Você está na página 1de 178

www.wuerth.

com
A
n
n
u
a
l

R
e
p
o
r
t

o
f

t
h
e

W

r
t
h

G
r
o
u
p

2
0
1
3
CONTENTS
1 A CHANGE OF PERSPECTIVE

10 BULLETIN
10 Report of the Advisory Board
14 Report of the Central Managing Board
16 THE BOARDS
16 Legal and organizational structure
of the Wrth Group
17 Advisory Board
18 Central Managing Board
20 Customer Advisory Board
21 COMPANY PROFILE
22 COMMITMENT
22 Quo vadis Europe?
26 Experiencing art and culture
32 Sharing commitment
36 Shaping education
40 GROUP MANAGEMENT REPORT
40 Economic environment
41 Management reorganization
41 Business development
42 Sales by region
46 The operational units of the Wrth Group
Wrth Line:
48 The Wrth Line divisions
Allied Companies:
50 Electrical Wholesale unit
51 Trade unit
52 Production unit
53 Electronics unit
54 RECA Group unit
55 Tools unit
56 Screws and Standard Parts unit
57 Financial Services unit
58 Results of operations, net assets
and nancial position
64 Research and development
67 Risk and opportunities report
71 Employees
73 Corporate responsibility
74 Corporate governance report
75 Subsequent events
75 Outlook
79 CONSOLIDATED FINANCIAL STATEMENTS
80 Consolidated income statement
81 Consolidated statement of
comprehensive income
82 Consolidated statement of nancial position
84 Consolidated statement of cash ows
86 Consolidated statement of changes in equity
87 Consolidated value added statement
88 Notes to the consolidated nancial statements
AT A GLANCE
CHANGE OF
Annual Report of the Wrth Group 2013
P E R S P E C T I V E
www.wuerth.com
A
n
n
u
a
l

R
e
p
o
r
t

o
f

t
h
e

W

r
t
h

G
r
o
u
p

2
0
1
3
CONTENTS
1 A CHANGE OF PERSPECTIVE

10 BULLETIN
10 Report of the Advisory Board
14 Report of the Central Managing Board
16 THE BOARDS
16 Legal and organizational structure
of the Wrth Group
17 Advisory Board
18 Central Managing Board
20 Customer Advisory Board
21 COMPANY PROFILE
22 COMMITMENT
22 Quo vadis Europe?
26 Experiencing art and culture
32 Sharing commitment
36 Shaping education
40 GROUP MANAGEMENT REPORT
40 Economic environment
41 Management reorganization
41 Business development
42 Sales by region
46 The operational units of the Wrth Group
Wrth Line:
48 The Wrth Line divisions
Allied Companies:
50 Electrical Wholesale unit
51 Trade unit
52 Production unit
53 Electronics unit
54 RECA Group unit
55 Tools unit
56 Screws and Standard Parts unit
57 Financial Services unit
58 Results of operations, net assets
and nancial position
64 Research and development
67 Risk and opportunities report
71 Employees
73 Corporate responsibility
74 Corporate governance report
75 Subsequent events
75 Outlook
79 CONSOLIDATED FINANCIAL STATEMENTS
80 Consolidated income statement
81 Consolidated statement of
comprehensive income
82 Consolidated statement of nancial position
84 Consolidated statement of cash ows
86 Consolidated statement of changes in equity
87 Consolidated value added statement
88 Notes to the consolidated nancial statements
AT A GLANCE
CHANGE OF
Annual Report of the Wrth Group 2013
P E R S P E C T I V E
235
385
395
The consolidated nancial statements of the Wrth Group are prepared in accordance with the International Financial Reporting Standards (IFRSs).
* Earnings before taxes, impairment of goodwill and nancial assets, and changes recognized in prot or loss of non-controlling interests disclosed as liabilities
** Negative outlook
WRTH GROUP

2009 2010 2011 2012 2013
Sales in millions of EUR 7,522 8,633 9,699 9,985 9,745
Employees 57,882 62,433 66,113 65,169 63,571
Pre-tax operating result * in millions of EUR 235 385 395 415 445
Return on sales in % 3.1 4.5 4.1 4.2 4.6
EBIT in millions of EUR 267 398 450 448 495
EBITDA in millions of EUR 549 690 736 762 798
Net income for the year in millions of EUR 111 268 271 279 309
Cash ow from operating activities in millions of EUR 800 216 540 618 599
Investments in millions of EUR 263 283 455 465 433
Equity in millions of EUR 2,600 2,867 3,042 3,204 3,399
Total assets in millions of EUR 6,292 6,826 7,771 7,649 7,978
Rating by Standard & Poors A/neg.** A/stable A/stable A/stable A/stable
THE WRTH GROUP AT A GLANCE
SALES
WRTH GROUP in millions of EUR
2,500
5,000
7,500
10,000
3.0
6.0
2012
Operating result in millions of EUR
Return on sales as a percentage
2009 2010 2011 2012
415
2013
9,745
2013
445
7,522
8,633
9,699
2009 2010 2011
9,985
OPERATIONAL UNITS
SHARE IN SALES
Wrth Line divisions
2013
in %
2013
in millions
of EUR
2012
in millions
of EUR
Change
in %
Metal 16.4 1,603 1,658 3.3
Auto 14.6 1,421 1,451 2.1
Wood 10.0 971 966 + 0.5
Industry 8.8 858 869 1.3
Construction 6.2 601 598 + 0.5
Total 56.0 5,454 5,542 1.6
Wrth Line
Allied Companies
2013
in %
2013
in millions
of EUR
2012
in millions
of EUR
Change
in %
Electrical Wholesale 10.0 976 988 1.2
Trade 8.9 872 849 + 2.7
Production 6.7 656 591 + 11.0
Electronics 5.2 504 691 27.1
RECA Group 4.9 473 483 2.1
Tools 3.5 342 355 3.7
Screws and Standard Parts 2.5 243 265 8.3
Financial Services 1.1 109 104 + 4.8
Other 1.2 116 117 0.9
Total 44.0 4,291 4,443 3.4
SHARE IN SALES
Allied Companies units
OPERATING RESULT
WRTH GROUP in millions of EUR
150
300
450
600
235
385
395
The consolidated nancial statements of the Wrth Group are prepared in accordance with the International Financial Reporting Standards (IFRSs).
* Earnings before taxes, impairment of goodwill and nancial assets, and changes recognized in prot or loss of non-controlling interests disclosed as liabilities
** Negative outlook
WRTH GROUP

2009 2010 2011 2012 2013
Sales in millions of EUR 7,522 8,633 9,699 9,985 9,745
Employees 57,882 62,433 66,113 65,169 63,571
Pre-tax operating result * in millions of EUR 235 385 395 415 445
Return on sales in % 3.1 4.5 4.1 4.2 4.6
EBIT in millions of EUR 267 398 450 448 495
EBITDA in millions of EUR 549 690 736 762 798
Net income for the year in millions of EUR 111 268 271 279 309
Cash ow from operating activities in millions of EUR 800 216 540 618 599
Investments in millions of EUR 263 283 455 465 433
Equity in millions of EUR 2,600 2,867 3,042 3,204 3,399
Total assets in millions of EUR 6,292 6,826 7,771 7,649 7,978
Rating by Standard & Poors A/neg.** A/stable A/stable A/stable A/stable
THE WRTH GROUP AT A GLANCE
SALES
WRTH GROUP in millions of EUR
2,500
5,000
7,500
10,000
3.0
6.0
2012
Operating result in millions of EUR
Return on sales as a percentage
2009 2010 2011 2012
415
2013
9,745
2013
445
7,522
8,633
9,699
2009 2010 2011
9,985
OPERATIONAL UNITS
SHARE IN SALES
Wrth Line divisions
2013
in %
2013
in millions
of EUR
2012
in millions
of EUR
Change
in %
Metal 16.4 1,603 1,658 3.3
Auto 14.6 1,421 1,451 2.1
Wood 10.0 971 966 + 0.5
Industry 8.8 858 869 1.3
Construction 6.2 601 598 + 0.5
Total 56.0 5,454 5,542 1.6
Wrth Line
Allied Companies
2013
in %
2013
in millions
of EUR
2012
in millions
of EUR
Change
in %
Electrical Wholesale 10.0 976 988 1.2
Trade 8.9 872 849 + 2.7
Production 6.7 656 591 + 11.0
Electronics 5.2 504 691 27.1
RECA Group 4.9 473 483 2.1
Tools 3.5 342 355 3.7
Screws and Standard Parts 2.5 243 265 8.3
Financial Services 1.1 109 104 + 4.8
Other 1.2 116 117 0.9
Total 44.0 4,291 4,443 3.4
SHARE IN SALES
Allied Companies units
OPERATING RESULT
WRTH GROUP in millions of EUR
150
300
450
600
1
DO YOU LIKE TO CHANGE PERSPECTIVE ?
IF YOURE IN THE SOUTH AND LOOKING NORTH,
YOURE BOUND TO SEE THE SUN.
IS IT NICER TO DREAM
WITH YOUR HEAD AT THE TIP OF
YOUR TOES?
SHOULD YOU BUTTER YOUR BREAD
OR BREAD YOUR BUTTER?
EVER EATEN SPAGHETTI
OFF THE CEILING?
PEOPLE WHO WALK
ON THEIR HANDS ALWAYS HAVE
A VIEW OF THE BLUE SKY.
CAN YOU THINK LATERALLY WHEN
YOURE STANDING UP?
FALLING IN LOVE IS A SURE THING WHEN
YOURE HEAD OVER HEELS.
2
WRTH VISIONS

PEOPLE WITH FLEXIBLE
MINDS CAN ALWAYS
FIND THE RIGHT PLACE
TO WORK.
3
4
WRTH VISIONS
NOT EVERY COMPANY
CAN SAY THAT THE
SKYS THE LIMIT.
5
6
WRTH VISIONS
THE POSSIBILITIES
ARE ENDLESS FOR
PEOPLE WHO ALLOW
THEMSELVES TO BE
INSPIRED.
7
8
WRTH VISIONS
9
WITH A HEAD FULL
OF IDEAS, YOU CAN
LITERALLY TURN THE
WORLD UPSIDE
DOWN FOR YOUR
CUSTOMERS.
10
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Ladies and Gentlemen,
We want to venture towards more democracy. When the German Chancellor Willy Brandt used this phrase as the guiding
principle behind his government statement on 28 October 1969, the German economy was in full bloom. There was a real
sense of a new beginning among society at large, and technological progress was fuelling hopes for the future everything
was possible, it seemed.
So what remains of this confdence and unbridled optimism? Not much! Dramatic events like the terrorist attacks of
11 September 2001 and the fnancial and economic crisis of 2008 have done too good a job of exposing just how vulnerable
our globalized society is. So it comes as no surprise that the World Banks recent Risk and Opportunity report focuses
on economic risks, devoting only a few lines to the opportunities. If nothing else, this fxation on risk is casting a shadow
over day-to-day business life. Our customers are also feeling the heat, for example when they seek to secure external fnancing
for their investments.
The main thing that an environment that is hostile towards investment does is to hinder progress. The consequences are fatal.
The American economist Robert J. Gordon, for example, believes that in the long run, economic growth is an impossibility
without innovation. As a company that sees itself as one of the driving forces of innovation on the market and that owes
its market leadership to this focus on innovation, we have to respond to these trends by venturing towards more change.
Or rather: by venturing towards even more change.
REPORT OF THE ADVISORY BOARD
Bettina Wrth, Chairwoman of the Advisory Board of the Wrth Group
11
Every reorientation process starts with a change of perspective
The last two years have encouraged us not only to look at how we work, but also to put our entire business organization
under the microscope. With total sales of EUR 9.75 billion, we were, sadly, unable to meet our targets for the 2013 fscal
year. This is something we really need to work on. On the other hand, we are encouraged by the fact that we achieved an
operating result of EUR 445 million. This is testimony to the unwavering motivation of our employees and to healthy levels
of productivity. I would like to express my most sincere thanks to the members of the management and to all of our employees
for this hard work.
Anyone who wants to develop is well advised to start by taking a critical look at his or her own perceptions. To enable us
to do this, we called on the advice of external experts. Having someone look at the company through an outsiders eyes
helped us to take a good look at established structures at all levels, simplify our processes and focus even more on what
the market needs. Looking back, we left virtually no stone unturned and made the necessary adjustments within the space
of only a few months. The sales activities of the Wrth Line are a good example of just how much of an impact this process
of change has had on our company. Ever since our company was established, we have focused primarily on direct sales in
this area. We have also set up an efcient sales branch network and have continually stepped up our e-commerce activities
over the past few years.

WHICHEVER WAY YOU
LOOK AT IT: WE HAVE
OUR FUTURE IN OUR
OWN HANDS.
12
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
We are changing at all levels
Given that we are now generating a growing proportion of our sales via these additional sales channels, the next logical
step was to move from our previous focus on the sales force towards a contemporary multi-channel strategy. Coordinated
interaction between the diferent customer contact points allows us to ofer tailor-made sales solutions for every sector
and company size true to our motto: To each customer their own Wrth. As far as our sales staf are concerned, this
means, for example, that they can focus more on their role as their customers problem-solver in the future. This expertise
where the customer needs it remains indispensable for us, which is why we will be continuing to strengthen our sales force.
Our quest to achieve more clout and speed in our concentrated marketing eforts also involves looking at our manage-
ment structures. We have whittled the Central Managing Board our most important strategic body down from seven to
four members. Robert Friedmann, Peter Zrn, Uwe Hohlfeld and Joachim Kaltmaier share responsibility for the Wrth Line
and our Allied Companies. Thanks to the reorganization measures, far-reaching changes have been initiated within the
entire company within the space of only a few months. This would have been a virtually impossible feat without motivated
employees. Sales development over the past few months has confrmed that these changes were the right move, with signs
of real success already starting to emerge. I would like to take this opportunity, on behalf of the Advisory Board, to express
my thanks again.
We will be pinpointing and exploiting new market opportunities
In summary, we have initiated all of the necessary changes to get the Wrth Group on the path to growth. Our optimism is
also based on macroeconomic developments. The eurozone is past the worst. The current growth forecast for the German
economy comes in at 1.9 percent, which will also lay a good foundation for strong growth. In North and South America, the
forecasts are pointing to stable growth rates around the three percent mark. On the high-growth markets in the east India
with economic growth of 5.0 percent and China with 7.2 percent we are also on the cusp of setting new sales records. By
way of conclusion, we do not see too many risks lurking behind trends. Instead, we believe that they ofer good opportunities
for achieving solid growth again this year and allowing us to surpass the EUR 10 billion mark for consolidated sales. With
more than 400 companies in over 80 countries, Wrth has a presence in all of the worlds major regions. What is more, our
Allied Companies allow us to cover a broad spectrum of diferent services, allowing us to stimulate growth in many diferent
areas of our Group.
As a result, we are looking ahead with a sense of optimism and drive. After all, Change begets change. Nothing prop-
agates so fast. Charles Dickens words continue to ring true to this day. We have already taken the frst steps with the
far-reaching changes implemented over the past few months. And the current developments show that our resolve will pay of.
Work of the Advisory Board
In 2013, the Advisory Board of the Wrth Group held four extensive meetings, with the second joint strategy meeting of
the Advisory Board and the Central Managing Board being held as an extraordinary session in June 2013. These meetings
were based on the reports of the Central Managing Board members on the business situation, projections and opportunity
and risk management. All transactions subject to approval pursuant to the company statutes were submitted to the Advisory
Board for decision in good time and considered in detail; in urgent cases, resolutions were passed by circularization.
The activities of the Advisory Board in 2013 were characterized by a strong focus on providing strategic support to the
Central Managing Board. Key aspects of these activities include the new management structure of the Wrth Group and
13
Sincerely,
Bettina Wrth
Chairwoman of the Advisory Board
of the Wrth Group
the associated decision to reduce the size of the Central Managing Board and reorganize the Wrth Groups second-level
management. The strategic work of the Advisory Board also focused on the enhancement of the traditional Wrth business
model to create a multi- channel sales company, and the defnition of criteria allowing a refned assessment of the diferent
business models within the Allied Companies.
The three Advisory Board committees, the Audit Committee, the Investment Committee and the Personnel Committee, met
three times each in 2013. The committees serve to increase the efciency of the Advisory Board and carry out preparatory
work on complex issues. The Personnel Committee also has the power to pass resolutions regarding management employ-
ment contracts. The committee chairs each report regularly to the Advisory Board on the work of the committees.
On 8 April 2014, the Advisory Boards Audit Committee took an in-depth look at the 2013 consolidated fnancial statements,
including the Group management report, as well as the audit report prepared by Ernst & Young. Ernst & Young audited the
consolidated fnancial statements and the Group management report and issued an unqualifed opinion thereon. The Audit
Committee examined these documents and approved them. The Audit Committee also focused on risk management, the
corporate governance structure and internal audit.
The Advisory Boards Investment Committee assessed the investment projects that are subject to approval and classifed
them according to urgency and signifcance. The Wrth Group will remain true to its investment culture, exercising the nec-
essary degree of caution, as a prerequisite for the companys growth, meaning that the investments approved for the 2014
fscal year will be on a similar level to previous years, taking sales growth into account. The Advisory Board approved the
investment and fnancial plan of the Wrth Group for the fscal year 2014 at its meeting on 13 December 2013 based on
the proposal made by the Investment Committee.
The Advisory Boards Personnel Committee dealt, at its meetings, with all personnel measures falling within the Advisory
Boards area of competence, in particular also with the personnel measures associated with the reorganization of the
Groups frst and second-level management tiers. The Committees work also focused on the personnel development Group
function, which was reorganized with the establishment of the Wrth Business Academy in Rorschach. The Committee also
looked at succession planning and the structure of the incentive and remuneration systems.
The Advisory Board of the Wrth Group would like to thank the Central Managing Board and the Supervisory Board of the
Wrth Groups Family Trusts for the good working relationship, especially Prof. Dr. h. c. mult. Reinhold Wrth, Chairman of
the Supervisory Board of the Wrth Groups Family Trusts, who took part in all meetings of the Advisory Board. We would
also once again like to thank all employees for their strong commitment and their decisive action, as well as all our customers
and business partners for their loyalty to the Wrth Group.
14
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
REPORT OF THE CENTRAL MANAGING BOARD
Ladies and Gentlemen,
Stagnating sales increased earnings: this is the situation that Wrth was confronted with in 2013. Naturally, we would
like to have seen an upward trend for both fgures. But 2013 was not an easy year for Wrth. Varied overall economic
conditions resulted in diferent sales trends in the individual regions, with sales down in many places. This explains why
our sales in fscal year 2013 were down year-on-year to EUR 9.75 billion (2012: EUR 9.98 billion), which corresponds to
a drop of 2.4 percent. If we adjust the fgures to refect the solar activities, which were abandoned in 2012, the decline
comes in at 0.1 percent, as the solar sales amounted to around a quarter of a billion euros in 2012. We are still feeling
the impact of the economic crisis in southern Europe. After all, we generate 70 percent of our sales in the euro zone. Our
broad global standing helps us to counteract these trends. Our business on the US market, for example, showed stable
development, continuing on the upward trajectory plotted in recent years. This is also due to demand among private
households and the associated revival in the construction sector.
We are delighted to report an increase in our operating result for 2013, based on continuing operations, to EUR 445 million
despite the stagnating sales (2012: EUR 415 million). The most proftable region within the Group was Germany, which
generated an operating result of EUR 226 million (2012: EUR 210 million), underlining its role as the largest and most
important individual market for the Wrth Group. The entities outside Germany, too, generated a higher result than in 2012
despite the developments in southern Europe. The improvement in the operating result shows us that Wrth not only boasts
strong earnings power, but also that our measures to boost productivity and reduce fxed costs have borne fruit.
Robert Friedmann, Chairman of the Central Managing Board of the Wrth Group
15
The Wrth Group enjoys a solid standing in its traditional business areas and enjoys an excellent market position. Our
corporate culture is a special one that is put into practice day after day by each and every employee and demonstrated by
our managers: the foundation that supports the structure of our company. Nevertheless, the title of our Annual Report is
A change of perspective? Do we need a change of perspective?
It is becoming more difcult to achieve high growth rates. But that doesnt mean it is impossible. Because we are constantly
taking a critical look at ourselves and are open to change. This also means that we have to have the courage to grow, ex-
pand, reorganize and also make decisions. This fexibility has always been part of how we see ourselves. Our actions were
never characterized by a wish to rigidly follow a straight onward path without looking to the left or to the right, but rather to
keep our companys structure fexible enough to cushion any shocks and fuctuations. One of our key measures has been
the focus on new e-commerce activities, but these measures also include massive investment in innovative logistics, the expan-
sion of the sales force on young markets, the constant additions to the sales branch network and moves to position Wrth as
an employer in the manner that is best suited to the target group. On established markets, we are refning our sales activities
by way of regionalization, customer segmentation, the expansion of the customer base and a policy of seeking out potential.
But we are also asking ourselves fundamental questions: what, for example, will the workplace of the future look like at
Wrth? What options are open to us in order to systematically incorporate ecological, economic and social sustainability
into our day-to-day business? How can we grow in line with the wishes of our customers?
The thing that makes Wrth special are its employees. Their enthusiasm, their passion, their systematic approach. We would
like to thank them for their professionalism and commitment, especially in times when this isnt easy. We would like to thank
our customers, whose trust forms the basis for our work. And we would also like to thank the Councils of Confdence and
Works Councils in the Wrth Group, as well as the Customer Advisory Board, for their work. Their critical appraisal allows
us to move forward and opens the door to new perspectives. The cooperation with the members of the Advisory Board and
the Supervisory Board of the Wrth Groups Family Trusts is also consistently constructive. Even in the difcult 2013 fscal year,
we enjoyed the full support of the Wrth family. We would like to thank Prof. Dr. h. c. mult. Reinhold Wrth, his wife Carmen
and Bettina Wrth for their support, which has played a key role in ensuring that we can enhance our business models in a
strategically sustainable manner.
If you want to achieve something, you dont always have to turn the world upside down, but it sometimes helps to change
perspective and challenge long-held ideas.
We are optimistic as far as 2014 is concerned.
For the Central Managing Board of the Wrth Group
Robert Friedmann
Chairman of the Central Managing Board
of the Wrth Group
16
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
ORGANIZATIONAL STRUCTURE
Advisory Board
9 members
Central Managing Board
4 members
Executive Vice Presidents
20 members manage the strategic business units (functions, divisions, regions)
Managing Directors of over 400 separate entities
WRTH GROUP:
LEGAL STRUCTURE (SIMPLIFIED CHART)
WRTH FAMILY TRUSTS
Adolf Wrth GmbH & Co. KG
Germany
Wrth International AG
Switzerland
Wrth Finance International B.V.
Netherlands
Subsidiaries
outside Germany
Subsidiaries
outside Germany
Subsidiaries
outside Germany
Reinhold Wrth Holding GmbH
Germany
German
subsidiaries
Wrth Promotion Ges.m.b.H.
Austria
17
ADVISORY BOARD
Bettina Wrth
Chairwoman of the Advisory Board
of the Wrth Group
Dr. Frank Heinricht
Deputy Chairman of the Advisory
Board of the Wrth Group (since
1 January 2014), Chairman of the
Management Board of Schott AG,
Mainz
Peter Edelmann
Member of the Advisory Board,
Managing Partner of
Edelmann & Company, Ulm
Wolfgang Kirsch
Member of the Advisory Board
(since 1 January 2014), Chairman
of the Board of Management of DZ
Bank AG, Frankfurt/Main
Axel C. A. Krauss
Member of the Advisory Board,
Member of the Supervisory Board of
Unilever Deutschland, Hamburg
Dr. Bernd-Albrecht von Maltzan
Member of the Advisory Board,
former Divisional Board Member
and Senior Advisor at Private Wealth
Management Deutsche Bank AG,
Frankfurt/Main
Jrg Michel
Member of the Advisory Board
(since 1 January 2014), former
Member of the Central Managing
Board of the Wrth Group
Ina Schlie
Member of the Advisory Board
(since 1 January 2014), Head of
Group Tax at SAP AG, Walldorf
Dr. Martin H. Sorg
Member of the Advisory Board,
Certifed Public Accountant, Partner of
the law frm Binz & Partner, Stuttgart
Honorary Chairman of the
Advisory Board
Prof. Dr. h. c. mult. Reinhold Wrth
Chairman of the Supervisory Board of
the Wrth Groups Family Trusts
Honorary members of the
Advisory Board
Rolf Bauer
Honorary member (since 1 January
2014), former Member of the Central
Managing Board of the Wrth Group
Dr. Michael Rogowski
Honorary member, Chairman of the
Foundation Board of
Hanns-Voith-Stiftung, Heidenheim
Dr. Bernd Thiemann
Honorary member (since 1 January 2014),
former Chairman of the Management
Board of Deutsche Genossenschafts-
bank AG, Frankfurt/Main
The Advisory Board is the supreme supervisory and controlling body of the Wrth Group. It advises on strategy, approves
corporate planning as well as the use of funds. It appoints the members of the Central Managing Board, the Executive Vice Presidents
as well as the managing directors of the companies generating high sales.
(as of 1 January 2014)
18
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
CENTRAL MANAGING BOARD
From left to right: Peter Zrn, Joachim Kaltmaier, Robert Friedmann, Uwe Hohlfeld
19
The Central Managing Board is the most senior decision-making board of the Wrth Group.
It has four members and is comparable to the management board of a group holding company.
Its most important duties include corporate strategy planning, the selection of executives as well
as the management of strategic business units and functions.
Robert Friedmann
Chairman of the Central
Managing Board
of the Wrth Group
Peter Zrn
Deputy Chairman of the
Central Managing Board
of the Wrth Group
Joachim Kaltmaier
Member of the Central
Managing Board
of the Wrth Group
Uwe Hohlfeld
Member of the Central
Managing Board
of the Wrth Group
20
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The Customer Advisory Board brings together Wrth customers from the worlds of trade and industry. The mem-
bers report on developments in their sector and support Wrth in aligning its activities with customer requirements. The boards
meetings, which are held twice a year, also look at new products and services.
CUSTOMER ADVISORY BOARD
Roland Schuler
Member of the Board of Manage-
ment of BayWa AG, Munich
Burkhard Weller
Managing Partner of Wellergruppe
GmbH & Co. KG, Berlin
Frank Westermann
Managing Director of Karl Wester-
mann GmbH & Co. KG, Denkendorf,
Chairman of the Technology Com-
mittee of Landesverband Holz und
Kunststof, Baden-Wrttemberg
Rudolf Wohlfarth
Member of the management of the
Emil Frey Group, Chairman of the
Management Board of the Emil Frey
Group Germany, Stuttgart
Honorary Chairman of the
Customer Advisory Board
Gerhard Irmscher
Joachim Wohlfeil
Chairman of the Customer Advisory
Board, managing director of Ernst
Wohlfeil GmbH, Sanitrtechnik,
Karlsruhe, President of Handwerks-
kammer Karlsruhe (Chamber of
Trade Karlsruhe)
Johannes Moser
Former Director and now freelance
consultant of the company Imtech
Deutschland GmbH & Co. KG,
Stuttgart
Dr. Thomas Peukert
Managing Director of Stahl
CraneSystems GmbH, Knzelsau
21
COMPANY PROFILE
Wrth Group: world market leader for trading in assembly and fastening materials
The foundation stone for the Wrth Group was laid in 1945 by Adolf Wrth: he sets up Adolf Wrth GmbH & Co. KG, a simple
company selling screws and consisting of two men, the parent company of the Wrth Group, in Knzelsau.
After his fathers early death, Reinhold Wrth takes over at the helm of the family business aged 19. Back then, annual sales
came in at EUR 80,000. Today, 60 years later, the Group generates sales of EUR 9.75 billion and has a workforce of more
than 63,000. The Groups international focus started with the formation of the frst foreign company in the Netherlands in
1962. Today, the Group has more than 400 companies and operates in more than 80 countries.
The Wrth Group is split into two operational units: Wrth Line and Allied Companies. The Wrth Line companies are respon-
sible for the Groups conventional core business, the sale of assembly and fastening materials. More than 100,000 products
have to meet our exacting quality standards: screws, screw accessories, dowels, chemical technical products, furniture and
iron fttings, tools, stocking and picking systems and occupational safety equipment for professional users. Allied Companies
operate in related areas as sales or manufacturing companies, and as fnancial services providers.
With more than 400 sales branches, Adolf Wrth GmbH & Co. KG is closer to its customers than any of its competitors. The
company boasts around 1,500 sales branches across the globe. A sales organization that includes 30,000 sales representa-
tives worldwide guarantees the provision of competent advice to three million customers from trade and industry. Online
shop, e- Procurement, apps: the Wrth Group is profcient in the e-commerce sector, too. Our objective is clear: to ofer cus-
tomized services, practical system solutions and a broad range of products in order to make our customers work easier.
SALES DEVELOPMENT
WRTH GROUP in millions of EUR
2,500
5,000
7,500
10,000
CAGR: 22.0 %
(Compound Annual Growth Rate)
1995 1954 1960 1965 1970 1975 1980 1985 1990
9,745
5,136
1,234
282
33
1.0 0.08
2000 2005 2010 2013
8,633
22
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Ladies and Gentlemen,

If we look at the history of the European Union since those frst hesitant attempts to bring Europe
together after the Second World War, the period from the establishment of European Coal
and Steel Community in 1951 to today, at the end of 2013, then we can only say that astound-
ing progress has been made over these 62 years. Border controls have been abolished for
most European citizens; from Helsinki to Lisbon, and from Athens to Dublin, people use the
same currency to pay; but the creation of a single European jurisdiction is much more import-
ant. A lawyer I know, who is licenced to practice both in the US and in Germany, recently ex-
plained to me: As far as the legal system is concerned, the European Union is already streets
ahead of the United States of America.
The resulting latent changes in opinion among EU citizens, which are more of a subconscious
nature, should not be underestimated either. Although people in all member states never seem
to tire of bashing the EU and its excessive Brussels-based bureaucracy, the vast majority of
citizens would be loathed to see the abolition of the EU.
This ambivalent love-hate relationship can certainly be compared to the feelings of many
citizens from the former East Germany as time passes, memories of life in the former East
Germany become embellished, but I dont know anyone who would like to have the old East
Germany back.
If we look at which forces are putting the brakes on the further development of the European
Union, we can identify two main sources. First, obviously, our friends in the UK and second,
the opponents of the euro. Due to their island location, the British are born seafarers and trav-
elled the world for centuries with the British Empire. So we have to understand that integration
into a well- oiled European Union is perhaps time times harder, mentally and ideologically,
for our British friends than it is for all continental Europeans. If the referendum that is planned
in the UK for 2017 results in the majority of citizens voting against further membership of
the European Union, then we should not exert any pressure and should accept, in the spirit of
peace and friendship, an independent, isolated United Kingdom. This would also, to be hon-
est, remove one of the main obstacles to further EU integration.
The other obstacle comes from the opponents of the euro. The question that has reared its
head in Germany is that of a return to the German mark. If we look at the euro as a currency
from its introduction in 2002 to date, then the euro has certainly more than survived its bap-
tism of fre: the US would have liked to have seen the euro disintegrate in the course of the
real estate and mortgage crisis of 2008/2009, removing any competition to the dollar as a
reserve currency.
QUO VADIS EUROPE?
Prof. Dr. h. c. mult. Reinhold Wrth,
Chairman of the Supervisory Board
of the Wrth Groups Family Trusts
23
This did not happen. The economic power behind the euro zone, with its 318 millions citizens, provides a steady foundation
for the stability of our currency provided that the governments involved pursue a sensible currency policy.
One particularly strong argument in Germany is that we have to cough up to cover the debts of the southern European
countries, Greece, Italy, Spain and Portugal, as taxpayers, which is why the German mark should be reintroduced, as is
one of the main aims of the recently established political party, Alternative fr Deutschland (AfD).
Whether we like it or not, the truth of the matter is that Germany has to assume some liability for the debt of the southern
European countries as part of the ESM and EFSF rescue funds. And this is not a bad thing if we can summon only a tiny
spark of European solidarity: within the Federal Republic of Germany, a system known as Lnderfnanzausgleich (federal
state fscal equalization scheme) has been in place for decades. Traditionally, Baden-Wrttemberg, Bavaria and Hesse
have been paying billions into this pot every year in order to ensure more or less equal living conditions within Germany.
So why shouldnt this principle apply within the European Union? Germany, in particular, reaps manifold benefts from the
euro: if we were to abandon the single currency, a new German mark would soon appreciate so much against all of the
worlds other currencies that the German export industry would very quickly become uncompetitive and would sufer bitterly.
So we are currently beneftting massively from the euro.
Secondly, there is the return on investment, namely the fact that we can live in peaceful times. Is there anything more
precious in life? Not really.
I make no secret of the fact that Im a passionate European and would like to see less power given to nation states and, at
the same time, more moves to strengthen the underlying regions. We need the sense of a spiritual home, familiarity and secu-
rity that we can fnd as South Tyroleans, Bavarians, Flemish or Basques more than those that we can fnd as Germans, Ital-
ians, Belgians or Spaniards.
My conclusion: Vivat Europa!

