Acquisition a n d changes in scope of consolidation conwert. T h e changes in scope of consolidation i n cl ude additions amounting to EUR This line shows the change in cash arising from the. The financial result improved by CHF 0. The changes in the items of the statement of financial position that provide the basis for the statement of cash flow cannot be directly reconciled to the statement of financial position due. Changes due to divestitures a n d changes in scope of consolidation annualreport The changes in balance sheet items that underlie the cash flow statement are not immediately identifiable from the balance sheet.
The cashflow from operating activities is determined in accordance with the indirect method, by adjusting net earnings by changes in inventories, trade accounts receivable and payable, positions that do not affect income and all other positions representing cashflows in the investing or financing areas The cashflows from investing or financing activities were. Changes in scope of consolidation A d di tions - 7 affichage. In addition, alth ou g h changes in t h e scope of consolidation a cq uisitions and sales of subsidiaries are stated in [ Changes in scope of consolidation T r an slation differences [ Most frequent English dictionary requests: Please click on the reason for your vote: This is not a good example for the translation above.
The wrong words are highlighted. It does not match my search. It should not be summed up with the orange entries The translation is wrong or of bad quality. Thank you very much for your vote! You helped to increase the quality of our service. Der Goodwill respektive die [ The change in minority interest results from recognizing the minorities' share in profit or loss for the period, purchases [ The change in minority interest results from recognizing the [ The supervisory board wishes him all the best for the future.
Coporate Governance Code In April the management board and supervisory board made a critical examination of the provisions of the German Corporate Governance Code. On September 8, the declaration of compliance was signed by the management board and the supervisory board chairman and published on the internet site of VOGT electronic AG.
These documents had previously been forwarded to all members of the supervisory board in good time so that there was adequate opportunity to examine them individually. In the meeting of March 23, the supervisory board was informed in detail by the auditors of the most significant results of the audit measures, and the financial statements and group consolidated financial statements together with the management reports were conclusively discussed with the auditors.
Any questions were discussed with the management board and auditors and satisfactorily clarified. As far as the supervisory board is concerned subject to consultation of the audit reports drawn up by the auditor there are no grounds to suppose that the data, facts or statements in the financial statements, the group consolidated financial statements and the management reports might be incorrect or that the business processes reflected therein might be unlawful or that representation of the business activity in the financial statements is not as required by the law.
In particular the supervisory board examined whether the information coincided with the state of information that the supervisory board had gained from its past consultation and supervisory activity. On this basis there were no grounds for discrepancies of the type described above.
From the point of view of the supervisory board, therefore, no additional examination was required. The management board has drawn up a Dependent Company Report pursuant to Section of the German Stock Corporation Act AktG which contains the following concluding statement by the management board: In respect of the transactions listed in the report on relationships with associated companies, our company received appropriate compensation for each transaction according to the circumstances of which we were aware at the points in time at which the transactions were carried out.
No objections were raised against the statement of the management board at the end of the Dependent Company Report. The result of the examination of the report by the auditor of the financial statements was approved by the supervisory board. The supervisory board would like to take this opportunity of thanking the management board and the employees of VOGT electronic Group for the great commitment they again demonstrated in the year under review.
We VOGT electronic are a major European producer of products for the electrical and electronics sector. Together with the Sumida Group, for many years a global market leader in this segment, we have laid the foundation for growth. Thanks to the economic strength gained from our partnership, we can focus on various different growth areas: This is because we consider the key to success to be recognition of the high value of growth and innovation of forward-looking thought and action.
These are indispensable attributes if a company is to compete with the international market leaders. Rahmenbedingungen sowie Entwicklung Gesamtwirtschaft und Branche 1. Die Wirtschaft des Euroraums befindet sich im Aufschwung. Der private Konsum legte leicht beschleunigt zu. Dies wurde durch eine Beschleunigung der Expansion im Euroraum nicht aufgewogen. Die Rohstoffpreise stiegen in aufgrund der lebhaften Weltkonjunktur weiter stark.
Group revenues in EUR million. Background conditions and the overall development of the economy and the sector 1. With more than 3, products and a comprehensive range of services connected with electronics manufacturing, the VOGT electronics group offers a broad assortment of bespoke solutions for automotive and industrial electronics, information and communications technology as well as consumer electronics. As the holding company, its business activity consists in holding participations and the assumption of group wide tasks, such as strategic planning, finance and public relations.
Alongside its headquarters in Erlau, the Vogt electronic group maintains domestic production facilities in Lehesten and Osterode. A distribution centre in the USA is also part of the group. The cause was an easing of growth in the USA and to a lesser extent in Japan. This was not compensated for by the acceleration of expansion in the euro zone. Raw material prices again rose sharply in due to the strength of the world economy. The price changes in the raw material markets impacted on the consumer prices; wage costs increased mostly moderately in the industrial countries.
