Post on 20-Mar-2020
Independent Motor Vehicle Trading Group
AVAG Holding SE is one of the leading independent motor vehicle trading groups in
Germany. As of August 31, 2016, there were a total of 38 domestic and 16 foreign
commercial operations in 161 locations throughout Europe, all under the umbrella of
the operational management and financial holding company based at our Augsburg
headquarters. The three intermediate holding companies DIO, DIA and AVI, which are
divided according to manufacturer and region, coordinate the commercial activities.
AVAG Holding SE has a majority stake in automotive trading operations in Germany,
Austria, Croatia, Serbia, Poland and Hungary. In addition, AVAG Holding SE’s numerous
experts support the local trading operations in their operational business activities and
relieve them from administrative burdens and activities that do not directly add value.
A N N U A L R E P O R T20162015
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Map of Operating Locations
Operating Locations of AVAG Holdings SE as of 08/2016
Schwedt
BerlinWarsaw
Göttingen Halle
Dresden
Chemnitz
Hof
Nuremberg
Ingolstadt
LandshutAugsburg
Stuttgart
Kaufbeuren
Vienna
Budapest
Belgrade
Kempten
Traun bei Linz
Gießen
Salzburg
Graz
Rijeka
Split
Zagreb
Osijek
Amberg
Leipzig
Regensburg
Munich
Coburg
Reutlingen
Memmingen
Map of operating locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Group Organisational Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
by the Management Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
AVAG as an employer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Sustainability at AVAG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Of the Business Units of AVAG Holding SE . . . . . . . . . . . . . . . . . . . . . . . . 22
Group and Parent Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Annual financial statements of the AVAG Group . . . . . . . . . . . . . . . . . . . . 64
Balance Sheet of AVAG Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Profit and Loss Statement for AVAG Group . . . . . . . . . . . . . . . . . . . . . . . 68
Explanatory notes to the consolidated financial statements . . . . . . . . . . . . 69
Auditor’s opinion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Annual financial statements of AVAG Holding SE . . . . . . . . . . . . . . . . . . . 72
Balance sheet for AVAG Holding SE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Profit and Loss Statement for AVAG Holding SE . . . . . . . . . . . . . . . . . . . . 76
Explanatory notes to the annual financial statements . . . . . . . . . . . . . . . . 77
Auditor’s opinion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
and imprint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
THE GROUP
FOREWORD
SUPERV ISORY BOARD REPORT
STRATEG IES AnD GOAlS
STATUS REPORT
AnnUAl F InAnC IAl STATEMEnTS
GOVERn InG BOD IES OF THE COMPAnY
F InAnC IAl CAlEnDAR
ContentsMap of Operating Locations
As of August 31, 2016, there were a total of 38 domestic and 16 foreign commercial operations in 161 locations
throughout Europe, all under the umbrella of the operational management and financial holding company based at our
Augsburg headquarters. Of these, the 38 commercial operations in Germany operate at a total of 128 locations and the
14 international commercial operations operate at 33 locations throughout Europe.
Operating Locations of AVAG Holdings SE as of 08/2016
Group Organisational Chart
Augsburg• AAC SIGG GmbH• Filiale Haunstetten• Filiale Donaustraße• Filiale Donauwörther Straße• Filiale Meitingen
Augsburg• HAAS AUTOMOBILE GmbH & Co. KG• Filiale Königsbrunn• Filiale Schwabmünchen
Kempten• AUTOHAUS HAEBERLEN GmbH• Filiale Füssen• Filiale Immenstadt• Filiale Kaufbeuren• Filiale Landsberg
Memmingen• AUTOMOBILZENTRUM MEMMINGEN GmbH• Filiale Mindelheim
Munich• WICKENHÄUSER GmbH & Co. KG• Filiale am Olympiapark• Filiale Meglinger Straße• Filiale Wolfratshausen im Loisachtal
Munich• AUTOHAUS KUTTENDREIER GmbH
Gießen• AUTOHAUS NAU GmbH• Filiale Stadtallendorf• Filiale Gießen• Filiale Wetzlar• Filiale Butzbach
Stuttgart• AUTO STAIGER GmbH• Filiale Leinfelden-Echterdingen• Filiale Waiblingen• Filiale Esslingen• Filiale Schwäbisch-Gmünd• Filiale Göppingen• Filiale Stuttgart-Abelsbergstraße• STAIGER ZENTRALLAGER GmbH (RSL)
Reutlingen• AUTOMOBILFORUM Pfullingen-Reutlingen GmbH
Regensburg• SIEBER AUTOMOBILE GmbH & Co. KG• Filiale Straubing• Filiale Neutraubling
Landshut und Ingolstadt• AUTOHAUS SIEBER GmbH• Filiale Dingolfing• AMZ INGOLSTADT
Nürnberg • KROPF AUTOMOBILE GmbH• Filiale Amberg-Schwarzkopf• Filiale Roth• Filiale Nürnberg-Bessemerstraße
Hof• AUTO EXNER GmbH & Co. KG• Filiale Naila• Filiale Selb• Filiale Hof-Mehrmarkenzentrum• Filiale Gera• Filiale Hermsdorf• Filiale Oelsnitz
Chemnitz• AUTO CENTER NORD GmbH• Filiale Auto Center Süd• Filiale Auto Center Lange• Filiale Auto Center Röhrsdorf• ACN ZENTRALLAGER GmbH (RSL)
Dresden• AUTOHAUS DRESDEN GmbH• Filiale Dresden-Kaitz• Filiale Freital• Filiale Dresden-Klotzsche• Filiale Dresden-Kaditz• Filiale Lichtenberg
Berlin• KADEA BERLIN GmbH• Filiale Berlin-Köpenick• Filiale Berlin-Britz• Filiale Berlin-Wilmersdorf• Filiale Berlin-Neukölln
Leipzig• AUTOMOBILZENTRUM LEIPZIG GmbH• Filiale Grünau• Filiale Schönefeld• Filiale Johannisplatz• Filiale Markkleeberg• Filiale Staiger-Waldstraße• Filiale Schkeuditz-Großmann• Filiale Kabelsketal
Dresden• AIS DRESDEN GmbH• Filiale Dresden:-Altkaitz• Filiale Freital• Filiale Lexus Forum Dresden
Halle• DIT HALLE GmbH• Filiale Neustadt-Angersdorf• Filiale Bernburg
Munich• DIT MÜNCHEN GmbH• Filiale Berg am Laim• Filiale Frankfurter Ring• Filiale Lexus Forum München
Göttingen• DIT GÖTTINGEN GmbH• Filiale Goslar• Filiale Osterode
Dresden• AUTOCENTER DRESDEN GmbH• Filiale Dresden-Bremer Straße• Filiale Dresden-Kaitz
Halle• AUTOCENTER HALLE GmbH• Filiale Angersdorf
Augsburg• AUTOCENTER HAAS GmbH
Chemnitz• AUTO CENTER CHEMNITZ GmbH• Filiale Chemnitz• Filiale Röhrsdorf
Leipzig• AUTOCENTER LEIPZIG GmbH• Filiale Leipzig-Grünau
Munich• AUTOARENA MÜNCHEN GmbH• Filiale München-Meglingerstraße• Filiale Ingolstadt-Goethestraße
Gießen• AUTOARENA NAU GmbH• Filiale Marburg-Gisselberger Straße
Augsburg• AUTOHAUS ALBERT STILL GmbH• Filiale Augsburg
AugsburgAugsburg• AUTOMOBILFORUM SIGG & STILL GmbH• Filiale Augsburg-Am Kobelweg
Kaufbeuren• AUTOMOBILFORUM KAUFBEUREN GmbH• Filiale Landsberg
München• AUTOMOBILFORUM KUTTENDREIER GmbH• Filiale München-Neumarkter Straße• Filiale München-Dachauer Straße• Filiale München-Meglingerstraße• Filiale Wolfratshausen im Loisachtal
Nürnberg• AUTOMOBILFORUM KROPF GmbH• Filiale Nürnberg-Deutschherrnstraße
Coburg• HOMMERT Auto Zentrum GmbH• Filiale Sonneberg
Berlin• AUTOMOBILFORUM KADEA GmbH• Filiale Berlin-Goerzallee• Filiale Berlin-Bessemerstraße• Filiale Berlin-Seesener Straße
Schwedt• SCHWEDTER AUTOHAUS GmbH
CroatiaZagreb• PSC ZAGREB d.o.o.• Filiale Zagreb: PSC Zagreb-Dubrava• Filiale Zagreb: PSC Zagreb-Velika Gorica• Filiale Zagreb: PSC Zagreb-Varazdin
Rijeka• PSC PRIMORJE d.o.o.
Split• PSC DALMACIJA d.o.o.
Osijek• PSC OSIJEK d.o.o.
Split• PSC Split d.o.o.
Osijek• PSC SLAVONIJA d.o.o.
SerbienBelgrad• KOMNENOVIC d.o.o
HungaryBudapest• AUTOSZALON DUNA Kft.
PolandWarsaw• AUTO ZOLIBORZ Sp. zo.o.• Filiale Auto Praga• Filiale Piaseczno
AustriaVienna• OPEL & BEYSCHLAG GmbH• Filiale Wien 21: Beyschlag-Leopoldau• Filiale Wien 22: Beyschlag-Donaustadt• Filiale Klosterneuburg• LOGISTIK PARK 19 GmbH (RSL)
Vienna• BERNHARD KANDL GmbH• Filiale Wien 3: Kandl-Rennweg• Filiale Wien 10: Kandl-Favoriten• Filiale Wien 11: Kandl-Simmering• Filiale Wien 13: Kandl-Speising
Salzburg• ÖFAG GmbH• Filiale St. Johann-Pongau• Filiale Zell am See-Pinzgau• Filiale Straßwalchen-Flachgau
Traun bei Linz• AUTOHAUS SULZBACHER GmbH & Co. KG
Graz• AUTOMOBILFORUM REISINGER GmbH• Filiale Bärnbach
Vienna• AUTOMOBILFORUM BEYSCHLAG GmbH• Filiale Wien 22: AMF Beyschlag-Donaustadt
Centralised Services
• Vehicle Distribution Centre• Departmental Consultation• Financial Services• Car Fit Service GmbH• Car Fit Auto-Teile-Zubehör GmbH, Augsburg• VH DAC AUTOMOBILCENTER GmbH• Car Fit Österreich GmbH• Autofutura d.o.o., Zagreb• AVAG Investments Sp. z o.o., Warschau• Duna Immobilien Kft., Budapest• DIA Dienst am Auto GmbH, Traun
As of: 08/2016
AVAG Holding
DIO DIA AV-International
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 54
THE GROUP | FOREWORD | SUPERV ISORY BOARD REPORT | STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
Markus Kruis Chief Financial Officer
Roman Still Management Board Spokesman
Albert C. Still Management Board Spokesman
Ulf PfeifferMember of the Management Board
The Management Board of AVAG Holding SE
The fiscal year 2015/16 was a very successful one for our automotive trading group.
The markets in Europe and the German market in particular benefitted, among other
things, from the positive developments in the general economic situation, for example
low oil prices and the monetary policy of the European Central Bank (ECB). ). For the
most part, our most high-volume manufacturers also developed positively in this envi-
ronment of growth, which meant that we too were able to share in this development.
We succeeded in exploiting the positive economic framework conditions and signifi-
cantly increase our turnover and earnings. Our overall performance was above the in-
dustry average. Having succeeded in achieving this in difficult times, we are determined
to prove that we are also able to deliver above-average performance in good times.
And now a few remarks on the development of the markets, beginning with the Ger-
man market, in which we do the major part of our business:
Adjusted to reflect AVAG’s fiscal year, performance on the German automobile market
as a whole was, with around 3.32 million new vehicle registrations, approx. 5.6 % up
on the previous year. The majority of the brands which we represent performed better
than the market average. Our biggest-selling brand Opel performed significantly bet-
ter than the market, with a growth in sales of 8.2 %. In particular, the models Mokka,
Corsa and Astra, the Car of the Year 2016, developed very well.
With over 12% growth, Ford were able to further develop their strong trend of recent
years, scoring successes with the modelsn Fiesta and Kuga in particular. We have
already successfully integrated the new Ford Edge in our sales processes. In the
commercial vehicles business too, the manufacturer managed to increase sales by
an outstandig 24.6% in comparison with the previous year.
We are seeing Toyota build up a new momentum on the market. As regards AVAG, we
have significantly increased the number of new vehicle registrations. The restructuring
of the dealer network did not have any major impact on our operating locations. Toyota
plan to sell the same number of vehicles with fewer dealerships in order to make the
dealer network more profitable. The Japanese manufacturer will continue to pursue
its hybrid strategy in the future and, with the new RAV 4 and the CH-R, a compact
crossover, is offering competitive models in our dealerships.
Since Nissan updated their model range, the Japanese brand has been developing
successfully, above all due to the successful Qashqai, which offers an outstanding
price-preformance ratio, followed by the Micra.
The brand Hyundai has become an established part of our portfolio. Hyundai plan to
increase their market share to five per cent by 2020 and introduce 22 new models
and variants. The current sales figures, up by 7.76%, confirm these ambitious goals.
Our dealerships also shared in this market growth. While our Opel dealerships achieved
a growth slightly below that of the brand on average, all other dealerships managed to
increase their sales performance well above the growth figures for the brands. Overall,
our performance across all of our brands is above the national average for Germany,
which further underlines this achievement.
Foreword to the status report
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 76
| THE GRO UP FO RE WORD | SUPE RV ISORY BOARD REPORT | STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
Following some difficult years, the development of the Austrian automotive market is
encouragingly positive, with an increase of almost six per cent in new vehicle sales.
The brands which we distribute did not wholly follow this development. While Opel re-
mained at the previous year’s level, Ford showed an impressive growth of around 4%.
With an increase in sales of over 18%,
the performance von KIA was particular-
ly good. Nissan developed slightly better
than in the previous year. Our dealerships
all generated a rate of growth exceeding
that of our manufacturers; in other words
they are delivering a truly outstanding per-
formance.
Our eastern European interests in Po-
land, Hungary and Croatia developed
positively, without exception. Our third-
biggest market Poland was around 17%
up on the previous year. With an incre-
ase of 3.7%, we too were able to profit
from this growth. The Croatian economy is showing stable development tendencies,
creating a more friendly overall picture. The automotive market grew significantly, by
almost 19%. The AVAG dealerships managed to increase their retail performance in
comparison with the previous year. In addition, sales figures for Citroen have develo-
ped encouragingly as a result of the opening of the dealership in Split. The economic
situation in Hungary remains stable. The automotive market continues to recover, ex-
panding for the fourth year in a row with a growth of 24%. At our location in Budapest
we managed to increase our sales figures for Suzuki to over 60 %, while recording
an increase of 11.2% for Opel.
The overall positive development of the markets and of our manufacturer brands as
well as the consistent implementation of our consolidation strategy have helped our
group to move further forwards during the past fiscal year. With a total of 55,816 new
cars we have clearly strengthened our presence within the markets. With 55,978
units, sales of used vehicles are also well up on the previous year. We also managed
to further improve the level of after-sales services, despite the fierce competition from
the fast-fit groups.
The concept behind the optimisation strategy is to develop each dealership in order to
achieve the optimal performance at each location. This approach, in combination with
the strict policy of brand separation and our area concept, allows us to concentrate
our focus on the exploitation of all market and brand potentials within an area. This,
and our orientation around medium-sized enterprises with a decentralised structure
and local managing partners are particular USPs of our company. Flat hierarchies
allow us to implement measures rapidly and, working together with our managing
partners, respond quickly to negative market trends and adverse economic deve-
lopments. Conversely, we are immediately able to introduce new ideas and exploit
potential opportunities.