Yours,

Reinhold Wrth
24
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
25
COMMITMENT:
ITS A QUESTION
OF HONOR.
26
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
EXPERIENCING ART AND CULTURE
Wrth House in Rorschach The inseverable links between art,
culture and Wrth are evident from Wrth House in Rorschach. The
new building on the Swiss bank of Lake Constance, which was offi-
cially opened on 20 April 2013, is home to more than just six Wrth
companies Wrth Finance, Wrth Financial Services AG, Wrth
ITensis, Wrth Logistics, Wrth Management AG and the event agency
marbet. The building is also home to a craftsman shop and the Wrth
Group training center. The Forum Wrth Rorschach also presents
Wrths extensive collection of artwork, which now comprises more
than 16,000 works of art, in an area measuring around 600 square
meters. Entitled Premire, the opening exhibition puts the main focal
points of the collection, classical modernism and contemporary art, in
the spotlight. There is a particular focus on Swiss art. A presentation
in the bright foyer of Forum Wrth Rorschach is dedicated to the Danish
sculptor Robert Jacobsen, one of the key artists represented in the
Wrth Collection from day one.
When it came to the realization of the new building, the renowned
Zurich-based architects Gigon / Guyer emerged as the winners in a
competition that attracted high-profile entries. Their plans are entitled
play of light (Lichtspiel) and pay tribute to the buildings unique
location on the lake. Wrth House Rorschach beckons to passers-by
with its green glass exterior that alternates between transparency
and reflection, and holds a mirror to the special flair and beauty of
the surrounding area. The relief formation of the building complex re-
acts to the station building opposite with low-rise cubes, and to the
vast expanse of the park and lake with a higher element. The five-
story building has a total volume of around 150,000 cubic meters,
with a glass shell covering the entire building. This outer layer of
glass features an offset arrangement of panes of glass with a green
hue and fine, metallic textile reinforcements. This produces a rhythmic
glass curtain.
Forum Wrth Rorschach is the 15th museum housing the Wrth Col-
lection. The building, on the banks of lake, is also the third Swiss loca-
tion, after Chur and Arlesheim, in which Wrth is making its corporate
culture truly visible for miles around in a high-quality design format.
Wrth House Rorschach is surrounded by a Jardin extraordinaire
that is open to the public, an exceptional garden that is brought to
life by the charming, mosaic sculptures some of which can be used
for play like the Dragon or the Bear designed by Niki de
Saint Phalle. A revolving Nana, one of her best-known figures, also
welcomes visitors to the part, symbolizing the world in the sculpture
named Le Monde. Anyone wandering along the edge of the lake
can encounter other highlights of modern sculpture, like the sun dial
sculpture or the monumental bronze figure Large Interior Form by
Henry Moore.
The extremely positive response to the building in eastern Switzer-
land can be seen not only from the rush of visitors keen to attend its
open day. Forum Wrth Rorschach has also proven extremely popu-
lar, with more than 50,000 visitors since it was opened.
27
RORSCHACH Located directly on the Swiss bank
of Lake Constance, the green-tinged crystalline struc-
ture complements the surrounding area harmoniously.
Wrth House Rorschach is home to six Wrth Group
companies, a craftsman shop, a training center and
600 square meters of exhibition space.
28
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Kunsthalle Wrth, Schwbisch Hall The Menagerie An Animal
Show from the Wrth Collection exhibition in Kunsthalle Wrth in
Schwbisch Hall rounded of a trilogy that invited visitors to wander
through nature in Forest Fascination, then showed the diversity of
the human species in From Head to Toe before turning its atten tion
to the human races closest relatives, animals. The fascinating aspects
of the animal world were illustrated with various works spanning all
eras of art history. The exhibition started with works by the famous
renaissance painter Lucas Cranach d.J., showed animal sculptures by
Leonhard Kern and presented oil paintings by Giovanni Segantini
and Carl Spitzweg, as well as works by Pablo Picasso, Andy Warhol,
David Hockney and Marc Quinn. The varied exhibition showed the
constantly changing relationship between humans and animals. Paint-
ings, sculptures, drawings, handicrafts, jewelry and furniture created
by more than 100 artists were on display to take visitors on a journey
into a world of bestial surprises.
Museum Wrth, Knzelsau Art from Austria has always been a
particular focal point of the Wrth Collection. These varied, quite
contrary works make up one of the largest private collections of Aus-
trian art outside of Austria. With the A.E.I.O.U. exhibition, Museum
Wrth in Knzelsau presented a varied selection from this collection
spanning the period from the late 19th century to the present day.
More than 100 paintings, drawings, graphics and sculptures by more
than 70 artists were on display. Starting with Gustav Klimt, the exhibi-
tion led visitors to contemporary works by artists like Herbert Brandl,
Xenia Hausner or Markus Redl. The title of the exhibition, A.E.I.O.U.
is a reference to the motto used by the Duke of Austria, who later be-
came Emperor, Friedrich III., in the 15th century to adorn his crests,
documents, inventory lists and buildings, the meaning of which has not
been definitively clarified to this day.
KUNSTHALLE WRTH Around
200 works from the late middle
ages to the present day were on
display in the Menagerie An
Animal Show from the Wrth Col-
lection exhibition in Kunsthalle
Wrth in Schwbisch Hall. In ad-
dition to paintings, graphics and
over-sized sculptures, the exhibi-
tion also features curious exotic
objects including antler furnishings,
containers or historical jewelry in
the form of animals. The exhibition
was accompanied by an extensive
educational program for all age
groups.
29
New presentation of the Falkenstein Altarpiece The Master of
Messkirch is not only one of the most important artists of pre-Renais-
sance German painting in Upper Swabia, he is also one of the most
mysterious. Possibly born in about 1490-95, he was most likely active
in the period between 1515 and 1540. In art history terms, the oeuvre
of this artist was obviously influenced by Albrecht Drer, Hans Baldung
Grien, Hans Schufelein and Hans von Kulmbach. He is considered
a precise observer of the human physiognomy, an excellent portrayer
of river and mountain landscapes and a true master of color. To mark
the acquisition of the corpus of the Falkenstein Altarpiece, one of
the masters major works, the Wrth Collection is now presenting its
entire stock of 17 panels by him at Johanniterkirche in Schwbisch
Hall. Two additional panels are on loan from the Stuttgart State
Gallery (Staatsgalerie Stuttgart). The high point of the exhibition is
the reunion of the Falkenstein Altar Retable, which the artist created
for Falkenstein Castle (near Messkirch) of the Barons von Zimmern
and which was divided into its separate parts and dispersed in the
19th century. A further accent is provided by the Zimmern Chronicle,
now in the manuscript collection of the Wrttemberg State Library in
Stuttgart. The Johanniterkirche itself received an award in 2013: the
Baden-Wrttemberg Chamber of Architects singled the renovated
church out as an exemplary architectural structure.
FULL PRESENTATION
OF THE FALKENSTEIN
ALTARPIECE The Master
of Messkirchs Falkenstein
Altarpiece was handed over
to the public in a ceremony
held at Johanniterkirche in
Schwbisch Hall.
30
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
WALK OF MODERN ART The Wrth Collection now enjoys a presence in the
very heart of Salzburg with sculptures by internationally renowned sculptors. The
Sphaera sculpture by German sculptor Stephan Balkenhol, displayed on Kapitel-
platz square, is more than nine meters high and holds its own as a self-sufcient
work of art.
Walk of Modern Art, Salzburg The Walk of Modern Art, created
in the heart of Salzburg, a World Heritage Site, over the course of ten
years has been entrusted to the Wrth Collection. For ten years, the
Salzburg Foundation had invited internationally renowned artists to
visit Salzburg every year and spend some time really engaging with
the city before creating a work of art for public display. The result is
a high-quality collection of sculptures leading to the most beautiful
parts of Salzburg, but also to places that are less obvious or where
you would not expect to fnd art. The works of art, which are freely
accessible and can be reached on foot, are the creations of Anselm
Kiefer, Mario Merz, Marina Abramovi, Markus Lpertz, James Tur-
rell, Stephan Balkenhol, Anthony Cragg, Christian Boltanski, Jaume
Plensa, Brigitte Kowanz, Manfred Wakolbinger and Erwin Wurm,
and focus on an interpretation of the individually selected locations.
An extension of the Walk of Modern Art can be found in the Wrth
Sculpture Garden at Schloss Arenberg.
International violin competition Since the early days of the Inter-
national Violin Competition, Wrth has been supporting this event
organized by the Kulturstiftung Hohenlohe cultural foundation by
donating prizes. The competition was held for the 15th time in August
2013 in Schntal Monastery, Baden Wrttemberg. More than 50 vi-
olinists up to age 21 were invited to show of their musical skills in the
competition.
One of the top prizes awarded as part of the competition is the Rein-
hold Wrth Promotion Prize, established by Adolf Wrth GmbH &
Co. KG in 2007 and worth EUR 5,000. In 2013, the prize went to the
young violinist Rennosuke Fukuda from Japan, who won over the jury
with his expressive interpretation and excellent technique. The Rein-
hold Wrth Promotion Prize must be used for specifc purposes and
is designed to give young musicians an opportunity to continue with
their training and develop their exceptional talent further over the
next few years.
31
REINHOLD WRTH
PROMOTION PRIZE
Rennosuke Fukuda from Japan is
the winner of the 2013 Reinhold
Wrth Promotion Prize. Wrth
awards this prize as part of the
International Violin Competition.
Wrth Prize of Jeunesses Musicales Deutschland Conductor
Bruno Weil is the winner of the EUR 10,000 2013 Wrth Prize of
Jeunesses Musicales Deutschland (JMD). The jury spoke of how
Bruno Weil managed to make music tangible as a profound human
statement, as the language of the soul. The specialist in Viennese
classicism and historically informed performances was said to stand
for high-quality interpretations that remain faithful to the truth and
impact of the music. The prize was handed over by Harald Unkel-
bach, Chairman of the Management Board of the Wrth Foundation,
and JMD President Daniela Stork. The laudatory speech was held by
former German government minister Theo Waigel. The awards cere-
mony was held as part of a concert given by the university symphony
orchestra of the University of Music and Performing Arts in Munich,
conducted by the prize-winner.
The Wrth Prize of Jeunesses Musicales Deutschland is a coveted
accolade in the German music world. It is awarded to artists, ensem-
bles and projects that bring the values and goals of JMD to life in
an exemplary manner. Since 1991, personalities such as conductor
Gustavo Dudamel, cellist Sol Gabetta, ensembles such as the Federal
Youth Orchestra or projects like the Education Program of the Berlin
Philharmonic Orchestra have received the prize. The prize is donated
by the Wrth Foundation.
Wrth Literature Prize Beauty queen Sarah Rotblatt drives up to
a petrol station (Die Schnheitsknigin Sarah Rotblatt fhrt an einer
Tankstelle vor) was the motto of the 24th Wrth Literature Prize. Adolf
Wrth GmbH & Co. KG has been awarding the literature prize, worth
EUR 7,500, in cooperation with the University of Tbingen every year
since 1996. The award goes to short stories featuring a convincing
and unique use of language.
More than 600 authors had submitted their stories for the 2013 Wrth
Literature Prize. Norbert Mller from Berlin took first place with his
story entitled Zigaretten holen (Buying cigarettes). The silver award
went to Kai Metzger from Dsseldorf for his text Morningside Drive.
The author Christoph Ransmayr set the topic for the literature prize
during his Tbingen poetry professorship in 2012. The professorship
is also a project organized by Adolf Wrth GmbH & Co. KG and is
hosted at the German Seminar (Deutsches Seminar) of Tbingen Uni-
versity. Once a year, two authors are invited to hold public lectures and
offer seminars and workshops for students. Over the past few years,
the guest authors included not only Christoph Ransmayr, but also
Raoul Schrott, Jonathan Franzen, Daniel Kehlmann, Juli Zeh, Feridun
Zaimolu, Ilija Trojanow, Pter Esterhzy, Terzia Mora, Brigitte
Kronauer, Lars Gustafsson, Ruth Klger, Amos Oz and Herta Mller.
32
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
SHARING COMMITMENT
Hotel Restaurant Anne-Sophie In 1999, Carmen Wrths aim was
to create an establishment in Knzelsau that would foster the integra-
tion and personal development of people with disabilities. The Hotel
Restaurant Anne-Sophie opened its doors in 2003 on her initiative,
featuring a special concept: people with and without disabilities work
together hand in hand. Disabled employees are trained by specialists
so that they can work independently in the kitchen, as wait staf, in
housekeeping or in building services. This makes it easier for them to
participate in social life and allows them to earn a living.
In the spring of 2013, the Hotel Restaurant Anne-Sophie celebrated
its tenth birthday. It currently employs a workforce of 50, around one
third of whom have disabilities. Ever since it was opened, the estab-
lishment has made a name for itself as a meeting place for gourmets
and an example of stylish hotel culture, with the warm and friendly
atmosphere as one of its trademarks.
To mark its tenth anniversary, the new main building opened in the
heart of Knzelsau in May 2013. It adds another 18 guest rooms, as
well as a gym and spa area for hotel guests and a conference build-
ing to the hotel complex. The new restaurant handi ap. ofers guests
ambitious cuisine using high-quality produce. The lindele shop is also
part of the hotel. The Hotel Restaurant Anne-Sophie uses the shop to
sell products made by people with physical or mental disabilities, as
well as people from socially deprived backgrounds. Customers can
choose from a range of 250 gift and gourmet items.
Wrth Foundation Set up in 1987 by Reinhold and Carmen Wrth,
the Wrth Foundation promotes projects in the felds of science and
research, art and culture, and education. The Foundation currently
has total capital of EUR 7.6 million. In addition to its own activities,
the Foundation also supports third-party projects and initiatives
mainly in the Hohenlohe region where the Group has its head ofce.
The Foundations own activities in 2013 included the music festival
for people with disabilities. The motto of the music festival held in
October was Live with your heart, and it featured twelve musical
bands on two stages in Museum Wrth in Knzelsau. The special
thing about the festival was that the people playing in the bands all
have disabilities. The idea for the event came from Carmen Wrth,
who has been an advocate for people with disabilities for many years.
Major third-party projects that have received regular support in the
post include the Hohenloher Kultursommer (Summer of Arts in Hohen-
lohe), as well as the international violin competition organized every
other year by Kulturstiftung Hohenlohe (Hohenlohe Cultural Founda-
tion), the Junge Oper Schloss Weikersheim (Young Opera Schloss
Weikersheim) and the work of Historischer Verein Wrttemberg-
Franken (Historical Association Wrttemberg- Franconia).
The Wrth Foundation also supports the Freie Schule Anne-Sophie
schools in Knzelsau and Berlin and the Competence Center for
Economic Education. Moreover, it administers the foundation for the
promotion of the Reinhold Wrth University of Heilbronn University
in Knzelsau.
33
NEW BUILDING FOR HOTEL RESTAURANT
ANNE-SOPHIE The new representative main build-
ing of the Hotel Restaurant Anne-Sophie is located
in the heart of Knzelsaus old town. The extension
has been awarded a four-star rating by the German
Hotel & Catering Association. The hotel now has a
total of 49 guest rooms, 18 of which are located in the
new wing. People with and without disabilities work
here hand in hand.
34
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
French medals for Wrth and Weber France bestowed hon-
ours upon Reinhold Wrth and the Director of the Wrth Collection
C. Sylvia Weber with the Knight of the Legion of Honour and the
Order of Chivalry in Art and Literature. The awards were presented
by Ambassador Maurice Gourdault-Montagne in Kunsthalle Wrth
in Schwbisch Hall. This is Frances way of recognizing the exem-
plary cross-border commitment to culture and art shown by Reinhold
Wrth and C. Sylvia Weber in Germany and France. By way of exam-
ple, Wrth has consistently promoted the work of the Institut franais
in Stuttgart and the Centre Culturel Franco- Allemand in Karlsruhe. In
2008, Wrth also opened a museum in Erstein, Alsace, in immediate
proximity to Wrth France. C. Sylvia Weber has been at the helm of
the Wrth museums since 1991 and has been the curator behind nu-
merous exhibitions.
Folkwang Prize The Folkwang Prize, endowed with 25,000 euros,
was handed over to Reinhold Wrth in Essen. Since 2010, the Folk-
wang Museum Association has been using the prize as a way of rec-
ognizing individuals and institutions who have made a particular con-
tribution to promoting art and making it accessible to broad sections
of the population in the spirit of the museums founding father, Karl
Ernst Osthaus (1874 1921). The jury emphasized Reinhold Wrths
lifelong passionate commitment to art and cultural education. As a
collector and art lover, they said, his conviction that art would stimu-
late the working environment of his employees across the globe, serv-
ing to motivate them, was his guiding force. His impressive collection
and also the numerous associated galleries set up with a direct link to
administrative buildings is testimony to this.
INTERNATIONAL FOLKWANG PRIZE Prof. Dr. h. c. mult. Reinhold Wrth (second
from the right) has been awarded the Folkwang Prize in only its second year. The fol-
lowing individuals attended the ceremony to ofer their congratulations (from the left):
Dr. Tobia Bezzola, Director of Museum Folkwang, Essen, Dr. E. h. Achim Middelschulte,
Chairman of the Board of Management of the Folkwang Museum Association, and
Prof. Dr. Martin Roth, Director of the Victoria and Albert Museum, London.
35
Sports sponsorship The international sports sponsorship activities
of the Wrth Group are characterized by continuity and success.
With its commitments in China (national basketball team), the US
(NASCAR racing series) and South America (referee advertising at
the Copa Liberta dores), Wrth is focusing primarily on growth markets
and is positioning itself in sports that are popular on these markets.
The NASCAR sponsorship in the US, in particular, was crowned with
success in 2013: Sam Hornish Jr. came in second in the Nationwide
Series.
In addition to these sponsorship activities, Wrth remains a major
sponsor of European football and winter sports. Wrths advertising
boards could be seen at a total of 169 European World Cup qualify-
ing matches and in four Bundesliga stadiums. The brands presence
on the racing and thermal wear of the German Ski Association (DSV)
SPORTS SPONSORSHIP The NASCAR sponsorship was crowned
with success in 2013: Sam Hornish Jr., driver of the Wrth racing car,
came in 2nd.
Representative offices In Berlin since 2003 and in Brussels since
2005. Wrth attaches a great deal of importance to critical dialog
with social groups and institutions. Wrth House Berlin and Wrth
Ofce Brussels have established themselves as key dialog forums
for German and international politics. Listening and understanding,
but also articulating and commenting this is how Wrth believes
debate should take place with business and industry, at discussion
rounds, conferences and receptions. Both representative ofces also
ofer a platform for cultural events in order to transport our under-
standing of commitment in a hands-on manner. Our aim is to be open
so that others can be open with us.
also attracts global attention to the brand on the television, the Inter-
net and in newspapers. Brand values like team spirit, momentum and
passion are transported perfectly by the sports sponsorship activities.
36
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Freie Schule Anne-Sophie in Knzelsau and Berlin The inde-
pendent school Freie Schule Anne-Sophie was opened in 2006
in Knzelsau as a private all- day school on the initiative of Bettina
Wrth. The bilingual sister school in Berlin, which ofers classes in
German and English, opened in time for the 2011/12 academic year.
The unique educational concept is the same in both schools: target
and performance-oriented learning in a stimulated environment. You
can independently achieve what you put your mind to. And where
you cant, Ill gladly support and help you. This is the fundamental
thinking behind day-to-day educational life at both schools.
Freie Schule Anne-Sophie in Knzelsau saw its frst class of graduates
obtaining the Abitur, Germanys university entrance qualifcation, in
2013. The 16 learning partners obtained an average grade of 2.2
(on a scale of 1 (best) to 6 (worst)). In September 2010, Freie Schule
Anne-Sophie had started with the upper grammar school level, known
as the College. The grammar school obtained state recognition as
an alternative school on 1 August 2011 and has had the same rights
and obligations as any state-run grammar school ever since. Learning
partners at Freie Schule Anne-Sophie undergo the same Abitur exam-
inations as pupils attending state schools in Baden-Wrttemberg.
In Berlin, the frst set of learning partners passed their intermediate
secondary graduation certifcate. This certifcate is a substitute for the
Realschule (senior secondary school) certifcate and assesses the
performance of pupils in Grade 10 of the German school system. The
2014/15 academic year will see learning partners in Berlin enter the
upper grammar school level.
Another highlight in the school calendar of Freie Schule Anne-Sophie
in Knzelsau was its recognition as a MINT-friendly school by the
educational initiative MINT Zukunft schafen, an initiative launched
to promote natural science and engineering subjects in schools. This
award is considered a seal of the teaching quality in the MINT sub-
jects: mathematics, information technology, natural sciences and
technology. MINT Zukunft schafen aims to combat the lack of spe-
cialist employees in professions in the felds of natural sciences and
technology. Talent promotion measures and moves to break down
educational barriers are designed to inspire pupils to study MINT
subjects. 600 schools in Germany have already been singled out
as being MINT-friendly. The patron behind the initative is the German
Chancellor, Dr. Angela Merkel.
Freie Schule Anne-Sophie is funded by the Wrth Foundation and is
promoted by the Wrth Group, in particular by Adolf Wrth GmbH &
Co. KG.
SHAPING EDUCATION
37
FREIE SCHULE ANNE-SOPHIE Designated a
MINT-friendly school, one area that Freie Schule
Anne-Sophie focuses on is natural sciences. In the
chemistry lab, learning partners examine the phe-
nomenon of osmosis together with the head of
secondary levels I and II, Dr. Vito Susca.
38
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Lifelong learning One key aspect of corporate and working culture
at Wrth is lifelong learning, both for people just embarking on their
careers and for specialist employees and managers. Wrth is currently
training more than 1,300 up-and-coming professionals in Germany,
where there is a long tradition of dual training concepts. These in-
clude commercial, logistics and IT training programs, courses at the
Baden-Wrttemberg Cooperative State University leading to Bache-
lors degrees and technical and catering professions at the German
Group companies.
The learning process does not end when individuals complete their
initial training. Especially given the impact of the constantly changing
demands placed on todays working world, ongoing training is a key
success factor. Akademie Wrth Business School, for example, there-
fore offers Wrth Group employees and interested external parties
academic training programs for working professionals. These include
the Business Administration B.A. in cooperation with Hamburger
Fern- Hochschule (Distance Learning University). Admission is also
open to students without university entry qualifications. The three-
and- a-half-year course provides fundamental knowledge of business
administration and leads to the degree of Bachelor of Arts (B.A.). In
the latter part of their studies, students can choose to major in one of
a wide range of topics on offer. Students study using study letters and
e-learning modules. The self-study is supplemented by classroom ses-
sions at Akademie Wrth.
An MBA course was designed in collaboration with the University
of Louisville in Kentucky (USA). The one-year course is aimed at high
potentials who have at least three years professional experience
and wish to enhance their management expertise. As the MBA is
awarded by the College of Business at the University of Louisville,
half of the course is held on the campus in the USA. The College of
Business is accredited by the American Association to Advance
Collegiate Schools of Business (AACSB).
AKADEMIE WRTH
BUSINESS SCHOOL
The MBA class of 2013 cele-
brates the completion of their
course at the University of
Louis ville in the US. The tradi-
tional throwing of the Masters
caps forms a key part of the
graduation ceremony.
39
TRAINING Learning away
from the ofce desk: team
training sessions are a key
component of the training pro-
gram at Adolf Wrth GmbH
& Co. KG. They allow career
entrants not only to acquire
specialist knowledge, but also
to develop as individuals.
University promotion A separate foundation under the umbrella of
the Wrth Foundation has been dedicated to promoting Reinhold
Wrth University in Knzelsau since 2005. The campus, where
1,500 students are enrolled for Bachelors and Masters degrees is
one of three campuses belonging to Hochschule Heilbronn (Univer-
sity of Applied Sciences).
The Wrth Group contributed an endowment of EUR 10 million to the
foundation for the promotion of Reinhold Wrth University. The broad
range of promotional activities includes investments in additional
equipment for research purposes, start-up fnancing for courses and
scholarships for students.
Thanks to its activities, the foundation is helping to strengthen Knzelsau
as a university location and boost research and teaching in the region.
Reinhold Wrth University celebrated its 25th anniversary in 2013.
As part of the anniversary celebrations, Prof. Dr. h. c. mult. Reinhold
Wrth was awarded the title of honorary senator of Hochschule Heil-
bronn in recognition of his many years of support for the university.
Competence Center for Economic Education The Competence
Center for Economic Education, which forms part of the Wrth Foun-
dation, aims to ensure that economic issues are addressed more in
school education and that knowledge of economic processes and
entrepreneurial spirit is improved among pupils and teachers alike.
The centers main activities include the Wrth Education Prize for
forward-looking school projects in the field of economics and the
annual Management Symposium.
Since 2009, the Competence Center for Economic Education has
been offering the Business Practice Program for teachers at general
schools: the further training gives teachers an insight into basic busi-
ness administration principles and structures that they can then imple-
ment at their schools in measures and projects relating to economic
education.
Furthermore, a prize for the ten best pupils studying the elective busi-
ness and IT at secondary technical schools was awarded for the first
time in the summer of 2013.
40
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
9,985
9,745
GROUP MANAGEMENT REPORT
OF THE WRTH GROUP
percent). The weak demand from abroad and ongoing uncertainty
regarding economic policy and government debt in key export coun-
tries kept a muzzle on growth.
In the trades, the main sales market for the Wrth Group, the neg-
ative trend that started a year earlier continued. 2013 saw sales at
trades businesses slip by 0.8 percent, after already dropping by 2.0
percent in the previous year. In the metal and electrical industry,
another key sector for the Wrth Group, production rose by 0.2 per-
cent (2012: 0.1 percent). This means that the sector started to move
towards the forecasts for 2013, which assumed a slight increase to
the tune of 0.5 percent.
The German automotive industry stagnated again in 2013. The
number of vehicles produced rose slightly to around 5.5 million pas-
senger cars (2012: 5.4 million). The German mechanical engineer-
ing sector, on the other hand, was hit by production losses of 1.5
percent (2012: + 2.0 percent). A drop in exports to Asian growth mar-
kets played a key role in this trend. The construction sector showed
Economic environment
The Wrth Group was faced with a continued difcult economic
environment in 2013. Global economic growth only managed to pick
up minimal momentum year-on-year on average. The damper on eco-
nomic momentum stems largely from the fact that the consequences
of the fnancial crisis have yet to be fully overcome in many countries
and regions. In the second half of the year, however, the global econ-
omy picked up speed. All in all, global gross domestic product in-
creased by just 3.0 percent (2012: + 3.1 percent).
Global economy recovers in the second half
Ongoing recession in the euro zone
Growth slowdown in Germany
In Germany, the largest single market for the Wrth Group, the trend
towards slower economic development continued, with gross domes-
tic product up by only 0.4 percent. This means that growth was down
by 0.3 percentage points in a year-on-year comparison (2012: + 0.7
SALES
WRTH GROUP in millions of EUR
2,500
5,000
7,500
10,000
2006
7,748
2005
6,914
2004
6,203
2007
8,489
2008
8,816
2009
7,522
2010
8,633
2011
9,699
2012 2013
41
positive development in 2013, despite the long winter at the start of
the year, with sales up by 3.0 percent in 2013. This means that the
growth rate almost quadrupled as against 2012 (+ 0.8 percent). Con-
struction companies beneftted from considerable investments in resi-
dential construction, in particular.
The euro zone has gradually been throwing of the shackles of the
recession since the second half of 2013 thanks to the structural ad-
justments that have been made. The modest growth at the end of the
year, however, was not quite able to compensate for the renewed
drop in economic output over the year as a whole: gross domestic
product was down by 0.4 percent 2012: 0.4 percent). Especially in
the southern European countries that were hit particularly hard by the
sovereign debt crisis, the recession continued to linger: in Portugal,
gross domestic product fell by 1.4 percent (2012: 3.2 percent),
while GDP fell by 1.2 percent in Spain (2012: 1.4 percent) and
by 2.0 percent in Italy (2012: 2.1 percent). By contrast, economic
growth in France, Europes second largest economy, increased by
0.2 percent as in the previous year (2012: + 0.2 percent). Ireland
was unable to hold its slight upward trend steady: compared with
0.9 percent in 2012, growth in 2013 came in at only 0.1 percent.
Against the backdrop of an uncertain overall fscal policy environ-
ment, growth on the US economy in 2013 was down on the previ-
ous year: after GDP rose by 2.2 percent in 2012, economic output
in 2013 came in at only 1.9 percent. Growth slowed slightly in Latin
America as well. The regions GDP rose by 2.7 percent in 2013 com-
pared with 2.9 percent in 2012. In the markets of China and India,
which are strategically important for the Wrth Group, economic
growth was down slightly. Economic output in China grew by 7.7 per-
cent (2012: + 7.8 percent). In India, the pace of growth slowed from
4.5 percent in 2012 to 3.9 percent in 2013.
Falling commodities prices
Prices on the commodity markets dropped considerably in some
cases in 2013. In particular, the commodities that are of considerable
importance to the Wrth Group, namely steel, nickel, aluminum and
copper were cheaper in 2013 than they were one year previously. It
was possible to cut purchase prices.
Although steel was trading at a much lower price than a year earlier
in 2013 on average, it was subject to considerable fuctuation. Be-
tween the start and the middle of the year, the price fell continually to
Management reorganization
The Wrth Group streamlined its management structure efective
1 July 2013. Shorter decision-making processes and focused respon-
sibility will give the company more clout. The Board was cut from
seven members to four. Robert Friedmann remains the Chairman of
the Central Managing Board, with Peter Zrn still his deputy. Joachim
Kaltmaier will remain in charge of Finance. The new member of the
Board is Uwe Hohlfeld, who was appointed to assume responsibility
for strategic planning and controlling and has been a management
member of Adolf Wrth GmbH & Co. KG since 2003.
Business development
Southern European markets continue to put pressure on
business developments at the Wrth Group
Operating result up to EUR 445 million
63,571 employees worldwide
The Wrth Groups sales in fscal year 2013 were down year-on-year
to EUR 9.75 billion (2012: EUR 9.98 billion), which translates into a
drop of 2.4 percent. If we adjust the fgures to refect the solar activi-
ties, which were abandoned in 2012, the decline in sales comes in at
0.1 percent, as the solar sales amounted to around a quarter of a bil-
lion euros in 2012.
a low of USD 100 per metric ton and had then bounced back to USD
295 by the end of the year. On average, steel cost USD 195 per met-
ric ton in 2013.
The prices for the industrial metals nickel, copper and aluminum were
also well down in a year-on-year comparison at the end of 2013. On
average, the price of nickel dropped to USD 15,000 per metric ton
(2012: USD 17,520 per metric ton). The price of copper stood at USD
7,321 per metric ton as against USD 7,949 per metric ton in 2012.
One metric ton of aluminum was trading at an average of USD 1,841
(2012: USD 2,018 per metric ton).
Major price fuctuations afected the cost of a barrel of Brent crude
oil in 2013. The average price per barrel in 2013 was USD 105, also
down on the previous year (2012: USD 111).
42
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Whereas the companies in Germany saw their adjusted sales rise by
1.6 percent as against 2012, the adjusted sales abroad were down
by 1.4 percent on the prior year. This is due primarily to the ongoing
difcult economic situation on the southern European markets, which
are important for Wrth.
At EUR 445 million, the operating result of the global market leader
in selling assembly and fastening materials was up on the prior year
(2012: EUR 415 million). The excellent earnings power of individual
established companies, such as Adolf Wrth GmbH & Co. KG and
Wrth Finland, made a particular contribution to this operating result,
which was up by 7.2 percent year-on-year.
Despite stagnating sales, the Group invested heavily in the growth of
its various divisions, units and markets. At EUR 433 million, capital ex-
penditures were on a par with the level seen in recent years and are
the basis for the Wrth Groups future growth.
In response to the drop in sales, headcount in the individual divisions
and units was adjusted in the past fscal year. This resulted in a drop
to 63,571 employees worldwide, with most of the staf cuts being made
abroad, in line with sales development, with a focus on sales staf.
Sales by region
Germany remains most important single market
Most pronounced drop in sales in southern Europe
Focus remains on regional diversifcation
Varied overall economic conditions resulted in diferent sales trends
in the individual regions in 2013, with most regions hit by dwindling
sales. Southern Europe was hardest hit with a drop in sales stretch-
ing almost into the double digits. On these markets, we are still feel-
ing the impact of the economic crises in Spain, Portugal, Italy and
Greece. Nevertheless, our more than 400 companies in more than
80 countries give us the opportunity, thanks to our geographical di-
versifcation, to participate in regional growth markets and at least
partly compensate for stagnating/falling sales in individual coun-
tries. Depending on the maturity of the individual markets, the strate-
gic approaches to market penetration vary from region to region. In
fedgling markets, the focus is on developing the sales force. The es-
tablished entities concentrate on refning their sales channels through
a regional approach, customer-specifc segments and a policy of
seeking out potential. For seven years, we have also been working
intensively on setting up new sales branches to help broaden our cus-
tomer base and expand the services we ofer. In addition, we are fo-
cusing on expanding our e-commerce activities in order to accelerate
our transformation into a multi-channel sales company.
Germany
2013 2012 %
Sales in millions of EUR 4,403 4,447 1.0
Share % 45.2 44.5
Employees 19,415 19,605 1.0
Sales representatives 5,467 5,757 5.0
Germany is the largest and most important individual market for the
Wrth Group. 45.2 percent of consolidated sales were generated
on the domestic market. Since the drop in sales in Germany was less
pronounced than abroad, it was actually possible to slightly increase
Germanys share of total sales. Germany also occupies frst place as
regards headcount, with 19,415 employees.
The establishment of Adolf Wrth GmbH & Co. KG in 1945 was the
start of a success story, starting in post-war Germany, that continues
to this day. The parent company of the Wrth Group makes the big-
gest contribution to sales and earnings and is also the largest single
entity in the Group with more than 6,000 sales representatives and
in-house staf.
2013 was a challenging year for Adolf Wrth GmbH & Co. KG, too.
First of all, the commissioning of the distribution center in May 2013
signifcantly improved our logistics capabilities. The parent company
also invested considerable amounts in e-commerce to allow it to react
on the market even faster and with greater customer friendliness and
Sales of the Wrth Group
in millions of EUR 2013 2012 %
Wrth Line Germany 1,491 1,478 + 0.9
Allied Companies Germany 2,912 2,969 1.9
Wrth Group Germany 4,403 4,447 1.0
Wrth Group International 5,342 5,538 3.5
Wrth Group total 9,745 9,985 2.4
43
fexibility. Furthermore, 17 new branches were set up. All in all, Adolf
Wrth GmbH & Co. KG has more than 400 shops, bringing it even
closer to its customers. This ultimately resulted in new records being set
for sales and the operating result, highlighting the importance of the
Groups fagship.
Overall, Germany generated an operating result of EUR 226 million
(2012: EUR 210 million), making it the most proftable region.
In addition to Adolf Wrth GmbH & Co. KG, other entities in Ger-
many reported successful development in the 2013 fscal year. One
example is Arnold Umformtechnik GmbH & Co. KG, a leading man-
ufacturer of sophisticated connecting technology for the automotive
segment and other industrial sectors, which achieved above-average
sales growth and set a new record in the process: for the frst time,
more than EUR 100 million in sales were achieved in the space of one
fscal year. The companies in the Wrth Elektronik Group also contin-
ued on their success path, boosting their earnings considerably.
Although individual companies achieved outstanding performance,
growth in Germany still fell far short of our expectations overall. In the
second half of the year, we saw an increasing number of signs emerge
pointing to a revival in business, which were ultimately also refected
in sales growth and allow us to be confdent as far as this fscal year
is concerned.

Western Europe
2013 2012 %
Sales in millions of EUR 1,650 1,735 4.9
Share % 16.9 17.4
Employees 10,685 10,932 2.3
Sales representatives 5,610 5,890 4.8
Western Europe is the Groups second largest sales region after Ger-
many. It was the geographic point of departure for the international-
ization of the Wrth Group. In 1962, Reinhold Wrth set up Wrth
Nederland B.V., the frst company outside of Germany, laying one of
the foundation stones for the success of the Wrth Group.
Growth momentum in this region, which includes companies in coun-
tries like France, the UK, the Benelux states and Switzerland, tailed
of considerably compared with the prior year. On aggregate, sales
slid by 4.9 percent (2012: + 4.6 percent). There are a whole number
of reasons behind the unsatisfactory sales situation, but due to the ab-
solute volume of sales, the French companies have a major impact on
the region as a whole, as they generated around 40 percent of total
sales. Growth was also unsatisfactory in the UK, Belgium and Swit-
zerland, where sales fgures decreased. Some of the established en-
tities are still in a consolidation phase, and a realignment is required
to refect the changed market situation. The strategic focus of these
entities is on creating customer segments and thus on potential-based
marketing and distribution.

The Americas
2013 2012 %
Sales in millions of EUR 1,130 1,131 0.1
Share % 11.6 11.3
Employees 7,020 7,115 1.3
Sales representatives 3,772 3,916 3.7
The US economy continued to show stable development, continuing
on the upward trajectory plotted in recent years unperturbed. De-
mand among private households rose considerably, helping to revive
the construction sector even further. This allowed our wood compa-
nies in the US to achieve satisfactory results, with sales growth almost
in the double digits. It was a diferent story at the companies in the
Wrth Industrial Network (WINWORK

), where sales were down by


3.0 percent. Waning demand for equipment used in the mining indus-
try, for example, had a marked impact on sales. The closure of large
parts of the US public administration to take pressure of the budget
also afected the development of the industrial companies. The mea-
sures taken by the US government meant that public-sector orders were
either not granted to industry at all, or were granted subject to delays.
All in all, the US companies achieved sales to the tune of EUR 806
million, up by 0.9 percent. The low growth rate expressed in euros is
mainly due to changes in the exchange rate. Measured in US dollars,
the increase was much higher at 4.3 percent. Due to its huge market
volume, the US remains one of the focal markets for the Wrth Group.
We want to continue to exploit this potential in the future by pursuing
sales strategies that are systematically focused on the US market.
The negative impact of exchange rate developments in South America
was even more pronounced than in the US. Whereas sales, in euro
44
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
terms, were down by 3.2 percent, the growth rate after exchange rate
adjustments came in at 8.8 percent. This means that South America is
the fastest growing sub-region in the Wrth Group.
Southern Europe
2013 2012 %
Sales in millions of EUR 916 1,015 9.8
Share % 9.4 10.2
Employees 8,264 8,847 6.6
Sales representatives 5,963 6,430 7.3
The economic and business environment in southern Europe remains
unfavorable and is having a marked negative impact on the business
performance of the Wrth Group in this region. Sales fell by 9.8 per-
cent. This makes southern Europe the region with the biggest drop in
sales within the Group.
The situation at our Italian companies, in particular, had a consider-
able impact on results in southern Europe, with sales down by almost
EUR 100 million compared with the previous year at these compa-
nies. In Spain, on the other hand, the worst would appear to be over
and after fve years of declining sales, 2013 saw this market close the
year just ahead of the prior-year value.
The economic forecasts do not show any signs of a turnaround on
the horizon. Italy and Spain are grappling with record unemploy-
ment, the brakes have been slammed on private consumption due to
the considerable uncertainty and construction activity remains on the
wane in large parts of southern Europe. We do not expect the eco-
nomic situation to show any real improvement in 2014, particularly
in Italy. As a result of this, there is a need to continue restructuring the
Wrth Groups Italian entities in 2014 in order to adapt them to the
current sales level.
THE WRTH GROUP AROUND THE WORLD
Countries in which Wrth is represented
45
Scandinavia
2013 2012 %
Sales in millions of EUR 747 761 1.8
Share % 7.7 7.6
Employees 3,203 3,268 2.0
Sales representatives 1,310 1,354 3.2
In Scandinavia, too, the Wrth Group was hit by a drop in sales in
2013, although this was not very severe at 1.8 percent. The Finnish
companies have traditionally been the strongest, with Group com-
panies in Finland growing by 4.0 percent. Despite the poor sales
growth in 2013, Scandinavia remains one of the Wrth Groups
exemplary regions. The operating result showed above-average
growth of 13.8 percent, with returns well above the Group average at
7.3 percent.
Wrth Finland is the shining star. With almost four decades of opera-
tions behind it, the company impresses with its excellent market pen-
etration and high proftability. The sales branch concept is the deci-
sive success factor here. Wrth Finland now has more than 160 sales
branches. This corresponds to almost 10 percent of all the Groups
sales branches.
Alongside the Wrth Lines business with the trades, Wrth also has
industrial and trading activities in Scandinavia. There are still compa-
nies focusing on the production of fastening technology for wind tur-
bines and ofshore steel structures. All in all, sales in these areas slid
by 8.3 percent in 2013. The results for fastening technology for wind
turbines, in particular, fell well short of our expectations.
Eastern Europe
2013 2012 %
Sales in millions of EUR 460 453 +1.5
Share % 4.7 4.5
Employees 5,673 5,889 3.7
Sales representatives 3,078 3,207 4.0
Sales in eastern Europe improved by 1.5 percent to EUR 460 million.
This growth is attributable primarily to the exceptionally positive de-
velopments in the Baltic states. Estonia, Latvia and Lithuania achieved
total growth of 7.4 percent. Poland and the Czech Republic, which
are our strongest markets in eastern Europe in absolute terms, with a
sales contribution of around 40 percent, remained on a par with the
prior year with sales growth of 0.2 percent.
The Wrth Group has 24 Wrth Line companies and 49 Allied Com-
panies in eastern Europe. We continued to forge ahead with the ex-
pansion of the sales branch network in 2013. A total of 57 pick-up
shops were added, 13 in the Baltic states alone. Our strategic focus
in this region remains on sales channel segmentation and increasing
productivity.
Asia, Africa, Oceania
2013 2012 %
Sales in millions of EUR 439 443 0.9
Share % 4.5 4.5
Employees 9,311 9,513 2.1
Sales representatives 3,957 4,236 6.6
Accounting for 4.5 percent of sales, the companies in Asia, Africa and
Oceania currently only play a minor role within the Wrth Group. In
principle, however, Asia is considered to be the market of the future
in the east, and we were able to achieve adjusted growth to the tune
of 7.3 percent here in 2013.
We believe that China, in particular, ofers considerable untapped
market potential. We are represented by a total of 28 entities in China,
which are responsible for one-third of sales in the Asia, Africa, Oce-
ania region.
In addition to direct sales serving the trades, we also provide system
solutions for industrial customers in China and have now set up three
production sites. In addition to the manufacture of screws, these pro-
duction sites also develop formulations for the chemical unit and pro-
duce coils for the electronics area.
The average growth rate seen at our Chinese companies over the past
ten years is 24.4 percent, well ahead of the growth rate achieved by
the Group as a whole. We want to continue achieving strong growth
on this market in the future.
46
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
THE OPERATIONAL UNITS
OF THE WRTH GROUP
METAL
Metal subdivision
This subdivision directly serves customers in the metalworking and metal
processing industries, such as metal and steel fabricators, ftters, machine
and vehicle manufacturers. The Metal subdivision focuses on the provi-
sion of anchor and dowel systems, tools and electrical machines as well
as DIN and standard parts for working and processing various metals.
Installations subdivision
This subdivision concentrates on electricians, gas, heating and water
installation frms, plumbers as well as air-conditioning and ventilation
system frms. The products ofered here range from rapid assembly
systems, insulating materials for plumbing and cable laying-out sys-
tems to installation materials in the electrical area.
Maintenance subdivision
This subdivision addresses an extremely wide range of customers: in-
house repair shops of industrial enterprises, mainly in the chemical,
pharmaceutical and food industry, facility and installation maintenance
of hotels, shopping centers, airports, sewage plants, recycling com-
panies as well as clinics and hospitals. The focal point is a complete
product range for minor repairs and products for servicing, mainte-
nance and care.
AUTO
Car subdivision
Our customers are car garages, vehicle feets, automotive refurbish-
ers and car dealers. They include authorized dealerships of car man-
ufacturers and independent workshops as well as special shops and
service providers. The products sold in this customer segment range
from consumables for repairs to chemical-technical products for main-
tenance, servicing and bodywork, and tools and pneumatic and elec-
trical machines.
THE WRTH LINE DIVISIONS
Cargo subdivision
The customers of the Cargo subdivision are authorized dealers and
independent workshops, freight forwarders and transportation com-
panies, public-sector, municipal and waste disposal companies, as
well as agricultural technology businesses. We mainly sell fastening,
assembly and cleaning products required especially for the mainte-
nance, repair and servicing of commercial vehicles, as well as hand
tools and machinery, in these segments.
WOOD
The Wood Division serves customers in the entire woodworking and
wood processing trade, typically joiners/carpenters and window mak-
ers (wood and vinyl). The product spectrum covers furniture fttings,
the entire range of fastening materials and sealing technology as well
as hand tools, machines, abrasives and chemical-technical products.
INDUSTRY
The entities of the Industry Division are specialized companies with a
complete range of assembly and connecting materials for industrial
production, as well as maintenance and repair. In addition to the com-
prehensive standard range ofered by these companies, their strength
lies in customized logistics concepts for supply and service.
CONSTRUCTION
The Construction Division encompasses all sales units responsible for
serving customers in the building and civil engineering industry and
fnishing trades. Marketing activity focuses on construction compa-
nies, roofers, plasterers, stucco masons, dry construction frms and di-
rect supplies to building sites. Customized logistics solutions are also
provided, such as material stores flled with products directly on the
building site.
WRTH LINE
47
ELECTRICAL WHOLESALE
The companies in this unit specialize in trade with electrical installation
materials, installation systems, communication technology, cables and
lines, tools, data and network technology, lighting and illumination,
household appliances and a wide range of multimedia products, as
well as with electric domestic heating technology and regenerative
power generation.
TRADE
The companies belonging to this unit sell assembly and fastening ma-
terials, gardening equipment, electrical tools and furniture fttings,
mainly to specialist dealers, DIY and hardware stores and discounters.
ELECTRONICS
The Wrth Elektronik Group manufactures and sells electronic and
electro-mechanical components, printed circuit boards and intelligent
systems.
PRODUCTION
This unit comprises the manufacturing companies of the Wrth Group.
The product portfolio ranges from connecting elements for wood
and metal applications as well as for the automobile and electrical
industry, to punch and press fasteners, stamped and bent parts, right
through to dowels, iron and furniture fttings, and tools.
RECA GROUP
The RECA Group companies supply assembly and fastening materials
direct to industrial, metal and car business customers as well as to cus-
tomers of the Cargo subdivision. Specialists in professional clothing,
advertising materials and vehicle outftting complement and add to
the RECA Group.
TOOLS
The majority of the Wrth tools companies are located in central Eu-
rope but are now also represented by subsidiaries in the key global
industrial markets. With more than 60,000 products covering metal
cutting, clamping, measuring, hand tools, works equipment, industrial
safety and machines, these companies not only ofer a broad portfo-
lio, but also outstanding technical expertise and high-quality consult-
ing services in the individual application areas.
SCREWS AND STANDARD PARTS
These companies are product specialists with concepts for supplying
industry. The units main business activity is the sale of DIN and stan-
dard parts. Most of the companies specialize in the sale of stainless
steel parts.
FINANCIAL SERVICES
The companies in this unit ofer products and services in the fnancial
services sector both within the Wrth Group and for external customers.
DIVERSIFICATION
This category includes companies that operate primarily in business
segments other than those relating to Wrths actual business. They in-
clude hotels, catering businesses and logistics service providers.
THE UNITS OF THE ALLIED COMPANIES
ALLIED COMPANIES
48
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
THE BUSINESS MODEL OF THE WRTH LINE COMPANIES IS
BASED ON INDUSTRY-SPECIFIC MARKETING AIMED AT THE
TARGET GROUPS IN THE TRADES AND INDUSTRY.
THE DIVISIONS
The industry-specifc focus within Wrth Line is ensured by the strategic work of the Metal,
Auto, Wood, Industry and Construction Divisions in the areas of product range, consult-
ing, pricing, systems, and by coordinated customer support via sales staf, telephone sales,
sales branches and e-commerce. With its broad portfolio comprising products, systems
and services, Wrth is the right partner for procurement, storage and requirement-driven
delivery of C-parts and consumables.

In the Metal Division, a product range strategy tailored precisely to the market has proven
to be the key to success. In the future, the division will increasingly focus on managing
products, systems and customers.
The strategic focus of the Auto Division is on expanding the Cargo subdivision interna-
tionally through the establishment of additional sales organizations and through special-
ization of the product range and sales staf. A further strategic cornerstone in the Auto
Division is rolling out the service acceptance concept, which primarily helps independent
workshops successfully sell services based on Wrth products.
Another focal point of the Wood Division is on expanding sales of fttings and enhancing
planning aids and online ordering services to enable customers to plan furniture and directly
order furniture elements and assembly items in an efcient and efective manner.
In the Industry Division, the innovative further development of procurement and logistics
systems, including the intelligent iBin

system or the ORSY

mat dispensing system, is


increasing the role of systems and full automation in stocking and replenishing Wrth
products for manufacturing customers. The strategic focus remains personal customer
service on location thanks to a global network and, as a result, the same high standards
of quality, products and processes across the globe.
In Europe, refurbishment and renovation ofer considerable growth potential for the
Construction Division. In particular, energy-efcient and sustainable construction and
renovation are rapidly gaining signifcance. For applications in these areas, Wrth ofers
a steadily growing selection of products that are labeled according to the corresponding
requirements.
METAL
WOOD
CONSTRUCTION
AUTO
INDUSTRY
49
0
200
400
600
800
1000
1200
1400
1600
1800
2000
16.4%
14.6%
10.0%
8.8%
6.2%
METAL
AUTO
WOOD
INDUSTRY
CONSTRUCTION
METAL
AUTO WOOD
INDUSTRY
CONSTRUCTION
2010
1,317
1,172
853
506
473
1,452
895
1,305
637
526
2011 2012
1,413
1,638
932
774
586
1,658
1,451
966
869
598
2009
1,200
400
1,600
800

SHARE OF THE DIVISIONS IN TOTAL SALES
SALES BY DIVISION
in millions of EUR
2013
1,603
1,421
971
858
601
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
11000
METAL
AUTO
WOOD
2010
7,581
9,592
3,330
524
2,391
8,019
10,183
3,439
587
2,535
2011 2012
8,487
10,856
3,536
687
2,746
7,877
10,329
3,200
712
2,621
2009
CONSTRUCTION
INDUSTRY


SALES REPRESENTATIVES BY DIVISION
7,500
2,500
10,000
5,000
2013
7,435
9,628
3,031
735
2,458
50
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
WITH THE CONSTRUCTION OF A NEW CENTRAL
WAREHOUSE, THE UNIT IS LAYING THE FOUN-
DATION STONE FOR FURTHER GROWTH. ACTIVI-
TIES IN 2014 WILL FOCUS ON THE GREATER USE
OF E-COMMERCE AND THE ESTABLISHMENT OF
THE RENEWABLE ENERGIES AREA AS A CENTRAL
COMPETENCY.
ELECTRICAL WHOLESALE
UNIT
With sales down by 1.2 percent to EUR 976 million, the Electrical
Wholesale unit was unable to continue the successful trend started
in fscal year 2012 but was nonetheless able to expand its position
on key markets and achieve acceptance development. In Germany,
the ongoing decline in the photovoltaic business and the multimedia
slump caused by positive one-of efects in 2012 (move from analog
to digital) shaved 1.0 percent of sales.
In order to boost productivity and lay the foundation for increasing
market share, UNI ELEKTRO Fachgrohandel GmbH & Co. KG
started to build a new central warehouse in Eschborn. The new logis-
tics building, as well as alterations to existing buildings, is one of the
largest single investments made on the German electrical wholesale
market, at just shy of EUR 40 million. In central and eastern Europe,
the companies also reported a slight drop in sales of 1.5 percent on the
whole. The extraordinary growth in the Baltic states was unable to com-
pensate for the difcult market situation, particularly in Poland, in full.
The companies in the Electrical Wholesale unit are confdent in their
outlook for 2014. One reason for this confdence is the establishment
of the renewable energies area as a central competency. All com-
panies are also stepping up their investments in IT to exploit the new
opportunities ofered by e- commerce. The company in Austria is
already generating 20 percent of its sales via the online shop.
SALES
ELECTRICAL WHOLESALE UNIT
in millions of EUR
EMPLOYEES
ELECTRICAL WHOLESALE UNIT
SHARE IN TOTAL SALES
ELECTRICAL WHOLESALE UNIT
250
500
750
1,000
789
2013 2012 2011 2010 2009
890
957
988
976
750
1,500
2,250
3,000
2011 2010 2009
2,314
2012 2013
2,421
2,614
2,767
2,648
10.0%
51
INTENSE PRICE WARS AND A LONG WINTER
HAD A NEGATIVE IMPACT ON STATIONARY
SALES IN PARTICULAR. A FOCUS ON CORE
RANGES, THE PLACEMENT OF NEW AND INNO-
VATIVE PRODUCTS AND THE FURTHER EXPAN-
SION OF E-COMMERCE ARE DESIGNED TO
COMBAT THE FORECAST OF A VOLATILE SECTOR
SITUATION.
TRADE
UNIT
2013 was characterized by intense price wars and dwindling sales in
the entire sector. The frst quarter was sluggish as a result of the long
winter, although sales continued to pick up in the second half of the
year. All in all, the unit achieved sales of EUR 872 million, 2.7 percent
more than in the year before.
The stationary sales area (DIY superstores, discounters and consumer
markets) was hit by what were, in some cases, drastic slumps in sales,
losing sales shares to Internet dealers, whose sales increased consider-
ably in 2013. The Internet is also creating greater transparency with re-
gard to quality and prices. Experts believe that major changes lie on the
horizon over the next few years, for dealers and manufacturers alike.
The unit is also focusing on its core ranges, as well as diferent ways of
targeting diferent target groups, like stationary sales and online traders.
As well as launching innovative new products in 2014 (cordless screw-
driver with sensor brackets, revised range of garden shears, relaunch
of the stainless steel range), the unit also plans to set up new distri-
bution channels, and expand its existing channels, in 2014. The em-
phasis will be on supporting the e-commerce activities of the various
traders given that the trend towards online sales is likely to become
more pronounced. The unit will also be further exploiting the potential
ofered by the various procurement associations by means of coun-
try-specifc program expansions.
SALES
TRADE UNIT in millions of EUR
EMPLOYEES
TRADE UNIT
SHARE IN TOTAL SALES
TRADE UNIT
250
500
750
1,000
678
2013 2012 2011 2010 2009
728
817
849
872
750
1,500
2,250
3,000
2011 2010 2009 2012 2013
2,597
2,784
2,956
2,939
3,117
8.9%
52
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
6.7%
PRODUCTION
UNIT
SUBSTANTIAL SALES GROWTH RESULTS IN MORE
EMPLOYEES. ACQUISITIONS ALSO HAVE AN
IMPACT ON DEVELOPMENTS. INVESTMENTS
IN CORE COMPETENCIES AND GROWTH
POTENTIAL, AS WELL AS INCREASED EFFICIENCY
IN VALUE-ADDING PROCESSES WILL PROVIDE
IMPETUS FOR 2014.
The companies in the Production unit benefted from the ongoing posi-
tive developments among its customers in the automotive, mechanical
engineering and electronics industries in 2013. There was a positive
efect due to the expansion of existing markets and the development
of new ones, plus measures designed to increase gross proft and
productivity and cut costs. At EUR 656 million, sales were up by 11.0
percent on the prior year. The unit expanded further with the two ac-
quired companies Chemofast Anchoring GmbH, Germany, and Ke-
macos Full Filling Service GmbH, Austria. Organic growth came in at
6.4 percent in 2013. Business in fttings was unable to escape devel-
opments on the global furniture market and reported sales on a par
with the prior-year level. On the procurement side of things, the price
level for production materials was stable. In the service area (electro-
plating, hardening), suppliers demanded price increases due to higher
energy costs. Innovation was promoted further as a core competency
of the Production unit. Development and project work for system solu-
tions (e.g. timber engineering and roof and facade construction) and
processing technology were stepped up, in particular.
In 2014, the unit aims to use its high quality, the huge customer beneft
that its products ofer and product innovations to break on to new
markets and generate further sales growth. More sales represen-
tatives will also be recruited to focus on application advice, system
solutions and processing technology. The units competitive position
will be strengthened in the long term thanks to the optimization of
production processes and productivity increases.
SALES
PRODUCTION UNIT in millions of EUR
EMPLOYEES
PRODUCTION UNIT

SHARE IN TOTAL SALES
PRODUCTION UNIT
200
400
600
800
414
2013 2012 2011 2010 2009
495
534
591
656
1,500
3,000
4,500
6,000
2011 2010 2009 2012 2013
3,839
4,439
4,636
5,104
4,673
53
5.2%
ELECTRONICS
UNIT
The electronic and electro-mechanical components area is the market
leader and is now represented in 50 countries via direct selling and
distribution partners. The development of the power inductor series
used in mobile end devices provided new impetus. The companies that
produce printed circuit boards now range among Europes largest. In
particular, the Starrfex (rigid-fex) technology, a combination of fexible
and rigid printed circuit boards that can help save space in difcult
room designs, and the WEdirekt Internet shop, reported huge growth
in sales.
The very positive development in the intelligent systems area called
for investments in a new production and administration building. In
addition to the new iBin (cooperation with Wrth Industrie) and touch
screen panel, the innovative SKEDD

product, direct plug-in connec-
tion technology for printed circuit boards, ofers massive potential and
resulted in the creation of the SKEDD

proft center. Substantial busi-
ness areas of Wrth Solar were bought over by the BayWa Group. In
the future, only the customer service and services areas will operate
within the Wrth Group under the name E 3 Energie Efzienz Experten
GmbH. The Wrth Elektronik Group enjoys an excellent position for
2014, with forecasts pointing towards further proftable growth in the
core business area.
This year, the focus will remain on research and development. By way
of example, the electronic and electro-mechanical components area
opened a Design and Application Center for around 80 engineers
and technicians. In the printed circuit board area, the objectives in-
clude further development to help transform this area from a contract
manufacturer into a system provider, as well as investments in auto-
mation and delivery speed.

