per cent. Notes due 2018

Transcription

Prospectus dated 23 October 2013
ATON Group Finance GmbH
(a company with limited liability incorporated under the laws of the Republic of Austria
having its corporate seat in Going am Wilden Kaiser, Republic of Austria)
as Issuer
ATON GmbH
(a company with limited liability incorporated under the laws of the Federal Republic of Germany
having its corporate seat in Munich, Federal Republic of Germany)
as Guarantor
Up to EUR [●] [●] per cent. Notes due 2018
Issue price: [●] per cent. ISIN: DE000A1YCQ45
ATON Group Finance GmbH, Astbergweg 9, 6353 Going am Wilden Kaiser, Austria (the "Issuer") will issue on or about
8 November 2013 (the "Issue Date") up to EUR [●] [●] per cent. fixed rate notes in bearer form due 2018 with a denomination
of EUR 1,000 each (the "Notes") unconditionally and irrevocably guaranteed by ATON GmbH, Leopoldstrasse 53, 80802
Munich, Germany (the "Guarantor", and together with its subsidiaries, the "ATON Group" or the "Group"). The Notes will be
redeemed at par on 8 November 2018. The Notes will be governed by the laws of the Federal Republic of Germany
("Germany").
This prospectus (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of the Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003 (as amended, inter alia, by Directive 2010/73/EU) (the
"Prospectus Directive") and has been drafted in accordance with the Luxembourg law relating to prospectuses for securities of
10 July 2005 (Loi du 10 juillet 2005 relative aux prospectus pour valeurs mobilières), as amended, (the "Luxembourg
Prospectus Law"), which implements the Prospectus Directive into Luxembourg law.
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as
competent authority under the Luxembourg Prospectus Law, and will be published in electronic form on the website of the
Luxembourg Stock Exchange (www.bourse.lu) and on the website of the Group (www.aton.de). Pursuant to Article 7(7) of the
Luxembourg Prospectus Law, by approving this Prospectus, the CSSF does not give any undertaking as to the economic and
financial soundness of the transaction or the quality or solvency of the Issuer or the Guarantor. The Issuer has requested the
CSSF to provide the competent authorities in Germany and Austria, and may request to provide competent authorities in
additional host Member States within the European Economic Area, with a certificate of approval attesting that the Prospectus
has been drawn up in accordance with the Luxembourg Prospectus Law (the "Notification"). Until such Notification is given in
Germany, and at all times in other member states of the European Economic Area (the "EEA"), offers will be made only
pursuant to an exception under Section 3 of the German Securities Prospectus Act (Wertpapierprospektgesetz, "WpPG") or an
applicable exception under the national legislation of the relevant member state of the EEA implementing the Prospectus
Directive, as the case may be.
Application has been made to the Frankfurt Stock Exchange for the Notes to be listed on the Frankfurt Stock Exchange and to be
traded on the regulated market of the Frankfurt Stock Exchange and the sub-segment of the regulated market with further postadmission duties (Prime Standard). The regulated market of the Frankfurt Stock Exchange is a regulated market for the purposes
of Directive 2004/39/EC of the European Parliament and of the Council of April 21, 2004 on markets in financial instruments.
The Notes will initially be represented by a Temporary Global Note in bearer form without interest coupons, which will be
exchangeable, in whole or in part, for a Permanent Global Note in bearer form without interest coupons, not earlier than 40 days
after the Issue Date, upon certification as to non-U.S. beneficial ownership.
The final issue price of the Notes, the aggregate principal amount of Notes to be issued, the interest rate, the issue proceeds and
the yield will be included in the Pricing Notice (as defined in "SUBSCRIPTION, SALE AND OFFER OF THE NOTES" below)
which will be filed with the CSSF and published on the website of the Group (www.aton.de) on or prior to the Issue Date of the
Notes.
The Notes have been assigned the following securities codes: ISIN DE000A1YCQ45, WKN A1YCQ4.
Joint Lead Managers
Morgan Stanley
Deutsche Bank
1
RESPONSIBILITY STATEMENT
Each of the Issuer and the Guarantor accepts responsibility for the information contained in this
Prospectus (including any documents incorporated by reference) and hereby declare that, having taken
all reasonable care to ensure that such is the case, the information contained in this Prospectus
(including any documents incorporated by reference) is, to the best of their knowledge, in accordance
with the facts and does not omit anything likely to affect its import.
The Issuer and the Guarantor further confirm that (i) this Prospectus contains all information with
respect to the Issuer, the Guarantor, the ATON Group, the Notes and the Guarantee (as defined below
in "SUMMARY") which is material in the context of the issue and offering of the Notes, including all
information which, according to the particular nature of the Issuer, the Guarantor, the Notes and the
Guarantee is necessary to enable investors and their investment advisers to make an informed
assessment of the assets and liabilities, financial position, profits and losses, and prospects of the
Issuer, the Guarantor and the ATON Group and of the rights attached to the Notes and the Guarantee,
(ii) the statements contained in this Prospectus relating to the Issuer, the Guarantor, the ATON Group,
the Notes and the Guarantee are in every material particular true and accurate and not misleading; (iii)
there are no other facts in relation to the Issuer, the Guarantor, the ATON Group, the Notes or the
Guarantee the omission of which would, in the context of the issue and offering of the Notes, make any
statement in the Prospectus misleading in any material respect; and (iv) reasonable enquiries have been
made by the Issuer and the Guarantor to ascertain such facts and to verify the accuracy of all such
information and statements.
NOTICE
No person is authorised to give any information or to make any representations other than those
contained in this Prospectus and, if given or made, such information or representations must not be
relied upon as having been authorised by or on behalf of the Issuer, the Guarantor or the Joint Lead
Managers (as defined in "SUBSCRIPTION, SALE AND OFFER OF THE NOTES"). Neither the
delivery of this Prospectus nor any offering, sale or delivery of any Notes made hereunder shall, under
any circumstances, create any implication (i) that the information in this Prospectus is correct as of any
time subsequent to the date hereof or, as the case may be, subsequent to the date on which this
Prospectus has been most recently supplemented, or (ii) that there has been no adverse change in the
financial situation of the Issuer or the Guarantor which is material in the context of the issue and sale of
the Notes since the date of this Prospectus or, as the case may be, the date on which this Prospectus has
been most recently supplemented, or the balance sheet date of the most recent financial statements
which are contained in the financial information commencing on page F-1 or (iii) that any other
information supplied in connection with the issue of the Notes is correct at any time subsequent to the
date on which it is supplied or, if different, the date indicated in the document containing the same.
This Prospectus contains certain forward-looking statements, including statements using the words
"believes", "anticipates" "intends", "expects" or other similar terms. This applies in particular to
statements under the caption "GENERAL INFORMATION ABOUT THE GUARANTOR – Business
Overview of the ATON Group" and statements elsewhere in this Prospectus relating to, among other
things, the future financial performance, plans and expectations regarding developments in the business
of the Group. These forward-looking statements are subject to a number of risks, uncertainties,
assumptions and other factors that may cause the actual results, including the financial position and
profitability of the Group, to be materially different from or worse than those expressed or implied by
these forward-looking statements. The Issuer and the Guarantor do not assume any obligation to update
such forward-looking statements and to adapt them to future events or developments.
Furthermore, this Prospectus contains industry related data taken or derived from industry and market
research reports published by third parties ("External Data"). Commercial publications generally state
that the information they contain originated from sources assumed to be reliable, but that the accuracy
and completeness of such information is not guaranteed and that the calculations contained therein are
based on a series of assumptions. The External Data have not been independently verified by the Issuer
or the Guarantor.
2
The External Data was reproduced correctly by the Issuer and the Guarantor in the Prospectus, and as
far as the Issuer and Guarantor are aware and are able to ascertain, no facts have been omitted that
would render the reproduced External Data inaccurate or misleading. The Issuer and the Guarantor do
not have access to the underlying facts and assumptions of numerical and market data and other
information contained in publicly available sources. Consequently, numerical and market data or other
information cannot be verified by the Issuer or the Guarantor.
This Prospectus should be read and understood in conjunction with any supplement hereto and with
any documents incorporated herein by reference. The final issue price of the Notes, the aggregate
principal amount of Notes to be issued, the interest rate, the issue proceeds and the yield of the issue
will be included in the Pricing Notice (as defined in "SUBSCRIPTION, SALE AND OFFER OF THE
NOTES" below) which will be published on the website of the Group (www.aton.de) on or prior to the
Issue Date of the Notes.
Neither the Joint Lead Managers nor any other person mentioned in this Prospectus, except for the
Issuer and the Guarantor, is responsible for the information contained in this Prospectus or any other
document incorporated herein by reference, and accordingly, and to the extent permitted by the laws of
any relevant jurisdiction, none of these persons accepts any responsibility for the accuracy and
completeness of the information contained in any of these documents.
Each investor contemplating purchasing any Notes should make its own independent investigation of
the financial condition and affairs, and its own appraisal of the creditworthiness of the Issuer and the
Guarantor. This Prospectus does not constitute an offer of Notes or an invitation by or on behalf of the
Issuer, the Guarantor or the Joint Lead Managers to purchase any Notes. Neither this Prospectus nor
any other information supplied in connection with the Notes should be considered as a recommendation
by the Issuer, the Guarantor or the Joint Lead Managers to a recipient hereof and thereof that such
recipient should purchase any Notes.
This Prospectus does not constitute, and may not be used for the purposes of, an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom
it is unlawful to make such offer or solicitation.
The offer, sale and delivery of the Notes and the distribution of this Prospectus in certain jurisdictions
is restricted by law. Persons into whose possession this Prospectus comes are required by the Issuer, the
Guarantor and the Joint Lead Managers to inform themselves about and to observe any such
restrictions. In particular, the Notes have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the "Securities Act"), and are subject to special U.S. tax law
requirements where held by U.S. persons (TEFRA D rules). Subject to certain limited exceptions, the
Notes may not be offered, sold or delivered within the United States of America ("United States") or
to U.S. persons.
For a further description of certain restrictions on offerings and sales of the Notes and distribution of
this Prospectus (or of any part thereof) see "SUBSCRIPTION, SALE AND OFFER OF THE NOTES –
Selling Restrictions."
The legally binding language of this Prospectus is English. Any part of the Prospectus in German
language constitutes a translation, except for the terms and conditions of the Notes (the "Terms and
Conditions") in respect of which German is the legally binding language.
In this Prospectus, unless otherwise specified, all references to "€", "EUR" or "Euro" are to the
currency introduced at the start of the third stage of European economic and monetary union, and as
defined in Article 2 of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the
Euro, as amended, and references to "USD" are to the U.S. dollar.
3
TABLE OF CONTENTS
SUMMARY ............................................................................................................................................. 5
GERMAN TRANSLATION OF THE SUMMARY (ZUSAMMENFASSUNG) ................................. 21
RISK FACTORS .................................................................................................................................... 39
USE OF PROCEEDS ............................................................................................................................. 55
GENERAL INFORMATION ABOUT THE ISSUER........................................................................... 56
GENERAL INFORMATION ABOUT THE GUARANTOR AND THE GROUP............................... 59
TERMS AND CONDITIONS................................................................................................................ 82
GUARANTEE AND NEGATIVE PLEDGE....................................................................................... 110
TAXATION ......................................................................................................................................... 129
SUBSCRIPTION, SALE AND OFFER OF THE NOTES .................................................................. 136
GENERAL INFORMATION............................................................................................................... 141
FINANCIAL INFORMATION………………………………………………………………………..F-1
4
SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These Elements are
numbered in Sections A – E (A.1 – E.7).
This summary contains all the Elements required to be included in a summary for this type of
securities, Issuer and Guarantor. Because some Elements are not required to be addressed, there may
be gaps in the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of
securities, Issuer and Guarantor, it is possible that no relevant information can be given regarding the
Element. In this case a short description of the Element is included in the summary with the mention of
"not applicable".
Section A – Introduction and warnings
Element
Description of Element
Disclosure requirement
A.1
Warnings
This summary should be read as an introduction to this
Prospectus.
Any decision to invest in the Notes should be based on
consideration of this Prospectus as a whole by the investor.
Where a claim relating to the information contained in this
Prospectus is brought before a court, the plaintiff investor
might, under the national legislation of its member state to the
Agreement on the European Economic Area (EEA), have to
bear the costs of translating this Prospectus before the legal
proceedings are initiated.
Civil liability attaches only to those persons who have tabled
this summary including any translation thereof, but only if this
summary is misleading, inaccurate or inconsistent when read
together with the other parts of this Prospectus or it does not
provide, when read together with the other parts of this
Prospectus, key information in order to aid investors when
considering whether to invest in the Notes.
A.2
Consent to the use of
the prospectus
Each of Morgan Stanley & Co. International plc and Deutsche
Bank AG, London Branch (each a "Joint Lead Manager" and,
together, the "Joint Lead Managers") and each further
financial intermediary subsequently reselling or finally placing
the Notes is entitled to use the Prospectus in Austria, Germany
and Luxembourg for the subsequent resale or final placement
of the Notes during the period for the subsequent resale or final
placement of the Notes from and including 23 October 2013 to
and including 20 November 2013, provided however, that the
Prospectus is still valid in accordance with Article 11 of the
Luxembourg Prospectus Law which implements Directive
2003/71/EC of the European Parliament and of the Council of
4 November 2003 (as amended by Directive 2010/73/EU of the
European Parliament and of the Council of 24 November
2010).
The Prospectus may only be delivered to potential investors
together with all supplements published before such delivery.
5
Any supplement to the Prospectus will be available for viewing
in electronic form on the website of the Group (www.aton.de).
When using the Prospectus, each relevant further financial
intermediary must make certain that it complies with all
applicable laws and regulations in force in the respective
jurisdictions.
In the event of an offer being made by a further financial
intermediary, the further financial intermediary shall
provide information to investors on the Terms and
Conditions at the time of that offer.
Section B — Issuer
Element Description of Element
B.1
Legal and commercial
name of the Issuer
B.2
Domicile and legal
form, legislation and
country of
incorporation
The Issuer is a company with limited liability (Gesellschaft mit
beschränkter Haftung) incorporated under the laws of the
Republic of Austria. It has its registered office at
Astbergweg 9, 6353 Going am Wilden Kaiser, Austria.
B.4b
Known trends affecting
the Issuer and the
industries in which it
operates
Not applicable. There are no known trends affecting the Issuer
and the industries in which it operates.
B.5
Description of the
Group and the Issuer's
position within the
Group
The Issuer is a directly wholly owned subsidiary of the
Guarantor and has no subsidiaries of its own.
B.9
Profit forecast or
estimate
Not applicable. No profit forecasts or estimates are included.
B.10
Nature of any
qualifications in the
auditor's reports on the
historical financial
information
Not applicable. The Issuer has not issued any financial
statements since its incorporation.
B.12
Selected historical key
financial information
regarding the Issuer
Not applicable. The Issuer has not issued any financial
statements since its incorporation.
The Issuer has prepared an opening balance sheet as of
4 October 2013. The opening balance sheet has been prepared
in accordance with Austrian GAAP.
6
Opening balance sheet of ATON Group Finance GmbH
at 4 October 2013
(in EUR, unless otherwise indicated)
Assets
Current Assets
Bank Balances
50,000
Liabilities and Shareholders equity
Shareholders equity
Nominal Capital
Share capital
Capital contributions outstanding and not called in
100,000
(50,000)
50,000
Trend information
There has been no material adverse change in the prospects of
the Issuer since 27 September 2013.
Significant change in
the financial and
trading position
Not applicable: there have been no significant changes in the
financial or trading position of the Issuer since
27 September 2013.
B.13
Recent developments
Not applicable. There have been no recent events particular to
the Issuer which are to a material extent relevant to the
evaluation of the Issuer's solvency.
B.14
Statement of
dependency upon other
entities within the
Group
The Issuer is a directly wholly owned subsidiary of the
Guarantor and has no subsidiaries of its own.
B.15
Principal activities
The Issuer acts as financing subsidiary of the Guarantor. The
principal activity of the Issuer is the provision of loans to
members of the Group financed with proceeds funded from the
capital market.
B.16
Major shareholders
The Guarantor is the sole shareholder of the Issuer.
B.17
Credit ratings of the
Issuer or its debt
securities
Not applicable. Neither the Issuer nor the Notes are rated.
B.18
Nature and Scope of the
Guarantee
The Notes will have the benefit of a guarantee (the
"Guarantee") for the payment of principal and interest on the
Notes given by the Guarantor. The Guarantee constitutes an
irrevocable, unsecured and unsubordinated obligation of the
Guarantor ranking pari passu with all other unsecured and
unsubordinated obligations of the Guarantor. The terms of the
Guarantee also contain a negative pledge of the Guarantor. The
Guarantee is governed by German law. The Guarantee
constitutes a contract for the benefit of the holders of the Notes
(each a "Holder" and, together, the "Holders") from time to
time as third party beneficiaries pursuant to § 328 paragraph 1
German Civil Code (Bürgerliches Gesetzbuch; BGB).
7
Section B — Guarantor
Element Description of Element
B.19
B.1
Legal and commercial
name
ATON GmbH
B.19
B.2
Domicile, legal form,
legislation and country
of incorporation
The Guarantor is a company with limited liability (Gesellschaft
mit beschränkter Haftung) incorporated under the laws of the
Federal Republic of Germany. It has its registered office at
Leopoldstrasse 53, 80802 Munich, Germany.
B.19
B.4b
Known trends affecting
the Guarantor and the
industries in which it
operates
The ATON Group's corporate portfolio mainly comprises of
companies serving three distinct industries – automotive
engineering (the "AT Tech" segment), mining services (the
"AT Mining Tech" segment) as well as medical technology
(the "AT Med Tech" segment).
The market dynamics of AT Tech are highly correlated to the
prospects of the global automotive market and particularly to
the Engineering Service Provider ("ESP") market. The major
trends affecting ESP market are:
•
Increasing trend of outsourcing of engineering
services by OEM;
•
Innovative power of automotive industry, especially at
premium OEM;
•
Electric and electronics (E/E) and powertrain are
expected to show strong annual growth until 2020;
•
Increasing number
derivatives; and
•
Shortening product life cycles.
of
automobile
models
and
The global market for mining services is characterised by an
attractive growth momentum supported by long-term global
megatrends such as the positive long-term development of
global commodity prices and, more specifically, the increasing
budget for capital. expenditures at major commodity mining
houses.
Historically, healthcare expenditures in developed countries
have been relatively immune to economic cycles, showing a
steady track record of growth rates that are significantly higher
than GDP. Future worldwide healthcare growth prospects are
strong, mainly driven by the following key trends:
•
Aging population. Growing proportion of older people
in developed countries;
•
Emerging Markets. Substantial increase of healthcare
expenditures in the emerging markets; and
•
Innovation. Enhanced treatment options through novel
technological capabilities such as microsystem,
8
optical, and information technologies as well as
electronics.
B.19
B.5
Description of the
Group and the
Guarantor's position
within the Group
The ATON Group is an industrial conglomerate currently
consisting of a total of 127 companies active in the field of
business-to-business within the three segments AT Tech, AT
Mining Tech and AT Med Tech. The Group's spectrum of
products and services ranges from engineering and plant
construction primarily for the mobility industry (the AT Tech
segment), services, products and special machinery for mining
and shaft sinking (the AT Mining Tech segment) and
innovative solutions in the healthcare market in the fields of
surgery and diagnostics with a focus on x-ray diagnosis, basic
medical diagnostics and minimally invasive surgery as well as
products for the pharmaceutical industry and hospitals (the AT
Med Tech segment). The ATON Group also provides business
jet aviation services.
The Guarantor is a management holding company and the
parent company of the ATON Group.
B.19
B.9
Profit forecast or
estimate
Not applicable. No profit forecasts or estimates are included.
B.19
B.10
Nature of any
qualifications in the
auditor's report on the
historical financial
information
Not applicable. The auditor has issued unqualified audit reports
for the consolidated financial statements of the Guarantor for
the fiscal years 2011 and 2012, respectively.
B.19
B.12
Selected historical key
financial information
The following table sets out selected financial information
relating to the ATON Group. The information has been
extracted from the Guarantor's unaudited interim consolidated
financial statements as of 30 June 2013 and the Guarantor's
audited consolidated financial statements as of 31 December
2012 and the Guarantor's audited consolidated financial
statements as of 31 December 2011, all of them prepared in
accordance with International Financial Reporting Standards as
adopted in the European Union ("IFRS"). The following
segment reporting of the ATON Group has been taken from the
ATON Group's accounting records.
(in EUR thousand, unless
otherwise indicated)
Selected Consolidated Balance
Sheet Information
As of
30 June
2013
As of 31
December
2012
As of 31
December
2011
(restated)
(unaudited)
(audited)
(audited)
(2)
Balance sheet total
1,548,748
1,498,106
1,414,703
Non-current assets
680,760
642,251
541,355
Current assets
867,987
855,855
873,348
Equity
720,812
699,943
645,074
Non-current liabilities
220,196
188,734
133,380
Current liabilities
607,740
609,429
636,251
9
Selected Consolidated Income
Statement Information
For the six
months
ended 30
June 2013
For the six
months
ended 30
June 2012
For the
fiscal year
2012
For the
fiscal year
2011
(restated)
(2)
(restated)
(1)
(unaudited)
(unaudited)
(audited)
(audited)
1,156,696
1,036,940
2,227,446
1,888,408
79,040
88,594
174,200
118,157
Earnings before income taxes (EBT)
71,870
79,865
154,991
104,582
Profit or loss for the period
52,192
57,791
108,411
61,666
(448)
26
(1,701)
(1,721)
52,640
57,765
110,112
63,387
For the six
months
ended 30
June 2013
For the six
months
ended 30
June 2012
For the
fiscal year
2012
For the
fiscal year
2011
(restated)
Revenue
Earnings before interest and taxes
(EBIT)
Attributable to non-controlling
interests
Attributable to owners of the
parent
Selected Consolidated Statement
of Cash Flows Information
(2)
(restated)
(1)
(unaudited)
(unaudited)
(audited)
(audited)
Cash flow from operating activities
85,448
17,763
139,657
85,293
Cash flow from investing activities
(133,084)
(51,520)
(178,285)
24,508
Cash flow from financing activities
51,737
(20,339)
(49,508)
(69,365)
175,561
196,913
164,067
251,314
Cash and cash equivalents at the end
of the period
(1)
(2)
Figures derived from the unaudited interim consolidated financial
statements as of and for the period ended 30 June 2013.
Figures derived from the audited consolidated financial statements as of
and for the year ended 31 December 2012.
(in EUR thousand, unless otherwise
indicated)
Segment Reporting
(unaudited, unless otherwise indicated)
For the
period
ended 30
June 2013
For the
period
ended 30
June 2012
For the
fiscal year
2012
For the
fiscal year
2011
(restated)
(6)
Revenues of the ATON Group
of which AT Tech
of which AT Mining Tech
of which AT Med Tech
1,156,696
1,036,940
2,227,446 (7)
1,888,408 (7)
518,385
400,943
900,002 (7)
804,128 (7)
416,505
870,031
(7)
653,552 (7)
258,190
(7)
228,245 (7)
(7)
198,290 (7)
180,951 (7)
428,665
118,805
119,716
91,485
100,325
200,168
118,293
119,847
258,771 (7)
of which AT Tech
43,543
33,373
86,102
54,399
57,631
112,135
71,811
10,962
13,828
30,814
31,924
of which AT Aviation
13,515
17,388
38,908
35,668
10.2%
11.6%
11.6%
9.6%
8.4%
8.3%
9.6%
4.8%
12.7%
13.8%
12.9%
11.0%
9.2%
11.6%
11.9%
14.0%
14.8%
17.3%
19.4%
18.0%
EBITDA of the ATON Group (1), (2)
EBITDA Margin of the ATON Group (1),(3)
of which AT Tech
38,935
10
79,040
88,594
174,200 (7), (8)
118,157 (7)
of which AT Tech
29,079
25,954
67,899
20,491
37,027
41,996
82,467
46,608
6,096
9,549
21,774
21,328
11,079
13,362
11,457
27,709
71,870
79,865
of which AT Tech
22,454
20,718
55,519
6,775
33,780
38,724
75,623
41,044
EBIT of the ATON Group (1),(4)
EBT of the ATON Group (1),(5)
154,991 (7)
104,581 (7)
5,896
8,496
21,658
19,992
9,915
11,415
7,095
25,596
52,192
57,791
108,411 (10)
61,666
of which AT Tech
16,764
15,275
43,716
(931)
24,252
27,861
50,716
22,967
4,056
5,420
15,138
11,002
7,279
8,153
1,859
19,043
As of 31
December
2012
As of 31
December
2011
EAT of the ATON Group (1),(9)
As of 30
June 2013
Assets of the ATON Group
1,548,748
1,498,106 (7)
1,414,703 (7)
of which AT Tech
641,134
613,753
525,266
413,130
402,406
330,443
168,778
169,778
155,291
117,997
125,225
141,327
827,935
798,163 (7)
769,629 (7)
of which AT Tech
548,593
485,090
443,337
271,960
274,900
222,057
47,692
52,783
95,501
71,245
85,751
103,897
Liabilities of the ATON Group
(1)
The ATON Group uses EBITDA, EBITDA Margin, EBIT, EBT and EAT
as measures of operating performance. Because not all companies
calculate EBITDA, EBITDA Margin, EBIT, EBT and EAT in the same
way, the ATON Group's presentation of these metrics is not necessarily
comparable with similarly titled measures used by other companies.
EBITDA, EBITDA Margin, EBIT, EBT and EAT are not recognised as
measures under IFRS and should not be considered as substitutes for
figures such as profit or loss for the period, net cash from/used in
operating activities or other income statement or cash flow data, as
determined in accordance with IFRS, or as measures of profitability or
liquidity.
(2)
The ATON Group defines EBITDA (Earnings before interest, taxes,
depreciation and amortisation) as the aggregate of (i) EBIT and (ii)
depreciation and amortisation.
(3)
The ATON Group defines EBITDA Margin as a percentage calculated by
dividing EBITDA by revenues.
(4)
The ATON Group defines EBIT as earnings before interest and taxes.
(5)
The ATON Group defines EBT as earnings before taxes.
11
(6)
(7)
Figures derived from the unaudited interim consolidated financial
statements as of and for the period ended 30 June 2013.
Audited.
(8)
ATON Group EBIT for 2012 includes de-consolidation gains of €14.6
million related to the sale of Lumera Laser GmbH as well as the
contribution of Lumera Laser GmbH to the Group EBIT of €4.6 million
realised prior to de-consolidation. Adjusted for these combined effects of
€19.2 million totally, the segment EBIT of AT Tech would have
amounted to €48.7 million in 2012. Furthermore, ATON Group EBIT for
2012 includes the contribution of Augsburg Airways GmbH to group
EBIT of €16.8 million and a goodwill impairment of €6.3 million realized
for the AT Aviation cash generating unit, mainly because Augsburg
Airways GmbH will cease its operational business completely as of the
end of 2013. Adjusted for these combined effects of €10.5 million, the
segment EBIT of AT Aviation would have amounted to €1.0 million in
2012. Adjusted for the contribution of Augsburg Airways and the
goodwill impairment realised for the AT Aviation cash generating unit as
well as the combined effects on Group EBIT of de-consolidation of
Lumera Laser GmbH, ATON Group EBIT of 2012 would have amounted
to €144.5 million.
(9)
The ATON Group defines EAT as earnings after taxes and reflects profit
or loss for the period on Group level.
(10)
Group EAT for 2012 comprises a combined amount of €17.8 million for
the sale and de-consolidation of Lumera Laser GmbH and a combined
amount of €3.4 million for the contribution of Augsburg Airways and the
goodwill impairment realized for the AT Aviation cash generating unit.
Adjusted for the impact of these combined effects, Group EAT in 2012
would have amounted to €87.2 million.
Trend information
There has been no material adverse change in the prospects of
the Guarantor since 31 December 2012.
Significant change in
the financial and
trading position
Not applicable: there have been no significant changes in the
financial or trading position of the Guarantor since 30 June
2013.
B.19
B.13
Recent developments
Not applicable. There have been no recent events particular to
the Guarantor which are to a material extent relevant to the
evaluation of the Guarantor's solvency.
B.19
B.14
Statement of
dependency upon other
entities within the
Group
Not applicable. The Guarantor is the parent company of the
ATON Group. It is not dependent upon other entities within
the ATON Group.
B.19
B.15
Principal activities
The Guarantor is a management holding company and the
ultimate parent company of the ATON Group, comprising 127
companies offering engineering and plant construction services
for industrial customers (the AT Tech segment), services,
products and special machinery for mining and shaft sinking
(the AT Mining Tech segment) and innovative solutions in
field of human diagnostics and surgery as well as products for
the pharmaceutical industry and hospitals (the AT Med Tech
segment). The ATON Group also provides business jet
aviation services.
12
B.19
B.16
B.19
B.17
Majority shareholders
Credit ratings of the
Guarantor or its debt
securities
The outstanding ordinary voting shares of the Guarantor are
held by the following shareholders:
Name
Total share
Dr. med. Lutz Helmig
Dagmar Helmig
Alexandra Helmig
Charlotte Helmig
60%
10%
15%
15%
Not applicable. The Guarantor and its debt securities are not
rated.
Section C — Securities
Element
Description of
Element
C.1
Class and type of the
Notes / security
identification number
The fixed interest bearing notes (the "Notes") are unsecured and
unsubordinated.
ISIN:
WKN:
DE000A1YCQ45;
A1YCQ4.
C.2
Currency
Euro
C.5
Restrictions on the
free transferability of
the Notes
Not applicable: the Notes are freely transferable. However, the
offer and the sale of the Notes and the distribution of offering
materials are subject to specific restrictions that vary depending
on the jurisdiction where the Notes are offered or sold or the
offering materials are distributed.
C.8
Rights attached to
Notes, ranking of the
Notes, limitations to
the rights attached to
the Notes
Pari passu status: The obligations under the Notes constitute
unsecured and unsubordinated obligations of the Issuer ranking
pari passu among themselves and pari passu with all other
unsecured and unsubordinated obligations of the Issuer, unless
such obligations are accorded priority under mandatory
provisions of statutory law.
Negative Pledge in the absence of an investment grade rating of the
Notes: The Issuer and the Guarantor, respectively, undertake
not to create or permit to subsist any security interest for any
financial indebtedness other than any permitted liens as set out
in the terms and conditions of the Notes, and the Guarantor
undertakes to procure that none of its material subsidiaries
grants or permits to subsist any such security interest.
Negative Pledge following the granting of an investment grade rating
for the Notes, if any: The Issuer and the Guarantor, respectively,
undertake not to create or permit to subsist any security interest
for any capital market indebtedness other than any permitted
liens as set out in the terms and conditions of the Notes, and the
Guarantor undertakes to procure that none of its material
subsidiaries grants or permits to subsist any such security
interest.
Taxation: Principal and interest shall be payable without
withholding or deduction for or on account of any present or
13
future taxes or duties of whatever nature imposed or levied by
or on behalf of Germany or Austria or by or on behalf of any
political subdivision or authority thereof or therein having
power to tax, unless such withholding or deduction is required
by law. In such event, the Issuer will, subject to specific
exceptions, pay such additional amounts as shall be necessary in
order that the net amounts received by the holders of the Notes
after such withholding or deduction shall equal the respective
amounts of principal and interest which would otherwise have
been receivable in respect of the Notes in the absence of such
withholding or deduction.
Early Redemption for Taxation Reasons: Early redemption of the
Notes for reasons of taxation will be permitted if, as a result of
any change in, or amendment to, the laws or regulations
(including any amendment to, or change in, an official
interpretation or application of such laws or regulations) of
Germany or Austria or any political subdivision or taxing
authority thereto or therein affecting taxation or the obligation
to pay duties of any kind, the Issuer or, as the case may be, the
Guarantor will become obligated to pay additional amounts on
the Notes and this obligation cannot be avoided by the use of
reasonable measures available to the Issuer or, as the case may
be, the Guarantor.
Early Redemption for reasons other than Taxation Reasons:
- Events of Default: In an event of default, each Holder is
entitled to demand redemption of the Notes at their principal
amount together with accrued interest. However, the terms and
conditions of the Notes provide with respect to certain events of
default that the effectiveness of such right of a Holder to
demand immediate redemption of the Notes is subject to the
receipt of termination notices from Holders of a minimum
amount of 10% in aggregate principal amount of the then
outstanding Notes.
- Cross Default: A further event of default under the Notes
arises, if a cross default occurs with respect to any financial
indebtedness of the Guarantor or a material subisdiary of the
Guarantor.
- Change of Control: Each Holder is entitled to request the Issuer
to redeem the Notes of each such requesting Holder at their
principal amount together with accrued interest upon the
occurrence of a change of control.
- Minimal Outstanding Amount: The Issuer is entitled to redeem
the notes if 80% or more of the aggregate principal amount of
the Notes has been redeemed or repurchased and cancelled.
- Limitation on Indebtedness: Each Holder may request the Issuer
to redeem the Notes of each such requesting Holder at their
principal amount together with accrued interest upon the failure
of the Issuer to comply with undertakings which restrict the
incurrence of financial indebtedness by the Guarantor and its
Subsidiaries under certain circumstances.
- Transactions with shareholders: Each Holder may request the
Issuer to redeem the Notes of each such requesting Holder at
14
their principal amount together with accrued interest upon the
failure of the Issuer to comply with undertakings which restrict
certain transactions with shareholders.
- Restriction on Dividends: Each Holder may request the Issuer to
redeem the Notes of each such requesting Holder at their
principal amount together with accrued interest upon the failure
of the Issuer to comply with undertakings restricting the
payment of dividends in certain circumstances.
- Resolutions of Holders: In accordance with the German Act on
Debt Securities of 2009 (Schuldverschreibungsgesetz –
"SchVG"), the Notes contain provisions pursuant to which the
Holders consent by resolution to amendments of the terms and
conditions of the Notes (upon the Issuer’s decision to amend the
terms and conditions of the Notes) and pursuant to which the
Holders decide upon certain other matters regarding the Notes.
- Holders’ Representative: In accordance with the SchVG, the
Notes provide that the Holders may by majority resolution
appoint a representative for all Holders (the "Holders’
Representative"). The responsibilities and functions assigned
to the Holders' Representative appointed by a resolution are
determined by the SchVG and by majority resolutions of the
Holders.
C.9
Interest and
redemption payments,
yield, representative
of noteholders
See C.8.
Interest: The Notes will bear interest from and including
8 November 2013 to, but excluding, 8 November 2018 at a rate
of [●] per cent. per annum, payable annually in arrear on
8 November in each year, commencing on 8 November 2014.
Maturity Date: Unless previously redeemed in whole or in part
or repurchased or cancelled, the Notes shall be redeemed at
their principal amount together with accrued interest on
8 November 2018.
Indication of yield: The yield of the Notes will be determined
on the pricing date which is expected to be on or prior to the
Issue Date of the Notes.
Name of Holders' Representative: As of the date of this
Prospectus, no Holders' Representative has been appointed.
C.10
Derivative component
in interest payment
See C.9.
Not applicable. The Notes have no derivative component when
paying interest, which could influence the value of the Notes by
having an impact on the value of the underlying instrument or
several underlying instruments.
C.11
Admission to trading
of securities on a
regulated market
Application has been made to the Frankfurt Stock Exchange for
the Notes to be traded on the regulated market of the Frankfurt
Stock Exchange and the sub-segment of the regulated market
with further post-admission duties (Prime Standard).
15
Section D — Risks
Element
Description of
Element
D.2
Information on the
key risks specific to
the Issuer or its
industry
 The Issuer is a financing vehicle for the ATON Group and has
no material assets or sources of revenue except for claims
against certain subsidiaries of ATON GmbH resulting from
intercompany loans and relies on distributions from such
subsidiaries to service and repay the Notes.
The realisation of the risk described above may affect the
Issuer's ability to fulfil its payment obligations under the Notes
and/or lead to a decline in the market price of the Notes.
D.2
Information on the
the Guarantor or its
industry
 The Guarantor is a holding company and its ability to serve its
payment obligations depends on the receipt of funds from its
subsidiaries and participations.
The realisation of any of the risks described above may affect
the Guarantor's ability to fulfil its payment obligations under the
Guarantee and/or lead to a decline in the market price of the
Notes.
D.2
Information on the
the Group or its
industry
 The ATON Group's business, in particular the demand for its
services and products, depends on the general economic
conditions and cyclical fluctuations in the countries and
markets in which it operates.
 Market developments and government actions in connection
with the sovereign debt crisis in Europe could adversely affect
the ATON Group's business, financial condition, results of
operations and liquidity.
 The ATON Group faces risks from changes in the political,
social or economic environment.
 The ATON Group generates the greatest share of its total sales
in Europe and may, therefore, be more affected in case of a
prolonged economic downturn in Europe than its nonEuropean competitors.
 Certain markets in which the ATON Group operates are
characterised by intense competition, which could result in a
demand for the ATON Group's services and products or put
continued pressure on its prices.
 Certain subsidiaries of the ATON Group, such as those in the
AT Tech segment, operate in a cyclical industry.
 The ATON Group's business could suffer if its reputation for
quality were damaged.
 The ATON Group depends to a certain extent on a limited
number of customers.
 The ATON Group results could suffer if it fails to innovate
and develop new products and services that meet the
increasingly complex demands of the markets in which the
16
ATON Group operates.
 The ATON Group is exposed to currency transaction and
translation risks.
 The ATON Group, and in particular AT Tech, might be
adversely affected by cost overruns or additional payment
obligations in turnkey projects.
 The ATON Group faces personnel risks.
 The ATON Group's business could be adversely impacted by
strikes and other labour disputes.
 Reliance on third-party contract manufacturers and logistics
providers could result in disruption to the ATON Group's
business and damage its reputation.
 Fluctuations in interest rates could have an adverse effect on
the ATON Group's financial conditions and results of
operations.
 The ATON Group's business is subject to operational and
accident risks for which it may not be adequately insured.
 The ATON Group is exposed to antitrust risks.
 The ATON Group might have misjudged or may misjudge
risks inherent in past or future corporate acquisitions or
disposals.
 The integration of companies acquired in the past or future
into the ATON Group may prove more difficult, drawn out or
costlier than expected or even fail.
 The ATON Group might experience failures or other
malfunctions in its computer systems.
 The ATON Group might face liquidity risks.
 The ATON Group is subject to counterparty risks.
 The ATON Group might face an increase of tax burden as a
result of on-going and future tax audits and potential changes
in applicable tax regulations.
 The ATON Group is exposed to compliance risks.
 The ATON Group is subject to risks from legal and arbitration
proceedings.
 Changes in accounting standards could have a material adverse
effect on the ATON Group's financial condition.
 The ATON Group operates in many jurisdictions, in which it
is confronted with complex legal and regulatory requirements;
especially in emerging markets the legal systems are in
varying stages of development.
 The ATON Group could be unsuccessful in adequately
17
protecting its industrial property rights and technical expertise.
 There is a risk that the ATON Group infringes industrial
property rights of third parties.
 If AT Med Tech does not comply with the healthcare or other
governmental regulations applicable to its businesses, AT Med
Tech could be subject to civil or criminal penalties and
excluded from government healthcare reimbursement
programs in the United States and other countries, or its
authorisation to conduct business could be terminated, either
of which could result in a material decrease in its sales.
 Proposals for health care reform, or relating to regulatory
approvals, or changes to legal practice, could decrease the
ATON Group's total sales and operating profit.
the Guarantor's ability to fulfil its payment obligations under the
Guarantee and/or lead to a decline in the market price of the
Notes.
D.3
Information on the
the Notes
 The Notes may not be a suitable investment for all investors.
 The Notes do not have an established trading market and an
active trading market for the Notes may not develop.
 The Notes will be structurally subordinated to indebtedness of
the subsidiaries of the Guarantor.
 The Notes and the Guarantee restrict, but do not eliminate, the
ATON Group's ability to incur additional debt, create liens or
take other action that could negatively impact the Holders.
 Although the occurrence of specific change of control events
will permit the Holders to require redemption or repurchase of
the Notes, the Issuer may not be able to redeem or repurchase
such Notes.
 The Terms and Conditions and the terms of the Guarantee,
including the terms of payment of principal and interest, can
be amended by a Holders' resolutions and any such resolution
will be binding for all Holders. Any such resolution may
effectively be passed with the consent of less than a majority
of the aggregate principal amount of the Notes outstanding.
 In case of certain events of default, the Notes will only be
redeemable if Holders of at least 10 per cent of the aggregate
principal amount of the Notes then outstanding declare such
Notes due and payable. Such declaration of acceleration may
be rescinded by majority resolution of the Holders.
 Since no Holders' Representative will be appointed as from the
issue date of Notes, it will be more difficult for Holders to take
collective action with respect to the Notes and the Guarantee.
 It is possible that a Holder may be deprived in its individual
right to pursue and enforce its rights under the Terms and
Conditions if such right was passed on the Holders'
18
Representative.
 The market value of the Notes could decrease if the
creditworthiness of the ATON Group worsens or is perceived
to worsen.
 The Notes bear specific risks typical for fixed rate notes.
 The trading market for debt securities may be volatile and may
be adversely impacted by many events.
 No assurance can be given as to the impact of any possible
judicial decision or change of laws or administrative practices
after the date of this Prospectus.
 The Notes are subject to exchange rate risks.
 A disposal of the Notes may become subject to a Financial
Transaction Tax.
 If Notes are purchased by means of debt financing, investors
are subject to credit risks.
 The Notes are subject to inflation risks.
 The Notes are subject to transaction costs and charges.
the Issuer's ability to fulfil its payment obligations under the
Notes and/or the Guarantor's ability to fulfil its payment
obligations under the Guarantee, and may lead to a decline in the
market price of the Notes.
Section E — Offer
Element
Description of
Element
E.2b
Reasons for the offer
and use of proceeds
The Issuer intends to use the proceeds to repay existing debt of
the Group and to make on-loans to Group companies where the
proceeds will be used to repay existing debt and for general
corporate purposes.
E.3
Terms and conditions
of the offer
Offering of the Notes: The Notes will be offered to institutional
investors and retail investors in compliance with applicable
public offer restrictions by the Joint Lead Managers during an
offer period which will commence not earlier than
23 October 2013 and will be open until and including
20 November 2013.
The Notes will be offered to the public in Austria, Germany,
Luxembourg following the effectiveness of the notification of
the Prospectus by the CSSF according to Article 18 of the
Prospectus Directive and its relevant implementing measures.
Pricing Notice: The final issue price of the Notes, the aggregate
principal amount of Notes to be issued, the interest rate, the issue
proceeds and the yield will be included in a pricing notice (the
19
"Pricing Notice") which will be filed with the CSSF and
published on the website of the Group (www.aton.de) on or prior
to the Issue Date of the Notes.
Conditions of the offer: There are no specific conditions to
which the offer is subject.
Technical details of the offer: During the offer period investors
may submit offers to purchase Notes to the Joint Lead Managers.
In the case of an order prior to the determination of the pricing
details, the investors shall specify at which price they would be
prepared to purchase which amount of Notes. Following
determination and notification of the pricing details the Joint
Lead Managers will offer the Notes upon request in Austria,
Germany, Luxembourg.
Confirmation of offers placed by, and allotments to, investors:
Each investor who has submitted an order in relation to the
Notes and whose order is accepted by the Joint Lead Managers
will receive a confirmation by electronic mail, fax or through
commonly used information systems setting out its respective
allotment of Notes.
Delivery of the Notes to investors: Following the determination
of the pricing details and confirmation which orders have been
accepted and which amounts have been allotted to particular
investors, delivery and payment of the Notes will generally be
made within five business days after the date of pricing of the
Notes and the confirmation of the allotment to investors. The
Notes so purchased will be delivered via book-entry through the
clearing systems and their depository banks against payment of
the issue price of the Notes together with any fees and costs.
E.4
Material interests in
the offer
There are no interests of natural and legal persons other than the
Issuer, the Guarantor and the Joint Lead Managers involved in
the issue, including conflicting ones that are material to the
issue.
The Joint Lead Managers will, pursuant to a subscription
agreement to be signed on or about 5 November 2013 (the
"Subscription Agreement"), agree to subscribe or procure
subscribers for the Notes to be issued by the Issuer. The fees
payable to the Joint Lead Managers in connection with the
offering, placement and subscription of the Notes will be up to
EUR 1,300,000. The Joint Lead Managers or their affiliates have
provided from time to time, and expect to provide in the future,
investment services to the Issuer, the Guarantor and their
affiliates, for which the Joint Lead Managers or their affiliates
have received or will receive customary fees and commissions.
E.7
Estimated expenses
charged to the
investor
Not applicable. Neither the Issuer nor the Guarantor will charge
any costs, expenses or taxes directly to any investor. Investors
must, however, inform themselves about any costs, expenses or
taxes in connection with the Notes which are generally
applicable in their respective country of residence, including any
charges their own depository banks charge them for purchasing
or holding securities.
20
GERMAN TRANSLATION OF THE SUMMARY
(ZUSAMMENFASSUNG)
Zusammenfassungen bestehen aus Informationsblöcken, die als "Angaben" bezeichnet werden. Diese
Angaben sind in Abschnitten A-E (A.1 – E.7) nummeriert.
Diese Zusammenfassung enthält alle Angaben, die für eine Zusammenfassung für diese Art von
Wertpapier, diese Emittentin und diese Garantin erforderlich sind. Da einige Angaben nicht
aufgenommen werden müssen, kann die Nummerierung Lücken enthalten.
Auch wenn eine Angabe für diese Art von Wertpapier, diese Emittentin und diese Garantin in diese
Zusammenfassung aufgenommen werden muss, kann es sein, dass keine relevanten Informationen zur
Verfügung stehen. In diesem Fall wird eine kurze Beschreibung der geforderten Angabe mit dem
Hinweis "entfällt" in die Zusammenfassung aufgenommen.
Abschnitt A – Einleitung und Warnhinweise
Angabe
Beschreibung
der Angaben
Geforderte Informationen
A.1
Warnhinweise
Die Zusammenfassung sollte als Einleitung zu diesem Prospekt
verstanden werden.
Ein Anleger sollte bei jeder Entscheidung, in die
Schuldverschreibungen zu investieren, sich auf den Prospekt als
Ganzes stützen.
Ein Anleger, der wegen der in dem Prospekt enthaltenen Angaben
Klage einreichen will, muss möglicherweise nach den nationalen
Rechts-vorschriften seines Mitgliedstaats zum Vertrag über den
Europäischen Wirtschaftsraum ("EWR") für die Übersetzung des
Prospekts aufkommen, bevor das Verfahren eingeleitet werden kann.
Anleger sollten beachten, dass zivilrechtlich nur diejenigen Personen
haften, die die Zusammenfassung samt etwaiger Übersetzungen
vorgelegt und übermittelt haben, und dies auch nur für den Fall, dass
die Zusammenfassung irreführend, unrichtig oder widersprüchlich
ist, wenn sie zusammen mit den anderen Teilen des Prospekts
gelesen wird, oder sie, wenn sie zusammen mit den anderen Teilen
des Prospekts gelesen wird, nicht alle erforderlichen
Schlüsselinformationen vermittelt, die in Bezug auf Anlagen in die
Schuldverschreibungen für die Anleger eine Entscheidungshilfe
darstellen.
A.2
Zustimmung
zur
Verwendung
des Prospekts
Morgan Stanley & Co. International plc und Deutsche Bank AG,
London Branch (jeweils ein "Gemeinsamer Konsortialführer" und
zusammen die "Gemeinsamen Konsortialführer") sowie jeder
weitere
Finanzintermediär,
der
die
emittierten
Schuldverschreibungen nachfolgend weiter verkauft oder endgültig
platziert, ist berechtigt, den Prospekt für den späteren Weiterverkauf
oder die endgültige Platzierung der Schuldverschreibungen während
des Zeitraums vom 23. Oktober 2013 (einschließlich) bis
20. November 2013 (einschließlich) für den späteren Weiterverkauf
oder die endgültige Platzierung in Österreich, Deutschland und
Luxemburg zu verwenden, vorausgesetzt jedoch, dass der Prospekt
in Übereinstimmung mit Artikel 11 des Luxemburger
Wertpapierprospektgesetzes (Loi relative aux prospectus pour
21
valeurs mobilières), welches die Richtlinie 2003/71/EG des
Europäischen Parlaments und des Rates vom 4. November 2003
(geändert durch Richtlinie 2010/73/EU des Europäischen Parlaments
und des Rates vom 24. November 2010) umsetzt, noch gültig ist.
Der Prospekt darf potentiellen Investoren nur zusammen mit
sämtlichen bis zur Übergabe veröffentlichten Nachträgen übergeben
werden. Jeder Nachtrag zum Prospekt kann in elektronischer Form
auf der Internetseite der Gruppe (www.aton.de) eingesehen werden.
Bei der Nutzung des Prospektes hat jeder jeweiliger weiterer
Finanzintermediär sicherzustellen, dass er alle anwendbaren, in den
jeweiligen Jurisdiktionen geltenden Gesetze und Rechtsvorschriften
beachtet.
Für den Fall, dass ein weiterer Finanzintermediär ein Angebot
macht, informiert dieser weitere Finanzintermediär die Anleger
zum
Zeitpunkt
der
Angebotsvorlage
über
die
Angebotsbedingungen der Schuldverschreibungen.
Abschnitt B — Emittentin
Punkt
Beschreibung
Geforderte Angaben
B.1
Gesetzliche und
kommerzielle
Bezeichnung
B.2
Sitz,
Rechtsform,
geltendes Recht,
Land der
Gründung
Die Emittentin ist eine Gesellschaft mit beschränkter Haftung, die
österreichischem Recht unterliegt. Sie hat ihren Sitz im
Astbergweg 9, 6353 Going am Wilden Kaiser, Österreich.
B.4b
Bereits
bekannte
Trends, die sich
auf die
Emittentin und
die Branchen,
in denen sie
tätig ist,
auswirken
Entfällt. Es gibt keine bekannten Trends, die sich auf die Emittentin
und die Branchen, in denen sie tätig ist, auswirken.
B.5
Beschreibung
der Gruppe und
der Stellung der
Emittentin
innerhalb dieser
Gruppe
Die Emittentin ist eine hundertprozentige Tochtergesellschaft der
Garantin und hat keine eigenen Tochtergesellschaften.
B.9
Gewinnprognosen oder schätzungen
Entfällt. Es wird
aufgenommen.
B.10
Entfällt.
Art etwaiger
Beschränkungen
Die
keine
Emittentin
Gewinnprognose
oder
hat
Gründung
seit
ihrer
–schätzung
keine
22
im Bestätigungs- Finanzinformationen veröffentlicht.
vermerk zu den
historischen
Finanzinformationen
B.12
Ausgewählte
wesentliche
historische
Finanzinformationen
Entfällt. Die Emittentin hat seit
Finanzinformationen veröffentlicht.
ihrer
Gründung
keine
Die Emittentin hat eine Eröffnungsbilanz vom 4. Oktober 2013
erstellt. Die Eröffnungsbilanz ist gemäß österreichischen
Rechnungslegungsvorschriften (Austrian GAAP) erstellt worden.
Eröffnungsbilanz von ATON Group Finance GmbH per 4. Oktober 2013
(in EUR, soweit nicht anders angegeben)
Aktiva
Umlaufvermögen
Guthaben bei Kreditinstituten
50.000
Passiva
Eigenkapial
Nennkapital
Stammkapital
nicht eingeforderte ausstehende Einlagen
100.000
(50.000)
50.000
Trendinformation
Es gab seit dem 27. September 2013 keine wesentlichen Änderungen
in den Aussichten für die Emittentin.
Wesentliche
Veränderungen
in der
Finanzlage und
Handelsposition
Entfällt: Es gab seit dem 27. September 2013 keine wesentlichen
Änderungen in der Finanzlage oder der Handelsposition der
Emittentin.
B.13
Jüngste
Entwicklungen
Entfällt. Es gibt keine Ereignisse aus der jüngsten Zeit der
Geschäftstätigkeit der Emittentin, die für die Bewertung der
Zahlungsfähigkeit der Emittentin in hohem Maße relevant sind.
B.14
Angabe zur
Abhängigkeit
von anderen
Unternehmen
der Gruppe
Die Emittentin ist eine hundertprozentige Tochtergesellschaft der
Garantin und hat keine eigenen Tochtergesellschaften.
B.15
Haupttätigkeiten Die Emittentin handelt als Finanzierungstochter der Garantin. Die
Haupttätigkeit der Emittentin besteht in der Gewährung von
Darlehen an Mitglieder der Gruppe, die sie aus am Kapitalmarkt
aufgenommenen Mitteln finanziert.
B.16
Hauptanteils-
Die Garantin ist alleinige Anteilseignerin der Emittentin.
23
eigner
B.17
Kreditratings
der Emittentin
oder ihrer
Schuldtitel
Entfällt.
Weder
für
die
Emittentin
noch
Schuldverschreibungen wurde ein Rating erstellt.
für
die
B.18
Art und
Umfang der
Garantie
Die Schuldverschreibungen profitieren von einer Garantie (die
"Garantie") der Garantin für die Zahlung von Kapital und Zinsen
auf die Schuldverschreibungen. Die Garantie begründet eine
unwiderrufliche, nicht besicherte und nicht nachrangige
Verpflichtung der Garantin, die mit allen sonstigen unbesicherten
und nicht nachrangigen Verpflichtungen der Garantin mindestens im
gleichen Rang steht. Die Bedingungen der Garantie enthalten auch
eine Negativverpflichtung der Garantin. Die Garantie unterliegt
deutschem Recht. Die Garantie ist ein Vertrag zu Gunsten der
Gläubiger (jeweils ein "Gläubiger" und zusammen die
"Gläubiger") der Schuldverschreibungen als begünstigte Dritte
gemäß § 328 Absatz 1 BGB.
Abschnitt B — Garantin
Punkt
Beschreibung
Geforderte Angaben
B.19
B.1
Gesetzliche und
kommerzielle
Bezeichnung
ATON GmbH
B.19
B.2
Sitz,
Rechtsform,
geltendes Recht,
Land der
Gründung
Die Garantin ist eine Gesellschaft mit beschränkter Haftung, die
deutschem Recht unterliegt. Sie hat ihren Sitz in der Leopoldstrasse
53, 80802 München, Deutschland.
B.19
B.4b
Bereits
bekannte
Trends, die sich
auf die
Garantin und
die Branchen,
in denen sie
tätig ist,
auswirken
Das Beteiligungsportfolio der ATON-Gruppe umfasst überwiegend
Unternehmen aus drei Branchen –Fahrzeugtechnik (Segment
"AT Tech"), Bergbaudienstleistungen (Segment "AT Mining
Tech") und Medizintechnik (Segment "AT Med Tech").
Die Marktentwicklung von AT Tech ist eng an die Aussichten des
weltweiten Automobilmarktes und insbesondere des Marktes für
Engineering-Dienstleister ("ESP") gekoppelt. Die wichtigsten
Trends, die sich auf den ESP-Markt auswirken sind:
•
zunehmender Trend zur Auslagerung von EngineeringDienstleistungen durch Erstausrüster ("OEMs");
•
Innovationskraft der Automobilindustrie, insbesondere bei
Premium-OEMs;
•
voraussichtlich starkes jährliches Wachstum der Bereiche
Elektrik/Elektronik (E/E) und Antriebe bis 2020;
•
zunehmende Anzahl an Fahrzeugmodellen und –derivaten;
und
24
•
kürzer werdende Produktlebenszyklen.
Der weltweite Markt für Bergbaudienstleistungen wird durch eine
attraktive Wachstumsdynamik bestimmt, die durch langfristige
weltweite Megatrends gestützt wird, wie z.B. die positive
langfristige Entwicklung der weltweiten Rohstoffpreise und
insbesondere das zunehmende Budget für Investitionsausgaben bei
großen Bergbauunternehmen.
Die Ausgaben im Gesundheitswesen in den Industrieländern waren
in der Vergangenheit relativ immun gegen Konjunkturzyklen und
zeigten stetige Wachstumsraten, die bedeutend über dem BIP lagen.
Die weltweiten Wachstumsaussichten im Gesundheitswesen sind
sehr gut, hauptsächlich aufgrund der folgenden wesentlichen Trends:
•
Älter werdende Bevölkerung. Zunehmender Anteil älterer
Menschen in den Industrieländern;
•
Schwellenländer. Starker Anstieg der Ausgaben im
Gesundheitswesen in den Schwellenländern; und
Innovation. Bessere Behandlungsmöglichkeiten durch neue
technische Möglichkeiten wie Mikrosystemtechnik, optische
Technologien, Informationstechnik und Elektronik.
B.19
B.5
Beschreibung
der Gruppe und
der Stellung der
Garantin
innerhalb dieser
Gruppe
Die ATON-Gruppe ist ein industrieorientiertes Mischunternehmen,
das derzeit insgesamt aus 127 Gesellschaften besteht, die im
Business-to-Business-Geschäftsfeld innerhalb der drei Segmente AT
Tech, AT Mining Tech und AT Med Tech tätig sind. Die Palette der
Produkte und Dienstleistungen der Gruppe umfasst IngenieurDienstleistungen sowie Anlagenbau, hauptsächlich für die
Mobilitätsindustrie (Segment AT Tech), Dienstleistungen, Produkte
und Spezialmaschinen für den Berg- und Schachtbau (Segment AT
Mining Tech) sowie innovative Lösungen im Gesundheitsmarkt auf
den Feldern der Chirurgie und Diagnostik mit einem Schwerpunkt
auf Röntgendiagnostik, allgemeine Diagnostik und minimal invasive
Chirurgie sowie Produkte für die Pharmaindustrie und
Krankenhäuser (Segment AT Med Tech). Die ATON Gruppe bietet
zudem Business-Jet Luftfahrt Dienstleistungen an.
Die Garantin ist eine Management-Holdinggesellschaft und die
Muttergesellschaft der ATON-Gruppe.
Entfällt. Es wird
aufgenommen.
keine
Gewinnprognose
oder
-schätzung
B.19
B.9
Gewinnprognosen oder schätzungen
B.19
B.10
Entfällt. Der Abschlussprüfer hat jeweils einen uneingeschränkten
Art etwaiger
Beschränkungen Bestätigungsvermerk zu den Konzernabschlüssen der Garantin für
im Bestätigungs- die Geschäftsjahre 2011 und 2012 erteilt.
vermerk zu den
historischen
Finanzinformationen
B.19
B.12
Ausgewählte
wesentliche
historische
Die folgende Tabelle enthält ausgewählte Finanzinformationen über
die ATON Gruppe. Die Informationen entstammen dem ungeprüften
konsolidierten Konzernzwischenabschluss der Garantin zum 30. Juni
25
Finanzinformationen
2013, dem geprüften Konzernabschluss der Garantin zum
31. Dezember 2012 und dem geprüften Konzernabschluss der
Garantin zum 31. Dezember 2011, die allesamt gemäß den in der
Europäischen Union anzuwendenden International Financial
Reporting Standards ("IFRS") aufgestellt wurden. Die nachstehende
Segmentberichterstattung von der ATON-Gruppe wurde der
Buchführung der ATON-Gruppe entnommen.
(in TEUR, soweit nicht anders
angegeben)
Ausgewählte Kennzahlen zur
Konzernbilanz
Zum 30.
Juni 2013
Zum 31.
Dezember
2012
Zum 31.
Dezember
2011
(angepasst)
(ungeprüft)
(geprüft)
(geprüft)
(2)
Bilanzsumme
1.548.748
1.498.106
1.414.703
Langfristige Vermögenswerte
680.760
642.251
541.355
Kurzfristige Vermögenswerte
867.987
855.855
873.348
Eigenkapital
720.812
699.943
645.074
Langfristige Schulden
220.196
188.734
133.380
Kurzfristige Schulden
607.740
609.429
636.251
Für das
Geschäftsjahr 2012
Für das
Geschäftsjahr 2011
(angepasst)
Für den
Sechsmonatszeitraum
zum 30. Juni
2013
Für den
Sechsmonatszeitraum
zum 30. Juni
2012
(angepasst)
(ungeprüft)
(ungeprüft)
(geprüft)
(geprüft)
1.156.696
1.036.940
2.227.446
1.888.408
Ergebnis der gewöhnlichen
Geschäftstätigkeit
79.040
88.594
174.200
118.157
Ergebnis vor Ertragsteuern
71.870
79.865
154.991
104.582
Konzernergebnis
52.192
57.791
108.411
61.666
davon: auf andere Gesellschafter
entfallend
(448)
26
(1.701)
(1.721)
davon: auf Gesellschafter des
Mutterunternehmens entfallend
52.640
57.765
110.112
63.387
Für den
Sechsmonatszeitraum
zum 30. Juni
2013
Für den
Sechsmonatszeitraum
zum 30. Juni
2012
(angepasst)
Für das
Geschäftsjahr 2012
Für das
Geschäftsjahr 2011
(angepasst)
(ungeprüft)
(ungeprüft)
(geprüft)
85.448
17.763
139.657
85.293
(133.084)
(51.520)
(178.285)
24.508
51.737
(20.339)
(49.508)
(69.365)
175.561
196.913
164.067
251.314
Ausgewählte Kennzahlen zur
Konzern-Gewinn- undVerlustrechnung
(2)
(1)
Umsatzerlöse
Ausgewählte Kennzahlen der
Konzern-Kapitalflussrechnung
(2)
(1)
Cash-Flow aus Geschäftstätigkeit
Cash-Flow aus Investitionstätigkeit
Cash-Flow aus Finanzierungstätigkeit
Finanzmittelfonds am Ende der
Periode
(1)
(2)
(geprüft)
Zahlen wurden dem ungeprüften Konzernzwischenabschluss zum 30. Juni 2013
entnommen.
Zahlen wurden dem geprüften Konzernabschluss zum 31. Dezember 2012
entnommen.
26
(in TEUR, soweit nicht anders
angegeben)
Segmentberichterstattung
(ungeprüft, falls nicht anders angegeben)
Für den
Sechsmonatszeitraum
zum 30. Juni
2013
Für den
Sechsmonatszeitraum
zum 30. Juni
2012
(angepasst)
Für das
Geschäftsjahr
2012
Für das
Geschäftsjahr
2011
1.036.940
2.227.446 (7)
1.888.408 (7)
(7)
804.128 (7)
(6)
Umsatzerlöse der ATON-Gruppe
1.156.696
davon: AT Tech
518.385
400.943
900.002
davon: AT Mining Tech
428.665
416.505
870.031 (7)
653.552 (7)
(7)
228.245 (7)
davon: AT Med Tech
118.805
119.716
258.190
davon: AT Aviation
91.485
100.325
200.168 (7)
198.290 (7)
118.293
119.847
258.771 (7)
180.951 (7)
davon: AT Tech
43.543
33.373
86.102
38.935
54.399
57.631
112.135
71.811
davon: AT Med Tech
10.962
13.828
30.814
31.924
davon: AT Aviation
13.515
17.388
38.908
35.668
10,2 %
11,6 %
11,6 %
9,6 %
EBITDA der ATON-Gruppe (1), (2)
EBITDA-Marge der ATON-Gruppe
(1), (3)
8,4 %
8,3 %
9,6 %
4,8 %
12,7 %
13,8 %
12,9 %
11,0 %
davon: AT Med Tech
9,2 %
11,6 %
11,9 %
14,0 %
davon: AT Aviation
14,8 %
17,3 %
19,4 %
18,0 %
79.040
88.594
davon: AT Tech
29.079
25.954
67.899
20.491
37.027
41.996
82.467
46.608
davon: AT Med Tech
6.096
9.549
21.774
21.328
davon: AT Aviation
11.079
13.362
11.457
27.709
104.581 (7)
davon: AT Tech
EBIT der ATON-Gruppe (1), (4)
118.157 (7)
71.870
79.865
154.991 (7)
davon: AT Tech
22.454
20.718
55.519
6.775
33.780
38.724
75.623
41.044
EBT der ATON-Gruppe (1), (5)
davon: AT Med Tech
5.896
8.496
21.658
19.992
davon: AT Aviation
9.915
11.415
7.095
25.596
52.192
57.791
108.411 (10)
61.666
davon: AT Tech
16.764
15.275
43.716
(931)
24.252
27.861
50.716
22.967
davon: AT Med Tech
4.056
5.420
15.138
11.002
davon: AT Aviation
7.279
8.153
1.859
19.043
EAT der ATON-Gruppe (1),(9)
Vermögen der ATON-Gruppe
Zum 30.
Juni 2013
Zum 31.
Dezember
2012
Zum 31.
Dezember
2011
1.548.748
1.498.106 (7)
1.414.703 (7)
davon: AT Tech
641.134
613.753
525.266
413.130
402.406
330.443
davon: AT Med Tech
168.778
169.778
155.291
davon: AT Aviation
117.997
125.225
141.327
827.935
798.163 (7)
769.629 (7)
davon: AT Tech
548.593
485.090
443.337
271.960
274.900
222.057
davon: AT Med Tech
47.692
52.783
95.501
davon: AT Aviation
71.245
85.751
103.897
Verbindlichkeiten der ATON-Gruppe
(1)
174.200 (7),(8)
Die ATON-Gruppe verwendet das EBITDA, die EBITDA-Marge, das EBIT, das
EBT und das EAT als Kennzahlen zur Messung der operativen Ertragskraft. Da
nicht alle Unternehmen das EBITDA, die EBITDA-Marge, das EBIT, das EBT
27
und das EAT in derselben Weise berechnen, ist die Darstellung dieser
Kennzahlen durch die ATON-Gruppe nicht unbedingt mit ähnlich bezeichneten
Kennzahlen, die von anderen Unternehmen verwendet werden, vergleichbar. Das
EBITDA, die EBITDA-Marge, das EBIT, das EBT und das EAT sind keine nach
den IFRS anerkannten Kennzahlen und nicht als Ersatz für Zahlen wie Ergebnis,
Mittelzufluss/-abfluss aus laufender Geschäftstätigkeit oder andere Zahlen aus der
Gewinn- und Verlustrechnung oder Kapitalflussrechnung, die nach den IFRS
ermittelt werden, oder als Kennzahlen für die Rentabilität oder Liquidität
anzusehen.
(2)
Die ATON-Gruppe definiert das EBITDA (Earnings before interest, taxes,
depreciation and amortisation) als Summe aus (i) EBIT und (ii) Abschreibungen
auf Sachanlagen und Abschreibungen auf immaterielle Vermögensgegenstände.
(3)
Die ATON-Gruppe definiert die EBITDA-Marge als Prozentsatz, der sich aus der
Division des EBITDA durch die Umsatzerlöse ergibt.
(4)
Die ATON-Gruppe definiert das EBIT als Ergebnis vor Zinsen und Steuern.
(5)
Die ATON-Gruppe definiert das EBT als Ergebnis vor Steuern.
(6)
Zahlen wurden aus dem ungeprüften Abschluss vom 30. Juni 2013 abgeleitet.
(7)
Geprüft.
(8)
Das EBIT der ATON-Gruppe für 2012 beinhaltet einen Entkonsolidierungserfolg
in Höhe von € 14,6 Mio. aus dem Verkauf der Lumera Laser GmbH und den vor
der Entkonsolidierung realisierten Beitrag der Lumera Laser GmbH zum
Konzern-EBIT in Höhe von € 4,6 Mio. Bereinigt um diese kombinierten Effekte
in einer Gesamthöhe von € 19,2 Mio. hätte das Segment-EBIT des
Geschäftsbereichs AT Tech in 2012 € 48,7 Mio. betragen. Ferner beinhaltet das
EBIT der ATON-Gruppe für 2012 den Beitrag der Augsburg Airways GmbH
zum Konzern-EBIT in Höhe von € 16,8 Mio. und eine Wertminderung des
Goodwill in Höhe von € 6,3 Mio. für die zahlungsmittelgenerierende Einheit AT
Aviation, die hauptsächlich darauf zurückzuführen ist, dass die Augsburg
Airways GmbH ihren Geschäftsbetrieb Ende 2013 komplett einstellen wird.
Bereinigt um diese kombinierten Effekte in Höhe von € 10,5 Mio. hätte das
Segment-EBIT des Geschäftsbereichs AT Aviation in 2012 € 1,0 Mio. betragen.
Bereinigt um den Beitrag der Augsburg Airways, die Wertminderung des
Goodwill für die zahlungsmittelgenerierende Einheit AT Aviation sowie die
kombinierten Effekte der Entkonsolidierung der Lumera Laser GmbH auf das
Konzern-EBIT hätte das EBIT der ATON-Gruppe in 2012 € 144,5 Mio. betragen.
(9)
Die ATON-Gruppe definiert EAT als Ergebnis nach Steuern und stellt Gewinn
oder Verlust für den Zeitraum auf Gruppenebene dar.
(10)
Das EAT der ATON-Gruppe für 2012 umfasst einen Gesamtbetrag von € 17,8
Mio. für den Verkauf und die Entkonsolidierung der Lumera Laser GmbH und
einen Gesamtbetrag von € 3,4 Mio. für den Beitrag der Augsburg Airways und
die Wertminderung des Goodwill für die zahlungsmittelgenerierende Einheit AT
Aviation. Bereinigt um diese kombinierten Effekte hätte das Konzern-EAT in
2012 € 87,2 Mio. betragen.
Aussichten der
Garantin
Es gab seit dem 31. Dezember 2012 keine wesentlichen Änderungen
in den Aussichten für die Garantin.
Trendinformation
Entfällt: Es gab seit dem 30. Juni 2013 keine wesentlichen
Änderungen in der Finanzlage oder der Handelsposition der
Garantin.
B.19
B.13
Jüngste
Entwicklungen
Entfällt. Es gibt keine Ereignisse aus der jüngsten Zeit der
Geschäftstätigkeit der Garantin, die für die Bewertung der
Zahlungsfähigkeit der Garantin in hohem Maße relevant sind.
B.19
B.14
Angabe zur
Abhängigkeit
von anderen
Unternehmen
Entfällt. Die Garantin ist die Muttergesellschaft der ATON-Gruppe
und nicht von anderen Instituten innerhalb der ATON-Gruppe
abhängig.
28
der Gruppe
B.19
B.15
Haupttätigkeiten Die Garantin ist eine Management-Holdinggesellschaft und die
oberste Muttergesellschaft der ATON Gruppe, welche aus 127
Gesellschaften besteht, die Ingenieur-Dienstleistungen sowie
Anlagenbau für Industriekunden als auch die Produktion von
Spezialmaschinen (Segment AT Tech), Dienstleistungen, Produkte
und Spezialmaschinen für den Berg- und Schachtbau (Segment AT
Mining Tech) sowie innovative Lösungen auf den Feldern der
Diagnostik und Chirurgie sowie Produkte für die Pharmaindustrie
und Krankenhäuser (Segment AT Med Tech) anbieten. Die ATON
Gruppe bietet zudem Business-Jet Luftfahrt Dienstleistungen an.
B.19
B.16
Hauptanteilseigner
Die stimmrechtsberechtigten Geschäftsanteile der Garantin werden
von folgenden Gesellschaftern gehalten:
Name
Herr Dr. med. Lutz Helmig
Frau Dagmar Helmig
Frau Alexandra Helmig
Frau Charlotte Helmig
B.19
B.17
Kreditratings
der Garantin
oder ihrer
Schuldtitel
Anteilsbesitz
60 %
10 %
15 %
15 %
Entfällt. Für die Garantin und ihre Schuldverschreibungen wurde
kein Rating erstellt.
Abschnitt C —Wertpapiere
Punkt
Beschreibung
Geforderte Angaben
C.1
Gattung und
Art der
Schuldverschreibungen /
Wertpapierkennnummer
Die
festverzinslichen
Schuldverschreibungen
(die
"Schuldverschreibungen") sind unbesichert und nicht nachrangig.
C.2
Währung
Euro
C.5
Beschränkungen
der freien
Übertragbarkeit
der Schuldverschreibungen
Entfällt: Die Schuldverschreibungen sind frei übertragbar. Jedoch
unterliegen
das
Angebot
und
der
Verkauf
von
sowie
die
Verteilung
von
Angebotsmaterialien regulatorischen Beschränkungen, die abhängig
von der jeweiligen Rechtsordnung, in der die Schuldverschreibungen
angeboten oder verkauft werden oder die Angebotsmaterialien
verteilt werden, variieren.
C.8
Mit den
verbundene
Rechte,
Rangordnung,
Beschränkungen der
Status der Schuldverschreibungen: Die Schuldverschreibungen
begründen nicht besicherte und nicht nachrangige Verbindlichkeiten
der Emittentin, die untereinander und mit allen anderen nicht
besicherten und nicht nachrangigen Verbindlichkeiten der Emittentin
gleichrangig sind, soweit diesen Verbindlichkeiten nicht durch
zwingende gesetzliche Bestimmungen ein Vorrang eingeräumt wird.
ISIN:
WKN:
DE000A1YCQ45;
A1YCQ4.
Negativverpflichtung bei Nichtvorliegen eines Investment Grade-
29
Rechte
Ratings für die Schuldverschreibungen: Die Emittentin und die
Garantin verpflichten sich jeweils, kein Sicherungsrecht zur
Besicherung von Finanzverbindlichkeiten (mit Ausnahme der nach
den Anleihebedinungen der Schuldverschreibungen zulässigen
Sicherungsrechte) zu bestellen oder bestehen zu lassen, und die
Garantin verpflichtet sich, dafür zu sorgen, dass keine ihrer
wesentlichen Tochtergesellschaften ein solches Sicherungsrecht
bestellt oder bestehen lässt.
Negativverpflichtung nach Erteilung eines Investment GradeRatings für die Schuldverschreibungen: Die Emittentin und die
Garantin verpflichten sich jeweils, kein Sicherungsrecht zur
Besicherung von Kapitalmarktverbindlichkeiten (mit Ausnahme der
nach den Anleihebedinungen der Schuldverschreibungen zulässigen
Sicherungsrechte) zu bestellen oder bestehen zu lassen, und die
Garantin verpflichtet sich, dafür zu sorgen, dass keine ihrer
wesentlichen Tochtergesellschaften ein solches Sicherungsrecht
bestellt oder bestehen lässt.
Steuern: Kapital und Zinsen sind ohne Einbehalt oder Abzug von
oder aufgrund von gegenwärtigen oder zukünftigen Steuern oder
sonstigen Abgaben gleich welcher Art zu leisten, die von oder in
Deutschland oder Österreich oder für deren Rechnung oder von oder
für Rechnung einer politischen Untergliederung oder Steuerbehörde
auferlegt oder erhoben werden, es sei denn, ein solcher Einbehalt
oder Abzug ist gesetzlich vorgeschrieben. In einem solchen Fall,
wird die Emittentin, vorbehaltlich bestimmter Ausnahmen,
diejenigen zusätzlichen Beträge zahlen, die erforderlich sind, damit
die den Gläubigern von Schuldverschreibungen zufließenden
Nettobeträge nach diesem Einbehalt oder Abzug jeweils den
Beträgen an Kapital und Zinsen entsprechen, die ohne einen solchen
Einbehalt oder Abzug bezüglich der Schuldverschreibungen
empfangen worden wären.
Vorzeitige Rückzahlung aus steuerlichen Gründen: Die vorzeitige
Rückzahlung der Schuldverschreibungen aus steuerlichen Gründen
ist zulässig, falls als Folge einer Änderung oder Ergänzung der
Steuer- oder Abgabengesetze oder Vorschriften (einschließlich jeder
Änderung oder Ergänzung der Anwendung oder der offiziellen
Auslegung dieser Gesetze oder Vorschriften) von Deutschland oder
Österreich oder deren politischen Untergliederungen oder
Steuerbehörden die Emittentin bzw. die Garantin zur Zahlung
zusätzlicher Beträge auf die Schuldverschreibungen verpflichtet sein
wird und diese Verpflichtung nicht durch das Ergreifen zumutbarer,
der Emittentin bzw. Garantin zur Verfügung stehender Maßnahmen
vermieden werden kann.
Vorzeitige Rückzahlung aus anderen als steuerlichen Gründen:
- Kündigungsgründe: Bei Vorliegen eines Kündigungsgrundes hat
jeder Gläubiger das
Recht, die Rückzahlung seiner
Schuldverschreibungen zum Nennbetrag zuzüglich aufgelaufener
Zinsen
zu
verlangen.
Die
Anleihebedingungen
der
Schuldverschreibungen sehen jedoch in Bezug auf bestimmte
Kündigungsgründe vor, dass ein solches Kündigungsrecht eines
Gläubigers
erst
wirksam
wird,
sofern
und
sobald
Kündigungserklärungen eingegangen sind, die sich auf mindestens
10 % des Gesamtnennbetrags der zu diesem Zeitpunkt ausstehenden
30
Schuldverschreibungen beziehen.
- Drittverzug: Ein weiterer Kündigungsgrund besteht im Rahmen
der Schuldverschreibungen, wenn in Bezug auf eine
Finanzverbindlichkeit der Garantin oder einer wesentlichen
Tochtergesellschaft der Garantin ein Drittverzug eintritt.
- Kontrollwechsel: Jeder Gläubiger hat das Recht, die Rückzahlung
seiner Schuldverschreibungen durch die Emittentin zum Nennbetrag
zuzüglich aufgelaufener Zinsen zu verlangen, wenn ein
Kontrollwechsel eingetreten ist.
- Geringer ausstehender Nennbetrag: Die Emittentin hat das Recht,
die Schuldverschreibungen zurückzuzahlen, wenn 80 % oder mehr
des Gesamtnennbetrages der Schuldverschreibungen zurückgezahlt
oder angekauft und entwertet wurden.
- Beschränkung von Verbindlichkeiten: Jeder Gläubiger hat das
Recht, die Rückzahlung seiner Schuldverschreibungen durch die
Emittentin zum Nennbetrag zuzüglich aufgelaufener Zinsen zu
verlangen, wenn die Emittentin gegen Verpflichtungen, die das
Eingehen von Finanzverbindlichkeiten durch die Garantin und ihre
Tochtergesellschaften unter bestimmten Umständen beschränken,
verstößt.
- Geschäfte mit Anteilseignern: Jeder Gläubiger hat das Recht, die
Rückzahlung seiner Schuldverschreibungen durch die Emittentin
zum Nennbetrag zuzüglich aufgelaufener Zinsen zu verlangen, wenn
die Emittentin gegen Verpflichtungen, die bestimmte Geschäfte mit
Anteilseignern beschränken, verstößt.
- Beschränkung von Dividenden: Jeder Gläubiger hat das Recht, die
Rückzahlung seiner Schuldverschreibungen durch die Emittentin
zum Nennbetrag zuzüglich aufgelaufener Zinsen zu verlangen, wenn
die Emittentin gegen Verpflichtungen, die die Zahlung von
Dividenden unter bestimmten Umständen beschränken, verstößt.
Gläubigerbeschlüsse:
In Übereinstimmung
mit
dem
Schuldverschreibungsgesetz
2009
("SchVG")
sehen
die
Schuldverschreibungen vor, dass die Gläubiger durch Beschluss (auf
die
vorherige
Entscheidung der
Emittentin hin,
die
Anleihebedingungen der Schuldverschreibungen zu ändern)
Änderungen der Anleihebedingungen der Schuldverschreibungen
zustimmen und gewisse sonstige Maßnahmen in Bezug auf die
Schuldverschreibungen treffen können.
C.9
Verzinsung und
Rückzahlungen,
Rendite,
Vertreter der
Gläubiger der
Schuldver-
- Gemeinsamer Vertreter: In Übereinstimmung mit dem SchVG
sehen die Schuldverschreibungen vor, dass die Gläubiger durch
Beschluss einen gemeinsamen Vertreter (der "gemeinsame
Vertreter") bestellen können. Die Aufgaben und Befugnisse des
durch Beschluss bestellten gemeinsamen Vertreters bestimmen sich
nach dem SchVG sowie den Mehrheitsbeschlüssen der Gläubiger.
Siehe C.8
Zinssatz:
Die
werden
vom
8. November 2013 (einschließlich) bis zum 8. November 2018
(ausschließlich), mit einem jährlichen Zinssatz von [●] Prozent
verzinst. Die Zinsen sind nachträglich am 8. November eines jeden
31
schreibungen
Jahres, erstmals am 8. November 2014 zahlbar.
Endfälligkeit: Soweit nicht zuvor bereits ganz oder teilweise
zurückgezahlt oder angekauft oder entwertet, werden die
zu
ihrem
Nennbetrag
zuzüglich
aufgelaufener Zinsen am 8. November 2018 zurückgezahlt.
Rendite: Die Rendite der Emission wird am Preisfestsetzungstag
festgesetzt, voraussichtlich am oder vor dem Tag der Begebung der
Schuldverschreibungen.
Name des Gläubigervertreters: Zum Datum dieses Prospekts wurde
kein Gläubigervertreter bestellt.
C.10
C.11
Derivative
Komponente
bei der
Zinszahlung
Siehe C.9
Handel in
Wertpapieren
an einem
geregelten
Markt
Es wurde beantragt, dass die Schuldverschreibungen an der
Frankfurter Wertpapierbörse zum Handel im regulierten Markt und
dem Teilbereich des regulierten Marktes mit erhöhten
Transparenzpflichten (Prime Standard) zugelassen werden.
Entfällt. Die Schuldverschreibungen haben keine derivative
Komponente bei der Zinszahlung, wegen derer der Wert der
Schuldverschreibungen durch den Wert eines Basisinstruments oder
verschiedener Basisinstrumente beeinflusst wird.
Abschnitt D — Risiken
Punkt
Beschreibung
Geforderte Angaben
D.2
Angaben zu den  Die Emittentin ist ein Finanzierungsvehikel für die ATON Gruppe
zentralen
und verfügt über keine wesentlichen Vermögenswerte oder
Risiken, die der
Einnahmequellen außer Forderungen gegenüber bestimmten
Emittentin oder
Tochtergesellschaften der ATON GmbH aus konzerninternen
ihrer Branche
Darlehen und stützt sich bei auf die Schuldverschreibungen zu
eigen sind
leistenden Zinszahlungen und Kapitalrückzahlungen auf
Ausschüttungen, die sie von diesen Tochtergesellschaften erhält.
Der Eintritt eines jeden der oben beschriebenen Risiken kann die
Fähigkeit der Emittentin beeinträchtigen, ihren aus den
Schuldverschreibungen resultierenden Zahlungsverpflichtungen
nachzukommen
und/oder
zu
einem
Wertverlust
der
Schuldverschreibungen führen.
D.2
Angaben zu den  Die Garantin ist eine Holdinggesellschaft und ihre Fähigkeit zur
zentralen
Erfüllung ihrer Zahlungsverpflichtungen hängt davon ab, dass sie
Risiken, die der
Mittel von ihren Tochtergesellschaften und Beteiligungen erhält.
Garantin oder
ihrer Branche
Fähigkeit der Garantin beeinträchtigen, ihren aus Garantie
eigen sind
resultierenden Zahlungsverpflichtungen nachzukommen und/oder zu
einem Wertverlust der Schuldverschreibungen führen.
D.2
Angaben zu den  Das Geschäft der ATON Gruppe, insbesondere die Nachfrage nach
zentralen
ihren Dienstleistungen und Produkten, ist von der allgemeinen
Risiken, die der
Wirtschaftslage und konjunkturellen Schwankungen in den
32
Gruppe oder
ihrer Branche
eigen sind
Ländern und Märkten, in denen sie tätig ist, abhängig.
 Marktentwicklungen
und
staatliche
Maßnahmen
im
Zusammenhang mit der Staatsschuldenkrise in Europa könnten
sich nachteilig auf das Geschäft, die Vermögens-, Finanz- und
Ertragslage und die Liquidität der ATON Gruppe auswirken.
 Die ATON Gruppe ist Risiken ausgesetzt, die sich durch
Änderungen des politischen, sozialen oder wirtschaftlichen
Umfelds ergeben können.
 Die ATON Gruppe generiert ihren Gesamtumsatz größtenteils in
Europa und könnte daher im Fall einer anhaltenden Rezession in
Europa stärker als ihre außereuropäischen Wettbewerber betroffen
sein.
 Bestimmte Märkte, auf denen die ATON Gruppe tätig ist, sind
durch einen intensiven Wettbewerb geprägt, der zu einer
Nachfrage nach Dienstleistungen und Produkten der ATON
Gruppe führen oder ihre Preise unter Druck setzen könnte.
 Bestimmte Tochtergesellschaften der ATON Gruppe, wie z.B.
diejenigen des Segments AT Tech, sind in einer zyklischen
Branche tätig.
 Das Geschäft der ATON Gruppe könnte beeinträchtigt werden,
wenn ihr Ruf im Hinblick auf die Qualität beschädigt würde.
 Die ATON Gruppe ist zu einem gewissen Grad von einer
begrenzten Anzahl an Kunden abhängig.
 Die Ergebnisse der ATON Gruppe könnten beeinträchtigt werden,
wenn es ihr nicht gelingt, Innovationen auf den Markt zu bringen
und neue Produkte und Dienstleistungen zu entwickeln, die die
zunehmend komplexeren Ansprüchen der Märkte, auf denen die
ATON Gruppe tätig ist, gerecht werden.
 Die ATON Gruppe ist in Bezug auf Währungen Transaktions- und
Translationsrisiken ausgesetzt.
 Die ATON Gruppe und insbesondere AT Tech könnten durch
Mehrkosten oder zusätzliche Zahlungsverpflichtungen in
schlüsselfertigen Projekten beeinträchtigt werden.
 Die ATON Gruppe ist personalbezogenen Risiken ausgesetzt.
 Das Geschäft der ATON Gruppe könnte durch Streiks und andere
Arbeitskampfmaßnahmen beeinträchtigt werden.
 Die Abhängigkeit von dritten Auftragsherstellern und
Logistikdienstleistern könnte zu Störungen in den Geschäftsabläufen der ATON Gruppe führen und ihren Ruf beschädigen.
 Zinssatzschwankungen könnten sich nachteilig auf die Vermögens, Finanz- und Ertragslage der ATON Gruppe auswirken.
 Das Geschäft der ATON Gruppe ist Betriebs- und Unfallrisiken
ausgesetzt, gegen die sie unter Umständen nicht ausreichend
versichert ist.
33
 Die ATON Gruppe ist kartellrechtlichen Risiken ausgesetzt.
 Die ATON Gruppe könnte Risiken in Verbindung mit dem Erwerb
oder der Veräußerung von Unternehmen in der Vergangenheit
falsch eingeschätzt haben oder in der Zukunft falsch einschätzen.
 Die Integration von in der Vergangenheit oder in der Zukunft
erworbenen Unternehmen in die ATON Gruppe könnte sich als
schwieriger, langwieriger oder kostspieliger erweisen als erwartet
oder fehlschlagen.
 Die ATON Gruppe könnte Ausfällen oder anderen Störungen ihrer
Computersysteme ausgesetzt sein.
 Die ATON Gruppe könnte Liquiditätsrisiken ausgesetzt sein.
 Die ATON Gruppe ist Kontrahentenrisiken ausgesetzt.
 Die ATON Gruppe könnte infolge laufender oder künftiger
Betriebsprüfungen und möglicher Änderungen geltender
Steuervorschriften einer höheren Steuerlast unterliegen.
 Die ATON Gruppe ist Compliance-Risiken ausgesetzt.
 Die ATON Gruppe ist Risiken aus Gerichts- und Schiedsverfahren
ausgesetzt.
 Änderungen
von
Rechnungslegungsgrundsätzen
könnten
erhebliche nachteilige Auswirkungen auf die Vermögens- und
Finanzlage der ATON Gruppe haben.
 Die ATON Gruppe ist in vielen Rechtsordnungen tätig, in denen
sie komplexe gesetzliche und aufsichtsrechtliche Vorschriften
erfüllen muss, insbesondere in Schwellenländern, deren
Rechtssysteme unterschiedlich weit entwickelt sind.
 Der ATON Gruppe könnte es nicht gelingen, ihr geistiges
Eigentum und technisches Wissen angemessen zu schützen.
 Die ATON Gruppe könnte geistiges Eigentum Dritter verletzen.
 Sollte AT Med Tech Vorschriften im Bereich des
Gesundheitswesens oder andere staatliche Vorschriften, denen ihre
Geschäftsaktivitäten unterliegen, nicht einhalten, könnte AT Med
Tech zivil- oder strafrechtlichen Sanktionen ausgesetzt sein und
von staatlichen Kostenerstattungsprogrammen im Bereich des
Gesundheitswesens in den Vereinigten Staaten und anderen
Ländern ausgeschlossen werden oder ihre Erlaubnis zum
Geschäftsbetrieb verlieren. Jedes dieser Ereignisse könnte zu
einem erheblichen Rückgang ihrer Umsätze führen.
 Pläne für Gesundheitsreformen oder damit verbundene behördliche
Genehmigungen oder Änderungen der Rechtspraxis könnten zu
einem Rückgang der Umsatzerlöse und des operativen Ergebnisses
der ATON Gruppe führen.
Fähigkeit der Garantin beeinträchtigen, ihren aus Garantie
34
D.3
Angaben zu den  Die Schuldverschreibungen sind möglicherweise nicht für alle
zentralen
Anleger geeignet.
Risiken, die den
 Für die Schuldverschreibungen existiert kein etablierter
Wertpapieren
Handelsmarkt und möglicherweise entwickelt sich kein aktiver
eigen sind
Handelsmarkt für die Schuldverschreibungen.
 Die
gehen
strukturell
den
Verbindlichkeiten der Tochtergesellschaften der Garantin im Rang
nach.
 Die Schuldverschreibungen und die Garantie beschränken die
Möglichkeiten der ATON Gruppe, weitere Verbindlichkeiten
einzugehen, Sicherungsrechte zu bestellen oder andere
Handlungen zu unternehmen, die für die Gläubiger nachteilig sein
könnten.
 Auch wenn die Gläubiger nach Eintritt bestimmter
Kontrollwechsel-Ereignisse berechtigt sind, die Rückzahlung oder
den Rückkauf der Schuldverschreibungen zu verlangen, könnte die
Emittentin nicht in der Lage sein, die betreffenden
Schuldverschreibungen zurückzuzahlen bzw. zurückzukaufen.
 Die Anleihebedingungen und die Bestimmungen der Garantie,
einschließlich der Bestimmungen für die Zahlung von Kapital und
Zinsen, können durch einen Beschluss der Gläubiger geändert
werden, und ein solcher Beschluss ist für alle Gläubiger
verbindlich. Ein solcher Beschluss kann effektiv mit Zustimmung
von weniger als der Mehrheit des Gesamtnennbetrages der
ausstehenden Schuldverschreibungen gefasst werden.
 Bei Eintritt bestimmter Kündigungsgründe werden die
Schuldverschreibungen erst zurückgezahlt, wenn die Gläubiger
von mindestens 10 % des Gesamtnennbetrages der zum jeweiligen
Zeitpunkt
ausstehenden
diese
Schuldverschreibungen kündigen. Eine solche Kündigung kann
durch Mehrheitsbeschluss der Gläubiger aufgehoben werden.
 Da ab dem Begebungstag der Schuldverschreibungen kein
gemeinsamer Vertreter der Gläubiger bestellt wird, ist es für die
Gläubiger schwieriger, gemeinsam Maßnahmen in Bezug auf die
Schuldverschreibungen und die Garantie zu treffen.
 Einem Gläubiger könnte gemäß den Anleihebedingungen kein
individuelles Recht zur Verfolgung und Geltendmachung seiner
Rechte mehr zustehen, wenn dieses Recht auf den gemeinsamen
Vertreter der Gläubiger übertragen wurde.
 Der Marktwert der Schuldverschreibungen könne abnehmen, wenn
sich die Bonität der ATON Gruppe verschlechtert oder als
verschlechtert wahrgenommen wird.
 Die Schuldverschreibungen sind mit spezifischen Risiken, die für
festverzinsliche Schuldverschreibungen typisch sind, verbunden.
 Der Handelsmarkt für Schuldverschreibungen kann volatil sein
35
und durch verschiedenste Ereignisse negativ beeinflusst werden.
 Es kann nicht garantiert werden, welche Auswirkungen mögliche
Gerichtsentscheidungen oder Änderungen von Rechtsvorschriften
oder der Verwaltungspraxis nach dem Datum dieses Prospekts
haben werden.
 Die Schuldverschreibungen sind Wechselkursrisiken ausgesetzt.
 Eine Veräußerung der Schuldverschreibungen könnte einer
Finanztransaktionssteuer unterliegen.
 Falls die Schuldverschreibungen mit Fremdkapital erworben
werden, sind die Anleger Kreditrisiken ausgesetzt.
 Die Schuldverschreibungen sind Inflationsrisiken ausgesetzt.
 Die Schuldverschreibungen unterliegen Transaktionskosten und
Gebühren.
Der Eintritt eines jeden der vorgenannten Risiken kann die Fähigkeit
der Emittentin beeinträchtigen, ihren aus den Schuldverschreibungen
resultierenden Zahlungsverpflichtungen nachzukommen und/oder
die Fähigkeit der Garantin beeinträchtigen, ihren aus der Garantie
Abschnitt E — Angebot
Punkt
Beschreibung
Geforderte Angaben
E.2b
Gründe für das
Angebot und
Zweckbestimmung der
Erlöse
Die Emittentin beabsichtigt, den Erlös aus der Begebung der
zur
Rückzahlung
bestehender
Verbindlichkeiten
der
Gruppe
zu
verwenden
sowie
Gruppengesellschaften
zur
Verfügung
zu
stellen,
um
Verbindlichkeiten zurückzuführen und um die Erlöse zu allgemeinen
Finanzierungszwecken zu verwenden.
E.3
Angebotskonditionen
Angebot der Schuldverschreibungen: Die Schuldverschreibungen
werden institutionellen Anlegern und Privatanlegern von den
Gemeinsamen Konsortialführern innerhalb einer Angebotsfrist, die
nicht vor dem 23. Oktober 2013 beginnt und bis zum
20. November 2013 (einschließlich) dauern wird, unter Beachtung
der für öffentliche Angebote geltenden Beschränkungen angeboten.
Die Schuldverschreibungen werden nach Wirksamwerden der
Notifizierung des Prospekts durch die CSSF gemäß Artikel 18 der
Prospektrichtlinie und den maßgeblichen Umsetzungsvorschriften in
Österreich, Deutschland und Luxemburg öffentlich angeboten
werden.
Preisfestsetzungsmitteilung: Der endgültige Ausgabepreis der
Schuldverschreibungen, der Gesamtnennbetrag der zu begebenden
Schuldverschreibungen, der Zinssatz, der Emissionserlös und die
Rendite werden in einer Preisfestsetzungsmitteilung (Pricing Notice)
(die "Pricing Notice") enthalten sein, die bei der CSSF hinterlegt
und am oder vor dem Ausgabetag der Schuldverschreibungen auf
36
der Internetseite der Gruppe (www.aton.de) veröffentlicht wird.
Bedingungen für das Angebot: Das Angebot unterliegt keinen
besonderen Bedingungen.
Technische Einzelheiten des Angebots: Innerhalb der Angebotsfrist
können Anleger Angebote zum Kauf der Schuldverschreibungen
übermitteln. Anleger, die vor der Festsetzung der Preisdetails ein
Angebot abgeben, müssen darin angeben, zu welchem Preis sie zum
Kauf welchen Betrages an Schuldverschreibungen bereit wären.
Nach der Festsetzung und Bekanntmachung der Preisdetails werden
die Gemeinsamen Konsortialführer die Schuldverschreibungen auf
Anfrage in Österreich, Deutschland und Luxemburg anbieten.
Bestätigung der von Anlegern abgegebenen Angebote und Zuteilung
an Anleger: Jeder Anleger, der ein Angebot bezüglich der Schuldverschreibungen abgegeben hat, das von den Gemeinsamen
Konsortialführern angenommen wurde, erhält per E-Mail, Fax oder
über ein anderes üblicherweise verwendetes Informationssystem eine
Bestätigung über den Betrag der Schuldverschreibungen, der ihm
zugeteilt wurde.
Lieferung der Schuldverschreibungen an die Anleger: Nach der
Festsetzung der Preisdetails und der Bestätigung, welche Angebote
angenommen wurden und welche Beträge den einzelnen Anlegern
zugeteilt wurden, erfolgt die Lieferung und Zahlung der
Schuldverschreibungen in der Regel innerhalb von fünf Werktagen
nach dem Tag der Preisfestsetzung der Schuldverschreibungen und
der Bestätigung der Zuteilung an die Anleger. Die in dieser Weise
gekauften Schuldverschreibungen werden durch buchmäßige
Übertragung über die Clearingsysteme und ihre depotführenden
Banken
gegen
Zahlung
des
Ausgabepreises
der
Schuldverschreibungen und etwaige Kosten und Gebühren geliefert.
E.4
Für die
Emission
wesentliche
Interessen
Außer den Interessen der Emittentin, der Garantin und der
Gemeinsamen Konsortialführer bestehen keinerlei Interessen von
natürlichen oder juristischen Personen an der Begebung, auch nicht
solche Interessen, die im Widerspruch stehen und wesentlich für die
Begebung sein würden.
Die Gemeinsamen Konsortialführer werden sich nach Maßgabe
eines Übernahme- und Zeichnungsvertrags, der am oder um den
5. November 2013 unterzeichnet wird (der "Übernahmevertrag")
verpflichten, die Schuldverschreibungen zu zeichnen oder diese zu
vermitteln.
Die Kommission, die an die Gemeinsamen Konsortialführer im
Zusammenhang mit dem Angebot, der Platzierung und der
Zeichnung der Schuldverschreibung zu zahlen ist, beträgt bis zu
EUR 1.300.000. Die Gemeinsamen Konsortialführer sowie mit ihnen
verbundene Unternehmen haben bisher Investment-Dienstleistungen
gegenüber der Emittentin, der Garantin und den mit ihnen
verbundenen Unternehmen erbracht und beabsichtigen dies auch in
Zukunft zu tun, wofür die Gemeinsamen Konsortialführer sowie mit
ihnen verbundene Unternehmen marktübliche Gebühren oder
Kommissionen erhalten haben und erhalten werden.
37
E.7
Schätzung der
Ausgaben
Entfällt. Weder die Emittentin noch die Garantin werden den
Anleihegläubigern in Verbindung mit den Schuldverschreibungen
Kosten, Ausgaben oder Steuern direkt in Rechnung stellen.
Anleihegläubiger müssen sich aber über etwaige Kosten, Ausgaben
oder Steuern in Verbindung mit den Schuldverschreibungen
informieren, die generell in ihrem jeweiligen Herkunftsstaat
anfallen, einschließlich etwaiger Gebühren, die ihre eigenen
Depotbanken für den Erwerb oder das Halten von Wertpapieren
berechnen.
38
RISK FACTORS
Before deciding to purchase the Notes, investors should carefully review and consider the following
risk factors and the other information contained in this Prospectus (including any document
incorporated by reference), the Pricing Notice and any supplement to the Prospectus. Should one or
more of the risks described below materialise, this may have a material adverse effect on the cash
flows, results of operations and financial conditions of the Issuer, the Guarantor and the ATON Group.
Moreover, if any of these risks materialise, the market value of the Notes and the likelihood that the
Issuer and the Guarantor will be in a position to fulfil their respective payment obligations under the
Notes and the Guarantee may decrease, in which case the holders of the Notes (the "Holders") could
lose all or part of their investments. Additional risks and uncertainties, which are not currently known
to the Issuer or the Guarantor, or which the Issuer and the Guarantor currently believe are immaterial,
could impair the business operations of the Issuer, the Guarantor or the ATON Group and have a
material adverse effect on their business, cash flows, financial condition and results of operations. The
order in which the risks are presented does not reflect the likelihood of their occurrence or the
magnitude of their potential impact on the cash flows, results of the operations and financial conditions
of the ATON Group.
Words and expressions defined in the Terms and Conditions below shall have the same meanings in
this section of the Prospectus.
RISKS RELATING TO THE ATON GROUP AND ITS BUSINESS
The ATON Group's business, in particular the demand for its services and products, depends on the
general economic conditions and cyclical fluctuations in the countries and markets in which it
operates.
The ATON Group is exposed to the general economic conditions in the countries and regions in which
it operates. Economic downturns or cyclical fluctuations in these markets can have a distinct impact on
consumer confidence, general prosperity, commodity prices and public spending which in turn can
considerably decrease demand for the services and products offered by the ATON Group. For example,
the financial and economic crisis starting in 2008 led to a worldwide economic downturn. In particular,
automotive sales and production deteriorated substantially, resulting in a decline in demand among
original equipment manufacturers ("OEMs") for the automotive services of EDAG GmbH & Co.
KGaA ("EDAG", and together with its subsidiaries, the "EDAG Group"), as well as for the services of
the AT Mining Tech companies. Although recent years have shown signs of a global economic
recovery, the recent economic recovery may not be sustainable, and the demand for the ATON Group's
services and products may be adversely affected.
A prolonged downturn or a worsening macroeconomic environment, in particular a continued
weakness in or a renewed deterioration of the automotive and other relevant markets in which the
ATON Group operates, could therefore have a material adverse effect on the ATON Group's business,
cash flows, financial condition and results of operations and thus on the ATON Group's ability to fulfill
its obligations under the Notes and the Guarantee.
Market developments and government actions in connection with the sovereign debt crisis in Europe
could adversely affect the ATON Group's business, financial condition, results of operations and
liquidity.
Global markets and economic conditions have been negatively affected by concerns regarding the
ability of certain European Union member states and other countries like the USA to service their debt
obligations. Despite the various rescue packages and other stabilising measures adopted to deal with
the Eurozone sovereign debt crisis, concerns persist regarding the debt burden of certain Eurozone
countries and their ability to meet future financial obligations. The significant economic stagnation in
certain countries in the Eurozone, in part due to the effects of the sovereign debt crisis and
corresponding austerity measures, has added to these concerns. The risk remains that a default of one or
more countries in the Eurozone could lead to the expulsion or voluntary withdrawal of one or more
countries from the Eurozone or a disorderly break-up of the Eurozone, either of which could
significantly disrupt financial markets and possibly trigger another global recession.
39
The ATON Group depends on the financial markets for access to capital, as do its customers. Limited
or expensive access to capital could make it more difficult for these customers to do business with the
ATON Group, or to do business generally. Continued adverse economic conditions in these countries
for an extended period of time could adversely affect collection of the ATON Group's accounts
receivable in these countries. Moreover, tax increases that reduce income available for consumption
have been and will likely continue to be a reaction of the national governments (especially of the EU
member states as has been the case for Spain) to the increase of national debt resulting from the various
umbrella and bail-out programs set up for banks or, most recently, the stabilisation package for EU
member states. Such tax increases may be another factor weakening the global demand for automotive
products, especially in Europe.
The realisation of any of these risks could have a material adverse effect on the ATON Group's
business, cash flows, financial condition and results of operations and thus on the ATON Group's
ability to fulfill its obligations under the Notes and the Guarantee.
The ATON Group faces risks from the differing legal, political, social and economic environment in
the countries in which it operates.
The ATON Group operates around the globe and provides a worldwide service in many countries. As a
result, the ATON Group is subject to risks resulting from differing legal, political, social and regulatory
requirements and economic conditions and unforeseeable developments in a variety of jurisdictions
which are also in varying stages of development. The ATON Group is therefore exposed to a number
of factors, over which the Group has little to no control and which may adversely affect the ATON
Group's business activities. These factors include, but are not limited to, the following:

political, social, economic, financial or market-related instability or volatility;

foreign currency control regulations and other regulations or the negative impacts related to
exchange rates and foreign currencies;

reimbursement rates and services covered by government reimbursement programs;

absence of independent and experienced judiciary and inability to enforce contracts; and

trade restrictions.
Each of the factors named above may have a negative impact on the business activities and the growth
prospects of the ATON Group in the relevant countries in which it operates and therefore have a
material adverse effect on the ATON Group's business, cash flows, financial condition and results of
operations and thus on the ATON Group's ability to fulfill its obligations under the Notes and the
Guarantee.
The ATON Group operates in highly competitive industries and its results may be adversely affected
by competition.
The markets in which the ATON Group operates are highly competitive and have been characterised
by rapid technological change, high capital expenditures, intense pricing pressure from major
customers, periods of oversupply and continuous advancements in process technologies and
manufacturing facilities. In particular in the automotive industry, OEMs are increasingly affected by
innovation and cost-cutting pressures from competitors. As a result, they seek price reductions in both
the initial bidding process and during the term of the contract with their suppliers and engineering
partners (such as AT Tech). If the ATON Group is unable to offset continued price reductions through
improved operating efficiencies and reduced expenditures, price reductions could impact profit
margins.
Furthermore, the ATON Group's competitors, in particular AT Med Tech's competitors from Asia, may
pursue an aggressive pricing policy and offer conditions to customers that are more favorable than
those of the ATON Group. Increased consolidation among the ATON Group's competitors, or between
the ATON Group's competitors and any of its OEM customers, could allow competitors to further
benefit from economies of scale, offer more comprehensive service or product portfolios and increase
40
the size of their serviceable markets. Competitors may also gain control over or influence on suppliers
or customers of the ATON Group by shareholdings in such companies, which could adversely affect
the ATON Group's relationships. In addition, new competitors with a substantial global presence and
distribution coverage could enter the relevant markets in which the ATON Group operates, in particular
the market for medical technology.
ability to fulfill its obligations under the Notes and Guarantee.
Certain subsidiaries of the ATON Group are exposed to cyclical industries.
Global production of vehicles and, as a result, the demand for engineering and assembly services from
OEMs in the automotive industry (from which in particular the AT Tech segment generates
approximately 90% of its total sales) experiences major fluctuations in some cases. The volatility of the
automotive industry has traditionally had only a limited and delayed impact on AT Tech's business
since (i) manufacturers usually continue work on long-term development projects for new vehicles
even during economic slumps, (ii) the increasing trend of outsourcing of engineering services by OEMs
and the increasing number of automobile models and derivatives lead to an increasing demand for AT
Tech's products and services, and (iii) an investment in new production facilities for new models
requires forward planning. However, it is difficult to predict future developments in the markets AT
Tech serves. If the markets in which AT Tech is active either decline or grow faster than AT Tech has
anticipated, AT Tech may face an under-utilisation of its personnel capacities or having insufficient
capacity to meet customer demand.
In addition, also the demand for AT Mining Tech’s services fluctuates. The capital expenditures of AT
Mining Tech’s customers for mining equipment and services depend, among other things, in particular
on their expectations regarding future commodity price trends. Sinking commodity prices result in
shifts or even declines in mining activity and, as a result, in a sinking demand for AT Mining Tech’s
services. Likewise, rising commodity prices regularly increase the level of mining activity which
usually leads to an increase of the demand for AT Mining Tech’s services. Although AT Mining Tech
tries to mitigate or delay these effects by concluding long-term contracts and offering tailor-made
services to its customers, AT Mining Tech cannot escape the impacts resulting from the mining
industry’s dependency on the cyclicality of the commodity prices.
The realisation any of these related to the cyclical nature of the markets in which the ATON Group
operates could have a material adverse effect on the ATON Group's business, cash flows, financial
condition and results of operations and thus on the ATON Group's ability to fulfill its obligations under
the Notes and the Guarantee.
The business of the ATON Group's operating brands could suffer if their reputation for quality is
damaged.
The business of each of the ATON Group's operating brands depends to a significant extent on its customers'
trust in its reputation for quality. Actual or alleged instances of inferior service or product quality or of
damage caused or allegedly caused by its services or products, could damage its reputation in the
markets in which it operates and could lead to customers becoming less willing to work with the
respective subsidiary of the ATON Group. In addition, events or allegations of poor services,
malperformance or malfunctioning products could lead to legal claims against the respective subsidiary
of the ATON Group, and such subsidiary could incur substantial legal fees and other costs in defending
such legal claims. The materialisation of any of these risks, alone or in combination, could have a
operations and thus on the ATON Group's ability to fulfill its obligations under the Notes and
Guarantee.
The ATON Group depends to a certain extent on a limited number of customers.
The ATON Group generates large parts of its revenue from a limited number of customers, mainly in
AT Tech and AT Med Tech. For example, EDAG's largest OEM customers in alphabetical order (Audi,
41
BMW, Daimler, General Motors, VW) generated approximately two thirds of EDAG's and above 10%
of the ATON Group's revenue in 2012, respectively. If one or more of the ATON Group's customers
ceases to do business with the ATON Group, significantly reduces volumes, or terminates a service
contract prematurely, the original investments made by AT Group to provide such services or products,
or outstanding claims against such customers, could be wholly or partially lost. The realisation of any
of these risks could have a material adverse effect on the ATON Group's business, cash flows, financial
condition and results of operations and thus on the ATON Group's ability to fulfill its obligations under
the Notes and the Guarantee.
The ATON Group's results could suffer if it fails to innovate and develop new solutions that meet the
increasingly complex demands of the markets in which the ATON Group operates.
The ATON Group's customers, particularly in its AT Tech and AT Med Tech segments, demand
increasingly complex and innovative solutions to their problems. The ability to anticipate technological
trends and respond to customer needs by developing innovative solutions in a timely manner is crucial
in major parts of the ATON Group's business. For example, the markets for automotive vehicles and, as
a result, AT Tech's business with OEM customers are currently subject to a number of market trends
and technical developments to which the ATON Group is required to respond, such as the development
of environmentally-friendly technologies aimed at lower fuel consumption and reduction of CO2
emissions, the growth of the market segment of "affordable" cars in the emerging markets, and the
increasing popularity of hybrid electric vehicles. Also the development of new medical products by AT
Med Tech always carries the risk that the ultimate goals are not achieved. In addition, the regulatory
approval of new products requires comprehensive, cost-intensive preclinical and clinical studies. If the
ATON Group fails to innovate and develop new solutions, fails to develop enough new solutions to
generate sufficient revenues, or if the ATON Group's future solutions fail to receive regulatory
approval or are otherwise unsuccessful, it could have a material adverse effect on the ATON Group's
ability to fulfil its obligations under the Notes and the Guarantee.
The ATON Group is exposed to currency transaction and translation risks.
As a worldwide operating group, the ATON Group is exposed to financial risks that arise from changes
in exchange rates. Currency exchange fluctuations could cause losses if assets denominated in
currencies with a falling exchange rate lose value, while at the same time liabilities denominated in
currencies with a rising exchange rate appreciate. External and internal transactions involving the
delivery of products and services to third parties and companies of the the ATON Group can result in
cash inflows and outflows which are denominated in currencies other than the functional currency of
the respective member of the ATON Group. Moreover, the ATON Group is exposed to foreign
exchange risks arising from external and internal loan agreements, which result from cash inflows and
outflows in currencies other than the functional currency of the respective member of the ATON
Group. There is no assurance that these foreign exchange risks can be compensated by other means
such as derivative financial instruments to counter such exchange rate risks. Any uncompensated
fluctuations might have a material adverse effect on the ATON Group's business, cash flows, financial
condition and results of operations and thus on the ATON Group's ability to fulfil its obligations under
the Notes and Guarantee.
The ATON Group, and in particular AT Tech, might be adversely affected by cost overruns or
additional payment obligations in turnkey projects.
The ATON Group, in particular AT Tech, is engaged in various complex and sophisticated large-scale
engineering projects involving large international teams with many interfaces. The scope of assignment
is usually not completely reconciled until the final price for the total project has been agreed upon.
Therefore, the scope of assignment is sometimes not determined very precisely. As a result, the ATON
Group might be obliged to provide more work than originally assumed without receiving an
appropriate compensation in return. Although the ATON Group tries to monitor the risk resulting from
such turnkey projects by means of a continuous project and risk management, it cannot be ruled out
that unforeseen developments or technical difficulties within such projects might result in delays, cost
overruns and quality deficiencies which, in turn, could deteriorate the profitability of a project from the
ATON Group's perspective. Any realisation of such risks could have a material adverse effect on the
42
ATON Group's business, cash flows, financial condition and results of operations and thus on the
ATON Group's ability to fulfil its obligations under the Notes and Guarantee.
The ATON Group faces personnel risks.
The competence and commitment of the ATON Group's employees are important factors for the
successful development of the ATON Group and its successful management of opportunities and
risks. Therefore, the ATON Group's success is largely dependent on its ability to attract and retain
highly skilled individuals, in particular engineers, trained workers and other technical research and
development personnel. A lack of skilled personnel could impair the ATON Group's technological
development and growth, increase its costs, impair its reputation for production or provision of
technologically advanced products and services and lead to safety risks. Any loss of qualified
personnel, high employee turnover, or persistent difficulties in filling job vacancies with suitable
applicants could have a material adverse effect on the ability of the ATON Group to compete
effectively in its business and to expand into new business areas. In addition, considerable expertise
could be lost or access thereto gained by competitors. Any failure to attract or retain skilled personnel
could result in a material adverse effect on the business, cash flows, results of operations and financial
condition of the ATON Group and thus on the ATON Group's ability to fulfil its obligations under the
Notes and the Guarantee.
The ATON Group's business could be adversely impacted by strikes and other labour disputes.
A significant part of the ATON Group's workforces is unionised. Therefore, the ATON Group has also
to rely on good relations with its employees and their labour unions, as the Group's staff. Although the
ATON Group has not experienced any significant strikes, lockouts or refusals to work over the past
years, the ATON Group's relationships with its employees and their unions could deteriorate in the
future and the ATON Group could experience strikes, unionisation efforts or other types of conflicts
with labour unions or its employees. In addition, many of the ATON Group's customers and their other
suppliers also have unionised workforces. Refusals to work or work downtime experienced by its
customers or their other suppliers could result in a decrease of demand for the ATON Group's products
or services, which could have a material adverse effect on the business, cash flows, results of
operations and financial condition of the ATON Group and thus on the ATON Group's ability to fulfil
its obligations under the Notes and the Guarantee.
Reliance on third-party contract manufacturers and logistics providers could result in disruption to
the ATON Group's business and damage its reputation.
In certain business areas, such as the assembly of plants by FFT GmbH & Co. KGaA ("FFT", and
together with its subsidiaries, the "FFT Group"), the mining activities of AT Mining Tech and the
production of medical equipment or pharmaceutical products by AT Med Tech, the ATON Group has
to rely on third-party contract manufacturers for the production of certain of its finished goods,
suppliers of technical equipment and third party logistics providers for the distribution of certain of its
products to customers. The ATON Group does not have control over the management or business of
these third-party contract manufacturers, suppliers and logistics providers, except indirectly through the
terms the ATON Group negotiates in its contracts with these third parties. In addition, the number of
such third-party contract manufacturers, suppliers and logistics providers is limited. In case of any
supply shortfalls or bottlenecks, non-delivery or delivery boycotts, or if the terms of doing business
with the ATON Group's primary contract manufacturers, suppliers or logistics providers change, the
ATON Group's production, provision of services or distribution of products could be reduced or
disrupted. Furthermore, manufacturing quality problems, late delivery or other problems resulting from
third-party manufacturers, suppliers or logistics providers could lead to the disruption of the ATON
Group's business operations or damage the ATON Group's reputation with customers or in the market
generally. Any realisation of these risks could have a material adverse effect on the ATON Group's
ability to fulfil its obligations under the Notes and Guarantee.
Fluctuations in interest rates could have an adverse effect on the ATON Group's financial
conditions and results of operations.
The costs at which the ATON Group can obtain financing depend on general market conditions,
particularly on the development of interest rates. In the case of deteriorating general market conditions,
43
only debt financing with higher risk premiums than are currently in place may be available. There is no
assurance that increased interest rates could be compensated by other means. In addition, to the extent
the ATON Group holds cash and securities with short term interest periods, a decrease in interest rates
would encumber interest earnings and financial results. The realisation of any of these risks could have
a material adverse effect on the business, cash flows, results of operations and financial condition of the
ATON Group and thus on the ATON Group's ability to fulfil its obligations under the Notes and the
Guarantee.
The ATON Group's business is subject to operational and accident risks for which it may not be
adequately insured.
The ATON Group is exposed to risks due to external factors beyond its control, including, but not
limited to, accidents, vandalism, natural disasters, acts of terrorism, damage and loss caused by fire,
power failures or other events, that could potentially lead to the interruption of its business operations,
personal injuries, damages to third-party property or the environment. In case of any of these events
occurring, the ATON Group could incur significant losses or be held responsible for such damages
resulting in considerable additional costs for the ATON Group. For example, AT Mining Tech's
operations are subject to hydrogeological risks such as ground water flowing over a shaft extensions or
surface water gaining access to a mine complex in case of a massive flood occurring. This could result
in an extensive harm to the environment and the ATON Group's property or third party property with
consequential liability claims. Furthermore, the ATON Group's mining activities involve the specific
risk of a suddenly occurring subsidence of the earth's surface over a large area that is, under certain
circumstances, powerful (rock burst). This could result, in addition to the damage to equipment, also in
considerable damage to the property of third-parties and in personal injury or death. In addition, the
ATON Group's subsidiary DC Aviation, a key player in the European business aviation market,
operates a fleet of 24 aircrafts which could be involved in accidents resulting in unforeseen costs, in
particular if persons or assets are damaged.
The risks arising from business interruption and loss of production are insured up to levels considered
economically reasonable by the ATON Group, but its insurance coverage could prove insufficient to
adequately cover all material risks the ATON Group faces. Some risks are not possible to insure, and
for certain risks and in certain locations, insurance may not be available or may be available only at
costs that are not economically viable. The ATON Group cannot guarantee that one or more events will
occur for which the ATON Group is uncompensated or undercompensated by insurance. Any possible
damage which is not covered by the ATON Group's insurance pay-outs could result in additional costs
and payments for the ATON Group which, in turn, could, alone or in combination, have a material
adverse effect on the ATON Group's business, cash flows, financial condition and results of operations
and thus on the ATON Group's ability to fulfill its obligations under the Notes and the Guarantee.
The ATON Group is exposed to antitrust risks.
The Group operates on a worldwide basis and acquisitions of further companies belong to its strategic
decisions. These transactions require the approval of the relevant antitrust authorities and sometimes
even lead to specific investigations by these authorities. Therefore it cannot be guaranteed that the
ATON Group will not be investigated by antitrust authorities in the future, especially in the light of the
fact that in the majority of market segments the Group serves, it holds substantial market share. Where
this is the case, there is a general risk that antitrust authorities, competitors or customers will regard its
behaviour in certain circumstances as an abuse of dominant market position or suspect it of anticompetitive cooperation with other market participants, prompting them to take action against the
ATON Group. Any resulting antitrust penalties and claims for damages could have a material adverse
effect on the ATON Group's business, cash flows, financial condition and results of operations and thus
on the ATON Group's ability to fulfill its obligations under the Notes and the Guarantee.
The ATON Group might have misjudged or may misjudge risks inherent in past or future corporate
acquisitions or disposals.
The ATON Group has steadily expanded its business operations and increased its staff over the past
years, in particular by way of strategic acquisitions of companies in the relevant industrial area, the last
of which was the takeover of BFFT Gesellschaft für Fahrzeugtechnik mbH in 2013. As part of the
44
ATON Group's growth strategy, the ATON Group will continue to watch the market environment for
suitable acquisition targets and may continue to acquire complementary add-on acquisitions within its
three segments, AT Tech, AT Mining Tech or AT Med Tech, in order to complement its respective
product and service range or technology portfolio, its regional coverage, or to realise synergies. It
cannot be ruled out that in past or future takeovers, the ATON Group has failed or will fail to identify
or accurately assess certain risks. For instance, some of its assumptions or expectations with respect to
the buyout target may turn out to be partially or fully incorrect or unexpected risks or problems might
arise that have not been hedged against in the takeover agreement. The ATON Group might also face
unexpected antitrust sanctions which could contradict the intended economic rationale of the
acquisition. As a result, the expectations the ATON Group had with regard to the takeover might not be
fulfilled, which might, under certain circumstances, require a value adjustment. In addition, the ATON
Group may incur significant additional indebtedness and contingent liabilities in order to finance future
acquisitions which may lead to an increase in interest expenses and amortisation expenses related to
intangible assets.
On the other hand, ATON might also be exposed to risks relating to past or future disposals. For
instance, when EDAG (the largest company within AT Tech in terms of revenue) refocused on
primarily providing engineering services for the global automotive industry in 2011/2012, it disposed
numerous non-core activities. Pursuant to common standards in sale contracts, EDAG thereby
committed to certain representations and warranties which might materialise in the future, even though
at current stage no purchaser has submitted a claim to EDAG.
The integration of companies acquired in the past or future into the ATON Group may prove more
difficult, drawn out or costlier than expected or even fail.
The acquisition and subsequent integration of acquired companies and businesses into the ATON
Group's existing operational units imply considerable investments and require the ATON Group's
ability to adapt its organisation, human resources planning and funding accordingly and to have
sufficient resources available. It cannot be guaranteed that the incorporation of acquired companies or
any future acquisitions into the ATON Group will be successful. Developments not foreseen at the time
of the acquisition might impair or prevent the integration of the acquired company or business.
Expanding business operations ties up the ATON Group's resources, both in management and in the
technical areas. It cannot be assured that the ATON Group will be able to make the necessary
adjustments in time and in the required scope. Key employees and executives of companies that have
been or will be acquired might leave the Group following the takeover. Growth expectations,
economies of scale and cost savings assumed in appraising the acquired company might actually not
materialise. As a result, the purchase price for the acquire company or business might turn out to be
excessive. Failure to successfully integrate acquired companies or businesses might hinder business
operations and increase costs which could have a material adverse effect on the ATON Group's
The ATON Group might experience failures or other malfunctions in its computer systems.
The increasing networking of IT systems and the necessity of their permanent availability impose high
demands on the information technology used. This applies to all business segments of the ATON
Group, but in particular to AT Tech which relies to a large extent on its diverse software systems.
Malfunctions and faults in the computer systems and software, including possible attacks from the
outside, for instance by criminal hackers or computer viruses, might adversely affect the ATON
Group's operational business. In such a case, the ATON Group may have to expend substantial
amounts of money and resources on the prevention and fixing of potential or existing security breaches
and their consequences. Furthermore, there can be no assurance that all data centers and their systems
will not be simultaneously damaged or destroyed in the event of a major disaster. Both the main
systems as well as relevant backup systems may be vulnerable to damage or interruptions in operation
due to fire, power loss, telecommunications systems failures, physical break-ins, hacker break-ins,
45
human failure or other events beyond the ATON Group's control. In addition, a certain proportion of
the ATON Group's systems, in particular those of AT Tech, are run by third party services providers.
The ATON Group may not have management control over these providers and might have to rely on
their service levels which might prove insufficient. The realisation of any of these risks could have a
operations and thus on the ATON Group's ability to fulfill its obligations under the Notes and the
Guarantee.
The ATON Group might face liquidity risks.
A liquidity risk consists in the funds needed to meet payment obligations not being procured in time
and consequently higher refinancing costs being potentially incurred. External factors, including a
deepening of the current financial crisis, could lead to circumstances where the ATON Group is unable
to replace its credit lines under acceptable commercial conditions. Moreover within the framework of
the existing credit lines, the ATON Group has entered into obligations to maintain certain financial
figures. If these obligations were violated, a premature termination of this financing through lenders
would be possible. Both scenarios could have a material adverse effect on the ATON Group's business,
cash flows, financial condition and results of operations and thus on the ATON Group's ability to fulfil
its obligations under the Notes and Guarantee.
The ATON Group is subject to counterparty risks.
The ATON Group has extensive business relationships with many of its customers. The ATON Group
might suffer losses in case one or more of its larger customers were unable to fulfil their contractual
obligations vis-à-vis the ATON Group or become insolvent. This also applies to financial institutions
with which the ATON Group has entered into hedge contracts. This risk has been recently increased as
a result of the financial crisis. Any default of the ATON Group's customers or hedge counterparties
could have a material adverse effect on the ATON Group's business, cash flows, financial condition
and results of operations and thus on the ATON Group's ability to fulfill its obligations under the Notes
and the Guarantee.
The ATON Group might face an increase of tax burden as a result of on-going and future tax audits
and potential changes in applicable tax regulations.
Any change in legislation concerning corporate income tax and other future changes in tax law in
Germany or other countries in which the ATON Group is subject to taxation and any adverse findings
from on-going or future tax audits could lead to higher tax expenses for the ATON Group. Such a
change could result in additional tax burdens and competitive disadvantages for the ATON Group's
subsidiaries what could have a material adverse effect on the ATON Group's business, cash flows,
financial condition and results of operations and thus on the ATON Group's ability to fulfill its
obligations under the Notes and the Guarantee.
The ATON Group is exposed to compliance risks.
Due to its diversified portfolio, the ATON Group is exposed to a large variety of business and
compliance risks. The ATON Group has a decentralised management structure to enable its domestic
and foreign managers to quickly and effectively respond to trends in their respective markets. As a
result, the ATON Group's domestic and foreign managers retain a certain amount of operational and
decision-making flexibility. Therefore, the ATON Group, and in particular AT Mining Tech due to its
worldwide global footprint, cannot guarantee that its domestic and foreign managers will not take
actions or experience problems that could, through damage to the ATON Group's reputation or
otherwise, be detrimental to the ATON Group's business, financial condition and results of operations.
Individual employees of the ATON Group could violate applicable laws, for example in the areas of
antitrust and competition law as well as anticorruption laws, which, in turn, could have a material
adverse effect on the ATON Group's business, cash flows, financial condition and results of operations
and thus on the ATON Group's ability to fulfill its obligations under the Notes and the Guarantee.
46
The ATON Group is subject to risks from legal and arbitration proceedings.
The subsidiaries of the ATON Group are, or might become, involved in a number of legal and
arbitration proceedings. These proceedings or potential proceedings could involve, in particular in the
USA, substantial claims for damages or other payments. Based on a judgment or a settlement
agreement, the ATON Group could be obligated to pay substantial damages. The ATON Group's
litigation costs and those of third parties could also be significant. The realisation of any of these risks
could have a material adverse effect on the ATON Group's business, cash flows, financial condition
and results of operations and thus on the ATON Group's ability to fulfill its obligations under the Notes
and Guarantee.
Changes in accounting standards could have a material adverse effect on the ATON Group's
financial condition.
The ATON Group's consolidated financial statements are issued in accordance with the International
Financial Reporting Standards as adopted in the European Union (IFRS). New or changed accounting
standards may lead to adjustments in the relevant accounting positions of the ATON Group which
could have a material adverse effect on the ATON Group's financial condition. As a result, there is a
risk that the market value of the Notes might decrease.
The ATON Group could be unsuccessful in adequately protecting its industrial property rights and
technical expertise.
The ATON Group's products and services are highly dependent upon its technological know-how and
the scope and limitations of its proprietary rights therein. The ATON Group has obtained or applied for
a large number of industrial property rights, such as patents, that are of considerable importance to its
business. The process of seeking patent protection can be lengthy and expensive. Furthermore, patents
may not be granted on currently pending or future applications or may not be of sufficient scope or
strength to provide the ATON Group with meaningful protection or commercial advantage. In addition,
while there is a presumption that patents are valid, the granting of a patent does not necessarily imply
that it is effective or that possible patent claims can be enforced to the degree necessary or desired. A
major part of the ATON Group's know-how and industrial secrets is not patented or cannot be protected
through industrial property rights. Consequently, there is a risk that certain parts of the ATON Group's
know-how and trade secrets are transferred to collaboration partners, customers or suppliers. This poses
a risk that competitors will copy the ATON Group's know-how without incurring any expenses of their
own.
Moreover, the ATON Group has concluded a number of license, cross-license, cooperation and
development agreements with its customers, competitors and other third parties under which the ATON
Group is granted rights in industrial property and/or know-how of such third parties. It is possible that
license agreements could be terminated, for example, in the event of the licensing partner's insolvency
or bankruptcy and/or in the event of a change-of-control in either party, leaving the ATON Group with
reduced access to industrial property rights to commercialise its own technologies.
There is a risk that the ATON Group infringes industrial property rights of third parties.
There is a risk that the ATON Group infringes industrial property rights of third parties, since its
competitors, suppliers and customers also submit a large number of inventions for industrial property
protection. It is not always possible to determine with certainty whether there are effective and
enforceable third-party industrial property rights to certain processes, methods or applications.
Therefore, third parties could assert infringements of industrial property rights (including illegitimate
ones) against the ATON Group. As a result, the ATON Group could be required to cease
manufacturing, using or marketing the relevant technologies or products in certain countries or be
forced to make changes to manufacturing processes and/or products. In addition, the ATON Group
could be liable to pay compensation for infringements or could be forced to purchase licenses to make
47
use of technology from third parties. The realisation of any of these risks could have a material adverse
effect on the ATON Group's business, cash flows, financial condition and results of operations and thus
on the ATON Group's ability to fulfill its obligations under the Notes and the Guarantee.
RISKS RELATING TO THE ISSUER
The Issuer is a financing vehicle for the ATON Group and has no material assets or sources of
revenue except for claims against certain subsidiaries of ATON GmbH resulting from intercompany
loans and relies on distributions from such subsidiaries to service and repay the Notes
The Issuer, ATON Group Finance GmbH, Going am Wilden Kaiser, is a finance company under the
laws of Austria with limited assets which concentrates on financing activities for the ATON Group. It
is a wholly owned subsidiary of ATON GmbH and the Notes issued by it will be wholly and
unconditionally guaranteed by ATON GmbH in respect of principal and interest payments.
The Issuer will on-lend the proceeds from the sale of the Notes by way of intercompany loans to
ATON GmbH and certain subsidiaries of ATON GmbH to repay outstanding indebtedness of ATON
GmbH and for general corporate purposes. The Issuer intends to service and repay the Notes out of the
payments it receives under these intercompany loans. Other than the receivables under these
intercompany loans and any other proceeds that may be made in connection with potential other
financing transactions by the Issuer, the Issuer has no material assets or sources of revenue. The Issuer's
ability to service and repay the Notes therefore depends on the ability of members of the ATON Group
to service in full any intercompany loans extended to them by the Issuer. In the event that any members
of the ATON Group would fail to make payments under intercompany loans extended to them by the
Issuer, the Issuer may not be able to meet its obligations under the Notes when due. In meeting its
payment obligations under the Notes, the Issuer is therefore wholly dependent on the profitability and
cash flow of ATON GmbH and ATON GmbH's subsidiaries.
RISKS RELATING TO THE GUARANTOR
The Guarantor is a holding company and its ability to serve its payment obligations depends on the
receipt of funds from its subsidiaries and participations.
ATON GmbH's cash flow and its ability to meet its cash requirements, including its obligations as
Guarantor under the Guarantee is dependent to a significant extent upon the profitability and cash flow
of its subsidiaries and payments by such subsidiaries to it in the form of loans, dividends, fees, or
otherwise, as well as upon ATON GmbH's own credit arrangements.
The ability of ATON GmbH's subsidiaries to make payments to ATON GmbH may be restricted by,
among other things, applicable corporate and other laws and regulations and by the terms of covenants
and restrictions contained in financing agreements to which such subsidiaries are or will be a party. In
addition to any limitations on payment to ATON GmbH contained in such agreements, any failure to
comply with the covenants and restrictions contained in such agreements could trigger defaults under
those agreements which could delay or preclude the distribution of dividend payments or any other
similar payments to ATON GmbH.
RISKS RELATING TO THE NOTES
An investment in the Notes involves certain risks associated with the characteristics, specification and
type of the Notes which could lead to substantial losses that Holders would have to bear in the case of
selling their Notes or with regard to receiving interest payments and repayment of principal. Risks
regarding the Notes comprise, inter alia, the following risks:
The Notes may not be a suitable investment for all investors.
Each potential investor in the Notes must determine the suitability of that investment in light of its own
circumstances. In particular, each potential investor should:
48

have sufficient knowledge and experience to make a meaningful evaluation of the relevant
Notes, the merits and risks of investing in the Notes and the information contained or
incorporated by reference in this Prospectus, the Pricing Notice or any applicable supplement
to the Prospectus;

have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its
particular financial situation and the investment(s) it is considering, an investment in the Notes
and the impact the investment in the Notes will have on its overall investment portfolio;

have sufficient financial resources and liquidity to bear all of the risks of an investment in the
Notes, including where the currency for principal or interest payments is different from the
potential investor's currency;

understand thoroughly the terms of the Notes and be familiar with the financial markets; and

be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for
economic, interest rate and other factors that may affect its investment and its ability to bear
the applicable risks.
The investment activities of certain investors are subject to investment laws and regulations, or review
or regulation by certain authorities. Each potential investor should consult its legal advisers prior to
investing in the Notes to determine whether and to what extent (i) the Notes are permitted investments
for it, (ii) where relevant, the Notes can be used as collateral for various types of borrowing, and (iii)
other restrictions apply to its purchase or pledge of any Notes. Financial institutions should consult
their legal advisers or the appropriate regulators to determine the appropriate treatment of the Notes
under any applicable risk-based capital or similar rules. Each investor should also consider the tax
consequences of investing in the Notes and consult its own tax advisers with respect to the acquisition,
sale and redemption of the Notes in light of its personal situation.
The Notes do not have an established trading market and an active trading market for the Notes may
not develop.
The Notes represent a new issue of securities for which there is currently no established trading market.
Although the Issuer intends to obtain admission of the Notes to trading on the regulated market
(regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous
admission to the sub-segment of the regulated market with additional post-admission obligations
(Prime Standard) of the Frankfurt Stock Exchange, there can be no assurance that a market for the
Notes will develop or, if it does develop, continue or that it will be liquid, thereby enabling investors to
sell their Notes when desired, or at all, or at prices they find acceptable.
The development or continued liquidity of any secondary market for the Notes will be affected by a
number of factors including the creditworthiness of the Issuer and the Guarantor as well as other factors
such as the time remaining to maturity of the Notes, the outstanding amount of the Notes and the
redemption features of the Notes. Such factors will also affect the market value of the Notes.
Investors may not be able to sell Notes readily or at prices that will enable investors to realise their
anticipated yield. No investor should purchase Notes unless the investor understands and is able to bear
the risk that the Notes may not be readily sellable, that the value of the Notes will fluctuate over time
and that such fluctuations may be significant.
The Notes will be structurally subordinated to indebtedness of the subsidiaries of the Guarantor.
ATON GmbH will, as Guarantor, provide a guarantee in favour of the Notes. The Notes will not be
guaranteed by any of the subsidiaries of the Guarantor. In the event of a liquidation, winding-up or
dissolution or a bankruptcy, administration, reorganisation, insolvency, receivership or similar
proceeding of any subsidiary of the Guarantor, such subsidiary will pay the holders of its own debt
(including holders of third-party debt which such subsidiaries have guaranteed) before they would be
able to distribute any of their assets to the Issuer or the Guarantor. As a result, the Issuer and the
49
Guarantor may not have sufficient assets to make payments on the Notes or the Guarantee,
respectively.
The Notes will be effectively subordinated to the Guarantor's debt to the extent such debt is secured
by assets that are not also securing the Notes.
The Notes will be effectively subordinated to the Guarantor's debt to the extent such debt is secured by
assets that are not also securing the Notes. Although the Terms and Conditions and the Guarantee
require the Guarantor to secure the Notes equally if they provide security for the benefit of Capital
Markets Indebtedness (as defined in the Terms and Conditions), the requirement to provide equal
security to the Notes is subject to a number of significant exceptions and carve-outs as set out in detail
in the Terms and Conditions included in this Prospectus. To the extent the Guarantor or any of its
subsidiaries provides security interest over their assets for the benefit of other debt without also
securing the Notes, the Notes and the Guarantee will be effectively junior to such debt to the extent of
such assets. As a result of the foregoing, holders of (present or future) secured debt of the Guarantor
may recover disproportionately more on their claims than the Holders in an insolvency, bankruptcy or
similar proceeding. The Issuer and the Guarantor may not have sufficient assets remaining to make
payments under the Notes or the Guarantee, respectively.
The Notes and the Guarantee restrict, but do not eliminate, the ATON Group's ability to incur
additional debt, create liens or take other action that could negatively impact the Holders.
The Terms and Conditions and the Guarantee restrict the ATON Group's ability to incur additional
indebtedness by requiring (i) on the date of such incurrence and after giving pro forma effect thereto
(including pro forma application of the proceeds thereof) the Consolidated Leverage Ratio for the
Group would not exceed 2.75 to 1.00 and (ii) on the date of such incurrence no Event of Default shall
have occurred and be continuing or would occur as a consequence of incurring such indebtedness. In
addition, the Terms and Conditions permit Holders to require the Issuer to redeem or, at the Issuer's
option, repurchase the Notes upon the occurrence of specific change of control events relating to the
Guarantor. However, these restrictions and undertakings may nonetheless allow ATON GmbH and its
subsidiaries to incur significant additional (secured or unsecured) indebtedness, to grant additional
security for the benefit of existing and future indebtedness and to enter into transactions, including
disposals, reorganisations, mergers, acquisitions and other similar corporate transactions that may
adversely affect the Holders.
As a result of the foregoing, the Issuer and the Guarantors may not have sufficient assets to make
payments on the Notes or the Guarantee, respectively.
Although the occurrence of specific change of control events will permit the Holders to require
redemption or repurchase of the Notes, the Issuer may not be able to redeem or repurchase such
Notes.
Upon the occurrence of specific change of control events, the Holders will have the right to require the
redemption or, at the option of the Issuer, repurchase of all of the Notes at their principal amount, plus
accrued and unpaid interest. The Issuer's or the Guarantor's ability to redeem or repurchase Notes upon
such a change of control event will be limited by its access to funds at the time of the redemption or
repurchase. Upon a change of control event, the Guarantor may be required to immediately repay the
outstanding principal, any accrued interest on and any other amounts owed by it under other debt
outstanding. The source of funds for these repayments would be the available cash or cash generated
from other sources. However, there can be no assurance that there will be sufficient funds available
upon a change of control event to make these repayments and any required redemption or repurchases
of the Notes.
50
The Terms and Conditions and the terms of the Guarantee, including the terms of payment of
principal and interest, can be amended by a Holders' resolutions and any such resolution will be
binding for all Holders. Any such resolution may effectively be passed with the consent of less than a
majority of the aggregate principal amount of the Notes outstanding.
According to the Terms and Conditions and the German Act on Issues of Debt Securities of 2009
(Schuldverschreibungsgesetz 2009; the "German Act on Issues of Debt Securities"), Holders can, by
resolution, consent to amendments of the Terms and Conditions of such Notes and the Guarantee.
Accordingly, although no obligation to make any payment or render any other performance may be
imposed on any Holder, the Holders may, by resolution, among other things agree to, with respect to
the Notes:

change the due date for payment of interest and reduce, or cancel interest;

change the maturity date of the Notes or reduce the principal amount payable on the Notes;

convert the Notes into, or exchange the Notes for, shares or other securities or obligations;

change the currency of the Notes;

waive or restrict Holders' rights to accelerate the Notes; or

subordinate some or all of the claims under the Notes in an insolvency proceeding.
Under the German Act on Issues of Debt Securities and the Terms and Conditions of Notes, such
amendments require a resolution of Holders holding in the aggregate at least 75 per cent of the votes
cast in respect of the Notes. Subject to contestation in court, any such resolution will be binding on all
Holders.
The voting process under the Terms and Conditions will be governed in accordance with the German
Act on Issues of Debt Securities, pursuant to which the required participation of noteholder votes
(quorum) is principally set at 50 per cent of the aggregate principal amount of outstanding notes in the
first holders' meeting or a vote without meeting. In case there is no sufficient quorum in the first voting
process, there is no minimum quorum requirement in a second meeting for voting on the same
resolution (unless the resolution to be passed requires a qualified majority, in which case noteholders
representing at least 25 per cent of outstanding notes by principal amount must participate in the
meeting). As the relevant majority for Holders' resolutions is generally based on votes cast, rather than
on principal amount of notes outstanding, the aggregate principal amount of notes required to vote in
favour of an amendment will vary based on the holders' votes participating. As a result, a Holder is
subject to the risk of being outvoted and losing rights towards the Issuer or the Guarantor against its
will in the event that Holders holding a sufficient aggregate principal amount of the Notes participate in
the vote and agree to amend the Terms and Conditions of Notes or the terms of the Guarantee by
majority vote in accordance with the Terms and Conditions and the German Act on Issues of Debt
Securities.
In case of certain events of default, the Notes will only be redeemable if Holders of at least 10 per
cent of the aggregate principal amount of the Notes then outstanding declare such Notes due and
payable. Such declaration of acceleration may be rescinded by majority resolution of the Holders.
The Terms and Conditions provide that, in case of certain events of default, any notice declaring the
Notes due and payable shall become effective only when the Paying Agent has received such default
notices from Holders representing at least 10 per cent of the aggregate principal amount of Notes then
outstanding. In addition, under the German Act on Issues of Debt Securities, even if a default notice
had been given by a sufficient number of Holders, the Holders could rescind such acceleration by
majority resolution within three months. A simple majority of votes would be sufficient for a resolution
on the rescission of such acceleration but, in any case, more Holders would have to consent to a
rescission than have delivered default notices.
51
Holders should be aware that, as a result, they may not be able to accelerate the Notes upon the
occurrence of certain events of default, unless the required quorum of Holders of Notes delivers default
notices and such acceleration is not rescinded by majority resolution of the Holders of Notes.
Since no Holders' Representative will be appointed as from the issue date of Notes, it will be more
difficult for Holders to take collective action with respect to the Notes and the Guarantee.
Under the German Act on Issues of Debt Securities, an initial joint representative (gemeinsamer
Vertreter) of the Holders (the "Holders' Representative") may be appointed by way of the terms and
conditions of an issue. The Holders' Representative is not a trustee and its functions differ in material
respects from those of a trustee appointed under the U.S. Trust Indenture Act of 1939 or similar
legislation.
No initial Holders' Representative will be appointed under the Terms and Conditions. Any appointment
of a Holders' Representative for the Notes post issuance of the Notes will, therefore, require a majority
resolution of the Holders. If the appointment of a Holders' Representative is delayed, this will make it
more difficult for Holders to take collective action to enforce their rights under the Notes and the
Guarantee.
It is possible that a Holder may be deprived in its individual right to pursue and enforce its rights
under the Terms and Conditions if such right was passed on a Holders' Representative.
If a Holders' Representative will be appointed by majority decision of the Holders it is possible that a
Holder may be deprived of its individual right to pursue and enforce its rights under the Terms and
Conditions against the Issuer, if such right was passed to the Holders' Representative by majority vote
who is then exclusively responsible to claim and enforce the rights of all the Holders.
The market value of the Notes could decrease if the creditworthiness of the ATON Group worsens or
is perceived to worsen.
If, for example, because of the materialisation of any of the risks regarding the Group, the Issuer or the
Guarantor are less likely to be in a position to fully perform all obligations under the Notes or the
Guarantee (as the case may be) when they fall due, the market value of the Notes will suffer. In
addition, even if the Issuer or the Guarantor are not actually less likely to be in a position to fully
perform all obligations under the Notes or the Guarantee (as the case may be) when they fall due,
market participants could nevertheless have a different perception. In addition, the market participants'
estimation of the creditworthiness of corporate debtors in general or debtors operating in the same
business areas as the ATON Group could adversely change.
If any of these risks occurs, third parties would only be willing to purchase Notes for a lower price than
before the materialisation of the relevant risk. Under these circumstances, the market value of the Notes
would decrease.
The Notes bear specific risks typical for fixed rate notes.
The Notes are fixed rate notes. Therefore, each Holder of the Notes is particularly exposed to the risk
that the price of the Notes falls as a result of changes in market interest rates. While the nominal
interest rate of the Notes as specified in the Terms and Conditions is fixed during the term of the Notes,
the current market interest rates typically change on a daily basis. As the market interest rates changes,
the price of fixed rate notes also changes, but in the opposite direction. If the market interest rate
increases, the price of fixed rate notes typically decreases, until the yield of such notes is approximately
equal to the market interest rate of comparable issues. If the market interest rate decreases, the price of
fixed rate notes typically increases, until the yield of such notes is approximately equal to the market
interest rate. However, notwithstanding the factors described above, the Issuer is obliged to redeem the
Notes at their principal amount at maturity.
52
The trading market for debt securities may be volatile and may be adversely impacted by many
events.
The market for debt securities issued by the Issuer is influenced by a number of interrelated factors,
including economic, financial and political conditions and events in Germany and other jurisdictions in
which the ATON Group is active as well as economic conditions and, to varying degrees, market
conditions, interest rates, currency exchange rates and inflation rates in other European and other
industrialised countries. There can be no assurance that events in Germany, Europe or elsewhere will
not cause market volatility or that such volatility will not adversely affect the market price of the Notes
or that economic and market conditions will not have any other adverse effect. Accordingly, the price
at which an investor in the Notes will be able to sell the Notes prior to maturity may be at a discount,
which could be substantial, from the issue price of the Notes or the purchase price paid by such
investor.
No assurance can be given as to the impact of any possible judicial decision or change of laws or
administrative practices after the date of this Prospectus.
The Terms and Conditions are based on the laws of the Federal Republic of Germany in effect as at the
date of this Prospectus. No assurance can be given as to the impact of any possible judicial decision or
change to the laws of Germany or administrative practice or the official application or interpretation of
German law after the date of this Prospectus.
The Notes are subject to exchange rate risks.
The Issuer will pay principal and interest on the Notes in Euro. This presents certain risks relating to
currency conversions if an investor's financial activities are denominated principally in a currency or
currency unit (the "Investor's Currency") other than Euro. These include the risk that exchange rates
may change significantly (including changes due to devaluation of Euro or revaluation of the Investor's
Currency) and the risk that authorities with jurisdiction over the Investor's Currency may impose or
modify exchange controls. An appreciation in the value of the Investor's Currency relative to the Euro
would decrease (i) the Investor's Currency-equivalent yield on the Notes, (ii) the Investor's Currency
equivalent value of the principal payable on the Notes and (iii) the Investor's Currency-equivalent
market value of the Notes. Government and monetary authorities may impose (as some have done in
the past) exchange controls that could adversely affect an applicable exchange rate. As a result,
investors may receive less interest or principal than expected, or no interest or principal.
A disposal of the Notes may become subject to a Financial Transaction Tax.
The European Commission has published a proposal for a Directive for a common Financial
Transaction Tax ("FTT") in certain participating Member States, which may also impact persons not in
participating Member States. The proposal remains subject to negotiation and is the subject of a legal
challenge. Accordingly, it is not clear when the FTT will be implemented, if at all, and what form it
will take if it is implemented. However, if implemented in the form currently proposed, the FTT might
apply to certain dealings in the Notes. Prospective Holders are advised to seek their own professional
advice in relation to the FTT.
If Notes are purchased by means of debt financing, investors are subject to credit risks.
If a loan is used to finance the acquisition of the Notes by a Holder and the Notes subsequently go into
default, or if the trading price diminishes significantly, the Holder may not only have to face a potential
loss on its investment, but it will also have to repay the loan and pay interest thereon. A loan may
significantly increase the risk of a loss. Potential investors should not assume that they will be able to
repay the loan or pay interest thereon from the profits of a transaction. Instead, potential investors
should assess their financial situation prior to an investment, as to whether they are able to pay interest
on the loan, repay the loan on demand, and that they may suffer losses instead of realising gains.
53
The Notes are subject to inflation risks.
The inflation risk is the risk of future money depreciation. The real yield from an investment is reduced
by inflation. The higher the rate of inflation, the lower the real yield on a Note. If the inflation rate is
equal to or higher than the nominal yield, the real yield is zero or even negative.
The Notes are subject to transaction costs and charges.
When Notes are purchased or sold, several types of incidental costs (including transaction fees and
commissions) are incurred in addition to the purchase or sale price of the Note. These incidental costs
may significantly reduce or eliminate any profit from holding the Notes. Credit institutions as a rule
charge commissions which are either fixed minimum commissions or pro-rata commissions, depending
on the order value. To the extent that additional – domestic or foreign – parties are involved in the
execution of an order, including, but not limited to, domestic dealers or brokers in foreign markets,
Holders may also be charged for the brokerage fees, commissions and other fees and expenses of such
parties (third party costs).
In addition to such costs directly related to the purchase of securities (direct costs), potential investors
must also take into account any follow-up costs (such as custody fees). Potential investors should
inform themselves about any additional costs incurred in connection with the purchase, custody or sale
of the Notes before investing in the Notes.
54
USE OF PROCEEDS
In connection with the offering of the Notes, the Issuer will receive net proceeds of up to EUR [●]. The
Issuer intends to use the proceeds to repay existing debt of the Group and to make on-loans to Group
companies where the proceeds will be used to repay existing debt and for general corporate purposes.
The expenses of the issue of the Notes are expected to amount to approximately EUR 1,100,000 plus
the fees of up to EUR 1,300,000 to be paid in connection with the offer of the Notes to the Joint Lead
Managers.
The issue proceeds will be included in the Pricing Notice (as defined in "SUBSCRIPTION, SALE AND
OFFER OF THE NOTES" below) which will be published on the website of the Group (www.aton.de)
on or prior to the Issue Date of the Notes.
55
GENERAL INFORMATION ABOUT THE ISSUER
I.
General Information
1.
History and Development
The Issuer was incorporated on 27 September 2013 under the laws of the Republic of Austria as a
private company with limited liability (Gesellschaft mit beschränkter Haftung). Its first fiscal year shall
end on 31 December 2013. Each following fiscal year corresponds to the calendar year. The life of the
Issuer is indefinite.
The Issuer has its corporate seat in Going am Wilden Kaiser, Austria and is registered in the Austrian
commercial register of Landesgericht Innsbruck, Austria under number FN 404046 k. The address of
the Issuer's registered office is at Astbergweg 9, 6353 Going am Wilden Kaiser, Austria, and its
telephone number is +49 (0) 89 9705 15 101. ATON Group Finance GmbH is the Issuer's legal and
commercial name.
2.
Corporate Purpose
Pursuant to Article 2 of the articles of association of the Issuer, the objects of the Issuer are
a) The management of its own assets;
b) The acquisition and management of shareholdings in industrial and trading companies;
c) The rendering of financial services within the Group;
d) The rendering of services related to property management;
e) The rendering of services in connection therewith as well as execution of all necessary and/or useful
business activities in connection with the foregoing objects, except for banking business and
investment services.
3.
Auditor
The independent auditor of the Issuer is PwC Wirtschaftsprüfung GmbH, Wirtschaftsprüfungs- und
Steuerberatungsgesellschaft, Erdbergstraße 200, 1030 Vienna, Republic of Austria, a member of the
Austrian Chamber of Chartered Accountants, Auditors and Tax Consultants (Kammer der
Wirtschaftstreuhänder).
4.
Major Shareholder
The Guarantor is the sole shareholder of the Issuer.
5.
Share Capital
The authorised share capital of the Issuer amounts to EUR 100,000. Of the authorised share capital,
EUR 50,000 is issued and paid up.
II.
Organisational Structure
The Issuer is a wholly owned subsidiary of the Guarantor. The Issuer does not have any subsidiaries of
its own. The Issuer is dependent upon the administrative and management services provided by the
Guarantor.
56
III.
Business Overview
1.
Activities of the Issuer
Pursuant to its corporate purpose, the Issuer acts as financing subsidiary of the ATON Group, the
principal activity of the Issuer being the provision of loans to members of the Group financed with
funds acquired from the capital market. Because of its purely internal purpose, the Issuer does not have
any markets in which it competes and, therefore, the Issuer cannot make a statement regarding its
competitive position in any markets.
2.
Investments
The Issuer has made no material investments since the date of its incorporation and, as at the date of
this Prospectus, its management has made no firm commitments on such material investments in the
future.
3.
Material Contracts
The Issuer has not entered any material contracts outside the ordinary course of its business.
4.
Recent Developments
There are no recent events particular to the Issuer which are to a material extent relevant to the
evaluation of the solvency of the Issuer.
5.
Trend Information/Changes in Trading Position
There has been no material adverse change in the prospects of the Issuer since the date of its
incorporation and no significant change in the financial or trading position of since 27 September 2013.
6.
Legal and Arbitration Proceedings
There are currently no, and the Issuer has not been involved in any governmental, legal or arbitration
proceedings during the last twelve months against or affecting the Issuer, nor is the Issuer aware of any
pending or threatened proceedings, which (in either case) may have or have had in the recent past
significant effects on the financial condition or results of operations of the Issuer.
IV.
Management of the Issuer
Management Board
The sole member of the Issuer's managing board is Thomas Eichelmann. The principal activites
performed by Thomas Eichelmann outside the Issuer are his roles as Managing Director and Chief
Executive Officer of the Guarantor as well as the other activities listed under "GENERAL
INFORMATION ABOUT THE GUARANTOR AND THE GROUP – Management of the Guarantor –
Management Board".
Thomas Eichelmann can be contacted at the address of the registered office of the Issuer.
The Issuer has no Supervisory Board.
Conflicts of Interest
There are no conflicts of interests between the Management Board's duties to the Issuer and their
private interests or other duties.
57
Committees
The Issuer's Management Board does not have formal committees.
Board Practices
The Austrian Corporate Governance Code refers to listed stock companies (Aktiengesellschaften) only
and is, therefore, not applicable to ATON Group Finance GmbH.
V.
Selected Financial Information of the Issuer
The following selected financial information for the Issuer is based on the opening balance sheet of the
Issuer as of 4 October 2013, which is reproduced in this Prospectus at page F-126, and should be read
together with it. The opening balance sheet was prepared in accordance with Austrian GAAP.
Opening balance sheet of ATON Group Finance GmbH at 4 October 2013
(in EUR, unless otherwise indicated)
Assets
Current Assets
Bank Balances
50,000
Liabilities and Shareholders equity
Shareholders equity
Nominal Capital
Share capital
Capital contributions outstanding and not called in
100,000
(50,000)
50,000
58
GENERAL INFORMATION ABOUT THE GUARANTOR AND THE GROUP
I.
General Information
1.
History and Development
The Guarantor is a German company with limited liability (Gesellschaft mit beschränkter Haftung). It
is registered in the commercial register (Handelsregister) of the local court (Amtsgericht) of Munich
under registration number HRB 193331 and has its registered office at Leopoldstrasse 53, 80802
Munich, Germany (telephone number +49 89 9705 15-0). The life of the Guarantor is indefinite.
The Guarantor was founded in 2001 as a subsidiary of HELIOS Kliniken GmbH (together with its
subsidiaries, the "HELIOS Group") for the purpose of serving as a holding company for the business
interests of the Helmig family outside the immediate hospital business operated by the HELIOS Group.
Following the sale of HELIOS Group in 2005, the Guarantor remained in the Helmig family's
possession. The proceeds from the sale of HELIOS Group were used for investments to create the
ATON Group, laying the foundation for the Group's current business profile.
2.
Corporate Purpose
According to section 2 of its articles of association, the Guarantor's corporate purpose is
(1)
to administer its own assets, to acquire and administer participations in industrial and
commercial enterprises, and to provide commercial services in connection with the
administration of its participations in industrial and commercial enterprises;
(2)
to engage in any actions and transactions suited to fulfilling the Guarantor's objectives, to
establish branches in Germany and abroad, to enter into joint venture agreements, to participate
in companies (including as general partner), and to establish and acquire companies; and
(3)
to enter into and sign domination agreements (Beherrschungsverträge) and profit and loss
transfer agreements (Ergebnisabführungsverträge).
3.
Financial Year and Auditor
The Guarantor's financial year corresponds to the calendar year.
The independent auditor of the Guarantor is PricewaterhouseCoopers Aktiengesellschaft,
Wirtschaftsprüfungsgesellschaft, Bernhard-Wicki-Str. 8, 80636 Munich, Germany ("PwC"), a member
of the German Chamber of Public Accountants, Rauchstraße 26, 10787 Berlin, Germany
(Wirtschaftsprüferkammer).
PwC has audited the consolidated financial statements of the Guarantor for the financial years ended
31 December 2011 and 31 December 2012 which have been prepared in accordance with International
Financial Reporting Standards as adopted by the European Union pursuant to EU Regulation
No. 1606/2002 of the European Parliament and the Council concerning the use of International
Accounting Standards (IFRS), and has, in each case, issued an unqualified auditor's report with respect
to these financial statements.
4.
Major Shareholders
The outstanding ordinary voting shares of the Guarantor are held by the following shareholders:
Name
Dr. med. Lutz Helmig
Dagmar Helmig
Alexandra Helmig
Charlotte Helmig
Total share
60%
10%
15%
15%
59
5.
Share Capital
The Guarantor's share capital amounts to EUR 15,000,000, which is fully paid up.
II.
Organisational Structure of the ATON Group
The ATON Group is an industrial conglomerate currently consisting of a total of 127 companies with
the Guarantor being a management holding company and the ultimate parent company of the ATON
Group. The ATON Group comprises ATON GmbH and its subsidiaries, almost all of which are wholly
owned by ATON GmbH. As of 31 December 2012 the Group consisted of 123 companies. In 2013,
four new companies were established, BFFT Gesellschaft für Fahrzeugtechnik mbH was acquired, and
one company was merged. The material companies comprising the ATON Group are shown in the
following chart:
ATON GMBH
AT TECH
MUNICH
AT MINING TECH
100%
AT MED TECH
100%
100%
EDAG GMBH & CO. KGAA
• ENGINEERING COMPANY
PRIMARILY FOR PREMIUM
OEMS
FULDA
90%
RÜCKER AG
OEMS
100%
12
WIESBADEN
BFFT GESELLSCHAFT FÜR
FAHRZEUGTECHNIK MBH
(ELECTRIC/ELECTRONICS)
OEMS
INGOLSTADT
100%
J.S. REDPATH HOLDING, INC.
HAEMA AG
• SERVICE PROVIDER FOR
MINING INDUSTRY
• Develops mines and sinks
shafts for customers
worldwide
• German affiliate is DeilmannHaniel Shaft Sinking GmbH
based in Dortmund
• INDEPENDENT BLOOD
DONOR SERVICE
• Operates 33 blood donor
centers
NORTH BAY, CANADA
100%
DEILMANN-HANIEL MINING
SYSTEMS GMBH
• SPECIAL MACHINERY FOR
UNDERGROUND COAL
MINES
• Focus on roadheaders,
drilljumbos, etc.
DORTMUND
FFT GMBH & CO. KGAA
• DEVELOPS TURN-KEY
MANUFACTURING
FACILITIES PRIMARILY FOR
AUTOMOTIVE INDUSTRY
LEIPZIG
100%
ZIEHM IMAGING GMBH
• SURGERY AND MEDICAL
DIAGNOSTICS
• Specialises in development,
production, sale and service of
mobile X-ray imaging systems
NÜRNBERG
100%
W.O.M.
WORLD OF MEDICINE AG
• ONE OF THE PRECURSORS
OF MINIMALLY INVASIVE
SURGERY
BERLIN
100%
ORTHOSCAN INC.
FULDA
• SPECIALISED IN
ORTHOPEDIC EXTREMITY
IMAGING MARKET
SCOTTSDALE/AZ
NOTE
1. Further Businesses: DC Aviation GmbH, Stuttgart; Augsburg Airways GmbH, Hallbergmoos (Augsburg Airways to cease business operations by the end of 2013).
2. This chart does not include companies with minor sales volumes (REFORM, TSO)
60
III.
Selected Financial Information of the ATON Group
The following table sets out selected financial information relating to the ATON Group. The
information has been extracted from the Guarantor 's unaudited consolidated financial statements as of
30 June 2013, the Guarantor's audited consolidated financial statements as of 31 December 2012 and
the Guarantor's audited consolidated financial statements as of 31 December 2011, all of them prepared
in accordance with International Financial Reporting Standards as adopted in the European Union
(IFRS). The following segment reporting of the ATON Group has been taken from the ATON Group's
accounting records.
(in EUR thousand, unless
otherwise indicated)
Selected Consolidated Balance
Sheet Information
As of
30 June 2013
As of 31
December
2012
As of 31
December
2011
(restated) (2)
(unaudited)
(audited)
(audited)
1,548,748
680,760
867,987
1,498,106
642,251
855,855
1,414,703
541,355
873,348
Equity
720,812
220,196
699,943
188,734
645,074
133,380
Current liabilities
607,740
609,429
636,251
Balance sheet total
Non-current assets
Current assets
Selected Consolidated Income
Statement Information
Revenue
(EBIT)
Attributable to non-controlling
interests
Attributable to owners of the
parent
Selected Consolidated Statement of
Cash Flows Information
For the six
months
ended 30
June 2013
For the six
months
ended 30
June 2012
(restated) (1)
For the fiscal
year 2012
For the fiscal
year 2011
(restated) (2)
(unaudited)
(unaudited)
(audited)
(audited)
1,156,696
79,040
1,036,940
88,594
2,227,446
174,200
1,888,408
118,157
71,870
52,192
79,865
57,791
154,991
108,411
104,582
61,666
(448)
26
(1,701)
(1,721)
52,640
57,765
110,112
63,387
For the six
months
ended 30
June 2013
For the six
months
ended 30
June 2012
For the fiscal
year 2012
For the fiscal
year 2011
(restated) (2)
(restated) (1)
Cash and cash equivalents at the end
of the period
(1)
(2)
(unaudited)
(unaudited)
(audited)
(audited)
85,448
(133,084)
17,763
(51,520)
139,657
(178,285)
85,293
24,508
51,737
175,561
(20,339)
196,913
(49,508)
164,067
(69,365)
251,314
Figures derived from the unaudited interim consolidated financial statements as of and for the period ended 30 June 2013.
Figures derived from the audited consolidated financial statements as of and for the year ended 31 December 2012.
61
(in EUR thousand, unless otherwise
indicated)
Segment Reporting
(unaudited, unless otherwise indicated)
For the
period
ended 30
June 2013
For the
period
ended 30
June 2012
For the
fiscal year
2012
For the
fiscal year
2011
2,227,446 (7)
900,002 (7)
1,888,408 (7)
804,128 (7)
653,552 (7)
228,245 (7)
(restated) (6)
Revenues of the ATON Group
of which AT Tech
1,156,696
518,385
1,036,940
400,943
428,665
118,805
416,505
119,716
870,031
258,190
(7)
91,485
100,325
200,168
(7)
198,290 (7)
118,293
43,543
54,399
119,847
33,373
57,631
258,771 (7)
86,102
112,135
180,951 (7)
38,935
71,811
10,962
13,515
13,828
17,388
30,814
38,908
31,924
35,668
10.2%
8.4%
12.7%
11.6%
8.3%
13.8%
11.6%
9.6%
12.9%
9.6%
4.8%
11.0%
9.2%
14.8%
11.6%
17.3%
11.9%
19.4%
14.0%
18.0%
EBIT of the ATON Group (1),(4)
of which AT Tech
79,040
29,079
88,594
25,954
37,027
6,096
41,996
9,549
82,467
21,774
46,608
21,328
11,079
13,362
11,457
27,709
EBT of the ATON Group (1),(5)
of which AT Tech
71,870
22,454
79,865
20,718
154,991 (7)
55,519
104,581 (7)
6,775
33,780
5,896
9,915
38,724
8,496
11,415
75,623
21,658
7,095
41,044
19,992
25,596
EAT of the ATON Group (1),(9)
of which AT Tech
52,192
16,764
24,252
57,791
15,275
27,861
108,411 (10)
43,716
50,716
61,666
(931)
22,967
4,056
7,279
5,420
8,153
15,138
1,859
11,002
19,043
As of 30
June 2013
As of 31
December
2012
As of 31
December
2011
Assets of the ATON Group
of which AT Tech
1,548,748
641,134
1,498,106 (7)
613,753
1,414,703 (7)
525,266
413,130
168,778
402,406
169,778
330,443
155,291
117,997
125,225
141,327
EBITDA of the ATON Group (1), (2)
of which AT Tech
EBITDA Margin of the ATON Group (1), (3)
of which AT Tech
(7)
174,200 (7), (8)
67,899
118,157 (7)
20,491
62
Liabilities of the ATON Group
of which AT Tech
827,935
548,593
271,960
798,163 (7)
485,090
274,900
769,629 (7)
443,337
222,057
47,692
71,245
52,783
85,751
95,501
103,897
(1)
The ATON Group uses EBITDA, EBITDA Margin, EBIT, EBT and EAT as measures of operating performance. Because not
all companies calculate EBITDA, EBITDA Margin, EBIT, EBT and EAT in the same way, the ATON Group's presentation of
these metrics is not necessarily comparable with similarly titled measures used by other companies. EBITDA, EBITDA
Margin, EBIT, EBT and EAT are not recognised as measures under IFRS and should not be considered as substitutes for
figures such as profit or loss for the period, net cash from/used in operating activities or other income statement or cash flow
data, as determined in accordance with IFRS, or as measures of profitability or liquidity.
(2)
The ATON Group defines EBITDA (Earnings before interest, taxes, depreciation and amortisation) as the aggregate of (i)
EBIT and (ii) depreciation and amortisation.
(3)
The ATON Group defines EBITDA Margin as a percentage calculated by dividing EBITDA by revenues.
(4)
The ATON Group defines EBIT as earnings before interest and taxes.
(5)
The ATON Group defines EBT as earnings before taxes.
(6)
Figures derived from the unaudited interim consolidated financial statements as of and for the period ended 30 June 2013.
(7)
Audited.
ATON Group EBIT for 2012 includes de-consolidation gains of €14.6 million related to the sale of Lumera Laser GmbH as
well as the contribution of Lumera Laser GmbH to the Group EBIT of €4.6 million realised prior to de-consolidation. Adjusted
for these combined effects of €19.2 million totally, the segment EBIT of AT Tech would have amounted to €48.7 million in
2012. Furthermore, ATON Group EBIT for 2012 includes the contribution of Augsburg Airways GmbH to group EBIT of €16.8
million and a goodwill impairment of €6.3 million realized for the AT Aviation cash generating unit, mainly because Augsburg
Airways GmbH will cease its operational business completely as of the end of 2013. Adjusted for these combined effects of
€10.5 million, the segment EBIT of AT Aviation would have amounted to €1.0 million in 2012. Adjusted for the contribution of
Augsburg Airways and the goodwill impairment realised for the AT Aviation cash generating unit as well as the combined
effects on Group EBIT of de-consolidation of Lumera Laser GmbH, ATON Group EBIT of 2012 would have amounted to
€144.5 million.
(8)
(9)
The ATON Group defines EAT as earnings after taxes and reflects profit or loss for the period on Group level.
Group EAT for 2012 comprises a combined amount of €17.8 million for the sale and de-consolidation of Lumera Laser
GmbH and a combined amount of €3.4 million for the contribution of Augsburg Airways and the goodwill impairment realized
for the AT Aviation cash generating unit. Adjusted for the impact of these combined effects, Group EAT in 2012 would have
amounted to €87.2 million.
(10)
IV.
Business Overview of the ATON Group
1.
Overview
The ATON Group offers engineering and plant construction services primarily for the mobility
industry (the AT Tech segment), services, products and special machinery for mining (the AT Mining
Tech segment) and innovative solutions in the healthcare market in the fields of surgery and
diagnostics with a focus on x-ray diagnostics and minimally invasive surgery as well as products for
the pharmaceutical industry and hospitals (the AT Med Tech segment). The ATON Group also
provides business jet aviation services.
2.
Competitive Strengths of the ATON Group
The ATON Group believes that the combination of the following strengths differentiates it from its
competitors and provides it with a competitive advantage in the markets in which the ATON Group
operates:
63
Well diversified portfolio of technology-oriented high-quality assets
The ATON Group's corporate portfolio mainly comprises of companies serving three distinct industries
– automotive engineering (AT Tech: 40% of the ATON Group's sales in 2012), mining services (AT
Mining Tech: 39% of the ATON Group's sales in 2012) as well as medical technology (AT Med Tech:
12% of the ATON Group's sales in 2012) – with different economic profiles, end markets and product
life cycles. The ATON Group believes that its three main business segments complement each other
and thus help to mitigate the overall operating risk.1
Strong market position in attractive niche markets with significant barriers to entry
The ATON Group holds leading market positions in, among others, each of the markets in which it
operates through its business segments. Through its AT Tech segment, the ATON Group offers hightech customised solutions to clients in the automotive industry. Demand for these engineering services
is driven by an increasing number of models and derivatives as well as an increased trend to
outsourcing and the increasing desire of the OEMs for flexibility. The ATON Group's technological
capabilities and the holistic approach to design and engineering are significant barriers to entry for
potential competitors and are central to the ATON Group's position as one of the largest independent
engineering partners worldwide and one of the largest European automotive engineering service
providers. The ATON Group's mining services activities profit from long-term contracts with stable
and high margins. The ATON Group's subsidiary Redpath is one of the leading global mining services
contractors globally and holds long-term service contracts with leading mining operators. In medical
technology, the ATON Group has leading positions in each of the key markets in which it operates,
including C-arm technology, blood donation, and minimal invasive medicine.
Track record of margin growth through operational improvement and active business portfolio
management
The ATON Group has a strong track record of improving the operations and the profitability of its
business segments. In recent years, the ATON Group's management team has successfully
implemented numerous projects to improve its operational effectiveness and efficiency as well as risk
management, to further increase the resilience of its business and to accelerate growth. These programs
have created a leaner and more efficient organisation that at the same time is more focused on customer
needs and, as such, can react with speed and flexibility to changes in demand and technological
developments.
For example, the ATON Group showed an increase in sales of 18.0% from 2011 to 2012, with
EBITDA increasing by 43.0% in the same time span.
Historical core of activities in Germany with additional international exposure primarily in the
attractive mining services space – well-diversified geographical mix
The ATON Group has a strong German engineering heritage and generated 38.3% of its sales in
Germany in 2012, with a substantial amount of international sales also associated with German client
relationships. The ATON Group's total sales outside of Germany are mostly linked to the strongly
growing mining services sector. In 2012, of the ATON Group's sales outside of Germany, 58.6% stem
from the AT Mining Tech segment, 24.3% from the AT Tech segment, and 12.2% from the AT Med
Tech segment, leading to a well-diversified sales mix with respect to geography and end-user markets.
Strong margins and stable cash flow generation
Since 2010, the ATON Group has benefited from its increased portfolio focus, reacting swiftly to
changes in demand caused by a volatile market environment during this period and achieving doubledigit total sales growth (2011: 11.0%; 2012: 18.0%). In addition, the ATON Group also had a quite
resilient EBITDA margin (2011: 9.6%; 2012: 11.6%), despite the global financial downturn and
1
The remainder of the ATON Group's sales are attributable to its aviation business.
64
significant investments in its engineering and mining services. These results show the benefits of the
ATON Group's variable cost structure, its diversification across different geographic and product
markets, in particular its exposure to the growing emerging markets, and its strong position in its home
market Germany. The ATON Group also achieved a strong operating cash flow growth (32.9%
compound annual cumulative average growth rate between 2010 and 2012). Net capital expenditure2
has increased in line with the strong sales growth. Net capital expenditure as a percentage of total
revenue increased in 2012 primarily due to a one-off effect relating to the construction of a new firm
headquarters for Haema AG (€13.2 million) and also due to Redpath's higher sales percentage of total
Group sales in 2012 compared to 2011, in conjunction with Redpath's principally higher capital
requirements compared to the ATON Group average.
Conservative balance sheet and financial policy
The ATON Group has a conservative approach and a long-term view on its businesses. The ATON
Group values its financial independence and therefore pursues a high equity quota of between 40% and
50%, guaranteeing long-term stability. The ATON Group pursues businesses generating a reliable
operating performance with predictable cash flows and targets financial metrics commensurate with an
investment grade rating. The ATON Group considers its financial policies to be of generally prudent
nature.
3.
AT Tech
Overview
The AT Tech segment is focused on the fields of engineering and plant construction for the mobility
industry, in particular the premium OEM sector of the automotive industry. In 2012, 95.2% of the sales
in this segment were accounted for by the EDAG Group, Rücker Group and FFT Group, the majority
of whose customers are premium OEMs in the Central European automotive industry. This segment is,
therefore, heavily influenced by developments in the automotive industry; however, the volatility of the
automotive industry has only a limited and delayed impact on the companies comprising the AT Tech
segment, because the manufacturers work on long-term development projects for new vehicles even
during economic slumps, and investment in new production facilities for new models requires forward
planning. Moreover, the business volume of the AT Tech segment is closely related to the number of
automotive models and derivatives developed by the OEMs, which is generally independent of
economic cycles and might even increase when overall volumes go down; the extent to which premium
OEMs develop new models and derivatives thus serves as the basis for growth in the AT Tech segment.
AT Tech takes a holistic approach to vehicle design, the objective being to provide service throughout
the design and completion process.
Market Drivers and Characteristics
The market dynamics of AT Tech are correlated to the prospects of the global automotive market and
particularly to the Engineering Service Provider ("ESP") market.
The global automotive market proved resilient in 2012. The global demand for passenger cars
increased consistently during the year, albeit with regional differences. The global market for new cars
grew by approx. 4% to more than 68.2 million units in 2012. The US, China, Japan, Brazil, Russia and
India partly reached double-digit growth rates, with increased demand in emerging economies such as
China and India presenting growth opportunities for the large customers of the AT Tech segment, such
as Volkswagen Group, Mercedes and BMW. In contrast to the emerging economies, the European
market decreased by 8.6% to 11.7 million newly registered units in 2012 (Italy, Spain and France
showed the strongest decline). Against this background, the major OEMs invested in significant
increases in their research and development budgets. Although OEMs are increasingly in a position to
differentiate between cheaper engineering services from low-cost countries such as India and
2
Defined as investments into property, plants and equipment and intangibles less proceeds from sales
of property, plants and equipment.
65
engineering services requiring specialist know-how, the effects of this on German engineering service
providers should be minimal in the short to medium term: OEMs in the automotive industry continue to
place value on the experience and know-how of German and European engineering service providers.
The global market for automobiles has shown mixed results in 2013 year-to-date, with the US and
China being the main drivers of positive growth and continuing weakness in Europe. In the US and
China, car units sold increased by 8.5% and 17.2% in the time period from January to July 2013,
respectively while total sales in Europe declined by 6.6% and total sales in Japan decreased by 8.1%.
Germany, Europe's biggest market for automobiles, contracted by 5.5% year over year.
Looking forward, total sales forecasts for 2013 and 2014 predict global unit growth of 5% per year with
the US, India, and China as the strongest markets with 2012-2014 Compound Annual Growth Rate
("CAGR") of 7-11%. In Western Europe, unit sales are predicted to decrease by 4% for the full year
2013 before increasing by 4% in 2014. After a steady decline of units sold from 17.2 million in 2008 to
14.7 million in 2012, Europe is forecasted to reach the turning point in 2013 and bounce back to
modest growth starting 2014 (sources for the preceding two paragraphs: (i) Global Auto Databook by
Morgan Stanley Equity Research, August 2013, 3 September 2013 (Adam Jones, Ravi Shanker, Yejay
Ying); and (ii) Bank of America Merrill Lynch, European Automobiles: "W.EU Aug SAAR second
lowest of year, down 3.1% MoM", 10 September 2013 (Fraser Hill et al.)).
According to ATON Group estimates, Europe is likely to remain the prevailing market within the
global ESP market, and to grow above average. Essential growth drivers of the ESP market are:

Increasing trend of outsourcing of engineering services by OEM (enhanced cost flexibility and
access to engineering resources);

Innovative power of automotive industry, especially at premium OEM (alternative powertrain,
lightweight construction, electric drive, connectivity, etc.);

Electric and electronics (E/E) and powertrain are expected to show strong annual growth;