Of course, we could not have achieved our record of
success without our outstanding employees. At this
point, we would therefore like to express our grati-
tude to all employees and of course our managing
partners, who have shown high levels of motivati-
on and outstanding personal commitment towards
our company over the past year, thereby making a
unique contribution to the success enjoyed by AVAG.
Around two years ago, as part of the “AVAG Acade-
my” initiative, we decided to invest significantly more
time and money in the training and professional de-
velopment of our employees. Thus, during the past
year we have provided over half of our employees
with both technical and process-oriented further trai-
ning. This training is provided with the participation
of our manufacturers, external coaches whom we
provide with precise instructions beforehand, and
our managers.
During the past fiscal year 2015/16 we achieved a very good result. We are pleased
with this, but also see this in the correct perspective. Above all, we know that our suc-
cess is based on diligent and consistent effort. Together with the positive economic de-
velopment and the encouraging performance of our manufacturers, we have achieved
great success. With sales of over EUR 1.8 billion and a return on sales of around 2%
we have managed to surpass our own expectations in terms of both sales and result.
»The strategy of optimisation remains a recipe for success« »Our success
is based on diligent and consistent effort«
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 98
| THE GRO UP FO RE WORD | SUPE RV ISORY BOARD REPORT | STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
The prospects for another good fiscal year are currently very good. From our viewpoint,
the general economic situation is expected to develop in a stable way. Our manufactu-
rers are also well positioned. For example, Opel are going full-out in all vehicle classes
during the current fiscal year: “7 in 17” is the name of the model offensive, with 7 new
models being introduced for 2017. Among others, the new flagship Opel Insignia, the
Opel Crossland and the Ampera-e electric car - with a range of 500 kilometres – will be
launched. Another example is Ford. In 2016 Ford introduced the new Edge and Kuga
and, among other things, are planning a facelift of the Mondeo as well as a new Ford
Focus for 2017. Our other manufacturers are also once again supplying us with new,
attractive and innovative products. Accordingly, we are moving forwards confidently
and optimistically and looking forward to the fiscal year 2016/2017.
Augsburg, February 2017
The Management Board
Roman Still Albert C. Still Markus Kruis Ulf Pfeiffer
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 1110
| THE GRO UP FO RE WORD | SUPE RV ISORY BOARD REPORT | STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
The Supervisory Board, from left to right: Dr. Guido Schacht, Johannes Hall, Albert K. Still (Supervisory Board Chairman),Erhard Paulat, Dr. Walter Eschle, Prof. Dr. Heinz-Dieter Assmann
The Supervisory Board regularly monitored the Company’s Management Board
during the fiscal year. At joint meetings, the Management Board informed
the Supervisory Board in writing and orally of the Company’s economic and
financial position.
The accounting procedures, the annual financial statements for 2015/2016
and the status report of AVAG Holding SE, as well as the consolidated annual
financial statements, have been audited by
KPMG Bayerische Treuhandgesellschaft
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft,
Steuerberatungsgesellschaft, Munich,
and have been issued an unqualified auditor’s opinion. The Supervisory Board
has duly noted and agreed with the results of said audit.
The Supervisory Board has reviewed the annual financial statements of AVAG Holding
SE and the consolidated annual financial statements as at 31 August 2016, as well as
the status report and group status report prepared by the Management Board, and
approved these at its meeting on 19 January 2017; they have thus been adopted.
The report prepared by the Management Board on relationships with affiliated
companies for the fiscal year 2015/2016 (dependence report) has also been
audited by KPMG Bayerische Treuhandgesellschaft Aktiengesellschaft, Wirtschaft-
sprüfungsgesellschaft, Steuerberatungsgesellschaft, Munich, and has been
issued an unqualified auditor’s opinion. The dependence report and the auditor’s
report prepared by KPMG Bayerische Treuhandgesellschaft Aktiengesellschaft
have been reviewed by the Supervisory Board, in particular with respect to the
companies included in the scope of the report and the legal transactions subject
to reporting. In accordance with the final result of the audit of the dependence
report by the Supervisory Board as approved at the Supervisory Board meeting
of 19.01.2017, there are no objections to be made to the Management Board’s
closing statement pursuant to § 312 para. 3 of the German Stock Corporation
Act [AktG]. The Supervisory Board concurs with the opinion of the auditor, who
has issued the following auditor’s opinion for said report:
“Following our dutiful audit and assessment, we confirm that
(1) the factual information in the report is accurate,
(2) with respect to the legal transactions set forth in the report, the Company’s
performance was not inappropriately high or disadvantages have been
compensated for.”
The Management Board proposes that the net income for 2015/2016 of EUR
21,031,290.25 be initially added to the profit brought forward from the previous
year of EUR 15,998,577.07; following this, an amount of EUR 1,051,564.51 should
be allocated to legal reserves and an amount of EUR 766,826.92 allocated to the
nominal amount of treasury stock. The Supervisory Board concurs with this proposal.
The unappropriated earnings of EUR 36,745,129.73 are to be allocated as follows:
1. Payment of a dividend of EUR 0.62
per share with dividend entitlement, total EUR 2,381,420.00
2. Allocation to profit reserves EUR 20.000.000,00
3. Carried forward to new account EUR 14,363,709.73
EUR 36,745,129.73
Augsburg, January 2017
The Supervisory Board
Supervisory Board Report
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 1312
| THE GRO UP | FO REWORD S UPE RV ISORY BOARD REPORT | STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
Our 4,300 employees form the mainstay of our success. It is therefore a primary
goal of AVAG Holding SE to attract well-qualified applicants and bind them to us
over the long term. By offering a wide range of professional training and qualifi-
cation options, we offer scope for development and good career opportunities.
AVAG believe in fair and performance-oriented rewards. With our clear personnel
strategy, we support our employees in fulfilling their potential and identifying with
our family-owned business, because only with motivated and satisfied employees
will be we be able, in the long term, to successfully master the daily challenges
encountered within a dynamic market.
AVAG As An
employer
»Honesty, openness, fairness and trust are the cornerstones of our success« Roman Still, Management Board Spokesman
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 1514
| THE GRO UP | FO REWORD | S UPE RV ISORY BOARD REPORT STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
Family-run business based in Augsburg
OriginAted with the Opel sigg Family
Active On the mArket since 1915
currently in the 4th generatiOn
mAnAged by the Owners
Total number of employees
Passing on knowledge:Over the past fiscal year, AVAG has provided training or coaching to one in four employees, for example service assistants, service and sales managers, as well as in the area of used vehicles management and has introduced a trainee programme for the dealerships. Trainees
Professional training & qualification
We offer all of our managers and employees attractive pro-
fessional training and development opportunities. A key
objective here is to strengthen expertise and management
competence. Our high-potentials undergo personal training
and coaching, conducted in part by internal managers. In
this way, experienced dealership experts can contribute
to the development of the competence of our young pro-
fessionals and pass on important knowledge. Promoting
lifelong learning and professional development as well as
the diversity and commitment of our employees: these are
fundamental principles of our corporate culture.
From trainee to manager
AVAG Holding SE offer a wide range of career opportu-
nities. Directly at our head office or in our over 50 areas
with their 161 operating locations, we are permanently on
the lookout for motivated candidates – for a wide range of
positions. Our job advertisements cover the whole career
ladder within the motor trade, from apprentice and skilled
tradesman through trainee to manager. Only with well-qual-
ified and committed employees can we stand out from the
competition and ensure long-term success.
Family-owned company with tradition
Our family-owned company can look back on a 101-year
history and is headed, in the 4th generation, by the brothers
Albert C. and Roman Still. As one of the most success-
ful motor vehicle trading groups in Germany, we offer our
employees security, stability and orientation. Our deeply
anchored values are reflected in our approach to working
together. Consistent honesty, openness, fairness and mu-
tual trust in cooperation are the cornerstones of our suc-
cess. They are a key prerequisite for the satisfaction of our
customers and for the earning power of our dealerships.
cO
mpAny his
tOr
y101 yeArs
AVAG As An
employer
FY 15/16 14/15 13/14 12/1311/12
650
4300
630
4000
600
3650
500
3500
500
3400
19
15–2016
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 1716
| THE GRO UP | FO REWORD | S UPE RV ISORY BOARD REPORT STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
Optimal working results depend to a great extent on the motivation of the
employees. The right lighting helps increase motivation, preserves health, protects
against accidents in the workplace and saves energy and costs. AVAG Holding
SE have therefore developed a sustainable lighting management concept for their
operating locations which includes the replacement of the old lighting systems
with modern LED technology. In line with our economic and ecological aspirations,
within a short period of time we have managed to reduce both operating and
maintenance costs, as well as saving several thousand tonnes of carbon dioxide
emissions. We are also fulfilling our duty towards the welfare of our employees,
since good lighting is essential to the employee‘s well-being, and creates optimal
working conditions
»Our modern lighting management concept reduces CO²
, plants trees and earns money« Albert C. Still, Management Board Spokesman
sustAinAbility At
AVAG
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 1918
| THE GRO UP | FO REWORD | S UPE RV ISORY BOARD REPORT STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
successes successes Achieved Over 10 yeArs
apprOx. eur 3.5 milliOn in cOst sAvings
11,961 tOnnes of cO2 saved
this is equivAlent tO ApprOx. 1 miliOn plAnted trees
37 dealerships switched Over
Everyday climate protection
LED lighting doesn’t just save energy and maintenance
costs. As a result of the conversion, twelve tonnes of car-
bon dioxide emissions are saved in all dealerships equipped
with LED technology. This is roughly equivalent to planting
a million trees. The overall energy balance of LED lamps is
remarkable. In contrast to energy-saving fluorescent lamps,
they are free of highly toxic elements such as mercury and
do not need to be disposed of as cost-intensive hazard-
ous waste.
Good lighting promotes well-being
Good lighting accents space and provides orientation. It
promotes well-being, maintains the health of the employees
and ensures optimal working conditions. In the offices, in
the service workshop and the paint shop, the converted
dealerships now have a uniform level of lighting. This pro-
tects employees against irritating reflections from metal
surfaces and allows surface defects to be detected more
easily. People take in around 80 per cent of the information
they receive through their eyes. Good lighting thus increas-
es the quality of work and reduces the risk of accident. We
owe this to our employees and customers.
Saving costs
At the dealerships, the lighting is in operation for 365 days
a year, and thus represents a major cost factor. The use of
LED technology significantly reduces operating costs. The
cost of upgrading a dealership’s lighting system are paid
back after only 2 to 3 years. The changeover was imple-
mented in the showrooms, in the workshops, in the offices
as well as in outdoor areas and guarantees environmentally
friendly lighting in the right places. In total, after ten years
the AVAG Group has saved over three million euros and is
also saving money on maintenance. LED lamps last for up
to 50,000 hours. In comparison: fluorescent lamps need
to be replaced after around 18,000 hours.
sustAinAbility At
AVAG
LED in comparison with
fluorescent lamps:
Service life and power consump-tion are only two factors in the more favourable environmental balance of LED lamps in com-parison with the lighting systems previously in use.
Service life power consumption
18.000 h 250 W50.000 h 80 W
2,7 1/3x
fluorescent lamp fluorescent lampLED LED
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 2120
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strAteGies And GoAls
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 2322
autOhaus staiger marcus stein mAnAgement
292 emplOyees
9 lOcatiOns heAd Office in ZuffenhAusen
111.000.000 eur turnOver
aFFiliated with aVag since 2014
AVAG’s marketing: Professional cultivation of the markets
Nowadays, the possibilities for market cultivation are more
diverse and specifically targeted than ever. Moreover, our
target groups and their media behaviour are becoming in-
creasingly inhomogeneous. Accordingly, in order to exploit
the full potential all the different channels have to be “played
against” one another in a balanced way. To do this it is nec-
essary to understand the different media and their particu-
lar impact, but above all to have an exact knowledge of the
target groups and the way they tend to use these media.
As a service provider for our dealerships we see it as our task
to define the balanced marketing mix for each make. In con-
sultation with the respective manufacturers and importers, we
transform the national campaigns into local marketing. In do-
ing so we always make sure that we place our own strengths
clearly in the foreground, thereby differentiating ourselves from
the competition, because on a local level a campaign is ulti-
mately only successful if it boosts sales.
In detail, the marketing mix can look very different depending
on the make, the region and in some cases also on the sales
team. Our task is to meet the expectations of all as far as pos-
sible. In recent years, the focus of our activities has increas-
ingly been shifting away from the classic channels towards
online marketing. In line with this trend, we have expanded
our team accordingly and have created core competences
at our headquarters for all relevant online topics to which our
dealerships have unlimited access.
In cultivating the market we have for years supported our
dealerships with our own call centre. Both in sales and in
service, we have specialised in identifying customers and
potential customers. As a further service provider, our
Lettershop places our dealerships in the comfortable situa-
tion of not having to deal with carrying out in some case very
time-consuming mailing campaigns.
Not only is the new and used vehicle warranty which we of-
fer a USP, it represents one of our most important customer
loyalty instruments. As a dealer warranty, we now offer these
with warranty periods of five to seven years. Our warranty
is available, exclusively to our customers, at all AVAG deal-
erships throughout Europe. The resounding success of our
warranty has once again been confirmed impressively dur-
ing the past fiscal year. Nowadays, we cannot, and would
not wish to, dispense with this effective customer loyalty
instrument and the resulting contribution margins in Sales
and After Sales.
Strategies and Goals of AVAG Holding SE
After sales strategies
With the electronic direct reception via tablet (eASC project) we
have created a foundation for being able to place offers actively
through the direct reception process, with the participation of
the customer. At the same time, this significantly increases the
measurability of sales success.
We support this process actively through specific sales training
of the service sales personnel, for example through “The Steps
of Selling”. Beginning with welcoming the customer, through
identifying the customer’s needs, presentation, argumentation
regarding benefits, dealing with objections, conclusion of the
transaction and bidding the customer farewell.
In order to make sure the transformation of the service de-
partment into a sales department is successful, and in order
to avoid differing interpretations, the next logical step is to de-
fine standardised processes with clearly assigned tasks and
responsibilities, supplemented by a commission-based remu-
neration system and a reporting system which helps meas-
ure sales and develop employees. We are convinced that this
approach increases the behavioural consistency of employ-
ees and their satisfaction. This in turn leads to more custom-
er-oriented behaviour (customers are treated as guests) and
also supports sales.
In order to further professionalise the body and paint business
(B&P), we are installing a damage claims manager at the deal-
erships. With their specialist knowledge they support the em-
ployees, for example in calculating the costs of the damage,
in the complete recording of the extent of the damage and,
importantly, in advising on how to generate orders from cost
quotes. We are convinced that the new structure will lead to
further increases in revenues from the B&P business.
The new orientation is intended to counteract the generally
declining frequency of vehicle repairs and maintenance. In
this way we are, contrary to market trends, creating a positive
outlook for the After Sales business.
Developing the commercial customers business
The three-headed corporate customer promotion team come
up with strategically important initiatives and measures aimed at
supporting the dealerships in increasing their share of business
with commercial customers significantly by 2018 and securing
this business in the long term.
The focus is on the development of the structures within the
dealerships, strategies for effective exploitation of the market
and offering special commercial vehicles in cooperation with
custom manufacturers and thus tailor-made solutions for tra-
despersons and small traders.
The strength of AVAG’s dealerships lies in particular in their di-
stinctive service, the premium customer service for small and
medium-sized companies but also for fleet customers with sec-
tor-specific requirements. This concept too is a key focus of
corporate customer promotion.
In order to develop the competitive advantages of the AVAG
dealerships in the long term through further technical training of
the sales teams, AVAG business coaches are deployed throug-
hout Europe – as support for the local field force.
