Geschäftsbericht 2014 by PION Websystems

Work ing for the best Gesch채ftsbericht 2014

Gesch채ftsbericht 2014

Inhalt

MEGATECH Jahresrückblick

Seite

Highlights 2014

Seite

Vorstand und Aufsichtsrat

Seite

Interview mit dem Vorstand der Megatech

Seite

Die wichtigsten MEGATECH Produkte im Überblick

Seite

Die weltweiten Standorte der MEGATECH Group

Seite

Die Selfie-Welt von MEGATECH

Seite

Joint Management Meeting

Seite

Megahoney

Seite

Bericht des Aufsichtsrats

Seite

Consolidated Financial Statements as of 31/12/2014

Seite

Management Report

Seite 113

Auditor‘s Report

Seite 125

Impressum

Seite 126

Geschäftsbericht 2014 | Seite 3

MEGATECH Industries Hlinsko fertigt für die dritte Generation des Audi TT Coupé die Heckklappenverkleidung, den Rahmen der Heckscheibe und die Ladekante.

Geschäftsbericht 2014 | Seite 4

Gesch채ftsbericht 2014 | Seite 5

Wir blicken mit Freude auf das abgelaufene Geschäftsjahr 2014 zurück. 2014 war das erfolgreichste Geschäftsjahr in der Geschichte der Megatech Industries AG seit 2009. Dass wir diesen Rückblick mit einem Superlativ beginnen, geschieht aus Respekt und Dankbarkeit gegenüber allen, die den Weg gemeinsam mit uns Es ist uns gelungen, gehen, die Verantwortung mit Opel, Porsche, gemeinsam mit uns schultern, die Entscheidungen Bentley und Volkswagen gemeinsam mit uns traund die Leistung geNutzfahrzeuge vier gen meinsam mit uns erbrinbedeutende Neukunden gen. Gemeinsam gehört daher auch der Erfolg zu gewinnen. uns und der Stolz auf den folgenden Superlativ: 2014 war das erfolgreichste Jahr in der Geschichte der MEGATECH Industries AG. Was uns im abgelaufenen Geschäftsjahr erfreute und ermutigte: Die Auftragslage auf dem europäischen Markt  Unsere europäischen Werke arbeiteten nahe ihrer Vollauslastung und erzielten dank vieler gelungener operativer Verbesserungen einen Gewinn nach Steuern.  Für drei Modelle von Audi – dem A3 Cabrio, dem TT und dem TT Cabrio – hatten wir 2014 Produktionsanläufe. Für diese Modelle produzieren wir u. a. die Heckklappenverkleidungen,

Geschäftsbericht 2014 | Seite 6

Heckscheibenrahmen, Ladekanten und Kofferraumverkleidungen.  Mit Opel, Porsche, Bentley und Volkswagen Nutzfahrzeuge konnten vier bedeutende Neukunden dazugewonnen werden.  Das Tech Center wächst unter neuer Leitung stetig weiter und ist dabei dank der anhaltend guten Auftragslage voll ausgelastet.  Im Jahresdurchschnitt hatten 1.400 Mitarbeiter einen sicheren und zukunftsträchtigen Arbeitsplatz innerhalb der verschiedenen Einheiten der MEGATECH Gruppe. Erfolgreiche strukturelle Verbesserungen  Das Forschungs- und Entwicklungsteam unseres Tech Centers ist ins Automotive Intelligence Center in Boroa bei Bilbao übersiedelt und kann hier endlich unter einem Dach entwickeln, die Projektabwicklung steuern und die notwendigen Prototypen fertigen.  Das baulich veraltete Werk Liberec wurde geschlossen und die Produktion, soweit wir sie weiterführen, in die Werke Hlinsko und Jablonec verlagert.  Im September wurde die neue Produktionshalle 100 in Hlinsko mit einem Tag der offenen Tür eröffnet. Mehr als 1.000 Besucher strömten an diesem Tag ins Werk.

MAXIMILIAN GESSLER Mitglied des Vorstandes der MEGATECH Industries AG

Die solide Finanzierungsbasis  W ir haben mit Česká spořitelna einen neuen Finanzierungspartner unserer tschechischen Werke gewonnen und dadurch die Finanzierung der laufenden und zukünftigen Projekte auf eine langfristig solide Basis gestellt.  Auch in Spanien hat sich die Finanzierung von Werkzeugen und Projektabwicklung erfreulich entwickelt. Der positive Trend spiegelt sich auch in der 2014 erfolgten Aktualisierung unseres Corporate Design und unseres Webauftrittes mit optimierter verbesserter Homepage. Der Aufsichtsrat der Gesellschaft hat im November 2014 Gerhard Pesout zum dritten Mitglied des Vorstands bestellt. Er gehört bereits seit September 2013 in seiner Funktion als Country Manager unserer tschechischen Werke dem Führungsteam an. Darüber hinaus wurde die systematische Verstärkung unseres Managements in allen Einheiten und Ländern weiter fortgesetzt. Im Bewusstsein, dass solche stolzen Erfolgsmeldungen erstens Momentaufnahmen sind und zweitens eigentlich schon die Vergangenheit abbilden, wenden wir uns der Gegenwart und Zukunft zu – und damit beträchtlichen Herausforderungen: So erfreulich das Geschäftsjahr 2015 für unsere europäischen Werke und das Tech Center begonnen hat: Unser Standort Brasilien bleibt leider ein Sorgenkind. Die schwierige wirtschaftliche Lage und die rückläufige Automobilproduktion in Brasilien haben unsere Bemühungen der vergangenen Jahre zunichte gemacht und dazu geführt, dass 2014 wieder ein Verlust verzeichnet werden musste.

Obwohl Brasilien ein für MEGATECH langfristig strategisch wichtiger Markt ist, müssen wir uns angesichts des derzeitigen schwierigen Marktumfeldes und der angespannten Wirtschaftslage vorbehalten, sämtliche Optionen zu überprüfen. Davon unbeeinträchtigt Große Anstrengungen bleiben unsere internationalen Expansionszie- werden notwendig sein, le: Wir wollen unser um unsere ehrgeizigen Unternehmen durch organisches Wachstum Ziele zu erreichen, und Akquisitionen wei- aber die Erfolge des ter ausbauen und bemühen uns deshalb ver- abgelaufenen Geschäftstärkt um internationale jahres machen Mut. Kooperationen, um auch in Ländern, auf Märkten und mit Produkten tätig werden zu können, in denen wir heute noch nicht vertreten sind. Auch für 2015 haben wir uns ehrgeizige Ziele gesteckt. Große Anstrengungen werden notwendig sein, um sie zu erreichen, aber die Erfolge des abgelaufenen Geschäftsjahres machen diesbezüglich Mut. Wir danken allen KollegInnen, die durch ihre persönliche Leistung dazu beigetragen haben, von Herzen.

Maximilian Gessler Mitglied des Vorstandes

Geschäftsbericht 2014 | Seite 7

Die Highlights 2014 Ein ereignisreiches Geschäftsjahr als starkes Fundament für die kommenden Jahre. Megatech Industries AG Das abgelaufene Jahr 2014 war das erfolgreichste in der Geschichte der MEGATECH Industries AG. Alle Werke – mit Ausnahme des Werks in Brasilien – schlossen mit einem Gewinn nach Steuern ab. Die 2013 aufgebauten und initiierten Controlling- & Reportingprozesse inklusive der Implementierung einer eigenen Konsolidierungs- und Planungs-Software für alle Standorte konnten 2014 abgeschlossen werden. Somit sind sämtliche unserer Standorte in den Bereichen Controlling & Reporting auf kapitalmarktfähigem Niveau. Insbesondere aus Finanzierungssicht war 2014 ein besonders erfreuliches Jahr. Mittels einer erfolgreichen Umschuldung des Kredit-Portfolios in Tschechien ist die Refinanzierung gelungen.

gestartet und ausgebaut. Der Newsletter erscheint einmal im Monat und berichtet über Wissenswertes aus den Werken weltweit. Für die externe Kommunikation wurde erstmals ein Geschäftsbericht publiziert und die Webpage neu gestaltet.

Megatech Tech Center & Sales (Spanien) Das Tech Center wurde Anfang des Jahres nach Boroa bei Bilbao in das AIC-Automotive Intelligence Center – einem Forschungs- und Entwicklungszentrum für Firmen des Automobilsektors – ausgelagert. Dadurch war es uns möglich, die Forschung, Planung, Projektabwicklung und Prototypenfertigung an einem Standort konzentriert zusammenzufassen. Durch die gute Auftragslage war das Tech Center voll ausgelastet und konnte zusätzliche Mitarbeiter aufnehmen.

Im Bereich des Recruitings wurden unsere Management Teams in allen Ländern und Einheiten verstärkt. Mit Gerhard Pesout wurde im November 2014 ein drittes Mitglied in den Vorstand bestellt. Zuvor war Herr Pesout als Country Manager in Tschechien für MEGATECH tätig. 2014 wurde das MEGAWATT System weiter ausgebaut, ein Programm, bei dem alle Mitarbeiter dazu eingeladen werden, innovative Ideen einzureichen. Die besten Vorschläge werden in regelmäßigen Intervallen direkt in den Werken ausgewählt, umgesetzt und mit Preisen ausgezeichnet. Zur Verbesserung unserer internen Kommunikation haben wir den Firmennewsletter „Megazin Insider“

Geschäftsbericht 2014 | Seite 8

AIC – Automotive Intelligence Center

Megatech Industries Czech Republic

MEGATECH Industries Jablonec

Im ersten Halbjahr 2014 wurde das Werk in Liberec geschlossen und die Produktion, soweit sie weitergeführt wird, in die Werke Hlinsko und Jablonec verlagert. Für die Belegschaft des Werks MEGATECH Industries Liberec wurde ein Outplacement Programm entwickelt, um sie bei der Suche nach einer neuen Arbeitsstelle zu unterstützen. Einige Mitarbeiter konnten in anderen Standorten der MEGATECH Industries weiterbeschäftigt werden. Das Werk in Hlinsko verzeichnete zahlreiche Auftragseingänge von Peugeot, Volkswagen, Audi, Seat, Škoda, den Neukunden Porsche und Volkswagen Nutzfahrzeuge sowie von Automotive Lighting und Mahle Behr. Nach mehreren Jahren der Verluste verzeichneten beide Werke 2014 einen Gewinn, und das Werk Hlinsko konnte in diesem Jahr erstmals seine Mitarbeiterzahl erhöhen. Im September 2014 lud MEGATECH Industries in Hlinsko zum Tag der offenen Tür mit mehr als 1.000 Besuchern – in einer Stadt mit 10.000 Einwohnern. Im Zuge dessen wurde die renovierte Produktionshalle „Hall 100“ durch die Bürgermeisterin offiziell eröffnet. Das Werk wurde Sponsor der Eishockeymannschaft HC Hlinsko und des Kulturzentrums der Stadt.

Offizielle Eröffnung von „Hall 100“ beim Tag der offenen Tür für Besucher

Geschäftsbericht 2014 | Seite 9

MEGATECH Industries Peninsula Iberica (Spanien/Portugal) In unseren Werken in Spanien und Portugal wurden zahlreiche Verbesserungen des Produktionsablaufes vorgenommen, um sowohl die Qualität als auch die Produktivität zu steigern und gleichzeitig den Lagerbestand zu reduzieren. Hervorzuheben sind die erfreulichen Gewinne unserer Werke in Orense (Spanien) und Marinha Grande (Portugal). Die Werke der iberischen Halbinsel erhielten Aufträge von Peugeot für die Entwicklung und Herstellung eines innovativen, multifunktionellen VIP Tisches – einer Mittelkonsole für Fahrzeuge mit gehobener Ausstattung. Erfreulich ist weiters die Erweiterung der Kunden um zwei namhafte Autohersteller mit Bentley und Opel, für die bedeutende Umfänge für den Fahrzeuginnenraum hergestellt werden.

Produktionshalle MEGATECH Industries Marinha Grande (Portugal)

Neben der Optimierung der Arbeitsabläufe wurde auch in die Verbesserung der Ausstattung investiert.

Produktionshalle MEGATECH Industries Orense (Spanien)

MEGATECH Industries Brazil Trotz der äußerst schwierigen gesamtwirtschaftlichen Situation in Brasilien konnte MEGATECH Industries Brazil Auftragseingänge von Renault und Volkswagen sowie Samvardhana Motherson Peguform (SMP) verzeichnen.

Produktionsbereich Brasilien

Geschäftsbericht 2014 | Seite 10

Die geschulte Mitarbeiterin an unserem Standort in Portugal garantiert verl채ssliche Qualit채t.

Gesch채ftsbericht 2014 | Seite 11

Aus unserem Werk MEGATECH Industries Hlinsko kommen ebenfalls Verkleidungsteile des Kofferraums f체r die soeben neu gestartete Produktion des Audi TT Cabrio.

Gesch채ftsbericht 2014 | Seite 12

Gesch채ftsbericht 2014 | Seite 13

Aufsichtsrat Dr. Georg Flandorfer wurde am 14. November 2011 als Vorsitzender in den Aufsichtsrat der MEGATECH Industries AG gewählt. Er ist ehemaliges Mitglied des Vorstands der Volkswagen AG.

Mag. Ulrike Gessler-Wolfinger ist Notarin in Wien. Sie ist seit 26. November 2009 Mitglied des Aufsichtsrats der MEGATECH Industries AG.

Mag. Herbert Houf wurde am 24. Februar 2012 in den Aufsichtsrat der MEGATECH Industries AG gewählt und ist dessen stellvertretender Vorsitzender und Mitglied des Prüfungsausschusses. Hauptberuflich ist Mag. Houf als Wirtschaftsprüfer und Steuerberater in Wien tätig.

Matthias Übel, BA, MBA wurde mit 4. April 2013 in den Aufsichtsrat der MEGATECH Industries AG gewählt. Er gehört ebenfalls dem Prüfungsausschuss an. Er ist Mitglied des Vorstands der Endurance Capital AG in München.

Die Funktionsperiode aller Aufsichtsratmitglieder endet mit dem Ablauf jener Hauptversammlung, die über das Ergebnis des Jahresabschlusses 2014 entscheidet.

Geschäftsbericht 2014 | Seite 14

VORSTAND Dr. Maximilian Gessler ist seit 26. November 2009 Mitglied des Vorstands und zeichnet sich verantwortlich für die Bereiche Strategie, Vertrieb, Entwicklung, Personal, Kommunikation und Business Development.

Dkfm. Rainer Dieck ist seit 1. April 2013 Mitglied des Vorstands und zuständig für die Bereiche Finanzen, Controlling, IT, Einkauf sowie M&A.

Dipl. Ing. Gerhard Pesout verantwortet als Mitglied des Vorstands seit 10. November 2014 die Bereiche Produktion, Qualität, Logistik und MEGATECH Excellence System.

Geschäftsbericht 2014 | Seite 15

Rainer DieCk Seit April 2013 CFO der MEGATECH Industries AG Davor war Rainer Dieck sechs Jahre lang in leitender Position bei KPMG Advisory AG, Wien tätig. Der studierte Diplom-Kaufmann ist seit 1993 in verschiedenen Funktionen als Berater und Manager tätig.

MAXIMILIAN GESSLER Seit Juli 2008 CEO der MEGATECH Gruppe Er ist seit 1986 in der Industrie tätig – seit 1989 als Unternehmer in der Metallund Kunststoffbranche.

Geschäftsbericht 2014 | Seite 16

MEGATECH ist in allen Bereichen attraktiver geworden Maximilian GESSLER, Rainer DIECK und Gerhard PESOUT im großen Vorstands-Interview

Gehard Pesout Seit Juni 2014 COO der MEGATECH Industries AG Er ist seit 1978 in leitenden Positionen in der Automobilbranche tätig und war zuletzt Werkleiter von Faurecia in Peine, Deutschland.

Geschäftsbericht 2014 | Seite 17

Der Vorstand der MEGATECH Industries AG, Maximilian Gessler (Group CEO), Rainer Dieck (Group CFO) und Gerhard Pesout (Group COO) im Gespräch über das vergangene Geschäftsjahr, aktuelle Pläne und künftige Herausforderungen. Ein kurzer Rückblick auf das Geschäftsjahr 2014 ... Maximilian Gessler: 2014 war erfreulicherweise ein sehr erfolgreiches Geschäftsjahr, in dem es uns gelungen ist, einen Großteil unserer Vorhaben umzusetzen. Wir haben mit einer einzigen Ausnahme an allen Standorten Gewinne Der Auftragseingang erzielt, waren aber auch 2014 hat ausschließlich auf nicht operativen Gebieten erfolgreich: bei der neue Automodelle Akquisition neuer Aufträge, betroffen, was uns beim Refinanzierungen oder der Verbesserung aller Prozesse.

Anlaufen der Produktion 2015 und 2016 entsprechend stark steigende Umsätze einbringen wird.

Geschäftsbericht 2014 | Seite 18

Rainer Dieck: Insbesondere auch aus Finanzierungssicht war es ein erfreuliches Jahr, da uns die erfolgreiche Umschuldung eines 25 Mio. EUR Kredit-Portfolios in Tschechien gelungen ist.

