Interim Consolidated Financial Statements Geschäftsbericht ... › fileadmin › Investor_Relations...

Geschäftsbericht 2019 RENK Aktiengesellschaft

EmpowERiNG FoRcEs.

Interim Consolidated Financial Statements as of March 31, 2020

RENK Aktiengesellschaft

Interim Consolidated Financial

Statements as of March 31, 2020

(Condensed Version)

Contents

Consolidated Income Statement 2

Reconciliation to Total Comprehensive Income for the Period 3

Consolidated Statement of Financial Position 4

Consolidated Statement of Changes in Equity 5

Consolidated Statement of Cash Flows 6

Notes to the Condensed Interim Consolidated Financial Statements 7

Notes to the Consolidated Income Statement 9

Notes to the Consolidated Statement of Financial Position 11

Other Disclosures 14

Responsibility statement 23

2RENK Group – Interim Consolidated Financial Statements March 31, 2020

Consolidated Income Statement

€ thousand Note

2020

01.01.-31.03.

2019

01.01.-31.03.

Sales revenue [5] 113,367 96,492

Cost of sales (91,419) (78,554)

Gross profit 21,948 17,938

Other operating income [6] 2,598 645

Net allowances on financial assets 605 254

Distribution expenses (10,461) (9,653)

General administrative expenses (6,916) (5,470)

Other operating expenses [7] (3,988) (1,908)

Operating profit 3,785 1,806

Interest expenses1) (338) (332)

Other financial result (38) 232

Financial result (376) (100)

Profit before taxes 3,410 1,706

Income tax expense (1,016) (529)

Profit after tax (share of RENK shareholders) 2,394 1,177

Earnings per share in € (basic and diluted) [8] 0.35 0.17

1) Includes interest expense from lease liabilities of € 31 thousand (March 31, 2019: € 26 thousand).

Reconciliation to Total Comprehensive Income for the Period

€ thousand 2020

01.01.-31.03.

2019

01.01.-31.03.

Profit after tax 2,394 1,177

Items not reclassified to profit or loss

Remeasurement of pension plans1) (707) 3,685

Deferred taxes1) (105) (1,067)

(812) 2,617

Items reclassified to profit or loss in the future

Currency translation differences1) (1,187) 389

(1,187) 389

Other comprehensive income for the period (1,999) 3,006

Total comprehensive income 395 4,183

1) No deferred taxes relate to currency translation differences.


Consolidated Statement of Financial Position

Assets

€ thousand Note Mar. 31, 2020 Dec. 31, 2019

Intangible assets 40,777 42,287

Property, plant and equipment [9] 243,429 241,703

Other and financial investments [10] 15,370 15,370

Deferred tax assets 11,501 9,606

Other noncurrent financial assets [13] 851 860

Other noncurrent receivables [13] 8 29

Noncurrent assets 311,936 309,855

Inventories [11] 253,444 230,432

Trade receivables [12] 95,960 135,197

Contract assets 2,528 4,308

Current income tax receivables 2,654 2,418

Other current financial assets [13] 38,753 22,997

Other current receivables [13] 7,368 7,128

Cash and cash equivalents 116,781 102,476

Current assets 517,487 504,956

829,424 814,811

Equity and liabilities

€ thousand Note Mar. 31, 2020 Dec. 31, 2019

Subscribed capital 17,920 17,920

Capital reserves 10,669 10,669

Retained earnings 463,515 461,121

Accumulated other comprehensive income (8,010) (6,011)