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 2524
| THE GRO UP | FO REWORD | S UPE RV ISORY BOARD REPORT STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
Corporate communication
The key purpose of corporate communication is to establish
and improve the internal and external communication of AVAG
Holding SE as well as the individual dealerships. Communi-
cation should be authentic, credible and relevant at all times.
The intention is, on this basis, to create a positive image and
build up a long-term relationship of trust with customers and
employees.
As regards internal communication, following the relaunch of
the employee magazine “AVAG Inside”, two issues were pro-
duced in order to provide employees in the dealerships and
within AVAG Holding with comprehensive regular updates on
news relating to the automotive industry as well as internal
topics.
In terms of external communication, the department has in
the past fiscal year greatly improved relationships with and
gained the trust of regional, local and business journalists as
well as specialist trade journalists covering the automotive
industry on a national level, and has in total seen over 800
press articles relating to the dealerships published.
One priority was the development of a professional audio-
visual communication concept. First, six short films were
produced which present, in human terms, the careers in
which we offer training, and these were made available to
the dealerships. In addition, information films were produced
explaining how AVAG operates and on individual dealerships.
The trade fair concept developed for the AVAG Group is very
successful, since it has been possible to use career fairs to
recruit numerous trainees and skilled specialists for the re-
gional dealerships.
AVAG Holding SE’s IT system environment
In Augsburg, AVAG Holding SE operates a central computing
centre of redundant design. The entire business software of
all dealerships is run here, in completely virtualised form. This
centralised hardware makes it possible to provide a flexible
IT infrastructure which can be controlled in a standardised
way in order to meet all the requirements of the dealerships.
In order to be able to continue to guarantee smooth data-
processing operations in the coming years, AVAG’s experts
extended the IT security concept for the dealerships. In ad-
dition, they changed 3,400 workplaces over to Microsoft
Windows 10. Negotiating a new contract regarding the data
volumes of AVAG Holding and the connected dealerships in
Germany reduced costs by approx. 20 per cent while at the
same time increasing bandwidth. In addition, the experts
integrated ten new dealership locations with a total of 160
PC workplaces into AVAG’s IT environment.
These further developments in the IT system environment of
AVAG Holding SE improve the logistics and the flexibility of
the computing centre and thus increase effectiveness and
efficiency in day-to-day business.
In the field of software, the experts further developed the
project eASC, the electronic AVAG service check - inclu-
ding a link to Opel’s eDAB. The eASC project allows service
advisers to refer to a tablet, for example, for support during
direct reception or in providing information on prices. In ad-
dition, the integration of the brand Volvo into the Carlo Dealer
Management System (DMS) was implemented and additional
brand functions for Toyota were developed. New dealership
locations in Dresden and Nuremberg were integrated into
the Dealer Management System.
During the past fiscal year we were able to renegotiate our
fixed network/mobile phone contracts and thus achieve a
costs saving of between 10 and 15 per cent. In addition,
we have created an interface between the CRM and the
disposition program by means of which much data which
was previously transferred manually can now be communi-
cated semi-automatically. The CRM was also linked up with
the Active Directory, which means that the user can log on
to almost all relevant programs using the same user login
and password.
Professional treasury and cash management
“Cash is fact, profit is opinion!” – the professional treasury
management of AVAG Holding SE should be seen in precisely
this light. Tight margins and high capital requirements on the
one hand and sales-oriented managers who, as complete
professionals within the trade, cannot let any opportunity
pass, demand cost-optimised daily availability of liquidity.
It is the responsibility of AVAG Holding SE to secure the
group’s financing, to provide the operational companies with
liquidity and to monitor its use.
In order to secure the financing of working capital, also in
difficult times, in the EUR area we have now fixed over 50%
of our working capital credit lines with commercial banks for
two years. The rest are of unlimited duration.
In total, the following credit lines with commercial banks were
available to us as on balance sheet date:
Opponents 08/31/2016
Credit Lines
1. Commercial Banks Germany 57,4
2. Commercial Banks Austria 15,0
3. Commercial Banks Croatia 6,4
4. Commercial Banks Poland 3,4
Total 82,1
In order to ensure that these credit lines also remain of in-
terest to our lenders in the long term, an appropriate avail-
ment of these facilities is essential. One important priority
over the past fiscal year was therefore to create a range of
instruments by means of which the availment of these cred-
it lines can where necessary be influenced in a controlled
way through the transfer of appropriate tranches from those
captive/non-captive lines of which significantly greater use
is usually made.
In terms of long term borrowing, during the past fiscal year
we took out new loans, for the most part secured through
real estate, amounting in total to EUR 17 million, with a term
of 12.5 years. In terms of the burdens from interest/repay-
ments, this term best fits in with our business model.
One major technical challenge over the past fiscal year was
the simultaneous changeover of all of the card payment sys-
tems to SEPA, as well as, in Austria, the switchover of the
main communication standard MBS to the German stand-
ard EBICS. Both changes were accomplished without any
major problems.
During the coming fiscal year – also because of our expan-
sion into Serbia/Slovenia – we will be focusing above all on
an even greater integration of our foreign subsidiaries into
our treasury systems.
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Personnel management
AVAG Holding SE’s personnel management experts are the
contact partners for all personnel-relevant questions for the
management at the head office in Augsburg and for the man-
agers of the local dealerships.
The main focus of the personnel department lies on the recruit-
ment of managers and specialists, supporting the dealerships
in the drafting of job advertisements and sometimes also in
headhunting and selection.
The core responsibilities of personnel management include
providing support and advice in relation to matters involving
employment law. Another important task involves the contin-
uous provision and updating of the relevant personnel files on
the intranet as well as providing support to the dealerships, in
particular in relation to payroll accounting matters and general
personnel management issues.
The package of support services is rounded off by seminars
on employment law as well as training in tax and social insur-
ance law.
The theme of personnel development remains a key priority
and will be further developed during 2017.
Our aim is to support the people in the dealerships in their day-
to-day work and push forward the further development of per-
sonnel management and to strategically develop and adapt our
personnel department in line with the needs of the company.
Project development / property management
Through continuous investment, we keep our property portfolio
within Germany and abroad attractive, in this way guarantee-
ing our customers an enjoyable shopping experience at our
modern dealerships.
One important responsibility of the department lies in the
maintenance of existing properties, as well as a forward-look-
ing property development programme. During the fiscal year
2015/16 this included the expansion of the workshop at the
Haeberlen dealership in Hüttenstraße, Kaufbeuren, the refur-
bishment of the outdoor areas and expansion of the direct re-
ception at AAC Sigg in Augsburg as well as a number of reno-
vations of separation systems within AVAG’s area of operations.
In addition, a large part of the expenditure on maintenance in-
volved the replacement of around 100 sectional doors through-
out AVAG’s area of operations. At Auto Staiger in Waiblingen, a
new direct reception with two reception spaces was integrated
in the existing buildings and part of the spare parts stores was
converted into a bodywork shop. In addition, a paint shop at
Anton-Schmid-Str. 30 in Waiblingen was taken over and fully
equipped with the latest spraying technology. In July 2016,
PSC Zagreb d.o.o. added a new location in Varazdin.
A big part of the focus over the past fiscal year was on the im-
plementation of the new CI specifications by the manufacturer
Opel. The implementation of the CI specifications at OPEL in
Austria has now also almost been completed.
The biggest project during the fiscal year 2015/16 was the new
build of the main branch of Auto Staiger Stuttgart at Schwie-
berdingerstrasse 98 in Stuttgart-Zuffenhausen with relocation
of the entire operational business from Nordbahnhofstrasse
to Zuffenhausen. The new build activities are rounded off by
the new build of a Hyundai dealership in Dachauerstrasse in
Munich and the conversion of an OBI Baumarkt in Bessemer-
strasse in Nuremberg.
The number of employees in the building department has re-
main unchanged during the fiscal year 2015/16. Five employ-
ees are based at AVAG Holding in Augsburg, one employees
is based in Vienna and coordinates the region Austria, Poland,
Hungary and Croatia.
Insurance business
Despite more difficult conditions (extensive restructuring
measures on the part of our main business partner), we have
succeeded in further developing the insurance business as
a source of revenue. We attribute this to the consistent and
intensive work done by our specialised employees focusing
exclusively on the insurance business. During the past fiscal
year 2015/2016, a total of 19,909 (previous year: 17,785)
policy sales were generated. In relation to the purely retail
business (new and used vehicles) this corresponds to a pen-
etration of 30.5 %. On this basis, it was possible to achieve
an increase in the volume of existing policies to 48,568 pol-
icies (previous year: 46,847), with a premiums volume of
EUR 25.7 million (previous year: 23.9 million).
Financial services
For years it has been the declared philosophy of AVAG Hold-
ing SE that all the brands which we represent should bring
their own manufacturer’s bank or their chosen banking partner
into the business relationship with AVAG. In the financing of
purchasing and sales, AVAG Holding SE is thus affiliated as a
partner with the Opel, Toyota, Ford, Nissan and Honda banks,
the so-called captive banks. We conduct the majority of the
used vehicle business with the non-captive banks.
During the last fiscal year, the volume of sales passed on to
our automotive banks in Germany amounted to EUR 437.0
million. A volume of EUR 42.9 million was passed on in
Austria.
We pay particular attention to the balance between the afore-
mentioned purchasing and sales financing. Here, banking
partners offering powerful and affordable credit are prior-
itised. This makes it possible for us to continue to pursue
the tried and tested strategy of risk diversification in order
to take on the challenges on the market with the necessary
flexibility and drive forward the development of the financial
services division.
Over the past five years, the sales instrument leasing has once
again developed into an important customer loyalty instrument.
The Opel locations of AVAG Holding SE thus make use of and
support the sales strategy of Adam Opel AG, which was es-
tablished on 01.07.1. In addition to the well-established forms
of financing, we are pushing forward the area of leasing with
all brands in order to secure future sales targets.
Financing/leasing Germany*
Period FY
Leasing and financing applications
(number)Volume
(EUR million)
Deutschland
2010/11 24,165 312.0
2011/12 24,588 326.0
2012/13 23,605 307.1
2013/14 25,495 343.0
2014/15 26,589 360.9
2015/16 30,673 437.0
Financing/leasing Austria **
2014/15 3,084 32.1
2015/16 3,815 42.9
All partners (captive & non-captive), Germany & Austria.* As from FY 2014/15 Germany shown separately ** As from FY 2014/15 Austria shown separately.
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 2928
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Controlling and transparency
With the group increasing in size and increasing internation-
alisation, a meaningful and efficient system of controlling has
become a key factor for success. From the planning to the
target/performance comparison, it is important to be able to
gather, analyse and process specific information in condensed
form to serve as a basis for both operational and strategic
corporate decisions.
Our controlling and evaluation platform “Infoportal” has proved
indispensable. This tool is linked to our Dealer Management
Systems and creates unprecedented transparency in virtually
all areas and departments of the dealership. Irrespective of
whether this involves contribution margins of a sales adviser
over a particular period, unsettled workshop orders, an eval-
uation of stored winter tyres or processed accident claims, di-
vided according to insurance companies, the Infoportal always
supplies the right answers. Another reason why the Infoportal
has developed into a true USP in the AVAG locations is the
user-friendliness of the system.
With the introduction of our AVAG dealership comparison we
have fulfilled a long-cherished wish of many members of man-
agement within our company. They can now compare sales
and key figures down to account level. This can be done on
area level, but also down to the comparison of selected loca-
tions. Strengths and potentials of departments, locations and
whole areas can be identified in no time.
This tool provides unprecedented transparency and provides a
clear objective basis for many management level discussions.
One of our key success factors is the continuous presence of
our controlling team in the business locations. This ensures
that a close relationship with day-to-day business operations
in the dealerships is maintained within AVAG. It also guaran-
tees continual further training of our accounting and financial
managers within the dealerships. Our training and development
programme has acquired a whole new dimension with our new
“AVAG Finance Online Training (AFOS)”. In 14-day webinars
for financial managers and accounting personnel, current top-
ics arising in day-to-day business are presented and relevant
training provided. In this way we can keep participants right
up to date without taking up too much of their time.
Economies of scale and stock management
A central networking of our stocks of new cars in Germany,
Austria and Croatia for the brands Opel, Ford, Toyota, Nis-
san, KIA, Hyundai and Subaru means that the sales advisers
at our locations in these countries have real-time access to
approx. 5,200 new vehicles available for sale. This means
that virtually any customer wish can be realised within a very
short time. Additionally, there are at any given time approx.
5,700 new vehicles passing through the system as demon-
stration vehicles, hire vehicles or vehicles awaiting delivery
to customers. A continuing process of optimisation means
we can keep the delivery time for a requested vehicle down
to two to three working days, thus also reducing our capital
commitment.
In addition, from their workplace the salespersons can ac-
cess the entire stock of used vehicles within the group of
companies. The wide selection of used vehicles – on average
we have approx. 6,000 to 7,000 used cars in stock - and an
attractive price-performance ratio help us to meet virtually
all of our customers’ requirements and wishes. An intelligent
IT application makes it possible for each of our locations to
manage its stock of vehicles, with photos, and automatical-
ly distribute these to predefined online markets. The same
system captures and monitors the processing of incoming
enquiries from potential customers as far as the contract of
sale. Various filter functions and plausibility checks are used
to identify vehicles which are incorrectly positioned in terms
of price. All in all, this tool has developed into a key control
instrument within our used vehicle business.
In Germany and Austria, AVAG operates regional support
centre warehouses for the manufacturer Opel. We are also
growing jointly with the manufacturer Ford, with whom we
are parts dealing partners in Chemnitz, Berlin and Vienna.
We aim in future to further expand the experience and reli-
ability which we demonstrate daily as a competent logistics
specialist in the area of parts and accessories for Opel, Ford,
Toyota, Nissan and KIA. The central spare parts warehouses
have developed into a guarantee of high deliverability and
thus play a crucial part in ensuring that customers’ vehicles
only remain within our workshops for a short period of time.
Our logistics centres are distinguished by a high level of com-
petence and technical know-how. This makes them attractive
logistics partners. We will also continue to actively expand
the concepts developed in cooperation with insurance com-
panies for supplying approved workshops with economical
replacement parts for repairing referred cases of damage.
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 3130
| THE GRO UP | FO REWORD | S UPE RV ISORY BOARD REPORT STRATEG I ES AND GOALS | | S TATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
stAtus report
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 3332
hOmmert autO Zentrum markus JOppich mAnAgement
75 emplOyees
2 lOcatiOns cOburg And sOnneberg
28.000.000 eur turnOver
aFFiliated with aVag since 2013
A. Basis of the group
AVAG Holding SE, Augsburg, is one of Europe’s leading in-
dependent motor vehicle trading groups, with 54 operational
dealer businesses in a total of 161 operating locations. The
three intermediate holding companies DIO, DIA and AVI, which
are organised according to manufacturers and regions, coordi-
nate the trading activities. In addition to Germany, AVAG is also
active in the countries Austria, Croatia, Poland and Hungary.
The biggest-selling brands within the AVAG Group are Opel,
Ford, Toyota/Lexus, Nissan and Hyundai. In addition, dealer-
ships also sell the brands Honda, Subaru, Peugeot, KIA, Fiat,
Alfa Romeo, Suzuki and Citroën. In the past year the AVAG
Group brought around 112,000 vehicles onto the road, achiev-
ing an overall turnover of EUR 1.86 billion.
The following changes took place during the fiscal year
2015/2016:
On 01.03.2016, the two locations in Klotzsche and Kaditz
as well as the service workshop in Lichtenberg were taken
over by Autohaus Peschel GmbH & Co. KG, Lichtenberg.