Increasing number of automobile models and derivatives; and

Shortening product life cycles.
Description of Significant Subsidiaries3
EDAG
EDAG GmbH & Co. KGaA, wholly owned by ATON GmbH and headquartered in Fulda, Germany,
("EDAG" and together with its subsidiaries "EDAG Group") is engaged in the development of
engineering solutions, particularly for the automotive industry. EDAG is globally active in the design
of innovative, ready-for-production solutions for vehicles and production systems. With its closed
process chain, from design to product development, modelling, gauge construction, building of
prototypes and testing, right up to turn-key production systems, EDAG covers a broad range of
business activities from holistic developments to series production. The approach of Total Vehicle
Competence (Gesamtfahrzeugkompetenz) is a key part of EDAG's strategy. The EDAG Group
employed over 4,000 people in 2012 (2011: 6,6354) and its revenues amounted to €374.5 million in
2012 (20112: €752.0 million).
The EDAG Group's operations are divided into two main business divisions: Product Development and
Product Solutions.
3
The financial information regarding significant subsidiaries contained in this section includes intrasegment elimination.
4
Figures for 2011 prior to carve-out of FFT, which became effective in 2012.
66
The Product Development division is based in several German and 12 international locations, and
offers engineering services worldwide, with a focus on automotive manufacturers and their suppliers.
The portfolio of services covers major aspects of vehicle development and ranges from styling, form
finding, model making and the development of body shells and interiors/exteriors to electrics and
electronics and the functional integration of systems into the vehicle. In addition, the Product
Development department offers services such as vehicle validation, project management, quality and
documentation management, and IT services.
Within the design sphere, the Product Development department offers a wide range of services,
including product conception and design; visualisation in computer-aided industrial design applications
such as 2D, 3D and VR (a desktop-based Virtual Reality system).
Within the sphere of vehicle development, EDAG Group develops complete vehicle concepts;
undertakes ergonomic analysis and manufacturing-related cost feasibility analysis; advises on the use
of lightweight and hybrid materials; and develops both interior and exterior vehicle parts to customers'
requirements.
Within the sphere of function development, EDAG Group's services relate to chassis and powertrain
development; vehicle safety; thermal systems; noise vibration harshness (NVH) testing; and
operational stability and aerodynamics. The services offered include concept development; simulation
and functional testing.
Vehicle validation services include tolerance simulation; geometry optimisation; and process and
software development; as well as comprehensive testing services such as material, component and
module tests; vehicle safety, bumper and crash tests.
Within the sphere of electrics and electronics, EDAG Group's services extend to electrical and
electronic architecture and the development, integration, networking and validation of vehicles'
electrical systems; model creation and simulation; implementation; and embedded development,
including topology evaluation and the preparation of product specifications; power electronics;
prototyping and the production of samples.
The Production Solutions department is based in several German and 3 international locations, and is
engaged in the design of production processes and the development of production plants, thus serving
as the link between product development and plant construction. The primary services offered by this
department are factory and logistics planning, production process planning, production engineering and
control and automation engineering.
Rücker
Rücker AG, of which ATON Engineering AG owns 90.04% and which is headquartered in Wiesbaden,
Germany, ("Rücker" and with its subsidiaries, the "Rücker Group") is involved in consultation,
planning and development in respect of engineering technology for the international automotive,
aerospace and aviation industries. As an independent partner of numerous renowned customers in the
international automotive industry, Rücker offers premium-quality services from locations in over ten
countries. According to ATON Group estimates, Rücker is one of the largest OEM independent
engineering service providers in Germany. The Rücker Group employed over 2,300 people in 2012
(2011: 2,288). The inclusion of the Rücker Group in the scope of consolidation as of 1 October 2012
resulted in an increase of €48.3 million in revenue. If the Rücker Group had been consolidated from 1
January 2012, consolidated revenue for 2012 would have been €189.4 million higher. On 23 August
2013, the shareholder meeting of Rücker resolved on a squeeze-out of the minority shareholders in
connection with an upstream merger of Rücker with its parent company ATON Engineering AG. The
squeeze-out and the merger will become effective when recorded in the Commercial Register which is
expected to occur before the end of 2013. Following registration, the minority shareholders will
receive, in exchange for their shares in Rücker, cash compensation of €16.23 per share (resulting in a
total amount of approx. EUR 13.6 million).
67
In its Automotive department, Rücker offers services in design styling and modelling; vehicle
development; concepts and design; lightweight construction; electrics and electronics; operating
equipment and appliance design; process planning and process-integrated services. The Commercial
Vehicles department focuses on electronics development; calculation and simulation; design services;
and process-integrated services. The Aviation department offers certified development organisation;
installation and modification of cabin interiors; industrial design; calculation and documentation of
stability; system integration; and testing for approval and qualification. Rücker's Plant Construction
department has two focus areas: simulating and implementing systems and environmental technology
and water treatment. In addition to its core departments, Rücker offers specialist optimisation services
in the areas of wind power, rail technology and ship-building.
BFFT
BFFT Gesellschaft für Fahrzeugtechnik mbH, indirectly wholly owned by ATON GmbH and
headquartered in Gaimersheim, Germany, ("BFFT") is an independent international engineering
services company with a focus on premium OEMs in the automotive industry. BFFT focuses on the
development of networked electrical and electronic systems for vehicles. The BFFT service range
comprises creating in-house value added processes in the fields of test rigs, automotive engineering,
alternative drive technologies, hardware and software development as well as computer-aided design
(CAD) constructions. BFFT also offers on-site engineering services at customers' premises. In 2011,
two new departments, application development and aerospace engineering, were established. BFFT
employed 650 people in 2012 (2011: 491) and its revenues amounted to €50.8 million in 2012 (2011:
€41.7 million).
BFFT's Alternative Actuation Technology department develops and prototypes high voltage batteries
for electronic and hybrid vehicles. The CAD construction department supports the product planning
and the product development process by means of CAD constructions, calculations and simulations.
The Automotive Engineering department is involved in the conception and integration of electric and
mechanical components in the entire vehicle, while the Hardware/Software Development department
offers customers hardware development and the development of embedded software and PC-software,
as well as offering BFFT-products for the processing of video signals, bus access and simulations (e.g.
CANmicro, CANcell). The Engineering Services department offers engineering services focused on
electronic development in areas such as infotainment, driver assistance systems, hybrid and electric
vehicles, display and operating concepts, integration of electronic systems, comfort electronics and
project management. The Test Rigs department assists customers with the planning and setting up of
electronic and mechanical testing systems and simulators with original vehicle components.
FFT
FFT GmbH & Co. KGaA, wholly owned by ATON GmbH and headquartered in Fulda, Germany,
("FFT" and together with its subsidiaries "FFT Group") offers turn-key body shell and assembly
plants to manufacturers and tier 1 suppliers in the automotive industry as well as other non-automotive
industries, overseeing the construction process. According to ATON Group estimates, FFT is one of
the world's largest independent engineering partners, developing turn-key manufacturing facilities –
from production planning to on-site implementation – for well-known OEMs and their suppliers
worldwide. The FFT Group employed 1,808 people in 20125 and its revenues amounted to €434.1
million in 20122.
FFT Group engineers turn-key body-in-white6 and assembly plants, acting as the general contractor and
taking responsibility for the development process, from concept planning to initial start-up and aftersales service. The building process involves the close interlinking of FFT Group's engineering, plant
construction and project management skills. The range of services offered includes supplier and project
5
Part of EDAG Group until 2011, carve-out from EDAG Group became effective in 2012.
6
Body-in-white is a stage in automotive manufacturing in which a car body's sheet metal components
have been welded together.
68
management; plant design; simulation and robotics; engineering and design; mechanical production;
instrumentation and control engineering; assembly and initial start-up; support for start of series
production; and quality management.
The System Technology department develops and constructs complete production systems, developing
technologies and standardised products tailored to customers' tasks and objectives. FFT Group's
standardised components enable rapid implementation and efficient, practice-oriented solutions for
production plants. The range of services includes solutions for the following fields: vision systems;
conveyor technology; laser technology; roller hemming technology; welding and joining technology;
adhesive technology; and filling technology.
The Automation department engineers control technology for body-in-white facilities, from a single
assembly section to a complete solution. FFT Group acts as a partner to original equipment
manufacturers (OEM) plant constructors, assuming responsibility from the concept planning stage
through to initial start-up of the equipment. The range of automation services encompasses project
management; hardware and software development; switch cabinet construction and installation; offline
and online robot programming; PLC start-up; and welding technology.
The Technology Development and Innovation team works as a freelance provider of process
development, product development and product trial services in the plant construction sector,
concentrating largely on four plant construction processes: joining, separating, transporting and
positioning, with the corresponding process technologies, namely welding, mechanical joining, cutting,
adhesive, laser, hemming and roller hemming, robotics, conveyor technology, image processing
(Vision Systems), and gripper and clamping technology. The range of services offered includes process
development; product development; prototype construction; product validation; technology training;
and product testing and analysis.
Other AT Tech companies
REFORM Maschinenfabrik GmbH & Co. KG, a company wholly owned by ATON GmbH and
headquartered in Fulda, Germany, ("REFORM") specialises in the production of grinding machines.
The product offering ranges from small blade grinding machines for the timber and paper industries to
large CNC (computerised numerical-controlled) machines for the grinding of engines for the aviation
industry. REFORM employed over 160 people in 2012 (2011: 151) and its revenues amounted to
€12.6 million in 2012 (2011: €23.4 million).
TSO Industrieanlagen Planung und Vertrieb GmbH, of which ATON GmbH owns 66.76%, is
headquartered in Uehlfeld, Germany ("TSO") and develops, plans, constructs, finishes and assembles
custom-made machines and systems for solid bulk goods and particles. In particular, TSO's customers
come from the construction materials industry, the organic industry, the chemical industry and the food
industry. TSO produces custom-made conveyor systems, weighing and dispensing units and, in
particular, filter technology. TSO employed 18 people in 2012 (2011: 14) and its revenues amounted to
Principal Markets and Competitive Position
According to ATON, EDAG represents one of the largest automotive engineering companies in
Europe, along with Bertrandt AG and the Austrian company AVL List GmbH.
EDAG and Rücker belong to the largest OEM-independent European ESP companies.
FFT operates in a different market of plant engineering and assembly, primarily for the automotive
industry, and competes with companies like Comau, KUKA Systems, ThyssenKrupp, etc. FFT is
recognised as one of the leading players in the global market for large-scale turn-key plant and facilities
instalments for the automotive industry.
Relative to EDAG and Rücker, BFFT is still a significantly smaller company in terms of sales.
Nevertheless, given its historical growth rate since its foundation in 1998 and its positioning in the
69
strongly growing electronic / electronics (E/E) segment, BFFT is expected to become a significant
automotive engineering company in Europe.
4.
AT Mining Tech
Overview
The AT Mining Tech segment covers the provision of services and products as well as the manufacture
of specialist mining machinery in the fields of mining and shaft sinking7. The Redpath Group and dhms
are the main subsidiaries within this segment. Redpath Group provides various services to the mining
industry with, in particular mine development, shaft sinking, raiseboring8, contract mining,
underground construction and engineering and technical. Dhms manufactures specialised machinery
equipment for mining operations.
The global mining industry was characterised by an attractive growth period over the last few years
driven by rising global commodity prices.
Commodity prices have risen considerably since 2000, at rates ranging from 2.5 to 8 times, depending
on the applicable index. This commodity price increase was mainly based on higher demand in
emerging economies, especially China. After a sharp decline due to the financial market crisis in 2008
and 2009, there was a return to increasing prices until mid-2011, when another decline in commodity
prices occurred. However, from December 2011 until mid-2012, metal prices rose again. The relevant
indices showed that commodity prices were highly volatile in 2012, as has been the case for a number
of years. The increase in commodity prices, especially the gold price, and the resulting rise in demand
for contract mining services, contributed to the positive development within AT Mining Tech.
With strong sales growth of 4.6% per year from 2003 to 2012, historical capex grew with a CAGR of
12% over the same time period. According to Global Insight, Global mining is projected to grow at a
slower pace in the near term future before bouncing back to modest growth in the long-term. For the
years 2013-2014, sales of the global mining sector are forecasted to increase by 3.3% annually while
world output prices will increase by 1.2%. Mining capex is projected to increase by a modest 0.2% per
year in the same time period. However, from 2015 to 2021, world sales will increase by 4.4% on
average and capex growth will increase to 4.3%, according to Global Insight.
In line with Global Insight, ATON management expects a challenging market environment in 2014 and
potentially 2015 for the mining majors. Commodity prices have been stable or decreasing in 2013 and
on a short term basis there are no signs of a quick recovery. However, ATON management shares
Global Insight's estimation that in the mid to long-term, the demand for commodities will increase
again. Emerging markets will develop further and, therefore, will require additional need for
commodities. Mining contractors have long-term contracts and are not directly affected by the OEMs'
swings in activity.
Redpath Group
J.S. Redpath Holding, Inc., ultimately 100% owned by ATON GmbH and headquartered in North Bay,
Ontario, Canada, ("Redpath" and together with its subsidiaries the "Redpath Group") is, according to
7
Excavation of a vertical tunnel from the top down.
8
Boring procedure in which a circular shaft is created by drilling along a pilot bore from above and
below between a subterranean cavity and a higher level.
9
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ATON Group estimates, one of the leading global full-service underground contractors and has been in
operation for over 50 years. Engaged in providing solutions for the safe completion of projects,
Redpath Group operates on a worldwide basis in the commodity markets for potash, gold, copper,
silver, nickel, palladium and coal. The Redpath Group operates worldwide, even in remote regions with
difficult climatic conditions, serving a significant number of the most significant global mining
companies. The Redpath Group employed over 5,800 people in 2012 (2011: 5,038) and its revenues
amounted to €808.4 million in 2012 (2011: €517.5 million).
A significant number of Redpath's projects are based on cost reimbursable type contracts, to reduce
operating and financial risk. The other significant contract type is fixed price based, where contracts are
monitored closely and reviewed regularly by senior management for risk management purposes.
Redpath's major subsidiaries are located in Germany, North America, South America, Africa, Asia and
Australia.
The variety of services offered by Redpath Group includes the high margin business of raiseboring,
which involves drilling access points between mine levels. The company has a fleet of 25 raise drills,
which have been used to bore over 245 km of raises to date. Further, Redpath Group offers mechanised
raise mining, drilling from a raised platform to create vertical openings. According to ATON Group
estimates, the company is in possession of the industry's most significant raise equipment fleet, with
over 65 climbers in use. Redpath Group's most significant service is contract mining. The defined
scope of the customer's requirements is met in order to complete a turn-key mining operation. Redpath
has the knowledge, experience, people and equipment to build the entire surface infrastructure and
underground mine as well as the ability to provide a full production mining service.
Redpath's German affiliate is Deilmann-Haniel Shaft Sinking GmbH ("DHSS"), a company based in
Dortmund, Germany. DHSS is a mining contractor providing services to both the mining and
tunnelling industries, specialised in shaft sinking. DHSS is the shaft sinking partner for the duration of
the shaft sinking process. The variety of services ranges from exploration drilling, design and
engineering, sinking, rehabilitation and decommissioning.
dhms
Deilmann-Haniel Mining Systems GmbH, ultimately 100% owned by ATON GmbH and
headquartered in Dortmund, Germany, ("dhms") is a manufacturer of special machinery and equipment
for the development of underground coal mines and general applications in the mining business. In
2012 dhms employed over 240 people (2011: 201) and its revenues amounted to €61.9 million in 2012
(2011: €47.6 million). Dhms's anchor machine is the Roadheader system, newly designed in 2010. This
innovative machine enables dhms's clients to effectively develop galleries in underground coal mining
by drilling, blasting and cutting. Roadheader technology is used to achieve outstanding daily advance
rates together with high support quality and comparatively reduced manpower consumption.
Besides the roadheader systems, dhms further offers drill jumbos, loaders, combination machines and
drilling machines and also offers maintenance services to clients.
The key regions of the ATON Group's AT Mining Tech segment are Australia, USA, Canada, Russia,
Indonesia, South Africa, Argentina, Chile, Ecuador and Uruguay.
The commodity and mining industries are cyclical in nature. The ATON Group is of the opinion that
the AT Mining Tech segment, in particular the Redpath group, is well positioned to deal with business
cycles. Balanced end-markets by regions and commodities, its strong order backlog, long-term
contracts with a strong margin profile and its variety of services put the entity in a strong position to
react immediately to business cycles and market trends to a certain extent. Nevertheless, the Redpath
group may be influenced by capex budgets of large mining companies and may be partially influenced
by commodity price effects on the industry.
71
According to ATON Group estimates, Redpath has a leading market position in the Canadian and US
market with a substantial market share, and is also a significant market player in South America. The
ATON Group is of the opinion that Redpath will benefit from an enhanced market position in Australia
and South Africa in future.
According to ATON Group estimates, dhms is among the leading manufacturers of special machinery
and equipment for the development of underground coal mines, particularly in eastern European
markets.
5.
AT Med Tech
Overview
The AT Med Tech segment serves the healthcare sector and primarily offers blood products for
hospitals and pharmaceutical companies, equipment and tools for minimally invasive surgery (e.g.,
insufflators and pumps) and x-ray devices for medical imaging (e.g., mobile C-arms). The AT Med
Tech segment consists of the four subsidiaries Haema, W.O.M., Ziehm, and OrthoScan.
Historically, healthcare expenditures in developed countries have been relatively immune to economic
cycles, showing a steady track record of growth rates that have usually been higher than GDP.
Future worldwide healthcare growth prospects are favourable, mainly driven by the following key
trends:

Aging population. Older people are the main beneficiaries of medical services; this group is
significantly growing in the developed markets (for Germany, according to the German
Federal Statistical Office (Statistisches Bundesamt), it is expected that 22.3 million inhabitants
will be older than 65 in 2030 (2008: 16.7 million) whereas, in the same period, the overall
population is expected to shrink from 82 to 77 million);

Emerging markets. Parallel to strong economic growth some of these markets show a
substantial increase of their healthcare expenditures (China, for instance, will, according to a
Bloomberg report, almost triple its healthcare spending from around $ 350 billion (2010) to
around $1 trillion (2020); and

