importance to
Without this effect, the division would have
the Röthenbach site.
seen slight growth.
2014
2015
Employees
3,281
2014
3,311
2015
With its drop-forged parts and synchronizer
The rods and tubes segment manufactures
rings, the forgings segment is a global-
high-quality semi-finished metal products
ly successful partner of the automotive
at its Röthenbach site. The product range
industry with system competence in the
covers both standard brasses and inno-
optimization and development of tailor-
vative alloys for highly complex technical
made solutions for automotive transmis-
applications. Thus, the segment is the part-
sion systems. Besides the classical brass
ner of the heating and sanitary-equipment
synchronizer rings, the product portfolio
industry, the electrical industry and the
also comprises steel synchronizer rings with
automotive sector as well as the mechani-
innovative coatings as well as components
cal-engineering and apparatus-engineering
for the sanitary equipment, electrical and
industry. Although the market began to
construction industries. Sales generated
calm down in the second half of the year,
with synchronization packages exceeded
which necessitated capacity adjustments in
the previous year‘s level but could not
individual production areas by the end of
prevent capacity adjustments in some
the year, an overall increase in sales could
areas in the last quarter of 2015 as the
be achieved, thanks also to the quantitative
number of orders decreased. Especially the
growth with new products. For example,
demand in China declined strongly in the
AQCUARIN is a convincing corrosion-re-
second half of the year and the Brazilian
sistant brass material for drinking-water
automotive market actually developed dra-
applications, which meets the stringent
matically. Not even public subsidy programs
hygienic requirements throughout Europe.
to strengthen demand had any effect.
The new TEC.PURE product – a lead-free
and wear-resistant brass material – could
12
Marie Duvivier, Quality Project
Manager, controls component
manufacture for electric and
hybrid cars at Diehl Metall in
France.
Diehl Metal Applications (DMA) with
After a positive start into the year 2016, it
electroplating and stamping production at
is to be expected that processing proceeds
the locations in Berlin, Brandenburg and
will again exceed last year‘s figure. The
France, a rolling mill in Germany as well as
expected growth will primarily result from
slitting centers in China and the U.S. covers
the marketing of steel synchronizer rings
the entirely integrated value chain, from
in China and Europe as well as from parts
alloy development to future-oriented me-
deliveries in the field of alternative drives
tal-plastic compound systems for electronic
and vehicle electrification.
and electro-technical applications. Sales
in this business field were distinctly below
the prior year‘s figure. Half of this decline
was accounted for by the rolled-products
field comprising Sundwiger Messingwerk as
well as the two slitting centers, The Miller
Company (U.S.A.) and Diehl Metal Shenzhen (China). The decline in rolled-product
sales was exclusively due to the lower
copper prices, and there was slight growth
in production. Lower sales at the Berlin site
were due above all to reduced preciousmetal sales. By contrast, the Zehdenick site
developed favorably, securing growth with
alternative drive technology in the field of
e-mobility with increasing industrialization
of production. The business volume of the
two DMA locations in France, Diehl Augé
Découpage and Diehl Power Electronic, did
not reach the previous year‘s level because
of fewer deliveries to the semiconductor
industry as a result of reduced demand.
Lionel Delmas, Process
Chemistry Technician,
works on modern coating
processes for the automotive industry at Diehl
Metall in France.
13
Group Management
Report 2015
Controls
Sales – € million –
403
2014
475
2015
Employees
3,137
3,258
The Controls corporate division again
Distinct growth was also achieved by the
achieved a distinct increase in sales, with
Appliance Asia business unit (Diehl Controls
two-digit growth rates in all business units.
Nanjing) in the Chinese market and by the
This is attributable to further series start-
Appliance Americas business unit with the
ups with our customers in the three regions
companies Diehl Controls North America
America, Europe and Asia.
and Diehl Controls Mexico. After the prior
year‘s reorganization, Diehl Controls North
The Appliance Europe business unit with
America concentrated on its role as sales
the companies Diehl AKO and Diehl Controls
office; all other functions, such as develop-
Polska profited from the positive consump-
ment, were transferred to Mexico.
tion climate in its markets and achieved
2014
14
2015
notable growth. With customer-specific
The relatively new „Decentralized Ener-
application developments of electronic
gy Management“ business field is to be
controllers for stoves, washing machines,
integrated into the newly founded Diehl
dryers, dishwashers and refrigerators,
Connectivity Solutions GmbH (DCS). The
Diehl Controls is significantly involved in
new company is the point of contact for the
developing the latest equipment genera-
household appliance industry and energy
tions. In the year under review, Diehl AKO
providers in terms of energy and equip-
in Wangen emerged as overall winner of
ment management. DCS offers energy
the „Factory of the year / Global Excellen-
providers an online platform to influence
ce in Operations“ competition and was
supply and demand with the objective of
awarded the First Prize. This is the hardest
peak load reductions in the mains. Initial
benchmark contest for the manufacturing
series start-ups took place in the year un-
industry in Germany and Europe.
der review. Development concentrated on
Bruno Fuhge is Innovation
Engineer at Diehl Controls
in Germany.
self-consumption systems with photovoltaic
inverters, new battery storage devices and
possible smart-home components, combined with future-oriented operating and
control functions. Smart energy management systems, together with appropriate
thermal storage systems, can make a
major contribution to managing the energy
turnaround.
Consolidation among the large household
appliance manufacturers will continue in
the current fiscal year with the planned
takeover of General Electric‘s household
appliance segment by Haier after Whirlpool
took over Indesit and Bosch took over the
Siemens shares in BSH in 2015. The pricing
pressure on the supplier industry is increasing as the market power of the remaining
OEMs rises. Our ongoing improvement
programs at all production sites worldwide
ensure the required competitiveness. The
Controls corporate division expects further
sales growth in the current fiscal year in
Europe and Asia, which will, however, slow
down distinctly.
As Engineering Change
Master, Dulce López is in
charge of product change
implementation at Diehl
Controls in Mexico.
15
Group Management
Report 2015
Defence
Sales – € million –
488
2014
405
2015
Employees
2,832
2,315
The divestment of Diehl´s vehicle business
to develop favorably. The demonstration of
caused a drop in sales and contributed
the Vulcano artillery ammunition´s technical
to the consolidation of the German land
maturity marked a decisive milestone on
systems industry. Moreover, with overall
the way to joint German-Italian qualifica-
restrained demand in the business fields of
tion. A risk minimization study conducted
air defence, missiles, ammunition as well
in preparation of series installation of the
as surveillance and protection systems,
laser-based protection system DIRCM for
constituting focal points of Diehl Defence,
the military A400M transport aircraft was
the division´s sales volume decreased again
concluded successfully.
over the previous year.
Junghans Microtec GmbH, with its French
2014
2015
Above all Diehl BGT Defence – system
subsidiary Junghans T2M S.A.S., is a lea-
house for missiles, air defence and intel-
ding supplier of ammunition fuzes and safe/
ligent munition – accounted for the weak
arm units for rockets, missiles, guided mu-
business development. The selection of
nition, shoulder-fired weapon systems and
IRIS-T SL as a so called secondary missile
torpedoes. The decline in export business
for the Tactical Air Defence System of the
with the U.S. and Britain as well as the
Bundeswehr provides an important boost
postponement of deliveries to the following
increasing the prospect of follow-up con-
year overall led to a decline in sales over
tracts in export as well. The same applies
2014.
for the successful operational suitability test
of the RBS15 Mk3 heavy-weight anti-ship
missile on the new corvette K130 of the
German Navy. The international retrofit
business with Sidewinder missiles continues
16
Jörg Rümmelin, head of
Controlling, is in charge of
finances at Diehl Defence
in Germany.
The subsidiary AIM Infrarot-Module GmbH
bilities in the context of the Bundeswehr´s
persistently pushed ahead with its deve-
structural reform. Thanks to technology
lopment activities in all business segments
leadership in its business fields, Diehl
to secure its international top competitive
Defence is confident of being able to offer
position among the component suppliers
innovative equipment solutions to armed
for thermal imagers and rocket seekers.
and security forces to cope with global
Acquisition efforts continued to focus
security missions and thus remaining an
on expanding relations with European
indispensable partner of the Bundeswehr.
partners to increase the market share of
Slight sales growth is expected for the
direct business with system or equipment
current fiscal year.
customers. Furthermore, the sales activities
concentrated on the Asian market and on
new customers/programs in the U.S. In addition to the military market, the company
also profits from space-based applications
of infrared technology as another main
pillar. Overall, a slight increase in sales was
achieved.
In view of prevailing domestic and international market conditions, product-specific
cooperation with varying partners remains
a central part of our strategy. In recent
Tanja Müller works as
Quality Project Manager
for Diehl Defence in
Germany.
years, Diehl Defence has consistently
enhanced its market position and aligned its
product range with the reappraised capa-
17
Group Management
Report 2015
Aerosystems
Sales – € million –
975
2014
1.057
2015
Employees
4,585
2014
18
In the year under review, the Aerosystems
Business development of the Aerosystems
corporate division achieved a distinct in-
division in 2015 was marked by the pro-
crease in sales as the aviation industry con-
duction rump-up of the A350 XWB in which
tinued its growth course. In view of a new
Diehl is involved with 15 work packages
backlog record of a total of 12,626 aircraft
and thus one of the largest suppliers of this
at the end of 2015, the production rates of
type. After the launch customer Qatar Air-
the two large aircraft manufacturers Airbus
ways received the first aircraft at the end of
and Boeing rose again, to 635 planes at
the previous year, another 14 planes were
Airbus and to 762 at Boeing.
delivered in 2015. Airbus plans to increase
4,576
2015
the annual output rate to 60 in the current
Demand for aircraft is dominated by the
fiscal year and to more than 100 in the
segments with up to 200 passengers as
years to come. To manage this rump-
well as long-range, wide-body aircraft. At
up, Diehl Aerosystems has expanded its
Airbus, this concerns the A320 family as
production capacities as planned: at the
well as the A330 and A350XWB planes, at
Nyírbátor site of the Hungarian subsidiary
Boeing the Boeing 737, 787 and 777 planes.
Diehl Aircabin Hungary, a new production
However, demand for the even larger
building was erected and put into ope-
Airbus A380 and Boeing 747-8 falls short
ration. The foundation stone for a highly
of expectations. In 2015, ten years after
modern logistics center was laid at the
the maiden flight of an Airbus A380, only
Laupheim site of Diehl Aircabin at the end
27 aircraft were delivered. So the annual
of 2015. The business unit AOA Apparate-
production rate is scheduled to be reduced
bau Gauting GmbH initially consolidated
further. At present, 140 orders are still on
in the previous year, relocated a complete
hand. However, a new and more economi-
plant from Gauting to Oberpfaffenhofen.
cal version of the A380 is being discussed.