Synonyms and antonyms of Abwärtswechsel in the German dictionary of synonyms
The economy of the euro zone is strengthening. The climb in real gross domestic product was noticeable above all in countries such as Germany and Italy where growth was below average in earlier years. Substantial impetus came from domestic demand, since investments in plant and machinery expanded robustly. Private consumption grew slightly faster. Overall, the economic research institutes forecast a climb in the gross domestic product in the euro zone for by 2. The German economy grew much more strongly during the year. With continued robust growth in exports, it is increasingly also supported by domestic demand.
The improved sales and earnings expectations of the companies and the increased utilisation of capacity led to an increase in investments in equipment. Private consumption recovered only slightly, with one factor being spending in anticipation of the rise in value added tax. Real growth in gross domestic product in was 2. The economic research institutes forecast a continuation of the upturn in at a weaker pace. This will mean the gross domestic product growing in by only 1. The German electrical engineering and electronics industry is optimistic about the economy and turnover growth has accelerated.
Sales to domestic customers increased for the first time in several years. The amount spent on innovation will exceed the EUR 16 billion mark with expenditure on research and development of more than EUR 9 billion, some EUR 6 billion going on investment goods and EUR 1 billion to training and further education. For however a slowdown in the global economy is expected, with lower growth in the electrical industry as well. Dabei nahm nach mehreren Jahren erstmals wieder der Umsatz mit Inlandskunden deutlich zu.
Ursache ist das solide gesamtwirtschaftliche Wachstum. Wachstumstreiber sind neben der Unterhaltungselektronik und der Medizintechnik auch Sicherheitsanwendungen der Automobilelektronik, beispielsweise zur Messung des Reifendrucks. Turnover growth in the previous year stood at 5.
Turnover itself was about USD billion.
Skarby kartografii
This is on the strength of the solid overall economic growth. Alongside consumer electronics and medical technology, the factors driving growth are safety applications in automotive electronics, for example for measuring tyre pressure. The growth in the markets is due to the recovery of the economy and the resulting increase in demand for consumer goods. The automotive electronics dominated the components markets in the reporting year domestically with sales of a good six billion euro up by 8.
The second and third biggest segments were data technology, with sales of EUR 3. This decline is mainly due to a shift in the production of mobile telephones to Eastern Europe and Asia. The previous year closed with a decline of 3. The continuing production transfers and the intense price pressure in the sector mean that the market can only recover slowly, notwithstanding the upturn in the domestic economy.
For , market observers assume a stable market and expect moderate growth of 2. Positive growth effects are coming for example from the rising demand for piezo modules for diesel injection. This apparent discrepancy with the components market as a whole is mainly a result of the winding down of stocks. Whereas this effect has constrained the sale of components, in the module and system business it has led to growth in sales. The changes in the exchange rate of the Euro and the US dollar cause different growth rates, as in earlier years.
Mit der konsequenten Weiterentwicklung der Kernkompetenzen in den Bereichen Ferrit, Kunststoff und Prozesstechnologien entstehen neue, innovative Produkte. VOGT hat einen entsprechenden neuen Resonanzwandler entwickelt. Vom Eingangs- zum Ausgangskreis des Transformators wird eine typische Spannungsfestigkeit von 10 kv bei kleinsten Abmessungen eingehalten.
Die geforderten Sicherheitsmerkmale nach VDE sind konstruktiv eingearbeitet.
- Divorce Your Drama: Courage To Make The Tough Choices That Are Worth Every Tear.
- A Basket Full of Eggs;
- KENNZAHLEN KEY FIGURES. Kennzahlen Rumpfgeschäftsjahr 2005/ /05 1.Oktober - 31.Dezember Umsatz TEUR?
- Her Billionaire, Her Wolf--The Novel (A Paranormal Alpha Werewolf Romance).
- sapdict - [XLS Document].
Applikationen Neben den mittel- bis langfristigen Entwicklungsprojekten hat die Applikation von Bauteilen, besonderes Gewicht. The research and development expenses were EUR 6. The fall in staff numbers relates mainly to the EMS area, where there was a shift to collaboration with external development agencies. VOGT manufactures a broad range of bespoke inductive components and mechatronic modules. With the steady elaboration of our core competences in the areas of ferrites, plastics and process technology, innovative products are emerging.
These have applications mainly in the market segments automotive electronics, medical technology, industrial electronics and consumer electronics. Some of the most important areas are commented on below: VOGT is collaborating with well-known manufacturers in implementing systems ready for series production. Transmitting power of watt in a very small enclosure represents a technical challenge for the inductive components. With new materials and the introduction of new technologies for the high current application, VOGT is developing innovative modules, transformers and chokes that meet these requirements.
Safety transformers For power supplies of up to watt, transformers with a low construction height are needed. VOGT has developed a suitable corresponding resonance transformer. In medical technology, components are needed that meet high requirements for safety and dielectric strength. A transformer developed by VOGT serves the safe separation of the pulse voltages that arise between sensors attached to the patient and the control equipment.
From the input to the output circuit of the transformer, a typical dielectric strength of 10 kv is achieved with very small dimensions. In the reporting financial year, the product was transferred to production and a start made on series production. Noise interference suppression Interference up to 30 MHz presents a problem with all switch mode power supplies synchronised mains units. The safety features required by the VDE German electrical association are embedded in the design. The leakage induction is increased using suitable measures. In many cases of interference this makes it possible to do without a further throttle for common mode noise.
Applications Besides the medium- to long-term development projects, the application of components is of particular importance: On the basis of existing, standardised modules and technologies, VOGT supplies customers from all market segments of the electronics industry within the shortest time with inductive components. Development of modules The focus of the devekopment work here are modules for the automotive industry: Sensor modules for hybrid vehicles Electric motors such as those used in hybrid vehicles generate strong magnetic fields in which sensors using traditional technology on a magnet basis cannot be used.
The sensor on inductive basis developed by VOGT is insensitive to magnetic interference, and hence it is able to perform very precise measurements even under these difficult conditions. VOGT is pursuing projects to apply the sensor with several reputable European manufacturers of hybrid motors. The launch of the first series is planned for the year. Hauptbestandteil der Sensorelektronik ist ein Mikrocontroller mit speziellen Softwaremodulen. Durch die intelligente Schnittstelle sind auch sicherheitsrelevante Applikationen einfach realisierbar.
Erste Prototypen wurden erstellt und an den Kunden geliefert. Mit zunehmender Verbreitung und entsprechend dem gestiegenen Umweltbewusstsein haben sich die Xenon-Brenner Hersteller der Aufgabe gestellt, den schon jetzt nur relativ geringen Quecksilberanteil des bisherigen D1 Xenon-Brenners komplett zu eliminieren.
Meaning of "Abwärtswechsel" in the German dictionary
In der Automobil- bzw. Die Entwicklungsleistungen erfolgen in enger Abstimmung mit den Kunden. This innovative production technique enables mechatronic modules to be produced in a very compact form and with high reliability for the entire useful life time. The protection provided to the electronics encapsulated against environmental influences is excellent. Software-based sensors Over 15 years of experience with inductive sensors have made it possible to develop a new sensor concept that is equally suitable for angular [genoimetric protactic quadrant] and for distance measurements.
The main component of the sensor electronics is a micro-controller with special software modules. This makes it possible to cover very diverse sensor applications. The sensor can be programmed freely, enabling different interfaces to be produced. The intelligent interface enables safetyrelevant applications to be realised simply. The sensor is able to make diagnoses and can perform additional tasks through its additional ports.
The initiator which is positioned in the wheel housing is subject to strong environmental influences. In collaboration with customers, VOGT has developed mechatronic initiators that meet these high environmental and reliability requirements. A number of projects have passed into series production. Moreover, our developers are already working on the next LFI generation. The first prototypes have been made and delivered to the customer. Integrated xenon ignition modules In the area of vehicle lights considerable progress has been made in recent years with regard to safety and improved perception, recognition and seeing.
The arguments in favour of more widespread use of xenon light technology are that it produces light, a light colour similar to daylight, a lower energy requirement and a service life comparable with that of the vehicle as a whole. High Intensity Discharge HID , the gas discharge technology used for this, involves a gas discharge at very high operating pressure and temperature and hence for a high luminous efficiency.
The gas discharge is triggered by a high voltage impulse, producing an arc. The start ignition is performed with the ignition module that has been developed by Vogt and which is connected directly with the D1 or mercury-free D3 xenon burner. Already a third generation of integrated xenon ignition modules D1, in three bespoke versions, are in used by leading European automotive accessories suppliers.
This integration of ignition and xenon combustor within a very small space, driven by VOGT, - and only possible by the use of the latest technology is establishing itself with this generation as the European standard.
With increasing spread and in line with greater environmental awareness, manufacturers of xenon burners have set themselves the task of eliminating the proportion of mercury in the D1 xenon burners, which is already at a very low level. The new requirements consequent on this has made it necessary to adapt both the electronic preswitching device and the ignitor. It is planned to begin series production of the D3 burner at the beginning of , this being especially favoured by Japan with the mercury-free version. Meanwhile, VOGT is working on the fourth generation of igniters and is confident that it will be able to secure market leadership here too.
Similarly, VOGT develops components for the interfaces of corresponding end appliances. Major system manufacturers have already given the go-ahead, and it is planned to commence series production in the coming year. Konzernjahresfehlbetrag in EUR Mio. Business division EMS The emphasis in development activity is on customised implementation of product ideas, the development of products to series maturity and the improvement of existing products. In automotive and industrial electronics, this involves control units for superior passenger cars, additional electronics for motor control and power supplies.
The development performances are closely coordinated with customers. Increasingly, external development companies are being involved in the work in order to be able to offer customers a greater range of development expertise. Shareholder structure and dependency report 3. In the meanwhile neither Sumida nor any other shareholder of VOGT electronic AG has issued any notification pursuant to 21 WpHG the law on securities trading so the company is not aware of any further change in the participatory ratios. The management board gives an account of its relationships with the main shareholder in this report, in which statements are made on legal transactions entered into with the main shareholder Sumida and on measures taken or refrained from at the instigation of the main shareholder.
The dependency report ends with the following concluding declaration: Results of operations, net assets and financial position 4. The decline relates mainly to customers in the telecommunications sector; sales to customers in the automotive sector rose sharply. The other operating income of EUR GmbH, made up of EUR 4. The item also includes income from the release of provisions and liabilities of EUR 3.
The cost of materials fell sharply from EUR million to The material expense ratio material expense as a proportion of sales revenues improved from The reduction in personnel expense by EUR Personnel expense was lower as a proportion of sales revenues, falling from As a result of lower investment in recent years, depreciation charges fell, from EUR The other operating expenses include expenses in connection with the insolvency of two former subsidiaries and litigation risks amounting to EUR As a consequence of the much improved cost structure, the result from operating activity changed from a loss in the prior year of EUR 9.
Income tax expense in the amount of EUR 4. Verlust EUR 14,2 Mio. EUR 8,6 Mio zusammen. EUR 5,5 Mio enthalten. These were mostly replacement and rationalisation investment in machines, production plant and other manufacturing equipment. Although the investment ratio, i. Current assets increased from EUR This is mainly due to the rise in current financial receivables by EUR 5. Equity increased from EUR 9. The increase in equity results mainly from a capital increase of EUR 1. The debt structure changed noticeably, with a shift from non-current to current.
This is mainly due to the repayment of current and long-term bank loans and the granting of new loans by Sumida Holding Germany GmbH in the amount of EUR 75 million. The long-term financial debt includes liabilities from participation rights of EUR 1. The long-term provisions include, apart from pension provisions of EUR 5. Long-term assets EUR Shareholders equity EUR Long-term debt EUR Current assets EUR Current debt EUR million Konzernweite Kennzahlen werden wegen der Dezentralisierung der Personalabteilungen nicht erhoben.
Oktober bis zum A provision was made for litigation risks under current other provisions in the amount of EUR 2. The current provisions in the prior year related mainly to severance pay and restructuring costs. Notwithstanding a sharp increase over the prior year in the result before income tax, in the prior year high depreciation charges and the rundown of inventories had a positive effect on the operating cash flow. The cash flow from investment activity, EUR The cash flow from financing activity improved against the prior year from EUR Cash and cash equivalents as at the balance sheet date stood at EUR 8.
Notwithstanding the improvement in the operating result, a further decline in sales was recorded in the reporting year. Other disclosures Workforce As at the balance sheet date, 3, employees PY: VOGT seeks to tie well-qualified staff to the enterprise for the long term. No group-wide figures are available due to the decentralisation of the human resources departments.
But the average time of employment in the domestic companies is close to 15 years. In the group as a whole, 54 people were undergoing training as at the balance sheet date PY: Financial year In accordance with the resolution of the ordinary shareholders' meeting of April 26, , VOGT electronic AG as the ultimate group parent will have an abbreviated financial year for the period from October 1 until December 31, From the financial year will be the calendar year.
All group companies whose financial year ran from October 1 to September 30 will also have an abbreviated financial year and change their financial year to coincide with the calendar year. The group restructuring phase has in large measure been completed. The financing through the banking consortium was replaced by loans from the principal shareholder Sumida at more favourable conditions.
Equity has improved in comparison with the prior year, but, standing at Nachtragsbericht In der Sitzung des Aufsichtsrates vom Hans-Joachim Wolff ihre Aufsichtsratsmandate niedergelegt. Mit Beschluss des Registergerichts Passau vom Auf Antrag von Vorstand und Aufsichtsratsvorsitzendem vom In seiner Sitzung am 1. Hans- Joachim Dittloff mit Wirkung zum Dezember als Mitglied des Vorstandes bestellt und ihn zum Vorstandsvorsitzenden ernannt. Wir streben ein Optimum aus Risikovermeidung, -reduzierung und kontrollierter Risikoakzeptanz an.
Wesentliche Bestandteile des Risikomanagementsystems sind die verwendeten Controlling-Instrumente. Events after the balance sheet date In the session of the supverisory board held on November 17, , Mrs. Vogel was responsible in the management board for finance, controlling participations, group accounts, internal audit, contracts and risk management.
At the same time, Mr. Peter Dennstedt, and Dr. Hans-Joachim Wolff resigned their positions as members of the supervisory board. Shigeyuki Yawata was elected the new chairman of the supervisory board. Besides dealing with operational risks, it concerns itself with the detection of strategic risks that might have an impact on business development. We strive to achieve an optimum of risk avoidance, reduction and controlled risk acceptance.
The task of the risk management function is to identify, analyse, appraise and actively control elementary, external and internal risks in a timely fashion and to monitor the implementation of defined measures. Risk management is a continual and flexibly shaped process that is firmly established at VOGT and is integrated in the company processes. Hans- Joachim Dittloff to be a member of the management board as from December 15, and named him chairman of the management board.
Ziel ist die strukturierte Erfassung der wesentlichen Risiken. Risikobewertung Ziel der Risikoanalyse ist die qualitative Beurteilung bzw. The risk manager summarises the reports of the risk officers of the individual entities and reports to the management board twice annually. The risk managers and risk officers meet at least once a year to exchange experiences, to improve the early detection system and for training in the area of risk supervision.
The implementation of the risk management is the responsibility of the operating units. The controlling instruments constitute an essential part of the risk management system. In order to systematise procedures, we have drawn up a "risk recording sheet" to enable mutual communication of risks. Risk identification Effective risk management requires detailed knowledge of the risks including their interconnectedness. This interconnectedness comprises principally the identification of the risks, this identification supplying special information for the risk control.
The goal is a structured recognition of the material risks. In the reports of the risk officers, the known risks are judged critically and emergent risks identified and explained. Outside this periodic reporting, newly emergent risks are reported to the risk manager immediately. Through the early recognition of risks that may endanger the net assets, financial position and results of operations of the group, room for action is created that enables a long-term securing of existing and the establishment of new success potential.
For this a risk culture is needed that extends across all hierarchical levels and functional areas and that sharpens the awareness for a risk-conscious self-control on the part of the employees. Risk appraisal The goal of risk analysis is a qualitative judgement or a quantitive measurement of the risks. In the measurement, the starting point is the maximum amount of the damage in EUR' By including the probability of occurrence, a risk value is calculated that relates each time to the coming twelve months. The measurement shows, apart from the estimated extent of the damage for one year and besides the development over time of the risk potential, also the relationship to the ability of the VOGT group in terms of its equity and earnings situation to absorb any damage.
To illustrate the damage potential, a measurement is made of the risks in the recording sheet with damage amount and damage expectation value on the one hand prior to implementation of the measures. In addition, the costs of limiting, shifting, avoiding or reducing the risks are recorded for the individual measures that have not yet been fully implemented or that are still at the planning stage. Secondly, after complete implementation of all measures i. Risk limitation The risks items calculated are influenced actively with the aid of control measures that are targeted at the lowering of the damage totals, occurrence probabilities or graduated by kind and level of risk at the limitation of the effects.
These measures lead to unacceptable risks being avoided and non-avoidable risks being reduced to an acceptable level. Various alternatives are available for the taking of individual measures. Depending on the kind and the occurrence of the risk, organisational measures are taken centrally or at the local level. A distinction is made according to whether the defined measures have already been implemented entirely or only in part, or whether they are at the planning stage or at present cannot be implemented.
Risk coverage, priority and relevance After the risk has been recorded and analysed, measures been identified and measurement made, the risk is to be classified as follows: In the case of existing damage expectation values, it must be stated whether the risk involved should be covered by equity, taken into consideration in planning, be secured by provisions or be borne by insurance policies. The priority can also be subdivided into a number of categories: If there is no or only an immaterial effect on the enterprise termed relevance 1 , the risk must continue to be observed; if initial measures are to be taken relevance 3 or if with relevance 5 there is already an acute danger to the continued existence for the enterprise.
Das bestehende gruppenweite Versicherungsprogramm wird periodisch oder bei Auftreten von neuen Risiken optimiert. Die Darlehen von Sumida werden zum Wir begegnen diesem durch Anpassung unserer Produktionsstrukturen und Verlagerung kostenintensiver Fertigungsbereiche an Standorte mit niedrigerem Lohnniveau.
Risk trajectories must be analysed continually and communicated, and if required counter-measures must be taken. The internal control system is an integral part of the risk monitoring: Reliable information and control over the development of the group secure a high reaction speed in the case of negative variances, increase the efficiency of risk identification and analysis, and limit the extent of damage. The existing group-wide insurance programme is optimised periodically or when new risks arise. Permanent risk examinations with external insurance experts are made with the aim that coverage is sufficient and that the premiums are in line with the market External environment Dependence on major customers This risk can be reduced with the aid of the following measures: Conclusion of framework contracts, exchange of information in the sales department, increasing customer satisfaction and hence increased customer loyalty.
In addition, an attempt is made for VOGT to be the sole supplier for certain products. Otherwise the danger arises that competitors assume the supply portion of Vogt with a more favourable offer or that the customer dictates the selling prices. Sole supplier Selecting sole suppliers for certain bought-in items in procurement may, apart from problems relating to quantities and delivery times for example, in the event of insolvency, supply interruption, bottlenecks or supply stop also involve quality risks or prices being dictated.
An attempt is made to lower this risk by concluding framework contracts with A suppliers, setting up security stores at the supplier premises or minimum stocks in the manufacturing facility and above all by setting up secondary suppliers. Incoming orders The risk of orders from customers declining noticeably or permanently can be countered by increased customer recruitment activities, with research into and development of new technologies and products and with the discontinuation of unprofitable business fields.
Capacity can hence continue to be used fully, manufacturing equipment can be depreciated normally and sales and profits do not decline. Also, future earnings potential emerges. Finance The replacement of the bank loans by loans from the new majority shareholder Sumida Corporation has substantially reduced the existing financial risk. The loans from Sumida become payable on September 30, However, Sumida intends to maintain the finance beyond this due date, since the participation in the VOGT electronic group is seen as a strategic long-term investment.
There is no risk of a change in the interest rate arising from a reorganisation of the outside finance. According to our planning, we will reduce the share of outside capital by corresponding cash flows from the operating area. Market risk In order to act successfully in the market, opportunities must be used quickly and single-mindedly. This also means that risks must be entered into consciously, and at an economically acceptable level. Supplying innovative products with high quality to the customers at the agreed and requested dates also strengthens our position.
The development of the sectors and markets remains difficult for the medium to long term. Here a major risk continues for the group. We are countering this by adjusting our production structures and transferring cost-intensive manufacturing areas to facilities where the level of wages is lower. Hinzu kommen nichtabsehbare Entwicklungen in den Bereichen der Rechtsicherheit, z. Der kundenseitige Eingang deckt den lieferantenseitigen Abgang. Auch der Verlust von Kunden ist vorstellbar. In addition, there are unpredictable developments in the areas of legal certainty, e.
Price development In the market segments in which VOGT is active there has been high price pressure for many years, which has not been lastingly moderated even by the upturn in America, Asia and Europe. On the procurement side a risk exists in the rapid rise in prices for raw materials, which can only be passed on to customers to a limited extent.
These price increases for example, for copper or for plastic granulates can also lead to the prices of the end products rising. By concluding contracts for materials to be supplied by the customer or the passing on of these price increases to the customers, this risk can in future be reduced. Price reductions demanded by customers increase the cost pressure on the manufacturing area. Countermeasures that have been implemented are, for instance, production transfers or the buying in of services and input products, with existing rationalisation potential being fully exploited.
Litigation risks Individual companies of the VOGT group are engaged in litigation, for which provisions have been formed at a level that seems reasonable at the present time. None the less, it cannot be excluded that court cases may be decided against us with corresponding effects on the net assets, financial position and results of operations. The income from sales covers the invoices from the suppliers. Environment In order to determine environmental risks, under our environmental management system DIN ISO the direct and indirect environmental aspects are regularly surveyed in the different company areas and correspondingly defined as goals.
Environmental risks may in particular arise from exceeding the limits under the TA Air, from the handling of hazardous substances or with materials hazardous to water and from the disposal of waste Internal risks Sales forecasts The distribution department receives from its customer information, which is partially incomplete, on future products and production quantities so that it can conduct negotiations with suppliers in good time and determine terms and conditions. This may lead to capacity in the manufacturing plant being underutilised, to an inability to deliver and to a loss of revenues.
A loss of customers is also conceivable. Improved annual planning with adjustment during the year for the A parts leads to a lessening of this risk. Results of operations and net assets situation A lengthy period of losses would have negative effects on the net assets, financial position and results of operations. Adjustments might become neccessary that would have an impact on the results of operations, if not immediately on liquidity. With an appropriate planning approach as well as the use of controlling instruments, economic problems in the group can be recognised early and appropriate counter-measures taken.
Loss of members of staff In certain areas we are dependent on the knowledge and expertise of individual members of staff. When specialist employees hand in their notice, this involves a loss of know-how, possibly to direct competitors, delays in project work and it involves, too, the running-in-time for new members of staff, once the necessary personnel has been recruited. Motivating measures such as performance payments, a coordinated personnel planning, that promotes employees and makes further training possible, or the development of a departmental culture in a pleasing work environment, team formation and arrangements for deputising, as too the documentation of results of knowledge are deployed to counter these possible effects.
Unseren Planungen liegt die Annahme zugrunde, dass besonders der Bauelementebereich von diesen Synergien profitieren wird.
derecognition of liabilities - German translation – Linguee
Dezember wurde ein negatives Ergebnis erzielt. Increasingly, quality training is conducted for all employees and technically necessary equipment for data recording, for exchange of information and for quality tracking is made available. The products of VOGT are monitored by a comprehensive quality management continually and optimised.
On account of the use of the product, for example in the automotive industry, the requirements made of product quality are rising. The liability risk for the group may, hence, rise, a circumstance that is limited by a group-wide product liability insurance policy. Keeping deadlines The risk of not being able to supply customer orders on time comes about when materials or capacities are lacking.
After an improvement in communication, mainly measures are taken so that improvements in logistics and planning can be achieved, too. Estimate of the risk situation Overall, the judgement of the present risk situation has shown that there are no risks that directly endanger the continued existence of the enterprise and that there are, at present, no future risks in our judgement that would endanger the continued existence of the enterprise.