SALES
ELECTRONICS UNIT in millions of EUR

EMPLOYEES
ELECTRONICS UNIT
SHARE IN TOTAL SALES
ELECTRONICS UNIT
200
400
600
800
351
2013 2012 2011 2010 2009
572
712
691
504
2,000
4,000
6,000
8,000
2011 2010 2009
5,801
2012 2013
6,499
6,255 6,219
6,286
THE WRTH ELEKTRONIK GROUP TACKLED THE
CHALLENGING MARKET ENVIRONMENT IN 2013
BY BOOSTING PRODUCTIVITY AND DEVELOPING
NEW PRODUCTS. INVESTMENTS IN RESEARCH
AND DEVELOPMENT ARE LAYING THE FOUNDA-
TION STONE FOR FURTHER GROWTH.
54
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
RECA GROUP
UNIT
The market environment of the RECA Group is characterized by in-
tense competition and is fercely contested. Market shares are still low.
Sales growth slowed against the backdrop of the ongoing tense eco-
nomic situation in Europe, particularly in Spain, Italy, the Netherlands
and Turkey. The units sales, for example, lagged slightly behind the
prior year at EUR 473 million.
A focus on attracting new customers and expanding customer contact
points will help support the positive development of the RECA Group.
The implementation of the multi-channel distribution approach will
allow customers to receive support that is even more tailored to their
needs. The distribution tools were optimized further. Sales staf were
provided with new resources such as iPads, for example, shortening
the ordering process considerably.
The e-business area will have a real impact on the future development
of the unit. In addition to forging ahead with electronic marketing ef-
forts, there are plans to harmonize infrastructure and bundle capaci-
ties in order to make even more use of synergy efects in 2014. By way
of example, marketing eforts will be stepped up via various distribu-
tion channels and customer contact points. Depending on the fnancial
development of the RECA Group companies, the sales force will be in-
creased moderately. There are also plans to tap into new markets via
cooperation partners.
SALES
RECA GROUP UNIT in millions of EUR
EMPLOYEES
RECA GROUP UNIT

SHARE IN TOTAL SALES
RECA GROUP UNIT
150
300
450
600
399
2013 2012 2011 2010 2009
428
483 483
473
1,000
2,000
3,000
4,000
2011 2010 2009
3,341
2012 2013
3,547
3,769
3,562
3,461
4.9%
A FOCUS ON ATTRACTING NEW CUSTOMERS,
EXTENDING AND EXPANDING CUSTOMER CON-
TACT POINTS AND TRANSFORMING THE DISTRI-
BUTION STRUCTURE TO ESTABLISH MULTI-CHAN-
NEL DISTRIBUTION WILL PROVIDE THE BASIS FOR
POSITIVE BUSINESS DEVELOPMENT.
55
TOOLS
UNIT
SUBDUED DEMAND FOR CAPITAL GOODS
SLAMS THE BRAKES ON SALES DEVELOPMENT
IN THE TOOLS UNIT. HAHN+KOLB WERKZEUGE
GMBH MOVES INTO A NEW, STATE-OF-THE-
ART LOGISTICS CENTER WITH 540,000 BIN
LOCATIONS.
After 2012, the market environment of the Tools unit was once again
characterized by the fall in demand for capital goods and the strained
economic situation in 2013. Productivity improvements in many areas
and the further professionalization of the sales force were unable to
compensate for this negative efect, with sales dropping by 3.7 percent.
The e-commerce share of sales again rose. HAHN+KOLB Werkzeuge
GmbH worked on making its range of products and services in the on-
line shop more professional, enabling its customers to easily place or-
ders anytime, anywhere via smart phone or tablet PC. The oil and gas
industry, as well as the aerospace sector, are showing positive devel-
opment in line with our expectations. We believe that these areas ofer
signifcant growth potential for the next few years.
One highlight was the relocation of HAHN+KOLB Werkzeuge GmbH
to its new headquarters in Ludwigsburg in September 2013. The new
site ofers 48,000 square meters of space for an innovative distribu-
tion center and a modern logistics center with a fully automated pick-
ing system and 540,000 storage bins. Innovative pick-by-light displays
support order pickers with global dispatch.
The Tools unit aims to return to the growth path in 2014. This will be
based on the impressive product range, a focus on product areas that
customers can use to add value, and the investments already made in
sales structures.

SALES
TOOLS UNIT in millions of EUR
EMPLOYEES
TOOLS UNIT
SHARE IN TOTAL SALES
TOOLS UNIT
100
200
300
400
259
2013 2012 2011 2010 2009
291
352
355
342
500
1,000
1,500
2,000
2011 2010 2009 2012 2013
1,343
1,370
1,491
1,540
1,573
3.5%
56
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
SCREWS AND STANDARD PARTS
UNIT
THE HYDRAULICS MARKET SHOWED POSITIVE
DEVELOPMENT, WITH ONGOING DEMAND FOR
HIGH-QUALITY HYDRAULIC COMPONENTS AND
HOSES. AT THE SAME TIME, SALES IN THE STAIN-
LESS STEEL SEGMENT ARE DOWN DUE TO THE
LOWER DEMAND FOR SOLAR FIXING EQUIPMENT
AND A GENERALLY DIFFICULT MARKET ENVIRON-
MENT.
The units stainless steel business was faced with difcult market con-
ditions due to the low price of nickel and an aggressive price war.
The demand for solar fxing equipment continued to fall dramatically
as state subsidies were reduced or scrapped completely in many
countries. After a difcult frst half of the year, the hydraulics market
achieved stable single-digit growth towards the end of 2013.
The product innovations of INDUNORM Hydraulik GmbH and HSR
GmbH Hochdruck Schlauch + Rohr Verbindungen have been very
well received on the market and had a positive impact on the annual
result. These include the new super power hoses (high-quality hydraulic
hoses with better product features than standard hoses) or the joint-ft
quality system, a safety system that allows the pressure pulse tests that
have to be performed in accordance with the applicable standards
to be conducted in a verifable manner. Due to the slump in stainless
steel sales, the sales achieved by the unit as a whole lagged behind
the prior year at EUR 243 million.
In 2014, the unit expects to see growth in the major economic regions
based on the economic forecasts. The stainless steel companies aim to
expand their range in the felds of metal dowels, adhesive technology
and height-adjustable elements in order to tap into additional sales po-
tential. Moves to step up cooperation between the individual stainless
steel companies are also designed to give rise to growth-promoting
synergies. The hydraulic companies will be focusing on expanding
their group of system customers further, among other things using the
joint-ft quality system and the super power hoses.
SALES
SCREWS AND STANDARD PARTS UNIT
in millions of EUR
EMPLOYEES
SCREWS AND STANDARD PARTS UNIT

SHARE IN TOTAL SALES
SCREWS AND STANDARD PARTS UNIT
100
200
300
400
169
2013 2012 2011 2010 2009
235
281
265
243
300
600
900
1,200
2011 2010 2009
910
2012 2013
1,057
1,116
1,110
1,066
2.5%
57
1.1%
FINANCIAL SERVICES
UNIT
THE SALES ACHIEVED BY THE WRTH GROUPS
FINANCIAL SERVICES PROVIDERS ARE SHOWING
SUSTAINABLE GROWTH. THE MOOD ON THE
FINANCIAL MARKETS IS POSITIVE AS A RESULT
OF THE ONGOING INTEREST RATE CUTS.
The results of the Wrth Groups fnancial services companies de-
veloped satisfactorily on the whole last year. The result achieved by
Internationales Bankhaus Bodensee AG private bank, however, was
down on the record value seen in 2012. Although the investment vol-
ume and returns were up considerably on the prior year, the result
was hit by specifc allowances in the lending business.
Waldenburger Versicherung AG achieved a signifcant increase in
premium volumes in a fercely contested market environment in 2013.
Waldenburger Versicherung AG has successfully focused its organi-
zation on the insurance broker distribution channel with corresponding
products and services. It has a streamlined structure and is character-
ized by fast processes and quick decision-making. Nevertheless,
it did not escape the natural catastrophic damage caused by the
foods and storms unscathed. Wrth Versicherungsdienst GmbH
& Co. KG focuses on car feet insurance and claims processing for
the entire Wrth Group. The non-life segment was again the growth
driver at insurance broker and fnancial services provider Wrth
Financial Services AG. Wrth operates with companies specializing
in leases in three countries. The leasing business showed extremely
positive development. All companies made a proft.
The moderately positive economic signals from the euro zone mean
that the companies in the Financial Services unit are optimistic with
regards 2014. This will be supported by the solid position that the
individual companies enjoy on the market.
SALES
FINANCIAL SERVICES UNIT in million of EUR
EMPLOYEES
FINANCIAL SERVICES UNIT
SHARE IN TOTAL SALES
FINANCIAL SERVICES UNIT
30
60
90
120
71
2013 2012 2011 2010 2009
71
85
104
109
100
200
300
400
2011 2010 2009 2012 2013
262
281
300
353
339
58
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Results of operations, net assets and
fnancial position
Operating result of EUR 445 million up considerably
year-on-year
Cash fow at a high level
High delivery service level maintained at 98 percent
Last year, the Wrth Group achieved an operating result of EUR 445
million, an improvement on the prior year level (2012: EUR 415 mil-
lion). Given the decline in sales, this is a satisfactory result for us. The
return on sales therefore increased to 4.6 percent. We have calcu-
lated the operating result as earnings before taxes, impairment of
goodwill and fnancial assets, and changes recognized in proft or
loss of non-controlling interests disclosed as liabilities.
The companies outside of Germany boosted their result by 6.8 per-
cent to EUR 219 million. This represents 49.2 percent of the Groups
overall result (2012: 49.4 percent). Despite this increased result, the
companies in southern Europe put pressure on the Wrth Groups
results. Sales in this region slid by 9.8 percent, with a correspondingly
negative efect on earnings. Although there will be further need for
restructuring in this region in 2014, we expect sales and earnings de-
velopment to largely stabilize.
Our German entities also increased their operating result year on year.
With an operating result of EUR 226 million, they were 7.6 percent
up on the 2012 fgure, putting them ahead of the 2008 pre- crisis
level again for the frst time.
Out of the German entities, Adolf Wrth GmbH & Co. KG makes by
far the biggest contribution to the result. At EUR 120 million, the em-
ployees of the parent company achieved the highest operating result
in the companys history. But entities from the Trade and Electronic
unit, for example, also made a contribution, thanks to their positive
development, to the improvement in the return of the German entities
to 5.1 percent (2012: 4.7 percent).
However, impairment losses that we had to record in the business with
fttings, wind power and electrical wholesale, as well as regarding
PRE-TAX OPERATING RESULT AND RETURN ON SALES
WRTH GROUP
150
6.4
6.7
7.5
6.2
3.1
4.5
4.1
6.6
300 10.0
450
600
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
395
455
515
640
545
235
385
395
415
445
4.2
4.6
5.0
Operating result in millions of EUR
Return on sales as a percentage
59
trade in stainless steel products, had a negative efect. In these areas,
the result fell short of our expectations. In order to increase proft-
ability, appropriate measures were introduced at the entities afected.
The cost of materials fell to a greater extent than sales did, bringing
the ratio of cost of materials to sales down to 47.7 percent (2012:
48.3 percent). This is mainly due to the abandonment of the Groups
solar activities, which generated low margins compared with its core
business. The drop in some commodities prices in the Wrth Groups
main material categories also had a positive impact.
The Wrth Group had 63,571 employees at the end of December
2013. This represents a decrease of 2.5 percent. This fall was due to
adjustments to the workforce in the entire Wrth Group in order to
adapt headcount to refect the decline in sales. Face-to-face contact
between individuals is vital to our business and is also our strength in
direct selling. The sales force is supported by our highly efective in-
house staf, which provide the necessary support for the specifc sales
strategy. As larger customers start to account for a larger proportion
of sales, this need for support increases. Together with the expansion
of our branch network, this is the reason why the number of in-house
staf has remained stable. At 28.1 percent, the ratio of personnel ex-
penses to sales was up slightly in comparison to the prior year (2012:
27.6 percent).
Amortization and depreciation in 2013 was down by 3.4 percent
year- on-year to EUR 303 million (2012: EUR 314 million), primarily
because the impairment losses recognized were lower than a year
ago, mainly for entities responsible for production, trading in stainless
steel products, wind power and electrical wholesale. The remaining
depreciation and amortization remained virtually constant.
At 2.9 percent, the drop in other operating expenses was consistent
with the drop in sales.
The net interest cost was up in a year-on-year comparison. One of the
reasons for this lies in the increase in fnancial liabilities. May 2013
saw the Wrth Group issue a bond worth EUR 500 million, only part
of which was used to fnance bonds that had reached maturity. The
increase in fnancial liabilities is also due to the market valuation of
the interest rate derivatives taken out in connection with the bond. It is
the Wrth Groups strategy to always have sufcient liquidity, keep-
ing its reliance on banks as low as possible.
The tax rate decreased in the fscal year 2013 to 25.2 percent (2012:
27.9 percent). This is largely due to restructuring. For a detailed analy-
sis, we refer to the consolidated fnancial statements: G. Notes to the
consolidated income statement, [8] Income taxes.
At EUR 309 million, the Wrth Groups net income for the year is up
considerably on the prior year (2012: EUR 279 million). Although
our sales slid by 2.4 percent, we managed to boost our net income
for the year by EUR 30 million, namely due to the improvement in the
ratio of cost of materials to sales, lower depreciation and amortiza-
tion and the fact that other operating expenses fell slightly in relation
to sales.
Although the sales and operating result targets could not be reached,
the Central Managing Board is satisfed with the results achieved in
fscal year 2013 within the context of the economic development. The
main control parameters, such as return on operating result, gross
proft, staf turnover, stock turnover and collection days, are at an ac-
ceptable level and almost all of them have improved compared with
the previous year.
Capital expenditures and cash fow
Over the past ten years, the Group has invested well in excess of EUR
3.5 billion in property, plant and equipment, fnancial assets and in-
tangible assets. In the last fscal year alone, the Group invested EUR
433 million (2012: EUR 465 million). The focus of these investments
was on expanding warehouse capacity for our sales companies, as
well as on production buildings and technical equipment and ma-
chinery for our manufacturing companies. For example, Adolf Wrth
GmbH & Co. KG opened its new distribution center at its headquar-
ters in Knzelsau in May 2013. The additional capacity of 60,000
order items a day allows the company to react especially quickly to
customer wishes. The new building, which features storage space of
17,000 square meters, features a route linking it to the existing dis-
tribution center for transportation purposes. This allows a total of
40,000 orders to be picked per day. A total of EUR 77 million was
invested in this project over a period of several years. We had al-
ready moved into a new ofce building in Rorschach, Switzerland,
in April 2013. In the fall of 2013, Wrth Russia opened the Wrth
Groups frst logistics complex on Russian territory. It consists of a
three-story building covering a total area of 9,100 square meters,
three areas for goods storage and ten loading and unloading areas.
The facility can store a total of 12,500 pallets. The total investment
60
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
volume comes in at around EUR 14 million. In addition to the logis-
tics complex, there are also plans to build a new ofce building. The
company purchased a plot of land in Taiwan in order to secure future
expansion opportunities. The Allied Companies are also expanding
their storage and production space. The production building of our
Dutch company Difutherm B.V., for example, is nearing completion,
and Arnold Umformtechnik GmbH & Co. KG in Ernsbach, Germany,
launched the large-scale series production of thread-forming screws
for metal and plastics, which are used primarily in the automotive
industry, in the summer of 2013 on a site covering around 7,000
square meters. AP Winner (Changzhou) Chemical Technology Co.,
Ltd. opened a new production site in Changzhou, China. The com-
pany bottles chemical products for the automotive aftermarket. A
total of just under EUR 20 million was invested in this project over a
period of several years. HAHN+KOLB Werkzeuge GmbH, a com-
pany with a long tradition behind it, opened its new headquarters in
Ludwigsburg, Germany, last September. The new site ofers 48,000
square meters of space for an innovative distribution center and a
modern logistics center with a fully automated picking system and
540,000 storage bins.
In addition to investments in production and storage space, we have
also, as in past years, invested in our ORSY

storage management
system, which ofers our customers storage and provision of various
consumables and supplies in line with their needs. Above and be-
yond this, the Wrth Groups sales branch network was further ex-
tended. Around 90 new branches were opened worldwide. In order
to forge ahead with our transformation into a multi-channel sales or-
ganization, EUR 60 million was invested in IT systems.
INVESTMENTS
WRTH GROUP in millions of EUR
150
300
450
2009
263
2010 2011 2012 2013
283
455
465
433
CASH FLOW FROM OPERATING ACTIVITIES
WRTH GROUP in millions of EUR
250
500
750
2009 2010 2011 2012 2013
800
216
540
618
599
61
Overall EUR 201 million, just under half of the investment volume, was
attributable to Germany, refecting to the continued high signifcance
of the home market for the Wrth Group.
In 2014, we plan to keep our investments on a similar scale to 2013.
Our investment obligations on the cut-of date for the annual fnancial
statements come in at EUR 14.5 million.
Thanks to our moves to optimize our investment controlling processes
using sophisticated recording and analysis tools in recent years, the
Central Managing Board was always in a position to react quickly
to changes in the overall environment. This is another reason why we
once again met our objective of fnancing investments from our cash
fow from operating activities in full in 2013. Our cash fow from oper-
ating activities came in at EUR 599 million (2012: EUR 618 million).
We consider this level of cash fow from operating activities to be
appropriate for us. The ratio of capital expenditures on property,
plant and equipment, fnancial investments and intangible assets to
cash fow from operating activities was 72.3 percent and was there-
fore down on the prior-year level (2012: 75.2 percent).
Purchasing
At the end of 2012, we had forecasted substantial growth for fscal
year 2013, which failed to materialize. This gave rise to considerable
uncertainty and a tense wait- and-see strategy across the globe.
At the end of 2013, experts were only able to announce much lower
growth for most economies compared with the prior year.
This global wait-and-see attitude was something that purchasing was
able to beneft from. A downward trend in the prices of some com-
modities, a relatively strong euro and only moderate capacity utiliza-
tion levels at suppliers worldwide due to the economic situation gave
purchasing staf at the Wrth Group good arguments for price nego-
tiations. The systematic use of the opportunities that arose allowed
purchasing to achieve corresponding price cuts on the procurement
markets, which ultimately had a positive impact on competitiveness
and earnings.
Looking ahead to 2014, economic experts predict slight economic
growth worldwide, with most economic indicators also pointing to-
wards an upswing. If these positive forecasts materialize, this will ramp
up the pressure on purchasing at the Wrth Group again in 2014.
Economic growth will give rise to increased production capacity utili-
zation levels and higher demand for commodities. Both have a direct
impact on future negotiations with suppliers. Consequently, purchas-
ing expects these negotiations to prove more difcult in 2014. The
Groups purchases will be persistent in their response to possible price
demands in order to achieve the best possible prices. What is more,
the inventories of the individual Wrth Group companies must be kept
as fexible as possible in order to ensure that they can be adapted to
suit the prevailing sales and market situation.
Inventories and receivables
Inventories and receivables are a focal point of Wrth as a company
that largely operates in the trade sector. Both of these items allow li-
quidity and the amount of capital tied up within the Group to be man-
aged at relatively short notice. The key is always to strike the right
balance between ensuring high levels of customer satisfaction on the
one hand by providing an optimum delivery service and adequate
payment terms and optimizing liquidity and minimizing default
rates on the other. All in all, the drop in sales in fscal year 2013 re-
sulted in a drop in receivables. Inventories increased slightly.
For years, sophisticated controlling systems, which enable rapid re-
sponses in the event of any indications of negative developments,
and optimum collaboration between sales and accounts receivable
management have enabled the Wrth Group to achieve a low level
of receivables in relation to sales. The corresponding key fgure, col-
lection days (based on a 12-month calculation), increased slightly in
comparison to the prior year to 52.7 days (2012: 52.3). In view of
the difcult economic conditions, particularly in Europe, we rate this
only slight deterioration in the key fgure as positive. This applies all
the more so given that the entities outside of Germany were able to
keep the number of collection days virtually at the prior-year level.
The German companies traditionally report a lower level. Following
42.2 collection days at the end of 2012, they achieved a fgure of
43.1 days, slightly up on the prior-year level, also due to longer pay-
ment terms for a larger number of customers. All in all, receivables
fell, in line with the decline in sales, by 1.9 percent to EUR 1,210 mil-
lion (2012: EUR 1,233 million).
We will continue to optimize accounts receivable by means of efec-
tive cooperation between sales and accounts receivable manage-
ment, as well as through refnements to the analytic tools. We see the
payment patterns of debtor payments in southern Europe, China and
62
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
India, which on the one hand slows growth and on the other reduces
earnings, due to an increasing need to recognize impairment losses,
as critical.
At 0.8 percent, defaulting receivables and expenses for additions
to the allowance for impairment as a percentage of sales were up
slightly (2012: 0.6 percent). This is largely due to the continuing efects
of the euro crisis.
We aim not just to satisfy our customers, but to inspire them. As a re-
sult, the Wrth Group is continually working on keeping its delivery
service level close to the one hundred percent mark. To achieve this
we are prepared to stock individual products, even where this runs
contrary to all our business optimization eforts, in order to be able to
deliver the goods to the customer one day after the order is placed at
the latest. In 2013, we achieved this in 98 out of 100 cases.
The inventories of the Wrth Group rose slightly in 2013 to EUR
1,310 million (2012: EUR 1,300 million). The rise in inventories runs
counter to sales development because of the companys eforts to
forge ahead with the expansion of the branch network. 2013 saw
87 new pick-up shops being opened worldwide. What is more, there
were long delivery periods for some product groups, prompting us to
accumulate higher inventory levels from a service perspective. This
ultimately meant that stock turnover calculated on a 12-month basis
fell slightly from 5.3 times at the end of 2012 to 5.2 times.
Financing
The equity of the Wrth Group climbed by EUR 195 million to EUR 3.4
billion in fscal year 2013. This gives the Group a very good equity
ratio for a trading company of 42.6 percent (2012: 41.9 percent).
A comfortable equity ratio has been the basis of our healthy fnancing
for years now, and boosts customers and suppliers trust in the Wrth
Group. This positive equity ratio development is due to the typical
family business approach of reinvesting a large portion of profts in
the company. This sound fnancing, coupled with the long-term bond
portfolio, enables the Wrth Group to continue to grow relatively in-
dependently of the short and medium-term development of the capital
markets. Total assets grew by EUR 329 million to EUR 7,978 million
(2012: EUR 7,649 million). This is mainly due to the new cash gener-
ated from a bond and investments in property, plant and equipment.
Unlike in previous years, fnancial services activities only made a small
contribution to the growth in total assets in 2013. Refnancing in the
area of banking was mainly performed through fnancial intermediar-
ies and refnancing programs of the European Central Bank.

The fnancial situation of the Wrth Group was again appraised by
the leading rating agency Standard & Poors in 2013. The Wrth
Group has undergone this annual rating process for almost 20 years
now. Standard & Poors again rated the Wrth Group A/outlook sta-
ble. The rating of the outlook as stable refects the confdence that
business and the fnancial KPIs will continue to develop successfully.
The opportunities and potential of the Wrth Group are viewed in a
positive light. Our long history of good ratings not only documents
the positive credit rating; at the same time, it is proof of the continuous
and successful development of our corporate group and the stability
of our business model.
The good credit rating allows Wrth Finance International B.V. to
obtain favorable fnancing conditions on the international fnancial
markets. In May 2013, the Wrth Group made use of this, and of the
attractive conditions on the capital markets, and successfully placed
EQUITY
WRTH GROUP in millions of EUR
1,000
2,000
3,000
2009
2,600
2010 2011 2012 2013
2,867
3,042
3,204
3,399
63
a second benchmark bond worth EUR 500 million. This bond, which
has a maturity of seven years, has an interest coupon of 1.75 percent
p.a. and is secured by an unconditional, irrevocable guarantee issued
by Adolf Wrth GmbH & Co. KG, Knzelsau, Germany. The trans-
action generated keen interest among investors and was oversub-
scribed eight times within the space of only two hours, with subscrip-
tion ofers worth more than four billion euros. The issue served, by
way of example, to refnance the bonds and promissory note loans
worth a total of EUR 525 million that reached, or will reach, ma-
turity in 2013 and 2014 and will boost the Wrth Groups long-term
fnancing and liquidity base, laying a foundation for future growth
opportunities in sales and investments in logistics and infrastructure.
At the end of the fscal year 2013, the Wrth Group thus has four
bonds issued on the capital market and one private placement. All
covenants in this context have been complied with. Between EUR 170
million and EUR 300 million will fall due in the period between 2014
and 2015, EUR 500 million in 2018 and 2020, and some EUR 150
million in 2021. The maturity profle is thus well balanced. For further
information on maturity and interest structure, we refer to the com-
ments in the consolidated fnancial statements: H. Notes to the con-
solidated statement of fnancial position, [24] Financial liabilities.
As of 31 December 2013, the Wrth Group has cash and cash equiv-
alents of EUR 749 million (2012: EUR 572 million). In addition, the
Group has a fxed line of credit of EUR 200 million, which remains un-
drawn to date, provided by a syndicate of banks until February 2018.

Start-ups and acquisitions
The Wrth Group establishes subsidiaries to spread successful busi-
ness models and sales concepts in new markets. This strategy is
supported by the fact that the organization of the Wrth Group is
decentralized. In recent years, this has increasingly applied to our es-
tablished and proftable Allied Companies. In 2013, however, signs
pointing towards difcult sales development in many business areas
meant that the focus was on the stabilization and consolidation of the
individual areas. The only company that was set up was Grass Iberia
S.A. The company will strengthen our sales activities on the Spanish
and Portuguese markets in the fttings business after companies were
set up in Australia, the UK and Italy in 2011 and 2012.
The regional expansion of the Wrth Line companies has been more
or less fully exploited. The Wrth direct sales companies already
deliver assembly and fastening materials to customers in more than
80 countries. Within the Wrth Line, the focus is therefore on growth
by expanding the customer base and establishing additional divi-
sions and branches in the respective countries.
In addition to setting up new companies, the Wrth Groups growth
strategy also involves using targeted acquisitions to add companies
to the Group where they prove a good match, allowing the Group to
obtain further market shares. Last year, we exploited the favorable
conditions for us on the M&A market and bought the chemicals com-
pany Chemofast Anchoring GmbH, based in Willich, Germany, with
efect from 1 January 2013. At the end of 2013, the company had al-
most 80 employees and generated sales of more than EUR 20 million.
Chemofast develops and produces chemical mortars, known as chem-
ical anchors, and markets these very successfully to its private-label
customers in the construction and retail industries. The acquisition of
Chemofast supports the Groups strategy in the growing chemicals
market and complements our activities in the area of anchors.
On 22 February 2013, Wrth signed the purchase agreement for the
takeover of an 100 percent stake in Ares Oy Nikotips. The company,
which has its registered ofce in Espoo, Finland, is involved in the
wholesale business for rubber, plastic and polyurethane products,
mainly hydraulic and technical hoses and accessories.
On 1 September 2013, the companies YOUR OWN BRAND GmbH,
based in Neutraubling near Regensburg, YOUR OWN BRAND UK Ltd.,
based in Cheddar, UK, Your Own Brand S.R.L, based in Milan, Italy,
and Kemacos Full Filling Service GmbH, based in Kematen, Austria,
were acquired. YOUR OWN BRAND specializes in the distribution of
own-brand cosmetics products to drugstores, discounters and food re-
tailers. The company Kemacos Full Filling Service GmbH largely sup-
plies brand name companies with its own cosmetics production based
on GMP standards (good manufacturing practice). The purchase of
these companies means that we have production facilities that work
based on GMP standards within the Group, resulting in correspond-
ing investment savings. The companies are an ideal match for comple-
menting our current cosmetics manufacturing activities.
On 23 December 2013, the new company SVH Handels- GmbH took
over some of the assets of SVH24.de GmbH. SVH24.de GmbH was
a trading company focusing on tools that specialized in e-commerce.
64
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Research and development
Research and development plays a key role in the Wrth Group. We
use successful distribution, excellent logistics and cost-focused action
to secure our competitive standing. At the same time, we create market
advantages by ofering needs-based and, most importantly, innovative
products and services.
In fscal year 2013, for example, Adolf Wrth GmbH & Co. KG gen-
erated one-ffth of its sales from products that are less than three years
old. This is a very high proportion for a company that specializes in
sales. The rate of innovation is high across the Group as a whole, too:
the Group currently has 694 active patents, 24 utility models, 343
designs and 5,424 active trademarks. This means that, compared with
the prior year, 196 brands and 47 designs were added in 2013.
Wrth Line: To each customer their own Wrth
Every customer is diferent. This is why every Wrth customer bene-
fts from an advisory and supply concept that is tailored to suit their
needs. Our distribution center in Knzelsau, which was opened in
2013, creates additional capacity of more than 60,000 order items
a day. This allows Wrth to react particularly quickly to customer
wishes. As well as incorporating state-of-the-art technology and ergo-
nomically designed workstations throughout, the construction plans
for the new distribution center also took environmentally-friendly as-
pects into account.
Wrth Industrie: W-KLT

CLIP: saves time and costs


The new W- KLT

and W- KLT

2.0 Kanban containers developed by


Wrth Industrie Service GmbH & Co. KG in-house can now be ft-
ted with the innovative W- KLT

CLIP. It is attached to the back of the


container and can be mounted to workstations in a fexible manner
thanks to the mounting rail. With a maximum load of 20 kilograms
and various angular positions, the W- KLT

CLIP can be shifted and


moved horizontally or vertically. This creates a structured and ergo-
nomically friendly workstation and productive working methods in a
manufacturing environment. The product removes the need to walk
far to get operating materials or C parts and takes the lack of foor
and storage space in production lines into account without afecting
existing processes.
Adolf Wrth GmbH & Co. KG: Wrth App
The order behavior of our customers has changed drastically in recent
years. They are calling for, and indeed using, the various opportuni-
ties ofered by the Internet. This has prompted Wrth to focus more on
e-commerce. But this means more than merely ofering an online shop.
The measures also include e-procurement or scan-supported ordering
systems like ORSY

scan, which uses a barcode reader to make it eas-


ier to capture item data. The Wrth App, in particular, makes it easier
for customers to place orders while on the move. It is designed espe-
cially for mobile customers and has been subject to constant enhance-
ments since it was launched in 2010. In addition to the latest ofers, it
provides functions for downloads, a list of favorites and contact data
for personal points of contact at Wrth, as well as the following:
Mobile ordering using the barcode scanner
As well as manually entering the item number, the app can also be
used to scan product barcodes and then order the desired products
directly from the app.
Branch locator
The branch locator shows all 400 branches in Germany, together
with their addresses and contact details. Customers can have the
app calculate the route to their chosen branch if they wish.
Click & Collect
Order in 60 seconds, collect in 60 minutes! The app allows cus-
tomers to order items with only a few clicks and then collect them
from their chosen branch in Germany in the 60 minutes time.
New ASSY

plus: extreme precision from tip to toe


Developers at Adolf Wrth GmbH & Co. KG have signifcantly im-
proved the latest generation of the ASSY

plus. The new pyramid-


shaped tip, which allows the screw to be exactly positioned without
moving, makes it easier to ft chipboards: as soon as the screw thread
has penetrated the material, the newly developed soft thread run-in
ensures that the thread engages immediately. This reduces the gripping
time of the ASSY

plus by 50 percent. As the screw moves further into


the material, the single-start progressive thread means that less force
has to be applied to get the screw into the material and guarantees a
high overtorque. In addition, the new ASSY

plus can be placed up to


three times the screw diameter from the material edge, helping users
with furniture and interior design work, with the assembly of wooden
faades, terraces, window connections and rafter and frame screw
fttings.
65
W-UR SymCon

frame dowel: the only dowel for three
anchorage depths in concrete
The patented in-house W- UR frame dowel development featuring
the SymCon

special screw allows Wrth to ofer a system solution


for a broad range of applications. The dowel, combined with the
screw, is used, by way of example, to ft faade substructures made
of wood or steel. It can also be used to securely fx wooden slats,
metal rails, suspended ceilings, cable runs, brackets and treads.
The system is rounded of by special versions, e.g. to fx building or
faade scafolding. The W- UR 14 SymCon

GS scafold anchoring
product is currently the only product on the market that has been
awarded a test certifcate from the construction industry trade associ-
ation BG Bau Berufsgenossenschaft der Bauwirtschaft. It stands out,
in particular, due to its load: the highest load that can be achieved in
concrete at the moment. Together with the SymCon

special screw, the


W-UR is the only dowel on the market that supports three diferent an-
chorage depths in concrete. It can be used in masonry in two setting
depths. The plastic dowel, made of high-quality polyamide, was com-
pletely revised for the new product. The much improved, secure ex-
pansion pattern, which supports the maximum application of force to
the subsurface, is one of its defning characteristics. SymCon

stands
for a symmetrical conical thread that helps ensure that the load is
spread evenly across the entire expansion area of the frame dowel. At
the same time, the plastic in the dowel is optimally compressed when
it is screwed in. In addition to its high-performance technical features,
users can also rely on the highest-quality safety testing thanks to the
European technical approval of this dowel system.
Two-time test winner at TV SD
In-house product development, stringent test criteria and ongoing
testing the companys own quality assurance labs ensure the quality
of Wrths products. In order to have its compliance with national
and international norms confrmed, Wrth works with external in-
spection bodies such as TV SD (Southern German Association for
Technical Inspection).
TV SD tested the screwdriver range of 15 premium manufacturers
in a direct comparison. The 3K screwdriver PH2, an in-house Wrth
development, took frst place. Seven product features were defned:
fracture torque, traction factor, torque that can be achieved by hand,
ergonomics, weight, durability and fracture rotation angle. The 3K
screwdriver is produced in ZEBRA

quality within the Wrth Group in
Germany. ZEBRA

has been the hallmark of Wrth premium quality


for 35 years. The satin chrome 3K screwdriver with its consistent hex-
agonal blade won the test team over with its fexible 3-component
grip, which ensures perfect ergonomic features, ideal application of
force and convenience at work. The innovative 5-sided drip featur-
ing gel cushions adapts ergonomically to the hand, meaning that less
force has to be applied and transmitting higher torques as a result.
Users can work for longer without getting tired and also beneft from
high grip stability. An impact cap and continuous blade allow even
the tightest of screws to be easily loosened. The highly durable spe-
cial steel blade quality ensures durability and torque values exceed-
ing the DIN ISO standards by up to 100 percent. Wrths 2K screw-
driver came in second: the test team recognized the product for its
extreme robustness and it also won in the force category.
In the comparison test conducted in August 2013 by TV SD on
Wrths behalf, three products from the pliers range came frst in
their respective categories. Side-cutting pliers, heavy-duty side-cut-
ting pliers and needle nose pliers emerged as the winners compared
with the products of 14 renowned manufacturers. All three sets of
pliers are part of Wrths ZEBRA

product line. They were tested


using calibrated equipment over a period of several weeks and had
to meet test criteria relating to cutting force, robustness, ability to cut
diferent materials, handling and accessibility, retention force of the
pliers tips and haptics.
Wrth International: Fire protection insulation system
Wrths newly developed fre protection insulation system with Euro-
pean classifcation for solid ceilings combines innovative technology
with practical application. The system consists of a cement-bonded
polystyrene block that is installed as slab formwork instead of board
formwork when the ceiling is installed. The block is embedded in con-
crete and securely encloses the ceiling space. Other system compo-
nents include Wrths various fre protection sealing products all of
which meet the very highest European fre-resistant classifcation stan-
dards. This allows almost all installations used in Europe, such as elec-
trical cables, combustible and non-combustible pipes, to be isolated
individuals, or in combination, for fre protection purposes for up to
120 minutes. This meets the requirements for construction products in
terms of physical barriers and insulation (thermal insulation in a fre)
in line with the valid European norms and testing procedures for fre
resistance classifcation.
66
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Allied Companies
The Allied Companies of the Wrth Group also invested in the devel-
opment of products and services to ofer their customers the best pos-
sible solutions in 2013.
TUNAP: Chemistry with drive
TUNAP develops, produces and sells chemical products in the areas
of special lubricants, cleaning products, chemical/technical problem-
solvers and aerosols for the automotive aftermarket and industry. In
2013, the product portfolio was expanded signifcantly to include
problem solution products for the automotive aftermarket. The focus
was on professional systems consisting of an application tool and
chemical active agents suited to the tool. These allow even stubborn
stains and deposits on valves, as well as air supply and injection sys-
tems, to be removed. The highlight is a powder jet cleaning system
that can be used on drive systems gently and without leaving any residue.
Problems resulting from the diferent fuel qualities and climatic con-
ditions across the globe can therefore be eliminated or prevented
during the normal vehicle maintenance cycle. The development of
additional special lubricants was another focal point. These activities
were focused mainly on high-quality synthetic grease and oils that
can be used for lifetime unit lubrication. The expansion of the global
production capacities for chemical technical products within the
Wrth Group also allowed the company to forge ahead with its over-
seas concentrates business. In the area of research and development,
the focus is on the formulation of additive combinations (active agent
packages) that are mixed and with the base oils and solvents that are
available in the country in question on site and then bottled.
Wrth Elektronik: new direct plug-in connection technology,
SKEDD