This step is also related to the rump-up of
A decision is still to be made.
the A350 program.
Annika Nieß does an
apprenticeship as mechatronics technician at Diehl
Aircabin in Laupheim to
prepare for her career.
Business development in the military mar-
total of 300 employees moved in at the end
ket segment is dominated by the A400M
of 2015. Another objective of organizational
program. Overall, deliveries of the military
optimization is the joint performance of
transport aircraft fall short of expectations.
important functions on corporate-division
In mid-December 2015, the German Air
level, such as sales and program manage-
Force received the third A400M out of five
ment.
planned for the reporting period. Moreover,
the tanker aircraft KC-46A from Boeing met
The Aerosystems corporate division again
major milestones in flight tests in 2015.
expects sales growth in 2016.
With this program, Diehl is for the first time
involved in a military aircraft of the U.S.
manufacturer.
The fiscal year 2015 was characterized
especially by organizational optimizations
in the corporate division and its business
units. The Hamburg sites of Diehl Comfort
Modules (DCM) and Diehl Service Modules
(DSM) began to successively transfer the
DSM product range to DCM in order to
reduce complexity and concentrate their
market presence, including the move to a
new location in Hamburg. The first out of a
Agilanandan Sivagnanam,
Foreman at Diehl
Aerospace in Germany, is
in charge of single-aisle
final assembly.
19
Group Management
Report 2015
Metering
Sales – € million –
308
2014
310
2015
Employees
1,914
2014
1,890
2015
In the year under review, the Metering
When looking at customer segments,
corporate division achieved only slight sales
growth again concentrated on the water
growth. The Metering market still is highly
utility segment, thanks primarily to the
attractive. A significant increase in demand
large order from Ireland mentioned above.
was seen above all in the Middle East and
Besides meters based on ultrasonic techno-
Caribbean markets. After the establishment
logy and integrated radio technology, there
of a sales office in Singapore, the South-
is an increasing demand for technological
East Asian region can now be reached more
advanced mechanical meters that can be
effectively. The large-scale order from Ire-
read remotely by means of a radio module.
land won in the previous year could not be
Sales in the „Thermal Energy“ customer
delivered as planned because end customers
segment were lower than expected due to
were not prepared to accept the introduc-
delays in the Danish market. Nevertheless,
tion of consumption based measurement
Denmark takes a leading role in Europe
and billing as desired by the government.
for smart metering solutions. The custo-
The markets in China and Brazil distinctly
mer segment gas has the static gas meter
fell short of expectations. Despite the low
AERIUS meeting most-modern measurement
growth expectations of China‘s national eco-
technology requirements. The integrated
nomy, future prospects for remote readout
communication feature enables data readout
of consumption data in the energy and wa-
via radio or M-Bus. Thanks to standardized
ter sector are very favorable. In Brazil, the
communication, water, heat/cold, gas and
recession in conjunction with the currency
electricity consumption can be read on the
fall resulted in a marked decline in business
same system platform.
which led us to stop production and concentrate on distribution. However, this market
will also remain attractive over the long term
because there is still a lot of catching up to
do in modernizing the infrastructure.
20
Benjamin Strauß (left),
head of Software Development, and Roland Gottschalk (right),
Development Engineer in
project organization, both
work for Diehl Metering in
Germany.
In development, the focus was on further
Precise energy consumption measurement
development of ultrasonic technology,
as well as automated readout and the
improvement of testing equipment, expan-
transmission of consumption data make an
sion of our radio system as well as of the
important contribution to increasing energy
improvement of software and services offe-
efficiency and to sustainably conserving
red. To increase the efficiency of ultrasonic
natural resources. While other countries are
technology, series production of the next
very resolutely implementing smart metering
generation of essential core assemblies was
systems, the discussion in Germany, espe-
started. Development of a new radio module
cially about data protection and security,
for the French gas market was also comple-
still causes delays. Metering‘s continuously
ted successfully. First pilot deliveries of the
increasing international business orientation
large-scale order won in the previous year
will again lead to sales growth in 2016.
IT Manager Guo Chunxia
bears responsibility at
Diehl Metering in China.
were carried out as planned. Furthermore,
the first generation of the smart ELICIUS
electricity meter which is integrated into the
Diehl Metering‘s radio system is available
since mid-2015.
Due to the international network of various
competence centers, efficiency and quality
of the communication and supply chain
processes are of vital importance for the
Metering corporate division. Another step
to reduce complexity was the organizational
merger of the three German sites in Nürnberg, Ansbach and Apolda.
21
Group Management
Report 2015
A strong team at Diehl Controls
Polska (f.r.t.l.): Tomasz Czerniejeweski, Customer Supply Manager; Roland Diakowski, Customer
Supply Manager; Pawel Szczur,
Supply Chain Director; Pawel
Janczyk, Supply Chain Engineer.
Opportunities, Risks and Outlook
At the time this report is prepared, there is
About 50% of the Metall corporate division‘s
all around restrained optimism about the
business volume depends on the prices for
further economic development – in spite of
copper and zinc. In the presence of high
the initially described risks. So, all econo-
volatility, as has been the case in recent
mic forecasts are based on the assumption
years, sales fluctuations are inevitable but
that no dramatic developments will occur.
do not affect the employment situation. Ex-
Otherwise, the Diehl group would naturally
pected metal sales therefore are generally
not be spared. Normal economic activi-
difficult to forecast. The electricity prices
ty fluctuations also affect our business.
are of considerable importance to our
However, the character of the Diehl group
competitive position. The move away from
as a conglomerate usually has a stabili-
nuclear energy toward renewable energies
zing effect. Economic activity fluctuations
in Germany has to be arranged without
usually do not affect all industrial sectors
endangering competitiveness through rising
simultaneously so that a sectoral mix rather
prices and without impairing the security
dampens than intensifies such fluctuations
of supply. Germany‘s future development
when looking at the corporate group as a
as an industry location will depend on how
whole. The risk management implemented
these challenges are met. The energy-in-
within the Diehl group based on our ma-
tensive plants in the Metall Corporate
nagement information system enables us
Division would suffer from considerable
to identify and assess risks early so we can
disadvantages in international competition
immediately counter them.
if this failed. Despite all risks, the business
with copper and copper alloys basically
Our business activities are characterized by
is very promising because this material is
some particularities:
indispensable to electronic controls which
increasingly penetrate all spheres of life and
are in line with modern mega trends.
22
Our supplies in the Controls division are
In spite of all delays in introducing smart
subject to high pricing pressure which will
meters in the domestic market, our Mete-
still be intensified by the current consolida-
ring corporate division is able to grow due
tion process among international household
to its international orientation. Its technolo-
appliance manufacturers. Our technical
gical competence in water, gas and electri-
competence in the development of new
city consumption measurement as well as
controls and our international production
automatic measurement data transmission
network, however, provide good prere-
provides the basis for its global competi-
quisites for staying a valued, competitive
tiveness which is evidenced by a large num-
partner of the OEMs. Special chances are
ber of smart-metering projects. Moreover,
still provided by the Chinese market which
the energy turnaround in Germany will be
– despite lower growth rates now – will
successful only if the power grids become
continue to grow strongly compared with
smart, which calls for widespread introduc-
the situation in Germany and Europe. Our
tion of smart meters. Diehl Metering is well
new Decentralized Energy Management
prepared for further expanding its market
business field is concerned with smart ener-
positions.
gy consumption control in households and
is the point of contact for the household
Taken as a whole, the Diehl group as an op-
appliance industry and energy providers.
portunity and risk association is positioned
Thus, it cultivates a promising market.
well to achieve sustained success.
The defence business is exclusively subject
No events of special importance for presen-
to the primacy of politics. At present, the
tation of the net assets, financial position
focus is on restrictions regarding approvals
and results of operations have so far occur-
for defence-technology exports to third
red after the balance sheet date.
countries. Diehl has for years adjusted its
capability spectrum to modern mission
As 2015 sales only amounted to € 3.1
scenarios and thus is positioned well for
billion, our forecast in last year‘s annual
future procurement projects. We have been
report – at € 3.2 billion – turned out to be
a reliable and successful partner of the
somewhat optimistic. Despite the current
Bundeswehr for decades and will continue
imponderabilities, we expect distinctly hig-
to utilize the opportunities that offer them-
her sales growth as well as higher income
selves nationally and internationally.
for the Diehl group in the present fiscal
year.
In recent years, the Aerosystems corporate
division has seen strong growth due to the
acquisition of new companies in order to
Nürnberg, March 31, 2016
expand and complete its product portfolio,
involving integration tasks to benefit from
Diehl Verwaltungs-Stiftung
synergies. Simultaneously, ramp-up of the
major aircraft programs has to be organi-
The Executive Board
zed, with highest demands on quality and
delivery reliability. We are making good
progress with the management of these
challenges. Aviation supply business is
basically growing fast. No crises could so
far hamper this trend, except for some dips
in growth.
23
Employees
Cross-divisional cooperation:
Emil Pitschujew, Diehl
Aerospace, Birgit Kröll,
Diehl Controls, and
Eva Klinger, Diehl Metering.
On December 31, 2015, the Diehl Group
at our locations in 24 approved training
employed a total of 15,889 persons at its
occupations. Among them, 59 high-school
locations worldwide. Compared with the
graduates undergo a dual course of studies
previous year, this meant a decrease, which
in 15 different disciplines, combining study
was due above all to the sale of Diehl Land
as well as practical and in-depth training
Systems with 395 employees (2014: 16,297).
phases at our locations. In addition, 31
The number of employees at the German
prospective specialists from other companies
locations was 11,053 (previous year: 11,542)
are trained at our training centers, acquiring
so that the domestic rate dropped from
the necessary basic and technical skills of
70.8% to 69.6%.
their training occupation that cannot be
offered by the respective associated partner.