The takeover of the Opel dealerships by Autohaus Dresden
GmbH was conducted in the form of an asset deal.
On 01.06.2016 the operational Toyota business of FG Frank-
engarage GmbH & Co KG with the dealerships in Nuremberg,
Erlangen and Fürth were taken over by DIT Frankengarage
GmbH (newly founded during the fiscal year 15/16) by means
of an asset deal.
Also, in October 2015 further Opel dealerships, in Oelsnitz
and in Roth, were taken over, by Auto Exner GmbH & Co.
KG and by Autohaus Kropf GmbH respectively, by means
of an asset deal. Also, the grand opening of the new main
location of Automobilforum Kropf GmbH and branch location
of Autohaus Kropf GmbH in Bessemerstrasse in Nuremberg
took place in the same month.
The opening of a new Hyundai dealership in Munich by
Autoarena Munich GmbH took place in June 2016.
Outside of Germany, the companies P.S.C. Komnenovic d.o.o.,
Belgrade, Serbia, and P.S.C PSC Sigurnost d.o.o., Zagreb,
Croatia, were added during this fiscal year. The company P.S.C.
Split d.o.o., Split, Croatia, started business during the fiscal year.
In July 2016, PSC Zagreb d.o.o. added a new location in Varazdin.
B. Economic report
1. General economic framework conditions
Europe’s economic recovery continues slowly. For the year
2016, the European Commission and the Institute for the World
Economy (IfW) anticipate a moderate growth of 1.6 % in the
euro area. However, a powerful economic upturn is still not
in sight. The Brexit referendum in June put a dampener on
the prospects of growth for the euro currency zone, although
short-term negative impacts should be limited.
The growth is, as before, driven by the low price of oil and
the expansive monetary policy of the European Central Bank
(ECB). According to the ECB the inflation rate will remain low
and lie at 0.1 % in 2016. The situation in the employment
market continues to relax and the European Commission es-
timates unemployment rates of 8.9 % in the EU and 10.3 %
in the euro area.
The German economy saw a buoyant start to the year. Accord-
ing to the Federal Statistical Office, the price-adjusted gross
domestic product (GDP) rose by 0.7 % in the first quarter of
2016 (+ 0.3 % in the last quarter of 2015). According to the
German Institute for Economic Research (DIW Berlin), the fore-
cast for the year 2016 as a whole is up 1.7 % in comparison
with the previous year.
2. Sector-related framework conditions
The automobile market in western Europe is continuing its
recovery following the financial crisis of 2008. According to
the manufacturers’ association ACEA there were 9.35 mil-
lion new car registrations during the first eight months of
the year 2016, an increase of 7.1 % in comparison with the
same period in the previous year. In almost all countries, a
robust positive underlying trend in new vehicle registrations
continues to be seen. The new vehicle registration figures for
the individual countries confirm this development.
In the single month August 2016, the German automobile
market grew significantly in comparison with the previous
year, with 245,100 new vehicles registered (+8.3 %). The busi-
ness with private customers developed particularly strongly
(+18.7 %). New commercial vehicle registrations increased
by 2.8 %. The automotive industry associations “Verband der
Automobilindustrie” (VDA) and “Verband der Internationalen
Kraftfahrzeughersteller” (VDIK) attribute the increase to the fact
that August 2016 included two more working days than in the
previous year. Sales figures for the month were also positive in
Spain (+12.8 %) and Italy (+33.1 %), whereas in France they
were down by 4.5 % in comparison with the previous year. In
Great Britain, the outcome of the Brexit vote did not have any
negative impact on the figures for August 2016, at +21.7 %.
Overall there remains a sustained positive trend in all western
European automotive markets in 2016 – despite the pro-Brex-
it decision and the VW diesel affair. In view of the increased
demand in European countries over the past months, the
forecast for the year 2016 as a whole by the experts from the
VDIK and the trade journal “Automobilwoche” has been raised
to over 13.8 million new vehicle registrations – an increase
of around five per cent in comparison with the previous year.
Status Report and Group Status Report of AVAG Holding Societas Europaea, Augsburgas on 31 August 2016
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 3534
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As regards the German market, according the Federal
Motor Transport Authority (Kraftfahrt Bundesamt - KBA),
from January to August 2016 a total of 2,257,781 (previous
year: 2,135,459) new vehicle registrations were recorded,
representing an increase of 5.7 %. In terms of individual
segments, SUVs account for the largest share over this pe-
riod, with +25.3 %, followed by 4x4s (+11.8 %) and small
cars (+3.6 %). The upper class (-13.6 %), vans (-1.6 %) and
minis (-1.2 %) showed decreases.
GermanySept. 15 to Aug. 16 in% Sept. 14 to Aug. 15
Number of registrations
Market share in %
comp. with 2014/15
Number of registrations
Market share in %
Volkswagen 679.384 20,41 -0,66 683.914 21,71
Mercedes 302.677 9,09 6,97 282.965 8,98
BMW 301.773 9,07 7,35 281.104 8,92
Audi 289.111 8,69 7,58 268.745 8,53
Opel 241.593 7,26 8,24 223.208 7,08
Ford 240.084 7,21 12,55 213.321 6,77
Renault 117.716 3,54 9,66 107.344 3,41
Hyundai 111.563 3,35 7,76 103.533 3,29
Fiat (inkl. Alfa + Lancia) 79.053 2,38 6,32 74.356 2,36
Nissan 74.584 2,24 7,88 69.133 2,19
Toyota/Lexus 70.053 2,10 2,27 68.501 2,17
Mazda 63.488 1,91 18,74 53.469 1,70
Kia 59.479 1,79 10,87 53.647 1,70
Peugeot 55.764 1,68 3,84 53.702 1,70
Dacia 48.313 1,45 3,65 46.611 1,48
Volvo 37.525 1,13 9,70 34.207 1,09
Suzuki 30.802 0,93 -1,66 31.321 0,99
Honda 26.008 0,78 23,99 20.976 0,67
Subaru 6.951 0,21 8,37 6.414 0,20
MARKET AS A WHOLE 3.328.364 100,00 5,64 3.150.623 100,00
The following table shows the new vehicle market, adjust-
ed to AVAG’s financial year. The new vehicle market saw
a continuous improvement over this fiscal year. Thus, with
3,328,364 (previous year: 3,150,623) newly registered vehi-
cles nationwide, our fiscal year saw an increase of approx.
5.6 % in comparison with the previous year.
Overall, in relation to AVAG’s fiscal year, on the German mar-
ket our manufacturer Opel has developed significantly better
than the market as a whole. As a result of the above-average
increase in new vehicle registrations to 241,593 new vehicles,
the market share increased to 7.26 %. The driver behind this
positive development was the “Car of the Year 2016”, the new
Opel Astra, with almost 43,000 units, followed by the Opel Cor-
sa with 36,997 and the Opel Mokka with 20,765 vehicles sold.
The repositioning of Opel is showing an effect. The numerous
awards picked up in 2016 are evidence of the positive change
in the brand’s image. In November 2015 the new Opel Astra
won the “Goldene Lenkrad” (Golden Steering Wheel), the Os-
car among car industry awards, and was voted “Car of the
Year 2016” by motoring journalists from 22 European countries.
The Opel Mokka won the “Connectivity Award 2016” with On-
Star, the Opel Adam is the “Company Car of the Year 2016”
and came top in the customer satisfaction survey conducted
by market researchers at J.D. Power in the city car segment.
In addition, the GT Concept won the “Best of Best” award
in the Automotive Brand Contest – a design competition for
vehicle brands.
In relation to AVAG’s fiscal year, Ford continued their steady
growth trend. With an increase of 12.55 %, the manufactur-
er increased their figures for units sold to 240,084 (previous
year: 213,321). In the last month of AVAG’s fiscal year, August,
according to the KBA the manufacturer brought 17,423 new
vehicles onto the road in Germany, a growth of 7.9 per cent
in comparison with the same month in the previous year. Fol-
lowing the increase in new vehicle registrations in the previous
year, Ford’s sales increased further during this fiscal year. The
small cars and SUV models were especially popular in August.
With 2,342 new vehicle registrations, Ford Fiesta sales grew
by 13.4 % in comparison with the previous month, with sales
of the Ford Kuga (3,223 new vehicle registrations) actually
growing by 87.6 %.
The result for cars was reinforced by the positive figures in
the commercial vehicles sector. In the first eight months, Ford
achieved 28,000 new registrations of commercial vehicles,
corresponding to a growth of 24.9 per cent in comparison
with the corresponding period in the previous year. Ford’s
market share within this segment improved by a whole per-
centage point to 11.9 per cent. The top performers in terms
of new registrations were the Ford Transit (+27.6 %), the
Transit Custom (+50.1 %) and the Ford Ranger (+8.4 %).
This shows that Ford are also building on their success in
this business segment and confirms the attractiveness of
the brand and the strategy of specifically targeting private
and fleet customers, who form the backbone for profitable
growth.
Ford’s distribution and service network in Germany now includes
around 250 Ford Transit Centres. At these locations, among other
things commercial customers can benefit from extended opening
times, an in-house pick-up and delivery service as well as staff
specially trained in dealing with Ford’s commercial vehicle models.
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New registrations of Toyota/Lexus vehicles increased from
68,501 to 70,053 during AVAG’s fiscal year 2015/16. We there-
fore see the brand picking up a new impetus. And the current
figures confirm the positive trend. In August, 5,914 German buy-
ers opted for a Toyota. This corresponds to an increase of 26.6
% in comparison with the corresponding month in the previous
year and gives the Japanese manufacturer a market share of
2.4 % (August 2015: 2.1 %). In relation to the fiscal year, Toyota/
Lexus achieved a growth of 2.3 % in new vehicle registrations in
comparison with the previous year and a market share of 2.1 %.
The models Toyota Auris (1,351), the Toyota Yaris (1,365) and
the new Toyota RAV4 (1,005) made a decisive contribution
to August’s success. Above all, customers responded pos-
itively to the trend towards alternative drives, like the Aygo
small car with 779 new vehicle registrations, followed by two
other hybrid variants, the Auris, with a 60 per cent hybrid
share, and the Yaris with 50 per cent hybrid registrations.
During the first half of 2016 the share of total sales accounted
for by hybrids rose to 46 per cent in June. To put it another
way: during the first six months, Toyota Germany received
orders for 14,877 hybrid vehicles. A large share of the growth
in orders received was accounted for by Toyota’s most pow-
erful hybrid, with 145 kW (197 HP): the new drive variant of
the pioneering SUV RAV4, introduced at the beginning of the
year has already convinced 5,000 customers in Germany.
Toyota already sold nine million hybrid vehicles worldwide in
April. This shows the future potential of hybrid technology and
that Toyota has successfully occupied this market segment
through a policy of expanding their range of hybrid models.
The Japanese manufacturer’s biggest sellers in the first eight
months of the year 2016 were the Toyota Auris (+26.0 %),
the Aygo (+16.8 %) and the Yaris with a increase of 25 %.
As dealers, we too profit from this success. In comparison
with the corresponding period in the previous year, the Toy-
ota dealers almost doubled their profits. In the long term,
Toyota aim at a stable return for their dealers of at least
1.5 per cent over a full year. Other reasons for the dealers’
good returns are reduced fixed costs and increased earnings
from the new vehicle business. This shows that Toyota is on
the right path with the restructuring of the dealer network
which was initiated in May 2015.
With effect from 1 June 2016, Toyota changed the distri-
bution structure for the new vehicle business over from a
multi-stage to a single-stage system. The objective is to
strengthen the brand on the German market in the long term
as well as further improving the quality and professionalism
of the new vehicle distribution network. This new network
structure is intended to help the dealerships achieve a sig-
nificantly higher profitability and efficiency. All Toyota AVAG
dealerships directly received a new draft agreement together
with the letter of termination. Direct service and parts agree-
ments are not affected. Toyota are aiming to achieve returns
for the dealerships of more than 1.5 per cent for the year
2017 with this new distribution structure. The Toyota deal-
ership network now consists of 240 new vehicle partners
with a total of 380 dealership locations. In addition there are
260 service locations which, with their high quality standards,
also make an important contribution to the special Toyota
brand experience.
Having upgraded its complete model range two years ago,
Nissan started the year with fresh impetus. This is also reflect-
ed in the number of new vehicle registrations during AVAG’s
fiscal year 2015/16. With 74,584 new vehicle registrations, the
manufacturer managed to increase sales by 7.9 % in compar-
ison with the previous year.
The positive trend was reflected in Nissan’s sales during the
first eight months: New vehicle registrations rose from January
to August by six per cent to 49,110 vehicles (market share:
2.2 per cent). Together with the over 4,910 light commer-
cial vehicles, with over 54,020 total new registrations Nissan
achieved their best result since 1998, with a market share of
2.4 per cent. Nissan is lending additional impulse to electro-
mobility. The Nissan e-NV200 won the German Commercial
Vehicle Award for 2016. The award in the category “Electric
Drive Urban Delivery Van”, which was being awarded for the
first time, was based on test drives by tradesmen, who were
impressed by the combination of environmentally friendly
drive technology and high load capacity.
With 4,993,109 (previous year: 4,948,350) registered chang-
es of ownership from January to August 2016, the used
vehicle business slightly exceeded the level of the previous
year. In the view of the German Federation for Motor Trades
and Repairs (Zentralverband Deutsches Kfz-Gewerbe - ZDK)
the used vehicle business is expected to close 2016 at the
previous year’s level of over 7.3 million registered changes
of ownership.
In the service sector, the past fiscal year ended slightly above
the previous year’s level. Nationwide, the service business
and workshop utilisation stabilised at the level of the past
year. Further demand for repair and maintenance work dur-
ing the year 2016 will very much depend on how much the
number of vehicles on the road in Germany changes. Overall,
the German Federation for Motor Trades and Repairs (ZDK)
expects to see a reasonable and stable development of de-
mand in the after-sales sector over the rest of the calendar
year. We agree with this opinion.
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 3938
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a) Austria
As regards the Austrian market, a total of 222,342 (previous year: 211,227) new
vehicle registrations were recorded from January to August 2016, representing an
increase of 5.3 %. For Opel, the Austrian Chamber of Commerce recorded 15,981
new vehicle registrations over this period, which corresponds to an increase of
two per cent. Opel’s biggest selling models are the new Astra (4,207 vehicles),
followed by the Mokka with 3,146 and the Corsa with 2,930 units.
The following table shows the new vehicle market, adjusted to AVAG’s fiscal year.
AustriaSept. 15 to Aug. 16 in% Sept. 14 to Aug. 15
Number of registrations
Market share in%
comp. with 2014/15
Number of registrations
Market share in%
Volkswagen 55.070 17,23 3,31 53.304 17,65
Opel 22.191 6,94 -0,11 22.215 7,35
Skoda 20.957 6,56 2,64 20.417 6,76
BMW 18.968 5,93 24,02 15.294 5,06
Ford 18.502 5,79 3,90 17.808 5,90
Audi 18.079 5,66 3,63 17.446 5,78
Renault 17.906 5,60 12,86 15.866 5,25
Mercedes 14.201 4,44 15,31 12.315 4,08
Peugeot 9.931 3,11 -1,94 10.127 3,35
Kia 9.799 3,07 18,15 8.294 2,75
Nissan 7.187 2,25 1,51 7.080 2,34
Toyota 5.800 1,81 -8,42 6.333 2,10
Suzuki 5.486 1,72 5,58 5.196 1,72
TOTAL REGISTRATIONS 319.670 100,00 5,84 302.045 100,00
The new vehicle market improved continuously during this fiscal year. Over our
fiscal year, new vehicle sales, at 319,670 (previous year: 302,045) registered
vehicles nationwide, showed an increase of approx. 5.8 % in comparison with
the previous year.