Durch diese Refinanzierung sowie die gute Geschäftsentwicklung im letzten Jahr haben sich die Voraussetzungen für eine stabile Finanzierungstruktur in der gesamten Gruppe deutlich verbessert. Die Banken sehen MEGATECH mittlerweile wieder als verlässlichen Partner an. Leider verlief die Entwicklung unseres Standortes in Brasilien kritisch. Dort ist es ab Februar 2014 zu einem dramatischen Markteinbruch gekommen, der in dieser Form von niemandem vorhergesehen werden konnte. GERHARD PESOUT: Obwohl ich erst seit Kurzem bei MEGATECH bin, waren 2014 im Vergleich zu 2013 die Optimierung der Organisation in Tschechien mit entsprechend besseren Ergebnissen und die Vorbereitung auf die nunmehr angelaufenen und anstehenden neuen Aufträge positive Highlights für mich. Wir haben durch unsere bessere Leistung an Attraktivität für Kunden und nicht zuletzt auch für Banken gewonnen. Worin erkennt ein Unternehmen seine eigene Attraktivität? GESSLER: Anhand der Bewerbungen – daran, dass wir für interessante Leute attraktiv werden. Wir haben im vergangenen Jahr deutlich gemerkt, dass wir auch von Menschen, die bei etablierten

A-Klasse-Unternehmen tätig sind oder waren, als interessanter Arbeitgeber wahrgenommen werden. So ist auch Gerhard Pesout zu uns gestoßen, der seine Karriere nach jahrelanger Tätigkeit bei Ford, Volvo, Bosch und zuletzt bei Faurecia nun bei uns fortsetzt. Worin lag 2014 das Hauptaugenmerk bei den Investitionen? Gessler: Der Auftragseingang 2014 hat ausschließlich neue Automodelle betroffen, was uns beim Anlaufen der Produktion 2015 und 2016 entsprechend stark steigende Umsätze einbringen wird. In der Entwicklungs- und Vorbereitungsphase bedingen solche Neuaufträge ein entsprechendes Investitionsvolumen, etwa in Entwicklung, Werkzeuge, Maschinen oder Gebäude, wie es im vergangenen Jahr am Standort Hlinsko geschehen ist. Dieck: Ein Schwerpunkt aus meiner Sicht war, dass wir wieder verstärkt aus dem eigenen Cashflow investieren konnten. Die hierzu notwendige Innenfinanzierungskraft haben wir uns durch gute operative Ergebnisse in den einzelnen Werken erarbeitet. Neben Investitionen in Maschinen und Gebäude konnten wir im letzten Jahr auch in den IT-Bereichen unserer tschechischen und spanischen Werke weitreichende

Verbesserungen durchführen. In diese Richtung wird auch 2015 weitergearbeitet. Aus heutiger Sicht können wir feststellen, dass alle notwenAudi TT Coupé und digen Investitionen für 2015 bereits weitgehend TT Cabrio waren wohl mit entsprechenden Fidie aufsehenerregendsten nanzierungszusagen abgesichert sind. Modelle 2014 und die

Produktion für den eben-

PESOUT: Ich bin mit Erfahrung im Bereich Lean falls von uns belieferten Management zu MEGATECH gekommen und Audi Q7 wird sehe die Investitionen demnächst starten. von 2014 als Meilenstein in der Umsetzung der Prinzipien des Lean Managements. Operational Excellence an allen Standorten ist unser gesetztes Ziel. Für welche 2014 auf dem Markt erschienen Modelle wird von MEGATECH zugeliefert? Gessler: Audi TT Coupé und TT Cabrio waren wohl die aufsehenerregendsten Modelle 2014, und die Produktion für den ebenfalls von uns belieferten Audi Q7 wird demnächst starten. Darüber hinaus produzieren wir am Standort Hlinkso auch für Tier 2 Lieferanten.

Geschäftsbericht 2014 | Seite 19

Hat das 2013 neu aufgesetzte Controlling im vergangenen Jahr bereits vollständig gegriffen oder ist dieser Prozess noch in Entwicklung? DIECK: Die 2013 aufgebauten und initiierten Prozesse inklusive der Implementierung einer Konsolidierungs- und Planungs-Software für alle Standorte sind praktisch abgeschlossen. Wir haben somit, bezogen auf die Reporting-Qualität, das erreicht, was ich gerne „Capital Market Standard“ nenne. Für eine mittelständische UnternehWir haben somit, mensgruppe ist das ungeWir können heute bezogen auf die wöhnlich. bereits auf Werks-, LänderReporting-Qualität, das oder Gruppenebene monatGewinn- und Verlusterreicht, was ich liche rechnungen, Bilanzen und gerne „Capital Market Cash Flows zeigen. Regional gibt es noch VerbesserungsStandard“ nenne. bedarf, insbesondere in Accounting-Prozessen. Zusätzliche Schwerpunkte werden heuer auf IT-Security und Risk Management liegen.

Geschäftsbericht 2014 | Seite 20

Welche neuen Entwicklungen oder Anwendungen wurden 2014 produktseitig umgesetzt? PESOUT: Vor allem Verbesserungen im Leichtbau sind ein ständiges Thema und oft mit längerer Vorlaufzeit zu behandeln, weil die Erkenntnisse aus Großserienversuchen umgesetzt werden müssen. Die neue europäische Gesetzgebung zwingt die Automobilhersteller derzeit zu massiven Gewichtseinsparungen. MEGATECH ist heute in der Lage, im Kunststoffspritzverfahren Produkte mit hohen dekorativen Anforderungen im Sichtbereich anzubieten, wobei Gewichtseinsparungen bis zu 30 Prozent möglich sind. Mit diesem Prozess ermöglichen wir ein bedeutendes Potential für die Produktion. Und auch für die kommenden Jahre arbeiten wir aktiv an weiteren Neuentwicklungen. Hat es im vergangenen Jahr Veränderungen bei den Unternehmensanteilen gegeben? GESSLER: Ich habe 2014 zwei meiner drei ehemaligen Partner ausgekauft und deren Anteile er-

worben. Ich gehe davon aus, dass ich die übrigen Anteile im laufenden Jahr erwerben kann – ein wichtiger Punkt für die langfristige Planung und Stabilität im Unternehmen. Wirken sich Schwankungen im Neuwagengeschäft in Europa auf die Auftragslage aus? DIECK: Unser Geschäft ist nicht an öffentlich wahrgenommenen Wirtschaftszyklen im Automobilbereich festzumachen. Wenn der Automarkt sich weltweit um einige Prozentsätze auf oder ab verändert, wirken sich diese Schwankungen nicht automatisch in gleichem Umfang auf unser Geschäft aus. Es hängt alles davon ab, für welche Modelle wir von welchen Werken aus beliefern. Hierbei gibt es sozusagen für jedes Werk einen eigenen Konjunkturzyklus, der nicht zwingend den globalen Entwicklungen folgt. GESSLER: Trotz der Wirtschaftskrise der letzten drei Jahre in Spanien und Portugal ist es uns dort vom Volumen her dank unserer Zulieferaufträ-

ge für den Volkswagen Golf, den Polo, den Seat Leon sehr gut ergangen. Die PSA-Gruppe hatte zuletzt nicht immer nur erfreuliche Schlagzeilen. Für uns verläuft die Zusammen- Trotz der Wirtschaftskrise arbeit durch die Fertigung in Spanien und Portugal von Teilen für den Citroën Picasso aber durchaus posi- ist es uns dort dank tiv. Auch Modelle wie Citrounserer Zulieferaufträge ën C-Elysée, Peugeot 301 und Citroën Cactus sorgen für den Volkswagen für durchwegs erfreuliche Golf VII, den Polo V Volumina. Demnach wurden die Erwartungen hinsichtlich des Anlaufens von neuen Aufträgen erfüllt?

oder den Seat Leon sehr gut ergangen.

GESSLER: Die im Vorjahr in Verhandlung stehenden Aufträge wurden akquiriert, wir stehen jetzt in der Produktentwicklung. Die Produktionsstarts erfolgen zwischen 2015 bis Anfang 2017.

Geschäftsbericht 2014 | Seite 21

Ein vorsichtiger Ausblick auf Neugeschäfte, für die 2015 ein Abschluss zu erwarten ist? GESSLER: Im deutschen Premiumsegment wollen wir uns stärker aufstellen und arbeiten auch in diese Richtung. Wir sprechen hier derzeit allerdings von strategischer Planung, da es Produktionen betrifft, die ab 2018/2019 anlaufen können. Die Zusammenarbeit mit BMW/Mini ist zukunftsträchtig, die Beziehungen zum Volkswagen Konzern und Peugeot sind weiter ausbaufähig, ebenso wie jene zu unseren strategisch wichtigen Systemlieferanten. DIECK: Zudem geht der Trend dahin, dass unsere Kunden häufiger größere Auftragspakete für Fahrzeuggruppen auf derselben Plattform oder für mehrere verschiedene Fahrzeuge vergeben. Das bedeutet höhere Volumina, aber auch eine größere Herausforderung bei der Kapazitätsplanung und Finanzierung. PESOUT: An dieser Stelle ist zu erwähnen, dass wir mit Schneider Electric auch einen Nicht-Automotive Kunden haben, für den wir u.a. elektrische Spulen fertigen – eine jahrelange und stabile Geschäftsbeziehung, die ebenfalls Ausbaumög-

Geschäftsbericht 2014 | Seite 22

lichkeiten bietet. Der Vorteil ist, dass diese Produkte im Vergleich zu Automotive-Produkten sehr langlebige Produktionszeiten haben, da an einem Schaltschrank nur selten Änderungen vorgenommen werden. Ist das Zuliefern an einen der Big Player mit hohem Marktanteil für die Neukundenakquise hinderlich oder eine Empfehlung? GESSLER: Das ist eine Empfehlung, weil die außerordentlichen Qualitätsansprüche eines Großkunden in der Branche gut bekannt sind. Wer diese dauerhaft und in großen Stückzahlen erfüllen kann, außerdem ein Produktportfolio vom Nutzfahrzeug bis zur Luxusklasse aufweist, empfiehlt sich damit automatisch auch für jeden Kunden. Da wir es schaffen, seit dem Golf IV durchgehend die Qualitäts- und Logistik-Herausforderungen für mehr als 600.000 Fahrzeuge pro Jahr zu schaffen, trauen uns auch andere Kunden sehr viel zu. PESOUT: Bevorzugter Zulieferer für einen Großkonzern zu sein, ist sicherlich eine Referenz, das macht sich gut im CV eines Zulieferers. Auch das ist wieder ein Attraktivitäts-Plus.

Wie ist nunmehr die Finanzierung bei der MEGATECH-Holding und den Tochtergesellschaften geregelt? GESSLER: Großvolumige Finanzierungen im Bereich der Holding anzusiedeln und damit aus den lokalen Gesellschaften rauszuholen, ist ein Projekt, das wir im vergangen Jahr gestartet haben. DIECK: Diesen Weg wollen wir auch weiter verfolgen. Voraussetzung dafür ist jedoch ein kapitalmarktfähiges Rating auf Konzernebene. Da sind wir auf einem guten Weg. Wir lassen uns aber auch alle anderen Optionen offen – unter bestimmten Voraussetzungen kann es auch vorteilhafter sein, Finanzierungen lokal aufzustellen. Insgesamt streben wir die höchstmögliche Flexibilität bei geringstmöglichen Finanzierungskosten an, und zwar sowohl bezogen auf die Finanzierungsstruktur insgesamt als auch in jedem einzelnen Finanzierungsvertrag. Große Finanzierungsvolumina werden aber wohl künftig eher auf Holding-Ebene zu platzieren sein.

Eine Vision für MEGATECH bis 2025 ... GESSLER: Wir haben eine Reihe von praktischen Aufgaben. Die Konsolidierung der Niederlassung in Brasilien wird nur Hand in Hand mit einer Erholung der gesamten brasilianischen Volkswirtschaft gelingen. Immerhin handelt es sich um Da wir es schaffen, seit einen Heimmarkt von mehr als 200 Millionen Menschen dem Golf IV durchgeund einem entsprechenden hend die Qualitäts- und Bedarf an Fahrzeugen, das Potenzial ist also da. Weiters Logistik-Herausforderundas Aufschließen der spagen für mehr als 600.000 nischen und tschechischen Betriebe zu unseren Excel- Fahrzeuge pro Jahr zu lence-Standards. Und unser schaffen, trauen uns Team mit hochqualifizierten Mitarbeitern, die von renom- auch andere Kunden mierten Firmen kommen, zu verstärken. Die Geschäftsan- sehr viel zu. bahnung mit weiteren globalen Herstellern sehen wir ebenfalls als spannende Herausforderung. Bei der Erweiterung der Geschäftsfelder soll trotzdem die Balance zwischen Auftragskonzentrierung und einem zu großen Split gehalten werden – mit diesen Aufgaben sind wir für die Zukunft bis 2025 gut beschäftigt und zugleich gerüstet. Geschäftsbericht 2014 | Seite 23

In unserem Werk MEGATECH Industries Hlinkso produzieren wir f체r das Audi A3 Cabrio die R체ckwandseitenverkleidung, die sich aus zwei Teilen zusammensetzt.

Gesch채ftsbericht 2014 | Seite 24

Gesch채ftsbericht 2014 | Seite 25

DIE PRODUKTE DER

MEGATECH

Auf einen Blick: Unsere wichtigsten Produkte – gegliedert nach Produktkategorien mit allen Informationen zu Fahrzeugmarken, Modellen und Modellcodes.

B-Säulenverkleidung linke Seite | SEAT | Leon III 5T | SE 370

A-Säulenverkleidung linke Seite | SKODA | Rapid | SK 251

B-Säulenverkleidung linke Seite | SKODA | Rapid | SK 251

Einstiegsleiste | VW | Golf VII + Golf Variant | VW 370 + VW 372

A-Säulenverkleidung rechte Seite | SEAT | Leon III 5T | SE 370

CD-Säulenverkleidung rechte Seite | SEAT | Leon III 5T | SE 370

C-Säulenverkleidung linke Seite | SKODA | Rapid | SK 251

CD-Säulenverkleidung linke Seite | SKODA | Rapid Spaceback | SK 253

A-Säulenverkleidung weiß linke Seite | VW | CC | VW 469

A-Säulenverkleidung linke Seite | VW | Golf VII + Golf Variant | VW 370 + VW 372

A-Säulenverkleidung schwarz linke Seite | VW | CC | VW 469

Innenausstattung A-Säulenverkleidung weiß rechte Seite | VW | CC | VW 469

A-Säulenverkleidung rechte Seite | VW | Golf VII + Golf Variant | VW 370 + VW 372

B-Säulenverkleidung weiß rechte Seite | VW | CC | VW 469

B-Säulenverkleidung weiß linke Seite | VW | CC | VW 469

B-Säulenverkleidung schwarz rechte Seite | VW | CC | VW 469

A-Säulenverkleidung schwarz rechte Seite | VW | CC | VW 469

B-Säulenverkleidung schwarz linke Seite | VW | CC | VW 469 A-Säulenverkleidung linke Seite | VW | Polo V | VW 250

C-Säulenverkleidung „Sonnenrollo“ weiß rechte Seite | VW | CC | VW 469

C-Säulenverkleidung „Sonnenrollo“ weiß linke Seite | VW | CC | VW 469

C-Säulenverkleidung schwarz rechte Seite | VW | CC | VW 469

C-Säulenverkleidung schwarz linke Seite | VW | CC | VW 469 A-Säulenverkleidung rechte Seite | VW | Polo V | VW 250

B-Säulenverkleidung rechte Seite | VW | Polo V | VW 250 |

B-Säulenverkleidung linke Seite | VW | Polo V | VW 250

Geschäftsbericht 2014 | Seite 26

C-Säulenverkleidung rechte Seite | VW | Polo V | VW 250

C-Säulenverkleidung linke Seite | VW | Polo V | VW 250

Kofferraumkomponenten

Heckklappenverkleidung oberer Rahmen | Heckklappenverkleidung unterer Rahmen | AUDI | Q3 | AU 316

Dachkonsole | CITROËN | Citroën Berlingo | B9

Technische Teile 3K Luftführung | CITROËN | C4 Picasso | B78

e-Box | MERCEDES | Vito | NCV2

Elektrische Spule | Schneider Electric

Mittelkonsole | CITROËN | Citroën Berlingo | B9

B-Säulenverkleidung rechte Seite | VW | Golf VII + Golf Variant | VW 370 + VW 372

Sitzteile

Module und Konsolen

Außenkomponenten B Säulenverkleidung außen | SEAT | Leon III 5T | SE 370

Sitzschublade | CITROËN | C4 Picasso | B78

Radhausverkleidung | CITROËN | C4 Picasso | B78

Radzierkappen | SKODA | Octavia 3 | SK 371

Radzierkappen | VW | Passat | VW 461

Geschäftsbericht 2014 | Seite 27

Die Welt von

megatech Die weltweiten Standorte der MEGATECH Group im Überblick: alle Werke, alle Tech Center, alle Verkaufsbüros in Europa und Übersee.

MEGATECH Industries AG Österreich

MEGATECH Industries Amurrio, S.L. Spanien Das Werk im Baskenland beschäftigt rund 240 Mitarbeiter. Es verfügt über ein sehr breites Produktspektrum und stellt diverse Teile für zahlreiche namhafte Kunden in der Automobilbranche her.

Geschäftsbericht 2014 | Seite 28

MEGATECH Industries Hlinsko s.r.o. Tschechien

Im vierten Wiener Gemeindebezirk laufen die Fäden der MEGATECH-Welt zusammen. Neben dem CEO und CFO arbeiten neun weitere Mitarbeiter in der Firmenzentrale, die für die strategische Planung, den Vertrieb und das Konzerncontrolling verantwortlich sind.

