ESSAY Consolidated financial statements - ?· Consolidated financial statements 60 Consolidated income…

Download ESSAY Consolidated financial statements - ?· Consolidated financial statements 60 Consolidated income…

Post on 11-Jul-2018

213 views

Category:

Documents

0 download

TRANSCRIPT

  • Consolidated financial statements 60 Consolidated income statement 61 Consolidated statement of comprehensive income

    62 Consolidatedstatementoffinancialposition

    64 Consolidatedstatementofcashflows

    66 Consolidated statement of changes in equity 67 Consolidated value added statement

    68 Notesontheconsolidatedfinancialstatements

    68 A. General information 68 B. Adoption of International Financial Reporting Standards 77 C. Consolidated group 80 D. Consolidation principles 81 E. Foreign currency translation 82 F. Accounting policies 90 G. Notes on the consolidated income statement 94 H. Notes on the consolidated statement of financial position 122 I. Other notes 132 J. Notes on the consolidated statement of cash flows 133 K. List of shareholdings 147 L. The boards

    150 Audit opinion of the independent auditor

    BULL

    ETIN

    THE

    BOAR

    DSG

    ROU

    P M

    ANAG

    EMEN

    T RE

    PORT

    ESSA

    YC

    ON

    SOLID

    ATED

    FIN

    ANC

    IAL S

    TATE

    MEN

    TS

    59

  • Consolidated income statement

    in millions of EUR 2017Share

    in % 2016Share

    in %Change

    in %

    Sales [1] 12,721.9 100.0 11,836.2 100.0 7.5Changes in inventories 18.6 0.1 2.1 0.0 > 100Own work capitalized 8.8 0.1 13.3 0.1 33.8Cost of materials [2] 6,252.1 49.1 5,813.2 49.1 7.6Cost of financial services [3] 27.9 0.2 33.0 0.3 15.5

    6,469.3 50.9 6,005.4 50.7 7.7

    Other operating income [4] 132.1 1.0 134.0 1.1 1.4Personnel expenses [5] 3,468.4 27.3 3,281.2 27.7 5.7Amortization and depreciation 426.2 3.4 344.6 2.9 23.7Other operating expenses [6] 1,938.4 15.2 1,870.2 15.8 3.6Finance revenue [7] 33.8 0.3 44.9 0.4 24.7Finance costs [7] 96.0 0.7 91.4 0.8 5.0Earnings before taxes [8] 706.2 5.6 596.9 5.0 18.3Income taxes [9] 175.1 1.4 134.6 1.1 30.1Net income for the year 531.1 4.2 462.3 3.9 14.9

    Attributable to: Owners of parent companies in the Group 506.2 4.0 451.4 3.8 12.1Non-controlling interests 24.9 0.2 10.9 0.1 > 100

    531.1 4.2 462.3 3.9 14.9

    Bulletin The boards Group management report Consolidated financial statementsEssay60

  • in millions of EUR 2017Share

    in % 2016Share

    in %Change

    in %

    Net income for the year 531.1 100.0 462.3 100.0 14.9ItemsthatarenotreclassifiedtoprofitorlossRemeasurement of defined benefit plans [26] 9.8 1.8 6.4 1.4 53.1Net profit (+) / loss () from cash flow hedges 1.9 0.4 0.0 0.0 100.0Taxes attributable to other comprehensive income 1.7 0.4 1.8 0.4 5.6

    Itemsthatmaybereclassifiedtoprofit or loss in certain circumstancesForeign currency translation 91.0 17.1 30.0 6.5 < 100Other comprehensive income 101.0 19.0 25.4 5.5 < 100Total comprehensive income 430.1 81.0 487.7 105.5 11.8

    Attributable to: Owners of parent companies in the Group 405.8 76.4 476.6 103.1 14.9Non-controlling interests 24.3 4.6 11.1 2.4 > 100

    430.1 81.0 487.7 105.5 11.8

    Consolidated statement of comprehensive income

    BULL

    ETIN

    THE

    BOAR

    DSG

    ROU

    P M

    ANAG

    EMEN

    T RE

    PORT

    ESSA

    YC

    ON

    SOLID

    ATED

    FIN

    ANC

    IAL S

    TATE

    MEN

    TS

    61

  • Consolidated statement offinancialposition

    Assetsin millions of EUR 2017

    Share in % 2016

    Share in %

    Change in %

    Non-current assetsIntangible assets including goodwill [10] 480.1 4.7 583.7 6.0 17.7Property, plant and equipment [11] 3,052.4 29.7 2,909.5 30.0 4.9Financial assets [12] 62.6 0.6 49.3 0.5 27.0Receivables from financial services [13] 861.1 8.4 770.5 7.9 11.8Other financial assets [18] 7.1 0.1 10.6 0.1 33.0Other assets [19] 33.7 0.3 31.0 0.3 8.7Deferred taxes [14] 140.2 1.4 152.2 1.6 7.9