The performance of our manufacturer Opel on the Austrian market deteriorated
slightly in relation to AVAG’s fiscal year. However, with 22,191 new vehicles, the
market share remains stable at approximately 7 %.
With 570,089 (previous year: 552,663) registered changes of ownership from
January to August 2016, the used vehicle business continued to grow. With
37,453 registered changes of ownership, Opel saw an increase of 3.8 % in
comparison with the previous year. The classic used vehicle business is, as
before, strongly influenced by the above-average supply of “nearly new” vehicles
in the form of vehicles registered by dealers and manufacturers themselves.
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stAtus report
psc Zagreb, VaraZdin kristian sertic mAnAgement
75 emplOyees
4 lOcatiOns 2 x ZAgreb, velikA gOricA, vArAZdin
30.000.000 eur turnOver
aFFiliated with aVag since 1993
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 4342
b) Croatia
Not least due to the brisk demand from abroad and increasing income from
tourism, economic growth in Croatia remains at around the level of the previous
year, at 1.5 per cent. In terms of the automotive trade and our AVAG dealerships
in particular, sales figures as a whole have grown, from 34,824 to 41,417 vehicle
registrations. Opel lost some market share but showed an increase of 8.27 %
in new vehicle registrations. However, in order to achieve their own profit targets,
Opel are reluctant to grant discounts in the fleet business. Other manufacturers
like Renault are exploiting this gap and buying market shares. The development
of our Citroen dealerships is encouraging. They managed to increase AVAG
Citroen sales and are developing to our satisfaction, even though the manufac-
turer Citroen has lost market share.
CroatiaSept. 15 to Aug. 16 in% Sept. 14 to Aug. 15
Number of registrations
Market share in%
comp. with 2014/15
Number of registrations
Market share in%
Volkswagen 6.044 14,59 10,55 5.467 15,70
Opel 3.955 9,55 8,27 3.653 10,49
Renault 3.457 8,35 22,76 2.816 8,09
Skoda 3.165 7,64 6,07 2.984 8,57
Toyota 1.629 3,93 23,32 1.321 3,79
Citroen 1.502 3,63 -5,00 1.581 4,54
Kia 1.381 3,33 -20,81 1.744 5,01
Fiat/Alfa 1.005 2,43 82,73 550 1,58
TOTAL REGISTRATIONS 41.417 100,00 18,93 34.824 100,00
Turnovers in the service business are encouragingly stable and in combination with
the optimisation programmes which we implemented last year it was possible to
further increase the average returns in all dealerships through falling costs.
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c) Poland
As a result of the solid economic framework conditions, the market for new
vehicles in Poland showed an increase of over 11 % from September 2015 to
August 2016. In figures this amounts to 373,540 new vehicle registrations (pre-
vious year: 335,445). Not only did Opel benefit from this, with a market share of
just over eight per cent and 31,244 vehicles sold, AVAG’s share in Opel amounts
to 8.4 per cent, and we are satisfied with this. In the Warsaw area, AVAG have a
market share of around 32 per cent and improved their new vehicle registrations
from 2,523 in the previous year to 2,615 new vehicle registrations.
The earnings situation in the service business continues to be good. Restructuring
measures carried out to date as well as the associated cost reductions continue to
make their effect felt and, with the turnover development described above, guarantee
a continuing positive profit situation for the company.
PolandSept. 15 to Aug. 16 in% Sept. 14 to Aug. 15
Number of registrations
Market share in%
comp. with 2014/15
Number of registrations
Market share in%
Skoda 48.883 13,09 14,85 42.563 12,69
Volkswagen 40.791 10,92 28,35 31.780 9,47
Opel 31.244 8,36 8,33 28.842 8,60
Ford 27.530 7,37 20,45 22.856 6,81
Renault 20.934 5,60 19,01 17.590 5,24
Fiat 8.388 2,25 10,18 7.613 2,27
TOTAL REGISTRATIONS 373.540 100,00 11,36 335.445 100,00
d) Hungary
According to their latest report, the EU Commission assesses Hungary’s economic
prospects as being quite positive. In terms of the automotive sector, this was also
reflected in an increase of almost 24 per cent in sales figures in the market as a
whole during the period September 2015 to August 2016. Expressed in absolute
figures this represents an increase from 72,443 to 89,511 vehicle registrations.
In comparison with the corresponding period in the previous year, Opel showed an
increase in registration figures, although the market share fell slightly. Suzuki remains
on a successful course, doubling their registration figures with a 11.5 % market
share.
Vehicles of the two brands Opel and Suzuki are sold at our dealership in Budapest.
We achieved good results with both brands during the past fiscal year. We are
experiencing a dynamic upturn with Suzuki. We managed to increase sales figures
by 60 per cent in comparison with the corresponding period in the previous year,
while achieving an increase of 11.2 per cent with Opel. Although the manufacturer’s
reluctance to grant discounts to large customers affects sales figures, we almost
managed to compensate for the decline through improvements in the end consumer
and small and medium-sized enterprises business.
HungarySept. 15 to Aug. 16 in% Sept. 14 to Aug. 15
Number of registrations
Market share in%
comp. with 2014/15
Number of registrations
Market share in%
Suzuki 10.267 11,47 82,07 5.639 7,78
Suzuki 9.496 10,61 10,96 8.558 11,81
Ford 8.302 9,27 2,96 8.063 11,13
Volkswagen 7.564 8,45 29,23 5.853 8,08
Renault 4.281 4,78 52,51 2.807 3,87
Fiat 3.004 3,36 24,75 2.408 3,32
TOTAL REGISTRATIONS 89.511 100,00 23,56 72.443 100,00
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 4746
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3. Development of business of the AVAG Group
3.1. Sales
With its 38 German and 16 international affiliated companies
engaged in sales at a total of 161 locations (previous year:
156), AVAG Holding SE sold 111,794 (previous year: 96,676)
new and used vehicles in the past fiscal year 2015/2016.
Sales revenues in the vehicle sales business further increased
to TEUR 1,456,670 (previous year: TEUR 1,195,215). The
increase results from sales both in the new vehicle segment
and in the used vehicle segment, which both experienced
very clear growth in the two-digit per cent range. The growth
results from targeted purchases of new locations and or-
ganic growth.
3.1.1. Sales of new vehicles
AVAG Holding SE’s dealerships in Germany and abroad
sold a total of 55,816 new vehicles in the past fiscal year
2015/2016 (previous year: 48,754). The sales figures of our
38 domestic businesses engaged in sales activities increased
by almost 16.0 % in the new vehicle business with 42,824
new vehicle registrations (previous year: 36,948). Both the
DIO dealerships, with 23,696 vehicle sales (previous year:
22,138) and DIA with 19,128 vehicle sales (previous year:
14,810) improved on last year’s sales figures.
Collectively, our 16 business interests engaged in sales ac-
tivities in other European countries, which are represented in
a total of 33 sales locations in the countries Austria, Croatia,
Poland, Hungary and Serbia, managed to market a total of
12,992 new vehicles (previous year: 11,806), marking a return
to the level of the fiscal year before last.
3.1.2. Sales of used vehicles
With 55,978 used vehicles sold in total (previous year: 47,922),
our dealerships managed to surpass the previous year’s figure
comfortably during the past fiscal year. Taking into considera-
tion the development of the market as a whole, this increase
can be seen as being very positive.
Both the dealerships operated by DIO GmbH, with 32,850
used vehicles sold (previous year: 28,108) and the compa-
nies controlled by DIA Albert Still GmbH and AV Holding In-
ternational GmbH/AV International GmbH managed to further
increase used vehicles sales in comparison with the previous
year. In particular, an increase of over 16.9 % was achieved
by DIO in this fiscal year.
The dealerships operated by DIA Albert Still GmbH managed
to further increase used vehicle sales through an active pur-
chasing policy. Abroad, the on-target growth resulted from
the intensification of independent purchasing. With 13,676
registered used vehicle sales (previous year: 12,034) the DIA
dealerships surpassed last year’s performance by around
1,650 units; together, the companies controlled by AVI sold
9,452 units (previous year: 7,780), again exceeding the
previous year’s figures.
10000
20000
30000
40000
50000
60000
total
AVI
DIA
DIO
2015/162014/152013/142012/132011/12
36.501 36.212 40.063 47.922 55.978
10000
20000
30000
40000
50000
60000
total
AVI
DIA
DIO
2015/162014/152013/142012/132011/12
47.714 44.909 45.624 48.754 55.816
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 4948
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3.2. After-sales
The after-sales sector is the second mainstay of the automotive
trade. However, there is considerable competitive pressure from
fast-fit groups such as ATU or Pit-Stop, which in this fiscal year
too we withstood successfully. Very high quality products, the
resulting extended maintenance intervals of the vehicles and the
reduction in the number of warranty claims oblige us to stabi-
lise or improve the utilisation of our workshop capacity through
active after-sales marketing. Nonetheless we succeeded in in-
creasing after-sales turnover significantly in the past year to a
total of EUR 366.0 million (previous year: EUR 349.5).
This was achieved above all through significantly expanded mar-
keting activities, technical innovations in service acceptance and
customer contact programmes. A smaller part of the growth is
attributable to the newly acquired companies.
Turnover in the parts and accessories business and in the
service business is significantly up on the previous year’s
level. The increase in the parts and accessories business
is attributable to growth in the existing locations as well as
through newly acquired businesses.
4. Earnings, Assets and Financial Position of the AVAG Group and AVAG Holding SE
4.1. The AVAG group
4.1.1. Earnings situation
Sales revenues increased by 18.0 % during the past fiscal
year from EUR 1.57 billion to EUR 1.86 billion, whereas the
result from ordinary activities rose significantly from EUR
22.7 million to EUR 38.4 million. This corresponds to a per-
centage improvement of 68.9 %. Taking into consideration
the development of the overall market, the AVAG Group’s
result can be regarded as a very great success. This is this
attributable, among other things, to the synergy effects re-
sulting from the structures created within the AVAG Group.
Whereas sales revenues increased by 18.0 %, the gross
profit also showed a two-digit increase of 13.2 % to EUR
317.1 million. This is largely attributable to the service and
parts business. The slight deterioration in the cost-of-mate-
rials ratio of 82.9 % (previous year: 82.2 %) is largely attrib-
utable to the significant increase in vehicle sales in relation
to earnings in the after-sales sector.
The operating result rose by 51.1 % from EUR 29.2 million
to EUR 44.1 million. The result was affected by cost increas-
es in the area of personnel expenses, essentially due to the
new operating locations, which are still in the start-up phase.
The personnel expenses ratio fell from 9.5 % to 8.9 %.
Personnel expenses increased by 9.7 % in the fiscal year 2015/16
because of the newly acquired companies. These include usual
wage and salary increases. Overall, personnel expenses have
increased from EUR 150.1 million to EUR 164.7 million.
The financial result improved, above all due to improved interest
terms and due to improved vehicle stock management in the
vehicle sales business, from EUR -6.4 million to EUR -5.6 million.
The balance of operating result and financial result leads to an
operating profit of EUR 38.4 million (previous year: EUR 22.7
million), that is to say a sensational EUR 15.7 million above the
previous year’s level.
Expenditure on taxes increased to EUR 11.8 (previous year:
EUR 7.9 million euros) due to the significant increase in the
operating result. This, together with the profit share due to
partners outside of the group, amounting to EUR 4.3 mil-
lion euros (previous year: EUR 2.9 million euros), leads to a
consolidated net income in the amount of EUR 22.4 million
euros (previous year: EUR 12.0 million euros).
The profit on sales, in relation to the earnings before income
taxes, amounts to 2.1 % for the past fiscal year (previous
year: EUR 1.5 %), comfortably exceeding our target of a
minimum return on sales of 1.0 %.
4.1.2.Assets situation
The consolidated balance sheet total amounted, as at bal-
ance sheet date, to EUR 455.9 million (previous year: EUR
383.4 million), EUR 72.4 million above the previous year’s
level. On the assets side, the fixed assets increased by EUR
26.7 million in comparison with the previous year to EUR
205.3 million (previous year: EUR 178.6 million) and the cur-
rent assets increased by EUR 45.9 million from EUR 203.1
million to EUR 249.0 million.
The change in the fixed assets is essentially attributable to
the acquisition of land and buildings properties as well as
the construction of new dealerships in German cities. These
include above all the highly successful new dealerships in
Stuttgart, Nuremberg and Munich.
In the current assets, inventories increased by EUR 33.5 million
to EUR 173.8 million and other assets of EUR 24.5 million were
increased to EUR 32.6 million. The increase in inventories is
attributable to an increase in stocks of new and used vehicles.
The stock turnover rate increased slightly in comparison with
the previous year. The trade accounts receivable increased
slightly as per the reporting date. by EUR 2.7 million to EUR
37.6 million. In other assets, increased receivables from man-
ufacturers are responsible for the increase.
The equity ratio provides an indication of the Group’s capital
structure. Including equity-related financing, it stood at 21.8 %
(previous year: 20.3 %). The equity as shown on the balance
sheet amounts to EUR 93.2 million and the equity surrogates
amount to EUR 6.0 million as per reporting date. At the Share-
holders’ Meeting on 15.03.2016 it was decided that, out of the
previous year’s net income of EUR 27.9 million, a dividend of
EUR 0.51 per share with dividend entitlement will be distribut-
ed, in total EUR 2.0 million, and EUR 10.0 million allocated to
the retained earnings. The net income remaining, amounting to
EUR 15.9 million, was carried forward to new account.
Also, of the retained earnings, EUR 10.0 million was converted
into subscribed capital. The conversion of the retained earnings
is intended to strengthen the company in the long term. As of
31.08.16 the legal reserve changed by EUR 1.1 million due to
the increase required by law.
On the reporting date, equity-related funds comprised
EUR 6.0 million in participation rights held by a bank consortium.
Provisions increased by EUR 11.4 million to EUR 62.0 million.
The increase is essentially attributable to the increase in pro-
visions for customer loyalty instruments, tax provisions and
personnel provisions. The customer loyalty programmes were
pushed forward during the fiscal year 2015/16 and should, in
the coming years too, lead to positive effects in the service
business. The personnel provisions have essentially risen due
to the good fiscal year.
Total liabilities (excluding subordinated liabilities) of the AVAG
Group increased by EUR 40.5 million to EUR 291.6 million.
The liabilities towards banks increased from EUR 203.3 million
to EUR 235.3 million, which is essentially attributable to the
increased stocks and the investments in long-term assets. At
the same time, long-term loans were repaid as scheduled, and
replaced with new long-term financing. The liquid funds used
for this purpose come from the positive cash flow of the oper-
ational business.
Trade accounts payable increased from 17.2 EUR million to
22.4 EUR million due to the reporting date.
The increase in other liabilities is attributable to increased
tax liabilities, which essentially relate to wage tax and VAT
liabilities.
Deferred income and accrued expenses fell by EUR 0.9 million
due to the scheduled collection of payments relating to com-
ing fiscal years.
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4.1.3. Financial Situation
Analysing the cash flow statement gives an indication of the
Group’s financial position. At the end of the fiscal year the
cash and cash equivalents of the AVAG Group amounted to
EUR -9.6 million (previous year: EUR -3.4 million). At EUR 52.0
million, the annual cash flow was EUR 13.8 million up on the
previous year’s level (EUR 38.2 million).
The cash flow from current business activities stood at EUR
33.1 million. This is attributable, in particular, to the further
increase in new and used vehicles and trade accounts re-
ceivable.
The cash flow from investment activities was EUR -51.6 million.