MEGATECH Industries Jablonec s.r.o. Tschechien

In der tschechischen Stadt Hlinsko sind rund 440 Mitarbeiter im stark expandierenden, neu ausgebauten Werk der MEGATECH Gruppe beschäftigt. Neben sichtbaren Fahrzeuginnenteilen als auch technischen Teilen für Klima- und Lüftungsanlagen werden Scheinwerferreflektoren und elektrotechnische Komponenten hergestellt.

MEGATECH Industries Orense, S.L. Spanien In der galizischen Stadt arbeiten rund 130 Mitarbeiter im modernsten Werk der Gruppe, das als Vorbild für alle Werke der MEGATECH Gruppe gilt. Hier werden die meisten neuen Prozesse erprobt. Das Werk spezialisiert sich auf die Erzeugung anspruchsvoller, sichtbarer Innenteile und technischer Teile.

In der Glas- und Schmuckproduktionsstadt im Norden Tschechiens sind rund 270 Mitarbeiter angestellt. Das Werk wurde 2010–2012 auf den neusten industriellen Standard gebracht und produziert seither ausschließlich für OEMs sichtbare Fahrzeuginnenteile und Radzierblenden. Die Geschichte des Werks reicht bis ins 19. Jahrhundert zurück.

MEGATECH Brasil Componentes Automotivos Ltda., Brasilien

Seit 1979 ist MEGATECH in 2 Brasilien präsent. Das Werk in Curitiba beschäftigt rund 120 Mitarbeiter und verfügt über eine breite Produktpalette. In einem zusätzlichen Vertriebsbüro in Sao Paulo betreuen Mitarbeiter die Kunden direkt vor Ort.

3 2 1

MEGATECH Industries Marinha Grande, Lda. Portugal

MEGATECH Industries Technical Center, A.I.E., Spanien

In Marinha Grande, einer der wichtigsten Werkzeugformbauregionen Europas, befindet sich die jüngste Fabrik der MEGATECH Gruppe. Das stark expandierende Werk mit rund 50 Mitarbeitern musste nach der Akquisition 2011 zuerst auf den automotiven Standard gebracht werden und konzentriert sich nun ausschließlich auf das Automobilgeschäft.

SC Megatech Engineering Center S.R.L Rumänien Die CAD-Entwicklung der Produkte für die gesamte MEGATECH Gruppe erfolgt in der rumänischen Hauptstadt Bukarest. Die zehn Mitarbeiter arbeiten weiters mit allen im Entwicklungsprozess notwendigen Simulationsprogrammen.

Das Tech Center der MEGATECH Gruppe befindet sich in der Nähe von Bilbao. Die rund 70 Mitarbeiter entwickeln Produkte und Werkzeuge im Kundenauftrag. Darüber hinaus beschäftigen sie sich mit Grundlagenforschung und neuen Materialien.

10.

Megatech Industries Deutschland GmbH Deutschland Die acht Mitarbeiter in Deutschland sind für die Projektabwicklung und den Vertrieb für alle deutschen Kunden zuständig. Ihr Aufgabenbereich umfasst ebenso die technische Betreuung der Werke der Kunden MEGATECHs. Technisches Verständnis und Kundennähe sind selbstverständlich.

11.

Megatech Sales Office Frankreich Drei Mitarbeiter kümmern sich um die Projektabwicklung und den Vertrieb für die französischen Kunden der MEGATECH Gruppe.

12.

Megatech Industries India Private Ltd., Indien Um auch auf dem boomenden asiatischen Märkten präsent zu sein, hat MEGATECH seit 2012 eine Repräsentanz in der indischen Metropole Pune, dem Zentrum der indischen Automobilindustrie, eingerichtet.

Geschäftsbericht 2014 | Seite 29

Die selfie-Welt von

megatech Mehr als 1.350 Mitarbeiter in den Niederlassungen in Österreich, Deutschland, Spanien, Portugal, Rumänien, Tschechien und Brasilien bilden das Rückgrat unseres Unternehmens. Hier ein paar Fotogrüße von unseren Standorten.

5 4

Geschäftsbericht 2014 | Seite 30

1, 2, 3, 7, 8, 10: Mitarbeiter der MEGATECH Industries Orense (Spanien) 4, 5: Mitarbeiter der MEGATECH Industries Amurrio (Spanien) 6: Mitarbeiter der MEGATECH Industries Hlinsko (Tschechien)

9, 11: Mitarbeiter der MEGATECH Industries Marinha Grande (Portugal)

Gesch채ftsbericht 2014 | Seite 31

Joint Management Meeting Ein Fixpunkt der MEGATECH-Gruppe sind die zweimal jährlich stattfindenden Joint Management Meetings (JMM), bei denen der Vorstand, die Landesmanager sowie Werks- und Abteilungsleiter aller Standorte zusammentreffen.

Das erste Joint Management Meeting 2014 fand im Mai in Marinha Grande in Portugal statt und stand unter dem Motto „Lean Development“, wobei die verstärkten Synergien zwischen dem Tech Center und den Werken diskutiert wurden. Während einer Werksführung in MEGATECH Industries Marinha Grande wurden die umfangreichen Modernisierungsarbeiten in der Produktion präsentiert. Im Rahmen des Treffens wurde dem Werk Hlinsko die Auszeichnung „Best Factory 2013“ sowie dem Werk in Brasiien der Preis „Best Improvement 2013“ verliehen.

In dreitätigen Workshops und Diskussionsrunden werden Erfahrungen und neue Ideen ausgetauscht, aktuelle Themen behandelt sowie Implementierungspläne für weitere strategische Projekte entwickelt. Die Joint Management Meetings finden in der Nähe eines unserer Produktionsstandorte oder Büros statt, um es allen Teilnehmern zu ermöglichen, die Projektumsetzungen in den Werken regelmäßig vor Ort mitverfolgen zu können.

Geschäftsbericht 2014 | Seite 32

Im November 2014 lud das technische Büro in Rumänien nach Bukarest zum zweiten Joint Management Meeting des Jahres. Bei diesem Treffen lag der Schwerpunkt auf dem Thema Kostenoptimierung. Im Zuge dessen wurde bei einem eigenen Workshop zum Thema „Smart Optimization“ die optimale Nutzung der Mitarbeiter-Ressourcen erörtert. Die Teilnehmer des JMM erarbeiteten in fünf Gruppen Optimierungspläne in unterschiedlichen Bereichen – wie Einkauf und Vertragsmanagement, der optimalen Verwendung von Geldmitteln oder Risikomanagement.

Werksbesuch des Joint Management Meeting Teams in Megatech Industries Marinha Grande (Portugal)

Das Joint Management Meeting Team zu Gast beim SC MEGATECH Engineering Center in Bukarest

Workshop zum Thema “Smart Optimization” während des Joint Management Meetings in Rumänien

Geschäftsbericht 2014 | Seite 33

Im Mittelpunkt unserer Produktionsst채tten stehen immer unsere Mitarbeiter und ihre besonderen F채higkeiten.

Gesch채ftsbericht 2014 | Seite 34

Gesch채ftsbericht 2014 | Seite 35

Corporate Social Responsibility: Megahoney

Im Herbst 2011 wurden auf dem Gelände des Werks Hlinsko fünf Bienenvölker angesiedelt, die von einem erfahrenen Imker betreut werden. Der gewonnene Honig – unser Megahoney – ist ein beliebtes Geschenk für Kunden und Besucher. Das Jahr 2014 war somit für das Werk nicht nur in der Produktion der Kunststoffteile äußerst erfolgreich, sondern auch in der Honigernte mit 350 Gläsern feinstem Blüten- und Waldhonig.

Geschäftsbericht 2014 | Seite 36

Megahoney Natural best quality product from our plant in Hlinsko

Bericht des Aufsichtsrats der Megatech Industries AG für das Geschäftsjahr 2014 Der Vorstand der Megatech Industries AG hat die Mitglieder des Aufsichtsrats regelmäßig, zeitnah und umfassend sowohl schriftlich als auch mündlich über die Lage, den Geschäftsverlauf und die Finanzsituation des Unternehmens sowie der Tochtergesellschaften im Konzern informiert. Im Geschäftsjahr 2014 wurden sechs Aufsichtsratssitzungen abgehalten, an denen in drei Sitzungen alle Mitglieder des Aufsichtsrats teilgenommen hatten. Am 29.04.2014 konnte Fernando del Val nicht an der Aufsichtsratssitzung teilnehmen. Am 25.07.2014 sowie am 29.08.2014 konnte Matthias Übel nicht an den Aufsichtsratssitzungen teilnehmen und wurde jeweils durch Vollmacht von Ulrike Gessler-Wolfinger vertreten. In diesen Aufsichtsratssitzungen, aber auch darüber hinaus, wird eine offene Kommunikation zwischen dem Vorstand und dem Aufsichtsrat geführt. Der Aufsichtsrat war damit stets in der Lage, die Geschäftsgebarung des Unternehmens fundiert zu überprüfen und den Vorstand bei grundsätzlichen Entscheidungen zu unterstützen. Der Aufsichtsrat hat die ihm nach Gesetz, Satzung und Geschäftsordnung obliegenden Aufgaben unter Beachtung der einschlägigen Bestimmungen wahrgenommen. Sofern erforderlich, hat der Aufsichtsrat Beschlüsse im schriftlichen Verfahren gefasst. PwC Wirtschaftsprüfungs GmbH hat eine Prüfung des unternehmensrechtlichen Jahresabschlusses zum 31. Dezember 2014 nach den geltenden gesetzlichen Bestimmungen der §§ 268 ff. UGB sowie eine freiwillige Prüfung des IFRS Konzernabschlusses zum 31. Dezember 2014 nach den International Standards on Auditing (ISA) vorgenommen.

Die Prüfung hat nach ihrem abschließenden Ergebnis keinen Anlass zu Beanstandungen ergeben. Der Abschlussprüfer hat daher bestätigt, dass der Jahresabschluss der Megatech lndustries AG samt Lagebericht des Vorstandes sowie der Konzernabschluss samt Konzernlageberichts des Vorstands des Megatech lndustries Konzerns nach IFRS den gesetzlichen Bestimmungen entsprechen. Sie vermitteln unter der Beachtung ordnungsgemäßer Buchführung ein möglichst getreues Bild der Vermögens-, Finanz- und Ertragslage der Gesellschaft und ihrer Tochtergesellschaften. Der Aufsichtsrat erklärt sich mit dem Lagebericht des Vorstandes einverstanden und billigt den Jahresabschluss 2014 der Megatech Industries AG. Der Jahresabschluss 2014 ist somit festgestellt. Der Aufsichtsrat schließt sich der Empfehlung des Vorstands an, das Ergebnis des Geschäftsjahres 2014 auf neue Rechnung vorzutragen. Weiters schlägt der Aufsichtsrat vor, PwC Österreich GmbH WirtschaftsprüfungsIe für einegesellschaft in der ordentlichen Hauptversammlung für das Geschäftsjahr 2015 als Abschlussprüfer der Megatech Industries AG zu bestellen. Die Mitglieder des Aufsichtsrats sprechen dem Vorstand sowie allen Mitarbeiterinnen und Mitarbeitern im Konzern Anerkennung und Dank für die hohen Leistungen und ihr großes Engagement im Geschäftsjahr 2015 aus. Wien, am 20.04.2015

Dr. Georg Flandorfer

Geschäftsbericht 2014 | Seite 37

W i t b Gesch채ftsbericht 2014 | Seite 38

Work ing for the best Consolidated Financial Statements as of 31/12/2014

I. Consolidated income statement in kEUR

Note

Revenue

Changes in inventories of finished goods and work in progress

2014

2013

124,451

131,516

-457

-45

Capitalisation of development costs

3,215

2,723

Raw materials and consumables used

-83,198

-91,948

Employee benefit expenses

-26,004

-26,923

Other income

2,051

2,385

Other expenses

-11,204

-9,835

10,528

7,754

-753

-949

9,775

6,805

-5,223

-5,896

4,552

909

EBITDA before non-recurring items Non-recurring items

EBITDA after non-recurring items Depreciation and amortisation

Operating result (EBIT) Interest income

328

304

Interest costs

-1,975

-2,002

Other financial result

2,036

-928

389

-2,626

4,941

-1,717

-507

177

4,434

-1,540

-2,413

-378

Result for the year

2,021

-1,918

in kEUR

2014

2013

2,021

-1,927

2,021

-1,918

Financial result Result before tax Income tax expense

Result after tax continued operations Discontinued operations

Result attributable to: Owner of the parent Non-controlling interests Result for the year

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation).

Gesch채ftsbericht 2014 | Seite 40

II. Consolidated statement of comprehensive income in kEUR

2014

2013

Result for the year

2,021

-1,918

-8

-120

-8

-120

-4

-111

Comprehensive income for the year discontinued operations

209

-196

Other comprehensive income for the year, net of tax

205

-307

Total comprehensive income for the year

2,226

-2,225

in kEUR

2014

2013

2,226

-2,234

2,226

-2,225

Other comprehensive income for the year: Items that will not be reclassified to profit or loss Remeasurements of employment benefit obligations Items that may be subsequently reclassified to profit or loss Currency translation differences Comprehensive income for the year continued operations

Total comprehensive income attributable to: Owner of the parent Non-controlling interests Total comprehensive income for the year

Items in the statement above are disclosed net of tax. The income tax relating to each component of other comprehensive income is disclosed in note 14.1. Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation).

Gesch채ftsbericht 2014 | Seite 41

III. Consolidated balance sheet in kEUR

Note

2014

2013

Property, plant and equipment

41,276

43,550

Intangible assets

18,174

12,586

Deferred tax assets

707

775

Assets Non-current assets

Available-for-sale financial assets Derivative financial instruments

Non-current other receivables

11,955

12,860

72,172

69,832

Current assets Inventories

10,757

11,368

Trade receivables

10,723

20,638

Other receivables

4,783

4,923

Cash and cash equivalents

1,881

6,335

28,144

43,264

Total assets

100,316

113,096

Total equity and liabilities

100.316

113.096

Gesch채ftsbericht 2014 | Seite 42

in kEUR

Note

2013

2012

Registered capital

7,050

Other reserves

34,900

41,948

641

440

-2,751

-11,824

39,840

37,614

Equity and liabilities Equity

Currency translation differences Retained earnings Non-current liabilities Non-current financial liabilities

13,683

4,449

Government grants

1,317

1,355

Non-current employee benefits

392

434

Non-current other provisions

744

1,246

Other non-current liabilities

1,544

Deferred tax liabilities

2,960

4,036

20,640

11,520

Current liabilities Current financial liabilities

12,343

28,577

Trade payables

20,888

26,390

Other payables

5,947

8,755

Government grants

Current provisions

636

216

39,836

63,962

60,476

75,482

100,316

113,096

Total liabilities Total equity and liabilities

In previous year 2013, „Trade and other receivables” and “Trade and other payables” were shown in one line. For a better understanding of the figures 2014, a split was done in both areas.

Geschäftsbericht 2014 | Seite 43

Other reserves

Currency translation differences

Retained earnings

7,050

41,761

756

-9,901

-39

39,627

Result for the year

-1,927

-1,918

Remeasurements of employment benefit obligations

Currency translation differences

-316

Total comprehensive income

-316

-1,918

-2,225

Shareholders' contribution

187

262

Transactions with non-controlling interests

-5

-45

-50

Total transactions with owners

187

-5

212

7,050

41,948

440

-11,824

37,614

Result for the year

2,021

Remeasurements of employment benefit obligations

Currency translation differences

201

Total comprehensive income

201

2,025

2,226

Reclassifications

-7,048

7,048

7,050

34,900

641

-2,751

39,840

31 December 2012

Total equity

in kEUR

Noncontrolling interests

Registered capital

IV. Consolidated statement of changes in equity

-316

Transactions with owners

31 December 2013

31 December 2014

Gesch채ftsbericht 2014 | Seite 44

V. Consolidated statement of cash flows in kEUR

2014

2013

EBIT

4,552

909

Depreciation and amortisation

5,223

5,896

-3

4,286

8,593

978

Change in trade payables

-4,259

1,359

Change in other current assets/liabilities

-1,047

-1,927

Change in working capital

3,284

4,696

-388

-123

-40

-54

Gain (-) / loss (+) from disposal of assets

-211

Interest received

-283

-643

-1,139

-343

11,269

10,172

-712

391

Total cash flow from operating activities

10,557

10,563

Investments in property, plant and equipment

-2,435

-2,274

Investments in intangible assets

-4,365

-2,972

-50

3,275

-6,707

-2,021

-954

-121

-7,661

-2,142

2,896

8,421

Change in inventory Change in trade receivables

Change in provisions Government grants

Interest paid Taxes paid Cash flow from operating activities continued operations Cash flow from operation activities discontinued operations

Transactions with non-controlling interests Proceeds from disposal of fixed assets Cash flow from investing activities continued operations Cash flow from investing activities discontinued operations Total cash flow from investing activities Free Cash flow

Gesch채ftsbericht 2014 | Seite 45

in kEUR

2014

2013

Repayment of bank loans

-22,812

-1,113

Proceeds from new loans

25,992

1,008

-9,384

-2,469

-307

-369

-1,386

-1,100

-83

200

-7,959

-3,768

760

-345

Total cash flow from financing activities

-7,199

-4,113

Total cash flow

-4,303

4,308

6,335

2,257

-28

-230

-4,303

4,308

-123

Cash and cash equivalents at end of the year

1,881

6,335

Cash and free overdrafts

2,381

7,676

Proceeds from other financing Changes in bank overdrafts and recourse factoring Finance lease Interest paid for long-term financing Transactions with non-controlling interest Currency differences Cash flow from financing activities continued operations Cash flow from financing activities discontinued operations

Cash and cash equivalents at beginning of the year Currency differences Total cash flow Disposed cash and cash equivalents

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (see note 15 for an explanation).