Innovation. Enhancement of treatment options through novel technological capabilities such
as microsystem technologies (e.g. for minimally invasive surgery), optical technologies (e.g.,
medical lasers), information technologies (e.g., digitalisation) or electronics (e.g., new detector
technologies).
The AT Med Tech businesses are primarily active in the healthcare subsector Medical Technology. In
the key developed markets this subsector constitutes a share of 5-7% of overall healthcare
expenditures: the US spends around €98 billion in medical devices, The EU around €73 billion, and
Japan around €20 billion. Within Europe, Germany is the largest Medical Technology market with 29%
market share, followed by UK at 16% and France at 14%.
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Haema
Haema AG, wholly owned by ATON GmbH and headquartered in Leipzig, Germany, ("Haema"), is a
privately organised, supra-regional blood donation service in Germany with thirty-three blood donation
centres operating in the Federal States of Berlin, Brandenburg, Thuringia, Mecklenburg-West
Pomerania, North Rhine-Westphalia, Saxony, Saxony-Anhalt and Schleswig-Holstein. Blood and
plasma donations from volunteer donors are processed into finished medicinal products or conveyed to
the plasma-processing industry, including hospitals and pharmaceutical companies, for further
processing. All blood products are tested multiple times in laboratories in line with the standards of
quality and safety demanded by Haema in respect of its finished medicinal products. Haema employed
1,072 people in 2012 (2011: 999) and its revenues amounted to €98.3 million in 2012 (2011: €97.2
million).
W.O.M.
The technology developed and produced by World of Medicine GmbH, wholly owned by ATON
GmbH and headquartered in Berlin, Germany, ("W.O.M.") is applied in the field of minimally invasive
surgery. W.O.M.'s business is divided into the departments "Flow&Fluid" and "Vision&Images".
"Flow&Fluid" develops, produces and sells pump systems and insufflators (and adjacent disposables)
used to expand bodily cavities by means of fluid or gas. Such bodily cavities enable key-hole surgery
with small incisions in the skin instead of large cuts. "Vision&Images" develops products used for the
capture and transfer of pictures and diagnostic data. W.O.M. primarily acts as a supplier to large
medical technology OEMs which sell W.O.M.'s products worldwide under their respective brands, but
W.O.M. also sells, to a much lesser degree, its products via specialist shops under its own brand name,
"Lemke". W.O.M. employed 338 people in 2012 (2011: 287) and its revenues amounted to
Ziehm Group
Ziehm Imaging GmbH, wholly owned by ATON GmbH and headquartered in Nuremberg, Germany,
("Ziehm" and, together with its affiliates, "Ziehm Group") specialises in the development, production
and worldwide marketing of mobile x-ray-based system solutions for picture editing – so-called "CArms". These systems are primarily used in the areas of surgery and emergency medical care, with
additional applications in the specialist area of endoscopic procedures. Ziehm's products are sold
globally, with a particular focus on the DACH region (Germany, Austria, Switzerland) and the
Americas region, which together account for around half of all units sold. The other geographical
regions in which Ziehm Group products are offered are Eastern Europe, Nothern Europe, China, APAC
(Asia Pacific), Southern Europe, Western Europe and Russia. Ziehm employed 286 people in 2012
(2011: 282) and its revenues amounted to €85.4 million in 2012 (2011: €80.9 million).
OrthoScan
OrthoScan Inc., wholly owned by ATON GmbH and headquartered in Scottsdale, Arizona, USA,
("OrthoScan"), specialises the so-called Mini C-Arms, which are used to produce x-ray pictures of feet
and hands. OrthoScan's Mini C-Arms offer orthopaedic, trauma or hand surgeons and podiatrists highquality x-ray devices with small dimensions, enabling them to carry out operations on small and
intricate body parts such as wrists, knees or ankles. In 2012, OrthoScan introduced the product Mobile
DI which is an even smaller mobile x-ray machine which can be used where x-rays of the extremities
of the body are required with fast and minimal effort (e.g., in orthopaedic practices or in sports teams'
dressing rooms). OrthoScan employed 53 people in 2012 (2011: 42) and its revenues amounted to
10
73
According to ATON Group estimates, Haema has a stable market position in the German market for
source plasma and recovered plasma. Haema's competitiveness has been enhanced through the opening
of new headquarters and a processing facility in Leipzig, and its significant storage capacity which
allows Haema to react to the market's various demands.
W.O.M. is a significant supplier of insufflators and pumps for endoscopic surgery. W.O.M. believes
that a substantial share of all insufflators sold worldwide (by its OEM customers or by W.O.M. itself)
and of all pumps sold worldwide are supplied by W.O.M. As W.O.M. continues to invest strongly in
research and development, it believes that it will hold its position in upcoming years.
Ziehm operates in the niche market of mobile C-Arms with a substantial global market share. Its main
competitors include GE, Philips and Siemens. Ziehm believes that it differentiates through
technological leadership and primarily targets the high-end segment of its market.
US-based OrthoScan is complementary to Ziehm due to its product focus on Mini C-arms (used in
extremity surgery) and its established US market position. According to ATON Group estimates,
OrthoScan has a comfortable market position within its niche market. In the US, the currently only
relevant market for Mini C-arms, OrthoScan shares the market with one competitor, essentially its only
one. However, it is expected that GE will re-enter in this market segment in the near future.
6.
Other Business Fields of the ATON Group
Overview
Other business fields of the ATON Group include investments in the field of regional, charter and
business aviation on a worldwide basis (the AT Aviation segment in our historical financial accounts).
As of 30 June 2013, this segment consisted of DC Aviation and Augsburg Airways and their affiliates;
by the end of 2013, Augsburg Airways will cease its operational business completely.
The year 2012 saw a continued increase in worldwide passenger traffic. According to the International
Air Transport Association (IATA) commercial aviation passenger miles increased by 5.3% in 2012
compared to 2011. As with overall economic development, the performance of the air transportation
segment also varied by region. Sales of passenger miles in Europe in 2012 increased by 5.1% (2011:
9.1%). In the Asian-Pacific region an increase of 6.0% (2011: 5.4%) was achieved while in North
America there was an increase of only 1.1% (2011: 2.2%). The highest growth rate, with an increase of
15.2% (2011: 8.6%), was seen in the Middle East, followed by Central and South America with an
increase of 9.5% (2011: 11.3%) (source: IATA).
Like other means of transport and the European industrial sector to which it is closely related, the use
of business aircraft experienced a sharp slowdown in 2009 followed by modest signs of recovery in the
following years. Compared to the years before the 2008 crisis, the number of first-time aircraft buyers
has significantly decreased. However, there is still constant reinvestment activity among existing
private and corporate aircraft owners, who continue to exchange and even upgrade their fleets with new
aircraft after about five years of operation. This development is also reflected in the operators' flight
and customer profiles. Aircraft owners make much more frequent use of their owned aircraft with
regards to block hours flown per year, whilst there has been a decrease in external charter requests.
Regionally, countries like Russia, Ukraine and Kazakhstan continue to show the biggest demand both
for new aircraft acquisitions and aircraft management services, followed by countries in the Middle
East such as Turkey, Saudi Arabia and UAE. Developments in Central Europe, headed by Switzerland,
Germany and Austria, show a modest but stable level of business, with intense competition among the
aircraft operators.
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DC Aviation
DC Aviation GmbH, wholly owned by ATON GmbH and headquartered in Stuttgart, Germany,
("DC Aviation") was purchased from DaimlerChrysler AG in 2007 and merged with Cirrus Aviation
GmbH in 2008, and is one of the few operators of business jets to be awarded the "IATA Operational
Safety Audit (IOSA)" certificate. As flight operator, charter company, and aircraft engineering
provider, DC Aviation focuses on the premium market for business jets for middle-distance and longhaul flights. With 24 aircraft in 2012 (2011: 30), DC Aviation is a key player in the European business
aviation market. In 2012 DC Aviation employed over 330 people (2011: 326) and its revenues
amounted to €93.3 million in 2012 (2011: €96.0 million).
DC Aviation offers services ranging from aircraft management and charters to the repair and
maintenance of business jets. The fleet of 23 aircraft ranges from the short-haul Learjet 40 to mediumhaul and long-haul jets like the Gulfstream G450/G550 and VVIP Airbus 319 CJ.
DC Aviation entered into a joint venture with the Al Futtaim Group in May 2012, in order to establish a
new competence centre servicing business jets. DC Aviation Al Futtaim LLC is currently
commissioning a hangar structure at DWC Al Maktoum International Airport, due to go into operation
in October 2013. The service portfolio will also include VIP lounge facilities and an aircraft charter
operation.
In March 2013 DC Aviation announced the acquisition of the Zurich-based boutique jet provider, JetLink, the intention being to expand its market position and its performance and service portfolio.
Augsburg Airways
Augsburg Airways GmbH, wholly owned by ATON GmbH and headquartered in Hallbergmoos,
Germany, ("Augsburg Airways") operates regional aircraft in the European business travel sector
under a contractual arrangement with Deutsche Lufthansa. However, Deutsche Lufthansa has
terminated the underlying contracts with effect as of the end of October 2013, which is the last billing
period under the contracts. Once the contract has expired, Augsburg Airways will cease its operational
business completely and sell its aircrafts; for this reason, Augsburg Airways has given notice of
termination to all of its pilots and its ground personnel in 2013. In 2012, Augsburg Airways employed
over 500 people (2011: 473) and its revenues amounted to €106.9 million in 2012 (2011: €101.9
million).
According to ATON Group estimates, DC Aviation is the largest operator of business jets in Germany
and one of the leading operators in Europe. It has built a strong reputation within the aviation industry
for 13 years and is known as one of Europe's leading aircraft management providers. Its selling points,
such as operation according to airline standards, IOSA certification, well-known corporate customers
and international customers' confidence in German quality procedures, position DC Aviation on the
selection list of relevant decision makers in the industry. To service customer needs in promising
markets, DC Aviation has bases via direct acquisitions in Germany, Switzerland and Dubai, and is
aiming at further growth of its managed fleet in the coming years.
7.
Investments
In 2013 ATON GmbH concluded the acquisition of BFFT Gesellschaft für Fahrzeugtechnik mbH and
BFFT Engineering GmbH, which had sales of €50.8 million in 2012. The strategic rationale behind this
acquisition was to enhance the market position of AT Tech in the market sector of electrical and
electronics systems.
8.
Material Contracts
Other than the financing contracts described below (see "GENERAL INFORMATION ABOUT THE
GUARANTOR AND THE GROUP – Financing Structure of the ATON Group"), the Guarantor has not
75
entered into material contracts in the ordinary course of its business, which could result in any group
member being under an obligation or entitlement that is material to the Guarantor's ability to meet its
obligations to the Holders under the Guarantee.
9.
Trend Information/Changes in Trading Position
There has been no material adverse change in the prospects of the Guarantor since 31 December 2012.
There have been no significant changes in the financial or trading position of the Guarantor since 30
June 2013.
10.
Legal and Arbitration Proceedings
Rücker
In light of the squeeze-out of minority shareholders of Rücker AG, it should be noted that most
squeeze-out proceedings are followed by an appraisal proceeding (Spruchverfahren), a court
proceeding in which minority shareholders can challenge the valuation of their shares and claim a
higher cash compensation. The increase in the cash compensation would be payable by ATON
Engineering AG. Please see "GENERAL INFORMATION ABOUT THE GUARANTOR AND THE
GROUP – Business Overview of the ATON Group – AT Tech – Rücker AG" for further details.
W.O.M.
In light of the squeeze-out in July 2012 of minority shareholders of W.O.M. (which was, at the time of
the squeeze-out, W.O.M. World of Medicine AG), several applicants have initiated proceedings for the
settlement of valuation of their shares (Spruchverfahren) before the Regional Court of Berlin. Expert
opinions are currently being prepared and a first hearing has been set for 10 December 2013.
Redpath Group
In February 2010, the Redpath Group entered into an agreement with Umnotho we Sizwe Resources
(Pty) Ltd ("Umnotho") in respect of the development of a chrome deposit in the Limpopo Province of
South Africa. In 2012 Umnotho defaulted in respect of its payment obligations, leading the Redpath
Group to raise a provision in respect of the outstanding payment, to suspend the works and cancel the
agreement, to bring a court application for the liquidation of Umnotho, and to exercise a lien over the
asset in question as security for the outstanding payment. In the context of the liquidation proceedings,
the practitioner appointed by the court has proposed a business plan under which a third party
purchaser acquires Umnotho or its assets and pays Redpath Group 67 million South African Rand. No
third party has yet purchased Umnotho or its assets, and Redpath Group has maintained its provision of
approximately €6 million (63.7 million South African Rand).
The Mount Lyell Project commenced in August 2010 as agreed between Redpath Australia and Copper
Mines of Tasmania ("CMT"). In order for Redpath Australia to meet the targeted production outputs
stipulated in the contract, certain work had to be completed and certain mine conditions were assured
by CMT. As these conditions were not all met and this work was not completed or only partially
completed by CMT, Redpath Australia did not meet the targeted contractual outputs and consequently
was compensating deficiencies from CMT with higher costs, which resulted in losses on this project.
Redpath is of the opinion that the fault lies with CMT for not bringing the mine into a position to
enable Redpath to meet the contractual targets. Therefore, Repath is preparing for legal proceedings to
recover some of the losses incurred. The preparation of the proceedings is underway and the
submission of all claims needs to be completed by mid-November 2013. In line with the contract, the
project was terminated in the third quarter of 2013. This case involves no further risk, however there is
some financial upside potential, depending on the outcome of the legal proceedings.
Deilmann-Haniel Shaft Sinking GmbH is one of a number of companies currently the subject of an
investigation by the German Federal Cartel Authority (Bundeskartellamt) into allegations of unlawful
agreements regarding the awarding of contracts in respect of "Asse", the nuclear disposal site in
76
Gorleben. Deilmann-Haniel Shaft Sinking GmbH is cooperating fully with the Federal Cartel
Authority's efforts to clarify the facts of the case.
Augsburg Airways
Augsburg Airways initiated proceedings against Deutsche Lufthansa AG at the Regional Court of
Frankfurt in February 2013 regarding the termination of the framework charter contract between the
parties to seek a court decision whether the termination is effective. The parties have now mutually
agreed to enter arbitration proceedings with respect to possible compensation for the termination of the
contract. Augsburg Airways expects to have reached an agreement by the end of 2013. The amount in
question is still open to discussion. A date has not yet been set by the arbitrator.
V.
Financing Structure of the ATON Group
As of 4 October 2013 the ATON Group has a total of EUR 767.8 million loan facilities available, of
which EUR 212.2 million are utilised. In addition, letters of credit in a total amount of EUR 202.6
million are outstanding as of 4 October 2013.
83% of the available loan facilities, 83% of the utilised amounts under all loan facilities and 87% of the
amount of outstanding letters of credit are concentrated in ATON GmbH, the Redpath Group and FFT
GmbH & Co. KGaA.
ATON GmbH
As of 4 October 2013 ATON GmbH has utilised an aggregate amount of EUR 85.2 million under four
different loan facilities with an aggregate available amount of EUR 167.5 million and has one
outstanding letter of credit in an amount of EUR 14.4 million. All loan facilities are unsecured.
However, some of the facilities agreements provide for maintenance covenants, namely a minimum
amount of equity of the ATON Group, restrictions on the net debt to EBITDA ratio and a cap on
indebtedness of subsidiaries. The outstanding amounts under the credit facilities mature not earlier than
mid-2014.
The Redpath Group
As of 4 October 2013 Redpath Group has utilised an aggregate amount of EUR 83.3 million, including
leasing and equipment finance under different facilities in an aggregate available amount of EUR 185.8
million and has outstanding letters of credit for a total amount of EUR 33.8 million under a letter of
credit facility with an aggregate available amount of EUR 53.8 million. All amounts utilised under the
loan facilities as well as utilised amounts under equipment finance facilities are secured and the loan
facility agreement also provides for covenants, namely a senior funded debt to EBITDA ratio, a total
fixed charge coverage ratio and a minimal tangible net worth. The major loan facility, with an
aggregate amount equivalent to EUR 142 million, has a final maturity of not earlier than October 2016.
FFT GmbH & Co. KGaA
As of 4 October 2013 FFT GmbH & Co. KGaA has available an aggregate amount of EUR 105.8
million under unsecured dual use cash advances and letter of credit facilities and unsecured letter of
credit facilities with an aggregate amount of EUR 125 million. Under these facilities FFT GmbH & Co.
KGaA has an aggregate amount of EUR 128.9 million of letters of credit outstanding, cash drawings of
EUR 0.2 million as well as outstanding secured finance leasing in an amount of EUR 8.0 million that
matures in 2023.
Other subsidiaries
In addition, as of 4 October 2013 a certain number of other subsidiaries of ATON GmbH have entered
into various bilateral loan and leasing facility agreements in an aggregate principal amount of
EUR 129.9 million with certain banks and other financial institutions. Under these facilities an
77
aggregate principal amount of EUR 35.5 million is outstanding in loans and leasing and an aggregate
principal amount of EUR 25.5 million is outstanding in letters of credit.
VI.
Management of the Guarantor
In accordance with German corporate law, the Guarantor is managed by its management board
(Geschäftsführung). The powers of this body are governed by the German Limited Liability
Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung), the Guarantor's
articles of association, any relevant shareholders resolutions and, as the case may be, by-laws for the
Management Board of the Guarantor.
The Guarantor 's Management Board is responsible for the day-to-day management of the Guarantor
and representing it in its dealings with third parties in accordance with the laws and the articles of
association. The members of the Management Board of the Guarantor must exercise the standard of
care of a prudent and diligent business person. The shareholder meeting of a German limited liability
company is entitled to give instructions as to the management of the company to the Management
Board.
Management Board
The Management Board of the Guarantor can consist of one or more members, according to section 5
of the Guarantor 's articles of association. Currently, the Management Board consists of two members.
The members of the Management Board of the Guarantor, their position and their material other
activities are listed in the following summary.
Name
Thomas Eichelmann
Age
48
Year first
appointed
2010
Position
Managing Director,
Chief Executive Officer
Other activities
Related to the ATON Group
Chairman Supervisory Board of Rücker
AG since 11/2012
Chairman Supervisory Board of ATON
Engineering AG since 08/2012
Member of the Supervisory Board of
FFT GmbH & Co KGaA since 11/2011
HAEMA AG since 08/2011
EDAG GmbH & Co KGaA since
06/2010
Member of the Board of ATON US,
Inc., Scottsdale, AZ, USA since
07/2011
Member of the Board of Orthoscan Inc.,
Scottsdale, AZ, USA since 10/2011
Member of the Board of J.S. Redpath
Holdings, Inc., since 02/2010
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Managing Director of AT Aviation
GmbH
Managing Director of EDAG Holding
GmbH
Managing Director of ATON Group
Finance GmbH
Not related to the ATON Group
Chairman Supervisory Board of
Hochtief AG since 01/2013, member
since 08/2011
Vice- Chairman Supervisory Board
V-Bank AG since 05/2010, regular
member since 12/2007
Wüstenrot & Württembergische AG
since 10/2012
Chairman Advisory Board of Ellwanger
& Geiger KG since 08/2012
Managing
Director
Beteiligungs GmbH
of
HORUS
Managing
Director
of
Vermögensverwaltungs GbR
HORUS
Managing
Director
Finanzholding GmbH
of
HORUS
Managing
Director
of
Ellwanger & Geiger GmbH
HORUS
Managing
Director
of
Spiekermann Holding GmbH
HORUS
Managing Director of ATON Aero
Verwaltungs GmbH
79
Jörg Fahrenbach
41
2009
Managing Director,
Chief Financial Officer
Related to the ATON Group
Member of the Board of HAEMA AG
(Chief Financial Officer) since 2005
Vice-Chairman Supervisory Board of
ATON Engineering AG since 08/2012
FFT GmbH & Co KGaA since 11/2011
Member of the Board of Orthoscan Inc.,
Scottsdale, AZ, USA since 10/2011
Member of the Board of ATON US,
Inc., Scottsdale, AZ, USA since
07/2011
Not related to the ATON Group
Managing Director of ATON Aero
Verwaltungs GmbH
Managing
Director
of
AAM
Geschäftsführungsgesellschaft mbH
Management Biographies
The following section presents a brief summary of the biographies of the current members of the
Management Board of the Guarantor:
Thomas Eichelmann:
1988–1994
Universities of Hohenheim and Zurich, Switzerland
Business studies; final degree qualification lic. oec. publ.
1994–1997
The Boston Consulting Group, Frankfurt am Main
1997–2000
Bain & Company, Munich
2000–2007
Roland Berger Strategy Consultants GmbH, Munich
since 2003
Member of worldwide Management Board of Roland Berger
July 2007 to April 2009
Member of the Board, Deutsche Börse AG
Chief Financial Officer, Chief Human Resources Officer and
Industrial Relations Director
since February 2010
CEO, ATON GmbH
Jörg Fahrenbach:
1993–1997
Academic studies: International Business University of Plymouth/
FH Dortmund Degree BA International Business
1997–2000
Edelhoff Group, Iserlohn
Consultant for Spain & Portugal, Branch manager
2000–2002
Heyde AG, Bad Nauheim
Assistant to the board, Project leader M&A
80
2002–2003
Celanese AG, Kronberg
Corporate Senior Analyst
2003–2005
Netlife AG, Hamburg
CFO
since 2005
Haema AG, Leipzig
Financial director
since 2009
Managing Director of ATON GmbH
Conflicts of Interest
There are no conflicts of interests between the Management Board's duties to the Guarantor and their
private interests or other duties.
Committees
The Guarantor's Management Board does not have formal committees.
Board Practices
The German Corporate Governance Code refers to listed companies only and is, therefore, not
applicable to ATON GmbH.
VII.
Outlook
The ifo-Institut expects a modest upturn in the German economy in the second half of 2013, based on
consistently positive business expectations. It is anticipated that the real gross domestic product (GDP)
will grow by 0.6% by the end of the year. The ifw-Institut has similar expectations. Germany's GDP is
forecast to grow by 1.9% in 2014, whereas the GDP of the eurozone is expected to shrink by 0.6% in
2013. The central reason for this remains the effort to bring high debt levels in certain member states
under control, which directly affects private consumption. The European debt crisis has a similar effect
on any upturn in the global economy.
The ATON Group anticipates that annual revenue growth will be stable in 2013 and positive in the
medium term. In spite of the temporary challenges of the market environment, in particular in mining,
the Group is confident that it can grow faster than the overall market, building on its competitive
strengths, including its market-leading position, its well diversified portfolio and its track record of
continuous margin growth through operational improvement.
The ATON Group believes that its margins will benefit from further strict cost discipline across the
Group's supply chain, greater capacity utilisation and scale benefits that capitalise on structures set up
in recent years. Furthermore, the Group has commenced additional synergy initiatives, for instance
between OrthoScan (based in the United States) and Ziehm (based in Germany). The Group also
expects that its enhanced market positioning in automotive engineering, following the acquisition of
complementary companies such as Ruecker and BFFT, will contribute to further margin improvement.
The ATON Group has comprehensive knowledge in respect of cash management and financing and
thus decided to centralise financing activities on the ATON holding level. Cash pooling was introduced
in 2012 in order to optimise the Group's financial results. Working capital management is one of the
ATON Group's key focus areas to ensure a satisfactory cash conversion rate. Therefore, the ATON
Group has introduced and will introduce different measures aiming to optimise working capital levels
particularly in respect of the capital-intensive Redpath Group and its engineering activities.
81
TERMS AND CONDITIONS
ANLEIHEBEDINGUNGEN
TERMS AND CONDITIONS
Nachfolgend ist der Text der Anleihebedingungen (die
"Anleihebedingungen") für die Schuldverschreibungen
abgedruckt. Die endgültigen Anleihebedingungen werden
Bestandteil
der
Globalurkunde,
die
die
Schuldverschreibungen verbrieft.
The following is the text of the terms and conditions of the
notes (the "Terms and Conditions"). The final version of the
Terms and Conditions will be part of the global note
representing the notes.
Diese Anleihebedingungen sind in deutscher Sprache
abgefasst und mit einer englischen Übersetzung versehen.
Der deutsche Wortlaut ist rechtsverbindlich. Die englische
Übersetzung dient nur zur Information.
These Terms and Conditions are written in the German
language and provided with an English language
translation. The German text shall be the legally binding
version. The English language translation is provided for
convenience purposes only.
§1
WÄHRUNG, NENNBETRAG, FORM,
BESTIMMTE DEFINITIONEN
§1
CURRENCY, PRINCIPAL AMOUNT, FORM,
CERTAIN DEFINITIONS
(1)
Währung, Nennbetrag. Die Emission der ATON
Finance Austria GmbH (die "Emittentin"), begeben am
8. November 2013
(der
"Begebungstag")
im
Gesamtnennbetrag von EUR [●] (der "Gesamtnennbetrag")
ist eingeteilt in [●] auf den Inhaber lautende
Schuldverschreibungen im Nennbetrag von je EUR 1.000
(die "Schuldverschreibungen").
(1)
Currency; Principal Amount. The issue by ATON
Finance Austria GmbH (the "Issuer") issued on
8 November 2013 (the "Issue Date") in the aggregate
principal amount of EUR [●] (the "Aggregate Principal
Amount") is divided into [●] notes in the principal amount
of EUR 1,000 each payable to bearer (the "Notes").
(2)
Form. Die Schuldverschreibungen lauten auf den
Inhaber.
(2)
Form. The Notes are being issued in bearer form.
(3)
Globalurkunden.
(3)
Global Notes.
(a)
Die Schuldverschreibungen sind anfänglich durch
eine vorläufige Globalurkunde (die "vorläufige
Globalurkunde") ohne Zinsscheine verbrieft. Die
vorläufige Globalurkunde wird gegen eine
Dauerglobalurkunde (die "Dauerglobalurkunde";
die
vorläufige
Globalurkunde
und
die
Dauerglobalurkunde
jeweils
eine
"Globalurkunde"
und
zusammen
die
"Globalurkunden")
ohne
Zinsscheine
ausgetauscht. Die vorläufige Globalurkunde und
die Dauerglobalurkunde tragen jeweils die
Unterschriften
zweier
ordnungsgemäß
bevollmächtigter Vertreter der Emittentin und sind
mit einer Kontrollunterschrift der Hauptzahlstelle
versehen. Einzelurkunden und Zinsscheine werden
nicht ausgegeben.
(a)
The Notes are initially represented by a temporary
global note (the "Temporary Global Note")
without coupons. The Temporary Global Note will
be exchangeable for a permanent global note (the
"Permanent Global Note", the Temporary Global
Note and the Permanent Global Note, each a
"Global Note" and, together, the "Global Notes")
without coupons. The Temporary Global Note and
the Permanent Global Note shall each be signed by
two authorised signatories of the Issuer and shall
bear a control signature of the Principal Paying
Agent. Definitive Notes and interest coupons will
not be issued.
(b)
Die vorläufige Globalurkunde wird an einem Tag
gegen die Dauerglobalurkunde ausgetauscht, der
nicht weniger als 40 Tage nach dem Tag der
Begebung liegt. Ein solcher Austausch darf nur
nach Übermittlung von Bescheinigungen an die
Emittentin oder eine Zahlstelle für die Emittentin
erfolgen, wonach der oder die wirtschaftliche(n)
Eigentümer
der
durch
die
vorläufige
Globalurkunde verbrieften Schuldverschreibungen
keine US-Person(en) ist bzw. sind (ausgenommen
bestimmte
Finanzinstitute oder
bestimmte
Personen, die Schuldverschreibungen über solche
Finanzinstitute halten). Zinszahlungen auf durch
eine
vorläufige
Globalurkunde
verbriefte
Schuldverschreibungen erfolgen erst nach Vorlage
solcher Bescheinigungen. Für jede solche
Zinszahlung ist eine gesonderte Bescheinigung
erforderlich. Jede Bescheinigung, die am oder nach
(b)
The Temporary Global Note shall be exchanged
for the Permanent Global Note on a date which
will not be earlier than 40 days after the date of
issue. Such exchange shall only be made upon
delivery of certifications to the Issuer or any
Paying Agent on the Issuer's behalf to the effect
that the beneficial owner or owners of the Notes
represented by the Temporary Global Note is not a
U.S. person (other than certain financial
institutions or certain persons holding Notes
through such financial institutions). Payment of
interest on Notes represented by a Temporary
Global Note will be made only after delivery of
such certifications. A separate certification shall be
required in respect of each such payment of
interest. Any such certification received on or after
the 40th day after the date of issue of the Notes
represented by the Temporary Global Note will be
82
dem 40. Tag nach dem Tag der Begebung der
durch die vorläufige Globalurkunde verbrieften
Schuldverschreibungen eingeht, wird als ein
Ersuchen behandelt werden, diese vorläufige
Globalurkunde gemäß Absatz (b) dieses § 1(3)
auszutauschen. Wertpapiere, die im Austausch für
die vorläufige Globalurkunde geliefert werden,
dürfen nur außerhalb der Vereinigten Staaten von
Amerika (wie in § 9(2) definiert) geliefert werden.
treated as a request to exchange such Temporary
Global Note pursuant to subparagraph (b) of this
§ 1(3) Any securities delivered in exchange for the
Temporary Global Note shall be delivered only
outside of the United States (as defined in § 9(2)).
(4)
Clearingsystem. Die Globalurkunden, die die
Schuldverschreibungen verbriefen, werden bei der
Clearstream Banking AG, Mergenthalerallee 61, 65760
Eschborn (das "Clearingsystem") hinterlegt, bis die
Emittentin
alle
ihre
Verpflichtungen
aus
den
Schuldverschreibungen erfüllt hat.
(4)
Clearing System. The Global Notes representing
the Notes shall be deposited with Clearstream Banking AG,
Mergenthalerallee 61, 65760 Eschborn (the "Clearing
System"), until the Issuer has satisfied and discharged all of
its obligations under the Notes.
(5)
Gläubiger
von
Schuldverschreibungen.
"Gläubiger"
bezeichnet
jeden
Inhaber
eines
Miteigentumsanteils oder anderen vergleichbaren Rechts an
den Globalurkunden. Dieser Miteigentumsanteil oder dieses
andere vergleichbare Recht an den Globalurkunden kann
nach Maßgabe der jeweils geltenden Regelungen des
Clearingsystems übertragen werden.
(5)
Holder of Notes. "Holder" means any holder of a
proportionate co-ownership or similar interest or right in the
Global Notes. Such proportionate co-ownership or similar
interest or right in the Global Notes is transferable in
accordance with the provisions of the Clearing System as
applicable from time to time.
§2
§2
STATUS UND GARANTIE
STATUS AND GUARANTEE
(1)
Status. Die Schuldverschreibungen begründen
nicht besicherte und nicht nachrangige Verbindlichkeiten der
Emittentin, die untereinander und mit allen anderen nicht
besicherten und nicht nachrangigen Verbindlichkeiten der
Emittentin
gleichrangig
sind,
soweit
diesen
Verbindlichkeiten nicht durch zwingende gesetzliche
Bestimmungen ein Vorrang eingeräumt wird.
(1)
Status. The Notes constitute unsecured and
unsubordinated obligations of the Issuer ranking pari passu
among themselves and pari passu with all other unsecured
and unsubordinated obligations of the Issuer, unless such
obligations are accorded priority under mandatory provisions
of statutory law.
(2)
Garantie der Garantin. Die ATON GmbH (die
"Garantin") hat eine unbedingte und unwiderrufliche
Garantie (die "Garantie") für die ordnungsgemäße und
pünktliche Zahlung von Kapital und Zinsen auf die
Schuldverschreibungen sowie von jeglichen sonstigen
Beträgen, die auf die Schuldverschreibungen zahlbar sind,
übernommen. Die Garantie stellt einen Vertrag zugunsten
Dritter im Sinne des § 328 Abs. 1 BGB dar, der jedem
Gläubiger das Recht gibt, die Erfüllung der in der Garantie
übernommenen Verpflichtungen unmittelbar von der
Garantin zu verlangen und die Garantie unmittelbar gegen
die Garantin durchzusetzen. Kopien der Garantie sind
kostenlos bei der bezeichneten Geschäftsstelle der
Hauptzahlstelle erhältlich.
(2)
Guarantee of Guarantor. ATON GmbH (the
"Guarantor") has given an unconditional and irrevocable
guarantee (the "Guarantee") for the due and punctual
payment of principal of, and interest on, and any other
amounts payable under any Notes. The Guarantee constitutes
a contract for the benefit of the Holders from time to time as
third party beneficiaries in accordance with section 328
paragraph 1 of the German Civil Code (Bürgerliches
Gesetzbuch), giving rise to the right of each Holder to
require performance of the Guarantee directly from the
Guarantor and to enforce the Guarantee directly against the
Guarantor. Copies of the Guarantee may be obtained free of
charge at the specified office of the Principal Paying Agent.
(3)
Freigabe der Garantie. Die Garantie darf nur nach
vollständiger Zahlung des Gesamtnennbetrages aller zum
jeweiligen Zeitpunkt ausstehenden Schuldverschreibungen,
der hierauf fälligen Zinsen und jeglicher sonstigen zum
jeweiligen Zeitpunkt fälligen und geschuldeten Beträge aus
den Schuldverschreibungen freigegeben werden.
(3)
Release of Guarantee. The Guarantee shall be
released only upon discharge in full of the aggregate
principal amount of all Notes then outstanding, any interest
due thereon and all other amounts under the Notes then due
and owing.
§3
§3
NEGATIVVERPFLICHTUNG
NEGATIVE PLEDGE
(1)
Negativverpflichtung
der
Emittentin
bei
Nichtvorliegen eines Investment Grade-Ratings. Die
Emittentin verpflichtet sich, solange Schuldverschreibungen
ausstehen, jedoch nur bis zu dem Zeitpunkt, an dem alle
Beträge an Kapital und Zinsen an das Clearingsystem oder
an dessen Order zur Gutschrift auf den Konten der
jeweiligen Kontoinhaber des Clearingsystems zur Verfügung
(1)
Negative Pledge of the Issuer absent an Investment
Grade Rating. The Issuer undertakes, so long as any of the
Notes are outstanding, but only up to the time all amounts of
principal and interest have been placed at the disposal of the
Clearing System or to its order for credit to the accounts of
the relevant account holders of the Clearing System, not to
create or permit to subsist any mortgage, charge, pledge, lien
83
gestellt worden sind, keine Grund- und Mobiliarpfandrechte,
sonstige
Pfandrechte
oder
sonstige
dingliche
Sicherungsrechte (jeweils ein "Sicherungsrecht") an ihrem
Vermögen oder an Teilen davon außer Zulässigen
Sicherungsrechten
zur
Besicherung
von
Finanzverbindlichkeiten zu bestellen oder bestehen zu
lassen, ohne zuvor oder gleichzeitig die Gläubiger
gleichrangig an einem solchen Sicherungsrecht zu beteiligen.
or other form of in rem encumbrance or security interest
(each a "Security Interest") over the whole or any part of its
assets other than Permitted Liens to secure any Financial
Indebtedness, without prior thereto or at the same time
letting the Holders share pari passu in such Security Interest.
(2)
der
Emittentin
nach
Veröffentlichung eines Investment Grade-Ratings. Ab dem
ersten Tag (sofern dieser eintritt) nach dem Begebungstag,
an dem die Schuldverschreibungen ein Investment GradeRating erhalten, ruhen die in § 3(1) enthaltenen
Verpflichtungen der Emittentin (und die Emittentin
unterliegt diesbezüglich keinen weiteren Verpflichtungen
mehr), bis die Schuldverschreibungen nicht mehr über
mindestens ein Investment Grade-Rating verfügen in diesem
Fall leben die in § 3(1) enthaltenen Verpflichtungen der
Emittentin mit Wirkung ab dem 90. Kalendertag nach dem
Tag, an dem die Schuldverschreibungen nicht mehr von
mindestens einer der Ratingagenturen ein Investment GradeRating erhalten, wieder auf.
(2)
Negative Pledge of the Issuer upon Publication of
Investment Grade Rating. Beginning on the first day
following the Issue Date, if any, on which the Notes are
assigned an Investment Grade Rating, the undertakings of
the Issuer contained in § 3(1) shall be suspended (and the
Issuer shall have no further obligations with respect thereto)
until the Notes cease to benefit from at least one Investment
Grade Rating in which case the Issuer shall again be subject
to the undertakings of the Issuer contained in § 3(1) with
effect from the 90th calendar day following the date on
which the Notes are no longer assigned an Investment Grade
Rating by at least one of the Rating Agencies.
Solange die Verpflichtungen der Emittentin gemäß § 3(1)
ruhen, verpflichtet sich die Emittentin, solange
Schuldverschreibungen ausstehen, jedoch nur bis zu dem
Zeitpunkt, an dem alle Beträge an Kapital und Zinsen an das
Clearingsystem oder an dessen Order zur Gutschrift auf den
Konten der jeweiligen Kontoinhaber des Clearingsystems
zur Verfügung gestellt worden sind, keine Sicherungsrechte
an ihrem Vermögen oder an Teilen davon außer Zulässigen
Sicherungsrechten
zur
Besicherung
von
Kapitalmarktverbindlichkeiten zu bestellen oder bestehen zu
lassen, ohne zuvor oder gleichzeitig die Gläubiger
gleichrangig an einem solchen Sicherungsrecht zu beteiligen.
For as long as the undertakings of the Issuer pursuant to
§ 3(1) are suspended, the Issuer undertakes, so long as any of
the Notes are outstanding, but only up to the time all
amounts of principal and interest have been placed at the
disposal of the Clearing System or to its order for credit to
the accounts of the relevant account holders of the Clearing
System, not to create or permit to subsist any Security
Interest over the whole or any part of its assets other than
Permitted Liens to secure any Capital Market Indebtedness,
without prior thereto or at the same time letting the Holders
share pari passu in such Security Interest.
(3)
der
Garantin
bei
Garantin hat sich in der Garantie verpflichtet, solange
Zeitpunkt, an dem alle Beträge an Kapital und Zinsen an das
Clearingsystem oder an dessen Order zur Gutschrift auf den
Konten der jeweiligen Kontoinhaber des Clearingsystems
zur Verfügung gestellt worden sind, (i) kein Sicherungsrecht
an ihrem Vermögen oder an Teilen davon außer Zulässigen
Sicherungsrechten
zur
Besicherung
von
Finanzverbindlichkeiten zu bestellen oder bestehen zu lassen
und (ii) dafür zu sorgen, dass (soweit rechtlich möglich und
zulässig) keine ihrer Wesentlichen Tochtergesellschaften ein
Sicherungsrecht an ihrem Vermögen oder an Teilen davon
außer Zulässigen Sicherungsrechten zur Besicherung von
Finanzverbindlichkeiten bestellt oder bestehen lässt, ohne
zuvor oder gleichzeitig die Gläubiger gleichrangig an einem
solchen Sicherungsrecht zu beteiligen. Dies gilt mit
folgender Maßgabe: Falls Sicherungsrechte an dem
Vermögen einer Wesentlichen Tochtergesellschaft in der
Rechtsform
einer
Aktiengesellschaft
oder
Kommanditgesellschaft auf Aktien, die in jedem dieser Fälle
kein aufgrund eines Beherrschungsvertrages im Sinne von
§§ 291, 292 AktG beherrschtes Unternehmen ist, bestellt
werden sollen oder bestehen, verpflichtet dieser § 3(3) die
Garantin lediglich dazu, ihre Stimmrechte aus den von ihr
gehaltenen Aktien in einer zu diesem Thema anberaumten
Hauptversammlung
der
betreffenden
Wesentlichen
Tochtergesellschaft dahingehend auszuüben, dass der
(3)
Negative Pledge of the Guarantor absent an
Investment Grade Rating. The Guarantor has undertaken in
the Guarantee, so long as any of the Notes are outstanding,
but only up to the time all amounts of principal and interest
have been placed at the disposal of the Clearing System or to
its order for credit to the accounts of the relevant account
holders of the Clearing System, (i) not to create or permit to
subsist any Security Interest over the whole or any part of its
assets other than Permitted Liens to secure any Financial
Indebtedness and (ii) to procure (to the extent legally
possible and permissible) that none of its Material
Subsidiaries grant or permit to subsist any Security Interest
over the whole or any part of its assets other than Permitted
Liens to secure any Financial Indebtedness, without prior
thereto or at the same time letting the Holders share pari
passu in such Security Interest, provided that, with respect to
Security Interests to be created by, or subsisting over the
assets of, any Material Subsidiary organized as a German
stock corporation (Aktiengesellschaft) or a partnership
limited by shares (Kommanditgesellschaft auf Aktien) that is,
in each case, not the dominated company under a domination
agreement within the meaning of section 291, 292 of the
German Stock Corporation Act, this § 3(3) shall only oblige
the Guarantor to exercise its voting rights attaching to the
shares held by it in any general shareholders' meeting of
such Material Subsidiary which may be called to resolve on
this matter such as to permit such Material Subsidiary to
comply with this § 3(3).
84
betreffenden Wesentlichen Tochtergesellschaft gestattet
wird, diesen § 3(3) einzuhalten.
(4)
der
Garantin
nach
an dem die Schuldverschreibungen ein Investment GradeRating erhalten, ruhen die in § 3(3) enthaltenen
Verpflichtungen der Garantin (und die Garantin unterliegt
diesbezüglich keinen weiteren Verpflichtungen mehr), bis
die Schuldverschreibungen nicht mehr über mindestens ein
Investment Grade-Rating verfügen; in diesem Fall leben die
in § 3(4) enthaltenen Verpflichtungen der Garantin mit
Wirkung ab dem 90. Kalendertag nach dem Tag, an dem die
Schuldverschreibungen nicht mehr von mindestens einer der
Ratingagenturen ein Investment Grade-Rating erhalten,
wieder auf.
(4)
Negative Pledge of the Guarantor upon
Publication of Investment Grade Rating. Beginning on the
first day following the Issue Date, if any, on which the Notes
are assigned an Investment Grade Rating, the undertakings
of the Guarantor described in § 3(3) shall be suspended (and
the Guarantor shall have no further obligations with respect
thereto) until the Notes cease to benefit from at least one
Investment Grade Rating in which case the Guarantor shall
again be subject to the undertakings of the Guarantor
contained in § 3(4) with effect from the 90th calendar day
following the date on which the Notes are no longer assigned
an Investment Grade Rating by at least one of the Rating
Agencies.
Solange die Schuldverschreibungen ein Investment GradeRating aufweisen, hat sich die Garantin in der Garantie
verpflichtet, solange Schuldverschreibungen ausstehen,
jedoch nur bis zu dem Zeitpunkt, an dem alle Beträge an
Kapital und Zinsen an das Clearingsystem oder an dessen
Order zur Gutschrift auf den Konten der jeweiligen
Kontoinhaber des Clearingsystems zur Verfügung gestellt
worden sind, (i) kein Sicherungsrecht an ihrem Vermögen
oder an Teilen davon außer Zulässigen Sicherungsrechten
zur Besicherung von Kapitalmarktverbindlichkeiten zu
bestellen oder bestehen zu lassen und (ii) dafür zu sorgen,
dass (soweit rechtlich möglich und zulässig) keine ihrer
Wesentlichen Tochtergesellschaften ein Sicherungsrecht an
ihrem Vermögen oder an Teilen davon außer Zulässigen
Sicherungsrechten
zur
Besicherung
von
Kapitalmarktverbindlichkeiten bestellt oder bestehen lässt,
ohne zuvor oder gleichzeitig die Gläubiger gleichrangig an
einem solchen Sicherungsrecht zu beteiligen. Dies gilt mit
folgender Maßgabe: Falls Sicherungsrechte an dem
Rechtsform
einer
Aktiengesellschaft
oder
§§ 291, 292 AktG beherrschtes Unternehmen ist, bestellt
werden sollen oder bestehen, verpflichtet dieser § 3(4) die
Garantin lediglich dazu, ihre Stimmrechte aus den von ihr
gehaltenen Aktien in einer zu diesem Thema anberaumten
Hauptversammlung
der
betreffenden
Wesentlichen
wird, diesen § 3(4) einzuhalten.
For as long as the Notes benefit from an Investment Grade
Rating, the Guarantor has undertaken in the Guarantee, so
long as any of the Notes are outstanding, but only up to the
time all amounts of principal and interest have been placed at
the disposal of the Clearing System or to its order for credit
to the accounts of the relevant account holders of the
Clearing System, (i) not to create or permit to subsist any
Security Interest over the whole or any part of its assets other
than Permitted Liens to secure any Capital Market
Indebtedness and (ii) to procure (to the extent legally
possible and permissible) that none of its Material
Subsidiaries grant or permit to subsist any Security Interest
over the whole or any part of its assets other than Permitted
Liens to secure any Capital Market Indebtedness, without
prior thereto or at the same time letting the Holders share
pari passu in such Security Interest, provided that, with
respect to Security Interests to be created by, or subsisting
over the assets of, any Material Subsidiary organized as a
German stock corporation (Aktiengesellschaft) or a
partnership limited by shares (Kommanditgesellschaft auf
Aktien) that is, in each case not the dominated company
under a domination agreement within the meaning of section
291, 292 of the German Stock Corporation Act, this § 3(4)
shall only oblige the Issuer to exercise its voting rights
attaching to the shares held by it in any general shareholders'
meeting of such Material Subsidiary which may be called to
resolve on this matter such as to permit such Material
Subsidiary to comply with this § 3(4).
(5)
(5)
Definitionen.
Definitions.
"Factoring- und ABS-Finanzierungen" bezeichnet alle
Transaktionen im Rahmen von Factoring- und ABS (Asset
Backed
Securitisation
(Forderungsverbriefungs))Programmen, die von der Emittentin, der Garantin und/oder
einer Tochtergesellschaft aufgelegt werden.
"Factoring and ABS Financings" means any transactions
under factoring and asset backed securitisation programmes
established by the Issuer, the Guarantor and/or any
Subsidiary.
"Finanzverbindlichkeiten" bezeichnet (ohne doppelte
Zählung) alle Verbindlichkeiten (außer Verbindlichkeiten,
die einem anderen Mitglied der Gruppe geschuldet werden)
aus oder im Zusammenhang mit:
"Financial Indebtedness" means (without duplication) any
indebtedness (excluding any indebtedness owed to another
member of the Group) for or in respect of:
(a)
aufgenommenen Darlehen;
(a)
money borrowed;
(b)
Wechselakzepten im Rahmen von Akzeptkrediten;
(b)
any amount raised by acceptance
acceptance credit facility;
under
85
any
(c)
Beträgen, die im Rahmen einer Note Purchase Facility
oder
der
Begebung
von
Anleihen,
Schuldverschreibungen, Schuldscheinen, Commercial
Paper oder ähnlichen Schuldtiteln aufgenommen
werden;
(c)
any amount raised pursuant to any note purchase
facility or the issue of bonds, notes, commercial
papers, debentures, loan stock or any similar
instrument;
(d)
verkauften oder diskontierten Forderungen (abgesehen
von regresslos veräußerten Forderungen);
(d)
receivables sold or discounted (other than any
receivables sold on a non-recourse basis);
(e)
Verpflichtungen
aus
einem
Aufwendungsersatzanspruch in Bezug auf eine
Garantie, Freistellung, Bürgschaft, ein Standby- oder
Dokumentenakkreditiv oder anderes Instrument, die
bzw. das von einer Bank oder einem Finanzinstitut
gewährt bzw. ausgestellt wird; und
(e)
any counter-indemnity obligation in respect of a
guarantee, indemnity, bond, standby or documentary
letter of credit or any other instrument issued by a
bank or financial institution; and
(f)
Verpflichtungen aus einer Garantie oder Freistellung
für die in den vorstehenden Absätzen (a) bis (e)
aufgeführten Verbindlichkeiten.
(f)
the amount of any liability in respect of any guarantee
or indemnity for any of the items referred to in
paragraphs (a) to (e) above.
"Fitch" bezeichnet Fitch Ratings Ltd. oder ihre etwaigen
Nachfolgeunternehmen.
"Fitch" means Fitch Ratings Ltd. or any of its successor
organisations.
"Gruppe" bezeichnet die Garantin und ihre jeweiligen
konsolidierten Tochtergesellschaften.
"Group" means the Guarantor and all of its consolidated
Subsidiaries from time to time.
"Investment Grade-Rating" in Bezug auf die
Schuldverschreibungen bedeutet, dass die Schuldverschreibungen mindestens eines der folgenden Ratings
aufweisen: (i) ein Rating der Stufe "BBB-" oder höher von
S&P; (ii) ein Rating der Stufe "Baa3" oder höher von
Moody's; oder (iii) ein Rating der Stufe "BBB-" oder höher
von Fitch.
"Investment Grade Rating" with respect to the Notes shall
mean that the Notes have at least one of the following: (i) a
rating of "BBB-" or higher from S&P; (ii) a rating of "Baa3"
or higher from Moody's; or (iii) a rating of "BBB-" or higher
from Fitch.
"Kapitalmarktverbindlichkeiten"
bezeichnet
jede
gegenwärtige oder künftige Verpflichtung zur Zahlung (von
Kapital,
Zinsen
oder
sonstigen
Beträgen)
auf
Verbindlichkeiten der Emittentin, der Garantin oder einer
Wesentlichen Tochtergesellschaft aus aufgenommenen
Geldern (einschließlich dafür gewährten Garantien oder
sonstigen Freistellungen) in Form von oder verbrieft durch
Anleihen,
oder
Schuldscheindarlehen.
"Capital Market Indebtedness" means any present or
future payment obligation in respect of indebtedness
(whether principal, interest or other amounts) of the Issuer,
the Guarantor or of a Material Subsidiary in respect of
borrowed money (including any guarantees and indemnities
given in respect thereof) which is in the form of, or
represented by, bonds, notes, certificates of indebtedness
(Schuldscheindarlehen).
"Moody's" bezeichnet Moody's Investors Services Limited
oder ihre etwaigen Nachfolgeunternehmen.
"Moody's" means Moody's Investors Services Limited or
any of its successor organisations.
"Ratingagenturen" bezeichnet Fitch, Moody's und S&P.
"Rating Agencies" means Fitch, Moody's and S&P.
"S&P" bezeichnet Standard & Poor's Credit Market Services
Europe Limited oder ihre etwaigen Nachfolgeunternehmen.
"S&P" means Standard & Poor's Credit Market Services
Europe Limited or any of its successor organisations.
"Tochtergesellschaft" bezeichnet eine Gesellschaft, an der
die Garantin unmittelbar oder mittelbar mehr als 50 % der
Kapitalanteile oder der Stimmrechte hält oder auf welche die
Garantin in sonstiger Weise unmittelbar oder mittelbar einen
beherrschenden Einfluss im Sinne von § 17 AktG ausüben
kann.
"Subsidiary" means any company in which the Guarantor
directly or indirectly holds more than 50 per cent. of the
share capital or voting rights or on which the Guarantor is
able to otherwise exert, directly or indirectly, a controlling
influence within the meaning of section 17 of the German
Stock Corporation Act (Aktiengesetz).
"Wesentliche Tochtergesellschaft" bezeichnet jede
vollkonsolidierte Tochtergesellschaft der Garantin, deren
nicht konsolidierten Umsatzerlöse oder nicht konsolidierten
Aktiva zum Ende des jeweils unmittelbar vorhergehenden
Geschäftsjahres der Garantin, für das ein Konzernabschluss
der Garantin vorliegt, 10 % oder mehr der konsolidierten
Umsatzerlöse bzw. konsolidierten Aktiva der Gruppe
betragen, jeweils wie in dem geprüften Konzernabschluss
der Garantin für das unmittelbar vorhergehende
Geschäftsjahr ausgewiesen. Eine Tochtergesellschaft erwirbt
bzw.
verliert
ihren
Status
als
Wesentliche
"Material Subsidiary" means each fully consolidated
Subsidiary of the Guarantor whose unconsolidated revenues
or unconsolidated assets, as of the end of the respective
immediately preceding financial year of the Guarantor for
which consolidated accounts of the Guarantor are available,
are equal to or exceed 10 per cent. of the consolidated
revenues or consolidated assets, respectively, of the Group,
in each case as disclosed in the audited consolidated annual
financial statements of the Guarantor for the respective
immediately preceding financial year. A Subsidiary begins
and ceases, as the case may be, to constitute a Material
86
Tochtergesellschaft ab dem Tag der Veröffentlichung des
betreffenden Konzernabschlusses der Garantin.
Subsidiary as from the date of publication of the relevant
consolidated annual financial statements of the Guarantor.
"Zulässiges
Sicherungsrecht"
Sicherungsrecht, das
"Permitted Lien" means any Security Interest
bezeichnet
ein
(i)
gesetzlich vorgeschrieben ist;
(i)
imposed by law;
(ii)
bestellt wird, um behördliche oder staatliche
Genehmigungen oder Erlaubnisse zu erhalten;
(ii)
granted in order to obtain administrative
governmental authorizations or permits;
or
(iii) im Zusammenhang mit Factoring- oder ABSTransaktionen (einschließlich der Factoring- und
ABS-Finanzierungen), die von der Garantin oder einer
ihrer Tochtergesellschaften abgeschlossen werden,
bestellt wird und Finanzverbindlichkeiten in einem
Gesamtbetrag
von
maximal
EUR 25.000.000
besichert,
(iii) granted in connection with factoring or asset backed
securities transactions (including the Factoring and
ABS Financings) entered into by the Guarantor or any
of its Subsidiaries securing Financial Indebtedness in
an aggregate amount not exceeding EUR 25,000,000;
(iv) am Begebungstag besteht oder vertraglich zugesagt
ist;
(iv) existing or contractually committed on the Issue Date;
(v)
(v)
Refinanzierungsverbindlichkeiten (wie in § 7(3)
definiert) besichert, die eingegangen werden, um
Finanzverbindlichkeiten zu besichern, die vorher so
besichert waren;
securing Refinancing Financial Indebtedness (as
defined in § 7(3)) incurred to refinance Financial
Indebtedness that was previously so secured;
(vi) zum Zeitpunkt des Erwerbs von Vermögenswerten an
diesen Vermögenswerten bereits besteht, soweit das
Sicherungsrecht nicht im Zusammenhang mit dem
Erwerb oder in Erwartung des Erwerbs bestellt wurde
und der durch das Sicherungsrecht besicherte Betrag
an Finanzverbindlichkeiten nicht nach Erwerb des
betreffenden Vermögenswerts erhöht wird;
(vi) existing on assets at the time of the acquisition thereof,
provided that such Security Interest was not created in
connection with or in contemplation of such
acquisition and that the amount of Financial
Indebtedness secured by such Security Interest is not
increased subsequently to the acquisition of the
relevant asset;
(vii) im Rahmen des gewöhnlichen Geschäftsbetriebs der
Gruppe begründet wird (unter anderem gemäß
Allgemeinen
Geschäftsbedingungen
von
Finanzinstituten), wobei jedoch der Begriff
"gewöhnlicher Geschäftsbetrieb", wie in diesem § 3(5)
verwendet, keine Aktivitäten umfasst, bei denen es
sich um reine Finanzierungsaktivitäten handelt;
(vii) created in the ordinary course of business of the Group
(including pursuant to general business conditions of
financial institutions), however, the term "ordinary
course of business" as used in this § 3(5) does not
cover any pure financing activities;
(viii) nicht unter den vorstehenden Absätzen (i) bis (vii)
genannt ist und Finanzverbindlichkeiten in einem
Gesamtbetrag
von
maximal
EUR 25.000.000
besichert.
(viii) not referred to under (i) through (vii) above securing
Financial Indebtedness in an aggregate amount not
exceeding EUR 25,000,000.
(6)
Bestellung von Sicherheiten. Eine Sicherheit, die
gemäß diesem § 3 zu bestellen ist, kann auch zugunsten
eines Treuhänders der Gläubiger, der auch von der
Emittentin zu diesem Zweck bestellt werden kann, bestellt
werden.
(6)
Provision of Security. Any security which is to be
provided pursuant to this § 3 may also be provided to a
person acting as trustee for the Holders who may also be
appointed by the Issuer for such purpose.
§4
ZINSEN
§4
INTEREST
(1)
Zinssatz
und
Zinszahlungstage.
Die
Schuldverschreibungen werden bezogen auf ihren
Gesamtnennbetrag
verzinst,
und
zwar
vom
8. November 2013
(der
"Verzinsungsbeginn")
(einschließlich) bis zum Fälligkeitstag (wie in § 6(1)
definiert) (ausschließlich) mit jährlich [●] %. Die Zinsen
sind nachträglich am 8. November eines jeden Jahres
(jeweils ein "Zinszahlungstag") zahlbar. Die erste
Zinszahlung erfolgt am 8. November 2014.
(1)
Rate of Interest and Interest Payment Dates. The
Notes shall bear interest on their aggregate principal amount
at the rate of [●] per cent. per annum from and including
8 November 2013 (the "Interest Commencement Date") to
but excluding the Maturity Date (as defined in § 6(1).
Interest shall be payable in arrear on 8 November in each
year (each such date, an "Interest Payment Date"). The first
payment of interest shall be made on 8 November 2014.
(2)
Auflaufende Zinsen. Falls die Emittentin die
Schuldverschreibungen bei Fälligkeit nicht zurückzahlt,
fallen vom Fälligkeitstermin (einschließlich) bis zum Tag
der tatsächlichen Rückzahlung der Schuldverschreibungen
(2)
Accrual of Interest. If the Issuer fails to redeem the
Notes when due, interest shall continue to accrue from and
including the due date until but excluding the date of the
actual redemption of the Notes at the default rate of interest
87
(ausschließlich) Zinsen zum gesetzlichen Verzugszinssatz
an.
established by law.
(3)
Berechnung der Zinsen für Teile von Zeiträumen.
Sind Zinsen für einen Zeitraum zu berechnen, der kürzer als
eine Zinsperiode ist, so werden die Zinsen auf der Grundlage
der tatsächlichen Anzahl der Tage in dem jeweiligen
Zeitraum ab dem ersten Tag des jeweiligen Zeitraums
(einschließlich) bis zu dem letzten Tag des jeweiligen
Zeitraums (ausschließlich), geteilt durch die Anzahl der Tage
in der Zinsperiode, in die der jeweilige Zeitraum fällt
(einschließlich des ersten Tages, aber ausschließlich des
letzten), berechnet.
(3)
Calculation of Interest for Partial Periods. Where
interest is to be calculated in respect of a period which is
shorter than an Interest Period, the interest will be calculated
on the basis of the actual number of days elapsed in the
relevant period, from and including the first day in the
relevant period to but excluding the last day of the relevant
period, divided by the actual number of days in the Interest
Period in which the relevant period falls (including the first
such day but excluding the last).
"Zinsperiode" bezeichnet jeden Zeitraum ab dem
Verzinsungsbeginn (einschließlich) bis zum ersten
Zinszahlungstag (ausschließlich) und danach ab jedem
Zinszahlungstag (einschließlich) bis zu dem jeweils
nächstfolgenden Zinszahlungstag (ausschließlich).
"Interest Period" means each period from and including the
Interest Commencement Date to but excluding the first
Interest Payment Date and thereafter from and including
each Interest Payment Date to but excluding the next
following Interest Payment Date.
§5
§5
ZAHLUNGEN
PAYMENTS
(1)
Zahlungen von Kapital und Zinsen. Zahlungen von
Kapital und Zinsen auf die Schuldverschreibungen erfolgen
an das Clearingsystem oder dessen Order zur Gutschrift auf
den
Konten
der
jeweiligen
Kontoinhaber
des
Clearingsystems.
(1)
Payment of Principal and Interest. Payment of
principal and interest in respect of Notes shall be made to the
Clearing System or to its order for credit to the accounts of
the relevant account holders of the Clearing System.
Die Zahlung von Zinsen auf Schuldverschreibungen, die
durch die vorläufige Globalurkunde verbrieft sind, erfolgt
erst nach ordnungsgemäßer Bescheinigung gemäß § 1(3)(b).
Payment of interest on Notes represented by the Temporary
Global Note shall only be made upon due certification as
provided in § 1(3)(b).
Zinsen dürfen nicht auf ein Konto oder an eine Anschrift in
den Vereinigten Staaten (wie in § 9(2) definiert) gezahlt
werden.
Interest shall not be paid to an account within or mailed to an
address within the United States (as defined in § 9(2)).
(2)
Zahlungsweise.
Vorbehaltlich
geltender
steuerlicher und sonstiger gesetzlicher Regelungen und
Vorschriften erfolgen auf die Schuldverschreibungen zu
leistende Zahlungen in Euro.
(2)
Manner of Payment. Subject to applicable fiscal
and other laws and regulations, payments of amounts due in
respect of the Notes shall be made in Euro.
(3)
Erfüllung. Die Emittentin bzw. die Garantin wird
durch Leistung der Zahlung an das Clearingsystem oder an
dessen Order von ihrer Zahlungspflicht befreit.
(3)
Discharge. The Issuer or, as the case maybe, the
Guarantor shall be discharged by payment to, or to the order
of, the Clearing System.
(4)
Zahltag. Fällt der Fälligkeitstermin einer Zahlung
in Bezug auf eine Schuldverschreibung auf einen Tag, der
kein Zahltag ist, dann hat der Gläubiger keinen Anspruch auf
Zahlung vor dem nächsten Zahltag und ist nicht berechtigt,
weitere Zinsen oder sonstige Zahlungen aufgrund dieser
Verspätung zu verlangen.
(4)
Payment Business Day. If the date for payment of
any amount in respect of any Note is not a Payment Business
Day then the Holder shall not be entitled to payment until the
next Payment Business Day and shall not be entitled to
further interest or other payment in respect of such delay.
Für diese Zwecke bezeichnet "Zahltag" einen Tag, der ein
Tag (außer einem Samstag oder Sonntag) ist, an dem das
Clearingsystem sowie alle betroffenen Bereiche des TransEuropean Automated Real-time Gross Settlement Express
Transfer System (TARGET2) betriebsbereit sind, um die
betreffende Zahlung weiterzuleiten.
For these purposes, "Payment Business Day" means any
day which is a day (other than a Saturday or a Sunday) on
which the Clearing System as well as all relevant parts of the
Trans-European Automated Real-time Gross Settlement
Express Transfer System (TARGET2) are operational to
forward the relevant payment.
(5)
Bezugnahmen
auf
Kapital
und
Zinsen.
Bezugnahmen in diesen Anleihebedingungen auf Kapital
oder Zinsen auf die Schuldverschreibungen schließen
sämtliche gemäß § 10 zahlbaren zusätzlichen Beträge ein.
(5)
References to Principal and Interest. References in
these Terms and Conditions to principal or interest in respect
of the Notes shall be deemed to include any Additional
Amounts which may be payable under § 10.
(6)
Hinterlegung von Kapital und Zinsen. Die
Emittentin ist berechtigt, beim Amtsgericht Frankfurt am
Main Kapital- oder Zinsbeträge zu hinterlegen, die von
Gläubigern nicht innerhalb von zwölf Monaten nach dem
Fälligkeitstag beansprucht worden sind, auch wenn die
(6)
Deposit of Principal and Interest. The Issuer may
deposit with the local court (Amtsgericht) in Frankfurt am
Main principal or interest not claimed by Holders within
twelve months after the Maturity Date, even though such
Holders may not be in default of acceptance of payment. If
88
Gläubiger sich nicht in Annahmeverzug befinden. Soweit
eine solche Hinterlegung erfolgt und auf das Recht der
Rücknahme verzichtet wird, erlöschen die diesbezüglichen
Ansprüche der Gläubiger gegen die Emittentin.
§6
RÜCKZAHLUNG, VORZEITIGE RÜCKZAHLUNG
AUS STEUERLICHEN GRÜNDEN, VORZEITIGE
RÜCKZAHLUNG BEI KONTROLLWECHSEL
and to the extent that the deposit is effected and the right of
withdrawal is waived, the respective claims of such Holders
against the Issuer shall cease.
§6
REDEMPTION, EARLY REDEMPTION FOR
REASONS OF TAXATION,
EARLY REDEMPTION DUE TO A CHANGE
OF CONTROL
(1)
Rückzahlung bei Endfälligkeit. Soweit nicht zuvor
bereits ganz oder teilweise zurückgezahlt oder angekauft und
entwertet, werden die Schuldverschreibungen zu ihrem
Nennbetrag
zuzüglich
aufgelaufener
Zinsen
am
8. November 2018 (der "Fälligkeitstag") zurückgezahlt.
(1)
Final Redemption. Unless previously redeemed in
whole or in part or repurchased and cancelled, the Notes
shall be redeemed at their principal amount together with
accrued interest on 8 November 2018 (the "Maturity
Date").
(2)
Vorzeitige Rückzahlung aus steuerlichen Gründen.
Die Schuldverschreibungen können insgesamt, jedoch nicht
teilweise, nach Wahl der Emittentin mit einer
Kündigungsfrist von nicht weniger als 30 und nicht mehr als
60 Tagen gegenüber der Hauptzahlstelle und gemäß § 16
gegenüber den Gläubigern vorzeitig gekündigt und zum
Nennbetrag zuzüglich bis zum für die Rückzahlung
festgesetzten Tag aufgelaufener Zinsen zurückgezahlt
werden, falls die Emittentin bzw. die Garantin als Folge
einer Änderung oder Ergänzung der Steuer- oder
Abgabengesetze und -vorschriften der Bundesrepublik
Deutschland oder der Republik Österreich oder deren
politischen Untergliederungen oder Steuerbehörden oder als
Folge einer Änderung oder Ergänzung der Anwendung oder
der offiziellen Auslegung dieser Gesetze und Vorschriften
(vorausgesetzt, diese Änderung oder Ergänzung wird am
oder nach dem Begebungstag wirksam) am nächstfolgenden
Zinszahlungstag (wie in § 4(1) definiert) zur Zahlung von
zusätzlichen Beträgen (wie in § 10 definiert) verpflichtet sein
wird und diese Verpflichtung nicht durch das Ergreifen
zumutbarer, der Emittentin bzw. Garantin zur Verfügung
stehender Maßnahmen vermieden werden kann.
(2)
Early Redemption for Reasons of Taxation. If as a
result of any change in, or amendment to, the laws or
regulations of the Federal Republic of Germany or the
Republic of Austria, or any political subdivision or taxing
authority thereto or therein affecting taxation or the
obligation to pay duties of any kind, or any change in, or
amendment to, the application or official interpretation of
such laws or regulations, which change or amendment is
effective on or after the Issue Date, the Issuer, or, as the case
maybe, the Guarantor is required to pay Additional Amounts
(as defined in § 10 herein) on the next succeeding Interest
Payment Date (as defined in § 4(1)), and this obligation
cannot be avoided by the use of reasonable measures
available to the Issuer or, as the case maybe, the Guarantor,
the Notes may be redeemed, in whole but not in part, at the
option of the Issuer, upon not more than 60 days' nor less
than 30 days' prior notice of redemption given to the
Principal Paying Agent and, in accordance with § 16 to the
Holders, at the principal amount together with interest
accrued to the date fixed for redemption.
Eine solche Kündigung darf allerdings nicht (i) früher als 90
Tage vor dem frühestmöglichen Termin erfolgen, an dem die
Emittentin bzw. Garantin verpflichtet wäre, solche
zusätzlichen Beträge zu zahlen, falls eine Zahlung auf die
Schuldverschreibungen dann fällig sein würde, oder (ii)
erfolgen, wenn zu dem Zeitpunkt, zu dem die Kündigung
erfolgt, die Verpflichtung zur Zahlung von zusätzlichen
Beträgen nicht mehr wirksam ist.
However, no such notice of redemption may be given (i)
earlier than 90 days prior to the earliest date on which the
Issuer or, as the case maybe, the Guarantor, would be
obligated to pay such Additional Amounts were a payment
in respect of the Notes then due, or (ii) if at the time such
notice is given, such obligation to pay such Additional
Amounts does not remain in effect.
Eine solche Kündigung hat gemäß § 16 zu erfolgen. Sie ist
unwiderruflich, muss den für die Rückzahlung festgelegten
Termin nennen und eine zusammenfassende Erklärung
enthalten, welche die das Rückzahlungsrecht der Emittentin
begründenden Umstände darlegt.
Any such notice shall be given in accordance with § 16. It
shall be irrevocable, must specify the date fixed for
redemption and must set forth a statement in summary form
of the facts constituting the basis for the right of the Issuer so
to redeem.
(3)
Vorzeitige Rückzahlung bei Kontrollwechsel. Tritt
ein Kontrollwechsel (wie nachstehend definiert) ein, hat
jeder Gläubiger das Wahlrecht (sofern nicht die Emittentin,
bevor die nachstehend beschriebene RückzahlungsereignisMitteilung gemacht wird, die Rückzahlung der
Schuldverschreibungen nach § 6(2) angezeigt hat), von der
Emittentin die Rückzahlung seiner Schuldverschreibungen
am Wahl-Rückzahlungstag zum Nennbetrag zuzüglich bis
zum Wahl-Rückzahlungstag (ausschließlich) aufgelaufener
Zinsen zu verlangen.
(3)
Early Redemption due to Change of Control. In the
event that a Change of Control (as defined below) occurs,
each Holder will have the option (unless, prior to the giving
of the Put Event Notice referred to below, the Issuer gives
notice to redeem the Notes in accordance with § 6(2)) to
require the Issuer to redeem the Notes held by him on the
Optional Redemption Date at their principal amount together
with interest accrued to but excluding the Optional
Redemption Date.
"Kontrollwechsel" bezeichnet (i) den Erwerb von mehr als
50 % der Stimmrechte an der Garantin durch eine Person
"Change of Control" means (i) the acquisition of more than
50 per cent. of the voting rights in the Guarantor by a person
89
(außer einer Zulässigen Person) oder Gruppe von gemeinsam
handelnden Personen (außer Zulässigen Personen), wobei
zum Zweck der Feststellung des Kontrollerwerbs durch eine
Person oder durch eine Gruppe von gemeinsam handelnden
Personen (x) die Stimmrechte durch Anwendung der
Zurechnungsregeln nach § 30 WpÜG berechnet werden und
(y), falls eine Gruppe von Personen aus Zulässigen Personen
und anderen Personen besteht, eine Kontrolle durch diese
andere(n) Person(en) nur dann als erworben gilt, wenn sie
der bzw. den Zulässigen Person(en) in der Gruppe von
Personen Weisungen zur Ausübung der Stimmrechte erteilen
dürfen, oder (ii) den Abschluss eines Gewinnabführungsoder Beherrschungsvertrages im Sinne von §§ 291, 292
AktG, soweit die Emittentin dadurch zu einem beherrschten
Unternehmen wird.
(other than a Permitted Person) or a group of persons (other
than Permitted Persons) acting in concert, provided that, for
the determination of the acquisition of control by a person or
group of persons acting in concert, (x) the voting rights shall
be calculated on the basis of the attribution rules set forth in
section 30 of the German Securities Acquisition and
Takeover Act and (y) if a group of persons consists of
Permitted Persons and other persons, such other person(s)
shall only be regarded as having acquired control if it or they
can direct the exercise of voting rights by the Permitted
Person(s) that are part of the group of persons, or (ii) the
entering into a profit and loss transfer agreement or
domination agreement within the meaning of sections 291,
292 of the German Stock Corporation Act (Aktiengesetz) to
the extent that such agreement results in the Issuer becoming
a dominated company.
"Wahl-Rückzahlungstag" bezeichnet den siebten Tag nach
dem letzten Tag des Rückzahlungszeitraums (wie in
§ 6(4)(b) definiert).
"Optional Redemption Date" means the seventh day
following the last day of the Put Period (as defined in
§ 6(4)(b)).
"Zulässige Person" bezeichnet (i) die Gesellschafter der
Garantin zum Begebungstag, (ii) die Angehörigen im Sinne
von § 15 AO der unter (i) genannten Personen, (iii) die
Erben und Vermächtnisnehmer der unter (i) und (ii)
genannten Personen, und (iv) jegliche Rechtssubjekte,
Treuhandvermögen,
Stiftungen
oder
vergleichbare
Einrichtungen unter der Kontrolle einer der unter (i) bis (iii)
genannten Personen, auf die von den unter (i) bis (iii)
genannten Personen Anteile an der Garantin übertragen
werden.
"Permitted Person" means (i) the shareholders of the
Guarantor at the Issue Date, (ii) the relatives (Angehörige)
pursuant to section 15 of the German Tax Code
(Abgabenordnung) of the persons referred to under (i), (iii)
the heirs (Erben, Vermächtnisnehmer) of the persons
referred to under (i) and (ii) and (iv) any entity, trust,
foundation (Stiftung) or comparable arrangement controlled
by any of the persons referred to under (i) through (iii) to
which shares in the Guarantor are transferred by the persons
named under (i) through (iii).
(4)
Ausübungserklärung
Kontrollwechsel.
(4)
Exercise notice of the Holders in case of Change
of Control.
der
Gläubiger
bei
(a)
Unverzüglich nachdem die Garantin davon
Kenntnis erlangt hat, dass ein Kontrollwechsel
gemäß § 6(3) (ein "Rückzahlungsereignis")
eingetreten ist, wird die Emittentin die Gläubiger
durch
eine
Mitteilung
(eine
"Rückzahlungsereignis-Mitteilung") gemäß § 16
von dem Rückzahlungsereignis unterrichten. In der
Rückzahlungsereignis-Mitteilung
sind
die
Umstände des Rückzahlungsereignisses und das
Verfahren für die Ausübung des in § 6(3)
genannten Rückzahlungsrechts angegeben.
(a)
Promptly upon the Guarantor becoming aware that
a Change of Control pursuant to § 6(3) (a "Put
Event") has occurred, the Issuer shall give notice
(a "Put Event Notice") of the Put Event to the
Holders in accordance with § 16. The Put Event
Notice shall specify the circumstances giving rise
to the Put Event and the procedure for exercising
the put option set out in § 6(3).
(b)
Zur Ausübung des Rückzahlungsrechts muss der
Gläubiger innerhalb eines Zeitraums von 60 Tagen
(der
"Rückzahlungszeitraum")
nach
Veröffentlichung einer RückzahlungsereignisMitteilung eine ordnungsgemäß ausgefüllte
Ausübungserklärung in der bei der bezeichneten
Geschäftsstelle der Hauptzahlstelle erhältlichen
Form (die "Ausübungserklärung") während der
normalen Geschäftszeiten bei der bezeichneten
Geschäftsstelle der Hauptzahlstelle einreichen. Ein
so ausgeübtes Rückzahlungsrecht kann nicht ohne
vorherige Zustimmung der Emittentin widerrufen
oder zurückgezogen werden.
(b)
In order to exercise such put option, the Holder
must submit during normal business hours at the
specified office of the Principal Paying Agent a
duly completed option exercise notice (the
"Exercise Notice") in the form available from the
specified office of the Principal Paying Agent
within the period (the "Put Period") of 60 days
after a Put Event Notice is published. No put
option so exercised may be revoked or withdrawn
without the prior consent of the Issuer.
(5)
Vorzeitige
Rückzahlung
bei
geringem
ausstehenden Nennbetrag. Falls 80 % oder mehr des
Gesamtnennbetrages
der
zurückgezahlt oder angekauft und entwertet wurden, ist die
Emittentin berechtigt, nach ihrer Wahl die noch
ausstehenden Schuldverschreibungen insgesamt mit einer
Frist von mindestens 30 und höchstens 60 Tagen gemäß § 16
(5)
Early Redemption due to Minimal Outstanding
Amount. If 80 per cent. or more in Aggregate Principal
Amount of the Notes have been redeemed or repurchased
and cancelled, the Issuer may, upon not less than 30 or more
than 60 days' notice to the Holders in accordance with § 16,
redeem, at its option, the remaining Notes as a whole at their
principal amount together with interest accrued to but
90
gegenüber den Gläubigern zu kündigen und zu ihrem
Nennbetrag zuzüglich bis zum Tag der Rückzahlung
(ausschließlich) aufgelaufener Zinsen zurückzuzahlen.
excluding the date of such redemption.
§7
§7
LIMITATION ON INDEBTEDNESS
BESCHRÄNKUNG VON VERBINDLICHKEITEN
(1)
Beschränkung von Finanzverbindlichkeiten. Die
Garantin hat sich in der Garantie verpflichtet, keine
Finanzverbindlichkeiten einzugehen, und nicht zuzulassen,
dass
eine
ihrer
Tochtergesellschaften
Finanzverbindlichkeiten eingeht, vorausgesetzt, dass die
Garantin
und
jede
Tochtergesellschaft
Finanzverbindlichkeiten eingehen dürfen, sofern (i) zum
Zeitpunkt und unter der Pro-forma-Annahme des Eingehens
dieser
Finanzverbindlichkeiten
(einschließlich
der
Verwendung der Erlöse daraus) der Konsolidierte
Verschuldungsgrad der Gruppe 2,75 zu 1,00 nicht
überschreiten würde und (ii) zum Zeitpunkt des Eingehens
kein Kündigungsgrund (wie in § 12(1) definiert) eingetreten
ist und fortbesteht oder infolge des Eingehens der
Finanzverbindlichkeiten eintreten würde.
(1)
Limitation on Financial Indebtedness. The
Guarantor has undertaken in the Guarantee that it will not,
and will not permit any of its Subsidiaries to incur any
Financial Indebtedness, provided, however, that the
Guarantor and any Subsidiary may incur Financial
Indebtedness if (i) on the date of such incurrence and after
giving pro forma effect thereto (including pro forma
application of the proceeds thereof) the Consolidated
Leverage Ratio for the Group would not exceed 2.75 to 1.00
and (ii) on the date of such incurrence no Event of Default
(as defined in § 12(1)) shall have occurred and be continuing
or would occur as a consequence of incurring the Financial
Indebtedness.
(2)
Zulässige
Finanzverbindlichkeiten.
§ 7(1)
untersagt
nicht
das
Eingehen
folgender
Finanzverbindlichkeiten:
(2)
Permitted Financial Indebtedness. § 7(1) shall not
prohibit the incurrence of the following Financial
Indebtedness:
(a)
Finanzverbindlichkeiten der Garantin oder einer
ihrer
Tochtergesellschaften,
die
durch
Forderungsverkäufe im Rahmen von Factoringund ABS-Finanzierungen eingegangen werden,
vorausgesetzt, dass (i) der ausstehende
Gesamtbetrag der verkauften Forderungen
(gemessen an dem Nettoerlös aus dem Verkauf)
zu keinem Zeitpunkt mehr als EUR 25.000.000
beträgt; und (ii) die betreffende Factoring- und
ABS-Finanzierung keinen Rückgriff auf die
Garantin oder eine ihrer Tochtergesellschaften
erlaubt;
(a)
Financial Indebtedness of the Guarantor or any of
its Subsidiaries incurred pursuant to the sale of
receivables under Factoring and ABS Financings,
provided, however, that (i) the amounts of
receivables sold (measured by the net proceeds of
such sales) does not exceed at any time
outstanding EUR 25,000,000 in the aggregate;
and (ii) such Factoring and ABS Financing shall
be non-recourse to the Guarantor or any of its
Subsidiaries;
(b)
Tochtergesellschaft, die im Rahmen von
Kreditfazilitäten (einschließlich Commercial
Paper-Fazilitäten mit Banken oder anderen
Instituten,
die
revolvierende
Kredite,
Laufzeitkredite,
Schuldtitel
oder
Forderungsfinanzierungen (unter anderem durch
den Verkauf von Forderungen an diese
Kreditgeber oder an Zweckgesellschaften, die
zum Zweck der Mittelaufnahme von diesen
Kreditgebern
gegen
Übertragung
solcher
Forderungen errichtet wurden) vorsehen) oder
Akkreditiven eingegangen werden, in einem
ausstehenden Gesamtbetrag von maximal
EUR 50.000.000;
(b)
Financial Indebtedness of the Guarantor or any
Subsidiary incurred pursuant to any credit
facilities (including commercial paper facilities
with banks or other institutions providing for
revolving credit loans, term loans, notes or
receivables financing (including through the sale
of receivables to such lenders or to special
purpose entities formed to borrow from such
lenders against such receivables)), or letters of
credit which does not exceed at any time
outstanding EUR 50,000,000 in the aggregate;
(c)
Refinanzierungsverbindlichkeiten, die in Bezug
auf Finanzverbindlichkeiten, die im Einklang mit
den anderen Bestimmungen dieses § 7
eingegangen werden oder am Begebungstag
bestehen, eingegangen werden;
(c)
any Refinancing Financial Indebtedness incurred
in respect of any Financial Indebtedness incurred
in compliance with the other provisions of this § 7
or existing on the Issue Date;
(d)
Finanzverbindlichkeiten,
die
sich
aus
Nachrangigen Verbindlichkeiten ergeben; oder
(d)
Financial
Indebtedness
Subordinated Obligations; or
(e)
Finanzverbindlichkeiten, die sich aus Cash
Management-Vereinbarungen ergeben, in einem
ausstehenden Gesamtbetrag von maximal
(e)
Financial Indebtedness arising under Cash
Management Arrangements which does not
exceed at any time outstanding EUR 25,000,000
arising
under
91
EUR 25.000.000;
in the aggregate.
Zur Überprüfung der Einhaltung dieses § 7(2) gilt:
For purposes of determining compliance with this § 7(2):
(i)
Falls eine Finanzverbindlichkeit die Kriterien von
mehr als einer der in den vorstehenden Absätzen
(a) bis (e) dieses § 7(2) genannten Kategorien von
Finanzverbindlichkeiten erfüllt, wird die Garantin
die betreffende Finanzverbindlichkeit nach ihrem
alleinigen Ermessen in eine Kategorie einstufen
und kann diese Einstufung von Zeit zu Zeit
ändern, und ist nur verpflichtet, den Betrag und
die
Kategorie
der
betreffenden
Finanzverbindlichkeit einem der vorstehenden
Absätze (a) bis (e) dieses § 7(2) zuzuordnen; und
(i)
in the event that an item of Financial Indebtedness
meets the criteria of more than one of the types of
Financial Indebtedness described in the foregoing
subparagraphs (a) to (e) of this § 7(2), the
Guarantor, in its sole discretion, will classify, and
from time to time may reclassify, such item of
Financial Indebtedness and only be required to
include the amount and type of such Financial
Indebtedness in one of the foregoing
subparagraphs (a) to (e) of this § 7(2); and
(ii)
eine Finanzverbindlichkeit kann aufgeteilt und in
mehr als eine der in diesem § 7(2) genannten
Kategorien
von
eingestuft bzw. umgestuft werden.
(ii)
an item of Financial Indebtedness may be divided
and classified, or reclassified, in more than one of
the types of Financial Indebtedness described in
this § 7(2).
(3)
Definitionen.
(3)
Definitions.
"Cash Management-Vereinbarungen" bezeichnet die Cash
Management-Vereinbarungen der Garantin und ihrer
Tochtergesellschaften (einschließlich sich daraus ergebender
Finanzverbindlichkeiten) im Rahmen ihres gewöhnlichen
Geschäftsbetriebs.
"Cash Management Arrangements" means the cash
management arrangements of the Guarantor and its
Subsidiaries (including any Financial Indebtedness arising
thereunder) which arrangements are in the ordinary course of
business.
"Durchschnittliche
Laufzeit"
bezeichnet
zum
Berechnungszeitpunkt
in
Bezug
auf
eine
Finanzverbindlichkeit den Quotient aus (1) der Summe der
Produkte
aus
der
Anzahl
der
Jahre
vom
Berechnungszeitpunkt bis zu jedem darauffolgenden
planmäßigen Termin für eine Kapitalrückzahlung auf diese
Finanzverbindlichkeit und dem Betrag der betreffenden
Zahlung und (2) der Summe aller dieser Zahlungen.
"Average Life" means, as of the date of determination, with
respect to any Financial Indebtedness, the quotient obtained
by dividing (1) the sum of the products of the numbers of
years from the date of determination to the dates of each
successive scheduled principal payment of such Financial
Indebtedness multiplied by the amount of such payment by
(2) the sum of all such payments.
"eingehen"
bezeichnet
in
Bezug
auf
eine
Finanzverbindlichkeit oder eine sonstige Verbindlichkeit
einer Person eine Begründung oder Übernahme dieser
Finanzverbindlichkeit oder sonstigen Verbindlichkeit oder
die Gewährung einer Garantie oder Bürgschaft oder
Übernahme
einer
sonstigen
Haftung
für
diese
Finanzverbindlichkeit oder sonstige Verbindlichkeit, und
"Eingehen" bzw. "eingegangen" sind entsprechend
auszulegen.
"incur" means, with respect to any Financial Indebtedness or
other obligation of any Person, to create, assume, guarantee
or otherwise become liable in respect of such Financial
Indebtedness or other obligation, and "incurrence" and
"incurred" have the meanings correlative to the foregoing.
"Festgelegte Fälligkeit" bezeichnet in Bezug auf ein
Wertpapier, das Finanzverbindlichkeiten darstellt, den Tag,
der in den Bedingungen dieses Wertpapiers als der Tag
festgelegt ist, an dem die Kapitalrückzahlung auf dieses
Wertpapier fällig und zahlbar ist, unter anderem gemäß einer
Bestimmung über eine zwangsweise Rückzahlung, jedoch
ohne Berücksichtigung einer Eventualverpflichtung zu einer
Rückzahlung, einer Rückführung oder einem Rückkauf in
Bezug auf solche Kapitalbeträge vor dem ursprünglich für
die Kapitalrückzahlung vorgesehenen Tag.
"Stated Maturity" means, with respect to any instrument
constituting Financial Indebtedness, the date specified in
such security as the fixed date on which the payment of
principal of such instrument is due and payable, including
pursuant to any mandatory redemption provision, but shall
not include any contingent obligations to repay, redeem or
repurchase any such principal prior to the date originally
scheduled for the payment thereof.
"IFRS" bezeichnet die International Financial Reporting
Standards, wie sie in der Europäischen Union anwendbar
sind.
"IFRS" means the International Financial Reporting
Standards as applicable in the European Union.
"Konsolidierte Ertragsteuern" bezeichnet Steuern oder
sonstige Zahlungen, einschließlich latenter Steuern, auf der
Grundlage von Erträgen, Gewinnen oder Kapital (unter
anderem
einschließlich
Quellensteuern)
und
Konzessionssteuern
der
Garantin
und
ihrer
Tochtergesellschaften, unabhängig davon, ob diese gezahlt,
"Consolidated Income Taxes" means taxes or other
payments, including deferred taxes, based on income, profits
or capital (including without limitation withholding taxes)
and franchise taxes of any of the Guarantor and its
Subsidiaries whether or not paid, estimated, accrued or
required to be remitted to any governmental authority.
92
geschätzt, aufgelaufen oder an eine Behörde zu überweisen
sind oder nicht.
"Konsolidierte Nettofinanzverbindlichkeiten" bezeichnet
die Summe der gesamten ausstehenden Finanzverbindlichkeiten der Garantin und ihrer Wesentlichen
Tochtergesellschaften abzüglich Zahlungsmitteln und
Zahlungsmitteläquivalenten.
"Consolidated Net Leverage" means the sum of the
aggregate outstanding Financial Indebtedness of the
Guarantor and its Material Subsidiaries, minus cash and
Cash Equivalents.
"Konsolidierter Verschuldungsgrad" bezeichnet zu einem
Berechnungszeitpunkt das Verhältnis (x) der Konsolidierten
Nettofinanzverbindlichkeiten zu diesem Zeitpunkt zu (y)
dem Gesamtbetrag des Konzern-EBITDA für den Zeitraum
der letzten vier aufeinanderfolgenden Geschäftsquartale, die
vor dem Berechnungszeitpunkt enden und für die interne
Konzernabschlüsse der Garantin vorliegen, wobei jedoch für
die Berechnung des Konzern-EBITDA für diesen Zeitraum
Folgendes gilt: Falls zu dem Berechnungszeitpunkt
"Consolidated Leverage Ratio" means, as of any date of
determination, the ratio of (x) Consolidated Net Leverage at
such date to (y) the aggregate amount of Consolidated
EBITDA for the period of the most recent four consecutive
fiscal quarters ending prior to the date of such determination
for which internal consolidated financial statements of the
Guarantor are available; provided, however, that for the
purposes of calculating Consolidated EBITDA for such
period, if, as of such date of determination:
(i)
die Garantin oder eine ihrer Tochtergesellschaften
seit dem Beginn dieses Zeitraums ein
Unternehmen, einen Geschäftsbereich oder eine
Gruppe von Vermögenswerten, die eine operative
Einheit eines Unternehmens bilden, veräußert hat
(jede solche Veräußerung ein "Verkauf") wird
das Konzern-EBITDA für diesen Zeitraum um
den Betrag des Konzern-EBITDA (falls positiv)
reduziert oder (falls negativ) erhöht, der den
Vermögenswerten, die Gegenstand eines solchen
Verkaufs sind, für diesen Zeitraum zurechenbar
ist; und
(i)
since the beginning of such period the Guarantor
or any of its Subsidiaries has disposed of any
company, any business, or any group of assets
constituting an operating unit of a business (any
such disposition, a "Sale"), Consolidated
EBITDA for such period will be reduced by an
amount equal to the Consolidated EBITDA (if
positive) attributable to the assets which are the
subject of such Sale for such period or increased
by an amount equal to the Consolidated EBITDA
(if negative) attributable thereto for such period;
and
(ii)
seit dem Beginn dieses Zeitraums (durch
Verschmelzung oder in sonstiger Weise) ein
Einheit eines Unternehmens bilden, erworben hat
(ein solcher Erwerb ein "Kauf") wird das
Konzern-EBITDA für diesen Zeitraum auf einer
Pro-forma-Basis so berechnet, als sei der Kauf am
ersten Tag dieses Zeitraums erfolgt; und
(ii)
since the beginning of such period, the Guarantor
or any of its Subsidiaries (by merger or
otherwise) has acquired any company, any
business, or any group of assets constituting an
operating unit of a business (any such acquisition,
a "Purchase"), Consolidated EBITDA for such
period will be calculated after giving pro forma
effect thereto as if such Purchase occurred on the
first day of such period; and
(iii)
eine Person (die seit dem Beginn dieses
Zeitraums eine Tochtergesellschaft wurde oder in
anderer Weise mit oder auf die Garantin oder eine
Tochtergesellschaft verschmolzen oder in
sonstiger Weise zusammengeschlossen wurde)
seit dem Beginn dieses Zeitraums einen Verkauf
oder einen Kauf getätigt hat, der eine Anpassung
gemäß vorstehendem Absatz (i) oder (ii) erfordert
hätte, wenn er seit dem Beginn dieses Zeitraums
von der Garantin oder einer Tochtergesellschaft
getätigt worden wäre, wird das Konzern-EBITDA
für diesen Zeitraum auf einer Pro-forma-Basis so
berechnet, als sei der Kauf bzw. Verkauf am
ersten Tag dieses Zeitraums erfolgt.
(iii)
since the beginning of such period, any person
(that became a Subsidiary or was merged or
otherwise combined with or into the Guarantor or
any Subsidiary since the beginning of such
period) will have made any Sale or any Purchase
that would have required an adjustment pursuant
to clause (i) or (ii) above if made by the
Guarantor or a Subsidiary since the beginning of
such period, Consolidated EBITDA for such
period will be calculated after giving pro forma
effect thereto as if such Sale or Purchase occurred
on the first day of such period.
Für die Zwecke dieser Definition werden Berechnungen
nach Treu und Glauben durch einen für die Finanzen
verantwortlichen leitenden Angestellten oder Chief
Accounting Officer der Garantin nach Treu und Glauben
bestimmt und bei der Bestimmung des Betrages der zu
einem
ausstehenden
wird
ein
Eingehen,
eine
Rückzahlung, ein Rückkauf, eine Schuldübernahme oder ein
sonstiger Erwerb, eine Rückführung oder eine Begleichung
von Finanzverbindlichkeiten auf einer Pro-forma-Basis so
For the purposes of this definition, calculations will be
determined in good faith by a responsible financial or chief
accounting officer of the Guarantor and in determining the
amount of Financial Indebtedness outstanding on any date of
determination, pro forma effect shall be given to any
incurrence, repayment, repurchase, defeasance or other
acquisition, retirement or discharge of Financial
Indebtedness as if such transaction had occurred on the first
day of the relevant period.
93
berücksichtigt, als sei die jeweilige Transaktion am ersten
Tag des betreffenden Zeitraums erfolgt.
"Konsolidiertes Zinsergebnis" bezeichnet für einen
Zeitraum (jeweils nach IFRS ermittelt) den konsolidierten
Saldo der Zinserträge und Zinsaufwendungen der Garantin
und ihrer Tochtergesellschaften, ob gezahlt oder aufgelaufen,
einschließlich Zinskosten für Pensionsverbindlichkeiten,
zuzüglich oder einschließlich (ohne doppelte Zählung) aller
Zinsen, Kosten und Aufwendungen, die aus Folgendem
bestehen:
"Consolidated Interest Expense" means, for any period (in
each case, determined on the basis of IFRS), the
consolidated net interest income or interest expense of the
Guarantor and its Subsidiaries, whether paid or accrued,
including any pension liability interest cost, plus or including
(without duplication) any interest, costs and charges
consisting of:
(a)
Zinsaufwendungen, die einer Verbindlichkeit
zuzurechnen
sind,
die
für
Rechnungslegungszwecke
nach
IFRS als
Finanzierungsleasing
einzustufen
und
zu
bilanzieren ist;
(a)
interest expense attributable to an obligation that
is required to be classified and accounted for as a
capitalized lease for financial reporting purposes
on the basis of IFRS;
(b)
Abschreibungen auf Disagios, Kosten
Emission von Schuldtiteln und Agios;
(b)
amortization of debt discount, debt issuance cost
and premium;
(c)
nicht zahlungswirksamen Zinsaufwendungen;
(c)
non-cash interest expense;
(d)
Provisionen, Abschlägen und anderen Gebühren
und Kosten, die in Bezug auf Finanzierungen
geschuldet werden, die nicht unter vorstehenden
Absatz (b) fallen;
(d)
commissions, discounts and other fees and
charges owed with respect to financings not
included in clause (b) above;
(e)
Kosten in Verbindung mit Zins-, Währungs- oder
Warensicherungsgeschäften;
(e)
costs associated with interest rate, currency or
commodity hedging arrangements;
(f)
den konsolidierten Zinsaufwendungen, die in
diesem Zeitraum kapitalisiert wurden;
(f)
the consolidated interest expense that was
capitalized during such period; and
(g)
Zinsen, die von der Garantin oder einer
Tochtergesellschaft gemäß einer Garantie für
oder
andere
Verbindlichkeiten
einer
anderen
Person
tatsächlich gezahlt wurden.
(g)
interest actually paid by the Guarantor or any
Subsidiary under any guarantee of Financial
Indebtedness or other obligation of any other
Person.
der
"Konzern-EBITDA" für einen Zeitraum bezeichnet ohne
doppelte Zählung das Konzernergebnis für diesen Zeitraum
zuzüglich der folgenden Posten, soweit sie bei der
Berechnung des Konzernergebnisses abgezogen wurden:
"Consolidated EBITDA" for any period means, without
duplication, the Consolidated Net Income for such period,
plus the following to the extent deducted in calculating such
Consolidated Net Income
(a)
Konsolidiertes Zinsergebnis;
(a)
Consolidated Interest Expense;
(b)
Konsolidierte Ertragsteuern;
(b)
Consolidated Income Taxes;
(c)
konsolidierte Abschreibungen auf Sachanlagen;
(c)
consolidated depreciation expense;
(d)
konsolidierte Abschreibungen auf immaterielle
Vermögensgegenstände oder Wertminderungen;
(d)
consolidated amortization or impairment expense;
(e)
sämtliche Aufwendungen oder sonstigen Kosten
in Verbindung oder im Zusammenhang mit einem
Angebot von Kapitalanteilen oder einem Erwerb,
einer Veräußerung, einer Rekapitalisierung oder
dem Eingehen von Finanzverbindlichkeiten, die
gemäß diesen Anleihebedingungen eingegangen
werden dürfen, (in jedem dieser Fälle unabhängig
davon, ob die betreffende Transaktion erfolgreich
verläuft oder nicht), jeweils wie nach Treu und
Glauben von der Garantin bestimmt;
(e)
any expenses, charges or other costs related to or
arising in connection with any equity offering,
acquisition, disposition, recapitalization or the
incurrence of any Financial Indebtedness
permitted by these Terms and Conditions (in each
case whether or not successful) in each case, as
determined in good faith by the Guarantor;
(f)
alle
sonstigen
nicht
zahlungswirksamen
Aufwendungen, Herabschreibungen oder Posten,
die das Konzernergebnis verringern, oder sonstige
Posten, die von der Garantin als außerordentliche,
besondere, nicht gewöhnliche oder nicht
wiederkehrende Posten eingestuft werden,
abzüglich
nicht
zahlungswirksamer
(f)
any other non-cash charges, write-downs or items
reducing Consolidated Net Income or other items
classified by the Guarantor as extraordinary,
exceptional, unusual or nonrecurring items less
other non-cash items of income increasing
Consolidated Net Income (excluding any such
non-cash item of income to the extent it
94
Ertragsposten, die das Konzernergebnis erhöhen
(außer nicht zahlungswirksamer Ertragsposten,
die einen Eingang von Zahlungsmitteln in einem
zukünftigen Zeitraum darstellen).
represents a receipt of cash in any future period).
"Konzernergebnis" bezeichnet für einen Zeitraum den nach
IFRS ermittelten konsolidierten Überschuss (Fehlbetrag) der
Garantin und ihrer Tochtergesellschaften.
"Consolidated Net Income" means, for any period, the
consolidated net income (loss) of the Guarantor and its
Subsidiaries determined on the basis of IFRS.
"Nachrangige
Verbindlichkeit"
bezeichnet
eine
Finanzverbindlichkeit (ob am Begebungstag ausstehend oder
danach eingegangen), die den Schuldverschreibungen und
der Garantie gemäß einer schriftlichen Vereinbarung im
Hinblick auf den Zahlungsanspruch im Rang nachgeht. Dies
gilt jedoch unter der Voraussetzung, dass diese Nachrangige
Verbindlichkeit
"Subordinated Obligations" means any Financial
Indebtedness (whether outstanding on the Issue Date or
thereafter incurred) which is subordinated in right of
payment to the Notes and the Guarantee, pursuant to a
written agreement, provided, however, that such
Subordinated Obligation
(a)
(unter anderem nach dem Eintritt irgendeines
Ereignisses) nicht vor dem ersten Jahrestag der
Fälligkeit der Schuldverschreibungen fällig wird
oder
eine
Tilgung
oder
sonstige
Kapitalrückzahlung vorschreibt (außer durch
Wandlung
oder
Umtausch
in
Anteile,
Beteiligungen
oder
andere
Rechte
am
Eigenkapital
der
Garantin
oder
einer
Tochtergesellschaft oder in sonstige Wertpapiere
oder Instrumente, die die Anforderungen der
Definition der Nachrangigen Verbindlichkeiten
erfüllen);
(a)
does not (including upon the occurrence of any
event) mature or require any amortisation or other
payment of principal prior to the first anniversary
of the maturity of the Notes (other than through
conversion or exchange into shares, interests,
participations or other interests in the equity of
the Guarantor or a Subsidiary or for any other
security or instrument meeting the requirements
of the definition of Subordinated Obligations);
(b)
Fälligkeit der Schuldverschreibungen die Zahlung
von zahlungswirksamen Zinsen vorschreibt;
(b)
event) require the payment of cash interest prior
to the first anniversary of the maturity of the
Notes;
(c)
Fälligkeit der Schuldverschreibungen eine
vorzeitige Kündigung vorsieht oder ein Recht
Ereignisses) zur Erklärung einer Leistungsstörung
oder eines Kündigungsgrundes oder zu einer
gerichtlichen Geltendmachung von Forderungen
gewährt;
(c)
event) provide for the acceleration of its maturity
nor confers any right (including upon the
happening of any event) to declare a default or
event of default or take any enforcement action,
in each case, prior to the first anniversary of the
maturity of the Notes;
(d)
nicht
durch
ein
Sicherungsrecht
an
Vermögenswerten der Garantin oder einer
Tochtergesellschaft besichert ist;
(d)
is not secured by a Security Interest on any assets
of the Guarantor or a Subsidiary;
(e)
im Hinblick auf den Zahlungsanspruch der
vorherigen vollständigen Zahlung in bar auf die
Schuldverschreibungen und die Garantie im Fall
einer
Zahlungsunfähigkeit,
Insolvenz,
Reorganisation, Liquidation, Abwicklung oder
sonstigen Vermögensveräußerung im Rang
nachgeht;
(e)
is subordinated in right of payment to the prior
payment in full in cash of the Notes and the
Guarantee, in the event of any default,
bankruptcy, reorganisation, liquidation, winding
up or other disposition of assets;
(f)
Ereignisses) die Zahlung von Beträgen, die auf
die Schuldverschreibungen bzw. die Garantie
fällig sind, oder die Einhaltung der
Verpflichtungen der Emittentin oder der Garantin
aus den Schuldverschreibungen bzw. der Garantie
nicht einschränkt;
(f)
event) restrict the payment of amounts due in
respect of the Notes, or, as the case maybe, the
Guarantee or compliance by the Issuer or the
Guarantor with their obligations under the Notes
and the Guarantee, respectively;
(g)
Ereignisses) keine Anteile oder sonstigen Rechte
an Eigenkapital begründet, die bei der Wahl von
Mitgliedern
von
Geschäftsführungsorganen
(g)
event) constitute shares or other interests in equity
that are entitled to vote in the election of
directors; and
95
stimmberechtigt sind; und
(h)
Ereignisses) nicht vor dem Fälligkeitstag der
Schuldverschreibungen insgesamt oder teilweise
zwangsweise oder nach Wahl ihres Gläubigers
wandelbar oder umtauschbar ist, außer in Anteile,
Beteiligungen oder sonstige Rechte an dem
Eigenkapital
der
Garantin
oder
einer
Tochtergesellschaft.
(h)
is not (including upon the occurrence of any
event) mandatorily convertible or exchangeable,
or convertible or exchangeable at the option of the
holder, in whole or in part, prior to the date on
which the Notes mature other than into or for
shares, interests, participations or other interests
in the equity in the Guarantor or a Subsidiary;
Falls jedoch ein Ereignis oder ein Umstand eintritt, der zur
Folge hat, dass die betreffende Finanzverbindlichkeit die
Voraussetzungen für eine Nachrangige Verbindlichkeit nicht
mehr erfüllt, gilt die betreffende Finanzverbindlichkeit als
ein Eingehen von Finanzverbindlichkeiten durch die
Garantin oder eine Tochtergesellschaft, welches nur in dem
gemäß § 7(2) gestatteten Umfang zulässig ist.
provided, however, that in any event or circumstance that
results in such Financial Indebtedness ceasing to qualify as a
Subordinated Obligation, such Financial Indebtedness shall
constitute an incurrence of such Financial Indebtedness by
the Guarantor or a Subsidiary which incurrence will only be
permitted to the extent permitted under § 7(2).
"Refinanzierungsverbindlichkeit"
bezeichnet
eine
Finanzverbindlichkeit, mit der eine in zulässiger Weise
gemäß und im Einklang mit diesen Anleihebedingungen
eingegangene oder bestehende Finanzverbindlichkeit
refinanziert wird, wobei jedoch folgende Voraussetzungen
gelten:
"Refinancing Financial Indebtedness" means Financial
Indebtedness that refinances any Financial Indebtedness
incurred or existing as permitted under and in compliance
with these Terms and Conditions; provided, however, that:
(a)
die
Festgelegte
Fälligkeit
der
Refinanzierungsverbindlichkeit darf nicht vor der
Festgelegten Fälligkeit der Finanzverbindlichkeit,
die refinanziert wird, liegen;
(a)
the Refinancing Financial Indebtedness has a
Stated Maturity no earlier than the Stated
Maturity of the Financial Indebtedness being
refinanced;
(b)
die
Durchschnittliche
Laufzeit
der
Refinanzierungsverbindlichkeit zu dem Zeitpunkt
ihres Eingehens muss größer oder gleich der
Durchschnittlichen
Laufzeit
der
Finanzverbindlichkeit, die refinanziert wird, sein;
(b)
the Refinancing Financial Indebtedness has an
Average Life at the time such Refinancing
Financial Indebtedness is incurred that is equal to
or greater than the Average Life of the Financial
Indebtedness being refinanced;
(c)
nur
derjenige
Teil
der
eingegangenen
Finanzverbindlichkeiten erfüllt die Kriterien für
Refinanzierungsverbindlichkeiten,
dessen
Gesamtnennbetrag (oder falls mit Disagio
ausgegeben, Gesamtausgabepreis) kleiner oder
gleich dem zu diesem Zeitpunkt ausstehenden
Gesamtnennbetrag (oder, falls mit Disagio
ausgegeben, aufgelaufenen Gesamtwert) der
refinanzierten Finanzverbindlichkeit (zuzüglich
aller aufgelaufenen Zinsen und dem Betrag aller
Gebühren und Aufwendungen, einschließlich
Prämien) ist, und
(c)
only such portion of the Financial Indebtedness
incurred will qualify as Refinancing Financial
Indebtedness that has an aggregate principal
amount (or, if issued with original issue discount,
an aggregate issue price) that is equal to or less
than the aggregate principal amount (or, if issued
with original issue discount, the aggregate
accreted value) then outstanding of the Financial
Indebtedness being refinanced (plus all accrued
interest and the amount of all fees and expenses,
including any premiums); and
(d)
falls die Finanzverbindlichkeit, die refinanziert
wird,
gemäß
ihren
Bedingungen
den
Schuldverschreibungen bzw. der Garantie im
Hinblick auf den Zahlungsanspruch im Rang
nachgeht,
muss
die
Refinanzierungsverbindlichkeit
den
Schuldverschreibungen und der Garantie im
Hinblick auf den Zahlungsanspruch zu
Bedingungen im Rang nachgehen, die für die
Gläubiger mindestens so vorteilhaft sind wie die
Bedingungen der Dokumente, die für die
Finanzverbindlichkeit, die refinanziert wird,
maßgeblich sind.
(d)
if the Financial Indebtedness being refinanced is,
according to its terms, subordinated in right of
payment to the Notes and the Guarantee, such
Refinancing
Financial
Indebtedness
is
subordinated in right of payment to the Notes and
the Guarantee, as the case may be, on terms at
least as favourable to the Holders as those
contained in the documentation governing the
Financial Indebtedness being refinanced.
"Zahlungsmitteläquivalente" bezeichnet:
"Cash Equivalents" means:
(a)
(a)
Wertpapiere, die von der Regierung der
Vereinigten Staaten von Amerika oder Behörden
oder Institutionen der Vereinigten Staaten von
securities issued or directly and fully guaranteed
or insured by the Government of the United
States of America or any agency or
96
Amerika oder einem zum 31. Dezember 2003
bestehenden Mitgliedstaat der Europäischen
Union oder dessen Behörden oder Institutionen
begeben oder unmittelbar und uneingeschränkt
garantiert oder versichert sind (jedoch nur, sofern
sie durch eine uneingeschränkte staatliche
Garantie (full faith and credit) der Vereinigten
Staaten bzw. des betreffenden Mitgliedstaates der
Europäischen Union abgesichert sind), mit einer
Laufzeit von maximal einem Jahr ab dem
Zeitpunkt des Erwerbs;
instrumentality of the United States of America or
a member state of the European Union as of
31 December 2003 or any agency or
instrumentality thereof (provided, however, that
the full faith and credit of the United States of
America or such member state of the European
Union is pledged in support thereof), having
maturities of not more than one year from the date
of acquisition;
(b)
Einlagenzertifikate, Termineinlagen, EurodollarTermineinlagen, Tagesgelder oder Bankakzepte
mit einer Laufzeit von maximal einem Jahr ab
dem Zeitpunkt des Erwerbs, deren Emittent eine
Geschäftsbank
ist,
deren
langfristige
Verbindlichkeiten zum Zeitpunkt des Erwerbs ein
Rating von "A" oder ein gleichwertiges Rating
von S&P oder ein Rating von "A2" oder ein
gleichwertiges Rating von Moody's aufweisen;
(b)
certificates of deposit, time deposits, Eurodollar
time deposits, overnight bank deposits or bankers'
acceptances having maturities of not more than
one year from the date of acquisition thereof
issued by any commercial bank the long term
debt of which is rated at the time of acquisition
"A" or the equivalent thereof by S&P or "A2" or
the equivalent thereof by Moody's;
(c)
Rückkaufverpflichtungen mit einer Laufzeit von
maximal sieben Tagen für zugrunde liegende
Wertpapiere der in den vorstehenden Absätzen (a)
und (b) beschriebenen Arten, die mit einer Bank,
die die in vorstehendem Absatz (b) dieser
Definition
genannten
Kriterien
erfüllt,
eingegangen wurden;
(c)
repurchase obligations with a term of not more
than seven days for underlying securities of the
types described in paragraphs (a) and (b) entered
into with any bank meeting the qualifications
specified in paragraph (b) of this definition;
(d)
Commercial Paper mit einem Rating zum
Zeitpunkt des Erwerbs von mindestens "A-2"
oder einem gleichwertigen Rating von S&P oder
"P-2" oder einem gleichwertigen Rating von
Moody's oder einem gleichwertigen Rating einer
international anerkannten Ratingagentur, falls
beide vorstehend genannten Ratingagenturen die
Veröffentlichung von Ratings für Anlagen
einstellen, und jeweils mit einer Laufzeit von
maximal einem Jahr ab dem Zeitpunkt des
Erwerbs; und
(d)
commercial paper rated at the time of acquisition
thereof at least "A-2" or the equivalent thereof by
S&P or "P-2" or the equivalent thereof by
Moody's or carrying an equivalent rating by an
internationally recognised rating agency, if both
of the two named rating agencies cease publishing
ratings of investments, and in any case maturing
within one year after the date of acquisition
thereof; and
(e)
Beteiligungen an einer Investmentgesellschaft
oder einem Geldmarktfonds, die bzw. der
mindestens 95 % ihres bzw. seines Vermögens in
Instrumenten der in den Absätzen (a) bis (d)
dieser Definition beschriebenen Arten anlegt.
(e)
interests in any investment company or money
market fund which invests 95% or more of its
assets in instruments of the type specified in
paragraphs (a) through (d) of this definition.
(4)
Beschränkung
der
Verbindlichkeiten
von
Tochtergesellschaften. Ungeachtet § 7(1) darf der
ausstehende Gesamtbetrag der Finanzverbindlichkeiten, die
von
Tochtergesellschaften
der
Garantin
(außer
Finanzierungsgesellschaften) gemäß § 7(2) eingegangen
werden, zu keinem Zeitpunkt höher sein als 15,0 % der
Konzernbilanzsumme der Garantin (ermittelt nach IFRS auf
der Grundlage des letzten verfügbaren geprüften
Konzernabschlusses der Garantin).
(4)
Limitation
on
Subsidiary
Indebtedness.
Notwithstanding
§ 7(1),
the
aggregate
Financial
Indebtedness incurred by Subsidiaries of the Guarantor
(excluding Finance Subsidiaries) in accordance with § 7(2)
may not exceed an amount at any one time outstanding equal
to 15.0% of an amount equal to the aggregate book value of
the total consolidated assets of the Guarantor (determined by
reference to the most recent available audited annual
consolidated financial statements of the Guarantor and
calculated in accordance with IFRS).
"Finanzierungsgesellschaft" bezeichnet jede unmittelbare
oder mittelbare Tochtergesellschaft der Garantin, deren
alleiniger Zweck die Aufnahme von Fremdkapital für die
Gruppe ist und die über keine wesentlichen Vermögenswerte
(außer Forderungen aus Darlehen an andere Mitglieder der
Gruppe und Bankeinlagen) verfügt.
"Finance Subsidiary" means each direct or indirect
Subsidiary of the Guarantor whose sole purpose is to raise
financing for the Group and which does not own any
material assets (other than receivables arising from loans to
other members of the group and bank deposits).
(5)
Ruhen der Verpflichtungen zur Beschränkung von
Verbindlichkeiten nach Veröffentlichung eines Investment
(5)
Suspension of Limitation on Indebtedness
Covenant upon Publication of Investment Grade
97
Grade-Ratings. Ab dem ersten Tag (sofern dieser eintritt)
nach dem Begebungstag, an dem die Schuldverschreibungen
ein Investment Grade-Rating erhalten, ruhen die in der
Garantie enthaltenen und in § 7(1), (4) und (6) beschriebenen
Verpflichtungen der Garantin (und solange diese
Verpflichtungen ruhen, unterliegt die Garantin diesbezüglich
keinen weiteren Verpflichtungen mehr). Ab dem Tag, an
dem die Schuldverschreibungen nicht mehr über mindestens
Investment
Grade-Rating
verfügen,
leben
diese
Verpflichtungen gemäß ihren Bedingungen wieder auf.
Rating. Beginning on the first day following the Issue Date,
if any, on which the Notes are assigned an Investment Grade
Rating, the undertakings of the Guarantor contained in the
Guarantee and described in this § 7(1), (4) and (6) shall be
suspended (and the Guarantor shall have no further
obligations with respect thereto for as long as such
undertakings are suspended). Such undertakings shall again
apply according to their terms from the day following the
date on which the Notes cease to benefit from at least one
Investment Grade Rating.
(6)
Berichterstattung. Die Garantin wird in jedem (i)
zusammen mit dem Jahresabschluss veröffentlichten
Konzernbericht und (ii) Halbjahresbericht berichten, ob sie
die Bestimmungen dieses § 7 eingehalten hat oder nicht, und
im Fall einer Nichteinhaltung, welche Umstände zu dieser
Nichteinhaltung geführt haben.
(6)
Reporting. The Guarantor will report in each of
(i) its group report published with the annual financial
statements, (ii) its half year report whether or not it has
complied with the provisions of this § 7 and, in the case of
any non-compliance, will report as to the facts resulting in
any such non-compliance.
§8
§8
WEITERE VERPFLICHTUNGEN
FURTHER UNDERTAKINGS
(1)
Geschäfte mit Anteilseignern. Die Garantin hat
sich in der Garantie verpflichtet, Folgendes zu unterlassen
und dafür zu sorgen, dass jede Wesentliche
Tochtergesellschaft Folgendes unterlässt (wobei die Garantin
in Bezug auf eine Wesentliche Tochtergesellschaft in der
Rechtsform
einer
Aktiengesellschaft
oder
§§ 291, 292 AktG beherrschtes Unternehmen ist, lediglich
verpflichtet ist, ihre Stimmrechte aus den von ihr gehaltenen
Aktien in einer zu diesem Thema anberaumten
Hauptversammlung
der
betreffenden
Wesentlichen
wird, diesen § 8(1) einzuhalten):
(1)
Transactions with Shareholders. The Guarantor
has undertaken in the Guarantee that it will not, and that it
will procure that each Material Subsidiary will not (provided
that, with respect to any Material Subsidiary organized as a
German stock corporation (Aktiengesellschaft) or a
partnership limited by shares (Kommanditgesellschaft auf
Aktien) that is, in each case not the dominated company
under a domination agreement within the meaning of section
291, 292 of the German Stock Corporation Act
(Aktiengesetz), the Guarantor shall only be obliged to
exercise its voting rights attaching to the shares held by it in
any general shareholders' meeting of such Material
Subsidiary which may be called to resolve on any of the
matters below such as to permit such Material Subsidiary to
comply with this § 8(1))
(a)
Garantien oder Sicherungsrechte für eine
Verbindlichkeit eines Anteilseigner oder eines
Verbundenen Unternehmens eines Anteilseigners
zu gewähren;
(a)
provide any guarantees or Security Interests in
respect of any obligation of any Shareholder or any
Shareholder Affiliate;
(b)
Darlehen (außer zu marktüblichen Konditionen,
die einem Drittvergleich standhalten) an einen
Anteilseigner oder ein Verbundenes Unternehmen
eines Anteilseigners zu gewähren;
(b)
provide any loans (other than on arm's length
commercial terms) to any Shareholder or any
(c)
in von einem Anteilseigner oder einem
Verbundenen Unternehmen eines Anteilseigners
ausgegebene Anteile, Aktien, Beteiligungen oder
Wertpapiere zu investieren oder diese zu erwerben
(bzw. einen solchen Erwerb zu vereinbaren) (außer
zu marktüblichen Konditionen, die einem
Drittvergleich standhalten und unter denen der
betreffende Anteilseigner bzw. das betreffende
Verbundene Unternehmen eines Anteilseigners
infolge der Investition oder des Erwerbs eine
Tochtergesellschaft der Garantin wird);
(d)
mit einem Anteilseigner oder einem
ein Geschäft zu nicht marktüblichen Konditionen
abzuschließen,
die
keinem
Drittvergleich
standhalten;
(c)
invest in or acquire (or agree to acquire) any
shares, stock, interest in, or securities issued by
any Shareholder or any Shareholder Affiliate
(other than on arm's length commercial terms such
that the relevant Shareholder or the Shareholder
Affiliate becomes a Subsidiary of the Guarantor as
a result of the investment or acquisition);
(d)
enter into a transaction with any Shareholder or
any Shareholder Affiliate that is not on arm's
length commercial terms;
(e)
(e)
(i)
mit einem Anteilseigner oder einem Verbundenen
(i)
enter into an agreement on the establishment of a
98
Unternehmen eines Anteilseigners einen Vertrag
über die Errichtung einer Joint-VentureGesellschaft abzuschließen oder zusammen mit
einem Anteilseigner oder einem Verbundenen
Unternehmen eines Anteilseigners einer JointVenture-Gesellschaft
in
irgendeiner
Form
Eigenkapital zur Verfügung zu stellen, es sei denn
in
der
Satzung
oder
den
sonstigen
Gründungsdokumenten
der
Joint-VentureGesellschaft ist festgelegt, dass Dividenden oder
sonstige Ausschüttungen an die Garantin und den
Anteilseigner bzw. das Verbundene Unternehmen
eines Anteilseigners als Gesellschafter der JointVenture-Gesellschaft ausschließlich anteilig im
Verhältnis zu den von ihnen jeweils gehaltenen
Beteiligungen zu erfolgen haben; oder
(ii)
joint venture company with a Shareholder or any
Shareholder Affiliate or make available equity in
any form to a joint venture company with a
Shareholder or any Shareholder Affiliate, unless
the articles of association or other constitutional
documents of the joint venture company provide
that dividends or other distributions to the
Guarantor and the Shareholder or the Shareholder
Affiliate, as the case may be, as shareholders of the
joint venture company must be paid exclusively
pro rata in proportion to their respective
shareholdings; or
einer
Joint-Venture-Gesellschaft
(oder
für
Verpflichtungen einer Joint-Venture-Gesellschaft),
an der auch ein Anteilseigner oder ein
Verbundenes Unternehmen eines Anteilseigners
beteiligt ist, Darlehen, Garantien, Sicherungsrechte
oder sonstige Haftungsübernahmen zu gewähren,
es sei denn, (i) die Gewährung erfolgt anteilig im
Verhältnis zu der von dem Anteilseigner bzw. dem
gehaltenen Beteiligung und (ii) der Anteilseigner
bzw. das Verbundene Unternehmen eines
Anteilseigners gewährt auch ein entsprechendes
Darlehen, eine entsprechende Garantie, eine
entsprechende Sicherheit oder eine entsprechende
sonstige
Haftungsübernahme
anteilig
im
Verhältnis zu der von ihm gehaltenen Beteiligung
an der Joint-Venture-Gesellschaft.
(ii)
grant any loan, guarantee, Security Interest or
assumption of liability to (or in respect of
obligations of) a joint venture company in which a
