Annual Financial Statements of Traton Se
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2019 ANNUAL FINANCIAL STATEMENTS OF TRATON SE CONTENTS 1 Annual Financial Statements of TRATON SE 2 (until January 17, 2019: TRATON AG) for the fiscal year from January 1 Combined Management Report 43 through December 31, 2019 3 The management report for TRATON SE 3 Income Statement 4 and the management report for the Further Information 44 Balance Sheet 5 Group have been combined in accordan- ce with section 315 (5) of the Handels Notes to the Financial Statements 6 gesetzbuch (HGB — German Commer- Responsibility Statement 45 Members of the Supervisory Board cial Code) in conjunction with section Independent Auditor’s Report 46 and Executive Board and their 298 (2) of the HGB and published in Appointments 25 TRATON’s 2019 Annual Report. Publication Details 51 43 Combined Management Report ANNUAL FINANCIAL STATEMENTS OF TRATON SE Annual Financial Statements of TRATON SE 3 Income Statement 4 Balance Sheet 5 Notes to the Financial Statements 6 Members of the Supervisory Board and Executive Board and their Appointments 25 3 Annual Financial Statements of TRATON SE 43 Combined Management Report 44 Further Information ANNUAL FINANCIAL STATEMENTS OF TRATON SE Income Statement for the period from January 1 through December 31, 2019 € thousand Note 2019 2018 Net investment income (1) 1,931,618 –87,832 Write-downs of financial assets (2) –401,482 –1,181,823 Net interest income/expense (3) –973 837 Sales revenue (4) 13,134 13,795 Cost of sales –15,197 –13,684 Gross profit –2,063 111 General and administrative expenses (5) –135,046 –145,203 Other operating income (6) 23,475 1,703 Other operating expenses (7) –28,936 –2,748,052 Income taxes (8) 17,339 –1,044 Profit/loss after tax 1,403,932 –4,161,303 Profit transferred / loss absorbed on the basis of a domination and profit and loss transfer agreement (9) –1,403,932 4,161,303 Net income for the fiscal year – – Withdrawal from capital reserves 600,000 3,250,000 Income from capital reduction 16,000,000 – Transfer to the free capital reserves in accordance with provisions governing ordinary capital reductions –16,000,000 – Net retained profit 600,000 3,250,000 TRATON GROUP Annual Financial Statements 2019 4 3 Annual Financial Statements of TRATON SE 43 Combined Management Report 44 Further Information Balance Sheet as of December 31, 2019 € thousand Note Dec. 31, 2019 Dec. 31, 2018 Assets Intangible assets 200 176 Property, plant, and equipment 1,277 1,312 Financial assets 20,583,777 19,090,719 Fixed assets (10) 20,585,254 19,092,207 Receivables and other assets (11) 3,717,629 6,784,016 Bank balances 270 6 Current assets 3,717,899 6,784,022 Deferred income and prepaid expenses 152 103 24,303,305 25,876,333 Equity and liabilities Subscribed capital 500,000 10,000 Common shares 500,000,000 10,000,200 Contingent capital in € thousand 50,000 – Capital reserves 20,241,380 21,331,380 Net retained profit 600,000 3,250,000 Equity (12) 21,341,380 24,591,380 Provisions for pensions 2,041 59 Other provisions 12,850 710,029 Provisions (13) 14,891 710,088 Liabilities to banks 0 33 Other liabilities 2,947,034 574,831 Total liabilities (14) 2,947,034 574,864 24,303,305 25,876,333 TRATON GROUP Annual Financial Statements 2019 5 3 Annual Financial Statements of TRATON SE 43 Combined Management Report 44 Further Information NOTES Accounting Policies Intangible assets Purchased intangible assets are recognized at cost and amortized over their useful Basis of Presentation life (generally three to five years) on a straight-line basis. TRATON SE is domiciled in Munich, Germany, and entered in the commercial reg- Property, plant, and equipment ister at Munich Local Court under no. HRB 246068. On the basis of the resolution Property, plant, and equipment are carried at cost less depreciation and, in some of December 14, 2018, TRATON AG changed its legal form to become a European cases, write-downs. stock corporation (Societas Europaea / SE). This change took effect on January 17, 2019, when it was entered in the commercial register. The annual financial state- Buildings on third-party land are depreciated on a straight-line basis over their ments of TRATON SE for the fiscal year from January 1 through December 31, 2019, rental term. Movable items of property, plant, and equipment are generally depre- have been prepared in accordance with the provisions of the Handelsgesetzbuch ciated over 13 years. (HGB — German Commercial Code) and the SE Regulation, in conjunction with the Aktiengesetz (AktG — German Stock Corporation Act). Low-value movable assets used by the Company that are subject to wear and tear are recognized immediately as expenses or capitalized and written off in the year To enhance clarity, individual items in the balance sheet and income statement of acquisition. have been combined. These items are disclosed separately in the notes to the finan- cial statements. All figures shown have been