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Geschäftsbericht 2019 RENK Aktiengesellschaft
EmpowERiNG FoRcEs.
Interim Consolidated Financial Statements as of March 31, 2020
RENK Aktiengesellschaft
Interim Consolidated Financial
Statements as of March 31, 2020
(Condensed Version)
Contents
Consolidated Income Statement 2
Reconciliation to Total Comprehensive Income for the Period 3
Consolidated Statement of Financial Position 4
Consolidated Statement of Changes in Equity 5
Consolidated Statement of Cash Flows 6
Notes to the Condensed Interim Consolidated Financial Statements 7
Notes to the Consolidated Income Statement 9
Notes to the Consolidated Statement of Financial Position 11
Other Disclosures 14
Responsibility statement 23
2RENK Group – Interim Consolidated Financial Statements March 31, 2020
Consolidated Income Statement
€ thousand Note
2020
01.01.-31.03.
2019
01.01.-31.03.
Sales revenue [5] 113,367 96,492
Cost of sales (91,419) (78,554)
Gross profit 21,948 17,938
Other operating income [6] 2,598 645
Net allowances on financial assets 605 254
Distribution expenses (10,461) (9,653)
General administrative expenses (6,916) (5,470)
Other operating expenses [7] (3,988) (1,908)
Operating profit 3,785 1,806
Interest expenses1) (338) (332)
Other financial result (38) 232
Financial result (376) (100)
Profit before taxes 3,410 1,706
Income tax expense (1,016) (529)
Profit after tax (share of RENK shareholders) 2,394 1,177
Earnings per share in € (basic and diluted) [8] 0.35 0.17
1) Includes interest expense from lease liabilities of € 31 thousand (March 31, 2019: € 26 thousand).
Reconciliation to Total Comprehensive Income for the Period
€ thousand 2020
01.01.-31.03.
2019
01.01.-31.03.
Profit after tax 2,394 1,177
Items not reclassified to profit or loss
Remeasurement of pension plans1) (707) 3,685
Deferred taxes1) (105) (1,067)
(812) 2,617
Items reclassified to profit or loss in the future
Currency translation differences1) (1,187) 389
(1,187) 389
Other comprehensive income for the period (1,999) 3,006
Total comprehensive income 395 4,183
1) No deferred taxes relate to currency translation differences.
4RENK Group – Interim Consolidated Financial Statements March 31, 2020
Consolidated Statement of Financial Position
Assets
€ thousand Note Mar. 31, 2020 Dec. 31, 2019
Intangible assets 40,777 42,287
Property, plant and equipment [9] 243,429 241,703
Other and financial investments [10] 15,370 15,370
Deferred tax assets 11,501 9,606
Other noncurrent financial assets [13] 851 860
Other noncurrent receivables [13] 8 29
Noncurrent assets 311,936 309,855
Inventories [11] 253,444 230,432
Trade receivables [12] 95,960 135,197
Contract assets 2,528 4,308
Current income tax receivables 2,654 2,418
Other current financial assets [13] 38,753 22,997
Other current receivables [13] 7,368 7,128
Cash and cash equivalents 116,781 102,476
Current assets 517,487 504,956
829,424 814,811
Equity and liabilities
€ thousand Note Mar. 31, 2020 Dec. 31, 2019
Subscribed capital 17,920 17,920
Capital reserves 10,669 10,669
Retained earnings 463,515 461,121
Accumulated other comprehensive income (8,010) (6,011)
Equity 484,094 483,699
Noncurrent financial liabilities 5,044 5,181
Pension provisions 10,530 14,233
Deferred tax liabilities 7,688 9,229
Contract liabilities, noncurrent [15] 66,536 73,450
Other noncurrent provisions [14] 11,471 11,262
Other noncurrent financial liabilities 1,904 1,038
Other noncurrent liabilities 0 25
Noncurrent liabilities and provisions 103,172 114,418
Current financial liabilities 1,354 1,284
Effective income tax liabilities 2,851 2,890
Trade payables 37,838 41,235
Contract liabilities, current [15] 111,976 94,814
Current income tax payables 996 976
Other current provisions [14] 43,622 43,954
Other current financial liabilities 5,874 2,106
Other current liabilities 37,648 29,435
Current liabilities and provisions 242,159 216,694
829,424 814,811
Consolidated Statement of Changes in Equity
€ thousand Subscribed
capital
Capital
reserves
Retained
earnings