    4,637.2 45.2 4,506.8 46.4 2.9

    Current assetsInventories [15] 1,955.6 19.1 1,698.5 17.5 15.1Trade receivables [16] 1,719.0 16.7 1,575.5 16.2 9.1Receivables from financial services [13] 745.2 7.3 568.5 5.9 31.1Income tax assets [17] 35.3 0.3 34.3 0.4 2.9Other financial assets [18] 162.0 1.6 141.1 1.5 14.8Other assets [19] 173.9 1.7 153.0 1.6 13.7Securities [20] 151.7 1.5 137.1 1.3 10.6Cash and cash equivalents [21] 670.9 6.5 873.9 9.0 23.2

    5,613.6 54.7 5,181.9 53.4 8.3Assets classified as held for sale [22] 16.5 0.1 22.2 0.2 25.7

    5,630.1 54.8 5,204.1 53.6 8.2

    10,267.3 100.0 9,710.9 100.0 5.7

    Bulletin The boards Group management report Consolidated financial statementsEssay62

  • Equity and liabilities in millions of EUR 2017

    Share in % 2016

    Share in %

    Change in %

    EquityEquity attributable to parent companies in the Group [23]

    Share capital 408.4 4.0 408.4 4.2 0.0Reserves 1,935.3 18.8 1,860.0 19.2 4.0Retained earnings 2,324.3 22.6 2,093.9 21.6 11.0

    4,668.0 45.4 4,362.3 45.0 7.0Non-controlling interests 110.6 1.1 107.2 1.1 3.2

    4,778.6 46.5 4,469.5 46.1 6.9

    Non-current liabilitiesLiabilities from financial services [24] 424.8 4.1 308.8 3.2 37.6Financial liabilities [25] 1,171.8 11.4 1,715.6 17.7 31.7Obligations from post-employment benefits [26] 277.8 2.7 267.2 2.8 4.0Provisions [27] 96.0 0.9 95.5 1.0 0.5Other financial liabilities [28] 37.7 0.5 68.4 0.7 44.9Other liabilities [29] 2.4 0.0 2.9 0.0 17.2Deferred taxes [14] 126.6 1.2 130.5 1.3 3.0

    2,137.1 20.8 2,588.9 26.7 17.5

    Current liabilitiesTrade payables 741.7 7.2 634.0 6.5 17.0Liabilities from financial services [24] 925.7 9.0 885.1 9.1 4.6Financial liabilities [25] 605.6 5.9 108.4 1.1 > 100Income tax liabilities 58.5 0.6 44.3 0.5 32.1Provisions [27] 182.5 1.8 176.7 1.8 3.3Other financial liabilities [28] 392.7 3.8 373.4 3.8 5.2Other liabilities [29] 437.9 4.3 410.1 4.2 6.8

    3,344.6 32.6 2,632.0 27.0 27.1Liabilities in a group of assets classified as held for sale [22] 7.0 0.1 20.5 0.2 65.9

    3,351.6 32.7 2,652.5 27.2 26.4

    10,267.3 100.0 9,710.9 100.0 5.7

    BULL

    ETIN

    THE

    BOAR

    DSG

    ROU

    P M

    ANAG

    EMEN

    T RE

    PORT

    ESSA

    YC

    ON

    SOLID

    ATED

    FIN

    ANC

    IAL S

    TATE

    MEN

    TS

    63

  • Consolidated statement ofcashflows*

    Cashflowfromoperatingactivitiesin millions of EUR 2017 2016Earnings before taxes 706.2 596.9

    Income taxes paid 151.7 123.0Finance costs 96.0 91.4Finance revenue 33.8 44.9Interest income from operating activities 9.5 11.9 Interest payments from operating activities 13.8 13.2Changes in obligations from post-employment benefits 3.2 5.6Amortization, depreciation and impairment losses / reversals of impairment 425.7 343.1Losses on the disposal of non-current assets 4.5 4.6Gains on the disposal of non-current assets 5.7 8.7Other non-cash income and expenses 8.1 35.9Grosscashflow 1,048.2 899.6