Equity 484,094 483,699

Noncurrent financial liabilities 5,044 5,181

Pension provisions 10,530 14,233

Deferred tax liabilities 7,688 9,229

Contract liabilities, noncurrent [15] 66,536 73,450

Other noncurrent provisions [14] 11,471 11,262

Other noncurrent financial liabilities 1,904 1,038

Other noncurrent liabilities 0 25

Noncurrent liabilities and provisions 103,172 114,418

Current financial liabilities 1,354 1,284

Effective income tax liabilities 2,851 2,890

Trade payables 37,838 41,235

Contract liabilities, current [15] 111,976 94,814

Current income tax payables 996 976

Other current provisions [14] 43,622 43,954

Other current financial liabilities 5,874 2,106

Other current liabilities 37,648 29,435

Current liabilities and provisions 242,159 216,694

829,424 814,811

Consolidated Statement of Changes in Equity

€ thousand Subscribed

capital

Capital

reserves

Retained

earnings

Other

compre-

hensive

income

for the

period

Currency

translation

Total

As of Jan. 1, 2019 17,920 10,669 431,910 (15,173) 4,609 449,935

Profit after tax – – 1,177 – – 1,177

Other comprehensive

income for the period – – – 2,617 389 3,006

Total comprehensive

income – – 1,177 2,617 389 4,183

As of Mar. 31, 2019 17,920 10,669 433,087 (12,556) 4,998 454,118

As of Jan. 1, 2020 17,920 10,669 461,121 (12,291) 6,280 483,699

Profit after tax – – 2,394 – 2,394

Other comprehensive

income for the period – – – (812) (1,187) (1,999)

Total comprehensive

income – – 2,394 (812) (1,187) 395

As of Mar. 31, 2020 17,920 10,669 463,515 (13,103) 5,093 484,094


Consolidated Statement of Cash Flows

€ thousand 2020 2019

Cash and cash equivalents on Jan. 1 102,476 185,700

Profit before taxes 3,410 1,706

Income taxes paid (4,474) 2,058

Depreciation, amortization and impairment losses on intangible assets

and property, plant and equipment 5,993 4,838

Change in provisions for pension obligations (4,384) (3,411)

Gains/losses from asset disposals (81) (3)

Other non-cash expenses and income 1,578 1,252

Change in inventories (22,634) (24,195)

Change in receivables and contract assets 25,006 26,648

Change in (contract) liabilities 17,817 5,282

Change in other provisions (222) (1,680)

Cash flows from operating activities 22,009 12,495

Payments to acquire property, plant and equipment and intangible

assets (7,915) (5,215)

Proceeds from asset disposals 173 90

Cash flows from investing activities (7,742) (5,125)

Change in financial liabilities 19 –

Lease payment (304) (189)

Cash flows from financing activities (285) (189)

Effect of exchange rate changes on cash and cash equivalents 323 177

Change in cash and cash equivalents 14,305 7,358

Cash and cash equivalents on March 31 116,781 193,058

Investments in loans 320 –

Gross liquidity on March 31 117,101 193,058

Financial liabilities (6,397) (5,043)

Net liquidity on March 31 110,704 188,015

Notes to the Condensed Interim Consolidated Financial Statements

(1) General principles

In accordance with Regulation 1606/2002 of the European Parliament and of the

Council, RENK Aktiengesellschaft (RENK AG), Augsburg, prepared its consolidated fi-

nancial statements for 2019 in accordance with the International Financial Reporting

Standards (IFRS) endorsed by the European Union.

These condensed interim consolidated financial statements of RENK AG as of

March 31, 2020 were prepared in accordance with IAS 34 “Interim Financial Reporting”

and do not contain all the information and disclosures in the notes that are required

for consolidated financial statements as of the end of the fiscal year in accordance

with IFRS, but rather should be read in conjunction with the IFRS consolidated finan-

cial statements published by the company for fiscal year 2019. The information in the

notes presents the material circumstances needed in order to understand the changes

in the net assets, financial position and results of operations of the RENK Group that

have taken effect since December 31, 2019.

The interim consolidated financial statements have been prepared in euro, the func-

tional currency of the RENK Group. All amounts have been rounded in line with com-

mercial practice; this can result in minor deviations in the addition of figures.

(2) Accounting policies

RENK has implemented all for the group relevant financial reporting standards en-

dorsed by the EU, that have been effective for financial periods since January 1, 2020.

Unless any changes are explicitly stated, the accounting policies used in the con-

densed interim consolidated financial statements are the same as those used in the

last consolidated financial statements as of the end of fiscal year 2019. A detailed de-

scription of these methods can be found in the notes to the consolidated financial

statements as of December 31, 2019.