Other
compre-
hensive
income
for the
period
Currency
translation
Total
As of Jan. 1, 2019 17,920 10,669 431,910 (15,173) 4,609 449,935
Profit after tax – – 1,177 – – 1,177
Other comprehensive
income for the period – – – 2,617 389 3,006
Total comprehensive
income – – 1,177 2,617 389 4,183
As of Mar. 31, 2019 17,920 10,669 433,087 (12,556) 4,998 454,118
As of Jan. 1, 2020 17,920 10,669 461,121 (12,291) 6,280 483,699
Profit after tax – – 2,394 – 2,394
Other comprehensive
income for the period – – – (812) (1,187) (1,999)
Total comprehensive
income – – 2,394 (812) (1,187) 395
As of Mar. 31, 2020 17,920 10,669 463,515 (13,103) 5,093 484,094
6RENK Group – Interim Consolidated Financial Statements March 31, 2020
Consolidated Statement of Cash Flows
€ thousand 2020 2019
Cash and cash equivalents on Jan. 1 102,476 185,700
Profit before taxes 3,410 1,706
Income taxes paid (4,474) 2,058
Depreciation, amortization and impairment losses on intangible assets
and property, plant and equipment 5,993 4,838
Change in provisions for pension obligations (4,384) (3,411)
Gains/losses from asset disposals (81) (3)
Other non-cash expenses and income 1,578 1,252
Change in inventories (22,634) (24,195)
Change in receivables and contract assets 25,006 26,648
Change in (contract) liabilities 17,817 5,282
Change in other provisions (222) (1,680)
Cash flows from operating activities 22,009 12,495
Payments to acquire property, plant and equipment and intangible
assets (7,915) (5,215)
Proceeds from asset disposals 173 90
Cash flows from investing activities (7,742) (5,125)
Change in financial liabilities 19 –
Lease payment (304) (189)
Cash flows from financing activities (285) (189)
Effect of exchange rate changes on cash and cash equivalents 323 177
Change in cash and cash equivalents 14,305 7,358
Cash and cash equivalents on March 31 116,781 193,058
Investments in loans 320 –
Gross liquidity on March 31 117,101 193,058
Financial liabilities (6,397) (5,043)
Net liquidity on March 31 110,704 188,015
Notes to the Condensed Interim Consolidated Financial Statements
(1) General principles
In accordance with Regulation 1606/2002 of the European Parliament and of the
Council, RENK Aktiengesellschaft (RENK AG), Augsburg, prepared its consolidated fi-
nancial statements for 2019 in accordance with the International Financial Reporting
Standards (IFRS) endorsed by the European Union.
These condensed interim consolidated financial statements of RENK AG as of
March 31, 2020 were prepared in accordance with IAS 34 “Interim Financial Reporting”
and do not contain all the information and disclosures in the notes that are required
for consolidated financial statements as of the end of the fiscal year in accordance
with IFRS, but rather should be read in conjunction with the IFRS consolidated finan-
cial statements published by the company for fiscal year 2019. The information in the
notes presents the material circumstances needed in order to understand the changes
in the net assets, financial position and results of operations of the RENK Group that
have taken effect since December 31, 2019.
The interim consolidated financial statements have been prepared in euro, the func-
tional currency of the RENK Group. All amounts have been rounded in line with com-
mercial practice; this can result in minor deviations in the addition of figures.
(2) Accounting policies
RENK has implemented all for the group relevant financial reporting standards en-
dorsed by the EU, that have been effective for financial periods since January 1, 2020.
Unless any changes are explicitly stated, the accounting policies used in the con-
densed interim consolidated financial statements are the same as those used in the
last consolidated financial statements as of the end of fiscal year 2019. A detailed de-
scription of these methods can be found in the notes to the consolidated financial
statements as of December 31, 2019.
A discount rate of 1.60% was used to calculate pension provisions in these interim fi-
nancial statements.