    Changes in inventories 293.4 11.6Changes in trade receivables 207.8 153.9Changes in receivables from financial services 272.6 95.2Changes in trade payables 111.9 53.5Changes in liabilities from financial services 158.4 23.0Changes in short-term securities 12.9 0.4Changes in other net working capital 52.2 43.6Cashflowfromoperatingactivities 584.0 903.8

    Investments in intangible assets 35.9 40.3Investments in property, plant and equipment 451.0 439.8Investments in financial assets 29.4 1.3Investments in newly acquired subsidiaries less cash** 52.2 64.8Cash inflow from the disposal of subsidiaries 1.8 0.0Cash received from the disposal of assets 28.1 27.2Cashflowfrominvestingactivities 538.6 519.0

    Bulletin The boards Group management report Consolidated financial statementsEssay64

  • Cashflowsin millions of EUR 2017 2016Distributions 274.2 253.3

    Changes in receivables from / liabilities to Family Trusts and the Wrth family including interest income 35.5 21.8Capital contribution 173.5 154.0Increase in financial liabilities 11.5 33.7Decrease in financial liabilities 44.5 54.1Interest payments / income from financing activities 39.2 34.7Increase in majority shareholdings 22.4 1.6Cashflowfromfinancingactivities 230.8 134.2Changes due to consolidation 17.6 7.4Changes in cash and cash equivalents 203.0 258.0

    Composition of cash and cash equivalentsin millions of EUR 2017 2016

    Change inmillions of EUR

    Short-term investments 0.5 0.2 0.3Other cash equivalents 5.0 4.3 0.7Cash on hand 2.3 2.3 0.0Bank balances 663.1 867.1 204.0Cash and cash equivalents 670.9 873.9 203.0

    * Reference to J. Notes on the consolidated statement of cash flows ** Reference to C. Consolidated group

    BULL

    ETIN

    THE

    BOAR

    DSG

    ROU

    P M

    ANAG

    EMEN

    T RE

    PORT

    ESSA

    YC

    ON

    SOLID

    ATED

    FIN

    ANC

    IAL S

    TATE

    MEN

    TS

    65

  • Consolidated statement of changes in equity

    Equity attributable to parent companies in the Group

    in millions of EURShare

    capital

    Differences from

    currency translation

    Other capital

    and revenue reserves

    Reserves for

    cash flow hedges

    Retained earnings Total

    Non- controlling

    interestsTotal

    equity1 January 2016 408.4 57.1 1,735.2 0.0 1,889.2 3,975.7 107.0 4,082.7Net income for the year 0.0 0.0 0.0 0.0 451.4 451.4 10.9 462.3Other comprehensive income 0.0 30.0 4.8 0.0 0.0 25.2 0.2 25.4Total comprehensive income 0.0 30.0 4.8 0.0 451.4 476.6 11.1 487.7Capital increase / reduction 0.0 0.0 150.6 0.0 0.0 150.6 3.4 154.0Transfer to / drawings from reserves 0.0 0.0 7.0 0.0 7.0 0.0 0.0 0.0Distributions 0.0 0.0 0.0 0.0 239.7 239.7 13.6 253.3Increase in majority shareholdings 0.0 0.0 0.9 0.0 0.0 0.9 0.7 1.631 December 2016 408.4 27.1 1,887.1 0.0 2,093.9 4,362.3 107.2 4,469.5Net income for the year 0.0 0.0 0.0 0.0 506.2 506.2 24.9 531.1Other comprehensive income 0.0 90.6 7.9 1.9 0.0 100.4 0.6 101.0Total comprehensive income 0.0 90.6 7.9 1.9 506.2 405.8 24.3 430.1Capital increase / reduction 0.0 0.0 173.2 0.0 0.0 173.2 0.3 173.5Transfer to / drawings from reserves 0.0 0.0 12.4 0.0 12.4 0.0 0.0 0.0Distributions 0.0 0.0 0.0 0.0 263.8 263.8 10.4 274.2Increase in majority shareholdings 0.0 0.5 10.2 0.0 0.0 9.7 12.7 22.4Changes in the consolidated group 0.0 0.0 0.0 0.0 0.0 0.0 1.7 1.7

    Other income and expense recognized in equity 0.0 0.4 0.2 0.0 0.4 0.2 0.2 0.431 December 2017 408.4 117.6 2,054.8 1.9 2,324.3 4,668.0 110.6 4,778.6

    Bulletin The boards Group management report Consolidated financial statementsEssay66

  • Consolidated value added statement*

    Origin of value addedin millions of EUR 2017 2016

    Changein %

    Sales 12,721.9 11,836.2 7.5Changes in inventories and own work capitalized for capital expenditure 27.4 15.4 77.9Other operating income 132.1 134.0 1.4Finance revenue 33.8 44.9 24.7

    12,915.2 12,030.5 7.4

    Less advance paymentsCost of materials and cost of financial services 6,280.0 5,846.2 7.4Other operating expenses 1,938.4 1,870.2 3.6Amortization and depreciation 426.2 344.6 23.7

    8,644.6 8,061.0 7.2Value added 4,270.6 3,969.5 7.6

    Purposein millions of EUR 2017 2016

    Changein %

    Employees (personnel expenses) 3,468.4 3,281.2 5.7Public sector (tax expenses) 175.1 134.6 30.1Company 430.4 363.0 18.6Equity holders** 100.7 99.3 1.4Lenders 96.0 91.4 5.0Value added 4,270.6 3,969.5 7.6

    * Not part of the consolidated financial statements in accordance with IFRS ** Distributions net of contribution to capital

    BULL

    ETIN

    THE

    BOAR

    DSG

    ROU

    P M

    ANAG

    EMEN

    T RE

    PORT

    ESSA

    YC

    ON

    SOLID

    ATED

    FIN

    ANC

    IAL S

    TATE

    MEN

    TS

    67

  • A. General informationThe headquarters of the Wrth Group are located in 74653 Knzelsau, Germany.

    The core business of the Wrth Group involves trade in fastening and assembly materials world-wide. The companies that make up the Wrth Groups active sales operations are divided into two operational units: Wrth Line and Allied Companies.

    Wrth Line operations focus on fastening and assembly materials, supplying customers in the trades, the construction sector, and industry. The sales portfolio of the Wrth Line comprises products sold under its own brand name and by its own sales organization. Its main business activity includes the sale of screws, screw accessories, DIN and standard parts, chemical-technical products, furniture and iron fittings, dowels, insulation, hand tools, power tools, cutting and pneumatic tools, service and care products, connecting and fastening materials, stocking and picking systems as well as the direct shipment of workwear.

    The Allied Companies, which either operate in business areas associated with the core business or in diversified business areas, round off the Wrth Groups portfolio. They are divided into nine strategic business units. With the exception of a small number of manufacturing companies, the majority are sales companies operating in related areas. The Diversification unit within the Allied Companies comprises service companies, such as hotels, restaurants and logistics operators.

    B. Adoption of International Financial Reporting StandardsStatement of complianceThe consolidated financial statements of the Wrth Group were prepared according to the Inter-national Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), London, as adopted by the EU, the additional requirements of German commercial law pursuant to Sec. 315e (1) HGB [Handelsgesetzbuch: German Commercial Code], and full IFRS. The consolidated financial statements consist of the consolidated income statement, con-solidated statement of comprehensive income, consolidated statement of financial position, con-solidated statement of cash flows, consolidated statement of changes in equity, and notes on the consolidated financial statements. The Group management report was prepared in accordance with Sec. 315 HGB.

    Basis of preparation All IFRS whose adoption is mandatory as of 31 December 2017 have been applied. This also includes the International Accounting Standards (IAS) as well as the interpretations issued by the IFRS Interpretations Committee (formerly: IFRIC) and the Standing Interpretations Committee (SIC).

    Notes on the consolidated financialstatements

    Bulletin The boards Group management report Consolidated financial statementsEssay68

  • The financial statements have been prepared on the basis of historical costs, with the exception of financial assets at fair value through profit or loss and financial assets that are measured at fair value without affecting profit or loss. The carrying amounts of the assets and liabilities recognized in the statement of financial position, which represent underlying transactions in connection with fair value hedges and are otherwise stated at amortized cost, are adjusted to reflect the changes in the fair value that can be attributed to the hedged risks in effective hedge relationships.

    The consolidated financial statements were prepared in euro. All figures are reported in millions of euro (EUR) unless otherwise indicated.

    The items in the statement of financial position have been classified into current and non-current assets and liabilities in accordance with IFRS. Items not due within a year are disclosed as non-current assets or non-current liabilities. In addition, deferred taxes are disclosed as non-current assets or liabilities.

    The consolidated income statement was prepared using the nature of expense method.

    The consolidated financial statements were approved by the Central Managing Board of the Wrth Group on 9 March 2018 for submission to the audit committee of the Wrth Groups Advisory Board.

    Use of estimates and judgmentsThe preparation of the consolidated financial statements pursuant to IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liab...

Recommended

View more >