The cash flow from financing activities was EUR 12.4 million.
4.2. Die AVAG Holding SE
4.2.1. Earnings situation
AVAG Holding SE is an operational management and finan-
cial holding company that supports all automotive-related
areas of business. It frees the operating companies from
activities that do not add value directly, since it bundles
certain areas of expertise (e.g. in the areas of marketing,
purchasing, IT, treasury, customer relations, quality and en-
vironmental management etc.) at headquarters and through
the placement of its specialists makes them available as a
service to all operating companies. Bundling these functions
allows us to achieve substantial synergy effects. This profes-
sional assistance allows the dealerships to focus their main
efforts on active sales and individual customer care. AVAG
Holding SE plays a supporting role here. By deploying spe-
cialists in, for example, the specialty areas of after-sales, key
and corporate customer care, insurance, etc. it offers the
operating units additional direct support in their day-to-day
business. This effect is enhanced by the dealerships’ ability
to access our central vehicle distribution centre, which gives
us a further edge over our competitors.
Given the underlying economic conditions in the fiscal year
2015/16, the management is very satisfied with the net in-
come of EUR 21.0 million which was achieved (previous
year: EUR 12.9 million). The sales revenues, consisting of
distribution centre activities, rental incomes and intragroup
allocations, increased during the year under review from
EUR 312.5 million in the previous year to EUR 365.8 million.
This is above all due to the significant increase in sales rev-
enues in the area of the vehicle distribution centre function,
which is essentially attributable to the higher volume of units
sold within the Group. At EUR 2.4 million, the other operating
income remains roughly at the previous year’s level.
The cost of materials in relation to turnover was, at 95.4 %,
slightly up on the previous year and is predominantly affect-
ed by the central distribution centre’s purchase and sale of
new vehicles.
Following the good fiscal year 2014/15, and as a result of
additional employees, personnel expenses increased by
EUR 2.0 million to EUR 11.1 million.
Other operating expenses are largely influenced through legal
and advice costs. Overall, other operating expenses increased
from EUR 4.8 million to EUR 5.1 million. In view of the devel-
opments described, the operating result of AVAG Holding SE
was reduced by EUR 1.6 million to EUR 0.6 million.
The financial result for the period under review grew significant-
ly, by EUR 9.5 million to EUR 20.9 million. Interest expenses
reduced further and income from participating interests in-
creased by EUR 6.8 million to EUR 18.2 million as a result of
the positive development of the participating interests in the
operational business, this improvement significantly surpass-
ing our expectations.
The result from ordinary operating activities thus amounted
to EUR 21.5 million on the reporting date, in comparison
with EUR 13.7 million in the previous year. The net income
amounts to EUR 21.0 million (previous year: EUR 12.9 million).
4.2.2. Assets
The balance sheet total of AVAG Holding SE increased
by EUR 45.5 million to EUR 258.0 million (previous year:
EUR 212.5 million).
On the assets side, this development is attributable
to several factors. Tangible fixed assets increased by
EUR 13.9 million, from EUR 60.7 million to EUR 74.6 million
due to recent purchases of land and buildings and new build
projects. These include above all the highly successful new
dealerships in Stuttgart, Nuremberg and Munich.
Moreover, current assets are, at EUR 120.5 million (previous
year: EUR 95.6 million), well above the previous year’s level.
Under current assets, accounts receivable and other assets
amounted to EUR 91.1 million as per the reporting date (pre-
vious year: 70.9 EUR million) and inventories amounted in
total to EUR 29.4 million (previous year: EUR 24.7 million).
The inventories thus increased by EUR 4.7 million in the
fiscal year. The amounts owed by affiliated companies es-
sentially consist of receivables from the cash management
of the AVAG Group and income from participating interests.
On the liabilities side, the balance sheet equity increased
due to the good results over the past two fiscal years by
EUR 19.1 million to EUR 97.7 million (previous year: EUR
78.6 million). At the Shareholders’ Meeting on 15.03.2016
it was decided that, out of the previous year’s net income of
EUR 27.9 million, a dividend of EUR 0.51 per share with div-
idend entitlement, EUR 2.0 million in total, will be distributed,
and EUR 10.0 million allocated to the retained earnings. The
remaining net income amounting to EUR 15.9 million will be
carried forward to new account.
In addition, of the retained earnings, EUR 10.0 million was
converted into subscribed capital. The conversion of the
retained earnings is intended to strengthen the company’s
equity in the long term. As of 31.08.2016 the legal reserve
changed by EUR 1.1 million due to the increase required
by law.
Equity-related funds comprise EUR 6.0 million in participa-
tion rights held by a bank consortium. The effective equity
thus amounts in total to EUR 103.7 million (previous year:
EUR 85.6 million) and our effective capital ratio is now
40.2 %. Due to the long-term investments, total liabilities
are, at EUR 160.3 million, well above the previous year’s
level (previous year: EUR 133.9 million).
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4.2.3. Financial situation
The cash and cash equivalents of AVAG Holding SE amoun-
ted to EUR -8.7 million at the end of the reporting period,
in comparison with EUR -8.3 million in the previous year.
A cash flow from current operating activities of EUR 15.2
million (previous year: EUR 15.3 million) was set against a
cash flow from investment activities amounting in total to
EUR -19.9 million (previous year: EUR 2.8 million). The cash
flow from financing activities changed from 23.9 EUR mil-
lion to EUR 4.3 million, above all due to the change in the
financing of inventory vehicles.
4.3. Financial instruments
One of AVAG Holding SE’s most important tasks as a manage-
ment and holding company is the structuring and management
of financial instruments within the group. With respect to op-
erating funds, financing basically comprises two components:
The largest component in terms of volume is the financing of
our stocks of inventory vehicles. Available to us as partners for
the financing of our inventories of new and used vehicles are,
on the one hand, manufacturers’ banks, so-called captives,
as well as providers of vehicle financing that are not linked to
manufacturers, so-called non-captives.
The financing of the other business operations takes the form
of credit lines provided by commercial banks. For this purpose,
the German and Austrian operations are linked to AVAG Holding
SE through cash pool structures.
During the course of the fiscal year and as on balance sheet
date, adequate credit lines were available to the group in both
areas of business; availment of these credit lines is subject to
pronounced seasonal fluctuations.
Both parts of the inventory vehicle financing and the financing
of operating funds via commercial banks are subject to the risk
of interest rate changes which we have hedged through inter-
est rate swaps with different terms as well as CAP agreements
scaled according to maturity and strike rate. Interest rates have
been at an historical low since the end of 2009. Given the cur-
rent overall economic situation, we do not expect any sharp
rises in interest rates over the medium term.
Our short-term current account financing via commercial
banks is in principle unsecured. In order to secure/stabilise
our operating funds financing we have since agreed a two-
year term with automatic extension option for more than half
of our credit lines.
In the field of medium to long-term outside financing, we
differentiate between traditional long-term outside capital
from bank loans and items with an equity-like character. In
the past fiscal year we have repaid a lombard loan secured
through a bond (from our saving deposit for repayment of the
mezzanine funds) as well as a smaller loan, following expiry
of the fixed interest period, and replaced these with a new
property-secured loan. The relatively pronounced fall in our
loan portfolio thus results almost exclusively from regular re-
payments. Our current bank loan portfolio consists largely
of fixed positions that are not subject to any significant risk
of interest rate changes.
4.4. General assessment of the Group’s earnings, assets and financial situation
For years we have successfully pursued a strategy of risk
diversification. In other words, we spread the risk for the
AVAG Group by participating in different markets, and
also with different brands. As is known, we operate in five
European countries, marketing a total of 14 brands. This ap-
proach enables us to spread risk across various shoulders.
We believe this method of reducing risk has proved to be
the right approach for us over the long-term. It means that
even in difficult market situations in individual regions and/or
where special influences affect an individual brand, we suc-
ceed in posting satisfactory/good results. For example, last
year we posted consolidated sales of EUR 1.86 billion and
an operating result of EUR 38.4 million. Given the current
situation, we are very satisfied with our return on sales and
have managed to do more than simply fulfil our targets dur-
ing the past fiscal year. We are also on a very sound footing
in financial terms.
We have (balance-sheet) equity of EUR 93.2 million along
with EUR 6.0 million of equity-related resources, giving us
an economic equity ratio of 21.8 % of our balance-sheet
total. Over the coming years we plan to further strengthen
our equity basis. The medium-term goal of the AVAG Group
is an equity ratio of more than 20%. In taking this measure,
AVAG Holding SE’s shareholders wish to affirm their con-
fidence in their company’s future prospects. However, we
plan to further improve this ratio in the future.
Above all, the very positive development of the market and
the optimisation measures which have been implemented
and which hare taking effect, for example the improvement
in of the used vehicles management and the introduction of
an electronic direct reception, contributed to an improve-
ment in the result in comparison with the previous year’s
forecasts.
5. Financial and non-financial performance indicators
The company controls its operational business on the ba-
sis of the sales revenues, the annual result and the return
on sales. Another important performance indicator is the
number of persons employed by the company.
The number of employees of the AVAG Group increased
during the fiscal year from 3,767 to 4,020. The number of
employees at AVAG SE increased from 74 to 82, with 7
temporary staff (previous year: 9). The key influencing factor
here is the newly acquired companies.
Our employees are the most important resource contribut-
ing to the success of the AVAG Group. This is why internal
training events are held regularly within the different depart-
ments in order to promote the continuing vocational training
of our employees. The vocational training provided to the
employees is supplemented with external advanced training
measures provided by manufacturers or other providers.
C. Supplementary Report (§ 289 para. 2 no. 1 HGB)
At the beginning of December 2016, Avtotehna VIS, Slovenia, with the four dealerships in Ljubljana, Kranj, Škofja Loka and
Koper together with the associated properties, was taken over by Avtotehna d.d. No other events of particular importance
occurred after the balance sheet date.
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D. Forecast, Opportunities, Risk Report
1. Risk report and risk management system
General economic risks can have various different causes.
Economic risks can arise from an unfavourable development
of global or regional markets, for example from a possible
intensification of the political crises in the Ukraine and in the
Near East which could have major impacts on the German
economy and the prospects for economic recovery.
The global economic risks are limited by our presence within
the local German market. This means that the company’s
development depends very closely on the development of
the economy within Germany. The materialisation of such
risks can have a serious impact on the sales achieved by
the company.
For this reason, AVAG has installed a central risk manage-
ment system which is implemented in all of the AVAG Group’s
dealerships. The purpose of this is to allow risks to be iden-
tified at an early stage, their impact reduced by means of
appropriate measures and any threat to the company’s ex-
istence averted. . It makes an important contribution to the
achievement of the strategic, operational and financial goals
of the AVAG Group and the individual dealerships and is
intended to contribute to a sustained increase in the val-
ue of the company. It involves a comprehensive system of
reporting, including a daily analysis which allows changes
in the sales market to be identified quickly. It also involves
daily management of vehicle stocks and sales figures. In the
service business, a daily analysis of capacity utilisation and
added value takes place.
The performance of the individual dealerships and the distrib-
uted brands are analysed on brand level in regular meetings
between the senior management and divisional management
and further action and future developments are discussed.
Market risks
Changes in the sector-specific environment can also have a
negative impact on the earnings, financial and assets situation.
The drivers behind the assessment of risks within the au-
tomotive trade are the development of domestic demand
in general, the performance of the brand marketed by the
dealership and its positioning within the regional market. In
addition, an essentially saturated automotive market in Ger-
many, exacerbated by the flows of products channelled by
the manufacturers, leads to a further intensification in com-
petition and ultimately to an attrition of dealerships. A daily
analysis is therefore implemented within the AVAG Group
which allows changes within the sales market to be iden-
tified rapidly.
The same applies to our international sphere of operations,
namely the markets in Austria, Croatia, Poland and Hungary.
As is well known, AVAG has for years pursued a strategy of
risk diversification, i.e. we operate in different European mar-
kets, with a number of different brands – as before, the heav-
yweight within our overall portfolio remains the Opel brand.
The profitability of the car manufacturer Opel remains a ma-
jor uncertainty. However, Opel has been performing very
encouragingly since 2013 and is expected to be back in the
profit zone in the year 2016 following a very positive start to
the fiscal year 2016. New vehicle registrations and market
share are increasing steadily. Opel are aiming for a return on
sales of five per cent in Europe by 2022.
With a market share of 2.1 % in the month of August 2016,
the brand Toyota has failed to live up to its expectations on
the German market. As before, Toyota are counting heavily
on hybrid drive technologies. Toyota can now offer vehicles
with hybrid drive in virtually all segments. The Japanese man-
ufacturer’s mainstay is the Yaris hybrid, which also serves as
the brand’s flagship in this sector. The estate version of the
Toyota Auris Touring Sports fills the gap in the lower middle
class segment which has existed since 2006.
On Group level, in addition to Opel, the brands Toyota and
Nissan have, in particular, already become established, and
the most recent high-volume brand Ford already occupies
second position in our brands ranking, even though not all
subsidiaries have yet achieved their planned size.
One important risk factor in the automotive trade is the
management of stocks of new and used vehicles. Within
the AVAG Group, this is managed centrally for each vehicle
brand, exploiting the advantages of a centrally controlled
inventory management which allows each individual dealer-
ship access to all of the vehicles. This means that customers
can be presented with a wide range of new and nearly-new
vehicles.
In principle, the obligation to take back leased vehicles also
involves risks for AVAG. With leasing, we essentially dis-
tinguish between contracts based on residual value and
mileage-based contracts. Leasing contracts involving buy-
back obligations for pre-determined buy-back values do
not generally present a risk, whereas buy-back obligations
for mileage-based contracts generally harbour risks. AVAG
favours leasing transactions with fixed residual values and
concentrates on a 50:50 division of the total number between
both contract types. In operational terms, the leasing buy-
back obligations do not currently represent a significant risk
for us. We control the residual value risk of returned leased
vehicles through careful calculation at the time of conclud-
ing the contract and through regular monitoring of residual
values. In addition, we form a provision to cover any risks
not taken into calculation.
The financing of purchasing and sales is a key success factor
nowadays within the automotive trade. The financing of the
dealerships as well as sales financing within the AVAG Group
are controlled via AVAG Holding SE. The new car invento-
ry financing and new car end customer financing, involving
various different arrangements, is essentially based on the
manufacturer’s banks. In the used vehicle business, we work
together with several financial partners, both in purchasing
and sales financing.
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Legal Risks
Legal risks can essentially arise from legal disputes, com-
plaints or warranty claims.
Provisions have been formed in appropriate amounts for
proceedings which are currently pending. No individual
risks exist which could have a serious impact on the com-
pany’s business and thus its result.
Financial risks
Financial risks primarily involve liquidity, interest, bad debt
and tax risks.
AVAG Holding SE is also responsible for providing and con-
trolling liquidity within the Group. The availability of liquidity
and the stability of the overall financing take first priority.
Some of these financing positions are exposed to an interest
rate risk, part of which is fixed or capped group-wide through
the conclusion of corresponding interest rate hedging agree-
ments on the level of AVAG Holding SE.
Our professional cash management system provides us with
same-day liquidity management across all countries and
banking relationships. For years, AVAG Holding SE’s stated
philosophy has been for all brands that we represent to in-
clude their own manufacturer’s bank/their chosen banking
partner in the business relationship with AVAG. Consequent-
ly, AVAG Holding SE has sales financing relationships with
Opel, Toyota, Ford, Nissan and Honda banks. The business
relations with the so-called non-captives BDK, S-Kreditpart-
ner, Santander-Bank, Getin Bank and akf-Bank are also an
established part of our inventory vehicle financing. Short-
term interest rates have been at a constant low level. Given
the current overall economic situation, we again expect a
similar level of interest rates in 2016.