Research and development work has already been extremely im-
portant to the Wrth Elektronik Group. These activities focus on new
felds of technology, such as printed electronics. With novel printing
procedures for functional materials, the Wrth Elektronik Group is
pursuing new solution approaches for the development of miniatur-
ized electronic components. The ORFUS (organic multi-functional
sensor systems) project developed printable magnet-sensitive pastes.
Thanks to modern printing technology and progressive PCB tech-
nology, this allows miniaturized ferrite core-based toroidal cores to
be built. These sensor coins can be used, for example, as inductive
magnetic feld sensors in control technology applications. In partic-
ular, the innovative SKEDD

product in the intelligent systems area
ofers massive economic potential and resulted in the creation of the
SKEDD

proft center. SKEDD

is a form of direct plug-in connection


technology on the printed circuit board. It means that cables and con-
nectors are no longer soldered with adapter components on the PCB,
but are simply plugged in. This removes an entire connection level, al-
lowing material cost savings of 50 percent and process cost savings
of up to 30 percent. The SKEDD

technology is already being used in


the frst set of series projects.
Grass GmbH: Vionaro drawer system
The new Vionaro drawer system developed by Grass GmbH in
Austria allows the use of conventional wooden drawers and steel
or aluminum drawers on one and the same slide system. It is based
on the tried-and-tested Dynapro undermount slide system on which,
with Vionaro, narrow and seamless aluminum or steel frames are
mounted. Thanks to the synchronized undermount system with its
high lifting capacity and extremely low withdrawal forces and with
the 3D adjustability that is incorporated into the frame, Vionaro is a
multi-functional system solution that can be ideally incorporated into
the purist design of modern kitchens and living rooms.
InovaChem: in-house formulations for chemical technical
products
InovaChem Engineering AG, based in Wetzikon, Switzerland, is a re-
search lab for the development and distribution of chemical technical
products. The companys strategy is to develop innovative new prod-
ucts and expand its own formulation expertise for the Wrth Group in
order to optimize procurement. The product portfolio mainly includes
cleaning products on a water and solvent-borne base, lubricants,
care products and ecological products. One focal point is the anal-
ysis of holistic solutions, in particular aerosol products with suitable
packaging. Since only recently, InovaChem has also been develop-
ing structural adhesives based on epoxy, PU and acrylate systems on
niche markets. It also focuses on equipping chemical technical prod-
ucts with copy protection techniques. All in all, the company has 141
marketable formulations for fnished products and 70 formulations
for intermediate concentrates.
67
Risk and opportunities report
The Wrth Group has a system which enables us to identify, record,
consistently assess and communicate entrepreneurial opportunities
and risks, and to weigh them up against each other. Our conscious
and systematic approach to addressing opportunities and risks is in-
extricably linked to our entrepreneurial activities.
How the risk management system works
The Wrth Group has a three-tier risk management system (RMS),
comprising the cyclical monitoring system of the internal audit func-
tion, Group controlling and the early warning system. The Central
Managing Board of the Wrth Group holds overall responsibility for
the Group-wide risk management process and defnes the principles
of our risk policy and risk strategy. Responsibility for the installation
of a functioning and efcient RMS in the Group companies is the task
of the management of each entity within the Group. They are sup-
ported by the risk manager, who reports directly to the Central Man-
aging Board of the Wrth Group and coordinates risk management
at Group level. The risk manager is in close contact with the risk con-
troller of the Advisory Board, who reports directly to the Chairwoman
of the Advisory Board.
How the fnancial reporting internal control system works
The aim of the fnancial reporting internal control system is to ensure
that all business transactions are completely recorded and correctly
evaluated with regard to the fnancial reporting requirements.
The Wrth information system is a signifcant component of the inter-
nal control and risk management system of the Wrth Group. With
the help of this reporting system, all key performance indicators re-
quired to steer the Wrth Group are presented ready for analysis by
the Central Managing Board and Executive Vice Presidents in addition
to standardized monthly reporting. System-based control mechanisms
such as plausibility testing and cross-checks optimize the quality of
the information as a basis for decision-making. A Group-wide online
record of the fnancial statements of the Group entities is not only ef-
cient; it also avoids carry-over errors, safeguards uniform provision of
information and also includes numerous plausibility checks, without
which the information cannot be forwarded. The uniform platform also
ensures that fnancial reporting changes are implemented in a uni-
form way across the Group. Data is protected from changes by using
control numbers and a system of IT access rights. Standard software
is used for consolidation. Changes in the system settings are logged
centrally. The monthly and annual fnancial statements of Group com-
panies are regularly checked for plausibility internally, as are the con-
solidated fnancial statements. Moreover, Wrths policy and proce-
dure (PAP) manual contains internal procedural instructions. Internal
publications and training include detailed rules on fnancial report-
ing. Compliance with these rules is regularly reviewed by the internal
audit function. External specialists are consulted to clarify the impli-
cations of legal and tax issues on accounting. External actuaries cal-
culate pension and similar obligations. Central and local training for
those in charge of fnance departments also ensures that all employ-
ees involved in the fnancial reporting process are up to date on the
latest legislation and information of relevance to them.
The opportunity and risk management process is updated within
the Wrth Group on an ongoing basis and adapted to changes in
the Group or in its economic and legal environment. In 2013, the IT-
based risk reporting system was again rolled out to additional Group
entities and was further improved from a content perspective.
Risks
The Central Managing Board identifes, analyzes and assesses the
Groups opportunities and risks at a dedicated annual workshop. This
workshop determines focus risks which could pose a threat to the net
assets, fnancial position and results of operations of individual enti-
ties of the Wrth Group as a whole in the short, medium or long term.
Furthermore, with the support of the risk manager, all major Group
entities carried out a risk inventory and recorded and assessed focus
risks and other risks in the reporting system. The processes already in
place were continued in 2013, undergoing rolling improvements and
adjustments in line with changing internal and external requirements.
Potential risks are seen by the Central Managing Board in the follow-
ing risk areas, sorted by descending relevance. With the exception
of IT and solar risks, which were reduced in fscal year 2013 due to
the measures referred to above, the assessment of all other risks is un-
changed.
68
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Overall economic risk
Through our global purchasing and sales activities, we have a high
natural diversifcation of risk and a decreased dependence on neg-
ative economic developments in individual countries, with approxi-
mately 85 percent of our sales being generated in Europe. To this ex-
tent, we were particularly afected by the weak euro zone economy.
A greater risk is borne by our entities in southern Europe, particularly
in Italy, Portugal, Greece and Turkey, where a need for further re-
structuring will again arise in some areas in 2014 if sales continue to
fall. In addition, we will have to adjust our business model to refect
the relevant changes in line with the momentum on the global mar-
kets, particularly as far as our distribution systems and channels are
concerned.
The fnancial risks faced by the Wrth Group are largely assessed,
managed and monitored centrally by Wrth Finance International B.V.
In order to ensure that the Wrth Group is solvent at all times without
restriction, the Wrth Group has sufcient cash and cash equivalents
at its disposal and, thanks to its A rating from Standard & Poors, has
excellent access to the public and private capital markets to procure
further fnancial resources. There are therefore no liquidity risks for the
Wrth Group at present. In addition to the existing liquidity, the Wrth
Group had a contractually agreed, unused credit line of EUR 200 mil-
lion at the end of 2013, which expires in February 2018. According
to recent liquidity forecasts, the Wrth Group will not need to draw
on this credit line in 2014. Any risks arising from derivative fnancial
instruments are accounted for. At the time this management report
was prepared, there was no indication of any specifc counterparty
risks, which are automatically monitored on a daily basis. In 2011, a
CSA (credit support annex) was concluded with the main counterpar-
ties to derivatives, further reducing counterparty risk. Cluster risks are
avoided by internal deposit limits for individual banks. For information
on derivatives and the risks associated with them, we refer to the notes
to the consolidated fnancial statements: I. Other notes, [4] Financial
instruments.
Staf
Staf turnover, particularly among our sales force employees, remains
a focal point. It is documented and analyzed for every entity in the
Wrth Group at all hierarchical levels. Regular employee surveys con-
ducted by independent institutions and the monitoring of staf turnover
are key instruments allowing us to identify unfavorable developments,
analyze their impact on staf recruitment processes, customer loyalty
and training programs and combat these efects using targeted mea-
sures. The lack of specialist employees is another challenge for HR
management. In Germany, it is becoming increasingly difcult to fnd
university graduates and skilled trainees. This prompted us to further
expand the measures ofered by the Wrth Business Academy when
it comes to managing young talent and training management employ-
ees in 2013. Up-and-coming management talents undergo devel-
opment measures to prepare them for various levels of management
within the Wrth Group via the MC Wrth, High Potential and Top Po-
tential management training programs. These programs give employ-
ees targeted training that is tailored to suit their own individual ambi-
tions and skills in order to prepare them for further management duties
within the Group. The international management seminars, as well as
international specialist seminars on issues such as product manage-
ment or procurement and fnance, are organized and coordinated by
the Wrth Business Academy.
Wrth is an attractive employer, not least due to its worldwide pres-
ence. Nevertheless, we take care to ensure that sales and gross proft
grow faster than personnel expenses in principle one of the Wrth
Groups fundamental principles.
IT strategy
Due to the decentralized organizational structure of the Wrth Group,
with a large number of small start-ups in emerging countries, IT risks
are a particular challenge. Thanks to the increasing introduction of
SAP and standard solutions (Wrth System 1, online shop, Customer
Relationship Management), this challenge is turning into an opportu-
nity to make existing processes more standardized, efcient, transpar-
ent and faster. In this way, we want to synchronize our goal of sup-
plying all customers in line with their specifc needs (To each customer
their own Wrth) with increased efciency in our IT systems. We aim
to use the consolidation of the Wrth company data centers in the Ho-
henlohe region as a means of achieving greater efciency increases,
medium-term cost savings and increased process security.
The security of the IT systems is reviewed by means of IT checks at the
Group entities in accordance with a plan coordinated with the Central
Managing Board of the Wrth Group. We are currently analyzing the
potential threat that cyber risks pose. We combat the resulting risks by
taking organizational or technical measures and are currently looking
into transferring the risk to external risk carriers (insurers).
69
Default
On the sales market we employ active customer management to
counter risks arising from a lack of customer loyalty or rising customer
attrition. Due to our very extensive core range of over 100,000 prod-
ucts, the comparatively low average order values and our broad cus-
tomer base, we are well positioned to keep these risks at a minimum.
Customer insolvencies are therefore a manageable risk for the Wrth
Group. Where economically feasible, we work with credit insurers.
In addition, receivables from customers are monitored by an exten-
sive receivable management system, also at Group level. Individual
fnancial service providers are associated with a heightened risk of
default. We counter this risk through a strict credit verifcation proce-
dure and appropriate insurance for our investment. In 2013, collec-
tion days increased slightly in comparison to 2011, for example due
to economic conditions in Italy and France, but stabilized at a very
good low level overall. This highlights that our risk in this area is rela-
tively low and that the existing processes and systems are efective.
Suppliers
Regarding the procurement market, the Wrth Group minimizes risks
through efcient risk management. A defned code of conduct is ap-
plied to all suppliers, which includes as social standards aspects of
human rights, childrens rights and core labor standards, as ecologi-
cal standards aspects of environmental protection, and from a legal
perspective compliance with national and international laws and reg-
ulations. The risk of supplier insolvency is countered by Wrth with
a general policy of choosing at least two suppliers for every major
product group who satisfy the Wrth Groups high quality standards
as well as those of our customers. Owing to this rule, no major supply
bottlenecks have been caused to date by the insolvency of a supplier.
For crucial products, we also have increased bufer stocks. Cost bur-
dens resulting from punitive duties for the import of certain products
from China and Malaysia afect the market as a whole. Where pos-
sible, we aim to protect the interests of the company, both in terms of
public policy and by engaging legal experts in China and Europe.
Renewable energies
Extensive internal evaluations on the future prospects for the Wrth
Groups solar activities led us to the decision, following the sale of
the solar production area in 2012, to withdraw from trading in solar
modules as well. The customer service area for existing systems has
been transferred to the new company E 3 Energie Efzienz Experten
GmbH, which also ofers advice and service on photovoltaic issues.
In the feld of wind power, business development is also heavily de-
pendent on the willingness of individual countries to provide subsi-
dies and on increasing attention to environmental factors in the con-
struction of large-scale installations. This will heavily impact demand
for our fastening systems. In the past fscal year, this area fell far short
of our expectations. Where necessary, a provision was made in the
accounts.
Major risks that can be insured on an economically reasonable scale
are covered by master programs for all Group entities wherever possi-
ble. Overall insurance cover is managed centrally. Risks from the reg-
ulatory environment are becoming more and more important for us
as a global player. In particular, they arise from the increasing com-
plexity of tax law, for which we have experts in-house and recourse
to renowned external consultants on a case-by-case basis.
Opportunities
The opportunities set out below could have a positive impact on net
assets, fnancial position and results of operations
Decentralized structure
Wrths decentralized structure is a great advantage for the Group,
especially in light of the fact that the individual countries in which we
operate display such variation in their economic development. We
believe that this structure presents an opportunity for future growth.
It allows a quick local response to circumstances and changes in any
given market environment, meaning that we can implement efcient
measures. We will continue to push the development of the Wrth
Group while maintaining our decentralized structure.
Direct selling
The business model of direct selling still ofers considerable opportu-
nities for the Wrth Group in that it places us very close to the market
and ensures customer loyalty. Our sales force receives direct feedback
on customer acceptance of our products and services thanks to the
high level of customer contact each day. We can therefore analyze
the results of our work very quickly and make changes as necessary.
70
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Market penetration
Our global share of the market is estimated at just fve percent due
to a low share of the market in most countries, with a few exceptions.
What would appear to be a disadvantage actually signals huge growth
potential that we can still tap into by further expanding our customer
base and intensifying our customer relationships, for example by con-
tinually enhancing intelligent distribution systems that ofer real bene-
fts to our customers.
Multi-channel sales and customer management
Besides the traditional direct sales, the Wrth Group has also set up
and expanded additional sales channels in recent years. We con-
sider the sales branches and e-commerce to be key opportunities.
Coupled with the consulting services appreciated by our customers,
we will continue to pursue these sales channels in the future to ofer
our customers various ways to purchase goods and services from us.
Expanding and maintaining our customer base are key components
of our long-term success. As a result, we will continue to focus on very
intensive customer management at all Group companies. Grouping
our customers based on their individual needs is a key steering mech-
anism for strategic management. The relationship between customer
wins and sales growth as well as the service degree are important in-
dicators of business success for us.
Liquidity
The fnancial strength and independence of the Wrth Group present
important opportunities for the Group. The long-term reliability, which is
important for major customers in particular when it comes to security in
the supply relationship, is a clear competitive advantage. The potential
disappearance of some competitors from the market improves our op-
portunities, and at the same time opens up possibilities for acquisitions,
which we can respond to quickly thanks to our good liquidity level.
Quality
It is the declared aim of the Wrth Group to meet, or where possible
exceed, the highest quality standards. For this reason, the guiding prin-
ciple Wrth stands for quality anywhere, anytime was anchored
in the Wrth Groups quality management in 2010 and consistently
developed further in the period from 2011 to 2013. The brand prom-
ise made by this principle applies for all of our markets, and its imple-
mentation opens up important additional market opportunities. This is
true both of customers in the professional trades and those in industry.
For us, ensuring reliable compliance with standards as well as product
requirements and approval criteria is a fundamental quality manage-
ment task to enable us to be a dependable partner for our customers.
This is important, but we do not consider it enough in itself. This is why
we strive to surpass customer expectations wherever possible through
services that go beyond standards and inspire our customers. Efcient
business processes, which were continually enhanced again in 2013
to meet our customers needs, lay the foundation in this respect: To
each customer their own Wrth.
In the fscal year 2013, the Wrth Groups central quality team con-
tinued its activities. Quality manager networks were facilitated within
the units and divisions, and quality policy and strategy were communi-
cated and discussed at regional quality conferences in Europe, China,
South and North America. Wrth Quality Risk Company Assessments
(QRCA), which identify strengths and scope for improvement and de-
rive measures for the future, had already been conducted 216 times
by the end of 2013. The management of the respective entity directly
implements the fndings in specifc process enhancements that sharpen
quality consciousness. The measures prioritize customer interfaces
(contract review), complaints management, warehouse batch manage-
ment, quality assurance and supplier management.
An important component remains the validation of future products by
Adolf Wrth GmbH & Co. KG and Wrth International AG and the
systematic testing of incoming goods. The Wrth Group has its own
testing labs worldwide, three of which now have ISO 17025 accred-
itation. The training initiative in quality management was designed
and launched in 2012 and expanded further in 2013. Employees from
quality assurance are the main target group. The basic seminars also,
however, target employees from other relevant functional areas, e.g.
Purchasing. A total of 88 employees received training on the topic of
quality at 560 seminar days in 2013.

Overall assessment
The risks for the Wrth Group are limited by the functioning risk
management system that is in place. Existing risks are consistently mon-
itored and assigned measures to ensure that they do not jeopardize
the Wrth Groups ability to continue as a going concern. We are cur-
rently not aware of any such risks. The existing opportunities enable us
to continue to grow proftably in 2014 and in the subsequent years.
71
Employees
63,571 employees worldwide
Dual training launched in India
Comprehensive health management launched
in Knzelsau
Workforce development
As of 31 December 2013, the number of employees working for
the Wrth Group fell by 2.5 percent to 63,571 worldwide (2012:
65,169). This is due primarily to the ongoing difcult economic sit-
uation on the southern European markets, which are important for
Wrth. The headcount in Germany came in at 19,415 (2012: 19,605),
with 44,156 employees (2012: 45,564) outside of Germany. Sales
has traditionally been a very important area for the Wrth Group.
Worldwide, there were 29,157 employees working as permanent
sales representatives in the Group companies in fscal year 2013
(2012: 30,790).
The lack of specialist employees is another challenge for HR manage-
ment. In Germany, it is becoming increasingly difcult to fnd univer-
sity graduates and skilled trainees. This prompted the Wrth Group
to recruit more than 20 IT specialists from Spain, Italy, Greece, Rus-
sia and Belarus in 2013. These employees work for the subsidiary
Comgroup GmbH in Germany and are working on international
projects for the Wrth Group, mainly in the SAP environment and in
the web and e-commerce areas. The aim is to give these employees,
who have emigrated from other countries, permanent employment
contracts and, as a result, the chance to live in Germany in the long
term. By ofering German classes, support in dealing with local author-
ities or fnding an apartment, the company is taking active measures
to help integrate these employees.
Promoting the talents of the future
As a family business, Wrth is committed to long-term corporate devel-
opment. This also applies when it comes to promoting the talents of
the future. In Germany, where there is a long tradition of dual training
concepts, Wrth has been committed to providing people just em-
barking on their careers with extensive initial training for more than
60 years now. The Wrth Group currently employs more than 1,300
trainees training for more than 50 occupations, including commercial
traineeships as well as traineeships in logistics and IT. Career entrants
can also study for Bachelors degrees at the Baden-Wrttemberg Co-
operative State University. Technical occupations and catering train-
eeships form other training focal points within the German companies.
We make systematic decisions on the number of traineeships to ofer,
and the number of trainees to employ after their training, based on
our needs and the companys future development.
In India, Wrth launched the post-graduate program in Business Ad-
ministration at Reinhold Wuerth India Pvt. Ltd. in Chennai in the fall of
2013, a dual commercial vocational training program based on the
German system. 15 Indian trainees in Chennai will pass 24 months of
training after having obtained their Bachelors degree. The students
alternate between three months of in-house practical training and
three-month blocks of theoretical training at the Indo- German Train-
ing Centre (IGTC) in Chennai. The program was initiated by Wrth
and developed together with the German- Indian Chamber of Com-
merce and its training center, the IGTC. The program is also recog-
nized by the German Chamber of Industry and Commerce (DIHK).
The trainees who complete their training successfully will therefore re-
ceive a qualifcation from the German- Indian Chamber of Commerce
(IGTC Business Administration certifcate) and one from the DIHK
(Management Assistant in Whole sales and Foreign Trade certifcate).
This means that their training is recognized not only in India, but in the
whole of Europe.
Employee training
The Wrth Group promotes ongoing training for employees through-
out their entire working life from trainees to managers. We see life-
long learning as a specifc duty in order to ensure the future of our Group.
In Germany, the established Akademie Wrth ofers employees of
the Group management training, staf leadership seminars and fur-
ther commercial and technical training. Various training programs on
personal and social skills, working methods, IT applications and for-
eign languages are also on ofer.
Training programs for working professionals at the Aka demie Wrth
Business School, which are open both to employees of the Group and
to interested individuals from outside of the Group, allow people to
study for academic degrees after completing their initial vocational
training. These include the Business Administration B.A. in coopera-
tion with Hamburger Fern- Hochschule (Distance Learning University),
a three-and-a-half year program. In collaboration with the University
of Louisville in Kentucky (USA), Wrth has been ofering the Masters
72
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The Wrth Group ofers the following programs:
The MC Wrth program prepares employees for middle manage-
ment positions. 437 talents participated in this program in 2013.
The High Potential program supports managers on their way to
upper management levels. 64 managers took part in 2013.
The Top Potential program was launched by the Wrth Group in
2012. The three-year program prepares selected managers for
positions in the highest echelons of corporate management. 49
managers were on the program in 2013.
Health management
As an employer, we take the health of our employees very seriously.
This applies, in particular, given the challenges posed by demo-
graphic change and the higher average age of our employees. The
Fit mit Wrth in-house health program in Knzelsau has been a key
component of our eforts in this area for almost 20 years now. Start-
ing in 1994 with ten exercise classes and three presentations, the
program has been continually expanded over the years: more than
course in Global Business since 2002. The one-year program, which
is conducted in the English language, awards graduates a Master of
Business Administration (MBA).
In the fall of 2013, representatives of the Akademie Wrth Business
School signed a new cooperation agreement with Lawrence Tech-
nological University in Michigan, USA, for two technical courses of
study. These programs allow interested individuals to study for their
Master of Science in Industrial Engineering and Doctor of Engineer-
ing in Manufacturing Systems. In addition to the business degrees for
working professionals, this will also allow the Business School to ofer
further academic qualifcations for engineers.
Career programs
The Wrth Group recruits most of its managers from within the com-
pany. We have established various development programs within the
Group to ensure holistic management training processes and the sys-
tematic development of up-and-coming talents.
EMPLOYEES
IN THE WRTH GROUP as of 31 December
60,000
40,000
20,000
2004
46,973
26,085
2005
50,767
27,488
2006
54,906
29,020
2007
63,699
30,650
2008
62,811
30,831
2009
57,882
28,613
2010
62,433
30,410
Employees, thereof
sales representatives
2011 2012 2013
66,113
65,169
63,571
32,449
30,790
29,157
80,000
73
1,000 Group employees and their relatives attended one of the 300
ftness, nutrition or relaxation courses on ofer in 2013.
As the next step in this process, a holistic health management pro-
gram has been under development at Adolf Wrth GmbH & Co.
KG since 2013. Within this context, we created the new position of
health manager within the company. The aim is to help employees
with healthy living and working. By way of example, regular health
days have been organized for employees in Knzelsau since 2013.
Our eforts to establish health management follow a broad-based
approach. Panorama Catering, for example, ofers premium quality,
balanced meals in Wrths company canteens in Knzelsau and Bad
Mergentheim. The in-house caterer has enjoyed JOB & FIT certifca-
tion from Deutsche Gesellschaft fr Ernhrung e.V. (German Nutri-
tional Society), in these locations since 2013.
In addition to Adolf Wrth GmbH & Co. KG, other Group entities
are also taking active health promotion measures. In Switzerland, for
example, Wrth International AG was awarded the Friendly Work
Space label in 2013. The label is a seal of quality for companies with
systematic health management programs that use these to create op-
timum conditions for the health of their employees.
Thanks to our employees
The Central Managing Board of the Wrth Group would like to take
this opportunity to say a big thank you to all of our employees this
year, too. Their commitment, expertise and sense of identifcation with
the company play a key role in explaining why the Wrth Group has
managed to be such a proftable and successful family business for
more than 60 years now.
We also wish to express our thanks to the employee representatives
in the individual Wrth entities. The constructive cooperation between
these bodies and the management of the Group entities led to import-
ant measures being implemented.
Corporate Responsibility
Entrepreneurial activity requires responsible action. As a family busi-
ness, Wrth has been committed to this principle since its early years.
Our business activities are based on proft-oriented corporate gover-
nance, always hand-in-hand with responsible behavior towards all
stakeholders.
Beyond the realms of our core business, we also want to use our role
as a corporate citizen to generate added value for society in the
places where we are based, helping to tackle social challenges.
Ecological awareness
At Wrth, ecological awareness and environmental management are
lived and practiced in many diferent ways. These include ongoing
development of environmentally friendly new products as well as our
commitment to energy efciency.
By way of example, the environmental management system of our
parent company, Adolf Wrth GmbH & Co. KG, has been DIN EN
ISO 14001 certifed since 1996. For the manufacture of the ECO
LINE products, which were launched in 2012 and include cleaning
and care products for the automotive aftermarket, we do not use any
substances and solvents that are environmentally hazardous or harm-
ful to the climate.
We are constantly working on optimizing energy management in our
own buildings and logistics centers. By way of example, the new Dis-
tribution Center West building, which started operations in 2013 at
the Groups headquarters in Knzelsau, is equipped with a biomass
heating system and a heat recovery plant. We also take ecological
aspects into account when planning new buildings for the international
Wrth companies. The new Wrth House Rorschach, Switzerland,
uses water from Lake Constance to cool and heat the building, allow-
ing us to do without fossil fuels entirely. The roof of the building is also
equipped with photovoltaic systems.
The new headquarters of HAHN+KOLB Werkzeuge GmbH, a com-
pany belonging to the Wrth Group in Germany, a building which
was opened in 2013, features two south-facing facades at 45-degree
angles. These ofer considerable space for photovoltaic elements,
allowing sustainable energy generation and reduced CO
2
emissions.
Around 1,400 square meters of green space on the roof also ensure
74
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
of art and ordinary business. Accompanying cultural events and
active art instruction, aimed chiefy at children and teenagers, com-
plete the picture.
At the Group headquarters in Knzelsau, the in-house Akademie
Wrth has been ofering the public a cultural program featuring classi-
cal, cabaret and jazz artists for more than 20 years now. This extraor-
dinary concept has proven very successful and has been applied by
other companies in the Wrth Group: Switzerland now has the Forum
Wrth Chur and Forum Wrth Arlesheim both incorporated into the
respective ofce buildings. In addition to an art area that is home to
temporary exhibitions, cultural events are also held here.
The spring of 2013 saw the new Forum Wrth Rorschach open its
doors to the public. Here, on the banks of Lake Constance, the build-
ing is now the third Swiss location in which the Wrth Group has
opened an art gallery to the public. A varied cultural program is also
ofered to the public with events from various genres and a program
accompanying the art exhibitions. We want to make an active efort
to be a good neighbor in Rorschach and the surrounding area, as
well as remaining true to our own cultural commitment.
Corporate governance report
Corporate governance provides rules and standards for good and
responsible management and monitoring of companies. Rules, codes
of conduct and standards for management and monitoring functions
within the Wrth Group are shaped by the corporate philosophy and
culture.
The corporate philosophy shaped and defned by Prof. Dr. h. c. mult.
Reinhold Wrth determines the credo and self- image of the Wrth
Group. Together with corporate ethics, the corporate culture deals
with the values and standards that should underlie entrepreneurial
actions and decisions as well as the behavior of people working
together. Wrths corporate culture is shaped by concepts such as
dynamism, performance-orientation, openness, honesty, reliability
and responsibility.
Corporate governance in the Wrth Group is ensured by the follow-
ing rules and systems:
that the building blends into the environment in an ecological and vi-
sually attractive manner. Heat and air conditioning are supplied by a
geothermal heat pump. This covers around 70 percent of the distribu-
tion centers annual heating energy needs. In summer, the system fa-
cilitates virtually energy-free cooling and air conditioning.
Social commitment
Assuming social responsibility is something that is very important
to the Wrth Group. This attitude can be felt throughout the entire
Group. The Wrth Foundation, set up in 1987 by Carmen and Rein-
hold Wrth, promotes the Foundations own projects and third-party
initiatives in the felds of art and culture, science and research, and
education in Germany. The Foundation has total capital of EUR 7.6
million. At international level, the Wrth companies are active in
many local social projects in the countries in question.
One particular focal point of our corporate citizenship activities has
been our support for people with disabilities in recent years. The Hotel
Restaurant Anne-Sophie, which belongs to the Wrth Group, allows
disabled people to be part of day-to-day working life at the hotel. This
initiative was started by Carmen Wrth. You can fnd detailed infor-
mation on the Hotel Restaurant Anne-Sophie and the activities of the
Wrth Foundation in the chapter entitled Commitment.
The Wrth Group companies are also committed to the Special
Olympics, the worlds largest sporting organization for people with
mental and multiple disabilities, in a large number of countries. As
well as the fnancial support ofered by the Wrth Group, many
Group employees work as volunteers at the various sporting events.
In Germany alone, 50 Wrth Group employees, including a large
number of trainees, worked as voluntary helpers at the Special
Olympics in Garmisch- Partenkirchen in 2013.
Art and culture
Art and culture are part of the Wrth company. Their strong pres-
ence and the diverse activities are a product of a corporate culture
flled with life. The museums at the headquarters of Adolf Wrth
GmbH & Co. KG in Knzelsau, Kunsthalle Wrth and Johanniter-
kirche in Schwbisch Hall are expressions of this special commit-
ment, as are the eleven associated galleries in the European Wrth
companies. The exhibitions, which are integrated into the context of
the company hosting them, form an inspiring juxtaposition and blend
75
A written corporate constitution laying down all the rules of
interaction between the company and its owners, the Wrth Family
Trusts
A dual management system, i.e., segregation of functions for
operating management and supervisory bodies, with the Central
Managing Board and Advisory Board comparable to the
management board and supervisory board, respectively, of a
stock corporation
Internal audit department
Audit of signifcant separate fnancial statements and the
consolidated fnancial statements by independent auditors
Risk management and risk controlling
Refned controlling methods to create transparency in operating units
Rating of the Wrth Group by an international rating agency
In addition to these regulations and measures, the Central Managing
Board of the Wrth Group follows the current development of the
German Corporate Governance Code (GCGC) and the German
Code for Family Businesses. It adheres to these codes wherever the
regulations are applicable to the Wrth Group. Below are some
further examples of corporate governance measures besides those
set out above:
Examination of efciency at the Advisory Board of the Wrth
Group pursuant to No. 5.6 GCGC
Establishment of committees within the Advisory Board of the
Wrth Group, e.g., the audit committee pursuant to No. 5.3.2
GCGC
Clear division of authorities between the bodies of the Wrth
Group by way of a binding approval catalog for management
measures
Performance-related payment of top management with variable
and fxed salary components pursuant to No. 4.2.3 GCGC;
appropriateness of total remuneration is borne in mind and a cap
on severance packages has been arranged.
A further component of corporate governance is compliance on the
part of employees. With more than 63,000 employees, the Wrth
Group needs clear rules to determine its conduct or the framework for
entrepreneurial decisions. This is particularly relevant in light of the
fact that the Wrth Groups activities span more than 80 countries.
We need to set out binding standards and rules of conduct without
infringing the laws and values prevailing in various countries and cul-
tures. On the basis of the corporate philosophy and corporate culture
described, Wrths policy and procedure (PAP) manual sets out a code
of conduct to guide executives and employees with respect to the be-
havior and actions expected of them within the company and in rela-
tion to its environment.
Subsequent events
There were no major events after the balance sheet cut-of date. In all
other respects, we refer to the comments in the consolidated fnancial
statements: I. Other notes, [10] Events after the reporting period.
Outlook
Overall economic environment
The forecast for global economic development is cautiously optimistic
thanks to positive economic data in major countries in Europe and the
US, and the recent trend towards more dynamic development on the
emerging markets. The structural adjustments in the euro zone in the
aftermath of the sovereign debt crisis should start to bear fruit, with a
long-term efect, in 2014 and contribute to further global economic
growth. We expect global GDP to increase by 3.7 percent in 2014
(2013: + 3.0 percent).
In the euro zone, gross domestic product is likely to grow again in
2014 for the frst time since 2011. It is likely to beneft from stronger
domestic demand thanks to a slight increase in real wages and from a
revival on the global economy. With growth to the tune of 1.2 percent,
however, the euro zone countries will emerge from the recession with
only little momentum (2013: 0.4 percent). The economic situation is
also expected to ease in the southern European countries at the cen-
ter of the crisis. We expect to see growth of 0.8 percent in Spain and
0.5 percent in Italy (2013: Spain 1.2 percent, Italy 2.0 percent).
Economic output in Portugal is expected to rise by 1.3 percent, with
output in France likely to rise by 1.0 percent (2013: Portugal 1.4 per-
cent, France + 0.2 percent). As far as Ireland is concerned, we expect
growth of 2.8 percent (2013: + 0.1 percent). This means that Irish GDP
growth is expected to outperform the euro zone average.
76
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
In Germany, the most important sales market for the Wrth Group,
economic momentum is expected to pick up slightly. This development
will be driven by falling unemployment rates, increasing domestic con-
sumption and rising corporate investment levels fuelled by low interest
rates. We therefore expect to see economic growth of 1.9 percent in
2014, 1.5 percentage points more than in the previous year (2013:
+ 0.4 percent).
The forecast for the German Wrth Groups individual key industries
in 2014 is also positive. Sales in the trades are expected to grow by
2.0 percent (2013: 0.8 percent). A 3.5 percent increase in sales
is expected for the building industry (2013: + 3.0 percent). In the me-
chanical engineering sector, the improvement in exports will fuel con-
siderable productivity growth of 4.0 percent after recent negative
developments (2013: 1.5 percent). The economic situation is also
looking much more favorable in the metal and electrical industry.
We forecast production growth of 3.0 percent (2013: + 0.2 percent).
The German automotive industry also expects production to rise
slightly in 2014 to around 5.55 million cars (2013: 5.45 million).
2014 will see the US economy grow slightly faster than last year at
an estimated 2.5 percent (2013: + 1.9 percent). The Latin American
economy is also looking up: after 2.7 percent in 2013, output will rise
to an estimated 3.4 percent in 2014. The markets of China and India,
which are important to the Wrth Group, are expected to continue
to achieve a relatively high level of growth. Growth of 7.2 percent is
expected for China (2013: + 7.7 percent). In India, the economy is
likely to grow by 5.0 percent (2013: + 3.9 percent).
Development of the Wrth Group
Aim to lift earnings to over EUR 500 million
Actively shape networked worlds
Strategically optimize companies market positions
depending on maturity level
The macroeconomic development forms the basis for optimism for
2014, when we aim to achieve further growth and exceed the EUR
10 billion sales threshold. The overall economic environment provides
us with guidelines in this respect, but does not create barriers that we
cannot overcome. Our optimism is based on the positive sales devel-
opment in the fourth quarter of 2013, which has evidently continued
in the frst few months of fscal year 2014. By the end of February
2014, for example, we had generated sales of EUR 1,636 million, up
by 3.7 percent on the prior year (2013: EUR 1,577 million). Strategic
optimization processes, the planned additions to the sales force and
the expansion of our e-commerce activities will also bear fruit. After
the frst two months, earnings development is now also on schedule
and is ahead of the levels seen in January and February 2013.
Our geographical diversifcation allows us to beneft from regional
growth markets and at least partially compensate for downward
trends or stagnation on other markets. The strategic approaches to
market penetration depend on the maturity of the individual markets.
In market environments that are still in the early days of their devel-
opment, the focus is on setting up a sales force. Established subsid-
iaries concentrate on refning their sales network through a regional
approach, customer-specifc segments, acquiring new customers and
a policy of seeking out potential. For seven years now, we have been
working hard on establishing our branch network in order to contin-
ually expand our customer base and ofer long-standing customers
new, improved services on an ongoing basis. We are also focusing
on ramping up our e-business activities on a massive scale, underlin-
ing our aim to be seen as a pioneer among multi-channel sales com-
panies.
The Wrth Group has a wealth of promising business ideas and in-
novations, as well as solid market success, at its fngertips. This also
means, however, that we sometimes have to take difcult business
decisions and work systematically on our costs, processes and struc-
tures. We want to constantly improve our proftability. The measures
taken in recent years will have a positive impact in 2014, too. In order
to progress further, we have to cut our fxed costs and boost our pro-
ductivity. With this in mind, we will remain focused on our vision of
ensuring that the Wrth Group remains competitive and ft for the
future. Our strategic guidelines are our long-standing strengths: inno-
vative strength, excellent quality, broad international structure, tar-
geted focus on customers and our unique, sophisticated corporate
culture. In terms of content, we are focusing on three areas: earnings
power, agility in new business models and, as a result, exploiting
potential in a world that is moving closer and closer together and,
naturally, growth. This means boosting our market share and becom-
ing more competitive in each and every area of activity.
We want to tap into new markets and, at the same time, exploit the
opportunities ofered by our conventional business. This increasing
77
networking will open up huge opportunities for the Wrth Group.
We want to play an active role in shaping this world. In sales, our
strategic objective is to ofer solutions for our customers networked
lives. At the same time, we are aware that our networked world is not
only dynamic, but can also be volatile. Awareness and the ability to
react are a must. We are moving fast, collaborating closely across
company boundaries and, in doing so, boosting process efciency.
In addition to all other measures, ensuring liquidity is a top priority. In
general, our solid fnancing leaves us in a very good position and we
have a high level of liquidity that allows us to react quickly to market
opportunities.

The investments planned for 2014 will be on a par with those made in
fscal year 2013.
One major success factor in Wrths culture is entrepreneurial think-
ing, which is put into practice by Reinhold Wrth and his family. This
also means that occasional setbacks are part of the learning process.
Both aspects have to occur together if we want to be successful in the
long term. Wrth aims to be a global market leader with its services
and products, in order to make our customers work a little bit easier
every single day thanks to products that motivate and ofer real ben-
efts. This motivates customers and employees alike, opening up new
perspectives for each individual.
Overall statement on the future development
of the Wrth Group
We aim to achieve sales in excess of EUR 10 billion and report a
result of more than EUR 500 million in 2014. This is subject to the
proviso that the global economy shows positive development and
that we are spared any major slumps.
78
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
79
CONSOLIDATED FINANCIAL
STATEMENTS
80 CONSOLIDATED
INCOME STATEMENT
88 NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
88 A. General information
88 B. Adoption of International
Financial Reporting Standards
95 C. Consolidated group
98 D. Consolidation principles
99 E. Foreign currency translation
100 F. Accounting policies
108 G. Notes to the consolidated
income statement
112 H. Notes to the consolidated
statement of fnancial position
140 I. Other notes
151 J. Notes to the consolidated
statement of cash fows
152 K. List of shareholdings
167 L. The boards
81 CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
82 CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
84 CONSOLIDATED STATEMENT
OF CASH FLOWS
86
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
87
CONSOLIDATED VALUE ADDED
STATEMENT
170 AUDIT OPINION OF THE
INDEPENDENT AUDITOR
80
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED INCOME
STATEMENT
in millions of EUR 2013
Share
% 2012
Share
%
Change
%
Sales [1] 9,745.1 100.0 9,984.7 100.0 2.4
Changes in inventories 0.7 0.0 36.7 0.4 98.1
Own work capitalized 9.3 0.1 8.4 0.1 10.7
Cost of materials [2] 4,650.0 47.7 4,820.8 48.3 3.5
Cost of fnancial services [3] 35.3 0.4 37.9 0.4 6.9
5,068.4 52.0 5,097.7 51.0 0.6
Other operating income [4] 86.1 0.9 91.8 0.9 6.2
Personnel expenses [5] 2,733.7 28.1 2,756.1 27.6 0.8
Amortization and depreciation 303.2 3.1 314.0 3.1 3.4
Other operating expenses [6] 1,623.0 16.7 1,671.0 16.7 2.9
Finance revenue [7] 45.8 0.5 44.2 0.5 3.6
Finance costs [7] 126.5 1.3 105.9 1.1 19.5
Earnings before taxes 413.9 4.2 386.7 3.9 7.0
Income taxes [8] 104.5 1.0 107.8 1.1 3.1
Net income for the year 309.4 3.2 278.9 2.8 10.9
Attributable to:
Owners of parent companies in the Group 295.3 3.0 267.3 2.7 10.5
Non-controlling interests 14.1 0.2 11.6 0.1 21.6
309.4 3.2 278.9 2.8 10.9
81
in millions of EUR
2013
Share
% 2012
Share
%
Change
%
Net income for the year 309.4 100.0 278.9 100.0 10.9
Items that are not reclassifed to proft or loss
Remeasurement of defned beneft plans [25] 9.5 3.1 45.8 16.4 <
100.0
Taxes attributable to other comprehensive income 2.9 0.9 11.5 4.1
<
100.0
Items that may be reclassifed to proft or loss
in certain circumstances
Foreign currency translation 58,4 18.9 1.5 0.5
<
100.0
Other comprehensive income 51.8 16.7 32.8 11.8 57.9
Total comprehensive income 257.6 83.3 246.1 88.2 4.7
Attributable to:
Owners of parent companies in the Group 244.0 78.9 235.0 84.3 3.8
Non-controlling interests 13.6 4.4 11.1 3.9 22.5
257.6 83.3 246.1 88.2 4.7
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
82
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
Assets
in millions of EUR 2013
Share
% 2012
Share
%
Change
%
Non-current assets
Intangible assets including goodwill [9] 203.4 2.6 166.7 2.2 22.0
Property, plant and equipment [10] 2,411.9 30.2 2,313.9 30.3 4.2
Financial assets [11] 50.3 0.6 53.4 0.7 5.8
Receivables from fnancial services [12] 735.6 9.2 731.1 9.6 0.6
Other fnancial assets [17] 20.5 0.3 26.4 0.3 22.3
Other assets [18] 26.9 0.3 22.4 0.3 20.1
Deferred taxes [13] 124.1 1.6 140.4 1.8 11.6
3,572.7 44.8 3,454.3 45.2 3.4
Current assets
Inventories [14] 1,310.0 16.4 1,299.7 17.0 0.8
Trade receivables [15] 1,210.1 15.2 1,233.1 16.1 1.9
Receivables from fnancial services [12] 682.2 8.5 606.6 7.9 12.5
Income tax assets [16] 42.5 0.5 30.8 0.4 38.0
Other fnancial assets [17] 157.4 2.0 141.2 1.8 11.5
Other assets [18] 131.7 1.6 132.6 1.7 0.7
Securities [19] 117.2 1.5 105.2 1.4 11.4
Cash and cash equivalents [20] 749.2 9.4 571.5 7.5 31.1
4,400.3 55.1 4,120.7 53.8 6.8
Assets classifed as held for sale [21] 5.3 0.1 74.1 1.0 92.8
4,405.6 55.2 4,194.8 54.8 5.0
7,978.3 100.0 7,649.1 100.0 4.3
83
Equity and liabilities
in millions of EUR 2013
Share
% 2012
Share
%
Change
%
Equity
Equity attributable to parent companies in the Group [22]
Share capital 372.4 4.7 476.4 6.2 21.8
Reserves 1,370.5 17.2 1,249.6 16.3 9.7
Retained earnings 1,592.2 19.9 1,425.1 18.7 11.7
3,335.1 41.8 3,151.1 41.2 5.8
Non-controlling interests 63.4 0.8 53.0 0.7 19.6
3,398.5 42.6 3,204.1 41.9 6.1
Non-current liabilities
Liabilities from fnancial services [23] 343.6 4.3 447.3 5.8 23.2
Financial liabilities [24] 1,432.9 18.0 1,168.8 15.3 22.6
Obligations from post-employment benefts [25] 186.1 2.3 194.4 2.5 4.3
Provisions [26] 79.3 1.0 73.1 1.0 8.5
Other fnancial liabilities [27] 5.7 0.1 5.1 0.1 11.8
Other liabilities [28] 4.4 0.1 2.8 0.0 57.1
Deferred taxes [13] 98.3 1.2 93.2 1.2 5.5
2,150.3 27.0 1,984.7 25.9 8.3
Current liabilities
Trade payables 426.4 5.3 404.6 5.3 5.4
Liabilities from fnancial services [23] 808.0 10.1 700.5 9.2 15.3
Financial liabilities [24] 374.2 4.7 449.4 5.9 16.7
Income tax liabilities 30.2 0.4 46.8 0.6 35.5
Provisions [26] 146.9 1.8 140.3 1.8 4.7
Other fnancial liabilities [27] 301.2 3.8 338.4 4.4 11.0
Other liabilities [28] 342.6 4.3 350.2 4.6 2.2
2,429.5 30.4 2,430.2 31.8 0.0
Liabilities associated with assets
classifed as held for sale [21] 0.0 0.0 30.1 0.4 100.0
2,429.5 30.4 2,460.3 32.2 1.3
7,978.3 100.0 7,649.1 100.0 4.3

84
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT
OF CASH FLOWS*
Cash fow from operating activities
in millions of EUR 2013 2012
Earnings before taxes 413.9 386.7
Income taxes paid 120.0 142.9
Finance costs 131.0 112.6
Finance revenue 50.3 50.9
Interest income from operating activities 30.3 26.5
Interest payments from operating activities 12.7 14.9
Changes in obligations from post-employment benefts 8.4 4.8
Amortization, depreciation and impairment losses / reversals of impairment losses 299.0 313.4
Losses on the disposal of non-current assets 5.8 2.2
Gains on the disposal of non-current assets 19.3 6.3
Other non-cash income and expenses 68.4 56.0
Gross cash fow 737.7 687.2
Changes in inventories 1.7 17.6
Changes in trade receivables 30.8 24.4
Changes in receivables from fnancial services 97.7 45.1
Changes in trade payables 18.7 21.6
Changes in liabilities from fnancial services 3.8 51.6
Change in short-term securities 11.9 21.4
Changes in other net working capital 22.8 26.4
Cash fow from operating activities 598.7 617.5
Investments in intangible assets 39.7 26.4
Investments in property, plant and equipment 374.0 410.5
Investments in fnancial assets 8.5 26.7
Investments in newly acquired subsidiaries less cash** 43.7 39.8
Cash received from the disposal of assets 58.6 26.4
Cash fow from investing activities 407.3 477.0
85
Cash fows
in millions of EUR 2013 2012
Distributions 217.2 185.5
Changes in receivables from / liabilities to family trusts
and the Wrth family including interest income 84.7 5.6
Capital contribution 152.2 111.0
Increase in fnancial liabilities 580.5 174.1
Decrease in fnancial liabilities 394.5 451.4
Interest payments / income from fnancing activities 57.7 73.4
Increase in majority shareholdings 1.6 0.0
Cash fow from fnancing activities 23.0 430.8
Changes due to consolidation (mainly due to exchange diferences) 8.3 5.4
Changes in cash and cash equivalents 176.7 295.7

Composition of cash and cash equivalents
in millions of EUR 2013 2012
Change
in millions of EUR
Short-term investments 68.1 0.4 67.7
Other cash equivalents 3.1 2.8 0.3
Cash on hand 1.9 2.4 0.5
Bank balances 676.1 565.9 110.2
Cash from assets classifed as held for sale 0.0 1.0 1.0
Cash and cash equivalents 749.2 572.5 176.7
* Reference to J. Notes to the consolidated statement of cash fows
** Reference to C. Consolidated group
86
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
Equity attributable to parent companies in the Group
Reserves
in millions of EUR
Share
capital
Diferences
from
currency
translation
Other
reserves
Retained
earnings Total
Non-
controlling
interests
Total
Equity
1 January 2012 474.5 39.6 1,189.7 1,371.8 2,996.4 45.2 3,041.6
Net income for the year 0.0 0.0 0.0 267.3 267.3 11.6 278.9
Other comprehensive income 0.0 1.5 33.8 0.0 32.3 0.5 32.8
Total comprehensive income 0.0 1.5 33.8 267.3 235.0 11.1 246.1
Capital increase / reduction 2.0 0.0 108.3 0.0 110.3 0.7 111.0
Transfer to / drawings from reserves 0.0 0.0 30.2 30.2 0.0 0.0 0.0
Distributions 0.0 0.0 0.0 180.7 180.7 4.8 185.5
Acquisition of shares in parent companies 0.1 0.0 5.4 4.0 9.5 0.0 9.5
Other income and expense
recognized in equity 0.0 0.9 0.4 0.9 0.4 0.8 0.4
31 December 2012 476.4 39.0 1,288.6 1,425.1 3,151.1 53.0 3,204.1
Net income for the year 0.0 0.0 0.0 295.3 295.3 14.1 309.4
Other comprehensive income 0.0 58.4 7.1 0.0 51.3 0.5 51.8
Total comprehensive income 0.0 58.4 7.1 295.3 244.0 13.6 257.6
Capital increase / reduction 104.0 0.0 128.7 127.3 152.0 0.2 152.2
Transfer to / drawings from reserves 0.0 0.0 44.5 44.5 0.0 0.0 0.0
Distributions 0.0 0.0 0.0 210.3 210.3 6.9 217.2
Acquisition of majority shareholdings 0.0 0.0 1.7 0.0 1.7 3.5 1.8
Other income and expense
recognized in equity 0.0 0.8 0.1 0.7 0.0 0.0 0.0
31 December 2013 372.4 96.6 1,467.1 1,592.2 3,335.1 63.4 3,398.5

87
CONSOLIDATED VALUE
ADDED STATEMENT*
Origin of value added
in millions of EUR 2013 2012
Change
%
Sales 9,745.1 9,984.7 2.4
Changes in inventories and own work capitalized for capital expenditure 8.6 28.3
<
100.0
Other operating income 86.1 91.8 6.2
Finance revenue 50.3 50.9 1.2
9,890.1 10,099.1 2.1
Less advance payments
Cost of materials and cost of fnancial services 4,685.3 4,858.7 3.6
Other operating expenses 1,623.0 1,671.0 2.9
Amortization and depreciation 303.2 314.0 3.4
6,611.5 6,843.7 3.4
Value added 3,278.6 3,255.4 0.7