The income tax expense in these interim consolidated financial statements is calcu-
lated on the basis of the effective income tax rate anticipated for the year as a whole.
In the opinion of the Executive Board, these condensed interim consolidated financial
statements contain all the normal adjustments required for an appropriate presenta-
tion of the net assets, financial position and results of operations. The results for the
first three months of fiscal year 2020 do not necessarily provide any indication of fu-
ture business performance.
8RENK Group – Interim Consolidated Financial Statements March 31, 2020
The Executive Board must make assumptions and estimates in preparing the con-
densed interim consolidated financial statements. These affect the amounts and re-
porting of the figures stated for assets, liabilities, income and expenses for the report-
ing period. The actual amounts incurred can differ from these estimates. In addition
to the figures, the condensed interim consolidated financial statements also include
notes on selected items.
(3) Significant events
Following the expiry of the service agreements with MAN SE as of March 31, 2020,
which were entered into after the RENK Group left the MAN Group, the financial man-
agement of the RENK Group is performed by RENK AG’s central Treasury function. In
this context, RENK’s inclusion in the central cash pooling of the MAN Group was
ended and hedges entered into for RENK were transferred to RENK AG.
Due to RENKs business model the COVID-19 pandemic has so far had only a minor ef-
fect of RENK’s financial position and results of operations in the first quarter. Intangi-
ble assets, in particular goodwill, and property, plant and equipment were tested for
possible impairment as of March 31, 2020. As RENK currently assumes that the pan-
demic will be a temporary phenomenon that will not have a lasting negative impact
on the Group’s long-term business performance, various scenarios have been devel-
oped for 2020 in a departure from the last approved planning. The weighted average
cost of capital (WACC) was also adjusted as of March 31, 2020. Overall, testing did not
give rise to any impairment loss on assets.
(4) Basis of consolidation
In addition to RENK AG, which is domiciled in Augsburg and with Augsburg Local
Court under HRB 6193, the condensed interim consolidated financial statements as of
March 31, 2020 include the following wholly owned subsidiaries:
RENK France S.A.S., Saint-Ouen-l’Aumône, France
RENK Corporation, Duncan (SC), USA
RENK Test System GmbH, Augsburg
RENK-MAAG GmbH, Winterthur, Switzerland
RENK Systems Corporation, Camby (IN), USA
Horstman Holdings Limited, Bath, UK
Horstman Defence Systems Limited, Bath, UK
Horstman Inc., Sterling Heights (MI), USA
Notes to the Consolidated Income Statement
(5) Sales revenue
€ thousand 2020
01.01.-
31.03.
2019
01.01.-
31.03.
Germany 28,390 29,275
Other EU countries 34,571 28,401
Asia 29,765 24,730
Americas 14,451 6,911
Other European countries 5,443 4,763
Africa 589 1,561
Australia and Oceania 158 850
113,367 96,492
(6) Other operating income
€ thousand 2020
01.01.-31.03.
2019
01.01.-31.03.
Earnings from costs charged on 1,100 –
Income from currency translation differences and derivatives 1,041 278
Income from reversal of provisions 89 227
Miscellaneous other income 368 141
2,598 645
Income from exchange rate changes and derivatives firstly includes gains from ex-
change rate changes between the origination and payment date of receivables and lia-
bilities in foreign currency and realized and unrealized price gains from the measure-
ment of derivatives at the closing rate.
Income from costs charged on include costs passed on for consulting services and in-
ternal costs in connection with the disposal of the equity investment in RENK AG by
the Volkswagen Group.
10RENK Group – Interim Consolidated Financial Statements March 31, 2020
(7) Other operating expenses
€ thousand 2020
01.01.-31.03.
2019
01.01.-31.03.
Expenses from currency translation differences and derivatives 2,703 1,726
Expenses from costs charged on 901 –
Miscellaneous other expenses 384 181
3,988 1,908
Expenses from exchange rate changes and derivatives firstly include losses from ex-
change rate changes between the origination and payment date of receivables and lia-
bilities in foreign currency and realized and unrealized price losses from the measure-
ment of derivatives at the closing rate.