In view of the risk of default in payment by commercial cus-
tomers, the dealerships enjoy protection in the event of de-
fault in payment under the service and advice agreement
concluded with AVAG Holding SE and in addition through the
trade credit insurance taken out with Euler/Hermes. Conse-
quently, this does not represent any significant risk to deal-
ership operations.
Tax risks essentially arise through the export of vehicles and
spare parts to other countries within and outside of Europe.
This risk is countered by following standard procedures for
exports within the entire AVAG Group which are intended to
minimise the risk.
General assessment of the company’s risk situation
The assessment of the overall risk situation is the result of
the consolidated consideration of all the significant individ-
ual risks. We are not aware at present of any risks which
could constitute a threat to the continuing existence of the
company.
2. Opportunities and forecast
2.1. Wider framework conditions
Great Britain’s exit from the European Union is evidently
producing a noticeably more pessimistic mood among Ger-
man Managers. The ifo business climate index fell by 2.1 to
106.2 points in August. This is the lowest level Germany’s
most important economic indicator has reached in half a
year, even though Germany enjoys a robust employment
market, a high material standard of living as well as an as-
pirational quality of living. In addition, demographic change,
an ageing society and the integration of the refugees pres-
ent major challenges.
2.2. Outlook for 2016/2017
Global growth this year has proved lower than expected. In-
ternational organisations like the IMF and OECD anticipate
only a slight increase in global economic growth of 3.2 % in
the current year, and 3.5 % in 2017. According to the report,
the individual global regions are developing very differently.
In the USA, growth is, at 2.4 per cent, relatively robust. For
Germany and the euro zone, the IMF expects an increase of
1.5 %. Japan’s economy is hardly growing, with an increase
0.5 %. China has seen an increase to 6.5 % for 2016. India
remains unchanged at 7.5 %. The countries with a shrinking
economy include Russia (-1.8 %), Argentina (-1.0 %) and
Venezuela (-8.0 %).
Despite the subdued forecasts from Europe, the current eco-
nomic forecasts for Germany are quite positive. The main
driver of growth remains private consumption, which is en-
couraged by rising wages and increased employment as
well as the low oil price.
The future of the automotive sector depends very much on
the further development of the general economic situation.
The interplay of the European markets will play a key role
here. In this respect it is difficult to offer precise forecasts.
Nonetheless, an upswing has been noticeable over the past
twelve months which leads us to look optimistically towards
the future. This is also supported by the estimates of the Zen-
tralverband Deutsches Kraftfahrzeuggewerbe (ZDK), accord-
ing to which a volume of 3.2 million new vehicle registrations
by the end of the current calendar year is considered realistic.
Industry expectations for the year 2016/2017 are equally
positive. This is shown by the figures of the ZDK’s business
climate index, with the value for the second quarter of 2016
rising by 20 points to 121.2 points in comparison with the
first quarter. The positive underlying mood runs through all
three relevant business areas, new vehicle orders received,
the used vehicle business and after-sales. Almost three quar-
ters of the dealerships and service workshops expect a sta-
ble business situation for the third quarter of 2016.
Our manufacturer Opel enjoyed a strong first three quar-
ters in 2016 in Germany. From January to September, car
sales rose by eight per cent, to 128,000 units. The market
share increased over this period to more than 7.3 %. This
means Opel grew more strongly than the market as a whole,
which grew by six per cent. In Europe, the manufacturer sold
621,000 vehicles of the brands Opel and Vauxhall in the first
half of the year. This is seven per cent more than in the cor-
responding period in the previous year. The dealership result
for the second quarter amounted to 137 million dollars. In
Germany, the plan is to increase the market share year for
year with new products, segments and engines.
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The market launch of the new Opel Insignia is planned for
spring 2017. The new model weights up to 200 kilograms
less. The main beneficiaries of this weight loss are the driving
dynamics and the fuel consumption. In the interior, there is
noticeably more space for passengers and luggage. The sec-
ond generation will be available both as a saloon and as an
estate. We are looking forward to the new model, since the
new Insignia will certainly generate a large volume of sales.
In addition, Opel plan to offer further vehicles in the SUV and
crossover segment. In future, both Opel’s SUVs and also the
crossover models will be designated by a capital X after the
name, in order to associate these vehicles more with a life-
style and adventure image, for example the new Mokka X.
The first of these so-called CUVs (Crossover Utility Vehicles)
in the B-segment will be the successor to the Meriva, in the
second half of 2017. It has not yet been officially announced
what new name the model will be given. The crossover is
being developed jointly with the PSA group, with the devel-
opment the responsibility of the Rüsselsheim company, the
engines again being supplied by the French manufacturer.
Ford’s models are enjoying ever-increasing popularity. Today
the manufacturer is profiting from the strategy of bringing
15 new models onto the market in Europe by 2017 – from
the Fiesta ST and Mustang to the Edge. And the model of-
fensive continues with the new Ford Kuga. A choice of five
trim level variants will be available. The official dealership
market launch is planned for the beginning of 2017. A new
Ford Focus and a new Ford Fiesta will be rolling into our
dealerships in the next year. The new Ford Fiesta will be
presented in public for the first time at the Geneva Autosa-
lon in spring 2017.
The manufacturer has seen the way things are going and
will be investing increasingly in automation in the coming
years. In order to accelerate development, Ford is investing
in technology companies and initiating wide-ranging coop-
erations. The company’s own development team in Silicon
Valley in California will be expanded. The development of a
self-driving car by 2021 is part of the Ford Smart Mobility
plan. This sets forth the company’s path towards becoming
market leader in autonomous vehicles, connectivity, mobil-
ity, customer experience as well as data and its analysis.
In order to be able to meet the customers’ growing require-
ments of the dealerships in the future, our Japanese man-
ufacturer Toyota is responding with a new retail concept.
The new digital “Customer Journey” will be introduced in all
approx. 400 dealerships by spring 2018. More and more
customers search for their ideal car on their home comput-
er. At the dealership, seller and buyer then create the cus-
tomer’s personal vehicle at digital contact points. By the
beginning of 2018, all Toyota partners will be equipped with
digital technologies, high-quality fit-out, clear displays and
comfortable furniture.
In terms of their model strategy, Toyota continue to be very
active and offer customers a wide range of attractive vehi-
cles. For example, the Toyota C-HR (stands for Compact
High Rider) will be coming onto the European market at the
beginning of 2017. The crossover will also be available as
a hybrid. In addition to the C-HR, new generations of the
Hilux pick-up and the Proace transporter series will be com-
ing onto the market during the current year. Also, the new
“Edition S” special model series will bring new zest to the
existing model range. It is being introduced for the Aygo,
Yaris, Auris, Verso and Avensis.
At the Paris Salon at the end of September, Lexus presented
their latest concept vehicle, the Lexus UX. With its striking
Lexus design language, this vehicle, designed by the Europe-
an Lexus design centre ED2, reaches a new level. It is aimed
at a progressive, urban public in permanent online contact
with their environment. Other Lexus highlights include the
European premiere of the updated Lexus IS, as well as the
brand’s new flagship coupé, the LC. Lexus are also present-
ing the new Sport Line variant for the NX compact crossover.
In the case of Nissan it is in particular the successful cross-
overs which are making a major contribution to the brand’s
continuing growth in Europe. However, it is not only the
crossover market which is seeing record sales and strong
demand; Nissan have also extended their leading position
in the field of electromobility.
In terms of model strategy, the main focus is on the big-
gest-selling models – the Qashqai, Micra and Juke. Before
a completely new Nissan Qashqai rolls into the dealerships
at the turn of 2018/2019 as flagship for the brand, the mod-
el will be receiving a facelift in spring 2017. The biggest
change will be a new driver assistance package which will
allow Nissan to offer fully autonomous driving by the year
2020. The first stage is the ProPilot 1.0, a motorway assis-
tant which keeps the car in lane and at a safe distance from
the car in front and can stop automatically in tailbacks. In
2018, in Generation 2.0 the ProPilot will be expanded to
include a lane-change function. The new Nissan Micra will
be launched in 2017 with a stylish design, and somewhat
longer. The next generation of the Nissan Juke will receive a
modest upgrade in 2017. In addition to a new brand image,
a hybrid variant is in planning.
Nissan have set themselves ambitious targets. By means
of the formulated measures, the manufacturer plans to
strengthen the brand, expand purchasing power and im-
prove quality as well as becoming market leader in emis-
sion-free vehicles. For the fiscal year 2016, which runs from
1 April 2016 to 31 March 2017, Nissan expect an increase
in vehicle sales worldwide of 3.3 per cent to 5.6 million units
and a global market share of 6.3 per cent. In order to achieve
this goal, Nissan will also continue in future to support us,
to supply high-quality vehicles and provide customers with
attractive offers and terms.
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 6160
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63
Basically, we view future prospects optimistically, with a firm
belief in our own strengths. Our strategy is essentially aimed
at operating profitably in the long term within the market
of 3.2 million new vehicle registrations which we expect in
2017.
Given constant market development, within the Group we
are planning to achieve generally increasing sales revenues
in the mid-single-digit percentage range in the new fiscal
year. Starting out from our record year 15/16, we enter the
new fiscal year bearing in mind that this success was ex-
traordinary; we anticipate a slight fall in the pre-tax result. In
the new and following fiscal years we thus expect a slight
decline in the return on sales.
For AVAG Holding SE we are expecting a net income for
2015/2016 slightly below the net income for the current year
. This will essentially be driven by the income from partici-
pating interests in the subsidiaries.
All in all, we believe that while we are still facing a challeng-
ing environment, we are well equipped for the tasks that lie
ahead and expect that with our strategy of optimisation, our
cost-awareness and our overall more cautious direction we
are on the right track.
We would like to point out that, as a result of any
1) severe fluctuations on the overall market
2) substantial fluctuations in market shares of the marketed brands or
3) unforeseen restructurings within the entire Group such as changes in the number of locations
4) measures taken by or the development of our main suppliers
5) changes in the underlying economic conditions, actual results might well deviate from expected future developments.
E. Shareholder Structure and Relationships with Affiliated Companies
Still Vermögensverwaltungs GmbH & Co. KG, Augsburg, has
held a majority interest in AVAG Holding Societas Europaea
since 2006. In accordance with § 17 of the German Stock
Corporation Act [Aktiengesetz], AVAG Holding SE, Augsburg,
is deemed to be a controlled business of Still Vermögensver-
waltungs GmbH & Co. KG, Augsburg.
Accordingly, we have prepared a report on our company’s
relationships to affiliated companies. This report contains a
closing statement to the effect that, according to circumstanc-
es known to us at the time when the legal transaction was ef-
fected, the company received the appropriate consideration
for each transaction and that no other measures in the inter-
est of or at the instigation of affiliated companies were either
taken or omitted.
Augsburg, 22 December 2016
AVAG Holding Societas Europaea
The Management Board
Roman Still Albert C. Still Markus Kruis Ulf Pfeiffer
62
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AnnuAl FinAnciAl stAtements oF AVAG Group
autOarena münchen ZOran dreZnJak mAnAgement
20 emplOyees
3 lOcatiOns 2 x munich, ingOlstAdt
15.000.000 eur turnOver
aFFiliated with aVag since 2014
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 6564
Assets 31.8.2016 31.8.2015
EUR EUR EUR EUR
A . F I X E D A S S E T S
I. Intangible Assets
1. Industrial property rights and similar rights and assets acquired for a consideration and licenses thereto 577.617,73 554.404,55
2. Goodwill 2.029.853,26 2.607.470,99 2.454.475,99 3.008.880,54
II. Tangible assets
1. Land, land rights and buildings, including buildings on third-party land 130.467.395,16 112.718.230,49
2. Other fixtures and fittings, tools and equipment 63.842.561,89 53.619.118,37
3. Payments on account and fixed assets under construction 791.213,85 195.101.170,90 2.508.628,34 168.845.977,20
III. Financial assets
1. Investments 295.809,44 155.259,72
2. Loans to companies with which the company is affiliated by virtue of participation 6.754.627,34 5.636.499,86
3. Other loans 566.547,62 7.616.984,40 958.713,53 6.750.473,11
205.325.626,29 178.605.330,85
B . C U R R E N T A S S E T S
I. Inventories
1. Supplies 270.652,04 294.257,99
2. Merchandise 180.046.227,81 143.810.488,37
3. Payments on account 190.299,47 209.261,11
4. Payments on account received on orders -6.638.571,43 173.868.607,89 -3.968.025,09 140.345.982,38
II. Accounts receivable and other assets
1. Trade accounts receivable 37.636.134,24 34.932.421,32
2. Other assets 32.582.825,93 70.218.960,17 24.542.627,30 59.475.048,62
III. Cash on hand, credit balances at banks and cheques 4.935.016,19 3.250.239,84
249.022.584,25 203.071.270,84
C . P R E PAY M E N T S A N D A C C R U E D I N C O M E 1.512.268,63 1.750.864,98
455.860.479,17 383.427.466,67
Shareholders’ Equity and Liabilities 31.8.2016 31.8.2015
EUR EUR
A . S H A R E H O L D E R S ’ E Q U I T Y
I. Subscribed capital 60.000.000,00 50.000.000,00
Nominal amount, own shares -4.600.961,54 -3.834.134,62
Issued capital 55.399.038,46 46.165.865,38
II. Revenue Reserves
1. Legal reserve 5.540.854,56 4.489.290,05
III. Equity difference from currency conversion 13.034,00 27.678,00
IV. Retained earnings 22.886.957,77 12.724.935,38
V. Shares held by third parties 9.390.742,85 7.385.416,92
93.230.627,64 70.793.185,73
B . P R O V I S I O N S
1. Provisions for pensions and similar obligations 6.740.787,28 6.596.326,19
2. Provisions for taxation 9.805.844,40 5.578.482,98
3. Other provisions 45.407.219,80 38.396.871,57
61.953.851,48 50.571.680,74
C . L I A B I L I T I E S
1. Profit participation rights and subordinated liabilities 6.000.000,00 7.000.000,00
2. Liabilities to banks 235.307.311,20 203.265.318,79
3. Trade accounts payable 22.372.932,27 17.244.504,70
4. Other liabilities – thereof from taxes TEUR 25.207 (prev. year TEUR 22.848) – thereof in respect of social security TEUR 970 (prev. year.TEUR 912) – 33.925.846,58 30.629.758,49
297.606.090,05 258.139.581,98
D . D E F E R R E D I N C O M E 3.069.910,00 3.923.018,22
455.860.479,17 383.427.466,67
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 6766
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2015/2016 2014/2015
EUR EUR EUR EUR
1. Sales revenues 1.856.970.499,06 1.573.963.742,26
2. Capitalised costs of self-constructed assets 100.000,00 80.000,00
3. Other operating income 3.003.683,39 1.860.074.182,45 3.686.901,31 1.577.730.643,57
4. Cost of materials
a) Cost of raw materials, consumables and supplies and of purchased merchandise 1.518.559.406,94 1.274.357.258,99
b) Cost of purchased services 21.319.228,52 1.539.878.635,46 19.520.195,14 1.293.877.454,13
5. Personnel expenses
a) Wages and salaries 137.528.383,04 124.712.291,75
b) Social security and other pension costs – in respect of old age pensions EUR 551.475,00 (prev. year. EUR 640.229,21) – 27.138.327,26 164.666.710,30 25.381.382,86 150.093.674,61
6. Amortisation/depreciation of fixed intangible and tangible assets 26.173.918,71 23.647.175,29
7. Other operating expenses 85.283.614,08 80.935.737,44
44.071.303,90 29.176.602,10
8. Income from participating interests 323.049,49 271.936,69
9. Income from other securities and loans of financial assets 18.122,30 287.730,66
10. Other interest and similar income 268.033,58 354.583,63
11. Write-downs of financial assets 0,00 49.000,00
12. Interest and similar expenses 6.248.884,53 -5.639.679,16 7.291.996,86 -6.426.745,88
13. Result from ordinary activities 38.431.624,74 22.749.856,22
14. Income taxes 11.750.012,62 7.941.265,75
15 Net income for the year before third party interests 26.681.612,12 14.808.590,47
16. Portion of profit due to third parties 4.312.230,17 2.857.926,26
17. Consolidated net income 22.369.381,95 11.950.664,21
18. Loss carryforward (prev. year: profit carryforward) 802.313,41 -116.451,52
19. Allocation to revenue reserves on account of own shares 766.826,92 1.533.653,85
20. Allocation to legal reserve -1.051.564,51 -642.931,16
21. Retained earnings 22.886.957,77 12.724.935,38
AVAG Holding Societas Europaea, AugsburgProfit and Loss Statement for AVAG Group for the period from September 1, 2015 to August 31, 2016
The consolidated financial statements have been set forth in abridged form, i.e. the
balance sheet, profit and loss statement and status report are reproduced in this
report. The notes to the consolidated financial statements, cash flow statement
and statement of shareholders’ equity have not been reproduced. The complete
version of the consolidated financial statements of AVAG Holding SE will be pub-
lished in the electronic Federal Bulletin at www.ebundesanzeiger.de.