Utilization
in millions of EUR 2013 2012
Change
%
Employees (personnel expenses) 2,733.7 2,756.1 0.8
Public sector (tax expenses) 104.5 107.8 3.1
Entities 244.4 204.4 19.6
Equity holders** 65.0 74.5 12.8
Lenders 131.0 112.6 16.3
Value added 3,278.6 3,255.4 0.7
* Not part of the consolidated fnancial statements in accordance with IFRSs (unaudited)
** Distributions net of contribution to capital
88
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
A. General information
The headquarters of the Wrth Group are located in 74650 Knzelsau, Germany.
The core business of the Wrth Group involves trade in fastening and assembly materials worldwide. The companies that
make up the Wrth Groups active sales operations are divided into two operational units: Wrth Line and Allied Companies.
Wrth Line operations focus on fastening and assembly materials, supplying customers in the trades, the construction sector,
and industry. The sales portfolio of the Wrth Line comprises products sold under its own brand name and by its own sales
organization. Its main business activity is the sale of screws, screw accessories, standard / DIN parts, chemical-technical
products, furniture and iron fttings, dowels, insulation, hand tools, power tools, cutting and pneumatic tools, service and
care products, connecting and fastening materials, stocking and picking systems as well as the direct mailing of workwear.
The Allied Companies, which either operate in business areas adjacent to the core business or in diversifed business
areas, round of the Wrth Groups portfolio. They are divided into nine strategic business units.With the exception of a
small number of manufacturing companies, the majority are sales companies operating in related areas. The Diversifca-
tion unit within the Allied Companies comprises service companies, such as hotels, restaurants and logistics operators.
B. Adoption of International Financial Reporting Standards
Statement of compliance
The consolidated fnancial statements of the Wrth Group were prepared according to the International Financial Report-
ing Standards (IFRSs) issued by the International Accounting Standards Board (IASB), London, as adopted by the EU,
the additional requirements of German commercial law pursuant to Sec. 315a (1) HGB [Handelsgesetzbuch: German
Commercial Code] and full IFRS. The consolidated fnancial statements consist of the consolidated income statement, con-
solidated statement of comprehensive income, consolidated statement of fnancial position, consolidated statement of cash
fows, consolidated statement of changes in equity and notes to the consolidated fnancial statements. The Group manage-
ment report has been prepared in accordance with Sec. 315 HGB.
Basis of preparation
All IFRSs whose adoption is mandatory as of 31 December 2013 have been applied. This also includes the International
Accounting Standards (IASs) as well as the interpretations issued by the IFRS Interpretations Committee (formerly: IFRIC)
and the Standing Interpretations Committee (SIC).
The fnancial statements have been prepared on the basis of historical cost, with the exception of fnancial assets at fair
value through proft or loss and available-for-sale fnancial assets, which are measured at fair value without efect on
proft or loss.
89
The consolidated fnancial statements have been prepared in euro. All fgures are reported in millions of euro (EUR) unless
otherwise indicated.
The items in the statement of fnancial position have been classifed into current and non-current assets and liabilities in
accordance with IFRSs. Items not due within a year are disclosed as non-current assets or non-current liabilities. In addi-
tion, deferred taxes are disclosed as non-current assets or liabilities.
The consolidated income statement has been prepared using the nature of expense method.
The consolidated fnancial statements were authorized by the Central Managing Board of the Wrth Group on 14 March
2014 for issue to the audit committee of the Wrth Groups Advisory Board.
Use of estimates and judgments
The preparation of the consolidated fnancial statements pursuant to IFRSs requires management to make estimates
and assumptions that afect the reported amounts of assets and liabilities and disclosure of contingent liabilities and other
fnancial obligations as of the reporting date and the reported amounts of income and expenses during the reporting
period. The assumptions and estimates are based primarily on Group-wide regulations governing useful lives, accounting
policies for capitalized development costs and provisions, the probability of future tax relief being realized from deferred
tax assets and on the assumptions regarding the future earnings power of cash-generating units. Actual amounts in future
periods may difer from the estimates. Changes are recognized in income as and when better information is available.
The key assumptions concerning the future and other key sources of estimation uncertainty as of the reporting date which
entail a risk of causing a material adjustment to the carrying amounts of assets and liabilities in the following fscal year
are discussed below.
a) Impairment of goodwill
The Wrth Group tests goodwill for impairment at least once a year. This involves an estimate of the net selling price of the
cash-generating units to which the goodwill is allocated. The cash-generating units are determined on the basis of the
lowest level used to monitor goodwill for internal purposes by management making decisions on business combinations.
In the Wrth Group this is the legal entity, with the exception of Dinol and Difutherm, which are considered to be a re-
porting unit. As of 31 December 2013 the carrying amount of goodwill totaled EUR 58.4 million (2012: EUR 70.5 million).
Further details are presented in the notes to the consolidated statement of fnancial position under [9] Intangible assets
including goodwill.
b) Impairment of intangible assets and property, plant and equipment
The Wrth Group tests intangible assets and property, plant and equipment for impairment if events or changes in circum-
stances suggest that it may not be possible to recover the carrying amount of an asset. The intrinsic value is calculated by
comparing the carrying amount of the individual assets with their recoverable amount. The recoverable amount is either
the value in use or the fair value, whichever is higher, less the cost of sale. The value in use is the amount calculated by
90
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
discounting the estimated future cash fows. If an asset does not generate any cash infows that are largely independent
of the cash infows generated by other asset groups, the impairment test is not carried out at the level of an individual
asset, but at the level of the cash-generating unit.
c) Unused tax losses and temporary diferences
Deferred tax assets are recognized for all unused tax losses and temporary diferences to the extent that it is probable
that taxable proft will be available against which the losses can be utilized. Signifcant management judgment is required
to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future
taxable profts together with future tax planning strategies. Unused tax losses and temporary diferences are considered
recoverable only if they are likely to be used within the next fve years. Deferred tax assets recognized on unused tax
losses amount to EUR 37.9 million as of 31 December 2013 (2012: EUR 57.1 million).
d) Obligations from post-employment benefts
The cost of defned beneft pension plans and other post- employment medical benefts and the present value of the
pension obligations are determined using actuarial valuations. An actuarial valuation involves making various assump-
tions. These include the determination of the discount rate, future salary increases, mortality rates and future pension
increases. Due to the complexity of the valuation, the underlying assumptions and its long-term nature, a defned beneft
obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. In de-
termining the appropriate discount rate, management considers the interest rates of corporate bonds in their respective
currencies with at least an AA rating or above, and extrapolated maturity corresponding to the expected duration of the
defned beneft obligation. The underlying bonds are further reviewed for quality. Those having excessive credit spreads
are excluded from the analysis of bonds from which the discount rate is derived, on the basis that they do not represent
high quality bonds. The mortality rate is based on publicly available mortality tables for the specifc country. Future salary
increases and pension increases are based on expected future infation rates for the respective country. The net carrying
amounts of the obligations from post- employ ment benefts amount to EUR 186.1 million as of 31 December 2013
(2012: EUR 194.4 million). Further details are presented in the notes to the consolidated statement of fnancial position
under [25] Obligations from post-employment benefts. All parameters are reviewed annually.
e) Securities
Financial assets for which there is no active market were measured on the basis of the expected cash fows discounted
at a rate that refects the terms and risks involved. This measurement is subject to estimation uncertainty because it is
most sensitive to the discount rates used in the discounted cash fow method as well as the expected future cash infows.
The fair value of these fnancial assets totaled EUR 66.0 million as of 31 December 2013 (2012: EUR 53.8 million).
f) Development costs
Development costs are capitalized in accordance with the accounting policies presented in section F. Initial recognition of
development costs is based on an assessment by management that the development is both technically and economically
feasible. Generally, this is the case if a product development project has reached a certain milestone within an existing
project management model. In determining the amounts to be capitalized management makes assumptions regarding the
expected future cash generation of the assets, discount rates to be applied and the expected period of benefts. As of
31 December 2013, the carrying amount of capitalized development costs was EUR 22.4 million (2012: EUR 4.5 million).
91
g) Receivables
To determine specifc allowances, receivables that could potentially be impaired are assessed for impairment and valu-
ation allowances applied where appropriate. The calculation of valuation allowances on receivables is based primarily
on assessments and analyses performed by the local management. In addition to the creditworthiness of, and default on
payment by, the customer in question, historical default rates are also taken into account.
Efects of new accounting standards
The accounting policies adopted are consistent with those of the prior fscal year, except that the Group has adopted
the new / revised standards and interpretations set out below that are mandatory for fscal years beginning on or after
1 January 2013. The changes in accounting policies and in the disclosures in the notes are due primarily to adoption of:
IFRS 1 First-Time Adoption of International Financial Reporting Standards Government Loans
(amended)
IFRS 7 Ofsetting of Financial Assets and Financial Liabilities
IFRS 10 Consolidated Financial Statements, IAS 27 Separate Financial Statements
IFRS 11 Joint Arrangements, IAS 28 Investments in Associates and Joint Ventures
IFRS 12 Disclosure of Interests in Other Entities
IFRS 13 Fair Value Measurement
IAS 1 Presentation of Financial Statements Presentation of Items of Other Comprehensive Income
IAS 19 Employee Benefts (revised 2011)
IAS 19 Employee Contributions
Improvements to IFRSs 2009-2011
- IFRS 1 Repeated application of IFRS 1
- IFRS 1 Borrowing costs
- IAS 1 Clarifcation of requirements for comparative information
- IAS 16 Classifcation of servicing equipment
- IAS 32 Tax efect of distribution to holders of equity instruments
- IAS 34 Interim fnancial reporting and segment information for total segment assets
The adoption of these standards or interpretations is described below:
IFRS 1 First-Time Adoption of International Financial Reporting Standards: This improvement clarifes that an
entity that stopped applying IFRS in the past and chooses, or is required, to apply IFRS, has the option to re-apply IFRS 1.
If IFRS 1 is not re- applied, an entity must retrospectively restate its fnancial statements as if it had never stopped apply-
ing IFRS.
This amendment to IFRS 7 Ofsetting of Financial Assets and Financial Liabilities requires entities to disclose
information about rights to set of and related arrangements (e.g. collateral arrangements). The disclosures are intended
to provide users of an entitys fnancial statements with information that is useful in evaluating the efect of netting ar-
rangements on an entitys fnancial position. The new disclosures are required for all recognized fnancial instruments that
are set of in accordance with IAS 32 Financial Instruments: Presentation. The disclosures also apply to recognized
fnancial instruments that are subject to an enforceable master netting arrangement or similar agreement, irre-
spective of whether they are set of in accordance with IAS 32. These amendments will not have any efect on
the Wrth Groups net assets, fnancial position and results of operations, and become efective for fscal years
beginning on or after 1 January 2013.
92
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
IFRS 10 Consolidated Financial Statements and IAS 27 Separate Financial Statements replace
the portion of the previous IAS 27 Consolidated and Separate Financial Statements that addressed accounting
for consolidated fnancial statements. It also includes the issues previously regulated in SIC-12 Consolidation
Special Purpose Entities. IFRS 10 establishes a single control model that applies to all entities including special
purpose entities. The changes introduced by IFRS 10 will require management to exercise signifcant judgment to
determine which entities are controlled, and therefore, are required to be consolidated by a parent. This did not,
however, have any signifcant efect on the Wrth Group. The standard is mandatory, for the frst time, for fscal
years beginning on or after 1 January 2013.
As a consequence of the new IFRS 11 Joint Arrangements and IFRS 12, IAS 28 has been renamed Invest-
ments in Associates and Joint Ventures (revised 2011), and extends the scope of application of the equity
method, which was previously limited to associates, to cover investments in joint ventures. The amendment was
issued in May 2011 and becomes efective for fscal years beginning on or after 1 January 2013. First-time adop-
tion did not have any signifcant efects on the consolidated fnancial statements of the Wrth Group.
IFRS 12 Disclosure of Interests in Other Entities includes all of the disclosures that were previously in
IAS 27 related to consolidated fnancial statements, as well as all of the disclosures that were previously in-
cluded in IAS 31 and IAS 28. These disclosures relate to an entitys interests in subsidiaries, joint arrangements,
associates and structured entities. A number of new disclosures are also required, but have no efect on the
Wrth Groups consolidated fnancial statements. The standard is mandatory for fscal years beginning on or
after 1 January 2013.
IFRS 13 Fair Value Measurement establishes a single source of guidance for fair value measurements. The
standard does not specify when an entity is required to use fair value for its assets and liabilities, but rather only
provides guidance on how to properly measure fair value under IFRS. IFRS 13 defnes the fair value as the exit
price. IFRS 13 also defnes further disclosure requirements. The application of IFRS 13 does not have any major
impact on fair value measurement within the Wrth Group. The required disclosures can be found in the disclo-
sures in the notes for the individual assets and liabilities whose fair value has been calculated. The standard is
mandatory for fscal years beginning on or after 1 January 2013.
The amendment to IAS 1 Presentation of Financial Statements Presentation of Items of Other
Comprehensive Income requires the regrouping of items belonging to other comprehensive income. Items to
be reclassifed to the income statement in subsequent reporting periods (known as recycling) (including losses
or gains from the disposal of available-for-sale fnancial assets) are to be reported separately from items that are
not to be reclassifed. The amendments only relate to presentation and have no impact on the net assets, fnancial
position or results of operations of the Wrth Group.
The IASB published IAS 19 Employee Benefts (revised 2011) in June 2011. The amendments are efective for
the frst time for fscal years beginning on or after 1 January 2013. The Wrth Group has, however, adopted this
standard early for fscal year 2012.
93
The amendment to IAS 19 Employee Contributions was published in November 2013 and is to be applied,
for the frst time, to fscal years starting on or after 1 July 2014. The amendment relates to the statement of contri-
butions made by employees or third party to the pension plan as a reduction of the service cost, insofar as they
refect the payments made in the reporting period. The amendment is to be applied retroactively and does not
have any impact on the net assets, fnancial position or results of operations of the Wrth Group.
Improvements to IFRSs 2009-2011
In May 2012, the IASB issued an omnibus of amendments to its standards, primarily with a view to removing inconsisten-
cies and clarifying wording. There are separate transitional provisions for each amended standard. The adoption of the
following amendments resulted in changes to accounting policies but did not have any efect on the net assets, fnancial
position and results of operations of the Wrth Group, as the amendments apply to scenarios that do not apply in the
Wrth Group.
IFRS 1 Borrowing costs; Entities adopting the IFRSs for the frst time can opt to apply the provisions governing borrow-
ing costs set out in IAS 23, in particular the obligation to capitalize borrowing costs on qualifying assets, either from the
time of transition to the IFRSs or at an earlier point in time. The provision set out in IAS 23 must, however, be adhered to at
the time the IFRSs are adopted at the latest.
IAS 1 Presentation of Financial Statements: This clarifes the distinction between the additional comparative in-
formation that may be presented and the minimum comparative information that is required, generally covering the prior
reporting period.
IAS 16 Property, Plant and Equipment: This clarifes which spare parts and servicing equipment qualify as property,
plant and equipment and are not treated as inventories.
IAS 32 Financial Instruments: Presentation: This clarifes that income taxes on distributions to bearers of equity instru-
ments fall under the scope of IAS 12 Income Taxes.
IAS 34 Interim Financial Reporting: Contains a provision reconciling the disclosures on segment assets with the dis-
closures on segment liabilities in interim fnancial statements and the reconciliation of disclosures in the interim reporting
with the disclosures in the annual fnancial statements.
The amendments from this project are efective for fscal years beginning on or after 1 January 2013.
Published standards endorsed by the EU in the comitology procedure that are not yet efective.
Standards issued but not yet efective by the date of issuance of the consolidated fnancial statements of the Wrth Group
are listed below. This listing of standards and interpretations issued are those that the Wrth Group reasonably expects
to have an efect on disclosures, net assets, fnancial position and results of operations when applied at a future date. The
Wrth Group intends to adopt those standards when they become efective.
IFRS 9 Financial Instruments: Classifcation and Measurement as issued refects the frst phase of the IASBs work
on the replacement of IAS 39 Financial Instruments: Recognition and Measurement and applies to the classifcation and
measurement of fnancial assets and fnancial liabilities as defned in IAS 39. This standard is mandatory, for the frst time,
for fscal years beginning on or after 1 January 2013. Amendments to IFRS 9 Mandatory Efective Date of IFRS 9 and
Transition Disclosures, issued in December 2011, moved the mandatory efective date to 1 January 2015. In subsequent
phases, the IASB will address hedge accounting and the impairment of fnancial assets. The adoption of the frst phase
of IFRS 9 will have an efect on the classifcation and measurement of the Wrth Groups fnancial assets, but will not have
94
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
an efect on classifcation and measurement of fnancial liabilities. The Wrth Group will quantify the efect in conjunction
with the other phases, when the fnal standard including all phases is issued.
The amendment for investment companies (amendment to IFRS 10, IFRS 12 und IAS 27) applies to fscal years
beginning on or after 1 January 2014 and exempt companies that meet the defnition criteria of an investment company
set out in IFRS 10 from the consolidation requirement. Instead, the investment companies have to state the interests in their
subsidiaries at fair value through proft or loss in the future. This amendment is irrelevant to the Wrth Group, as none of
the Wrth Group companies fulfls the criteria for defnition as an investment company pursuant to IFRS 10.
The amendments to IAS 32 Ofsetting Financial Assets and Financial Liabilities clarify the meaning of currently
has a legally enforceable right to set of and the application of ofsetting criteria to gross settlement systems at clearing
houses. The amendment is efective for the frst time for fscal years beginning on or after 1 January 2014. This amendment
is not expected to have any efects on the consolidated fnancial statements of the Wrth Group.
The amendment to IAS 36 Recoverable Amount Disclosures for Non-Financial Assets resolves the unplanned impli-
cations of IFRS 13 for the disclosure requirements pursuant to IAS 36. Furthermore, the amendment requires the disclosure
of a recoverable amount for assets or cash-generating units for which impairments or reversals of impairment losses were
stated during the year. The amendment applies with retroactive efect to fscal years beginning on or after 1 January 2013
and will not have any efect on the consolidated fnancial statements of the Wrth Group.
The amendment to IAS 39 Novation of Derivatives and Continuation of Hedge Accounting allows, under cer-
tain circumstances, the continuation of hedge accounting in cases in which derivatives designed as hedging instruments
are transferred to a central clearing house on the basis of statutory and supervisory law provisions (novation). The
amendment is efective for the frst time for fscal years beginning on or after 1 January 2014. The Wrth Group did not
perform any novation of its derivatives in the period under review and generally recognizes derivatives not as hedging
instruments, but at fair value through proft or loss. This amendment will, however, be applied to future novation.
The interpretation IFRIC 21 Levies states that companies operating on particular markets have to state a liability for
the levies to be paid to the authorities responsible for this market if the business activities causing the levy in question are
performed. In the case of levies that depend on a minimum volume being reached, for example, the interpretation makes
it clear that a debt can only be carried as a liability once this minimum volume has been reached. The interpretation is
efective for the frst time for fscal years beginning on or after 1 January 2014. The Wrth Group does not expect the
application of IFRIC 21 to have any signifcant efect on the consolidated fnancial statements.
Improvements 2010-2012
IFRS 2 Share-based Payment; defnition of exercise conditions
IFRS 3 Business Combinations; reporting of conditional consideration in connection with a business combination
IFRS 8 Operating Segments; transfer of all of the reportable assets of the operating segment to the company
assets
IFRS 13 Fair Value Measurement; current receivables and liabilities
IAS 16 Property, Plant and Equipment; revaluation method proportionate restatement of accumulated depreciation
IAS 24 Related Party Disclosures; members of the company management.
IAS 38 Intangible assets; revaluation method proportionate restatement of accumulated depreciation
95
Improvements 2011-2013
IFRS 1 First-Time Adoption of International Financial Reporting Standards (amending only the Basis for
Conclusions); meaning of efective in respect of the IFRSs
IFRS 3 Business Combinations; scope of application of the exceptions for joint ventures
IFRS 13 Fair Value Measurement; scope of paragraph 52 (exception for portfolios)
IAS 40 Investment Property; clarifying the interrelationship of IFRS 3 and IAS 40 when classifying property as
investment property or owner-occupied property
The IASB published the fnal amendments resulting from the issues discussed in this cycle in December 2013.
The Wrth Group is currently assessing the efect on the consolidated fnancial statements.
C. Consolidated group
The consolidated fnancial statements of the Wrth Group include parent companies at the same organizational level as
well as all domestic and foreign entities in which the parent companies at the same organizational level hold a majority
of the voting rights, either directly or indirectly, and thus have the possibility to exercise control over these entities. The
parent companies and hence the entire Wrth Group are subject to common control by the Central Managing Board.
The consolidated group is therefore based on the Wrth Groups uniform ownership, organizational and management
structure, as only this presentation gives a true and fair view of the Wrth Group. Determining the consolidated group in
accordance with IAS 27 / IFRS 10 would not give a true and fair value of the net assets, fnancial position and results
of operations because transactions between the subgroups thereby created would not be presented fairly. In this case,
the subgroups would provide an incomplete and misleading presentation of the economic and fnancial conditions of the
Wrth Group regarding practically every item of the consolidated fnancial statements.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Wrth Group obtains control,
and continue to be consolidated until the date that such control by the parent ceases.
The cost of subsidiaries and business operations acquired comprises the consideration transferred plus any non-controlling
interests.
The major changes to the consolidated group in comparison to the prior year on account of acquisitions are as follows:
As of 1 January 2013, the Wrth Group acquired 100% of the shares and the voting rights in Chemofast Anchoring
GmbH, Willich, Germany. The company develops and produces chemical mortars, known as chemical anchors, and
markets these very successfully to its private-label customers in the construction and retail industries.
96
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Chemofast Anchoring GmbH, Willich, Germany:
in millions of EUR
Acquisition-date
fair value
Previous carrying
amount
Assets
Customer relationships 11.9
Recipes 6.9
Land 3.0 2.8
Technical equipment and machines 1.9 1.9
Other non-current assets 0.3 0.3
Inventories 3.6 3.6
Trade receivables 4.3 4.3
Other assets 0.3 0.3
Cash and cash equivalents 3.6 3.6
35.8 16.8
Liabilities
Financial liabilities 2.9 2.9
Trade payables 1.7 1.7
Provisions 0.9 0.9
Income tax liabilities 0.8 0.8
Deferred tax liabilities 3.9 0.2
Other liabilities 0.7 0.7
10.9 7.2
Total identifable net assets 24.9 9.6
Goodwill arising from the business combination 8.8
Consideration transferred 33.7
Transaction costs 0.7
Cash acquired with the subsidiary 3.6
Net cash outfow 30.8
Since the acquisition date, the entity has contributed EUR 22.3 million to sales. Net income for the year came in at EUR 1.6
million.
The following acquisitions were also made:
As of 1 September 2013, the Wrth Group acquired 90% of the shares and voting rights in YOUR OWN BRAND GmbH,
Neutraubling, Germany, including the latters subsidiaries YOUR OWN BRAND UK Ltd., Cheddar, UK and Your Own
Brand S.R.L, Milan, Italy. The company specializes in body and hair care products and designs and distributes brands
and branded goods for customers from the discount, chemist and food retail sectors.
97
Also with efect from 1 September 2013, the Wrth Group acquired 75% of the shares and voting rights in Kemacos Full
Filling Service GmbH, Kematen in Tyrol, Austria, as well as 75% of the shares and voting rights in CC- Czech Liegen-
schaftsverwaltungs GmbH, Kematen in Tyrol, Austria. As a result of a subsequent unilateral capital increase, the interest
was increased to 100% in accordance with the contractual provisions. Kemacos Full Filling Service GmbH is responsible
for the development and manufacture of cosmetics products for body and hair care and for oral hygiene.
The Wrth Group acquired 100% of the shares and voting rights in Ares Oy Nikotips, Espoo, Finland, as of 22 February
2013. Ares Oy is involved in the wholesale business for rubber, plastic and polyurethane products.
On 11 July 2013, the Wrth Group acquired 100% of the shares and voting rights in the property company Bontilat
Oy, Imatra, Finland. The company was then merged with Wrth Oy, Riihimki, Finland.
in millions of EUR
Your Own
Brand
Group
Kemacos Full
Filling Service
GmbH
Ares Oy
Nikotips Other Total
Assets
Intangible assets 6.0 1.6 6.8 0.5 14.9
Other non-current assets 0.3 4.3 0.2 6.0 10.8
Inventories 6.5 2.5 2.5 1.8 13.3
Receivables and other assets 3.1 3.4 1.4 0.1 8.0
Cash and cash equivalents 0.2 0.1 0.3 0.0 0.6
16.1 11.9 11.2 8.4 47.6
Equity and liabilities
Shares held by other shareholders 0.3 0.0 0.0 0.0 0.3
Non-current liabilities 3.0 7.9 3.6 4.8 19.3
Current liabilities 6.6 4.0 1.1 2.2 13.9
9.3 11.9 4.7 7.0 32.9
Purchase prices 6.8 0.0 6.5 1.4 14.7
Pro rata sales 12.3 5.0 9.1 5.6 32.0
Share of proft / loss 0.1 0.4 0.6 0.5 0.4
Pro forma sales in 2013 41.8 15.8 10.9 5.6 74.1
Pro forma proft / loss in 2013 0.2 4.0 0.9 0.5 3.4
The other acquisitions relate mainly to the Alufer Group, Elgeta, Spain and SVH24-de GmbH, Dortmund, Germany.
In the past fscal year, an amount of EUR 21.6 million (2012: EUR 27.7 million) was recognized as expenses from the
amortization, depreciation and impairment of assets identifed in the course of purchase price allocation for business com-
binations from prior years.
After the Wrth Solar Group ceased operations, Creotec GmbH, Freiburg, Germany and SolarMarkt GmbH, Aarau, Swit-
zerland were sold in fscal year 2013. The business operations of SolarMarkt Freiburg, Germany and Session Solar, USA
were also sold.
98
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
D. Consolidation principles
The consolidated fnancial statements are based on the fnancial statements of the parent companies and subsidiaries
included in the Group as of 31 December 2013, which have been prepared according to uniform standards.
Acquisition accounting is performed using the acquisition method in accordance with IFRS 3 (revised).Accordingly, the
consideration transferred to the seller plus any non- controlling interests and the fair value of the previously held equity
interests in the acquiree are ofset against the fair value of the acquired assets and liabilities on the acquisition date. Any
remaining debit diferences are accounted for as goodwill. Any remaining credit diferences are posted to proft or loss.
Any contingent consideration is recognized at acquisition- date fair value. Subsequent changes to the fair value of the
contingent consideration which is deemed to be an asset or liability will be recognized in accordance with IAS 39 either in
proft or loss or as a change to other comprehensive income. If the contingent consideration is classifed as equity, it is not
remeasured and its subsequent settlement is accounted for within equity. Business combinations achieved in stages where
the Group already has control or disposals of shares without a loss of control are recognized directly in equity from fscal
year 2010 onwards.
In the case of business combinations achieved in stages that give rise to control over an entity, or in the case of disposals
of shares which result in a loss of control, the previously held or remaining equity interests are remeasured at fair value
through proft or loss.
A change in the ownership interest of a subsidiary without involving the loss of control is accounted for as an equity
transaction. Transactions under common control are recognized using the pooling-of-interest method. Under this method,
any gains or losses on disposal lacking commercial substance are ofset directly in equity in the reserves. The same
accounting policies are used to determine the Groups share in equity of all companies accounted for using the equity
method. Receivables and liabilities between the consolidated entities are netted. Intercompany profts in inventories and
non- current assets are eliminated in the consolidated income statement. Intercompany sales and other intercompany
income are netted against the corresponding expense. Deferred tax is recognized for consolidation transactions that are
recognized in proft or loss.
Non-controlling interests represent the portion of proft or loss and net assets not attributable to the equity holders of the
parent companies in the Group. Non-controlling interests are presented separately in the consolidated income statement
and the consolidated statement of fnancial position. In the consolidated statement of fnancial position, non-controlling
interests are disclosed in equity, separately from the equity attributable to the parent companies in the Group.
99
E. Foreign currency translation
In the separate fnancial statements of the entities, non-monetary and monetary items denominated in foreign currency
are recognized at the rate prevailing when they were frst recorded. Monetary items are translated at the exchange rate
on the reporting date. Any exchange rate gains generated and losses incurred as of the reporting date from the measure-
ment of monetary assets and monetary liabilities denominated in foreign currency are recognized through proft or loss in
fnance revenue and fnance costs respectively.
The functional currency method is used to translate the fnancial statements of foreign entities. In the consolidated fnancial
statements, except for equity, the items of the statement of fnancial position of all foreign entities are translated to the euro
at closing rates, as the signifcant Group entities included in the consolidated fnancial statements conduct their business
independently in their local currency, which is the functional currency. Diferences compared to the prior-year translation
are ofset against reserves directly in equity (other comprehensive income). Goodwill is translated at the closing rate as an
asset of foreign entities.
Income and expense items are translated using average rates. Diferences compared to the closing rate are also recognized
directly in equity.
The fnancial statements of the major subsidiaries in countries outside the European Monetary Union were translated to the
euro using the following exchange rates:
Average exchange rates
for the fscal year
Closing rates
on the reporting date
2013 2012 2013 2012
1 US dollar 0.75382 0.77891 0.72632 0.75855
1 pound sterling 1.17770 1.23243 1.20149 1.22639
1 Canadian dollar 0.73133 0.77887 0.68222 0.76254
1 Australian dollar 0.73016 0.80667 0.64775 0.78666
1 Brazilian real 0.35210 0.39892 0.30711 0.37102
1 Chinese renminbi yuan 0.12250 0.12300 0.11989 0.12178
1 Danish krone 0.13409 0.13434 0.13406 0.13405
1 Norwegian krone 0.12824 0.13377 0.11943 0.13581
1 Polish zloty 0.23818 0.23886 0.24105 0.24433
1 Russian rouble 0.02361 0.02504 0.02205 0.02488
1 Swedish krona 0.11566 0.11485 0.11318 0.11649
1 Swiss franc 0.81230 0.82970 0.81539 0.82836
1 Czech koruna 0.03843 0.03979 0.03649 0.03981
1 Hungarian forint 0.00337 0.00346 0.00337 0.00341
100
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
F. Accounting policies
The Wrth Group uses transaction date accounting. The fnancial statements of all consolidated companies have been
prepared in line with uniform accounting policies for the Group (IFRSs).
Goodwill arising from a business combination is initially measured at cost, which is the excess of the cost of the business
combination over the Groups interest in the net fair value of the identifable assets, liabilities and contingent liabilities
acquired. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.
Recognized goodwill is tested for impairment on an annual basis and when there is any indication that it may be impaired.
The impairment test for goodwill is efected at the level of the cash-generating unit. The cash-generating unit is defned as
the legal entity, with the exception of Difutherm and Dinol.
The impairment loss is determined by calculating the recoverable amount of the cash-generating unit to which goodwill
relates. If the recoverable amount of the cash- generating unit is lower than its carrying amount, an impairment loss is
recorded.
Intangible assets acquired separately are initially measured at cost. The cost of an intangible asset acquired in a business
combination is its acquisition- date fair value. Following initial recognition, intangible assets are carried at cost less any
accumulated amortization and any accumulated impairment losses.
The useful lives of intangible assets are assessed to be either fnite or indefnite.
Intangible assets with fnite lives are amortized over their useful life using the straight-line method and tested for impairment
whenever there is any indication that the intangible asset may be impaired. The useful life and the amortization method
for an intangible asset with a fnite useful life are reviewed at least at each fscal year end. The necessary changes in the
amortization method and the useful life are treated as changes to estimates. Amortization of intangible assets with a fnite
useful life is reported in the consolidated income statement under amortization and depreciation. Capitalized customer
relationships, software, franchises and other licenses are amortized over a useful life of three to ffteen years.
Intangible assets with an indefnite useful life and intangible assets that are not ready for use are tested for impairment
individually at least once a year. Such intangibles are not amortized. The useful life of an intangible asset with an indefnite
life is reviewed annually to determine whether the indefnite life assessment continues to be supportable.
101
If all prerequisites of IAS 38.57 are met, internally generated intangible assets are reported at the amount of the directly
attributable development costs incurred. Capitalization ceases when the asset is fnished and released. Pursuant to
IAS 38.57 development costs may only be capitalized if an entity can demonstrate that all of the following six requirements
are satisfed:
1. The technical feasibility of completing the asset so that it will be available for use or sale
2. The intention to complete the intangible asset and use or sell it
3. The ability to use or to sell the intangible asset
4. How the intangible asset will generate probable future economic benefts
5. The availability of adequate technical, fnancial and other resources to complete the development and to use or sell the
intangible asset
6. The ability to measure reliably the expenditure attributable to the intangible asset during its development
The Wrth Group estimated the customary useful life of the recognized internally generated intangible assets to be
three years.
Costs of research and general development are immediately recorded as an expense in accordance with IAS 38.54.
Property, plant and equipment are stated at amortized cost. Repair costs are expensed immediately. Costs of conver-
sion contain directly allocable costs (such as direct materials and labor) and fxed and variable production overheads
(such as materials and production overheads) including appropriate depreciation of the production plant based on ordi-
nary capacity utilization. Borrowing costs are capitalized provided the requirements for a qualifying asset are met. Except
for land and land rights, property, plant and equipment are generally depreciated using the straight-line method unless
a diferent depreciation method better refects the pattern of consumption.
Depreciation is computed according to the following uniform Group useful lives:
Buildings 25 40 years
Furniture and fxtures 3 10 years
Technical equipment and machines 5 15 years
An item of property, plant and equipment leased under a fnance lease is recognized at fair value or the lower present
value of the minimum lease payments and depreciated over the expected useful life or the contractual term, whichever is
shorter. Payment obligations resulting from the lease payments are recorded as a liability at their present value.
102
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The residual values of the assets, useful lives and depreciation methods are reviewed at the end of each fscal year and
adjusted if necessary.
An item of property, plant and equipment or an intangible asset is derecognized upon disposal or when no future eco-
nomic benefts are expected from its use or disposal. Any gain or loss arising on disposal of the asset (calculated as the
diference between the net disposal proceeds and the carrying amount of the asset) is included in the consolidated income
statement in the year the asset is derecognized.
An impairment test is performed at the end of the fscal year for all intangible assets and property, plant and equipment
if events or changes in circumstances indicate that the carrying amount of the assets exceeds their recoverable amount
or if an annual impairment test is required. If the recoverable amount of the asset falls short of the carrying amount, an
impairment loss is recognized. The recoverable amount is the higher of an assets net selling price and its value in use. The
net selling price is the amount obtainable from the sale of an asset in an arms length transaction less the costs necessary
to make the sale. Value in use is the present value of estimated future cash fows expected to arise from the continuing use
of an asset and from its disposal at the end of its useful life.
The recoverable amount is determined for each asset individually or, if that is not possible, for the cash-generating unit.
Impairment losses recognized for an asset in proft or loss in prior years are reversed when there is any indication that the
impairment no longer exists or has decreased. Any reversal is posted to proft or loss. A reinstatement or reversal of the
impairment loss recorded on an asset cannot, however, exceed the amortized cost that would have been recognized
without the impairment. Impairment losses recognized on goodwill are not reversed.
Financial assets are divided into the following categories: (a) held-to-maturity fnancial assets, (b) fnancial assets at fair
value through proft or loss, (c) available-for-sale fnancial assets, and (d) loans and receivables originated by the entity.
Financial assets with fxed or determinable payments and fxed maturity that the entity has the positive intention and ability
to hold to maturity, other than loans and receivables originated by the entity, are classifed as held-to-maturity investments.
Financial assets classifed as at fair value through proft or loss are (i) fnancial assets that are acquired principally for
the purpose of generating a proft from short-term fuctuations in price or exchange rates or (ii) fnancial assets designated
upon initial recognition as of fair value through proft or loss. All other fnancial assets apart from loans and receivables
originated by the entity are classifed as available-for-sale fnancial assets.
Held-to-maturity investments are disclosed under non-current assets unless they are due within twelve months of the report-
ing date. Financial assets held for trading are disclosed under current assets. This does not apply to derivatives that lead
to payments in more than twelve months after the reporting date. They are disclosed under non-current fnancial assets or
liabilities. Financial assets designated upon initial recognition as of fair value through proft or loss and available-for-sale
fnancial assets are disclosed as current assets if management intends to sell them within twelve months of the end of the
reporting period. They are recognized at the date when the Wrth Group enters into a contract.
103
The initial recognition of a fnancial asset is at cost, which corresponds to the fair value of the consideration given.
Transaction costs are included, except for fnancial assets designated upon initial recognition as of fair value through
proft or loss or classifed as held-for-trading.
Held-to-maturity investments are measured at amortized cost using the efective interest method. If it is likely that fnancial
assets measured at amortized cost are impaired, the impairment loss is recognized in proft or loss. If an impairment loss
recorded in a prior period decreases and the reversal of the impairment loss (or decrease in the impairment loss) can be
reversed, an asset may not be carried at an amount exceeding the carrying amount that would have been recognized
without the impairment.
Available-for-sale fnancial assets, fnancial assets that are classifed as held for trading, and fnancial assets at fair value
through proft or loss are subsequently measured at fair value on the basis of market prices as of the reporting date without
deducting any transaction costs. For fnancial instruments where there is no active market, fair value is determined using
valuation techniques. Such techniques include using recent arms length market transactions, discounted cash fow analysis
or other valuation models.
Gains and losses from measurement of an available-for-sale fnancial asset at fair value are recognized directly in equity.
Changes in the fair value of fnancial assets held for trading and fnancial assets at fair value through proft or loss are
recognized in the net income or loss for the period.
Loans and receivables originated by the entity and not held for trading are recognized at amortized cost.
Any necessary impairment losses are recognized by deducting the amounts directly from the underlying receivables.
Derivative fnancial instruments are classifed as held-for-trading fnancial assets / fnancial liabilities, unless they are
included in hedge accounting as hedging instruments. The change in the fair value of the derivative fnancial instruments is
recognized in the consolidated income statement. The fair value of open derivative fnancial instruments is disclosed under
other assets / liabilities.
Receivables and liabilities from fnancial services contain all receivables and liabilities arising from the fnancial
services business. Bank receivables and loans as well as receivables or loans due from customers are fnancial investments
with fxed or determinable payments and fxed maturity that are not quoted in an active market. After initial recognition,
receivables and liabilities from fnancial services are carried at amortized cost using the efective interest method less any
allowance for impairment. Loans in the banking business are tested for impairment. The Wrth Group sells receivables
from fnancial services to factors in asset-backed commercial papers (ABCP) transactions. Notwithstanding the transfer of
title to the receivables from fnancial services, these must continue to be recognized by the Wrth Group where Group
entities retain signifcant risks and rewards on a contractual basis.
Interest-free and low-interest loans are stated at present value.
104
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Deferred taxes result from temporary diferences between the IFRS carrying amounts and the tax accounts of the indi-
vidual entities (except for diferences from goodwill arising on the acquisition of shares) and from consolidation entries.
Deferred tax assets also include tax credits that result from the expected utilization of existing loss carryforwards in subse-
quent years. Deferred tax assets for recognition and measurement diferences and for unused tax losses are only taken
into account if they are expected to be realized. Deferred taxes are measured on the basis of the respective local income
tax rates. Deferred tax assets and deferred tax liabilities are ofset if a Group entity has a legally enforceable right to
ofset current tax assets and current tax liabilities and these relate to income taxes levied by the same taxation authority on
the same taxable entity. Deferred taxes relating to items recognized directly in equity are also posted directly to equity.
Other deferred taxes are posted to the consolidated income statement.
Inventories are stated at costs of purchase or costs of conversion. Costs of conversion contain directly allocable costs
(such as direct materials and labor) and fxed and variable production overheads (such as materials and production
overheads) including appropriate depreciation of the production plant based on ordinary capacity utilization and, in the
case of qualifying assets, borrowing costs.
The carrying amounts are calculated using the weighted average cost method.
Risks inherent in inventories from reduced salability are accounted for by recognizing appropriate write- downs to the
lower of cost or net realizable value.
Payments on account received from customers are recorded as liabilities.
Receivables and other assets are measured at amortized cost. Allowances for impairment are provided for based on
individual risk estimates and past experience of recoverability. To determine specifc allowances, fnancial assets that
could potentially be impaired are grouped together by similar credit risk characteristics and collectively assessed for
impairment. Impairment losses on trade receivables are recognized via a provision for impairment in some cases. The
de cision of whether to account for a credit risk by using a provision for impairment or by recognizing a loss directly on
the receivable depends upon the ability to accurately assess the risk involved. On account of the diferent business felds
and regional conditions, this assessment is at the discretion of the individuals in charge of the respective portfolios.
As a lessor, the Wrth Group recognizes fnance lease assets as receivables in the statement of fnancial position equal
to the unsold net investment in the lease. Financial income is recognized to refect a constant periodic rate of return on the
lessors net investment outstanding. Initial direct costs are immediately expensed. Income on unsold contracts is recognized
over the term of the lease.
Securities are classifed as fnancial assets held for trading or designated upon acquisition as fnancial assets at fair value
through proft or loss and marked to market on the reporting date. Highly liquid securities classifed as current assets are
securities due within three months from the date of acquisition. They are reported as short-term investments under cash and
cash equivalents.
Cash and cash equivalents include cash, demand deposits and short-term investments (e.g. money market funds).
105
Non-current assets classifed as held for sale and discontinued operations are measured at the lower of carrying
amount and fair value less costs to sell. Non-current assets or disposal groups are classifed as held for sale if their carry-
ing amounts will be recovered through a sale transaction rather than through continuing use. This condition is regarded as
met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present
condition. Management must be committed to the sale, which should be expected to qualify for recognition as a com-
pleted sale within one year from the date of classifcation. In the consolidated income statement of the reporting period,
and of the comparable period of the prior year, income and expenses from discontinued operations are recognized sepa-
rately from income and expenses from continuing operations and presented as proft / loss after taxes from discontin-
ued operations. Income and expenses from liabilities classifed as held for sale that do not constitute discontinued opera-
tions are recognized under proft / loss from continuing operations. This presentation also applies when the Wrth Group
retains a non-controlling interest in the former subsidiary after the sale. Property, plant and equipment and intangible as-
sets once classifed as held for sale are not depreciated or amortized.
Non-controlling interests include non-controlling interests in share capital, in reserves and in retained earnings unless
they qualify as liabilities within the meaning of IAS 32. If the latter is the case, they are disclosed under fnancial liabilities
and changes in the fair value are recognized within the fnancial result.
Post-employment beneft obligations for defned beneft plans are calculated using the projected unit credit method.
Future obligations are measured using actuarial methods. Taking account of dynamic components, the future beneft obli-
gations are spread over the entire period of service. Actuarial calculations and estimates must be obtained for all beneft
plans. Actuarial gains and losses for the defned beneft plan are recognized in full in the period in which they occur in
other comprehensive income. Such actuarial gains and losses are also immediately recognized in revenue reserves and
are not reclassifed to proft or loss in subsequent periods.
The defned beneft asset or liability comprises the present value of the defned beneft obligation (using a discount rate
based on high quality corporate bonds, as explained in note 3) and the fair value of plan assets out of which the obliga-
tions are to be settled. Plan assets are assets that are held by a long-term employee beneft fund or qualifying insurance
policies. Plan assets are not available to the creditors of the Group, nor can they be paid directly to the Group. Fair value
is based on market price information and, in the case of quoted securities, it is the published bid price. The value of any
defned beneft asset recognized is restricted to the sum of any unrecognized past service costs and the present value of
any economic benefts available in the form of refunds from the plan or reductions in the future contributions to the plan.
In the case of defned contribution plans, the respective entity pays contributions to state or private pension companies
either as required by law or on a voluntary basis. No further payment obligations arise for the company from the payment
of contributions. The amounts are recognized in proft or loss in full.
Provisions are created for all legal or constructive obligations to third parties as of the reporting date which relate to past
events, will probably lead to an outfow of resources in future, and whose amount can be reliably estimated. Provisions are
reviewed at each reporting date and adjusted to refect the current best estimate. Where the efect of the time value of the
money is material, the amount of a provision is the present value of the expenditures expected to be required to settle the
obligation. In the discounting process, the increase in the provision refecting the passage of time is recognized as fnance
costs. Reversals of provisions are posted against the expense items for which the provisions were set up.
106
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
When measuring fnancial liabilities, a distinction is made between
a) fnancial liabilities held for trading, and
b) other fnancial liabilities.
Derivative fnancial instruments are classifed as held-for-trading fnancial liabilities and measured at fair value. However,
an exception is made for derivatives related to non-listed equity instruments whose fair value cannot be reliably deter-
mined and that can only be settled through their delivery. These are measured at cost.
Other fnancial liabilities are measured at amortized cost using the efective interest method, which usually corresponds to
the repayment or settlement value or, in the case of obligations similar to pension obligations, to present value. If non-con-
trolling interests are classifed as liabilities within the meaning of IAS 32, they are measured at fair value.
The Wrth Group measures fnancial instruments and non-fnancial assets at fair value on every reporting date. The fair
value is the price that would be paid, in the event of a due and proper transaction, between market participants on the
calculation cut- of date for the sale of an asset / transfer of a liability. All assets and liabilities for which the fair value is
calculated or is reported in the fnancial statements are allocated to the fair value hierarchy described below.
Level 1 Quoted market prices in active markets for identical assets and liabilities.
Level 2 Valuation techniques for which the lowest level input parameter that is signifcant to valuation at fair value mea-
surement is directly or indirectly observable.
Level 3 Valuation techniques for which the lowest level input parameter that is signifcant to the fair value measurement is
unobservable.
Financial guarantee contracts issued by the Wrth Group are those contracts that require a payment to be made to re-
imburse the holder for a loss it incurs because the specifed debtor fails to make a payment when due in accordance with
the terms of a debt instrument. These fnancial guarantee contracts are treated as insurance contracts as defned by IFRS 4,
i.e. the fnancial guarantee contracts are presented as contingent liabilities until utilization becomes probable. When this is
the case, the corresponding obligation is recognized.
Sales are recognized when it is probable that the economic benefts associated with the transaction will fow to the entity
and the level of sales can be measured reliably. Sales are recorded net of general VAT and any price reductions and
quantity discounts when delivery has taken place and the risks and rewards incidental to ownership have been trans-
ferred in full.
Revenue from fnancial services is recognized when it is realized or realizable and earned. Interest from interest-bearing
assets and liabilities is recognized proportionately over the term of the assets or liabilities concerned using the efective
interest method and taking into account any deferred charges and fees as well as premiums or discounts. Commission is
recognized when there is sufcient evidence that an agreement exists, the performance has been rendered, the fee or
commission has been fxed, and collectability is sufciently certain.
107
Lease payments under an operating lease are recognized as an expense in the consolidated income statement on a
straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern of the
beneft for the entity as lessee. A lease is classifed as an operating lease if the lease does not transfer substantially all risks
and rewards incidental to ownership to the entity.
Finance leases with the Wrth Group as lessee, which transfer to the Wrth Group substantially all the risks and rewards
incidental to ownership of the leased asset, are capitalized at the commencement of the lease at the fair value of the
leased asset or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between
fnance charges and a reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance
of the liability. Finance costs are recognized in the income statement. A leased asset is depreciated over the useful life of
the asset. However, if there is no reasonable certainty that the Wrth Group will obtain ownership by the end of the lease
term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at
inception date and an assessment of whether the fulfllment of the arrangement is dependent on the use of a specifc asset
or assets or the arrangement conveys a right to use the asset. For arrangements entered into prior to 1 January 2005, the
date of inception is deemed to be 1 January 2005 in accordance with the transitional provisions of IFRIC 4.
Government grants are not recognized until there is reasonable assurance that the entity will comply with the conditions
attached to the grant and that the entity will in fact receive it. Government grants are recognized in proft or loss as scheduled
in line with the related expenses which are subsidized by the grants. If grants are issued for the purchase of property, plant
or equipment, the grants are treated as a reduction of the cost of those assets.
Contingent liabilities are possible or present obligations arising from past events which are not likely to result in an out-
fow of resources and are thus not recorded in the statement of fnancial position. The amounts stated correspond to the
potential liability as of the reporting date.
Subsequent events that provide additional information about the situation before the reporting date are refected in the
statement of fnancial position, while those which do not lead to adjustments are mentioned in the notes where material.
108
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
G. Notes to the consolidated income statement
[1] Sales
in millions of EUR 2013 2012
Revenue from the sale of goods and services 9,640.3 9,885.7
Revenue from fnancial services 104.8 99.0
Total 9,745.1 9,984.7
Revenue from fnancial services primarily contains interest income of EUR 42.9 million (2012: EUR 46.5 million), similar
income of EUR 14.2 million (2012: EUR 10.5 million) and commission income of EUR 11.4 million (2012: EUR 10.6 million)
of Internationales Bankhaus Bodensee AG, Friedrichshafen, Germany. It also includes income from the leasing business.
Revenue from the sale of goods and services contains revenue from services of EUR 87.4 million (2012: EUR 87.3 million).
The drop in revenue from the sale of goods and services is attributable to the sale / discontinuation of activities of the
Wrth Solar Group in the amount of EUR 263.4 million.
[2] Cost of materials
in millions of EUR 2013 2012
Cost of materials and supplies and of purchased merchandise 4,470.8 4,643.3
Expenses for purchased services 179.2 177.5
Total 4,650.0 4,820.8
[3] Cost of fnancial services
Cost of fnancial services primarily contains interest expenses of EUR 15.6 million (2012: EUR 21.5 million) and commission
of EUR 5.3 million (2012: EUR 4.1 million) paid by Internationales Bankhaus Bodensee AG, Friedrichshafen, Germany.
This item also contains EUR 2.3 million (2012: EUR 2.7 million) from the external business of the companies specializing
in leases.
[4] Other operating income
Other operating income principally includes income from the sale of other goods and services as well as income from the
disposal of assets.
109
[5] Personnel expenses and number of employees
Personnel expenses
in millions of EUR 2013 2012
Wages and salaries 2,221.8 2,250.5
Social security 299.3 296.6
Pension and other beneft costs 212.6 209.0
Total 2,733.7 2,756.1
Number of employees as of the reporting date
2013 2012
Wrth Line Germany 7,085 7,140
Allied Companies Germany 12,330 12,465
Wrth Group Germany 19,415 19,605
Wrth Group International 44,156 45,564
Wrth Group total 63,571 65,169
thereof
Sales staf 29,157 30,790
In-house staf 34,414 34,379
The average headcount of the Wrth Group totaled 64,217 in the fscal year under review (2012: 66,050). In Germany,
the average headcount of the Wrth Group totaled 19,992 (2012: 20,000) and in other countries 44,225 (2012:
46,050).
[6] Other operating expenses
Other operating expenses mainly include selling, administration and operating expenses, bad debts and other taxes.
Other operating expenses also include impairment of receivables from the banking business of EUR 21.1 million
(2012: EUR 7.8 million).
110
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[7] Finance revenue / fnance costs
in millions of EUR 2013 2012
Other interest and similar income 45.8 44.2
Interest and similar expenses 120.2 100.5
Net interest cost from pension plans 6.3 5.4
Total fnancial result 80.7 61.7
thereof from fnancial instruments under the IAS 39 measurement categories:
Held-to-maturity investments (HtM) 0.3 0.4
Financial assets held for trading (FAHfT) 34.8 27.1
Financial assets (designated as) at fair value
through proft or loss (FAFVtpl) 1.4 1.2
Loans and receivables (LaR) 9.4 12.4
Financial liabilities held for trading (FLHfT) 35.5 16.7
Financial liabilities at amortized cost (FLAC) 84.7 80.7
Income from the translation of foreign currency items amounted to EUR 4.6 million (2012: EUR 1.6 million).
The net gains or losses from fnancial assets / liabilities held for trading include the net gains or losses from changes in fair
value as well as interest income and expenses from these fnancial instruments. The net gains or losses from loans and
receivables chiefy include the efects of impairments and reversals of impairment losses.
[8] Income taxes
in millions of EUR 2013 2012
Current taxes 93.4 92.8
Deferred tax income
Deferred tax income from unused tax losses 61.3 61.4
Other deferred tax income 48.9 33.6
Deferred tax expense
Deferred tax expense from unused tax losses 79.7 72.4
Other deferred tax expenses 41.6 37.3
Total 104.5 107.8
Income taxes include corporate income tax (including solidarity surcharge) and trade tax of German entities and comparable
income taxes of foreign entities.
111
A reconciliation from the theoretical to the current tax rate for the Wrth Group is shown below:
in millions of EUR 2013 2012
Earnings before taxes 413.9 386.7
Theoretical tax rate as a % 18.8 20.6
Theoretical tax expense 78.0 79.6
Changes in theoretical tax expense due to:
Unrecognized tax losses of the current fscal year 18.2 23.6
Recognition of unused tax losses from prior periods 4.5 10.7
Write-down on recognized unused tax losses from prior years 4.0 17.9
Write-down on temporary diferences 1.1 3.1
Diferent tax rates 0.9 0.8
Tax reductions due to tax-free items -2.0 -3.1
Tax increases due to non-deductible expenses 6.8 9.6
Tax increases due to add-back taxation 4.2 8.6
Income tax expense that cannot be derived from
earnings before taxes 3.4 4.7
Non-deductible impairment of goodwill 2.7 4.5
Taxes relating to other periods 8.4 31.4
Other 0.1 0.6
Income taxes 104.5 107.8
Efective tax rate as a % 25.2 27.9
The theoretical tax rate is based on the weighted average tax rate of all consolidated entities. Changes in income taxes
were mostly attributable to tax losses of the current fscal year and write- downs of deferred taxes recognized in prior
years on unused tax losses if it was not reasonably certain that they can be used in subsequent periods. Deferred tax assets
were not recognized in such cases. In addition, the merger of Wrth Beteiligungs GmbH & Co. KG with Adolf Wrth
GmbH & Co. KG allowed unused tax losses written down to be capitalized / used in fscal year 2013.
The recognition of unused tax losses from prior years includes EUR 1.5 million (2012: EUR 5.0 million) from the use of
deferred tax assets written down in prior years.
112
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
H. Notes to the consolidated statement of fnancial position
[9] Intangible assets including goodwill
in millions of EUR
Franchises,
industrial
rights,
licenses and
similar rights
Internally
generated
intangible
assets
Customer
relationships
and similar
assets Goodwill
Payments
on account Total
Cost
1 January 2013 216.8 54.0 155.7 234.3 11.6 672.4
Exchange diferences 2.8 0.3 0.5 6.2 0.2 10.0
Changes in the consolidated group 7.6 0.0 24.2 10.7 0.0 42.5
Additions 27.6 7.2 0.1 0.0 4.8 39.7
Disposals 13.7 1.8 0.0 0.0 0.0 15.5
Reclassifcations 2.4 11.3 0.0 0.0 3.4 5.5
31 December 2013 233.1 70.4 179.5 238.8 12.8 734.6
Accumulated depreciation
and impairment
1 January 2013 166.7 49.5 125.6 163.8 0.1 505.7
Exchange diferences 2.2 0.2 0.4 5.0 0.0 7.8
Amortization and depreciation 20.6 2.7 5.6 0.0 0.0 28.9
Impairment losses 0.0 0.0 0.0 21.6 0.0 21.6
Disposals 12.0 1.5 0.0 0.0 0.0 13.5
Reversal of impairment losses 1.1 2.5 0.1 0.0 0.0 3.7
Reclassifcations 0.0 0.0 0.0 0.0 0.0 0.0
31 December 2013 172.0 48.0 130.7 180.4 0.1 531.2
Net carrying amount
31 December 2013 61.1 22.4 48.8 58.4 12.7 203.4
113
in millions of EUR
Franchises,
industrial
rights,
licenses and
similar rights
Internally
generated
intangible
assets
Customer
relationships
and similar
assets Goodwill
Payments
on account Total
Cost
1 January 2012 195.9 48.8 136.6 234.4 8.9 624.6
Exchange diferences 0.2 4.3 0.0 0.5 0.0 5.0
Changes in the consolidated group 7.5 0.0 25.6 6.6 0.0 39.7
Additions 19.4 1.5 0.4 0.0 5.1 26.4
Disposals 5.2 0.0 0.0 0.3 0.6 6.1
Reclassifcations to
Assets classifed as held for sale 3.7 0.2 6.9 7.0 0.0 17.8
Reclassifcations 2.7 0.4 0.0 0.1 1.8 0.6
31 December 2012 216.8 54.0 155.7 234.3 11.6 672.4
Accumulated depreciation
and impairment
1 January 2012 149.8 42.4 121.0 148.8 0.0 462.0
Exchange diferences 0.0 4.3 0.0 0.5 0.0 4.8
Amortization and depreciation 20.1 3.2 9.5 0.0 0.0 32.8
Impairment losses 5.1 0.0 1.9 21.7 0.1 28.8
Disposals 5.0 0.3 0.0 0.3 0.0 5.6
Reclassifcations to
Assets classifed as held for sale 3.3 0.1 6.8 7.0 0.0 17.2
Reclassifcations 0.0 0.0 0.0 0.1 0.0 0.1
31 December 2012 166.7 49.5 125.6 163.8 0.1 505.7
Net carrying amount
31 December 2012 50.1 4.5 30.1 70.5 11.5 166.7
Research and development costs (including amortization of capitalized development costs) recognized as expenses
totaled EUR 12.0 million (2012: EUR 10.7 million).
Goodwill contains amounts from asset deals as well as from share deals.
Goodwill is tested for impairment annually. The test is based on estimated future cash fows derived from the business plan.
The impairment losses recorded on goodwill amounted to EUR 21.6 million in the fscal year 2013 (2012: EUR 21.7 million).
Goodwill was regularly tested for impairment in accordance with IAS 36 in the fscal year 2013. With the exception
of Difutherm / Dinol, these impairment tests were based on net selling price and conducted at the level of the smallest
cash-generating unit.
114
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The impairment losses were recognized under amortization and depreciation.
The table below provides a summary of the tested goodwill and the assumptions underlying the impairment tests:
2013
in millions of EUR
AP
Winner
LTDA
Lichtzentrale
Thurner GmbH
UNI ELEKTRO
Fachgrohan del
GmbH & Co.KG Tunap
Chemofast
Anchoring
GmbH
Difutherm /
Dinol Other Total
Goodwill before
impairment test 2.4 6.8 20.9 9.2 8.8 6.2 26.9 81.2
Exchange diference 0.4 0.0 0.0 0.0 0.0 0.0 0.8 1.2
Impairment losses 0.0 0.0 20.9 0.0 0.0 0.0 0.7 21.6
Goodwill 2.0 6.8 0.0 9.2 8.8 6.2 25.4 58.4
Average sales
growth in the
planning period (%) 14.2 4.9 4.8 1.2 8.4 7.3 2.1-25.5
EBIT margin in the
planning period (%) 5.6-8.0 2.1-3.1 0.2-2.5 6.7-8.0 9.8-10.3 5.0-6.9 1.8-18.3
Length of the
planning period 4 years 4 years 4 years 4 years 4 years 4 years 4 years
Sales growth p. a.
after the end of the
planning period (%) 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBIT margin after the end
of the planning period (%) 6.6 3.1 2.5 7.2 10.3 6.9 4.0-18,3
Discount rate 19.9 11.4 11.0 9.5 11.1 9.3 9.4 -23.6
Additional impairment losses
assuming a 10%
lower cash fow 0.2 0.0 0.0 0.0 0.0 0.0 0.1
assuming a 1% higher dis-
count rate 0.0 0.0 0.0 0.0 0.0 0.0 0.1
115
2012
in millions of EUR
AP
Winner
LTDA
Lichtzentrale
Thurner GmbH
UNI ELEKTRO
Fachgrohan del
GmbH & Co.KG Tunap
Dokka
Fasteners
Solar-
Markt
AG
Difu-
therm
B.V. Other Total
Goodwill before
impairment test 4.9 6.8 23.1 9.2 9.7 6.8 6.2 25.5 92.2
Exchange diference 0.5 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.0
Impairment losses 2.0 0.0 2.2 0.0 10.2 6.8 0.0 0.5 21.7
Goodwill 2.4 6.8 20.9 9.2 0.0 0.0 6.2 25.0 70.5
Average sales
growth in the
planning period (%) 10.3 7.2 9.9 10.4 6.2 8.4 5.0 2.8-31.2
EBIT margin in the
planning period (%) 6.5 - 9.2 1.9 - 2.8 1.1 - 2.3 6.7 - 9.0 2.4 - 8.4 1.1 -1.5 9.3 -11.4 1.9 -20.3
Length of the
planning period 4 years 4 years 4 years 4 years 4 years 4 years 4 years 4 years
Sales growth p. a.
after the end of the
planning period (%) 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
EBIT margin after the end
of the planning period (%) 9.1 2.8 2.3 9.0 8.4 1.5 11.4 0.6 - 20.3
Discount rate 23.0 12.7 10.4 7.4 10.4 11.3 9.1 9.1- 20.4
Impairment losses
assuming a 10%
lower cash fow 2.8 0.0 15.3 0.0 10.2 6.8 0.0 1.7
assuming a 1% higher dis-
count rate 2.5 0.0 19.0 0.0 10.2 6.8 0.0 1.7
Impairment losses were recognized mostly on entities that are exposed to a sharp fall in demand on account of the present
economic situation. The assumptions underlying the calculation of net selling price are most sensitive to estimation uncertain-
ties regarding sales growth, EBIT margins and the discount rates used.
The assumptions concerning sales growth and EBIT margins used for the impairment tests in the planning period are based
on internal records of past experience and assumptions by management used in the business plans valid as of the report-
ing date.
Discount rates refect the current market assessment of the risks specifc to each cash- generating unit. The discount rate
was estimated based on the weighted average cost of capital for the industry. This rate was further adjusted to refect
the market assessments of any risks specifc to the cash- generating units for which future estimates of cash fows have
not been adjusted.
With regard to the assessment of value in use of the cash-generating units, management believes that with the exception
of those cash-generating units where impairment losses were recognized no reasonably possible change in any of the
above key assumptions made to determine net selling price would cause the carrying amount of the cash-generating unit
to materially exceed its recoverable amount.
116
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[10] Property, plant and equipment
in millions of EUR
Land, land rights
and buildings
incl. buildings on
third-party land
Technical
equipment and
machines
Other equip-
ment, furniture
and fxtures
Payments on
account and
assets under
construction Total
Cost
1 January 2013 1,923.7 673.3 1,485.2 255.0 4,337.2
Exchange diferences 16.5 8.3 15.3 3.4 43.5
Changes in the consolidated group 8.1 6.4 1.1 0.3 15.9
Additions 51.9 58.3 137.9 135.9 384.0
Disposals 23.8 23.6 78.8 1.5 127.7
Reclassifcations 200.5 38.9 21.7 266.6 5.5
31 December 2013 2,143.9 745.0 1,551.8 119.7 4,560.4
Accumulated depreciation and impairment
1 January 2013 723.1 459.6 838.5 2.1 2,023.3
Exchange diferences 5.1 5.0 10.2 0.1 20.2
Amortization and depreciation 59.6 49.9 101.8 0.0 211.3
Impairment losses 9.7 28.2 1.9 1.6 41.4
Disposals 14.4 22.5 70.4 0.0 107.3
Reclassifcations 0.6 1.4 0.3 1.1 0.0
31 December 2013 772.3 511.6 861.9 2.7 2,148.5
Net carrying amount
31 December 2013 1,371.6 233.4 689.9 117.0 2,411.9
117
in millions of EUR
Land, land rights
and buildings
incl. buildings on
third-party land
Technical
equipment and
machines
Other equip-
ment, furniture
and fxtures
Payments on
account and
assets under
construction Total
Cost
1 January 2012 1,844.5 698.4 1,383.8 186.3 4,113.0
Exchange diferences 1.9 1.5 1.7 0.1 5.2
Changes in the consolidated group 2.5 2.9 0.4 0.1 5.9
Additions 52.3 50.7 117.1 190.9 411.0
Disposals 10.4 27.1 43.6 0.7 81.8
Reclassifcations to
Assets classifed as held for sale 21.7 87.8 4.6 1.4 115.5
Reclassifcations 54.6 34.7 30.4 120.3 0.6
31 December 2012 1,923.7 673.3 1,485.2 255.0 4,337.2
Accumulated depreciation and impairment
1 January 2012 680.3 494.6 768.5 0.0 1,943.4
Exchange diferences 0.6 0.1 1.0 0.0 1.7
Amortization and depreciation 59.6 50.2 98.6 0.0 208.4
Impairment losses 3.8 26.1 10.8 3.3 44.0
Disposals 6.9 24.0 36.1 0.0 67.0
Reclassifcations to
Assets classifed as held for sale 14.2 87.3 4.1 1.2 106.8
Reclassifcations 0.1 0.1 0.1 0.0 0.1
Reversal of impairment losses 0.0 0.0 0.3 0.0 0.3
31 December 2012 723.1 459.6 838.5 2.1 2,023.3
Net carrying amount
31 December 2012 1,200.6 213.7 646.7 252.9 2,313.9
The impairment losses amounted to EUR 41.4 million in the fscal year 2013 (2012: EUR 44.0 million). These were
mostly required on account of a decrease in expected capitalized earnings value relating to the fttings manufacturers,
wind power and in the trade area. Calculations were based on fair value less costs of disposal. Discount rates of 9.5%
and 9.75% were applied to fttings manufacturers and the trade area respectively. Regarding the reclassifcation to Assets
classifed as held for sale in fscal year 2012, please refer to [21] Assets classifed as held for sale and associated liabili-
ties; measurement was performed at the expected realizable values in each case.
118
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
There are restrictions on the rights of disposal of property, plant and equipment and assets assigned as collateral.
in millions of EUR 2013 2012
Land charges 124.8 124.8
Collateral assignment 7.1 6.6
Total 131.9 131.4
There are payment obligations of EUR 23.4 million (2012: EUR 12.4 million) for capital expenditures on non-current assets.
Payments on account and assets under construction contain assets under construction of EUR 95.7 million (2012:
EUR 222.4 million) which relate to technical equipment and machines as well as buildings.
[11] Financial assets
The investments disclosed under fnancial assets belong to the available-for-sale category. They are generally measured
at fair value without efect on proft or loss. There were no adjustments to fair value in the fscal year 2013 which would
require unrealized gains and losses to be recognized in equity. Where fair value could not be determined because there
was no active market or suitable valuation technique, the investment was measured at amortized cost. In addition, this item
includes held-to-maturity investments, which are accounted for at amortized cost.
Internationales Bankhaus Bodensee AG, Friedrichshafen, Germany, has provided securities with a carrying amount of
EUR 11.0 million (2012: EUR 11.0 million) as collateral for loans granted by Kreditanstalt fr Wiederaufbau, Frankfurt am
Main, Germany and EUR 15.0 million (2012: EUR 15.0 million) as collateral for loans granted by L-Bank, Karlsruhe, Ger-
many. The maximum credit risk is the amount carried in the statement of fnancial position. Fair values that could not be de-
termined on the basis of observable market data of EUR 19.4 million (2012: EUR 17.8 million) relate to long-term interests
in non-listed corporations and partnerships.
[12] Receivables from fnancial services
in millions of EUR 2013
thereof due
within one year