Shareholder or a Shareholder Affiliate holds
shares, unless (i) such loan, guarantee, collateral or
other assumption of liability is granted pro rata in
proportion to the shareholding of such Shareholder
or the Shareholder Affiliate as applicable, and (ii)
the Shareholder or the Shareholder Affiliate as
applicable, also grants a corresponding loan,
guarantee, collateral or other assumption of
liability pro rata in proportion to its shareholding
in the joint venture company.
Für die Zwecke von § 8(1)(a), (c), (d) und (e) wird
unwiderlegbar vermutet, dass das betreffende Geschäft zu
marktüblichen Konditionen, die einem Drittvergleich
standhalten, abgeschlossen wurde, wenn ein an die Garantin
adressiertes Gutachten (Fairness Opinion) eines namhaften
Wirtschaftsprüfungsunternehmens
oder
einer
Investmentbank die Angemessenheit der von der Garantin
bzw. der betreffenden Wesentlichen Tochtergesellschaft
erhaltenen Gegenleistung bestätigt.
For the purposes of this § 8(1)(a), (c), (d) and (e), there shall
be an irrebuttable presumption that the relevant transaction is
on arm's length commercial terms if a fairness opinion issued
by a reputable firm of auditors or investment bank and
addressed to the Guarantor confirms the appropriateness of
the consideration received by the Guarantor or the respective
Material Subsidiary.
"Anteilseigner" bezeichnet jeden Anteilseigner der Garantin
und jede Person, die unmittelbar oder mittelbar mehr als
50 % der Stimmrechte an diesem Anteilseigner hält.
"Shareholder" means each shareholder of the Guarantor and
any person holding, directly or indirectly, more than 50 per
cent. of the voting rights in such shareholder.
"Verbundenes Unternehmen eines Anteilseigners"
bezeichnet ein Unternehmen, an dem ein Anteilseigner oder
eine Gruppe gemeinsam handelnder Anteilseigner direkt
oder indirekt mehr als 50 % der Stimmrechte hält (außer der
Garantin und einer ihrer Tochtergesellschaften).
"Shareholder Affiliate" means any company in which a
Shareholder or a group of Shareholders acting jointly
voting rights, but excluding the Guarantor and any of its
Subsidiaries.
(2)
Beschränkung von Dividenden. Die Garantin hat
sich in der Garantie verpflichtet, keine Zahlung von
Dividenden oder andere Ausschüttungen von Gewinnen oder
freiem Vermögen an einen Anteilseigner oder ein
Verbundenes Unternehmen eines Anteilseigners zu leisten,
außer wenn zum Zeitpunkt einer solchen Zahlung oder
Ausschüttung (unter der Pro-forma-Annahme, dass diese
geleistet wird),
(2)
Restriction on Dividends. The Guarantor has
undertaken in the Guarantee not to resolve on or effect the
payment of a dividend or other distribution of profits or
distributable assets (freies Vermögen) to any Shareholder or
any Shareholder Affiliate, unless, at the time of and after
giving pro-forma effect to such payment or distribution,
(a)
kein Kündigungsgrund (wie in § 12(1) definiert)
eingetreten ist und fortbesteht;
(a)
no Event of Default (as defined in § 12(1)) has
occurred and is continuing;
(b)
die Garantin unter Einhaltung der in § 7(1)
(b)
the Guarantor could incur at least € 1.00 of
99
genannten Kennzahl mindestens € 1,00 an
zusätzlichen Finanzverbindlichkeiten eingehen
könnte; und
(c)
der Gesamtbetrag aller nach dem Begebungstag
festgesetzten oder geleisteten Dividenden und
Ausschüttungen nicht höher ist als die Summe aus:
(i)
50 % des gesamten Konzernergebnisses
(berechnet auf der Grundlage des letzten zum
Zeitpunkt dieser Berechnung verfügbaren
Konzernabschlusses der Garantin im Einklang
mit den in dem Abschluss, auf dessen
Grundlage
die
Berechnung
erfolgt,
angewandten Rechnungslegungsgrundsätzen)
auf kumulativer Basis im Zeitraum vom
1. Januar 2013 bis zum letzten Tag des letzten
vor
dem
Datum
der
geplanten
Dividendenzahlung
oder
sonstigen
Ausschüttung endenden Geschäftsquartals der
Garantin, für das ein Konzernabschluss der
Garantin vorliegt (oder, falls dieses
kumulative Konzernergebnis ein negativer
Betrag ist, minus 100 % dieses negativen
Betrages) und
(ii) den gesamten Nettobarerlösen, die
Garantin nach dem Begebungstag
Eigenkapitalzuführungen oder aus
Ausgabe oder dem Verkauf (außer an
Tochtergesellschaft) von Anteilen
Garantin erhalten hat.
additional Financial Indebtedness pursuant to the
ratio set forth in § 7(1); and
(c)
the aggregate amount of all dividends and
distributions declared or made after the Issue Date
does not exceed the sum of:
(i)
50% of aggregate Consolidated Net Income
(calculated by reference to the latest
consolidated financial statements of the
Guarantor in existence at the time such
calculations are made, consistent with the
accounting principles applying to the
financial statements by reference to which
such calculations are made) on a cumulative
basis during the period beginning on 1
January 2013 and ending on the last day of
the Guarantor's last fiscal quarter ending prior
to the date of such proposed dividend
payment or other distribution for which
Guarantor are available (or, if such aggregate
Consolidated Net Income shall be a negative
number, minus 100% of such negative
amount); plus
die
als
der
eine
der
(ii) the aggregate net cash proceeds received by
the Guarantor after the Issue Date as equity
capital contributions or from the issuance or
sale (other than to any Subsidiary) of shares
of the Guarantor.
(3)
Ruhen der weiteren Verpflichtungen nach
an dem die Schuldverschreibungen ein Investment GradeRating erhalten, ruhen die in in der Garantie enthaltenen und
in § 8(1) und (2) beschriebenen Verpflichtungen der
Garantin (und solange diese Verpflichtungen ruhen,
unterliegt die Garantin diesbezüglich keinen weiteren
Verpflichtungen mehr). Ab dem Tag, an dem die
Schuldverschreibungen nicht mehr über mindestens ein
Investment
Grade-Rating
verfügen,
leben
diese
(3)
Suspension of Further Undertakings upon
Publication of Investment Grade Rating. Beginning on the
first day following the Issue Date, if any, on which the Notes
are assigned an Investment Grade Rating, the undertakings
of the Guarantor contained in the Guarantee and described in
this § 8(1) and (2) shall be suspended (and the Guarantor
shall have no further obligations with respect thereto for as
long as such undertakings are suspended). Such undertakings
shall again apply according to their terms from the day
following the date on which the Notes cease to benefit from
at least one Investment Grade Rating.
§9
HAUPTZAHLSTELLE UND ZAHLSTELLE
§9
THE PRINCIPAL PAYING AGENT AND
THE PAYING AGENT
(1)
Bestellung; Bezeichnete Geschäftsstelle. Die
bezeichnete Geschäftsstelle der anfänglich bestellten
Hauptzahlstelle lautet wie folgt:
(1)
Appointment; Specified Office. The specified
offices of the initial Principal Paying Agent shall be:
Deutsche Bank Aktiengesellschaft
Trust & Securities Services
Große Gallusstraße 10-14
60272 Frankfurt am Main
Deutschland
Germany
Die Hauptzahlstelle behält sich das Recht vor, ihre
bezeichnete Geschäftsstelle jederzeit durch eine andere
Geschäftsstelle in derselben Stadt zu ersetzen.
The Principal Paying Agent reserves the right at any time to
change its specified offices to some other office in the same
city.
(2)
Änderung der Bestellung oder Abberufung. Die
Emittentin behält sich das Recht vor, die Bestellung der
Hauptzahlstelle oder einer Zahlstelle jederzeit zu ändern
(2)
Variation or Termination of Appointment. The
Issuer reserves the right at any time to vary or terminate the
appointment of the Principal Paying Agent or any Paying
100
oder zu beenden und eine andere Hauptzahlstelle oder
zusätzliche oder andere Zahlstellen zu bestellen. Die
Emittentin wird zu jedem Zeitpunkt (i) eine Hauptzahlstelle
unterhalten und (ii) eine Zahlstelle an solchen anderen Orten
unterhalten, die die Regeln einer Börse, an der die
Schuldverschreibungen notiert sind, verlangen, wobei jedoch
keine Zahlstelle innerhalb der Vereinigten Staaten bestellt
werden kann, es sei denn, eine solche Bestellung wäre nach
dem Recht der Vereinigten Staaten zulässig, ohne dass dies
nach Meinung der Emittentin nachteilige Konsequenzen für
sie hätte. Eine Änderung, Abberufung, Bestellung oder ein
sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall,
in dem eine solche Änderung sofort wirksam wird), sofern
die Gläubiger hierüber gemäß § 16 vorab unter Einhaltung
einer Frist von mindestens 30 und nicht mehr als 45 Tagen
informiert
wurden.
Für
die
Zwecke
dieser
Anleihebedingungen bezeichnet "Vereinigte Staaten" die
Vereinigten Staaten von Amerika (einschließlich deren
Bundesstaaten und des District of Columbia) sowie deren
Territorien (einschließlich Puerto Ricos, der U.S. Virgin
Islands, Guams, American Samoas, Wake Islands und der
Northern Mariana Islands).
Agent and to appoint another Principal Paying Agent or
additional or other Paying Agents. The Issuer shall at all
times maintain (i) a Principal Paying Agent and (ii) a Paying
Agent in such other place as may be required by the rules of
any stock exchange on which the Notes are listed, provided
that no Paying Agent shall be appointed within the United
States unless such an appointment is permitted under United
States law without involving, in the Issuer's opinion, adverse
consequences to the Issuer. Any variation, termination,
appointment or change shall only take effect (other than in
the case of insolvency, when it shall be of immediate effect)
after not less than 30 nor more than 45 days' prior notice
thereof shall have been given to the Holders in accordance
with § 16. For the purposes of these Terms and Conditions,
"United States" means the United States of America
(including the States thereof and the District of Columbia)
and its possessions (including Puerto Rico, the U.S. Virgin
Islands, Guam, American Samoa, Wake Island and Northern
Mariana Islands).
(3)
Beauftragte der Emittentin. Die Hauptzahlstelle
handelt ausschließlich als Beauftragte der Emittentin und
übernimmt keinerlei Verpflichtungen gegenüber den
Gläubigern und es wird kein Auftrags- oder
Treuhandverhältnis zwischen ihr und den Gläubigern
begründet.
(3)
Agent(s) of the Issuer. The Principal Paying Agent
acts solely as the agent of the Issuer and does not assume any
obligations towards or relationship of agency or trust for any
Holder.
§ 10
§ 10
BESTEUERUNG
TAXATION
Sämtliche auf die Schuldverschreibungen zu zahlenden
Beträge sind ohne Einbehalt oder Abzug von oder aufgrund
von gegenwärtigen oder zukünftigen Steuern oder sonstigen
Abgaben gleich welcher Art zu leisten, die von oder in der
Bundesrepublik Deutschland oder der Republik Österreich
oder für deren Rechnung oder von oder für Rechnung einer
politischen Untergliederung oder Steuerbehörde der oder in
der Bundesrepublik Deutschland auferlegt oder erhoben
werden, und die Garantie muss entsprechende
Bestimmungen für alle in Bezug auf die Garantie zu
zahlenden Beträge enthalten, es sei denn, die Emittentin
bzw. die Garantin ist zu einem solchen Einbehalt oder Abzug
gesetzlich verpflichtet. Ist ein solcher Einbehalt durch die
Emittentin bzw. die Garantin gesetzlich vorgeschrieben, so
wird die Emittentin bzw. die Garantin diejenigen
zusätzlichen Beträge (die "zusätzlichen Beträge") zahlen,
die erforderlich sind, damit die den Gläubigern zufließenden
Nettobeträge nach diesem Einbehalt oder Abzug jeweils den
Beträgen entsprechen, die ohne einen solchen Einbehalt oder
Abzug von den Gläubigern empfangen worden wären; die
Verpflichtung zur Zahlung solcher zusätzlicher Beträge
besteht jedoch nicht im Hinblick auf Steuern und Abgaben,
die:
All amounts payable in respect of the Notes shall be made,
and the Guarantee shall provide that all amounts payable in
its respect shall be made without withholding or deduction
for or on account of any present or future taxes or duties of
whatever nature imposed or levied by way of withholding or
deduction by, in or on behalf of the Federal Republic of
Germany, the Republic of Austria, or any political
subdivision or any authority thereof or therein having power
to tax unless the Issuer or, as the case maybe, the Guarantor,
is required by law to make such withholding or deduction. If
such withholding by the Issuer or the Guarantor is required
by law, the Issuer or the Guarantor, will pay such additional
amounts (the "Additional Amounts") as shall be necessary
in order that the net amounts received by the Holders after
such withholding or deduction shall equal the respective
amounts which would otherwise have been received by the
Holders in the absence of such withholding or deduction;
except that no such Additional Amounts shall be payable on
account of any taxes or duties which:
(a)
von der für einen Gläubiger handelnden
depotführenden oder auszahlenden Stelle zu
entrichten sind oder sonst auf andere Weise
entrichtet werden, als durch einen von der
Emittentin bzw. der Garantin vorzunehmenden
Abzug oder Einbehalt von den Zins- oder
Kapitalzahlungen; oder
(a)
are payable by a custodian bank or disbursing
agent acting on behalf of a Holder, or otherwise in
any manner which does not constitute a deduction
or withholding by the Issuer or the Guarantor from
payments of interest or principal, or
(b)
von der Emittentin als depotführender oder
(b)
are payable by the Issuer in its capacity as
101
auszahlender Stelle bei einer direkten Zahlung der
Emittentin an einen in Österreich unbeschränkt
steuerpflichtigen Gläubiger zu entrichten sind;
oder
custodian bank or disbursing agent in the case of a
direct payment by the Issuer to a Holder who is
subject to unlimited tax liability in Austria, or
(c)
an oder für einen Gläubiger zu zahlen sind, der den
betreffenden Abzug oder Einbehalt durch Vorlage
der betreffenden Schuldverschreibung (sofern eine
solche Vorlage erforderlich ist) bei einer anderen
depotführenden oder auszahlenden Stelle hätte
vermeiden können; oder
(c)
are payable to or on behalf of a Holder who would
have been able to avoid such deduction or
withholding by presenting the relevant Note
(where presentation is required) to another
custodian bank or disbursing agent, or
(d)
an oder für einen Gläubiger zu zahlen sind, der den
betreffenden Abzug oder Einbehalt dadurch hätte
vermeiden können (aber nicht vermieden hat), dass
er gesetzliche Vorschriften beachtet oder dafür
sorgt, dass ein Dritter dies tut, oder dass er durch
eine Nichtansässigkeitserklärung oder einen
ähnlichen Antrag auf Quellensteuerbefreiung oder
in sonst geeigneter Weise seine Nichtansässigkeit
an dem Ort, an dem die betreffende
Schuldverschreibung zur Zahlung vorgelegt wird,
gegenüber der depotführenden oder auszahlenden
Stelle oder einer Steuerbehörde nachweist oder
dafür sorgt, dass ein Dritter dies tut; oder
(d)
are payable by or on behalf of a Holder who would
have been able to avoid (but has not so avoided)
such deduction or withholding by complying, or
procuring that any third party complies, with any
statutory requirements or by making, or procuring
that any third party makes, a declaration of nonresidence or other similar claim for exemption or
by properly proving his non-residence in the place
where the relevant Note is presented for payment
to the custodian bank or disbursing agent or any
tax authority, or
(e)
an oder für einen Gläubiger zu zahlen sind, der
aufgrund
eines
anwendbaren
Besteuerungsabkommens Anspruch auf eine
Steueranrechnung in Höhe des gesamten Betrags
oder eines Teils des Betrages der abgezogenen
oder einbehaltenen zusätzlichen Beträge hat; oder
(e)
are payable by or on behalf of a Holder who is
fully or partially entitled to a tax credit
corresponding to the additional amounts deducted
or withheld under an applicable tax treaty, or
(f)
wegen einer gegenwärtigen oder früheren
persönlichen oder geschäftlichen Beziehung des
Gläubigers zur Bundesrepublik Deutschland oder
der Republik Österreich zu zahlen sind, und nicht
allein deshalb, weil Zahlungen auf die
Schuldverschreibungen aus Quellen in der
Bundesrepublik Deutschland oder der Republik
Österreich stammen (oder für Zwecke der
Besteuerung so behandelt werden) oder dort
besichert sind; oder
(f)
are payable by reason of the Holder having, or
having had, some personal or business connection
with the Federal Republic of Germany or the
Republic of Austria and not merely by reason of
the fact that payments in respect of the Notes are,
or for purposes of taxation are deemed to be,
derived from sources in, or are secured in, the
Federal Republic of Germany or the Republic of
Austria, or
(g)
aufgrund (i) einer Richtlinie oder Verordnung der
Europäischen Union betreffend die Besteuerung
von
Zinserträgen
oder
(ii)
einer
zwischenstaatlichen Vereinbarung über deren
Besteuerung, an der die Bundesrepublik
Deutschland, die Republik Österreich oder die
Europäische Union beteiligt ist, oder (iii) einer
gesetzlichen Vorschrift, die diese Richtlinie,
Verordnung oder Vereinbarung umsetzt oder
befolgt, abzuziehen oder einzubehalten sind; oder
(g)
are deducted or withheld pursuant to (i) any
European Union Directive or Regulation
concerning the taxation of interest income, or (ii)
any international treaty or understanding relating
to such taxation and to which the Federal Republic
of Germany, the Republic of Austria or the
European Union is a party, or (iii) any provision of
law implementing, or complying with, or
introduced to conform with, such Directive,
Regulation, treaty or understanding, or
(h)
aufgrund einer Rechtsänderung zu zahlen sind,
welche später als 30 Tage nach Fälligkeit der
betreffenden Zahlung von Kapital oder Zinsen
oder, wenn dies später erfolgt, ordnungsgemäßer
Bereitstellung aller fälligen Beträge und einer
diesbezüglichen Bekanntmachung gemäß § 16
wirksam wird; oder
(h)
are payable by reason of a change in law that
becomes effective more than 30 days after the
relevant payment of principal or interest becomes
due, or is duly provided for and notice thereof is
published in accordance with § 16, whichever
occurs later, or
(i)
von einer Zahlstelle einbehalten oder abgezogen
werden, wenn die Zahlung von einer anderen
Zahlstelle ohne den Einbehalt oder Abzug hätte
vorgenommen werden können.
(i)
are withheld or deducted by a Paying Agent from a
payment if the payment could have been made by
another Paying Agent without such withholding or
deduction.
102
§ 11
§ 11
VORLEGUNGSFRIST
PRESENTATION PERIOD
Die in § 801 Abs. 1 Satz 1 BGB bestimmte Vorlegungsfrist
wird für die Schuldverschreibungen auf zehn Jahre verkürzt.
Die
Verjährungsfrist
für
Ansprüche
aus
den
Schuldverschreibungen, die innerhalb der Vorlegungsfrist
zur Zahlung vorgelegt wurden, beträgt zwei Jahre von dem
Ende der betreffenden Vorlegungsfrist an.
The presentation period provided in § 801 para. 1 sentence 1
German Civil Code (Bürgerliches Gesetzbuch) is reduced to
ten years for the Notes. The period of limitation for claims
under the Notes presented during the period for presentation
will be two years calculated from the expiration of the
relevant presentation period.
§ 12
§ 12
KÜNDIGUNGSGRÜNDE
EVENTS OF DEFAULT
(1)
Kündigungsgründe. Jeder Gläubiger ist berechtigt,
seine Schuldverschreibung zu kündigen und deren sofortige
Rückzahlung zu ihrem Nennbetrag zuzüglich (etwaiger) bis
zum Tage der Rückzahlung aufgelaufener Zinsen zu
verlangen, falls (jeweils ein "Kündigungsgrund")
(1)
Events of Default. Each Holder shall be entitled to
declare his Notes due and demand immediate redemption
thereof at their principal amount together with accrued
interest (if any) to the date of redemption in the event (each
an "Event of Default") that
(a)
Nichtzahlung: die Emittentin oder, falls diese nicht
leistet, die Garantin Kapital oder Zinsen oder
sonstige auf die Schuldverschreibungen oder die
Garantie zahlbare Beträge nicht innerhalb von 15
Tagen nach dem betreffenden Fälligkeitstermin
zahlt; oder
(a)
Non-Payment: the Issuer or, failing which, the
Guarantor fails to pay principal or interest or any
other amounts due on the Notes or the Guarantee
within 15 days after the relevant due date, or
(b)
Verletzung einer sonstigen Verpflichtung: die
Emittentin oder die Garantin eine andere
Verpflichtung aus den Schuldverschreibungen oder
aus der Garantie nicht ordnungsgemäß erfüllt und
diese Nichterfüllung länger als 30 Tage fortdauert,
nachdem die Hauptzahlstelle hierüber eine
Benachrichtigung von einem Gläubiger erhalten
hat; oder
(b)
Breach of other Obligation: the Issuer or the
Guarantor fails to duly perform any other
obligation arising from the Notes or the Guarantee
and such failure continues unremedied for more
than 30 days after the Principal Paying Agent has
received notice thereof from a Holder, or
(c)
Drittverzug
(Cross
Default):
(i)
eine
Finanzverbindlichkeit der Garantin oder einer
Wesentlichen Tochtergesellschaft (x) infolge des
Eintritts einer Leistungsstörung (unabhängig
davon, wie eine solche definiert ist) vorzeitig
gekündigt oder in sonstiger Weise fällig und
zahlbar wird oder (y) bei Fälligkeit bzw. innerhalb
einer etwaigen Nachfrist nicht gezahlt wird, und
(ii) der Gesamtbetrag der Finanzverbindlichkeiten,
bezüglich derer eines oder mehrere der in (i)
genannten Ereignisse eingetreten ist bzw. sind, den
Betrag von EUR 20.000.000 (oder dessen
Gegenwert in einer oder mehreren anderen
Währungen) übersteigt; oder
(c)
Cross Default: (i) any Financial Indebtedness of
the Guarantor or a Material Subsidiary (x) is
declared to be or otherwise becomes due and
payable prior to its stated maturity for reason of
the occurrence of an event of default (howsoever
defined) or otherwise, or (y) is not paid when due
or, as the case may be, within an applicable grace
period and (ii) the aggregate amount of the
Financial Indebtedness in respect of which one or
more of the events referred to in (i) has or have
occurred exceeds the amount of EUR 20,000,000
(or its equivalent in one or more other currencies);
or
(d)
Zahlungseinstellung: die Garantin oder
Wesentliche
Tochtergesellschaft
Zahlungsunfähigkeit bekanntgibt oder
Zahlungen allgemein einstellt; oder
eine
ihre
ihre
(d)
Cessation of Payment: the Guarantor or a Material
Subsidiary announces its inability to meet its
financial obligations or ceases its payments
generally, or
(e)
Insolvenz u. ä.: ein zuständiges Gericht ein
Insolvenzverfahren gegen die Garantin oder eine
Wesentliche Tochtergesellschaft eröffnet und ein
solches Verfahren nicht innerhalb einer Frist von
60 Tagen aufgehoben oder ausgesetzt worden ist,
oder die Garantin oder eine Wesentliche
Tochtergesellschaft ein solches Verfahren einleitet
oder
beantragt
oder
eine
allgemeine
Schuldenregelung zugunsten ihrer Gläubiger
anbietet oder trifft; oder
(e)
Insolvency etc.: a competent court opens
insolvency proceedings against the Guarantor or a
Material Subsidiary and such proceedings are not
discharged or stayed within 60 days or the
Guarantor or a Material Subsidiary applies for or
institutes such proceedings or offers or makes an
arrangement for the benefit of its creditors
generally, or
(f)
Liquidation: die Emittentin oder die Garantin in
(f)
Liquidation: the Issuer or the Guarantor enters into
103
Liquidation geht (es sei denn, dies geschieht im
Zusammenhang mit einer Verschmelzung oder
einer anderen Form des Zusammenschlusses mit
einer
anderen
Gesellschaft
oder
im
Zusammenhang mit einer Umwandlung, sofern die
andere oder neue Gesellschaft oder gegebenenfalls
die anderen neuen Gesellschaften im Wesentlichen
alle Aktiva und Passiva der Emittentin bzw.
Garantin übernimmt bzw. übernehmen); oder
(g)
Garantie: vorbehaltlich § 2(3) die Garantie nicht
mehr uneingeschränkt wirksam ist oder in einem
Gerichtsverfahren für unwirksam erklärt wird.
liquidation (except in connection with a merger or
other form of combination with another company
or in connection with a transformation where such
other or new company or, as the case may be,
companies effectively assume substantially all of
the assets and liabilities of the Issuer or, as the case
maybe, the Guarantor), or
(g)
Guarantee: subject to § 2(3), the Guarantee ceases
to be in full force and effect or is declared null and
void in a judicial proceeding.
Das Kündigungsrecht erlischt, falls der Kündigungsgrund
vor Ausübung des Rechts geheilt wurde. Vorbehaltlich
anwendbaren zwingenden Rechts berechtigen keine anderen
Ereignisse oder Umstände als diejenigen, die in § 6(3),
§ 6(5) und diesem § 12(1) genannt sind, Gläubiger dazu, ihre
Schuldverschreibungen vorzeitig zu kündigen, es sei denn,
dies ist ausdrücklich in diesen Anleihebedingungen
bestimmt.
The right to declare Notes due shall terminate if the situation
giving rise to it has been cured before the right is exercised.
No event or circumstance other than an event specified in
§ 6(3), § 6(5) and this § 12(1) shall entitle Holders to declare
their Notes due and payable prior to their stated maturity,
save as expressly provided for in these Terms and
Conditions and subject to applicable mandatory law.
(2)
Quorum. Falls ein Kündigungsgrund (mit
Ausnahme eines in § 12(1)(d) bis (g) genannten
Kündigungsgrundes in Bezug auf die Garantin) eingetreten
ist und fortbesteht, werden Kündigungserklärungen von
Gläubigern erst wirksam, sofern und sobald bei der
Hauptzahlstelle Kündigungserklärungen eingegangen sind,
die sich auf mindestens 10 % des Gesamtnennbetrags der zu
diesem Zeitpunkt ausstehenden Schuldverschreibungen
beziehen. Die Hauptzahlstelle ist nicht verpflichtet,
gegenüber Gläubigern bekanntzugeben, ob und wann bei ihr
Kündigungserklärungen eingegangen sind, die sich auf
mindestens 10 % des Gesamtnennbetrags der zu diesem
Zeitpunkt ausstehenden Schuldverschreibungen beziehen.
(2)
Quorum. If an Event of Default (other than an
Event of Default specified in § 12(1)(d) to (g) with respect to
the Guarantor) occurs and is continuing, any notices of
termination from Holders shall only become effective if and
when the Principal Paying Agent has received notices of
termination with respect to at least 10% in aggregate
principal amount of the then outstanding Notes. The
Principal Paying Agent shall have no duty to make any
notification towards the Holders if and when it has received
notices of termination with respect to at least 10% in
aggregate principal amount of the then outstanding Notes.
(3)
Benachrichtigung. Jede Benachrichtigung gemäß
§ 12(1),
einschließlich
einer
Kündigung
der
Schuldverschreibungen, hat gemäß § 16(3) zu erfolgen.
(3)
Notice. Any notice, including any notice declaring
Notes due, in accordance with § 12(1) shall be made in
accordance with § 16(3).
§ 13
§ 13
ERSETZUNG
SUBSTITUTION
(1)
Ersetzung. Die Emittentin ist jederzeit berechtigt,
sofern sie sich nicht mit einer Zahlung von Kapital oder
Zinsen auf die Schuldverschreibungen in Verzug befindet,
ohne Zustimmung der Gläubiger die Garantin oder ein mit
der Garantin verbundenes Unternehmen (wie nachstehend
definiert) an ihrer Stelle als Hauptschuldnerin (die
"Nachfolgeschuldnerin") für alle Verpflichtungen aus und
im Zusammenhang mit diesen Schuldverschreibungen
einzusetzen, vorausgesetzt, dass:
(1)
Substitution. The Issuer may, without the consent
of the Holders, if no payment of principal of or interest on
any of the Notes is in default, at any time substitute for the
Issuer the Guarantor or any Affiliate (as defined below) of it
as principal debtor in respect of all obligations arising from
or in connection with this issue (the "Substitute Debtor")
provided that:
(a)
die Nachfolgeschuldnerin alle Verpflichtungen der
Emittentin
in
Bezug
auf
die
Schuldverschreibungen übernimmt;
(a)
the Substitute Debtor assumes all obligations of
the Issuer in respect of the Notes;
(b)
die Garantin (sofern die Garantin nicht selbst die
Nachfolgeschuldnerin ist) erklärt, dass die
Garantie bezüglich der Schuldverschreibungen
auch für die Nachfolgeschuldnerin gilt (jede solche
Erklärung eine "Nachfolgegarantie");
(b)
the Guarantor (provided that the Guarantor is not
the Substitute Debtor) declares that the Guarantee
shall with respect to the Notes also apply to the
Substitute Debtor (each such declaration a
"Substitution Guarantee");
(c)
die Verpflichtungen aus der Garantie in keiner
Weise lediglich deshalb beschränkt sind, weil die
Emittentin durch die Nachfolgeschuldnerin ersetzt
wurde (es sei denn, die Garantin ist selbst die
(c)
the obligations under the Guarantee will not be
limited in any way solely as a consequence of the
Issuer being substituted by the Substitute Debtor
(unless the Guarantor is the Substitute Debtor);
104
Nachfolgeschuldnerin);
(d)
die Nachfolgeschuldnerin, die Emittentin und die
Garantin (sofern die Garantin nicht selbst die
Nachfolgeschuldnerin ist) alle Genehmigungen,
die für die Ersetzung und für die Gewährung einer
Nachfolgegarantie durch die Garantin (sofern die
Garantin nicht selbst die Nachfolgeschuldnerin ist)
erforderlich sind, erhalten haben und berechtigt
sind, an die Hauptzahlstelle alle zur Erfüllung der
Zahlungsverpflichtungen
aus
den
Schuldverschreibungen zahlbaren Beträge in der
festgelegten Währung zu überweisen, ohne
verpflichtet zu sein, Steuern oder sonstige
Abgaben gleich welcher Art, die von dem Land, in
dem die Nachfolgeschuldnerin bzw. die Emittentin
bzw. die Garantin (sofern die Garantin nicht selbst
die Nachfolgeschuldnerin ist) ihren Sitz oder
Steuersitz haben, erhoben werden, abzuziehen oder
einzubehalten;
(d)
the Substitute Debtor, the Issuer and the Guarantor
(provided that the Guarantor is not the Substitute
Debtor) have obtained all necessary authorisations
for such substitution as well as for the issue by the
Guarantor (provided that the Guarantor is not the
Substitute Debtor) of a Substitution Guarantee and
may transfer to the Principal Paying Agent in the
currency required and without being obligated to
deduct or withhold any taxes or other duties of
whatever nature levied by the country in which the
Substitute Debtor, the Issuer or the Guarantor
(provided that the Guarantor is not the Substitute
Debtor) has its domicile or tax residence, all
amounts required for the fulfilment of the payment
obligations arising under the Notes;
(e)
die Nachfolgeschuldnerin sich verpflichtet hat,
jeden Gläubiger hinsichtlich solcher Steuern,
Abgaben oder behördlichen Lasten freizustellen,
die einem Gläubiger bezüglich der Ersetzung
auferlegt werden;
(e)
the Substitute Debtor has agreed to indemnify and
hold harmless each Holder against any tax, duty,
assessment or governmental charge imposed on
such Holder in respect of such substitution;
(f)
die Emittentin unwiderruflich und unbedingt
zugunsten jedes Gläubigers die Zahlung aller von
der
Nachfolgeschuldnerin
auf
die
zahlbaren
Beträge
garantiert;
(f)
the Issuer irrevocably and unconditionally
guarantees in favour of each Holder the payment
of all sums payable by the Substitute Debtor in
respect of the Notes;
(g)
die Emittentin bei einer dafür beauftragten Stelle
ein Rechtsgutachten von anerkannten Rechtsanwälten für jede betroffene Rechtsordnung
verfügbar macht, welches bestätigt, dass die in den
vorstehenden Absätzen (a) bis (f) enthaltenen
Bestimmungen erfüllt wurden; und
(g)
the Issuer shall have made available at an agent
appointed for that purpose one opinion for each
jurisdiction affected of lawyers of recognised
standing to the effect that subparagraphs (a) to (f)
above have been satisfied; and
(h)
die Nachfolgeschuldnerin keine "United States
person" ist, wie im United States Revenue Code
von 1986 in seiner jeweiligen Fassung definiert.
(h)
the Substitute Debtor is not a United States person
as defined in the United States Revenue Code of
1986, as amended.
Für die Zwecke dieses § 13 bedeutet "verbundenes
Unternehmen" ein verbundenes Unternehmen im Sinne von
§ 15 AktG.
For purposes of this § 13, "Affiliate" shall mean any
affiliated company (verbundenes Unternehmen) within the
meaning of section 15 of the German Stock Corporation Act
(Aktiengesetz).
(2)
Bekanntmachung. Jede Ersetzung ist gemäß § 16
bekannt zu machen.
(2)
Notice. Notice of any such substitution shall be
published in accordance with § 16.
(3)
Änderung von Bezugnahmen. Im Fall einer
Ersetzung
gilt
jede
Bezugnahme
in
diesen
Anleihebedingungen auf die Emittentin ab dem Zeitpunkt
der Ersetzung als Bezugnahme auf die Nachfolgeschuldnerin
und jede Bezugnahme auf das Land, in dem die Emittentin
ihren Sitz oder Steuersitz hat, gilt ab diesem Zeitpunkt als
Bezugnahme auf das Land, in dem die Nachfolgeschuldnerin
ihren Sitz oder Steuersitz hat. Des Weiteren gilt im Fall einer
Ersetzung Folgendes:
(3)
Change of References. In the event of any such
substitution, any reference in these Terms and Conditions to
the Issuer shall from then on be deemed to refer to the
Substitute Debtor and any reference to the country in which
the Issuer is domiciled or resident for taxation purposes shall
from then on be deemed to refer to the country of domicile
or residence for taxation purposes of the Substitute Debtor.
Furthermore, in the event of such substitution the following
shall apply:
In § 10 und § 6(2) gilt eine alternative Bezugnahme auf die
Bundesrepublik Deutschland bzw. die Republik Österreich
als aufgenommen (zusätzlich zu der Bezugnahme nach
Maßgabe des vorstehenden Satzes auf das Land, in dem die
Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat).
§ 12(1)(g) gilt als dergestalt ergänzt, dass es als
Kündigungsgrund gilt, wenn eine Nachfolgegarantie nicht
In § 10 and § 6(2) an alternative reference to the Federal
Republic of Germany or the Republic of Austria shall be
deemed to have been included in addition to the reference
according to the preceding sentence to the country of
domicile or residence for taxation purposes of the Substitute
Debtor, § 12(1)(g) shall be deemed to be amended to the
effect that it shall be an Event of Default if a Substitution
105
mehr uneingeschränkt wirksam ist oder in einem
Gerichtsverfahren für unwirksam erklärt wird (sofern die
Garantin nicht selbst die Nachfolgeschuldnerin ist). In
§ 12(1)(c) bis (e) gilt eine alternative Bezugnahme auf die
Emittentin in ihrer Eigenschaft als Garantin aufgenommen
(zusätzlich
zu
der
Bezugnahme
auf
die
Nachfolgeschuldnerin).
Guarantee ceases to be in full force and effect or is declared
null and void in a judicial proceeding (provided that the
Guarantor is not itself the Substitute Debtor) and in
§ 12(1)(c) to (e) an alternative reference to the Issuer in its
capacity as guarantor shall be deemed to have been included
in addition to the reference to the Substitute Debtor.
§ 14
§ 14
ÄNDERUNG DER ANLEIHEBEDINGUNGEN,
GEMEINSAMER VERTRETER
AMENDMENT OF THE TERMS AND CONDITIONS,
HOLDERS' REPRESENTATIVE
(1)
Änderung der Anleihebedingungen. Die Emittentin
kann mit den Gläubigern gemäß §§ 5 ff. des Gesetzes über
aus
Gesamtemissionen
(Schuldverschreibungsgesetz – "SchVG") in seiner jeweils
geltenden Fassung Änderungen der Anleihebedingungen
durch Mehrheitsbeschluss der Gläubiger vereinbaren.
Insbesondere können die Gläubiger durch Beschluss mit der
in § 14(2) genannten Mehrheit Änderungen zustimmen,
durch welche der wesentliche Inhalt der Anleihebedingungen
geändert wird, einschließlich der in § 5 Abs. 3 SchVG
genannten Maßnahmen. Ein ordnungsgemäß gefasster
Mehrheitsbeschluss ist für alle Gläubiger gleichermaßen
verbindlich.
(1)
Amendment of the Terms and Conditions. The
Issuer may agree with the Holders on amendments to the
Terms and Conditions by virtue of a majority resolution of
the Holders pursuant to sections 5 et seqq. of the German
Act on Issues of Debt Securities (Gesetz über
Schuldverschreibungen aus Gesamtemissionen – "SchVG"),
as amended from time to time. In particular, the Holders may
consent to amendments which materially change the
substance of the Terms and Conditions, including such
measures as provided for under section 5 paragraph 3 of the
SchVG by resolutions passed by such majority of the votes
of the Holders as stated under § 14(2) below. A duly passed
majority resolution shall be binding equally upon all
Holders.
(2)
Mehrheit. Vorbehaltlich der Bestimmungen des
folgenden Satzes und der Erreichung der erforderlichen
Beschlussfähigkeit können die Gläubiger Beschlüsse mit der
einfachen Mehrheit der an der Abstimmung teilnehmenden
Stimmrechte fassen. Beschlüsse, durch welche der
wesentliche Inhalt der Anleihebedingungen geändert wird,
insbesondere in den Fällen des § 5 Abs. 3 Nr. 1 bis 9 SchVG,
dürfen nur mit einer Mehrheit von mindestens 75 % der an
der Abstimmung teilnehmenden Stimmrechte (eine
"Qualifizierte Mehrheit") gefasst werden.
(2)
Majority. Except as provided by the following
sentence and provided that the quorum requirements are
being met, the Holders may pass resolutions by simple
majority of the voting rights participating in the vote.
Resolutions which materially change the substance of the
Terms and Conditions, in particular in the cases of section 5
paragraph 3 numbers 1 through 9 of the SchVG, may only be
passed by a majority of at least 75 per cent. of the voting
rights participating in the vote (a "Qualified Majority").
(3)
Verfahren. Die Gläubiger können Beschlüsse in
einer Gläubigerversammlung gemäß §§ 5 ff. SchVG oder im
Wege einer Abstimmung ohne Versammlung gemäß § 18
und § 5 ff. SchVG fassen.
(3)
Procedure. The Holders may pass resolutions in a
meeting (Gläubigerversammlung) in accordance with
section 5 et seqq. of the SchVG or by means of a vote
without a meeting (Abstimmung ohne Versammlung) in
accordance with § 18 and § 5 et seqq. of the SchVG.
(4)
Gläubigerversammlung. Falls Beschlüsse der
Gläubiger in einer Gläubigerversammlung gefasst werden,
enthält die Bekanntmachung der Einberufung nähere
Angaben zu den Beschlüssen und zu den Abstimmungsmodalitäten. Die Gegenstände und Vorschläge zur
Beschlussfassung werden den Gläubigern mit der
Bekanntmachung der Einberufung bekannt gemacht. Die
Teilnahme an der Gläubigerversammlung und die Ausübung
der Stimmrechte ist von einer vorherigen Anmeldung der
Gläubiger abhängig. Die Anmeldung muss unter der in der
Bekanntmachung der Einberufung mitgeteilten Adresse
spätestens am dritten Tag vor der Gläubigerversammlung
zugehen. Mit der Anmeldung müssen Gläubiger ihre
Berechtigung zur Teilnahme an der Abstimmung durch
einen in Textform erstellten besonderen Nachweis einer
Depotbank gemäß § 17(3)(i)(a) und (b) und durch Vorlage
eines Sperrvermerks der Depotbank, aus dem hervorgeht,
dass die betreffenden Schuldverschreibungen ab dem Tag
der Absendung der Anmeldung (einschließlich) bis zum
angegebenen
Ende
der
Gläubigerversammlung
(einschließlich) nicht übertragbar sind, nachweisen.
(4)
Meeting. If resolutions of the Holders shall be
made by means a meeting the convening notice
(Einberufung) will provide for further details relating to the
resolutions and the voting procedure. The subject matter of
the vote as well as the proposed resolutions shall be notified
to the Holders together with the convening notice.
Attendance at the meeting and exercise of voting rights is
subject to the Holders' registration. The registration must be
received at the address stated in the convening notice no later
than the third day preceding the meeting. As part of the
registration, Holders must demonstrate their eligibility to
participate in the vote by means of a special confirmation of
a Depositary Bank in accordance with § 17(3)(i)(a) and (b)
hereof in text form and by submission of a blocking
instruction by the Depositary Bank stating that the relevant
Notes are not transferable from and including the day such
registration has been sent until and including the stated end
of the meeting.
(5)
(5)
Abstimmung ohne Versammlung. Falls Beschlüsse
Vote without a meeting. If resolutions of the
106
der Gläubiger im Wege einer Abstimmung ohne
Versammlung gefasst werden, enthält die Aufforderung zur
Stimmabgabe nähere Angaben zu den Beschlüssen und zu
den Abstimmungsmodalitäten. Die Gegenstände und
Vorschläge zur Beschlussfassung werden den Gläubigern
mit der Aufforderung zur Stimmabgabe bekannt gemacht.
Die Ausübung der Stimmrechte ist von einer vorherigen
Anmeldung der Gläubiger abhängig. Die Anmeldung muss
unter der in der Aufforderung zur Stimmabgabe mitgeteilten
Adresse spätestens am dritten Tag vor Beginn des
Abstimmungszeitraums zugehen. Mit der Anmeldung
müssen Gläubiger ihre Berechtigung zur Teilnahme an der
Abstimmung durch einen in Textform erstellten besonderen
Nachweis einer Depotbank gemäß § 17(3)(i)(a) und (b) und
durch Vorlage eines Sperrvermerks der Depotbank, aus dem
hervorgeht, dass die betreffenden Schuldverschreibungen ab
dem Tag der Absendung der Anmeldung (einschließlich) bis
zum letzten Tag des Abstimmungszeitraums (einschließlich)
nicht übertragbar sind, nachweisen.
Holders shall be made by means of a vote without a meeting
the request for voting (Aufforderung zur Stimmabgabe) will
provide for further details relating to the resolutions and the
voting procedure. The subject matter of the vote as well as
the proposed resolutions shall be notified to the Holders
together with the request for voting. The exercise of voting
rights is subject to the Holders' registration. The registration
must be received at the address stated in the request for
voting no later than the third day preceding the beginning of
the voting period. As part of the registration, Holders must
demonstrate their eligibility to participate in the vote by
means of a special confirmation of a Depositary Bank in
accordance with § 17(3)(i)(a) and (b) hereof in text form and
by submission of a blocking instruction by the Depositary
Bank stating that the relevant Notes are not transferable from
and including the day such registration has been sent until
and including the day the voting period ends.
(6)
Zweite
Versammlung.
Wird
für
die
Gläubigerversammlung gemäß § 14(4) oder die Abstimmung
ohne Versammlung gemäß § 14(5) die mangelnde
Beschlussfähigkeit festgestellt, kann – im Fall der
Gläubigerversammlung – der Vorsitzende eine zweite
Versammlung im Sinne von § 15 Abs. 3 Satz 2 SchVG und –
im Fall der Abstimmung ohne Versammlung – der
Abstimmungsleiter eine zweite Versammlung im Sinne von
§ 15 Abs. 3 Satz 3 SchVG einberufen. Die Teilnahme an der
zweiten Versammlung und die Ausübung der Stimmrechte
sind von einer vorherigen Anmeldung der Gläubiger
abhängig. Die Anmeldung muss unter der in der
Bekanntmachung der Einberufung mitgeteilten Adresse
spätestens am dritten Tag vor der zweiten Versammlung
zugehen. Mit der Anmeldung müssen Gläubiger ihre
Berechtigung zur Teilnahme an der Abstimmung durch
einen in Textform erstellten besonderen Nachweis einer
Depotbank gemäß § 17(3)(i)(a) und (b) und durch Vorlage
eines Sperrvermerks der Depotbank, aus dem hervorgeht,
dass die betreffenden Schuldverschreibungen ab dem Tag
der Absendung der Anmeldung (einschließlich) bis zum
angegebenen Ende der Versammlung (einschließlich) nicht
übertragbar sind, nachweisen.
(6)
Second meeting. If it is ascertained that no quorum
exists for the meeting pursuant to § 14(4) or the vote without
a meeting pursuant to§ 14(5), in case of a meeting the
chairman (Vorsitzender) may convene a second meeting in
accordance with section 15 paragraph 3 sentence 2 of the
SchVG or in case of a vote without a meeting the scrutineer
(Abstimmungsleiter) may convene a second meeting within
the meaning of section 15 paragraph 3 sentence 3 of the
SchVG. Attendance at the second meeting and exercise of
voting rights is subject to the Holders' registration. The
registration must be received at the address stated in the
convening notice no later than the third day preceding the
second meeting. As part of the registration, Holders must
demonstrate their eligibility to participate in the vote by
means of a special confirmation of a Depositary Bank in
accordance with § 17(3)(i)(a) and (b) hereof in text form and
by submission of a blocking instruction by the Depositary
Bank stating that the relevant Notes are not transferable from
and including the day such registration has been sent until
and including the stated end of the meeting.
(7)
Gemeinsamer Vertreter. Die Gläubiger können
durch Mehrheitsbeschluss einen gemeinsamen Vertreter der
Gläubiger (der "Gemeinsame Vertreter") bestellen oder
abberufen, und die Pflichten, Aufgaben und Befugnisse des
Gemeinsamen Vertreters, die Übertragung der Rechte der
Gläubiger auf den Gemeinsamen Vertreter und eine
Beschränkung der Haftung des Gemeinsamen Vertreters
festlegen. Der Beschluss zur Bestellung eines Gemeinsamen
Vertreters bedarf einer Qualifizierten Mehrheit, wenn der
Gemeinsame Vertreter befugt ist, Änderungen des
wesentlichen Inhalts der Anleihebedingungen gemäß § 14(2)
zuzustimmen.
(7)
Holders' representative. The Holders may by
majority resolution provide for the appointment or dismissal
of a joint representative (the "Holders' Representative"),
the duties and responsibilities and the powers of such
Holders' Representative, the transfer of the rights of the
Holders to the Holders' Representative and a limitation of
liability of the Holders' Representative. Appointment of a
Holders' Representative may only be passed by a Qualified
Majority if such Holders' Representative is to be authorised
to consent, in accordance with § 14(2) hereof, to a material
change in the substance of the Terms and Conditions.
(8)
Veröffentlichung. Bekanntmachungen betreffend
diesen § 14 erfolgen ausschließlich gemäß den
Bestimmungen des SchVG.
(8)
Publication. Any notices concerning this § 14 shall
be made exclusively pursuant to the provisions of the
SchVG.
(9)
Garantie. Die vorstehenden Bestimmungen dieses
§ 14, die auf die Schuldverschreibungen anwendbar sind,
gelten entsprechend für die Garantie.
(9)
Guarantee. The provisions set out above in this
§ 14 applicable to the Notes shall apply mutatis mutandis to
the Guarantee.
107
§ 15
§ 15
BEGEBUNG WEITERER
SCHULDVERSCHREIBUNGEN UND ANKAUF
FURTHER ISSUES AND PURCHASES
(1)
Begebung weiterer Schuldverschreibungen. Die
Emittentin ist berechtigt, jederzeit ohne Zustimmung der
Gläubiger weitere Schuldverschreibungen mit gleicher
Ausstattung (gegebenenfalls mit Ausnahme des Tags der
Begebung, des Verzinsungsbeginns und/oder des
Ausgabepreises) in der Weise zu begeben, dass sie mit
diesen Schuldverschreibungen eine einheitliche Serie bilden.
(1)
Further Issues. The Issuer may from time to time,
without the consent of the Holders, issue further Notes
having the same terms and conditions as the Notes in all
respects (or in all respects except for the issue date, interest
commencement date and/or issue price) so as to form a
single series with the Notes.
(2)
Ankauf. Die Emittentin und die Garantin sind
berechtigt, jederzeit Schuldverschreibungen im Markt oder
anderweitig zu jedem beliebigen Preis zu kaufen. Die von
der Emittentin erworbenen Schuldverschreibungen können
nach Wahl der Emittentin und der Garantin von ihr gehalten,
weiterverkauft oder bei der Hauptzahlstelle zwecks
Entwertung eingereicht werden.
(2)
Purchases. The Issuer and the Guarantor may at
any time purchase Notes in the open market or otherwise and
at any price. Notes purchased by the Issuer may, at the
option of the Issuer and the Guarantor, be held, resold or
surrendered to the Principal Paying Agent for cancellation.
§ 16
§ 16
MITTEILUNGEN
NOTICES
(1)
Veröffentlichung. Alle die Schuldverschreibungen
betreffenden Mitteilungen, außer wie in § 14(8) vorgesehen,
erfolgen im Bundesanzeiger und, soweit darüber hinaus
rechtlich erforderlich, in den weiteren gesetzlich bestimmten
Medien. Jede Mitteilung gilt am dritten Tag nach dem Tag
der Veröffentlichung als wirksam erfolgt.
(1)
Publication. All notices concerning the Notes,
except as stipulated in § 14(8), shall be made in the Federal
Gazette (Bundesanzeiger) and, if legally required, in the
form of media determined by law in addition thereto. Any
notice so given will be deemed to have been validly given on
the third day following the date of such publication.
(2)
Mitteilungen an das Clearingsystem. Soweit die
Regeln der Frankfurter Wertpapierbörse dies sonst zulassen,
kann die Emittentin eine Veröffentlichung nach
vorstehendem § 16(1) durch eine Mitteilung an das Clearingsystem zur Weiterleitung an die Gläubiger ersetzen; jede
derartige Mitteilung gilt am siebten Tag nach dem Tag der
Mitteilung an das Clearingsystem als den Gläubigern
mitgeteilt.
(2)
Notification to Clearing System. If the rules of the
Frankfurt Stock Exchange otherwise so permit, the Issuer
may deliver the relevant notice to the Clearing System for
communication by the Clearing System to the Holders, in
lieu of publication as set forth in § 16(1) above; any such
notice shall be deemed to have been validly given on the
seventh day after the day on which the said notice was given
to the Clearing System.
(3)
Form der Mitteilung. Mitteilungen, die von einem
Gläubiger gemacht werden, müssen schriftlich erfolgen und
zusammen
mit
der
oder
den
betreffenden
Schuldverschreibung(en) durch persönliche Übergabe oder
per Einschreiben an die Hauptzahlstelle übermittelt werden.
Solange Schuldverschreibungen durch eine Globalurkunde
verbrieft sind, kann eine solche Mitteilung von einem
Gläubiger an die Hauptzahlstelle über das Clearingsystem in
der von der Hauptzahlstelle und dem Clearingsystem dafür
vorgesehenen Weise erfolgen.
(3)
Form of Notice. Notices to be given by any Holder
shall be made by means of a written declaration to be
delivered by hand or registered mail together with the
relevant Note or Notes to the Principal Paying Agent. So
long as any of the Notes are represented by a Global Note,
such notice may be given by any Holder of a Note to the
Principal Paying Agent through the Clearing System in such
manner as the Principal Paying Agent and the Clearing
System may approve for such purpose.
§ 17
§ 17
ANWENDBARES RECHT, GERICHTSSTAND UND
GERICHTLICHE GELTENDMACHUNG
APPLICABLE LAW, PLACE OF JURISDICTION AND
ENFORCEMENT
(1)
Anwendbares Recht. Form und Inhalt der
Schuldverschreibungen sowie die Rechte und Pflichten der
Gläubiger und der Emittentin bestimmen sich nach
deutschem Recht.
(1)
Applicable Law. The Notes, as to form and
content, and all rights and obligations of the Holders and the
Issuer shall be governed by German law.
(2)
Gerichtsstand. Vorbehaltlich eines zwingenden
Gerichtsstandes für besondere Rechtsstreitigkeiten im
Zusammenhang mit dem SchVG ist, soweit gesetzlich
zulässig, Frankfurt am Main ausschließlicher Gerichtsstand
für sämtliche aus oder im Zusammenhang mit den
(2)
Place of Jurisdiction. Subject to any mandatory
jurisdiction for specific proceedings under the SchVG, and
to the extent legally permissible, the exclusive place of
jurisdiction for any action or other legal proceedings arising
out of or in connection with the Notes shall be Frankfurt am
108
Schuldverschreibungen entstehenden Klagen oder sonstigen
Verfahren.
Main.
(3)
Gerichtliche Geltendmachung. Jeder Gläubiger
von Schuldverschreibungen ist berechtigt, in jedem
Rechtsstreit gegen die Emittentin oder die Garantin oder in
jedem Rechtsstreit, in dem der Gläubiger und die Emittentin
oder die Garantin Partei sind, seine Rechte aus diesen
Schuldverschreibungen im eigenen Namen auf der folgenden
Grundlage zu schützen und geltend zu machen: (i) er bringt
eine Bescheinigung der Depotbank bei, bei der er für die
Schuldverschreibungen ein Wertpapierdepot unterhält,
welche (a) den vollständigen Namen und die vollständige
Adresse des Gläubigers enthält, (b) den Gesamtnennbetrag
der Schuldverschreibungen bezeichnet, die zum Datum der
Bescheinigung auf dem Wertpapierdepot verbucht sind und
(c) bestätigt, dass die Depotbank gegenüber dem
Clearingsystem eine schriftliche Erklärung abgegeben hat,
die die vorstehend unter (a) und (b) genannten Angaben
enthält; und (ii) er legt eine Kopie der Globalurkunde vor,
deren Übereinstimmung mit dem Original eine
vertretungsberechtigte Person des Clearingsystems oder
einer Verwahrstelle des Clearingsystems bestätigt hat. Für
die Zwecke des Vorstehenden bezeichnet "Depotbank" jede
Bank oder ein sonstiges anerkanntes Finanzinstitut, das
berechtigt ist, das Depotgeschäft zu betreiben und bei
der/dem der Gläubiger ein Wertpapierdepot für die
Schuldverschreibungen unterhält, einschließlich
des
Clearingsystems. Unbeschadet des Vorstehenden kann jeder
Gläubiger seine Rechte aus den Schuldverschreibungen auch
auf jede andere Weise schützen und geltend machen, die im
Land des Rechtsstreits prozessual zulässig ist.
(3)
Enforcement. Any Holder of Notes may in any
proceedings against the Issuer or the Guarantor, or to which
such Holder, the Issuer or the Guarantor are parties, protect
and enforce in his own name his rights arising under such
Notes on the basis of (i) a statement issued by the Depositary
Bank with whom such Holder maintains a securities account
in respect of the Notes (a) stating the full name and address
of the Holder, (b) specifying the aggregate principal amount
of Notes credited to such securities account on the date of
such statement and (c) confirming that the Depositary Bank
has given written notice to the Clearing System containing
the information pursuant to (a) and (b), and (ii) a copy of the
Global Note certified as being a true copy by a duly
authorised officer of the Clearing System or a depository for
the Clearing System. For purposes of the foregoing,
"Depositary Bank" means any bank or other financial
institution of recognised standing authorised to engage in
securities custody business with which the Holder maintains
a securities account in respect of the Notes and includes the
Clearing System. Each Holder may, without prejudice to the
foregoing, protect and enforce his rights under these Notes
also in any other way which is admitted in the country of the
proceedings.
§ 18
§ 18
SPRACHE
LANGUAGE
Diese Anleihebedingungen sind in deutscher Sprache
abgefasst und mit einer englischen Übersetzung versehen.
Der deutsche Wortlaut ist rechtsverbindlich. Die englische
Übersetzung dient nur zur Information.
These Terms and Conditions are written in the German
language. The German text shall be controlling and binding.
The English language translation is provided for
convenience purposes only.
109
GUARANTEE AND NEGATIVE PLEDGE
GARANTIE UND NEGATIVVERPFLICHTUNG
("GARANTIE")
GUARANTEE AND NEGATIVE PLEDGE
("GUARANTEE")
(English convenience translation)
der
Of
ATON GmbH, München,
Bundesrepublik Deutschland,
(die "Garantin")
zugunsten der Gläubiger der bis zu
EUR [●] [●] % Schuldverschreibungen fällig 2018
(die "Schuldverschreibungen"),
begeben von der ATON Group Finance GmbH,
Going am Wilden Kaiser, Republik Österreich
(die "Emittentin")
ATON GmbH, Munich,
Federal Republic of Germany,
(the "Guarantor")
for the benefit of the holders of up to
EUR [●] [●] per cent. notes due 2018
(the "Notes"),
issued by ATON Group Finance GmbH,
Going am Wilden Kaiser, Republic of Austria
(the "Issuer")
PRÄAMBEL
WHEREAS:
(A)
Die Garantin möchte die ordnungsgemäße und
pünktliche Zahlung von allen Beträgen, die nach
Maßgabe der Bedingungen der Schuldverschreibungen
(die "Anleihebedingungen") von der Emittentin zu
zahlen sind, garantieren.
(A)
The Guarantor wishes to guarantee the due and
punctual payment of any amounts payable by the Issuer
in accordance with the terms and conditions of the Notes
(the "Terms and Conditions").
(B)
Sinn und Zweck dieser Garantie ist es
sicherzustellen,
dass
die
Gläubiger
der
Schuldverschreibungen (jeweils ein "Gläubiger" und
zusammen die "Gläubiger") unter allen tatsächlichen
und rechtlichen Umständen und unabhängig von
Wirksamkeit und Durchsetzbarkeit der Verpflichtungen
der Emittentin aus den Schuldverschreibungen und
unabhängig von sonstigen Gründen, aufgrund derer die
Emittentin ihre Verpflichtungen nicht erfüllt, alle nach
Maßgabe der Anleihebedingungen zu zahlenden Beträge
bei Fälligkeit der jeweiligen Zahlung erhalten.
(B)
The intent and purpose of this Guarantee is to
ensure that the holders of the Notes (each a "Holder",
and together, the "Holders") under any and all
circumstances, whether factual or legal, and irrespective
of the validity or enforceability of the obligations of the
Issuer under the Notes, or any other reasons on the basis
of which the Issuer may fail to fulfil its obligations,
receive on the respective due date any and all sums
payable in accordance with the Terms and Conditions.
HIERMIT WIRD FOLGENDES VEREINBART:
IT IS AGREED AS FOLLOWS:
§1
GARANTIE, STATUS, FREIGABE
§1
GUARANTEE, STATUS, RELEASE
(1)
Garantie. Die Garantin garantiert hiermit
unbedingt und unwiderruflich die ordnungsgemäße und
pünktliche Zahlung von Kapital und Zinsen auf die
Schuldverschreibungen sowie von jeglichen sonstigen
Beträgen, die auf die Schuldverschreibungen zahlbar
sind. Diese Garantie stellt einen Vertrag zugunsten
Dritter im Sinne des § 328 Abs. 1 BGB dar, der jedem
Gläubiger das Recht gibt, die Erfüllung der in dieser
Garantie übernommenen Verpflichtungen unmittelbar
von der Garantin zu verlangen und diese Garantie
unmittelbar gegen die Garantin durchzusetzen. Kopien
dieser Garantie sind kostenlos bei der bezeichneten
Geschäftsstelle der Hauptzahlstelle erhältlich.
(1)
Guarantee. The Guarantor unconditionally and
irrevocably guarantees the due and punctual payment of
principal of, and interest on, and any other amounts
payable under any Notes. This Guarantee constitutes a
contract for the benefit of the Holders from time to time
as third party beneficiaries in accordance with section
328 paragraph 1 of the German Civil Code (Bürgerliches
Gesetzbuch), giving rise to the right of each Holder to
require performance of this Guarantee directly from the
Guarantor and to enforce this Guarantee directly against
the Guarantor. Copies of this Guarantee may be obtained
free of charge at the specified office of the Principal
Paying Agent.
(2)
(2)
Status. Diese Garantie begründet eine nicht
Status. This Guarantee constitutes an unsecured
110
besicherte und nicht nachrangige Verbindlichkeit der
Garantin, die mit allen anderen nicht besicherten und
nicht nachrangigen Verbindlichkeiten der Garantin
gleichrangig ist, soweit diesen Verbindlichkeiten nicht
durch zwingende gesetzliche Bestimmungen ein Vorrang
eingeräumt wird.
and unsubordinated obligation of the Guarantor and
ranks pari passu with all other unsecured and
unsubordinated obligations of the Guarantor, unless such
obligations are accorded priority under mandatory
provisions of statutory law.
(3)
Freigabe der Garantie. Diese Garantie darf nur
nach vollständiger Zahlung des Gesamtnennbetrages
aller
zum
jeweiligen
Zeitpunkt
ausstehenden
Schuldverschreibungen, der hierauf fälligen Zinsen und
jeglicher sonstigen zum jeweiligen Zeitpunkt fälligen
und
geschuldeten
Beträge
aus
den
Schuldverschreibungen freigegeben werden.
(3)
Release of Guarantee. This Guarantee shall be
released only upon discharge in full of the aggregate
principal amount of all Notes then outstanding, any
interest due thereon and all other amounts under the
Notes then due and owing.
§2
NEGATIVVERPFLICHTUNG
§2
NEGATIVE PLEDGE
(1)
Negativverpflichtung der Garantin bei
Garantin
verpflichtet
sich,
solange
Zeitpunkt, an dem alle Beträge an Kapital und Zinsen an
das Clearingsystem oder an dessen Order zur Gutschrift
auf den Konten der jeweiligen Kontoinhaber des
Clearingsystems zur Verfügung gestellt worden sind, (i)
kein Sicherungsrecht an ihrem Vermögen oder an Teilen
davon außer Zulässigen Sicherungsrechten zur
Besicherung von Finanzverbindlichkeiten zu bestellen
oder bestehen zu lassen und (ii) dafür zu sorgen, dass
(soweit rechtlich möglich und zulässig) keine ihrer
Wesentlichen Tochtergesellschaften ein Sicherungsrecht
an ihrem Vermögen oder an Teilen davon außer
Zulässigen Sicherungsrechten zur Besicherung von
Finanzverbindlichkeiten bestellt oder bestehen lässt,
ohne zuvor oder gleichzeitig die Gläubiger gleichrangig
an einem solchen Sicherungsrecht zu beteiligen. Dies gilt
mit folgender Maßgabe: Falls Sicherungsrechte an dem
Rechtsform
einer
Aktiengesellschaft
oder
Kommanditgesellschaft auf Aktien, die in jedem dieser
Fälle kein aufgrund eines Beherrschungsvertrages im
Sinne von §§ 291, 292 AktG beherrschtes Unternehmen
ist, bestellt werden sollen oder bestehen, verpflichtet
dieser § 2(1) die Garantin lediglich dazu, ihre
Stimmrechte aus den von ihr gehaltenen Aktien in einer
zu diesem Thema anberaumten Hauptversammlung der
betreffenden Wesentlichen Tochtergesellschaft dahingehend auszuüben, dass der betreffenden Wesentlichen
Tochtergesellschaft gestattet wird, diesen § 2(1)
einzuhalten.
(1)
Negative Pledge of the Guarantor absent an
Investment Grade Rating. The Guarantor undertakes, so
long as any of the Notes are outstanding, but only up to
the time all amounts of principal and interest have been
placed at the disposal of the Clearing System or to its
order for credit to the accounts of the relevant account
holders of the Clearing System, (i) not to create or permit
to subsist any Security Interest over the whole or any part
of its assets other than Permitted Liens to secure any
Financial Indebtedness and (ii) to procure (to the extent
legally possible and permissible) that none of its Material
Subsidiaries grant or permit to subsist any Security
Interest over the whole or any part of its assets other than
Permitted Liens to secure any Financial Indebtedness,
without prior thereto or at the same time letting the
Holders share pari passu in such Security Interest,
provided that, with respect to Security Interests to be
created by, or subsisting over the assets of, any Material
Subsidiary organized as a German stock corporation
(Aktiengesellschaft) or a partnership limited by shares
(Kommanditgesellschaft auf Aktien) that is, in each case,
not the dominated company under a domination
agreement within the meaning of section 291, 292 of the
German Stock Corporation Act, this § 2(1) shall only
oblige the Guarantor to exercise its voting rights
attaching to the shares held by it in any general
shareholders' meeting of such Material Subsidiary which
may be called to resolve on this matter such as to permit
such Material Subsidiary to comply with this § 2(1).
(2)
Negativverpflichtung der Garantin nach
Veröffentlichung eines Investment Grade-Ratings. Ab
dem ersten Tag (sofern dieser eintritt) nach dem
Begebungstag, an dem die Schuldverschreibungen ein
Investment Grade-Rating erhalten, ruhen die in § 2(1)
enthaltenen Verpflichtungen der Garantin (und die
Garantin unterliegt diesbezüglich keinen weiteren
Verpflichtungen mehr), bis die Schuldverschreibungen
nicht mehr über mindestens ein Investment Grade-Rating
verfügen; in diesem Fall leben die in § 2(1) enthaltenen
Verpflichtungen der Garantin mit Wirkung ab dem
90. Kalendertag nach dem Tag, an dem die
Schuldverschreibungen nicht mehr von mindestens einer
(2)
Negative Pledge of the Guarantor upon
Publication of Investment Grade Rating. Beginning on
the first day following the Issue Date, if any, on which
the Notes are assigned an Investment Grade Rating, the
undertakings of the Guarantor described in § 2(1) shall
be suspended (and the Guarantor shall have no further
obligations with respect thereto) until the Notes cease to
benefit from at least one Investment Grade Rating in
which case the Guarantor shall again be subject to the
undertakings of the Guarantor contained in § 2(1) with
effect from the 90th calendar day following the date on
which the Notes are no longer assigned an Investment
111
der Ratingagenturen
erhalten, wieder auf.
ein
Investment
Grade-Rating
Grade Rating by at least one of the Rating Agencies.
Solange die Schuldverschreibungen ein Investment
Grade-Rating aufweisen, verpflichtet sich die Garantin,
solange Schuldverschreibungen ausstehen, jedoch nur bis
zu dem Zeitpunkt, an dem alle Beträge an Kapital und
Zinsen an das Clearingsystem oder an dessen Order zur
Gutschrift auf den Konten der jeweiligen Kontoinhaber
des Clearingsystems zur Verfügung gestellt worden sind,
(i) kein Sicherungsrecht an ihrem Vermögen oder an
Teilen davon außer Zulässigen Sicherungsrechten zur
Besicherung von Kapitalmarktverbindlichkeiten zu
bestellen oder bestehen zu lassen und (ii) dafür zu
sorgen, dass (soweit rechtlich möglich und zulässig)
keine ihrer Wesentlichen Tochtergesellschaften ein
Sicherungsrecht an ihrem Vermögen oder an Teilen
davon außer Zulässigen Sicherungsrechten zur
Besicherung von Kapitalmarktverbindlichkeiten bestellt
oder bestehen lässt, ohne zuvor oder gleichzeitig die
Gläubiger
gleichrangig
an
einem
solchen
Sicherungsrecht zu beteiligen. Dies gilt mit folgender
Maßgabe: Falls Sicherungsrechte an dem Vermögen
einer Wesentlichen Tochtergesellschaft in der
Rechtsform
einer
Aktiengesellschaft
oder
Kommanditgesellschaft auf Aktien, die in jedem dieser
Fälle kein aufgrund eines Beherrschungsvertrages im
Sinne von §§ 291, 292 AktG beherrschtes Unternehmen
ist, bestellt werden sollen oder bestehen, verpflichtet
dieser § 2(2) die Garantin lediglich dazu, ihre
Stimmrechte aus den von ihr gehaltenen Aktien in einer
zu diesem Thema anberaumten Hauptversammlung der
betreffenden
Wesentlichen
Tochtergesellschaft
dahingehend auszuüben, dass der betreffenden
Wesentlichen Tochtergesellschaft gestattet wird, diesen
§ 2(2) einzuhalten.
For as long as the Notes benefit from an Investment
Grade Rating, the Guarantor undertakes Guarantee, so
long as any of the Notes are outstanding, but only up to
the time all amounts of principal and interest have been
placed at the disposal of the Clearing System or to its
order for credit to the accounts of the relevant account
holders of the Clearing System, (i) not to create or permit
to subsist any Security Interest over the whole or any part
of its assets other than Permitted Liens to secure any
Capital Market Indebtedness and (ii) to procure (to the
extent legally possible and permissible) that none of its
Material Subsidiaries grant or permit to subsist any
Security Interest over the whole or any part of its assets
other than Permitted Liens to secure any Capital Market
Indebtedness, without prior thereto or at the same time
letting the Holders share pari passu in such Security
Interest, provided that, with respect to Security Interests
to be created by, or subsisting over the assets of, any
Material Subsidiary organized as a German stock
corporation (Aktiengesellschaft) or a partnership limited
by shares (Kommanditgesellschaft auf Aktien) that is, in
each case not the dominated company under a
domination agreement within the meaning of section
291, 292 of the German Stock Corporation Act, this
§ 2(2) shall only oblige the Issuer to exercise its voting
rights attaching to the shares held by it in any general
shareholders' meeting of such Material Subsidiary which
may be called to resolve on this matter such as to permit
such Material Subsidiary to comply with this § 2(2).
(3)
(3)
Definitionen.
Definitions.
"Clearingsystem" bezeichnet Clearstream Banking AG,
Mergenthalerallee 61, 65760 Eschborn.
"Clearing System" means Clearstream Banking AG,
Mergenthalerallee 61, 65760 Eschborn.
"Factoring- und ABS-Finanzierungen" bezeichnet alle
Transaktionen im Rahmen von Factoring- und ABS
(Asset Backed Securitisation (Forderungsverbriefungs))Programmen, die von der Emittentin, der Garantin
und/oder einer Tochtergesellschaft aufgelegt werden.
"Factoring and ABS Financings" means any
transactions under factoring and asset backed
securitisation programmes established by the Issuer, the
Guarantor and/or any Subsidiary.
"Finanzverbindlichkeiten" bezeichnet (ohne doppelte
Zählung) alle Verbindlichkeiten (außer Verbindlichkeiten, die einem anderen Mitglied der Gruppe
geschuldet werden) aus oder im Zusammenhang mit:
"Financial Indebtedness" means (without duplication)
any indebtedness (excluding any indebtedness owed to
another member of the Group) for or in respect of:
(a)
aufgenommenen Darlehen;
(a)
money borrowed;
(b)
Wechselakzepten im Rahmen von Akzeptkrediten;
(b)
any amount raised by acceptance under any
acceptance credit facility;
(c)
Beträgen, die im Rahmen einer Note Purchase
Facility oder der Begebung von Anleihen,
Schuldverschreibungen,
Schuldscheinen,
Commercial Paper oder ähnlichen Schuldtiteln
(c)
any amount raised pursuant to any note purchase
facility or the issue of bonds, notes, commercial
papers, debentures, loan stock or any similar
instrument;
112
aufgenommen werden;
(d)
verkauften oder diskontierten
(abgesehen
von
regresslos
Forderungen);
Forderungen,
veräußerten
(d)
receivables sold or discounted (other than any
receivables sold on a non-recourse basis);
(e)
Verpflichtungen
aus
einem
Aufwendungsersatzanspruch in Bezug auf eine
Garantie, Freistellung, Bürgschaft, ein Standbyoder
Dokumentenakkreditiv
oder
anderes
Instrument, die bzw. das von einer Bank oder
einem Finanzinstitut gewährt bzw. ausgestellt
wird; und
(e)
any counter-indemnity obligation in respect of a
guarantee, indemnity, bond, standby or
documentary letter of credit or any other
instrument issued by a bank or financial
institution; and
(f)
Verpflichtungen aus einer Garantie oder
Freistellung für die in den vorstehenden Absätzen
(a) bis (e) aufgeführten Verbindlichkeiten.
(f)
the amount of any liability in respect of any
guarantee or indemnity for any of the items
referred to in paragraphs (a) to (e) above.
"Fitch" bezeichnet Fitch Ratings Ltd. oder ihre etwaigen
Nachfolgeunternehmen.
"Fitch" means Fitch Ratings Ltd. or any of its successor
organisations.
"Gruppe" bezeichnet die Garantin und ihre jeweiligen
konsolidierten Tochtergesellschaften.
"Group" means the Guarantor and all of its consolidated
Subsidiaries from time to time.
"Investment Grade-Rating" in Bezug auf die
bedeutet,
dass
die
Schuldverschreibungen mindestens eines der folgenden
Ratings aufweisen: (i) ein Rating der Stufe "BBB-" oder
höher von S&P; (ii) ein Rating der Stufe "Baa3" oder
höher von Moody's; oder (iii) ein Rating der Stufe
"BBB-" oder höher von Fitch.
"Investment Grade Rating" with respect to the Notes
shall mean that the Notes have at least one of the
following: (i) a rating of "BBB-" or higher from S&P;
(ii) a rating of "Baa3" or higher from Moody's; or (iii) a
rating of "BBB-" or higher from Fitch.
"Kapitalmarktverbindlichkeiten" bezeichnet jede
gegenwärtige oder künftige Verpflichtung zur Zahlung
(von Kapital, Zinsen oder sonstigen Beträgen) auf
Verbindlichkeiten der Emittentin, der Garantin oder einer
Wesentlichen Tochtergesellschaft aus aufgenommenen
Geldern (einschließlich dafür gewährten Garantien oder
sonstigen Freistellungen) in Form von oder verbrieft
durch
Anleihen,
oder
Schuldscheindarlehen.
"Capital Market Indebtedness" means any present or
future payment obligation in respect of indebtedness
(whether principal, interest or other amounts) of the
Issuer, the Guarantor or of a Material Subsidiary in
respect of borrowed money (including any guarantees
and indemnities given in respect thereof) which is in the
form of, or represented by, bonds, notes, certificates of
indebtedness (Schuldscheindarlehen).
"Moody's" bezeichnet Moody's Investors Services
Limited oder ihre etwaigen Nachfolgeunternehmen.
"Moody's" means Moody's Investors Services Limited or
any of its successor organisations.
"Ratingagenturen" bezeichnet Fitch, Moody's und S&P.
"Rating Agencies" means Fitch, Moody's and S&P.
"S&P" bezeichnet Standard & Poor's Credit Market
Services Europe Limited oder ihre etwaigen Nachfolgeunternehmen.
"S&P" means Standard & Poor's Credit Market Services
Europe Limited or any of its successor organisations.
"Sicherungsrecht"
bezeichnet
Grundund
Mobiliarpfandrechte, sonstige Pfandrechte oder sonstige
dingliche Sicherungsrechte.
"Security Interest" means mortgage, charge, pledge,
lien or other form of in rem encumbrance or security
interest.
"Tochtergesellschaft" bezeichnet eine Gesellschaft, an
der die Garantin unmittelbar oder mittelbar mehr als
50 % der Kapitalanteile oder der Stimmrechte hält oder
auf welche die Garantin in sonstiger Weise unmittelbar
oder mittelbar einen beherrschenden Einfluss im Sinne
von § 17 AktG ausüben kann.
"Subsidiary" means any company in which the
Guarantor directly or indirectly holds more than 50 per
cent. of the share capital or voting rights or on which the
Guarantor is able to otherwise exert, directly or
indirectly, a controlling influence within the meaning of
section 17 of the German Stock Corporation Act
(Aktiengesetz).
113
"Wesentliche Tochtergesellschaft" bezeichnet jede
vollkonsolidierte Tochtergesellschaft der Garantin, deren
nicht
konsolidierten
Umsatzerlöse
oder
nicht
konsolidierten Aktiva zum Ende des jeweils unmittelbar
vorhergehenden Geschäftsjahres der Garantin, für das ein
Konzernabschluss der Garantin vorliegt, 10 % oder mehr
der konsolidierten Umsatzerlöse bzw. konsolidierten
Aktiva der Gruppe betragen, jeweils wie in dem
geprüften Konzernabschluss der Garantin für das
unmittelbar vorhergehende Geschäftsjahr ausgewiesen.
Eine Tochtergesellschaft erwirbt bzw. verliert ihren
Status als Wesentliche Tochtergesellschaft ab dem Tag
der
Veröffentlichung
des
betreffenden
Konzernabschlusses der Garantin.
"Material Subsidiary" means each fully consolidated
Subsidiary of the Guarantor whose unconsolidated
revenues or unconsolidated assets, as of the end of the
respective immediately preceding financial year of the
Guarantor for which consolidated accounts of the
Guarantor are available, are equal to or exceed 10 per
cent. of the consolidated revenues or consolidated assets,
respectively, of the Group, in each case as disclosed in
the audited consolidated annual financial statements of
the Guarantor for the respective immediately preceding
financial year. A Subsidiary begins and ceases, as the
case may be, to constitute a Material Subsidiary as from
the date of publication of the relevant consolidated
annual financial statements of the Guarantor.
"Zulässiges
Sicherungsrecht"
Sicherungsrecht, das
"Permitted Lien" means any Security Interest
bezeichnet
ein
(i)
gesetzlich vorgeschrieben ist;
(i)
imposed by law;
(ii)
bestellt wird, um behördliche oder staatliche
Genehmigungen oder Erlaubnisse zu erhalten;
(ii)
granted in order to obtain administrative or
governmental authorizations or permits;
(iii) im Zusammenhang mit Factoring- oder ABSTransaktionen (einschließlich der Factoring- und
ABS-Finanzierungen), die von der Garantin oder
einer ihrer Tochtergesellschaften abgeschlossen
werden, bestellt wird und Finanzverbindlichkeiten
in
einem
Gesamtbetrag
von
maximal
EUR 25.000.000 besichert,
(iii) granted in connection with factoring or asset
backed securities transactions (including the
Factoring and ABS Financings) entered into by the
Guarantor or any of its Subsidiaries securing
Financial Indebtedness in an aggregate amount not
exceeding EUR 25,000,000;
(iv) am Begebungstag
zugesagt ist;
(iv) existing or contractually committed on the Issue
Date;
(v)
besteht
oder
vertraglich
Refinanzierungsverbindlichkeiten (wie in § 3(3)
definiert) besichert, die eingegangen werden, um
Finanzverbindlichkeiten zu besichern, die vorher
so besichert waren;
(v)
securing Refinancing Financial Indebtedness (as
defined in § 3(3)) incurred to refinance Financial
Indebtedness that was previously so secured;
(vi) zum Zeitpunkt des Erwerbs von Vermögenswerten
an diesen Vermögenswerten bereits besteht, soweit
das Sicherungsrecht nicht im Zusammenhang mit
dem Erwerb oder in Erwartung des Erwerbs
bestellt wurde und der durch das Sicherungsrecht
besicherte Betrag an Finanzverbindlichkeiten nicht
nach Erwerb des betreffenden Vermögenswerts
erhöht wird;
(vi) existing on assets at the time of the acquisition
thereof, provided that such Security Interest was
not created in connection with or in contemplation
of such acquisition and that the amount of
Financial Indebtedness secured by such Security
Interest is not increased subsequently to the
acquisition of the relevant asset;
(vii) im Rahmen des gewöhnlichen Geschäftsbetriebs
der Gruppe begründet wird (unter anderem gemäß
Allgemeinen
Geschäftsbedingungen
von
Finanzinstituten), wobei jedoch der Begriff
"gewöhnlicher Geschäftsbetrieb", wie in diesem
§ 2(3) verwendet, keine Aktivitäten umfasst, bei
denen es sich um reine Finanzierungsaktivitäten
handelt;
(vii) created in the ordinary course of business of the
Group (including pursuant to general business
conditions of financial institutions) , however, the
term "ordinary course of business" as used in this
§ 2(3) does not cover any pure financing activities;
(viii) nicht unter den vorstehenden Absätzen (i) bis (vii)
genannt ist und Finanzverbindlichkeiten in einem
Gesamtbetrag von maximal EUR 25.000.000
besichert.
(viii) not referred to under (i) through (vii) above
securing Financial Indebtedness in an aggregate
amount not exceeding EUR 25,000,000.
114
(4)
Bestellung von Sicherheiten. Eine Sicherheit,
die gemäß diesem § 2 zu bestellen ist, kann auch
zugunsten eines Treuhänders der Gläubiger, der auch von
der Emittentin zu diesem Zweck bestellt werden kann,
bestellt werden
(4)
Provision of Security. Any security which is to
be provided pursuant to this § 2 may also be provided to
a person acting as trustee for the Holders who may also
be appointed by the Issuer for such purpose.
§3
BESCHRÄNKUNG VON VERBINDLICHKEITEN
§3
LIMITATION ON INDEBTEDNESS
(1)
Beschränkung von Finanzverbindlichkeiten.
Die
Garantin
verpflichtet
sich,
keine
einzugehen,
und
nicht
zuzulassen, dass eine ihrer Tochtergesellschaften
Finanzverbindlichkeiten eingeht, vorausgesetzt, dass die
Garantin und jede Tochtergesellschaft Finanzverbindlichkeiten eingehen dürfen, sofern (i) zum Zeitpunkt und
unter der Pro-forma-Annahme des Eingehens dieser
Finanzverbindlichkeiten (einschließlich der Verwendung
der Erlöse daraus) der Konsolidierte Verschuldungsgrad
der Gruppe 2,75 zu 1,00 nicht überschreiten würde und
(ii) zum Zeitpunkt des Eingehens kein Kündigungsgrund
(wie in § 12(1) der Anleihebedingungen definiert)
eingetreten ist und fortbesteht oder infolge des Eingehens
der Finanzverbindlichkeiten eintreten würde.
(1)
Limitation on Financial Indebtedness. The
Guarantor undertakes that it will not, and will not permit
any of its Subsidiaries to incur any Financial
Indebtedness, provided, however, that the Guarantor and
any Subsidiary may incur Financial Indebtedness if (i) on
the date of such incurrence and after giving pro forma
effect thereto (including pro forma application of the
proceeds thereof) the Consolidated Leverage Ratio for
the Group would not exceed 2.75 to 1.00 and (ii) on the
date of such incurrence no Event of Default (as defined
in § 12(1) of the Terms and Conditions) shall have
occurred and be continuing or would occur as a
consequence of incurring the Financial Indebtedness.
(2)
Zulässige Finanzverbindlichkeiten. § 3(1)
untersagt
nicht
das
Eingehen
folgender
Finanzverbindlichkeiten:
(2)
Permitted Financial Indebtedness. § 3(1) shall
not prohibit the incurrence of the following Financial
Indebtedness:
(a)
ihrer
Tochtergesellschaften,
die
durch
Forderungsverkäufe im Rahmen von Factoringund ABS-Finanzierungen eingegangen werden,
vorausgesetzt,
dass
(i)
der
ausstehende
Gesamtbetrag der verkauften Forderungen
(gemessen an dem Nettoerlös aus dem Verkauf) zu
keinem Zeitpunkt mehr als EUR 25.000.000
beträgt; und (ii) die betreffende Factoring- und
ABS-Finanzierung keinen Rückgriff auf die
Garantin oder eine ihrer Tochtergesellschaften
erlaubt;
(a)
Financial Indebtedness of the Guarantor or any of
its Subsidiaries incurred pursuant to the sale of
receivables under Factoring and ABS Financings,
provided, however, that (i) the amounts of
receivables sold (measured by the net proceeds of
such sales) does not exceed at any time
outstanding EUR 25,000,000 in the aggregate; and
(ii) such Factoring and ABS Financing shall be
non-recourse to the Guarantor or any of its
Subsidiaries;
(b)
Tochtergesellschaft, die im Rahmen von
Kreditfazilitäten
(einschließlich
Commercial
Paper-Fazilitäten mit Banken oder anderen
Instituten, die revolvierende Kredite, Laufzeitkredite, Schuldtitel oder Forderungsfinanzierungen
(unter anderem durch den Verkauf von
Forderungen an diese Kreditgeber oder an
Zweckgesellschaften, die zum Zweck der
Mittelaufnahme von diesen Kreditgebern gegen
Übertragung solcher Forderungen errichtet
wurden) vorsehen) oder Akkreditiven eingegangen
werden, in einem ausstehenden Gesamtbetrag von
maximal EUR 50.000.000;
(b)
Financial Indebtedness of the Guarantor or any
Subsidiary incurred pursuant to any credit
facilities (including commercial paper facilities
with banks or other institutions providing for
revolving credit loans, term loans, notes or
receivables financing (including through the sale
of receivables to such lenders or to special purpose
entities formed to borrow from such lenders
against such receivables)), or letters of credit
which does not exceed at any time outstanding
EUR 50,000,000 in the aggregate;
(c)
Refinanzierungsverbindlichkeiten, die in Bezug
auf Finanzverbindlichkeiten, die im Einklang mit
den
anderen
Bestimmungen
dieses
§3
eingegangen werden oder am Begebungstag
bestehen, eingegangen werden;
(c)
any Refinancing Financial Indebtedness incurred
in respect of any Financial Indebtedness incurred
in compliance with the other provisions of this § 3
or existing on the Issue Date;
115
(d)
Finanzverbindlichkeiten,
die
sich
aus
Nachrangigen Verbindlichkeiten ergeben; oder
(d)
Financial Indebtedness arising under Subordinated
Obligations; or
(e)
Finanzverbindlichkeiten, die sich aus Cash
Management-Vereinbarungen ergeben, in einem
ausstehenden
Gesamtbetrag
von
maximal
EUR 25.000.000;
(e)
Financial Indebtedness arising under Cash
Management Arrangements which does not exceed
at any time outstanding EUR 25,000,000 in the
aggregate.
Zur Überprüfung der Einhaltung dieses § 3(2) gilt:
For purposes of determining compliance with this
§ 3(2):
(i)
Falls eine Finanzverbindlichkeit die Kriterien von
mehr als einer der in den vorstehenden Absätzen
(a) bis (e) dieses § 3(2) genannten Kategorien von
Finanzverbindlichkeiten erfüllt, wird die Garantin
die betreffende Finanzverbindlichkeit nach ihrem
alleinigen Ermessen in eine Kategorie einstufen
und kann diese Einstufung von Zeit zu Zeit
ändern, und ist nur verpflichtet, den Betrag und die
Kategorie der betreffenden Finanzverbindlichkeit
einem der vorstehenden Absätze (a) bis (e) dieses
§ 3(2) zuzuordnen; und
(i)
in the event that an item of Financial Indebtedness
meets the criteria of more than one of the types of
Financial Indebtedness described in the foregoing
subparagraphs (a) to (e) of this § 3(2), the
Guarantor, in its sole discretion, will classify, and
from time to time may reclassify, such item of
Financial Indebtedness and only be required to
include the amount and type of such Financial
Indebtedness in one of the foregoing
subparagraphs (a) to (e) of this § 3(2); and
(ii)
eine Finanzverbindlichkeit kann aufgeteilt und in
mehr als eine der in diesem § 3(2) genannten
Kategorien von Finanzverbindlichkeiten eingestuft
bzw. umgestuft werden.
(ii)
an item of Financial Indebtedness may be divided
and classified, or reclassified, in more than one of
the types of Financial Indebtedness described in
this § 3(2).
(3)
Definitionen.
(3)
Definitions.
"Cash Management-Vereinbarungen" bezeichnet die
Cash Management-Vereinbarungen der Garantin und
ihrer Tochtergesellschaften (einschließlich sich daraus
ergebender Finanzverbindlichkeiten) im Rahmen ihres
gewöhnlichen Geschäftsbetriebs.
"Cash Management Arrangements" means the cash
management arrangements of the Guarantor and its
Subsidiaries (including any Financial Indebtedness
arising thereunder) which arrangements are in the
ordinary course of business.
"Durchschnittliche
Laufzeit"
bezeichnet
zum
in
Bezug
auf
eine
Finanzverbindlichkeit den Quotient aus (1) der Summe
der Produkte aus der Anzahl der Jahre vom
Berechnungszeitpunkt bis zu jedem darauffolgenden
planmäßigen Termin für eine Kapitalrückzahlung auf
diese Finanzverbindlichkeit und dem Betrag der
betreffenden Zahlung und (2) der Summe aller dieser
Zahlungen.
"Average Life" means, as of the date of determination,
with respect to any Financial Indebtedness, the quotient
obtained by dividing (1) the sum of the products of the
numbers of years from the date of determination to the
dates of each successive scheduled principal payment of
such Financial Indebtedness multiplied by the amount of
such payment by (2) the sum of all such payments.
"eingehen"
bezeichnet
in
Bezug
auf
eine
Finanzverbindlichkeit oder eine sonstige Verbindlichkeit
einer Person eine Begründung oder Übernahme dieser
Finanzverbindlichkeit oder sonstigen Verbindlichkeit
oder die Gewährung einer Garantie oder Bürgschaft oder
Übernahme einer sonstigen Haftung für diese
Finanzverbindlichkeit oder sonstige Verbindlichkeit, und
"Eingehen" bzw. "eingegangen" sind entsprechend
auszulegen.
"incur" means, with respect to any Financial
Indebtedness or other obligation of any Person, to create,
assume, guarantee or otherwise become liable in respect
of such Financial Indebtedness or other obligation, and
"incurrence" and "incurred" have the meanings
correlative to the foregoing.
"Festgelegte Fälligkeit" bezeichnet in Bezug auf ein
Wertpapier, das Finanzverbindlichkeiten darstellt, den
Tag, der in den Bedingungen dieses Wertpapiers als der
Tag festgelegt ist, an dem die Kapitalrückzahlung auf
dieses Wertpapier fällig und zahlbar ist, unter anderem
gemäß einer Bestimmung über eine zwangsweise
Rückzahlung, jedoch ohne Berücksichtigung einer
"Stated Maturity" means, with respect to any
instrument constituting Financial Indebtedness, the date
specified in such security as the fixed date on which the
payment of principal of such instrument is due and
payable, including pursuant to any mandatory
redemption provision, but shall not include any
contingent obligations to repay, redeem or repurchase
116
Eventualverpflichtung zu einer Rückzahlung, einer
Rückführung oder einem Rückkauf in Bezug auf solche
Kapitalbeträge vor dem ursprünglich für die
Kapitalrückzahlung vorgesehenen Tag.
any such principal prior to the date originally scheduled
for the payment thereof.
"IFRS" bezeichnet die International Financial Reporting
Standards, wie sie in der Europäischen Union anwendbar
sind.
"IFRS" means the International Financial Reporting
Standards as applicable in the European Union.
"Konsolidierte Ertragsteuern" bezeichnet Steuern oder
sonstige Zahlungen, einschließlich latenter Steuern, auf
der Grundlage von Erträgen, Gewinnen oder Kapital
(unter anderem einschließlich Quellensteuern) und
Konzessionssteuern
der
Garantin
und
ihrer
Tochtergesellschaften, unabhängig davon, ob diese
gezahlt, geschätzt, aufgelaufen oder an eine Behörde zu
überweisen sind oder nicht.
"Consolidated Income Taxes" means taxes or other
payments, including deferred taxes, based on income,
profits or capital (including without limitation
withholding taxes) and franchise taxes of any of the
Guarantor and its Subsidiaries whether or not paid,
estimated, accrued or required to be remitted to any
governmental authority.
"Konsolidierte
Nettofinanzverbindlichkeiten"
bezeichnet die Summe der gesamten ausstehenden
Finanzverbindlichkeiten der Garantin und ihrer
Wesentlichen Tochtergesellschaften abzüglich Zahlungsmitteln und Zahlungsmitteläquivalenten.
"Consolidated Net Leverage" means the sum of the
aggregate outstanding Financial Indebtedness of the
Guarantor and its Material Subsidiaries, minus cash and
Cash Equivalents.
"Konsolidierter Verschuldungsgrad" bezeichnet zu
einem Berechnungszeitpunkt das Verhältnis (x) der
Konsolidierten Nettofinanzverbindlichkeiten zu diesem
Zeitpunkt zu (y) dem Gesamtbetrag des KonzernEBITDA für den Zeitraum der letzten vier aufeinanderfolgenden Geschäftsquartale, die vor dem Berechnungszeitpunkt enden und für die interne Konzernabschlüsse
der Garantin vorliegen, wobei jedoch für die Berechnung
des Konzern-EBITDA für diesen Zeitraum Folgendes
gilt: Falls zu dem Berechnungszeitpunkt
"Consolidated Leverage Ratio" means, as of any date
of determination, the ratio of (x) Consolidated Net
Leverage at such date to (y) the aggregate amount of
Consolidated EBITDA for the period of the most recent
four consecutive fiscal quarters ending prior to the date
of such determination for which internal consolidated
financial statements of the Guarantor are available;
provided, however, that for the purposes of calculating
Consolidated EBITDA for such period, if, as of such date
of determination:
(i)
seit dem Beginn dieses Zeitraums ein
Einheit eines Unternehmens bilden, veräußert hat
(jede solche Veräußerung ein "Verkauf") wird das
Konzern-EBITDA für diesen Zeitraum um den
Betrag des Konzern-EBITDA (falls positiv)
reduziert oder (falls negativ) erhöht, der den
Vermögenswerten, die Gegenstand eines solchen
Verkaufs sind, für diesen Zeitraum zurechenbar
ist; und
(i)
since the beginning of such period the Guarantor
or any of its Subsidiaries has disposed of any
company, any business, or any group of assets
constituting an operating unit of a business (any
such disposition, a "Sale"), Consolidated EBITDA
for such period will be reduced by an amount
equal to the Consolidated EBITDA (if positive)
attributable to the assets which are the subject of
such Sale for such period or increased by an
amount equal to the Consolidated EBITDA (if
negative) attributable thereto for such period; and
(ii)
seit dem Beginn dieses Zeitraums (durch
Verschmelzung oder in sonstiger Weise) ein
Einheit eines Unternehmens bilden, erworben hat
(ein solcher Erwerb ein "Kauf") wird das
Konzern-EBITDA für diesen Zeitraum auf einer
Pro-forma-Basis so berechnet, als sei der Kauf am
ersten Tag dieses Zeitraums erfolgt; und
(ii)
since the beginning of such period, the Guarantor
or any of its Subsidiaries (by merger or otherwise)
has acquired any company, any business, or any
group of assets constituting an operating unit of a
business (any such acquisition, a "Purchase"),
Consolidated EBITDA for such period will be
calculated after giving pro forma effect thereto as
if such Purchase occurred on the first day of such
period; and
(iii) eine Person (die seit dem Beginn dieses Zeitraums
eine Tochtergesellschaft wurde oder in anderer
Weise mit oder auf die Garantin oder eine
Tochtergesellschaft
verschmolzen
oder
in
sonstiger Weise zusammengeschlossen wurde) seit
(iii) since the beginning of such period, any person
(that became a Subsidiary or was merged or
otherwise combined with or into the Guarantor or
any Subsidiary since the beginning of such period)
will have made any Sale or any Purchase that
117
dem Beginn dieses Zeitraums einen Verkauf oder
einen Kauf getätigt hat, der eine Anpassung gemäß
vorstehendem Absatz (i) oder (ii) erfordert hätte,
wenn er seit dem Beginn dieses Zeitraums von der
Garantin oder einer Tochtergesellschaft getätigt
worden wäre, wird das Konzern-EBITDA für
diesen Zeitraum auf einer Pro-forma-Basis so
berechnet, als sei der Kauf bzw. Verkauf am ersten
Tag dieses Zeitraums erfolgt.
would have required an adjustment pursuant to
clause (i) or (ii) above if made by the Guarantor or
a Subsidiary since the beginning of such period,
Consolidated EBITDA for such period will be
calculated after giving pro forma effect thereto as
if such Sale or Purchase occurred on the first day
of such period.
Für die Zwecke dieser Definition werden Berechnungen
nach Treu und Glauben durch einen für die Finanzen
verantwortlichen leitenden Angestellten oder Chief
Accounting Officer der Garantin nach Treu und Glauben
bestimmt und bei der Bestimmung des Betrages der zu
einem
ausstehenden
Finanzverbindlichkeiten wird ein Eingehen, eine
Rückzahlung, ein Rückkauf, eine Schuldübernahme oder
ein sonstiger Erwerb, eine Rückführung oder eine
Begleichung von Finanzverbindlichkeiten auf einer Proforma-Basis so berücksichtigt, als sei die jeweilige
Transaktion am ersten Tag des betreffenden Zeitraums
erfolgt.
For the purposes of this definition calculations will be
etermined in good faith by a responsible financial or
chief accounting officer of the Guarantor and in
determining the amount of Financial Indebtedness
outstanding on any date of determination, pro forma
effect shall be given to any incurrence, repayment,
repurchase, defeasance or other acquisition, retirement or
discharge of Financial Indebtedness as if such transaction
had occurred on the first day of the relevant period.
"Konsolidiertes Zinsergebnis" bezeichnet für einen
Zeitraum (jeweils nach IFRS ermittelt) den
konsolidierten
Saldo
der
Zinserträge
und
Zinsaufwendungen
der
Garantin
und
ihrer
Tochtergesellschaften, ob gezahlt oder aufgelaufen,
einschließlich Zinskosten für Pensionsverbindlichkeiten,
zuzüglich oder einschließlich (ohne doppelte Zählung)
aller Zinsen, Kosten und Aufwendungen, die aus
Folgendem bestehen:
"Consolidated Interest Expense" means, for any period
(in each case, determined on the basis of IFRS), the
consolidated net interest income or interest expense of
the Guarantor and its Subsidiaries, whether paid or
accrued, including any pension liability interest cost, plus
or including (without duplication) any interest, costs and
charges consisting of:
(a)
Zinsaufwendungen, die einer Verbindlichkeit
zuzurechnen
sind,
die
für
Rechnungslegungszwecke
nach
IFRS
als
Finanzierungsleasing
einzustufen
und
zu
bilanzieren ist;
(a)
interest expense attributable to an obligation that is
required to be classified and accounted for as a
capitalized lease for financial reporting purposes
on the basis of IFRS;
(b)
Abschreibungen auf Disagios, Kosten
Emission von Schuldtiteln und Agios;
(b)
amortization of debt discount, debt issuance cost
and premium;
(c)
nicht zahlungswirksamen Zinsaufwendungen;
(c)
non-cash interest expense;
(d)
Provisionen, Abschlägen und anderen Gebühren
und Kosten, die in Bezug auf Finanzierungen
geschuldet werden, die nicht unter vorstehenden
Absatz (b) fallen;
(d)
commissions, discounts and other fees and charges
owed with respect to financings not included in
clause (b) above;
(e)
Kosten in Verbindung mit Zins-, Währungs- oder
Warensicherungsgeschäften;
(e)
costs associated with interest rate, currency or
commodity hedging arrangements;
(f)
den konsolidierten Zinsaufwendungen, die in
diesem Zeitraum kapitalisiert wurden;
(f)
the consolidated interest expense that
capitalized during such period; and
(g)
Zinsen, die von der Garantin oder einer
Tochtergesellschaft gemäß einer Garantie für
oder
andere
Verbindlichkeiten einer anderen Person tatsächlich
gezahlt wurden.
(g)
interest actually paid by the Guarantor or any
Subsidiary under any guarantee of Financial
Indebtedness or other obligation of any other
Person.
der
"Konzern-EBITDA" für einen Zeitraum bezeichnet
ohne doppelte Zählung das Konzernergebnis für diesen
was
"Consolidated EBITDA" for any period means, without
duplication, the Consolidated Net Income for such
118
Zeitraum zuzüglich der folgenden Posten, soweit sie bei
der Berechnung des Konzernergebnisses abgezogen
wurden:
period, plus the following to the extent deducted in
calculating such Consolidated Net Income
(a)
Konsolidiertes Zinsergebnis;
(a)
Consolidated Interest Expense;
(b)
Konsolidierte Ertragsteuern;
(b)
Consolidated Income Taxes;
(c)
konsolidierte Abschreibungen auf Sachanlagen;
(c)
consolidated depreciation expense;
(d)
konsolidierte Abschreibungen auf immaterielle
Vermögensgegenstände oder Wertminderungen;
(d)
consolidated amortization or impairment expense;
(e)
sämtliche Aufwendungen oder sonstigen Kosten in
Verbindung oder im Zusammenhang mit einem
Angebot von Kapitalanteilen oder einem Erwerb,
einer Veräußerung, einer Rekapitalisierung oder
dem Eingehen von Finanzverbindlichkeiten, die
gemäß diesen Anleihebedingungen eingegangen
werden dürfen, (in jedem dieser Fälle unabhängig
davon, ob die betreffende Transaktion erfolgreich
verläuft oder nicht), jeweils wie nach Treu und
Glauben von der Garantin bestimmt;
(e)
any expenses, charges or other costs related to or
arising in connection with any equity offering,
acquisition, disposition, recapitalization or the
incurrence of any Financial Indebtedness
permitted by these Terms and Conditions (in each
case whether or not successful) in each case, as
determined in good faith by the Guarantor;
(f)
alle sonstigen nicht zahlungswirksamen Aufwendungen, Herabschreibungen oder Posten, die das
Konzernergebnis verringern, oder sonstige Posten,
die von der Garantin als außerordentliche,
besondere, nicht gewöhnliche oder nicht
wiederkehrende Posten eingestuft werden,
abzüglich nicht zahlungswirksamer Ertragsposten,
die das Konzernergebnis erhöhen (außer nicht
zahlungswirksamer Ertragsposten, die einen
Eingang von Zahlungsmitteln in einem
zukünftigen Zeitraum darstellen).
(f)
any other non-cash charges, write-downs or items
reducing Consolidated Net Income or other items
classified by the Guarantor as extraordinary,
exceptional, unusual or nonrecurring items less
other non-cash items of income increasing
Consolidated Net Income (excluding any such
non-cash item of income to the extent it represents
a receipt of cash in any future period).
"Konzernergebnis" bezeichnet für einen Zeitraum den
nach IFRS ermittelten konsolidierten Überschuss
(Fehlbetrag)
der
Garantin
und
ihrer
Tochtergesellschaften.
"Consolidated Net Income" means, for any period, the
consolidated net income (loss) of the Guarantor and its
Subsidiaries determined on the basis of IFRS.
"Nachrangige Verbindlichkeit" bezeichnet eine
Finanzverbindlichkeit (ob am Begebungstag ausstehend
oder
danach
eingegangen),
die
den
Schuldverschreibungen und dieser Garantie gemäß einer
schriftlichen Vereinbarung im Hinblick auf den
Zahlungsanspruch im Rang nachgeht. Dies gilt jedoch
unter der Voraussetzung, dass diese Nachrangige
Verbindlichkeit
"Subordinated Obligations" means any Financial
Indebtedness (whether outstanding on the Issue Date or
thereafter incurred) which is subordinated in right of
payment to the Notes and this Guarantee, pursuant to a
written agreement, provided, however, that such
Subordinated Obligation
(a)
Fälligkeit der Schuldverschreibungen fällig wird
oder
eine
Tilgung
oder
sonstige
Kapitalrückzahlung vorschreibt (außer durch
Wandlung
oder
Umtausch
in
Anteile,
Beteiligungen oder andere Rechte am Eigenkapital
der Garantin oder einer Tochtergesellschaft oder in
sonstige Wertpapiere oder Instrumente, die die
Anforderungen der Definition der Nachrangigen
Verbindlichkeiten erfüllen);
(a)
event) mature or require any amortisation or other
payment of principal prior to the first anniversary
of the maturity of the Notes (other than through
conversion or exchange into shares, interests,
participations or other interests in the equity of the
Guarantor or a Subsidiary or for any other security
or instrument meeting the requirements of the
definition of Subordinated Obligations);
(b)
(b)
event) require the payment of cash interest prior to
119
Fälligkeit der Schuldverschreibungen die Zahlung
von zahlungswirksamen Zinsen vorschreibt;
the first anniversary of the maturity of the Notes;
(c)
Fälligkeit der Schuldverschreibungen eine
vorzeitige Kündigung vorsieht oder ein Recht
Ereignisses) zur Erklärung einer Leistungsstörung
oder eines Kündigungsgrundes oder zu einer
gerichtlichen Geltendmachung von Forderungen
gewährt;
(c)
event) provide for the acceleration of its maturity
nor confers any right (including upon the
happening of any event) to declare a default or
event of default or take any enforcement action, in
each case, prior to the first anniversary of the
maturity of the Notes;
(d)
nicht
durch
ein
Sicherungsrecht
an
Vermögenswerten der Garantin oder einer
Tochtergesellschaft besichert ist;
(d)
is not secured by a Security Interest on any assets
of the Guarantor or a Subsidiary;
(e)
im Hinblick auf den Zahlungsanspruch der
vorherigen vollständigen Zahlung in bar auf die
Schuldverschreibungen und diese Garantie im Fall
einer
Zahlungsunfähigkeit,
Insolvenz,
Reorganisation, Liquidation, Abwicklung oder
sonstigen Vermögensveräußerung im Rang
nachgeht;
(e)
is subordinated in right of payment to the prior
payment in full in cash of the Notes and this
Guarantee, in the event of any default, bankruptcy,
reorganisation, liquidation, winding up or other
disposition of assets;
(f)
Ereignisses) die Zahlung von Beträgen, die auf die
Schuldverschreibungen bzw. diese Garantie fällig
sind, oder die Einhaltung der Verpflichtungen der
Emittentin oder der Garantin aus den
Schuldverschreibungen bzw. dieser Garantie nicht
einschränkt;
(f)
event) restrict the payment of amounts due in
respect of the Notes, or, as the case maybe, this
Guarantee or compliance by the Issuer or the
Guarantor with their obligations under the Notes
and this Guarantee, respectively;
(g)
Ereignisses) keine Anteile oder sonstigen Rechte
an Eigenkapital begründet, die bei der Wahl von
Mitgliedern
von
Geschäftsführungsorganen
stimmberechtigt sind; und
(g)
event) constitute shares or other interests in equity
that are entitled to vote in the election of directors;
and
(h)
Ereignisses) nicht vor dem Fälligkeitstag der
Schuldverschreibungen insgesamt oder teilweise
zwangsweise oder nach Wahl ihres Gläubigers
wandelbar oder umtauschbar ist, außer in Anteile,
Beteiligungen oder sonstige Rechte an dem
Eigenkapital
der
Garantin
oder
einer
Tochtergesellschaft.
(h)
is not (including upon the occurrence of any event)
mandatorily convertible or exchangeable, or
convertible or exchangeable at the option of the
holder, in whole or in part, prior to the date on
which the Notes mature other than into or for
shares, interests, participations or other interests in
the equity in the Guarantor or a Subsidiary;
Falls jedoch ein Ereignis oder ein Umstand eintritt, der
zur Folge hat, dass die betreffende Finanzverbindlichkeit
die
Voraussetzungen
für
eine
Nachrangige
Verbindlichkeit nicht mehr erfüllt, gilt die betreffende
Finanzverbindlichkeit
als
ein
Eingehen
von
Finanzverbindlichkeiten durch die Garantin oder eine
Tochtergesellschaft, welches nur in dem gemäß § 3(2)
gestatteten Umfang zulässig ist.
provided, however, that in any event or circumstance that
results in such Financial Indebtedness ceasing to qualify
as a Subordinated Obligation, such Financial
Indebtedness shall constitute an incurrence of such
Financial Indebtedness by the Guarantor or a Subsidiary
which incurrence will only be permitted to the extent
permitted under § 3(2).
"Refinanzierungsverbindlichkeit" bezeichnet eine
Finanzverbindlichkeit, mit der eine in zulässiger Weise
gemäß und im Einklang mit den Anleihebedingungen
eingegangene oder bestehende Finanzverbindlichkeit
refinanziert
wird,
wobei
jedoch
folgende
Voraussetzungen gelten:
"Refinancing Financial Indebtedness" means Financial
Indebtedness that refinances any Financial Indebtedness
incurred or existing as permitted under and in
compliance with the Terms and Conditions; provided,
however, that:
120
(a)
die
Festgelegte
Fälligkeit
der
Refinanzierungsverbindlichkeit darf nicht vor der
Festgelegten Fälligkeit der Finanzverbindlichkeit,
die refinanziert wird, liegen;
(a)
the Refinancing Financial Indebtedness has a
Stated Maturity no earlier than the Stated Maturity
of the Financial Indebtedness being refinanced;
(b)
die
Durchschnittliche
Laufzeit
der
Refinanzierungsverbindlichkeit zu dem Zeitpunkt
ihres Eingehens muss größer oder gleich der
Durchschnittlichen
Laufzeit
der
Finanzverbindlichkeit, die refinanziert wird, sein;
(b)
the Refinancing Financial Indebtedness has an
Average Life at the time such Refinancing
Financial Indebtedness is incurred that is equal to
or greater than the Average Life of the Financial
Indebtedness being refinanced;
(c)
nur
derjenige
Teil
der
eingegangenen
Finanzverbindlichkeiten erfüllt die Kriterien für
Refinanzierungsverbindlichkeiten,
dessen
Gesamtnennbetrag (oder falls mit Disagio
ausgegeben, Gesamtausgabepreis) kleiner oder
gleich dem zu diesem Zeitpunkt ausstehenden
Gesamtnennbetrag (oder, falls mit Disagio
ausgegeben, aufgelaufenen Gesamtwert) der
refinanzierten Finanzverbindlichkeit (zuzüglich
aller aufgelaufenen Zinsen und dem Betrag aller
Gebühren und Aufwendungen, einschließlich
Prämien) ist, und
(c)
only such portion of the Financial Indebtedness
incurred will qualify as Refinancing Financial
Indebtedness that has an aggregate principal
amount (or, if issued with original issue discount,
an aggregate issue price) that is equal to or less
than the aggregate principal amount (or, if issued
with original issue discount, the aggregate accreted
value) then outstanding of the Financial
Indebtedness being refinanced (plus all accrued
interest and the amount of all fees and expenses,
including any premiums); and
(d)
falls die Finanzverbindlichkeit, die refinanziert
wird,
gemäß
ihren
Bedingungen
den
Schuldverschreibungen und dieser Garantie im
Hinblick auf den Zahlungsanspruch im Rang
nachgeht,
muss
die
Refinanzierungsverbindlichkeit
den
Schuldverschreibungen bzw. dieser Garantie im
Hinblick auf den
Zahlungsanspruch
zu
Bedingungen im Rang nachgehen, die für die
Gläubiger mindestens so vorteilhaft sind wie die
Bedingungen der Dokumente, die für die
Finanzverbindlichkeit, die refinanziert wird,
maßgeblich sind.
(d)
if the Financial Indebtedness being refinanced is,
according to its terms, subordinated in right of
payment to the Notes and this Guarantee, such
Refinancing
Financial
Indebtedness
is
subordinated in right of payment to the Notes and
this Guarantee, as the case may be, on terms at
least as favourable to the Holders as those
contained in the documentation governing the
Financial Indebtedness being refinanced.
"Zahlungsmitteläquivalente" bezeichnet:
"Cash Equivalents" means:
(a)
Wertpapiere, die von der Regierung der
Vereinigten Staaten von Amerika oder Behörden
oder Institutionen der Vereinigten Staaten von
Amerika oder einem zum 31. Dezember 2003
bestehenden Mitgliedstaat der Europäischen Union
oder dessen Behörden oder Institutionen begeben
oder unmittelbar und uneingeschränkt garantiert
oder versichert sind (jedoch nur, sofern sie durch
eine uneingeschränkte staatliche Garantie (full
faith and credit) der Vereinigten Staaten bzw. des
betreffenden Mitgliedstaates der Europäischen
Union abgesichert sind), mit einer Laufzeit von
Erwerbs;
(a)
securities issued or directly and fully guaranteed or
insured by the Government of the United States of
America or any agency or instrumentality of the
United States of America or a member state of the
European Union as of 31 December 2003 or any
agency or instrumentality thereof (provided,
however, that the full faith and credit of the United
States of America or such member state of the
European Union is pledged in support thereof),
having maturities of not more than one year from
the date of acquisition;
(b)
Einlagenzertifikate, Termineinlagen, EurodollarTermineinlagen, Tagesgelder oder Bankakzepte
mit einer Laufzeit von maximal einem Jahr ab dem
Zeitpunkt des Erwerbs, deren Emittent eine
Geschäftsbank
ist,
deren
langfristige
Verbindlichkeiten zum Zeitpunkt des Erwerbs ein
Rating von "A" oder ein gleichwertiges Rating von
S&P oder ein Rating von "A2" oder ein
(b)
certificates of deposit, time deposits, Eurodollar
time deposits, overnight bank deposits or bankers'
acceptances having maturities of not more than
one year from the date of acquisition thereof
issued by any commercial bank the long term debt
of which is rated at the time of acquisition "A" or
the equivalent thereof by S&P or "A2" or the
equivalent thereof by Moody's;
121
gleichwertiges Rating von Moody's aufweisen;
(c)
Rückkaufverpflichtungen mit einer Laufzeit von
maximal sieben Tagen für zugrunde liegende
Wertpapiere der in den vorstehenden Absätzen (a)
und (b) beschriebenen Arten, die mit einer Bank,
die die in vorstehendem Absatz (b) dieser
Definition
genannten
Kriterien
erfüllt,
eingegangen wurden;
(c)
repurchase obligations with a term of not more
than seven days for underlying securities of the
types described in paragraphs (a) and (b) entered
into with any bank meeting the qualifications
specified in paragraph (b) of this definition;
(d)
Commercial Paper mit einem Rating zum
Zeitpunkt des Erwerbs von mindestens "A-2" oder
einem gleichwertigen Rating von S&P oder "P-2"
oder einem gleichwertigen Rating von Moody's
oder einem gleichwertigen Rating einer
international anerkannten Ratingagentur, falls
beide vorstehend genannten Ratingagenturen die
Veröffentlichung von Ratings für Anlagen
einstellen, und jeweils mit einer Laufzeit von
Erwerbs; und
(d)
commercial paper rated at the time of acquisition
thereof at least "A-2" or the equivalent thereof by
S&P or "P-2" or the equivalent thereof by Moody's
or carrying an equivalent rating by an
internationally recognised rating agency, if both of
the two named rating agencies cease publishing
ratings of investments, and in any case maturing
within one year after the date of acquisition
thereof; and
(e)
Beteiligungen an einer Investmentgesellschaft
oder einem Geldmarktfonds, die bzw. der
mindestens 95 % ihres bzw. seines Vermögens in
Instrumenten der in den Absätzen (a) bis (d) dieser
Definition beschriebenen Arten anlegt.
(e)
interests in any investment company or money
market fund which invests 95 per cent or more of
its assets in instruments of the type specified in
paragraphs (a) through (d) of this definition.
(4)
Beschränkung der Verbindlichkeiten von
Tochtergesellschaften. Ungeachtet § 3(1) darf der
ausstehende Gesamtbetrag der Finanzverbindlichkeiten,
die von Tochtergesellschaften der Garantin (außer
Finanzierungsgesellschaften) gemäß § 3(2) eingegangen
werden, zu keinem Zeitpunkt höher sein als 15,0 % der
Konzernbilanzsumme der Garantin (ermittelt nach IFRS
auf der Grundlage des letzten verfügbaren geprüften
Konzernabschlusses der Garantin).
(4)
Limitation on Subsidiary Indebtedness.
Notwithstanding § 3(1), the aggregate Financial
Indebtedness incurred by Subsidiaries of the Guarantor
(excluding Finance Subsidiaries) in accordance with
§ 3(2) may not exceed an amount at any one time
outstanding equal to 15.0% of an amount equal to the
aggregate book value of the total consolidated assets of
the Guarantor (determined by reference to the most
recent available audited annual consolidated financial
statements of the Guarantor and calculated in accordance
with IFRS).
"Finanzierungsgesellschaft"
bezeichnet
jede
unmittelbare oder mittelbare Tochtergesellschaft der
Garantin, deren alleiniger Zweck die Aufnahme von
Fremdkapital für die Gruppe ist und die über keine
wesentlichen Vermögenswerte (außer Forderungen aus
Darlehen an andere Mitglieder der Gruppe und
Bankeinlagen) verfügt.
"Finance Subsidiary" means each direct or indirect
Subsidiary of the Guarantor whose sole purpose is to
raise financing for the Group and which does not own
any material assets (other than receivables arising from
loans to other members of the group and bank deposits).
(5)
Ruhen der Verpflichtungen zur Beschränkung
von Verbindlichkeiten nach Veröffentlichung eines
Investment Grade-Ratings. Ab dem ersten Tag (sofern
dieser eintritt) nach dem Begebungstag, an dem die
Schuldverschreibungen ein Investment Grade-Rating
erhalten, ruhen die in dieser Garantie enthaltenen und in
§ 3(1), (4) und (6) beschriebenen Verpflichtungen der
Garantin (und solange diese Verpflichtungen ruhen,
unterliegt die Garantin diesbezüglich keinen weiteren
Verpflichtungen mehr). Ab dem Tag, an dem die
Schuldverschreibungen nicht mehr über mindestens ein
Investment Grade-Rating verfügen, leben diese
(5)
Suspension of Limitation on Indebtedness
Covenant upon Publication of Investment Grade
Rating. Beginning on the first day following the Issue
Date, if any, on which the Notes are assigned an
Investment Grade Rating, the undertakings of the
Guarantor contained in this Guarantee and described in
this § 3(1), (4) and (6) shall be suspended (and the
Guarantor shall have no further obligations with respect
thereto for as long as such undertakings are suspended).
Such undertakings shall again apply according to their
terms from the day following the date on which the
Notes cease to benefit from at least one Investment
Grade Rating.
(6)
Berichterstattung. Die Garantin wird in jedem
(i) zusammen mit dem Jahresabschluss veröffentlichten
(6)
Reporting. The Guarantor will report in each of
(i) its group report published with the annual financial
122
Konzernbericht und (ii) Halbjahresbericht berichten, ob
sie die Bestimmungen dieses § 3 eingehalten hat oder
nicht, und im Fall einer Nichteinhaltung, welche
Umstände zu dieser Nichteinhaltung geführt haben.
statements, (ii) its half year report whether or not it has
complied with the provisions of this § 3 and, in the case
of any non-compliance, will report as to the facts
resulting in any such non-compliance.
§4
WEITERE VERPFLICHTUNGEN
§4
FURTHER UNDERTAKINGS
(1)
Geschäfte mit Anteilseignern. Die Garantin
verpflichtet sich, Folgendes zu unterlassen und dafür zu
sorgen, dass jede Wesentliche Tochtergesellschaft
Folgendes unterlässt (wobei die Garantin in Bezug auf
eine Wesentliche Tochtergesellschaft in der Rechtsform
einer Aktiengesellschaft oder Kommanditgesellschaft auf
Aktien, die in jedem dieser Fälle kein aufgrund eines
Beherrschungsvertrages im Sinne von §§ 291, 292 AktG
beherrschtes Unternehmen ist, lediglich verpflichtet ist,
ihre Stimmrechte aus den von ihr gehaltenen Aktien in
einer zu diesem Thema anberaumten Hauptversammlung
der betreffenden Wesentlichen Tochtergesellschaft
dahingehend auszuüben, dass der betreffenden
Wesentlichen Tochtergesellschaft gestattet wird, diesen
§ 4(1) einzuhalten):
(1)
Transactions
with
Shareholders.
The
Guarantor undertakes that it will not, and that it will
procure that each Material Subsidiary will not (provided
that, with respect to any Material Subsidiary organized as
a German stock corporation (Aktiengesellschaft) or a
partnership limited by shares (Kommanditgesellschaft
auf Aktien) that is, in each case not the dominated
company under a domination agreement within the
meaning of section 291, 292 of the German Stock
Corporation Act (Aktiengesetz), the Guarantor shall only
be obliged to exercise its voting rights attaching to the
shares held by it in any general shareholders' meeting of
such Material Subsidiary which may be called to resolve
on any of the matters below such as to permit such
Material Subsidiary to comply with this § 4(1))
(a)
Garantien oder Sicherungsrechte für eine
Verbindlichkeit eines Anteilseigner oder eines
Verbundenen Unternehmens eines Anteilseigners
zu gewähren;
(a)
provide any guarantees or Security Interests in
respect of any obligation of any Shareholder or
any Shareholder Affiliate;
(b)
Darlehen (außer zu marktüblichen Konditionen,
die einem Drittvergleich standhalten) an einen
Anteilseigner oder ein Verbundenes Unternehmen
eines Anteilseigners zu gewähren;
(b)
provide any loans (other than on arm's length
commercial terms) to any Shareholder or any
(c)
in von einem Anteilseigner oder einem
ausgegebene Anteile, Aktien, Beteiligungen oder
Wertpapiere zu investieren oder diese zu erwerben
(bzw. einen solchen Erwerb zu vereinbaren) (außer
zu marktüblichen Konditionen, die einem
Drittvergleich standhalten und unter denen der
betreffende Anteilseigner bzw. das betreffende
Verbundene Unternehmen eines Anteilseigners
infolge der Investition oder des Erwerbs eine
Tochtergesellschaft der Garantin wird);
(c)
invest in or acquire (or agree to acquire) any
shares, stock, interest in, or securities issued by
any Shareholder or any Shareholder Affiliate
(other than on arm's length commercial terms such
that the relevant Shareholder or the Shareholder
Affiliate becomes a Subsidiary of the Guarantor as
a result of the investment or acquisition);
(d)
mit einem Anteilseigner oder einem Verbundenen
Unternehmen eines Anteilseigners ein Geschäft zu
nicht marktüblichen Konditionen abzuschließen,
die keinem Drittvergleich standhalten;
(d)
enter into a transaction with any Shareholder or
any Shareholder Affiliate that is not on arm's
length commercial terms;
(e)
(e)
(i)
mit einem Anteilseigner oder einem
Verbundenen
Unternehmen
eines
Anteilseigners einen Vertrag über die
Errichtung einer Joint-Venture-Gesellschaft
abzuschließen oder zusammen mit einem
Anteilseigner oder einem Verbundenen
Unternehmen eines Anteilseigners einer JointVenture-Gesellschaft in irgendeiner Form
Eigenkapital zur Verfügung zu stellen, es sei
denn in der Satzung oder den sonstigen
Gründungsdokumenten der Joint-Venture-
(i)
enter into an agreement on the establishment of
a joint venture company with a Shareholder or
any Shareholder Affiliate or make available
equity in any form to a joint venture company
with a Shareholder or any Shareholder
Affiliate, unless the articles of association or
other constitutional documents of the joint
venture company provide that dividends or
other distributions to the Guarantor and the
Shareholder or the Shareholder Affiliate, as the
case may be, as shareholders of the joint
123
Gesellschaft ist festgelegt, dass Dividenden
oder sonstige Ausschüttungen an die Garantin
und den Anteilseigner bzw. das Verbundene
Unternehmen
eines
Anteilseigners
als
Gesellschafter der Joint-Venture-Gesellschaft
ausschließlich anteilig im Verhältnis zu den
von ihnen jeweils gehaltenen Beteiligungen zu
erfolgen haben; oder
(ii)
einer Joint-Venture-Gesellschaft (oder für
Verpflichtungen
einer
Joint-VentureGesellschaft), an der auch ein Anteilseigner
oder ein Verbundenes Unternehmen eines
Anteilseigners
beteiligt
ist,
Darlehen,
Garantien, Sicherungsrechte oder sonstige
Haftungsübernahmen zu gewähren, es sei
denn, (i) die Gewährung erfolgt anteilig im
Verhältnis zu der von dem Anteilseigner bzw.
dem Verbundenen Unternehmen eines
Anteilseigners gehaltenen Beteiligung und (ii)
der Anteilseigner bzw. das Verbundene
Unternehmen eines Anteilseigners gewährt
auch ein entsprechendes Darlehen, eine
entsprechende Garantie, eine entsprechende
Sicherheit oder eine entsprechende sonstige
Haftungsübernahme anteilig im Verhältnis zu
der von ihm gehaltenen Beteiligung an der
Joint-Venture-Gesellschaft.
venture company must be paid exclusively pro
rata in proportion to their respective
shareholdings; or

