ANNUAL REPORT 2017 ANNUAL REPORT 2017 3 2017 CONTENTS Board of Directors ................................................................................................................................................................................................. 6 1. Basic financial figures ................................................................................................................................................................................... 7 1.1. Concised Financial Figures ..................................................................................................................................................................... 8 1.2. Concised Consolidated Financial Figures ............................................................................................................................................ 9 1.3 The Group ................................................................................................................................................................................................ 10 2. Hertz – a Brief history ................................................................................................................................................................................. 11 3. Line of Business ............................................................................................................................................................................................ 12 3.1. Definitions ............................................................................................................................................................................................... 12 4. Human Resources ......................................................................................................................................................................................... 13 5. Data of the company share ........................................................................................................................................................................ 14 ANNUAL REPORT .......................................................................................................................................................................................... 15 6. Board of Directors´ Report ......................................................................................................................................................................... 16 7. ANNUAL FINANCIAL STATEMENTS & CONCISE SUMMARY ................................................................................................................. 45 7.1 Concise financial statements and information of the period 01.01.2017 - 31.12.2017 ........................................................ 45 7.2 Annual Financial statements AUTOHELLAS ................................................................................................................................ 46 7.2.1 Balance Sheet Company – 12months ......................................................................................................................................... 46 7.2.2 Income Statement Company -12months ................................................................................................................................... 47 7.2.3 Statements of changes in equity Company – 12months ......................................................................................................... 48 7.2.4 Cash flow statement Company .................................................................................................................................................... 49 7.2.5 Balance Sheet Group - 12months ................................................................................................................................................ 50 7.2.6 Income statements Group -12months ....................................................................................................................................... 51 7.2.7 Statements of changes in equity Group – 12months .............................................................................................................. 52 7.2.8 Cash flow statement Group - 12months .................................................................................................................................... 53 7.2.9 Additional Information ................................................................................................................................................................. 54 7.2.10 Events occurred after the publication of the balance sheet .................................................................................................... 55 7.2.11 Auditors´ Report ............................................................................................................................................................................ 56 7.2.12 Notes to the financial statements ............................................................................................................................................... 57 1. General Information .............................................................................................................................................................. 59 2. Group Structure ..................................................................................................................................................................... 59 3. Significant Accounting Policies ............................................................................................................................................ 60 4. Capital Management ............................................................................................................................................................. 67 5. Tangible Assets ....................................................................................................................................................................... 69 6. Intangible Assets .................................................................................................................................................................... 71 7. Investment in Property ......................................................................................................................................................... 71 8. Investment in Subsidiaries .................................................................................................................................................... 71 9. Investment in Associates / Joint Ventures .......................................................................................................................... 74 10. Available for sale financial assets.......................................................................................................................................... 78 11. Inventories ............................................................................................................................................................................... 79 12. Trade and other receivables .................................................................................................................................................. 79 13. Advance payments ................................................................................................................................................................ 80 14. Cash and cash Equivalents .................................................................................................................................................... 81 15. Share Capital and Capital Premium ..................................................................................................................................... 81 4 CONTENTS 16. Reserves ................................................................................................................................................................................... 81 17. Trade and other liabilities ..................................................................................................................................................... 82 18. Borrowings ............................................................................................................................................................................... 82 19. Deferred Tax ............................................................................................................................................................................ 83 20. Staff leaving indemnity obligations .................................................................................................................................... 85 21. Sales and other operating income ....................................................................................................................................... 86 22. Employee Benefits .................................................................................................................................................................. 87 23. Depreciation for tangible / intangible assets ..................................................................................................................... 87 24. Cost Allocation ......................................................................................................................................................................