A discount rate of 1.60% was used to calculate pension provisions in these interim fi-

nancial statements.

The income tax expense in these interim consolidated financial statements is calcu-

lated on the basis of the effective income tax rate anticipated for the year as a whole.

In the opinion of the Executive Board, these condensed interim consolidated financial

statements contain all the normal adjustments required for an appropriate presenta-

tion of the net assets, financial position and results of operations. The results for the

first three months of fiscal year 2020 do not necessarily provide any indication of fu-

ture business performance.


The Executive Board must make assumptions and estimates in preparing the con-

densed interim consolidated financial statements. These affect the amounts and re-

porting of the figures stated for assets, liabilities, income and expenses for the report-

ing period. The actual amounts incurred can differ from these estimates. In addition

to the figures, the condensed interim consolidated financial statements also include

notes on selected items.

(3) Significant events

Following the expiry of the service agreements with MAN SE as of March 31, 2020,

which were entered into after the RENK Group left the MAN Group, the financial man-

agement of the RENK Group is performed by RENK AG’s central Treasury function. In

this context, RENK’s inclusion in the central cash pooling of the MAN Group was

ended and hedges entered into for RENK were transferred to RENK AG.

Due to RENKs business model the COVID-19 pandemic has so far had only a minor ef-

fect of RENK’s financial position and results of operations in the first quarter. Intangi-

ble assets, in particular goodwill, and property, plant and equipment were tested for

possible impairment as of March 31, 2020. As RENK currently assumes that the pan-

demic will be a temporary phenomenon that will not have a lasting negative impact

on the Group’s long-term business performance, various scenarios have been devel-

oped for 2020 in a departure from the last approved planning. The weighted average

cost of capital (WACC) was also adjusted as of March 31, 2020. Overall, testing did not

give rise to any impairment loss on assets.

(4) Basis of consolidation

In addition to RENK AG, which is domiciled in Augsburg and with Augsburg Local

Court under HRB 6193, the condensed interim consolidated financial statements as of

March 31, 2020 include the following wholly owned subsidiaries:

RENK France S.A.S., Saint-Ouen-l’Aumône, France

RENK Corporation, Duncan (SC), USA

RENK Test System GmbH, Augsburg

RENK-MAAG GmbH, Winterthur, Switzerland

RENK Systems Corporation, Camby (IN), USA

Horstman Holdings Limited, Bath, UK

Horstman Defence Systems Limited, Bath, UK

Horstman Inc., Sterling Heights (MI), USA

Notes to the Consolidated Income Statement

(5) Sales revenue

€ thousand 2020

01.01.-

31.03.

2019

01.01.-

31.03.

Germany 28,390 29,275

Other EU countries 34,571 28,401

Asia 29,765 24,730

Americas 14,451 6,911

Other European countries 5,443 4,763

Africa 589 1,561

Australia and Oceania 158 850

113,367 96,492

(6) Other operating income

€ thousand 2020

01.01.-31.03.

2019

01.01.-31.03.

Earnings from costs charged on 1,100 –

Income from currency translation differences and derivatives 1,041 278

Income from reversal of provisions 89 227

Miscellaneous other income 368 141

2,598 645

Income from exchange rate changes and derivatives firstly includes gains from ex-

change rate changes between the origination and payment date of receivables and lia-

bilities in foreign currency and realized and unrealized price gains from the measure-

ment of derivatives at the closing rate.

Income from costs charged on include costs passed on for consulting services and in-

ternal costs in connection with the disposal of the equity investment in RENK AG by

the Volkswagen Group.


(7) Other operating expenses

€ thousand 2020

01.01.-31.03.

2019

01.01.-31.03.

Expenses from currency translation differences and derivatives 2,703 1,726

Expenses from costs charged on 901 –

Miscellaneous other expenses 384 181

3,988 1,908

Expenses from exchange rate changes and derivatives firstly include losses from ex-

change rate changes between the origination and payment date of receivables and lia-

bilities in foreign currency and realized and unrealized price losses from the measure-

ment of derivatives at the closing rate.