2012
thereof due
within one year
Receivables from the leasing business 265.0 102.2 231.9 90.8
Receivables from the insurance business 2.5 2.5 2.4 2.4
Receivables from the banking business
Receivables from customers 1,103.1 530.3 1,054.6 464.7
Receivables from banks 44.5 44.5 46.9 46.8
Other asset items 2.7 2.7 1.9 1.9
Total 1,417.8 682.2 1,337.7 606.6
Receivables from fnancial services include receivables from related parties of EUR 7.9 million (2012: EUR 2.8 million).
119
The Wrth Group regularly sells receivables from fnancial services arising from the external leasing business in the form
of ABCP transactions. As of 31 December 2013, factored receivables from fnancial services of EUR 76.8 million (2012:
EUR 75.5 million) were not derecognized from the consolidated statement of fnancial position because all the risks and
rewards incidental to ownership were retained by the Wrth Group. The corresponding liability is disclosed under
[23] Liabilities from fnancial services.
Of the receivables from fnancial services, an amount of EUR 12.4 million (2012: EUR 16.2 million) has been pledged as
collateral for refnancing at Deutsche Bundesbank, Frankfurt am Main, Germany, and EUR 37.7 million (2012: EUR 28.4
million) as collateral for a global loan at L-Bank, Karlsruhe, Germany.
The following table provides information on the extent of the credit risk included in receivables from fnancial services.
in millions of EUR 2013 2012
Receivables from fnancial services that are neither past due nor impaired 1,266.3 1,216.4
Receivables not impaired but past due by
less than 120 days 132.2 93.0
between 120 and 179 days 1.2 1.6
between 180 and 359 days 0.4 0.5
more than 360 days 1.2 0.9
Total 1,401.3 1,312.4
Impaired receivables from fnancial services (gross) 52.1 50.1
Impairment loss recognized on receivables from fnancial services 35.6 24.8
Net carrying amount 1,417.8 1,337.7
With respect to the receivables from fnancial services that were neither impaired nor past due, there was no indication as
of the reporting date that the debtors would not meet their payment obligations.
Most of the receivables that are past due but not impaired are secured.
Movements in the provision for impairment of receivables from fnancial services were as follows:
in millions of EUR 2013 2012
Provision for impairment as of 1 January 2013 24.8 25.1
Amounts recognized as income () or expense (+) in the reporting period 21.4 9.0
Derecognition of receivables 10.5 9.3
Payments received and recoveries of amounts
previously written of 0.1 0.0
Provision for impairment as of 31 December 2013 35.6 24.8
The income or expense from impairment losses and the derecognition of receivables from fnancial services is disclosed
under other operating expenses.
120
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[13] Deferred taxes
Deferred tax assets and liabilities can be allocated as follows:
in millions of EUR
Deferred
tax assets
2013
Deferred
tax liabilities
2013
Deferred
tax assets
2012
Deferred
tax liabilities
2012
Change
2013
Change
2012
Non-current assets 51.6 51.1 44.5 48.9 4.9 2.1
Inventories 32.7 26.3 33.6 27.0 0.2 3.2
Receivables 22.6 4.5 22.6 4.0 0.5 0.6
Other assets 16.2 40.1 10.9 34.3 0.5 9.7
Provisions 42.6 19.3 41.9 15.0 3.6 12.3
Liabilities 10.2 3.5 9.6 4.0 1.1 0.2
Other liabilities 6.3 49.5 6.5 46.3 3.4 0.8
182.2 194.3 169.6 179.5 2.2 2.3
Unused tax losses 37.9 57.1 19.2 11.3
Netting 96.0 96.0 86.3 86.3
Total 124.1 98.3 140.4 93.2 21.4 13.6
With the exception of the exchange diferences of EUR 0.9 million (2012: EUR 1.5 million), which were recognized directly
in equity, and additions of deferred taxes of EUR 6.0 million (2012: EUR 8.6 million) arising from new acquisitions as well
as deferred taxes of EUR 2.4 million (2012: EUR 11.5 million) recognized in other comprehensive income on items like-
wise recognized in other comprehensive income, the development of timing diferences is refected in full in income taxes.
There are deferred tax assets totaling EUR 26.7 million (2012: EUR 43.7 million) at entities that have a history of losses.
Deferred tax assets of EUR 38.9 million (2012: EUR 65.9 million) were recorded subsequently in fscal 2013 on unused tax
losses of EUR 4.5 million (2012: EUR 10.7 million), as it is considered probable that they will be used in the Wrth Group
in the future.
Deferred tax assets of EUR 220.7 million in total (2012: EUR 327.0 million) were recognized on unused tax losses.
No deferred tax assets were recognized for unused tax losses of EUR 466.5 million (2012: EUR 604.9 million) as it is not
sufciently probable that they will be realized. The drop in these unused tax losses is mainly due to the sale of a non-core
area of the Electronics unit (solar sales function) in fscal year 2013.
121
These unused tax losses are classifed by expiration period as follows:
in millions of EUR 2013 2012
Expiration of unused tax losses
Non-forfeitable 301.1 459.6
Expiration within the next fve to ten years 36.6 35.7
Expiration within the next one to fve years 95.2 102.4
Expiration within the next year 33.6 7.2
Total unused tax losses net of deferred tax assets recognized 466.5 604.9
The unused tax losses include unused tax losses of EUR 0.2 million (2012: EUR 0.2 million) that originated prior to creation
of the consolidated tax group and that cannot be used until the existing proft and loss transfer agreements have been
terminated.
No deferred taxes were recognized for accumulated profts and losses of foreign subsidiaries of EUR 491.1 million (2012:
EUR 422.3 million). If deferred taxes had been recognized for these timing diferences, they would have had to be cal-
culated exclusively using the withholding tax rate applicable in each case, possibly including the German tax rate of 5%
on distributed dividends. The calculation of these unrecognized deferred tax liabilities would have been unreasonably
time-consuming.
Future distributions to the owners do not otherwise have any income tax implications for the Wrth Group.
[14] Inventories
in millions of EUR 2013 2012
Materials and supplies 78.4 70.7
Work in process and fnished goods 146.4 131.7
Merchandise 1,076.1 1,090.9
Payments on account 9.1 6.4
Total 1,310.0 1,299.7
The write-down recorded on inventories, which was recognized under cost of materials in the consolidated income state-
ment, amounts to EUR 2.0 million (2012: EUR 2.9 million).
122
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[15] Trade receivables
This item exclusively comprises receivables from third parties.
in millions of EUR 2013 2012
Trade receivables that are neither past due nor impaired 299.4 331.7
Receivables not impaired but past due by
less than 120 days 403.2 452.2
between 120 and 179 days 2.1 9.4
between 180 and 359 days 0.5 1.2
more than 360 days 0.1 0.2
Total receivables not impaired 705.3 794.7
Impaired trade receivables (gross) 640.4 572.9
Provision for impairment of trade receivables 135.6 134.5
Net carrying amount 1,210.1 1,233.1
With respect to the trade receivables that were neither impaired nor past due, there was no indication as of the reporting
date that the debtors would not meet their payment obligations.
Where possible and feasible, we take out credit insurance.
Movements in the provision for impairment of trade receivables were as follows:
in millions of EUR 2013 2012
Provision for impairment as of 1 January 2013 134.5 130.8
Changes in the consolidated group 1.1 0.4
Amounts recognized as income () or expense (+) in the reporting period 50.1 45.1
Derecognition of receivables 47.2 39.0
Payments received and recoveries
of amounts previously written of 1.7 1.2
Currency translation efects 2.4 0.0
Plus / less impairment losses recognized on assets
classifed as held for sale 1.2 1.6
Provision for impairment as of 31 December 2013 135.6 134.5
The following table presents the expenses from the derecognition of trade receivables and income from recoveries of
amounts previously written of:
in millions of EUR 2013 2012
Expenses from the derecognition of receivables 47.2 39.0
Income from recoveries of amounts previously written of 3.0 3.1
The income or expense from impairment losses and the derecognition of trade receivables is disclosed under other operat-
ing expenses.
123
[16] Income tax receivables
This item records income tax receivables from tax authorities.
[17] Other fnancial assets
in millions of EUR 2013
thereof due
within one year 2012
thereof due
within one year
Receivables from related parties 85.6 65.1 48.8 22.4
Derivative fnancial assets 20.6 20.6 47.5 47.5
Sundry fnancial assets 71.7 71.7 71.3 71.3
Total 177.9 157.4 167.6 141.2
Sundry fnancial assets mainly include supplier discounts and bonuses.
All other past due fnancial assets are directly written of against the underlying other fnancial assets.
Sundry non- current fnancial assets include the purchase price receivable of EUR 23.5 million (2012: EUR 26.4 million)
from the sale of Freie Schule Anne-Sophie to the Wrth Foundation, Knzelsau, Germany. The receivable is subject to
customary market interest rates.
[18] Other assets
in millions of EUR 2013
thereof due
within one year 2012
thereof due
within one year
Sundry assets 115.1 88.2 109.4 87.0
Prepaid expenses 43.5 43.5 45.6 45.6
Total 158.6 131.7 155.0 132.6
Sundry assets mainly include VAT receivables and customs duties paid in advance. Prepaid expenses mainly relate to
prepaid insurance premiums and prepaid lease and rent payments.
Impairment losses were recognized on all other assets that were past due.
124
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[19] Securities
On the one hand, the securities are investments in shares and bonds that are not actively traded, but managed at fair
value on account of internal management and performance evaluations as well as in accordance with a documented
risk manage ment and investment strategy. Changes in value are determined by reference to comparable market values
(level 2). Income from changes in value amounted to EUR 0.0 million in the fscal year (2012: EUR 1.1 million). A total
amount of EUR 8.3 million has been recognized in proft or loss since the instruments were designated as fnancial assets
at fair value through proft or loss (2012: EUR 10.3 million). On the other hand, securities include actively traded shares
and bonds that are grouped as available-for-sale fnancial assets. There were no changes in value in fscal year 2013. Of
the securities, an amount of EUR 51.2 million (2012: EUR 51.2 million) was pledged as collateral for the credit line granted
for refnancing purposes by Deutsche Bundesbank, Frankfurt am Main, Germany. The maximum credit risk corresponds to
the fair value recognized.
[20] Cash and cash equivalents
Balances denominated in foreign currency are measured at the closing rate. The composition and development of cash
and cash equivalents is presented in the consolidated statement of cash fows. The money market funds were valued at the
current money market rate.
[21] Assets and liabilities classifed as held for sale
The statement of fnancial position of the Wrth Group as of 31 December 2012 reports assets and liabilities classifed as
held for sale pursuant to IFRS 5, as the Wrth Group was negotiating the sale of a non-core area of the Electronics unit
(solar sales function) and of a subarea of the Production unit on the reporting date.
In fscal year 2013, most of the Wrth Solar Group was sold / operations discontinued; the remaining EUR 5.3 million
relates to inventories from this business area in respect of which the negotiations have not yet been concluded. The current
values, derivated from the current market values, are stated. Furthermore, a solar project was reallocated to the portfolio
of the Wrth Group. Plans to sell part of the Production unit were abandoned in fscal year 2013. The assets and liabilities
reported under this item at the end of 2012 were moved back to the statement of fnancial position.
125
The major classes of assets and liabilities classifed as held for sale breaks down as follows:
Assets
in millions of EUR 2013 2012
Non-current assets
Intangible assets including goodwill 0.0 0.6
Property, plant and equipment 0.0 8.7
Deferred taxes 0.0 1.5
Current assets
Inventories 5.3 36.1
Trade receivables 0.0 19.3
Income tax assets 0.0 0.2
Other assets 0.0 6.7
Cash and cash equivalents 0.0 1.0
Assets classifed as held for sale 5.3 74.1
Liabilities
in millions of EUR 2013 2012
Non-current liabilities
Financial liabilities 0.0 1.9
Obligations from post-employment benefts 0.0 0.9
Provisions 0.0 1.0
Other liabilities 0.0 1.0
Deferred taxes 0.0 0.2
Current liabilities
Trade payables 0.0 7.2
Financial liabilities 0.0 0.6
Income tax liabilities 0.0 0.1
Provisions 0.0 7.0
Other liabilities 0.0 10.2
Liabilities associated with assets classifed as held for sale 0.0 30.1
Net assets directly associated with the disposal group 5.3 44.0
126
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[22] Equity
Share capital comprises the share capital of following parent companies within the Group:
Parent companies within the Group Registered ofce
Share capital
in millions of EUR Shareholders
Adolf Wrth GmbH & Co. KG Germany 300.0 Wrth Family Trusts
Wrth Finanz-Beteiligungs-GmbH Germany 37.0 Wrth Family Trusts
Wrth Elektrogrohandel GmbH & Co. KG Germany 19.5 Wrth Family Trusts
Waldenburger Beteiligungen GmbH & Co. KG Germany 15.0 Wrth Family Trusts
Wrth Promotion Ges.m.b.H. Austria 0.04 Wrth Private Trust
Wrth Beteiligungen GmbH Germany 0.03 Wrth Family Trusts
Other (incl. 25 general partner companies) Germany 0.83 Adolf Wrth Trust
Total 372.4
The limited partners capital in the partnerships corresponds to the share capital. In the 2013 fscal year, Wrth Beteiligungs
GmbH & Co. KG, Knzelsau, Germany was merged with Adolf Wrth GmbH & Co. KG, Knzelsau, Germany, resulting in
a drop in the share capital.
Other reserves include the profts earned in prior years and not yet distributed as well as capital contributions at the
parent companies in the Group and consolidated subsidiaries. Diferences from foreign currency translation are also
disclosed here, as is the revaluation of defned beneft plans.
The individual components of equity and their development in 2013 and 2012 are shown in the consolidated statement of
changes in equity.
Non- controlling interests mainly relate to shares held by third parties in subsidiaries as well as direct shareholdings of
members of the Wrth family.
Distributions of EUR 60 million are planned for 2014.
[23] Liabilities from fnancial services
2013
in millions of EUR Total
Due in
< 1 year
Due in
15 years
Due in
> 5 years
Liabilities from the leasing business 78.0 30.3 46.9 0.8
Liabilities from the insurance business 2.2 2.2 0.0 0.0
Liabilities from the banking business 1,071.4 775.5 284.5 11.4
Total 1,151.6 808.0 331.4 12.2
127
2012
in millions of EUR Total
Due in
< 1 year
Due in
15 years
Due in
> 5 years
Liabilities from the leasing business 77.6 31.6 45.2 0.8
Liabilities from the insurance business 2.5 2.5 0.0 0.0
Liabilities from the banking business 1,067.7 666.4 325.9 75.4
Total 1,147.8 700.5 371.1 76.2
Liabilities from fnancial services include liabilities from related parties of EUR 2.2 million (2012: EUR 1.5 million).
Liabilities from the leasing business include liabilities from an ABCP transaction of EUR 76.8 million (2012: EUR 75.5 million).
The nominal amount of this ABCP transaction comes to EUR 82.6 million (2012: EUR 81.9 million). Any risk items relating
to it are hedged by interest swaps of the same amount as soon as they become apparent. As of the end of the reporting
period, the contrasting changes in value and cash fows from hedged transactions and hedging instruments had balanced
each other out.
The table below shows the contractually agreed remaining terms to maturity.
Cash fow
in millions of EUR
Carrying amounts
31 December 2013 < 1 year 15 years > 5 years
Liabilities from the leasing business 78.0 34.4 50.0 1.0
Liabilities from the insurance business 2.2 2.2 0.0 0.0
Liabilities from the banking business 1,071.4 847.1 299.9 19.9
[24] Financial liabilities
in millions of EUR 2013
thereof due
within one year