Expenses from costs charged on comprise consulting services in connection with the
disposal of the equity investment in RENK AG by the Volkswagen Group.
(8) Earnings per share
2020
01.01.-31.03.
2019
01.01.-31.03.
Profit after tax in € thousand 2,394 1,177
Weighted average shares outstanding (in thousands) 6,800 6,800
Earnings per share in € 0.35 0.17
In accordance with IAS 33, earnings per share are calculated from the consolidated
profit after tax and the average number of shares outstanding in the period. There
were no financial instruments as of either March 31, 2020 or March 31, 2019 that would
dilute earnings per share.
Notes to the Consolidated Statement of Financial Position
(9) Property, plant and equipment
€ thousand Mar. 31, 2020 Dec. 31, 2019
Land and buildings 89,645 85,212
Technical equipment and machinery 112,680 117,477
Other equipment, operating and office equipment 15,854 15,602
Prepayments and assets under construction 25,249 23,412
243,429 241,703
The right-of-use assets from leases are included in land and buildings in the amount
of € 5,883 thousand (December 31, 2019: € 6,005 thousand) and in other equipment,
operating and office equipment in the amount of € 351 thousand (December 31, 2019:
€ 305 thousand).
(10) Other and financial investments
There were no changes in other and financial investments in the first quarter of fiscal
year 2020.
The subsidiary Horstman Systems Inc., Woodbridge, Canada, was classified as a finan-
cial investment in fiscal year 2019 in conjunction with the acquisition of the Horst-
man Group. Owing to its ongoing loss situation, it was measured at a cost of zero in fi-
nal purchase price allocation.
The subsidiary RENK Holding Canada Inc., Toronto, Canada, which was founded in fis-
cal year 2019 and is not consolidated, was recognized at a cost of € 2,067 thousand.
(11) Inventories
€ thousand Mar. 31, 2020 Dec. 31, 2019
Raw materials, consumables and supplies 40,742 41,105
Finished goods and work in progress 210,543 186,724
Prepayments for inventories 2,158 2,603
253,444 230,432
Inventories were written down by € 1,066 thousand as of March 31, 2020
(March 31, 2019: € 579 thousand).
12RENK Group – Interim Consolidated Financial Statements March 31, 2020
(12) Trade receivables
€ thousand Mar. 31, 2020 Dec. 31, 2019
Customer receivables 89,474 126,789
Receivables from affiliated companies 6,486 8,408
95,960 135,197
(13) Other noncurrent and current assets and receivables
€ thousand Mar. 31,
2020
Dec. 31, 2
019
Customer prepayment receivables 33,443 20,967
Receivables from costs charged on 3,215 1,632
Prepaid expenses 2,829 2,391
Other tax assets 2,391 931
Commission claims 1,930 2,025
Receivables from suppliers 1,141 935
Refund claims 531 513
Derivative financial instruments 191 106
Miscellaneous other assets 1,310 1,514
46,980 31,014
Receivables from costs charged on comprise the costs passed on to Volkswagen AG for
the consulting services and internal cost related to preparing the disposal of the eq-
uity investment to RENK AG by the Volkswagen Group.
Other assets and receivables include noncurrent amounts of € 859 thousand as of
March 31, 2020 (December 31, 2019: € 889 thousand).
(14) Other provisions
€ thousand Mar. 31, 2020 Dec. 31, 2019
Warranties 32,411 33,348
Obligations to employees 9,702 9,930
Outstanding costs 5,471 4,831
Miscellaneous other provisions 7,508 7,108
55,092 55,217
Other provisions break down according to maturity as follows:
€ thousand Mar. 31, 2020 Dec. 31, 2019
Other noncurrent provisions 11,471 11,262
Other current provisions 43,622 43,954
55,092 55,217
(15) Contract liabilities
€ thousand Mar. 31, 2020 Dec. 31, 2019
Contract liabilities, noncurrent 66,536 73,450
Contract liabilities, current 82,120 74,950
Liabilities from customer prepayment receivables1) 29,856 19,864
178,511 168,264
1) The net figures as of March 31, 2020 and December 31, 2019 contain only current amounts.