Our locations abroad increasingly gain
In 2015, all apprentices and „dual“ graduates
importance in view of the continued inter-
could be offered suitable jobs after success-
nationalization of business, the high level of
fully passing their exams because Diehl‘s
wages and salaries in Germany, our custo-
own qualified training is and remains the
mers‘ and partners‘ requirements but also
long-proven basis of personnel recruitment.
the rising demand for skilled labor. Consequently, we introduced a corporate-wide in-
Initial contact with potential applicants is
ternational employer brand in the year under
frequently made at training exhibitions,
review. Based on this uniform concept, the
information events or parents‘ evenings
strengths of the entire corporate group can
at schools and in the company. We also
be combined even better with country-spe-
invite numerous pupils to projects at our
cific perception, thus further increasing our
training centers to inform themselves about
attractiveness.
training opportunities at Diehl. A total of 400
young people again attended a one-week
The number of apprentices and students
mini-practicum in 2015, giving them initial
in the corporate group is still high. A total
insight into working life at Diehl. We also
of 490 apprentices and students – 463 of
continued participation in the „Girl‘s day“ in-
them in Germany – are currently educated
itiative as well as in the „Girls for technology
camp“ launched by the Educational Institute
24
of the Bavarian Industry to increasingly get
female junior staff interested in entering
The number of service anniversaries remains
technical occupations. Owing to these activi-
on the previous level. We are proud of the
ties in training marketing, all vacancies could
long-standing loyalty of many of our emplo-
again be filled with suited applicants in 2015.
yees which is acknowledged by special anniversary celebrations at our locations. In the
The challenging and varied internships we
reporting period, a total of 285 employees
offer to students for a first insight into eve-
celebrated their 25th service anniversary;
ryday working life and career opportunities
for another 76 employees it was their 40th
at Diehl always attract wide interest. The
service anniversary and seven employees
cooperation with students can be intensi-
could even look back on 50 years of loyal
fied within the context of project-oriented
service for Diehl.
seminar papers, bachelor or master theses.
Applications can be submitted, using our
Our employees‘ great commitment and their
e-recruiting system. University graduates
inventiveness again provided the basis for
can join Diehl either by flexible direct entry
our success in the year under review. The
or by an individual project-oriented trainee
Executive Board expresses its cordial thanks
program with technical or commercial orien-
to all employees for this. Our thanks also
tation.
go to our employees‘ representatives who
always cooperated objectively and construc-
There are varied opportunities for professio-
tively, allowing us to achieve good and viable
nal and personal development. For example,
solutions.
employees with potential for higher-level
duties are qualified and furthered with development measures that are oriented to the
respective target group. In this context, we
attach special importance to corporate-wide,
close networking of our specialized and
executive staff as well as cooperative
knowledge transfer between junior staff and
experienced employees. We meet statutory requirements regarding the quota of
women, and the female quota achieved will
be maintained. As a competing family-owned
company, recruitments will continue to be
made exclusively on the basis of qualifications though. The varied offers provided at
our locations for a better compatibility of
family and career are, of course, destined
for both men and women. In the year under
review, day nursery, parent-child office and
emergency childcare opportunities could be
further expanded.
The contest of good ideas has also developed favorably within our company‘s idea
management. In FY 2015, the numerous
improvements suggested by our employees
(3,500) led to total net savings of approx. €
1.4 million.
25
Environment
Erasmus of Rotterdam:
Albrecht Dürer‘s last
copper engraving.
It is our employees‘ commitment, their
are designed so as to put the focus on the
personal responsibility and their good
efficient use of resources. Improvements
ideas that bring about concrete changes in
can, however, also be achieved by various
environmental protection. The management
optimization measures taken on existing
systems in place at the respective locations
installations. For example, changes to the
provide the basis and define the objectives
high-temperature water heating at Diehl
for our activities. It is our employees‘
Aircabin in Laupheim led to a considerable
duty to reconcile economic activity with a
reduction in energy requirements. The
responsible handling of natural resources.
continuous replacement of light bands or
of lamps sometimes has noticeable saving
Our efforts concentrated on increasing
effects.
energy efficiency at our company sites.
We again succeeded in identifying poten-
Environmental protection, energy efficiency
tials for improvement in the respective
and sustainability provide the basis for our
production processes – as well as in the
production processes. Our employees are
administrative areas – and in deriving
obliged to meet their environmental re-
appropriate measures to further increase
sponsibility and to identify unexploited pos-
savings. One example is the replacement of
sibilities for improvement in their respective
the fireproof lining of the inductive copper
sphere of work.
melting furnace at Sundwiger Messingwerk.
Through this measure, power consumption
of the facility could be reduced by about
one fourth, which corresponds to 250,000
kWh after all. To optimize the effect of our
environment-relevant measures, we regularly check the major drivers of power, oil
and gas consumption as well as the requirements of water, coolants and lubricants. As
a rule, new buildings and refurbishments
26
Beyond Daily Business
Over many decades, the company‘s senior
from Karl Diehl‘s legacy. The impressive exhi-
head Karl Diehl, who died in 2008 at the age
bition was solemnly opened in April by the
of 100, had collected copper engravings,
royal couple of the Netherlands, Willem-Ale-
woodcuts and etchings by Albrecht Dürer,
xander and Máxima. Albrecht Dürer had a
perhaps Nürnberg‘s most important artist.
special relationship to the Netherlands as he
Karl Diehl‘s collecting passion was supported
lived there for a year. Moreover, the world-fa-
by his wife Irmgard Diehl who gave him quite
mous portrait of Erasmus of Rotterdam, the
a number of these precious objects as birth-
great humanist, was the last copper engra-
day or Christmas presents. According to the
ving created by Dürer before he died on April
renowned Dürer expert Dr. Thomas Schau-
6, 1528.
The royal couple of the
Netherlands, their Majesties Willem-Alexander
and Máxima, during the
official opening of the special exhibition „A treasure
on paper. Diehl‘s Dürer
collection – a gift to the
city of Nürnberg“.
Photo: Erich Malter
erte, a „top collection of outstanding quality“
which can easily stand comparison with the
In the year under review, the Karl-Diehl
world‘s great museums has thus been set up.
Foundation for people in need founded by
It was the wish of Nürnberg‘s honorary citizen
Karl Diehl and the Irmgard-Diehl Chrildren‘s
Karl Diehl to keep the entire collection to-
Foundation helping abused, traumatized,
gether in the long term. Through the decision
socially disadvantaged as well as disabled
made by his three sons at the end of last year
children and youths again provided aid to
to give the collection to the city of Nürnberg
many people. The support for Nürnberg‘s
as a gift, their father‘s wish has been fulfilled.
Old-Town Friends started by Karl was also
An „eternity agreement“ guarantees the
continued. At present, their commitment is
collection‘s „sanctity“. With gratitude, the city
focused above all on the reconstruction of the
fathers paid tribute to this patron gesture
Pellerhof building destroyed during the war.
as „one of the most important art donations
ever received by the city of Nürnberg“.
Thus, „A treasure on paper. Diehl‘s Dürer
collection – a gift to the city of Nürnberg“ is
the name of the current special exhibition
presented by Nürnberg‘s art collections at
the historic Dürer house to the broad public,
showing a selection of the most famous prints
27
28
Diehl Verwaltungs-Stiftung
Consolidated
Financial Statements
as of December 31, 2015
29
Consolidated Balance Sheet
of Diehl Verwaltungs-Stiftung
(in € thousand)
ASSETS
Dec. 31, 2015
A.Fixed assets
I. Intangible Assets
1.Acquired concessions, industrial property and similar rights and assets,
and licenses in such rights and assets
12,715
2. Goodwill
11,223
3. Advance payments
3,105
27,043
II. Tangible assets
1. Real property, corporeal rights in real property and buildings,
including buildings on real property of third parties
186,144
2. Technical equipment and machinery
125,152
3. Other equipment, factory and office equipment
121,991
4. Advance payments and assets under construction
51,751
485,038
III.Financial assets
1. Shares in affiliated companies
978
2. Shares in associated companies
3,548
3. Other investments
606
4.Loans to companies in which we hold an interest
912
5. Long-term securities
3
6.Other loans
3,060
9,107
521,188
B.Current assets
I.Inventories
1. Raw materials and supplies
241,140
2. Work in process
477,350
3. Finished goods and merchandise
126,559
4.Advance payments
12,071
857,120
II. Receivables and other assets
1.Trade receivables
344,110
2.Receivables due from affiliated companies
222
3.Receivables due from companies in which participations are held
51,095
4.Other assets
74,731
470,158
III.Securities
Trade securities
1,185
IV. Cash, bank balances and checks
405,933
1,734,396
14,022
19,101
1,493
34,616
171,674
115,262
116,513
43,560
447,009
1,813
2,002
606
1,119
5
2,533
8,078
489,703
230,213
443,286
134,396
11,664
819,559
340,221
372
45,321
78,578
464,492
2,146
392,962
1,679,159
C.Prepaid expenses
5,987
5,498
D.Deferred tax assets
77,278
53,874
E.Excess of plan assets over pension liabilities and similar obligations
30
Dec. 31, 2014
584
2,339,433
156
2,228,390
SHAREHOLDERS´ EQUITY AND LIABILITIES
Dec. 31, 2015
Dec. 31, 2014
A.Shareholders´ equity
I. Capital of Diehl Verwaltungs-Stiftung
1. Capital stock
511
511
2. Reserves
157
155
3.Retained earnings
1,626
1,569
2,2942,235
II. Shares held by other shareholders
1. Capital of subgroup Diehl Stiftung & Co. KG
495,870
485,717
2. Other minority interests
41,308
43,364
537,178
529,081
539,472531,316
B.Accruals and provisions
1. Accruals for pensions and similar obligations
490,702
2. Tax accruals
28,659
3. Other accruals and provisions
390,538
909,899
430,429
25,171
384,696
840,296
C.Liabilities
1. Liabilities due to banks
194,321
208,423
2. Advance payments received
167,156
164,965
3. Trade payables
269,872
245,876
4. Payables due to affiliated companies
346
1,067
5. Payables due to companies in which participations are held
37,646
42,293
6. Other liabilities
202,685
177,259
872,026839,883
D.Deferred income
5,137
4,466
E. Deferred tax liabilities
12,899
12,429
2,339,4332,228,390
31
Consolidated Income Statement of Diehl VerwaltungsStiftung for the period Jan. 1 to Dec. 31, 2015
(in € thousand)
2015
2014
1.Sales
3,108,546
3,039,144
2. Increase in finished goods and work in process
35,425
67,616
3. Capitalized services and material
7,044
6,949
4. Other operating income
121,866
– thereof income from currency translation :
12,069
138,176
12,240
5. Cost of materials and services :
a) Cost of raw materials, supplies and purchased goods
b) Cost of purchased services
– 1,490,251
– 211,764
– 1,702,015
– 1,422,450
– 242,115
– 1,664,565
6. Personnel expenses :
a) Wages and salaries
– 742,368
b) Social security and pensions costs
– 146,998
– thereof for pensions :
– 9,500
– 889,366
– 723,597
– 143,266
– 10,279
– 866,863
7. Amortization and depreciation of intangible and tangible assets
32
– 82,313
– 80,193
8. Other operating expenses
– 422,264
– thereof expenses from currency translation :
– 18,096
– 445,978
– 9,012
9. Income from investments
– thereof from affiliated companies :
89
92
10. Income from investments in associated companies
3,365
143
11. Other interest and similar income
4,257
– thereof from affiliated companies :
3
– thereof from discounting of accruals : 1,524
5,630
23
2,453
12. Write-down of financial assets and current securities
– 1
– 538
13. Interest and similar expenses
– 100,612
– thereof to affiliated companies :
–1
– thereof from accumulation of accruals :
– 75,561
– 65,472
–1
– 40,450
14.Result from ordinary operations
84,024
134,084
15. Extraordinary expenses
– 5,557
– 5,606
16. Extraordinary result
– 5,557
– 5,606
17. Income tax
– 41,330
– thereof deferred taxes :
22,530
– 48,498
3,145
18.Net income for the year
37,137
– thereof part of other shareholders :
37,078
79,980
79,944
35
29
Consolidated Cash Flow Statement of Diehl VerwaltungsStiftung for the period Jan. 1 to Dec. 31, 2015
(in € thousand)
Net income Adjustment to reconcile net income between exchange rate as of 12/31/2015 and yearly average exchange rate
2015
T€
37,137
– 357
Depreciations / write-ups on fixed assets80,485
Increase in accruals and provisions11,357
Other non-cash expenses – 49,617
Gains on disposals of assets related to investing activities – 3,402
Increase of inventories, trade receivables and other assets – 39,805
Increase of trade payables and other liabilities Interest expenses/interest income Other investment earnings Expenses from extraordinary items 7,100
96,356
– 1,908
5,557
Income tax expenses 63,861
Income tax payments
– 61,180
Income from grants
– 11,391
Cash flow from operating activities134,193
Disposals of tangible and intangible assets 8,156
Purchase of tangible and intangible assets – 102,914
Acquisition of / disposals of financial assets Financial assets from short-term financial management – 392
961
Interest received 2,418
Dividends received 1,908
Cash flow from investing activities Increase in capital stock and cash receipts from changes in shareholder loans – 89,863
12,000
Dividends paid to shareholders – 23,554
Decrease of bank liabilities and other financial liabilities – 38,069
Increase of bank liabilities and other financial liabilities26,854
Payments from grants Interest paid Cash flow from financing activities
Change in cash and cash equivalents Effect of changes in exchange rates, changes in Group structure and changes due to valuations 11,391
– 17,771
– 29,149
15,181
214
Cash and cash equivalents at beginning of period 374,424
Cash and cash equivalents at end of period 389,819
Cash and cash equivalents have been reduced by € 16.1 million (prior year € 18.5 million) of current liabilities due to banks.