(ii)
grant any loan, guarantee, Security Interest or
assumption of liability to (or in respect of
obligations of) a joint venture company in
which a Shareholder or a Shareholder Affiliate
holds shares, unless (i) such loan, guarantee,
collateral or other assumption of liability is
granted pro rata in proportion to the
shareholding of such Shareholder or the
Shareholder Affiliate as applicable, and (ii) the
Shareholder or the Shareholder Affiliate as
applicable, also grants a corresponding loan,
guarantee, collateral or other assumption of
liability pro rata in proportion to its
shareholding in the joint venture company.
Für die Zwecke von § 4(1)(a), (c), (d) und (e) wird
unwiderlegbar vermutet, dass das betreffende Geschäft
zu marktüblichen Konditionen, die einem Drittvergleich
standhalten, abgeschlossen wurde, wenn ein an die
Garantin adressiertes Gutachten (Fairness Opinion) eines
namhaften Wirtschaftsprüfungsunternehmens oder einer
Investmentbank die Angemessenheit der von der
Garantin bzw. der betreffenden Wesentlichen
Tochtergesellschaft erhaltenen Gegenleistung bestätigt.
For the purposes of this § 4 (1) (a), (c), (d) and (e), there
shall be an irrebuttable presumption that the relevant
transaction is on arm's length commercial terms if a
fairness opinion issued by a reputable firm of auditors or
investment bank and addressed to the Guarantor
confirms the appropriateness of the consideration
received by the Guarantor or the respective Material
Subsidiary.
"Anteilseigner" bezeichnet jeden Anteilseigner der
Garantin und jede Person, die unmittelbar oder mittelbar
mehr als 50 % der Stimmrechte an diesem Anteilseigner
hält.
"Shareholder" means each shareholder of the Guarantor
and any person holding, directly or indirectly, more than
50 per cent of the voting rights in such shareholder.
"Verbundenes Unternehmen eines Anteilseigners"
bezeichnet ein Unternehmen, an dem ein Anteilseigner
oder eine Gruppe von unmittelbar oder mittelbar
gemeinsam handelnden Anteilseignern mehr als 50 %
der Stimmrechte hält (außer der Garantin und einer ihrer
Tochtergesellschaften).
"Shareholder Affiliate" means any company in which a
Shareholder or a group of Shareholders acting jointly
voting rights, but excluding the Guarantor and any of its
Subsidiaries.
(2)
Beschränkung von Dividenden. Die Garantin
verpflichtet sich, keine Zahlung von Dividenden oder
andere Ausschüttungen von Gewinnen oder freiem
Vermögen an einen Anteilseigner oder ein Verbundenes
Unternehmen eines Anteilseigners zu leisten, außer wenn
zum Zeitpunkt einer solchen Zahlung oder Ausschüttung
(unter der Pro-forma-Annahme, dass diese geleistet
wird),
(2)
Restriction on Dividends. The Guarantor
undertakes not to resolve on or effect the payment of a
dividend or other distribution of profits or distributable
assets (freies Vermögen) to any Shareholder of any
Shareholder Affiliate, unless, at the time of and after
giving pro-forma effect to such payment or distribution,
(a)
(a)
kein Kündigungsgrund (wie in § 12(1) der
Anleihebedingungen definiert) eingetreten ist und
fortbesteht;
no Event of Default (as defined in § 12(1) of the
Terms and Conditions) has occurred and is
continuing;
124
(b)
die Garantin unter Einhaltung der in § 3(1)
genannten Kennzahl mindestens € 1,00 an
zusätzlichen Finanzverbindlichkeiten eingehen
könnte; und
(b)
the Guarantor could incur at least € 1.00 of
additional Financial Indebtedness pursuant to the
ratio set forth in § 3(1); and
(c)
der Gesamtbetrag aller nach dem Begebungstag
festgesetzten oder geleisteten Dividenden und
Ausschüttungen nicht höher ist als die Summe aus:
(c)
the aggregate amount of all dividends and
distributions declared or made after the Issue Date
does not exceed the sum of:
(i)
50 % des gesamten Konzernergebnisses
(berechnet auf der Grundlage des letzten zum
Zeitpunkt dieser Berechnung verfügbaren
Konzernabschlusses der Garantin im Einklang
mit den in dem Abschluss, auf dessen
Grundlage
die
Berechnung
erfolgt,
angewandten Rechnungslegungsgrundsätzen)
auf kumulativer Basis im Zeitraum vom
1. Januar 2013 bis zum letzten Tag des letzten
vor
dem
Datum
der
geplanten
Dividendenzahlung
oder
sonstigen
Ausschüttung endenden Geschäftsquartals der
Garantin, für das ein Konzernabschluss der
Garantin vorliegt (oder, falls dieses kumulative
Konzernergebnis ein negativer Betrag ist,
minus 100 % dieses negativen Betrages) und
(i)
50 per cent of aggregate Consolidated Net
Income (calculated by reference to the latest
Guarantor in existence at the time such
calculations are made, consistent with the
accounting principles applying to the financial
statements by reference to which such
calculations are made) on a cumulative basis
during the period beginning on 1 January 2013
and ending on the last day of the Guarantor's
last fiscal quarter ending prior to the date of
such proposed dividend payment or other
distribution for which consolidated financial
statements of the Guarantor are available (or, if
such aggregate Consolidated Net Income shall
be a negative number, minus 100 per cent of
such negative amount); plus
(ii)
den gesamten Nettobarerlösen, die die Garantin
nach
dem
Begebungstag
als
Eigenkapitalzuführungen oder aus der Ausgabe
oder dem Verkauf (außer an eine
Tochtergesellschaft) von Anteilen der Garantin
erhalten hat.
(ii)
the aggregate net cash proceeds received by the
Guarantor after the Issue Date as equity capital
contributions or from the issuance or sale
(other than to any Subsidiary) of shares of the
Guarantor.
(3)
Ruhen der weiteren Verpflichtungen nach
Veröffentlichung eines Investment Grade-Ratings. Ab
dem ersten Tag (sofern dieser eintritt) nach dem
Begebungstag, an dem die Schuldverschreibungen ein
Investment Grade-Rating erhalten, ruhen die in in dieser
Garantie enthaltenen und in § 4(1) und (2) beschriebenen
Verpflichtungen der Garantin (und solange diese
Verpflichtungen ruhen, unterliegt die Garantin
diesbezüglich keinen weiteren Verpflichtungen mehr).
Ab dem Tag, an dem die Schuldverschreibungen nicht
mehr über mindestens ein Investment Grade-Rating
verfügen, leben diese Verpflichtungen gemäß ihren
Bedingungen wieder auf.
(3)
Suspension of Further Undertakings upon
Publication of Investment Grade Rating. Beginning on
the first day following the Issue Date, if any, on which
the Notes are assigned an Investment Grade Rating, the
undertakings of the Guarantor contained in this
Guarantee and described in this § 4(1) and (2) shall be
suspended (and the Guarantor shall have no further
obligations with respect thereto for as long as such
undertakings are suspended). Such undertakings shall
again apply according to their terms from the day
following the date on which the Notes cease to benefit
from at least one Investment Grade Rating.
§5
BESTEUERUNG
§5
TAXATION
Sämtliche auf diese Garantie zu zahlenden Beträge sind
ohne Einbehalt oder Abzug von oder aufgrund von
gegenwärtigen oder zukünftigen Steuern oder sonstigen
Abgaben gleich welcher Art zu leisten, die von oder in
der Bundesrepublik Deutschland oder der Republik
Österreich oder für deren Rechnung oder von oder für
Rechnung einer politischen Untergliederung oder
Steuerbehörde der oder in der Bundesrepublik
Deutschland auferlegt oder erhoben werden, es sei denn,
die Garantin ist zu einem solchen Einbehalt oder Abzug
gesetzlich verpflichtet. Ist ein solcher Einbehalt durch die
Garantin gesetzlich vorgeschrieben, so wird die Garantin
diejenigen zusätzlichen Beträge (die "zusätzlichen
All amounts payable in respect of this Guarantee shall be
made without withholding or deduction for or on account
of any present or future taxes or duties of whatever
nature imposed or levied by way of withholding or
deduction by, in or on behalf of the Federal Republic of
Germany, the Republic of Austria, or any political
subdivision or any authority thereof or therein having
power to tax unless the Guarantor is required by law to
make such withholding or deduction. If such withholding
by the Guarantor is required by law, the Guarantor will
pay such additional amounts (the "Additional
Amounts") as shall be necessary in order that the net
amounts received by the Holders after such withholding
125
Beträge") zahlen, die erforderlich sind, damit die den
Gläubigern zufließenden Nettobeträge nach diesem
Einbehalt oder Abzug jeweils den Beträgen entsprechen,
die ohne einen solchen Einbehalt oder Abzug von den
Gläubigern empfangen worden wären; die Verpflichtung
zur Zahlung solcher zusätzlicher Beträge besteht jedoch
nicht im Hinblick auf Steuern und Abgaben, die:
or deduction shall equal the respective amounts which
would otherwise have been received by the Holders in
the absence of such withholding or deduction; except that
no such Additional Amounts shall be payable on account
of any taxes or duties which:
(a)
von der für einen Gläubiger handelnden
depotführenden oder auszahlenden Stelle zu entrichten
sind oder sonst auf andere Weise entrichtet werden, als
durch einen von der der Garantin vorzunehmenden
Abzug oder Einbehalt von den Zins- oder
Kapitalzahlungen; oder
(a)
are payable by a custodian bank or disbursing
agent acting on behalf of a Holder, or otherwise in any
manner which does not constitute a deduction or
withholding by the Guarantor from payments of interest
or principal, or
(b)
von der Emittentin als depotführender oder
auszahlender Stelle bei einer direkten Zahlung der
Emittentin an einen in Österreich unbeschränkt
steuerpflichtigen Gläubiger zu entrichten sind; oder
(b)
are payable by the Issuer in its capacity as
custodian bank or disbursing agent in the case of a direct
payment by the Issuer to a Holder who is subject to
unlimited tax liability in Austria, or
(c)
den betreffenden Abzug oder Einbehalt durch Vorlage
der betreffenden Schuldverschreibung (sofern eine
solche Vorlage erforderlich ist) bei einer anderen
depotführenden oder auszahlenden Stelle hätte
vermeiden können; oder
(c)
are payable to or on behalf of a Holder who
would have been able to avoid such deduction or
withholding by presenting the relevant Note (where
presentation is required) to another a custodian bank or
disbursing agent, or
(d)
den betreffenden Abzug oder Einbehalt dadurch hätte
vermeiden können (aber nicht vermieden hat), dass er
gesetzliche Vorschriften beachtet oder dafür sorgt, dass
ein Dritter dies tut, oder dass er durch eine
Nichtansässigkeitserklärung oder einen ähnlichen Antrag
auf Quellensteuerbefreiung oder in sonst geeigneter
Weise seine Nichtansässigkeit an dem Ort, an dem die
betreffende Schuldverschreibung zur Zahlung vorgelegt
wird, gegenüber der depotführenden oder auszahlenden
Stelle oder einer Steuerbehörde nachweist oder dafür
sorgt, dass ein Dritter dies tut; oder
(d)
are payable by or on behalf of a Holder who
would have been able to avoid (but has not so avoided)
such deduction or withholding by complying, or
procuring that any third party complies, with any
statutory requirements or by making, or procuring that
any third party makes, a declaration of non-residence or
other similar claim for exemption or by properly proving
his non-residence in the place where the relevant Note is
presented for payment to the custodian bank or
disbursing agent or any tax authority, or
(e)
aufgrund eines anwendbaren Besteuerungsabkommens
Anspruch auf eine Steueranrechnung in Höhe des
gesamten Betrags oder eines Teils des Betrages der
abgezogenen oder einbehaltenen zusätzlichen Beträge
hat; oder
(e)
are payable by or on behalf of a Holder who is
fully or partially entitled to a tax credit corresponding to
the additional amounts deducted or withheld under an
applicable tax treaty, or
(f)
wegen einer gegenwärtigen oder früheren
persönlichen oder geschäftlichen Beziehung des
Gläubigers zur Bundesrepublik Deutschland oder der
Republik Österreich zu zahlen sind, und nicht allein
deshalb, weil Zahlungen auf diese Garantie aus Quellen
in der Bundesrepublik Deutschland oder der Republik
Österreich stammen (oder für Zwecke der Besteuerung
so behandelt werden) oder dort besichert sind; oder
(f)
are payable by reason of the Holder having, or
having had, some personal or business connection with
the Federal Republic of Germany or the Republic of
Austria and not merely by reason of the fact that
payments in respect of this Guarantee are, or for
purposes of taxation are deemed to be, derived from
sources in, or are secured in, the Federal Republic of
Germany or the Republic of Austria, or
(g)
aufgrund (i) einer Richtlinie oder Verordnung
der Europäischen Union betreffend die Besteuerung von
Zinserträgen oder (ii) einer zwischenstaatlichen
Vereinbarung über deren Besteuerung, an der die
Bundesrepublik Deutschland, die Republik Österreich
oder die Europäische Union beteiligt ist, oder (iii) einer
gesetzlichen Vorschrift, die diese Richtlinie, Verordnung
oder Vereinbarung umsetzt oder befolgt, abzuziehen oder
(g)
are deducted or withheld pursuant to (i) any
European Union Directive or Regulation concerning the
taxation of interest income, or (ii) any international treaty
or understanding relating to such taxation and to which
the Federal Republic of Germany, the Republic of
Austria or the European Union is a party, or (iii) any
provision of law implementing, or complying with, or
introduced to conform with, such Directive, Regulation,
126
einzubehalten sind; oder
treaty or understanding, or
(h)
aufgrund einer Rechtsänderung zu zahlen sind,
welche später als 30 Tage nach Fälligkeit der
betreffenden Zahlung von Kapital oder Zinsen oder,
wenn
dies
später
erfolgt,
ordnungsgemäßer
Bereitstellung aller fälligen Beträge und einer
diesbezüglichen Bekanntmachung gemäß § 16 der
Anleihebedingungen wirksam wird; oder
(h)
are payable by reason of a change in law that
becomes effective more than 30 days after the relevant
payment of principal or interest becomes due, or is duly
provided for and notice thereof is published in
accordance with § 16 of the Terms and Conditions,
whichever occurs later, or
(i)
von einer Zahlstelle einbehalten oder
abgezogen werden, wenn die Zahlung von einer anderen
Zahlstelle ohne den Einbehalt oder Abzug hätte
vorgenommen werden können.
(i)
are withheld or deducted by a Paying Agent
from a payment if the payment could have been made by
another Paying Agent without such withholding or
deduction.
§6
BESCHLÜSSE DER GLÄUBIGER –
ÄNDERUNGEN DER GARANTIE
§6
RESOLUTIONS OF THE HOLDERS –
AMENDMENTS TO THE GUARANTEE
Die Gläubiger können durch einen gemäß § 14 der
Anleihebedingungen
gefassten
Mehrheitsbeschluss
Änderungen dieser Garantie zustimmen. Eine
Verpflichtung zur Leistung kann für die Gläubiger durch
Mehrheitsbeschluss nicht begründet werden.
The Holders may consent to amendments of this
Guarantee by majority resolution passed in accordance
with § 14 of the Terms and Conditions, provided that no
obligation to make any payment or render any other
performance shall be imposed on any Holder by majority
resolution.
Mehrheitsbeschlüsse der Gläubiger sind für alle
Gläubiger
gleichermaßen
verbindlich.
Ein
Mehrheitsbeschluss der Gläubiger, der nicht gleiche
Bedingungen für alle Gläubiger vorsieht, ist unwirksam,
es sei denn die benachteiligten Gläubiger stimmen ihrer
Benachteiligung ausdrücklich zu.
Majority resolutions shall be binding on all Holders.
Resolutions which do not provide for identical conditions
for all Holders are void, unless Holders who are
disadvantaged have expressly consented to their being
treated disadvantageously.
§7
ANWENDBARES RECHT, GERICHTSSTAND,
GERICHTLICHE GELTENDMACHUNG UND
SPRACHE
§7
APPLICABLE LAW, PLACE OF JURISDICTION,
ENFORCEMENT AND LANGUAGE
(1)
Anwendbares Recht. Form und Inhalt dieser
Garantie sowie die Rechte und Pflichten der Gläubiger
und der Garantin bestimmen sich nach deutschem Recht.
(1)
Applicable Law. This Guarantee, as to form
and content, and all rights and obligations of the Holders
and the Guarantor shall be governed by German law.
(2)
Gerichtsstand. Vorbehaltlich eines zwingenden
Gerichtsstandes für besondere Rechtsstreitigkeiten im
Zusammenhang
mit
dem
Gesetz
über
Schuldverschreibungen aus Gesamtemissionen (SchVG)
ist, soweit gesetzlich zulässig, Frankfurt am Main nicht
ausschließlicher Gerichtsstand für sämtliche aus oder im
Zusammenhang mit dieser Garantie entstehenden Klagen
oder sonstigen Verfahren.
(2)
Place of Jurisdiction. Subject to any
mandatory jurisdiction for specific proceedings under the
German Act on Issues of Debt Securities (Gesetz über
Schuldverschreibungen aus Gesamtemissionen –
SchVG), and to the extent legally permissible, the nonexclusive place of jurisdiction for any action or other
legal proceedings arising out of or in connection with
this Guarantee shall be Frankfurt am Main.
(3)
Gerichtliche Geltendmachung. Jeder Gläubiger
kann in jedem Rechtsstreit gegen die Garantin und in
jedem Rechtsstreit, in dem er und die Garantin Partei
sind, seine Rechte aus dieser Garantie auf der Grundlage
einer Kopie dieser Garantie ohne Vorlage des Originals
im eigenen Namen wahrnehmen und durchsetzen.
(3)
Enforcement. On the basis of a copy of this
Guarantee, each Holder may protect and enforce in its
own name its rights arising under this Guarantee in any
legal proceedings against the Guarantor or to which such
Holder and the Guarantor are parties, without the need
for presentation of this Guarantee in such proceedings.
(4)
Sprache. Diese Garantie ist in deutscher
Sprache abgefasst. Der deutsche Wortlaut ist rechtsverbindlich. Die englische Übersetzung dient nur zur
Information.
(4)
Language. This Guarantee is written in the
German language. The German text shall be controlling
and binding. The English language translation is
provided for convenience purposes only.
127
§8
VERSCHIEDENE BESTIMMUNGEN
§8
MISCELLANEOUS PROVISIONS
(1)
Die Verpflichtungen der Garantin aus dieser
Garantie (i) sind selbständig und unabhängig von den
Verpflichtungen
der
Emittentin
aus
den
Schuldverschreibungen und (ii) bestehen ohne Rücksicht
auf die Rechtmäßigkeit, Gültigkeit, Verbindlichkeit oder
Durchsetzbarkeit der Schuldverschreibungen.
(1)
The obligations of the Guarantor under this
Guarantee (i) shall be separate and independent from the
obligations of the Issuer under the Notes, and (ii) shall
exist irrespective of the legality, validity and binding
effect or enforceability of the Notes.
(2)
Die Verpflichtungen der Garantin aus dieser
Garantie erstrecken sich, ohne dass eine weitere
Handlung durchgeführt werden oder ein weiterer
Umstand entstehen muss, auf solche Verpflichtungen
jeglicher nicht mit der Garantin identischen
Nachfolgeschuldnerin,
die
infolge
einer
Schuldnerersetzung
gemäß
den
anwendbaren
Bestimmungen der Anleihebedingungen in Bezug auf
jedwede Schuldverschreibung entstehen.
(2)
The obligations of the Guarantor under this
Guarantee shall, without any further act or thing being
required to be done or to occur, extend to the obligations
of any Substitute Debtor which is not the Guarantor
arising in respect of any Note by virtue of a substitution
pursuant to the Terms and Conditions.
(3)
Jeder Gläubiger kann im Falle der
Nichtleistung
von
Zahlungen
auf
die
Schuldverschreibungen zur Durchsetzung dieser Garantie
auf erstes Anfordern hin unmittelbar gegen die Garantin
Klage erheben, ohne dass zunächst ein Verfahren gegen
die Emittentin eingeleitet werden müsste.
(3)
Any Holder has the right in case of nonperformance of any payments on the Notes to enforce the
Guarantee by filing a suit directly against the Guarantor
on first demand without the need to take prior
proceedings against the Issuer.
(4)
In dieser Garantie verwendete Begriffe haben,
sofern nicht anders angegeben, die ihnen in den
Anleihebedingungen zugewiesene Bedeutung.
(4)
Terms used herein and not otherwise defined
herein shall have the meaning attributed to them in the
Terms and Conditions.
(5)
Das Original dieser Garantie wird der Deutsche
Bank Aktiengesellschaft ausgehändigt und von dieser
verwahrt.
(5)
The original version of this Guarantee shall be
delivered to, and kept by, Deutsche Bank
Aktiengesellschaft.
(6)
Jeder Gläubiger kann in jedem Rechtsstreit
gegen die Garantin und in jedem Rechtsstreit, in dem er
und die Garantin Partei sind, seine Rechte aus dieser
Garantie auf der Grundlage einer von einer
vertretungsberechtigten Person der Deutsche Bank
Aktiengesellschaft beglaubigten Kopie dieser Garantie
ohne Vorlage des Originals im eigenen Namen
wahrnehmen und durchsetzen.
(6)
On the basis of a copy of this Guarantee
certified as being a true copy by a duly authorised officer
of Deutsche Bank Aktiengesellschaft each Holder may
protect and enforce in his own name his rights arising
under this Guarantee in any legal proceedings against the
Guarantor or to which such Holder and the Guarantor are
parties, without the need for production of this Guarantee
in such proceedings.
[●] 2013
ATON GmbH
[●] 2013
ATON GmbH
Wir akzeptieren die Bestimmungen der vorstehenden
Garantie ohne Obligo, Gewährleistung oder Rückgriff
auf uns.
We accept the terms of the above Guarantee without
recourse, warranty or liability.
[●] 2013
[●] 2013
128
TAXATION
The following is a general discussion of certain tax consequences under the tax laws of the Federal
Republic of Germany, the Grand-Duchy of Luxembourg and the Republic of Austria of the acquisition
and ownership of Notes. This discussion does not purport to be a comprehensive description of all tax
considerations which may be relevant to a decision to purchase Notes. The following section only
provides some very general information on the possible tax treatment of the Notes. In particular, this
discussion does not consider any specific facts or circumstances that may apply to a particular
purchaser. This summary is based on the laws of the Federal Republic of Germany, the Grand-Duchy
of Luxembourg and the Republic of Austria currently in force and as applied on the date of this
Prospectus, which are subject to change, possibly with retroactive effect.
PROSPECTIVE PURCHASERS OF NOTES ARE ADVISED TO CONSULT THEIR OWN
TAX ADVISORS AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP
AND DISPOSAL OF THE NOTES INCLUDING THE EFFECT OF ANY TAXES, UNDER
THE TAX LAWS APPLICABLE IN THE FEDERAL REPUBLIC OF GERMANY, THE
GRAND DUCHY OF LUXEMBOURG AND THE REPUBLIC OF AUSTRIA AND EACH
COUNTRY OF WHICH THEY ARE RESIDENTS.
Federal Republic of Germany
Withholding Tax
For German tax residents (e.g. persons whose residence, habitual abode, statutory seat or place of
management is located in Germany), interest payments on the Notes are subject to withholding tax,
provided that the Notes are held in custody with a German custodian, who is required to deduct the
withholding tax from such interest payments (the "Disbursing Agent"). Disbursing Agents are German
resident credit institutions, financial services institutions (including German permanent establishments
of foreign institutions), securities trading companies or securities trading banks. The applicable
withholding tax rate is 25% (plus 5.5% solidarity surcharge thereon and, if applicable, church tax).
Individuals subject to church tax may apply in writing for church tax to be levied by way of
withholding. Absent such application, individuals subject to church tax have to include their investment
income in their income tax return and will then be assessed to church tax. For German credit
institutions, an electronic information system for church withholding tax purposes will apply in relation
to investment income received after 31 December 2014, with the effect that church tax will be collected
by the Disbursing Agent by way of withholding unless the investor has filed a blocking notice
(Sperrvermerk) with the German Federal Central Tax Office (Bundeszentralamt für Steuern) in which
case the investor will be assessed to church tax.
The withholding tax regime should also apply to any gains from the disposition or redemption of Notes
realized by private investors holding the Notes as private (and not as business) assets in custody with a
Disbursing Agent. Subject to exceptions, the amount of capital gains on which the withholding tax
charge is applied is generally levied on the difference between the proceeds received upon the
disposition or redemption of the Notes and (after the deduction of actual expenses directly related
thereto) the acquisition costs. Where custody has changed since the acquisition and the acquisition data
is not proved to the Disbursing Agent in the form required by law, the tax at a rate of 25% (plus 5.5%
solidarity surcharge and, if applicable, church tax) will be imposed on an amount equal to 30% of the
proceeds from the sale or redemption of the Notes.
Accrued interest (Stückzinsen) received by the investor upon disposal of the Notes between two interest
payment dates is considered as part of the sales proceeds thus increasing a capital gain or reducing a
capital loss from the Notes. Accrued interest paid by the investor upon an acquisition of the Notes after
the issue date qualifies as negative investment income either to be deducted from positive investment
income generated in the same assessment period or to be carried forward to future assessment periods.
According to the German tax authorities, losses resulting from a sale where the sales proceeds do not
exceed the transaction costs are treated as non-deductible for German taxation purposes. Similarly,
losses resulting from a bad debt loss (Forderungsausfall) in the case of an Issuer default or from a
129
waiver of a receivable (Forderungsverzicht) in relation to the Notes, to the extent the waiver does not
qualify as a hidden contribution, are not treated as tax-deductible.
German withholding tax should generally not be levied if the investor filed a withholding tax
exemption certificate (Freistellungsauftrag) with the Disbursing Agent, but only to the extent the
annual aggregate investment income does not exceed the maximum lump sum deduction amount
(Sparer-Pauschbetrag) shown on the withholding tax exemption certificate. Currently, the maximum
lump sum deduction amount (Sparer-Pauschbetrag) is EUR 801 (EUR 1,602 in the case of jointly
assessed husband and wife) for all investment income received in a given calendar year. Similarly,
withholding tax should in principle not be levied if the investor has submitted to the Disbursing Agent
a certificate of non-assessment (Nichtveranlagungs-Bescheinigung) issued by the competent local tax
office.
German resident corporate and other German resident business investors should in essence not be
subject to the withholding tax on gains from the disposition, sale or redemption of the Notes subject to
certain formal requirements (i.e. for these investors only interest payments, but not gains from the sale
or redemption of the Notes should be subject to the withholding tax regime).
The Issuer does not assume any responsibility for the deduction of German withholding tax at the
source (including solidarity surcharge and, where applicable, church tax thereon).
Private Investors
For German tax resident private investors the withholding tax is – without prejudice to certain
exceptions – definitive under a special flat tax regime (Abgeltungsteuer). Under the flat tax regime,
expenses actually incurred in connection with the investment into the Notes are not tax-deductible.
Private investors can apply to have their income from the investment into the Notes assessed in
accordance with the general rules on determining an individual’s tax bracket if this results in a lower
tax burden. An assessment is mandatory for income from the investment into the Notes where the
Notes are held in custody outside of Germany. Losses resulting from the sale or redemption of the
Notes can only be off-set against other investment income. In the event that, absent sufficient positive
investment income, a set-off is not possible in the assessment period in which the losses have been
realized, such losses can be carried forward in order to be offset against any positive investment
income generated in future assessment periods.
Business Investors
Interest payments and capital gains from the disposition or redemption of the Notes held as business
assets by German tax resident business investors are generally subject to German income tax or
corporate income tax (plus 5.5% solidarity surcharge thereon and, if applicable in the case of an
individual holding the Notes as business assets, church tax). Any withholding tax deducted from
interest payments is – as a general rule and subject to certain requirements – creditable against the
German (corporate) income tax liability, or, to the extent exceeding the (corporate) income tax liability,
refundable. The interest payments and capital gains are also subject to trade tax, if the Notes are
attributable to a trade or business.
Foreign Tax Residents
Investors not resident in Germany should, in essence, not be taxable in Germany with the proceeds
from the investment in the Notes, and no German withholding tax should be withheld from such
income, even if the Notes are held in custody with a German credit (or comparable) institution.
Exceptions apply, e.g., where the Notes are held as business assets in a German permanent
establishment of the investor. However, a non-resident investor may be subject to tax with any income
derived from the Notes in the jurisdiction where such investor is tax resident.
Substitution of the Issuer
If the Issuer exercises the right to substitute the debtor of the Notes, the substitution might, for German
tax purposes, be treated as an exchange of the Notes for new notes issued by the Substitute Debtor and
130
subject to similar taxation rules like the Notes. In particular, such a substitution might result in the
recognition of a taxable gain or loss for any Holder of a Note.
Other taxes
At present, the purchase, sale or other disposal of Notes does not give rise to capital transfer tax, value
added tax, stamp duties or similar taxes or charges in Germany. Net wealth tax (Vermögensteuer) is, at
present, not levied in Germany.
Grand Duchy of Luxembourg
Withholding Tax
All payments of interest and principal by the Issuer in the context of the holding, disposal, redemption
or repurchase of the Notes can be made free and clear of any withholding or deduction for or on
account of any taxes of whatsoever nature imposed, levied, withheld, or assessed by Luxembourg or
any political subdivision or taxing authority thereof or therein, in accordance with the applicable
Luxembourg law, subject however to:
(i)
the application of the Luxembourg laws of 21 June, 2005 implementing the European Union
Savings Directive (Council Directive 2003/48/EC) and several agreements concluded with
certain dependent or associated territories and providing for the possible application of a
withholding tax (35 per cent. since 1 July 2011) on interest paid to certain non Luxembourg
resident investors (individuals and certain types of entities called "residual entities" within the
meaning of the article 4.2 of the EU Savings Directive) in the event of the Issuer appointing a
paying agent in Luxembourg within the meaning of the above-mentioned directive (see section
"EU Savings Directive" below) or agreements;
(ii)
the application as regards Luxembourg resident individuals of the Luxembourg law of 23
December 2005 which has introduced a 10 per cent. withholding tax on savings income paid by
a Luxembourg resident paying agent (i.e. with certain exemptions, savings income within the
meaning of the Luxembourg laws of 21 June 2005 implementing the EU Savings Directive
(Council Directive 2003/48/EC).
Pursuant to the law of 23 December 2005 as amended by the law of 17 July 2008, Luxembourg
resident individuals can opt to self declare and pay a 10 per cent. tax (the "Levy") on interest payments
made by paying agents located in a Member State of the European Union other than Luxembourg, a
Member State of the European Economic Area or in a State or territory which has concluded an
agreement directly relating to the EU Savings Directive (Council Directive 2003/48/EC) on the
taxation of savings income.
The 10 per cent. withholding tax as described above or the Levy are final when Luxembourg resident
individuals are acting in the context of the management of their private wealth.
Responsibility for the withholding of tax in application of the above-mentioned Luxembourg laws of
21 June 2005 and 23 December 2005 is assumed by the Luxembourg paying agent within the meaning
of these laws and not by the Issuer.
In April 2013 the Luxembourg Prime Minister Jean-Claude Juncker announced during his annual
speech on Luxembourg's economic, social and financial situation, that on January 1, 2015 the
Luxembourg Government intends to introduce the automatic exchange of information for all interest
payments made by Luxembourg paying agents to individuals resident in another EU Member State
(within the scope of the 2003 EU Savings Directive). The withholding tax of 35 per cent should then be
abolished.
131
Republic of Austria
The following summary does not purport to be a comprehensive description of all Austrian tax considerations that
may be relevant for the decision to acquire, to hold, and to dispose of the Securities and does not constitute legal
or tax advice. The summary is based on Austrian tax law and practice and official interpretation currently in
effect, all of which are subject to change. Future legislative, judicial or administrative changes could modify the
tax treatment described below and could affect the tax consequences for investors. The discussion of certain
Austrian taxes set forth below is included for information purposes only.
This overview of Austrian tax issues is based on the assumption that the Notes are legally and actually
publicly offered in the form of securities and do not qualify as equity or units in a non-Austrian
investment fund for Austrian tax purposes. The tax consequences may substantially differ if the Notes
are not legally and factually publicly offered in the form of securities or if the Notes are qualified as
equity instruments or (in particular if issued by a non-Austrian entity) units in a non-Austrian
investment fund within the meaning of § 188 of the Austrian Investment Fund Act
(Investmentfondsgesetz, InvFG).
Tax Residents
Income from the Notes derived by individuals, whose domicile or habitual abode is in Austria, is
subject to Austrian income tax pursuant to the provisions of the Austrian Income Tax Act
(Einkommensteuergesetz; EStG). Interest income from the Notes as well as income from realised
capital gains (Einkünfte aus realisierten Wertsteigerungen) from the Notes are subject to a special
income tax rate of 25%. A realised capital gain means any income derived from the sale or redemption
of the Notes. The tax base is, in general, the interest paid or, with respect to capital gains, the difference
between the sale proceeds or the redemption amount, in each case including accrued interest, and the
acquisition costs including accrued interest. For Notes held as private assets, the acquisition costs shall
not include incidental acquisition costs. For the calculation of the acquisition costs of Notes held within
the same securities account and having the same securities identification number but which are
acquired at different points in time, an average price shall apply. Expenses which are directly
connected with income subject to the special tax rate of 25% are not deductible.
If interest is paid by an Austrian paying agent (auszahlende Stelle; e.g. an Austrian bank or an Austrian
branch of foreign bank or the Issuer), such interest income is subject to Austrian withholding tax
(Kapitalertragsteuer) at a rate of 25% to be withheld by the paying agent. The income tax for interest
income generally constitutes a final taxation (Endbesteuerung) for individuals, irrespective whether the
Notes are held as private assets or as business assets. In case of income from realised capital gains,
withholding tax at a rate of 25% is to be withheld if the Notes are either deposited with an Austrian
securities depository (depotführende Stelle) or, if the Notes are deposited with a non-Austrian securities
depository, if the non-Austrian securities depository is a branch or group company of an Austrian
paying agent and if such paying agent processes the payment, pays out or settles the capital gain in
cooperation with the non-Austrian securities depository. In case of realised capital gains, the 25%
withholding tax deduction will result in final income taxation only for individuals holding the Notes as
private assets provided that the investor has evidenced the factual acquisition costs of the Notes to the
securities depository. Capital gains realised as business income need to be included in the income tax
return and are subject to an income tax rate of 25%.
If interest income or income from realised capital gains are not subject to Austrian withholding tax (e.g.
because there is no Austrian securities depository or paying agent), the taxpayer will have to include
the interest income or income from realised capital gains derived from the Notes in his personal income
tax return pursuant to the provisions of the Austrian Income Tax Act, unless a Swiss or Liechtenstein
paying agent has withheld final withholding tax under the respective Swiss or Liechtenstein
withholding tax acts implementing the bilateral withholding tax agreements with Switzerland (in force
since 1 January 2013) and Liechtenstein (which is scheduled for coming into force on 1 January 2014)
which final withholding tax discharges the investor's Austrian income tax liability. The Issuer does not
assume responsibility for withholding tax at source whatsoever.
132
Income from Notes which are not legally or actually publicly offered within the meaning of the
Austrian Income Tax Act would not be subject to withholding tax and final taxation but subject to
normal progressive personal income tax rates of up to 50%.
Withdrawals (Entnahmen) and other transfers of Notes from the securities account will be treated as
disposals (sales), unless specified exemptions pursuant to § 27(6)(1)(a) EStG will be fulfilled such as
the transfer of the Notes to a securities account owned by the same taxpayer (i) with the same Austrian
securities depository (bank), (ii) with another Austrian bank if the account holder has instructed the
transferring bank to disclose the acquisition costs to the receiving bank or (iii) with a non-Austrian
bank, if the account holder has instructed the transferring bank to transmit the pertaining information to
the competent tax office or has, in the case of transfers from a foreign account, himself notified the
competent Austrian tax office within a month; or like the transfer without consideration to a securities
account held by another taxpayer, if the fact that the transfer has been made without consideration has
been evidenced to the bank or the bank has been instructed to inform the Austrian tax office thereof or
if the taxpayer has himself notified the competent Austrian tax office within a month. Special rules
apply if a taxpayer transfers his/her residence outside of Austria or Austria loses for other reasons its
taxation right in respect of the Notes to other countries (which gives rise to a deemed capital gain and
exit taxation with the option for deferred taxation in the case of a transfer to an EU member state or
certain member states of the European Economic Area).
Losses from Notes held as private assets may only be set off with other investment income subject to
the special 25% tax rate (excluding, inter alia, interest income from bank deposits and other claims
against banks) and must not be set off with any other income. Pursuant to § 93(6) EStG, Austrian
securities depositories have to apply a mandatory set-off of losses from securities accounts of the same
taxpayer at the same securities depository (subject to certain exemptions). A carry-forward of such
losses is not permitted.
Taxpayers, whose regular personal income tax is lower than 25% may opt for taxation of the income
derived from the Notes at the regular personal income tax rate. Any tax withheld will then be credited
against the income tax. Such application for opting into taxation at the regular personal income tax rate
must, however, include all income subject to the special 25% tax rate. Expenses in direct economic
connection with such income are also not deductible if the option for taxation at the regular personal
income tax rate is exercised.
If Notes are held as business assets, acquisition cost may also include incidental acquisition costs.
Interest and realised capital gains derived by individual investors from the Notes are also subject to the
special income tax rate of 25% deducted by way of the withholding tax. However, realised capital
gains, contrary to interest income, are not subject to final taxation and have to be included in the tax
return. Write-downs and losses derived from the sale or redemption of Notes held as business assets
must primarily be set off against positive income from realised capital gains of financial instruments of
the same business and only half of the remaining loss may be set off or carried forward against any
other income.
A corporation subject to unlimited corporate income tax liability in Austria will be subject to Austrian
corporate income tax at a rate of 25%. Any Austrian withholding tax levied is credited as prepayment
against the Austrian corporate income tax amount. A corporation may file an exemption declaration
pursuant to § 94(5) EStG in order to avoid that Austrian withholding tax is levied. Tax losses may
generally be offset against all other income. Tax loss carry forwards are generally possible.
Non-residents
Income including capital gains derived from the Notes by individuals who do not have a domicile or
their habitual abode in Austria ("non-residents") is not taxable in Austria provided that the income is
not attributable to an Austrian permanent establishment and provided that the EU Savings Directive is
not applicable (for withholding tax under the EU Savings Directive see below). An Austrian paying
agent or securities depository may abstain from levying 25% withholding tax according to § 94(13)
EstG under certain circumstances.
133
If any Austrian withholding tax is deducted by the securities depository or paying agent, the tax
withheld shall be refunded to the non-resident Noteholder upon his application which has to be filed
with the competent Austrian tax authority within five calendar years following the date of the
imposition of the withholding tax. Where non-residents receive income from the Notes as part of
business income taxable in Austria (e.g. permanent establishment), they will, in general, be subject to
the same tax treatment as resident investors.
Other taxes
There should be no transfer tax, registration tax or similar tax payable in Austria by Noteholders as a
consequence of the acquisition, ownership, disposition or redemption of the Notes. The Austrian
inheritance and gift tax (Erbschafts- und Schenkungssteuer) was abolished with effect as of August 1,
2008. However, gifts from or to Austrian residents have to be notified to the tax authorities within a
three-month notification period. There are certain exemptions from such notification obligation, e.g. for
gifts among relatives that do not exceed an aggregate amount of EUR 50,000 per year or gifts among
unrelated persons that do not exceed an aggregate amount of EUR 15,000 within five years.
Austrian implementation of the EU Savings Directive
Under the Austrian EU-Source Tax Act (EU-Quellensteuergesetz; EU-QuStG) implementing the EC
Council Directive 2003/48/EC ("EU Savings Directive"), interest paid by an Austrian paying agent to
an individual beneficial owner resident in another EU member state is subject to EU source tax at a rate
of 35 per cent. Interest within the meaning of the EU-QuStG are, among others, interest paid or
credited to an account, relating to debt claims of every kind, whether or not secured by mortgage and
whether or not carrying a right to participate in the debtor's profits, and, in particular, income from
government securities and income from bonds or debentures, including premiums and prizes attaching
to such securities, bonds or debentures.
An exemption from EU source taxation applies, among others, if the beneficial owner of the interest
forwards to the Austrian paying agent documentation issued by the tax office where the tax payer is
resident, stating (a) the beneficial owner's name, address and tax identification number (in the absence
of a tax identification number the beneficial owner's date and place of birth), (b) the paying agent's
name and address (c) the beneficial owner's address and account number or the security identification
number. Further, EU source tax is not triggered if interest within the meaning of the EU-QuStG is paid
to an institution within the meaning of § 4(2) EU-QuStG resident in another EU Member State and this
institution agrees upon written request of the Austrian paying agent to enter into a simplified
information exchange procedure with the Austrian paying agent.
The Issuer does not assume responsibility for EU withholding tax at source and is not obliged to make
additional payments in case of withholding tax deductions at source.
EU Savings Directive
Under the EU Council Directive 2003/48/EC dated June 3, 2003, on the taxation of savings income in
the form of interest payments, each EU Member State must require paying agents (within the meaning
of such directive) established within its territory to provide to the competent authority of the state
details of the payment of interest made to any individual resident in another EU Member State as
the beneficial owner of the interest. The competent authority of the EU Member State of the paying
agent is then required to communicate this information to the competent authority of the EU Member
State of which the beneficial owner of the interest is a resident.
For a transitional period, Austria and Luxembourg may instead operate a withholding system in
relation to such payments (unless they elect otherwise during that period). Belgium elected to abandon
the transitional withholding system and to provide information in accordance with the EU Savings
Directive as of January 1, 2010. Luxembourg has announced that it will abandon the transitional
withholding system as of 2015.
134
Conforming with the prerequisites for the application of the EU Savings Tax Directive, a number of
non-EU countries and territories, including Switzerland and Liechtenstein, agreed to apply measures
equivalent to those contained in such directive (in particular, a withholding system).
On 14 May 2013 the EU Council gave a mandate to the EU Commission to negotiate the new proposal
of an updated EU Savings Directive with Switzerland, Liechtenstein, Monaco, Andorra and San
Marino. The aim is to ensure that the five countries continue to apply measures that are equivalent to
the EU's directive on the taxation of savings income, which is being updated. The Commission will
negotiate on the basis of a draft directive amending the savings directive.
135
SUBSCRIPTION, SALE AND OFFER OF THE NOTES
General
Morgan Stanley & Co. International plc and Deutsche Bank AG, London Branch (together, the "Joint
Lead Managers") will, pursuant to a subscription agreement to be signed on or about
5 November 2013 (the "Subscription Agreement"), agree to subscribe or procure subscribers for the
Notes to be issued by the Issuer and guaranteed by the Guarantor. The Joint Lead Managers will be
entitled, under certain circumstances, to terminate the agreement reached with the Issuer and the
Guarantor. In such event, no Notes will be delivered to investors. Furthermore, the Issuer and the
Guarantor will agree to indemnify the Joint Lead Managers against certain liabilities in connection with
the offer and sale of the Notes.
The fees payable to the Joint Lead Managers in connection with the offering, placement and
subscription of the Notes (i.e. the underwriting and placing commission) will be up to EUR 1,300,000.
The Joint Lead Managers or their affiliates have provided from time to time, and expect to provide in
the future, investment services to the Issuer and the Guarantor and their affiliates, for which the Joint
Lead Managers or their affiliates have received or will receive customary fees and commissions.
There are no interests of natural and legal persons other than the Issuer, the Guarantor and the Joint
Lead Managers involved in the issue, including conflicting ones that are material to the issue.
Offer of the Notes
Public offer, offer period and determination of pricing details
The Notes will be offered to institutional investors and retail investors in compliance with applicable
public offer restrictions by the Joint Lead Managers in Austria, Germany and Luxembourg during an
offer period which will commence not earlier than 23 October 2013 and which will be open until and
including 20 November 2013.
The Notes will be offered to the public in each of Austria, Germany and Luxembourg following the
effectiveness of the notification of the Prospectus by the CSSF according to Article 18 of the
Prospectus Directive and its relevant implementing measures.
The aggregate principal amount of Notes to be issued will be determined on the basis of the number
and volume of orders received which offer a yield acceptable to the Issuer. The issue price of the Notes
and the interest rate of the Notes will be determined as described in "Method of determination of the
pricing details" below on the pricing date which is expected to be on or about 31 October 2013 (the
"Pricing Date"). Such information as well as the aggregate principal amount of Notes, the issue
proceeds and the yield relating to the Notes will be set out in a notice (the "Pricing Notice") which will
be filed with the CSSF and published on the website of the Group (www.aton.de) on or after the
Pricing Date and prior to the Issue Date. Any sale of the Notes on the secondary market will be subject
to market conditions.
Conditions of the offer
There are no specific conditions to which the offer is subject.
Subscription rights for the Notes will not be issued. Therefore, there are no procedures in place for the
exercise of any right of pre-emption, the negotiability of subscription rights and the treatment of
subscription rights not exercised.
Technical details of the offer
During the offer period of the Notes investors may submit offers to purchase Notes to the Joint Lead
Managers using the information system Bloomberg or any other commonly used information systems.
In the case of an order prior to the determination of the pricing details, investors shall specify at which
136
price they would be prepared to purchase which amount of Notes. Following determination and
notification of the pricing details the Joint Lead Managers will offer the Notes upon request in Austria,
Germany and Luxembourg.
Method of determination of the pricing details
The Issue Price and the interest rate will be determined on the Pricing Date on the basis of a yield
which is determined by adding a credit spread (the "Pricing Credit Spread") to the level of the
Midswaps (as defined below) at the time of pricing. The Pricing Credit Spread will be fixed on the
basis of the orders received and confirmed by the Joint Lead Managers. The level of the Midswaps will
be determined as the average yield of the bid and ask prices of Interest-Swap Transactions
("Midswaps") with a maturity similar to the maturity of the Notes shown on Reuters page ICAPEURO
and/or Bloomberg page ICAE1 or on any other screen page which is conventionally used to price
Eurobond transactions at the time of pricing.
The resulting yield will be used to determine the Issue Price (which is expected to be less than par) and
the rate of interest (which is expected to be a percentage figure which can be evenly divided by 1/8 of a
full per cent. and which will be correspondingly higher if a higher Issue Price is determined and which
will be correspondingly lower if a lower Issue Price is determined), all to correspond to the yield which
reflects the level of the Midswaps and the Pricing Credit Spread. In the event that the figures for the
relevant Midswaps will not be shown as set out above, the Midswaps will be determined in a manner
which banks and other institutional market participants apply at that time.
Confirmation of offers placed by, and allotments to, investors
Each investor who has submitted an order in relation to the Notes and whose order is accepted by the
Joint Lead Managers will receive a confirmation by electronic mail, fax or through commonly used
information systems setting out its respective allotment of Notes.
Delivery of the Notes to investors
Following the determination of the pricing details and confirmation which orders have been accepted
and which amounts have been allotted to particular investors, delivery and payment of the Notes will
generally be made within five business days after the date of pricing of the Notes and the confirmation
of the allotment to investors. The Notes so purchased will be delivered via book-entry through the
Clearing Systems (see "GENERAL INFORMATION – Clearing and Settlement") and their depository
banks against payment of the issue price of the Notes together with any fees and costs.
Costs and expenses relating to the offer
The Issuer and the Guarantor will not charge any costs, expenses or taxes directly to any investor.
Investors must, however, inform themselves about any costs, expenses or taxes in connection with the
Notes which are generally applicable in their respective country of residence, including any charges
their own depository banks charge them for purchasing or holding securities.
Consent to the use of the Prospectus
Each Joint Lead Manager and each further financial intermediary subsequently reselling or finally
placing the Notes is entitled to use the Prospectus in Austria, Germany and Luxembourg for the
subsequent resale or final placement of the Notes during the period for the subsequent resale or final
placement of the Notes from and including 23 October 2013 to and including 20 November 2013
during which subsequent resale or final placement of the Notes can be made, provided however, that
the Prospectus is still valid in accordance with Article 11 of the Luxembourg act relating to
prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) which implements
Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended
by Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010). The
Issuer accepts responsibility for the information given in this Prospectus also with respect to such
subsequent resale or final placement of the Notes.
137
The Prospectus may only be delivered to potential investors together with all supplements published
before such delivery. Any supplement to the Prospectus will be available for viewing in electronic form
on the website of the Group (www.aton.de).
When using the Prospectus, each relevant further financial intermediary must make certain that it
complies with all applicable laws and regulations in force in the respective jurisdictions.
In the event of an offer being made by a further financial intermediary, the further financial
intermediary shall provide information to investors on the Terms and Conditions at the time of
that offer.
Any further financial intermediary using the Prospectus shall state on its website that it uses the
Prospectus in accordance with the consent of the Issuer and the conditions attached to this
consent.
Selling Restrictions
General
Each Joint Lead Manager has acknowledged that other than explicitly mentioned in this Prospectus no
action is taken or will be taken by the Issuer or the Guarantor in any jurisdiction that would permit a
public offering of the Notes, or possession or distribution of any offering material relating to them, in
any jurisdiction where action for that purpose is required.
Each Joint Lead Manager has represented and agreed that it will comply with all applicable laws and
regulations in each jurisdiction in which it purchases, offers, sells or delivers Notes or has in its
possession or distributes any offering material relating to them.
European Economic Area
In relation to each Member State of the European Economic Area which has implemented the
Prospectus Directive (each, a "Relevant Member State"), each Joint Lead Manager has represented,
warranted and agreed that with effect from and including the date on which the Prospectus Directive is
implemented in that Relevant Member State (the "Relevant Implementation Date") it has not made
and will not make an offer of Notes which are subject to the offering contemplated by this Prospectus
to the public in that Relevant Member State prior to the publication of a prospectus in relation to the
Notes which has been approved by the competent authority in that Relevant Member State in
accordance with the Prospectus Directive or, where appropriate, published in another Relevant Member
State and notified to the competent authority in that Relevant Member State in accordance with
Article 18 of the Prospectus Directive, provided that the Issuer has consented in writing to the use of
the Prospectus for any such offers, except that it may, with effect from and including the Relevant
Implementation Date, make an offer of Notes to the public in that Relevant Member State at anytime:
(a)
to any legal entity which is a qualified investor as defined in the Prospectus Directive;
(b)
to fewer than 100, or, if the Relevant Member State has implemented the relevant provision of
the 2010 PD Amending Directive, 150 natural or legal persons (other than qualified investors
as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to
obtaining the prior consent of the Joint Lead Managers; or
(c)
in any other circumstances which do not require the publication by the Issuer of a prospectus
pursuant to Article 3 of the Prospectus Directive;
provided that no such offer of the Notes shall require the Issuer or Joint Lead Managers to publish a
prospectus pursuant to Article 3 of the Prospectus Directive or supplement this Prospectus pursuant to
Article 16 of the Prospectus Directive.
For the purposes of this provision, the expression an "offer of Notes to the public" in relation to any
Notes in any Relevant Member State means the communication in any form and by any means of
138
sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor
to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any
measure implementing the Prospectus Directive in that Member State, and the expression "Prospectus
Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending
Directive, to the extent implemented in the Relevant Member State) and includes any relevant
implementing measure in each Relevant Member State, and the expression "2010 PD Amending
Directive" means Directive 2010/73/EU.
United States and its Territories
The Notes have not been and will not be registered under the Securities Act and may not be offered or
sold within the United States except pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act. Each Manager represents that it has not offered or
sold, and agrees that it will not offer or sell, any Notes constituting part of its allotment within the
United States except in accordance with Rule 903 of Regulation S under the Securities Act.
Accordingly, neither it, its affiliates, nor any persons acting on its or their behalf have engaged or will
engage in any directed selling efforts with respect to the Notes. Terms used in this paragraph have the
meanings given to them by Regulation S.
In addition, each Manager has represented, warranted and agreed that, except to the extent permitted
under U.S. Treasury Regulations section 1.163-5(c)(2)(i)(D) (the "D Rules"):
(a)
it has not offered or sold Notes, and during the restricted period shall not offer or sell Notes,
directly or indirectly to a United States person or to a person who is within the United States
or its possessions, and it has not delivered and shall not deliver within the United States or its
possessions Notes that are sold during the restricted period;
(b)
it has and throughout the restricted period it shall have in effect procedures reasonably
designed to ensure that its employees or agents who are directly engaged in selling Notes are
aware that the Notes may not be offered or sold during the restricted period to a United States
person or to a person who is within the United States or its possessions, except as permitted by
the D Rules;
(c)
if it is a United States person, it is acquiring the Notes for purposes of resale in connection
with their original issuance and not for the purpose of resale directly or indirectly to a United
States person or a person within the United States or its possessions and it shall acquire or
retain Notes for its own account only in accordance with the requirements of U.S. Treasury
Regulations section 1.163-5(c)(2)(i)(D)(6);
(d)
with respect to each affiliate that acquires Notes from it for the purpose of offering or selling
such Notes during the restricted period, it either (i) repeats and confirms the representations
contained in clauses (a), (b) and (c) of this paragraph on behalf of such affiliate or (ii) agrees
that it shall obtain from such affiliate for the benefit of the Issuer the representations contained
in clauses (a), (b) and (c) of this paragraph; and
(e)
it shall obtain for the benefit of the Issuer the representations and agreements contained in
clauses (a), (b), (c) and (d) of this paragraph from any person other than its affiliate with whom
it enters into a written contract, as defined in U.S. Treasury Regulations section § 1.1635(c)(2)(i)(D)(4), for the offer or sale of Notes during the restricted period.
Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code of
1986 and Treasury Regulations thereunder, including the D Rules. For the avoidance of doubt, all
references to the D Rules above also refer to any successor rules for purposes of Section 4701 of the
U.S. Internal Revenue Code of 1986 that are substantially identical to the D Rules in effect at the date
of this Prospectus.
139
In addition, until 40 days after the commencement of the offering, an offer or sale of Notes within the
United States by any dealer (whether or not participating in the offering) could violate the registration
requirements of the Securities Act.
United Kingdom of Great Britain and Northern Ireland
Each Joint Lead Manager has represented and agreed that,
(a)
it has only communicated or caused to be communicated and will only communicate or cause
to be communicated any invitation or inducement to engage in investment activity (within the
meaning of Section 21 of the Financial Services and Markets Act 2000, as amended
("FSMA")) received by it in connection with the issue or sale of any Notes in circumstances
in which Section 21(1) of the FSMA does not apply to the Issuer; and
(b)
it has complied and will comply with all applicable provisions of the FSMA with respect to
anything done by it in relation to any Notes in, from or otherwise involving the United
Kingdom.
Switzerland
In relation to Switzerland, each Joint Lead Manager has represented and agreed that, this Prospectus, as
well as any other material relating to the Notes which are the subject of the offering contemplated by
this Prospectus, do not constitute an issue prospectus pursuant to Article 652a and/or Article 1156 of
the Swiss Code of Obligations and may not comply with the Directive for Notes of Foreign Borrowers
of the Swiss Bankers Association. The Notes will not be listed on the SIX Swiss Exchange Ltd., and,
therefore, the documents relating to the Notes, including, but not limited to, this Prospectus, do not
claim to comply with the disclosure standards of the Swiss Code of Obligations and the listing rules of
SIX Swiss Exchange Ltd and corresponding prospectus schemes annexed to the listing rules of the SIX
Swiss Exchange Ltd. The Notes are being offered in Switzerland by way of a private placement (i.e., to
a limited number of selected investors only), without any public advertisement and only to investors
who do not purchase the Notes with the intention to distribute them to the public. The investors will be
individually approached directly from time to time. This Prospectus, as well as any other material
relating to the Notes, is personal and confidential and does not constitute an offer to any other person.
This Prospectus, as well as any other material relating to the Notes, may only be used by those
investors to whom it has been handed out in connection with the offering described herein and may
neither directly nor indirectly be distributed or made available to other persons without the Issuer's
express consent. This Prospectus, as well as any other material relating to the Notes, may not be used in
connection with any other offer and shall in particular not be copied and/or distributed to the public in
(or from) Switzerland.
140
GENERAL INFORMATION
Authorisation
The creation and issue of the Notes has been authorised by a resolution of the shareholders of the
Guarantor dated 21 October 2013.
Clearing and Settlement
The Notes have been accepted for clearing by Clearstream Banking AG, Frankfurt am Main, with its
business address at Mergenthalerallee 61, 65760 Eschborn.
The Notes have been assigned securities codes as follows:
ISIN:
DE000A1YCQ45
WKN:
A1YCQ4.
Notices to Holders
For so long as the Notes are listed on the Luxembourg Stock Exchange, all notices to the Holders
regarding the Notes shall be published on the website of the Luxembourg Stock Exchange
(www.bourse.lu) as well as in the German Federal Gazette (Bundesanzeiger). Furthermore, all notices
to the Holders regarding the Notes shall be published on the website of the Group (www.aton.de).
Yield
The yield of the Notes is [●] per cent. per annum. Such yield is calculated in accordance with the
ICMA (International Capital Markets Association) method and based on the issue price of the notes.
Expenses
The expenses of the issue of the Notes are expected to amount to approximately EUR 1,100,000 plus
the fees of up to EUR 1,300,000 to be paid in connection with the offer of the Notes to the Joint Lead
Managers.
Documents on Display
For so long as any Note is outstanding, copies of the following documents may be inspected (free of
charge) during normal business hours in physical form at the specified office of the Principal Paying
Agent and in electronic form on the website of the Group (www.aton.de) (whereas the Guarantor's
audited consolidated financial statements as of 31 December 2011 will be available on
www.bundesanzeiger.de):
(a)
the Prospectus, the Pricing Notice and any supplement thereto;
(b)
the articles of association of the Issuer and the Guarantor, respectively;
(c)
the Issuer's opening balance sheet;
(d)
the Guarantor's audited consolidated financial statements as of 31 December 2012 and the
Guarantor's audited consolidated financial statements as of 31 December 2011;
(e)
the Guarantee;
(f)
the documents incorporated by reference set out in the section "INCORPORATION BY
REFERENCE" below.
Such documents will also be available on the website of the Luxembourg Stock Exchange
(www.bourse.lu).
141
Documents Incorporated by Reference
The following documents which have been published or which are published simultaneously with this
Prospectus and filed with the CSSF shall be incorporated by reference in, and form part of, this
Prospectus:
Audited Consolidated Financial Statement (IFRS) of the ATON Group
as of and for the year ended 31 December 2011
Page Numbers
in pdf:
Consolidated Income Statement 2011
(Konzern-Gewinn- und Verlustrechnung)
Page 2
Consolidated Balance Sheet as of 31 December 2011
(Konzernbilanz)
Page 4 to 5
Interim Consolidated Statement of Changes in Equity from 1 January 2011 to 31
December 2011
(Eigenkapitalveränderungsrechnung)
Page 6
Consolidated Statement of Cash Flows from 1 January 2011 to 31 December 2011
(Konzern-Kapitalflussrechnung)
Page 7
Notes
(Konzernanhang)
Page 8 to 95
Corporate Structure of ATON GmbH direct and indirect shares
(Anteilsbesitzliste im Sinne des § 313 Abs. 4 HGB)
Page 96 to 99
Auditors' Report
(Bestätigungsvermerk des Abschlussprüfers)
Page 100 to 101
Any information incorporated by reference that is not included in the above cross-reference list is
considered as additional information and is not required by the relevant schedules of the Commission
Regulation (EC) 809/2004 (as amended).
Availability of Documents incorporated by reference
Any document incorporated herein by reference is available free of charge and may be inspected during
usual business hours on any working day from the date hereof for the whole life of the Prospectus at
the office of ATON GmbH as set out at the end of this Prospectus. In addition, such document will be
available free of charge and may be inspected during usual business hours on any working day from the
date hereof for the whole life of the Prospectus at the principal office of Deutsche Bank
Aktiengesellschaft (in its capacity as Principal Paying Agent) and will be published on the website of
the Luxembourg Stock Exchange (www.bourse.lu) and www.bundesanzeiger.de.
142
FINANCIAL INFORMATION
Interim consolidated financial statements of ATON GmbH as at 30 June 2013
F-2
Interim consolidated income statement
F-3
Interim consolidated statement of comprehensive income
F-4
Interim consolidated balance sheet
F-5
Interim consolidated statement of changes in equity
F-7
Interim consolidated statement of cash flows
F-8
Notes
F-9
Consolidated financial statements of ATON GmbH as at 31 December 2012
F-27
Consolidated income statement
F-28
Consolidated statement of comprehensive income
F-29
Consolidated balance sheet
F-30
Statement of changes in equity
F-32
Consolidated statement of cash flows
F-33
Notes
F-34
F-121
Auditor's Report
F-125
Opening balance sheet of ATON Group Finance GmbH as of 4 October 2013
F-126
Notes to the opening balance sheet as of 4 October 2013
F-127
Independent Auditor's Report on the opening balance sheet and the notes to the opening
balance sheet as of 4 October 2013
F-130
F-1
ATON GmbH
Interim consolidated financial statements
as at 30 June 2013
F-2
ATON GmbH, Munich (formerly Hallbergmoos)
Interim consolidated income statement
Note
H1 2013
in EUR'000
Revenue
Changes in inventories and own work capitalised
Other operating income
Cost of materials
Personnel expenses
Depreciation and amortisation
Other operating expenses
H1 2012
restated
1,156,696
12,141
31,302
-393,155
-537,136
-39,253
-151,554
1,036,940
3,638
27,812
-387,671
-422,066
-31,253
-138,806
Earnings before interest and taxes (EBIT)
79,040
88,594
Interest income
Interest expense
Other financial income and expenses
623
-7,647
-146
896
-9,656
31
Net financial result
-7,170
-8,729
71,870
79,865
-19,678
-22,074
Profit or loss for the period from continuing operations
52,192
57,791
Pofit or loss for the period
attributable to non-controlling interests
52,192
-448
57,791
26
attributable to owners of the parent
52,640
57,765
Income taxes
4
F-3
Interim consolidated statement of comprehensive income
Note
H1 2013
H1 2012
restated
52,192
-448
52,640
57,791
26
57,765
56
0
-51
0
56
-51
-9,972
0
73
0
-9,972
73
-3,105
0
-3,105
-1,240
0
-1,240
-13,022
-1,218
-1,276
-687
-1,276
-687
Total changes in value recognised in equity
-14,298
415
-14,713
-1,905
-217
-1,688
Total comprehensive income for the period
37,894
-34
37,928
55,886
-191
56,077
in EUR'000
Changes in value recognised in equity
Items that may be reclassified subsequently to profit or loss
Change in the fair value of available-for-sale financial assets
Amount reclassified into profit or loss
Change in the amount recognised in equity in respect of
available-for-sale financial assets
currency translation differences
Cash flow hedges
Cash flow hedges
Total items that may be reclassified subsequently to profit or loss
Items that will not be reclassified to profit or loss
Actuarial gains/losses on performance-oriented plans and other
post employment benefit obligations
Total items that will not be reclassified to profit or loss
F-4
Assets
in EUR'000
Note
Goodwill
Other intangible assets
Property, plant and equipment
Investment properties
Reparable aircraft spare parts
Other financial assets
Investments in associates
Deferred tax assets
Trade and other receivables
6
6
7
30.06.2013
31.12.2012
restated
203,379
76,003
360,346
3,055
3,335
16,652
0
16,517
1,474
188,200
62,554
348,639
3,105
3,994
13,077
0
17,555
1,347
Non-current assets
Inventories
Income tax receivables
Cash and cash equivalents
680,760
124,823
497,368
37,353
25,777
175,561
638,471
125,534
517,563
8,347
23,865
164,067
Assets of disposal group classified as held for sale
860,882
7,105
839,376
16,479
Current assets
867,987
855,855
1,548,748
1,494,326
Total assets
F-5
Equity and liabilities
in EUR'000
Note
Equity attributable to the owners of the parent
Non-controlling interests
8
Equity
Provisions for pensions
Provisions for taxes
Other provisions
Financial liabilities
Trade and other payables
Deferred tax liabilities
9
Other provisions
Income tax liabilities
9
Liabilities of disposal group classified as held for sale
Current liabilities
Total equity and liabilities
F-6
30.06.2013
31.12.2012
restated
715,322
5,490
687,572
6,929
720,812
20,659
1,637
14,442
118,905
14,284
50,269
694,501
18,172
1,318
17,755
106,889
3,544
42,717
220,196
5,729
38,095
194,204
364,696
5,016
190,396
7,965
49,317
145,909
400,126
6,112
607,740
0
609,429
0
607,740
609,429
1,548,748
1,494,326
Interim consolidated statement of changes in equity, ATON GmbH, Munich (formerly Hallbergmoos)
Equity attributable to the owners of the parent
Total Other Comprehensive Income
in EUR'000
Balance as at 1 January 2012
IAS 8.42
Balance as at 1 January 2012 restated
Equity transactions with shareholders
Changes in the scope of consolidation
Step acquisition W.O.M. AG
Other
Fair value of
Retained earnCurrency
available-forShare
Capital
ings including
translation Cash flow sale financial
capital
reserve
profit or loss
differences hedges
assets
15,000 783,517
-178,638
12,514
0
-37
62
15,000 783,517
-178,576
12,514
0
-37
448
0
-13,841
-413
-14,254
0
15,000
0
783,517
57,765
57,765
-135,064
15,000
710,943
15,000
710,943
-48,081
-1,207
-49,288
-21,284
-21,284
-184
-10,000
21,291
11,106
0
689,659
52,640
52,640
14,459
0
Comprehensive income for the period
Changes not affecting net income
Profit or loss for the period June 30, 2012
Balance as at 30 June 2012
IAS 8.43
Step acquisition Rücker
Dividends
Other
0
Comprehensive income for the period
Profit or loss for the period June 30, 2013
Balance as at 30 June 2013
* OCI (Other Comprehensive Income)
Post employment
benefit obligations
Total
0
632,356
-1,609
-1,547
-1,609
630,809
0
15,000
F-7
-10,471
448
-24,312
-413
-24,277
-687
-2,296
-1,688
57,765
56,077
673,081
-217
26
-191
2,055
-1,905
57,791
55,886
675,135
0
-4,224
-4,224
693,002
-5,430
687,572
6,941
-12
6,929
699,943
-5,442
694,501
-184
-10,000
7
-10,177
-138
-1,261
-7
-1,406
-322
-11,261
1
-11,583
-14,713
52,640
37,928
715,322
415
-448
-34
5,490
-14,298
52,192
37,894
720,812
448
0
0
0
290
-1,240
-51
-687
290
13,251
-1,240
-1,240
-51
-88
12,841
2,191
108
12,841
2,191
108
0
0
0
0
-10,387
-3,105
56
-1,276
-10,387
2,454
-3,105
-914
56
164
-1,276
-5,500
448
-13,841
-413
-13,806
Noncontrolling
interest
including
OCI*
Total equity
12,718
645,074
-1,547
12,718
643,527
-10,471
Interim consolidated statement of cash flows
Cash funds represent cash and cash equivalents reported in the balance sheet.
H1 2013
in EUR'000
Income before interest, dividends and income taxes
Income taxes paid
Interest paid
Interest received
Dividends received
Depreciation and amortisation/write-ups of assets
Change in provisions
Other non-cash item expenses or income
Result from the disposal of property, plant and equipment
Result from the disposal of securities
Result from the disposal of consolidated subsidiaries
Change in other assets
Change in other liabilities
H1 2012
restated
79,259
-16,145
-4,823
276
58
39,179
-13,642
-14,651
-858
285
0
41,755
-25,245
87,953
-31,030
-8,191
857
515
31,293
3,996
696
-145
-384
-3,511
-48,153
-16,132
85,448
17,763
Purchases of intangible assets
Proceeds from disposal of intangible assets
Purchases of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Investments in financial assets
Proceeds from disposal of financial assets
Acqusition of consolidated subsidiaries net of cash acquired
Acquisition of interest in subsidiaries from non-controlling interests
Proceeds from the sale of consolidated subsidiaries
-5,105
-45
-49,257
3,138
-167,639
134,671
-48,525
-322
0
-2,551
30
-44,414
1,217
-145,483
149,168
0
-27,999
18,512
-133,084
-51,520
Dividends paid
Repayments of finance lease liabilities
Proceeds from finance leases
Proceeds from bank loans
Repayments of bank loans
-11,261
-18,685
7,624
161,504
-87,444
0
-9,374
0
55,277
-66,243
51,737
-20,339
Total change in cash and cash equivalents
Currency exchange rate effects on cash and cash equivalents
Cash and cash equivalents, at the beginning of the period
4,100
7,393
164,067
-54,371
-30
251,314
Cash and cash equivalents, at the end of the period
175,561
196,913
F-8
Notes to the interim consolidated financial statements
Contents
1 2 3 4 5 6 7 8 9 10 11 12 13 Page
General information ................................................................................................................. 2 Accounting policies.................................................................................................................. 3 Changes in scope of the consolidation group........................................................................... 7 Income Taxes ......................................................................................................................... 12 Dividends ............................................................................................................................... 12 Goodwill and other intangible assets ..................................................................................... 12 Property, plant and equipment ............................................................................................... 12 Equity ..................................................................................................................................... 12 Borrowings and loans............................................................................................................. 13 Financial instrument disclosures ............................................................................................ 14 Contingent liabilities .............................................................................................................. 17 Related-party transactions ...................................................................................................... 17 Events after the balance sheet date ........................................................................................ 18 The notes are an integral part of the interim consolidated financial statements
F-9
Page 1
1
General information
ATON GmbH (ATON GmbH or the "Company") is a limited liability company whose registered
office is in Munich, Germany (Leopoldstraße 53, 80802 Munich) (formerly Hallbergmoos) and
which has been registered with the Munich local court under the registration number HRB 193331.
ATON GmbH and its subsidiaries (collectively, the "Group") have a balanced portfolio of business
activities. The Group's operating companies are organised on a global basis and have a presence in
all continents with core activities in the AT Tech, AT Med Tech, AT Aviation and AT Mining
business segments.
These interim consolidated financial statements for the six month period ended 30 June 2013 were
prepared in accordance with IAS 34 Interim financial reporting. The interim consolidated financial
statements should be read in conjunction with the consolidated annual financial statements for the
year ended 31 December 2012, which were prepared in accordance with the provisions of the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards
Board (IASB), London, applicable on the reporting date and as adopted by the European Union, and
with the interpretations of the International Financial Reporting Interpretations Committee (IFRIC).
The interim consolidated financial report does not include all of the notes that would be required in
a complete set of financial statements. Please refer to the notes to the consolidated financial statements as at 31 December 2012 for the accounting policies applied for the Group’s financial
reporting.
The notes are an integral part of the interim consolidated financial statements
F-10
Page 2
2
Accounting policies
2.1 Application of new, amended and revised standards
The accounting policies adopted are consistent with those of the previous financial year except as
described below.
IFRS
IFRS 13 (new)
IAS 1 (amended)
IAS 19 (amended)
Annual Improvements to IFRSs 2009-2011 Cycle
Fair Value Measurement
Presentation of Items of Other Comprehensive Income
Employee Benefits
In June 2011, the IASB issued amendments to IAS 1 Presentation of Financial Statements. The
amendments require that the items listed under other comprehensive income are split into two categories, according to whether or not they will be recognized in the income statement in future periods (recycling). The amendments to IAS 1 are effective retrospectively for financial years beginning on or after July 1, 2012 and were endorsed by the European Union in June 2012.
The amended IAS 19 Employee Benefits was published on 16 June 2011 and is applicable for the
first time for financial years beginning on or after 1 January 2013. There were mainly the following
effects on the Group’s financial statements:
The new standard sets out that plan amendments leading to a change in the defined benefit obligation for employee service in prior periods are no longer accrued over their vesting period but must
be recognized immediately.
When calculating net interest income from defined benefit plans, the same interest rate is used for
the return on plan assets and for the calculation of the present value of the obligation. Under the old
IAS 19 different interest rates were used for calculating the expected return on plan assets and the
present value of the obligation.
The most significant effect for the Group relates to the recognition of the actuarial gains and losses.
Recognition over a longer period of time in the statement of comprehensive income using the corridor method is replaced by full recognition of actuarial gains and losses in other comprehensive income.
According to the provisions of IAS 19 (revised 2011), top-up payments in the context of accounting
for partial retirement arrangements are no longer treated as termination benefits. Consequently, the
top-up payments are no longer recorded in their full amount as voluntary termination benefits when
the offer of a partial retirement contract is made, but are treated as other long-term employee benefits. This means that the expense is spread over the period during which the benefits are earned (active phase). Since all of the partial retirement arrangements within the Group were already in the
passive phase by the end of 2012, no effects occurred in 2013.
In addition, disclosure requirements for the pension provisions in the consolidated annual financial
statements are also extended, e.g., for characteristics of defined benefit plans and the risks arising
from those plans.
F-11
Page 3
The IASB issued Annual Improvements to IFRSs 2009 – 2011 Cycle in May 2012. The amendments do not have any material effects on ATON.
In May 2011, the IASB issued IFRS 13 Fair Value Measurement. With this standard, the IASB has
created a uniform, comprehensive standard for fair value measurement. IFRS 13 provides guidance
on how to measure at fair value when other IFRSs require fair value measurement (or disclosure).
The adoption of IFRS 13 results in additional disclosures in the Group’s financial statements.
IFRS 13 is effective for financial years beginning on or after January 1, 2013.
F-12
Page 4
2.2 Material changes in accordance with IAS 8
Amounts have been restated as at 1 January 2012, 30 June 2012 and 31 December 2012. The following tables show the restatements resulting from the application of the revised IAS 19 Employee
Benefits:
in EUR '000
Income statement
Gross profit
Personnel expenses
(EBIT)
Interest expense
Income taxes
in EUR '000
Assets
thereof: Non-current receivables and
other assets (plan assets)
thereof: Deferred taxes
Non-current assets
Current assets
Assets
in EUR '000
31.12.2012
as reported restatement
1,402,373
-917,697
restated
0 1,402,373
-4,873 -922,570
174,200
-4,873
-20,591
-19,209
1,105
1,105
154,991
-46,580
108,411
-3,768
1,105
169,327
-19,486
-18,104
151,223
-45,475
-2,663
105,747
31.12.2012
restated
30.06.2012
649,269
-421,575
restated
0 649,269
-491 -422,066
89,085
-491
-9,702
-8,776
46
46
80,310
-22,204
-445
130
88,594
-9,656
-8,729
79,865
-22,074
58,106
-315
57,791
01.01.2012
restated
4,172
17,174
-4,161
381
11
17,555
2,596
14,186
-2,421
44
175
14,230
642,251
855,855
-3,780
0
638,471
855,855
541,355
873,348
-2,377
0
538,978
873,348
-3,780 1,494,326
1,414,703
1,498,106
31.12.2012
restated
-2,377 1,412,326
01.01.2012
restated
Liabilities and equity
thereof: Other comprehensive (loss)
income
thereof: Retained earnings
15,140
-48,081
-4,224
-1,207
10,916
-49,288
12,477
-178,638
-1,609
62
10,868
-178,576
Shareholder's equity
Equity
thereof: Pension liabilities
thereof: Deferred taxes
693,002
6,941
699,943
14,667
44,560
-5,430
-12
-5,442
3,505
-1,843
687,572
6,929
694,501
18,172
42,717
632,356
12,718
645,074
6,898
23,998
-1,547
0
-1,547
-192
-637
630,809
12,718
643,527
6,706
23,360
Current liabilities
188,734
609,429
1,662
0
190,396
609,429
133,379
636,250
-830
0
132,549
636,250
-3,780 1,494,326
1,414,703
Liabilities and equity
1,498,106
F-13
-2,377 1,412,326
Page 5
2.3 Estimates
The preparation of interim financial statements requires management to make judgments, estimates
and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these consolidated interim financial statements, the significant judgments made by
management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended
31 December 2012.
2.4 Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk,
fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.
The consolidated interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group’s consolidated annual financial statements as at 31 December 2012. There have
been no changes in the risk management department or in any risk management policies since the
year end.
F-14
Page 6
3
Changes in scope of the consolidation group
3.1 Business combinations
Effective January 18, 2013 the ATON GmbH has acquired 100% of the shares and voting rights of
the BFFT Gesellschaft für Fahrzeugtechnik mbH, Gaimersheim and of the BFFT Engineering
GmbH, Gaimersheim via its subsidiary BFFT Holding GmbH. The purchase price amounted to
EUR 49.8 million. A goodwill of EUR 17.7 million, which is not deductible for tax purposes, resulted from the business combination. The factors making up the goodwill recognised are mainly
the skilled workforce and expected synergies from combining operations. The costs related to the
acquisition amounted to EUR 476k and were recorded as other operating expenses.
The purchase price contained liabilities for repayment of shareholders’ loans amounting to
EUR 11.9 million payable to the former shareholders. As of today, the payment has been settled.
With retrospective effect January 1, 2013 the BFFT Engineering GmbH was merged to the BFFT
Gesellschaft für Fahrzeugtechnik mbH.
The BFFT Group is known as a leading engineering service provider for international companies
mainly operating in the automotive and aviation industry. BFT has approximately 650 employees at
the sites in Gaimersheim and Berlin – most of them engineers. The most important customer is
Volkswagen AG.
Regarding the automotive industry, the BFFT Group has its core competences in developing interconnected automotive electronic systems. The portfolio offered in this product segment ranges from
hardware components for automotive electronic systems to alternative drive systems. The primary
reason for the business combination is the aim to broaden the product and service portfolio which
can be provided in the segment AT Tech in order to increase the segment´s revenues and earnings,
to profit from economies of scale and to improve the further growth perspective by a better competitive position.
The following table is based on the preliminary purchase price allocation and illustrates the identified assets and liabilities which were acquired at the acquisition date:
in EUR'000
Net book value
Purchase Price
Allocation
Fair Value
0
0
0
0
4,705
12,009
1,079
10,380
1,276
848
30,297
12,930
1,362
63
2,282
0
0
0
0
0
0
16,637
12,930
1,362
63
2,282
4,705
12,009
1,079
10,380
1,276
848
46,934
Customer relationships
Order Backlog
Technology
Trademark
Other non-current assets
Other current assets
Total assets
F-15
Page 7
in EUR'000
Net book value
Purchase Price
Allocation
Fair Value
1,514
2,168
3,851
0
9,914
0
0
0
4,916
4,916
1,514
2,168
3,851
4,916
14,830
Payables for goods and services
Other current liabilities
Deferred tax liabilites
Total liabilities
For all current and non-current receivables the gross contractual amounts equal the net book values.
As a consequence of the business combination revenues of the Group increased by EUR 23,747k
and net profit by EUR 496k for the period 1 January 2013 to 30 June 2013.
In January 2013 the ATON Engineering AG acquired 12,407 numbers of shares (0.148 %) for a
purchase consideration of EUR 199k of the Rücker AG. In April and May 2013 another 7,740 numbers of shares (0.092 %) were acquired for EUR 124k. As at 30 June, 2013 the Group holds
90.04 % of the equity share capital of the Rücker AG. The carrying amount of the non-controlling
interest in the Rücker AG on the date of acquisition was EUR 85k and EUR 54k respectively. The
Group derecognised non-controlling interests of EUR 139k and recorded a decrease in equity attributable to owners of the parent company of EUR 184k.
As at 28 June 2013 ATON Engineering AG and Rücker AG signed a merger agreement. Net assets
of the Rücker AG, being the transferring company, are transferred by the way of a merger by absorption according to section 2 nr. 1, 60 et seq. of the German Transformation Act (Umwandlungsgesetz) to the ATON Egineering AG, being the receiving company. In connection with the
merger, the non-controlling interests shall be squeezed out according to section 327a (1) of the
German Stock Corporation Act (Aktiengesetz) in conjunction with section 62 (1), (5) of the German
Transformation Act.
3.2 Other transactions
In the second quarter of 2013, EDAG GmbH & Co. KGaA founded two companies in Mexico,
namely EDAG México, S.A. de C.V. and EDAG SERVICIOS México, S.A. de C.V. in order to
strengthen its long-term relationship with a reputable customer. Both companies are included in the
interim financial statements using full consolidation.
Effective January 1, 2013 the ATON Prisma GmbH, Hallbergmoos was merged with its parent
company ATON GmbH. Relating to the sale agreement concerning the Lumera Laser GmbH, Kaiserslautern from 20 December 2012 a provision was released amounting to EUR 3.4 million.
In the first quarter of 2013, Thyssen Schachtbau GmbH and Deilmann-Haniel Shaft Sinking GmbH
founded Deilmann Thyssen Schachtbau Sp. z.o.o. in Poland as a Joint Venture with a 50 % share in
order to improve the access to the Polish market with a local company.
In the second quarter of 2013, W.O.M World of Medicine GmbH founded a new company in Hong
Kong, China, namely W.O.M World of Medicine Asia Ltd. in order to strengthen its activities in
Asia and to function as a local service company.
F-16
Page 8
3.3 Operating segment information
The management board is the Group’s chief operating decision-maker. Management has determined
the operating segments based on the information reviewed by the management board for the purposes of allocating resources and assessing performance.
The management board considers the business from a product perspective with the segments AT
Tech, AT Mining, AT Med Tech and AT Aviation.
AT Tech covers the areas of engineering and plant construction for the car industry, along with
other branches of the mobility industry, specialist machine manufacture and high-quality lasers.
AT Mining Tech covers provision of services and products, as well as the manufacture of special
machinery in the fields of mining and shaft sinking.
AT Med Tech covers providers of innovative solutions in the health market in the fields of surgery
and diagnostics with the focus of X-ray diagnostics, basic medical diagnostics and minimal invasive
surgery, as well as products for the pharmaceutical industry and hospitals.
AT Aviation covers investments in the field of regional, charter and business aviation.
The management board assesses the performance of the operating segments based on a measure of
revenue, EBIT and EAT (profit or loss for the period). Moreover, the management board assesses
the performance by means of normalised figures. In the normalised figures, extraordinary depreciation and amortization as well as the non-operating income and expenses are excluded. The nonoperating result contains the result from disposal of consolidated subsidiaries, from disposal of noncurrent assets, income and expenses from foreign currency translation, income from the release of
provisions as well as other income and expenses from previous years.
Sales between segments are carried out at arm’s length. The revenue from external parties reported
to the management board is measured in a manner consistent with that in the income statement.
F-17
Page 9
The following tables present information regarding the Group’s operating segments for the six
months ended 30 June 2013 and 2012 respectively.
in EUR'000
AT Tech
H1 2013 H1 2012
restated
AT Mining
H1 2013 H1 2012
restated
AT Med Tech
H1 2013 H1 2012
restated
External sales (net)
Internal sales (net)
518,240
145
400,088
855
428,574
91
416,337
168
118,028
777
118,576
1,140
Total sales
Changes in stock
518,385
2,997
400,943
377
428,665
4,134
416,505
-85
118,805
3,795
119,716
3,058
Gross performance
Non-operating result
EBITDA
521,382
5,566
43,543
401,320
7,514
33,373
432,799
2,559
54,399
416,420
732
57,631
122,600
1,328
10,962
122,774
532
13,828
Normalised EBITDA
Planned depreciation
Extraordinary depreciation
EBIT
37,977
14,464
0
29,079
25,859
7,419
0
25,954
51,840
17,372
0
37,027
56,899
15,635
0
41,996
9,634
4,844
22
6,096
13,296
4,279
0
9,549
Normalised EBIT
Financial result
EBT
23,513
-6,625
22,454
18,440
-5,236
20,718
34,468
-3,247
33,780
41,264
-3,272
38,724
4,768
-200
5,896
9,017
-1,053
8,496
Normalised EBT
Income Tax
EAT
16,888
5,690
16,764
13,204
5,443
15,275
31,221
9,528
24,252
37,992
10,863
27,861
4,568
1,840
4,056
7,964
3,076
5,420
Normalised EAT
11,198
7,761
21,693
27,129
2,728
4,888
attributable to non-controlling interest
27
16,737
-2
15,277
-476
24,728
-60
27,921
0
4,056
87
5,333
Normalised EAT attributable to
owners of the parent
11,171
7,763
22,169
27,189
2,728
4,801
in EUR'000
Segment assets
Segment liabilities
H1 2013 31.12.2012
restated
641,134
548,593
609,840
486,307
F-18
H1 2013 31.12.2012
restated
413,130
271,960
402,539
275,345
H1 2013 31.12.2012
restated
168,778
47,692
169,713
52,783
Page 10
in EUR'000
AT Aviation
H1
H1 2012
2013
restated
External sales (net)
Internal sales (net)
91,370
115
100,262
63
36
-680
338
-887
1,156,248
448
1,035,601
1,339
Total sales
Changes in stock
91,485
0
100,325
0
-644
1,215
-549
288
1,156,696
12,141
1,036,940
3,638
Gross performance
Non-operating result
EBITDA
91,485
1,577
13,515
100,325
1,455
17,388
571
-139
-4,126
-261
1,222
-2,373
1,168,837
10,891
118,293
1,040,578
11,455
119,847
Normalised EBITDA
Planned depreciation
Extraordinary depreciation
EBIT
11,938
2,436
0
11,079
15,933
4,026
0
13,362
-3,987
116
0
-4,241
-3,595
-106
0
-2,267
107,402
39,232
22
79,040
108,392
31,253
0
88,594
Normalised EBIT
Financial result
EBT
9,502
-1,164
9,915
11,907
-1,947
11,415
-4,103
4,066
-175
-3,489
2,779
512
68,149
-7,170
71,870
77,139
-8,729
79,865
Normalised EBT
Income Tax
EAT
8,338
2,636
7,279
9,960
3,262
8,153
-37
-16
-159
-710
-570
1,082
60,979
19,678
52,192
68,410
22,074
57,791
Normalised EAT
5,702
6,698
-21
-140
41,301
46,336
attributable to non-controlling interest
0
7,279
0
8,153
0
-159
0
1,082
-448
52,640
26
57,765
Normalised EAT attributable to
owners of the parent
5,702
6,698
-21
-140
41,749
46,311
in EUR'000
Segment assets
Segment liabilities
H1
2013
117,997
71,245
31.12.2012
restated
125,225
85,751
F-19
Holding/Consolidation
H1 2013
H1 2012
restated
H1 2013
207,710
-111,555
31.12.2012
restated
187,009
-100,360
Aton Group
H1 2013
H1 2012
restated
H1 2013
1,548,748
827,935
31.12.2012
restated
1,494,326
799,825
Page 11
4
Income Taxes
The estimated average annual tax rate used for the year to 31 December 2013 is 27.4 %.
5
Dividends
In June 2013 a dividend of EUR 10.0 million was paid from the ATON GmbH to its shareholders.
In addition, a dividend of EUR 3.6 million was paid to the shareholders of the ATON GmbH in July
2013. This dividend will be recognised in shareholders’ equity in the financial statements as at
31 December 2013.
6
Goodwill and other intangible assets
Goodwill increased by EUR 15.2 million. The acquisition of BFFT Gesellschaft für Fahrzeugtechnik mbH, Gaimersheim lead to an increase of goodwill of EUR 17.7 million. This increase was
partly compensated by foreign currency adjustments of EUR 2.5 million.
The increase of other intangibles in the six month period ended 30 June 2013 amounts to EUR 13.4
million. This increase primarily results from acquired software EUR 4.7 million and the purchase
price allocation of BFFT Gesellschaft für Fahrzeugtechnik mbH of EUR 16.6 million (customer
relationships and company trade name) which was partially offset by depreciation of EUR 7.2 million.
7
In the reporting period the Group acquired new property, plant and equipment of EUR 49,257k
(prior period EUR 52,934k).
8
Equity
Details of the changes in equity between 1 January and 30 June 2013 are presented in the consolidated statement of changes in equity.
Subscribed capital
The subscribed capital of EUR 15,000k (previous year: EUR 15,000k) corresponds to the equity
item reported by the parent company (ATON GmbH).
F-20
Page 12
Capital reserve
The capital reserve of ATON GmbH as at 30 June 2013 decreased by EUR 21.3 million. The decrease results from a dividend payment of EUR 10.0 million from ATON GmbH to its shareholders
as well as a loss compensation concerning the financial statements as at 31 December 2012 of
ATON GmbH according to German GAAP (Handelsgesetzbuch). The financial statements according to German GAAP concluded with a loss of EUR 11.3 million, which is particularly caused by
depreciation of financial assets.
9
Borrowings and loans
The development of borrowings is as follows:
in EUR'000
Opening Amount as at 1 January
Proceeds from borrowings and leasing
Repayments of borrowings and leasing
Changes in Consolidation
Non-cash movements
Foreign Currency Adjustments
Closing Amount as at 30 June
H1 2013
H1 2012
252,798
169,130
-105,897
1,820
273
-5,015
275,680
70,073
-75,617
-4,108
579
2,918
313,108
269,525
The undrawn borrowing facilities as at 30 June 2013 amount to EUR 258,424k (prior period
EUR 334,338k).
F-21
Page 13
10 Financial instrument disclosures
The table following shows the fair values and carrying amounts of the financial assets and financial
liabilities included in the respective items of the balance sheet.
A distinction is made between the following financial assets and financial liabilities, aggregated into
measurement categories:
[LaR] loans and receivables
[HtM] held-to-maturity investments
[FAHfT] financial assets held for trading
[AfS] available-for-sale financial assets, measured at cost, because fair value cannot
be determined
[FLAC] financial liabilities measured at amortised cost
[FLHfT] financial liabilities held for trading
F-22
Page 14
Measurement
category under IAS 39
Carrying
amount as at
30.06.2013
Amortised
cost
in EUR'000
Assets
Trade receivables
Other receivables and loans
Financial instruments as defined in IAS 32
Not financial instruments as defined in IAS 32
Other non-derivative financial asets
Held-to-maturity investements
Available-for-sale financial assets
Non-consolidated equity investments
Financial Assets Held for Trading
Derivative financial assets
Foreign exchange futures
Currency options with hedging
Currency options without hedging
Trade payables
Liabilities to banks
Other interest-bearing liabilities
Other non-interest-bearing liabilities
Finance lease liabilities
Derivative financial liabilities
Of which aggregated into IAS 39 measurement categories
Loans and receivables (LaR)
Held-to-maturity investements (HtM)
Available-for-sale financial assets (AfS)
Financial assets held for trading (FAHfT)
Financial liabilities measured at atmortised cost (FLAC)
Financial liabilities held for trading (FLHfT)
LaR
LaR
175,561
435,592
175,561
435,592
LaR
n.a.
32,572
43,362
32,572
43,362
HtM
AfS
AfS
FAHfT
1,355
9,526
4,185
25,121
FAHfT
n.a.
FAHfT
183
44
949
Recognition under IAS 39
Cost
Fair Value
not affecting
net income
Fair Value
through
profit and
loss
Recognition
under IAS
17
Fair Value
30.06.2013
175,561
435,592
0
32,572
0
1,355
9,526
4,185
25,121
0
183
0
949
0
128,460
232,942
36,551
0
5,520
1,355
9,526
4,185
25,121
183
949
FLAC
FLAC
FLAC
128,460
232,942
36,551
128,460
232,942
36,551
FLAC
n.a.
n.a.
5,520
245,000
41,184
5,520
245,000
FLHfT
n.a.
FLHfT
345
345
0
345
2,187
2,187
2,187
LaR
HtM
AfS
FAHfT
FLAC
FLHfT
643,725
1,355
13,711
26,252
403,473
2,532
F-23
41,184
643,725
1,355
0
0
403,473
0
Page 15
0
0
4,185
0
0
0
0
0
9,526
0
0
0
0
0
0
26,252
0
2,532
0
0
0
0
0
0
643,725
1,355
13,711
26,252
403,473
2,532
in EUR'000
Assets
Trade receivables
Other non-derivative financial assets
Held-to-maturity investments
Trade payables
Held-to-maturity investments (HtM)
Financial liabilities measured at amortised cost (FLAC)
Measurement
category under
IAS 39
Carrying
amount as at
31.12. 2012
Amortised cost
Cost
Fair value
Recognition
under
IAS 17
Fair value
31.12. 2012
LaR
LaR
164,067
464,753
164,067
464,753
LaR
n/a
34,581
30,011
34,581
30,011
HtM
AfS
AfS
1,344
7,577
1,826
1,344
FAHfT
FAHfT
1,055
1,593
1,055
1,593
7,577
1,826
0
1,055
1,593
n/a
2,304
2,304
2,304
480
1,027
893
0
158,800
159,040
37,134
0
11,126
233,744
54,223
0
480
1,027
893
7,577
1,826
FLAC
FLAC
FLAC
158,800
159,040
37,134
158,800
159,040
37,134
FLAC
n/a
n/a
11,126
233,744
54,223
11,126
233,744
FLHfT
FLHfT
n/a
480
1,027
893
LaR
HtM
AfS
FAHfT
FLAC
FLHfT
663,401
1,344
9,404
1,055
366,101
480
F-24
164,067
464,753
0
34,581
30,011
0
54,223
663,401
1,344
0
0
366,101
0
Page 16
0
0
1,826
0
0
0
0
0
7,577
880
0
480
0
0
0
0
0
0
663,401
0
9,404
1,055
366,101
480
The table below shows the assets and liabilities measured at fair value as at 30 June 2013:
in EUR'000
Level 1
Assets
Financial assets held for trading
Currency options
Level 2
Level 3
Total
9,526
25,121
Liabilities
Currency options
183
949
9,526
25,121
183
949
345
2,187
345
2,187
The table below shows the assets and liabilities measured at fair value as at 31 December 2012:
in EUR'000
Level 1
Assets
Currency options
Level 2
Level 3
Total
7,577
Liabilities
Currency options
1,055
3,897
7,577
1,055
3,897
480
1,920
480
1,920
The foreign exchange derivatives are recognized at fair value using the anticipated exchange rates,
which are quoted on a regulated market.
11 Contingent liabilities
As per 30 June 2013 the Group has EUR 7,614k contingent liabilities, thereof EUR 3,513 to consolidated Group companies. The majority of the external contingencies (EUR 2,905k) are security
guarantees within the AT Tech segment. As it is not probable that a significant liability will arise,
no provision in relation to the contingent liabilities has been recognised.
12 Related-party transactions
The related-party transactions in the reporting period are as follows:
HI 2013
Revenue, other income and
interest income
30.06.2013
Receivables
H1 2012
Revenue, other income
and interest income
31.12.2012
Receivables
Shareholders
Affiliated companies
Associated companies
Joint Ventures
Others
0
33
0
0
1,537
0
8,054
2,156
1,236
8,745
0
30
0
0
1,478
0
4,255
756
8,174
13,732
Total
1,570
20,191
1,508
26,917
in EUR'000
Page 17
The notes are an integral part of the consolidated financial statements
F-25
HI 2013
Cost of Materials, other
expenses and interest expenses