2012
thereof due
within one year
Bonds 1,570.2 275.4 1,356.4 248.9
Liabilities to banks 188.6 59.8 206.0 155.2
Liabilities to non-controlling interests 37.0 37.0 46.9 43.7
Liabilities from leases 11.3 2.0 8.9 1.6
Total 1,807.1 374.2 1,618.2 449.4
The Group has fnancial liabilities due in more than fve years of EUR 710.5 million (2012: EUR 649.9 million).
128
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The maturities and terms of the bonds repayable and their fair values are as follows:
Type Amount Interest
Efective
interest Maturity
Treasury stock
in millions
of EUR
Carrying
amount in mil-
lions of EUR
Fair value
in millions
of EUR
Bearer bond EUR 300 million 4.75 % 4.79 % 12/6/2014 24.5 275.4 298.7
Bond CHF 225 million 3.88 % 3.97 % 3/8/2015 28.9 154.4 169.0
Bond EUR 500 million 3.75 % 3.86 % 25/5/2018 0.0 497.0 545.5
Bond EUR 500 million 1.75 % 1.76 % 21/5/2020 0.0 498.1 488.5
US private placement USD 200 million 4.48 % 4.53 % 22/9/2021 0.0 145.3 167.5
As of 31 December 2013 53.4 1,570.2 1,669.2
Type Amount Interest
Efective
interest Maturity
Treasury stock
in millions
of EUR
Carrying
amount in mil-
lions of EUR
Fair value
in millions of
EUR
Promissory note loan EUR 50 million 4.61 % 4.67 % 2/4/2013 0.0 50.0 50.6
Promissory note loan EUR 100 million foating* 2/4/2013 0.0 100.0 100.1
Bearer bond EUR 100 million 4.25 % 4.31 % 31/5/2013 1.0 99.0 101.6
Bearer bond EUR 300 million 4.75 % 4.79 % 12/6/2014 17.8 278.8 315.7
Bond CHF 225 million 3.88 % 3.97 % 3/8/2015 0.0 186.0 204.6
Bond EUR 500 million 3.75 % 3.86 % 25/5/2018 5.4 490.9 576.8
US private placement USD 200 million 4.48 % 4.53 % 22/9/2021 0.0 151.7 183.0
As of 31 December 2012 24.2 1,356.4 1,532.4
*3-months Euribor + 55 base points
Treasury stock of EUR 1,623.6 million (2012: EUR 1,380.6 million) that was treated as corporate repurchase was ofset
against the bonds that were issued with an original value of EUR 53.4 million (2012: EUR 24.2 million).
The capital borrowed though the US private placement of USD 200 million is contingent on certain covenants being met.
The Wrth Group is required to meet certain debt service ratios such as the ratio of net fnancial debt to EBITDA and
senior liabilities to equity. They also include restrictions on the disposal of assets.
The maturities and conditions of liabilities due to banks are as follows:
Currency
Interest
terms
Remaining
fxed interest Interest rate < 1 year 15 years > 5 years
Carrying
amount
EUR foating / fxed < 1 year 0.01 % 17.09 % 52.5 8.9 64.1 125.5
USD foating / fxed < 1 year 0.01 % 5.81 % 0.1 0.0 0.0 0.1
Other foating / fxed < 1 year 1.00 % 20.00 % 7.2 0.0 0.0 7.2
EUR fxed 15 years 0.4 % 6.69 % 0.0 44.8 0.3 45.1
Other fxed 15 years 1.00 % 20.00 % 0.0 10.3 0.0 10.3
EUR fxed > 5 years 0.4 % 6.00 % 0.0 0.0 0.4 0.4
As of 31 December 2013 59.8 64.0 64.8 188.6
129
Currency
Interest
terms
Remaining
fxed interest Interest rate < 1 year 15 years > 5 years
Carrying
amount
EUR foating / fxed < 1 year 0.01 % 11.25 % 130.8 0.0 0.0 130.8
USD foating / fxed < 1 year 0.01 % 5.39 % 0.3 0.0 0.0 0.3
Other foating / fxed < 1 year 0.78 % 20.00 % 24.0 0.0 0.0 24.0
EUR fxed 15 years 0.01 % 8.12 % 0.0 50.4 0.0 50.4
Other fxed 15 years 4.30 % 9.50 % 0.1 0.0 0.0 0.1
EUR fxed > 5 years 0.01 % 6.00 % 0.0 0.0 0.4 0.4
As of 31 December 2012 155.2 50.4 0.4 206.0
The carrying amounts of liabilities to banks reported in the statement of fnancial position approximate fair value.
Non-current liabilities from leases are subject to customary market interest rates.
The table below shows the contractually agreed remaining terms to maturity.
Cash fow
in millions of EUR
Carrying amounts
31 December 2013 < 1 year 15 years > 5 years
Financial liabilities
Bonds, liabilities to banks 1,758.8 415.1 897.1 738.9
Liabilities from leases 11.3 2.6 8.2 2.5
Trade payables 426.4 426.4 0.0 0.0
Derivative fnancial liabilities
Infows from currency derivatives 217.3 22.6 0.0
Outfows from currency derivatives 0.8 219.9 22.6 0.0
Outfows from interest derivatives 27.4 13.0 13.1 10.8
[25] Obligations from post-employment benefts
A pension plan is in place for employees of the Wrth Group for the period after they retire. The benefts vary according
to local legal, tax and economic conditions. The obligations include vested future pension benefts as well as current
pensions paid. The company pension scheme includes defned contribution plans and defned beneft plans.
In the case of defned contribution plans, the respective entity pays contributions to state or private pension companies
either on a voluntary basis or based on legal provisions. The contributions are recognized as a personnel expense when
they fall due. No further payment obligations arise for the Wrth Group from the payment of contributions. Current
contributions (without contributions to the statutory pension insurance) totaled EUR 11.9 million (2012: EUR 13.2 million).
Payments of EUR 156.2 million were made to the statutory pension insurance (2012: EUR 158.3 million).
The largest defned beneft plans are in Germany, Austria, Italy, the Netherlands and Switzerland. The defned beneft
plans in Germany, Austria and Italy constitute direct obligations, whereas the Swiss and Dutch plans are indirect beneft
obligations. The amount of the entitlements depends on the length of service, frequently on the salary development and for
indirect beneft obligations also on the employee contributions paid in.
130
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The Wrth Groups beneft obligations in Germany guarantee the benefciaries a life-long monthly old-age pension, pro-
vided that a vesting period of ten years of service can be demonstrated. The amount of the beneft is usually determined
by fxed amounts arranged. Employees receive such voluntary pensions in addition to the statutory pension once they
reach the statutory retirement age. Employees are also ofered another defned beneft plan in the form of a deferred
compensation arrangement under which gross cash compensation is converted to a company pension plan based on indi-
vidual contracts. This voluntary conversion of monthly compensation is generally limited to the higher of either 10% of one
twelfth of the yearly income before commencement of the conversion or 4% of the respective maximum monthly contribu-
tion to the German pension system (western German states). In total, obligations in Germany amount to EUR 107.4 million
(2012: EUR 101.4 million).
In Austria, a severance payment is guaranteed by law, subject to the provisions of the BMVG [Betriebliche Mitarbeiter-
versorgungsgesetz: Austrian Act governing Company Pensions]. This is paid out when the employment relationship ends.
For employment relationships that began before the end of 2002, the employee has a right to such payment from the em-
ployer. The amount depends on the length of service and salary development. If the employment relationship is terminated
by the employee, the right to a severance payment from the employer is forfeited. For employment relationships started as
of the beginning of 2003, the employer pays 1.53% of the gross monthly salary into a selected company pension scheme,
which then pays out any severance payment entitlement when the employment ends. The entitlement is now retained even
if the employee terminates the employment relationship. For employment relationships that began before the end of 2002,
total obligations of EUR 22.6 million (2012: EUR 22.2 million) were recognized in Austria.
In Italy, employees are entitled by law to a severance payment when the employment relationship ends (trattamento di
fne rapporto, TFR). The amount of the TFR is determined by the number of years of service and is capped at one months
salary per year of service. Since 2007, the legislature has provided for a capital option, i.e., the employees can choose
whether provision should continue to be made for their future entitlements in the company or be paid into a pension fund
instead. Obligations totaling EUR 21.6 million were recognized in the statement of fnancial position of the Wrth Group in
Italy (2012: EUR 23.5 million).
In the Wrth Group in Switzerland, retirement benefts are handled via external insurance companies. They are subject
to regulatory supervision and are governed by the BVG [Bundesgesetz ber die berufiche Alters-, Hinterlassenen- und
Invalidenvorsorge: Swiss Federal Act on Occupational Retirement, Survivors and Disability Pension Plans]. The top
management body of these insurance companies, the trust board, is comprised of an equal number of employee and
employer representatives. The various benefts are set forth in regulations, with minimum benefts stipulated by the BVG.
The contributions to the insurance company are settled by employers and employees. In the event of a defcit, measures
can be agreed, such as adjusting the beneft obligation by changing conversion rates or increasing current contributions.
In the case of almost all Swiss entities in the Wrth Group Switzerland, the insurance company is a separate pension
trust. The benefts comprise not only old age pensions, but also disability and surviving dependants pension benefts. The
trusts statutes defne the pension scope and beneft amounts, minimum payment obligations and the investment strategy.
All insurance-related risks are borne by the trust. The trust board reviews the investment strategy annually by means of an
ALM (asset liability management) analysis as part of its responsibility for the investment of the assets. In total, obligations
in Switzerland amounted to EUR 136.6 million (2012: EUR 134.8 million). Plan assets came to EUR 118.1 million
(2012: EUR 108.6 million). The associated net liability amounts to EUR 18.5 million (2012: EUR 26.2 million).
131
In the Wrth Group Netherlands, the company pension plan is based on a consensus between the government and the
parties to collective bargaining agreements. The BPF [Wet verplichte deelneming in een bedrijfspensioenfonds: Dutch
Mandatory Participation in an Industry-wide Pension Fund Act] and the PSW [Pensioen- en Spaarfondsenwet: Dutch
Pension and Savings Fund Act] provide for quasi-obligatory additional company insurance. The mandatory membership
of a an industry-wide pension fund relates to the majority of all employees covered by additional pension insurance. The
additional insurance comprises old age pension and in many cases also surviving dependants benefts. The PSW sets
forth the legislators key framework conditions for company pension plans. These include a requirement to segregate funds
accumulated for pension purposes from a companys other assets (in an industry-wide pension fund, a company pension
fund or master or individual insurance policies at an insurance company) and the obligation on the part of the employer
to ensure that the premiums are paid. In the Netherlands, the Wrth Group pays premiums to an insurance company. This
is a qualifed insurance policy. In total, obligations in the Netherlands amounted to EUR 39.1 million (2012: EUR 38.3
million). Plan assets came to EUR 40.7 million (2012: EUR 42.7 million).
The obligations from post-employment benefts were determined based on the following assumptions:
Discount rate Future salary increases Future pension increases
% 2013 2012 2013 2012 2013 2012
Germany 3.50 3.50 3.00 3.00 2.25 2.25
Austria 3.50 3.75 3.50 4.00 2.00 4.00 2.00 4.00
Italy 4.00 4.00 0.00 5.00 3.00 1.50 1.50
Switzerland 2.00 1.75 1.00 1.00
Netherlands 3.50 3.20 1.30 1.30 2.00 2.00
Other countries 2.50 4.40 2.00 4.40 2.00 3.50 2.60 3.50 1.00 3.25 1.00 2.80
The 2005 G mortality tables from Dr. Klaus Heubeck are applied in Germany. The method for determining the discount
rate is unchanged compared to the prior year.
The beneft obligations are derived as follows:
in millions of EUR 2013 2012 2011 2010 2009
Present value of funded beneft obligations 238.6 242.5 203.6 183.2 149.8
Fair value of plan assets 205.9 200.0 173.9 166.0 131.5
Adjustments on plan assets in accordance with IAS 19.64 b 1.6 4.4 5.1 4.1 0.2
Net carrying amount on funded beneft obligations 34.3 46.9 34.8 21.3 18.5
Present value of unfunded beneft obligations 151.8 147.5 116.0 111.0 103.6
Net beneft liability recognized in the
statement of fnancial position 186.1 194.4 150.8 132.3 122.1
Experience adjustments
Present value of the obligations 10.2 3.6 0.8 0.4 0.1
The average term to maturity of the obligations from post-employment benefts is 18 years.
132
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The net beneft expense from defned beneft plans breaks down as follows:
in millions of EUR 2013 2012
Service cost
Current service cost 18.1 14.4
Past service cost 1.6 2.1
Income from plan settlements 0.5 0.0
Net interest cost 6.3 5.9
Other 0.0 0.2
Total expense recognized in the income statement 22.3 18.4
The service cost is recognized under personnel expenses, while the net interest cost is recorded in the fnancial result.
The remeasurement of defned beneft plans breaks down as follows:
in millions of EUR 2013 2012
Actuarial gains () and losses (+) recognized
on changes in actuarial assumptions 17.7 59.8
on changes in demographic assumptions 10.2 3.6
Return on plan assets (less interest income) 0.7 9.7
Efects of the asset ceiling (IAS 19.64 b) 2.7 0.7
Remeasurement of defned beneft plans 9.5 45.8
With the exception of interest expenses and the expected expenses/income from plan assets, which are included in the
fnancial result, all other expenses and income are included in personnel expenses.
The present value of the defned beneft obligations changed as follows:
in millions of EUR 2013 2012
Defned beneft obligation at the beginning of the year 390.0 319.6
Increase due to deferred compensation 0.7 0.8
Service cost 16.0 12.3
Interest cost 10.8 12.1
Employee contributions 5.1 5.4
Benefts paid 12.0 13.0
Actuarial gains () and losses (+) recognized 7.5 56.2
Transfer of benefts 6.9 6.6
Exchange diference on foreign plans 5.8 2.5
Other 0.0 0.7
Defned beneft obligation at the end of the year 390.4 390.0
Future adjustments in pension developments are taken into account in accordance with legal provisions (e.g., in Germany
Sec. 16 BetrAVG [Gesetz zur Verbesserung der betrieblichen Altersversorge: German Company Pensions Act]).
133
The fair value of the plan assets has developed as follows:
in millions of EUR 2013 2012
Fair value of plan assets at the beginning of the year 200.0 173.9
Interest income 4.5 6.2
Return on plan assets (less interest income) 0.7 9.7
Employer contributions 10.4 11.4
Employee contributions 5.2 5.3
Benefts paid 3.2 3.2
Transfer of assets 6.3 5.9
Exchange diference on foreign plans 4.0 2.1
Other 0.0 0.5
Fair value of plan assets at the end of the year 205.9 200.0
The actual return came in at 1.9% (2012: 8.8%). The amount of employers contributions to funds is expected to be similar
in the following year.
Breakdown of fair value of plan assets by asset category:
in millions of EUR 2013 2012 2011 2010 2009
Fixed-income investment funds 79.6 82.1 68.7 67.0 53.0
Share-based investment funds 39.5 31.2 22.4 23.8 18.9
Real estate investment funds 32.1 25.9 20.7 20.7 16.4
Other funds 26.9 28.2 29.4 25.5 20.3
Fixed-interest securities 16.0 17.2 10.6 12.3 9.8
Equities 1.9 2.0 2.5 2.0 1.9
Real estate 2.6 2.9 3.1 2.7 1.8
Other 7.3 10.5 16.5 12.0 9.5
Total 205.9 200.0 173.9 166.0 131.6
As a rule, quoted prices are available on an active market for the equity and debt instruments. The ratings for funds and
fxed-interest securities are usually not below A. The item Other primarily relates to cash and cash equivalents invested at
banks with an A rating or higher.
With regard to sensitivities, the key actuarial assumptions determined for the Wrth Group in Germany are the discount
rate and for the Wrth Group in Switzerland the discount rate and the rate of future salary increases. At the Wrth
Group in Germany, a 0.5% increase / decrease in the discount rate would lead to a decrease / increase in the DBO of
7.7% / +9.9%.
At the Wrth Group in Switzerland, a 0.25% increase / decrease in the discount rate would lead to a decrease / increase
in the DBO of 4.5% / +4.7%. A 0.5% increase / decrease in the rate of future salary increases would lead to an in-
crease/decrease in the DBO of +1.3% / 0.8%.
134
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[26] Provisions
in millions of EUR
1 Janu-
ary
2013
Exchange
diference
Additions due
to changes in
the consoli-
dated group Utilization Reversal Addition
Unwinding of
the discount
and changes
in the
discount rate
31 December
2013
Credit notes 60.4 0.2 0.8 55.2 5.2 63.5 0.0 64.1
Long-service bonuses 55.8 0.3 0.0 0.2 0.6 2.3 3.0 60.0
Warranty obligations 33.5 0.2 0.3 31.4 0.5 25.4 0.1 27.2
Litigation and lawyers fees 13.7 0.2 0.0 1.8 2.1 14.5 0.2 24.3
Phased retirement scheme 6.6 0.0 0.0 0.7 1.7 3.0 0.3 7.5
Product liability 7.6 0.1 0.0 3.1 0.5 1.4 0.2 5.5
Sundry 35.8 0.3 0.2 11.6 21.5 34.8 0.2 37.6
Total 213.4 1.3 1.3 104.0 32.1 144.9 4.0 226.2
thereof: current 140.3 146.9
non-current 73.1 79.3
in millions of EUR
1 Janu-
ary
2012
Exchange
difer-
ence
Additions
due to
changes in
the consoli-
dated group
Reclassifca-
tions to Liabili-
ties associated
with assets
classifed as
held for sale
Utiliza-
tion
Rever-
sal
Addi-
tion
Unwinding
of the dis-
count and
changes in
the dis-
count rate
31 December
2012
Credit notes 57.1 0.2 0.4 0.8 52.7 4.2 60.4 0.0 60.4
Long-service bonuses 47.8 0.0 0.0 0.2 0.2 0.7 6.6 2.5 55.8
Warranty obligations 39.2 0.1 0.0 1.1 37.0 0.8 33.0 0.1 33.5
Litigation and lawyers fees 15.3 0.3 0.0 0.1 1.4 3.2 3.1 0.3 13.7
Phased retirement scheme 8.2 0.0 0.0 0.4 1.6 1.3 1.3 0.4 6.6
Product liability 6.7 0.0 0.0 1.5 0.7 0.4 3.3 0.2 7.6
Sundry 34.4 0.0 0.3 2.9 22.4 6.8 32.9 0.3 35.8
Total 208.7 0.0 0.7 7.0 116.0 17.4 140.6 3.8 213.4
thereof: current 140.4 140.3
non-current 68.3 73.1
The provision for credit notes is primarily attributable to obligations relating to discounts, bonuses, etc. granted that are
allocable to the period after the reporting date, but caused by sales prior to the reporting date. The provision for long-service
bonuses contains bonuses awarded to employees that have been with the company for many years. The provision for
warranty obligations accounts for risks from legal or constructive obligations from trade with fastening and assembly
materials involving trade customers, the building industry and industrial customers as well as from the manufacture of
screws, fttings and solar modules. Other provisions relate to numerous identifable specifc risks and uncertain liabilities
which were accounted for at the amount at which they are likely to be incurred.
The cash outfow for provisions for long-service bonuses and the German phased retirement scheme (Altersteilzeit) is
mainly of a medium (two to four years) to long-term (fve to 50 years) nature. In most cases other provisions are expected
to lead to a cash outfow in the next fscal year.
135
[27] Other fnancial liabilities
in millions of EUR 2013
thereof due
within one year

2012
thereof due
within one year
Liabilities to related parties 17.0 17.0 60.9 59.8
Derivative liabilities 20.0 20.0 31.1 31.1
Sundry fnancial liabilities 269.9 264.2 251.5 247.5
Total 306.9 301.2 343.5 338.4
Sundry fnancial liabilities essentially include liabilities to employees, outstanding purchase invoices and customers with
credit balances.
[28] Other liabilities
in millions of EUR 2013
thereof due
within one year

2012
thereof due
within one year
Prepaid expenses 44.7 44.7 37.8 37.8
Sundry liabilities 302.3 297.9 315.2 312.4
Total 347.0 342.6 353.0 350.2
Liabilities relating to social security amount to EUR 65.9 million (2012: EUR 65.9 million). In addition, sundry liabilities
include liabilities from other taxes of EUR 91.7 million (2012: EUR 91.1 million).
136
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[29] Additional disclosures on fnancial instruments carrying amounts, amounts recognized and fair values
by measurement category
Amount recognized in the statement
of fnancial position
Fair
value
31 Dec.
2013
in millions of EUR
Assets
Measurement
category under
IAS 39
Carrying
amount
31 Dec.
2013
Amortized
cost
Fair value
(recognized
directly in
equity)
Fair value
through
proft
or loss
IAS
17
Financial assets AfS / HtM 50.3 50.3 30.9
Receivables from fnancial services LaR / n. a. 1,417.8 1,152.7 265.1 1,417.8
Trade receivables LaR 1,210.1 1,210.1 1,210.1
Other fnancial assets
Receivables from related parties LaR 85.6 85.6 85.6
Derivative fnancial assets FAHfT / LaR 20.6 23.2 43.8 20.6
Sundry fnancial assets LaR 71.7 71.7 71.7
Securities AfS / FAHfT / FAFVtpl 117.2 51.2 66.0 117.2
Cash and cash equivalents FAFVtpl / LaR 749.2 681.1 68.1 749.2
Equity and liabilities
Liabilities from fnancial services FLAC 1,151.6 1,151.6 1,151.6
Trade payables FLAC 426.4 426.4 426.4
Financial liabilities FLAC / n. a. 1,807.1 1,795.8 11.3 1,854.9
Other fnancial liabilities
Liabilities to related parties FLAC 17.0 17.0 17.0
Derivative liabilities FLAC / FLHfT 20.0 8.2 28.2 20.0
Sundry fnancial liabilities FLAC 269.9 269.9 269.9
thereof combined by measurement
category in accordance with IAS 39:
1 Held-to-maturity investments (HtM) 30.9 30.9 30.9
2 Financial assets held for trading (FAHfT) 43.8 43.8 43.8
3 Financial assets (designated as)
at fair value through proft or loss (FAFVtpl) 134.1 134.1 134.1
4 Available-for-sale fnancial assets (AfS) 70.6 19.4 51.2 51.2
5 Loans and receivables (LaR) 3,178.0 3,178.0 3,178.0
6 Receivables from the leasing business (n. a.) 265.1 265.1 265.1
7 Financial liabilities held for trading (FLHfT) 28.2 28.2 28.2
8 Financial liabilities at amortized cost (FLAC) 3,652.5 3,652.5 3,700.3
9 Lease obligations (n. a.) 11.3 11.3 11.3
137
Amount recognized in the statement
of fnancial position
Fair
value
31 Dec.
2012
in millions of EUR
Assets
Measurement
category under
IAS 39
Carrying
amount
31 Dec.
2012
Amortized
cost
Fair value
(recognized
directly in
equity)
Fair value
through
proft
or loss
IAS
17
Financial assets AfS / HtM 53.4 53.4 35.6
Receivables from fnancial services LaR / n. a. 1,337.7 1,105.8 231.9 1,337.7
Trade receivables LaR 1,233.1 1,233.1 1,233.1
Other fnancial assets
Receivables from related parties LaR 48.8 48.8 48.8
Derivative fnancial assets FAHfT / LaR 47.5 35.2 82.7 47.5
Sundry fnancial assets LaR 71.3 71.3 71.3
Securities AfS / FAHfT / FAFVtpl 105.2 51.4 53.8 105.2
Cash and cash equivalents LaR 571.5 571.5 571.5
Equity and liabilities
Liabilities from fnancial services FLAC 1,147.8 1,147.8 1,147.8
Trade payables FLAC 404.6 404.6 404.6
Financial liabilities FLAC / n. a. 1,618.2 1,609.3 8.9 1,768.0
Other fnancial liabilities
Liabilities to related parties FLAC 60.9 60.9 60.9
Derivative liabilities FLAC / FLHfT 31.1 6.5 37.6 31.1
Sundry fnancial liabilities FLAC 251.5 251.5 251.5
thereof combined by measurement
category in accordance with IAS 39:
1 Held-to-maturity investments (HtM) 35.6 35.6 35.6
2 Financial assets held for trading (FAHfT) 82.7 82.7 82.7
3 Financial assets (designated as)
at fair value through proft or loss (FAFVtpl) 53.8 53.8 53.8
4 Available-for-sale fnancial assets (AfS) 69.2 17.8 51.4 51.4
5 Loans and receivables (LaR) 2,995.3 2,995.3 2,995.3
6 Receivables from the leasing business (n. a.) 231.9 231.9 231.9
7 Financial liabilities held for trading (FLHfT) 37.6 37.6 37.6
8 Financial liabilities at amortized cost (FLAC) 3,467.6 3,467.6 3,617.4
9 Lease obligations (n. a.) 8.9 8.9 8.9
138
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The following tables show the measurement of the fair value of the Wrth Groups assets and liabilities by
hierarchical level
Assets and liabilities at fair value:
in millions of EUR
Total
31 Dec. 2013
Quoted prices in
active markets
(level 1)
Signifcant
observable inputs
(level 2)
Derivative assets
Currency instruments 2.9 0.0 2.9
Interest instruments 40.9 0.0 40.9
Securities 117.2 51.2 66.0
Cash and cash equivalents 68.1 68.1 0.0
Financial assets at fair value 229.1 119.3 109.8
Derivative liabilities
Currency instruments 0.8 0.0 0.8
Interest instruments 27.4 0.0 27.4
Financial liabilities at fair value 28.2 0.0 28.2
in millions of EUR
Total
31 Dec. 2012
Quoted prices in
active markets
(level 1)
Signifcant
observable inputs
(level 2)
Derivative assets
Currency instruments 1.1 0.0 1.1
Interest instruments 81.6 0.0 81.6
Securities 105.2 51.4 53.8
Financial assets at fair value 187.9 51.4 136.5
Derivative liabilities
Currency instruments 2.4 0.0 2.4
Interest instruments 35.2 0.0 35.2
Financial liabilities at fair value 37.6 0.0 37.6
139
Notes on the fair values of those fnancial assets and liabilities that were not stated at fair value in the consolidated
statement of fnancial position:
in millions of EUR
Total
31 Dec. 2013
Quoted prices in
active markets
(level 1)
Signifcant
observable inputs
(level 2)
Financial assets 30.9 0.0 30.9
Receivables from fnancial services 1,417.8 0.0 1,417.8
Trade receivables 1,210.1 0.0 1,210.1
Receivables from related parties 85.6 0.0 85.6
Sundry fnancial assets 71.7 0.0 71.7
Cash and cash equivalents 681.1 681.1 0.0
Financial assets not stated at fair value 3,497.2 681.1 2,816.1
Liabilities from fnancial services 1,151.6 0.0 1,151.6
Trade payables 426.4 0.0 426.4
Financial liabilities 1,854.9 0.0 1,854.9
Liabilities to related parties 17.0 0.0 17.0
Sundry fnancial liabilities 269.9 0.0 269.9
Financial liabilities not stated at fair value 3,719.8 0.0 3,719.8
in millions of EUR
Total
31 Dec. 2012
Quoted prices in
active markets
(level 1)
Signifcant
observable inputs
(level 2)
Financial assets 35.6 0.0 35.6
Receivables from fnancial services 1,337.7 0.0 1,105.8
Trade receivables 1,233.1 0.0 1,233.1
Receivables from related parties 48.8 0.0 48.8
Sundry fnancial assets 71.3 0.0 71.3
Cash and cash equivalents 571.5 571.5 0.0
Financial assets not stated at fair value 3,298.0 571.5 2,494.6
Liabilities from fnancial services 1,147.8 0.0 1,147.8
Trade payables 404.6 0.0 404.6
Financial liabilities 1,768.0 0.0 1,768.0
Liabilities to related parties 60.9 0.0 60.9
Sundry fnancial liabilities 251.5 0.0 251.5
Financial liabilities not stated at fair value 3,632.8 0.0 3,632.9
140
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
I. Other notes
[1] Commitments and contingencies
in millions of EUR 2013 2012
Guarantees, warranties and collateral for third-party liabilities 42.3 48.6
Guarantees, warranties and collateral are due on call.
[2] Other fnancial obligations
in millions of EUR 2013 2012
Obligations from operating leases
due within 12 months 215.3 223.5
due in 13 to 60 months 363.5 373.0
due in more than 60 months 72.6 58.7
651.4 655.2
Purchase obligations
due within 12 months 314.2 313.8
Sundry fnancial obligations
due within 12 months 40.7 45.8
due in 13 to 60 months 109.4 107.1
due in more than 60 months 0.1 1.2
150.2 154.1
Total 1,115.8 1,123.1
The operating leases mainly relate to rented buildings and leased vehicles. The interest rates stipulated in the lease agree-
ments are customary market rates. There are no purchase options upon expiry of the lease either for the rented buildings
or the leased vehicles.
The sundry fnancial obligations contain irrevocable lending commitments of Internationales Bankhaus Bodensee AG,
Friedrichshafen, Germany in the amount of EUR 141.7 million (2012: EUR 142.7 million).
The table below shows the payments from operating leases recognized in proft or loss:
in millions of EUR 2013 2012
Real estate 122.2 115.6
Machines, equipment, furniture and fxtures 13.4 12.8
Vehicles 129.7 138.9
Other 2.8 0.5
Total 268.1 267.8
141
[3] Contingent liabilities
As an international group with various areas of business, the Wrth Group is exposed to many legal risks. This is especially
true of risks for warranties, tax law and other legal disputes. However, according to the assessment by the Central
Managing Board, no decisions are expected that would have a signifcant infuence on the net assets of the Group.
Tax feld audits at Group entities have not been completed yet and the related audit fndings have not been reported yet.
[4] Financial instruments
Financial risk management
Through its fnancial activities, the Wrth Group is subject to various risks that are assessed, managed and monitored
by a systematic risk management system.
Details of the Groups management of market risks (exchange rates, interest rates. securities risks), credit risks and liquidity
exposures are presented below.
Exchange rate risks
The Wrth Group is exposed to currency risks from fnancing and operating activities. By exchange rate risks, the Wrth
Group means the exposure of the assets and income disclosed resulting from exchange rate fuctuations between the
transaction currency and the functional currency in each case.
As far as operations are concerned, the individual Group entities mainly carry out their activities in their own functional
currency. The currency risk for the Wrth Group from current operating activities is therefore classifed as low. Exchange
rate risks are countered by forward exchange contracts and currency options. Derivative fnancial instruments are used to
hedge future sales and goods purchases against exchange rate risks.
Regarding the presentation of market risks, IFRS 7 requires sensitivity analyses showing how proft or loss and equity
would have been afected by hypothetical changes in the relevant risk variable.
If the euro had depreciated (appreciated) against the US dollar, the pound sterling and the Swiss franc by 10% as of
31 December 2013, the hypothetical efect on proft or loss would have been as follows:
in millions of EUR
Hypothetical efect on proft or loss
2013
Hypothetical efect on proft or loss
2012
Currency Depreciation Appreciation Depreciation Appreciation
US dollar 0.2 0.2 0.2 0.2
Swiss franc 5.7 5.7 8.4 8.4
There were no changes afecting other comprehensive income.
142
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Interest rate risks
By interest rate risk, the Wrth Group means the negative efects on the net assets and results of operations resulting from
changes in interest rates. One of the methods used to counter this risk is to ensure that a large part of external fnancing is
in fxed-interest rate bonds. In addition, derivatives are used for risk management purposes (e.g., interest rate swaps).

The interest rate risk is mainly limited to the liabilities to banks with foating interest rates listed under [24] Financial
liabilities and the items presented under [12] Receivables from fnance leases and under [23] Liabilities from fnancial
services.
Under IFRS 7, interest rate risks are presented using sensitivity analyses. These present the efects of changes in market
interest rates on interest payments, interest income and expenses, other components of proft or loss and, if applicable, on
equity.
If the market interest level had been 100 base points higher (lower) as of 31 December 2013, proft or loss would have
been EUR 7.9 million lower (higher) (2012: EUR 4.2 million). The hypothetical efect on proft or loss is mainly attributable
to overdraft facilities as well as receivables and liabilities from fnancial services. Equity would change accordingly.
There were no changes afecting other comprehensive income.
Securities risks
The Wrth Group is exposed to securities risks because of its investments. Specifcally, there is a risk of fnancial loss due
to changes in prices of (publicly traded) securities. One way of countering this risk is through diversifcation of the invest-
ment portfolio. When selecting bonds, a minimum rating of BBB (Standard & Poors) is generally required. The rating
development is monitored on a daily basis. If the bonds are downgraded by the rating agency, they are sold immediately.
In addition, derivatives are used for risk management purposes to hedge securities price risks.
Credit risk
The credit risk is countered by limiting business relationships to frst class banks with a minimum rating of A- (Stanard & Poors).
Default risks from receivables are minimized by continuous monitoring of the creditworthiness of the counterparty and by
limiting the aggregated individual risks from the counterparty. Standardized master agreements of the International Swaps
and Derivatives Association (ISDA master agreements), including the Credit Support Annex (CSA), are in place with those
external counterparties of the Wrth Group with whom it enters into transactions as part of its fnancial risk management.
The maximum credit risk is the carrying amount of the fnancial assets recognized in the statement of fnancial position.
The credit risk from operating activities is accounted for by recognizing a portfolio-based specifc allowance on trade
receivables.
Liquidity risks
The Wrth Group needs liquidity to meet its fnancial obligations. Group entities are obliged by Group guidelines to deposit
any excess cash not needed to meet current obligations with Wrth Finance International B.V., s- Hertogenbosch, the
Netherlands, or Adolf Wrth GmbH & Co. KG, Knzelsau, Germany, to make it available to the Wrth Group. The high
143
international credit rating received by the Wrth Group (Standard & Poors issued an A rating on the Wrth Groups
non- current liabilities) means that the Group can obtain favorable terms for procuring funds on international capital
markets. In order to be in a position to meet its payment obligations at any time, even in extraordinary circumstances, the
Wrth Group also maintains lines of credit with various banks to cover potential liquidity bottlenecks.
Capital management
The primary objective of the Wrth Groups capital management is to ensure that it maintains a strong credit rating and
healthy equity ratio. The Group manages its capital structure in light of changes in economic conditions. In addition, the
fnancial service providers within the Group comply with the applicable regulatory capital requirements. No changes were
made to the objectives, policies and processes as of 31 December 2013 and 31 December 2012. The equity ratio, calcu-
lated as equity in accordance with IFRSs divided by total assets, is 42.6% (2012: 41.9%). This means that the equity ratio is
higher than the industry average, and ensures the Wrth Group an investment grade A rating at present. Regarding a US
private placement, the Wrth Group is also required to comply with a certain ratio of senior liabilities to equity.
Fair value of fnancial instruments
The fair value of fnancial instruments that are included in the portfolio of available-for-sale fnancial assets and fnancial
assets held for trading is estimated by comparing them with the market price on the reporting date.
The fair value of fnancial instruments designated as of fair value through proft or loss is determined using the valuation
techniques presented under [19] Securities.
The loss resulting from adjusting the fair value of fnancial assets at fair value through proft or loss amounted to EUR 2.0
million in the fscal year (2012: gain of EUR 1.1 million) and was recorded in full in proft or loss for the period. The fair value
of forward exchange contracts is measured using the closing rates on the forward exchange markets. Interest rate swaps
are measured at fair value on the basis of the present value of estimated future cash fows. The fair value of options is
measured using option-pricing models. The Wrth Group has a policy of obtaining confrmation of the fair value of all the
above instruments by the banks that arranged the respective contracts for the Wrth Group.
The fnancial instruments not recognized at fair value within the Wrth Group primarily comprise certain cash equivalents,
trade receivables, other current assets, other non-current assets, trade payables, and other liabilities, overdraft facilities,
non-current loans and held-to-maturity investments.
The carrying amount of cash equivalents and overdraft facilities approximates fair value due to the high liquidity of the
fnancial instruments.
The historical cost carrying amount of receivables and payables subject to normal trade credit terms also approximates
fair value.
The fair value of non-current liabilities is based on the market price for these liabilities or similar fnancial instruments or on
the current interest rates for borrowing at similar terms and conditions. The amounts reported in the statement of fnancial
position approximate fair value and are presented separately in note [29] Additional disclosures on fnancial instruments.
144
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Derivative fnancial instruments
As of the reporting date, the fair value of derivate fnancial instruments was as follows:

in millions of EUR
Contract value or
nominal value
Positive replacement
value
Negative replacement
value
Type 2013 2012 2013 2012 2013 2012
Currency instruments
Foreign exchange
forward contracts 664.4 642.3 2.9 0.5 0.8 1.8
Currency options (OTC) 0.0 33.2 0.0 0.6 0.0 0.6
Total currency instruments 664.4 675.5 2.9 1.1 0.8 2.4
Interest instruments
Interest rate swaps 994.0 1,028.9 29.4 56.3 26.2 32.4
Cross-currency swaps 51.7 117.7 11.5 25.3 0.9 2.3
Swaptions (OTC) 25.0 20.0 0.0 0.0 0.3 0.5
Total interest instruments 1,070.7 1,166.6 40.9 81.6 27.4 35.2
Compensation of credit risk through CSA 23.2 35.2 8.2 6.5
Net replacement value 0.6 16.4
As part of fnancial risk management, a credit support annex (CSA) was entered into. For this reason, the positive and
negative replacement values of the interest instruments were all presented net in the statement of fnancial position, i.e.,
after taking into account the cash settlement under the CSA.
[5] Leases
Lessee
The net carrying amount of assets leased under fnance leases breaks down as follows:
in millions of EUR 2013 2012
Real estate 7.0 4.8
Machines, equipment, furniture and fxtures 1.5 0.8
Vehicles 2.3 2.7
Total 10.8 8.3
The vast majority of fnance leases relate to real estate. These agreements are generally designed to include a purchase
option and a renewal option. Furthermore, some contain price escalation clauses based on the Euribor. There are no
signifcant restrictions imposed by lease agreements.
145
Minimum lease installments over the remaining terms of the fnance lease agreements and their present value are as
follows:
in millions of EUR 2013 2012
due within 12 months 2.6 2.3
due in 13 to 60 months 8.2 6.3
due in more than 60 months 2.5 1.6
Minimum lease payments from fnance leases
less expected future interest payments 13.3 10.2
due within 12 months 0.6 0.5
due in 13 to 60 months 1.1 0.7
due in more than 60 months 0.3 0.1
Present value of minimum lease payments 11.3 8.9
thereof
due within 12 months 1.9 1.8
due in 13 to 60 months 7.2 5.6
due in more than 60 months 2.2 1.5
Lessor
The consolidated group also contains some entities that specialize in leases. These entities are responsible for intercom-
pany lease transactions, among other things. They also have fnance lease agreements with third parties, primarily for
machines, equipment, furniture and fxtures, and vehicles.
Reconciliation of the total gross investment to the present value of fnance leases lessor:
31 December
due within
12 months
due in
13 to 60 months
due in more than
60 months
in millions of EUR 2013 2012 2013 2012 2013 2012 2013 2012
Total lease installments
(gross total investments in the lease) 585.0 557.6
Lease installments already received 255.1 250.6
Lease installments (future minimum lease payments) 329.9 307.0 112.6 108.7 201.9 192.3 15.4 6.0
thereof: lease payments already sold 247.2 231.2 86.0 80.5 150.5 147.3 10.7 3.4
Unearned fnance income 29.3 26.0 9.8 11.0 17.4 14.0 2.1 1.0
Present value of the outstanding minimum
lease payments 53.4 49.8 16.8 17.2 34.0 31.0 2.6 1.6
The fnance leases are mainly hire-purchase arrangements or full payout lease agreements with a maximum term of over
90% of the leased assets estimated useful life. The contracts can only be terminated for due cause for which the counter-
party is responsible.
Valuation allowances of EUR 0.5 million (2012: EUR 0.7 million) were recognized in the fscal year for uncollectible
outstanding minimum lease payments.
146
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[6] Related parties
Basically, related parties are members of the Wrth family and entities controlled by them as well as key management
personnel (members of the Wrth Groups Central Managing Board and Executive Vice Presidents), members of the
Advisory Board of the Wrth Group, the Management Board of the Wrth Groups Family Trusts, the Supervisory Board of
the Wrth Groups Family Trusts and close family members of the aforementioned groups of persons. Related parties also
include the family trusts. Related party transactions were all conducted at arms length.
Payments of EUR 210.3 million (2012: EUR 180.7 million) were made to members of the Wrth family and the family trusts
for distributions and usufructary rights. Of the payments made, an amount of EUR 152.2 million (2012: EUR 110.3 million)
was paid back as a capital contribution.
The transactions and interest income and expenses listed below were efected between the Wrth Group and the Wrth
family, members of the Central Managing Board, the Executive Vice Presidents, as well as the Management Board and
the Supervisory Board of the Wrth Groups Family Trusts and the Advisory Board of the Wrth Group:
in millions of EUR 2013 2012
Purchased services 3.1 4.3
Services rendered 0.2 0.4
Interest cost 1.4 2.0
Interest income 1.0 1.3
Lease/rental expense 4.1 3.4
Remuneration of the Management Board and Supervisory Board of the Wrth
Groups Family Trusts, and the Advisory Board 4.7 3.3
The following receivables and liabilities arose from these transactions:
in millions of EUR 2013 2012
Receivables from fnancial services 7.9 2.8
Loan receivable 23.5 26.4
Liabilities from fnancial services 2.0 1.4
Loan liabilities 17.0 51.4
In addition, close family members of key management personnel received wage and salary payments of EUR 0.3 million
(2012: EUR 1.0 million). In addition, there are liabilities from fnancial services amounting to EUR 0.2 million (2012: EUR
0.1 million).
147
The interest income and expenses listed below were transacted between the Wrth Group and the family trusts:
in millions of EUR 2013 2012
Lease/rental expense 1.0 1.0
Interest cost 2.6 2.0
Interest income 0.7 0.7
Other operating expenses 0.0 0.2
These transactions gave rise to loan receivables of EUR 62.1 million (2012: EUR 22.4 million). As the result of the acquisi-
tion of shares in parent companies, there was also a purchase price liability of EUR 9.5 million in fscal year 2012.
The receivables due from and liabilities due to related parties for fnancial services are subject to market interest rates.
All other purchased services are also rendered at market terms and conditions.
[7] Compensation of key management personnel
in millions of EUR 2013 2012
Short-term employee benefts 20.8 21.8
Post-employment benefts 0.1 0.6
Benefts due to the end of the employment relationship 0.3 0.0
Total 21.2 22.4
Individual members of the Central Managing Board and the Executive Vice Presidents have a right to pension benefts
with a total present value of EUR 15.5. million (2012: EUR 20.0 million). Former members and their surviving dependants
are also entitled to beneft payments. The present value of the resulting beneft obligations totaled EUR 13.9 million (2012:
EUR 9.9 million).
[8] Government grants
The Wrth Group received government grants of EUR 2.7 million in the form of investment subsidies for infrastructure
projects (2012: EUR 2.1 million). Of this amount, EUR 1.3 million (2012: EUR 0.9 million) was deducted from the assets
carrying amounts and EUR 1.4 million (2012: EUR 1.2 million) was immediately recognized in proft or loss.
148
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
[9] Auditors fees
The following table shows, on aggregate, the fees incurred for the services provided by the auditor Ernst & Young GmbH
Wirtschaftsprfungsgesellschaft, Stuttgart, Germany in the fscal year 2013:
in millions of EUR 2013
Audit 2.0
Assurance services 0.1
Tax services 0.1
Other fees 0.1
Total 2.3
[10] Events after the reporting period
As of 18 February 2014, the Wrth Group acquired a 100% of the shares in Korea Fasteners Ltd., Anseong-Si, South
Korea. The purchase price amounted to EUR 1.5 million.
[11] Exemption from the duty of partnerships and stock corporations to prepare, audit and disclose fnancial
statements
The following German group entities organized as partnerships made use of the exemption clause according to
Sec. 264b HGB for the fscal year 2013:
Entity Registered ofce
Abraham Diederichs GmbH & Co. oHG Wuppertal
Adolf Menschel Verbindungstechnik GmbH & Co. KG Plettenberg
Adolf Wrth GmbH & Co. KG Knzelsau
Arnold & Shinjo GmbH & Co. KG Drzbach
Arnold Umformtechnik GmbH & Co. KG Forchtenberg
Baier & Michels GmbH & Co. KG Ober-Ramstadt
CONMETALL GmbH & Co. KG Celle
Conpac GmbH & Co. KG Celle
Enzinas Grundstcksverwaltungsgesellschaft mbH & Co. Vermietungs KG Mainz
Gavia Grundstcksverwaltungsgesellschaft mbH & Co. Objekte Ratingen und
Ingolstadt Vermietungs OHG
Mainz
Glessdox GmbH & Co. KG Neuenstein
Grass GmbH & Co. KG Reinheim
149
Entity Registered ofce
H. Sartorius Nachf. GmbH & Co. KG Ratingen
Hetal-Werke Franz Hettich GmbH & Co. KG Alpirsbach
Hommel Hercules-Werkzeughandel GmbH & Co. KG Viernheim
IMS-Verbindungstechnik GmbH & Co. KG Neuenstein
IVT Installations- und Verbindungstechnik GmbH & Co. KG Rohr
LOGO Grundstcksgesellschaft mbH & Co. oHG Gppingen
Marbet Marion & Bettina Wrth GmbH & Co. KG Knzelsau
Panoramahotel Grundstcksgesellschaft mbH & Co. Objekt Waldenburg oHG Gppingen
PIRUS Grundstcksgesellschaft mbH & Co. oHG Gppingen
Schssmetall GmbH & Co. KG Freilassing
Siller & Laar Schrauben- Werkzeug- und Beschlge- Handel GmbH & Co. KG Augsburg
Sonderschrauben Gldner GmbH & Co. KG Niederstetten
SWG Schraubenwerk Gaisbach Besitz-GmbH & Co. KG Waldenburg
Swiridof Verlag GmbH & Co. KG Knzelsau
Synfber AS & Co. Beschrnkt haftende KG Worms
Teudelof GmbH & Co. KG Waldenburg
TUNAP Deutschland Vertriebs-GmbH & Co. Betriebs-KG Wolfratshausen
TUNAP Industrie Chemie GmbH & Co.Produktions KG Wolfratshausen
Uni Elektro Fachgrohandel & Co. Grundstcksverwaltungsgesellschaft OHG Eschborn
UNI ELEKTRO Fachgrohandel GmbH & Co. KG Eschborn
Wagener & Simon WASI GmbH & Co. KG Wuppertal
Waldenburger Beteiligungen GmbH & Co. KG Knzelsau
Werkzeugtechnik Niederstetten GmbH & Co.KG Niederstetten
WLC Wrth-Logistik GmbH & Co. KG Knzelsau
Wrth Elektrogrohandel GmbH & Co. KG Knzelsau
Wrth - Elektronik GmbH & Co KG Niedernhall
Wrth Elektronik eiSos GmbH & Co. KG Waldenburg
Wrth Elektronik FLATcomp Systems GmbH & Co. KG Pforzheim
Wrth Elektronik ICS GmbH & Co. KG hringen
Wrth GmbH & Co. KG Grundstcksgesellschaft Knzelsau
Wrth Immobilien-Leasing GmbH & Co.KG Gppingen
Wrth Industrie Service GmbH & Co. KG Bad Mergentheim
Wrth IT International GmbH & Co. KG Bad Mergentheim
Wrth Leasing GmbH & Co. KG Gppingen
Wrth Modyf GmbH & Co. KG Knzelsau
Wrth TeleServices GmbH & Co. KG Knzelsau
Wrth Versicherungsdienst GmbH & Co. KG Knzelsau