33
Statement
of Changes in Consolidated Equity
of Diehl Verwaltungs-Stiftung
Capital of Diehl Verwaltungs-Stiftung
Shares held by other shareholders
Shareholders’
equity
CapitalEarned Equity
Capital of Other minority Shares held
thereof
stockequity
of parentsubgroup interests by other accumul. other
company Diehl Stiftung shareholders gains and losses
& Co. KG
recognised
(in € thousand)directly in equity*
As of Dec. 31, 2014511
Net income for the year
Appropriation of profits
1,724
59
2,235 485,717
43,364
529,081
5933,021 4,057 37,078
37,137
0
– 22,572
– 6,035
– 28,607
– 28,607
Currency translation
0612 78 690
Other changes
0
As of Dec. 31, 2015511
1,783
603531,316
– 908
2,294 495,870
– 156
41,308
690
690
– 1,064
– 1,064
537,178
1,293539,472
* Exchange rate differences
Capital of Diehl Verwaltungs-Stiftung
Shares held by other shareholders
Shareholders’
equity
CapitalEarned Equity
Capital of Other minority Shares held
thereof
stockequity
of parentsubgroup interests by other accumul. other
company Diehl Stiftung shareholders gains and losses
& Co. KG
recognised
(in € thousand)directly in equity*
As of Dec. 31, 2013511
Net income for the year
Appropriation of profits
36
2,199 422,128
39,989
462,117
0
– 24,115
– 7,447
– 31,562
– 31,562
04,331 370 4,701
Other changes
013,852
* Exchange rate differences
1,724
– 4,098464,316
3669,521 10,423 79,944
79,980
Currency translation
As of Dec. 31, 2014511
34
1,688
2,235 485,717
4,701
4,701
29 13,881
13,881
43,364
529,081
603531,316
Notes to the Consolidated
Financial Statements of
Diehl Verwaltungs-Stiftung
for Fiscal Year 2015
I. General remarks
An overview of share ownership and of the basis of
consolidation is provided in an appendix to the notes.
The consolidated financial statements of the Diehl Group
are prepared in accordance with the consolidation rules of
the German Commercial Code.
III. Consolidation principles
The financial statements of all companies included in the
consolidated financial statements are prepared pursuant to
For companies which were included in the consolidated
the accounting and valuation methods valid in the Diehl
financial statements as fully consolidated companies on
Group. Accounting for foreign companies is adjusted to the
December 31, 2009, the book value method is applied for
uniform accounting and valuation principles where this is
capital consolidation.
material to give a true and fair view of the net assets,
financial position and results of operations.
For subsidiaries which were for the first time fully consolidated in the consolidated financial statements from
January 1, 2010, the revaluation method is applied for
capital consolidation, with assets and debts being stated at
II. Basis of consolidation and associated
their full fair value and the acquisition value of the share-
companies
holding offset against the group‘s share of the equity of
In addition to Diehl Verwaltungs-Stiftung, the consolidated
The resulting difference on the assets side is shown
financial statements include 47 domestic and 28 foreign
as goodwill.
the consolidated company at the time of its acquisition.
companies, which are under direct or indirect control of
Diehl Verwaltungs-Stiftung.
The shares in associated companies are treated in
accordance with the principles of the equity method of
In fiscal year 2015, the group of fully consolidated com-
accounting. They are stated using the book value method
panies was expanded by foundation of Diehl Connectivity
at the date of their acquisition.
Solutions GmbH, Diehl Ventures GmbH and Diehl Metal
Applications France SAS. The companies BERKA Industrie-
Intercompany profits and losses, sales, expenses and
Handelsgesellschaft mbH, Comet Pensionsverwaltungsge-
income as well as receivables and payables between fully
sellschaft mit beschränkter Haftung, DONAR Gesellschaft
consolidated companies are eliminated. Intercompany
mit beschränkter Haftung as well as Junghans–Stahl
results with associated companies are not eliminated since
Gesellschaft mit beschränkter Haftung were merged.
their influence on the Group‘s overall situation is of minor
Diehl Metering Systems GmbH was merged with EVB Energy
significance.
Solutions GmbH. Subsequently, EVB Energy Solutions
GmbH was renamed Diehl Metering Systems GmbH.
Deferred taxation is made for consolidation operations
affecting the results whenever diverging tax expenses are
A total of six domestic shareholdings were included in the
expected to be compensated for in future fiscal years.
consolidated financial statements as associated companies.
Due to its minor significance for a true and fair view of
the group‘s net assets, financial position and results of
operations, 8 companies were not consolidated. Based
on Art. 296, Para 1, no. 1 of the German Commercial Code,
two companies were not included in the corporate financial
statements since their assets are limited to the respective
company purpose.
35
IV. Accounting and valuation principles,
foreign currency translation
Long-term marketable securities recorded under fixed
assets are valued at the cost of acquisition or at the lower
applicable value.
1. Fixed assets
2. Current assets
Acquired intangible assets are valued at acquisition cost,
Under inventories, raw materials and supplies as well as
less scheduled or nonscheduled amortization. Normally, the
resales are valued at lower of cost or market value.
useful life is 3 years, unless a different period is appropriate,
e.g. due to the validity period of rights of use. A capitalized
The valuation of metal inventories at the lower of cost or
goodwill is amortized over a maximum period of 15 years.
market takes account of the contracted selling prices for
An amortization of goodwill over more than 5 years is based
the metal portion, if selling contracts already exist at the
on the respective product life cycles and the expected
balance sheet date.
market development.
Work-in-process and finished goods are valued at cost. In
Tangible assets are valued at the cost of acquisition or
addition to the direct cost of material and labor, propor-
manufacture, less scheduled or non-scheduled depreciation.
tional overheads are included.
The production costs of self-constructed fixed assets also
include proportional overhead expenses and depreciation in
Depreciation is made for stock and usability risks to an
addition to direct costs. For new investments from 2010, the
appropriate extent.
straight-line method of depreciation is used, for investments
made before 2010 the declining-balance or straight-line
If at the time of preparing the balance sheet a need for
method, depending on the tax opportunities. It is changed to
devaluation is identified because costs are not covered
the straight-line method when the latter results in higher
completely by the proceeds, an appropriate markdown is
depreciation amounts. Scheduled depreciation of buildings
made for the purpose of loss-free valuation.
and parts of buildings is based on a useful life ranging from
2 to 50 years, depending on the extent of use. The useful
Payments on account are stated at nominal value.
life of technical equipment and machinery and that of other
equipment, factory and office equipment ranges from 1 to
Receivables, other assets and liquid assets are
25 years. Low-value assets with acquisition costs of up to
always included in the balance sheet at their nominal
€ 410 are completely written off in Germany in the year of
value. In the case of receivables, allowances are made to
acquisition. Fixed values are defined for tools and fixtures.
appropriately cover discernible individual risks through
Extraordinary value reductions are taken into account by
individual value adjustments and general credit risks as
means of non-scheduled depreciation.
well as costs of collecting receivables through general
value adjustments. Interest-free receivables which will
Shares in affiliated companies and Participations are
probably be received only after a period of 12 months
valued at cost of acquisition or at the lower applicable value.
are shown at their cash value.
Shares in associated companies are valued using the
Short-term marketable securities under current assets
equity method of accounting, starting with the book value.
are valued at lower of cost or market value.
This calculation is based on the audited annual financial
statements made available for each of these companies.
Interest-bearing loans are stated at their nominal values,
36
non-interest bearing ones at their cash values.
Notes to the Consolidated
Financial Statements of
Diehl Verwaltungs-Stiftung
for Fiscal Year 2015
3. Deferred taxes
reserves, the respective national statutory provisions have
been taken into account.
Deferred taxes (on the assets and liabilities side) result
from valuation differences in the commercial and tax
Tax accruals and other accruals are set up to cover all
balance sheet, tax loss carryforwards as well as consoli-
contingent liabilities and discernible risks. They are stated
dation measures if the differences are compensated in the
in the amount expected to be required based on prudent
future. Deferred taxes on the assets and liabilities side are
commercial assessment (i.e. including future price and cost
not balanced.
increases). Accruals with a residual term of more than
1 year are discounted.
Deferred taxes are valued at uniform corporate tax rates of
15% (partnerships) or 30% (joint-stock companies) for
If no valuation units are formed between metal purchase
domestic companies. For foreign subsidiaries, the individual
contracts and the metal portion of sales contracts, these
national statutory tax rates (10% to 40%) are applied.
items are checked for impending losses.
