2015 2016 - AVAG Holding SE · AVAG Holding SE is one of the leading independent motor vehicle...

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.

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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


| 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«



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



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


| 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


| 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



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



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



strAteGies And GoAls


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.



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.



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.



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.



stAtus report


hOmmert autO Zentrum markus JOppich mAnAgement

75 emplOyees

2 lOcatiOns cOburg And sOnneberg



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


| THE GRO UP | FO RE WORD | S UPE RV ISORY BOARD REPORT | STRATEG I ES AnD GOALS | STATUS REPORT | Y EAR-END RESULTS | GOVERN ING BOD I ES OF THE COMPANY | F I NANC IAL CALENDAR |

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


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.



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.



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


Market share in%

comp. with 2014/15


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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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


Market share in%

comp. with 2014/15


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


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.



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


Market share in%

comp. with 2014/15


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


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


Market share in%

comp. with 2014/15


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




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



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.



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).



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.



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.



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.



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.



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


AnnuAl FinAnciAl stAtements oF AVAG Group

autOarena münchen ZOran dreZnJak mAnAgement

20 emplOyees

3 lOcatiOns 2 x munich, ingOlstAdt




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


| 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 |

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



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



Steuerberatungsgesellschaft

Querfurth Krucker

Auditor Auditor



AnnuAl FinAnciAl stAtements oF the AVAG holdinG se

dit Frankengarage michael martin mAnAgement

50 emplOyees

3 lOcatiOns nuremberg, Fürth, erlangen



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 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



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


Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Steuerberatungsgesellschaft

Querfurth Krucker

Auditor Auditor



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


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


15 October 2017

4th quarterly report for the fiscal year 2015/16 (as of August 2017)

19 October 2017


Governing Bodies of the Company Financial calendar

Publisher:

AVAG Holding SE

Robert-Bosch-Straße 7

86167 Augsburg

www.avag.eu

Corporate communication:

Holger Zander

[email protected]

Tel.: +49.(0)821.74017-58

Fax: +49.(0)821.7420-83

Design and layout:

creationell® – die Werbeagentur

Imprint


| 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, [email protected], www.avag.eu

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