rounded so minor discrepancies may Write-downs are recognized if impairment is expected to be permanent. arise from addition of these amounts. Financial assets The income statement has been prepared using the cost of sales method. Shares in affiliated companies and other equity investments are measured at the lower of cost or their net realizable value. As of the reporting date of December 31, 2019, TRATON SE was an 89.72%-owned direct subsidiary of Volkswagen Finance Luxemburg S.A., Luxembourg, a wholly Loans are recognized at the lower of their nominal amount or present value on the owned subsidiary of Volkswagen Aktiengesellschaft, Wolfsburg, Germany reporting date. (Volkswagen AG). TRATON SE is included in the consolidated financial statements of Volkswagen AG which are published in the Bundesanzeiger. Write-downs are recognized if impairment is expected to be permanent. In accor- dance with the requirement for write-downs to be reversed, if the reasons for per- On April 29, 2014, the shareholders’ meeting of Truck & Bus GmbH (now: TRATON SE) manent impairment no longer apply, the write-down is reversed, but not beyond approved the amendment of the domination and profit and loss transfer agreement cost. concluded between TRATON SE and Volkswagen AG on February 3, 2004. The amended domination and profit and loss transfer agreement was entered in the commercial register of the company on December 12, 2014. This domination and profit and loss transfer agreement ended by law at midnight on December 31, 2019, in accordance with section 307 of the AktG. TRATON GROUP Annual Financial Statements 2019 6 3 Annual Financial Statements of TRATON SE 43 Combined Management Report 44 Further Information Current assets Pension provisions are reduced by the fair value of the assets used to cover the Receivables and other assets are carried at their principal amounts. Appropriate benefit obligations. See also “Offset of assets and liabilities, and of income and loss allowances are recognized for identifiable individual risks. expenses.” Bank balances are carried at their nominal amount. Miscellaneous provisions, liabilities Miscellaneous provisions relate to uncertain liabilities. Measurement ensures that Deferred taxes they take account of all identifiable risks, taking into consideration future price and Deferred taxes are only recognized if accounting differences result in a surplus of cost increases. Provisions with a maturity of more than one year are discounted on liabilities over assets, after taking into account applicable loss and interest carry- the basis of their remaining maturity. forwards, and an overall tax expense is expected in future fiscal years. In this, accounting differences relating to companies in the tax group are included insofar Liabilities are recognized at their settlement amount. as it is assumed that future tax income and expense will result from the reversal of temporary differences at TRATON SE as the head of the tax group. Currency translation Receivables and liabilities denominated in foreign currencies and hedged are mea- Deferred tax assets and liabilities are measured using the applicable corporation sured at the hedged rate. Miscellaneous current foreign currency receivables and tax and trade tax rates for the TRATON tax entity (32.98%). liabilities are translated at the average exchange rate on the reporting date. Mis- cellaneous noncurrent foreign currency receivables and liabilities are translated at Offset of assets and liabilities, and of income and expenses the exchange rate on the date of recognition, or, in the case of receivables, at the Assets solely earmarked for meeting pension obligations and that are protected lower exchange rate applicable on the reporting date, or, in the case of liabilities, from all other creditors are recognized at fair value. Income and expenses relating the higher exchange rate applicable on the reporting date. to these assets are offset against the expense for the unwinding of interest for the corresponding obligation and recognized in net interest income/expense. These Derivatives assets are offset against the underlying obligation. If the fair value of these assets TRATON SE uses derivatives exclusively for hedging purposes. Provided the neces- exceeds the amount of liabilities, the excess amount must be recognized as “excess sary criteria are met, the derivative is combined with the hedged item as a micro arising from the offset of assets and liabilities.” If liabilities exceed assets, the dif- hedge. For certain micro hedges, the offsetting changes in the value of the hedged ference is recognized as a provision. item and the hedging instrument due to the hedged risk are recognized on the balance sheet (gross presentation method). In other cases, the offsetting changes Pensions and similar obligations in the value of the hedged item and the hedging instrument due to the hedged Pension obligations are calculated using the projected unit credit method.