Expenses from costs charged on comprise consulting services in connection with the

disposal of the equity investment in RENK AG by the Volkswagen Group.

(8) Earnings per share

2020

01.01.-31.03.

2019

01.01.-31.03.

Profit after tax in € thousand 2,394 1,177

Weighted average shares outstanding (in thousands) 6,800 6,800

Earnings per share in € 0.35 0.17

In accordance with IAS 33, earnings per share are calculated from the consolidated

profit after tax and the average number of shares outstanding in the period. There

were no financial instruments as of either March 31, 2020 or March 31, 2019 that would

dilute earnings per share.

Notes to the Consolidated Statement of Financial Position

(9) Property, plant and equipment

€ thousand Mar. 31, 2020 Dec. 31, 2019

Land and buildings 89,645 85,212

Technical equipment and machinery 112,680 117,477

Other equipment, operating and office equipment 15,854 15,602

Prepayments and assets under construction 25,249 23,412

243,429 241,703

The right-of-use assets from leases are included in land and buildings in the amount

of € 5,883 thousand (December 31, 2019: € 6,005 thousand) and in other equipment,

operating and office equipment in the amount of € 351 thousand (December 31, 2019:

€ 305 thousand).

(10) Other and financial investments

There were no changes in other and financial investments in the first quarter of fiscal

year 2020.

The subsidiary Horstman Systems Inc., Woodbridge, Canada, was classified as a finan-

cial investment in fiscal year 2019 in conjunction with the acquisition of the Horst-

man Group. Owing to its ongoing loss situation, it was measured at a cost of zero in fi-

nal purchase price allocation.

The subsidiary RENK Holding Canada Inc., Toronto, Canada, which was founded in fis-

cal year 2019 and is not consolidated, was recognized at a cost of € 2,067 thousand.

(11) Inventories

€ thousand Mar. 31, 2020 Dec. 31, 2019

Raw materials, consumables and supplies 40,742 41,105

Finished goods and work in progress 210,543 186,724

Prepayments for inventories 2,158 2,603

253,444 230,432

Inventories were written down by € 1,066 thousand as of March 31, 2020

(March 31, 2019: € 579 thousand).


(12) Trade receivables

€ thousand Mar. 31, 2020 Dec. 31, 2019

Customer receivables 89,474 126,789

Receivables from affiliated companies 6,486 8,408

95,960 135,197

(13) Other noncurrent and current assets and receivables

€ thousand Mar. 31,

2020

Dec. 31, 2

019

Customer prepayment receivables 33,443 20,967

Receivables from costs charged on 3,215 1,632

Prepaid expenses 2,829 2,391

Other tax assets 2,391 931

Commission claims 1,930 2,025

Receivables from suppliers 1,141 935

Refund claims 531 513

Derivative financial instruments 191 106

Miscellaneous other assets 1,310 1,514

46,980 31,014

Receivables from costs charged on comprise the costs passed on to Volkswagen AG for

the consulting services and internal cost related to preparing the disposal of the eq-

uity investment to RENK AG by the Volkswagen Group.

Other assets and receivables include noncurrent amounts of € 859 thousand as of

March 31, 2020 (December 31, 2019: € 889 thousand).

(14) Other provisions

€ thousand Mar. 31, 2020 Dec. 31, 2019

Warranties 32,411 33,348

Obligations to employees 9,702 9,930

Outstanding costs 5,471 4,831

Miscellaneous other provisions 7,508 7,108

55,092 55,217

Other provisions break down according to maturity as follows:

€ thousand Mar. 31, 2020 Dec. 31, 2019

Other noncurrent provisions 11,471 11,262

Other current provisions 43,622 43,954

55,092 55,217

(15) Contract liabilities

€ thousand Mar. 31, 2020 Dec. 31, 2019

Contract liabilities, noncurrent 66,536 73,450

Contract liabilities, current 82,120 74,950

Liabilities from customer prepayment receivables1) 29,856 19,864

178,511 168,264

1) The net figures as of March 31, 2020 and December 31, 2019 contain only current amounts.