Deferred taxes on the assets side in the amount of € 77,278
All liabilities are stated at the amount payable.
thousand mainly result from the creation of deferred taxes
based on different valuation methods in the commercial
and tax balance sheet (pension reserves and accruals for
anniversary bonuses, accruals for warranty expense,
5. Foreign currency translation
provision for contingent losses and other accruals, different
discount rates for long-term accruals, different depreciation
The valuation date for fixed assets in foreign currencies is
methods and periods, different valuation methods), tax
the day of purchase, while receivables and payables are
loss carryforwards as well as elimination of intercompany
valued on the day they accrue. Short-term assets and
profits and losses in the fixed assets and inventories.
liabilities with a term of less than one year are converted
at the average spot exchange rate on the balance sheet
Deferred taxes on the liabilities side in the amount of
date. Receivables and liabilities with a remaining term of
€ 12,899 thousand mainly result from reserves only
more than one year are valued according to the imparity
permissible under tax law (e.g. Art. 6b of the German
principle, using the average spot exchange rate.
Income Tax Act), special tax depreciation as well as different
valuation methods in the commercial and tax balance sheet.
The financial statements of the consolidated foreign
companies in foreign currencies are translated at the rates
valid on the balance sheet date. The individual equity items
are converted at historical rates, the net income at the
4. Accruals/liabilities
average rate of the year. The items of the income statement are converted at the average rate of the year. The
Accruals for pensions and similar liabilities are
difference between balance sheet date rate, historical rates
actuarially valued according to the modified entry-age
and average rates is reported in the equity section of the
normal method. Calculations are based on the 2005 G
subgroup Diehl Stiftung & Co. KG or in the shares of other
mortality tables published by Prof. Dr. Klaus Heubeck.
third-party shareholders. Differences over the previous
Assumptions regarding the future development of
year‘s statement are taken into account without affecting
particular parameters are taken into account in the
the income.
valuation. Wage and salary increases of 2.85% p.a. and
a dynamic pension increase of 1.65% p.a. have been taken
Currency and metal-price risks are countered by a corpo-
as a basis. An interest rate of 3.89% p.a. as given by the
rate-wide risk management strategy. Valuation units are
German Central Bank for a remaining term of 15 years is
created and documented in accordance with Art. 254 of
used for the discounting of reserves. For foreign pension
the German Commercial Code. If they are hedged by
37
forward transactions, the respective hedging rates are
V. Notes to the balance sheet
applied.
1. Fixed assets
Receivables and liabilities in the same currency with nearly
the same term are combined to form valuation units if they
Development of the individual fixed asset items and
are of the same value.
depreciations is shown in an appendix to the notes.
The „Changes“ column contains all changes to the initial
Effective items of the valuation units created are reported
amounts resulting from additions and disposals affecting
in the balance sheet using the freezing method (compen-
the consolidated companies and from currency translation
satory valuation). For ineffective items, the imparity
differences.
principle is applied. This means that positive market values
are not shown in the balance sheet and provisions for
contingent losses are set up for negative market values
only if a negative balance results from a valuation unit or
if an open item yields a loss.
2. Receivables and other assets
A residual term of more than one year applies for the
following amounts under the respective items:
(in € thousand)
2015/12/312014/12/31
Trade receivables
205
33
Receivables from companies
in which participations are held
225
225
Other assets
2,850
5,865
3. Shareholders‘ equity
The equity of the subgroup Diehl Stiftung & Co. KG
consists of the liable limited liability capital of Diehl Stiftung
& Co. KG, the reserves of Diehl Stiftung & Co. KG and the
differences between the investment book value and the
proportionate equity of the subsidiaries.
4. Accruals
The accrual for current pension payments, pension
expectancies and similar liabilities, which is not stated at
the balance sheet date according to Art. 67 Para 1 sentence 1
of the Introductory Act to the German Commercial Code
(EGHGB) amounts to € 49,080 thousand.
38
Notes to the Consolidated
Financial Statements of
Diehl Verwaltungs-Stiftung
for Fiscal Year 2015
Long-term marketable securities used to finance life
liabilities based on their remaining term are shown in an
work-time accounts are valued at their fair value and
appendix to the notes.
offset against the respective accruals in the amount of
€ 9,584 thousand (inclusion of plan assets). The acquisition
The total amount of liabilities due to banks runs to
costs were € 8,326 thousand.
€ 13,601 thousand and is secured by a land charge.
Receivables from pension liability insurances for deferred
Other liabilities include the following items:
compensation are offset against pension reserves for
reinsured deferred compensation (inclusion of plan assets).
(in € thousand)
The acquisition cost and the fair value of the receivables
Social security liabilities
from offset pension liability insurances amount to
Tax liabilities
2015/12/312014/12/31
7,220
7,101
34,600
38,032
€ 9,394 thousand. The settlement amount of the pension
reserve offset for reinsured deferred compensation
corresponds to the asset value from the pension liability
insurance (€ 9,394 thousand). Expenses and income in the
amount of € 230 thousand were offset.
Coverage capital for insolvency insurance of working-time
accounts in the amount of € 14,116 thousand was offset
against the corresponding accruals in the amount of
€ 13,564 thousand as far as long-term pension liabilities
are concerned. Accruals are valued at the settlement
amount of € 23,920 thousand. The remaining coverage
capital of € 552 thousand was shown as excess of plan
assets over post-employment benefit liability. Expenses and
income in the amount of € 143 thousand were offset.
Furthermore, receivables from pension liability insurances
to secure partial retirement balances with a fair value of
€ 209 thousand were offset against the related liabilities
from outstanding settlement worth € 177 thousand.
The resulting excess of plan assets over postemployment
benefit liability amounts to € 32 thousand.
In addition, other assets worth € 13,435 thousand were
offset against pension reserves.
Other accruals mainly include accruals for warranty
expense, for outstanding invoices, for contractual penalties, for accrued overtime, for management bonuses and
gratuities, for anticipated losses, for long-term workingtime accounts, for outstanding vacation pay as well as
service anniversaries and paid educational leave.
5. Liabilities
6. Derivative financial instruments and valuation units
For its business activities, the Diehl Group uses forward
contracts to manage the risks arising from the fluctuations
in currencies and metal prices between the balance sheet
date and the settlement date.
Forward exchange transactions are concluded by the
companies with Diehl Stiftung & Co. KG. The latter, in turn,
concludes appropriate forward exchange contracts with
banks, which are essentially identical regarding value and
term. The conclusion of such contracts is based on uniform
guidelines, subject to internal controls and restricted to
business in foreign currencies.
The nominal volume and the market values of the derivative financial instruments existing at the balance sheet date
are as follows:
in million € Type
Market values
Nominal
positive negative volume
Forward exchange contracts
USD
12
108
PLN
1
GBP
MXN
Other currencies
Commodity futures
contracts
Nonferrous metals
exchange
2
1,780
57
12
9
2
5110
The total amount of liabilities and the breakdown of
39
The nominal volume is the total of all buying and selling
Metal price risks in connection with metal procurement and
values of derivative financial instruments.
metal sales contracts (pending business) result from the
change in the prices of primary metals, scraps and
The market value of forward exchange and commodity
semi-finished products between the date of contract
futures contracts is calculated on the basis of a comparison
conclusion and performance. Purchase and sales contracts
between the forward (futures) contract value applicable at
not covered by corresponding physical transactions are
the balance sheet date for the remaining contract term and
hedged by appropriate exchange positions.
the contracted value (mark-to-market method).
The residual amount is covered by valuation units.
Commodity futures and forward contracts are concluded to
Forward exchange transactions are conducted to hedge
folio hedges are employed in valuation. The risks covered
business in foreign currencies and valuation units are
by portfolio hedges are highly homogeneous. The contract
created to cover the risks on the balance sheet date, worth
volume of hedging transactions is chosen so that it agrees
€ 13 million. Micro and macro hedges as well as portfolio
with the contract volume of the underlying transactions –
hedges are employed in the valuation of foreign currency
related to the respective primary metal portion.
hedge metal price risks (pending business). Micro and port-
positions. Foreign currency receivables (€ 194.9 million),
liquid assets (€ 49.4 million), foreign currency liabilities
Underlying and hedging transactions are included in the
(€ 161.0 million), firmly contracted business not yet
valuation units with the following market values (futures
included in the balance sheet (€ 1,703.2 million) and
contract value applicable at the balance sheet date
transactions expected with high probability (€ 634.4
compared with the contracted value):
million) are included in the valuation units. Transactions
expected with high probability mainly concern orders on
hand. Basically, opposite changes in value and cash flows
Metals Dec. 31, 2015
Market value
in million €
of these underlying and hedging transactions will
Pending procurement transactions
presumably balance completely in the course of the
Hedged by commodity futures
0.9
following five fiscal years.
Pending sales transactions
1.1
Hedged by commodity futures
1.8
– 0.8
The business transactions summarized in valuation units
are subject to the same risk. Accordingly, it is to be
The changes in value of the pending sales and procure-
expected that opposite changes in value of the underlying
ment transactions are hedged over a period of up to 24
and hedging transactions will in the future balance
months for the valuation units.
completely for the respective risk hedged. The prospective
effectiveness of hedging relationships is determined on
Opposite changes in value of these underlying and hedging
every balance sheet date by means of the critical- terms-
transactions will presumably balance completely in the next
match method, ensuring that the valuedetermining
two years. The effectiveness of the valuation units
factors (nominal value, term, currency) for the underlying
employed is measured by means of the „dollar-offset
transaction and the hedging instrument are identical.
method“ in a cumulated form, taking into account given
Therefore, the individual hedging relationships are each
risk limits. The „dollar-offset method“ compares the
rated as effective for the entire hedging period. The same
cumulated market value changes of the underlying
applies for retroactive determination of the previous
transactions with the cumulated market value changes of
effectiveness. Here, too, it is proved by the critical-terms-
the hedging transactions in absolute amounts of money
match method that all value-determining factors of the
from the designated date. The „dollar-offset test“ is carried
hedged part of the underlying business and the hedging
out on every balance sheet date.
part of the hedging instruments are identical. In these
40
cases, there can be no ineffectiveness that is relevant for
A provision of € 0.4 million was set up on the balance
the balance sheet with regard to the valuation units.
sheet date. Risks worth € 8.1 million were hedged by micro
Notes to the Consolidated
Financial Statements of
Diehl Verwaltungs-Stiftung
for Fiscal Year 2015
and portfolio hedges, thus avoiding corresponding negative
VI. Notes to the income statement
value changes on the balance sheet date.