Gesch채ftsbericht 2014 | Seite 46

VI. Notes to the consolidated financial statements 1 General information Megatech Industries AG (‘the company’) is located in Taubstummengasse 13/9, 1040 Vienna, Austria, and is registered under the commercial registry number FN 337381z at the Vienna Commercial Court. The company is owned to the extent of 99.3% by Megatech Industries S.L. located in Amurrio, Spain. Ultimate parent is EIB Beteiligungsgesellschaft mbH, located in Taubstummengasse 13/12, 1040 Vienna, Austria, registered at the Vienna Commercial Court under the commercial registry number FN 135029y. Ultimate controlling party is Mr. Maximilian Gessler. EIB Beteiligungsgesellschaft mbH prepares the consolidated financial statements for the largest and smallest group of companies. This group report is disclosed at the Vienna Commercial Court. In first quarter 2015 the ultimate parent changed to Megatech Industries Aktiengesellschaft, Vaduz, Liechtenstein. Megatech Industries AG (‘the company’) and its subsidiaries (together, ‘the group’) develop, manufacture, assemble and supply interior and exterior plastic components for the global automotive industry. Production sites are located in Spain, Portugal and the Czech Republic, complemented by a sales company in Germany. The group owns two Tech Centers, one in Spain and one in Romania, for the design and development of products.

Geschäftsbericht 2014 | Seite 47

Consolidated companies are as follows: Company

Place of business

Country

Vienna

Austria

Megatech Industries Amurrio. S.L.

Amurrio

Spain

100.0%

Production

Megatech Industries Orense S.L.

Orense

Spain

100.0%

Production

Megatech Perfect Plastics Marinha Grande Ltda.

Marinha Grande

Portugal

100.0%

Production

Megatech Industries Hlinsko s.r.o.

Hlinsko

Czech Republic

100.0%

Production

Megatech Industries Jablonec s.r.o.

Jablonec

Czech Republic

100.0%

Production

Bucharest

Romania

100.0%

Engineering

Megatech Industries Intellectual Property S.L.U

Amurrio

Spain

100.0%

Engineering

Megatech Industries Technical Center A.I.E.

Amurrio

Spain

100.0%

Engineering

Megatech Brasil Componentes Automotivos Ltda. *)

Curritiba

Brazil

100.0%

Production

Wolfsburg

Germany

100.0%

Sales

Vienna

Austria

100.0%

Dormant

Pune

India

100.0%

Dormant

Megatech Industries AG

SC Megatech Engineering Center S.r.l.

Megatech Industries Deutschland GmbH Megatech Automotive GmbH Megatech Industries India PL

Share in capital

Acitivites

Holding

*) Megatech Brasil Componentes Automotive Ltda, Brazil was sold as at 31 December 2014. The result is reported as result from discontinued operations (see note 15).

The consolidated financial statements as at 31 December 2014 were prepared by the managing directors and released for issue on the date when this report was signed. The entity financial statements of the parent company, which have been included in the consolidated financial statements after transition to the applicable accounting standards, will be presented to the Supervisory Board for review and approval. The consolidated financial statements were prepared in EUR. Unless stated otherwise all amounts are shown in thousands of euro (kEUR). All figures presented are rounded, so minor discrepancies may arise in the addition of these amounts.

Gesch채ftsbericht 2014 | Seite 48

2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless stated otherwise.

2.1 Basis of preparation The consolidated financial statements of the group have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets, and financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4.

2.2.1 Changes in accounting policy and disclosures 2.1.1.1 New standards, amendments and interpretations adopted by the group IFRS 10, ‘Consolidated financial statements’, builds on existing principles by identifying the concept of control as the determining factor in whether an entity should be included in the consolidated financial statements of the parent company. The standard provides additional guidance to assist in the determination of control where this is difficult to assess. IFRS 10 does not have a material impact on the groups consolidated financial statements. IFRS 11, ‘Joint arrangements’, focuses on the rights and obligations of the parties to the arrangement rather than its legal form. There are two types of joint arrangements: joint operations and joint ventures. Joint operations arise where the investors have rights to the assets and obligations for the liabilities of an arrangement. A joint operator accounts for its share of the assets, liabilities, revenue and expenses. Joint ventures arise where the investors have rights to the net assets of the arrangement; joint ventures are accounted for under the equity method. Proportional consolidation of joint arrangements is no longer permitted. IFRS 11 does not have a material impact on the group’s consolidated financial statements. IFRS 12, ‘Disclosures of interests in other entities’, includes the disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, structured entities and other offbalance sheet vehicles. IFRS 12 does not have a material impact on the group’s consolidated financial statements.

Geschäftsbericht 2014 | Seite 49

2.1.1.2 New standards and interpretations not yet adopted A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 January 2015, and have not been applied in preparing these consolidated financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the group, except the following set out below: IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and financial liabilities. The complete version of IFRS 9 was issued in July 2014. It replaces the guidance in IAS 39 that relates to the classification and measurement of financial instruments. IFRS 9 retains but simplifies the mixed measurement model and establishes three primary measurement categories for financial assets: amortised cost, fair value through OCI and fair value through P&L. The basis of classification depends on the entity’s business model and the contractual cash flow characteristics of the financial asset. Investments in equity instruments are required to be measured at fair value through profit or loss with the irrevocable option at inception to present changes in fair value in OCI not recycling. There is now a new expected credit losses model that replaces the incurred loss impairment model used in IAS 39. For financial liabilities there were no changes to classification and measurement except for the recognition of changes in own credit risk in other comprehensive income, for liabilities designated at fair value through profit or loss. IFRS 9 relaxes the requirements for hedge effectiveness by replacing the bright line hedge effectiveness tests. It requires an economic relationship between the hedged item and hedging instrument and for the ‘hedged ratio’ to be the same as the one management actually use for risk management purposes. Contemporaneous documentation is still required but is different to that currently prepared under IAS 39. The standard is effective for accounting periods beginning on or after 1 January 2018. Early adoption is permitted. The group is yet to assess IFRS 9’s full impact. IFRS 15, ‘Revenue from contracts with customers’, deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. Revenue is recognised when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces IAS 18 ‘Revenue’ and IAS 11, ‘Construction contracts’, and related interpretations. The standard is effective for annual periods beginning on or after 1 January 2017, and earlier application is permitted. The group is assessing the impact of IFRS 15. There are no other IFRSs or IFRIC interpretations that are not yet effective that would be expected to have a material impact on the Group.

Geschäftsbericht 2014 | Seite 50

2.2 Consolidation Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. As of 31 December 2014 and 31 December 2013 the group has 100% of shares and voting rights of all subsidiaries included in the scope of consolidation. The group uses the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. The group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognised amounts of the acquiree’s identifiable net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised in the income statement. Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions – that is, as transactions with the owners in their capacity as owners. The difference between the fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. When the group ceases to have control any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Geschäftsbericht 2014 | Seite 51

Globale Innovationen: Das Tech Center ist 2014 in das AIC-Automotive Intelligence Center bei Bilbao 체bersiedelt.

Gesch채ftsbericht 2014 | Seite 52

Gesch채ftsbericht 2014 | Seite 53

2.3 Foreign currency translation 2.3.1 Functional and presentation currency Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in thousands of euro (kEUR), which is the group’s presentation currency. 2.3.2 Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement under ‘other financial results’. All other foreign exchange gains and losses are presented in the income statement under ‘other income’ / ‘other expenses’. Changes in the fair value of monetary securities denominated in foreign currency classified as available-for-sale are determined on the basis of translation differences resulting from changes in the amortised cost of the security and other changes in the carrying amount of the security. Translation differences relating to changes in amortised cost are recognised in profit or loss, and other changes in carrying amount are recognised in other comprehensive income. Translation differences in non-monetary financial assets and liabilities such as equities held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences in non-monetary financial assets such as equities classified as available-forsale are included in other comprehensive income. 2.3.3 Group companies The results and financial position of all the group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:  assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;  income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and  all resulting exchange differences are recognised in other comprehensive income.

Geschäftsbericht 2014 | Seite 54

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are posted to other comprehensive income. When a foreign operation is partially disposed of or sold, exchange rate differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising from the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

2.4 Property, plant and equipment Land and buildings comprise mainly factories and offices. Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of these items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of a replaced part is derecognised. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Borrowing costs are only capitalised when they are directly attributable to the acquisition or production of a qualifying asset as part of the asset, all other borrowing costs are recognised as an expense in the period in which they occur. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual value over their estimated useful lives, as follows:

Buildings Machinery Forklifts Vehicles Furniture, fittings and equipment

25-33 years 5-15 years 5 years 3-5 years 3-10 years

The residual values and useful lives of assets are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the carrying amount is greater than the estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised under ‘other income’ or ‘other expenses’ in the income statement.

Geschäftsbericht 2014 | Seite 55

2.5 Intangible assets 2.5.1 Trademarks Acquired trademark rights are capitalised on the basis of the costs incurred to acquire and bring to use those rights. These costs are amortised over their estimated useful lives of ten years. 2.5.2 Research and development cost No intangible asset is recognised in the research phase. The expenditure is recognised as an expense when it is incurred. An intangible asset arising from development is only recognised if the company can demonstrate all of the following:  the technical feasibility of completing the intangible asset so that it will be available for use or sale;  its intention to complete the intangible asset and use or sell it;  its ability to use or sell the intangible asset;  how the intangible asset will generate probable future economic benefits;  the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;  the ability to reliably measure the expenditure attributable to the intangible asset during its development. Directly attributable costs that are capitalised as part of the projects include employee costs, material costs, external costs and an appropriate portion of relevant overheads. Development costs recognised are amortised on a straight-line basis over the project period related to the development costs, usually not exceeding six years. 2.5.3 Software licences Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives of three to five years. 2.5.4 Contractual customer relationships Contractual customer relationships acquired in a business combination are recognised at fair value at the acquisition date. The contractual customer relations have a finite useful life of 15 years and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method over the expected life of the customer relationship. 2.5.5 Patents Self-developed patents whose fair value can be measured reliably are capitalised based either on an expert valuation or on the expected turnover which will be generated with the patent. Amortisation is calculated using the straight-line method to allocate the cost of patents over their estimated useful life. The useful life is based on the project time period for which the patents were developed usually not exceeding six years.

Geschäftsbericht 2014 | Seite 56

2.6 Impairment of non-financial assets Assets that have an indefinite useful life – for example, goodwill or intangible assets not ready for use – are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

2.7 Financial assets 2.7.1 Classification The group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The group’s loans and receivables comprise ‘trade receivables’, ‘other receivables’ and ‘cash and cash equivalents’ in the balance sheet. Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months after the end of the reporting period.

Geschäftsbericht 2014 | Seite 57

2.7.2 Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade date – the date on which the group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the group has substantially transferred all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised cost using the effective interest method. Financial assets carried at fair value through profit or loss are initially recognised at fair value, any transaction costs are expensed in the income statement. When securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as ‘gains and losses from investment securities’. Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other income. Dividends on available-forsale equity instruments are recognised in the income statement as part of financial result when the group’s right to receive payments is established. Changes in fair value are recognised as gains and losses in comprehensive income. 2.7.3 Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The group did not offset any amounts in 2014 and 2013 except one transaction with related parties (see note 35.1 for details).

2.8 Impairment of financial assets 2.8.1 Assets carried at amortised cost The group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

Geschäftsbericht 2014 | Seite 58

The criteria that the group uses to determine that there is objective evidence of an impairment loss include:  significant financial difficulty of the issuer or obligor;  a breach of contract, such as default or delinquency in interest or principal payments;  the group, for economic or legal reasons relating to the borrower’s financial difficulty, granting to the borrower a concession that the lender would not otherwise consider;  the probability that the borrower will enter bankruptcy or other financial reorganisation;  the disappearance of an active market for that financial asset because of financial difficulties; or  observable data indicating that there is a measurable decrease in the estimated future cash flows from a portfolio of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the portfolio, including adverse changes in the payment status of borrowers in the portfolio; and  national or local economic conditions that correlate with defaults on the assets in the portfolio. For the loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the income statement. If a loan or investment held to maturity has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the reversal of the previously recognised impairment loss is recognised in the income statement.

2.8.2 Assets classified as available-for-sale The group assesses at the end of each reporting period whether there is objective evidence that a financial asset or a group of financial assets is impaired. For debt securities, the group uses the criteria referred to under ‘assets carried at amortised cost’ above. In the case of equity investments classified as available for sale, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss – is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement.

Geschäftsbericht 2014 | Seite 59

2.9 Derivative financial instruments The group does not use hedge accounting pursuant to IAS 39, therefore all derivative financial instruments are classified as derivatives. Changes in fair value are recognised as gains and losses in the income statement. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value.

2.10 Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the firstin, first-out (FIFO) method. The cost of finished goods and work in progress comprises direct material costs, direct production costs and production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

2.11 Trade receivables Trade receivables are amounts due from customers for merchandise and products sold or services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets. Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

2.12 Cash and cash equivalents In the consolidated statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks.

2.13 Registered capital Registered capital is classified as equity.

2.14 Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Gesch채ftsbericht 2014 | Seite 60

2.15 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the financial liabilities using the effective interest method.

2.16 Current and deferred income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is applied to temporary differences arising on investments in subsidiaries, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

Gesch채ftsbericht 2014 | Seite 61

2.17 Employee benefits 2.17.1 Severance payments Some group companies pay a severance payment in case of retirement after an uninterrupted period of service of five years to their employees. These benefits are classified as a defined benefit obligation and accounted for accordingly using the projected unit credit method. Actuarial gains and losses are recognised in other comprehensive income in the period incurred. Legal regulations in Austria require employers to make regular contributions equal to 1.53% of their monthly salary to a statutory termination benefit scheme for all employees who joined an Austrian company during or after 2003. The company has no further obligations. Claims by employees to severance payments are filed with the statutory severance payment scheme, while the regular contributions are treated similar to those for defined contribution plans and are included in ‘employee benefit expenses’. 2.17.2 Anniversary payments Some group companies pay an anniversary bonus to their employees after an uninterrupted period of service. These benefits are classified as a defined benefit obligation and accounted for accordingly using the projected unit credit method. Actuarial gains and losses are recognised in profit or loss in the period incurred. 2.17.3 Bonus payments The group recognises a liability and an expense for bonuses based on the expected bonus payments for the relevant year. The group recognises a provision where contractually obliged or where there is a past practice that has created a constructive obligation.

2.18 Provisions Provisions for environmental restoration, legal claims, onerous contracts, etc. are recognised when:  the group has a present legal or constructive obligation as a result of past events;  it is probable that an outflow of resources will be required to settle the obligation; and  the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognised as an interest expense.

2.19 Government grants Government grants relating to capital expenditure projects are treated as deferred income and released to the income statement over the expected useful lives of the assets for which the government grants are provided.

Geschäftsbericht 2014 | Seite 62

2.20 Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the group’s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the group. A sale is recognised when the significant risks and rewards of ownership have passed to the buyer. This is when title and insurance risk have passed to the customer and the goods have been delivered to a contractually agreed location. Interest income is recognised using the effective interest method. When a loan and receivable is impaired, the group reduces the carrying amount to its recoverable amount, which is the estimated future cash flow discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired loans and receivables is recognised using the original effective interest rate.

2.21 Non-recurring items Non-recurring items are those material items of financial performance that the group believes should be separately disclosed in the income statement to assist in the understanding of the underlying financial performance achieved by the group and its businesses. Such items are material by nature or affect the financial year’s results and require separate disclosure in accordance with IAS 1. Nonrecurring items that relate to the operating performance of the group comprise restructuring costs.

2.22 Leases Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. The group leases certain equipment. Leases of equipment where the group bears substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s commencement at the lower of the fair value of the leased equipment and the present value of the minimum lease payments. Each lease payment is divided between the liability and finance charges. The corresponding rental obligations, net of finance charges, are included in other non-current liabilities. The interest element of the finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The equipment acquired under finance leases is depreciated over the shorter of the useful life of the asset and the lease term.

Geschäftsbericht 2014 | Seite 63

MEGATECH Industries Hlinsko fertigt für die dritte Generation des Audi TT Coupé die Heckklappenverkleidung, den Rahmen der Heckscheibe und die Ladekante.

Geschäftsbericht 2014 | Seite 64

Gesch채ftsbericht 2014 | Seite 65

3 Financial risk management 3.1 Financial risk factors The group’s activities expose it to a variety of financial risks: market risk (including foreign exchange currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group’s financial performance. If required, the group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out centrally by the group’s management. The following sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.