Other Disclosures

(16) Contingent liabilities

€ thousand Mar. 31, 2020 Dec. 31, 2019

Contingent liabilities 26 27

26 27

(17) Fair value disclosures

The RENK Group classifies financial instruments as follows:

financial instruments at fair value;

financial instruments at amortized cost; and

financial instruments not assigned to an IFRS 9 measurement category.

The fair values were calculated based on the market conditions at the end of the re-

porting period and using generally accepted measurement methods. These are the

prices at which one party would assume the rights or obligations from these financial

instruments from an independent third party. The inputs for measuring fair value are

largely unchanged compared to December 31, 2019. No significant influences from the

Covid-19-pandemic had to be taken into account.

Fair value hierarchy

The classification and reporting of the fair values of financial instruments are based

on a fair value hierarchy that reflects the significance of the inputs used for measure-

ment and breaks down as follows:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within level 1 that are observable for

an asset or liability either directly (as a price) or indirectly (derived from

prices). The fair values of level 2 financial instruments are calculated based on

the conditions at the end of the reporting period, such as interest rates or ex-

change rates, and using recognized models, such as discounted cash flow

models or option pricing models.

Level 3: Inputs used for the measurement of the asset or liability not based on observ-

able market data (unobservable inputs).

There were no reclassifications between levels 1 and 2 and no reclassifications into or

out of level 3 as of March 31 in the 2020 and 2019 reporting periods.

RENK Group – Interim Consolidated Financial Statements 2020

15

The following table shows the classes of financial instruments included in statement

of financial position items, broken down by the carrying amounts and fair values of

financial instruments, and their allocation to the measurement categories as of

March 31, 2020:

€ thousand At fair value

Through

other

comprehensiv

e income1)

Through

profit or loss2)

At amortized cost3) Not assigned

to an IFRS 9

measurement

category

Statement of

financial

position item

as of

March 31, 202

0

Carrying

amount

Carrying

amount

Carrying

amount

Fair value Carrying

amount

Noncurrent assets

Other and financial

investments 2,975 – – – 12,395 15,370

Other financial assets – – 851 851 – 851

Current assets

Trade receivables – – 95,960 95,960 – 95,960

Contract assets – – – – 2,528 2,528

Other financial assets – 191 38,562 38,562 – 38,753

Cash and cash

equivalents – – 116,781 116,781 – 116,781

Noncurrent liabilities

Noncurrent financial

liabilities – – 5,044 5,044 – 5,044

Other financial liabilities – 1,897 7 7 – 1,904

Current liabilities

Current financial liabilities – – 1,354 1,354 – 1,354

Trade payables – – 37,838 37,838 – 37,838

Other financial liabilities – 1,627 4,248 4,248 – 5,874

1) Corresponds to the measurement category “Financial assets measured at fair value through other comprehensive

income” under IFRS 9.

2) Corresponds to the measurement category “Financial assets measured at fair value through profit or loss” under

IFRS 9.

3) Corresponds to the measurement category “Financial instruments measured at amortized cost” under IFRS 9.


The following table shows the classes of financial instruments included in statement

of financial position items, broken down by the carrying amounts and fair values of

financial instruments, and their allocation to the measurement categories as of De-

cember 31, 2019:

€ thousand At fair value

Through

other

comprehensiv

e income1)

Through

profit or loss2) At amortized cost3)

Not assigned

to an IFRS 9

measurement

category

Statement of

financial

position item

as of

December 31,

2019

Carrying

amount

Carrying

amount

Carrying

amount

Fair value Carrying

amount

Noncurrent assets

Other and financial

investments 2,975 – – – 12,395 15,370

Other financial assets – 5 855 855 – 860

Current assets

Trade receivables – – 135,197 135,197 – 135,197

Contract assets – – – – 4,308 4,308

Other financial assets – – 22,997 22,997 – 22,997

Cash and cash

equivalents – – 102,476 102,476 – 102,476

Noncurrent liabilities

Noncurrent financial

liabilities – – 5,181 5,181 – 5,181

Other financial liabilities – 1,038 – – – 1,038

Current liabilities

Current financial liabilities – – 1,284 1,284 – 1,284

Trade payables – – 41,235 41,235 – 41,235

Other financial liabilities – 830 1,277 1,277 – 2,106

1) Corresponds to the measurement category “Financial assets measured at fair value through other comprehensive

income” under IFRS 9.