1. Sales
7. Contingent liabilities
Sales break down as follows:
guarantees in the amount of € 10,986 thousand
(in € million)
2015
(2014: € 37,248 thousand) and liabilities under warranties
Corporate Division Metall
worth € 66,275 thousand (2014: € 28,662 thousand).
Corporate Division Controls 475 82393
On the balance sheet date, there were liabilities on
TotalDomestic Foreign
850 405445
In view of the business development of the individual
Corporate Division Defence 405 290115
Corporate Division
Aerosystems
1,057 578479
companies towards which contingent liabilities exist, no
Corporate Division Metering
related claims are expected to be raised.
Services/other
Total:
310
70
240
1110 1
3,108 1,4351,673
Indirect pension liabilities are not shown in the balance
sheet. The respective missing amount – € 6.4 million – due
to affiliated, non-consolidated companies is included in the
contingent liabilities (liabilities from warranty contracts).
(in € million)
2014
TotalDomestic Foreign
Corporate Division Metall
852 415437
Corporate Division Controls 403 64339
8. Other financial commitments
Corporate Division Defence 488 318170
Corporate Division
Aerosystems
975 544431
Financial commitments from long-term contracts amount to
Corporate Division Metering
€ 661 million. They relate above all to commitments under
rental and leasing contracts, purchase commitments and
308
Services/other
Total:
69
239
13121
3,039 1,4221,617
commitments from quantity contracts for Metall for which
prices have not yet been finally fixed (purchasing),
Foreign sales are mainly generated in Europe, China and
commitments from commodity futures contracts (Metall),
North America.
offset obligations as well as obligations to pay back
development cost subsidies.
Taking into account the changes in the consolidated group,
a sales increase of € 67 million was achieved over 2014.
2. Amortization and depreciation
Non-scheduled depreciation in the amount of € 1.0 million
was made. This concerned exclusively the item „Amortization and depreciation on intangible assets and tangible
assets“ in the income statement.
41
3. Other operating expenses
VII. Other information
Other operating expenses include other taxes in the
1. Explanations concerning the cash flow statement
amount of € 7.3 million.
The cash flow statement is prepared using the indirect
method in accordance with the German Accounting
4. Taxes on income
Standard No. 21. Cash and cash equivalents include cash
in hand and cash at bank reduced by current liabilities due
This item includes corporate income tax, trade income tax,
to banks.
deferred income taxes and comparable foreign profit taxes.
Payments to shareholders include distribution of profits to
third-party shareholders as well as withdrawals for taxation
5. Income/expenses relating to other accounting
of the shareholders of Diehl Stiftung & Co. KG.
periods
Other operating income includes income relating to other
2. Employees
accounting periods in the amount of € 37.3 million, mainly
resulting from the reversal of accruals, book profits from
the disposal of fixed assets as well as income from the
reversal of provision for bad debts.
Expenses relating to other accounting periods amounted to
€ 17 million.
Annual average
2015 2014
Corporate Division Metall
3,2263,135
Corporate Division Controls
3,1912,907
Corporate Division Defence
2,3772,760
Corporate Division Aerosystems
4,450
Corporate Division Metering
1,9261,849
Services/other
Staff members
6. Extraordinary expenses
Extraordinary expenses include an addition to pension
reserves in accordance with Art. 67, Para 1, sentence 1
of the Introductory Act to the Commercial Code (€ 5.6
million).
42
Apprentices
Total:
4,177
367377
15,53715,205
458451
15,99515,656
The decrease in staff of 47 persons results from changes in
the consolidated group.
Notes to the Consolidated
Financial Statements of
Diehl Verwaltungs-Stiftung
for Fiscal Year 2015
3. Fees paid for services provided by auditors
(in € thousand)
Group auditor
Other auditors
Type
Annual audit services1,177 89
Audit-related services455
Tax consultation services393
34
Other services
4591
Total:
2,074129
4. Information required pursuant to Art. 314, Para 1,
5. Special regulations for business partnerships
no. 6 of the German Commercial Code
Total remunerations for the members of the Executive
Due to their inclusion in and publication of the consolidated
Board amounted to € 4,004 thousand in the reporting
financial statements, the following partnerships are relieved
period. The emoluments of former members of the
from the obligation to publish their audited annual
Executive Board and their surviving dependants amounted
financial statements pursuant to Art. 264b of the German
to € 700 thousand. Pension obligations to these persons
Commercial Code:
amounted to € 9,473 thousand. Remunerations for the
Supervisory Board members amounted to € 1,094
Diehl AKO Stiftung & Co. KG, Wangen im Allgäu, Diehl BGT
thousand.
Defence GmbH & Co. KG, Überlingen, Diehl Metall Stiftung
& Co. KG, Röthenbach a. d. Pegnitz, Diehl Röthenbach
GmbH & Co. KG, Nürnberg, Diehl Stiftung & Co. KG, Nürnberg, Diehl VA Systeme Stiftung & Co. KG, Überlingen and
Sundwiger Messingwerk GmbH & Co. KG, Hemer.
Nürnberg, March 31, 2016
Diehl Verwaltungs-Stiftung
The Executive Board
43
Stock Ownership of the Group
as of December 31, 2015
1. Consolidated Companies
Name and registered office of company
Share in capital
%
Production and sales companies
Germany
AIM Infrarot-Module GmbH, Heilbronn Apparatebau Gauting Gesellschaft mit beschränkter Haftung, Gauting Diehl Aerospace GmbH, Überlingen Diehl Aircabin GmbH, Laupheim 50.0
100.0
51.0
94.0
Diehl AKO Stiftung & Co. KG, Wangen im Allgäu 100.0
Diehl BGT Defence GmbH & Co. KG, Überlingen 100.0
Diehl Comfort Modules GmbH, Hamburg 100.0
Diehl Connectivity Solutions GmbH, Nürnberg
100.0
Diehl Defence Land Systems GmbH, Freisen 100.0
Diehl & Eagle-Picher Gesellschaft mit beschränkter Haftung, Röthenbach 55.0
DIEHL Gas Metering GmbH, Ansbach 100.0
Diehl Metal Applications GmbH, Röthenbach a. d. Pegnitz 100.0
Diehl Metall Stiftung & Co. KG, Röthenbach a. d. Pegnitz 100.0
Diehl Metering GmbH, Ansbach 98.8
Diehl Metering Systems GmbH, Nürnberg 100.0
Diehl Service Modules GmbH, Hamburg 100.0
Diehl Werkzeugbau Seebach GmbH, Seebach 100.0
DynITEC GmbH, Troisdorf 58.8
JUNGHANS Microtec GmbH, Dunningen 55.0
SMH Süddeutsche Metallhandelsgesellschaft mit beschränkter Haftung, Nürnberg 100.0
Sundwiger Messingwerk GmbH & Co. KG, Hemer 100.0
Zehdenick Innovative Metall- und Kunststofftechnik GmbH, Zehdenick 100.0
Other countries
44
Diehl Aerospace, Inc., Sterrett / Alabama, USA 100.0
Diehl Aircabin Hungary Kft., Nyirbátor, Hungary 100.0
Diehl Augé Découpage SAS, Besançon, France 100.0
Diehl Controls (Nanjing) Co. Ltd., Nanjing, China 100.0
Diehl Controls México S.A. de C.V., El Marqués / Querétaro, Mexiko 100.0
Diehl Controls North America Inc., Wilmington, Delaware, USA 100.0
Diehl Controls Polska Sp. z o.o., Namyslów, Poland 100.0
Diehl do Brasil Metalúrgica Limitada, São Paulo, Brazil 100.0
Diehl Hellas Monoprosopi Eteria Periorismenis Efthinis i.L., Athen, Greece 100.0
Diehl Iberia Sistemas, S.A., Sevilla, Spain 100.0
Diehl Metal India Private Limited, Pune, Maharashtra, India 100.0
Diehl Metall (Shenzhen) Co. Ltd., Shenzhen, China 100.0
Diehl Metering ApS, Esbjerg, Denmark 100.0
Diehl Metering GesmbH, Wien, Austria100.0
Name and registered office of company
Share in capital
%
Production and sales companies
Other countries (continuation)
DIEHL METERING INDUSTRIA DE SISTEMA DE MEDICAO LTDA., Recife, Brazil 100.0
Diehl Metering (Jinan) Co. Ltd., Jinan, China 100.0
Diehl Metering S.A.S., Saint-Louis, France
100.0
Diehl Metering Sp. z o.o., Baz·anowice, Poland 100.0
DIEHL POWER ELECTRONIC SAS, Siaugues Sainte Marie, France 100.0
Diehl SynchroTec Manufacturing (Wuxi) Co., Ltd., Wuxi, Jiangsu, China 100.0
Franconia Industries, Inc., Meriden, Connecticut, USA 100.0
Junghans T2M SAS, La Ferté Saint-Aubin, France
100.0
Magyar Optikai M´úvek Vízméréstechnikai Zártkör´úen M´úköd´ó Részvénytársaság, Mátészalka, Hungary 100.0
The Miller Company, Meriden / Connecticut, USA 100.0
Management, property and other companies
Germany
Afelixa Grundstücksverwaltungsgesellschaft mbH & Co. Vermietungs KG, Mainz 94.0
Dasell Cabin Interior Holding GmbH, Nürnberg 100.0
Diehl Aerosystems-Holding GmbH, Nürnberg 100.0
Diehl Aerosystems-Interior-Holding GmbH, Nürnberg 100.0
Diehl Assekuranz Rückversicherungs- und Vermittlungs-AG, Nürnberg 100.0
Diehl Ausbildungs- und Qualifizierungs-GmbH, Nürnberg 100.0
Diehl Beteiligungen GmbH, Nürnberg 100.0
Diehl BGT Defence Verwaltungs-GmbH, Überlingen 100.0
Diehl Controls Nürnberg Verwaltungs GmbH, Nürnberg 100.0
Diehl Defence Holding GmbH, Überlingen 100.0
DIEHL Informatik GmbH, Nürnberg 100.0
Diehl Röthenbach GmbH & Co. KG, Nürnberg 100.0
Diehl Röthenbach Verwaltungs GmbH, Nürnberg 100.0
Diehl Stiftung & Co. KG, Nürnberg 0.0
Diehl Track Gesellschaft mit beschränkter Haftung, Nürnberg 100.0
Diehl VA Systeme Stiftung & Co. KG, Überlingen 100.0
Diehl Ventures GmbH, Nürnberg 100.0
GEBRÜDER JUNGHANS GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG, Röthenbach a. d. Pegnitz 95.8
GMD Beteiligungs GmbH, Nürnberg 100.0
Goma GmbH, Röthenbach a. d. Pegnitz 100.0
Gummiwerk Blankenheim GmbH, Nürnberg 100.0
Integra Vermögensverwaltungs- und Beteiligungsgesellschaft mbH, Nürnberg 100.0
Neubrandenburger Fahrzeugwerke GmbH, Nürnberg 100.0
Pyrotechnische Fabrik (PYF) GmbH, Röthenbach a. d. Pegnitz 100.0
Sundwiger Messingwerk Verwaltungs GmbH, Hemer 100.0
45