3.1.1 Market risk Foreign exchange risk The group operates internationally and is exposed to foreign exchange risk arising primarily from the Czech crown and the Brazilian real. Foreign exchange risk arises from future commercial transactions and bank loans in other currencies than the functional currency. Management has set up a policy to require group companies to manage their foreign exchange risk against their functional currency with internal hedging as far as possible. Furthermore, developments in foreign currencies are passed on to customers with a certain time delay. Group management will coordinate any additional hedging that may be necessary. The following exchange rates were used:

2014

2013

Average

Closing

Average

Closing

BRL

3.1228

3.2207

2.8687

3.2576

CZK

27.5358

27.7350

25.9797

27.4270

Total foreign exchange losses in 2014 amounted to kEUR -314 (2013: kEUR -1,972). There were no hedging instruments in place in 2014 and 2013, because loss is not cash effective and management decided not to use hedging instruments that cause high cash outflows upfront. At 31 December 2014, if the exchange rate of the Czech crown had increased additionally by 5.0% with all other variables held constant, profit before tax would have been kEUR -907 lower (2013: kEUR -1,035). There are no material risks in other currencies (including BRL).

Geschäftsbericht 2014 | Seite 66

Cash flow and fair value interest rate risk The group’s interest rate risk arises from non-current financial liabilities. Financial liabilities issued at variable rates expose the group to cash flow interest rate risk which is partially offset by cash held at variable rates. At the end of 2014, almost all of the group’s financial liabilities were denominated in euro. At 31 December 2014, if the EURIBOR had increased additionally by 0.5%-points with all other variables held constant, profit before tax would have been kEUR -80 lower (2013: kEUR -115). There are no material risks in any other underlying.

3.1.2 Credit risk The group’s credit risk is mainly confined to the risk of customers defaulting on sales invoices raised. Any credit risk arising from cash deposits and derivative financial instruments is deemed to be insignificant on the basis that nearly all relevant counterparties are investment grade entities recognised by international credit-rating agencies. Each local entity is responsible for managing and analysing the credit risk for each of their new customers before standard payment and delivery terms and conditions are offered. Main customers of the group are the big automotive producers with regard to which credit risk is considered low. The maximum risk to the group is the carrying amount.

3.1.3 Commodity price risk The group is exposed to commodity price risks as main raw materials can only be purchased on the spot markets and no commodity hedges are available. Price fluctuations can partly be passed on to customers, depending on the contractual relationship.

3.1.4 Liquidity risk Liquidity risk is the risk that the group could experience difficulties in meeting its commitments to creditors as financial liabilities fall due for payment. The group manages its liquidity risk by using reasonable and retrospectively-assessed assumptions to forecast future cash-generating capabilities and working capital requirements of the businesses it operates and by maintaining sufficient reserves, committed borrowing facilities and other credit lines as appropriate. Forecast liquidity represents the group’s expected cash inflows, principally generated from sales made to customers, less the group’s contractually-determined cash outflows, principally related to supplier payments and the repayment of borrowings, plus the payment of any interest accruing thereon. The matching of these cash inflows and outflows rests on the expected ageing profiles of the underlying assets and liabilities. Current financial assets and financial liabilities are represented primarily by the group’s trade receivables and trade payables, respectively. The matching of the cash flows that result from trade receivables and trade payables takes place typically over a period of three to four months from recognition in the balance sheet and is managed to ensure the ongoing operating liquidity of the group. Financing cash outflows may be longer-term in nature. The group does not hold noncurrent financial assets to match against these commitments, but has invested significantly in noncurrent non-financial assets which generate the sustainable future cash inflows, net of future capital expenditure requirements, needed to service and repay the group’s financial liabilities. Geschäftsbericht 2014 | Seite 67

The table below analyses the groupâ&#x20AC;&#x2122;s non-derivative financial liabilities and net-settled derivative financial liabilities, dividing them into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. in kEUR

0-3 months

3-12 months

1-2 years

2-5 years

>5 years

Financial liabilities (excl. bank overdrafts)

2,737

8,995

2,900

7,239

4,242

Bank overdrafts incl. recourse factoring

1,056

111

333

444

904

Trade payables

20,764

124

Other payables

4,797

1,025

422

1,211

Other financing

0-3 months

3-12 months

1-2 years

2-5 years

>5 years

Financial liabilities (excl. bank overdrafts)

15,311

2,521

956

1,877

1,732

Bank overdrafts incl, recourse factoring

11,530

623

118

157

340

Trade payables

26,327

Other payables

1,808

174

Other financing

as of 31 December 2014

Finance lease

in kEUR

as of 31 December 2013

Finance lease

Financial liabilities with contractual undiscounted cash flows, which are due in more than one year, have been reclassified to 0-3 months in 2013 because the group management decided not to repay instalments in December 2013 due to serious legal restrictions.

GeschĂ¤ftsbericht 2014 | Seite 68

3.2 Capital risk management The group’s objectives when managing capital are to safeguard the group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital. Consistent with others in the industry, the group monitors capital on the basis of net debt/EBITDA before non-recurring items as well as the equity ratio. Net debt is calculated as total financial liabilities (including ‘current and non-current financial liabilities’ as shown in the balance sheet) less cash and cash equivalents. Equity is calculated as ‘equity’ as shown in the balance sheet. in kEUR

31/12/2014

31/12/2013

Financial liabilities

26,026

32,715

- Cash and cash equivalents

-1,881

-6,212

24,145

26,503

10,528

7,754

2.29

3.42

Net debt EBITDA before non recurring items Net debt/EBITDA before non recurring items

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation. in kEUR

31/12/2014

31/12/2013

Total equity

39,840

37,614

Total assets

100,316

113,096

39.7%

33.3%

Equity ratio

Based on contracts with banks, the group also puts focus on tangible equity ratio. Tangible equity ratio is defined in the same way as equity ratio but includes adjustments for intangible assets, deferred tax assets and receivables and payables from or to related parties.

Geschäftsbericht 2014 | Seite 69

in kEUR

31/12/2014

31/12/2013

39,840

37,614

-18,174

-12,586

-707

-775

-12,217

-13,592

2,023

Tangible equity

10,765

10,687

Total assets

100,316

113,096

- Intangible assets

-18,174

-12,586

-707

-775

-12,217

-13,592

2,023

Tangible assets

71,241

86,169

Tangible equity ratio

15.1%

12.4%

Total equity - Intangible assets - Deferred tax assets - Receivables from related parties + Payables to related parties

- Deferred tax assets - Receivables from related parties + Payables to related parties

3.3 Fair value estimation The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:  Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);  Inputs other than quoted prices included under level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (i.e., derived from prices) (level 2);  Inputs for the asset or liability that are not based on observable market data (i.e., unobservable inputs) (level 3). The following table presents the group’s assets and liabilities that were measured at fair value at 31 December 2013: in kEUR

Level 2

Level 3

Total

Assets Financial assets at fair value through P&L Trading derivatives Available-for-sale financial assets Equity securities Total assets Geschäftsbericht 2014 | Seite 70

The following table presents the group’s assets and liabilities that were measured at fair value at 31 December 2013: in kEUR

Level 2

Level 3

Total

Assets Financial assets at fair value through P&L Trading derivatives Available-for-sale financial assets Equity securities Total assets No transfers between levels took place in 2014 and 2013. The fair value of financial instruments that are not traded in an active market (for example, overthe-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. If all significant inputs required to measure an instrument at fair value are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

4 Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

4.1 Estimated residual values and useful economic lives The group’s objectives when managing capital are to safeguard the group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital structure to reduce the cost of capital. Consistent with others in the industry, the group monitors capital on the basis of net debt/EBITDA before non-recurring items as well as the equity ratio. Net debt is calculated as total financial liabilities (including ‘current and non-current financial liabilities’ as shown in the balance sheet) less cash and cash equivalents. Equity is calculated as ‘equity’ as shown in the balance sheet.

Geschäftsbericht 2014 | Seite 71

4.2 Employee benefits At 31 December 2014, the employee benefits obligation (severance and anniversary payments) amounted to kEUR 392 (2013: kEUR 434) The groupâ&#x20AC;&#x2122;s benefit scheme liabilities are sensitive to changes in various underlying actuarial assumptions set by management. These assumptions include the discount and inflation rates to apply to scheme liabilities, the mortality rates to apply to scheme members and the rates of increase of future salaries. Further details regarding the assumptions are set out in note 29.3.

4.3 Deferred taxation At 31 December 2014, the group recognised deferred tax assets on tax loss carry-forwards in an amount of kEUR 818 (2013: kEUR 990). If future taxable profits within the 3-year plan period defined for the accounting and measurement of deferred taxes are 10% lower than the assumptions made at the balance sheet date, this would have a negative impact on the reported deferred tax assets on tax loss carry-forwards in an amount of kEUR 0 (2013: kEUR -77).

5 Revenue in kEUR

2014

2013

Sale of parts

109,080

109,685

Sale of tools

6,942

13,903

Other revenue

8,429

7,928

124,451

131,516

Total

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation). Other revenues mainly refer to sales of raw material to subcontractors.

6 Raw materials and consumables used Raw materials and consumables used include kEUR -221 (2013: kEUR -96) for the provision for impairment of inventories and write-down of inventories. It also includes kEUR 110 (2013: kEUR 33) for the reversal of provision for impairment of inventories.

GeschĂ¤ftsbericht 2014 | Seite 72

7 Employee benefit expenses in kEUR

2014

2013

Wages and salaries

-19,648

-20,373

Social security costs

-5,861

-6,019

-5

-524

-532

-26,004

-26,923

Number of employees (FTEs) as per 31 December

1,104

1,227

Average number of employees (FTEs)

1,214

1,306

Severance payment costs (note 29) Anniversary payment costs (note 29) Other employment costs Total employee costs

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation)

8 Other income in kEUR

2014

2013

278

253

Gains from disposal of assets

331

Rents

251

Other income

1,638

1,550

Total other income

2,051

2,385

Government grants

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation) Other income mainly refers to cost compensations from customers and suppliers.

Gesch채ftsbericht 2014 | Seite 73

9 Other expenses in kEUR

2014

2013

Consultancy costs

-2,050

-2,373

Temporary workers

-1,794

-1,719

Rents and similar costs

-1,056

-1,415

Travel expenses

-922

-809

Bad debts (incl, reversals)

-345

-179

Energy non-production

-340

-452

IT services

-335

-372

Insurance costs

-298

-451

Telephone and internet costs

-264

-279

Bank charges

-212

-209

Repair and maintenance

-210

-231

Marketing

-177

-106

Others

-1,527

-1,359

Total other expenses

-9,530

-9,954

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation) Consultancy costs include kEUR 746 (2013: kEUR 1,128) for capitalised development costs. Bad debts include kEUR -483 (2013: kEUR -319) for the provision and write-off of bad debts and kEUR 138 (2013: kEUR 140) for the reversal of the provision for bad debts.

10 Non-recurring items Some group companies had restructuring programmes in 2012 and 2013 in order to improve production and administration processes. Costs for the reduction in the number of employees are shown as restructuring costs under non-recurring items. In 2014 non-recurring items mainly refer to the long-planned closing of the plant in Liberec, Czech Republic and ongoing restructuring program in Amurrio, Spain.

Gesch채ftsbericht 2014 | Seite 74

11 Depreciation and amortisation in kEUR

2014

2013

Depreciation

-3,127

-3,775

Amortisation

-2,190

-1,757

Impairment of property, plant, equipment

-34

-364

Reversal of impairment

128

-5,223

-5,896

Total

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation)

12 Interest result in kEUR

2013

2012

Interest income from related parties

306

259

Interest income

328

304

-1,532

-1,960

-72

-371

-42

Interest costs

-1,975

-2,002

Interest result

-1,647

-1,698

Interest result Interest income from short-term bank deposits

Interest costs for bank borrowings Interest costs for related parties Other interest costs

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation) The increase in other interest costs mainly refers to increased liabilities for finance lease and to costs for non-recourse factoring that was implemented in 2014.

Gesch채ftsbericht 2014 | Seite 75

13 Other financial result in kEUR

2014

2013

-245

-1,885

-571

Non-recurring financial result

2,281

1,528

Other financial result

2,036

-928

Net foreign exchange result on financing activities Changes in fair value of financial instruments

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation) The net foreign exchange result on financing activities was mainly caused by changes in the EUR/CZK exchange rate. The 2014 non-recurring financial result refers to an agreement between Megatech Group, BAWAG P.S.K Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse Aktiengesellschaft (BAWAG PSK AG) and Česká Spořitelna, a.s. to refinance the loan contract to Megatech Group by BAWAG PSK AG (see also note 25.1). It includes the impact from the waiver from BAWAG PSK AG and the costs relating to this agreement. Changes in the fair value of financial instruments were caused by the negative development of inflation rate swaps. These inflation rate swaps were terminated in 2013. It was agreed with the bank to waive half of the liabilities. The impact from this agreement was reported as a non-recurring financial result in 2013.

Geschäftsbericht 2014 | Seite 76

14 Income tax expense 14.1 Total tax charge in kEUR

2014

2013

-1,388

-623

-88

114

-1,476

-509

906

698

-12

969

686

-507

177

Current taxes Current tax on profits for the year Adjustments in respect of prior years Total current taxes Deferred taxes Origination and reversal of temporary differences Attributable to a change in the rate of domestic income tax rate Adjustments in respect of prior years Total deferred taxes Total tax charge

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation)

Gesch채ftsbericht 2014 | Seite 77

Tax on the group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows: in kEUR

2014

2013

Profit before tax

4,941

-1,717

Tax calculated at domestic tax rates applicable to profits in the respective countries

-1,413

-437

-1

- Gains not taxable

105

- Utilisation of previously unrecognised tax losses

917

- Tax losses for which no deferred income tax asset was recognised

-96

-51

-12

- Adjustments in respect of prior years

-26

114

- Tax credits

442

-507

177

Tax effects of: - Expenses not deductible for tax purposes

- Re-measurement of deferred taxes - change of tax rate

Total tax charge

Reporting of figures for 2013 has been amended due to reporting of discontinued operations (See note 15 for an explanation) The weighted average applicable tax rate was 28.6% (2013: 2.4%). The change was due to a change in the profitability of the group’s subsidiaries in the relevant countries, some of them with a negative result. In 2014, no gains or losses from taxes were included in other comprehensive income (2013: kEUR 0).

Geschäftsbericht 2014 | Seite 78

14.2 Deferred income tax The analysis of deferred tax assets and deferred tax liabilities including offsetting of balances within the same tax jurisdiction is as follows: in kEUR

31/12/2014

31/12/2013

Deferred tax assets to be recovered after more than 12 months

343

579

Deferred tax assets to be recovered within 12 months

364

196

Total deferred tax assets

707

775

-3,031

-3,901

-135

Total deferred tax liabilities

-2,960

-4,036

Net deferred tax

-2,253

-3,261

Deferred tax assets

Deferred tax liabilities Deferred tax liabilities to be recovered after more than 12 months Deferred tax liabilities to be recovered within 12 months

The gross movement on the deferred income tax account is as follows: in kEUR At 1 January Income statement charge Change in scope of consolidation Currency rate difference At 31 December

2014

2013

-3,261

-4,142

969

910

-10

-29

-2,253

-3,261

Gesch채ftsbericht 2014 | Seite 79

Gesch채ftsbericht 2014 | Seite 80

Das Herzst체ck unserer Arbeit bilden die zahlreichen Mitarbeiter. Die modernen Maschinen werden durch geschulte Handarbeit perfekt erg채nzt und abgerundet.

Gesch채ftsbericht 2014 | Seite 81

The movement in deferred income tax assets and liabilities, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows: Deferred tax assets

Employee benefits

Provisions

Tax losses

Others

Total

in kEUR

31 December 2012

223

1,177

580

2,018

Charged/(credited) to income statement

-3

-81

-91

590

415

Currency difference

-3

-14

-96

-67

-180

31 December 2013

128

990

1,103

2,253

Charged/(credited) to income statement

-7

-19

737

792

Change in scope of consolidation

-247

-10

-257

Currency difference

-1

-6

-13

-20

108

818

1,817

2,768

31 December 2014

Deferred tax liabilties Fixed assets

Others

Total

in kEUR

-6,049

-111

-6,160

Charged/(credited) to income statement

510

-15

495

Currency difference

146

151

-5,393

-121

-5,514

Charged/(credited) to income statement

179

-2

177

Change in scope of consolidation

306

-4,899

-122

-5,021

31 December 2012

31 December 2013

Currency difference 31 December 2014

Gesch채ftsbericht 2014 | Seite 82

Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. No deferred tax assets for tax loss carry-forwards were recognised for entities where it currently does not appear likely that sufficient taxable income will be available against which the taxes loss carry-forwards can be utilised. The group did not recognise deferred income tax assets of kEUR 653 (2013: kEUR 2,587) in respect of losses amounting to kEUR 6,389 (2013: kEUR 10,662). Total tax loss carried forward is kEUR 11,155 (2013: kEUR 15,042), of which kEUR 870 will expire in the next year (2013: kEUR 1,373), and kEUR 4,999 (2013: kEUR 8,113) will expire in the next two to five years.

15 Discontinued operations Because of the distressed market situation in Brazil, with a drop down of the whole automotive industry by around 40% compared to the prior year, in December 2014 the management of the group decided to sell the Brazilian entity and to exit the Brazilian market at least for the next few years. As at 31 December 2014 the shares in Megatech Brasil Componentes Automotivos Ltda., Brazil, were sold to Megatech Industries Aktiengesellschaft F체rstentum Liechtenstein, Vaduz, Liechtenstein (see note 35.2). As Megatech Group lost control over the Brazilian entity, this entity was deconsolidated. In accordance with IFRS 5, the impact the deconsolidation of the Brazilian entity has on the consolidated income statement and consolidated cash flow statement is reclassified and reported as result from discontinued operations. An analysis of the result of discontinued operations and the result from the deconsolidation of the Brazilian entity is as follows: in kEUR

2014

2013

Revenue

7,409

12,121

Expenses

-9,965

-12,723

Result before tax from discontinued operations

-2,556

-602

905

224

Result after tax from discontinued operations

-1,651

-378

Disposed assets other than cash and cash equivalents

-4,326

-123

5,266

Provision for receivables from disposed entity

-950

Take-over of costs

-200

Provision for guarantees provided

-260

Currency translation difference reclassified from OCI

-169

Result from deconsolidation

-762

-2,413

-378

Taxes on income from discontinued operations

Disposed cash and cash equivalents Disposed liabilities

Total result from discontinued operations

Gesch채ftsbericht 2014 | Seite 83

The cash flow from discontinued operations is as follows: in kEUR

2014

2013

Operating cash flows

-712

391

Investing cash flows

-954

-121

Financing cash flows

760

-345

16 Property, plant and equipment

Land and building

Machinery and vehicles

Machinery and vehicles finance lease

Furniture and equipment

Total

Historic costs

41,039

52,985

612

4,756

99,392

Additions

1,647

1,003

690

3,436

Disposals

-738

-1,389

-612

-422

-3,161

Transfers

250

-247

-3

Currency difference

-2,101

-1,912

-53

-97

-4,163

31 December 2013

38,546

51,084

950

4,924

95,504

Additions

1,370

1,807

595

3,809

Disposals

-248

-24

-272

-2,458

-5,397

-482

-8,337

931

-947

-16

-134

-24

-121

36,922

45,888

2,733

5,024

90,567

in kEUR

31 December 2012

Change in scope of consolidation Transfers Currency difference 31 December 2014

Gesch채ftsbericht 2014 | Seite 84

Total

-3,527

-51,062

Depreciation

-1,161

-2,051

-56

-754

-4,022

545

175

612

387

1,719

-364

393

1,301

1,775

31 December 2013

-7,986

-40,099

-53

-3,816

-51,954

Depreciation

-1,036

-1,623

-121

-347

-3,127

242

248

793

4,312

388

5,493

-34

128

-45

-8

-45

-8,094

-37,247

-173

-3,777

-49,291

Disposals Impairment Currency difference

Disposals Change in scope of consolidation Impairment Reversal of impairment Currency difference 31 December 2014

Carrying amounts in kEUR

31 December 2013 31 December 2014

Total

Furniture and equipment

-612

Furniture and equipment

Machinery and vehicles finance lease

-39,524

Machinery and vehicles finance lease

Machinery and vehicles

-7,399

Machinery and vehicles

31 December 2012

in kEUR

Land and building

Accumulated depreciation

30,560

10,985

897

1,108

43,550

28,828

8,641

2,560

1,247

41,276

Reversal of impairment of land and building refers to land and building that has been impaired in 2013. The group received an offer from a third party to buy this land and building. The fair value of these assets was adjusted to the amount offered. Reversal of impairment is included in depreciation and amortisation, as well as the impairment in 2013. For additions in machinery and vehicles finance lease, the group paid kEUR 433 for down-payments. The total amount of transfers (kEUR -16) refers to transfers between fixed assets and intangible assets (see also note 17).

Gesch채ftsbericht 2014 | Seite 85

Development costs

Customer relationships

Trademarks

Other

Total

17 Intangible assets

31 December 2012

5,488

8,385

3,697

17,570

Additions

2,784

189

2,973

Disposals

-1,567

-258

-1,825

-130

31 December 2013

6,705

8,385

3,498

18,588

Additions

4,186

3,540

179

7,905

Disposals

-92

-86

Change in scope of consolidation

-183

Transfers

-9

-8

-17

10,790

8,385

3,540

3,508

26,223

Historic costs in kEUR

Currency difference

Currency difference 31 December 2014

in kEUR

Development costs

Customer relationships

Trademarks

Other

Total

Accumulated amortisation

31 December 2012

-222

-1,677

-2,604

-4,503

Amortisation

-916

-559

-299

-1,774

Disposals

197

Currency difference

31 December 2013

-1,138

-2,236

-2,628

-6,002

Amortisation

-1,012

-559

-354

-265

-2,190

Disposals

-21

Change in scope of consolidation

160

Currency difference

-2,150

-2,795

-354

-2,750

-8,049

31 December 2014

Gesch채ftsbericht 2014 | Seite 86

in kEUR

Development costs

Customer relationships

Trademarks

Other

Total

Carrying amounts

31 December 2013

5,567

6,149

870

12,586

31 December 2014

8,640

5,590

3,186

758

18,174

The category ‘Patents’ that has been reported separately in the past is now included in ‘Other’ because of its low carrying amount. Additions to trademarks refer to a related party transaction with Megatech Industries S.L., Spain. The purchase price is partly offset against (kEUR 1,610) with receivables from Megatech Industries S.L., Spain. The rest (kEUR 1,930) will be paid over the next five years (see also note 35.5). The total amount of transfers (kEUR 16) refers to transfers between property, plant and equipment and intangible assets (see also note 16).

18 Financial instruments by category

Loans and receivables

at FV through P&L

Availablefor-sale

Total

Assets

Financial assets available for sale

Derivative financial instruments

Trade receivables

10,723

Other receivables

16,738

1,881

29,342

29,402

2014 in kEUR

Cash and cash equivalents Total

Geschäftsbericht 2014 | Seite 87

Aus unserem Werk MEGATECH Industries Hlinsko kommen ebenfalls Verkleidungsteile des Kofferraums f체r die soeben neu gestartete Produktion des Audi TT Cabrio.

Gesch채ftsbericht 2014 | Seite 88

Gesch채ftsbericht 2014 | Seite 89

Loans and receivables

at FV through P&L

Availablefor-sale

Total

Assets

Financial assets available for sale

Derivative financial instruments

Trade receivables

20,638

Other receivables

17,783

6,335

44,756

44,817

2013 in kEUR

Cash and cash equivalents Total

at FV through P&L

at amortised cost

Total

Liabilities

Financial liabilities excluding finance lease

24,357

Financial lease liabilities

1,669

Trade payables

20,888

Other payables excluding non-financial liabilities

2,591

Total

49,505

2014 in kEUR

at FV through P&L

at amortised cost

Total

Liabilities

Financial liabilities

32,424

Financial lease liabilities

602

Trade payables

26,390

28,372

Other payables excluding non-financial liabilities

1,982

28,372

Total

61,398

2013 in kEUR

Gesch채ftsbericht 2014 | Seite 90

19 Derivative financial instruments In 2014 all derivative financial instruments have been sold without any impact on result. Inflation rate swaps were terminated in 2013. By agreement with the bank, half of the total liability (kEUR 1,528) was converted into a long-term loan. The second half was waived and was reported as a non-recurring financial result (kEUR 1,528).

20 Inventories in kEUR

31/12/2014

31/12/2013

3,161

4,019

Unfinished goods

515

866

Tools and moulds

4,952

3,734

Finished goods

1,964

2,541

165

208

10,757

11,368

31/12/2014

31/12/2013

At 1 January

-456

-442

Provision for impairment on inventories

-221

-96

110

-562

-456

Inventories Raw materials

Merchandise Total inventories

in kEUR

Impairment on inventories

Use of provision for impairment on inventories Reversal of provision for impairment on inventories Currency difference At 31 December

No inventories were recorded at net realisable value in 2014 and 2013. The item â&#x20AC;&#x2DC;reversal of provision for impairment on inventoriesâ&#x20AC;&#x2122; mainly refers to inventories impaired in the past that were sold or used in production in the year the provision was reversed.

GeschĂ¤ftsbericht 2014 | Seite 91

21 Trade receivables

in kEUR

31/12/2014

31/12/2013

12,205

21,398

719

-1,512

-1,479

10,723

20,638

Trade receivables 3rd party (gross) Trade receivables related parties (gross) Provision for impairment of trade receivables Total

The development of the provision for impairment or trade receivables is as follows: in kEUR

31/12/2014

31/12/2013

-1,479

-2,312

-483

-319

Usage

291

977

Reversal

138

152

-1,512

-1,479

At 1 January Addition

Change in scope of consolidation Currency difference At 31 December

All provisions for impairment of trade receivables refer to receivables from 3rd parties. No provision is necessary for trade receivables from related parties. Overdue trade receivables are as follows:

Provision for bad debt

Receivables gross

Provision for bad debt

31/12/2013

Receivables gross

31/12/2014

Not overdue

8,503

17,423

Overdue <3m

2,168

-21

2,875

-28

Overdue 3-6m

-13

438

-92

Overdue >6m

1,502

-1,478

1,381

-1,359

12,235

-1,512

22,117

-1,479

in kEUR

Total Gesch채ftsbericht 2014 | Seite 92

The group has a number of independent customers who have no recent history of default. Taking the group’s customer structure into consideration, the credit risk can be evaluated as low. The set-up and release of provisions for impaired receivables have been included in ‘other expenses’ in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation to recover the respective receivables. Certain subsidiaries of the group transferred receivable balances to a bank in exchange for cash based on a factoring agreement. At the end of the year, the receivable balances transferred amounted to kEUR 1,044 (2013: kEUR 2,531). Since certain credit risks are not transferred to banks, the derecognition criteria according to IAS 39 are not fully met, which is why related receivables have not been derecognised. Total amount of trade receivables transferred and derecognised is kEUR 5,590 (2013: kEUR 0). All trade receivables are current receivables. The fair values are the same as the carrying amounts.

22 Other receivables in kEUR

31/12/2014

31/12/2013

11,955

12,860

Current receivables related parties (gross)

1,182

Other receivables 3rd party (gross)

4,551

4,909

-950

16,738

17,783

Non-current receivables related parties (gross)

Provision for impairment of other receivables Total

The development of the provision for impairment of other receivables is as follows: in kEUR

31/12/2014

31/12/2013

Addition

-950

At 31 December

-950

At 1 January

The full amount of the provision for impairment of other receivables refers to Megatech Brasil Componentes Automotivos Ltda., Brazil, that was sold as at 31 December 2014. Additions to these provisions are included in result from discontinued operations.

Geschäftsbericht 2014 | Seite 93

Overdue in other receivables are as follows:

Provision for bad debt

Receivables gross

Provision for bad debt

31/12/2013

Receivables gross

31/12/2014

17,589

-851

17,783

Overdue <3m

-47

Overdue 3-6m

Overdue >6m

-52

17,688

-950

17,783

in kEUR

Not overdue

Total

The fair values of receivables from related parties are based on cash flows discounted using a rate based on the borrowing rate of 3.75% (2013: 3.75%). The discount rate equals the refinancing rate of the group with banks. The fair value of non-current receivables from related parties is kEUR 11,310 (2013: kEUR 12,059). The valuation of the fair value is in accordance with the level 2-method (see note 3.3). Current receivable fair values equal the carrying amount. All non-current receivables from related parties will be repaid within the next six years, thereof kEUR 1.445 in 2015.

23 Cash and cash equivalents in kEUR

Cash in hand and bank accounts Cash restricted or pledged Cash and cash equivalents

31/12/2014

31/12/2013

1,881

6,271

1,881

6,335

31/12/2014

31/12/2013

1,881

6,335

500

1,341

2,381

7,676

The fair values are the same as the carrying amounts. Cash and free overdrafts are as follows: in kEUR

Cash and cash equivalents Free bank overdrafts Cash and free overdrafts Gesch채ftsbericht 2014 | Seite 94

24 Equity

24.1 Registered capital The company increased the registered capital at 11 November 2010 by EUR 7,000,000 through a contribution in kind of 100 % of the shares in Megatech Industries Amurrio S.L., Megatech Industries Orense S.L. and Megatech Engineering Center s.r.l. and 99.99 % in Megatech Brasil Componentes Automotivos LTDA, granted by Megatech Industries S.L. in exchange for shares of the company. At year-end the company had registered capital of EUR 7,050,000. In total Megatech Industries AG issued 70,500 no-par value shares. Registered capital is fully paid in.

24.2 Other reserves Other reserves resulted from changes in the scope of consolidation in 2010 amounting to kEUR 34,356 and from capital increases in subsidiaries of the group from related parties amounting to kEUR 7,592 (2013: kEUR 7,592). In 2014 kEUR 7,048 was transferred to retained earnings to cover losses incurred in the past.

25 Financial liabilities in kEUR

31/12/2014

31/12/2013

12,393

3,982

1,277

467

13,683

4,449

1,044

11,610

10,899

16,832

392

135

Total current

12,343

28,577

Total financial liabilities

26,026

33,026

Non-current Bank loans Finance lease liabilities Other financing liabilities Total non-current Current Bank overdrafts incl, recourse factoring Bank loans Finance lease liabilities Other financing liabilities

Gesch채ftsbericht 2014 | Seite 95

In unserem Werk MEGATECH Industries Hlinkso produzieren wir f체r das Audi A3 Cabrio die R체ckwandseitenverkleidung, die sich aus zwei Teilen zusammensetzt.

Gesch채ftsbericht 2014 | Seite 96

Gesch채ftsbericht 2014 | Seite 97

25.1 Bank borrowings 25.1.1 Refinancing of BAWAG PSK AG loans In July 2014, the management of Megatech Group signed an agreement with Česká Spořitelna, a.s. for the refinancing of the total BAWAG PSK AG loan volume. One part of this refinancing agreement was that Megatech Group repays the instalment outstanding in December 2013 to BAWAG PSK AG. BAWAG PSK AG waived part of the outstanding loans in an amount of kEUR 2,627. Together with an additional one-time payment by Megatech entities to BAWAG PSK AG in an amount of kEUR 800 Megatech Group has a significant deleveraging in the Czech entities from kEUR 24,200 to kEUR 19,200. Megatech Industries AG acts as guarantor of these loans. Together with the new refinancing terms and conditions the financial position of Megatech Group in the Czech Republic – and, therefore, also in the group – is significantly strengthened by substantially lower yearly instalments and interest payments for the loans which were refinanced. 25.1.2 Pledges and securities The group has pledged certain assets as collateral against certain borrowings. The carrying amounts of these assets and the secured liabilities are as follows: in kEUR

31/12/2014

31/12/2013

20,664

19,422

Pledged machinery

4,599

3,429

Pledged trade receivables

5,203

9,506

Pledged intangible assets

365

485

Total amount of pledged assets

30,831

32,842

Amount of bank borrowings secured

16,755

28,622

7,581

3,802

Pledged land & building

Amount of bank borrowings unsecured

Bank loans from Megatech Industries Jablonec s.r.o., Czech Republic and Megatech Industries Hlinsko s.r.o, Czech Republic (in total kEUR 14.219) are secured by land and building, machinery, receivables and inventories of both Czech companies. In addition, Megatech Industries AG also pledged the shares in both Czech entities and also in Megatech Industries Intellectual Property S.L.U., Spain. Bank loans in an amount of kEUR 1.286 from Megatech Industries Amurrio S.L., Spain, and Megatech Industries Orense S.L., Spain, are secured by land and building of Megatech Industries Amurrio S.L., Spain. Two minor loans (in total kEUR 206) for machinery are secured by the machinery purchased with money from these loans. Liabilities from recourse factoring (kEUR 1.044) are secured by corresponding trade receivables.

Geschäftsbericht 2014 | Seite 98

25.2 Finance lease liabilities Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default. in kEUR

31/12/2014

31/12/2013

444

157

1-5 years

1,348

497

> 5 years

1,792

654

-123

-52

1,669

602

in kEUR

31/12/2014

31/12/2013

0-1 year

392

135

1-5 years

1,277

467

> 5 years

1,669

602

Gross finance lease liabilitiesâ&#x20AC;&#x201C; minimum lease payments 0-1 year

Future finance charges on finance lease liabilities Present value of finance lease liabilities

The present value of finance lease liabilities is as follows:

Present value of finance lease liabilities

25.3 Fair value of financial liabilities The carrying amounts and fair value of the non-current borrowings are as follows: in kEUR

31/12/2014

31/12/2013

Carrying amount

13,683

4,449

Fair value

13,102

4,283

Financial liabilties non-current

The fair value of current borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on discounted cash flows using a rate based on the borrowing rate of 3.75% (2013: 3.75%). The valuation of fair value is in accordance with the level 2-method (see note 3.3).

GeschĂ¤ftsbericht 2014 | Seite 99

26 Trade payables All trade payables in 2014 and 2013 are payables to 3rd parties.

27 Other payables Other non-current liabilities (kEUR 1,544) fully refer to liabilities to related parties. Current other payables include as follows: in kEUR

31/12/2014

31/12/2013

1,454

2,194

Accrued bonuses

899

654

Payables to employees

879

1,109

Payables income tax

685

2,379

Payables social securities

581

806

Current Payables to related parties

479

Other payables

970

1,587

5,947

8,755

VAT payables

Total other payables

Other payables to related parties (non-current and current) include kEUR 1,930 with regard to the purchase price of trademark rights from Megatech Industries S.L., Spain. This amount will be paid in the next five years. See also note 35.5. The fair values of other payables to related parties are based on cash flows discounted using a rate based on the borrowing rate of 3.75% (2013: 3.75%). The discount rate equals the refinancing rate of the group with banks. The fair value of non-current other payables to related parties is kEUR 1,488 (2013: kEUR 0). The valuation of the fair value is in accordance with the level 2-method (see note 3.3). Current other payables fair values equal the carrying amount.

28 Government grants Some group companies obtained grants from public organisations for financing investments in property, plant and equipment. The group companies comply with all conditions set by the public organisations for the corresponding government grants.

Gesch채ftsbericht 2014 | Seite 100

in kEUR

2014

2013

At 1 January

1,379

1,434

238

234

-36

-278

-253

At 31 December

1,339

1,379

in kEUR

2014

2013

Government grants non-current

1,317

1,355

1,339

1,379

Additions Repayments Releases

Government grants current Total

29 Non-current employee benefits 29.1 Severance payments Some group companies pay a severance donation in case of retirement after an uninterrupted period of service of 5 years to their employees. in kEUR

2014

2013

Curtailment

-4

Interest costs

Actuarial losses/(gains)

-4

-9

Benefits paid

-1

-2

-4

Total costs/(gains) included in employee benefit expenses

Total costs included in interest costs

Total costs/(gains) included in income statement

-4

-9

Development of provisions At 1 January Current service costs

Currency difference At 31 December

Total costs/(gains) included in other comprehensive income

Gesch채ftsbericht 2014 | Seite 101

The development of the provisions equals the development of the defined benefit obligations. Actuarial losses and gains arise from changes in financial assumptions. The sensitivity of the defined benefit obligation is as follows: in kEUR

2014

2013

Increase in discount rate by 1.0%

-4

-7

Decrease in discount rate by 1.0%

-7

Increase in benefit levels by 0.5%

The above sensitivity analysis is based on a change in the assumption while holding all other assumptions constant.

29.2 Anniversary payments Some group companies pay an anniversary bonus after an uninterrupted period of service. in kEUR

2014

2013

390

415

-13

Actuarial losses/(gains)

-28

-19

Benefits paid

-12

-10

-1

-13

At 31 December

352

390

Total costs/(gains) included in employee benefit expenses

-29

-6

-25

-2

Development of provisions At 1 January Current service costs Curtailment Interest costs

Currency difference

Total costs included in interest costs Total costs/(gains) included in income statement

The development of the provision equals the development of the defined benefit obligations. Actuarial losses and gains arise from changes in financial assumptions.

Gesch채ftsbericht 2014 | Seite 102

The sensitivity of the defined benefit obligation is as follows: in kEUR

2014

2013

Increase in discount rate by 1.0%

-34

-39

Decrease in discount rate by 1.0%

Increase in salaries by 1.0%

Decrease in salaries by 1.0%

-20

-23

Increase in benefit levels by 0.5%

29.3 Non-current employee benefits (severance and anniversary payments) Provisions for non-current employee benefits include the following actuarial assumptions: 2014

2013

Discount rate

2.0%-3.0%

3.5%

Salary increase

0.0%-2.0%

2.0%-2.75%

Retirement age

65 years

64-65 years

15%-24%

5%-20%

Labour turnover rate

Assumptions regarding future mortality expectations are made based on actuarial advice in accordance with published statistics.

Severance payment

Anniversary payments

Total

The expected maturity analysis for the next ten years of undiscounted severance and anniversary payments are as follows:

<1 year

1-2 years

2-5 years

105

5-10 years

238

254

Gesch채ftsbericht 2014 | Seite 103

30 Provisions

Environm. restoration

Legal claims

Onerous Contracts

Others

Total

in kEUR

515

260

861

639

2.275

- Additions

170

278

- Unused amounts reversed

-36

-307

-343

Used during year

-57

-546

-603

Reclassification

-17

-14

-19

Currency difference

-23

-25

-14

-83

-145

31 December 2013

418

355

538

151

1,462

- Additions

196

460

715

- Unused amounts reversed

-254

-32

-286

-42

-278

-1

-321

-189

-4

-2

-1

372

229

200

579

1,380

31 December 2012 Charged/(credited) to the income statement

Charged/(credited) to the income statement

Used during year Change in scope of consolidation Currency difference 31 December 2014

Environm. restoration

Legal claims

Onerous Contracts

Others

Total

in kEUR

363

355

437

1,246

Current provisions

101

216

Total Provisions

418

355

538

151

1,462

31 December 2013 Non-current provisions

Gesch채ftsbericht 2014 | Seite 104

Environm. restoration

Legal claims

Onerous Contracts

Others

Total

in kEUR

318

229

133

744

Current provisions

515

636

Total Provisions

372

229

200

579

1,380

31 December 2014 Non-current provisions

30.1 Environmental restoration The buildings of one group company are located in an area where the soil is historically contaminated (due to production which took place in former times). A corresponding provision for future costs to restore the area is recognised based on an expert opinion.

30.2 Legal claims The amount represents a provision for certain legal claims brought against the group by former employees. In the opinion of the managing directors, having taken appropriate legal advice, the outcome of these legal claims will not give rise to any significant loss beyond the amount provided for at 31 December 2014.

30.3 Onerous contracts With regard to onerous supply contracts in some group companies a provision was recognised which will be consumed within the next years according to the obligations arising from the contracts with customers.

30.4 Other provisions Other provisions added in 2014 mainly refer to the disposal of Megatech Brasil Componentes Automotivos Ltda., Brazil. See note 35.2

31 Contingent liabilities At the balance sheet date, the group had no contingent liabilities as in the previous year.

Gesch채ftsbericht 2014 | Seite 105

32 Commitments 32.1 Capital commitments Capital expenditure contracted for at the end of the reporting period but not yet incurred is as follows: in kEUR

Property, plant and equipment Intangible assets Total

2014

2013

770

32.2 Operating lease commitments The group also leases various machinery and cars under cancellable operating lease agreements. The group is required to give a three- to six-months notice for the termination of these agreements. The lease expenditure charged to the income statement during the year amounted to kEUR 117 (2013: kEUR 147). The future aggregate minimum lease payments for non-cancellable operating lease are as follows:

in kEUR

2014

2013

<1 year

1 - 5 years

> 5 years

The non-cancellable operating lease from 2013 referred to a contract that was terminated in agreement with the lessor in 2014.

Gesch채ftsbericht 2014 | Seite 106

33 Cash flow and non-cash transactions 33.1 Bank loans and bank overdrafts Repayment of bank loans includes kEUR -15,269 cash outflow for the refinancing of loans vis-à-vis BAWAG PSK AG. Proceeds from new loans include kEUR 19,200 cash inflow from Česká Spořitelna, a.s. referring to the refinancing of BAWAG PSK AG loans. Bank overdrafts and recourse factoring includes kEUR -8,741 cash outflow for the refinancing of bank overdrafts vis-à-vis BAWAG PSK AG. Proceed from new loans include kEUR 5,283 cash inflow from Česká Spořitelna, a.s. for a short-term loan, thereof kEUR 4,473 have already been repaid and are included in repayment of bank loans.

33.2 Non-cash transactions In 2014 kEUR 1,610 was offset between Megatech Group and Megatech Industries S.L., Spain. This transaction reduced the non-current and current receivables from related parties and also the noncurrent and current payables to related parties. In 2013 no material non-cash transactions were carried out.

34 Business combinations and changes in scope of consolidation No business combination took place in 2013 and 2014. After the management’s decision to exit the South American market in 2014, Megatech Brasil Componentes Automotivos Ltda., Brazil, was sold and deconsolidated as at 31 December 2014. The impact from deconsolidation is included in the result from discontinued operations. See also note 15.

Geschäftsbericht 2014 | Seite 107

35 Related-party transactions The group is controlled by Megatech Industries S.L. (incorporated in Spain) that owns 99.3% of the company’s registered capital. On 31 December 2014 the ultimate parent was EIB Beteiligungsgesellschaft mbH, Vienna. In first quarter 2015 the ultimate parent changed to Megatech Industries Aktiengesellschaft, Vaduz, Liechtenstein. The group’s ultimate controlling party was and is Mr. Maximilian Gessler.

35.1 Purchase of trademark rights As at 1 January 2014 Megatech Industries AG, Austria, purchased trademark rights mainly for the European Union from Megatech Industries S.L., Spain. The rights transferred refer to the registered trademarks MEGATECH INDUSTRIES (CTM word trademark) and MEGATECH (CTM figurative trademark). Valuation was done by an external auditor. According to the valuators sensitivity analysis, the value range is between kEUR 2,655 and kEUR 4,425. The purchase price was set at kEUR 3,540, of which kEUR 1.610 was offset against receivables from Megatech Industries S.L., Spain, in 2014, the rest will be paid in five instalments between 2015 and 2019. Liabilities are charged with interest on an arm’s length basis.

35.2 Sale of Megatech Brasil Componentes Automotivos Ltda. As at 31 December 2014, the shares in Megatech Brasil Componentes Automotivos Ltda., Brazil, held by Megatech Industries AG, Austria, were sold to Megatech Industries Aktiengesellschaft, Vaduz, Liechtenstein. As the group lost control this entity was deconsolidated. The sales price of the shares in Megatech Brasil Componentes Automotivos Ltda., Brazil, is EUR 1.00. Megatech Industries AG, Austria, takes over the costs for the restructuring of the sold company in amount of kEUR 200. The group included a provision in same amount. If Megatech Industries Aktiengesellschaft, Vaduz, Liechtenstein, will gain any positive cash impacts from Megatech Brasil Componentes Automotivos Ltda., the buyer is obliged to pay 25% out of this impact to Megatech Industries AG, Austria, in an amount of up to kEUR 500. Megatech Industries AG, Vienna, guaranteed for a customer loan to Megatech Brasil Componentes Automotivos Ltda., Brazil, in amount of kBRL 1.000 in April 2014. In January 2015 Megatech Brasil Componentes Automotivos Ltda., Brazil, started with the repayment of the loan. See note 15 for the information on the impact on the consolidated income statement from the deconsolidation of Megatech Brasil Componentes Automotivos Ltda.; Brazil.

Geschäftsbericht 2014 | Seite 108

35.3 Services to / from related parties in kEUR

2014

2013

Sale of consulting services

Purchase of consulting services

-66

Recharging of other costs

-21

-13

Interest income charged

306

259

Interest costs charged

-72

2014

2013

13,552

12,962

331

887

-1,672

306

259

13,073

13,552

13,167

13,592

-950

12,217

13,592

With controlling parties

With other related parties Purchase of consulting services All transactions were made on an armâ&#x20AC;&#x2122;s length basis.

35.4 Receivables from related parties in kEUR

Loans at 1 January Loans advanced during year Change in scope of consolidation Loans repaid/compensated with payables Interest charged Loans at 31 December Trade and other receivables against related parties Total receivables against related parties Provision for bad debt Carrying amount receivables against related parties

Loans to related parties are charged with variable interest rates depending on the development of the EURIBOR 3M. Receivables from Megatech Brasil Componentes Automotivos Ltda., Brazil, of in total kEUR 950 include a provision for bad debts. In 2013, this company was included in scope of consolidation and was deconsolidated in 2014.

GeschĂ¤ftsbericht 2014 | Seite 109

35.5 Payables to related parties As at 31 December 2014, Megatech Group has outstanding payables of kEUR 2,023 (2013: kEUR 26) to related parties, of which kEUR 1,930 (2013: kEUR 0) refer to the purchase of trademark rights from Megatech Industries S.L., Spain. These payables will be paid in five equal instalments over the next 5 years. Payables with regard to the purchase price of trademark rights are charged with interest on an armâ&#x20AC;&#x2122;s length basis based on the EURIBOR 3M. Remaining payables refer to interest charged on open purchase price and recharged costs.

35.6 Key management compensation Key management includes members of the Executive Board and the Supervisory Board. The compensation paid to key management for employee services is shown below: in kEUR

2014

2013

Salaries and other short term benefits paid

586

689

Bonus paid

209

-209

550

209

259

1,136

1,157

thereof bonus accrued in prior years Bonus accrued in current year Termination of employment (paid) Total

GeschĂ¤ftsbericht 2014 | Seite 110

36 Events after the reporting date In first quarter 2015 the ultimate parent changed from EIB Beteiligungsgesellschaft mbH to Megatech Industries Aktiengesellschaft Vaduz, Liechtenstein. The ultimate controlling party of both companies is Mr. Maximilian Gessler.

Vienna, 10 April 2015

Managing Directors

Dipl.-Kfm. Rainer Dieck

Dr. Maximilian Gessler

Dipl. Ing. Gerhard Pesout

Gesch채ftsbericht 2014 | Seite 111

W i t b Mehr als 1.350 Mitarbeiter in 7 Standorten garantieren den hohen Produktionsstandard bei MEGATECH.

Gesch채ftsbericht 2014 | Seite 112

Work ing for the best Management Report 2014

1 Economic conditions

In fiscal year 2014, global economic growth increased slightly to 2.7% (2013: 2.6%). The economic situation in many industrialised nations improved despite the continued presence of structural obstacles. Inflation remained moderate despite the expansionary monetary policies of many central banks. Economic growth in a number of emerging economies was held in check by currency fluctuations and structural deficits. In addition, the falling oil price had a negative impact on the economy in the oil producing countries. Global new passenger car registration increased by 4.5% to 73.4 million vehicles in 2014, exceeding the previous year’s record level. The primary growth drivers were the Asia-Pacific region, North America, Western Europe and Central Europe. In contrast, the overall markets for passenger cars in Eastern Europe and South America remained clearly below the prior-year level. In Western Europe, the GDP recovered compared with the previous year, growing 1.2% after 0.0%. Most northern European countries returned to a moderate growth path, while there were signs that the recession is coming to an end in most of the crisis-hit southern European countries. The unemployment rate in Europe declined slightly to 12.1% (2013: 12.5%). However, unemployment in Greece and Spain was well above this average. The stabilisation of the passenger car markets in Western Europe, which began in the second half of 2013, continued in the reporting period. The number of new registrations increased again for the first time after four years of decline. However, at 12.1 million vehicles (+4.9%), market volumes were still down substantially on the level before the financial and economic crisis (2007: 14.9 million vehicles). Whereas the French market almost stagnated (+0.5%), moderate growth was recorded in Italy (+4.9%) compared with the low prior-year volume. In Spain, the continuation of the government purchase incentive programme

Geschäftsbericht 2014 | Seite 114

accelerated the recovery process (+18.3%). Sustained high demand from private customers led to a market growth of 9.3% in the United Kingdom. In Central and Eastern Europe, GDP growth decreased to an average of 1.6% (2013: 2.2%). The economic trend in Central Europe remained positive. In contrast, economic growth in Eastern Europe contracted sharply, largely due to the conflict between Russia and Ukraine and the resulting uncertainty. The demand for passenger cars decreased by 6.7% to 3.6 million vehicles. This was mainly attributable to the sharp decline in unit sales in the Russian market, which accounts for around two thirds of the region’s total sales, due to the political crisis. Even the government scrapping programme - introduced in Russia on 1 September, 2014 - with the aim of promoting the purchase of locally produced new vehicles was unable to stop demand slumping by 10.0% to 2.3 million. In contrast, at 0.9 million passenger cars, EU markets in Central Europe posted a significant growth of 14.8% Brazil was skirting recession during the reporting period; after a 2.5% increase in the previous year, no growth was recorded. The number of new car registrations fell by 9.4% to 2.5 million units. Due to the weak economic environment, higher interest rates and reduced consumer confidence, market volumes in Brazil were also at the lowest level for the past five years. Brazil’s own vehicle exports slumped by 40.9% to 335 thousand units due to the weakness of the Argentinian market (-28.8% compared to 2013), among other factors. Although the GDP is expected to recover slightly in 2015, the automotive market is estimated for further reductions and the market volume will again decrease significantly.

2 Development of the Megatech Group

2.1 Highlights  S uccessful refinancing of BAWAG PSK AG loans, with kEUR 2,281 impact in other financial result and significant reduction of annual cash outflows during next years  EBITDA before non-recurring items increased by 35.8%  Operating result (EBIT) increased from kEUR 909 to kEUR 4,552  Positive net result after three years with losses  Research and Development team in Spain moved to Automotive Intelligence Center (AIC) in Boroa, Spain  Opening of new production hall (“Hall 100”) in Hlinsko, Czech Republic

 Successful closing of plant in Liberec, Czech Republic  Start of production of Audi TT and TT Roadster  High order intakes from current customers as well as from new customers (Opel, Porsche, Bentley, Volkswagen Nutzfahrzeuge) for all production facilities  Downturn in Brazilian automotive market also hit Megatech Brasil and led to disposal of Brazilian entity at the end of 2014

2.2 Revenue and result in kEUR

2014

2013

Revenue

124,451

131,516

10,528

7,754

4,552

909

-1,647

-1,698

Other financial result

2,036

-928

Result before tax continued operations

4,941

-1,717

Profit (loss) for the year

2,021

-1,918

EBITDA before non-recurring items Operating result (EBIT) Interest result

While the sale of parts remained nearly unchanged in 2014 - kEUR 109,080 after kEUR 109,685 in 2013 – sale of tools decreased from kEUR 13,903 in 2013 to kEUR 6,942 in 2014. Such fluctuations are normal in our tools business as the sale of tools is highly dependent on the start of the production of new products. Other revenue (mainly sales to sub-contractors) is quite stable.

Ongoing improvements in production and purchases allowed for a reduction of rate of the raw materials and consumables used by 3.1 percentage points. In total, raw materials and consumables used fell by 9.5% to kEUR 83,198. Total employee benefit expenses were reduced by 3.4% to kEUR 26,004. As a result, EBITDA before non-recurring items again increased by 35.8% to kEUR 10,528 after an increase of 142.3% in 2013. Geschäftsbericht 2014 | Seite 115

Costs for non-recurring items for restructuring accounted for kEUR -753 and mainly refer to the long-planned closing of the the plant in Liberec, Czech Republic, and further restructuring in Amurrio, Spain. After turning the operating result (EBIT) into positive in 2013, EBIT increased by 400% to kEUR 4,552 in 2014. Interest result in 2014 did not change significantly compared to 2013. The positive impact of the refinancing of BAWAG PSK AG loans in Q3 2014, that led to lower interest payments in the Czech entities, are offset by higher loan level in Spain and by higher interest costs for finance lease in the Czech entities due to new investments for upcoming projects.

The other financial result 2014 includes the kEUR 2,281 impact from the refinancing of bank loans and kEUR -245 from FX losses in EUR/CZK. In 2013, impact from EUR/CZK FX losses was kEUR -1,899. 2013 also includes the impact from waiver of 50% of the liabilities from inflation rate swaps (kEUR 1,528) and losses from inflation rate swaps (kEUR -571). The result from discontinued operations includes the net result after taxes for the Brazilian entity (kEUR -1,651) and the result from deconsolidation (kEUR -762). After three years with a negative net result, Megatech Group was able to turn the net result 2014 into positive and reached kEUR 2,021.

2.3 Financial position 2.3.1 Repayment of bank loans In July 2014, the management of Megatech Group signed an agreement with Česká Spořitelna, a.s. for the refinancing of the total BAWAG PSK AG loan volume. One part of this refinancing agreement was that Megatech Group pays the open instalment of December 2013 to BAWAG PSK AG. BAWAG PSK AG waived part of the outstanding loans in an amount of kEUR 2,627. Together with an additional one-time payment by Megatech entities to BAWAG PSK AG in an amount of kEUR 800, Megatech Group had a

Geschäftsbericht 2014 | Seite 116

significant deleveraging in the Czech entities from kEUR 24,200 to kEUR 19,200. Megatech Industries AG acts as guarantor of these loans. Together with the new refinancing terms and conditions, the financial position of Megatech Group in the Czech Republic – and, therefore, also in the group – is significantly strengthened by substantially lower annual instalments and interest payments for the loans which were refinanced.

2.3.2 Net debt and gearing

in kEUR

2014

2013

Non-current financial liabilities

13,683

4,449

Current financial liabilities

12,343

28,577

26,026

33,026

-1,881

-6,335

Net debt

24,145

26,691

Total equity

39,840

37,614

Gearing (net debt / total equity)

60,6%

71,0%

Cash and cash equivalents

An agreement to waive outstanding loans in the amount of kEUR 2,627 together with the high redemption to be paid for bank loans and overdrafts, partly offset by new loans and finance lease liabilities, led to a reduction of financial liabilities by 21.2% in 2014. As cash and cash equivalents also reduced significantly, total net

debt fell by 9.5% in 2014 after a reduction of 14.6% in 2013. Because of the decrease in net debt and increasing equity due to the positive net result, gearing again reduced by 10.4 percentage points after -7.8 percentage points in 2013.

2.3.3 Working capital in kEUR

2014

2013

Inventories

10,757

11,368

Trade receivables

10,723

20,638

Other receivables

4,783

4,923

Trade payables

-20,888

-26,390

Other payables

-5,947

-8,755

-572

1,784

Working capital

Ongoing focus on improvement of working capital structure enabled further reduction of working capital. Working capital, excluding the Brazilian entity, in 2013 was kEUR 3,385. The

reduction to kEUR -572 mainly refers to the material reduction of trade receivables, partly by using non-recourse factoring but also by improving the management of trade receivables.

Gesch채ftsbericht 2014 | Seite 117

2.3.4 Cash flow

in kEUR

2014

2013

Cash flow from operating activities

10,557

10,563

Cash flow from investing activities

-7,661

-2,142

Cash flow from financing activities

-7,199

-4,113

Total cash flow

-4,303

4,308

Cash flow from operating activities includes the positive impact from the working capital kEUR of 3,284 (2013: kEUR 4,696). The stable high positive cash flow from operating activities allows for necessary investments in property, plant and equipment, tools and development costs for new projects starting in 2015-2017. The cash flow from investing activities includes more than kEUR 4,000 for capitalised development costs for projects starting in 2015-2017 and kEUR 900 payment to discontinued operations. While

the 2013 cash flow from investing activities was highly influenced from disposal of property, plant and equipment (kEUR 3,275), in 2014 no material cash in was reported for the disposal of property, plant and equipment. The negative cash flow from financing activities mainly refers to the repayment of bank loans and overdrafts regarding the refinancing of BAWAG PSK AG loans (kEUR -4,810) and interest payments for long-term financing.

2.4 Discontinued operations Because of the distressed market situation in Brazil, with a drop down of the whole automotive industry by around 40% compared to prior year, the management of the group decided to sell the Brazilian entity and to exit the Brazilian market at least for the next few years. As at 31 December 2014, the shares in Megatech Brasil Componentes Automotivos Ltda., Brazil, were sold to Megatech Industries Aktiengesellschaft, Vaduz, Liechtenstein. As Megatech

Gesch채ftsbericht 2014 | Seite 118

Group lost control over the Brazilian entity, the entity was deconsolidated. In accordance with IFRS 5, the impact from the Brazilian entity shown in the consolidated income statement and the consolidated cash flow statement is reclassified and reported as result from discontinued operations.

An analysis of the result of discontinued operations and the result from deconsolidation of the entity is as follows: in kEUR

2014

2013

Revenue

7,409

12,121

Expenses

-9,965

-12,723

Result before tax from discontinued operations

-2,556

-602

905

224

-1,651

-378

-762

-2,413

-378

Taxes on income from discontinued operations Result after tax from discontinued operations Result from deconsolidation Total result from discontinued operations

3 Research and development R&D activities and innovation are the major drivers of productivity and growth. In this technological area, innovation is the key for Megatech to keep its competitiveness. After one of the longest and deepest economic crises in the contemporary history, the promotion of research and innovation has become crucial. Through its research lines, Megatech has the objective to incorporate new innovative technologies in processes and products. During the year 2014, Megatech focused its research efforts on lightweight material, through the study of thermoplastic composites and physical foaming technology. On the basis of the very promising results obtained in 2014 in the weight-saving thematic, Megatech decided to proceed in this research line for the year 2015. These new developments will allow offering value-added products complying with the requirements of the future CAFE 2020 standard, hence implying a direct increase in Megatechâ&#x20AC;&#x2122;s market share.

The 2014 thermoplastic composites project not only brought Megatech a thorough knowledge of the processing of such materials in order to obtain an aesthetical finish, but also a clue about their big potential for structural parts and some specific applications. As for the study of the physical foaming technology, Megatech is now able to propose its customers foamed products, coated or not. First customer presentations attract great interest for the new products, also from new potential customers. In 2015, in addition to further developments in lightweight materials and thermoplastic composites the focus of research and development will be on the development of natural fiber composite materials obtained through thermoforming and over-injection, lightweight materials based on hollow glass spheres, and scratchproof injected parts with perfect aesthetics.

GeschĂ¤ftsbericht 2014 | Seite 119

4 Sustainability, health, environment Megatech Group recognises its responsibility for humans and the environment along the entire value chain and is working for innovative solutions to create long-term benefits for employees, the environment and the group. Measures have therefore been taken to guarantee and continuously improve the health and safety of employees and neighbours and to ensure stateof-the art processes to protect the environment. A systematic risk analysis of processes is an

integral task of the Executive Board. Continuous internal audits and external audits performed by authorities and customers confirm the excellent results of these processes. At the end of 2014, 1,104 employees worked for Megatech Group (2013: 1,227).

5 Risk report The group’s activities expose it to a variety of financial risks: market risk (including foreign exchange price risk, currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The group’s overall risk management programme focuses

on the unpredictability of financial markets and seeks to minimise potential adverse effects on the group’s financial performance. The group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out centrally by the group management.

5.1 Liquidity risk The group manages its liquidity risk by using reasonable and retrospectively-assessed assumptions to forecast future cash-generating capabilities and working capital requirements of the businesses it operates and by maintaining sufficient reserves, committed borrowing facilities and other credit lines as appropriate. Forecast liquidity represents the group’s expected cash inflows, principally generated from sales made to customers, less the group’s contractually-determined cash outflows, principally related to supplier payments and the repayment of borrowings, plus the payment of any interest accruing thereon. The matching of these cash inflows and outflows rests on the expected ageing profiles of the underlying assets and liabilities. Current financial assets and

Geschäftsbericht 2014 | Seite 120

financial liabilities are represented primarily by the group’s trade receivables and trade payables, respectively. The matching of the cash flows that result from trade receivables and trade payables takes place typically over a period of three to four months from recognition in the balance sheet and is managed to ensure the on-going operating liquidity of the group. Financing cash outflows may be longer-term in nature. The group does not hold non-current financial assets to match against these commitments, but has invested significantly in non-current nonfinancial assets which generate the sustainable future cash inflows, net of future capital expenditure requirements, needed to service and repay the group’s financial liabilities.

5.2 Credit risk The group’s credit risk is mainly confined to the risk of customers defaulting on sales invoices raised. Any credit risk arising from cash deposits and derivative financial instruments is deemed to be insignificant on the basis that nearly all relevant counterparties are investment grade entities recognised by international credit-

rating agencies. Each local entity is responsible for managing and analysing the credit risk for each of their new customers before standard payment and delivery terms and conditions are offered. Main customers of the group are the big automotive producers with regard to which credit risk is considered low.

5.3 Commodity price risk The group is exposed to commodity price risks as main raw materials can only be purchased on the spot markets and no commodity hedges are available. Price fluctuations can partly be passed

on to customers, depending on the contractual relationship.

5.4 Foreign exchange risk The group operates internationally and is exposed to foreign exchange risk arising primarily from the Czech crown and the Brazilian real. Foreign exchange risk arises from future commercial transactions and financing in foreign currencies. Management has set up a policy to require group companies to manage their foreign exchange risk against their functional currency with internal hedging as much as possible.

Furthermore, developments in foreign currencies are passed on to customers with a certain time delay. Group management will coordinate any additional hedging that may be necessary. By the end of 2014, the group’s financial liabilities were mainly denominated in euro.

5.5 Interest rate risk The group’s interest rate risk arises from noncurrent financial liabilities. Financial liabilities issued at variable rates expose the group to cash

flow interest rate risk which is partially offset by cash held at variable rates.

Geschäftsbericht 2014 | Seite 121

6 Financial instruments If required, the Megatech Group uses interest rate swaps to hedge against negative developments

in interest rates. At the end of 2014, no interest rate swaps are used.

7 Branch offices The group does not have any branch offices.

8 Expected development 8.1 Short- and medium-term Our forecasts are based on current estimates by third-party institutions and our major customers. The global economy is assumed to grow slightly faster in 2015 than in the reporting period. It is expected that the emerging economies of Asia will record the highest growth rates. The major industrialised nations are expected to see signs of recovery in the economies, though the rates of expansion will remain moderate. In Western Europe, the economic recovery is expected to continue in 2015. However, the upturn remains contingent on structural problems being resolved. The situation of the economies in Central and Eastern Europe should remain stable, depending on how the conflict between Russia and Ukraine evolves. The situation of Megatech Group is continuing to improve. After operational turnaround in 2013 the refinancing of major bank loans in 2014 gives more leeway. Caused by the high order intake in the second half 2013 and the year 2014, focus will be on non-event launches of numerous projects:

Geschäftsbericht 2014 | Seite 122

 First half of 2015 Audi Q7, Seat Leon, Seat Ibiza, VW T6  Second half of 2015 Bentley SUV, Citroën Berlingo  First half of 2016 Audi Q1, Peugeot 3008 and 5008, Porsche Boxster and Cayman, Seat Tribu  Second half of 2016 BMW 5 Series, Citroën C3 Picasso and Jumpy, MINI Cooper, Opel Meriva, Peugeot Expert, Skoda Snowman and Yeti This high number of contemporaneous projects demands for excellent project management but also for a good financial situation to be able to pre-finance development costs and tools arising before SOP and also new buildings and machinery needed for higher output. The smallest production plant in Marinha Grande, Portugal is planned to be significantly extended in 2015 so turnover will be more than doubled in 2016.

Starting in 2015, Megatech Group plans to set up a third production site in the Czech Republic in Brno to be able to provide higher outputs with short ways of transportation to main customers in Central Europe. This production site will be a custom-built solution, provided by the highly

reputable project developer CTP. Megatech will rent the new facility (incl. special fit-outs). Soft opening is planned for the end of March 2016, full production start is planned for the beginning of July 2016.

8.2 Long term expectations After three years of restructuring (2012-2013 operational restructuring with operational turnaround 2013; 2014 refinancing of major bank loans and exit of the Brazilian market and a positive net result after three years with losses), Megatech Group is fully back as very reliable partner for customers, suppliers and banks. High order intakes since second half of 2013 and improving financing offers are best evidence for the good development in recent history. Megatech Group thus is prepared to strengthen its position as Tier-1 supplier without neglecting Tier-2 and non-automotive business. Research and development are prepared to implement new technologies very fast. As fast-follower Megatech Group is able to offer best products for best prices and to participate in market trends very early.

its customers and will grow to a global player step by step. The basis for globalisation will be a strong and sustainable relationship with these customers. During the next one to two years, interesting countries and markets for expansion will be evaluated. Focus will be on the takeover of existing companies instead of greenfield investments. Megatech continues and will increase the focus on being a solution provider for its customers. This means that wherever and whenever possible, Megatech will solve customer problems (e.g. to take business from struggled suppliers). To be able to reach long-term targets, the board is aware of the necessity to reach investment grade rating. Further improvements in daily business thus are necessary and already planned or have already been started.

As some of the main customers intend to have global supplier structures, Megatech will follow

8.3 Actual figures first months 2015 In the first months of 2015, all entities report at least equal financial results compared to the first months of 2014. Some of them are significantly better than last year, so the consolidated results

of Megatech Group are better than during the first months of 2014, and Megatech Group keeps on improving.

Gesch채ftsbericht 2014 | Seite 123

9 Subsequent events In first quarter 2015 the ultimate parent changed from EIB Beteiligungsgesellschaft mbH to Megatech Industries Aktiengesellschaft

FĂźrstentum Liechtenstein, Liechtenstein. The ultimate controlling party of both companies is Mr. Maximilian Gessler.

Vienna, 10 April 2015

Managing Directors

Dipl.-Kfm. Rainer Dieck

Dr. Maximilian Gessler

Dipl. Ing. Gerhard Pesout

This report contains forward-looking statements on the business development of Megatech Industries Group. The statements are based on assumptions relating to the development of the economic and legal environment in individual countries and economic regions, and in particular for the automotive industry, which we have made on basis of the information available to us and which we consider to be realistic at the time of preparing this report. The estimates given entail a degree of risk, and the actual developments may differ from those forecast. Consequently, any unexpected fall in demand or economic stagnation in our key sales markets Europe and Brazil will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in current exchange rates, mainly Czech crown and Brazilian real against the euro. In addition, expected business developments may vary if this reportâ&#x20AC;&#x2122;s assessments of value-enhancing factors and risk develop in a way other than we are currently expecting.

GeschĂ¤ftsbericht 2014 | Seite 124

Auditor's Report Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of Megatech Industries AG, Vienna, which comprise the consolidated balance sheet as of 31 December 2014 and the consolidated income statement, the consolidated statement of comprehensive income, of changes in equity and of cash flows for the year then ended, and the notes to the consolidated financial statements. As provided under Section 275 (2) UGB (liability provision regarding the audit of financial statements of small and medium-sized companies), our responsibility and liability towards the Company and any third parties arising from the audit are limited to a total of EUR 2 million. Management’s Responsibility for the Consolidated Financial Statements The Company’s management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Megatech Industries AG as of 31 December 2014, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU. Vienna, 10 April 2015 signed:

PwC Wirtschaftsprüfung GmbH

p.p. Bettina Maria Szaurer Austrian Certified Public Accountant

signed:

Christian Neuherz Austrian Certified Public Accountant

Disclosure, publication and duplication of the Consolidated Financial Statements together with the auditor’s report in a form differing from the version audited by us is not permitted. Reference to our audit may not be made without prior written permission from us. Geschäftsbericht 2014 | Seite 125

Impressum Medieninhaber (Verleger): MEGATECH Industries AG Taubstummengasse 13/9 1040 Wien Österreich Tel.: +43 1 236 70 38 0 info.at@mgtindustries.com www.megatech-industries.com Konzept und Realisierung: Purtscher Relations PR GmbH, www.purtscherrelations.at GerersdorferDesign Chefredakteur/Konzeption: Rudolph Lobmeyr, Carola Purtscher, Dina Gerersdorfer Artdirektion und Grafik: Dina Gerersdorfer, Martha Ploder Fotos: Kathi Bruder (Vorstand) Miriam Höhne (Produkte) Audi AG MEGATECH Industries AG Litho: Bernsteiner Media GmbH Druck: feinschliff gmbh Aufgrund der besseren Lesbarkeit wird zum Teil nur die männliche Schreibweise verwendet. Diese schließt automatisch die weibliche Form mit ein.

Geschäftsbericht 2014 | Seite 126

Gesch채ftsbericht 2014 | Seite 127