2) Corresponds to the measurement category “Financial assets measured at fair value through profit or loss” under

IFRS 9.

3) Corresponds to the measurement category “Financial instruments measured at amortized cost” under IFRS 9.


17

Cash and cash equivalents, trade receivables, other financial assets, financial liabilities,

trade payables and miscellaneous financial liabilities predominantly have a short re-

maining term. Their carrying amounts as of the end of the reporting period therefore

approximately match their fair value.

The future cash flows for derivative financial instruments without option compo-

nents, such as currency forwards, are calculated using forward curves. The fair value of

these instruments is the total of the discounted cash flows. The options on currency

pairs are measured on the basis of standard option pricing models (Black-Scholes

model).

Financial assets at fair value through other comprehensive income include equity

shares of € 2,975 thousand for which the RENK Group exercises the option for meas-

urement at fair value through other comprehensive income. In the context of recogni-

tion through other comprehensive income, the changes in fair value are recognized in

equity after taking deferred taxes into account. A change in the significant, unobserva-

ble inputs has no significant effect on equity or profit after tax, either in isolation or

combination.

Financial assets and liabilities measured at fair value are level 2 of the fair value hierar-

chy with the exception of the other equity investment, which is level 3.


(18) Segment reporting

The activities of the RENK Group are divided into the reportable segments Special

Gear Units, Vehicle Transmissions, Standard Gear Units and Slide Bearings. The man-

agement of each of these segments reports directly to the Executive Board of RENK AG

in its function as the responsible chief operating decision maker.

The financial performance indicators for segments are sales revenue, operating profit

and operating return on sales. The operating return on sales is the ratio of the operat-

ing profit generated to sales revenue. The non-financial performance indicator is order

intake as measured by reference to binding incoming orders.

The RENK Group typically recognizes revenue at a point in time. The Vehicle Transmis-

sions segment includes revenue recognized over a period of time of € 3,518 thousand

(previous year: € 3,145 thousand).

€ thousand Special Gear Units Vehicle Transmissions

Reporting period January 1 to March 31 2020 2019 2020 2019

Order intake from third parties 113,811 40,575 25,192 30,967

Order intake from other segments 1,544 840 252 516

Total order intake 115,355 41,415 25,444 31,483

Sales revenue with third parties 23,775 22,185 50,977 36,905

Sales revenue with other segments 680 286 249 516

Total sales revenue 24,455 22,471 51,226 37,421

Order backlog1) 360,407 269,451 447,743 473,979

Operating profit (5,809) (6,923) 6,547 5,897

Capital expenditures 2,277 2,257 3,982 2,245

Depreciation and amortization 2,197 2,056 2,375 1,412

Operating return on sales (23.8)% (30.8)% 12.8% 15.8%

1) As of March 31, 2020, as against December 31, 2019.


19

Segment information is determined applying the same accounting policies as those

used in the preparation of the consolidated financial statements. The composition of

the segments is unchanged as against December 31, 2019; please see the correspond-

ing comments in the 2019 consolidated financial statements.

Transactions between segments are performed on an arm’s length basis.