Stock Ownership of the Group
as of December 31, 2015
1. Consolidated Companies (continuation)
Name and registered office of company
Share in capital
%
Management, property and other companies
Other countries
Borg Instruments Inc., Meriden / Connecticut, USA 100.0
Diehl Metal Applications France SAS, Besançon, France
100.0
Hydrometer Verwaltungsgesellschaft mbH, Wien, Austria 100.0
Metares SAS, Saint-Louis, France 100.0
2. Affiliated companies
Management, property and other companies
Diehl Metering FZE, Dubai, United Arab Emirates
100.0
Diehl Metering Limited, Halifax / West Yorkshire, Great Britain 100.0
Diehl Metering Pte. Ltd., Singapore 100.0
Diehl Metering S.R.L., Milano, Italy 100.0
Diehl Middle East GmbH, Nürnberg 100.0
Diehl Propiedades S.A. i.L., Buenos Aires, Argentina100.0
Diehl S.A.I.C.F y de M. i.L., Buenos Aires, Argentina100.0
46
FFT Fahrzeugbau und Fahrzeugtechnik GmbH, Nürnberg 100.0
Heinrich Diehl Gedächtnisfonds Gesellschaft mit beschränkter Haftung, Nürnberg 100.0
Mauser-Werke Oberndorf Unterstützungskasse Gesellschaft mit beschränkter Haftung, Oberndorf am Neckar 100.0
3. Associated companies (equity accounting)
Name and registered office of company
Share in capital
%
Diehl Raytheon Missile Systeme, GmbH, Überlingen 50.0
EuroSpike GmbH, Röthenbach a.d. Peg. 40.0
GIWS Gesellschaft für Intelligente Wirksysteme mbH, Nürnberg 50.0
LOG GmbH, Bonn 25.0
PARSYS GmbH, Schrobenhausen 50.0
RAM-SYSTEM Gesellschaft mit beschränkter Haftung, Ottobrunn 50.0
4. Investments (share in capital
20%)
Diehl Kuwait General Trade & Contracting W.L.L., Dasman, Kuwait 49.0
HIL Industrie-Holding GmbH, Bonn 33.3
OEM Defence Services SAS, Elancourt, France
20.0
OEMServices SAS, Tremblay en France, France 25.0
Schramberger Wohnungsbau, Gesellschaft mit beschränkter Haftung, Schramberg 24.1
Troisdorf Genehmigungshaltergesellschaft mbH, Troisdorf 20.0
47
Consolidated Statement of Fixed Assets
of Diehl Verwaltungs-Stiftung
(in € thousand)
Cost of acquisition/manufacture
As of
As of
Dec. 31, 2014
Changes
Additions
Write-ups
Disposals
Transfers Dec. 31, 2015
I. Intangible assets
1.Acquired concessions, industrial
property rights and licenses
104,958
– 2,265
5,169
0
932
1,536
108,466
2.Goodwill
218,5521,446 271
0
0
0
220,269
3.Advance payments
1,493
– 11
3,21200
– 1,589
3,105
325,003
– 830
8,652
0
932
– 53
331,840 II. Tangible assets
1.Real property, corporeal rights in real
property and buildings, including
buildings on real property of third parties
2.
Technical equipment and machinery
3.
Other equipment, factory and office
equipment
4. Advance payments and assets under
construction
510,852
3,281
18,073
0
9,098
5,434
528,542
772,883
– 37,788
27,007
0
16,032
15,348
761,418
484,107
– 28,231
26,279
0
11,583
7,384
477,956
44,699
77
37,0760
227
– 28,113
53,512
1,812,541
– 62,661
108,435
0
36,940
53
1,821,428
III.Financial assets
1.
Shares in affiliated companies 13,0490
490
9090
12,189
2. Shares in associated companies 2,002
– 110
1,5570 0
3,548
3. Other investments
2,68100000
2,681
4.
Loans to companies in which
participations are held
1,119000
2070
912
5.
Long-term securities
6.
Other loans
Total
48
700020
5
2,5330
5450
180
3,060
21,391 – 11
2,158,935
– 63,502
594 1,5571,136
117,681
1,557
39,008
0
22,395
0
2,175,663
Amortization/Depreciation
Net book value
Diff. between
exchange rate as of As of
Dec. 31 and yearly As of
As of
As of
Dec. 31, 2014
Changes
Additions
Write-ups
Disposals
Transfers
average rate
Dec. 31, 2015
Dec. 31, 2015
Dec. 31, 2014
90,936
– 1,967
7,735
0
927
0
– 26
95,751
12,715
14,022
199,4511,4468,149
0
0
0
0
209,046
11,223
19,101
00000 000
3,105
1,493
290,387
– 521
15,884
0
927
0
– 26
304,797
27,043
34,616
339,178
339
10,177
– 1,570
5,703
0
– 23
342,398
186,144
171,674
657,621
– 36,737
31,119
0
15,886
260
– 111
636,266
125,152
115,262
367,594
– 25,376
24,511
0
10,405
– 260
– 99
355,965
121,991
116,513
1,139
194
6220
194 00
1,761
51,751
43,560
1,365,532
– 61,580
66,429
– 1,570
32,188
0
– 233
1,336,390
485,038
447,009
11,236000
25 00
11,211
978
1,813
0 0000 0 0 0
3,548
2,002
2,0750000 00
2,075
606
606
00000 000
912
1,119
20000 00235
00000 000
3,060
2,533
13,313
1,669,232
0
– 62,101
0
82,313
0
– 1,570
25
33,140
0
0
013,2889,107 8,078
– 259
1,654,475
521,188
489,703
49
Residual Terms of Liabilities
as of December 31, 2015
(in € thousand)
Liabilities:
Of which with a
Of which with a
Of which with a
Total residual term of
residual term of
residual term of
As of Dec. 31, 2015
up to 1 year
1 to 5 years more than 5 years
1.Liabilities due to banks
194,321
59,407
120,256
14,658
2.Advance payments received
167,156125,478 41,678
0
3.Trade payables
269,872
0
4.Payables due to affiliated companies
269,469
403
346346 0
0
5.Payables due to companies in which
participations are held
37,64632,575 5,071
6.Other liabilities
202,685195,071 3,869
Total:
872,026 682,346171,277 18,403
Auditor‘s Report
We have audited the consolidated financial statements prepa-
group management report are examined primarily on a test
red by Diehl Verwaltungs-Stiftung, Nuremberg, comprising the
basis within the framework of the audit. The audit includes
balance sheet, the income statement, statement of changes in
assessing the annual financial statements of the companies
equity, cash flow statement and the notes to the consolidated
included in consolidation, the determination of the companies
financial statements, together with the group management
to be included in consolidation, the accounting and consolida-
report for the business year from January 1st to December
tion principles used and significant estimates made by the
31st 2015. The preparation of the consolidated financial state-
Foundation‘s Board of Managing Directors, as well as evalua-
ments and the group management report in accordance with
ting the overall presentation of the consolidated financial
German commercial law is the responsibility of the parent
statements and the group management report. We believe
Foundation‘s Board of Managing Directors. Our responsibility is
that our audit provides a reasonable basis for our opinion.
to express an opinion on the consolidated financial statements
and the group management report based on our audit.
Our audit has not led to any reservations.
We conducted our audit of the consolidated financial state-
In our opinion based on the findings of our audit, the consoli-
ments in accordance with § (Article) 317 HGB („Handelsge-
dated financial statements comply with the legal requirements
setzbuch“: „German Commercial Code“) and German gene-
and give a true and fair view of the net assets, financial posi-
rally accepted standards for the audit of financial statements
tion and results of operations of the Group in accordance
promulgated by the Institut der Wirtschaftsprüfer (Institute
with (German) principles of proper accounting. The group
of Public Auditors in Germany) (IDW). Those standards
management report is consistent with the consolidated finan-
require that we plan and perform the audit such that
cial statements and as a whole provides a suitable view of
misstatements materially affecting the presentation of the net
the Group‘s position and suitably presents the opportunities
assets, financial position and results of operations in the con-
and risks of future development.
solidated financial statements in accordance with (German)
principles of proper accounting and in the group management report are detected with reasonable assurance.
Munich, 12 May 2016
Knowledge of the business activities and the economic and
PricewaterhouseCoopers
legal environment of the Group and expectations as to possible
Aktiengesellschaft
misstatements are taken into account in the determination of
Wirtschaftsprüfungsgesellschaft
audit procedures. The effectiveness of the accounting-related
internal control system and the evidence supporting the
50
0
disclosures in the consolidated financial statements and the
Dr. Peter Bartels
Thorsten Dzulko
Wirtschaftsprüfer (German Public Auditor)
Wirtschaftsprüfer
(German Public Auditor)
3,745
Supervisory Board Report
During 2015, the Executive Board regularly informed the
Dr. Herbert Fehrecke (until May 31, 2016),
Supervisory Board about the course of business, the
former member of the Management Board
situation of the corporate group and important individual
of Drägerwerk AG & Co. KGaA,
business transactions. The questions and decisions resulting
from this reporting were discussed comprehensively in
Mr. Claus Mänz-Siebje,
meetings. The Supervisory Board was especially concerned
Former Chairman of the Supervisory Board of
with the market orientation of the corporate group and
Diehl-Verwaltungs-Stiftung.
corporate divisions as well as the financial and earnings
situation. For these issues, the Supervisory Board again
Dr. Klaus Probst (from June 1, 2016)
received the Advisory Board‘s esteemed advice.
former CEO of Leoni AG.
The Advisory Board comprises:
The Consolidated Financial Statements and the Group
Management Report of Diehl Verwaltungs-Stiftung were
Prof. Dr. Nikolaus Schweickart,
audited by PricewaterhouseCoopers AG Wirtschafts-
Chairman,
prüfungsgesellschaft and certified without qualification.
Chairman of ALTANA Kulturstiftung gGmbH
The Supervisory Board has taken note of the audit result.
and former CEO of ALTANA AG
The Supervisory Board would like to express its thanks to
Mr. Werner Reinl,
the Advisory Board, the Executive Board, the members
Deputy Chairman,
of the Works Councils and all employees of the corporate
former member of the Executive Board of
group for the work performed in the past fiscal year.
Diehl Verwaltungs-Stiftung.