On 10.01.2017, the auditing firm KPMG Bayerische Treuhandgesellschaft Aktieng-
esellschaft Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft issued
the following unqualified auditor’s opinion with respect to the complete consoli-
dated financial statements.
Explanatory Notes to the ConsolidatedFinancial Statements of AVAG Holding SE
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 6968
| THE GRO UP | FO RE WORD | S UPE RV ISORY BOARD REPORT | STRATEG I ES AnD GOALS | | S TATUS REPORT Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
Auditor’s Opinion
We have audited the consolidated financial statements prepared by AVAG Holding
SE, Augsburg – consisting of a balance sheet, profit and loss statement, notes there-
to, statement of cash flows and statement of shareholders’ equity – and the status
report on the position of the company and the Group for the fiscal year beginning
September 1, 2015 through August 31, 2016. The preparation of the consolidated
financial statements and Group status report pursuant to German commercial reg-
ulations is the responsibility of the Management Board of the company. Our task is
to express an opinion on the consolidated financial statements and the Group status
report based on the audit we conducted.
We conducted our audit of the consolidated financial statements in accordance
with § 317 of the German Commercial Code in compliance with generally accepted
German auditing standards set forth by the Institut der Wirtschaftsprüfer (IDW). In
accordance with the foregoing, the audit is to be planned and conducted such that
inaccuracies and infringements that materially affect the representation of the asset,
financial and earnings position of the company provided by the consolidated financial
statements prepared in accordance with generally accepted accounting principles
and by the consolidated status report can be recognized with sufficient certainty.
When establishing the auditing procedures, knowledge of the business activities
and the economic and legal environment of the Group, as well as expectations as
to possible errors, are taken into consideration. As part of the audit, the effective-
ness of internal accounting control systems as well as evidence for the information
contained in the consolidated financial statements and consolidated status report
are assessed predominantly by means of random sampling. The audit comprises
an assessment of the annual financial statements of the businesses included in the
consolidated financial statements, the delimitation of the consolidated Group, the
related accounting and consolidation principles and the material estimations of the
Management Board, as well as a valuation of the overall presentation of the consol-
idated financial statements and the Group status report. We are of the opinion that
our audit provides a sufficiently certain basis for our assessment.
Our audit has not given rise to any reservations.
In our opinion based on the knowledge gained during the audit, the consolidated
financial statements are in accordance with legal regulations and provide a rep-
resentation of the asset, financial and earnings position of the Group in accor-
dance with generally accepted accounting principles that corresponds to actual
circumstances. The Group status report concurs with the consolidated financial
statements and provides an accurate representation of the position of the Group
and accurately depicts the opportunities and risks of its future development.
Augsburg, January 10, 2017
KPMG Bayerische Treuhandgesellschaft
KPMG Bayerische Treuhandgesellschaft
Steuerberatungsgesellschaft
Querfurth Krucker
Auditor Auditor
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 7170
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AnnuAl FinAnciAl stAtements oF the AVAG holdinG se
dit Frankengarage michael martin mAnAgement
50 emplOyees
3 lOcatiOns nuremberg, Fürth, erlangen
aFFiliated with aVag since 2016
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 7372
Assets 31.8.2016 31.8.2015
EUR EUR EUR EUR
A . F I X E D A S S E T S
I. Intangible Assets
1. Industrial property rights and similar rights and assets acquired for a consideration and licenses thereto 332.136,00 243.852,00
2. Payments on account 0,00 332.136,00 20.735,00 264.587,00
II. Tangible assets
1. Land, land rights and buildings, including buildings on third-party land 73.081.571,79 58.230.313,44
2. Other fixtures and fittings, tools and equipment 1.105.298,00 882.932,00
3. Payments on account and fixed assets under construction 404.961,16 74.591.830,95 1.612.875,70 60.726.121,14
III. Financial assets
1. Shares in affiliated undertakings 24.338.453,31 21.563.453,31
2. Loans to affiliated undertakings 30.422.862,08 27.337.869,47
3. Investments 230.626,68 85.025,18
4. Loans to undertakings with which the company is affiliated by virtue of participation 6.754.627,34 5.636.499,74
5. Other loans 560.687,51 62.307.256,92 895.823,04 55.518.670,74
137.231.223,87 116.509.378,88
B . C U R R E N T A S S E T S
I. Inventories
1. Supplies 7.300,00 7.300,00
2. Merchandise 29.403.505,35 29.410.805,35 24.736.773,82 24.744.073,82
II. Accounts receivable and other assets
1. Trade accounts receivable 77.447,60 36.570,97
2. Accounts receivable from affiliated undertakings 86.495.937,33 69.473.601,71
3. Other assets 4.494.906,96 91.068.291,89 1.340.002,75 70.850.175,43
III. Cash on hand 1.747,03 2.719,13
120.480.844,27 95.596.968,38
C . P R E PAY M E N T S A N D A C C R U E D I N C O M E 274.637,68 377.789,50
257.986.705,82 212.484.136,76
Shareholders’ Equity and Liabilities 31.8.2016 31.8.2015
EUR EUR
A . S H A R E H O L D E R S ’ E Q U I T Y
I. Subscribed capital 60.000.000,00 50.000.000,00
Nominal amount, own shares -4.600.961,54 -3.834.134,62
Issued capitall 55.399.038,46 46.165.865,38
II. Revenue Reserves
1. Legal reserve 5.540.854,56 4.489.290,05
III. Retained earnings 36.745.129,73 27.957.487,07
97.685.022,75 78.612.642,50
B . P R O V I S I O N S
1. Provisions for taxation 1.240.452,81 1.474.886,66
2. Other provisions 4.577.514,41 2.831.060,00
5.817.967,22 4.305.946,66
C . L I A B I L I T I E S
1. Profit participation rights and subordinated liabilities 6.000.000,00 7.000.000,00
2. Liabilities to banks 88.190.337,17 63.306.647,87
3. Trade accounts payable 647.987,49 751.639,21
4. Liabilities to affiliated companies 41.589.157,70 43.569.536,59
5. Other liabilities – thereof from taxes EUR 16.279.597,92 (prev. Year EUR 13.332.042,87) – 18.004.389,02 14.772.762,66
154.431.871,38 129.400.586,33
D . D E F E R R E D I N C O M E 51.844,47 164.961,27
257.986.705,82 212.484.136,76
AVAG Holding Societas Europaea, AugsburgBalance sheet as at 31 August 2016
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 7574
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AVAG Holding Societas Europaea, AugsburgProfit and Loss Statement for the period fromSeptember 1, 2015 to August 31, 2016
2015/2016 2014/2015
EUR EUR EUR EUR
1. Sales revenues 365.829.567,28 312.504.011,32
2. Capitalised costs of self-constructed assets 100.000,00 80.000,00
3. Other operating income 2.363.452,58 368.293.019,86 2.632.744,97 315.216.756,29
4. Cost of materials
a) Cost of purchased merchandise 344.518.857,81 292.505.579,31
b) Cost of purchased services 4.543.376,67 349.062.234,48 4.312.115,03 296.817.694,34
5. Personnel expenses
a) Wages and salaries 10.321.292,77 8.408.105,68
b) Social security 793.810,58 11.115.103,35 707.293,38 9.115.399,06
6. Amortisation/depreciation of fixed intangible and tangible assets 2.363.390,03 2.184.105,25
7. Other operating expenses 5.123.905,28 4.837.192,26
628.386,72 2.262.365,38
8. Income from participating interests – from affiliated companies EUR 17.852.101,63 (prev. Year EUR 11.149.203,26) – 18.171.928,85 11.408.233,07
9. Income from other securities and loans of financial assets – from affiliated companies EUR 1.143.489,47 (prev. Year EUR 1.590.534,81) – 1.161.611,77 1.876.837,47
10. Other interest and similar income – from affiliated companies EUR 2.051.576,92 (prev. Year EUR 2.304.733,29) – 2.165.577,72 2.463.485,17
11. Write-ups of financial assets 3.839.000,00 825.000,00
12. Write-downs of financial assets 650.000,00 549.000,00
13. Interest and similar expenses – of which to affiliated companies EUR 649.940,59 (prev. Year EUR 609.065,60) – 3.768.326,84 20.919.791,50 4.635.069,00 11.389.486,71
14. Result from ordinary activities 21.548.178,22 13.651.852,09
15. Income taxes -516.887,97 -793.228,81
16. Net income for the year 21.031.290,25 12.858.623,28
17. Profit carryforward 15.998.577,07 14.208.141,10
18. Allocation to revenue reserves on account of own shares 766.826,92 1.533.653,85
19. Allocation to legal reserve -1.051.564,51 -642.931,16
20. Retained earnings 36.745.129,73 27.957.487,07
The annual financial statements have been set forth in abridged form, i.e. the balance
sheet, profit and loss statement and status report are reproduced in this report. The
notes to the financial statements have not been reproduced. The complete version
of the annual financial statements of AVAG Holding SE will be published in the elec-
tronic Federal Bulletin at www.ebundesanzeiger.de.
On 10.01.2017, the auditing firm KPMG Bayerische Treuhandgesellschaft Aktieng-
esellschaft Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft issued the
following unqualified auditor’s opinion with respect to the complete annual financial
statements.
Explanatory Notes to the AnnualFinancial Statements of AVAG Holding SE
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 7776
| THE GRO UP | FO RE WORD | S UPE RV ISORY BOARD REPORT | STRATEG I ES AnD GOALS | | S TATUS REPORT Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |
Auditor’s Opinion
We have audited the consolidated financial statements prepared by AVAG Holding
SE, Augsburg – consisting of a balance sheet, profit and loss statement, notes
thereto, statement of cash flows and statement of shareholders’ equity – and the
status report on the position of the company and the Group for the fiscal year
beginning September 1, 2015 through August 31, 2016. The preparation of the
consolidated financial statements and Group status report pursuant to German
commercial regulations is the responsibility of the Management Board of the com-
pany. Our task is to express an opinion on the consolidated financial statements
and the Group status report based on the audit we conducted.
We conducted our audit of the consolidated financial statements in accordance
with § 317 of the German Commercial Code in compliance with generally ac-
cepted German auditing standards set forth by the Institut der Wirtschaftsprüfer
(IDW). In accordance with the foregoing, the audit is to be planned and conducted
such that inaccuracies and infringements that materially affect the representation
of the asset, financial and earnings position of the company provided by the con-
solidated financial statements prepared in accordance with generally accepted
accounting principles and by the consolidated status report can be recognized
with sufficient certainty. When establishing the auditing procedures, knowledge of
the business activities and the economic and legal environment of the Group, as
well as expectations as to possible errors, are taken into consideration. As part
of the audit, the effectiveness of internal accounting control systems as well as
evidence for the information contained in the consolidated financial statements
and consolidated status report are assessed predominantly by means of random
sampling. The audit comprises an assessment of the annual financial statements
of the businesses included in the consolidated financial statements, the delimita-
tion of the consolidated Group, the related accounting and consolidation principles
and the material estimations of the Management Board, as well as a valuation of
the overall presentation of the consolidated financial statements and the Group
status report. We are of the opinion that our audit provides a sufficiently certain
basis for our assessment.
Our audit has not given rise to any reservations.
In our opinion based on the knowledge gained during the audit, the consolidated
financial statements are in accordance with legal regulations and provide a repre-
sentation of the asset, financial and earnings position of the Group in accordance
with generally accepted accounting principles that corresponds to actual circum-
stances. The Group status report concurs with the consolidated financial statements
and provides an accurate representation of the position of the Group and accurately
depicts the opportunities and risks of its future development.
Augsburg, January 10, 2017
KPMG Bayerische Treuhandgesellschaft
Aktiengesellschaft Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
Querfurth Krucker
Auditor Auditor
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 7978
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Supervisory Board
Albert K. Still
Businessman
Chairman
Stadtbergen
Prof. Dr. Heinz-Dieter Assmann LL.M.
University Lecturer at the University of Tübingen
Deputy Chairman
Tübingen
Dr. Walter Eschle
Board Member of Stadtsparkasse Augsburg
Augsburg
Dr. Guido Schacht
Director
Senior Advisor Automotive
HypoVereinsbank, Member of Unicredit
Munich
Erhard Paulat
Chairman of GMAC Bank GmbH
Potsdam
Johannes Hall
Entrepreneur
Vienna
Management Board
Ulf Pfeiffer
Businessman
Member of the
Management Board
Munich
Roman Still
Business Graduate
Spokesman
Augsburg
Albert C. Still
Businessman
Spokesman
Neusäß
Markus Kruis
Businessman
Member of the
Management Board
Diedorf
2017
15 January 2017
1st quarterly report for the fiscal year 2015/16 (as of November 2016)
19 January 2017
Regular Supervisory Board Meeting of AVAG Holding SE
23 March 2017
Regular Shareholders’ Meeting of AVAG Holding SE
Regular Supervisory Board Meeting of AVAG Holding SE
15 April 2017
2nd quarterly report for the fiscal year 2015/16 (as of February 2017)
15 June 2017
3rd quarterly report for the fiscal year 2015/16 (as of May 2017)
06 July 2017
Regular Supervisory Board Meeting of AVAG Holding SE
15 October 2017
4th quarterly report for the fiscal year 2015/16 (as of August 2017)
19 October 2017
Regular Supervisory Board Meeting of AVAG Holding SE
Governing Bodies of the Company Financial calendar
Publisher:
AVAG Holding SE
Robert-Bosch-Straße 7
86167 Augsburg
www.avag.eu
Corporate communication:
Holger Zander
holger.zander@avag.eu
Tel.: +49.(0)821.74017-58
Fax: +49.(0)821.7420-83
Design and layout:
creationell® – die Werbeagentur
Imprint
AVAG HOLD ING ANNUAL REPORT 2015 | 2016 8180
| STATUS REPORT | Y EAR-END RESULTS GOVERN ING BOD I ES OF THE COMPANY F I NANC IAL CALENDAR || THE GRO UP | FO RE WORD | S UPE RV ISORY BOARD REPORT | STRATEG I ES AnD GOALS |
A European Automotive Trade Group
AVAG Holding SE, Robert-Bosch-Straße 7, 86167 Augsburg, Tel.: +49.(0)821.740170, info@avag.eu, www.avag.eu