150
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The following German group entities organized as corporations made use of the exemption clause according to
Sec. 264 (3) HGB for the fscal year 2013:
Entity Registered ofce
AHD Auto-Hif & -Design GmbH Ingelfngen
Comgroup GmbH Bad Mergentheim
Dinol GmbH Lgde
Dringenberg GmbH Betriebseinrichtungen Obersulm-Slzbach
E3 Energie Efzienz Experten GmbH Knzelsau
Erbschloe Werkzeug Vertriebsgesellschaft mbH Wuppertal
ESB Grundstcksverwaltungsgesellschaft mbH Eschborn
FEGA & Schmitt Elektrogrohandel GmbH Ansbach
FFP Montageteileproduktion Vertriebs-GmbH Waldenburg
Flugplatz Schwbisch Hall GmbH Schwbisch Hall
HAHN+KOLB Werkzeuge GmbH Ludwigsburg
HSR GmbH Hochdruck Schlauch + Rohr Verbindungen Duisburg
INDUNORM Hydraulik GmbH Duisburg
KERONA GmbH Ingelfngen
Lichtzentrale Lichtgrohandel GmbH Ansbach
Meister Werkzeuge GmbH Wuppertal
Meister-Werkzeuge, Werkzeugfabrik Vertriebsgesellschaft mbH Wuppertal
METAFRANC Mbel- u. Baubeschlge Vertriebsgesellschaft mbH Wuppertal
Panorama Hotel- und Service GmbH Waldenburg
Pronto-Werkzeuge GmbH Wuppertal
Reca Norm GmbH Kupferzell
REISSER Schraubentechnik GmbH Ingelfngen
Reinhold Wrth Holding GmbH Knzelsau
Schmitt Elektrogrohandel GmbH Fulda
SWG Schraubenwerk Gaisbach GmbH Waldenburg
UNI ELEKTRO Handels- und Beteiligungs-GmbH Eschborn
WOW ! Wrth Online World GmbH Knzelsau
Wrth Elektronik iBE GmbH Thyrnau
151
J. Notes to the consolidated statement of cash fows
In accordance with IAS 7, the consolidated statement of cash fows shows how the Wrth Groups cash has changed over
the fscal year as a result of cash received and paid. It is classifed by cash fows from operating, investing or fnancing
activities.
The cash fow from operating activities is derived indirectly from the earnings before taxes. Specifcally, the fgure for earn-
ings before taxes is adjusted for income tax payments, fnance costs and fnance revenue, interest income from operating
activities, changes in obligations from post- employment benefts, non- cash amortization, depreciation, impairment and
reversals of impairment as well as losses and gains on the disposal of non-current assets and other non-cash expenses and
income.
The efects of acquisitions and other changes in the consolidated group have been eliminated. When purchased subsid-
iaries are included for the frst time, only the actual cash fows are shown in the consolidated statement of cash fows. Cash
and cash equivalents in the consolidated statement of cash fows consist of cash on hand and bank balances as well as
highly liquid short-term investments and other cash equivalents.
The efects of acquisitions and other changes in the consolidated group on the consolidated statement of cash fows have
been considered separately. We refer to C. Consolidated group.
152
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
K. List of shareholdings
Entity Registered ofce
Wrth
Group
share
%
Albania
Wrth Albania Ltd. Tirana 100
Argentina
Wrth Argentina S.A. Canuelas 100
Wumet Argentina S.A. Canuelas 100
Armenia
Wrth LLC Yerevan 100
Australia
Wrth Australia Pty Ltd Dandenong South 100
Austria
Wrth Handelsgesellschaft m.b.H. Bheimkirchen 100
Azerbaijan
Wurth Azerbaijan LLC Baku 100
Belarus
FLLC WurthBel Minsk 100
Belgium
Wrth Belgi N.V. Turnhout 100
Bosnia and Herzegovina
WURTH BH d.o.o. Sarajevo 100
Brazil
Wurth do Brasil Peas de Fixao Ltda. Cotia 100
Bulgaria
Wrth Bulgarien EOOD Sofa 100
Cambodia
Wuerth (Cambodia) Ltd. Phnom Penh 100
Canada
McFaddens Hardwood & Hardware Inc. Oakville 100
Wrth Canada Ltd., Lte Mississauga 100
Chile
Wrth Chile Ltda. Santiago de Chile 100
China
Wuerth (Shenyang) Hardware & Tools Co., Ltd. Shenyang 100
Wrth (Chongqing) Hardware & Tools Co., Ltd. Chongqing 100
Wrth (Guangzhou) International
Trading Co., Ltd. Guangzhou 100
Entity Registered ofce
Wrth
Group
share
%
China
Wurth Hong Kong Co., Ltd. Hong Kong 100
Wuerth (Tianjin) International Trade Co., Ltd. Tianjin 100
Colombia
Wrth Colombia SA Bogot 100
Costa Rica
Wrth Costa Rica, S.A. La Uruca, San Jos 100
Croatia
Wrth-Hrvatska d.o.o. Zagreb 100
Czech Republic
Wrth, spol. s r.o. Mlad Boleslav 100
Denmark
Wrth Danmark A/S Kolding 100
Dominican Republic
Wrth Dominicana S.A. Santo Domingo 100
Ecuador
WURTH ECUADOR S.A. Quito 100
Estonia
Aktsiaselts Wrth Tallinn 100
Finland
Wrth Oy Riihimki 100
France
Wrth France SA Erstein 95
Wrth Modyf France S.A.R.L. Erstein 100
Georgia
Wrth Georgia Ltd. Tifis 100
Germany
Wrth Modyf GmbH & Co. KG Knzelsau 100
Greece
Wurth Hellas S.A. Kryoneri, Attiki 100
Hungary
Wrth Szerelstechnika KFT Budars 100
Iceland
Wrth slandi ehf. Garabr 100
WRTH LINE CRAFT
153
Entity Registered ofce
Wrth
Group
share
%
India
Bettina Wuerth Auto India Private Limited Mumbai 100
Marion Wuerth India Pvt. Ltd. Delhi 100
Reinhold Wuerth India Pvt. Ltd. Chennai 100
Wuerth India Pvt. Ltd. Mumbai 100
Indonesia
P.T. Wuerth Indah Jakarta 100
Wuerth Indonesia P.T. Jakarta 100
Ireland
Wrth (Ireland) Limited Limerick 100
Israel
Wrth Israel Ltd. Caesarea 100
Italy
Modyf S.r.l. Termeno 100
Wrth S.r.l. Neumarkt 100
Japan
Wrth Japan Co., Ltd. Yokohama 100
Jordan
Wurth - Jordan Co. Ltd. Amman 100
Kazakhstan
Wuerth Kazakhstan Ltd. Almaty 100
Kenya
Wuerth Kenya Ltd. Nairobi 100
Kosovo
Wrth-Kosova Sh.p.k. Graanica 100
Kyrgyzstan
Wrth Foreign Swiss Company Ltd. Bishkek 100
Latvia
SIA Wurth Riga 100
Lebanon
Wurth Lebanon SAL Beirut 100
Lithuania
Wurth Lietuva Vilnius 100
Macedonia
Wurth Makedonija DOOEL Skopje 100
Entity Registered ofce
Wrth
Group
share
%
Malaysia
Wuerth (Malaysia) Sdn. Bhd. Petaling Jaya 100
Malta
Wrth Limited Zebbug 99
Wrth Mediterranean Limited Zebbug 100
Martinique
Wrth Carabes SARL Ducos 100
Mexico
Wrth Mxico S.A. de C.V. Morelos 100
Moldova
Wurth S.R.L. Chisinau 100
Mongolia
Wuerth Mongolia LLC Ulan Bator 100
Montenegro
Wurth d.o.o. Podgorica Podgorica 100
Namibia
Wurth Namibia Windhoek 100
Netherlands
Wrth Nederland B.V. s-Hertogenbosch 100
New Zealand
Wurth New Zealand Ltd. Auckland 100
Norway
Wrth Norge AS Hagan 100
Panama
Wrth Centroamrica S.A. Panama Stadt 100
Peru
Wrth Per S.A.C. Lima 100
Philippines
Wuerth Philippines, Inc. Laguna 100
Poland
Wrth Polska Sp. z o.o. Warsaw 100
Portugal
Wrth Modyf Lda. Sintra 100
Wrth (Portugal) Tcnica de Montagem Lda. Sintra 100
WRTH LINE CRAFT
154
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Entity Registered ofce
Wrth
Group
share
%
Romania
Wrth Romania S.R.L Otopeni 100
Russia
Wuerth North-West JSC St. Petersburg 100
Wrth Russia Moscow 100
Wrth Eurasien Aktiengesellschaft Yekaterinburg 100
Serbia
Wurth d.o.o. Belgrade 100
Slovakia
Hommel Hercules France, s.r.o. Bratislava 100
Wrth spol. s r.o. Bratislava 100
Slovenia
Wrth d.o.o. Trzin 100
South Africa
Wuerth South Africa (Pty.) Ltd. Isando 100
South Korea
Wurth Korea Co., Ltd. Hanam 100
Spain
WRTH CANARIAS, S.L. Las Palmas 100
Wrth Espaa, S.A. Palau-solit i Plegamans 100
Wrth Modyf S.A. Palau-solit i Plegamans 100
Sri Lanka
Wurth Lanka (Private) Limited Nugegoda 100
Sweden
Wrth Svenska AB rebro 100
Entity Registered ofce
Wrth
Group
share
%
Switzerland
Wrth AG Arlesheim 100
Taiwan
Wrth Taiwan Co. Ltd. Taipeh 100
Thailand
Wuerth (Thailand) Company, Limited Bangkok 100
Turkey
Wrth Sanayi rnleri Tic. Ltd. Sti. Mimarsinan 100
UK
Wurth (Northern Ireland) Ltd. Belfast 100
Wrth U.K. Ltd. Erith 100
Wrth Ukraine Ltd. Vyshgorod 100
United Arab Emirates
Wrth Gulf FZE Dubai 100
Uruguay
Wurth del Uruguay S.A. Barros Blancos 100
USA
Wurth Baer Supply Co. Vernon Hills, Illinois 100
Wurth Louis and Company Brea, California 100
Oliver H. Van Horn Co., LLC New Orleans, Louisiana 100
Wurth USA Inc. Ramsey, New Jersey 100
Wurth Wood Group Inc. Charlotte, North Carolina 100
Vietnam
Wurth Vietnam Company Limited Ho-Chi-Minh City 100
WRTH LINE CRAFT
155
Entity Registered ofce
Wrth
Group
share
%
Australia
Thomas Warburton Pty. Ltd. Mulgrave 100
Belgium
Wrth Industry Belgium N.V. Grce-Hollogne 100
Wrth Industry Belux S.A. Grce-Hollogne 100
Brazil
SW Industry Peas de Fixao Ltda. So Bernardo do Campo 100
Canada
Wurth Industry of Canada Ltd. Indianapolis 100
China
Arvid Nilsson Logistics & Trade (Shanghai) Co., Ltd. Shanghai 100
Wuerth (China) Co., Ltd. Shanghai 100
Denmark
Arvid Nilsson A/S Kolding 100
France
Wrth Industrie France S.A.S. Erstein 100
Germany
Wrth Industrie Service GmbH & Co. KG Bad Mergentheim 100
India
Wuerth Industrial Services India Pvt. Ltd. Pune 100
Malaysia
Wuerth Industrial Services Malaysia Sdn. Bhd. Petaling Jaya 100
Mexico
Wrth McAllen Bolt de Mexico S de RL de CV Reynosa 100
Wrth McAllen Maquila Services S de RL de CV Reynosa 100
Entity Registered ofce
Wrth
Group
share
%
Mexico
Wrth Service Supply de Mexico Indianapolis 100
New Zealand
EDL Fasteners Ltd. Manukau 100
Norway
Arvid Nilsson Norge AS Dokka 100
Romania
S.C. Wurth Industrie S.r.l. Otopeni 100
South Africa
Action Bolt (Pty.) Ltd. Durban 100
Spain
Wrth Industria Espaa, S.A. Barcelona 100
Sweden
Arvid Nilsson Sverige AB Kunglv 100
Wrth Industri Nordiska AB Askim 100
Turkey
Wrth Industrie Service Endstriyel
Hizmetler Pazarlama Limited Sirketi Mimarsinan 100
USA
Marine Fasteners Inc. Sanford, Florida 100
Wrth Adams Nut & Bolt Company Maple Grove, Minnesota 100
Wurth Action Bolt & Tool Co. Riviera Beach, Florida 100
Wurth RevCar Fasteners, Inc. Roanoke, Virginia 100
Wurth/Service Supply Inc. Indianapolis, Indiana 100
Wurth Snider Bolt and Screw, Inc. Louisville, Kentucky 100
WRTH LINE INDUSTRY
156
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Entity Registered ofce
Wrth
Group
share
%
Austria
TUNAP chemisch-technische Produktions-
und Handelsgesellschaft m.b.H. Vienna 67
Belgium
CONMETALL N.V. Mechelen 100
Duvimex Belgium BvbA Edegem 100
Tunap Benelux nv Lokeren 100
Brazil
TUNAP do Brasil Comrcio de Produtos
Qumicos Ltda. So Paulo 67
China
DIY Products Asia Ltd. Hong Kong 100
Meister Tools Trading (Shanghai) Co., Ltd. Shanghai 100
Tunap (Shanghai) International Trading Co., Ltd. Shanghai 67
Wuerth Baier & Michels (Shanghai) Automotive
Fastener Co., Ltd. Shanghai 100
Croatia
EXtraMont d.o.o. Zagreb 100
Entity Registered ofce
Wrth
Group
share
%
Czech Republic
CONMETALL spol. s r.o. Opava 100
Finland
Ares Oy Nikotips Espoo 100
France
Meister France S.A.S. Strasbourg 100
SWG France SARL Forbach 100
Tunap France SAS Dachstein 67
Germany
Arnold & Shinjo GmbH & Co. KG Drzbach 100
Baier & Michels GmbH & Co. KG Ober-Ramstadt 100
CONMETALL GmbH & Co. KG Celle 100
Conpac GmbH & Co. KG Celle 100
Meister Werkzeuge GmbH Wuppertal 100
Glessdox GmbH & Co. KG Neuenstein 100
IMS-Verbindungstechnik GmbH & Co. KG Neuenstein 100
IVT Installations- und Verbindungstechnik
GmbH & Co. KG Rohr 75
TRADE
Entity Registered ofce
Wrth
Group
share
%
Austria
Eichmann Elektrofachgrohandel GmbH Linz 100
Czech Republic
Elfetex spol. s r.o. Pilsen 100
Estonia
Talger-Elektrotehnika Osahing Tallinn 100
Germany
FEGA & Schmitt Elektrogrohandel GmbH Ansbach 100
Lichtzentrale Lichtgrohandel GmbH Ansbach 100
UNI ELEKTRO Fachgrohandel GmbH & Co. KG Eschborn 100
Entity Registered ofce
Wrth
Group
share
%
Germany
Walter Kluxen GmbH Hamburg 100
Latvia
SIA Baltjas Elektro Sabiedriba Riga 100
Lithuania
UAB ELEKTROBALT Vilnius 100
Poland
Fega Poland Sp. z o.o. Wrocaw 100
Russia
OOO Fega Moscow 100
ELECTRICAL WHOLESALE
157
Entity Registered ofce
Wrth
Group
share
%
Germany
KERONA GmbH Ingelfngen 100
Kisling (Deutschland) GmbH Bad Mergentheim 100
Schssmetall GmbH & Co. KG Freilassing 100
Teudelof GmbH & Co. KG Waldenburg 100
TUNAP Deutschland Vertriebs-GmbH
& Co. Betriebs-KG Wolfratshausen 51
YOUR OWN BRAND GmbH Neutraubling 90
Greece
TUNAP Hellas EPE Thessaloniki 67
Hungary
REISSER Csavar Kft Szr 100
Van Roij Fasteners Hungaria Kft. Dunaharaszti 100
Indonesia
PT. TUNAP INDONESIA Jakarta 67
Italy
Baier & Michels S.r.l. Padua 100
Glessdox SRL Termeno 100
Masidef S.r.l. Caronno Pertusella 100
Tunap Italia S.r.l. Terlano 67
Unifx SWG S.r.l. Terlano 100
Your Own Brand S.R.L Milan 100
Netherlands
Van Roij Fasteners Europe B.V. Deurne 100
Norway
Synfber AS Oslo 100
Tunap Norge AS Hagan 67
Poland
REISSER - POL Sp. z o.o. Chelmno 100
TUNAP Polska Sp. Z o.o. Warsaw 67
TRADE
Entity Registered ofce
Wrth
Group
share
%
Romania
Meister Romania Srl Otopeni 100
Reisser Tehnic s.r.l. Cluj Napoca 100
Russia
IVT Ural, O.O.O. Bolshoj Istok 100
TUNAP Russia OOO Moscow 67
Serbia
Extramont - limited responsibility company Belgrade Belgrade 100
Singapore
TUNAP Asia-Pacifc Pte. Ltd. Singapore 67
Spain
Reisser Tornillera SLU Barcelona 100
RUC Holding Conmetall S.A. Barcelona 100
SWG Schraubenwerk Gaisbach Espana, S.L.U. Barcelona 100
Tunap Productos Quimicos S.A. Barcelona 67
Sweden
Tunap Sverige AB Sollentuna 67
Switzerland
Airproduct AG Oberwil-Lieli 100
Turkey
Meister el Aletleri Teknolojik Urunler Ithalat
Ihracat ve Ticaret Ltd. Sti. Mimarsinan 100
Tunap Kimyasal rnler Pazarlama Ltd. Sti. Istanbul 67
UK
Tunap (UK) Limited Tonbridge 67
YOUR OWN BRAND UK Ltd. Cheddar 100
USA
Baier & Michels USA Inc. Greer, South Carolina 100
158
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Entity Registered ofce
Wrth
Group
share
%
Australia
Grass Australia/New Zealand Pty Ltd. Melbourne 100
Austria
Grass GmbH Hchst 100
Kemacos Full Filling Service GmbH Kematen in Tyrol 100
Schmid Schrauben Hainfeld GmbH Hainfeld 100
AP Winner Indstria e Comrcio de Produtos
Qumicos Ltda. Ponta Grossa 100
Canada
Grass Canada Inc. Toronto 100
China
AP Winner (Changzhou) Chemical
Technology Co., Ltd. Changzhou 100
Arnold Fasteners (Shenyang) Co., Ltd. Shenyang 100
Grass (Shanghai) International Trading Co., Ltd. Shanghai 100
Czech Republic
GRASS CZECH s.r.o. Cesky Krumlov 100
Denmark
Dokka Fasteners A/S Kolding 100
France
Arnold Technique France Anneyron 100
Germany
Adolf Menschel Verbindungstechnik GmbH &
Co. KG Plettenberg 100
Arnold Umformtechnik GmbH & Co. KG Forchtenberg 100
BB Stanz- und Umformtechnik GmbH Berga 100
Chemofast Anchoring GmbH Willich-Mnchheide 100
Dinol GmbH Lgde 100
Dringenberg GmbH Betriebseinrichtungen Obersulm-Slzbach 100
FELO-Werkzeugfabrik Holland-Letz GmbH Neustadt 100
Grass GmbH & Co. KG Reinheim 100
Grass Vertriebs GmbH Deutschland Ofterdingen 100
Hetal BV GmbH Alpirsbach 100
Hetalco GmbH Alpirsbach 100
Hetal-Werke Franz Hettich GmbH & Co. KG Alpirsbach 100
MKT Metall-Kunststof-Technik GmbH & Co KG Weilerbach 100
Entity Registered ofce
Wrth
Group
share
%
Germany
REISSER Schraubentechnik GmbH (1) Ingelfngen-Criesbach 100
SWG Schraubenwerk Gaisbach GmbH (1) Waldenburg 100
TUNAP Industrie Chemie GmbH & Co.
Produktions KG Wolfratshausen 100
Werkzeugtechnik Niederstetten GmbH & Co.KG Niederstetten 100
Hungary
Felo Szerszmgyr Kft. Eger 100
Italy
Grass Italia SRL Pordenone 100
Netherlands
Difutherm B.V. Bergeijk 100
Norway
Dokka Fasteners AS Dokka 100
Poland
Dringenberg Polska Sp. z o.o. Zagan 100
South Africa
Grass ZA (Pty.) Ltd. Montague Gardens 100
Spain
Grass Iberia, S.A. Elgeta 100
Sweden
Grass Nordiska AB Jnkping 100
Switzerland
InovaChem Engineering AG Wetzikon 100
KMT Kunststof- & Metallteile AG Hinwil 100
Kisling AG Wetzikon 100
TUNAP AG Mrstetten 51
UK
Grass Movement Systems Ltd Bromsgrove 100
Tooling International Ltd. Solihull 100
USA
Arnold Fastening Systems, Inc. Auburn Hills, Michigan 100
Cardinal Fastener Inc. Bedford Heights, Ohio 100
Dokka Fasteners Inc. Auburn Hills, Michigan 100
Grass America, Inc. Kernersville, North Carolina 100
MKT Fastening L.L.C. Lonoke, Arkansas 100
PRODUCTION
(1): These entities also operate in the Trade segment.
159
Entity Registered ofce
Wrth
Group
share
%
Austria
Wrth Elektronik sterreich GmbH Schwechat 100
Bulgaria
Wrth Elektronik iBE BG EOOD Belozem 100
China
Wuerth Electronic Tianjin Co., Ltd. Tianjin 100
Wurth Electronics (Chongqing) Co., Ltd. Chongqing 100
Wurth Electronics (Shenyang) Co., Ltd. Shenyang 100
Wurth Electronics (Shenzen) Co., Ltd Shenzhen 100
Wurth Electronics (HK) Limited Hong Kong 100
Czech Republic
Wrth Elektronik IBE CZ s.r.o. Budweis 100
Finland
Wrth Elektronik Oy Nurmijrvi 100
France
Wrth Elektronik France SARL Meyzieu 100
Germany
Wrth Elektronik eiSos GmbH & Co. KG Waldenburg 100
Wrth - Elektronik GmbH & Co KG Niedernhall 94
Wrth Elektronik iBE GmbH Thyrnau 100
Wrth Elektronik ICS GmbH & Co. KG hringen 100
India
Wuerth Elektronik CBT India Private Limited Mysore 100
Wuerth Elektronik India Pvt Ltd Bangalore 100
Wurth Electronics Services India Private Limited Bangalore 100
Entity Registered ofce
Wrth
Group
share
%
Italy
Wrth Elektronik Italia s.r.l. Terlano 100
Mexico
Wemsa S.A. de C.V. Irapuato 100
Wrth Elektronik Mexico S.A. de C.V. Irapuato 100
Netherlands
Wrth Elektronik Nederland B.V. s-Hertogenbosch 100
Singapore
Wurth Electronics Singapore Pte. Ltd. Singapore 100
Spain
Wrth Elektronik Espaa, S.L. Molins de Rei 100
Sweden
Wrth Elektronik Sweden AB Enkping 100
Switzerland
Wrth Elektronik (Schweiz) AG Zrich 100
Taiwan
Wrth Elektronik eiSos GmbH&Co KG
Taiwan Branch Taipeh 100
Wurth Electronics Co., Ltd. Taipeh 100
UK
Wrth Electronics UK Ltd. Manchester 100
USA
Wurth Electronics ICS, Inc. Dayton, Ohio 100
Wurth Electronics Midcom Inc. Watertown, South Dakota 100
ELECTRONICS
160
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Entity Registered ofce
Wrth
Group
share
%
Austria
Kellner & Kunz AG Vienna 100
Belgium
Reca Belux Ternat 100
Bosnia and Herzegovina
RECA d.o.o., Sarajevo Sarajevo 100
Bulgaria
Reca Bulgaria EOOD Sofa 100
China
reca (Shanghai) Intern. Trading Co., Ltd. Shanghai 100
Croatia
reca d.o.o. Varazdin 100
Czech Republic
Normfest s.r.o. Prague 90
reca spol. s r.o. Brnn 100
France
Reca Union France Mundolsheim 75
Germany
Normfest GmbH Velbert 100
Reca Norm GmbH Kupferzell 100
Siller & Laar Schrauben- Werkzeug-
und Beschlge- Handel GmbH & Co. KG Augsburg 100
Hungary
Reca KFT Budapest 100
Italy
FIME S.r.l. Belfore 100
Entity Registered ofce
Wrth
Group
share
%
Italy
FINK S.r.l. Termeno 100
SCAR S.r.l. Bussolengo 96
SO.FIM S.r.l. Gazzolo 100
Netherlands
A.J. Steenkist-Rooijmans B.V. Eindhoven 100
Poland
Normfest Polska Sp. z o.o. Poznan 100
reca Polska Sp. z o.o. Krakw 100
Romania
Reca Bucuresti S.R.L. Bucharest 100
Serbia
reca d.o.o. Beograd Belgrade 100
Slovakia
reca Slovensko s.r.o. Bratislava 100
Slovenia
Reca D.O.O. Maribor 100
Spain
reca Hispania S.A.U. Aldaya 100
Switzerland
Reca AG Dietikon 100
Turkey
Reca Vida Alet ve Makine Parc. Tic. Ltd. Sti. Izmir 100
UK
reca-uk ltd West Bromwich 100
RECA GROUP
161
Entity Registered ofce
Wrth
Group
share
%
Austria
Hommel & Seitz GmbH Vienna 100
Metzler GmbH & Co. KG Rankweil 100
Bulgaria
Hahn i Kolb Instrumenti EOOD Sofa 100
China
HAHN+KOLB (Chongqing) Tools Co., Ltd. Chongqing 100
HAHN+KOLB (Guangzhou) Tools Co., Ltd. Guangzhou 100
HAHN + KOLB (Tianjin) International Trade Co., Ltd. Tianjin 100
Czech Republic
HHW-Hommel Hercules Werkzeughandel
CZ/SK s.r.o. Prague 100
Germany
H. Sartorius Nachf. GmbH & Co. KG Ratingen 100
HAHN+KOLB Werkzeuge GmbH Ludwigsburg 100
Hommel Hercules-Werkzeughandel GmbH & Co. KG Viernheim 100
SVH Handels-GmbH Ludwigsburg 100
Entity Registered ofce
Wrth
Group
share
%
Hungary
HAHN + KOLB Hungaria Kft. Budapest 100
India
HAHN+KOLB TOOLS Chennai Pvt Ltd Chennai 100
HAHN+KOLB Tools Pvt. Ltd. Pune 100
Poland
HAHN + KOLB POLSKA Sp. z o.o. Poznan 100
HHW Hommel Hercules PL Sp. z o.o. Katowice 100
Romania
HAHN+KOLB ROMANIA SRL Otopeni 100
Russia
OOO Hahn+Kolb Moscow 100
Serbia
Hahn + Kolb d.o.o. Beograd Belgrade 100
UK
Monks & Crane Industrial Group Limited Wednesbury 100

TOOLS
162
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Entity Registered ofce
Wrth
Group
share
%
Australia
James Glen Pty Ltd Lidcombe 100
Austria
WASI-Rostfrei Schraubenhandelsges. mbH Vienna 100
Belgium
FASTINOX N.V. Turnhout 100
HSR Belgium S.A./N.V. Turnhout 100
Bulgaria
Wasi Bulgarien EOOD Sofa 100
China
WASI (SHANGHAI) FASTENER TRADING CO., LTD. Shanghai 100
WASI Tianjin Fastener Co., Ltd. Tianjin 100
Croatia
WASI d.o.o. Zagreb 100
Denmark
WASI Inox Danmark ApS Kolding 100
Estonia
Ferrometal Baltic O Tallinn 100
Finland
Ferrometal Oy Nurmijrvi 100
France
INTER-INOX Sarl Meyzieu 100
Entity Registered ofce
Wrth
Group
share
%
Germany
HSR GmbH Hochdruck Schlauch + Rohr
Verbindungen Duisburg 100
INDUNORM Hydraulik GmbH Duisburg 100
Sonderschrauben Gldner GmbH & Co. KG Niederstetten 100
Wagener & Simon WASI GmbH & Co. KG Wuppertal 100
Greece
Inox Mare Hellas SA Thessaloniki 100
Italy
HSR Italia S.r.l. Verona 100
Inox Mare S.r.l. Rimini 100
Inox Tirrenica S.r.l. Fiumicino 100
Spinelli s.r.l Terlano 100
Romania
Wasi Romania S.R.L. Otopeni 100
Serbia
WASI d.o.o. Belgrade 100
Spain
WASI Hispania, S.A. Palau-Solit i Plegamans 100
Switzerland
Modal Inox AG Arlesheim 100
Turkey
Inox Ege Metal rnleri Dis Ticaret Limited Sirketi Beylikdz 100
SCREWS AND STANDARD PARTS
163
Entity Registered ofce
Wrth
Group
share
%
Denmark
Wrth Leasing Danmark A/S Kolding 100
Germany
Internationales Bankhaus Bodensee AG Friedrichshafen 90
Waldenburger Versicherung AG Waldenburg 100
Wrth Immobilien-Leasing GmbH & Co.KG Gppingen 100
Wrth Leasing GmbH & Co. KG Gppingen 100
Wrth Versicherungsdienst GmbH & Co. KG Knzelsau 100
Italy
Wrth Leasing Italia S.r.l. Neumarkt 100
Entity Registered ofce
Wrth
Group
share
%
Liechtenstein
Wrth Financial Services AG Triesen 100
Luxembourg
Wrth Reinsurance Company, S.A. Luxembourg 100
Netherlands
Wrth Finance International B.V. s-Hertogenbosch 100
Switzerland
Wrth Financial Services AG Rorschach 100
Wrth Invest AG Chur 100
Wrth Leasing AG Dietikon 100
FINANCIAL SERVICES
Entity Registered ofce
Wrth
Group
share
%
Austria
RuC Holding GmbH Bheimkirchen 100
Wrth Beteiligungen Ges.m.b.H. Bheimkirchen 100
Wrth Leasing International Ges. m.b.H. Bheimkirchen 100
China
Comgroup Information Technology (Shanghai)
Co., Ltd. Shanghai 100
Wuerth (China) Holding Co., Ltd. Shanghai 100
Germany
Comgroup GmbH Bad Mergentheim 100
mind-IT GmbH Schorndorf 100
Reinhold Wrth Holding GmbH Knzelsau 100
UNI ELEKTRO Handels- und Beteiligungs-GmbH Eschborn 100
WABCOWRTH Workshop Services GmbH Knzelsau 50
WOW ! Wrth Online World GmbH Knzelsau 100
Wrth IT International GmbH & Co. KG Bad Mergentheim 100
Hungary
Wrth Phoenix KFT Budars 100
Italy
Wrth Phoenix S.r.l. Bolzano 100
Entity Registered ofce
Wrth
Group
share
%
Mauritius
Wurth Electronics Midcom International Holdings
Mauritius LTD Port Louis 100
Sweden
Autocom Diagnostic Partner AB Trollhttan 100
Switzerland
Lagerhaus Landquart AG Landquart 100
Wrth Elektronik International AG Chur 100
Wrth International AG Chur 99
Wrth ITensis AG Chur 100
Wrth Management AG Rorschach 100
UK
Monks & Crane (Holdings) Limited Wednesbury 100
Reca Plc Kent 100
USA
Wurth Electronics Inc. Ramsey, New Jersey 100
Wurth Group of North America Inc. Ramsey, New Jersey 100
Wurth Industry North America LLC Ramsey, New Jersey 100
Wrth Wood-Division Holding LLC Ramsey, New Jersey 100
IT SERVICE AND HOLDING COMPANIES
164
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Entity Registered ofce
Wrth
Group
share
%
Austria
marbet GmbH Vienna 100
China
marbet (Shanghai) events Co., Ltd. Shanghai 100
munich one live communications Co., Ltd. Peking 100
Wuerth International Trading (Shanghai) Co., Ltd. Shanghai 100
Germany
EOS KSI Forderungsmanagement GmbH & Co. KG Knzelsau 50
Flugplatz Schwbisch Hall GmbH Schwbisch Hall 98
Marbet Marion & Bettina Wrth GmbH & Co. KG Knzelsau 100
OTD Originalteile-Direkt GmbH Erlenbach 100
Panorama Hotel- und Service GmbH Waldenburg 100
PARAVAN GmbH Pfronstetten-Aichelau 25
WLC Wrth-Logistik GmbH & Co. KG Knzelsau 100
Wrth Aviation GmbH Knzelsau 100
Wrth Inter Werbung GmbH Kissing 100
Wrth Logistics Deutschland GmbH Bremen 100
Entity Registered ofce
Wrth
Group
share
%
Germany
Wrth TeleServices GmbH & Co. KG Knzelsau 100
Italy
marbet Marion & Bettina Wrth s.r.l. Leifers 100
Slovakia
Wrth International Trading s. r. o. Bratislava 100
Spain
FINCA INTERMINABLE, S.L. Maspalomas 100
marbet Eventos S. A. Barcelona 100
marbet Viajes Espana S. A. Barcelona 100
Switzerland
Obersee Bilingual School AG Pffkon 94
Wrth Logistics AG Chur 100
Wrth Promotional Concepts AG Chur 100
USA
Wurth International Trading America, Inc. Ramsey, New Jersey 100
Wurth Logistics USA Inc. Indianapolis, Indiana 100
DIVERSIFICATION
165
Entity Registered ofce
Wrth
Group
share
%
Australia
EDL Fasteners Pty. Ltd. Eastern Creek 100
Austria
CC-Czech Liegenschaftsverwaltungs GmbH Kematen in Tyrol 100
Metzler GmbH Feldkirch 100
Belgium
Normfest Benelux SA/NV Zaventem 100
Wrth Belux N.V. Turnhout 100
Brazil
Wurth Energia Solar do Brasil Ltda. Cotia 100
Bulgaria
Meister Bulgaria Sofa 100
China
HAHN+KOLB (Shenyang) Tools Co., Ltd. Shenyang 100
Midcom Hong Kong LTD Hong Kong 100
Wrth Construction Tools Commercial (Beijing) Co., Ltd. Beijing 100
Wrth (Shanghai) Hardware & Tools Co., Ltd. Shanghai 100
Cyprus
Wurth Cyprus Ltd. Nicosia 100
Czech Republic
Schssmetall, spol. s r.o. Zelenec 100
Finnland
Recafnn Oy Riihimki 95
France
Grass France S.A.R.L. Chaville 100
Wrth Solar France SAS Volgelsheim 100
Germany
Abraham Diederichs GmbH & Co. oHG Wuppertal 100
AHD Auto-Hif & -Design GmbH Knzelsau 100
CHEMOFAST Beteiligungs-GmbH Knzelsau 100
CONMETALL Vermietungsgesellschaft mbH Celle 100
CONMETALL Verwaltungs-GmbH Celle 100
E 3 Energie Efzienz Experten GmbH Knzelsau 100
Enzinas Grundstcksverwaltungsgesellschaft
mbH & Co. Vermietungs KG Mainz 94
Entity Registered ofce
Wrth
Group
share
%
Germany
EOS KSI Verwaltungsgesellschaft fr
Forderungsmanagement GmbH Knzelsau 49
Erbschloe Werkzeug Vertriebsgesellschaft mbH Wuppertal 100
ESB Grundstcksverwaltungsgesellschaft mbH Eschborn 100
EuroSun GmbH Freiburg im Breisgau 45
FANDUS Grundstcks-Vermietungsgesellschaft Pullach im Isartal 94
mbH & Co. Objekt Willich KG
FFP Montageteileproduktion Vertriebs-GmbH Waldenburg 100
Gavia Grundstcksverwaltungsgesellschaft
mbH & Co. Objekte Ratingen und Ingolstadt
Vermietungs OHG Mainz 95
Grass Verwaltungs GmbH Reinheim 100
Grundstcksgesellschaft Berlin Chemnitz Erfurt GbR Knzelsau 49
Grundstcksgesellschaft Cottbus Magdeburg GbR Knzelsau 49
Hettich-Verwaltungsgesellschaft mbH Alpirsbach 100
IVT Installations- und Verbindungstechnik
Verwaltungs-GmbH Rohr 75
KOSY Gesellschaft zur Frderung des
holzverarbeitenden Handwerks mbH Knzelsau 100
LOGO Grundstcks-Verwaltungsgesellschaft mbH Gppingen 100
LOGO Grundstcksgesellschaft mbH & Co. oHG Gppingen 100
Marbet Marion & Bettina Wrth Verwaltungs-GmbH Knzelsau 100
Meister-Werkzeuge, Werkzeugfabrik Vertriebs-
gesellschaft mbH Wuppertal 100
Menschel Verbindungstechnik Verwaltungs-GmbH Waldenburg 100
METAFRANC Mbel- u. Baubeschlge
Vertriebsgesellschaft mbH Wuppertal 100
MKT Metall-Kunststof-Technik Beteilungs-
gesellschaft mbH Weilerbach 100
nordberliner Elektro-Grohandels-Gesellschaft mbH Eschborn 100
Panoramahotel Grundstcksgesellschaft mbH &
Co. Objekt Waldenburg oHG Gppingen 100
PIRUS Grundstcks-Verwaltungsgesellschaft mbH Gppingen 100
PIRUS Grundstcksgesellschaft mbH & Co. oHG Gppingen 100
OTHER ENTITIES
166
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Entity Registered ofce
Wrth
Group
share
%
Germany
Pronto-Werkzeuge GmbH Wuppertal 100
Schmitt Elektrogrohandel GmbH Fulda 100
Sonderschrauben Hamburg GmbH Eiben & Co. Knzelsau 100
SWG Schraubenwerk Gaisbach Besitz-GmbH &
Co. KG Waldenburg 90
SYNFIBER AS & Co. beschrnkt haftende KG Worms 100
TUNAP Industrie Chemie GmbH Wolfratshausen 100
TUNAP Deutschland Vertriebs - GmbH Wolfratshausen 51
UNI ELEKTRO Fachgrohandel GmbH Linden 100
Uni Elektro Fachgrohandel & Co. Grundstcks-
verwaltungsgesellschaft OHG Eschborn 100
Werkzeugtechnik Niederstetten Verwaltungs-GmbH Knzelsau 100
WS Solarbeteiligungen Schwbisch Hall GmbH Schwbisch Hall 100
Wrth Elektronik ICS Verwaltungs-GmbH Knzelsau 100
Wrth Elektronik FLATcomp Systems Verwaltungs-
GmbH Pforzheim 100
Wrth GmbH & Co. KG Grundstcksgesellschaft Knzelsau 100
Wrth Leasing Verwaltungsgesellschaft mbH Gppingen 100
Wrth Logistic Center Europe GmbH Knzelsau 100
Wrth Montagetechnik GmbH Dresden 100
Greece
Wrth Solar Hellas Anonimi Eteria of Services for
Production of Electric Energy from Solar Energy Kryoneri, Attiki 100
Hungary
Hommel Hercules Werkzeughandel
Hungria Szerszm Kereskedelmi Kft Budapest 100
Schssmetall Hungria Kft. Budapest 100
Italy
Italian Padua Energy Roof Srl Padua 100
Viterie Venete S.r.l. Rubano 100
WS Power Plant 3 S.r.L. Seriate 100
Wrth Solar Italia s.r.l. Terlano 100
Entity Registered ofce
Wrth
Group
share
%
Morocco
Wrth Maroc SARL Casablanca 100
Netherlands
Normfest Nederland B.V. Well 100
Pakistan
Wrth Pakistan (Private) Limited Karatschi 100
Poland
WASI Polska Sp. Z.o.o. Poznan 100
Portugal
Reca Portugal, S.A. Alhos Vedros 100
Romania
Viterie Venete Balkan S.r.l. Cluj Napoca 100
Spain
Isa Eolica S.L. Madrid 100
Lo Mejor para Ti S.L. Madrid 100
marbet Servicios Creativos S.A. Barcelona 100
Planta Fotovoltaica Cervatillos C. 100 SL Madrid 100
Rasgos Europeos S.L. Madrid 100
WS Murcia Anbesol PM S.L. Madrid 100
Wrth Industrie Logistik Espana S.A. Vitoria 100
Sweden
WASI Sverige AB rebro 100
Switzerland
Comgroup (Schweiz) AG Biel 100
Lagerhaus Mezzovico SA Mezzovico 100
SMP Swiss Macro Polymers AG Wetzikon 100
UK
Advanced Fastener Technology Ltd. Solihull 100
Anchorfast Limited Wednesbury 100
Winzer Wrth Industrial Ltd. Erith 100
USA
R. W. Ramsey Realty Corporation Ramsey, New Jersey 100
SolarMarkt US Corp. dba Session Solar Scotts Valley, Kalifornien 100
OTHER ENTITIES
167
L. The boards
Advisory Board
The Advisory Board is the supreme supervisory and controlling body of the Wrth Group. It advises on strategy, approves
corporate planning as well as the use of funds. It appoints the members of the Central Managing Board, the Executive Vice
Presidents as well as the managing directors of the companies generating high sales.
(as of 31 December 2013)
Bettina Wrth
Chairwoman of the Advisory Board
of the Wrth Group
Dr. Bernd Thiemann
Deputy Chairman of the Advisory
Board of the Wrth Group (up until
31 December 2013), former Chair-
man of the Management Board of
Deutsche Genossenschaftsbank AG,
Frankfurt /Main
Rolf Bauer
Member of the Advisory Board (up
until 31 December 2013), former
Member of the Central Managing
Board of the Wrth Group
Peter Edelmann
Member of the Advisory Board,
Managing Partner of
Edelmann & Company, Ulm
Dr. Frank Heinricht
Member of the Advisory Board,
Chairman of the Management Board
of Schott AG, Mainz
Axel C. A. Krauss
Member of the Advisory Board,
Member of the Supervisory Board of
Unilever Deutschland, Hamburg
Dr. Bernd-Albrecht von Maltzan
Member of the Advisory Board,
former Divisional Board Member
and Senior Advisor Private Wealth
Management Deutsche Bank AG,
Frankfurt /Main
Dr. Martin H. Sorg
Member of the Advisory Board,
Certifed Public Accountant, Partner
of the law frm Binz & Partner,
Stuttgart
Dr. h. c. Uwe Zimpelmann
Member of the Advisory Board
(up until 31 December 2013),
former Spokesman of the Manage-
ment Board of Landwirtschaftliche
Rentenbank, Frankfurt /Main
Honorary Chairman
of the Advisory Board
Prof. Dr. h. c. mult. Reinhold Wrth
Chairman of the Supervisory Board of
the Wrth Groups Family Trusts

Honorary Member
of the Advisory Board
Dr. Michael Rogowski
Chairman of the Foundation Board of
Hanns-Voith-Stiftung, Heidenheim
168
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
Robert Friedmann
Chairman of the Central Managing
Board of the Wrth Group
Peter Zrn
Deputy Chairman of the Central Ma-
naging Board of the Wrth Group
Uwe Hohlfeld
Member of the Central Managing
Board of the Wrth Group
(since 1 July 2013)
Joachim Kaltmaier
Member of the Central Managing
Board of the Wrth Group
Michel Kern
Member of the Central Managing
Board of the Wrth Group
(up until 30 June 2013)
Jrg Michel
Member of the Central Managing
Board of the Wrth Group
(up until 30 June 2013)
Wolfgang Rampmaier
Member of the Central Managing
Board of the Wrth Group
(up until 30 June 2013)
Dr. Reiner Specht
Member of the Central Managing
Board of the Wrth Group
(up until 30 June 2013)
Central Managing Board
The Central Managing Board is the most senior decision-making board of the Wrth Group. It has four members and is
comparable to the management board of a group holding company. Its most important duties include corporate strategy
planning, the selection of executives as well as the management of strategic business units and functions.
(as of 31 December 2013)
169
Executive Vice Presidents
The Executive Vice Presidents constitute the operational management of the Wrth Group. Each of the members is in charge
of one strategic business unit or responsible for one functional area.
(as of 31 December 2013)
Joachim Breitfeld
Chemicals Group
Rainer Brkert
Wrth Line Industry (excl. USA)
Jrgen Graf
Logistics
(up until 30 June 2013)
Helmut Gschnell
Wrth Line Italy,
Wrth Albania,
Specialists in Italy
(up until 30 June 2013)
Norbert Heckmann
Chairman of Adolf Wrth
GmbH & Co. KG
Bernd Herrmann
Electrical Wholesale, Information
Technology and Logistics, IT Group
Ulrich Hfele/Ernst Wiesinger
RECA Group
Uwe Hohlfeld
Head of Finance of
Adolf Wrth GmbH & Co. KG,
Deputy Member of the Central
Managing Board of the Wrth Group
(up until 30 June 2013)
Michel Kern
Wrth Line Asia (excl. China), Wrth
Line Oceania, Wrth Switzerland,
Wrth International AG
(since 1 July 2013)
Thomas Klenk
Purchasing and Product, DIN/
Standard Stainless Steel Parts
Jrgen Klohe/Jrg Murawski
Wrth Elektronik Group
Jrg Michel
Wrth Line China,
Wrth Finance Group
(1 July 2013 31 December 2013)
Svein Oftedal
Wrth Line UK,
Ireland, Scandinavia (without
Finland), Wrth South Africa
Juan Ramrez
Wrth Line Spain, France,
Central and South America
(up until 30 June 2013)
Pentti Rantanen
Wrth Group Finland and
Baltic Countries

Dr. Reiner Specht
Wrth Line South America, Russia
and sub-regions of southern and
western Europe, Trade unit,
Deputy Member of the Central
Managing Board of the Wrth Group
(since 1 July 2013)
Robert Stolz
Wrth Line Auto USA,
Wrth Line Wood USA and Canada
Marc Strandquist
Wrth Line Industry USA
(since 1 July 2013)
Zekeriya Uluca
Wrth Line Turkey and Sub-region Asia
(up until 30 June 2013)
C. Sylvia Weber
Director of Museum Wrth/Kunsthalle
Wrth, Curator of the Wrth Collection
Mario Weiss
Wrth Line South-Eastern Europe,
Balkan states
Alois Wimmer
Production of Screws
and Anchors
Markus Wrth
Special projects
170
BULLETIN THE BOARDS COMMITMENT GROUP MANAGEMENT REPORT CONSOLIDATED FINANCIAL STATEMENTS
The following audit opinion was issued by the Group auditor on the full consolidated fnancial statements
including the list of shareholdings and the Group management report:
We have audited the consolidated fnancial statements prepared by the Wrth Group, Knzelsau, comprising the con-
solidated income statement, the consolidated statement of comprehensive income, the consolidated statement of fnancial
position, the consolidated statement of cash fows, the consolidated statement of changes in equity and the notes to the
consolidated fnancial statements, together with the Group management report for the fscal year from 1 January to
31 December 2013. The preparation of the consolidated fnancial statements and the Group management report in accord-
ance with IFRSs as adopted by the EU, as well as the additional requirements of German commercial law pursuant to Sec.
315a (1) HGB [Handelsgesetzbuch: German Commercial Code] is the responsibility of the Group management of the
Wrth Group. Our responsibility is to express an opinion on the consolidated fnancial statements and the Group manage-
ment report based on our audit. In addition we have been instructed to express an opinion as to whether the consolidated
fnancial statements comply with full IFRS.
We conducted our audit of the consolidated fnancial statements in accordance with Sec. 317 HGB and German gener-
ally accepted standards for the audit of fnancial statements promulgated by the Institut der Wirtschaftsprfer [Institute of
Public Auditors in Germany] (IDW). Those standards require that we plan and perform the audit such that misstatements
materially afecting the presentation of the net assets, fnancial position and results of operations in the consolidated fnan-
cial statements in accordance with the applicable fnancial reporting framework and in the Group management report are
detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the
Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The
efectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consoli-
dated fnancial statements and the Group management report are examined primarily on a test basis within the framework
of the audit. The audit includes assessing the annual fnancial statements of those entities included in consolidation, the
determination of entities to be included in consolidation, the accounting and consolidation principles used and signifcant
estimates made by management, as well as evaluating the overall presentation of the consolidated fnancial statements
and management report. We believe that our audit provides a reasonable basis for our opinion.
Our audit has not led to any reservations.
In our opinion, based on the fndings of our audit, the consolidated fnancial statements comply with IFRSs as adopted by
the EU, the additional requirements of German commercial law pursuant to Sec. 315a (1) HGB and the IFRSs as a whole
and give a true and fair view of the net assets, fnancial position and results of operations of the Group in accordance with
these requirements. The Group management report is consistent with the consolidated fnancial statements and as a whole
provides a suitable view of the Groups position and suitably presents the opportunities and risks of future development.
Stuttgart, 14 March 2014
Ernst & Young GmbH
Wirtschaftsprfungsgesellschaft
Prof. Dr. Wollmert Blesch
Wirtschaftsprfer [German Public Auditor] Wirtschaftsprfer [German Public Auditor]
AUDIT OPINION OF THE
INDEPENDENT AUDITOR
Published by
Wrth Group
Adolf Wrth GmbH & Co. KG
Reinhold-Wrth-Strasse 1217
74653 Knzelsau
Germany
Content responsibility
Robert Friedmann, Joachim Kaltmaier
Editorial team
Dr. Janina Knab (editor-in-chief), Sigrid Schneider
(managing editor), Maria Theresia Heitlinger,
Silke Hofmann, Stefanie Koch, Ralf Schaich,
Martina Skibowski, Mara Wawer, Claudia Zrn
The editorial team would like to thank the many
people who helped prepare this annual report.
All of the information in this annual report was
made available by Adolf Wrth GmbH & Co. KG
and its afliated companies and is for information
purposes only. No liability or warranty is assumed/
provided for the accuracy of the information.
This Annual Report is available in German and
English. The German version shall prevail.
The German and English versions of this annual report
and further information about the Wrth Group can
be found on the Internet at www.wuerth.com
Designed by
Buena la Vista AG, Frankfurt
Realized by
Scanner GmbH, Knzelsau
Edited by
Lorie Burns, Ina Christov
Printed by
Firmengruppe APPL, aprinta druck,
Wemding
Photo credits
Ufuk Arslan (p. 29)
Wernhild Baars (p. 31)
Norbert Guthier (pp. 10, 14, 18)
Russell LaBounty (p. 35)
Sammy Minkof (p. 24)
Museum Folkwang / Sebastian Dren (p. 34)
Salzburg Foundation / Manfred Siebinger (p. 30)
Scanner GmbH (pp. 37, 48, 5055, 57)
Julia Schambeck (p. 28)
Andi Schmid (pp. 24, 33)
Philipp Schnborn (p. 24)
Wolfgang Uhlig (pp. 29)
Virginie Vabre (p. 24)
Thies Wachter (p. 27)
Wrth archive (pp. 22, 38, 39, 56)
Wrth Group, Knzelsau
Printed in Germany. All rights reserved.
May not be reproduced, in part or in whole,
without prior consent.
1GFPBVSCAPPL3,205/14
IMPRINT
Contact details
Press and Public Relations
of the Wrth Group
Phone +49 7940 15-1186
Fax +49 7940 15-4400
presse@wuerth.com