Until March 31, 2016, Mr. Reinl temporarily resigned
his seat because he was appointed President
For the Supervisory Board
of the Diehl Metall Division Board on an interim basis,
Dr. Klaus Maier
Dr. Olaf Berlien,
Chairman
CEO of Osram Licht AG,
Nürnberg, May 12, 2016
51
From the History of
the Diehl Corporation
1902 Margarete and Heinrich Diehl open an art foundry
1960 Takeover of the Mariahütte foundry
1907 Birth of Karl Diehl on the 4th of May
1962 Start of the Data Technology and Text Systems business line
1914 Production of cast brass rods begins
1916 First production of shells due to the war situation
1917 Construction of a metal, casting and pressing plant
1920 Construction of a modern extrusion press for
producing rods and tubes
Opening of the first fully continuous double line casting plant for brass
1934 Mass production of mechanical precision products
1966 Presentation of the freely programmable electronic calculator “combitron”
1938 Construction of a new brass mill in Röthenbach
a d Pegnitz
1967 First serially produced large quartz clock by
Junghans in Germany
1939 Classification as a war-relevant company
1972 Electro-mechanical table calculators are phased out
1945 Demolition/Resumption of civil production
1946 Production of clocks and watches resumed
1950 Start of calculator production
1952 Foundation of “Heinrich Diehl Memorial Fund“
1953 First production of time switches
1955 Defence production starts
1957 Acquisition of the majority share in Junghans AG, Schramberg
1958 Acquisition of Sundwiger Messingwerk KG, Hemer
1959 Acquisition of the Remscheid Backhaus foundry
– Start of track production
52
1963 Market introduction of the four-mode calculator “transmatic”
First aviation activities in the maintenance sector
Development and production of the world´s first battery clock, the legendary “mini clock“
Sports clocking systems by Junghans take the
times of Olympic athletes in München
1973 Foundation of the business unit Timers and Data Equipment
1975 Majority shares in CTM Computer Technik Müller GmbH, Konstanz
Acquisition of majority shares in Eurosil, the leading manufacturer of electronic integrated circuits
Development of plug-in timers starts
1977 Takeover of Emde KG – Begin of rubber/rubber-
metal production in Blankenheim
Presentation of a fully electronic stove timer at
the Domotechnica trade show in Köln
1979 Takeover of Mauser Werke Oberndorf GmbH, including Comet GmbH, Bremerhaven, and of Metaalwaren-Fabriek Tilburg B. V.
1981 Construction of a new strip rolling mill at
Sundwiger Messingwerk
1984 Development of the world‘s first solar clock and
development of a radio-controlled clock at Junghans
1985 Opening of the new development center at Röthenbach a d Pegnitz
1986 Acquisition of FFG Flensburger Fahrzeugbau Gesellschaft mbH
Sale of CTM Computertechnik Müller GmbH
1987 Founding of the Karl-Diehl-Stiftung (foundation) for Needy Persons
1988 Commissioning of the automated MLRS
assembly line in Mariahütte
1989 Acquisition of Bodenseewerk Gerätetechnik
GmbH (BGT), Überlingen
Inauguration and production start of the new
Controls Division facility in Nürnberg, Donaustraße
1990 Junghans presents the world‘s first analog
radio-controlled watch
After the reunification of Germany, Junghans founds Eurochron GmbH in Thuringia
1992 The world‘s first radio-controlled solar watch by Junghans
Diehl acquires IWS Industriewerke Saar GmbH, Freisen
1995 Production start for newly developed cadmium-free and environmentally friendly trolley wire for Deutsche Bahn AG
Market introduction of the first radio-controlled solar watch with ceramic case
Diehl and Lockheed are selected as partners for the implementation of a 120 mm terminal guidance mortar program by the US-Army
1996 Successful demonstration of IRIS-T performance
Introduction of a wireless system for consumption recording in apartments
1997 Diehl acquires the French Griset S.A., Villers St.-Paul
BGT acquires a 50% share of AEG Infrarot-Module GmbH, Heilbronn
With the first firing of a guided MLRS rocket world-
wide, the Ammunition Division proves the system features “increased range” and “hit accuracy
improvement”
German Procurement Agency places an order with the Diehl Joint Venture GIWS for production of the SMArt 155 sensor-fuzed munition
1998 Karl Diehl sets up a family foundation – the company is renamed Diehl Stiftung & Co.
Commissioning of the new indirect extrusion press at the Röthenbach site
300 years Sundwiger Messingwerk
1993 Acquisition of VDO Luftfahrtgeräte, Frankfurt, through Diehl´s subsidiary BGT
Development contract for multi-national Guided MLRS program is signed
Divestment of Aero-Dienst GmbH to ADAC
Successful test of the first autonomous radar-guided all-weather antitank submunition delivered by an artillery rocket
1994 Diehl takes over AKO-Werke GmbH & Co. KG, Wangen
Sale of Mauser-Werke, Oberndorf, begins
1999 Restructuring into four divisions: Metall, Controls, Geräte and VA Systeme
Commissioning of the strip slitting center in Shenzhen, China
Lockheed Martin and Diehl found Euro Rocket System GmbH, Nürnberg, a joint venture for the development of a guided MLRS rocket
Go-ahead for SMArt 155 production
53
From the History of
the Diehl Corporation
2000 Acquisition of The Miller Company by Diehl Metall
Membership in the German industrial foundation “Remembering, Responsibility and the Future”
Foundation of Diehl Avionik Systeme GmbH, Überlingen
Alliance for anti-ship missiles with the swedish SAAB Group
Foundation of Diehl Controls Polska Sp.z.o.o., Namyslov
Sale of the Junghans Group to EganaGoldpfeil
2001
Sale of Flensburger Fahrzeugbau Gesellschaft, closure of Neubrandenburger Fahrzeugwerke and concentration of repair business at Industriewerke
Saar in Freisen
Diehl-owned fund (previously established in 1997) settlement to provide financial assistance to former forced labor convicts
Merger of the defence activities within the VA
Corporate Division
2002 100 years Diehl
54
Karl Diehl transfers the chairmanship of the
Supervisory Board to his eldest son, Werner Diehl
The large-scale investment project for rod manu-
facturing is complete at Diehl Metall in Röthenbach
The construction of the new strip rolling mill begins at Sundwiger Messingwerk
Establishment of Diehl Controls North America
2004 Merger of the subsidiaries Bodenseewerk Geräte
technik and Diehl Munitionssysteme to form Diehl BGT Defence GmbH
Raytheon and Diehl found the joint company Diehl Raytheon Missile Systeme
Foundation of Hydrometer (Shandong) Metering Co., Ltd. in Jinan, China
Diehl BGT Defence as prime contractor is awarded the series-production contract for the 6-nation IRIS-T missile program
2005 Internationalization pushed ahead in the Metall and Controls Corporate Divisions as well as at Hydrometer
Participation in HIL Heeresinstandsetzungslogistik GmbH
Diehl Luftfahrt Elektronik supplies innovative lighting technology for the Boeing 787 „Dreamliner“ aircraft
Sale of Comet to the British Chemring Group
With acquisition of the minority shares held by MATRA/EADS (13.3%) in Diehl BGT Defence,
Diehl’s interest increases to 100%
2006 VA Systeme Corporate Division opens development center in Rostock
Merger of Diehl Avionik Systeme and Diehl Luftfahrt Elektronik to form Diehl Aerospace
Foundation of Diehl Power Electronic
OTB Group included in the consolidated entity
2007 Karl Diehl celebrates his 100th birthday
2003 The German Parliament ratifies the IRIS-T project. BGT is awarded the series-preparation and pilotlot contract
Takeover of Augé Découpage
Sale of Metaalwaren-Fabriek Tilburg
Hydrometer group is integrated in consolidated group
Establishment of Diehl Controls Mexico S.A. in
Querétaro
Diehl receives order for development of IRIS-T SL as secondary missile for the Medium Extended Air Defence System (MEADS)
Establishment of Diehl SynchroTec Manufacturing (Wuxi) Co. Ltd.
Diehl VA Systeme is divided into the new Corporate Divisions „Diehl Defence“ and „Diehl Aerosystems“
Contract awarded for important work packages in the Airbus A380 program
Diehl Metall starts new steel synchronizer ring production at Röthenbach
2008 Karl Diehl dies on January 19 at the age of 100
2013 Sale of the business field „inverters for photovoltaic solar power systems“ in the Controls Corporate Division
Junghans Microtec bundles fuze activities from
Diehl and Thales
Irmgard Diehl Kinderstiftung (Children‘s Foundation) is established
Shareholders appoint Claus Mänz-Siebje Chairman of the Supervisory Board
2014 Change of Chairman of the Supervisory Board: Dr. Klaus Maier succeeds Claus Mänz-Siebje who becomes member of the Advisory Board
Diehl and Thales take over Airbus plant at Laupheim
Airbus A350 XWB production start-up
2009 Diehl assembles first RBS15 Mk3 missile in Germany
Gradual change of the subsidiary names in the Metering Corporate Division to „Diehl Metering“
Diehl takes over AOA Apparatebau Gauting GmbH
Expansion of the production capacities at Diehl Aircabin Hungary in Nyírbátor by laying the foundation stone for a second plant
Commissioning of new vertical casting facility in Röthenbach
Establishment of Diehl Metal Applications GmbH
Acquisition of Swiss Gas Metering AG
2010 Takeover of EVB Energie AG
Merger of Schempp & Decker with OTB to form Diehl Metal Applications GmbH
2015 Airbus A350 XWB enters scheduled passenger service
Acquisition of DASELL Cabin Interior GmbH from Airbus
Hydrometer Group becomes Metering Corporate
Division
Diehl Defence sells operating business of Diehl Defence Land Systems GmbH to Krauss-Maffei Wegmann
Integration of Zehdenick Innovative Metall- und
Kunststofftechnik (ZIMK) into Metall Corporate Division
Sale of Diehl Metering subsidiary MOM
2011 Concentration of Diehl Defence‘s vehicle business in the newly founded subsidiary Diehl Land Systems GmbH
Foundation of Diehl Aircabin Hungary in
Nyirbator/Hungary
Acquisition of Hamburg-based galley manufacturer Mühlenberg Interiors GmbH & Co. KG
2016 Shareholder Peter Diehl dies on February 6
at the age of 66
Diehl supports start-up companies: foundation of
Diehl Ventures GmbH
Diehl family gives Karl Diehl‘s Dürer collection to
Nürnberg as a gift
2012 Sale of Griset
Takeover of Schempp & Decker in Berlin
Diehl takes over Thales‘ 49% share in Diehl
Aircabin
Expansion of the circle of shareholders to include
the fourth family generation
55
Diehl Stiftung & Co. KG
PR-Department
Stephanstraße 49
90478 Nürnberg
Phone +49 911 947-24 92
Fax +49 911 947-36 43
www.diehl.com
V-Oe/08/2016/2.5/au
Editor: