Annual Report 2013, 78 Pages

Transcription

Annual Report 2013
Veritas Group at a glance
Sales
Personnel costs
Material input
- thereof energy costs
Research and
Development
Earnings before interest
and taxes
Profit for the year
2007
2008
2009
2010
2011
2012
2013
Changes
K¤
K¤
K¤
K¤
K¤
K¤
K¤
%
415.695
431.667
376.924
505.155
579.602
588.976
575.505
– 2,3
87.729
89.360
84.015
93.098
106.929
119.413
123.559
3,5
258.556
275.961
235.076
302.162
353.704
355.518
347.003
– 2,4
7.255
8.556
8.207
9.600
11.147
12.134
12.575
3,6
20.905
20.380
15.705
17.792
22.884
24.769
26.267
6,0
10.651
–1.159
8.735
39.358
30.221
22.162
9.896
– 55,3
4.726
–9.202
– 2.914
21.490
17.830
11.192
1.416
– 87,3
Depreciations
12.690
13.697
13.825
13.417
15.098
17.460
19.711
12,9
Investments
21.313
24.823
9.527
14.212
31.621
34.858
22.136
– 36,5
Fixed assets
75.959
86.730
81.996
81.877
96.256
112.449
108.751
– 3,3
Current assets,
other assets
68.730
66.475
66.507
100.737
127.391
123.883
149.029
20,3
Balance-sheet total
144.689
153.205
148.503
182.614
223.647
236.333
257.780
9,1
Subscribed capital
12.000
12.000
12.000
12.000
12.000
12.000
12.000
0,0
Equity capital
42.391
32.589
29.675
56.203
62.894
73.362
73.123
– 0,3
3.067
3.057
2.732
2.829
3.262
3.573
3.646
2,0
Average number of
employees
Veritas AG shares were previously traded OTC in Frankfurt am Main.
Following restructuring of OTC trading in Frankfurt as of July 1, 2012,
Veritas AG shares are now not traded at any stock exchange.
Annual Report 2013
164th Business year
List of Contents
02 Management bodies of Veritas AG
04
Editorial
06 Mexico – from Beetle Territory
to Automotive Powerhouse
13 Status report Veritas AG and Veritas Group
I. Company fundamentals
II. Economic review
III. Supplementary reporting
IV. Forecast report
V. Report on anticipated development and
the significant associated risks and opportunities
VI. Relations to affiliated companies
35 Annual financial statements Veritas AG and Veritas Group
36 Balance sheet Veritas AG
40 Balance sheet Veritas Group
44 Veritas AG assets analysis
46 Veritas Group assets analysis
48 Equity statement
51 Annotations to financial statement Veritas AG and Veritas Group
I. Financial Reporting
II. Annotations to the balance sheet
III. Annotations to profit/loss statement
IV. Other annotations
70
Auditor’s examination certificate
72
Report by the Supervisory Board
Management Bodies of Veritas AG
THE SUPERVISORY BOARD
Professor Dr. Wolfgang König, Gelnhausen
University professor for economics
Chairman of the supervisory board
Dr. Wolfgang Maaß, Gießen
Publisher, executive manager
Vice chairman of the supervisory board
Katharina Hehl, Gelnhausen
Dipl.-Betriebswirtin (BA), executive manager
Member of the supervisory board
Juliane Krebaum-Marschollek, Gelnhausen
Attorney-at-law, executive manager
Member of the supervisory board
Klaus Opalla, Gelnhausen
Chairman of works council
Member of the supervisory board representing employees
Michael Wiechmann, Biebergemünd
Member of works council
Member of the supervisory board representing employees (until July 12, 2013)
Herr Michael Körner, Bruchköbel
Member of works council
Member of the supervisory board representing employees (from July 12, 2013)
THE EXECUTIVE BOARD
Bernhard Beck
(Spokesman of the executive board)
Customers and Markets
Dipl.-Ing. (FH) Uwe Hehl, MBA
Human Resources, Process Management,
Finance, Controlling, IT
02 So wie das Rathaus
zum Neustädter Markt
gehört, so gehört Veritas
zum Automobil.
伟理
塑汽车部件进驻中国
！
Wenn die Mobiliät
in der Zukunft
umweltbewusster wird,
dann hat Veritas
daran mitgewirkt.
伟理塑：
- 是综合全面的材料科学；
- 是先进智能的连接技术；
- 是注塑技术与管线系统的市场领导者；
- 是涵盖了连接、密封、运输、测量、调节和过滤的产品组合。
Die Veritas AG ist internationaler Technologieführer im Bereich Verbindungstechnik und anerkannter
因此，伟理塑已经成为今天广受欢迎的合作发展伙伴。伟理塑与其客户致力于开发汽车领域尖端技术，打造移动的未来世界。
Partner führender deutscher Automobilhersteller. Das haben wir geschafft, weil wir kreativ und Querdenker
sind. Mit größter Leidenschaft und Kompetenz sind wir ständig auf der Suche nach neuen Wegen und
Die Veritas AG ist internationaler Partner mit führender Materialkompetenz für individuelle Funktions- und
Lösungen für das Auto der Zukunft. Unsere Produkte und Ideen helfen heute schon, Autos sicherer,
Modullösungen zur Emissionsreduktion. Unsere Produkte und Ideen helfen heute schon, Autos sicherer,
komfortabler und besser zu machen.
Veritas Automotive
Und daran arbeiten wir mit Vollgas weiter:
Denn das Auto ohne Veritas-Produkte ist wie ein Auto ohne Zukunft.
Daran arbeiten wir mit Vollgas weiter: Denn das Auto ohne Veritas-Produkte ist wie ein Auto ohne Zukunft.
www.veritas.ag
www.veritas.ag
昆山伟理塑汽车部件有限公司
江苏省昆山市张浦镇德国工业园4号厂房横贯泾路508号
邮编：215321
电话：+86 512 572 73320
电子邮件：[email protected]
www.veritas.ag
伟理塑，连接世界的桥梁！
ANZ A4 Veritas_Image_Umwelt 12-13.indd 1
veritas_ap4_12_lay2.indd 1
03.12.2013 14:48:06
So wie Philipp Reis
zu Gelnhausen gehört,
so gehört Veritas
zum Automobil.
Wenn die Welt immer
mobiler wird, dann hat
Veritas daran mitgewirkt.
Wenn Autos in Zukunft
mit weniger Flüssigkeit auskommen,
hat Veritas daran mitgewirkt.
www.veritas.ag
Die Veritas AG ist internationaler Technologieführer im Bereich Verbindungstechnik
und anerkannter Partner führender deutscher Automobilhersteller. Unsere Produkte
und Ideen helfen heute schon, Autos sicherer, komfortabler und besser zu machen.
Daran arbeiten wir mit Vollgas weiter: Denn das Auto ohne Veritas-Produkte ist wie
www.veritas.ag
Wie Bubenschenkel
zu Gelnhausen gehören,
so gehört Veritas
zum Automobil.
www.veritas.ag
Veritas has worked on it,
if cars can make themselves
smaller in future.
www.veritas.ag
So wie die Wartburg zu
Thüringen gehört, so gehört
Veritas zum Automobil.
Foto: © Mlenny Photography, istockphoto
So wie die Semperoper zu
Dresden gehört, so gehört
ein Auto ohne Zukunft.
www.veritas.ag
So wie der Waffenschmied
zu Suhl gehört, so gehört
14.09.12 08:49
Veritas is an international technological leader in joining techniques and an accepted partner of
leading German automobile manufacturers. Our constantly search for new ways and solutions
for the car of the future we do with utmost passion and expertise. Our products and ideas help
to make cars safer, better and more comfortable.
www.veritas.ag
And we continue our work:
Because the car without Veritas products is like a car without a future.
www.veritas.ag
www.veritas.ag
Annual Report 2013 03
this past year, we focused intensely on preparations for changes which we
will put into effect this year - 2014.
With our new interpretation of vision and mission as well as establishment of
a clear and sustainable strategy extending to 2025, we will further expand
our position as international partner to the automotive industry with innovative
material competency for customized function and module solutions for
reduction of emissions.
It is part of our identity and mission to be – and remain – an owner-operated
enterprise. This is also what our customers appreciate: personal contacts,
shareholders‘ positive commitment, and direct communication channels. We
are proud of our autonomy and the people who understand this and who are
totally committed to make sure this doesn‘t change.
We interact extensively with our customers to permanently develop new,
innovative and trend-setting component parts.
From the very beginning of environmental awareness and so-called Green
technologies, Veritas has been cooperating with its partners for designing
and engineering hybrid and hydrogen-powered vehicles, electric powertrains
and gas-propelled cars.
However, combustion engines still have the most sophistication potential!
A new production plant will allocate the major share of its resources and
facilities to post-treatment of exhaust gases. A number of components is
put together to form the SCR fuel tank. This principle of Selective Catalyst
Reduction is an important contribution towards reduction of harmful
emissions. This process reduces to a minimum the toxic pollutants
generated during combustion.
Structural components are built in another corporate unit. Completed
successful R&D projects verify to us that expansion of lightweight
engineering and our competency in this sector are trendsetting and
forward-looking prospects.
04 Veritas connects ! People, products, functions.
Highly-sophisticated engineering work and creative ideas paired with technical know-how have put Veritas in a leading position in the domain of
resource-efficient reduction of emissions. Our engineers, technicians and
business-administration experts have concerned themselves in such detail
with this issue that the renowned Moderne Industrie publishing company
in cooperation with Veritas has published a book on SCR in its series
“Bibliothek der Technik”. This comes as a follow-up to our first publication
Automotive Fuel Lines. Of course we recommend this book warmly to all
readers concerned with or interested in this technology.
We owe all this to our employees‘ commitment and know-how, for which we
would like to express our profound gratitude!
In order to preserve and promote our employees‘ health, vitality and motivation, we officially installed a health management program this past year. Be it
business-related or of private nature, if there is any need for consultation or
active assistance, we will make such support available to our staff. Our assistance encompasses compatibility of family and work, nursing care for family
members or day-time child care.
We do all this because we are convinced that it‘s to the customers‘ benefit
and satisfaction if our employees enjoy going to work and are committed to
fulfilling their assignments. Employee satisfaction is customer satisfaction!
So then “Let‘s all roll up our sleeves!”
Bernhard Beck
Dipl.-Ing. (FH) Uwe Hehl, MBA
Spokesman of
Human Resources,
the executive board
Process Management,
Customers and Markets
Finance, Controlling, IT
A brief look at Mexico‘s automotive history:
Mexico – from Beetle Territory
to Automotive Powerhouse
Mexico is a country with an eventful past: up into the 16th century, it was ruled by indigenous Aztec and Maya nations, then conquered by Spanish invaders, who named it
Viceroyality of New Spain. In
1821, Mexico gained independence from its former motherland
Spain. The country‘s automotive
history is just as eventful: the first
motorcars were imported to Mexico at
the beginning of the 20th century, at that time
of course for the upper classes. Only the advent of
the VW Beetle allowed average wage earners to buy
their own car. And this is something both Mexico and Germany
have in common, because Germany gained its post-war mobility also with the help of the
VW Beetle: in the economic boom in Western Germany in the 50s and 60s of the past
century.
In late November 1954, seven VW Beetles competed in the infamous Carrera
Panamericana. Actually the last edition of this rally, which was then scratched
for safety reasons. The Beetles didn‘t really win any trophies, but they all made
it over the finishing line. Certainly not something all participating cars accomplished, but instead really a remarkable performance and an image-booster for
the VW Beetle in Mexico.
The Mexican Beetles history thus began in the mid-1950s. The Republic of
Mexico at that time had 30 million inhabitants with a total of only 500,000 motor
vehicles; passenger cars were considered almost an extravagant luxury. The
Volkswagen Mexicana company imported the first Beetles to the country, which
proved such a large success that Volkswagen finally decided to open a production plant in Mexico.
NATURE – MAN – SOCIETY – ECONOMY
In terms of geography, climate, society structure and economics, Mexico is
a country of extreme contrasts. While the average daytime temperature is at
27°C owing to the proximity to the equator, the mountain tops are covered
with snow all year round. In the south and along the coasts, air is muggy and
humid, while it is dry in the northern parts of the country. As a consequence,
Mexico‘s nature is very multifaceted, and the country is one of twelve countries
distinguished as so-called biodiversity hotspots.
200,000 diverse animal species are at home in Mexico, which amounts to
between 10 and 12 percent of all species on earth. Mexico‘s population today
is at some 115 million. A share of the country‘s inhabitants lives in the country, where they subsist on what they can grow for their own personal needs.
There is a very distinct income gap: while the top-earning 10% of population
gain 40% of the entire income, the poorest ten percent earn only 1.1 percent.
However, there are programs in effect to overcome poverty, and increasing
industrialization is growing the country‘s middle-class.
The New York Times, July 3, 1938
How the Beetle got its name
The German denomination “Käfer” was
reimported to Germany from the US,
where the car was dubbed “Beetle” or
“Bug”. In the »New York Times« of 3rd
July 1938, the name “bug” is possibly
used for the first time (“ smooth motor
highways with thousands and thousands of shiny little beetles purring
along”.
In Germany, the designation became
popular only in the 1960s. The car is
named “bug” in various languages, e.g.
Coccinelle (ladybeetle) in France and
Maggiolino (May beetle) in Italy. But
there are other names as well: Swedes
call it Bubbla (bubble), Poles refer to it
as Garbus (hunchback), and a popular
name in Mexico is Vocho, probably a
fond diminutive of Volkswagencito.
While the average age in Germany is at approximately 45 years and the country is facing severe demographical problems, the population in Mexico is much
younger with an average age of 27 years. Mexico has a high share of young
population, but the education system leaves a lot open to desire. There aren’t
enough teachers available to educate and instruct children, and many of these
originating from low-income families drop out of school early to contribute to
family income. As a consequence, there’s a considerable skills shortage in
Mexico.
Mexico is a federal presidential constitutional republic, its president has considerable powers and authority to act similar to the president of the United States
of America.
Enrique Peña Nieto has been president of the United Mexican States since
December 1, 2012. He has been driving reforms aimed at generating higher
economic growth, which is vital to solve the country’s social deficits. These reforms are beginning to bear fruit: in February of this year, the US-rating agency
Moody‘s promoted Mexico to the highest credit rating class “A”. Mexico, next to
Chile, is thus the only Latin American country in this category.
Forecasts for Mexico’s economy are positive, with exports as prime driver of
economic growth. The country already now is exporting more industrial goods
than the entire remainder of Latin America together. It is above all the automotive industry and its suppliers who are generating excellent results and experiencing consistent growth. The largest car-manufacturer plants in Mexico are
operated by Ford, General Motors, Nissan, and Volkswagen. Other sectors
doing well here are the mining industry, air and space travel, pharmaceutics and
medico-engineering, electronics and transport.
One major asset the country has as economic partner is its free-trade agreements with over 40 states, more than any other country in the world. Its partners
include the US and Europe. These free-trade agreements eliminate barriers to
unrestricted trade between countries, for example duties and customs charges.
Other Mexican assets are low labor costs and a comparatively sound infrastructure. Considerable investments are planned here in the near future, particularly
the upgrading of ports and railway networks to keep astride with the expansion
of production capacities.
One weakness Mexico has is its high degree of dependency upon the US markets. More than 75% of all Mexican exports go to its neighbor in the north. As
a consequence, slumps in the US economy have considerable direct impact on
the Mexican economy. Mexico therefore plans to decrease this dependency and
to increase business relations to other countries. As Mexico borders both on the
Pacific and the Atlantic Ocean, it is an attractive export platform to America as
well as Asia and Europe as well.
AUTOMOTIVE INDUSTRY
The automotive sector generates between three and four percent of the Mexican gross domestic product with a share of 18% of the entire producing industry and 23% of the entire export volume. In the past years, Mexico has grown
into the world’s fourth-largest car exporting country and the eighth-largest car
manufacturing base.
The US market is currently registering strong demand for automobiles, and
the Mexican automotive industry is booming as a consequence. This is clearly
substantiated by current investments into new plants and capacity expansions:
Honda (annual capacity 200,000 units), Mazda (230,000), Nissan (175,000)
and Chrysler/Fiat (60,000) also provide considerable impetus to the supplier
industry. The supplier association anticipates that another 300 to 400 automotive suppliers will set up base here in the second half of 2013 and throughout
2014. Other car manufacturers with plans to open production plants in Mexico
are BMW, Mercedes Benz, and Hyundai. BMW announced in February 2014 its
intentions to set up a full-fledged plant with car-body manufacturing in Mexico.
Construction work is scheduled to commence already in 2014. Expectations are
that the additional production capacities in 2014 (approx. 900,000 passenger
cars) in the coming years will hike the volume of manufactured automobiles to
around 3.5 million to reach 4.1 million units in 2020.
MOTOR CITY PUEBLA
Construction work is underway in Puebla for the first Audi plant in Mexico. Production of some 150,000 units per year of the next Q5 generation is scheduled
to start in 2016. And Audi isn’t the only car manufacturer deciding for Puebla.
Its parent company Volkswagen has been producing automobiles here since
1964; this was the last site throughout the entire world to produce VW Beetles.
Production of the new Golf A7 is scheduled to start in Puebla in mid-2014. The
proximity to so many car manufacturers has prompted numerous suppliers to
set up their business in Puebla as well. Other factors in favor of this city are its
central location and good infrastructure, there’s a motorway nearby and railway
lines to the port in Veracruz. On top of that, Puebla isn’t too far off from Mexico
City.
The Popocatepetl volcano (Aztec for smoking mountain) is located approximately 40 km from the city of Puebla; it is referred to
by Mexicans as „El Popo“. The volcano is active and smoke can
be seen constantly emanating from the crater. The most recent
major eruption by the 5452 meter volcano occurred in 2000.
AUTOMOTIVE VERITAS de MEXICO
In 1998, Veritas shifted its focus to the Mexican market beginning with a 50:50
joint venture in Puebla. Initially, our staffers assembled our products in a leased
hall, the products were then directly delivered to Volkswagen de México in
Puebla. We later took over the entire plant and built new assembly facilities. We
currently have more than 300 employees on our Mexican payroll.
Stricter carbon legislature in compliance with US regulations was passed in
August 2013; it will gradually come into effect from 2014 through 2016. These
regulations are augmented further by car manufacturers and automotive suppliers, who call for material competency for customized function and module
solutions for effective reduction of emissions.
Our plant AVM in Puebla is part of a dynamically expanding Mexican automobile
industry. It intersects between sales markets in the Americas as lateral axle on
one side as well as Europe in the east and Asia in the west on the other – with
systems supplied by Veritas!
Systems in motion all over the world.
Veritas Austria GmbH
Annual Financial
Statements
Satus Report
Status Report Veritas AG
and Veritas Group 2013
Annotations
Veritas Automotive Bosna i Hercegovina d.o.o.
STATUS REPORT VERITAS AG AND VERITAS GROUP
I. COMPANY FUNDAMENTALS
The companies affiliated to the Veritas Group are international partners to the
automotive industry With outstanding material competency for particular function and module solutions for reduction of emissions, the group is a competent
developer and manufacturer of sealing and connecting systems for the automotive industry. Fuel, air, hydraulics, post-treatment of exhaust gases and structural
components are the clusters of our product portfolio.
Conduit systems for thermo management and fluid applications as well as multicomponent injection-moulded parts such as fuel tank flaps or radiator sealings
are typical products of the Veritas Group. Products supplied by Veritas fulfill
functions such as connecting, sealing, transporting, measuring, controlling and
filtering and are essential for comfort, safety, quality and environment. Ready-toinstall systems capable of fulfilling multifunctional tasks are Veritas‘s contribution
to mobility in the future.
With extensive material competency, innovative joining technology and profound
understanding for efficient and effective processes, Veritas has established
itself among the leading system suppliers to the automobile industry. A variety
of technical options for simulation, verification and product validation – several
of the test devices in the Veritas proving lab are unique throughout Europe - are
considered benchmarks throughout the automotive industry. Veritas is a highly
coveted development partner and cooperates closely with its customers in a
variety of projects on future-oriented automotive technology.
Research and development
Veritas attaches great importance to research and development in order to
strengthen innovative abilities and competitiveness. In 2013, total expenditures
for R&D as compared to the prior period were six percent higher as relates to
sales.
One investment focus was on moulding and fluid engineering at the diverse
German plants. Other investments were made in individual customer solutions
aimed at reduction of emissions: emphasis here was on weight and stability
optimization, AdBlue® storage for SCR systems, and cooling. Veritas in cooperation with Moderne Industrie publishing company released a book on SCR
fuel tank and conduit systems, thus making our expertise in post-treatment of
exhaust gases available to the interested public.
II. ECONOMIC REVIEW
Progress of business transactions and particular economic
environment
Production growth rates in the emerging economies were down even more than
in the advanced ones. In addition to a lack of impulses from the demand side of
advanced economies, it is obvious that fundamental growth trends were hampered by problems inherent to domestic economies.
Prospects for the global economy are brighter. The factors that have burdened
the worldwide business community throughout the past two years have
Annual Financial
Statements
The euro region as before feels the effects of the economic crisis. The national
governments of the euro countries have put into effect various sets of laws to
overcome the financial crisis and to prevent reoccurrence of the turmoil caused
by the finance industry. The recession lasting altogether six quarters was finally
overcome in the summer period, even if economic revival was yet very cautious.
Annotations
Last year’s outlook as relates to advanced national economies provided to be
correct, in particular as relates to the United States. The clash between political
parties about the US budget policies gave rise to considerable uncertainties and
as a consequence smothered growth tendencies.
Satus Report
A brief look at the global economy
The global economy recovered only gradually at the beginning of 2013, but
picked up speed in the course of the year. As a consequence, the gross domestic product was 2.9% higher than the year before, slightly less than the growth
registered in 2012 (3.1%).
decreased in significance. In the United States, consolidation in the private sector
has progressed considerably; political agreements on budgets and national debts
are discernible. In Europe, the implemented structural measures within the singlecurrency region are taking effect, which has led to households and businesses
developing a higher degree of confidence in the future. In respect of threshold
countries, expectations are that the positive trend in economic growth registered
in the second half of 2013 will continue based upon the fact that the financial
market turbulences had been overcome in mid 2013.
The increase in global production in 2014 should be distinctly higher (3.7%) than
in 2013. For 2015, expectations are that global production will even grow at a rate
of 4.0 percent. (Source: Institut für Weltwirtschaft, Kiel)
A brief look at the automotive industry
In Western Europe, sales of new cars in the first six months of 2013 were still
almost 7% lower than in the prior period. A turnaround was registered in the second half of the year: sales increased by 4%. The overall year was closed with 13.2
million new cars sold, a minus of about 2%.
Sales figures were also down in Brazil, Russia and India.
The situation was different in China: for the entire year of 2013, registration of new
cars exceeded the preceding year’s showing by almost 14%. Total sales of new
cars was at 22.0 million units.
The US market also registered distinct growth rates with an increase of more than
7%. A total of 15.9 million new cars sold – passenger cars and light trucks – is the
best result achieved since 2007.
This trend is depicted in the following chart displaying the total number of new
registrations of motor vehicles – passenger cars and utility vehicles:
Newly-registered motor vehicles in particular regions
(Stated in thousands)
Europa
18.250
18.581
(1,8)
13.192
13.409
(1,6)
903
893
1,1
4.155
4.279
(2,9)
23.494
22.159
6,0
18.762
17.527
7,0
15.883
14.788
7,4
Western Europe
New EU members
Eastern Europe
The Americas
NAFTA
thereof USA
Mercosur
thereof Brazil
Asia
4.731
4.632
2,1
3.767
3.802
(0,9)
36.060
33.642
7,2
Japan
5.376
5.370
0,1
China
21.984
19.306
13,9
India
3.241
3.575
(9,3)
South Korea
1.538
1.542
(0,2)
Others
3.921
3.849
1,9
7.774
7.696
1,0
85.577
82.077
4,3
Other countries
Total
VDA-Statistik
Course of business
Sales development
With sales totaling K ¤ 575,505, the Veritas Group registered the first slight
slump in turnover after three years of consecutive growth. The sales decrease
in amount of K ¤ 13,471 was essentially caused by restructuring of the product
portfolio and not by the market environment . The volume of new orders at the
end of the year for the group was worth K ¤ 338,474 (prior year K ¤ 323,993).
Veritas AG sales in 2013 were at K ¤ 600,461.
Annual Financial
Statements
2012
Annotations
2013
Satus Report
Changes
in %
Region
Performance development
The consistent focus on internationalization, the establishment of new branch
sites and the expansion of injection moulding technology processes to structural
components in 2013 was a burden on profitability. Owing to one-off expenses
in context with this strategic realignment, the Group’s annual operating profit as
compared to the prior year was down by K ¤ 9,776 to K ¤ 1,416. In comparison
with the prior year (2012: 2.8%), the profit on ordinary business (K ¤ 4,004) was
at a 0.7% rate of return.
Representation of the net assets, financial position,
and results of operations
Earnings position
In the year under review, we were unable to confirm the showings of the three
preceding years. The ratio of profit to sales after taxes went down from 1.9% to
0.2 %. The following chart shows the Veritas Group’s earnings position.
Earnings position Veritas Group
2013
K ¤
2012
K ¤
Change
K ¤
%
Sales revenues
575.505
588.976
(13.471)
(2,3)
Gross performance
589.887
606.394
(16.507)
(2,7)
(5.893)
(5.717)
(176)
(3,1)
Profit or loss on ordinary business
activities
4.004
16.445
(12.441)
(75,7)
Net gain for the financial year
1.416
11.192
(9.776)
(87,3)
Financial result
In particular additional administration manpower needs in Gelnhausen contributed to a rise in personnel expenditure quota. Start-up of the new branch sites
in Neustadt in Saxony (D) and Sarajevo (BiH) as well as Kunshan (PR China) also
brought additional financial burdens. The material expenditure quota as well as
other operational expenditures in comparison with the overall performance were
at the prior year’s level.
Veritas AG’s earning position:
Earnings position Veritas AG
2013
2012
K ¤
K ¤
Change
T ¤
%
Sales revenues
600.461
606.739
(6.278)
(1,0)
Gross performance
618.995
629.899
(10.904)
(1,7)
1.466
(1.415)
2.881
203,6
Financial result
Profit or loss on ordinary business
activities
Net gain for the financial year
(1.730)
22.273
(24.003)
(107,8)
(2.287)
17.983
(20.270)
(112,7)
*) Encompasses revenues from profit transfer agreements in amount of K ¤ 7,855
(prior year: K ¤ 4,527) as well as expenditures from loss transfer K ¤ 3,130 (prior year: K ¤ 2,146).
Veritas Group
2013
K ¤
Inflow of funds from ongoing
business activities
Outflow of funds from investment activities
Inflow/outflow of funds from financing
activities
Changes in financial resources
due to payments
Financial resources at beginning of period
Financial resources at end of period
Veritas AG
2012
K ¤
2013
K ¤
2012
K ¤
32.531
13.853
21.900
2.035
(16.068)
(31.452)
(7.820)
(19.389)
51
11.086
716
12.179
16.514
(6.513)
14.796
(5.175)
3.366
9.879
1.854
7.029
19.880
3.366
16.650
1.854
The inflow of funds from on-going business activities in the Veritas Group
increased in comparison with the prior year from K ¤ 13,853 to K ¤ 32,531.
This positive development was essentially caused by an increase in accounts
payable.
Annual Financial
Statements
Financial position
Annotations
Financial position
The cash flow statement is as follows:
Satus Report
The notes regarding the financial position of the Veritas Group essentially also
apply to Veritas AG. The results of Veritas AG in the prior year were influenced
by write-ups on participations and accounts receivable in amount of K ¤ 7,575.
The Group’s internationalization program and the expansion of production and
process environment for injection moulding with establishment of the branch
site Saxony brought with it an unchanged high investment quota in business
years 2012 and 2013. Nevertheless, the investment quota is down as compared
with the prior year, which is particularly attributable to lower investments in
financial assets.
New bilateral financing loans worth K ¤ 5,000 were raised in 2013. In addition,
financing requirements led to increased drawing on the syndicated loan. Repayments of credits and profit participation credits were made in almost identical
amounts.
Investments
Investments into the Veritas Group and Veritas AG were structured as follows:
Veritas Group
Intangible assets
2013
2012
K ¤
K ¤
1.707
309
Tangible assets
20.096
27.849
Financial assets
333
6.700
22.136
34.858
2013
2012
Veritas AG
Intangible assets
Tangible assets
Financial assets
K ¤
K ¤
341
268
7.553
11.371
2.851
27.433
10.745
39.072
Investments in business year 2013 were predominantly made into operating
funds in form of high-tech state-of-the-art equipment to drive the company’s
strategic development. Investments were primarily made in the product groups
Fluid and Moulding, particularly in Neustadt in Sachsen.
Investments by subsidiaries were structured as follows:
Subsidiaries
Veritas Dunakiliti Verbindungstechnik Kft., Dunakiliti / Hungary
2013
2012
K¤
K ¤
1.779
3.434
Veritas Thüringen GmbH, Benshausen / Germany
556
1.688
Automotive Veritas de México S. A. de C. V., Puebla / Mexico
617
3.014
Veritas Austria GmbH, Mieders / Austria
259
611
Veritas Otomotiv Sanayi Ltd. Sti., Cerkezköy-Tekirdag / Turkey
225
648
Veritas Sachsen GmbH, Neustadt in Sachsen / Germany
8.400
7.125
Veritas Automotive Bosna i Hercegovina d.o.o., Sarajevo
941
–
Veritas Automotive System (Kunshan) Co. Ltd., PR China
1.465
–
14.242
16.519
Net assets
The Veritas Group’s net assets position in 2013 is as follows:
K ¤
31.12.2012
%
K¤
%
Fixed assets
108.751
42,2
112.449
47,6
Current assets
143.337
55,6
118.215
50,0
Accruals
Deferred tax assets
Assets
319
0,1
226
0,1
5.373
2,1
5.442
2,3
257.780
100,0
236.333
100,0
Equity capital
73.123
28,4
73.362
31,0
Long and medium-term outside funds
61.080
23,7
64.038
27,1
Short-term loans
123.317
47,8
98.321
41,6
accruals and deferrals
259
0,1
613
0,3
257.780
100,0
236.333
100,0
Passiva
Also in 2013, investments at K ¤ 22,136 were higher than depreciations
(K ¤ 19,711); this again led to an increase in assets.
Annual Financial
Statements
31.12.2013
Annotations
Net worth position Veritas Group
Satus Report
The Veritas AG’s subsidiaries in Bosnia and Herzegovina and the People’s Republic of China were for the first time in 2013 fully consolidated into the Group’s
financial statement.
While the increase in current assets is caused by higher accounts receivable as
well as increased bank balances, the rise in liabilities is driven in particular by
accounts payable and increased drawing on the syndicated loan.
Veritas AG’s net asset development significantly impacts the Veritas Group’s asset development. The notes regarding the Veritas Group also apply analogously
to Veritas. On December 31, 2013, Veritas AG reported an equity ratio of 31.9%.
Net worth position Veritas AG
31.12.2013
K ¤
Fixed assets
Current assets
Accruals
Deferred tax assets
Aktiva
%
31.12.2012
K ¤
%
99.658
42,5
105.176
47,2
130.250
55,5
112.381
50,5
285
0,1
212
0,1
4.430
1,9
4.970
2,2
234.623
100,0
222.738
100,0
Equity capital
74.852
31,9
77.739
34,9
Long and medium-term outside funds
59.609
25,4
61.376
27,6
Short-term loans
99.919
42,6
83.367
37,4
accruals and deferrals
243
0,1
256
0,1
234.623
100,0
222.738
100,0
Passiva
Veritas AG and the Veritas Group have concluded leasing contracts for vehicles
and buildings; these are itemized in the annotations.
Summarizing qualification of net assets, financial position,
and results of operations
In spite of the lower profitability in business year 2013, the capital-to-assets ratio
is to a large extent unchanged at more than 28%. Our medium-range objective
is to further increase the capital-to-assets ratio and to sustainably stabilize the
assets and financial position.
Financial performance indicators
Financial ratios
The financial ratios in the Veritas Group are as follows in comparison with the
prior year:
Earnings position Veritas Group
2013
2012
%
%
Return on sales before taxes and extraordinary profit or loss
0,7
2,8
Return on sales after taxes
0,2
1,9
*)
60,2
60,2
Personnel input quota*)
21,4
20,2
Capital to assets ratio
28,4
31,0
Material input quota
*) Relates
to operating performance
In consideration of interest rate risks, we apply derivatives to safeguard
adjustable-rate financing means.
Annual Financial
Statements
At the close of the business year, it became obvious that the key financial figures
of the Poppe-Veritas Group were not going to be satisfied, also due to the operational development of the subgroup company Poppe also covered by the syndicated credit agreement, and that the credit agreement needed to be renegotiated.
All consortium partners agreed to adaption of the credit agreement.
Annotations
Financing measures and projects
In March 2013, negotiations for an adapted syndicated credit were brought to a
successful conclusion. An extension of the syndicated loan to 2018 was agreed
with the consortium banks. In addition to doubling the original credit line, Veritas
also managed to arrange for the setting for further growth with a number of credit
options embedded in the agreement.
Satus Report
Non-financial performance indicators
Environmental protection
Veritas since 2002 has had a certified environment management system in
effect in accordance with DIN EN ISO 14001. Next to internal assessment and
monitoring of legal requirements, Veritas’s activities are thus additionally also
reviewed and assessed by external agencies.
By way of our internal legal assessments, we reduce the risk of being faced with
unanticipated financial and technical burdens. For 2014, we do not anticipate
any environmentally relevant legal changes implemented by the European Union
or the German government which might have major effects upon the Veritas
Group. Any major legal changes will most probably relate to the energy consumption sector.
Expenditures for energy as well as disposal of sewage and waste will rise consistently. In order to increase energy efficiency and to continue to be eligible for
tax refunds, work has commenced in the German sites of the Poppe-Veritas
Group for installation of an energy management system in accordance with DIN
EN ISO 50001. The energy management system will be entirely installed and
certified by 2015.
The Veritas AG site in Gelnhausen is located in a category III potable water protection zone. We have taken into account all required measures in context with
potentially water-contaminating hazardous chemicals.
Logistics
The almost identical sales level also this past business year facilitated further
optimization of inventory structures as well as improvement of delivery performances. This was further augmented by other measures such as automation
processes, for example in application of existing and new customs laws and
other statutory requirements.
Efficient allocation of logistics resources to the diverse sites as well as the
invitation to bid for all freight transactions contributed to lowering logistics costs.
Production
In the first six months of 2013, production in the Veritas subgroup progressed as
planned. In the second half, call-off frequency increased, which in some sectors
on a regular basis required assignment of additional shifts. Above all the Thermo
Management product group experienced demand exceeding expectations.
The Veritas Sachsen GmbH plant is in the start-up phase and is required to
manage a large number of new products. These new start-ups and the ongoing efficiency improvement activities over the medium term will have positive
effects.
Revenue creation is being consistently improved at the plant in Sarajevo/Bosnia
and Herzegovina. This relieves the burden upon the site at Dunakiliti in Hungary,
where further improvements in the internal material flow can be implemented.
Procurement market
In 2013, the entire Veritas Group purchased materials and services including
investments worth approximately ¤ 440 million.
The demand level in the first half of 2013 on all markets was comparable to that
in 2012; demand then rose steeply starting in August.
All prices with the exception of those for energy-intensive products and services
decreased slightly. Lesser allocation problems also caused the prices on the
polymeric market to relax distinctly.
Annual Financial
Statements
Start-ups, production peaks and conversions in production were accomplished
only due to the very high degree of commitment displayed by staff and senior
executives.
Annotations
The AVM plant in Puebla/Mexico was able to benefit from positive economic
trends in the NAFTA economic zone. The launch of injection-moulding production and new products in the Thermo Management product group has proven
successful.
Satus Report
Efforts to raise value-adding abilities at the Chinese plant are meeting with success. New orders have brought a considerable increase in utilization rate and
indicate an overall promising development.
However, energy prices at the Gelnhausen site are up by around 14% as compared to the year before.
Veritas owes it to efficient supplier management and planning intensity that the
average raw material stock is now approximately 15% smaller than before without any risks to supply to production.
Veritas shift in focus on development and production of innovative and highlycomplex injection moulding systems continued in 2013, and the procurement
volume of injection-moulding tools, machinery and linked systems accordingly
continued rising as well.
Ever shorter vehicle development periods require strict allocation of existing
procurement volumes to more capacities. In 2013, we took a major step in this
direction by joining new partnerships in the domains of moulding-injection as
well as bending forms technology.
Personnel and social services
Owing to the positive economic situation of the automotive market and accordingly high production volumes called-off by our customers, personnel resources
at all Veritas sites were built-up by way of new hirings as well as increased use
of temporary employees, primarily in the direct revenue creating domain.
To be able to react flexibly to these market requirements, additional shifts and
extra work were routine at all Veritas plants. We were able to put all this into
effect only due to our entire staff’s considerable commitment and our various
works councils’ willingness to cooperate.
The plant guarantee agreement in effect since 2005 for the Gelnhausen site was
extended for another two years through December 31, 2014 in a tariff agreement concluded between the employers’ association of the German rubber
processing industry and the competent union IG BCE.
In view of our society’s demographic development and to support our personnel
strategy, which has its focus on making available skills, know-how and abilities
in the future, we admitted on September 1, 2013, altogether 30 new apprentices
and student trainees for altogether 13 different qualified vocations and study
courses. Our objective is to increase interaction between the training and qualification activities at the German subsidiaries. On annual average in 2013, Veritas
had 55 apprentices and student trainees in its ranks (prior year: 55).
In the year under review, the Veritas group workforce grew from 3,568 to 3,701
employees, with 3,646 employees on annual average (prior year: 3,573). This
workforce increase comes in context with expansion of production of complex
injection-moulding parts for the automotive industry at Veritas Sachsen GmbH,
Neustadt in Sachsen, with expansion of production to prepare for new processes at Automotive Veritas de México, as well as with production start-ups in the
plants at Sarajevo (Bosnia and Herzegovina) and Kunshan (PR China).
2013
2012
Veritas A G, Gelnhausen/Germany
1.676
1.695
Veritas Dunakiliti Verbindungstechnik Kft., Dunakiliti/Hungary
688
690
Veritas Thüringen GmbH, Benshausen/Germany
443
405
Automotive Veritas de México S. A. de C. V., Puebla/Mexico
313
337
PS Fertigungstechnik GmbH, Mieders / Austria
260
258
99
66
Veritas Sachsen GmbH, Neustadt in Sachsen/Germany
128
117
36
–
58
–
3.701
3.568
Annotations
Veritas Otomotiv Sanayi Ltd. Sti., Cerkezköy-Tekirdag/Turkey
Annual Financial
Statements
Employees
Satus Report
The workforce at balance-sheet date was employed with the following group
companies:
III. SUPPLEMENTARY REPORT
Significant activities after the close of the business year
We refer to item 5a Non-financial performance indicators, financing activities
and plans. After the close of business year 2013, there were no extraordinary
occurrences affecting net assets, financial position, and results of operations of
Veritas AG and the group companies.
IV. REPORT ON PROBABLE DEVELOPMENT WITH POTENTIAL RISKS
AND OPPORTUNITIES
For 2014, we again anticipate differing developments on markets. We expect the
Asian market, in particular China, and the NAFTA region to show growth tendencies. Even though confidence in the European markets has risen, we anticipate merely lateral development trends in 2014 and not any distinct growth.
Concomitant with our expectations for market development, we anticipate for
business year 2014 sales increases of between 5% and 6% as opposed to
2013. This will be marked by more Veritas activities on the growth markets and
securing jobs by increasing exports from Germany.
Irrespective of positive sales and market developments and trends, Veritas is
concerned with enforcing measures to further reduce costs; these will be successively implemented throughout 2014.
Our procurement function anticipates diverging development of markets, with
prices on the whole expected to move laterally. Regional effects or singular
trends for particular polymers cannot be entirely excluded.
Owing to massive increases of EEG reallocation charges, energy prices will
again rise significantly in 2014. We will not be able to compensate for this trend
even by successively converting to more efficient manufacturing processes.
In consideration of the sales structure, cost-improvement measures taken as
well as anticipated acquisition prices, we anticipate an EBIT-margin in 2014 of
more than 2.0%.
Risk management
Veritas has installed a risk management system throughout the entire group
which is consistently sophisticated and adapted to new parameters and conditions and is designated to identify, analyze, document and reduce significant
and potentially dangerous risks to Veritas at an early stage to allow us to take
appropriate countermeasures in due time. Veritas management and the risk
committee are responsible for the risk management policy. In the scope of longterm planning, both operative measures as well as strategic options are contemplated, they are integrated into the monthly reporting function, and are thus an
important element of risk management.
Veritas meets this challenge with intensified basic research and new product
lines, thus generating a variety of technical innovations. These innovative products, systems, and processes require a large amount of resource input in terms
of development costs and investments, which is of course also a significant
financial risk.
Annual Financial
Statements
At the same time, an ever-increasing range of new models is being launched to
the markets in ever-shorter intervals, price pressure and competitiveness in the
automotive supplier industry is growing consistently.
Annotations
General economic risks, industry risks
Macro-economic aspects have not changed in comparison with the past year,
the automotive industry is more than ever before technical leader in various
market segments. For suppliers to that industry, this implies that these need to
consistently adapt to technological trends and novelties, changing environmental and safety requirements, alternative fuels and propulsion systems as well as
new trends and developments in electronics.
Satus Report
The supervisory board monitors and audits the effectiveness of this system and
its effects and is integrated in the monthly information system.
Veritas made its short and medium-term investments, particularly those in
Mexico and the People’s Republic of China, in view of the fact that the automobile market in Europe is stagnant. Nevertheless, considerable investments are
still being made in Germany. These investments in the Veritas Group’s foreign
subsidiaries are of course also considerable risks, even if taking into account
that these overseas markets are anticipated to grow consistently. However, the
medium and long-term objective is to develop new markets and customers. This
strategy gives Veritas the option of expanding from a solid basis.
Veritas’s location policy in the past years has taken into account the fact that the
most significant growth of passenger-car markets in absolute terms will be registered in The Americas and China. While more traditional brands will dominate
in America, particularly in the NAFTA market, an entirely new market is developing in the PR China with European OEMs and/or the joint-venture partners. Further potential lies in cooperation with local automobile suppliers. For Veritas, this
is a unique opportunity to generate growth in new markets. Forecasts anticipate
more than 28 million cars to be built in China in 2018. Even only a slight market
penetration would offer exciting opportunities to Veritas.
Setting up local production and establishing a local supply chain provide
interesting synergies and scale effects. Veritas AG’s global activities as a consequence also strengthen operations in Europe, thus improving the entire group’s
brand presence.
Dependent upon suppliers
2013 was a split year in automotive terms, and Veritas is facing 2014 with confidence. This year bears considerable potential with an order situation stabilizing
on the demand level of the second half of 2013 and the launch of new products. The estimations of procurement markets are conditional upon the financial
situation in Europe stabilizing further and the overall operational conditions, in
particular in Germany, not deteriorating due to wage increases or rising energy
costs.
Energy costs in Germany will continue to rise distinctly in 2014 owing to massive increases of EEG reallocation charges. We will be able to compensate for
this trend only in part by successively converting to more efficient manufacturing
processes. We are confident that overall cost prices will remain at current level
in spite of rising labor and energy costs suffered by suppliers. Regional effects
or singular trends for particular polymers cannot be entirely excluded.
All activities of Veritas procurement stand to benefit from our presence in foreign
countries as well as certification of local suppliers, optimization of transport and
handling costs and bundling of international potentials in terms of cost prices.
Finance markets again failed to stabilize in 2013. Even though confidence in
finance markets has risen again in Europe, the clash between political parties
about the US budget policies gave rise to considerable irritations on global
finance markets. Stability of the European currency system is still being discussed.
Annual Financial
Statements
Financial risks
As international automotive supplier, the Veritas group is active in various currency zones and is thus also subject to exchange-rate risks. In order to reduce
financial risks arising from exchange-rate fluctuations, we have applied adequate
hedging tools to secure foreign currency positions and will continue to rely on
pertinent derivatives.
Annotations
We minimize general exchange-rate risks to every extent possible by closing
deals either in US dollars or Euros or, where applicable, in the local currency.
Separate hedging of the productive material needed in Kunshan, PR China, will
probably be required for the first in 2014.
Satus Report
Hedging against raw-material price developments is difficult to apply, as the
starting substances of our materials have frequently been processed to an extent where there is no longer any correlation between starting substances and
end product.
We assume as before that tensions on the finance markets may also have negative effects on financing of the Veritas Group.
The interest market has been low for some time, which is currently to the benefit
of Veritas as creditor. Any fluctuations of the EURIBOR interest rates may lead
to a higher interest burden for Veritas, even if the Group applies derivatives to
counter risks associated to fluctuating interest rates.
We have taken out trade credit insurances against defaulting claims against customers.
We refer to the annotations in the annex as relates to the risks associated with
liability relations and derivatives.
The Poppe-Veritas Group, and thus also Veritas, in accordance with bilateral
credit agreements and the syndicated credit loan must comply with financial
key indicators in effect at specified cut-off dates. As of the balance sheet date
December 31, 2013, a total of ¤ 43.8 million of the available credit line had not
been made use of.
Assessment of risks
In order to cover our finance needs, we must be in compliance with financial
key indicators. Based upon measures taken to improve profitability, a positive
revenue development is anticipated.
However, risks based on overall economical and industry-specific factors and
influences may have negative effects upon the group’s net worth, earnings,
and financial position. Political risks may have direct or indirect effects upon the
corporate group.
V. Relations to affiliated companies
The executive board in compliance with § 312 sec. 3 AktG states that our
company gained fair and reasonable consideration for each legal transaction.
This assessment is based upon the circumstances known to us at the time of
accountable transactions. No accountable transactions were put into effect or
omitted in the year under review.
Gelnhausen, April 30, 2014
THE EXECUTIVE BOARD
Annotations
Annual Financial
Statements
Satus Report
BeckHehl
Veritas AG, Gelnhausen
Annual Financial
Statements
Satus Report
Annual financial statements
Veritas AG and Veritas Group
Annotations
Automotive Veritas de México S.A. de C.V.
Annual Financial Statements Veritas AG
and Veritas Group
Balance sheet of Veritas AG
effective December 31, 2013
Assets
December 31, 2013
K ¤
K ¤
December 31, 2012
K ¤
K ¤
A.Fixed assets
I. Intangible assets
Concessions, patents,
trademarks and similar rights
as well as licenses thereto
592
667
II.Tangible assets
1.Land, leasehold rights and buildings
including buildings on land owned
by others
11.397
12.231
2.Plant and machinery
22.776
23.006
3.Other fixtures and fittings,
tools and equipment
13.269
13.470
4.Payments on account and tangible
assets in course of construction
363
47.805
1.319
51.261
33.421
50.027
III.Financial assets
1.Shares in affiliated companies
23.890
2.Loans to affiliated companies
27.371
21.061
99.658
54.482
105.176
B.Current assets
I.Stocks
1.Raw materials and consumables
2.Work in progress
3.Finished goods and goods for resale
4. Payments on account
14.734
17.690
5.911
5.228
21.681
19.112
3.511
45.838
4.518
46.547
II.Accounts receivable and
other assets
1.Accounts receivable
40.151
32.485
2.Amounts owed by
affiliated companies
23.073
29.714
3. Other assets
III.Cash on hand, cash in bank accounts
and checks
C.Prepayments and accrued income
D.Deferred tax assets
4.538
67.761
1.781
63.980
16.650
1.854
130.250
112.381
285
212
4.430
4.970
234.623
222.738
Liabilities
December 31, 2013
K ¤
K ¤
December 31, 2012
K ¤
K ¤
A.Equity capital
I.Subscribed capital
12.000
12.000
II.Retained earnings
B.Provisions
1.Provisions for pensions and
similar charges
2.Provisions for taxes
3.Other provisions
C.Liabilities
1.Profit participatory capital,
credit institutions
- thereof maturing within one year: K ¤ 0
(prior year K ¤ 10,000)
1.200
15.670
14.470
15.670
47.182
50.069
74.852
77.739
19.742
19.949
0
1.300
26.262
23.252
46.004
44.501
0
10.000
2.Amounts owed to credit institutions
- thereof maturing within one year:
K ¤ 31,760 (prior year K ¤ 16,685)
69.427
58.112
3.Accounts payable
K ¤ 34,761 (prior year K ¤ 19,746)
34.761
19.746
8.047
11.233
4.Amounts owed to affiliated companies
K ¤ 8,047 (prior year K ¤ 11,233)
5.Other creditors
K ¤ 1,289 (prior year K ¤ 1,151)
- thereof from taxes:
K ¤ 1,077 (prior year K ¤ 874)
- thereof in the scope of social security:
K ¤ 95 (prior year K ¤105)
D.Accruals and deferred income
1.289
1.151
113.524
100.242
243
256
234.623
222.738
Satus Report
III.Net profit / loss for the year
1.200
14.470
Annual Financial
Statements
2.Other retained earnings
Annotations
1.Statutory reserves
and Veritas Group
Income statement of Veritas AG
January 1 to December 31, 2013
2013
1.Sales revenues
2.Inventory changes in finished goods
and work in progress
3.Other operating income
- thereof from foreign currency translation:
K ¤ 1,036 (pr. yr.: K ¤ 2,272)
4. Material expenses
a) E xpired cost of raw materials, supplies
and acquired merchandise
b) Expired cost of acquired services
5.Personnel costs
a) Wages and salaries
b) Social security levies and cost of
retirement plans and related benefits
- thereof for retirement plans:
K ¤ 412 (prior year K ¤ 764)
2012
K ¤
600.461
K ¤
K ¤
606.739
K ¤
219
600.679
– 2.416
604.322
430.217
45.500
18.316
25.576
618.995
629.899
475.716
67.649
13.480
415.142
44.627
459.769
65.700
81.129
13.746
79.446
6.Depreciation on intangible assets of
fixed assets as well as tangible assets
10.756
10.470
7.Other operating charges
- thereof from foreign currency translation:
K ¤ 1,021 [pr. yr.: K ¤ 1,426)
54.590
56.526
– 3.196
8.Income from profit transfer agreements
9.Income from participations
- thereof from affiliated companies
K ¤ 654 (pr. yr. K ¤ 522)
10.Income from other securities and lendings
of financial assets
- thereof from affiliated companies:
K ¤ 1,576 (prior year: K ¤ 1,289)
11.Other interest and similar income
- of these to affiliated companies:
K ¤ 446 (prior year: K ¤ 200)
12.Interest and similar expenses
- thereof from affiliated companies:
K ¤ 626 (prior year: K ¤ 636)
- thereof accumulation of provisions:
K ¤ 1,079 (prior year: K ¤ 1,054)
13.E xpenditures for loss assumption
14.Remuneration for profit participatory capital
15.Profit or loss on ordinary
business activities
16.Taxes on corporate income and business
profits
- thereof revenues from alteration
of deferred taxes K ¤ 540
(prior year revenue: K ¤ 230)
17. Other taxes
18.Profit/loss for the year
19.Profit carried forward from prior year
20.Net profit for the year
23.687
7.855
4.527
654
522
1.576
1.289
459
254
5.899
5.050
3.130
50
1.466
2.146
810
– 1.730
462
95
– 1.415
22.273
4.219
557
– 2.287
49.469
47.182
71
4.290
17.983
32.086
50.069
Depreciation of fixed assets
Non-cash expenditures
Non-cash revenues/additions assets
Depreciations current assets
Write-up current assets
Increase/decrease in reserves
2012
K ¤
– 2.287
+ 17.983
+ 10.756
+ 10.470
+ 216
+ 0
– 0
– 4.876
+ 0
+ 799
– 785
– 4.335
+ 1.503
– 3.056 Profit from disposal of fixed assets
– 52
– 86
Loss from disposal of fixed assets
+ 47
+ 99
– 2.990
– 5.989
+ 540
– 230
Decrease / increase of trade creditors
and other liabilities
+ 14.952
– 8.744
Influx of funds from
ongoing business activities
+ 21.900
+ 2.035
Increase in inventories, trade debtors, and other assets
Increase/decrease in deferred tax assets
Influx of funds from disposals
of fixed-asset items
Outflow of funds from investments into fixed assets
Outflow of funds for investments into intangible assets
+ 69
+ 1.038
– 7.553
– 11.371
– 341
– 268
Influx of funds from disposals of financial assets
+ 2.856
+ 3.951
Outflow of funds from investments into financial assets
– 2.851
– 12.739
Outflow of funds
from investment
– 7.820
– 19.389
Influx of funds from taking up medium and long-term credits
Influx of funds from taking up short-term credits
Outflow of funds for repayment of short-term credits
Outflow of funds for repayment of medium and long-term credits
Outflow of funds from payment of profit participation capital
+ 5.000
+ 19.000
+ 13.000
+ 6.500
– 0
– 5.000
– 6.684
– 7.721
– 10.000
– 0
Distribution of profits
– 600
– 600
Inflow of funds from
financing activities
+ 716
+ 12.179
+ 14.796
– 5.175
+ 1.854
+ 7.029
Financial resources at end of period *)
16.650
1.854
Changes in funds due to cash transactions and equivalent
*) The delimitation of financial means is identical to the item „cash on hand, cash in bank accounts“ on the assets side of the
balance sheet
Annual Financial
Statements
Profit/ loss for the year
2013
K ¤
Annotations
Veritas AG
Satus Report
Flow of funds analysis Veritas AG
and Veritas Group
Balance sheet of THE Veritas GROUP
effective December 31, 2013
Assets
December 31, 2013
K ¤
K ¤
December 31, 2012
K ¤
K ¤
A. Fixed assets
I. Intangible assets
1.Concessions, patents, trademarks and
similar rights as well as licenses thereto
2.Goodwill, transaction value
742
1.385
768
2.127
625
II. Tangible assets
1.Land, leasehold rights and buildings
including buildings on land owned
by others
27.913
29.465
2.Plant and machinery
47.345
43.490
25.554
25.416
3.Other fixtures and fittings,
tools and equipment
4.4. Payments on account and tangible
2.846
103.658
2.598
1.Shares in affiliated companies
82
3.538
2.Loans to affiliated companies
0
4.000
3.Other loans
2.883
2.965
2.550
108.751
1.393
100.968
10.088
112.449
B. Current assets
I.Stocks
1.Raw materials and consumables
23.275
25.741
2.Work in progress
13.559
17.272
3.Finished goods and goods for resale
26.245
21.877
4.192
4.585
4.Payments on account
63.071
5.Advances on orders
– 4.200
II.Accounts receivable and
other assets
1.Accounts receivable
48.444
38.046
1.908
8.209
2.Amounts owed by affiliated companies
3.Other assets
III.Checks, cash on hand and
on deposit in bank accounts
C.Prepayments and accrued income
D.Deferred tax assets
10.035
60.387
– 7.683
6.802
61.792
53.057
19.880
3.366
143.337
118.215
319
226
5.373
5.442
257.780
236.333
Liabilities
December 31, 2013
K ¤
K ¤
December 31, 2012
K ¤
K ¤
A. Equity capital
I. Subscribed capital
12.000
12.000
II. Retained earnings
1.200
12.682
49.882
11.482
12.682
49.066
– 1.441
– 387
73.123
73.361
B.S pecial item for investment
allowances to fixed assets
4.387
1.907
C.S pecial item for investment
subsidies to fixed assets
101
111
19.742
19.949
D.Provisions
1.Provisions for pensions and
similar charges
2.Provisions for taxes
2.999
2.251
29.966
26.645
52.707
48.845
1. Profit participatory capital
K ¤ 0 (prior year K ¤ 10,000)
0
10.000
2.
Amounts owed to credit institutions
K ¤ 32,077 (prior year K ¤ 17,442))
71.172
60.521
3.Accounts payable
K ¤ 44,605 (prior year K ¤ 25,647)
44.605
25.647
6.723
11.100
3.Other provisions
E. Liabilities
4.Amounts owed to affiliated companies
K ¤ 6,723 (prior year K ¤ 11,100)
5.Other creditors
K ¤ 4,702 (prior year K ¤ 4,227)
- thereof from taxes:
K ¤ 1,405 (prior year K ¤ 2,009)
- thereof in the scope of social security:
K ¤ 558 (prior year K ¤ 360)
F. Accruals and deferred income
4.702
4.227
127.202
111.495
259
613
257.780
236.333
Satus Report
III.Net profit for the year
IV.Equity capital difference from
foreign currency translation
1.200
11.482
Annual Financial
Statements
2.Other retained earnings
Annotations
1.Statutory reserves
and Veritas Group
Income statement of the Veritas group
January 1 to December 31, 2013
K ¤
1.Sales revenues
2.Inventory changes in finished goods
and work in progress
575.505
623
3.Other operating income
- thereof from foreign currency
translation: K ¤ 1,914 [pr. yr.: K ¤ 4,510)
4. Material expenses
a) E xpired cost of raw materials,
supplies and acquired merchandise
b) E xpired cost of acquired services
5.Personnel costs
a) Wages and salaries
b) Social security levies and cost of
retirement plans and related benefits
- thereof for retirement plans:
K ¤ 564 (prior year K ¤ 764)
2013
K ¤
576.127
1.317
590.293
13.760
16.101
589.887
606.394
335.741
347.003
101.494
22.064
2012
K ¤
588.976
325.924
21.079
K ¤
19.777
355.518
97.716
123.559
21.697
119.413
6.Depreciation on intangible assets of fixed
assets as well as tangible assets
- thereof depreciations goodwill
K ¤ 654 (pr. yr. K ¤ 522)
19.711
17.460
7.Other operating charges
- thereof from foreign currency
translation: K ¤ 2.616 (pr. yr. K ¤ 2.879)
89.718
91.841
9.896
22.162
8.Income from other securities and lendings
of financial assets
132
137
9.Other interest and similar income
- of these from affiliated companies:
K ¤ 44 (prior year K ¤ 117)
149
297
0
2
6.124
5.339
10.Write-down of financial assets
and on securities of current assets
11.Interest and similar expenses
- thereof to affiliated companies:
K ¤ 629 (prior year K ¤ 636)
- thereof accumulation of provisions:
K ¤ 1,084 (prior year: K ¤ 1,054)
12.Remuneration from/for profit
participatory capital
13.Profit or loss on ordinary
business activities
14.Taxes on corporate income and
business profits
- thereof expenses from alteration of
deferred taxes K ¤ 53
(prior year: revenue K ¤ 406)
15.Other taxes
16.Profit for the year
17.Profit carried forward from prior year
18.Net profit/loss for the year
50
– 5.893
810
4.004
2.387
201
– 5.717
16.445
5.153
2.588
1.416
48.466
49.882
100
5.253
11.192
37.874
49.066
Flow of funds analysis Veritas group
+ 1.416
+ 11.192
Depreciation of fixed assets
+ 19.711
+ 17.463
Increase/decrease in reserves
+ 3.862
– 2.218
Profit from disposal of fixed assets
including profits from foreign-currency translation
– 52
– 1.058
Loss from disposal of fixed assets
including losses from foreign-currency translation
+ 1.347
+ 639
Increase in inventories, trade debtors,
and other assets
– 9.720
– 3.140
+ 69
– 481
+ 17.703
– 7.815
– 751
– 604
– 1.054
– 125
+ 32.531
+ 13.853
Increase / decrease in deferred tax assets
Increase/decrease in trade creditors
and other liabilities
Other revenues from special items not based on payments
Differential amount from foreign currency translation
Influx of funds from
ongoing business activities
Influx of funds from disposals of
fixed-asset items
+ 469
+ 1.585
– 20.112
– 27.849
– 444
– 309
+ 0
+ 35
Outflow of funds from investments into financial assets
– 333
– 5.700
Expansion of consolidation scope
+ 744
+ 0
+ 3.608
+ 786
Outflow of funds for investments into fixed assets
Outflow of funds for investments into intangible assets
Influx of funds from disposals of financial assets
Influx special item for investment subsidies
Outflow of funds
from investment
Influx of funds from taking up financing credits
Influx of funds from taking up short-term credits
Outflow of funds for repayment of short-term credits
Outflow of funds for repayment of financing credits
Disbursement for redemption of jouissance right capital
– 16.068
+ 5.000
– 31.452
+ 19.000
+ 13.000
+ 6.500
– 0
– 5.000
– 7.349
– 8.814
– 10.000
– 0
– 600
– 600
+ 51
+ 11.086
+ 16.514
– 6.513
+ 3.366
+ 9.879
Financial resources at end of period
19.880
3.366
Distribution of profits
Inflow of funds
from financing activities
Changes in funds due to
cash transactions and equivalent
Satus Report
2012
K ¤
Annual Financial
Statements
Profit for the year
2013
K ¤
Annotations
Veritas group
and Veritas Group
Fixed-asset transaction statement effective December 31, 2013
Veritas A G
Costs of acquisition or production
Jan 1, 2013
Additions
Book
transfers
Disposals
Dec 31, 2013
K ¤
K ¤
K ¤
K ¤
K ¤
and similar rights
and assets all well
as licenses thereto
6.869
341
0
48
7.161
I.Intangible
assets
6.869
341
0
48
7.161
Land, leasehold rights
and buildings incl. buildings
on land owned by others
40.627
52
28
0
40.706
Plant and
machinery
90.104
2.912
1.812
2.194
92.635
Other fixtures and fittings,
tools and equipment
65.984
4.226
109
711
69.609
Payments on account and tangible
II.Tangible assets
hares in affiliated
S
companies
1.319
363
– 1.319
0
363
198.034
7.553
630
2.904
203.313
21.313
2.829
0
0
24.142
oans to affiliated
L
companies
33.620
23
0
5.856
27.787
54.933
2.851
0
5.856
51.929
259.836
10.745
630
8.808
262.403
Assets
Ongoing year
Disposals
Dec 31, 2013
Dec 31, 2013
Jan 1, 2013
K ¤
K ¤
K ¤
K ¤
K ¤
K ¤
6.202
416
48
6.569
592
667
6.202
416
48
6.569
592
667
28.395
914
0
29.309
11.397
12.231
67.098
4.919
2.157
69.859
22.776
23.006
52.514
4.507
682
56.339
13.269
13.470
0
0
0
0
363
1.319
148.007
10.340
2.839
155.508
47.805
50.027
252
0
0
252
23.890
21.061
199
217
0
416
27.371
33.421
451
217
0
668
51.261
54.482
154.660
10.973
2.888
162.745
99.658
105.176
Annual Financial
Statements
Jan 1, 2013
Satus Report
Nominal assets
Annotations
Depreciations
and Veritas Group
Fixed-asset transaction statement effective December 31, 2013
Veritas Group
Costs of acquisition or production
Jan 1,
2013
K ¤
Expansion
of consolidation
scope
K ¤
Exchangerate
differences
Additions
Book
transfers
Disposals
Dec 31,
2013
K ¤
K ¤
K ¤
K ¤
K ¤
and similar rights and assets
all well as licenses thereto
7.337
0
-4
444
7
75
7.710
Goodwill or transaction value
2.752
0
0
1.263
0
0
4.015
I.Intangible
assets
10.089
0
-4
1.707
7
75
11.725
Land, leasehold rights
and buildings incl.
buildings on land owned
by others
67.445
98
-257
508
28
7
67.814
130.172
2.256
-766
9.167
2.428
2.570
140.687
94.989
229
-306
7.842
133
2.089
100.797
Plant and
machinery
Other fixtures and fittings,
tools and equipment
Payments on account and
tangible assets in course of
construction
2.598
61
-13
2.580
-1.967
413
2.846
295.204
2.644
-1.343
20.096
623
5.080
312.144
hares in affiliated
S
companies
3.790
-3.456
0
0
0
0
334
oans to affiliated
L
companies
4.000
-1.000
0
0
0
3.000
0
II. Tangible assets
Other
loans
Assets
2.550
0
0
333
0
0
2.883
10.340
-4.456
0
333
0
3.000
3.217
315.633
-1.812
-1.346
22.136
630
8.155
327.086
Expansion of
consolidation
scope
Exchange
rate
differences
Ongoing
year
Disposals
Dec 31, 2013
Dec 31, 2013
Jan 1, 2013
K ¤
K ¤
K ¤
K ¤
K ¤
K ¤
K ¤
K ¤
6.569
0
-3
476
75
6.968
742
768
2.127
0
0
503
0
2.629
1.385
625
8.696
0
-3
979
75
9.598
2.127
1.393
37.980
19
-118
2.026
7
39.900
27.913
29.465
86.682
140
-281
8.974
2.174
93.342
47.345
43.490
69.573
34
-164
7.731
1.931
75.244
25.554
25.416
0
0
0
0
0
0
2.846
2.598
194.235
194
-563
18.732
4.113
208.486
103.658
100.968
252
0
0
0
0
252
82
3.538
0
0
0
0
0
0
0
4.000
0
0
0
0
0
0
2.883
2.550
252
0
0
0
0
252
2.965
10.088
203.184
194
-565
19.711
4.187
218.335
108.751
112.449
Annual Financial
Statements
Jan 1, 2013
Satus Report
Nominal assets
Annotations
Depreciations
and Veritas Group
Equity statement Veritas AG
as of December 31, 2013
Veritas A G
Subscribed
capital
K¤
December 31, 2011
12.000
Profit distribution
0
Profit for the year
0
December 31, 2012
12.000
Profit distribution
0
Loss for the year
0
December 31, 2013
12.000
*) Of the Veritas AG‘s profit carried forward, K ¤ 45,539 are released for distribution under due
consideration of the sums exempt from distribution.
Equity statement veritas GROUP
as of December 31, 2013
Veritas Group
December 31, 2013
Subscribed
capital
Statutory
reserves
K ¤
K ¤
12.000
1.200
Profit distribution
0
0
Recognition not affecting
operating result
0
0
Group profit for the year
0
0
12.000
1.200
Profit distribution
0
0
Recognition not affecting
operating result
0
0
Group profit for the year
0
0
12.000
1.200
December 31, 2012
December 31, 2013
Equity capital
K ¤
K ¤
K ¤
K ¤
1.200
14.470
32.686
60.356
0
0
(600)
(600)
0
0
17.983
17.983
1.200
14.470
50.069
77.739
0
0
(600)
(600)
0
0
(2.287)
(2.287)
1.200
14.470
47.182
74.852
Other
retained income
Equity capital difference
from foreign currency
translation
Net profit for the year
Equity capital
K ¤
K ¤
K ¤
K ¤
11.482
(261)
38.474
62.895
0
0
(600)
(600)
0
(125)
0
(125)
0
0
11.192
11.192
11.482
(386)
49.066
73.362
0
0
(600)
(600)
0
(1.055)
0
(1.055)
0
0
1.416
1.416
11.482
(1.441)
49.882
73.123
Satus Report
Net profit for the year *)
Annual Financial
Statements
Other
retained income
Annotations
Statutory
reserves
Veritas Sachsen GmbH
Annual Financial
Statements
Satus Report
Notes to the Annual
Financial Statements
Veritas AG and
Veritas Group 2013
Annotations
Veritas Thüringen GmbH
NOTES TO THE ANNUAL FINANCIAL STATEMENTS
VERITAS AG AND VERITAS GROUP
I. Financial Reporting
General Explanations
The annual financial statement for Veritas AG and the consolidated financial
statement 2013 were prepared in compliance with the regulations in the HGB
(German Commercial Code) and German stock corporation law.
The details required for explanation of the balance sheet and the income statement in essence have been stated in the notes. The aggregate cost method was
chosen for the income statement.
The first consolidated financial statement was made effective December 31,
1999.
Consolidation scope
Consolidation scope Veritas Group
Veritas AG, Gelnhausen
Veritas Dunakiliti Verbindungstechnik Kft., Dunakiliti/Hungary
Veritas Thüringen GmbH, Benshausen
Automotive Veritas de México S. A. de C. V., Puebla / Mexico
Veritas Servicios, S.A. de C.V. (indirect holding of securities)
Veritas Austria GmbH, Mieders / Austria
Veritas Otomotiv Sanayi Ltd. Sti., Cerkezköy-Tekirdag / Turkey
Veritas Sachsen GmbH, Neustadt in Sachsen
The annual financial statement is incomparable to the prior year such that the
two subsidiaries Veritas Automotive Bosna i Hercegovina d.o.o., Sarajevo and
Veritas Automotive System (Kunshan) Co. Ltd., PR China, were for the first time
integrated in the consolidated financial statement.
Subsidiaries of secondary significance
Himmelauer Mühle Verwaltungsgesellschaft mbH, Gelnhausen
Himmelauer Mühle Baugesellschaft mbH & Co.KG, Gelnhausen
Veritas USA Corporation, Detroit/USA
Veritas Medizintechnik GmbH, Halberstadt
Relief fund for employees of Veritas AG in Gelnhausen e.V., Gelnhausen
The economic activities of these companies in the 2013 business year in consideration of § 296 sec. 2 HGB were of secondary importance for fair assessment
of the group’s financial position and results of operations due to their impact on
the amount of assets, income and expenses.
Consolidation principles
Before implementation of BilMoG, capital consolidation was effected according to the book value method. The purchase method of accounting has been
applied since 2010. The initial consolidation of Veritas Automotive System
(Kunshan) Co. Ltd., PR China as well as Veritas Automotive Bosna i Hercegovina
d.o.o., Sarajevo showed a debit difference for each entity.
778
The item was posted as goodwill under Intangible assets and will be linearly
depreciated over a period of five years.
The currencies applied in annual financial statements prepared by the included
subsidiaries were converted to the reporting currency on the basis of the modified balance-sheet date exchange rate method. All items with the exception of
equity capital were valuated at the currency conversion rate applicable at the
balance-sheet date. Expenditures and revenues stated in the income statement
of the subsidiaries were converted at average market price.
In compliance with §304 sec. 1 HGB, there were eliminations of intercompany
profits and losses in inventories worth K ¤ 146.
Balancing and valuation procedures
Valuation in the group was based on concurring principles. Options to choose
cost or market valuation were exercised specifically in concurrence with the
parent company’s statements. Acquired intangible assets were carried at
acquisition cost and are depreciated according to the straight-line method
of depreciation.
Annual Financial
Statements
Annotations
485
Satus Report
K ¤
Veritas Automotive System (Kunshan) Co., Ltd., PR China
Tangible fixed assets were estimated at acquisition or production costs. Additions are usually depreciated according to the pro rata temporis method of depreciation. Acquisition costs encompass the cost of acquisition, ancillary costs
as well as reductions of purchase price.
The useful life and depreciation rates are based on the official depreciation
tables and the depreciation tables of the rubber industry. Assets with an acquisition value of less than ¤150 net are recognized as an expense in full in the year
they are entered. Assets with an acquisition value between ¤150 and ¤1,000 net
are pooled in an account and are depreciated over 5 years. Financial assets are
valuated at acquisition costs or with their lower value at the reporting date.
Inventory stocks are valuated at their acquisition or production costs or at lower
current value. Production costs in addition to unit costs also encompass appropriate shares of manufacturing and material costs as well as depreciation of
assets. Raw materials and supplies of identical quality from different purchases
are estimated at weighted average price in compliance with § 240 sec. 4 HGB.
If the most recent acquisition price was under the weighted average price on the
balance-sheet date, depreciations were made as of the last acquisition price.
Deductions have been made to account for reductions in value.
Receivables and other assets are estimated at their nominal value. Individual
risks have been adequately considered with individual value adjustments. General credit risks have been adequately taken into account by a general bad-debt
provision.
Currency receivables are converted at the rate valid on the day the claim is
entered into the books or at the lower exchange rate valid at the reporting date.
The acquisition-cost principle was applied for currency receivables maturing
after one year.
Accruals encompass expenditures before the balance sheet date which represent costs for a specific period of time after this date.
Obligations from pension commitments were valuated at the fulfillment amount
on the basis of biometric probabilities with the projected unit credit method.
Future wage and pension increases will be taken into account for determination
of the future fulfillment amount. The interest rate publicized by Deutsche
Bundesbank for 15 years remaining term is being applied for discounting.
For pensions paid indirectly, Veritas is liable in the second degree as is derived
from the Gesetz zur Verbesserung der betrieblichen Altersversorgung (company
pension law – BetrAVG). If the applicable assets of the provident fund are insufficient to cover the settlement amount for the pension commitments, Veritas
AG recognizes the deficit cover in the balance-sheet item Pensions and similar
commitments.
Payables in foreign currency have been valuated with the average spot transaction value at the reporting date. The realization principle was applied for
accounts payable due after one year.
II. ANNOTATIONS TO THE BALANCE SHEET
Fixed assets
The development of fixed assets in the 2013 business year is depicted in the
fixed-asset transaction statements for the Veritas Group and Veritas AG.
The income statement includes expenditures for rental and leasing contracts,
in particular for properties and buildings as well as vehicles. A sale-and-leaseback agreement has been concluded for expansion of facilities at the Veritas
Sachsen GmbH plant in Neustadt in Sachsen. In the year under review, the
Annual Financial
Statements
Liabilities have been estimated at their amount repayable.
Annotations
Provisions are made under due consideration of anticipated future price and
cost increases. Provisions with a term of more than one year are discounted
with the appropriate average market interest rate for the past seven business
years determined and publicized by Deutsche Bundesbank.
Satus Report
The other reserves encompass all risks and contingent liabilities discernible at
the time the balance sheet is prepared.
incurred part fabrication costs were posted directly to Inventory assets. At the
time the expansion has been completed, the assets will be sold to the lessor.
The concluded contracts are designated to reduce our financing needs. These
contracts will lead to a rise in our payment obligations. In this context, we refer
to miscellaneous financial obligations.
The following table shows Veritas AG’s participating interests as of
December 31, 2013:
Direct participations
Veritas Dunakiliti Kft.
Share
capital
Equity
capital
Interest
in %
Operating
results
2013
K ¤
K ¤
K ¤
1.027
250
5.200
100,0
1.569
250
100,0
0
7.185
8.576
99,99
1.796
immelauer Mühle VerwaltungsH
gesellschaft mbH
50
72
100,0
3
Himmelauer Mühle
Baugesellschaft mbH & Co. KG
100
46
100,0
18
21
25
100,0
13
Veritas Medizintechnik GmbH
100
(2.669)
100,0
(52)
580
3.348
100,0
679
Veritas Otomotiv Sanayi Ltd. Sti.
119
2.036
100,0
1.422
100,0
0
Automotive Veritas de México S. A. de C. V.
Veritas USA Corporation
3)
153
1.619
Veritas Automotive Bosna i Hercegovina d.o.o.
2.256
1.070
100,0
(418)
Veritas Automotive System (Kunshan) Co. Ltd.
1.970
1.260
100,0
68
3
98
100,0
124
Indirect participations
Veritas Servicios, S.A. de C.V.
Profit and loss transfer agreement
Prior year results
3)
Deficit not covered by equity capital
1)
2)
The exchange rates in effect on the balance-sheet date were applied for translation of nominal and
equity capital from foreign currencies to euros.
The average exchange rates were applied for translation of annual results from foreign currencies to
Euros.
1)
2)
1)
Trade debtors
Throughout the entire business year, accounts receivable from customers with good
financial standing were sold to domestic banks with which Veritas maintains regular
business relations. Factorization sales volume was up to ¤ 15 million. As of December 31, 2013, accounts receivable worth ¤ 13.7 million (previous year ¤ 15 million)
had been sold. Financing brought about a higher degree of flexibility of working
capital. The arrangement with finance partners provides for obligations to consistently offer such accounts receivable and to make comprehensive reports.
Deferred tax assets on consolidation measures and deviations in context with
standardized assessment throughout the Group: K ¤ 679.
Annotations
In the Group, local tax rates are applied.
Annual Financial
Statements
Deferred tax assets
Deferred tax assets for the group were at K ¤ 5,373; these are structured into differential amounts of K ¤ 4,430 for Veritas AG and K ¤ 264 for the group. The deferred
tax liabilities were offset and only the remaining net asset position itemized in the
balance sheet. The deferred taxes for Veritas AG were calculated on the basis of an
average tax rate on profits of 28%.
Satus Report
Accruals
For Veritas AG, this item refers particularly to discounts totaling K ¤ 10 (prior year:
K ¤ 20) earned from taking up long-term investment credits.
Deferred tax assets
Difference
K ¤
Deferred tax liabilities
Tax Difference
K ¤
K ¤
Tax
K ¤
1. Veritas AG (tax rate 28%) Losses carried forward
Current assets
Provisions
Accounts receivable
1.000
280
-
-
15.412
4.315
-
-
-
-
(575)
(165)
Total AG
Balancing
Net asset position
2. Veritas Group
Capital assets Hungary
(tax rate 17%)
Capital assets, stocks,
and provisions Mexico (tax rate 30%)
Debt consolidation Mexico
(tax rate 28%)
Eliminations of intercompany profits and
losses (tax rate 28%)
Others
Total Group
-
-
4.595
(165)
(165)
165
4.430
0
3.264
620
-
-
1.095
329
-
-
64
18
-
-
146
41
-
-
-
(640)
(65)
-
1.008
(65)
Balancing
(65)
65
Net asset position
943
0
Total
5.373
Veritas AG tax expenditures are higher in comparison to the computed tax
expenses. This is on one side due to cautious valuation of deferred tax assets of
losses carried forward, tax additions, and on the other due to changes in deviations between trade balance sheet and tax balance sheet as relates to accounts
receivable from affiliated companies which were not accrued as deferred tax
assets due to tax relief probably unavailable in the future.
The Group’s tax expenses are higher than the computed tax expenses because
they are influenced in varying degrees by the Veritas AG’s individual financial
statement and by foreign and domestic factors not dependent upon revenue.
Subscribed capital
The capital stock registered on the Commercial Register is unchanged from last
year at K ¤ 12,000. It is structured into 4,000,000 bearer shares.
Net profit for the year
The stated net profit (Veritas AG K ¤ 47,182; Veritas Group K ¤ 49,882) includes
retained profit brought forward of K ¤ 49,969 (Veritas AG) and K ¤ 48,466
(Veritas Group). Of the Veritas AG’s profit carried forward, K ¤ 45,539 are
released for distribution under due consideration of the sums exempt from
distribution.
The special item for investment grants also encompasses governmental
subsidies in amount of K ¤ 101. It will be dissolved upon expiration of the
utility periods of the subsidized investment goods.
Annual Financial
Statements
Special item for investment allowances
and subsidies to fixed assets
The special item for investment grants in the consolidated balance sheet relates
to a non-refundable subsidy by the German federal state of Thuringia (K ¤ 923)
and a non-refundable subsidy by the German federal state of Saxony (K ¤ 3,340)
from funds of the program to improve regional economic structures as well as
subsidies under the Investment Act and federal and state grants from the Republic of Austria and the Austrian state of Tyrol (K ¤ 123).
Annotations
Particulars on sums exempt from distribution
Owing to activation of deferred tax assets in the annual financial statements of
Veritas AG, K ¤ 4,430 are exempt from distribution.
Satus Report
Other surplus reserves
Other surplus reserves as of December 31, 2013 were unchanged at
K ¤ 11,482 (Veritas Group) and K ¤ 14,470 (Veritas AG).
Provisions for pensions and similar charges
Employees who joined Veritas AG prior to December 1, 1993 are admitted to the
Veritas AG pension scheme, which is covered by adequate reserves for current
pension payments and pension expectancies. The current company pension
system has been closed for new admittances effective December 1, 1993. Entitlements earned after November 2005 are financed by a reinsured relief fund.
The fulfillment amount for pension provisions is K ¤ 19,742. The insurancemathematical parameters are: a discounting rate of 4.88%, a pension trend of
2.0% as well as salary and wage increases of 2.75% per year. A fluctuation rate
was not taken into consideration due to acquired rights. The mortality rate is
based upon the standard values scheme publicized in 2005 by Prof. Dr. Klaus
Heubeck in Cologne.
Pension payments and payments by the relief fund for former employees
amounted to K ¤ 993 in the business year.
Other provisions
For Veritas AG, these essentially encompass provisions for losses from pending
contracts, for warranties, for outstanding supplier invoices, for returns/discounts,
for anniversary bonuses, and for holiday entitlements.
Liabilities structured by remaining maturity; Veritas AG
Veritas AG
Maturing
Remaining
Remaining
Status on
within one
term 1 to 5
term more
Dec 31, 2013
year
years than 5 years
Grand total
K ¤ K ¤ K ¤ K ¤
Amounts due to banks
31.760
31.506
6.161
69.427
Trade accounts payable
34.761
-
-
34.761
8.047
-
-
8.047
Amounts owed to affiliated
undertakings
Other liabilities
Total
1.289
-
-
1.289
75.857
31.506
6.161
113.524
Liabilities to credit institutions worth K ¤ 27,927 are secured by mortgages
and assignments as security. Encumbrances on real property are valued
at K ¤ 30,452.
Liabilities structured by remaining maturity; Veritas Group
Amounts due to banks
32.077
32.777
6.317
71.172
Trade accounts payable
-
44.605
44.605
-
Amounts owed to affiliated
undertakings
6.723
-
-
6.723
Other liabilities
4.702
-
-
4.702
88.108
32.777
6.317
127.202
Total
Liabilities to credit institutions worth K ¤ 34,672 are secured by mortgages
and assignments as security. Total encumbrances on real property are valued
at K ¤ 40,202.
Derivative financial instruments
Derivative financial instruments are used to secure interest risks caused by
interest-rate fluctuations as well as foreign-currency risks caused by changes to
exchange rates. Valuation units were formed for effective hedging relationships.
The net hedge presentation method was applied for valuation.
Annotations
No acquisition costs were incurred for all stated hedging transactions.
Satus Report
Maturing
Remaining
Remaining
Status on
within one
term 1 to 5
term more
Dec 31, 2013
year
years than 5 years
Grand total
K ¤ K ¤ K ¤ K ¤
Annual Financial
Statements
Veritas Group
On December 31, 2013, the following interest derivatives were in effect with the
following terms:
Product/Type
Term
Beginning
Term
End
Nominal
K ¤
Negative
current values
Dec 31, 2013
K ¤
Payer Swap
30.09.2011
30.03.2014
1.750
(9.223)
Payer Swap
30.09.2011
31.03.2014
2.750
(11.220)
Payer Swap
30.09.2011
30.03.2014
2.500
(13.494)
Payer Swap
30.09.2011
31.03.2014
3.000
(14.778)
Payer Swap
30.04.2012
30.09.2016
3.750
(51.835)
Reserve Collar
28.09.2012
30.06.2021
5.000
(44.833)
The present values of derivatives in general comply with market or stock-exchange values. The values were determined by finance partners.
The payer swaps and the reverse collar as hedge constitute evaluation units with
appropriate loans being taken up. These credit loans constitute the corresponding underlying transactions. Owing to identical amounts, congruence of terms
and interest rates, the mutual changes in values and payment flows compensate
each other during the terms of the hedging and underlying transactions.
As a consequence, there was no need to set up provisions as of the balancesheet day.
In the scope of interest-risk and foreign-currency-risk management, Veritas AG
in the year under review also applied interest-rate swaps with currency options
as optimization product with defined worst case.
Product/Type
Term
Beginning
Term
End
FX Conversion
Swap EUR/HUF
01.07.2013
31.03.2014
2.500.000
11.685
FX Conversion
Swap EUR/HUF
02.08.2013
31.03.2014
3.000.000
12.912
FX Conversion
Swap EUR/HUF
06.09.2013
31.03.2014
2.900.000
9.723
Nominal Market value on
Dec 31, 2013
¤
K ¤
Market valuation was made on the basis of topical market data and application
of standard analysis methods (incl. cash value model, option price models, etc.).
As there is no direct hedging context between existing underlying transactions
for these structured products, formation of valuation units is impossible. Owing
to the positive market values as of the balance-sheet date, there was no need to
establish any provisions for the structured products.
Foreign-currency risks arising in context with highly-probable transactions are
secured by forward contracts per relevant foreign currency. The cash value
and forward exchange rate at final maturity are stated per forward exchange
transaction. The cash value reflects the current market value discounted per the
valuation date.
Bought
THUF
Forward Contract
08.01.2014
307,40
250.000
813.273
27.954
Forward Contract
07.02.2014
308,30
250.000
810.898
28.999
Forward Contract
07.03.2014
308,40
250.000
810.636
27.887
Forward Contract
08.04.2014
308,30
250.000
810.898
27.771
Forward Contract
08.05.2014
308,80
250.000
809.585
27.746
Forward Contract
06.06.2014
310,85
250.000
804.246
27.615
Forward Contract
07.07.2014
311,30
250.000
803.084
26.880
Forward Contract
08.08.2014
311,80
250.000
801.796
26.350
Forward Contract
08.09.2014
312,30
250.000
800.512
25.901
Interest
date
Forward
exch. rate
Bought
THUF
Forward Contract *
31.07.2014
2,83
920.000
324.974
(28.254)
Forward Contract *
28.08.2014
2,85
960.000
337.316
(29.725)
Forward Contract *
29.09.2014
2,86
940.000
328.212
(29.325)
Forward Contract *
30.10.2014
2,82
920.000
326.241
(36.045)
Forward Contract *
26.11.2014
2,83
960.000
339.223
(38.348)
Forward Contract *
23.12.2014
2,85
940.000
329.825
(37.107)
Product/Type
Sold Market value
¤
on Dec 31,
2013
¤
Sold Market value
¤
on Dec 31,
2013
¤
* Synthetic forward contract based on (simultaneous) purchase and sale of one each
Plain Vanilla Option EUR/TRY at the aforestated conditions.
Satus Report
Forward
exch. rate
Annual Financial
Statements
Interest
date
Annotations
Product/Type
The aforestated forward exchange transactions in EUR/HUF as hedging instrument each constitute valuation units with the highly-probable corresponding
future foreign-currency needs. Owing to identical amounts and the hedged
prices, the future payment flows will balance each other in 2014. As of the
balance-sheet date there was consequently no need to establish any provisions
irrespective of the positive or negative market value of the EUR/HUF forward
contract.
For the itemized forward exchange transactions in EUR/TRY, valuation units
with the corresponding future foreign-currency needs cannot be formed at
Veritas AG level. The forward exchange transactions in EUR/TRY have a
negative market value as of Dec 31, 2013. Effective the balance-sheet date,
provisions in the Veritas AG’s individual financial statement have been accordingly made in amount of the negative market value of the EUR/TRY forward
exchange transactions.
On the Group level, there is an exchange-rate risk for the currency combination
EUR/TRY. The forward exchange transactions here constitute a valuation unit.
Owing to identical amounts and the hedged prices, the future payment flows will
balance each other in 2014. As a consequence, no provisions in amount of the
negative market value were formed on the Group level.
III. ANNOTATIONS TO INCOME STATEMENT AND OTHER DETAILS
Structure of gross income from sales and services
In the expired business year 2013, Veritas AG generated sales in the amount of
K ¤ 600,461.
Gross income generated by Veritas AG in the year under review is structured as
follows:
Geographical breakdown
K ¤
Domestic
349.369
Foreign
251.092
600.461
Veritas AG sales structured by fields of operations
K ¤
Internally-produced vehicle parts
434.701
Merchandise
145.422
Tools revenues
20.338
600.461
In 2013, consolidated sales in the Veritas Group amounted to K ¤ 575,505.
K ¤ 304,932 of these were generated in domestic transactions, K ¤ 270,573 in
foreign trade transactions.
Veritas AG and the Veritas Group are active as automotive suppliers.
Salaries
Salaries paid to Veritas AG’s executive board in the business year are not stated
in compliance with §286 sec. 4 HGB. Fees paid to the members of Veritas AG’s
supervisory board in the 2013 business year amounted to K ¤ 68 (prior year:
K ¤ 72). A total of K ¤ 7,702 (prior year: K ¤ 7,765) has been put into reserve for
pension obligations to former members of Veritas AG’s executive board and
their surviving dependents. Current payments to former members of the
executive board or their surviving dependents amounted to K ¤ 481 (prior year:
K ¤ 332).
Annual Financial
Statements
IV. SONSTIGE ANGABEN
Annotations
Taxes on corporate income and business profits
Veritas AG recorded tax expenditures in amount of K ¤ 462; included therein are
K ¤ 540 in tax revenues attributable to the formation of deferred tax assets.
The Veritas Group recorded tax expenditures in amount of K ¤ 2,387. This includes income from the deferred taxes in amount of K ¤ 69.
The entire tax expenditures are due for revenues from ordinary business activities.
Satus Report
Other operating income
Income from the reversal of provisions (K ¤ 1,469) as well as payments by
insurance companies in compensation for damages (K ¤ 3,734) are included
in other operating income of Veritas AG.
Transactions not stated in the balance sheet
We refer to the annotations to assets and the item “Trade debtors”.
Other financial commitments
Veritas Group
2013
K ¤
2012
K ¤
Veritas AG
2013
K ¤
2012
K ¤
Rent, tenancy and leasing contracts *)
24.945
19.172
8.429
10.017
Order commitments
10.525
9.448
8.971
7.897
*)
Thereof allocated to associated businesses: K ¤ 50 (Veritas Group and Veritas AG)
Other financial commitments also encompass obligations to grant a developing
loan to a lessor.
Auditor fees reported as expenditure
According to German commercial law, the Veritas Group is obligated to report
German auditor fees for the business year as expenditures. In 2013, these fees
in amount of K ¤ 135 relate exclusively to annual audits.
Liability relations acc. to § 251 HGB
Notes payable: K ¤ 0
Amounts due to banks from Veritas Austria GmbH as of the balance-sheet day
are at K ¤ 1,745.
In addition, there is a joint and several co-liability in effect as of the balancesheet day for bank credits taken by Globus GmbH in amount of K ¤ 2,286.
Veritas Thüringen GmbH is liable with an encumbrance of real property in
amount of K ¤ 6,250 for amounts owed by affiliated undertakings.
Veritas AG in addition to Veritas Sachsen GmbH as joint debtor is liable for liabilities and commitments from the real-estate leasing agreement. Total obligations under the concluded leasing agreement are at ¤ 13.5 million. The leasing
installments are K ¤ 155 per quarter.
Veritas AG on the basis of profit/loss transfer agreements is liable in subsequent
years for any losses suffered by the subsidiaries Veritas Sachsen GmbH and
Veritas Thüringen GmbH.
The sister company Poppe GmbH in the year under review joined the syndicated loan agreement next to Veritas AG. Based upon the credit agreement,
there is a joint and several liability for bank credit lines made available to Poppe
GmbH in the amount of ¤ 15 million.
Annual Financial
Statements
Relations to affiliated companies
Veritas AG is registered with the district court in Hanau (Amtsgericht Hanau
HRA 92445) and is majority-owned by the holding company Poppe-Veritas
Holding GmbH & Co. KG, Gelnhausen/Germany, which prepares the consolidated financial statement for most of the group’s companies, to be disclosed in
the electronic Federal Gazette.
Annotations
Exemption clause acc. to § 264 sec. 3 HGB
The following domestic subsidiaries in business year 2013 have entirely or partially made use of the exemption clause in § 264 sec. 3 HGB:
Veritas Thüringen GmbH, Benshausen and
Veritas Sachsen GmbH, Neustadt in Sachsen.
Satus Report
The Veritas Group enters upon liability relations only after diligent assessment
of risks and principally only in conjunction with its own or with its subsidiaries’
business transactions. On the basis of consistent evaluation of the risk situation of the assumed liabilities and under due consideration of the knowledge
gained up to the reporting date, the Veritas Group currently proceeds upon the
assumption that the obligations assumed can be discharged by the respective
principal debtors. The Veritas Group therefore estimates as improbable the risk
of claims being asserted under such co-liability.
Structure of the workforce
The workforce in the year under review on average was composed as follows:
Veritas Group
Wage-earning employees
Salaried employees
Gelnhausen, April 30, 2014
The Executive Board
BeckHehl
Veritas AG
2013
2012
2013
2012
2.007
2.055
732
733
1.639
1.518
944
946
3.646
3.573
1.676
1.679
Annual Financial
Statements
Satus Report
Veritas Otomotiv Sanayi Ltd.Sti.
Annotations
Auditor‘s Examination Certificate
We audited the annual financial statements of Veritas AG, Gelnhausen - consisting of balance sheet, income statement, and annotations - together with the
bookkeeping system of Veritas AG and the consolidated financial statement
- consisting of balance sheet, income statement, annotations, flow of funds
analysis, and equity statement - prepared by the company as well as the management reports for both the company and the group for the business year from
January 1 to December 31, 2013. Maintenance of the books and records and
preparation of these annual financial statements and the management report
in accordance with German commercial law are the responsibility of the company‘s management. Our responsibility is to express an opinion on the annual
financial statement, together with the bookkeeping system, and the consolidated financial statement and the management report for both the group and the
company based on our audit.
We conducted our audit of the annual financial statement and the consolidated
financial statement in accordance with §317 HGB (German Commercial Code)
and the generally accepted German standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer IDW. Those standards
require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position, and results
of operation in the annual financial statement and the consolidated financial
statement in accordance with principles of proper accounting and in the management report for the company and the group are detected with reasonable
assurance. Knowledge of the business activities and the economic and legal
environment of the company and group, and evaluations of possible misstatements are taken into account in the determination of audit procedures.
The effectiveness of the internal reporting control system and the evidence supporting the disclosures in the books and records, the annual financial statement,
the consolidated financial statement, and the management reports on the company amd the group are examined primarily on a sample test basis within the
framework of the audit. The audit includes assessing the annual financial statements for the entities incorporated in the consolidated financial statement, the
definition of the consolidated group, the accounting and consolidation principles
used and significant estimates made by management, as well as evaluating the
overall presentation of the annual financial statement and the consolidated financial
statement and management reports both for the company and for the group. We
believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any objections.
In our opinion based on the audit findings, the annual financial statement and the
consolidated financial statement are in compliance with legal regulations and give
a true and fair view of the net assets, financial position, and results of operations of
the company and the group in accordance with principles of proper accounting.
On the whole, the management reports both for the company and for the group
are in compliance with the annual financial statement and the consolidated financial statement and provide a suitable understanding of the company‘s and the
group‘s position and suitably present the opportunities and risks of future development.
Gießen, May 2, 2014
Westprüfung
Dr. Seifert & Partner OHG
Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
(auditing company, tax consultants)
(Becker) Wirtschaftsprüfer (German public auditors)
(ppa. Mäurer)
Wirtschaftsprüfer
Report by the supervisory board
In the business year 2013 under review, the supervisory board of Veritas AG
consistently and diligently discharged its statutory tasks defined in the articles
of association and applicable laws. Its tasks particularly encompass continuous
consulting and monitoring of company management.
The supervisory board was regularly and comprehensively informed both in
writing and verbally by the executive board about Veritas‘s net assets, financial
position, and results of operation, corporate policies and the group‘s strategic
orientation in all business units. The supervisory board received comprehensive
information on company plans, future investments and current business risks. The
executive board extensively explained any deviations in business operations from
planned objectives and processes and discussed with the supervisory board the
reasons for these deviations in order to derive any required countermeasures.
In business year 2013, the supervisory board convened at altogether five regular meetings. In addition, urgent company matters were decided upon either in
written form or in telephone conferences. The supervisory board members were
in intensive contact with the executive board also outside meetings in order to
discuss the company‘s current standing.
In the meeting on June 4, 2014, the supervisory board dealt in detail with the
annual financial statement and the consolidated financial statement of Veritas
AG and the Veritas Group respectively per December 31, 2013 as well as the
joint management report submitted by the executive board. The auditor was
present at these consultations to provide any required additional information to
the supervisory board. The records and documents had been made available to
the supervisory board members in due time, who had sufficient time to examine
these. The annual financial statement and the consolidated financial statement
were prepared and audited by the commissioned auditing company Westprüfung
Dr. Seifert & Partner OHG in Giessen in compliance with German commercial-law
stipulations (HGB). The certified auditors endorsed the annual statements with an
unqualified audit certificate.
Westprüfung Dr. Seifert & Partner OHG in compliance with § 313 AktG also
audited the executive board’s report on dependency status in business year 2013
made in compliance with §312 AktG and endorsed it with the following audit
certificate:
“Following our duty-bound audit and assessment, we certify that
- the factual statements in the report are correct and
 - that the performances provided by the company in the legal transactions stated in the report were appropriate.”
After due consideration of the concluding findings of the supervisory board’s
examination of the annual financial statement and the consolidated financial
statement and the report on dependency status, no objections were raised. The
supervisory board concurs with the auditor’s findings and approves of the annual
financial statements for 2013. The statements have thus been certified acc. to
§172 AktG.
The following changes to the supervisory board were made:
At the close of the annual meeting on June 28, 2013, supervisory board membership of Michael Wiechmann ended as his tenure has expired. Michael Körner is
the new elected member of the supervisory board representing employees. The
Veritas AG’s current legal entities are itemized in the annual financial statement.
The supervisory board thanks the executive board, the works council, and all
company employees for their work and commitment in 2013.
Gelnhausen, June 6, 2014
THE SUPERVISORY BOARD
Prof. Dr. Wolfgang König, Chairman
Legal Notice
Published by
Veritas AG
Stettiner Strasse 1 – 9
D-63571 Gelnhausen
Tel +49 (0) 60 51.821-0
Fax +49 (0) 60 51.821-1900
[email protected]
www.veritas.ag
The annual report is published in German (printed version)
and in English (*.pdf file at www.veritas.ag/en/press-and-media/publications)
Typesetting / layout
Marcus Brandes, brandesmedia, Gelnhausen
Text
Finance: Nadine Spiller
Corporate Communication: Daniel Chr. Glöckner
Translation
-ross- Übersetzungen, Altenhasslau
Organization
Corporate Communications
Media / PR officer
[email protected]
Picture / text references
mexico-oaxaca-istmo-portrait-of-woman-in-traditional-costume: @ LifesizeImages, istockphoto
taxi-mexico: @ stevenallan, istockphoto
chichen-itza-tzompantli-the-wall-of-skulls: @ LUNAMARINA, istockphoto
teotihuacan-pyramids: @ Dmitry Rukhlenko, istockphoto
unam-central-library: @ abalcazar, istockphoto
arizona-cactus-mountains: @ BWB-Images, istockphoto
san-cristobal-de-las-casas: @ Holger Mette, istockphoto
donkeys: @ jacus, istockphoto
cathedral-mexico-city: @ Holger Mette, istockphoto
mexico: @ Cristian Lazzari, istockphoto
cactus: @ AarStudio, istockphoto
tequila-town-farm: @ Coast-to-Coast, istockphoto
mexico-city-zocalo-square: @ abalcazar, istockphoto
mexican-folklore: @ CHR1, istockphoto
WHERE TO FIND US
GERMANY
BOSNIA AND
HERZEGOVINA
AUSTRIA
Veritas AG
Stettiner Strasse 1-9
D-63571 Gelnhausen
Tel.: +49 (0) 60 51.8 21 - 0
Fax: +49 (0) 60 51.8 21 - 19 00
[email protected]
Veritas Automotive
Bosna i Hercegovina d.o.o.
Rajlovacka bb
71000 Sarajevo - Rajlovac
Tel.: +387. 33 . 782 785
[email protected]
Gewerbepark Stubai Nr. 5
A-6142 Mieders
Tel.: +43 . 52 25 . 65 241 - 0
Fax: +43 . 52 25 . 65 241 - 4
[email protected]
CHINA
TURKEY
Veritas Automotive Systems
(Kunshan) Co., Ltd.
No. 1-1 Pingxiang Road,
Economic & Technical
Development Zone
Kunshan
PR China, 215335
Tel.: +86 . 512 . 572 73320
[email protected]
Veritas Otomotiv Sanayi Ltd.Sti.
Organize Sanayi Bölgesi
Gaziosmanpasa Mah.
Atatürk Caddesi No: 141
59500 Cerkezköy / Tekirdag
Tel.: +90 . 282 726 4762
Fax: +90 . 282 725 1847
[email protected]
Standort Neustadt
Werner-von-Siemens-Str. 24
D-01844 Neustadt in Sachsen
Tel.: +49 (0) 35 96 . 9 38 99 - 0
[email protected]
Standort Polenz
Polenztalstrasse 154
D-01844 Neustadt in Sachsen
Tel.: +49 (0) 35 96 . 5 09 91 - 0
Fax: +49 (0) 35 96 . 5 09 91 - 41
[email protected]
HUNGARY
Otto-Keiner-Strasse 81-83
D-98554 Benshausen
Tel.: +49 (0) 36 84 3 . 7 50 - 0
Fax: +49 (0) 36 84 3 . 7 50 70 - 600
[email protected]
VH3 Medizintechnik GmbH
Otto-Spielmann-Strasse 2
D-38820 Halberstadt
Tel.: +49 (0) 39 41 . 5 95 18 93
Fax: +49 (0) 39 41 . 5 95 18 99
[email protected]
MEXICO
Automotive Veritas de México
S.A. de C.V.
Calle Rio Papaloapan No. 15
Colonia Sanctorum
Cuautlancingo, Puebla/México
C.P. 72730
Tel.: +52 . 222 10 - 63 - 60
Fax: +52 . 222 10 - 63 - 61
[email protected]
Veritas utca 1
H-9225 Dunakiliti
Tel.: +36 . 96 . 6 71 - 2 30
Fax: +36 . 96 . 6 71 - 2 37
[email protected]
SALES OFFICES
GERMANY
USA
KOREA
Veritas AG
Hofekamp 15
38442 Wolfsburg
Tel.: +49 (0) 53 62 . 93 68 - 10
Fax: +49 (0) 53 62 . 93 68 - 11
[email protected]
Veritas USA Inc.
550 Stephenson Hwy
Suite No. 106
Troy, Michigan/USA 48083
Tel.: +1 . 248 589 8184
Fax: +1 . 248 589 9113
[email protected]
Asia Representative Office
30-7 Daesagwan-ro 11gil
Yongsan-gu
Seoul 104-887
Republic of Korea
Tel.: +82 . 10 5224 0523
[email protected]
www.veritas.ag

Annual Report 2013, 78 Pages

Transcription

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