Forecast and opportunities report Both for the main geographic sales markets as well as the most important of the sectors supplied by VOGT, and in particular the automotive sector, positive growth is forecast for VOGT sees opportunities for and beyond in the further continual improvement of the operating processes and structures. We see opportunities to increase competitiveness in the consistent use of synergy potentials in the existing worldwide production network and in further improvement in the logistical processes.
The customers demand, besides quality, loyalty of supply and low costs above all also for innovative products. We see a close coordination of the product development with the customers as well as individual treatment of customer wishes as an important precondition and simultaneously as an opportunity for future market success.
The collaboration with the strategic main shareholder Sumida offers further synergy potential, especially against the background of Sumida' strong position in the fast growing Asian markets and good production infrastructure in China. Our plans are based on the assumption that the components area in particular will profit from these synergies. In the medium term, the growth potential in this area is thought to be higher than with the EMS. In the financial year we expect the turnover from EMS to be at the level of the prior year, but with lower profits.
For the components area we have budgeted for a moderate climb in sales and results over the prior year. A loss was made in the abbreviated financial year from October 1 to December 31, On the assumption that the world economy, the raw materials markets and the most important sectors of VOGT develop along the lines of the market forecasts, the management board expects the result from operating activity in the coming financial year to be positive.
September und Februar zur Weitergabe an den Aufsichtsrat freigegeben. Die Gewinn- und Verlustrechnung wurde nach dem Gesamtkostenverfahren erstellt. Um die Klarheit der Darstellung zu verbessern, werden verschiedene Posten der Bilanz und der Gewinn- und Verlustrechnung zusammengefasst. Die Gesellschaft hat zum Background VOGT electronic AG is a vendor of inductive components and modules as well as subassemblies and complete systems for the production of electrical and electronic products.
The Company s customers include companies from the areas of automotive and industrial electronics, information and communication technology and consumer electronics. The consolidated financial statements of VOGT electronic AG for the year ended September 30, , include the parent company and all subsidiaries hereinafter referred to as the VOGT electronic Group and were approved to be forwarded to the Supervisory Board of VOGT electronic AG by management on February 9, The Supervisory Board is responsible for examining the consolidated financial statements and issuing a statement as to whether or not it approves the consolidated financial statements.
The Group reporting currency is the euro. All amounts are shown in thousands of euros keur except when explicitly specified otherwise. The income statement was prepared in accordance with the total-cost method. For purposes greater clarity of presentation, various items are consolidated in the balance sheet and the income statement.
These items are shown separately and explained in the notes to the financial statements. The Company has prepared consolidated financial statements and a report of management for the year ended September 30, , pursuant to Section a of the German Commercial Code Handelsgesetzbuch, HGB. The consolidated financial statements and report of management prepared for the year ended September 30, , will be filed with the Register of Commerce of the Local Court of Passau HR B The provisions of IFRS 1 were applied.
Explanations of the extent to which the net assets, financial position and results of operations of the VOGT electronic Group were affected are presented in Chapter G. Recognition and Measurement Fair Value option. Angaben und Darstellung geregelt waren. Dabei wurden einzeln Anhangsangaben erweitert.
- Pet Sitter Part II - My Luscious Pet Sitter, My Beautiful Wife, and Horny Me.
- Island Girl.
- Translation of «Abwärtswechsel» into 25 languages.
- ;
- Sonetti di Folgore da San Gimignano (Italian Edition);
Various disclosures have been modified and new ones added. IFRS 7 is mandatory for annual periods beginning on or after January 1, Earlier application is recommended. In the case of the VOGT electronic Group, first-time application of this standard, which will be mandatory for all companies, in the financial year , will require disclosure of more infor-mation on financial instruments.
First-time application of this interpretation in the financial year will likely have no significant effect on the consolidated financial statements of VOGT electronic AG. Accordingly to this change, financial statements must contain information that allows readers to evaluate a company s objectives, policies and processes for managing capital. The change in IAS 1 is mandatory for annual periods beginning on or after January 1, Earlier application is recommended.
For the VOGT electronic Group, first-time application of this change in IAS 1 in the financial year will result in more information in the notes to the financial statements. Expansion of recognition of actuarial gains and losses to include optional recognition under equity in the period in which they occur, Mandatory recognition of assets or liabilities according to contractual agreements in the case of group plans that are treated as defined contribution plans due to a lack of sufficient information, Presentation of multi-employer plans defined benefit plans that share risks among entities under common control, and Change in the information to be provided on defined benefit plans in the notes to financial statements.
The changes in IAS 19 are unless optional mandatory for financial years beginning on or after January 1, Earlier application is recommended. For the VOGT electronic Group, first-time application of this change in IAS 1 in the financial year is likely to result in changes in the information provided in the notes to the financial statements on the defined benefit plans of the Group. No change from recognition of actuarial gains and losses in accordance with the corridor method to recognition under equity is currently planned.
No group plans exist within the Group. Operational segments are those parts of an enterprise whose operating results are regularly monitored by a central decisionmaker and are used as the basis for the determination of the allocation of resources and measurement of performance and for which separate financial information is available. Various items in the notes to the financial statements have been expanded.