14RENK Group – Interim Consolidated Financial Statements March 31, 2020
Other Disclosures
(16) Contingent liabilities
€ thousand Mar. 31, 2020 Dec. 31, 2019
Contingent liabilities 26 27
26 27
(17) Fair value disclosures
The RENK Group classifies financial instruments as follows:
financial instruments at fair value;
financial instruments at amortized cost; and
financial instruments not assigned to an IFRS 9 measurement category.
The fair values were calculated based on the market conditions at the end of the re-
porting period and using generally accepted measurement methods. These are the
prices at which one party would assume the rights or obligations from these financial
instruments from an independent third party. The inputs for measuring fair value are
largely unchanged compared to December 31, 2019. No significant influences from the
Covid-19-pandemic had to be taken into account.
Fair value hierarchy
The classification and reporting of the fair values of financial instruments are based
on a fair value hierarchy that reflects the significance of the inputs used for measure-
ment and breaks down as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are observable for
an asset or liability either directly (as a price) or indirectly (derived from
prices). The fair values of level 2 financial instruments are calculated based on
the conditions at the end of the reporting period, such as interest rates or ex-
change rates, and using recognized models, such as discounted cash flow
models or option pricing models.
Level 3: Inputs used for the measurement of the asset or liability not based on observ-
able market data (unobservable inputs).
There were no reclassifications between levels 1 and 2 and no reclassifications into or
out of level 3 as of March 31 in the 2020 and 2019 reporting periods.
RENK Group – Interim Consolidated Financial Statements 2020
15
The following table shows the classes of financial instruments included in statement
of financial position items, broken down by the carrying amounts and fair values of
financial instruments, and their allocation to the measurement categories as of
March 31, 2020:
€ thousand At fair value
Through
other
comprehensiv
e income1)
Through
profit or loss2)
At amortized cost3) Not assigned
to an IFRS 9
measurement
category
Statement of
financial
position item
as of
March 31, 202
0
Carrying
amount
Carrying
amount
Carrying
amount
Fair value Carrying
amount
Noncurrent assets
Other and financial
investments 2,975 – – – 12,395 15,370
Other financial assets – – 851 851 – 851
Current assets
Trade receivables – – 95,960 95,960 – 95,960
Contract assets – – – – 2,528 2,528
Other financial assets – 191 38,562 38,562 – 38,753
Cash and cash
equivalents – – 116,781 116,781 – 116,781
Noncurrent liabilities
Noncurrent financial
liabilities – – 5,044 5,044 – 5,044
Other financial liabilities – 1,897 7 7 – 1,904
Current liabilities
Current financial liabilities – – 1,354 1,354 – 1,354
Trade payables – – 37,838 37,838 – 37,838
Other financial liabilities – 1,627 4,248 4,248 – 5,874
1) Corresponds to the measurement category “Financial assets measured at fair value through other comprehensive
income” under IFRS 9.
2) Corresponds to the measurement category “Financial assets measured at fair value through profit or loss” under
IFRS 9.
3) Corresponds to the measurement category “Financial instruments measured at amortized cost” under IFRS 9.
16RENK Group – Interim Consolidated Financial Statements March 31, 2020
The following table shows the classes of financial instruments included in statement
of financial position items, broken down by the carrying amounts and fair values of
financial instruments, and their allocation to the measurement categories as of De-
cember 31, 2019:
€ thousand At fair value
Through
other
comprehensiv
e income1)
Through
profit or loss2) At amortized cost3)
Not assigned
to an IFRS 9
measurement
category
Statement of
financial
position item
as of
December 31,
2019
Carrying
amount
Carrying
amount
Carrying
amount
Fair value Carrying
amount
Noncurrent assets
Other and financial
investments 2,975 – – – 12,395 15,370
Other financial assets – 5 855 855 – 860
Current assets
Trade receivables – – 135,197 135,197 – 135,197
Contract assets – – – – 4,308 4,308
Other financial assets – – 22,997 22,997 – 22,997
Cash and cash
equivalents – – 102,476 102,476 – 102,476
Noncurrent liabilities
Noncurrent financial
liabilities – – 5,181 5,181 – 5,181
Other financial liabilities – 1,038 – – – 1,038
Current liabilities
Current financial liabilities – – 1,284 1,284 – 1,284
Trade payables – – 41,235 41,235 – 41,235
Other financial liabilities – 830 1,277 1,277 – 2,106
1) Corresponds to the measurement category “Financial assets measured at fair value through other comprehensive
income” under IFRS 9.