Standard Gear Units Slide Bearings Consolidation Group

2020 2019 2020 2019 2020 2019 2020 2019

15,980 14,952 23,504 23,850 0 – 178,487 110,344

1,516 873 59 39 (3,371) (2,267) – –

17,496 15,825 23,563 23,889 (3,371) (2,267) 178,487 110,344

15,570 17,811 23,045 19,591 – – 113,367 96,492

998 607 138 1,137 (2,064) (2,546) – –

16,569 18,418 23,183 20,728 (2,064) (2,546) 113,367 96,492

55,407 54,545 31,705 31,267 (9,773) (8,463) 885,489 820,779

(148) 671 3,193 2,145 2 16 3,785 1,806

1,307 263 463 469 – – 8,029 5,234

831 835 610 555 (20) (20) 5,993 4,838

(0.9)% 3.6% 13.8% 10.3% (0.1)% (0.6)% 3.3% 1.9%


Segment information by region

€ thousand

Germany

Rest of

Europe

Other

regions Total

2020

Sales revenue 28,390 40,013 44,963 113,367

Payments to acquire property, plant and

equipment and intangible assets 7,444 564 21 8,029

2019

Sales revenue 29,275 33,164 34,053 96,492

Payments to acquire property, plant and

equipment and intangible assets 4,954 278 2 5,234


21

(19) Related party disclosures

On January 30, 2020, Volkswagen Vermögensverwaltungs-GmbH, Wolfsburg, entered

into a share purchase agreement with Rebecca BidCo GmbH (formerly: SCUR-Alpha

1138 GmbH) to acquire a total of 5,320,000 shares in RENK AG (representing 76% of

share capital and voting rights). Rebecca BidCo GmbH (formerly: SCUR-Alpha 1138

GmbH) is held by Triton Investment Management Limited’s “Triton V” fund.

The share purchase agreement is subject to merger control, other official approvals

and certain other conditions, and has not yet been executed as of March 31, 2020.

There were no significant changes with regard to related parties as compared to the

consolidated financial statements as of December 31, 2019.

There was no exchange of goods or services with the parent company of Volkswagen

Vermögensverwaltungs-GmbH in the period from January 1 to March 31, 2020 or 2019.

The services provided to and received from related parties in the period from January 1

to March 31 in 2020 and 2019 were as follows:

€ thousand Services rendered (income) Services received (expense)

2020 2019 2020 2019

Companies of the Volkswagen

Vermögensverwaltungs Group,

Volkswagen and Porsche Group 6,175 5,121 952 1,334

Unconsolidated subsidiaries and other

equity investments 1,729 1,506 525 509

There were the following receivables from and liabilities to related parties as of

March 31, 2020 and December 31, 2019:

€ thousand Receivables Liabilities

2020 2019 2020 2019

Companies of the Volkswagen

Vermögensverwaltungs Group,

Volkswagen and Porsche Group 8,197 106,105 2,600 4,444

Unconsolidated subsidiaries and other

equity investments 2,109 2,747 688 996

RENK AG has assumed guarantees of € 24 thousand for customers of its non-consoli-

dated subsidiaries.


As a result of the end of cash pooling with MAN SE, there are no financial manage-

ment receivables from MAN SE as of March 31, 2020 (December 31, 2019:

€ 98,666 thousand).

(20) Changes in the Supervisory Board

The members of the Supervisory Board Ms. Karina Schnur and Mr. Roberto Armellini

resigned effective December 31, 2019. The Augsburg Local Court (court of registration)

appointed Ms. Angela Steinecker and Mr. Sascha Dudzik as their successors effective

January 29, 2020.

(21) Events after the end of the reporting period

There were no reportable events after March 31, 2020.


23

Responsibility statement

To the best of our knowledge, and in accordance with the applicable reporting princi-

ples for interim financial reporting, the condensed interim consolidated financial

statements give a true and fair view of the assets, liabilities, financial position and

profit or loss of the Group, together with a description of the principal opportunities

and risks associated with the expected development of the Group for the remaining

months of the fiscal year.

Augsburg, June 24, 2020


The Executive Board

Florian Hofbauer Christian Hammel

Financial diary at: www.renk-ag.com

Geschäftsbericht 2019 RENK Aktiengesellschaft

EmpowERiNG FoRcEs.


Goegginger Str. 7386159 AugsburgTelephone: +49 821 5700-0Fax: +49 821 5700-460

www.renk-ag.com

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