Die Anhangsangaben zu den Segmenten werden jedoch erweitert. Oktober stetig angewandt. Sachanlagen Sachanlagen werden beim erstmaligen Ansatz mit den Anschaffungs- oder Herstellungskosten bewertet. Fremdkapitalkosten werden nicht in die Anschaffungs- oder Herstellungskosten mit einbezogen. First-time application of this standard will result in no change in segment reporting.
Information on the segments in the notes to the financial statements will, however, be expanded. IFRIC 10 states that an impairment loss recognized in a previous interim period that may not be reversed in accordance with IAS 36 or IAS 39 may also not be reversed in ensuing interim periods or in annual or consolidated financial statements. The IFRIC interpretation explicitly makes it clear that this interpretation may not be applied to similar issues by analogy.
IFRS 10 is mandatory for annual periods beginning on or after November 1, Earlier application is recommended. First-time application in the financial year may result in changes in recognition in cases in which impairment losses were taken in interim financial statements. Accounting and valuation conventions The financial statements of VOGT electronic AG and its domestic and foreign subsidiaries are prepared on the basis of uniform accounting and valuation principles. These accounting and valuation principles were consistently applied in all periods covered in the consolidated financial statements as well as for purposes of preparation of the opening balance sheet as of October 1, Recognition of revenue Revenue is measured at the amount of the consideration received or receivable.
The following applies to the recognition of the various types of revenue: Sales revenue Revenue from the sale of goods is recognized when the risks and rewards of ownership are transferred to the customer if a price has been agreed or can be measured and payment is prob-able. Sales revenue is recognized after deduction of discounts for prompt payment, rebates, bonuses and quantity discounts. Interest income Income from interest on credit balances with financial institutions and other financial assets is recognized only when it is probable that the economic benefit will flow to the company and the amount of the income can be reliably measured.
Rental income Rental income is recognized only when it is probable is that the economic benefit will flow to the company and the amount of the income can be reliably measured. Tangible assets Tangible assets are initially recognized at cost. In the following periods, tangible assets are then carried taking into account accumulated regular depreciation as a function of use and accumulated impairment losses.
Regular depreciation is determined on the basis of the anticipated useful life using the straightline method. Cost includes the purchase price plus any customs duties and other taxes due that cannot be subsequently recovered from the tax authorities less any reduction in the purchase price.
Any other directly incurred attributable costs required to put an asset in operating condition are also recognized as part of the cost. The cost of capital is not included in the cost of acquisition. Expenses for the current maintenance and repair of tangible assets are expensed in the year in which they are incurred.
The company has in the past received public funding under the Joint Task subsidy program for the Promotion of the regional economic structure. These amounts are in each case deducted from the cost of the respective tangible assets pursuant to IAS EUR 70k as of September 30, The Company received no such governmental support in the reporting period or in the previous year.
Sofern der erzielbare Betrag geringer ist als der Buchwert, wird die Differenz als Wertminderungsaufwand erfasst. Der Buchwert dieser Immobilie entspricht weitgehend dem Marktwert. IAS 36 ermittelt, sobald Anzeichen einer Wertminderung vorliegen. Die Vorgehensweise bei Werthaltigkeitstests entspricht der bei den Sachanlagen. Dabei erfolgt der Bilanzansatz mit dem beizulegenden Zeitwert oder dem niedrigeren Barwert der Mindestleasingzahlungen. Die zu zahlenden Leasingraten werden im Zeitpunkt der Entstehung als Aufwand erfasst. Years Land and buildings Plant and equipment Other plant, operating equipment and furnishings If there is any indication to the effect that an asset may be impaired, tangible assets are tested for impairment as of the reporting date pursuant to IAS 36, whereby the recoverable amount is defined as the higher of the amount obtainable from the sale value less disposal costs and the value in use of the asset.
If the recoverable amount is lower than the carrying amount, the difference is recognized as an impairment loss. If the reason for an impairment loss recognized in the past no longer exists, the carrying amount is written up to an amount equal to the cost of acquisition less depreciation that would have been the carrying amount if the impairment loss had not been recognized.
Like tangible assets, such property is carried on the basis of the cost model at the cost of acquisition less regular depreciation and if applicable less any impairment losses. Real estate held as financial investments is depreciated over a useful life of 50 years using the straightline method. The carrying amount of this real estate essentially reflects market value.
Intangible assets Intangible assets are initially recognized at cost if it is probable that a future economic benefit will flow to the VOGT electronic Group from the intangible assets and the cost of acquisition can be reliably measured. For purposes of subsequent recognition a distinction is made between intangible assets with a limited useful life and intangible assets with an unlimited useful life. Intangible assets with a limited useful life are depreciated over their estimated useful economic lives using the straightline method.
The depreciation period and method are reexamined for each financial year as of the reporting date. Assets are tested for impairment pursuant to IAS 36 if there is any indication to the effect that an asset may be impaired. The procedure used to test for impairment corresponds to that used in the case of tangible assets.