2) Corresponds to the measurement category “Financial assets measured at fair value through profit or loss” under
IFRS 9.
3) Corresponds to the measurement category “Financial instruments measured at amortized cost” under IFRS 9.
RENK Group – Interim Consolidated Financial Statements 2020
17
Cash and cash equivalents, trade receivables, other financial assets, financial liabilities,
trade payables and miscellaneous financial liabilities predominantly have a short re-
maining term. Their carrying amounts as of the end of the reporting period therefore
approximately match their fair value.
The future cash flows for derivative financial instruments without option compo-
nents, such as currency forwards, are calculated using forward curves. The fair value of
these instruments is the total of the discounted cash flows. The options on currency
pairs are measured on the basis of standard option pricing models (Black-Scholes
model).
Financial assets at fair value through other comprehensive income include equity
shares of € 2,975 thousand for which the RENK Group exercises the option for meas-
urement at fair value through other comprehensive income. In the context of recogni-
tion through other comprehensive income, the changes in fair value are recognized in
equity after taking deferred taxes into account. A change in the significant, unobserva-
ble inputs has no significant effect on equity or profit after tax, either in isolation or
combination.
Financial assets and liabilities measured at fair value are level 2 of the fair value hierar-
chy with the exception of the other equity investment, which is level 3.
18RENK Group – Interim Consolidated Financial Statements March 31, 2020
(18) Segment reporting
The activities of the RENK Group are divided into the reportable segments Special
Gear Units, Vehicle Transmissions, Standard Gear Units and Slide Bearings. The man-
agement of each of these segments reports directly to the Executive Board of RENK AG
in its function as the responsible chief operating decision maker.
The financial performance indicators for segments are sales revenue, operating profit
and operating return on sales. The operating return on sales is the ratio of the operat-
ing profit generated to sales revenue. The non-financial performance indicator is order
intake as measured by reference to binding incoming orders.
The RENK Group typically recognizes revenue at a point in time. The Vehicle Transmis-
sions segment includes revenue recognized over a period of time of € 3,518 thousand
(previous year: € 3,145 thousand).
€ thousand Special Gear Units Vehicle Transmissions
Reporting period January 1 to March 31 2020 2019 2020 2019
Order intake from third parties 113,811 40,575 25,192 30,967
Order intake from other segments 1,544 840 252 516
Total order intake 115,355 41,415 25,444 31,483
Sales revenue with third parties 23,775 22,185 50,977 36,905
Sales revenue with other segments 680 286 249 516
Total sales revenue 24,455 22,471 51,226 37,421
Order backlog1) 360,407 269,451 447,743 473,979
Operating profit (5,809) (6,923) 6,547 5,897
Capital expenditures 2,277 2,257 3,982 2,245
Depreciation and amortization 2,197 2,056 2,375 1,412
Operating return on sales (23.8)% (30.8)% 12.8% 15.8%
1) As of March 31, 2020, as against December 31, 2019.
RENK Group – Interim Consolidated Financial Statements 2020
19
Segment information is determined applying the same accounting policies as those
used in the preparation of the consolidated financial statements. The composition of
the segments is unchanged as against December 31, 2019; please see the correspond-
ing comments in the 2019 consolidated financial statements.
Transactions between segments are performed on an arm’s length basis.