30.06.2013
Payables
H1 2012
Cost of Materials, other
expenses and interest
expenses
31.12.2012
Payables
Shareholders
Affiliated companies
Associated companies
Joint Ventures
Others
0
0
0
0
5,494
90
656
11
0
34,983
0
35
0
0
9,008
89
765
189
335
35,555
Total
5,494
35,740
9,043
36,933
in EUR'000
Related parties are HORUS Vermögensverwaltungs GmbH & Co. KG, HORUS Beteiligungs
GmbH, HORUS Ellwanger und Geiger Holding GmbH, HORUS Spiekermann Holding GmbH,
HORUS Finanzholding GmbH and its subsidiaries. HORUS Vermögensverwaltungs GmbH & Co.
KG is funding ATON Group entities whereas Aircraft Asset Management AAM GmbH & Co. KG
primarily leases aircrafts to Augsburg Airways GmbH & Co. KG and DC Aviation GmbH.
Related-party transactions are based on arms-length conditions.
13 Events after the balance sheet date
Details of the interim dividends are given in Note 5.
In the extraordinary shareholder meeting of the Rücker AG on 23 August 2013 the resolution was
adopted to transfer shares of the non-controlling interests in return for an appropriate payment of
cash compensation amounting to EUR 16.23 per share.
Until today, the resolution has not yet been recorded at the German Chamber of commerce.
Munich, September 27, 2013
ATON GmbH
Thomas Eichelmann
Jörg Fahrenbach
Page 18
The notes are an integral part of the consolidated financial statements
F-26
ATON GmbH
Consolidated financial statements
as at 31 December 2012
(Translation – the German text is authoritative)
F-27
ATON GmbH, Hallbergmoos
Consolidated income statement for the financial year 2012
in EUR’000
Note
2012
2011 restated
Revenue
Cost of materials
Personnel expenses
Other operating expenses
Earnings before interest and taxes (EBIT)
6
7
8
9
10
17, 18
11
2,227,446
2,634
67,980
-825,073
-917,697
-84,571
-296,519
174,200
1,888,408
10,598
69,730
-767,163
-729,814
-62,794
-290,808
118,157
Result from associated companies
Other investment result
Interest income
Interest expense
Other financial income and expenses
12
13
14
14
15
52
-1
2,247
-20,591
-916
-19,209
154,991
-833
-8
4,409
-24,047
6,904
-13,576
104,582
Income taxes
Profit or loss for the period from continuing operations
16
-46,580
108,411
-42,915
61,666
108,411
-1,701
110,112
61,666
-1,721
63,387
28
F-28
Consolidated statement of comprehensive income for the financial year 2012
in EUR’000
Note
Profit after tax
2012
2011 restated
108,411
-1,701
110,112
61,666
-1,721
63,387
145
0
-57
0
Change in the fair value of available-for-sale financial assets
amount reclassified into profit or loss
available-for-sale financial assets
28
145
-57
28
54
-4,011
Cash flow hedges
28
2,191
0
Total changes in value recognised in equity
2,390
174
2,216
-4,069
47
-4,115
Total comprehensive income for the period
110,801
-1,527
112,328
57,598
-1,674
59,272
F-29
Consolidated balance sheet as at 31 December 2012
Assets
in EUR’000
Goodwill
Deferred tax assets
Non-current assets
Inventories
Income tax receivables
Assets of disposal group classified as held for sale
Note
17
17
18
18
31.12.2012
31.12.2011
restated
01.01.2011
restated
22
23
16
24
188,200
62,554
348,639
3,105
3,994
13,077
0
17,174
5,508
160,538
35,799
301,632
3,206
4,651
8,609
6,295
14,186
6,439
134,203
30,940
335,264
3,307
6,140
21,311
34
16,288
11,858
25
24
22
16
26
642,251
125,534
517,563
8,347
23,865
164,067
541,355
82,268
434,572
38,875
18,882
251,314
559,344
100,778
401,057
114,744
23,685
220,973
27
839,376
16,479
825,910
47,438
861,235
15,121
Current assets
Total assets
F-30
855,855
873,348
876,356
1,498,106
1,414,703
1,435,700
Consolidated balance sheet as at 31 December 2012
in EUR’000
Note
31.122012
31.12.2011
restated
01.01.2011
restated
Equity attributable to owners of the parent
28
28
693,002
6,941
632,356
12,718
571,868
18,532
Equity
Other provisions
28
29
30
30
31
32
16
699,943
14,667
1,318
17,755
106,889
3,545
44,560
645,074
6,898
0
17,871
80,465
4,146
23,998
590,400
6,924
0
20,470
109,757
10,437
24,591
Other provisions
Income tax liabilities
30
30
31
32
16
188,734
7,965
49,317
145,909
400,126
6,112
133,380
16,771
29,700
195,214
369,432
7,454
172,179
23,751
35,510
247,464
355,926
3,684
27
609,429
0
618,572
17,679
666,336
6,786
609,429
636,251
673,122
1,498,106
1,414,703
1,435,700
Liabilities of disposal group classified as held for sale
Current liabilities
Total equity and liabilities
F-31
Statement of changes in equity as at 31 December 2012, ATON GmbH, Hallbergmoos
in EUR’000
IAS 8.42
Acquisition of W.O.M. AG
incl. purchase of own shares by W.O.M. AG
Acquisition of Ziehm LLC
Dividends
Other
Equity attributable to owners of the parent
Total other comprehensive income
Fair value of
Retained
Currency
available-forShare
Capital
earnings incl.
translation Cash flow sale financial
capital
reserve
profit or loss
differences hedges
assets
Total
15,000 782,667
-241,952
13,353
0
20 569,088
2,780
2,780
15,000 782,667
-239,172
13,353
0
20 571,868
850
850
-2,852
0
783,517
63,387
63,387
-178,638
-72,574
-72,574
-17,609
-23,208
-11,325
72,587
20,445
0
710,943
110,112
110,112
-48,081
Comprehensive income for the year
Profit or loss for the year 2011
Balance as at 31 December 2011 restated
Acquisition of W.O.M. AG
Acquisition of Rücker
Dividends
Other
3,219
-3,409
-197
-535
3,219
-3,049
197
0
850
1,217
-4,141
-6,458
0
-535
850
-2,924
-57
-37
-4,115
63,387
59,272
632,356
47
-1,721
-1,674
12,718
-4,069
61,666
57,598
645,074
447
-17,609
-23,208
-11,325
13
-51,682
24,625
-10,390
-18,285
0
-200
-4,250
25,072
-27,999
-41,493
-11,325
-187
-55,932
2,216
110,112
112,328
693,002
174
-1,701
-1,527
6,941
2,390
108,411
110,801
699,943
0
-4,058
0
15,000
-4,058
12,514
0
-57
0
0
447
0
Comprehensive income for the year
Profit or loss for the year 2012
Balance as at 31 December 2012
* OCI (Other Comprehensive Income)
3,219
-3,049
197
0
0
15,000
F-32
Noncontrolling
interest
incl. OCI*
Total Equity
18,532
587,620
2,780
18,532
590,400
447
0
0
-120
2,191
145
-120
12,841
2,191
2,191
145
108
3,219
Consolidated statement of cash flows for the financial year 2012
Cash funds represent cash and cash equivalents reported in the balance sheet.
in EUR’000
Note
Income before interest, dividends and income taxes
Income taxes paid
Interest paid
Interest received
Dividends received
Depreciation and amortisation/write-ups of assets
Change in provisions
Other non-cash item expenses or income
Result from the disposal of property, plant and equipment
Result from the disposal of securities
Result from the disposal of consolidated subsidiaries
Changes in other assets
Changes in other liabilities
33
Purchases of intangible assets
Proceeds from disposal of intangible assets
Purchases of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Investments in financial assets
Proceeds from disposal of financial assets
Acqusition of consolidated subsidiaries net of cash acquired
Acquisition of interest in subsidiaries from non-controlling
interests
Proceeds from the sale of consolidated subsidiaries
17
5
18
5
5
5
Dividends paid
Repayments of finance lease liabilities
Proceeds from finance leases
Proceeds from bank loans
Repayments of bank loans
Total change in cash and cash equivalents
Currency exchange rate effects on cash and cash equivalents
Cash and cash equivalents, at the beginning of the period
Cash and cash equivalents, at the end of the period
F-33
26
2012
2011 restated
173,185
-43,963
-12,321
2,058
150
84,050
23,917
5,848
-70
731
18,319
-99,353
-12,895
139,657
122,339
-37,505
-21,709
4,911
308
64,349
-9,260
24,361
-4,420
-6,015
-1,274
-118,338
67,546
85,293
-8,107
97
-120,661
30,079
-6,759
7,559
-96,406
-6,958
457
-68,201
16,905
-257,407
351,206
-32,191
-44,420
60,333
-178,285
-6,458
27,155
24,508
-11,325
-24,360
17,647
105,167
-136,638
-49,508
-535
-19,700
0
64,573
-113,703
-69,365
-88,136
889
251,314
164,067
40,436
-10,095
220,973
251,314
Notes to the consolidated financial statements 2012
Contents
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Page
General information ................................................................................................................. 2 Basis of preparation of the consolidated financial statements ................................................. 3 Summary of significant accounting policies ............................................................................ 9 Estimates and assumptions..................................................................................................... 25 Changes in the scope of the consolidation group................................................................... 29 Revenue.................................................................................................................................. 32 Changes in inventories and own work capitalised ................................................................. 32 Other operating income .......................................................................................................... 33 Cost of materials .................................................................................................................... 33 Personnel expenses ................................................................................................................ 35 Other operating expenses ....................................................................................................... 36 Result from associated companies ......................................................................................... 37 Other investment result .......................................................................................................... 37 Net interest expense ............................................................................................................... 37 Other financial result.............................................................................................................. 38 Income taxes .......................................................................................................................... 38 Goodwill and other intangible assets ..................................................................................... 42 Property, plant and equipment and investment properties ..................................................... 45 The Group as lessee ............................................................................................................... 48 The Group as lessor................................................................................................................ 49 Investments in joint ventures ................................................................................................. 51 Other financial assets ............................................................................................................. 52 Investments in associates ....................................................................................................... 53 Trade and other receivables ................................................................................................... 54 Inventories.............................................................................................................................. 57 Cash and cash equivalents...................................................................................................... 58 Assets of disposal group classified as held for sale ............................................................... 58 Equity ..................................................................................................................................... 59 Provisions for pensions .......................................................................................................... 60 Income tax provisions and other provisions .......................................................................... 64 Financial liabilities ................................................................................................................. 66 Trade and other payables ....................................................................................................... 69 Notes to the statement of cash flows...................................................................................... 71 Contingent liabilities and other financial obligations ............................................................ 72 Financial instrument disclosures ............................................................................................ 73 Objectives and methods of financial risk management ......................................................... 80 Audit fees ............................................................................................................................... 85 Related-party disclosures ....................................................................................................... 85 List of shareholdings .............................................................................................................. 86 Events after the balance sheet date ........................................................................................ 87 These notes form an integral part of the consolidated financial statements.
F-34
Page
1
1
General information
ATON GmbH (ATON GmbH or the "Company") is a limited liability company whose registered
office is in Hallbergmoos, Germany (Zeppelinstraße 1, 85399 Hallbergmoos) and which has been
registered with the Munich local court under the registration number HRB 193331.
ATON GmbH and its subsidiaries (collectively, the "Group") have a balanced portfolio of business
activities. The Group’s operating companies are organised on a global basis and have a presence in
all continents with core activities in the AT Tech, AT Med Tech, AT Aviation and AT Mining Tech
business segments.
The annual financial statements of the ATON Group as at 31 December 2012 were prepared in
accordance with § 315a of the German Commercial Code (Handelsgesetzbuch, "HGB") in
accordance with the provisions of the International Financial Reporting Standards (IFRSs) issued by
the International Accounting Standards Board (IASB), London, applicable on the reporting date and
as adopted by the European Union, and with the interpretations of the International Financial
Reporting Interpretations Committee (IFRIC).
The annual financial statements of ATON GmbH, which were certified with an unqualified audit
report by PricewaterhouseCoopers Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Munich,
and the consolidated financial statements of ATON GmbH are submitted to the operator of the
electronic Federal Gazette. The consolidated financial statements of ATON GmbH for financial
year 2012 were authorised for publication by a management resolution on 30 April 2013. Under the
relevant statutory provisions, the shareholders still have the option in theory of making changes to
the financial statements. The Helmig family shareholders exercise control over the Group.
The consolidated financial statements are prepared in Euro. Except where indicated otherwise, all
amounts are rounded up or down to the nearest k EURO in accordance with normal commercial
practice. Rounding may give rise to rounding differences of +/- EUR 1k.
Individual items in the income statement and the statement of comprehensive income, the balance
sheet, the statement of cash flows and the statement of changes in equity of the ATON Group have
been combined in order to achieve greater clarity. Full details are given in the notes. The income
statement has been prepared in accordance with the nature of expense method. The balance sheet is
classified in accordance with the maturity of the assets and liabilities. Assets and liabilities are
treated as current if they are due within one year or within the normal business cycle of the
company or of the Group, or if they are intended to be sold. Deferred tax assets and liabilities are
presented in principle as non-current, as are provisions for pensions.
These notes form an integral part of the consolidated financial statements.
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2
2
Basis of preparation of the consolidated financial statements
2.1
General principles
The financial statements of the domestic and foreign subsidiaries included in the consolidated
financial statements are prepared in accordance with the accounting policies that are applied on a
consistent basis throughout the ATON Group. The financial statements of the subsidiaries included
in the consolidated financial statements are prepared as at the reporting date of the consolidated
financial statements.
The consolidated financial statements were prepared on the basis of the historical cost convention,
with the exception of items reported at their fair values, such as derivative financial instruments,
available-for-sale financial assets and plan assets in connection with pension obligations.
2.2
Application of new, amended and revised standards
The accounting policies adopted are consistent with those of the previous financial year except as
described below.
Accounting requirements applied on a mandatory basis for the first time during the current financial
year
There were no material new accounting standards and interpretations for which first-time
application was mandatory in financial year 2012 that were endorsed by the EU.
ATON has implemented all accounting standards for which application is mandatory from financial
year 2012 on.
New and amended standards and interpretations not applied.
The ATON Group did not early adopt in its consolidated financial statements for financial year
2012 the following accounting standards that had been issued by the IASB and endorsed by the EU,
but for which application was not yet mandatory.
Standards/amendments
IFRS 1
IFRS 1
Government Loans
Severe Hyperinflation and Removal of
Fixed Dates
Status
Endorsement
EU
mandatory
application*
Expected
effect
amended
04.03.2013
01.01.2013
none
amended
11.12.2012
01.01.2013
none
no material
effect
none
none
no material
effect
IFRS 10
Consolidated Financial Statements
new
11.12.2012
01.01.2014
IFRS 11
IFRS 12
Joint Arrangements
Disclosures of Interests in Other Entities
new
new
11.12.2012
11.12.2012
01.01.2014
01.01.2014
IFRS 13
Fair Value Measurement
new
11.12.2012
01.01.2013
amended
01.01.2015
-
none
amended
13.12.2012
01.01.2013
none
new
01.01.2015
-
none
IFRS 7
IFRS 7
IFRS 9
Disclosures – Transfers of Financial
Assets
Disclosures – Offsetting Financial Assets
and Financial Liabilities
Financial Instruments
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3
IAS 1
IAS 12
IAS 19
Presentation of Items of Other
Comprehensive Income
Deferred Tax: Recovery of Underlying
Assets
Employee Benefits
amended
16.06.2011
01.01.2014
amended
11.12.2012
01.01.2013
amended
16.06.2011
01.01.2013
IAS 27
no material
effect
no material
effect
effect on
equity of
EUR -5.2
million
none
no material
effect
Separate Financial Statements
amended 11.12.2012 01.01.2014
Investments in Associates and Joint
IAS 28
amended 11.12.2012 01.01.2014
Ventures
Offsetting Financial Assets and Financial
IAS 32
amended 13.12.2012 01.01.2014
none
Liabilities
Stripping Costs in the Production Phase
IFRIC 20
new 11.12.2012 01.01.2013
none
of a Surface Mine
* Mandatory application in accordance with IFRSs for financial years beginning on or after the date given
1)
In accordance with § 315a HGB, application is not mandatory for standards and interpretations that have not yet been
endorsed by the EU
The amended IAS 19 "Employee Benefits" was published on 16 June 2011 and is applicable for the
first time for financial years beginning on or after 1 January 2013. Insignificant effects arise from
the amended disclosures in the notes and the immediate recognition of past service cost. The
interest cost and the expected return on plan assets continue to be calculated net using the rate of
interest on which the defined benefit obligation is based. Even in the event that the interest rate
yield curve with a duration of 22 years remains at its current low level, there will be no significant
effects on net pension income and expenses. The significant effect for the Group relates to the
recognition of the actuarial gains and losses. Recognition over a longer period of time in the
statement of comprehensive income using the corridor method will be replaced in future by full
recognition of actuarial gains and losses in other comprehensive income. As at 31 December 2012,
applying the amended IAS 19 would have resulted in a reduction of EUR 5.2 million (after taking
account of deferred taxes) in total other comprehensive income and an increase of EUR 7.3 million
in provisions for pensions.
According to the provisions of IAS 19 (revised 2011), top-up payments in the context of accounting
for partial retirement arrangements are no longer treated as termination benefits. Consequently, the
top-up payments are no longer recorded in their full amount as voluntary termination benefits when
the offer of a partial retirement contract is made, but are treated as other long-term employee
benefits. This means that the expense is spread over the period during which the benefits are earned
(active phase). Since all of the partial retirement arrangements within the Group were already in the
passive phase by the end of 2012, no effects are expected to arise in 2013.
2.3
Material changes in accordance with IAS 8
A correction was made with respect to the prior year relating to the measurement of the provisions
for pensions due to an error in the actuarial report of EDAG. The prior-year figures were corrected
retrospectively in accordance with IAS 8.42.
The accumulated actuarial gains and losses of EDAG, which were not recorded in the balance sheet,
were reported incorrectly in the context of considering the asset ceiling. They now amount to
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4
EUR -6,074k (previous year: EUR -2,371k). The receivables from plan assets, reported under trade
and other receivables, increased by EUR 2,780k as at 1 January 2011.
The impact arising from this in the statement of comprehensive income for financial year 2011 was
EUR -359k, with the result that plan assets amounted to EUR 2,421k as at 31 December 2011. As a
consequence of the correction, personnel expenses in 2011 fell by EUR 447k while interest
expenses increased by EUR 806k.
2.4
Scope of consolidation
In addition to ATON GmbH, the consolidated financial statements include all material subsidiary
companies over whose financial and operating policies the Group exercises control. This is
generally the case when the Group holds more than 50% of the voting rights. Subsidiaries are fully
consolidated from the date on which the Group gains control and deconsolidated as at the date on
which control ceases.
Companies over which the Group exercises significant influence, which is generally the case with
between 20% and 50% of the voting rights, but over which it does not have control (associates) are
accounted for using the equity method.
Companies which the Group controls jointly with other partners (joint ventures) are consolidated
proportionally in the consolidated financial statements.
Subsidiaries, associates and joint ventures that are insignificant are recognised at their respective
cost or their lower fair value and are not consolidated. Companies are classified as insignificant if
their cumulative revenues, annual profits and total assets amount in total to less than 1% of
consolidated revenues, annual profit and total assets and they are therefore not relevant to the
presentation of a true and fair view of the financial performance, position and cash flows of the
Group and of its cash flows.
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5
The scope of consolidation was made up as follows as at 31 December 2012:
Fully consolidated companies
Associates
Joint ventures
Germany
40
3
0
43
International
79
1
0
80
Total
119
4
0
123
Prior year
92
2
2
96
Please refer to Note 5 for further details of changes in the scope of consolidation.
For a detailed overview, please refer to the list of shareholdings in the Appendices.
The following German subsidiaries, having the legal form of a corporation or of a partnership
within the meaning of § 264a HGB, have satisfied the necessary conditions in accordance with
§ 264 (3) and § 264b HGB for making use of the exemption provision and therefore do not publish
documentation relating to their annual financial statements.
Name of company
Registered office
FFT GmbH & Co. KGaA
FFT EDAG Produktionssysteme GmbH & Co. KG
ED WORK GmbH & Co. KG
Reform Maschinenfabrik GmbH & Co. KG
Fulda
Fulda
Fulda
Fulda
2.5
Consolidation principles
Profits and losses, revenues and income and expenses arising from transactions within the scope of
consolidation are eliminated, as are receivables and liabilities existing between consolidated
companies. Unrealised gains and losses in non-current assets and in inventories arising from intraGroup transactions are removed. Consolidation adjustments affecting profit or loss are recorded
together with the related deferred tax effect.
Joint ventures are consolidated on a proportional basis in accordance with the same principles.
The financial statements are consolidated in accordance with IFRS 3 in conjunction with IAS 27
(Consolidated and Separate Financial Statements) by offsetting the carrying amounts of the equity
investments against the attributable share of the net assets of the subsidiaries.
The earnings of subsidiaries purchased or sold during the course of the financial year are included
in the consolidated income statement from the actual date of purchase or up to the actual date of
disposal as appropriate.
Non-controlling interests represent the share of earnings and net assets that are not attributable to
the Group. Non-controlling interests are reported separately in the consolidated income statement
and in the consolidated balance sheet. They are reported in the consolidated balance sheet within
equity, separately from the equity attributable to the owners of the parent.
The cost of associates is adjusted to reflect the Group’s share of increases and decreases in the
equity of the associates occurring after the date of acquisition. On initial recognition of investments
using the equity method, differences arising on first-time consolidation are accounted for in
accordance with the principles of full consolidation. Changes in the attributable share of the net
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6
assets affecting profit or loss as well as any write-downs of goodwill are included in the net
financial result, while the attributable share of movements in reserves is reflected in the
consolidated reserves. If the Group’s share of the losses of an associate exceeds its share of the net
assets of that company, the Group does not recognise any additional losses unless it has assumed
obligations on behalf of the associate.
2.6
Currency translation
The consolidated financial statements are prepared in Euro, the reporting currency of ATON
GmbH. The functional currency of the subsidiaries is generally the same as the company’s
respective national currency since the subsidiaries run their operations independently from a
financial, economic and organisational point of view.
Foreign currency transactions in the separate financial statements of the Group companies are
translated into the functional currency using the exchange rates at the transaction date. At each
reporting date, monetary assets and liabilities whose amount is expressed in a foreign currency are
translated at the closing rate. Non-monetary assets and liabilities measured at fair value and whose
amount is expressed in a foreign currency are translated at the date on which the fair value is
determined. Currency translation gains and losses are recorded in profit or loss. An exception is
made in the case of currency translation differences relating to non-monetary assets and liabilities,
changes in whose fair values are recognised directly in equity.
The earnings and balance sheet items of all Group companies with a functional currency other than
the Euro are translated into Euro as the reporting currency. The assets and liabilities of the relevant
Group companies are translated at the closing rate. Items of income and expenses are translated at
average exchange rates for the period, except where those exchange rates are subject to significant
fluctuations. Components of equity are translated at historical rates at the respective dates at which
they were initially recognised from the point of view of the Group.
Differences arising with respect to the translation of assets and liabilities at closing rates are
reported separately in equity and in the disclosures in the notes under "Currency translation".
Currency translation differences recorded directly in equity while the subsidiary forms part of the
Group are reclassified to profit or loss when the subsidiary leaves the scope of consolidation.
Goodwill and fair value adjustments arising on the acquisition of a foreign company are treated as
assets and liabilities of the foreign company and translated at the closing rate.
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7
The exchange rates for the translation of the financial statements in foreign currencies in relation to
the Euro have developed as follows (in each case for 1 EUR):
Country
USA
United Kingdom
Brazil
Malaysia
Australia
Hungary
India
Sweden
Namibia
Norway
China
Mexico
Czech Republic
Romania
Japan
Poland
Canada
Switzerland
South Africa
Currency
Units per Euro
USD
GBP
BRL
MYR
AUD
HUF
INR
SEK
NAD
NOK
CNY
MXN
CZK
RON
JPY
PLN
CAD
CHF
ZAR
Closing rate
2012
Avg. rate 2012
Closing rate
2011
1.3194
0.8161
2.7036
4.0347
1.2712
292.3000
72.5600
8.5820
10.7423
7.3483
8.2207
17.1845
25.1510
4.4445
113.6100
4.0740
1.3137
1.2072
11.1727
1.2848
0.8109
2.5084
3.9672
1.2407
289.2500
68.5973
8.7041
11.1566
7.4751
8.1052
16.9029
25.1490
4.4593
102.4900
4.1847
1.2842
1.2053
10.5511
1.2939
0.8353
2.4159
4.1055
1.2723
314.5800
68.7130
8.9120
10.4830
7.7540
8.1588
18.0512
25.7870
4.3233
100.2000
4.4580
1.3215
1.2156
10.4830
F-41
Avg. rate 2011
1.3920
0.8679
2.3265
4.2558
1.3484
279.3726
64.8859
9.0298
10.0904
7.7934
8.9960
17.2877
24.5898
4.2391
110.9586
4.1206
1.3761
1.2326
10.0970
Page
8
3
3.1
Summary of significant accounting policies
Business acquisitions
All business combinations are accounted for using the purchase method. The cost of a business
acquisition is measured according to the fair values of the assets acquired and the liabilities entered
into or assumed at the date of the acquisition. Incidental costs of acquisition are recognised as
expenses at the date when they are incurred. The identifiable assets acquired in a business
combination and the liabilities assumed are measured at their fair value at the date of acquisition,
irrespective of the extent of any non-controlling interests in the equity. Adjustments to conditional
purchase price components reported as a liability at the date of acquisition are recognised in profit
or loss. Non-controlling interests are measured either at their fair value (full goodwill method) or at
their proportionate share of the fair value of the assets acquired and liabilities assumed. The amount
by which the total of the cost of the acquisition, the amount of the non-controlling interests in the
business acquired and the fair value of any previously held equity interests at the date of acquisition
exceeds the Group’s share of the net assets measured at fair value is recognised as goodwill. If the
cost of the acquisition is lower than the fair value of the net assets of the subsidiary acquired, the
difference is recognised directly in the income statement.
After initial recognition, profits and losses are attributed on an unlimited basis in proportion to the
shareholdings, which may also result in a negative balance for non-controlling interests.
In cases where business acquisitions are achieved in stages, shares held at the date on which control
is transferred must be remeasured at their fair value. Transactions not resulting in a loss of control
are recorded for non-controlling interests as equity transactions and do not affect profit or loss. At
the date on which control is lost, all remaining shares must be remeasured at their fair value through
profit or loss.
3.2
Goodwill
Goodwill is not amortised but is tested annually for impairment. An impairment test is also carried
out during the financial year if events or circumstances (triggering events) occur giving rise to
indications of possible impairment. Goodwill is recognised initially at cost and measured in
subsequent periods at cost less all accumulated impairment losses. For the purposes of impairment
testing, goodwill acquired in the context of a business combination is allocated to the cashgenerating unit or group of cash-generating units which are expected to benefit from the synergies
of the combination. A cash-generating unit is the smallest identifiable group of assets capable of
generating cash inflows that are largely independent of the cash inflows from other assets or other
groups of assets. If the recoverable amount of a cash-generating unit is less than the carrying
amount of the unit, the impairment loss is allocated firstly to reduce the carrying amount of any
goodwill allocated to the unit and then to the other assets pro rata on the basis of the carrying
amount of each asset within the unit. The recoverable amount is the higher of the fair value of the
unit less costs of disposal and its value in use. The ATON Group normally utilises the value in use
of the relevant cash-generating units for the purposes of impairment testing. This is based on the
current business plan prepared by management which generally covers a period of three years.
Reasonable assumptions are made with respect to the future development of the business for the
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9
subsequent years. The cash flows are determined on the basis of the expected rates of growth in the
relevant sectors and markets. The cash flows after the end of the detailed planning period are
estimated using individual growth rates derived from information relating to the particular market
of at most 1% p.a. Individual pre-tax discount rates for the particular cash-generating units of
between 6.6% and 10.8% (previous year: 5.7% and 10.4%) are used for the purpose of determining
the value in use. An impairment loss recognised in one period in respect of goodwill may not be
reversed in future periods. In the event of the sale of a subsidiary, the attributable amount of
goodwill is included in the calculation of the gain or loss on disposal. The treatment of goodwill
arising on the acquisition of an associate is described under "Investments in associates".
3.3
Purchased intangible assets are measured at cost and amortised on a straight-line basis over their
economic useful lives. Other intangible assets mainly comprise software, together with patents,
licences and similar rights. The expected useful life for concessions, patents and similar rights is
generally defined between two and fifteen years and, for software between three and five years.
Research costs are expensed in the period in which they are incurred.
The development costs of a project are only capitalised as an intangible asset if the company can
demonstrate both the technical feasibility of completing the intangible asset so that it will be
available for use or sale and also the intention to complete the intangible asset and to use or sell it. It
must also demonstrate how the asset will generate future economic benefits, the availability of
resources for the purpose of completing the asset and the ability to measure reliably the expenditure
attributable to the intangible asset during its development.
The cost of an internally generated intangible asset is the total of the directly attributable direct
costs and overheads incurred from the date when the intangible asset first meets the recognition
criteria described above. Financing costs are not capitalised except in the case of qualifying assets.
Internally generated intangible assets are amortised on a straight-line basis over their economic
useful lives of three years. Amortisation in the case of internally generated intangible assets begins
when the asset is available for use, i.e. when it is in the condition necessary for it to be capable of
operating in the manner intended by management.
In cases where it is not possible to recognise an internally generated intangible asset, the costs of
development are expensed in the period in which they are incurred.
Intangible assets acquired as part of a business combination are recorded separately from goodwill
if the fair value of the asset can be reliably measured. The cost of such an intangible asset is its fair
value at the date of acquisition. The intangible assets acquired in the context of acquisitions related
mainly to order backlog and customer relationships. The corresponding expected average useful
lives are between one and four years in the case of order backlog and between two and four years in
the case of customer relationships.
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10
Intangible assets with indefinite useful lives are not amortised but are tested annually for possible
impairment. If events or changes in circumstances occur giving indications of possible impairment,
impairment testing must be carried out more frequently. Further details of the procedure for annual
impairment tests are provided under Note 3.5. In the reporting periods presented, intangible assets
with indefinite useful lives did not exist in the Group.
3.4
Items of property, plant and equipment used in the business for longer than one year are recognised
at the cost of acquisition or production less straight-line depreciation and accumulated impairment
losses. The cost of production comprises all directly attributable costs and appropriate portions of
production-related overheads. Investment grants are generally deducted from the cost of the asset. If
the production or acquisition of items of property, plant and equipment is spread over a longer
period, borrowing costs incurred up to the date of completion are capitalised as a component of cost
in conformity with the provisions of IAS 23. If the costs of particular components are significant in
relation to the total cost of the item of property, plant and equipment, then those components are
capitalised and depreciated separately. The cost of replacing a part of the item of property, plant and
equipment is included in the carrying amount of that item at the date when it is incurred, provided
that the criteria for recognition are satisfied. The cost of carrying out a major inspection is also
recognised in the carrying amount of property, plant and equipment as a replacement, provided that
the recognition criteria are met. All other servicing and maintenance costs are recorded immediately
in the income statement. Subsequent costs of acquisition or production are only recognised as part
of the cost of the asset if it is probable that it will bring future economic benefit to the Group and if
the cost of the asset can be reliably determined.
The useful lives of the principal categories of assets of the Group are determined using industrystandard comparative tables and on the basis of its own past experience and can be classified as
follows:
Useful life in years
Buildings
Technical equipment and machinery (excluding mining and construction machinery)
Other machinery and equipment
Operating and office equipment
3.5
10 to 60
5 to 25
3 to 10
2 to 25
Impairment of property, plant and equipment and other intangible assets
At each reporting date or if relevant events have occurred, the Group assesses whether there is any
indication that items of property, plant and equipment and intangible assets may be impaired. If
such indications are identified, the recoverable amount of the asset is estimated in order to establish
the extent of any impairment loss. The recoverable amount is calculated as the higher of fair value
less costs of disposal ("net realisable value") and the present value of the expected net cash inflows
from the continuing use of the asset ("value in use"). If it is not possible to forecast the expected
cash inflows for an individual asset, the cash inflows are estimated for the next largest group of
assets that generates cash inflows that are largely independent of those from other assets (cashgenerating unit) to which the asset belongs.
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11
For the purpose of estimating value in use, the estimated future cash flows are discounted to their
present value using a pre-tax rate of interest. If the estimated recoverable amount of an asset (or of a
cash-generating unit) falls below its carrying amount, the carrying amount of the asset (or of the
cash-generating unit) is reduced to the recoverable amount. First, any goodwill allocated to the
cash-generating unit is impaired and any remaining impairment loss is then allocated to the other
assets of the unit on the basis of the carrying amount of each asset in the unit.
The impairment loss is recognised immediately in the income statement. If the impairment loss is
subsequently reversed, the carrying amount of the asset (or of the cash-generating unit) is increased
to the updated estimate of the recoverable amount. The carrying amount resulting from this increase
must not exceed the carrying amount that would have been determined for the asset (or the cashgenerating unit) if an impairment loss had not been recognised in prior periods. The reversal of an
impairment loss is recorded immediately in the income statement. Impairment losses recognised in
respect of goodwill may not be reversed.
Internally generated intangible assets that have not yet been completed are tested for impairment at
least once annually.
3.6
Cash reported in the balance sheet comprises cheques, cash-in-hand and balances with banks with
an original maturity of up to three months. Cash equivalents reported in the balance sheet consist of
short-term, highly liquid financial assets that can be converted into specified amounts of cash at any
time and are exposed only to insignificant risks of fluctuations in value. Cash and cash equivalents
are measured at amortised cost. Cash funds in the consolidated statement of cash flows are defined
in accordance with the above definition.
3.7
This item refers to property held for the purpose of generating rental income and/or value
appreciation (including property being constructed or developed and intended for such purposes).
Investment properties are initially recognised at cost, including transaction costs. In subsequent
periods, investment properties are recorded at amortised cost net of accumulated straight-line
depreciation and impairment write-downs. The useful life is between 50 and 60 years.
3.8
Leases
The Group as lessee
Leases are classified as finance leases if substantially all of the risks and rewards associated with
ownership of the asset are transferred to the lessee under the lease agreement. All other leases are
classified as operating leases. The rules described in this section also apply to sale and leaseback
transactions.
Assets held under the terms of a finance lease are initially recognised as assets of the Group at their
fair value at the start of the lease or, if lower, the present value of the minimum lease payments. The
corresponding liability to the lessor is reported in the balance sheet as an obligation from finance
F-45
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12
leases. The lease payments are apportioned between the finance charge and the reduction of the
lease liability in such a way that a constant periodic rate of interest on the remaining balance of the
liability is achieved. The finance charges are recorded directly in the income statement. Conditional
lease payments are recognised as an expense in the period in which they arise.
Rental payments under operating leases are expensed on a straight-line basis over the term of the
lease, unless another systematic basis is more representative of the time pattern of the lessee’s
benefit. Conditional rental payments under the terms of an operating lease are recorded as an
expense in the income statement in the period in which they arise.
In cases where incentives to enter into an operating lease have been received, those incentives are
recorded as a liability. The cumulative benefit of incentives is recognised on a straight-line basis as
a reduction of the rental payments, unless another systematic basis is more representative of the
time pattern of the benefit from the leased asset.
The Group as lessor
Leases under which substantially all the risks and rewards of ownership are retained by the Group
are classified as operating leases. The leased assets continue to be recognised by ATON. Initial
direct costs incurred in negotiating and concluding a lease agreement are added to the carrying
amount of the leased asset and expensed over the term of the lease agreement in a manner
corresponding to the recognition of the rental income. Conditional rental payments are recorded in
the period in which they are generated.
3.9
For the purpose of measuring reparable aircraft spare parts, the spare parts are allocated to the
individual aircraft models and depreciated over the remaining useful life of the respective aircraft
model, taking into account estimated residual values. Residual values and useful lives are reviewed
at each reporting date. Changes in the residual values and their effects on annual depreciation
charges are reflected prospectively in accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors in the period of the change and the subsequent periods.
3.10
An associate is an entity over which the Group has significant influence and which is neither a
subsidiary nor an investment in a joint venture. Associates are accounted for in the consolidated
financial statements using the equity method and are initially recognised at cost. This does not apply
to investments that are classified as non-current assets of disposal group classified as held for sale in
accordance with IFRS 5. The difference between the cost of the investment in the associate and the
Group’s share of the net assets of the company is initially allocated to the adjustments arising from
the measurement of the net assets acquired at fair value. Any excess of the purchase price over the
fair values of the identifiable net assets of the associate is recognised as goodwill within the
carrying amount of the associate. The excess is not amortised, rather the carrying amount of the
associate is tested for impairment as a whole. After the date of acquisition, the Group’s share of the
earnings of the associate is recorded in the income statement, while its share of changes not
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13
affecting profit or loss is recognised directly in consolidated equity. The cumulative changes after
the date of acquisition increase or reduce the carrying amount of the investment in the associate
accordingly. In the event that the Group’s share of the losses of an associate exceeds the carrying
amount of the investment, the Group does not recognise its share of any further losses. Profits and
losses from transactions between the Group and the associate are eliminated pro rata to the
investment in the associate, where they are material.
3.11
Investments in joint ventures
A joint venture is a contractual arrangement under which the Group and other contractual parties
engage in a business activity that is subject to joint control. This is the case if the strategic financial
and operating policies relating to the business activities of the joint venture require the unanimous
consent of the parties sharing control. If a Group company directly engages in activities in the
context of a joint venture arrangement, the Group’s share of the assets and liabilities under joint
control acquired jointly with other capital providers are recognised in the financial statements of the
relevant company and classified according to their nature. The liabilities and expenses relating to
the share of the assets under joint control are reflected in the financial statements in accordance with
the accruals principle of accounting. Income from the sale or use of the Group’s share of the goods
and services provided by the joint venture and its share of the expenses of the joint venture are
recognised if it is probable that the economic benefits associated with these transactions will flow to
or from the Group, respectively, and the amount can be reliably determined. Joint venture
arrangements which provide for the establishment of a separate entity in which each partner holds a
share are described as arrangements under joint control. The Group accounts for its investments in
arrangements under joint control using proportional consolidation, unless the investment has been
classified as available for sale. In this event, it is accounted for under non-current assets of disposal
group classified as held for sale in accordance with IFRS 5. The Group’s share of the assets,
liabilities, income and expenses of arrangements under joint control is allocated to the
corresponding line items in the consolidated financial statements. Any goodwill arising from the
purchase of the Group’s investment in an arrangement under joint control is accounted for in
keeping with the Group’s accounting policies for goodwill arising from the acquisition of a
subsidiary. If the Group enters into business relations with an entity under joint control, the profits
and losses are eliminated to the extent of the Group’s interest in the joint venture.
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3.12
Inventories
Inventories are carried at the lower of cost and net realisable value on the reporting date. Net
realisable value is the estimated selling price in the ordinary course of business less direct selling
costs and directly attributable production costs still to be incurred. If the net realisable value is less
than the carrying amount, an impairment loss is recognised.
The cost of raw materials, consumables and supplies is mainly determined on the basis of average
purchase prices, calculated using a moving average.
The production costs of work in progress and finished goods include all directly attributable
production-related overheads, in addition to the directly attributable materials costs, production
wages and special direct costs of production. General administrative costs and financing costs are
not capitalised, except in the case of a qualifying asset. The production costs are determined on the
basis of normal production capacity.
The cost of purchasing merchandise also includes incidental costs of purchase.
3.13
Non-current assets held for sale and disposal groups
Non-current assets or disposal groups are classified as held for sale if the associated carrying
amount is mainly intended to be realised by means of a sale and not from continuing use. This
condition is considered to have been satisfied only if the sale is highly probable and the asset (or the
disposal group) is available for immediate sale in its current condition. Management must be
committed to a plan for the sale of the asset (or the disposal group) and must have initiated an active
programme to locate a buyer and to implement the plan. In addition, the asset (or the disposal
group) must be actively marketed at a price that is reasonable in relation to its current fair value.
There must be an expectation that this will result in the recognition of a completed sale transaction
within one year of such classification. Depreciation is not charged in such cases. Non-current assets
(and disposal groups) classified as held for sale are measured at the lower of their original carrying
amount and their fair value less costs of disposal.
3.14
Financial assets
Financial assets are divided into the following categories: financial assets at fair value through
profit or loss, held-to-maturity financial investments, loans and receivables and available-for-sale
financial assets. Management determines the classification of the financial assets on initial
recognition.
Financial assets are initially measured at fair value. In the case of financial investments other than
those classified as at fair value through profit or loss, transaction costs directly attributable to the
purchase of the asset are also included in the carrying amount.
All purchases and sales of financial assets customary in the market are recorded in the financial
statements at the trade date, i.e. the date on which the Group has entered into the obligation to buy
or sell the asset.
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Financial assets at fair value through profit or loss (FAHfT)
The category of financial assets at fair value through profit or loss comprises financial assets held
for trading purposes and those designated as at fair value through profit or loss on initial
recognition. Financial assets are classified as held for trading if they are acquired for the purposes
of sale in the near future. Derivatives to which hedge accounting does not apply are also classified
as held for trading. Financial assets are measured at fair value in subsequent periods. Gains or losses
from financial assets held for trading and changes in the value of financial investments designated
into this category are recorded in profit or loss. Changes in the fair value of derivative financial
instruments are reported either in the income statement or, in the case of cash flow hedges, directly
in equity after reflecting deferred taxes.
No financial assets were designated as at fair value through profit or loss during the financial year.
Non-derivative financial assets with fixed or determinable payments and fixed maturity dates are
classified as held-to-maturity investments if the Group has the intention and ability to hold them to
maturity. After initial recognition, held-to-maturity investments are measured at amortised cost
using the effective interest method. Gains and losses are recorded in the profit for the period when
the investments are derecognised or impaired, and also in relation to the amortisation process.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that
are not quoted in an active market. After initial recognition, loans and receivables are measured at
amortised cost using the effective interest method less any impairment write-downs. Gains and
losses are recorded in the profit for the period when the loans and receivables are derecognised or
impaired, and also in relation to the amortisation process.
One company within the Aton Group assigns certain trade receivables, against payment of a
factoring fee, to a factoring company unrelated to the Group to which the entire risk of default is
transferred. In accordance with IAS 39, receivables that have been sold are derecognised in full if
substantially all of the risks and rewards associated with them have been transferred from the entity
making the disposal to the factoring company or, if substantially all of the risks and rewards have
been neither transferred nor retained, control over the receivables has transferred. The purchase
price is paid by the factoring company when requested by the entity assigning the receivables. The
outstanding portion of the purchase price receivable is reported under other current receivables.
Interest expenses arising from the sale of the receivables are included in the net financial result.
Management fees are reported in other operating expenses.
Cash and cash equivalents, including cash accounts and short-term deposits with banks, have a
remaining maturity of up to three months on initial recognition and are measured at amortised cost.
Available-for-sale financial assets are non-derivative financial assets that are designated as
available for sale or have not been classified into one of the three previously mentioned categories.
After initial recognition, available-for-sale financial assets are measured at fair value. Unrealised
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gains or losses are recorded directly in equity. If a financial asset in this category is derecognised or
impaired, the accumulated gain or loss previously recorded directly in equity is recognised in the
income statement.
Fair value
The fair value of financial assets traded on organised markets is determined by the market price
quoted on the reporting date. The fair value of financial assets for which there is no active market is
determined using valuation techniques. Those valuation techniques include using recent arm’s
length market transactions between knowledgeable, willing parties, reference to the current fair
value of another financial instrument that is substantially the same, discounted cash flow analysis
and the use of other valuation models incorporating current market parameters. If fair value cannot
be reliably determined, the financial instruments are recognised at their carrying amount.
Amortised cost
Held-to-maturity investments and loans and receivables are measured at amortised cost. Amortised
cost is determined using the effective interest method less any valuation allowances and taking into
account discounts and premiums on acquisition, and include transaction costs and fees that form an
integral part of the effective rate of interest.
Impairment of financial assets
At each reporting date, the Group conducts a review to determine whether there are objective
indications that a financial asset or a group of financial assets may be impaired. A financial asset or
a group of financial assets is impaired only if there is objective evidence of impairment as a result
of one or more events that occurred after the initial recognition of the asset, and that loss event (or
events) has an impact on the estimated future cash flows of the financial asset or group of financial
assets that can be reliably estimated.
A potential impairment loss is assumed to exist in respect of assets measured at amortised cost in
the case of certain events such as failure to make payments over a particular period, the initiation of
enforcement measures, impending insolvency or overindebtedness, an application for or initiation
of bankruptcy proceedings or the failure of a restructuring programme.
If impairment has occurred in the case of assets measured at amortised cost, the amount of the
impairment loss is calculated as the difference between the carrying amount of the asset and the
present value of the expected future cash flows (with the exception of expected future loan defaults
that have not yet occurred), discounted at the original effective rate of interest of the financial asset,
i.e. the effective rate of interest determined on initial recognition. The carrying amount of the asset
is reduced using a valuation allowance account in the case of trade and other receivables, and
directly in the case of other assets within this category. The impairment loss is recorded in the
income statement. Valuation allowances are created in the form of individual valuation allowances.
The receivables are derecognised if they are classified as uncollectible, i.e. a cash inflow is no
longer expected to occur.
If the amount of the impairment loss reduces in the subsequent reporting periods and if that
reduction can be objectively attributed to an event that occurred after the impairment loss was
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recorded, the impairment loss previously recognised is reversed. However, the revised carrying
amount of the asset may not exceed its amortised cost at the date of the reversal. The reversal is
recorded in profit or loss.
If the value of an available-for-sale financial asset is impaired, an amount equal to the difference
between the cost of the asset (net of any repayments of principal and amortisation) and its current
fair value (less any impairment losses previously recognised in the income statement) is reclassified
into profit or loss from the amount previously recorded in equity. Impairment losses in the case of
equity instruments classified as available for sale may not be reversed through profit or loss.
Reductions in impairment losses in the case of debt instruments classified as available for sale are
recognised in profit or loss if the increase in the fair value of the instrument can be objectively
related to an event occurring after the impairment loss was recognised in the income statement.
In contrast, available-for-sale equity investments for which there is no quoted value on an active
market are measured in subsequent periods at cost. If the recoverable amount is less than the
carrying amount at the reporting date, an impairment loss is recognised in the income statement.
Such impairment losses may not be subsequently reversed.
3.15
Financial liabilities are classified either as financial liabilities at fair value through profit or loss or
other financial liabilities measured at amortised cost.
Financial liabilities are measured on initial recognition at their fair value. Directly attributable
transaction costs are also recognised in the case of all financial liabilities not subsequently measured
at fair value through profit or loss.
Financial liabilities at fair value through profit or loss (FLHfT)
The category of financial liabilities at fair value through profit or loss comprises financial liabilities
held for trading purposes and those designated as at fair value through profit or loss on initial
recognition. Financial liabilities are classified as held for trading if they are entered into with a view
to their purchase in the near future. Derivatives to which hedge accounting does not apply are also
classified as held for trading. Financial liabilities are measured in subsequent periods at fair value.
Gains or losses from financial liabilities that are held for trading are recorded in the income
statement. Changes in the fair value of derivative financial instruments are reported either in the
income statement or, in the case of cash flow hedges, directly in equity after reflecting deferred
taxes.
No financial liabilities were designated as at fair value through profit or loss during the financial
year.
Amortised cost
Trade payables and other primary financial liabilities are generally measured at amortised cost
using the effective interest method.
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3.16
Derecognition of financial assets and financial liabilities
Financial assets
A financial asset (or a portion of a financial asset or a portion of a group of similar financial assets)
is derecognised if one of the three following preconditions is met:
 The contractual rights to receive the cash flows from a financial asset have expired.
 While the Group retains the rights to receive the cash flows from a financial asset, it
assumes a contractual obligation to pay the cash flows immediately to a third party under an
arrangement that satisfies the conditions of IAS 39.19 (pass-through arrangement).
 The Group has transferred its contractual rights to receive the cash flows from a financial
asset and in doing so has transferred substantially all the risks and rewards associated with
ownership of the financial asset or, while it has neither transferred nor retained substantially
all the risks and rewards associated with ownership of the financial asset, has nevertheless
transferred control over the asset.
If the Group transfers its contractual rights to the cash flows from an asset, neither transfers nor
retains substantially all the risks and rewards associated with ownership of that asset and at the
same time also retains control over the transferred asset, the Group continues to recognise the
transferred asset to the extent of its continuing involvement. When the continuing involvement
takes the form of guaranteeing the transferred asset, the extent of the continuing involvement is the
lower of the original carrying amount of the asset and the maximum amount of the consideration
received that the Group could be required to repay. When the continuing involvement takes the
form of a written and/or a purchased option on the transferred asset (including an option settled in
cash or by a similar method), the extent of the Group’s continuing involvement is the amount of the
transferred asset that it may repurchase. However, in the case of a written put option (including an
option settled in cash or by a similar method) on an asset that is measured at fair value, the extent of
the Group’s continuing involvement is limited to the lower of the fair value of the transferred asset
and the exercise price of the option.
A financial liability is derecognised when the underlying obligation is discharged or cancelled or
has expired. If an existing financial liability is exchanged for another financial liability of the same
lender with substantially different terms or if the terms of an existing liability are substantially
modified, such exchange or modification is accounted for as a derecognition of the original liability
and the recognition of a new liability. The difference between the respective carrying amounts is
recognised in profit or loss.
3.17
Derivative financial instruments
The Group makes use of derivative financial instruments such as forward exchange contracts and
options in order to hedge against currency risks. These derivative financial instruments are recorded
at their fair value at the date of inception of the contract and measured at their fair value in
subsequent periods. Derivative financial instruments are recognised as assets if they have a positive
fair value and as liabilities if their fair value is negative. Gains and losses from changes in the fair
value of derivative financial instruments that do not meet the criteria for hedge accounting are
recognised immediately in the income statement. The fair value of forward exchange contracts and
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options is calculated using recognised valuation models with reference to current market
parameters.
Cash flow hedges are used to hedge the risk of variability in the future cash flows associated with a
recognised asset, a recognised liability or a highly probable forecast transaction. In the case of a
cash flow hedge, unrealised gains and losses on the hedging instrument are initially recorded in
other comprehensive income. They are reclassified into the income statement only when the hedged
item affects profit or loss. If forecast transactions are hedged and those transactions result in the
recognition of a financial asset or a financial liability in subsequent periods, the amounts recorded
in equity up to that date are reclassified into profit or loss in the same period in which the asset or
the liability affects profit or loss. If the transactions result in the recognition of a non-financial asset
or liability, such as the purchase of property, plant or equipment, the amounts recorded directly in
equity are included in the initial carrying amount of the asset or the liability.
IAS 39 stipulates the conditions under which hedge accounting may be applied. Among other
things, they must be fully documented and effective. A hedge is regarded as effective within the
meaning of IAS 39 if changes in the fair value of the hedging instrument are within a range of 80 to
125% of the contrary changes in the fair value of the hedged item, both prospectively and
retrospectively. Only the effective portion of a hedge may be accounted for in accordance with the
rules described. The ineffective portion is recorded immediately in the income statement. If the
contracts contain embedded derivatives, the derivatives are accounted for separately from the host
contract, unless the economic characteristics and risks of the embedded derivative are closely
related to those of the host contract. Written options for the purchase or sale of non-financial items
that can be settled in cash are not contracts for own use purposes.
3.18
Provisions
A provision is recognised if the Group has a present obligation (legal or constructive) as a result of
a past event, an outflow of resources embodying economic benefits to settle the obligation is
probable (more likely than not) and the amount of the obligation can be estimated reliably. If the
Group is expecting reimbursement in respect of at least a portion of a provision recognised (such as
in the case of an insurance policy), the reimbursement is recognised as a separate asset to the extent
that it is virtually certain that the reimbursement will be received. The expense from the recognition
of the provision is reported in the income statement net of the reimbursement. If the time value of
money resulting from a discounted cash flow procedure is material, provisions are discounted using
a pre-tax discount rate that reflects the specific risks attaching to the liability. In the event that
discounting is applied, the increase in the provision due to the passage of time is recorded as a
financial expense.
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3.19
Employee benefits
Pension obligations
The Group has both defined benefit and defined contribution pension plans. A defined benefit plan
is a pension plan under which the Group pays fixed contributions to a company (fund) not forming
part of the Group. The Group has no legal or constructive obligation to make further payments if the
fund does not have sufficient assets to pay all of the employees’ pension entitlements from the
current and previous financial years. In contrast, defined benefit plans typically specify an amount
of pension benefits that an employee will receive on reaching retirement and which is generally
dependent on one or more factors such as age, service and salary.
The measurement of the provisions for pensions recognised in the balance sheet is based on the
projected unit credit method prescribed by IAS 19 for defined benefit retirement plans. The
measurement of the obligation in the balance sheet is based on a number of estimated assumptions.
Assumptions are required to be made, in particular, about the long-term development trend of
salaries and pensions, and average life expectancy. The assumptions with respect to the trends in
salaries and pensions are based on developments observed in the past, and take into account the
level of interest rates and inflation in the particular country and the respective developments in the
labour market. Recognised biometric bases for actuarial calculations are used to estimate average
life expectancy. The rate of interest used to discount the future payment obligations is derived from
top-rated corporate bonds with the same currency and maturity. Changes in the estimated
assumptions from one year to the next and divergences from the actual effects in the financial year
are reflected in the actuarial gains and losses. To the extent that the amount of the actuarial gains
and losses at the end of the previous reporting period exceeds the greater of 10% of the present
value of the defined benefit obligation and 10% of the fair value of the plan assets, a portion of
them is recognised in the subsequent period in the income statement as additional income or
expenses, calculated by dividing the excess amount by the average remaining working life of the
employees participating in the plan (corridor method).
The provision recognised in the balance sheet is equal to the present value of the defined benefit
obligation (DBO) at the reporting date less the fair value of the plan assets, adjusted for
accumulated actuarial gains and losses not yet recognised in the income statement and any past
service cost not yet recognised. The DBO is calculated annually by an independent actuarial expert.
With the exception of the interest element, which is included in the net financial result, pension
expenses are reflected in personnel expenses.
In the case of defined contribution plans, the Group pays contributions to state or private pension
insurance plans either on the basis of statutory or contractual obligations, or voluntarily. The
amounts are recorded in personnel expenses when they become due. Prepayments of contributions
are recognised as assets to the extent that a right exists to a refund or a reduction in future payments.
Termination benefits
Termination benefits are paid if an employee’s employment is terminated by a Group company
before the normal retirement date or if an employee accepts voluntary redundancy in return for a
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severance payment. The Group recognises severance payments when it is demonstrably committed
to terminate the employment of current employees in accordance with a detailed formal plan which
cannot be withdrawn, or when it is demonstrably required to make severance payments as a result
of voluntary termination of employment by employees. Payments that are due more than twelve
months after the reporting date are discounted to their present value.
3.20
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable net of expected
customer returns, rebates and other similar deductions. The Group recognises revenue when the
amount of the revenue can be reliably determined, when it is probable that future economic benefits
will flow to the entity as a result and when the specific criteria for each type of activity set out
below have been satisfied.
Sale of goods
Revenue from the sale of goods is recognised when the following conditions have been met:
 the Group has transferred the significant risks and rewards of ownership of the goods to the
buyer,
 the Group retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods and products sold,
 the amount of the revenue can be measured reliably,
 it is probable that the economic benefits associated with the transaction will flow to the
entity, and the costs incurred or yet to be incurred in connection with the sale can be
measured reliably.
Rendering of services
Revenue from service agreements is recognised as income by reference to the stage of completion
of the transaction. The result of this is that contract income is recorded in the reporting period in
which the service was rendered. For information on the determination of the stage of completion,
please refer to the details provided under 0 "Construction contracts".
Royalties
Income from royalties is recorded on an annual basis in accordance with the economic substance of
the relevant agreement. Time-based royalties are recognised over the period of the agreement on a
straight-line basis. Income from royalty agreements based on production, sales or other measures is
recognised in accordance with the underlying agreement.
Dividends and interest
Dividend income from shares is recognised when the shareholder’s legal right to payment arises.
Interest income is recognised on an accruals basis according to the amount of the principal
outstanding using the applicable effective interest rate. The effective interest rate is the rate of
interest that exactly discounts the expected future cash inflows over the life of the financial asset to
the net carrying amount of that asset.
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Rental income
Income from leasing and rental income from operating leases are recorded on a straight-line basis
over the rental period, provided that the Group is the economic owner.
3.21
Construction contracts
The Group mainly develops engineering services projects, machinery manufacture projects and
tunnel construction projects as long-term construction contracts, which are measured in accordance
with the percentage of completion (PoC) method if the contract revenues and expenses can be
reliably determined. A distinction is made between fixed price contracts and cost plus contracts. If
the criteria for applying the percentage of completion method in accordance with IAS 11 for a fixed
price contract or cost plus contract, respectively, are satisfied, then the contract income and contract
costs associated with this construction contract are allocated to the financial years in accordance
with the stage of completion.
The percentage of completion is determined by the ratio of the contract costs incurred by the
reporting date to the total contract costs estimated at the reporting date (cost-to-cost method).
Contract costs include costs directly attributable to the contract, all indirect costs of general
contracting activity that can be attributed to the contract and other costs specifically charged to the
customer. If the projects are developed over a longer period of time, borrowing costs incurred prior
to completion may be included in the contract costs in accordance with the conditions of IAS 23.
Alternations in the original contract work, claims and incentive payments are included to the extent
that they have been agreed with the customer. Individual construction contracts are subdivided or
combined if specific criteria are satisfied.
If the outcome of the construction contract cannot be reliably estimated and the percentage of
completion method may therefore not be applied, contract revenue is recognised only to the extent
of the contract costs incurred that are expected to be recoverable. Contract costs are recognised as
an expense in the period in which they arise. If it is probable that the total contract costs will exceed
total contract revenue, the whole of the expected loss must be recorded as an expense immediately
and a provision is recognised in respect of a loss-making contract. The gross amount due from
customers for contract work comprises the net amount of the costs incurred plus profits recognised,
less the total losses recognised and progress billings for all contracts in progress for which costs
incurred plus profits recognised exceed progress billings. If the progress billings are higher, the
contract represents an amount due to the customer. The gross amount due from customers for
contract work is reported in the balance sheet within the item "Trade and other receivables". The
gross amount due to customers from contract work is included in "Trade payables".
3.22
Borrowing costs
Borrowing costs that can be directly allocated to the acquisition, construction or production of a
qualifying asset are capitalised as a component of the cost of that asset. Other borrowing costs are
recognised as an expense in the period in which they are incurred, if they are not also required to be
capitalised under IAS 23.
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3.23
Government grants
Government grants are recognised only when there is reasonable assurance that the Group will
comply with the conditions attached to the grants and that the grants will also be received.
Government grants whose most important condition is the purchase, construction or other
acquisition of non-current assets are recorded as a deduction from the cost of the asset. Other
government grants are recognised as income over the period necessary to match them with the
related costs which they are intended to compensate, on a systematic basis. Government grants
received as compensation for expenses or losses already incurred or for the purpose of giving
immediate financial support to the Group with no future related costs are offset against the expenses
incurred in the period in which they become receivable.
3.24
Income taxes
The income tax expense for the period is comprised of current and deferred taxes.
Current taxes
The current tax expense for each entity liable to tax is derived from its taxable income. The Group’s
tax liability is calculated on the basis of the tax rates currently in force.
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Deferred taxes
Deferred taxes are recognised for all temporary difference between the tax base of the assets and
liabilities and their carrying amounts in the consolidated financial statements (balance sheet liability
method). Deferred taxes are not recognised if the temporary differences arise from the initial
recognition of goodwill or (except in the case of business combinations) of other assets and
liabilities resulting from transactions that do not affect either taxable income or the net profit for the
year.
Deferred tax liabilities are generally recognised for all taxable temporary differences, while
deferred tax assets are recognised to the extent that it is probable that taxable income will be
available against which the deductible differences can be utilised.
Deferred tax liabilities are recognised for taxable temporary differences arising from investments in
subsidiaries or associates as well as investments in joint ventures, unless the Group can control the
timing of the reversal of the temporary differences and it is probable that the reversal of the
temporary difference will not occur in the foreseeable future. Both deferred tax assets and deferred
tax liabilities are generally required to be recognised for temporary differences. If the deferred tax
assets exceed the deferred tax liabilities, a deferred tax asset is recognised only to the extent that it
is probable that sufficient taxable income will be available against which the tax assets arising from
the temporary differences will be able to be utilised and it can be assumed that the differences will
reverse in the foreseeable future. The carrying amount of the deferred tax assets is reviewed
annually on the reporting date and an impairment write-down is recognised if it is no longer
probable that sufficient taxable income will be available to enable the asset to be recovered in full
or in part.
Deferred tax assets and liabilities are calculated on the basis of the tax rates (and the tax laws)
expected to be in force at the date when the liability is settled or the asset is realised. The
measurement of deferred tax assets and liabilities reflects the tax consequences that would arise
from the manner in which the Group expects at the reporting date to settle the liability or to realise
the asset. Deferred tax assets and liabilities are offset if there is a legally enforceable right to set off
current tax assets against current tax liabilities, and if they relate to income taxes levied by the same
tax authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Current and deferred taxes for the period
Current and deferred taxes are recorded as income and expenses unless they relate to items
recognised directly in equity. In this event, the tax is also recorded directly in equity. In addition,
tax effects are not recognised in the income statement if they are the result of the initial recognition
of a business combination. In the case of a business combination, the tax effect is reflected in the
calculation of the goodwill or in the determination of the excess of the acquirer’s share of the fair
value of the identifiable assets, liabilities and contingent liabilities of the business acquired over the
cost of the business combination.
4
Estimates and assumptions
For the purpose of preparing the consolidated financial statements, estimates and assumptions are
made to a certain extent that affect the amount and reporting of the assets and liabilities recognised,
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the income and expenses and the contingent liabilities for the reporting period. The premises
underlying the estimates and assumptions are based on the state of knowledge available at the time
in the particular case. Due to the uncertainty associated with these estimates and assumptions,
however, outcomes may occur which result in future adjustments to the carrying amounts of the
assets and liabilities affected.
The material estimates listed below and the associated assumptions together with the uncertainties
attaching to the accounting policies adopted are central to an understanding of the risks underlying
the financial reporting and the effects that those estimates, assumptions and uncertainties may have
on the financial statements. The premises underlying the estimates and assumptions are based on
the state of knowledge available at the time in the particular case.
Estimates are especially necessary in the case of the assets and liabilities referred to below and the
associated income and expenses.
Business combinations
The measurement of items of property, plant and equipment and intangible assets acquired as part
of a business combination requires estimates to be made for the purpose of determining their fair
value at the date of acquisition. The expected useful lives of the assets must also be estimated. The
determination of the fair value of assets and liabilities and of the useful lives of the assets is based
on assessments made by management.
Impairment of goodwill
The Group reviews goodwill for possible impairment at least once annually. The calculation of the
recoverable amount of a business area to which goodwill has been allocated requires estimates to be
made by management. The Group generally determines these amounts using valuation techniques
based on discounted cash flows. These cash flows are based on three-year forecasts derived from
financial projections approved by management. The forecasts incorporate past experience and are
based on management’s best estimate of future developments. The most important assumptions
underlying the determination of the discounted cash flows comprise estimated growth rates,
weighted interest rates and tax rates. These premises can have a significant effect on the relevant
amounts and therefore on the extent to which goodwill is impaired.
Impairment of property, plant and equipment and intangible assets
The identification of indications that an asset may be impaired, the estimation of future cash flows
and the determination of the fair values of assets or groups of assets entail significant assessments
on the part of management relating to the identification and review of signs of impairment, the
expected cash flows, the appropriate discount rates, the respective useful lives and any residual
values.
Revenue recognition for construction contracts
Some companies, in particular EDAG, FFT, Rücker, J.S. Redpath and their subsidiaries, conduct
the majority of their business with customers in the form of construction contracts. Revenue in the
plant construction project business is generally recognised in accordance with the stage of
completion of the project using the percentage of completion method. The principal factors that
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have to be estimated for the purpose of determining the stage of completion include the total
contract revenue and costs, as well as the contract risks. The companies constantly review all
estimates made in connection with such construction contracts and adjust them where necessary.
The Group recognises valuation allowances in respect of doubtful receivables in order to reflect
anticipated losses resulting from customers’ inability to pay. Management assesses the
appropriateness of valuation allowances with reference to the maturity structure of the balances
outstanding, the analysis of historical defaults on receivables, the customer’s creditworthiness,
current developments in the economy and changes in the payment terms and conditions. In the
event that the customer’s liquidity position deteriorates, the extent of actual losses on receivables
may exceed the anticipated losses.
Pensions and other post-employment benefits
The obligation from defined benefit plans and other post-employment benefits is determined on the
basis of actuarial calculations. The actuarial measurement is based on assumptions with respect to
discount rates, future wage and salary increases, biometric parameters and future increases in
pensions.
The discount factors applied reflect the rates of interest achieved at the reporting date for top-rated
corporate bonds with the same currency and maturity. As a result of the changing situation in the
market and the economy and the long-term orientation of these pension plans, actual events may
diverge from the underlying premises and this may have a significant effect on the obligations for
pensions and other post-employment benefits. In the event of a 0.25% increase in the interest rate,
the present value of the obligation would fall by EUR 1,650k (prior year EUR 1,004k), while a
reduction of 0.25% in the rate of interest would result in an increase of EUR 1,724k (EUR 1,036k).
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Provisions
The determination of provisions for anticipated losses on contracts, provisions for warranties and
provisions for litigation is dependent to a considerable extent on estimates of the likelihood of a
future outflow of resources, as well as on past experience and the circumstances known at the
reporting date. Because of the uncertainties associated with this assessment, actual losses may differ
from the original estimates and therefore from the amount of the provision.
A significant portion of the business of EDAG, FFT, Rücker, J.S. Redpath and their subsidiaries is
conducted in the form of long-term contracts. The Group recognises a provision for anticipated
losses from contracts if the current estimate of the total contract costs exceeds the expected revenue
from the relevant contract. These estimates are subject to revision in the light of new information as
the project progresses. The companies identify loss-making contracts by constantly monitoring the
progress of the project and updating the calculation of total contract costs.
Leases
Assets and liabilities from finance leases are initially recognised at the lower of their fair value and
the present value of the minimum lease payments. The determination of the fair value generally
requires estimates to be made with respect to the cash flows from the use of the leased asset and
with respect to the discount rate employed. The fair value of the minimum lease payments is
calculated using the lessor’s internal rate of return. If the lessor’s internal rate of return is not
available, it is derived from the rate of interest at which the total lease payments including any
unguaranteed residual value must be discounted in order for the resulting present value to be equal
to the fair value of the leased asset at the inception of the lease. The estimate of the unguaranteed
residual value requires assumptions to be made which may differ from the actual residual value on
expiry of the lease.
Deferred tax assets
Deferred tax assets are recognised to the extent that it is probable that they will be able to be
utilised. The tax benefit from the utilisation of deferred tax assets depends on the ability to generate
sufficient future taxable income relating to the particular type of taxation and tax jurisdiction, taking
into account any statutory restrictions relating to minimum taxation or a maximum period for which
tax losses may be carried forward. The assessment of the probability that deferred tax assets will be
utilisable in future is based on a number of factors, such as past results of operations, operating
business plans and tax planning strategies. If actual events diverge from these estimates or if
adjustments to the estimates are necessary in future periods, this may have a negative impact on the
financial performance, position and cash flows. If there is a change in the assessment of the
recoverability of deferred tax assets, then an impairment loss is charged in the income statement or
directly in equity – in accordance with the original method of recognition – in respect of the
deferred tax assets carried in the balance sheet, or, respectively, impaired deferred tax assets are
recognised through profit or loss or directly in equity.
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5
5.1
Changes in the scope of the consolidation group
Acquisitions
On 21 September 2012, ATON GmbH acquired 58.86% of the shares in Rücker AG, Wiesbaden.
Further purchases of shares were made in the period up to 31 December 2012, with the result that
the percentage shareholding at the year-end amounted to 89.79%. Rücker AG is a technological
development company for the international automotive, space and aero industries based in
Wiesbaden. As an independent partner for numerous renowned customers particularly in the
international automotive industry, Rücker also stands for cutting-edge technology from Germany
with its local operations in more than 15 countries.
The total purchase price for the shares amounted to EUR 120,394k. The business combination gave
rise to goodwill of EUR 45,682k, paid in anticipation of benefits from the expected synergies with
the other companies in the AT Tech segment.
The following overview presents the assets and liabilities identified in respect of the purchase of the
business that were assumed at the date of the acquisition.
in EUR’000
Intangible assets
Other non-current assets
Inventories
Other current assets
Total assets
Non-current financial liabilities
Other non-current liabilities and provisions
Current financial liabilities
Trade payables
Other current liabilities and provisions
Total liabilities
IFRS carrying
amounts at date
of acquisition
Purchase price
allocation
Fair values at
date of
acquisition
1,446
24,109
1,364
648
42,711
12,497
82,776
6,686
6,263
1,609
11,627
7,982
18,143
52,310
35,179
4,037
0
0
0
0
39,216
425
0
11,391
0
0
0
11,816
36,625
28,146
1,364
648
42,711
12,497
121,992
7,111
6,263
13,000
11,627
7,982
18,143
64,126
The inclusion of the company in the scope of consolidation resulted in an increase of EUR 48,344k
in revenue and EUR 213k in profit after tax. If the company had been consolidated from 1 January,
consolidated revenue would have been EUR 189,355k higher and profit after tax EUR 7,602k
higher.
ATON GmbH purchased all of the shares (2,860,221 no-par value shares) in W.O.M. World of
Medicine AG (W.O.M.) held by the former co-shareholder P. Wiest with economic effect as at 4
January 2012. The direct shareholding therefore rose by 31.78% to 92.48%. Including the shares
held by W.O.M. itself at that date amounting to 4.31% of the share capital, ATON GmbH had an
overall interest in the share capital of 96.64%. Since ATON GmbH was therefore the principal
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shareholder in W.O.M. within the meaning of § 327a (1) sentence 1 of the German Stock
Corporation Act (Aktiengesetz, "AktG"), it made use of the option to exclude the minority
shareholders in W.O.M.
The resolution to transfer the shares was passed at the Annual General Meeting on 4 June 2012. It
was entered in the commercial register on 27 July 2012. Upon entry of the resolution in the
commercial register, the shares of the minority shareholders in W.O.M. transferred to the principal
shareholder by force of law. Trading in the shares of W.O.M. was suspended on 30 July 2012 and
its admission to listing was revoked as at 3 August 2012.
The purchase price for the shares acquired (36.57%) amounted in total to EUR 27,999k.
By an agreement dated 20 December 2012, the 387,543 shares held by W.O.M. itself, representing
4.31% of the share capital, were sold to ATON GmbH. The sale price of EUR 12.72 per share was
equal to the amount paid to the minority shareholders.
5.2
Sales and other disposals
On 20 December 2012, 100% of the shares in Lumera Laser GmbH, Kaiserslautern, were sold by
ATON Prisma GmbH with effect as at that date. The profit of EUR 14.6 million arising on
deconsolidation was reported in other income.
On 29 February 2012, 100% of the shares in EDAG Engineering + Design de Mexico SA de CV,
Puebla, were sold. The loss arising on deconsolidation of EUR 504k was reported in the profit after
tax from discontinued operations. In this context and at the same date, the assets and liabilities of
the Reinforcement subdivision within EDAG GmbH & Co. KGaA were also sold.
On 2 March 2012, the assets and liabilities of EDAG Engineering + Design S.A., Matorell, were
transferred to EDAG GmbH & Co. KGaA. The company was then liquidated and deconsolidated.
There was no profit or loss arising on deconsolidation.
By a purchase and assignment agreement dated 1 April 2012 with economic effect as at 1 January
2012, 100% of the limited partners’ interests in ED Work GmbH & Co. KG, Fulda, were sold to
Kempfer & Kolakovic Personal Management GmbH, Jena. The profit arising on deconsolidation
amounting to EUR 3,719k was reported in other income.
On 4 June 2012, 100% of the shares in WMU GmbH & Co. KG, Hann. Münden, together with its
subsidiary Namibian Press and Tools International Prop. Ltd., Walvis Bay, were sold to Sungwoo
Hitech Co. Ltd., Busan. An amount of EUR -305k was reported in the profit after tax from
discontinued operations.
5.3
Other transactions
On 14 March 2012, EDAG Production Solutions Korea Ltd., Seoul, was formed. The company is a
wholly-owned subsidiary of EDAG Production Solutions GmbH & Co. KG, Fulda.
By a spin-off and acquisition agreement dated 23 March 2012, EDAG Production Solutions GmbH
& Co. KG, Fulda, was formed as a result of the spin-off of a business division from EDAG GmbH
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& Co. KGaA. The effective date of the spin-off in accordance with commercial law was 1 January
2012.
On 26 July 2012, EDAG Engineering and Design Co. Ltd., Shanghai, was formed. Its operating
business was acquired on 1 October 2012 as the consequence of an asset transfer agreement with
FFT EDAG Production Systems Co., Ltd., Shanghai.
On 1 January 2012, ATON GmbH sold its shares in ATON JOTA GmbH to FFT GmbH & Co.
KGaA. Educationcenter BBZ GmbH, the subsidiary of ATON JOTA GmbH in which 90% of the
shares are held, was sold at the same time. The sale qualifies as a transaction under common
control, since all of the parties involved were controlled by the same owner, ATON GmbH,
Hallbergmoos, prior to the sale.
On 1 December 2012, Rosata Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt Fulda-West
KG, Grünwald, (Rosata) was sold by EDAG KGaA to FFT EDAG Produktionssysteme GmbH &
Co. KG. The sale also qualifies as a transaction under common control, since all of the parties
involved were controlled by the same owner, ATON GmbH, Hallbergmoos, prior to the sale.
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6
Revenue
The breakdown of reported revenue is as follows:
in EUR’000
Revenue from the sale of goods
Revenue from the provision of services
Revenue from construction contracts
Other operating revenue
2012
2011
357,651
995,490
869,580
4,725
2,227,446
328,592
866,067
689,899
3,850
1,888,408
2012
2011
853,986
263,113
521,049
116,082
189,129
230,377
53,709
2,227,446
773,374
240,405
442,368
59,315
113,582
214,955
44,409
1,888,408
The table below shows the analysis of revenue by geographical area:
in EUR’000
Germany
Europe (excluding Germany)
North America
South America
Australia
Asia
Africa
Revenue was allocated to the business segments as follows:
in EUR’000
AT Tech
AT Med Tech
AT Mining Tech
AT Aviation
Other
Eliminations
7
2012
2011
900,002
258,190
870,031
200,168
0
-945
2,227,446
804,128
228,245
653,552
198,290
4,193
0
1,888,408
Changes in inventories and own work capitalised were derived as follows:
in EUR’000
2012
2011
Changes in inventories of goods and services
Own work capitalised
1,292
1,342
2,634
9,022
1,577
10,598
Changes in inventories reflect the increase or decrease in inventories of finished goods and services
and work in progress, calculated on the basis of the cost method.
Own work capitalised in the financial year mainly comprised capitalised development costs for the
ongoing development of a Roadheader machine amounting to EUR 546k (previous year: EUR
814k) and EUR 461k (previous year: EUR 552k) for the construction of the new headquarter of
Haema AG.
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8
The components of other operating income were as follows:
in EUR’000
2012
2011
Operating income
Benefits in kind from use of company vehicles
Income from recycling/scrap disposal
Income from cost reimbursements
Rental and lease income
Income from the reversal of individual valuation allowances
Income from catering/canteen
Income from payments for damages
Income from insurance compensation payments
Income from derecognised receivables
Revenue and income subsidies
Miscellaneous operating income
Subtotal
3,349
3,055
2,037
2,031
1,831
715
551
184
27
1,638
7,762
23,180
3,190
5,492
6,962
1,376
844
616
3,165
132
178
1,022
3,930
26,908
Non-operating income
Income from the disposal of consolidated companies
Income from reversals of other provisions/liabilities
Currency translation gains
Development funds, subsidies and other grants
Income from rate-hedging transactions
Income from the disposal of property, plant and equipment
Other prior-period income
Other non-operating income
Subtotal
Total other operating income
18,320
12,346
6,373
2,371
1,040
710
1,416
2,224
44,800
67,980
7,128
8,955
13,941
2,112
373
5,144
3,621
1,549
42,822
69,730
Miscellaneous operating income and other non-operating income are made up of a large number of
small individual items. They include reimbursements of EUR 3,165k (previous year: EUR 0k),
among other things.
Development funds, subsidies and other grants consist mainly of government grants in the form of
training subsidies and research and development grants, together with income in accordance with
the German Renewable Energy Act (Erneuerbare-Energien-Gesetz, "EEG").
Income from the disposal of consolidated companies relates to Lumera Laser GmbH and ED Work
GmbH & Co. KG.
9
Cost of materials
The components of the cost of materials are as follows:
in EUR’000
Cost of raw materials, consumables and supplies and of purchased
merchandise
Cost of purchased services
F-66
2012
2011
529,829
510,384
295,244
825,073
256,779
767,163
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33
The analysis of the cost of raw materials, consumables and supplies and of purchased merchandise
by business segment is as follows:
in EUR’000
AT Tech
AT Med Tech
AT Mining Tech
AT Aviation
Other
2012
2011
259,845
107,820
138,897
23,267
0
529,829
218,672
104,604
161,607
25,166
335
510,384
In the AT Tech, AT Aviation and AT Med Tech segments this item relates mainly to expenses for
purchased models and small parts, while for the AT Mining Tech segment the amount reported
consists primarily of deliveries of materials for the construction activities and plant construction.
The cost of purchased services can be allocated as follows:
in EUR’000
AT Tech
AT Med Tech
AT Mining Tech
AT Aviation
Other
2012
2011
134,641
5,577
73,402
81,623
0
295,244
131,386
6,966
40,142
77,721
565
256,779
The expenses for purchased services consist mostly of costs for subcontractors (AT Tech and AT
Mining Tech segments) as well as rental payments for aircraft (AT Aviation).
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34
10 Personnel expenses
The composition of the personnel expenses is as follows:
in EUR’000
Wages and salaries
Expenses for social security, old-age pensions and other benefits
2012
2011 restated
773,016
144,681
917,697
616,683
113,131
729,814
A correction to the prior-year figures in accordance with IAS 8.42 was necessary due to an error in
the actuarial report (see Note 2.3).
The expenses for old-age pensions include the cost of defined benefit pension commitments, in
addition to other items. The interest element of the provisions for pensions is recorded in the net
financial result in keeping with its financial character. For the presentation of the pension
commitments, please see Note 29.
The average number of people employed by the companies included in the consolidated financial
statements during the financial year, analysed into groups, was as follows in comparison with the
previous year:
Number
Hourly-paid workers
Salaried staff
Total employees excluding trainees
Trainees
F-68
2012
2011
10,273
4,524
14,797
559
9,893
4,090
13,983
478
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35
11 Other operating expenses
Other operating expenses were made up as follows:
in EUR’000
Operating expenses
Selling and marketing costs
Rental and lease payments
Maintenance
Travel costs
Administration costs
Legal and advisory costs, audit costs
Other incidental personnel expenses
Expenses from additions to individual valuation allowances
Insurances
Continuing and further training costs
Other taxes and levies
Expenses from losses on receivables
Expense from extraordinary write-downs of assets classified as held for sale
Miscellaneous operating expenses
Subtotal
in EUR’000
Non-operating expenses
Currency translation losses