Standard Gear Units Slide Bearings Consolidation Group
2020 2019 2020 2019 2020 2019 2020 2019
15,980 14,952 23,504 23,850 0 – 178,487 110,344
1,516 873 59 39 (3,371) (2,267) – –
17,496 15,825 23,563 23,889 (3,371) (2,267) 178,487 110,344
15,570 17,811 23,045 19,591 – – 113,367 96,492
998 607 138 1,137 (2,064) (2,546) – –
16,569 18,418 23,183 20,728 (2,064) (2,546) 113,367 96,492
55,407 54,545 31,705 31,267 (9,773) (8,463) 885,489 820,779
(148) 671 3,193 2,145 2 16 3,785 1,806
1,307 263 463 469 – – 8,029 5,234
831 835 610 555 (20) (20) 5,993 4,838
(0.9)% 3.6% 13.8% 10.3% (0.1)% (0.6)% 3.3% 1.9%
20RENK Group – Interim Consolidated Financial Statements March 31, 2020
Segment information by region
€ thousand
Germany
Rest of
Europe
Other
regions Total
2020
Sales revenue 28,390 40,013 44,963 113,367
Payments to acquire property, plant and
equipment and intangible assets 7,444 564 21 8,029
2019
Sales revenue 29,275 33,164 34,053 96,492
Payments to acquire property, plant and
equipment and intangible assets 4,954 278 2 5,234
RENK Group – Interim Consolidated Financial Statements 2020
21
(19) Related party disclosures
On January 30, 2020, Volkswagen Vermögensverwaltungs-GmbH, Wolfsburg, entered
into a share purchase agreement with Rebecca BidCo GmbH (formerly: SCUR-Alpha
1138 GmbH) to acquire a total of 5,320,000 shares in RENK AG (representing 76% of
share capital and voting rights). Rebecca BidCo GmbH (formerly: SCUR-Alpha 1138
GmbH) is held by Triton Investment Management Limited’s “Triton V” fund.
The share purchase agreement is subject to merger control, other official approvals
and certain other conditions, and has not yet been executed as of March 31, 2020.
There were no significant changes with regard to related parties as compared to the
consolidated financial statements as of December 31, 2019.
There was no exchange of goods or services with the parent company of Volkswagen
Vermögensverwaltungs-GmbH in the period from January 1 to March 31, 2020 or 2019.
The services provided to and received from related parties in the period from January 1
to March 31 in 2020 and 2019 were as follows:
€ thousand Services rendered (income) Services received (expense)
2020 2019 2020 2019
Companies of the Volkswagen
Vermögensverwaltungs Group,
Volkswagen and Porsche Group 6,175 5,121 952 1,334
Unconsolidated subsidiaries and other
equity investments 1,729 1,506 525 509
There were the following receivables from and liabilities to related parties as of
March 31, 2020 and December 31, 2019:
€ thousand Receivables Liabilities
2020 2019 2020 2019
Companies of the Volkswagen
Vermögensverwaltungs Group,
Volkswagen and Porsche Group 8,197 106,105 2,600 4,444
Unconsolidated subsidiaries and other
equity investments 2,109 2,747 688 996
RENK AG has assumed guarantees of € 24 thousand for customers of its non-consoli-
dated subsidiaries.
22RENK Group – Interim Consolidated Financial Statements March 31, 2020
As a result of the end of cash pooling with MAN SE, there are no financial manage-
ment receivables from MAN SE as of March 31, 2020 (December 31, 2019:
€ 98,666 thousand).
(20) Changes in the Supervisory Board
The members of the Supervisory Board Ms. Karina Schnur and Mr. Roberto Armellini
resigned effective December 31, 2019. The Augsburg Local Court (court of registration)
appointed Ms. Angela Steinecker and Mr. Sascha Dudzik as their successors effective
January 29, 2020.
(21) Events after the end of the reporting period
There were no reportable events after March 31, 2020.
RENK Group – Interim Consolidated Financial Statements 2020
23
Responsibility statement
To the best of our knowledge, and in accordance with the applicable reporting princi-
ples for interim financial reporting, the condensed interim consolidated financial
statements give a true and fair view of the assets, liabilities, financial position and
profit or loss of the Group, together with a description of the principal opportunities
and risks associated with the expected development of the Group for the remaining
months of the fiscal year.
Augsburg, June 24, 2020
RENK Aktiengesellschaft
The Executive Board
Florian Hofbauer Christian Hammel
Financial diary at: www.renk-ag.com
Geschäftsbericht 2019 RENK Aktiengesellschaft
EmpowERiNG FoRcEs.
RENK Aktiengesellschaft
Goegginger Str. 7386159 AugsburgTelephone: +49 821 5700-0Fax: +49 821 5700-460
www.renk-ag.com