Expense from the disposal of property, plant and equipment
Expenses from the disposal of consolidated companies
Expense from rate-hedging transactions
Prior-period expenses
Other non-operating expenses
Subtotal
Total other operating expenses
2012
2011
46,668
44,853
34,806
32,818
30,075
20,658
11,862
8,748
8,063
7,477
3,106
2,671
1,456
25,971
279,231
37,807
34,395
36,923
20,397
28,828
21,322
19,198
8,163
9,038
4,443
3,508
1,726
22,843
14,220
262,814
2012
2011
8,536
773
678
61
2,061
5,179
12,666
724
5,854
1,282
4,929
2,539
17,289
27,994
296,519
290,808
The impairment write-downs of EUR 1,456k relate to losses on deconsolidation.
Miscellaneous operating expenses, as in the previous year, comprise additions to provisions,
research and development costs and a large number of small, non-material individual items.
Other non-operating expenses are made up of a large number of small, non-material individual
items.
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12 Result from associated companies
The result from associated companies relates to the Group’s share of the earnings of ELAN-AUSY
GmbH amounting to EUR 51k and of DÜRR EDAG Aircraft Systems GmbH amounting to
EUR 1k. In the previous year, the result from associated companies included the Group’s share of
the earnings of ELAN-AUSY GmbH and of ELAN-Ausy OHG amounting to EUR -834k. For
further information please refer to Note 23.
13 Other investment result
in EUR’000
Expenses from investments and loss assumptions
Expenses from the disposal of investments
2012
2011
1
1
-1
8
8
-8
The expenses from investments in the prior year resulted from the sale of the shares in Ziehm
Refurbished Systems GmbH.
14 Net interest expense
The analysis of the net interest expense is as follows:
in EUR’000
Interest income
Interest income from banks
Interest and similar income income from related parties
Other interest income
Interest expenses
Interest expenses to banks
Interest and similar expenses expenses to related parties
Interest element of additions to provisions for pensions
Finance charges from finance lease agreements
Other interest expenses
2012
2011 restated
997
578
672
2,247
1,838
1,183
1,388
4,409
5,471
5,307
1,404
4,512
3,897
20,591
-18,344
4,366
9,234
1,224
3,899
5,325
24,047
-19,639
A correction to the prior-year figures in accordance with IAS 8.42 was necessary due to an error in
the actuarial report (see Note 2.3).
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37
15 Other financial result
The analysis of the other financial result is as follows:
in EUR’000
Other financial income
Income from the sale of securities
Income from reversals of individual valuation allowances
Interest and dividend income from securities
Gains from fair value remeasurement
Miscellaneous financial income
Other financial expenses
Write-downs of securities
Individual valuation allowances on long-term loans to third parties
Losses from sales of securities
Losses from fair value remeasurement
Miscellaneous financial expenses
2012
2011
289
463
206
429
206
1,593
6,061
0
1,075
868
1,766
9,771
24
345
14
1,769
357
2,509
-916
81
1,497
47
870
371
2,866
6,904
Miscellaneous financial income in the previous year mainly comprised price gains of EUR 1,442k.
16 Income taxes
The income taxes reported include the actual taxes on income in the respective countries as well as
deferred taxes.
The income taxes for financial year 2012 and 2011 break down as follows:
in EUR’000
Income taxes
Income taxes, current year
Income taxes, previous years
Income from the reversal of provisions for taxes
Deferred taxes
Deferred taxes from temporary differences
Deferred taxes on losses carried forward
2012
2011
36,659
3,049
-485
39,223
39,153
698
-1,128
38,723
1,847
5,510
7,357
46,580
3,726
466
4,192
42,915
Unchanged from the previous year, current income taxes in Germany are based on a uniform
corporate income tax rate of 15% plus a solidarity surcharge of 5.5% of this amount. In addition to
the corporate income tax, trade tax is levied on profits generated in Germany. Taking into
consideration that trade tax cannot be deducted as an operating expense, the average trade tax rate is
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38
14.2%, resulting in an average composite tax rate of 30.02% for Germany. The lower municipality
multiplier at the domicile of the parent results in a lower composite tax rate of 27.03%.
The profit generated by foreign subsidiaries is determined on the basis of the respective national tax
laws and taxed at the tax rate applicable in the country of domicile. The tax rates applied by the
foreign companies vary between 15% and 35%.
The income taxes in the year under review, amounting to EUR 46,580k (previous year: EUR
42,915k) are reconciled as follows from the "expected" income tax expense that would have
resulted if the parent’s statutory income tax rate had been applied to the earnings before income
taxes (EBT).
2012
EUR’000
Profit before tax
Income tax rate of the parent
Expected income tax expense
Tax-free income and non-deductible expenses, incl. the effect of
sections 8a and 8b of the KStG
Income taxes for previous years
Tax rate variances
Amount of tax losses carried forward and other deferred tax assets
not recognised or written down for impairment
Effects from the recognition of unused losses carried forward
Non-deductible input taxes
Other tax rate effects
Income taxes reported in consolidated income statement
Effective tax rate
2011 restated
EUR’000
%
%
154,991
104,582
27.03%
41,886
27.03%
28,263
1,853
2,313
1,339
1.20%
1.49%
0.86%
15,970
-382
-963
15.27%
-0.37%
-0.92%
4,590
-6,211
2,003
-1,192
2.96%
-4.01%
1.29%
-0.77%
4,066
-7,473
1,826
1,608
3.89%
-7.15%
1.75%
1.54%
46,580
42,915
30.05%
41.04%
The current and deferred taxes in the consolidated balance sheet changed as follows:
in EUR’000
Current income taxes in the consolidated balance sheet
Tax receivables
Tax liabilities
Deferred taxes in the consolidated balance sheet
Deferred tax assets
F-72
2012
2011
23,865
-6,113
-9,283
8,469
18,882
-7,454
-16,771
-5,343
17,174
-44,560
-27,386
-18,917
14,186
-23,998
-9,811
-15,154
Page
39
The deferred tax assets and liabilities are attributable to the following items in the balance sheet:
in EUR’000
2012
2011
2,077
461
943
4,174
969
1,506
7,937
31,397
11,955
-44,246
17,174
16,943
902
351
0
1,436
227
326
3,261
29,114
17,463
-38,894
14,186
19,042
of which: non-current before netting
16,595
14,994
1,149
1,258
38,753
0
11,535
4,521
-44,246
44,560
32,738
8,594
12,605
3,105
3,917
29,593
0
4,648
432
-38,894
23,998
24,303
Deferred taxes, net
-27,386
-9,811
Deferred tax assets
Intangible assets
Financial assets
Inventories
Receivables and other assets
Other provisions
Other liabilities
Losses carried forward
Netting
of which: non-current before netting
Intangible assets
Financial assets
Inventories
Receivables and other assets
Other provisions
Other liabilities
Netting
Deferred taxes changed as follows:
in EUR’000
Deferred taxes at beginning of financial year
Recognised in profit or loss
Recognised directly in equity
Currency translation differences
2012
2011
-9,811
-10,725
-7,357
0
507
-27,386
-8,303
2,675
-4,192
0
9
-9,811
Deferred taxes are measured at regular intervals. The ability to realise tax income from deferred
taxes depends on whether it is possible to generate taxable income in the future and to use tax losses
carried forward before they expire. Deferred tax assets are recognised only if it can be assumed that
future taxable income will be available and any deferred tax assets can therefore be used.
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40
Deferred tax assets and liabilities are offset, where a legally enforceable right to set off current tax
assets against current tax liabilities exists. In addition, tax assets and liabilities have to relate to the
income taxes of the same taxable entity and have to be levied by the same tax authority.
The domestic and foreign corporate income tax losses carried forward were as follows as at the
reporting dates:
in EUR’000
2012
2011
Losses carried forward (total)
Losses carried forward expire within
1 year
2 to 5 years
after 5 years
carried forward indefinitely
131,813
136,069
15,776
24,104
21,080
70,853
0
17,098
18,872
99,759
Losses carried forward (not usable)
89,156
80,452
Losses carried forward expire within
1 year
2 to 5 years
after 5 years
carried forward indefinitely
3,592
13,937
6,341
65,285
0
17,098
3,944
59,068
Expected use of usable tax losses carried forward
42,657
55,618
1 year
2 to 5 years
after 5 years
17,062
17,560
8,035
7,087
33,188
15,342
As at 31 December 2012, trade tax losses carried forward amounted to EUR 63,039k (previous
year: EUR 79,028k); deferred tax assets were not recognised on EUR 38,649k (previous year: EUR
41,281k) of this amount. No deferred tax assets were recognised in the balance sheet for deductible
temporary differences of EUR 172k (previous year: EUR 3,619k), because no tax relief is expected.
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17 Goodwill and other intangible assets
Goodwill and other intangible assets changed as follows during the financial year:
Acquired
goodwill
Development
costs
Other
acquired
intangible
assets
in EUR’000
Advance
payments
Total other
intangible
assets
Cost
As at 31 December 2011
161,229
7,233
104,828
412
112,473
-12,298
-678
32,175
15
31,512
46,267
0
0
1,000
-26
1,203
6,209
-3,159
724
313
0
-15
7,522
-3,186
1,912
0
0
189
-162
27
9
195,207
-27
8,705
-366
140,599
0
562
-393
149,867
Accumulated depreciation,
amortisation and impairment losses
690
2,457
74,218
0
76,675
0
-284
-3,267
0
-3,550
0
6,316
0
0
1,075
543
0
0
10,567
5,269
-3,089
0
0
0
0
0
0
11,642
5,812
-3,089
0
0
0
8
0
8
0
7,006
-20
3,771
-164
83,542
0
0
-184
87,313
160,538
188,200
4,776
4,934
30,611
57,057
412
562
35,799
62,554
Page
42
Additions
Disposals
Reclassifications
Reclassifications under IFRS 5
Reductions in 2012
Impairment losses
Disposals
Reclassifications
Carrying amounts
F-75
Goodwill and other intangible assets had changed as follows during the previous year:
Acquired
goodwill
Development
costs
in EUR’000
Other
acquired
intangible
assets
Advances
to
suppliers
Total other
intangible
assets
Cost
Additions
Disposals
Reclassifications
Reclassifications in accordance with
IFRS 5
Accumulated depreciation,
amortisation and impairment losses
Reductions in 2011
Impairment losses
Disposals
Reclassifications
Reclassifications in accordance with
IFRS 5
Carrying amounts
134,893
6,360
89,445
863
96,667
24,115
0
0
0
0
1,328
-468
0
9,872
5,214
-1,639
3,464
0
416
0
-866
9,872
6,958
-2,107
2,598
0
2,220
161,229
0
13
7,233
-1,148
-380
104,828
0
0
412
-1,148
-367
112,474
690
1,280
64,373
75
65,727
0
0
0
0
0
0
0
1,309
1,108
201
-143
0
-349
10,951
10,897
55
-1,506
1,391
0
0
0
0
0
-75
-349
12,260
12,005
255
-1,650
1,317
0
0
690
0
12
2,457
-671
28
74,218
0
0
0
-671
40
76,675
134,203
160,538
5,080
4,776
25,072
30,611
788
412
30,940
35,799
The additions to other acquired intangible assets in financial year 2012 relate primarily to software.
Most of the changes in the scope of consolidation relate to additions resulting from the purchase
price allocation of Rücker AG (customer relationships, software).
The capitalised development costs relate to various smaller amounts for developments created
internally in the affiliated companies. In addition to the capitalised development costs, research and
development costs of EUR 1,649k (previous year: EUR 1,065k) were recognised as expenses.
No borrowing costs were capitalised in the financial year. The purchase commitments for intangible
assets amounted to EUR 0k as at 31 December 2012 (previous year: EUR 11k).
F-76
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43
The impairment losses of EUR 5,812k recognised in the financial year related to customer
relationships in the AT Aviation segment.
As in the previous year, intangible assets are not subject to any restrictions on title. The intangible
assets do not include any assets acquired under finance leases. No government grants were deducted
from cost either in the year under review or in the previous year.
The carrying amounts of the goodwill attributable to the acquired companies has been allocated to
the following cash-generating units:
in EUR’000
DHI
ZIEHM/Orthoscan
Rücker
W.O.M.
HAEMA
FFT
EDAG
PRISMA
AT Aviation
As at 31 December
2012
2011
58,012
45,383
45,682
15,921
14,641
7,786
771
0
5
188,200
58,097
44,766
0
15,921
14,641
7,786
709
12,298
6,321
160,538
As a result of the acquisition of Rücker AG, goodwill increased by EUR 45,682k. The sale of
Lumera Laser GmbH resulted in a EUR 12,298k reduction in the goodwill of ATON Prisma GmbH.
The Group reviews its goodwill for impairment at least once a year. As at 31 December 2012, all
goodwill items were subject to an impairment test conducted as presented in section 3.2.
The determination of the recoverable amounts was based on the following basic assumptions:
Planning horizon
Growth rate
Expected market return (country-specific)
Return for risk-free investments
Discounting factor before tax
Financial year
3 years
1.00%
4.50% to 8.25%
3.14%
6.62% to 10.81%
Previous year
3 years
1.00%
4.50% to 8.25%
3.25%
5.31% to 11.24%
The impairment test and sensitivity analysis carried out resulted in an impairment loss on the
goodwill of AT Aviation of EUR 6,316k. The expected future cash flows declined significantly
because of a deterioration in earnings prospects. No impairment losses had been recognised in the
previous year. There was no indication of impairment of the other goodwill carrying amounts
recognised as at the reporting date, even if the assumed growth forecast or weighted average cost of
capital (WACC) was changed by +/- 0.5%.
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44
18 Property, plant and equipment and investment properties
Property, plant and equipment and investment properties changed as follows in the financial year:
in EUR’000
Cost
Additions
Disposals
Reclassifications
Land, land rights and
buildings, including
buildings on thirdparty land
Technical
equipment and
machinery
Other equipment,
operating and
office equipment
Advance payments
and construction in
progress
Total property,
plant and
equipment
Investment
properties
89,061
12,858
21,150
-5,722
976
2,993
-253
121,062
283,284
1,095
49,797
-54,101
9,587
-17,947
118
271,833
81,278
7,707
18,050
-5,197
3,118
341
-255
105,042
20,535
2,556
31,665
-20,899
-15,595
-37
120
18,345
474,157
24,217
120,661
-85,919
-1,913
-14,650
-270
516,282
3,808
0
0
0
0
0
0
3,808
Accumulated depreciation, amortisation and
impairment losses
Reductions in 2012
Impairment losses
Disposals
Reclassifications
20,248
-44
3,085
3,099
-14
-314
0
1,606
-67
24,515
103,297
-926
45,115
37,343
7,772
-51,433
-436
-9,082
403
86,937
48,912
-1,592
12,494
12,284
210
-4,163
437
227
-199
56,117
68
0
6
1
5
0
0
0
0
75
172,525
-2,561
60,700
52,727
7,973
-55,910
0
-7,248
138
167,643
602
0
101
101
0
0
0
0
0
703
Carrying amounts
68,812
96,547
179,987
184,896
32,366
48,925
20,467
18,271
301,632
348,639
3,206
3,105
F-78
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45
In the previous year, property, plant and equipment and investment properties had changed as follows:
in EUR’000
Cost
Changes in the scope of consolidation/acquisitions
Additions
Disposals
Reclassifications
Land, land rights and Technical
buildings, including equipment and
buildings on thirdmachinery
party land
Other
equipment,
operating and
office equipment
Advance
payments and
construction in
progress
Total property,
plant and
equipment
Investment
properties
102,512
-209
2,270
-1,889
264
-13,259
-628
89,061
292,752
-36,664
43,399
-16,712
15,506
-14,193
-804
283,284
76,131
-227
11,659
-1,959
-1,476
-2,800
-50
81,278
13,077
-3,301
31,335
-1,607
-18,897
-29
-42
20,535
484,471
-40,402
88,662
-22,166
-4,603
-30,281
-1,523
474,157
3,808
0
0
0
0
0
0
3,808
Accumulated depreciation, amortisation and impairment losses
Changes in the scope of consolidation/acquisitions
Reductions in 2011
Impairment losses
Disposals
Reclassifications
16,960
-134
4,196
2,820
1,375
-61
0
-549
-163
20,248
89,613
-10,114
36,155
34,869
1,285
-11,419
94
-561
-472
103,297
42,614
0
10,037
9,806
230
-832
-1,336
-1,530
-41
48,912
20
0
46
0
46
2
0
0
0
68
149,207
-10,248
50,433
47,496
2,937
-12,310
-1,242
-2,640
-676
172,525
501
0
101
101
0
0
0
0
-676
602
Carrying amounts
85,552
68,812
203,139
179,987
33,516
32,366
13,057
20,467
335,264
301,632
3,307
3,206
F-79
Page
46
The additions to and disposals of technical equipment and machinery relate primarily to technical
equipment for major projects in the DHI subgroup. In the land and buildings category, the
capitalised amounts included above all investments in the new headquarters of HAEMA AG.
Reclassifications in accordance with IFRS 5 related primarily to two aircraft of Augsburg Airways,
which are being held for sale, see section 27. The write-downs made in the financial year relate
primarily to impairment losses incurred in the AT Aviation cash-generating unit.
Property, plant and equipment of EUR 30,531k (previous year: EUR 39,672k) was used as
collateral for liabilities. As in the previous year, property, plant and equipment is not subject to any
restrictions on title. Property, plant and equipment includes assets in an amount of EUR 63,503k
(previous year: EUR 69,527k) acquired under finance leases. Government grants amounting to EUR
5,932k (previous year: EUR 2,826k) were deducted from the cost of property, plant and equipment
in the year under review. These grants had been made for land and buildings, technical equipment
and machinery as well as operating and office equipment. The investment grants are subject to a
five-year purpose limitation period. At EUR 5,091k (previous year: EUR 2,629k), the main grants
received in the financial year were attributable to investment grants for the Leipzig-based company
Haema AG. Repayments of government grants amounted to EUR 24k in the financial year
(previous year: EUR 44k). The purchase commitments for property, plant and equipment amounted
to EUR 13,150k as at 31 December 2012 (previous year: EUR 28,095k).
The fair values of the investment properties held by the Group amounted to EUR 5,192k as at 31
December 2012 (previous year: EUR 4,762k). The fair values were calculated using a gross rental
method, which takes into account future rental income. The applied cost of capital of 10.45%
(previous year: 10.45%) is made up of the WACC of 8.95% (previous year: 8.95%) and an inflation
rate of 1.5% (previous year: 1.5%). Rental income amounted to EUR 628k (previous year: EUR
596k) in the financial year, while directly attributable operating expenses amounted to EUR 80k
(previous year: EUR 93k). The properties were not valued by an independent valuer.
F-80
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47
19 The Group as lessee
The carrying amounts of property, plant and equipment accounted for under finance leases other
than sale-and-leaseback arrangements, were as follows as at 31 December 2012 and 31 December
2011.
in EUR’000
Land and buildings
Aircraft
Technical equipment and machinery
Other equipment, operating and office equipment
Net carrying amounts of capitalised leased assets
2012
2011
5,667
0
44,297
941
50,905
5,615
11,001
39,841
398
56,855
The carrying amounts of property, plant and equipment accounted for under sale-and-leaseback
arrangements, were as follows as at 31 December 2012 and 31 December 2011.
in EUR’000
Aircraft
Net carrying amounts of capitalised leased assets
2012
2011
15,130
15,130
12,672
12,672
The payment obligations as at the reporting date resulting from finance leases or sale-and-leaseback
arrangements are recognised as a liability at the present value of future minimum lease payments. In
subsequent years, the lease instalments payable to the respective lessor will reduce the liability by
the repayment portion of these instalments. The interest portion of the payments is recognised
through profit or loss in the income statement.
The main lessee of land and buildings is EDAG, which leases a complex of buildings.
All the aircraft are capitalised as leased assets at Augsburg Airways. The lease term is one year.
All the technical equipment and machinery, which amounts to EUR 44,297k, is recognised at
Redpath. The lease terms vary between three and four years.
F-81
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48
As at the reporting date, future obligations arising from finance leases other than sale-and-leaseback
arrangements were as follows:
in EUR’000
Maturity
Up to 1 year
1 to 5 years
After 5 years
Total
Minimum
lease
payments
2012
Interest
portion
included
93,949
130,642
16,040
240,631
Present values
14,076
17,389
4,236
35,701
79,874
113,253
11,804
204,931
Minimum
lease
payments
2011
Interest
portion
included
17,092
32,116
7,911
57,119
Present
values
2,872
3,592
1,571
8,035
14,220
28,254
6,340
49,084
Future obligations arising from sale-and-leaseback arrangements were as follows as at the reporting
date:
in EUR’000
Maturity
Up to 1 year
1 to 5 years
After 5 years
Total
Minimum
lease
payments
2012
Interest
portion
included
10,451
0
0
10,451
Present
values
869
0
0
869
Minimum
lease
payments
9,582
0
0
9,582
2,013
10,451
0
12,464
2011
Interest
portion
included
Present
values
576
869
0
1,445
1,437
9,582
0
11,019
The recognised expenses and future minimum lease payments under operating leases were as
follows:
in EUR’000
2012
2011
Lease payments recognised as an expense
40,688
34,395
Future lease payments (maturity)
Up to 1 year
1 to 5 years
After 5 years
Total
44,927
42,269
6,874
94,070
62,846
90,076
14,997
167,920
Most of the obligations from non-cancellable operating leases arise from commercial real estate
contracts, vehicles, technical equipment and aircraft.
As in the previous year, no contingent lease payments were expensed in the financial year under
review, and there are no subleases.
20 The Group as lessor
The Group acts as lessor in operating leases, most of which relate to building premises. The
contracts normally have short terms without renewal options. Operating lease income recognised in
F-82
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49
profit or loss amounted to EUR 2,892k in the financial year (previous year: EUR 1,376k). The
future minimum lease payments under non-cancellable operating leases mature as follows: up to
one year EUR 3,559k (previous year: EUR 800k), one to five years EUR 1,955k (previous year:
EUR 446k) and after five years EUR 221k (previous year: EUR 0k). Contingent rental income of
EUR 14k (previous year: EUR 16k) was recognised in the income statement.
F-83
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50
21 Investments in joint ventures
The Group has investments in jointly controlled entities. The table below shows the proportionately consolidated interests in the assets, liabilities,
income and expenses of the jointly controlled entities as at 31 December 2011 and 31 December 2012. There are only small amounts of non-current
liabilities.
The following joint venture relationship existed as at 31 December 2012:
2012
Associated Mining Construction Inc., Saskatchewan, Canada
Interest
held
50.0%
Assets
noncurrent current
12,696
1,203
Number
Liabilities
Profit after
of
noncurrent current Total Income Expenses
taxes
employees
4,955
2,837 6,106 46,936
-43,997
2,939
225
(Figures in EUR ‘000)
The joint venture relationships were as follows as at 31 December 2011:
2011
DÜRR EDAG Aircraft Systems GmbH (DEAS), Fulda, Germany
Associated Mining Construction Inc., Saskatchewan, Canada
Interest
held
50.0%
50.0%
Number
Assets
Liabilities
Profit after
of
nonnoncurrent current current current Total Income Expenses
taxes
employees
29
0
4
0
25
45
-45
0
0
6,383
1,259
3,009
243 4,390 30,802
-27,393
2,444
179
(Figures in EUR ‘000)
F-84
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51
22 Other financial assets
Other financial assets relate to:
in EUR’000
Non-consolidated investments
in affiliated companies
Non-consolidated investments
in associated companies
Loans
Securities held to maturity
Securities available for sale
Securities held for trading
Fair values of derivative financial instruments
Fair values of derivative financial instruments hedging
2012
2011
Remaining maturity
> 1 year < 1 year
Total
Remaining maturity
> 1 year < 1 year
Total
1,798
0
1,798
1,494
0
1,494
29
956
1,344
7,509
0
213
0
5,457
0
68
146
8
29
6,413
1,344
7,577
146
221
0
318
1,384
4,580
0
834
0
20,104
18,673
64
0
34
0
20,422
20,056
4,644
0
868
1,229
13,077
2,668
8,347
3,897
21,425
0
8,609
0
38,875
0
47,484
The non-consolidated investments in subsidiaries were recognised at cost, because future cash flows
cannot be reliably estimated and fair value can therefore not be reliably determined. The AFS
securities are not traded on an active market and the cash flows cannot be reliably determined
either.
The net loans of EUR 6,413k (previous year: EUR 20,422k) were not overdue as at the reporting
date and are being repaid as planned. Specific allowances of EUR 345k were recognised on noncurrent loans. The decline is primarily due to the loans repaid as planned by an investee sold in
2011.
Bonds held to maturity amounting to EUR 1,344k are reported under securities. In the financial
year, securities amounting to EUR 18,443k were redeemed on maturity. In addition, securities
amounting to EUR 7,577k were held for sale.
Cash flow hedges are used to hedge foreign currency risks from future procurement transactions.
The hedging instruments used are foreign exchange options. Changes in fair value of the hedging
instruments relating to the effective portion are recognised in other comprehensive income until the
hedged item is realised. The ineffective portion of the changes in value is recognised in the income
statement.
On realisation of the hedged item, the unrealised fair value changes of the hedging transaction are
reclassified from total other comprehensive income to the income statement. The recognised fair
value of hedging instruments used as cash flow hedges amounted to EUR 3,897k as at the reporting
date (previous year: EUR 0k). The procurement transactions hedged with cash flow hedges are
expected to mature and be recognised in profit or loss in the next four years. In the year under
F-85
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52
review, changes in the fair values of hedging instruments used as cash flow hedges amounted to
EUR 2,191k (previous year: EUR 0k) before tax; they were recognised directly in equity under total
other comprehensive income. These changes in value constitute the effective portion of the hedging
relationships. The ineffective portion of cash flow hedges amounting to EUR 670k (previous year:
EUR 0k) was recognised as an expense in the income statement.
23 Investments in associates
Material associates are included in the consolidated financial statements using the equity method on
the basis of the latest available financial statements. The financial statements of the associates were
prepared as at 31 December 2012 in accordance with the provisions of the IFRSs. Immaterial
investments in associates are reported at cost as an alternative permitted by IAS 39.
The carrying amounts of the associates changed as follows:
in EUR’000
2012
2011
As at 1 January
Addition from purchase or reclassification under IAS 39
Share of profit or loss
Share of other operating income
Disposal through sale
Reclassification to assets held for
sale under IFRS 5
Reclassification under IAS 39
As at 31 December
6,295
0
0
51
0
-25
34
7,105
0
-834
0
-10
-6,321
0
0
0
6,295
In the financial year under review, 49% of the shares in ELAN-AUSY GmbH were reclassified to
held for sale at a fair value of EUR 6,321k in accordance with IFRS 5. In addition, this item
included an amount of EUR 25k for the shares in Dürr Aircraft Systems GmbH, which were sold as
at 31 December 2012.
Rücker CT Engineering GmbH is reported at cost for reasons of materiality. The other associates
were fully written down in previous years.
F-86
Page
53
The aggregated proportionate key data of the associates is as follows:
in EUR’000
2012
2011
8,355
192
8,547
55,699
251
55,950
7,726
250
7,976
9,225
176
9,401
571
46,549
15,700
51
6,793
-834
0
6,295
Assets
Current
Non-current
Liabilities
Current
Non-current
Proportionate net assets
Revenue
Profit or loss
Carrying amount of equity-accounted investments
24 Trade and other receivables
in EUR’000
31.12.2012
31.12.2011 restated
current
non-current current
non-current
Trade receivables, net
Construction contract receivables
Other receivables
Carrying amount
214,844
249,910
52,810
517,563
241
0
5,267
5,508
165,640
230,149
38,783
434,572
392
0
6,048
6,439
Because of an error in the actuarial report, the prior-year figures had to be restated in accordance
with IAS 8.42 (see section 2.3).
Construction contract receivables break down as follows:
in EUR’000
2012
2011
Accumulated direct costs
+ Accumulated allocated gains
- Accumulated allocated losses
+ Accumulated currency translation differences
Accumulated contract revenue
2,318,404
319,172
66,885
-14,368
2,556,323
1,123,186
175,430
52,143
9,923
1,256,396
- Advance payments received
- Amounts invoiced
Amount recognised in the balance sheet
396,468
1,923,001
13,055
249,910
253,596
768,261
-4,389
230,149
F-87
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54
The allowances against trade receivables changed as follows:
in EUR’000
Allowances as at 1 January
Additions
Use
Reclassification
Reversal
Allowances as at 31 December
2012
2011
8,381
-379
865
7,600
-2,338
11
-1,797
12,342
9,351
-146
-468
6,995
-6,507
-844
8,381
For trade receivables against which no allowances had been recognised, an amount of EUR 73,750k
(previous year: EUR 43,332k) was overdue as at the reporting date.
in EUR’000
Trade receivables, net
of which neither impaired nor overdue
of which overdue in the following time bands, but not impaired
Less than 30 days
Between 30 and 60 days
More than 360 days
2012
2011
215,085
141,334
166,031
122,700
46,779
13,721
5,272
3,832
2,782
1,365
21,058
9,289
5,386
4,239
1,141
2,218
Because of established receivables management processes in the respective subsidiaries and the
case-by-case assessment of individual customer risks, the receivables that are neither impaired nor
overdue are expected to be settled in full. The allowances recognised adequately reflect the future
risk of default of the existing receivables.
F-88
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55
Other receivables break down as follows:
in EUR’000
Current
Value added tax receivables
Receivables from employees
Other tax receivables
Creditors with debit balances
Other receivables
Allowances
Non-current
Other receivables
Allowances
2012
2011 restated
11,490
1,130
988
186
40,640
-1,624
52,810
7,638
914
722
102
29,781
-374
38,783
6,267
-1,000
5,267
58,077
7,048
-1,000
6,048
44,831
As in the previous year, other receivables did not include any receivables from recourse factoring as
at the reporting date.
Other receivables consist primarily of current receivables from related parties of EUR 8,217k
(previous year: EUR 6,804k), current prepaid expenses of EUR 10,146k (previous year: EUR
7,511k), receivables from non-recourse factoring to a factor of EUR 5,504k (previous year: EUR
0k), a purchase price receivable of EUR 3,900k (previous year: EUR 0k) from the sale of an equity
investment and a large number of miscellaneous individual items totalling EUR 12,879k (previous
year: EUR 20,093k). Because of the way the factoring agreements are designed, all risks and
rewards have been transferred to the factor.
The allowances against other receivables changed as follows:
in EUR’000
2012
2011
Allowances as at 1 January
Additions
Use
Reversal
Allowances as at 31 December
1,374
0
136
1,148
0
-34
2,624
472
0
-258
1,169
-9
0
1,374
For other receivables against which no allowances had been recognised, an amount of EUR 926k
(previous year: EUR 1,721k) was overdue as at the reporting date.
F-89
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56
in EUR’000
Other receivables, net*
of which neither impaired nor overdue
of which overdue in the following time bands, but not impaired
Less than 30 days
More than 360 days
* Excluding prepaid expenses
2012
2011 restated
45,289
44,362
37,129
35,408
83
200
180
65
195
203
11
97
81
190
936
405
Receivables against which no allowances have been recognised are subject to individual risk
assessments in the respective subsidiaries. These assessments have not provided any further
indication that the receivables carry any risks exceeding the allowances recognised as at the
reporting date.
25 Inventories
The carrying amount of inventories, which amounted to EUR 125,534k (previous year: EUR
82,266k), breaks down as follows:
in EUR’000
Raw materials, consumables and supplies
Work in progress
Finished goods
Merchandise
Advance payments
31.12.2012
31.12.2011
40,984
13,978
14,100
11,147
45,324
125,534
37,788
16,533
12,411
9,232
6,302
82,266
Inventories are written down to the lower net realisable value. The carrying amounts of inventories
measured at net realisable value amounted to EUR 718k (previous year: EUR 982k). Total writedowns amounted to EUR 16,123k (previous year: EUR 4,239k). The impairment losses were
recognised in full in cost of materials (previous year: EUR 3,391k).
Inventories amounting to EUR 11,628k (previous year: EUR 22,792k) were pledged as collateral
for liabilities. They relate primarily to inventories assigned to secure lines of credit at Ziehm
Imaging GmbH (EUR 9,462k) and for an overall first-ranking security at DHI (EUR 2,166k). In
addition, inventories are subject to normal retention of title by suppliers.
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26 Cash and cash equivalents
in EUR’000
Cash and bank balances
Other cash equivalents
Cash in transit
2012
2011
157,719
6,087
261
164,067
251,004
0
310
251,314
For details of changes in cash and cash equivalents, please refer to the consolidated statement of
cash flows. As at 31 December 2012, the Group was unable to dispose freely over a portion
amounting to EUR 5,221k (previous year: EUR 2,907k).
27 Assets of disposal group classified as held for sale
The 2011 disposal group contained the assets and liabilities of WMU-Weser Metall Umformtechnik
GmbH & Co. KG (WMU) and of TSO Industrieanlagen Planung und Vertrieb GmbH. The shares in
WMU were sold in the current financial year. Please refer to section 5. TSO was not sold in the year
under review as had been planned and is expected to remain part of the ATON Group. The writtendown assets and liabilities (net amount of EUR 6,226k) were reclassified again from assets held for
sale.
As at 31 December 2012, the management of EDAG resolved to classify the 49.0% interest in
ELAN-AUSY GmbH as an asset held for sale in accordance with IFRS 5. ELAN-AUSY GmbH is
accounted for using the equity method and the carrying amount of EUR 6,321k as at 31 December
2012 was equal to the fair value of the investment. The classification did not result in a requirement
to write down the asset.
In addition, Augsburg Airways GmbH classified two aircraft as assets held for sale in accordance
with IFRS 5. The sale of the aircraft was already completed in March 2013. The asset was measured
at fair value as at 31 December 2012, which had been determined on the basis of the selling prices,
which were known at the time.
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58
28 Equity
Details of the changes in equity between 1 January and 31 December 2012 are presented in the
Group’s statement of changes in equity.
Subscribed capital
The subscribed capital of EUR 15,000k (previous year: EUR 15,000k) corresponds to the equity
item reported by the parent (ATON GmbH).
As at 31 December 2012, the share capital of EUR 15,000k was fully paid up. It is attributable to
the shareholders as follows:
31.12.2012
Dr Lutz Helmig
Ms Dagmar Helmig
Ms Alexandra Helmig
Ms Charlotte Helmig
in EUR’000
in per cent
9,000
1,500
2,250
2,250
15,000
60%
10%
15%
15%
100%
Capital reserve
An amount of EUR 72,574k of the capital reserve of ATON GmbH as at 31 December 2011 was
reversed in 2012.
Other reserves
The other reserves caption is used to report the prior-year profit or loss attributable to shareholders
(profit or loss carried forward), the current net profit or loss attributable to shareholders, reserves
from the transition from HGB to IFRS accounting and total other comprehensive income.
In 2012, EUR 72,574k was reversed from the capital reserve of ATON GmbH and used in an
amount of EUR 61,249k to offset the accounting loss carried forward. In addition, EUR 11,325k of
the reversed amount was distributed to the owners.
in EUR’000
Loss brought forward
Profit attributable to the owners
Reserve from the transition to IFRSs
Other comprehensive income
Fair value valuation securities and cash flow hedges
F-92
31.12.2012
31.12.2011
restated
-151,895
110,112
-4,777
-243,103
63,387
1,079
12,841
779
-32,941
12,513
-38
-166,161
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59
Other comprehensive income is used to report currency translation differences as well as changes in
the fair values of financial assets held for sale and of cash flow hedges. The currency translation
differences include the differences from translating the currencies of financial statements of foreign
subsidiaries, which are recognised directly in equity.
This item relates to interests in equity held by other shareholders. The non-controlling interests are
attributable to the following companies:
in EUR’000
Rücker
TSO
FFT
ZIEHM
W.O.M.
Berufsbildungszentrum Fulda
DHI
31.12.2012
31.12.2011
6,054
2,912
917
7
0
-214
-2,734
6,941
0
2,598
161
7
10,302
734
-1,084
12,718
The changes in non-controlling interests in equity are shown in the table below.
in EUR’000
1 January
Currency translation differences from translation of
financial statements of foreign subsidiaries
Dividend payments
Other changes in equity
Changes in equity recognised directly in equity
Changes in equity recognised in profit or loss
31 December
31.12.2012
31.12.2011
12,718
18,532
174
24,625
0
-28,875
-4,076
-1,701
6,941
47
0
-535
-3,606
-4,094
-1,721
12,718
The other changes in equity within non-controlling interests in the financial year under review
related to a decline in non-controlling interests because ATON GmbH acquired additional shares in
W.O.M. AG as well as the treasury shares of W.O.M. The changes also include the decline in noncontrolling interests because of the acquisition of shares in Rücker AG. In the previous year, this
item had included the decline in non-controlling interests as a result of the acquisition of shares in
W.O.M. AG and Ziehm LLC.
29 Provisions for pensions
The Group has occupational pension systems in the form of defined benefit and/or defined
contribution plans.
Defined contribution plans take the form of old-age, disability and surviving dependants benefits,
whose amounts depend on length of service and salary. The employer contributions to the statutory
pension insurance scheme payable in Germany should be treated as defined contribution plans of
this type. The payments to defined contribution pension plans in the Group relate primarily to
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60
contributions to the statutory pension insurance schemes in Germany and Austria. In 2012, the
expenses incurred in connection with defined contribution pension plans amounted to EUR 37,094k
(previous year: EUR 36,600k).
The defined benefit commitments relate to direct pension commitments and indirect pension
commitments through VKE Versorgungkasse EDAG-Firmengruppe e.V. (VKE). The exclusive and
unalterable purpose of VKE is to manage a special pension fund, which grants voluntary, one-time,
repeated or recurring benefits to beneficiaries according to the benefit plan of VKE when they need
help, are unable to work or practice their profession and in old age. The funding companies
(members of VKE) are as follows: EDAG GmbH & Co. KGaA (Fulda), EDAG Production
Solutions GmbH & Co. KG (Fulda) and FFT EDAG GmbH & Co. KG (Fulda). For new
appointments from 1 June 2006 onwards, the EDAG Group has not made any pension
commitments.
The employees receive old-age, disability and surviving dependants benefits in accordance with the
pension regulations applicable at the time. The benefit due in each case is paid as a lump sum.
The pension obligations are determined on the basis of actuarial reports, which are requested
annually. The amount of benefit is determined on the basis of the length of service and the
estimated future salary and pension trends.
The prior-year disclosures have been corrected retrospectively in accordance with IAS 8.42. For
detailed information on the impact of the retrospective changes made, please refer to -> Material
changes in accordance with IAS 8
The pension provision recognised in the balance sheet is as follows:
2012
in EUR’000
Present value of financial obligations financed
through a fund
Segregated assets (plan assets)
Benefit obligations in excess of plan assets
Present value of financial obligations not financed
through a fund
Unrealised actuarial gains/losses
Segregated assets not recognised as
plan assets
Net obligation as at 31 December
Restatements
Published in
2011 under IAS 8.42
2011
restated
31,304
20,618
20,618
26,511
23,894
23,894
4,793
-3,276
-3,276
12,865
6,197
6,197
-7,349
-1,382
-985
-2,367
197
5,360
-1,436
3,924
10,506
6,899
-2,421
4,478
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61
The net liability breaks down as follows:
2012
in EUR’000
Defined benefit asset
Defined benefit
liability
Provisions for pensions as at 31 December
Restatements
Published in
2011 under IAS 8.42
2011
restated
4,161
0
2,421
2,421
14,667
6,899
0
6,899
10,506
6,899
-2,421
4,478
The present value of the defined benefit obligation changed as follows:
in EUR’000
Present value of the defined benefit obligation as at 1 January
Current service cost
Interest cost
Actuarial losses (+)/gains (-)
Pension payments in the financial year
Present value of the defined benefit obligation as at 31 December
2012
2011
26,815
10,463
1,204
1,404
5,277
-993
-1
44,169
26,411
-147
1,031
1,224
-863
-842
0
26,815
The changes in the scope of consolidation relate to the present value of the pension obligations of
Rücker AG, Wiesbaden, and of some subsidiaries at the time of acquisition (EUR 10,463k).
The present value of plan assets changed as follows:
in EUR’000
Segregated assets as at 1 January
Expected return on plan assets
Actuarial losses (-)/gains (+)
Employer contributions to external pension funds
Pension payments by external pension funds in the financial year
Segregated assets as at 31 December
2012
2011
23,894
3,353
993
-244
-749
-737
1
26,511
24,554
-127
1,022
-10
-801
-744
0
23,894
The changes in the scope of consolidation relate to the present value of the plan assets of Rücker
AG, Wiesbaden, and of some subsidiaries at the time of acquisition (EUR 3,353k).
A total of 87% (previous year: 100%) of the segregated assets are debt securities and 13% are
insurance policies. In the year under review, an amount of EUR 1,003k (previous year: EUR
1,190k) was transferred back at EDAG because of a surplus at VKE. The expected return on plan
assets corresponds to fixed interest in the case of the debt securities and to the minimum interest
specified by the insurance undertakings in the case of the insurance policies.
The amounts recognised in the income statement are determined as reported below. The interest
cost is included in net financing income or expenses, while the other items are reported under
operating profit.
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62
2012
in EUR’000
Current service cost
Interest cost
Expected return on plan assets
Actuarial gains and losses from application of
corridor approach
Asset ceiling under IAS 19.58 (b)
Pension expense for the period
Published in Restatements
under IAS
2011
8.42
2011
restated
1,204
1,404
-993
1,031
1,224
-1,022
1,031
1,224
-1,022
317
-51
-51
-3,727
-1,795
0
1,182
-1,436
-1,436
-1,436
-254
For financial year 2013, the Group expects contributions to defined benefit pension plans to total
EUR 1,314k (previous year: EUR 1,012k).
The actual return on plan assets amounted to EUR 749k in the financial year (previous year: EUR
1,013k).
The calculation of the pension obligations and plan assets are based on the following actuarial
assumptions:
in %
Average discount rate as at 31 December
Average expected return on plan assets
Average salary trend
Average pension trend
Average staff turnover rate
Inflation rate
Biometric accounting basis
Increase in social security contribution ceiling
F-96
2012
2011
3.63
4.0
2.7
1.8
5.7
1.5
2005 G mortality
tables
2.0
4.95
4.2
2.9
1.6
8.2
1.5
2005 G mortality
tables
2.0
Page
63
The following table shows the experience-based adjustments, i.e. the difference between the
previous actuarial assumptions and actual developments, as related to the obligations and plan
assets as at 31 December.
in EUR’000
Actuarial present value of
pension obligations
Fair value of plan assets
Under-/overfunding
Adjustment to pension obligations
Adjustments to plan assets
2012
2011
2010
2009
2008
44,169
26,815
26,410
23,413
20,764
26,511
-17,658
-498
-244
23,894
-2,921
842
-10
24,554
-1,856
567
6
24,259
846
-991
-17
25,056
4,293
100
1
Rework
Anticipated Litigation
losses
risks
30 Income tax provisions and other provisions
Other provisions changed as follows:
in EUR’000
of which: current
Changes in the scope of
consolidation
Currency translation
differences
Additions
Use
Reversal
Discount rate effect
Other changes
of which: current
Income
taxes
Personnel Warranties
Other
Total
other
provisions
16,771
16,771
14,289
7,286
3,691
3,217
0
0
10,073
6,468
582
582
18,937
12,147
47,571
29,700
-1,010
437
-1,182
0
0
-50
98
-696
0
-262
-3
1
-22
-22
-218
-526
6,526
12,518
485
0
0
9,283
7,965
5,822
3,961
882
2,188
-90
17,540
12,150
3,236
1,101
155
0
70
4,556
3,993
2,327
0
0
0
0
2,328
2,327
9,629
2,529
2,994
16
0
14,174
7,350
1,864
350
0
0
0
2,023
2,023
13,861
1,065
5,421
158
103
26,452
21,474
36,738
9,007
9,453
2,362
83
67,072
49,317
The income tax provisions cover income taxes and interest charged as a result of tax audits.
Personnel provisions relate in particular to partial retirement provisions of EUR 3,704k (previous
year: EUR 5,476k), provisions for severance payments of EUR 9,839k (previous year: EUR 5,412k)
and provisions for service anniversaries of EUR 1,107k (previous year: EUR 1,748k).
The provisions for warranties are recognised for statutory and contractual warranty obligations as
well as goodwill gestures. The provisions were recognised on the basis of the products sold, and the
period was selected in dependence on the product and industry. The measurement is made on the
basis of past experience for repairs and complaints.
The provisions for rework are in relation to subsequent obligations resulting from sales of
machinery.
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64
Provisions for anticipated losses are recognised for expected contract-related losses on construction
contracts, sales contracts and leases.
The provisions for litigation risks result from current or future legal action whose outcomes cannot
be predicted with certainty. They are measured on the basis of individual assessments of the most
likely result.
Other provisions include technology provisions of the aviation companies amounting to EUR
9,963k (previous year: EUR 12,012k). In addition, there are provisions for archiving costs of EUR
796k (previous year: EUR 1,072k).
For current other provisions as at 31 December 2012 amounting to EUR 49,317k (previous year:
EUR 29,700k), an outflow with economic benefit is expected within one year. For non-current other
provisions as at 31 December 2012 amounting to EUR 18,244k (previous year: EUR 17,872k), the
following nominal outflows are expected in subsequent years: 2014 EUR 5,312k, 2015-2016 EUR
3,832k and after that EUR 9,100k.
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65
31 Financial liabilities
Financial liabilities break down as follows:
Total
in EUR’000
of which overdrafts
of which loans
Loan liabilities
of which to third parties
of which to shareholders
of which to related parties
of which to associates
Liabilities from derivative financial instruments - hedging
Liabilities from derivative financial instruments
Total
159,040
3,272
155,769
37,134
2,096
33
34,981
25
54,223
330
2,070
252,798
31.12.2012
Remaining maturities
< 1 year
> 1 year
> 5 years
< 5 years
89,402
3,272
86,131
30,092
828
33
29,206
25
25,652
330
432
145,909
58,397
0
58,397
7,042
1,268
0
5,774
0
22,669
0
1,638
89,746
11,240
0
11,240
0
0
0
0
0
5,903
0
0
17,143
Total
74,825
3,551
71,273
139,367
27,462
32
111,823
50
60,103
0
1,384
275,680
31.12.2011
< 1 year
> 1 year
> 5 years
< 5 years
54,577
3,551
51,026
123,596
25,379
32
98,135
50
15,657
0
1,384
195,214
18,657
0
18,657
15,772
2,084
0
13,688
0
38,106
0
0
72,535
1,591
0
1,591
0
0
0
0
0
6,340
0
0
7,931
Loans to related parties include primarily a loan of EUR 21,684k (previous year: EUR 24,606k) granted to VKE Versorgungskasse EDAG
Firmengruppe e.V.; the loan bears interest at 4.2% (previous year: 4.2%). The other loans to related parties have mostly been agreed until further
notice. For details of lease liabilities, please refer to section 19. For details of hedging liabilities, please refer to section 22.
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66
The tables below show the future discounted cash flows relating to financial liabilities that impact on the future liquidity status of the ATON Group.
Carrying
amount
Cash flow in 2013
Fixed
Variable
interest interest
rate
rate
Repayment
Cash flow in 2014-2016
Fixed
Variable
interest interest
rate
rate
Repayment
Cash flow in 2017 and beyond
Fixed
Variable
interest interest
rate
rate
Repayment
No fixed
repayment
in EUR’000
159,040
54,223
362
1,404
452
0
89,442
25,630
263
724
1,849
0
2,220
4,466
332
1,274
1,744
0
67,378
24,127
0
0
Liabilities to related parties and shareholders
Loan liabilities to third parties
35,226
1,908
2,400
2,250
252
0
0
0
0
0
0
2,400
572
0
0
0
0
0
0
0
0
1,994
0
0
0
0
0
5,488
0
0
29,739
1,908
0
Trade payables 1)
Other liabilities (financial instruments as defined
in IAS 32)
Total
158,800
0
0
158,797
0
0
0
0
0
0
0
11,126
422,724
0
4,269
0
452
11,094
287,363
0
1,559
0
1,849
0
6,689
0
3,600
0
1,744
33
97,025
0
31,647
1)
Excludes liabilities from construction contracts
Liabilities to banks include an amount of EUR 3,272k (previous year: EUR 3,551k) for liabilities under overdraft agreements. The contractual
arrangements of these contracts invariably specify terms until further notice. This may result in contractual repayments within one year. For this
reason, all cash flows from these overdraft agreements have been allocated to the 2013 cash flow. However, the Company’s management expects that
most of these agreements without a time limit will continue to be available to the Company.
The liabilities to related parties and shareholders include primarily a loan of EUR 21,837k (previous year: EUR 24,606k) to VKE Versorgungskasse
EDAG Firmengruppe e.V. In addition, there are various smaller liabilities to related parties. The contractual arrangements normally specify terms until
further notice for the provision of these funds. For this reason the repayment is also shown under "No fixed repayments". No demands for repayment
are expected in the next years.
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67
The table below shows the figures as at 31 December 2011:
Carrying
amount
Cash flow in 2012
Fixed
Variable
interest interest
rate
rate
Repayment
Cash flow in 2013-2015
Fixed
Variable
interest interest
rate
rate
Repayment
Cash flow in 2016 and beyond
Fixed
Variable
interest interest
rate
rate
Repayment
No fixed
repayment
in EUR’000
74,825
60,103
1,514
890
810
390
46,668
16,186
0
918
39
219
17,586
12,491
1
1,429
23
125
2,410
31,426
8,162
0
Liabilities to related parties and shareholders
Liabilities to affiliated companies
Loan liabilities to third parties
111,855
50
27,462
1,384
6,649
0
1,033
0
0
0
0
0
14,817
50
0
1,384
572
0
0
0
0
0
0
0
0
0
0
0
1,994
0
0
0
0
0
0
0
5,488
0
0
0
91,550
0
27,462
0
Trade payables 1)
Other liabilities (financial instruments as defined
in IAS 32)
Total
121,863
0
0
121,859
0
0
4
0
0
0
0
6,259
403,801
28
10,114
0
1,201
5,956
206,920
0
1,490
0
258
272
30,352
0
3,425
0
148
31
39,355
0
127,174
1)
Excludes liabilities from construction contracts
F-101
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68
32 Trade and other payables
in EUR’000
Total
Trade payables
to third parties
to related parties
to affiliated companies
to associates
from construction contracts
to working groups
Other liabilities
Payments received on account of orders
to affiliated companies
to associates
to related parties
to employees
as part of social security
from value added tax and other taxes
from company purchase agreements
from deferred income
from other liabilities
31.12.2012
< 1 year
> 1 year
> 5 years
< 5 years
Total
31.12.2011
< 1 year
> 1 year
> 5 years
< 5 years
157,277
236
953
0
109,115
335
267,915
157,273
236
953
0
109,115
335
267,912
4
0
0
0
0
0
4
0
0
0
0
0
0
0
120,777
619
467
0
102,351
0
224,214
120,773
619
467
0
102,351
0
224,211
4
0
0
0
0
0
4
0
0
0
0
0
0
0
5,093
56
189
126
82,927
2,171
28,970
11
5,101
11,111
135,755
403,670
4,331
24
189
126
82,924
2,094
28,970
11
2,506
11,038
132,214
400,126
762
33
0
0
3
77
0
0
2,594
73
3,541
3,545
0
0
0
0
0
0
0
0
0
0
0
0
10,741
53
218
152
67,044
1,781
28,874
22,607
11,706
6,188
149,365
373,579
9,149
22
218
152
67,040
1,716
28,874
22,607
9,584
5,860
145,222
369,433
1,592
31
0
0
3
65
0
0
2,122
328
4,142
4,146
0
0
0
0
0
0
0
0
0
0
0
0
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69
Construction contracts with a negative balance in favour of customers are composed of the
following net amounts:
in EUR’000
Accumulated direct costs
+ Accumulated allocated gains
- Accumulated allocated losses
- Advance payments received
- Amounts invoiced
Amount recognised in the balance sheet
2012
2011
519,846
67,801
21,542
-2,049
564,057
402,083
50,793
19,316
477
434,038
0
82,143
453,536
-710
-102,351
65,206
610,590
2,624
-109,115
Other liabilities to employees primarily include liabilities from claims under bonus agreements,
current salary payments, untaken leave and overtime credits.
Liabilities as part of social security relate in particular to contributions to be paid to social security
institutions.
Otherwise, other liabilities contain a large number of items that are individually insignificant.
F-103
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70
33 Notes to the statement of cash flows
The statement of cash flows shows how the cash and cash equivalents of the ATON Group changed
in the course of the year under review as a result of cash inflows and cash outflows. The impact of
changes in the scope of consolidation is disclosed separately only in the cash flow from investing
activities. All other changes are disclosed on a net basis in the individual line items of the cash flow
from operating activities and from financing activities.
The cash funds reported in the statement of cash flows comprise cash, cheques and bank balances.
Income before interest, dividends and income taxes includes profit before tax (EUR 154,991k;
previous year: EUR 104,941k) adjusted by the net amount of interest expense, interest income and
dividend income (EUR 18,194k; previous year: EUR 18,564k). A portion of interest income was
recognised under other financial income and expenses.
In the period under review, the cash flow from operating activities amounted to EUR 139,657k
(previous year: EUR 85,293k), EUR 54,364k more than in the previous year. Gross cash flow was
EUR 304,980k, a year-on-year increase of EUR 115,899k. This was offset by a EUR 112,248k
(previous year: EUR 50,792k) increase in capital employed, of which EUR 68,379k (previous year:
EUR 75,813k) was attributable to trade working capital.
The cash used in investing activities amounted to EUR 178,285k, compared with cash provided
amounting to EUR 24,508k in the previous year. This change was mainly driven by a year-on-year
increase in the net outflow from company acquisitions and sales of EUR 80,493k (previous year:
EUR 11,494k) and the EUR 40,795k increase in the net amount from payments for and proceeds
from property, plant and equipment and intangible assets. This was offset by a EUR 92,999k
decline in the net figure from investments in and proceeds from financial assets.
In the period under review, the cash outflow from financing activities amounted to EUR 49,508k
(previous year: EUR 69,365k). Repayments rose by EUR 27,595k year-on-year, while new bank
loans, including additions to lease liabilities, increased by EUR 60,795k.
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34 Contingent liabilities and other financial obligations
Contingent liabilities
No provisions were recognised for the contingent liabilities listed below, because at the reporting date
it was deemed unlikely that the risk would materialise:
of which to
of which to
affiliated
in EUR’000
Liabilities from guarantees, bill and cheque guarantees
Contingent liabilities from the granting of security for third-party
liabilities
Other contingent liabilities
affiliated
31.12.12
61
companies
0
31.12.11
7,185
companies
0
3,137
4,413
7,611
0
3,513
3,513
595
4,218
11,999
0
0
0
The probability that the disclosed contingent liabilities will be used is very small.
Other financial obligations
In addition to provisions, liabilities and contingent liabilities, there are other financial obligations,
which break down as follows:
in EUR’000
Obligations from non-cancellable operating leases
Purchase commitments and other purchase obligations
Miscellaneous other obligations
31.12.12
94,070
46,553
15,511
156,134
31.12.11
167,920
57,053
16,253
241,225
Where they relate to fixed-term contracts, the expense to be incurred for the entire term was taken
into account. For contracts with indefinite terms, the expense of the subsequent financial year was
included in the measurement.
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35
Financial instrument disclosures
Carrying amounts and fair values of financial instruments by measurement category
Financial instruments are normally measured at market or fair value. Financial instruments not
measured at fair value include primarily cash equivalents, trade receivables, trade payables and
other financial liabilities, overdrafts and long-term loans.
In the case of cash equivalents and overdrafts, the carrying amount approximately corresponds to
fair value because of the short maturities of these financial instruments. For receivables and
payables that are subject to normal trade credit terms, the carrying amount based on historical cost
is likewise very similar to fair value.
The fair values of non-current loans are based on current borrowing interest rates with matching
maturity and credit standards. The fair values of financial liabilities largely correspond to their
carrying amounts, because the agreed interest rate is regularly adjusted to market levels. For fixedrate items, the interest rate corresponds to normal market interest rates currently charged.
The fair values of assets and liabilities from derivative financial instruments are determined on the
basis of market terms and conditions prevailing as at the reporting date. Recognised valuation
models are used to determine these values. For foreign exchange futures, fair value is based on the
expected discounted future cash flows. Options are measured using valuation models on the basis of
market values.
The positive fair value of foreign exchange futures amounts to EUR 1,055k (previous year: EUR
34k), the negative fair value is EUR 480k (previous year: EUR 1,384k).
The positive fair value of currency options amounts to EUR 3,897k (previous year: EUR 0k), the
negative fair value is EUR 1,920k.
Any changes in fair values are recognised in profit or loss as at the reporting date.
The table below shows the fair values and carrying amounts of the financial assets and financial
liabilities included in the respective items of the balance sheet.
A distinction is made between the following financial assets and financial liabilities, aggregated into
measurement categories:
[LaR] loans and receivables
[HtM] held-to-maturity investments
[FAHfT] financial assets held for trading
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[AfS] available-for-sale financial assets, measured at cost, because fair value cannot be
determined
[FLAC] financial liabilities measured at amortised cost
[FLHfT] financial liabilities held for trading
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in EUR’000
Assets
Trade receivables
Measurement
category
under IAS 39
Carrying
amount as at
31.12.2012
Amortised cost
Cost
Fair value
LaR
LaR
164,067
464,753
164,067
464,753
LaR
n/a
34,581
30,011
34,581
30,011
HtM
AfS
AfS
1,344
7,577
1,826
1,344
FAHfT
FAHfT
n/a
1,055
1,593
2,304
Trade payables
FLAC
FLAC
FLAC
FLAC
n/a
n/a
FLHfT
FLHfT
n/a
LaR
HtM
AfS
FAHfT
FLAC
FLHfT
Recognition Fair value
under IAS 31.12.2012
17
164,067
464,753
0
34,581
30,011
0
7,577
1,826
1,055
1,593
2,304
158,800
159,040
37,134
158,800
159,040
37,134
11,126
233,744
54,223
11,126
233,744
54,223
480
1,027
893
480
1,027
893
663,401
1,344
9,404
1,055
366,101
480
663,401
1,344
0
0
366,101
0
F-108
Page
0
0
1,826
0
0
0
75
0
0
7,577
880
0
480
0
0
0
0
0
0
7,577
1,826
0
1,055
1,593
2,304
0
0
158,800
159,040
37,134
0
11,126
233,744
54,223
0
480
1,027
893
663,401
0
9,404
1,055
366,101
480
IAS 39
measurement
category
Carrying
amount as at Amortised
Cost
Fair value
31.12.2011
cost
Recognition
under IAS
17
Fair value
31.12.2011
in EUR’000
Assets
Trade receivables
Trade payables
LaR
LaR
251,314
396,181
251,314
396,181
LaR
n/a
43,922
18,910
43,922
18,910
HtM
AfS
AfS
20,056
4,644
1,494
20,056
FAHfT
4,644
1,494
868
868
FLAC
FLAC
FLAC
121,863
74,825
139,367
121,863
74,825
139,367
FLAC
n/a
n/a
6,259
245,457
60,103
6,259
245,457
FLHfT
1,384
LaR
HtM
AfS
FAHfT
FLAC
FLHfT
691,416
20,056
6,138
868
342,313
1,384
60,103
1,384
691,416
20,056
0
0
342,313
0
0
0
1,494
0
0
0
Page
76
F-109
0
0
4,644
548
0
1,384
0
0
0
0
0
0
251,314
396,181
0
43,922
18,910
0
19,826
4,644
1,494
0
868
0
0
121,863
74,825
139,367
0
6,259
245,457
60,103
0
1,384
691,416
19,826
6,138
868
342,313
1,384
in EU’R’000
Assets
Currency options
Liabilities
Currency options
Level 1
Level 2
Level 3
Total
7,577
1,055
3,897
7,577
1,055
3,897
480
1,920
480
1,920
in EUR’000
Assets
Currency options
Liabilities
Currency options
Level 1
Level 2
Level 3
7,577
Total
1,055
3,897
7,577
1,055
3,897
480
1,920
480
1,920
The fair values of financial instruments traded in an active market are based on the market price
quoted on the reporting date. The market is considered active, if quoted prices are available easily
and at regular intervals at an exchange, from a trader, broker, industry association, price calculation
service or a supervisory authority and the prices reflect current recurring market transactions
conducted at arm’s length. For assets held by the Group, the appropriate quoted market price is the
bid price offered by the buyer. These instruments, most of which are equity instruments available
for sale, are included in level 1.
The fair values of financial instruments not traded in an active market (e.g. over-the-counter
derivatives) are determined on the basis of a valuation method. Fair value is thus determined on the
basis of the results of a valuation method that uses market data to the largest possible extent,
avoiding company-specific data as far as possible. If all inputs required to determine fair value are
observable, the instrument is assigned to level 2.
If one or more significant inputs are not based on observable market data, the instrument is assigned
to level 3.
Net gains or losses by measurement category
The Group recognises interest on financial instruments and the other components of net gains or
losses in net financing income or expenses. Allowances on trade and other receivables assigned to
the LaR measurement category are an exception: they are reported under other expenses or other
income. Likewise, currency translation differences of the LaR and FLAC measurement categories
are assigned to other expenses or other income.
The net gains or losses on financial assets and liabilities measured at fair value through profit or
loss include gains or losses from changes in fair value as well as interest expense or income from
these financial instruments.
These notes form an integral part of the consolidated financial statements
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The net gains or losses on available-for-sale financial assets include, among other things, income
from equity investments and realised gains on the disposal of shares in such investments. The net
interest income or expense on financial liabilities measured at amortised cost includes primarily
interest expense on financial liabilities. In addition, the item includes interest income from
discounting or unwinding the discount on trade payables.
The net gains or losses by measurement category are as follows:
in EUR’000
(HtM)
Available-for-sale financial
assets (AfS)
From
From
From subsequent measurement
interest Fair value
disposal
Currency Allowances
and
translation
dividends
1,430
990
-3,507
-10,453
-471
Net gain or loss
2012
2011
-12,010
-3,257
257
-61
0
-22,098
0
-21,902
562
108
0
17
-24
0
101
-258
Financial instruments held for
trading (FAHfT and FLHfT)
-200
750
-557
0
274
267
5,837
Financial liabilities measured
at amortised cost (FLAC)
-13,663
0
1,979
0
0
-11,683
-19,221
-12,068
1,679
-2,068
-32,575
-196
-45,227
-16,338
Fair value adjustments of EUR 145k (previous year: EUR 80k) were recognised directly in equity in
the financial year under review, because changes in value of available-for-sale financial instruments
are recognised in equity.
The total interest income and expense recognised in net financing income or expenses for financial
assets and financial liabilities not classified as at fair value through profit or loss is as follows:
in EUR’000
Interest income
Interest expense
Net interest expense
F-111
2012
2011
1,487
13,662
-12,175
4,478
18,489
-14,011
Page
78
Total net interest income or expense breaks down as follows into IAS 39 measurement categories
(except items measured at fair value through profit or loss):
in EUR’000
2012
2011
1,430
257
-200
-13,662
-12,175
3,711
715
52
-18,489
-14,011
2012
2011
2,671
8,748
345
-1,831
-27
-463
9,444
1,726
8,163
1,497
-844
-178
0
10,366
2012
2011
0
-24
-24
-22,098
0
-81
-58
-23
The allowances recognised are as follows:
in EUR’000
Bad debt expense
Expenses from additions to specific allowances
Specific allowances (impairment losses) on loans
Income from additions to specific allowances
Income from receivables written off
Income (reversals of impairment losses) from loans
in EUR’000
Impairment losses on equity investments
Impairment losses on securities
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36 Objectives and methods of financial risk management
Risk management principles
The main financial instruments used by the Group – except derivative financial instruments –
comprise bank loans and overdrafts, finance leases and trade payables. The main purpose of these
financial instruments is to finance the Group’s operating activities. In addition, the Group has
various financial assets, such as securities, trade receivables, cash and short-term deposits, which
result directly from its operating activities.
With regard to its assets, liabilities and planned transactions, the Group is subject to various market
risks, in particular risks from changes in exchange rates and interest rates, as well as liquidity and
credit risks. The aim of financial risk management is to limit these market risks specifically by
taking operational and financial measures on an ongoing basis. Selected derivative and nonderivative hedging instruments are used to this end. In general, risks are hedged only if they could
impact on the Group’s cash flows. In particular, foreign exchange futures and currency options are
used as derivative financial instruments to hedge against foreign currency risks arising from the
Group companies’ operating activities.
Financial policy is defined by Group management on an annual basis. The implementation of
financial policy and ongoing risk management are the responsibility of the subgroups and single
entities. To allow it to monitor financial policy, Group management is informed of the extent and
amount of the current risk exposure at regular quarterly meetings or whenever there are significant
changes. In addition, certain transactions exceeding the nature and extent of normal business
transactions are subject to prior approval by Group management.
Risks from exchange rate fluctuations are mitigated by locally procuring most materials needed in
the manufacturing and assembly processes in the respective countries.
Credit risk
As a result of their operating activities and certain financing activities, the Group companies of
ATON are exposed to credit risk. Credit risk exists where a business partner involved in a
transaction with non-derivative or derivative financial instruments cannot meet its obligations and
this causes a loss of assets. As part of their operations, the Group companies enter into transactions
only with third parties rated as creditworthy. Credit checks are performed for new customers. In the
case of existing customer relationships, the customer’s payment behaviour is analysed on a regular
basis. In addition, orders and receivables are secured with letters of credit from major banks. Most
of the Group companies have business relationships with major customers (especially international
OEMs). The resulting risk is considered low, because these customers are in good financial standing
and in addition there are no material dependencies. The end customer business with private
individuals is of minor importance in the Group.
In the operating business, outstandings are continuously monitored on a divisional, i.e.
decentralised, basis, so that the Group is not exposed to any material credit risk. The trade and other
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80
receivables of EUR 517,563k (previous year: EUR 434,572k) reported under assets represent the
maximum credit risk.
Interest rate risk
Most of the Group’s financing has been arranged on the basis of fixed-rate loans granted by the
shareholder family and companies related to them. The ATON Group is exposed to fluctuations in
market interest rates at all times. Fluctuations in interest rates primarily relate to liabilities to banks,
which include, among other things, overdrafts and variable-rate loans and are therefore directly
affected by changes in interest rates. These changes impact on future cash flows. In our opinion,
fluctuations in market interest rates do not pose a material risk.
The table below shows the sensitivity of consolidated profit after tax to a change in interest rates
that is deemed reasonably possible. All other variables have remained unchanged.
The impact on equity includes the impact on both OCI and operating profit.
Change in interest rate in basis
points
Impact on profit after tax
Impact on equity
2012
+ 100
- 100
-769
769
-769
769
2011
+ 100
- 100
-285
285
-285
285
in EUR’000
Foreign currency risk
Foreign currency risks result from investments, financing transactions and operating activities.
Significant risks from foreign currencies are hedged, if they affect the Group’s cash flows. Foreign
currency risks that do not affect the Group’s cash flows (i.e. risks resulting from the mere
translation of the assets and liabilities of foreign corporate units into the Group’s reporting
currency) are never hedged.
The foreign currency risks invariably relate to current receivables and liabilities denominated in
currencies other than the local currencies of the companies in the ATON Group or those that will
arise in the normal course of business. The Group is exposed to material foreign exchange risks
mainly because of the development of the USD exchange rate.
As at the reporting date, the Group was not exposed to any material risks from investment
transactions denominated in foreign currency.
The Group companies settle most of their operating activities in their respective functional
currencies. For this reason, the Group’s foreign currency risk from operating activities is considered
low. However, some Group companies are exposed to foreign currency risks in connection with
planned payments not denominated in their functional currency. In some cases, derivative financial
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81
instruments (foreign exchange futures and currency options) are used to minimise the risk of
changes in exchange rates. These financial instruments are used to hedge only existing or expected
foreign currency risks.
As at 31 December 2012, the only currencies involved were the US dollar, the Canadian dollar and
the Japanese yen (previous year: US dollar only). If the Euro had been worth 10% less or 10%
more, the impact on profit after tax and the impact on equity would have been EUR 5,785k
(previous year: EUR 889k) lower. The hypothetical EUR 5,785k (previous year: EUR 889k) impact
on profit is attributable to the following currency sensitivities in detail: EUR/USD EUR 2,408k
(previous year: EUR 889k), EUR/CAD EUR 2,887k (previous year: EUR 0k) and EUR/JPY EUR
489k (previous year: EUR 0k).
Foreign currency risks as defined in IFRS 7 arise from financial instruments denominated in a
currency other than the functional currency, but currency translation differences from the translation
of financial statements into the Group currency are not taken into account. Relevant risk variables
are all non-functional currencies in which the Group enters into financial instruments.
The currency sensitivity analyses are based on the following assumptions: Material non-derivative
financial instruments (cash and cash equivalents, receivables, interest-bearing liabilities, finance
lease liabilities, non-interest-bearing liabilities) are either denominated directly in the functional
currency or, in material circumstances, they are transferred into the functional currency by using
derivatives.
Equity instruments held by the Group are non-monetary and therefore not associated with foreign
currency risk as defined in IFRS 7.
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82
Liquidity risk
The respective management teams of the subgroups and single entities are in all cases responsible
for ensuring and monitoring that the Group is solvent at all times. The central objective specified
for the Group is to ensure the required funds are continuously covered by using overdrafts, loans
and leases. For the purpose of centrally monitoring the liquidity position of the individual Group
companies, weekly reports are submitted to the parent, ATON. The information they provide is
presented to Group management on a weekly basis for risk management purposes. On the basis of
the current and expected business situation, the liquidity risk is considered low. Nevertheless,
liquidity continues to be ensured through medium-term and long-term lines of credit. In general, it
is ensured that there are sufficient free lines of credit. Appropriate measures are taken in good time
to ensure the financing of planned investments.
Another short-term financing instrument used by a company of the ATON Group is the sale of
customer receivables to a factor. It is used to transfer and thereby reduce the credit risk associated
with receivables from major customers to the factor immediately at the time of invoicing. The
maximum factoring volume amounted to EUR 45,557k for the entire period under review (previous
year: EUR 0k). As at the reporting date, receivables amounting to EUR 5,504k (previous year: EUR
0k) and cash and cash equivalents amounting to EUR 6,081k (previous year: EUR 0k) had been
factored.
Please refer to section 31 for the liquidity analysis.
Other price risks
As part of the disclosure of market risks, IFRS 7 also requires information on how hypothetical
changes in risk variables impact on the prices of financial instruments. Eligible risk variables are
exchange prices or indices in particular. As at the end of the year, the Group had bonds held to
maturity of EUR 1,334k (previous year: EUR 18,672k), which may be subject to price risk. Since
the bonds have maturities of no more than three months, the risk is not considerable. The impact on
equity includes the impact on both OCI and operating profit.
Change in prices in %
Impact on profit after tax
Impact on equity
2012
+ 10
- 10
-93
93
-93
93
2011
+ 10
- 10
-1,307
1,307
-1,307
1,307
in EUR’000
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83
Capital management/control
The main objective of the Group’s capital management system is to ensure that the Group’s ability
to repay debt and its financial strength are maintained, combined with the corresponding credit
rating and equity ratio.
The Group manages its capital and makes adjustments in line with changes in economic conditions.
The shareholders provide loans and/or equity so that the capital structure can be maintained or
adjusted.
Capital is primarily managed on the basis of a dynamic debt ratio (I and II), which corresponds to
the ratio of first and second degree net financial liabilities to adjusted EBITDA. The debt ratio I
monitored by management should not exceed 4 and the debt ratio II should not be higher than 10.
In the year under review, the dynamic debt ratios I and II had returned to the specified range.
EUR ’000
2012
2011
2010
110,112
202,073
147,325
First-degree net financial liabilities
159,040
54,223
39,535
252,798
164,067
88,731
74,825
60,103
34,782
169,710
251,314
-81,604
104,335
58,407
31,075
193,817
220,973
-27,156
Liabilities to shareholders/related parties
Investments in securities that can be liquidated at short notice
Second-degree net financial liabilities
35,226
8,233
115,724
105,970
24,700
-334
163,403
88,147
48,100
0.8
1.1
-0.4
0.0
-0.2
0.3
Adjusted earnings before interest, taxes, depreciation and
amortisation
Lease liabilities
Other financial liabilities
Dynamic debt ratio I
Dynamic debt ratio II
The financing arrangements of some subsidiaries contain covenants, which may cause them to
become repayable or increase the financing costs. These covenants have been met.
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Other disclosures
37 Audit fees
For
the
services
provided
by
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft and its global sister companies, the following fees have been
recognised as expenses:
in EUR’000
Statutory audits
Audit-related services
Tax advisory services
Other services
Total
2012
726
159
22
243
2011
978
28
19
70
1,150
1,095
38 Related-party disclosures
In addition to the subsidiaries included in the consolidated financial statements, ATON GmbH has,
in the course of normal business operations, direct or indirect relationships with the shareholders,
with non-consolidated affiliated subsidiaries, associates, joint ventures and other related parties.
These relationships are subject to disclosure requirements in accordance with IAS 24. Related
parties controlled by the ATON Group or over which the ATON Group can exercise a significant
influence are listed in the section entitled "Scope of consolidation". The volume of goods and
services the ATON Group provided to related parties breaks down as follows:
in EUR’000
Shareholders
Non-consolidated
subsidiaries
Associates
Joint ventures
Other related parties
Total
2012
and interest
31.12.2012
Outstanding
receivables
2011
and interest
31.12.2011
Outstanding
receivables
0
0
36
18
517
4,255
125
2,748
52
234
2,943
3,746
756
8,174
13,732
26,917
-834
208
3,653
3,188
0
2,466
10,393
15,625
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85
in EUR’000
2012
Purchased
merchandise/services,
other operating expenses
and interest
31.12.2012
Outstanding
liabilities
2011
Purchased
merchandise/services,
other operating
expenses and interest
31.12.2011
Outstanding
liabilities
0
89
68
85
349
765
1,468
518
1
0
17,021
17,371
189
335
35,555
36,933
8
0
21,143
22,687
218
0
112,594
113,415
Shareholders
Non-consolidated
subsidiaries
Associates
Joint ventures
Other related parties
Total
Related companies are HORUS Vermögensverwaltungs GmbH & Co. KG, HORUS Beteiligungs
GmbH, HORUS Finanzholding GmbH and their subsidiaries. HORUS Vermögensverwaltungs
GmbH & Co. KG finances the companies of the ATON Group by granting loans, while Aircraft
Asset Management AAM GmbH & Co. KG primarily leases aircraft to Augsburg Airways GmbH
& Co. KG and DC Aviation GmbH.
Transactions with related parties are conducted at arm’s length.
Remuneration of executive management
The remuneration paid to executive management amounted to EUR 3,708k in the financial year
(previous year: EUR 3,694k).
There were no advances or loans to members of executive management, nor were there contingent
liabilities or pension obligations as at the reporting date.
39 List of shareholdings
For the list of shareholdings, please refer to the appendix, which is an integral part of these notes.
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40 Events after the balance sheet date
As at 18 January 2013, ATON GmbH acquired 100% of the shares in BFFT Gesellschaft für
Fahrzeugtechnik mbH, Gaimersheim, and in BFFT Engineering GmbH, Gaimersheim, through its
subsidiary BFFT Holding GmbH. The purchase price was EUR 49.8 million.
The purchase price includes the obligation to repay shareholder loans of EUR 11.9 million to the
former shareholders. This has been done as at today’s date.
BFFT is a manufacturer-independent engineering services provider for the automotive and aviation
industries. It has almost 650 employees, most of them engineers, at its Gaimersheim and Berlin
locations. BFFT’s most important customer is the Volkswagen Group.
In the automotive segment, BFFT’s operations focus primarily on the development of networked
vehicle electrics and electronics systems. In this segment, BFFT covers the development of noncustomised hardware products for vehicle electronics systems as well as the development and
testing of alternative drive systems.
Since the accounting for the business combination had not yet been completed at the time the
consolidated financial statements were approved, no further details are published at this stage.
Hallbergmoos, 30 April 2013
ATON GmbH
Executive management
Thomas Eichelmann
Jörg Fahrenbach
F-120
Page
87
As per 31 December 2012
No.
Company
City
Country
Share in %
direct
Currency
indirect
Equity as per 31 Net Result 2012
Dec 2012
I. Affiliated Companies
1. Consolidated Companies
a) Domestic companies
1.
EDAG GmbH & Co. KGaA
Fulda
Germany
2.
EDAG Aerospace GmbH
Fulda
Germany
3.
EDAG SIGMA Concurrent Engineering GmbH
Fulda
4.
EDAG Rail GmbH
5.
Haus Kurfürst GmbH
6.
100.0
kEUR
57,682
22,298
100.0
kEUR
4,426
-5
Germany
100.0
kEUR
9,326
-494
Fulda
Germany
100.0
kEUR
3
-1
Fulda
Germany
100.0
kEUR
22
0
Rosata Grundstücks-Vermietungsgesellschaft mbH & Co.
Objekt Fulda-West KG
Grünwald
Germany
100.0
kEUR
-1,588
62
7.
TSO Industrieanlagen Planung und Vertrieb GmbH
Uehlfeld
Germany
66.7
kEUR
8,736
940
8.
AT Aviation GmbH
Hallbergmoos
Germany
100.0
kEUR
20,399
-52,848
9.
ATON Prisma GmbH
Hallbergmoos
Germany
100.0
kEUR
12,827
15,973
10.
Jota GmbH
Fulda
Germany
kEUR
-99
-7
11.
FFT GmbH & Co. KGaA
Fulda
Germany
100.0
kEUR
16,325
-1,733
12.
Haema AG
Leipzig
Germany
100.0
kEUR
38,419
6,168
13.
W.O.M. World of Medicine AG
Berlin
Germany
100.0
kEUR
40,577
4,416
14.
Deilmann-Haniel International Mining and Tunneling GmbH
Dortmund
Germany
100.0
kEUR
120,566
19,732
15.
REFORM Maschinenfabrik Adolf Rabenseifner GmbH & Co. KG
Fulda
Germany
100.0
kEUR
7,318
-1,961
16.
DC Aviation GmbH
Stuttgart
Germany
100.0
kEUR
3,071
-723
17.
Augsburg Airways GmbH
Munich
Germany
100.0
kEUR
49,247
16,369
18.
FFT EDAG Produktionssysteme GmbH & Co. KG
Fulda
Germany
100.0
kEUR
22,631
1,194
19.
Scherwo Steuerungstechnik GmbH
Gauting
Germany
65.0
kEUR
454
4
20.
World Of Medicine Lemke GmbH
Berlin
Germany
100.0
kEUR
355
239
21.
CLYXON Laser GmbH
Berlin
Germany
100.0
kEUR
78
-2
22.
WORLD OF MEDICINE Produktions-GmbH
Ludwigsstadt
Germany
100.0
kEUR
-831
-576
23.
BBZ Berufsbildungszentrum Fulda GmbH
Petersberg
Germany
80.0
kEUR
914
182
24.
Educationcenter BBZ GmBH
Petersberg
Germany
100.0
kEUR
-686
-883
25.
Augsburg Airways Flugzeugsbeteiligung Nr. 1 GmbH & Co KG
Hallbergmoos
Germany
100.0
kEUR
335
-3,121
26.
AAM Haltergesellschaft Nr. 1 MbH
Hallbergmoos
Germany
100.0
kEUR
31
3
27.
Ziehm Imaging GmbH
Nürnberg
Germany
100.0
kEUR
28,064
3,511
28.
Deilmann-Haniel Mining Systems GmbH
Dortmund
Germany
100.0
kEUR
11,759
6,188
29.
Deilmann-Haniel Shaft Sinking GmbH
Dortmund
Germany
100.0
kEUR
4,914
853
30.
EDAG Production Solutions GmbH & Co. KG
Fulda
Germany
100.0
kEUR
100
4,998
31.
ATON Engineering AG
Hallbergmoos
Germany
kEUR
39,539
-2,797
32.
BFFT Holding GmbH
Hallbergmoos
Germany
kEUR
-22
-3
33.
Rücker AG
Wiesbaden
Germany
kEUR
39,914
500
34.
Rücker GmbH
Wiesbaden
Germany
100.0
100.0
100.0
89.8
100.0
*
kEUR
5,127
540
kEUR
3,997
-149
35.
Rücker Aerospace GmbH
Hamburg
Germany
100.0
*
36.
Rücker Akademie GmbH
Wiesbaden
Germany
100.0
*
kEUR
196
7
37.
Rücker EKS GmbH
Weingarten
Germany
76.5
*
kEUR
1,712
652
38.
VR-Leasing Malakon GmbH & Co Immobilien KG
Eschborn
Germany
85.0
*
kEUR
-889
277
F-121
Page 1 of 4
No.
Company
City
Country
Share in %
direct
Currency
indirect
Dec 2012
39.
Hövelmann GmbH
Aachen
Germany
100.0
*
kEUR
-491
-421
40.
Rücker Testing Services GmbH
Munich
Germany
100.0
*
kEUR
3,274
604
Reno Nev.
USA
kUSD
41,475
0
Matorell
Spain
100.0
kEUR
0
-12
b) Foreign Companies
41.
Ziehm Medical LLC
42.
EDAG Engineering + Design S.A.
43.
FFT Production Systems S.R.L. Rumänien
Municipiul Campulung
Romania
100.0
kRON
2,215
793
44.
EDAG do Brasil Ltda.
Sao Bernardo do Campo
Brazil
100.0
kBRL
15,412
-2,206
45.
EDAG S.A.R.L.
Paris
France
100.0
kEUR
108
0
46.
EDAG Inc.
Detroit
USA
100.0
kUSD
739
-826
47.
EDAG Production LLC
Detroit
USA
100.0
kUSD
0
5
48.
EDAG Holding Sdn. Bhd. Malaysia
Shah Alam
Malaysia
100.0
kMYR
1,645
-889
49.
EDAG Hungary Kft.
Györ
Hungary
100.0
kEUR
814
377
50.
EDAG Engineering & Design India Priv. Ltd.
Neu Dehli
India
100.0
kINR
115,721
12,731
51.
EDAG Slovakia spol. s.r.o. i.L.
Bratislava
Slovakia
100.0
kEUR
54
0
52.
EDAG Production Solution CZ s.r.o.
Mladá Boleslav
Czech Republic
100.0
kCZK
34,405
23,674
53.
EDAG Technologies India Priv. Ltd.
Neu Dehli
India
100.0
kINR
827
-2,816
54.
EDAG Engineering Ltd.
Cranfield
Great Britain
100.0
kGBP
150
-21
55.
EDAG Japan Co., Ltd.
Yokohama
Japan
100.0
kJPY
65,401
6,708
56.
ATON US Inc.
Delaware
USA
kUSD
66,067
-1,888
57.
OrthoScan Inc.
Delaware
USA
100.0
kUSD
9,363
13
58.
FFT Espana Tecnologías de Automoción S.A.
Silla (Valencia)
Spain
100.0
kEUR
2,616
340
59.
FFT Mexico S.A. de C.V.
Puebla
Mexico
100.0
kMXN
44,837
10,112
60.
Servicios FFT Mexico, S.A. de CV
Puebla
Mexico
100.0
kMXN
1,402
512
61.
FFT Production Systems Shanghai Co., Ltd.
Shanghai
China
100.0
kCNY
6,685
12,815
62.
FFT Production Systems, Inc.
Auburn Hills, MI
USA
100.0
kUSD
-169
-662
63.
FFT Technologies, Inc.
Montgomery, AL
USA
100.0
kUSD
349
0
64.
Ziehm Imaging Srl a Socio Unico (SRL)
Reggio Nell' Emilia
Italy
100.0
kUSD
0
0
65.
Ziehm Imaging Finnland (OY)
Hinthaara
Finland
100.0
kEUR
429
243
66.
W.O.M. World Of Medicine USA, Inc.
Orlando
USA
100.0
kEUR
2,812
674
67.
Ziehm Imaging Inc.
Orlando
USA
100.0
kEUR
-12,156
1,221
68.
Ziehm Medical (Shanghai) Co. Ltd.
Shanghai
China
100.0
kCNY
6,900
7,190
69.
Ziehm Medical Properties Inc
Reno Nev.
USA
100.0
kUSD
7,658
35
70.
J.S. Redpath Holdings Inc.
North Bay
Canada
100.0
kCAD
187,748
62,452
71.
J.S. Redpath Limited
North Bay
Canada
100.0
kCAD
131,203
37,604
72.
J.S. Redpath Corporation
Sparks
USA
100.0
kCAD
17,025
9,365
73.
Les Entreprises Mineres Redpath Ltee.
Quebec
Canada
100.0
kCAD
79
0
74.
P.T Redpath Indonesia
Jakarta
Indonesia
100.0
kCAD
4,472
2,696
75.
Redpath Mongolia LLC
Ulaanbaatar
Mongolia
100.0
kCAD
11,698
5,846
76.
Redpath Chilena Construcciones Y Cia. Limitada
Santiago
Chile
99.5
kCAD
-3,708
11,098
77.
Redpath Venezolana C.A.
El Callao
Venezuela
99.0
kCAD
135
0
78.
Redpath Philippines Inc.
Makati
Phillipinen
100.0
kCAD
0
0
F-122
Page 2 of 4
100.0
100.0
No.
Company
City
Country
Share in %
direct
79.
Redpath Ecuador Construcciones S.A.
80.
Currency
indirect
Dec 2012
Quito
Ecuador
100.0
kCAD
1,354
1,319
Redpath Argentina Construcciones S.A.
Buenos Aires
Argentina
100.0
kCAD
-475
-736
81.
Redpath Guatemala Construcciones S.A.
Guatemala
Guatemala
100.0
kCAD
-16
-10
82.
Triple S Insurance Company Limited
Bridgetown
Barbados
100.0
kCAD
8,540
2,454
83.
Redpath Mining Zambia Limited
Kitwe
Sambia
84.4
kCAD
4
0
84.
Redpath (Australia) Holdings Pty Limited
Eagle Farm
Australia
100.0
kCAD
-122
-3,286
85.
Redpath Mining (S.A.) (Pty.) Ltd.
Johannesburg
South Africa
74.0
kCAD
-9,918
-8,162
86.
J.S. Redpath Peru SAC
Lima
Peru
99.5
kCAD
12
-15
87.
Fuskar S.A.
Montevideo
Uruguay
100.0
kCAD
0
-391
88.
Redpath Mexicana Construcciones SA de CV
Mexico City
Mexico
100.0
kCAD
10
-2
89.
Deilmann-Haniel Botswana (Pty.) Ltd.
Gaborone
Botswana
74.0
kCAD
24
0
90.
Reef Rail (Pty.) Ltd.
Isando
South Africa
74.0
kCAD
1
0
91.
Drilling Resources (Pty.) Ltd. ***
Isando
South Africa
74.0
kCAD
1
0
92.
Eroc Holdings Pty Limited
Eagle Farm
Australia
100.0
kCAD
-77
-4
93.
UnderAus Group Holdings Pty Limited
Eagle Farm
Australia
100.0
kCAD
3,982
0
94.
Redpath Australia Pty Limited
Eagle Farm
Australia
100.0
kCAD
13,295
-2,005
95.
Eroc Malaysia Sdn. Bhd.
Kuala Lumpur
Malaysia
100.0
kCAD
-77
-4
Port Moresby
Papua Neu
Guinea
100.0
kCAD
1,157
-284
Bishkek
Kirgisistan
100.0
kCAD
681
519
96.
Redpath PNG Limited
97.
Redpath KR LLC
98.
Redpath Mining (Botswana) (Pty) Ltd.
Gaborone
Botswana
74.0
kCAD
-189
-662
99.
EDAG Engineering and Design (Shanghai) Co. Ltd.
Shanghai
China
100.0
kCNY
-1,751
-4,920
100.
EDAG Production Solutions Korea Ltd.
Seoul
Korea
100.0
kKRW
169,513
-130,487
101.
Rücker Lypsa S.L.
Barcelona
Spain
100.0
*
kEUR
10,346
1,747
kEUR
617
25
Wien
Austria
100.0
*
Rücker SR spol.s.r.o.
Bratislava
Slovakia
100.0
*
kEUR
-186
1
104.
Rücker CR spol.s.r.o.
Mladá Boleslav
Czech Republic
100.0
*
kCZK
22,363
3,935
105.
Rücker Polska Sp.z.o.o.
Warszawa
Poland
100.0
*
kPLN
6,689
1,643
kUSD
-30
-26
102.
Wolfgang Rücker Ges.m.b.H.
103.
106.
Star Design of Alabama Inc.
107.
Star Design S.A. de C.V.
108.
Rücker do Brasil Ltda.
109.
Rücker Ges.m.b.H.
Birmingham
USA
100.0
*
México
Mexico
100.0
*
kMXN
64
0
Sao Bernardo
Brazil
100.0
*
kBRL
51
-1,534
Grambach b. Graz
Austria
100.0
*
kEUR
285
313
kSEK
55,173
10,765
Göteborg
Sweden
100.0
*
Torino
Italy
100.0
*
kEUR
413
118
Rücker Vehicle Design (Shanghai) Co.,Ltd.
Shanghai
China
100.0
*
kCNY
-1,974
-1,424
Rücker France SARL
Blagnac
France
100.0
*
kEUR
1,010
6
kEUR
-1,474
99
110.
Rücker Nord AB
111.
Rücker Italia S.R.L.
112.
113.
114.
Silver AeroSpace B.V.
Haarlem
Netherlands
100.0
*
115.
Rucker Design S.R.L.
Iasi
Romania
100.0
*
kRON
-1,226
-66
116.
Rücker Immobilien spol. s r.o
Mladá Boleslav
Czech Republic
100.0
*
kCZK
30,567
4,008
117.
Rücker-Sier GIE
Blagnac
France
51.0
*
kEUR
-477
-577
*
kCHF
3,928
1,094
118.
Rücker GmbH
119.
Redpath Contract Services Pty Ltd ***
Arbon
Switzerland
100.0
Eagle Farm
Australia
100.0
F-123
Page 3 of 4
kCAD
No.
Company
City
Country
Share in %
direct
Currency
indirect
Dec 2012
2. Non-Consolidated Companies
a) Domestic Companies
120.
EDAG-Beteiligung GmbH
Fulda
Germany
100.0
kEUR
44
1
121.
BML Verwaltungs- und Beteiligungs GmbH i. L.
Hamburg
Germany
100.0
kEUR
21
-1
122.
EDAG Production Solutions Verwaltungs GmbH
Fulda
Germany
100.0
kEUR
24
0
123.
1. AVV GmbH
Hallbergmoos
Germany
100.0
kEUR
68
-14
124.
REFORM Maschinenfabrik Adolf Rabenseifner Beteiligungs GmbH
Fulda
Germany
100.0
kEUR
57
3
125.
Flexible Fertigungstechnik GmbH
Mücke
Germany
100.0
kEUR
44
5
126.
OptoSic GmbH i.L.
Baden-Baden
Germany
100.0
kEUR
i.L.
i.L.
Detroit
USA
100.0
kUSD
0
0
b) Foreign companies
127.
EDAG Investments LLC
128.
Lumera Laser Asia Ltd.***
Kowloon
Hong Kong
100.0
kJPY
129.
DC Aviation Holding Ltd.
St. Julian
Malta
100.0
kEUR
202
-6
130.
DC Aviation Ltd.
St. Julian
Malta
100.0
kEUR
38
18
131.
DC Aviation Flight Crew Ltd.
St. Julian
Malta
100.0
kEUR
56
-4
132.
Ziehm Medical Do Brasil
Sao Paulo
Brazil
100.0
kBRL
-859
-1
133.
Ziehm Imaging Singapore Pte. Ltd. (PTE)
Singapore
Singapore
100.0
kSGD
1,116
308
134.
Ziehm Imaging Sarl
Villejust
France
100.0
kEUR
-196
-246
kGBP
0
0
Cambridge
Great Britain
99.9
*
Incat Aircraft Design B.V.
Haarlem
Netherlands
80.0
*
kEUR
0
0
137.
Rücker OOO
Kaluga
Russia
100.0
*
kRUB
1,805
328
138.
Ruecker Aerospatiale Canada Inc. / Ruecker Aerospace Canada Inc.**
Bromont
Canada
100.0
*
kCAD
1
0
139.
Alternative Agro Energy Estate S.R.L.
Municipiul Campulung
Romania
100.0
kRON
-98
5
140.
Deilmann-Haniel Schachtostroj OOO
Berezniki
Russia
99.0
kCAD
114
-460
Dubai
United Arab
Emirates
50.0
kAED
-1
-6
Regina
Canada
50.0
kCAD
7,842
3,861
kEUR
202
-80
kEUR
0
0
kEUR
-106
-97
135.
Star Design (UK) Ltd.
136.
141.
DC Aviation Al Futtaim LLC **
II. Joint Ventures
142.
Associated Mining Construction Inc. **
III. Associated Companies
a) Domestic Companies
143.
ELAN-AUSY GmbH
Hamburg
Germany
49.0
144.
ELAN-AUSY OHG
Hamburg
Germany
50.0
145.
Rücker CT-Engineering GmbH
Hamburg
Germany
49.0
Boca Raton
USA
23.0
*
146.
ROGO Group LLC***
* full shares, not calculated
** as immaterial not consolidated
*** no current financial statements available; dormant company; prior year numbers if available
F-124
Page 4 of 4
kUSD
The following auditor‘s report (Bestätigungsvermerk) has been issued in accordance with Section 322
German Commercial Code (Handelsgesetzbuch) on the consolidated financial statements and group
management report (Konzernlagebericht) of ATON GmbH as of and for the fiscal year ended
December 31, 2012. The group management report is neither included nor incorporated by reference
in this Prospectus.
Auditor’s Report
We have audited the consolidated financial statements prepared by ATON GmbH, Hallbergmoos,
comprising the income statement, the statement of comprehensive income, the statement of financial
position, the statement of changes in equity, the cash flow statement and the notes to the consolidated
financial statements, together with the group management report for the business year from January 1
to December 31, 2012. The preparation of the consolidated financial statements and the group
management report in accordance with the IFRSs, as adopted by the EU, and the additional
requirements of German commercial law pursuant to § (Article) 315a Abs. (paragraph) 1 HGB
("Handelsgesetzbuch": German Commercial Code) is the responsibility of the parent Company's
Managing Directors. Our responsibility is to express an opinion on the consolidated financial
statements and on the group management report based on our audit.
We conducted our audit of the consolidated financial statements in accordance with § 317 HGB and
German generally accepted standards for the audit of financial statements promulgated by the Institut
der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (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 operations in the consolidated financial statements in
accordance with the applicable financial reporting framework and in the group management report are
detected with reasonable assurance. Knowledge of the business activities and the economic and legal
environment of the Group and expectations as to possible misstatements are taken into account in the
determination of audit procedures. The effectiveness of the accounting-related internal control system
and the evidence supporting the disclosures in the consolidated financial statements and the group
management report are examined primarily on a test basis within the framework of the audit. The
audit includes assessing the annual financial statements of those entities included in consolidation, the
determination of the entities to be included in consolidation, the accounting and consolidation
principles used and significant estimates made by the Company's Managing Directors, as well as
evaluating the overall presentation of the consolidated financial statements and the group
management report. We believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion based on the findings of our audit the consolidated financial statements comply with
the IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant
to § 315a Abs. 1 HGB and give a true and fair view of the net assets, financial position and results of
operations of the Group in accordance with these requirements. The group management report is
consistent with the consolidated financial statements and as a whole provides a suitable view of the
Group's position and suitably presents the opportunities and risks of future development.
Munich, April 30, 2013
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Petra Justenhoven
Wirtschaftsprüferin
(German Public Auditor)
Norbert Klütsch
Wirtschaftsprüfer
(German Public Auditor)
F-125
ATON Group Finance GmbH (in the course of incorporation), Going am Wilden Kaiser
Opening balance sheet as of 4 October 2013
Assets
S h a r e h o l d e r s' e q u i t y
4.10.2013
EUR
Current assets
Bank balances
4.10.2013
EUR
50.000,00
50.000,00
F-126
Shareholders' equity
I. Nominal capital
1. Share capital
2. Capital contributions outstanding and not called in
100.000,00
-50.000,00
50.000,00
ATON Group Finance GmbH (in the course of incorporation),
Going am Wilden Kaiser
1
Notes to the opening balance sheet as of 4 October 2013
A. General principles
This opening balance sheet as of 4 October 2013 has been prepared in accordance with the
financial reporting requirements of the Austrian Commercial Code (UGB) as amended.
The opening balance sheet, prepared under Austrian generally accepted accounting principles,
presents a true and fair view of the assets and liabilities, the financial situation of the Company as of 4 October 2013, as well as of the results of its operations for the year then ended.
(Section 222 (2) UGB)
Accounting and valuation methods are based on generally accepted accounting principles.
Section 201 (2) UGB was adhered to, as were the provisions on classification and valuation of
balance sheet and income statement items under Sections 195 to 211 UGB.
F-127
2
B. Group relations
The Company is a wholly-owned subsidiary of ATON GmbH, Munich (formerly Hallbergmoos), Germany, and thus is related to its shareholder and its affiliated companies as a group
company.
ATON GmbH, Munich, Germany, prepares the consolidated financial statements for the largest group of companies (Section 237 No 12 UGB). (If these consolidated financial statements
are disclosed: These consolidated financial statements are deposited at ATON GmbH in D80802 Munich, Leopoldstraße 53.)
F-128
3
C. Other disclosures
1. Statutory disclosures on board members and employees (Section 239 UGB)
1.1. Average number of staff
Waged workers
Salaried employees
Total
0
0
0
1.2. Boards
a) Advances, loans and contingent liabilities
No advances or loans were granted to members of the management board.
No contingent liabilities were assumed in favor of the management board.
b) Composition of the management board
Thomas Eichelmann, born on 10 July 1965
Going am Wilden Kaiser, 17 October 2013
The Managing Director:
signed:
Thomas Eichelmann
F-129
Astbergweg 9
6365 Going am Wilden Kaiser
AUSTRIA
PwC Wirtschaftsprüfung GmbH
Wirtschaftsprüfungs- und
Steuerberatungsgesellschaft
Erdbergstraße 200
1030 Vienna
Austria
Tel.: +43 1 501 88 - 0
Fax: +43 1 501 88 - 601
E-Mail: [email protected]
www.pwc.at
October 17, 2013
Q:\Abt Bericht\ATON Finance Austria
GmbH\_Briefe\diverse\Aton Auditorsreport.docx
INDEPENDENT AUDITOR’S REPORT ON THE OPENING BALANCE SHEET AND
THE NOTES TO THE OPENING BALANCE SHEET AS OF 4 OCTOBER 2013
We have audited the accompanying financial information of ATON Group Finance GmbH, Going
am Wilden Kaiser (“the Company”) which comprise the opening balance sheet and the notes to
the opening balance sheet as of 4 October 2013. The financial information have been prepared by
management in accordance with the requirements of Art. 7 in connection with Annex IV Sec.
13.1. of Commission Regulation (EC) No 809/2004.
Management’s responsibility for the financial information
Management is responsible for the preparation of this financial information in accordance with
the accounting policies described in the notes to the opening balance sheet and in accordance
with Austrian GAAP, and for such internal control as management determines as necessary to
enable the preparation of financial information that is free from material misstatement, whether
due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on this financial information based on our audit. We
conducted our audit in accordance with laws and regulations applicable in Austria and Austrian
Standards on Auditing as well as in accordance with International Standards on Auditing (ISA)
issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance whether the financial information is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial information. The procedures selected depend on the auditors’ judgment,
including the assessment of the risks of material misstatement of the financial information,
whether due to fraud or error. In making those risk assessment, the auditor considers internal
control relevant to the entity’s preparation of the financial information in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. An audit also includes evaluation the
Managing Directors: WP/StB Mag. Friedrich Baumgartner, WP/StB Mag. Horst Bernegger, WP/StB Mag. Dr. Christine Catasta, StB Mag. Andrea Cerne-Stark, StB Mag. Sigrid Ganahl,
WP/StB Mag. Gerhard Helmreich, WP/StB Mag. Liane Hirner, WP/StB Mag. Karl Hofbauer, WP/StB Mag. Werner Krumm, WP/StB Mag. Dr. Aslan Milla, WP/StB Mag. Christian
Neuherz, WP/StB Mag. Peter Pessenlehner, WP/StB Mag. Gerhard Prachner, WP/StB Dipl.Kfm.Univ. Dorotea-E. Rebmann, WP/StB Mag. Alexandra Rester, WP/StB Mag. Jürgen
Schauer, WP/StB Mag. Johannes Schmidtbauer, WP/StB Mag. Helga M. Stangl, WP/StB Mag. Ute Unden-Schubert, WP/StB Mag. Kristina Weis, WP/StB Mag. Günter Wiltschek,
WP/StB Mag. Felix Wirth
Domicile: Vienna; Company Register: FN 88248 b, Commercial Court of Vienna; DVR: 0656071; UID: ATU16124600; WT: 800834
PwC refers to the PwC network and/or one or more of its member firms, each of which
is a separate legal entity. Please see www.pwc.com/structure for further details.
F-130
Page 2 of 2
appropriateness of accounting policies used and the reasonableness of accounting estimates
made by the directors, as well as evaluating the overall presentation of the financial information.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the financial information of ATON Group Finance GmbH, Going am Wilden Kaiser, as of 4 October 2013 has been prepared, in all material respects, in accordance with the accounting policies described in the notes to the opening balance sheet and in accordance with
Austrian GAAP.
Basis of Accounting
Without modifying our opinion, we draw attention to the notes to the financial information,
which describe the basis of accounting. The financial information is prepared to assist the Company to meet the requirements of Art. 7 in connection with Annex IV Sec. 13.1. of Commission
Regulation (EC) No 809/2004. As a result, the financial information may not be suitable for another purpose.
Kind regards
signed:
Christine Catasta
Austrian certified public accountant
signed:
Alexandra Rester
Austrian certified public accountant
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
F-131
NAMES AND ADDRESSES
ISSUER
Astbergweg 9
6353 Going am Wilden Kaiser
Austria
GUARANTOR
ATON GmbH
Leopoldstrasse 53
80802 Munich
Germany
JOINT LEAD MANAGERS
Morgan Stanley & Co. International plc
25 Cabot Square
Canary Wharf
London E14 4QA
United Kingdom
Deutsche Bank AG
Winchester House
1 Great Winchester Street
London EC2N 2DB
United Kingdom
PRINCIPAL PAYING AGENT
Germany
LISTING AGENT
Deutsche Bank Luxembourg S.A.
2, Boulevard Konrad Adenauer
1115 Luxembourg
Luxembourg
LEGAL ADVISERS
To the Issuer:
Freshfields Bruckhaus Deringer LLP
Bockenheimer Anlage 44
Germany
To the Joint Lead Managers:
White & Case LLP
Bockenheimer Landstrasse 20
Germany
AUDITORS
To the Issuer:
Wirtschaftsprüfungs- und
Steuerberatungsgesellschaft
Erdbergstraße 200
1030 Vienna
Austria
To the Guarantor:
PricewaterhouseCoopers Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Bernhard-Wicki-Str. 8
80636 Munich
Germany
143

per cent. Notes due 2018

Transcription

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