Financial Statements Würth finance group

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1 Financial Statements 2013 Würth finance group

2 Contents Consolidated Balance Sheet Consolidated Income Statement Consolidated Statement of Comprehensive Income Consolidated Cash Flow Statement Consolidated Statement of Changes IN Equity Notes to the Consolidated Financial Statements Independent Auditor s Report

3 Balance Sheet / Income Statement Consolidated Balance Sheet at 31 December Before Appropriation of Profits Assets Notes 2013 Non-current assets Intangible assets Software Other intangible assets 3 1,209 2,457 Property, plant and equipment Operating equipment and furnishings Financial assets Long-term loans to associated companies 4, , ,139 Other financial assets 5 65,000 65,000 Deferred tax assets Total non-current assets 806, ,328 Current assets Receivables from associated companies , ,083 Loans to family trusts 16 46,250 21,500 Positive fair values of derivative instruments 19b 15,986 40,813 Other receivables 6, 16 7,475 19,472 Accrued income and prepaid expenses 6,113 5,276 Securities held for trading 7 128,987 50,769 Cash and cash equivalents 597, ,474 Total currents assets 1,611,754 1,274,387 Total assets 2,418,084 2,185,715 Consolidated Income Statement for the Year Ended 31 December Notes 2013 Operating income Interest income 10 53,127 74,349 Interest expenses 10 61,203 60,323 Net interest income 8,076 14,026 Income from factoring activities 12,877 13,400 Income from commission and service fee activities 11 24,029 21,609 Income from trading activities and financial instruments 12 4,321 7,564 Other ordinary income 13 5,495 3,929 Total operating income 38,646 60,528 Operating expenses Personnel costs 14 14,860 14,171 Other administrative expenses 11,109 9,233 Depreciation and amortisation 1,495 1,125 Total operating expenses 27,464 24,529 Profit before taxes 11,182 35,999 Corporate taxes 15 3, Deferred taxes Net profit for the year 7,718 35,108 Equity and Liabilities Shareholders equity Capital subscribed and paid in 16,000 16,000 Retained earnings 237, ,510 Foreign exchange difference Net profit for the year 7,718 35,108 Total shareholders equity 261, ,684 Non-current liabilities Bonds issued, long-term 8 1,149, ,699 Long-term payables to associated companies 16 2,440 0 Provisions for pension plans ,410 Deferred tax liabilities Total non-current liabilities 1,152, ,669 Current liabilities Bonds issued, short-term 8 275, ,926 Payables to associated companies , ,846 Payables to banks Provision for taxes ,111 Negative fair values of derivative instruments 19b 8,023 12,527 Other liabilities 9, 16 13,660 13,669 Accrued expenses and deferred income 26,925 26,568 Total current liabilities 1,003, ,362 Total equity and liabilities 2,418,084 2,185,715 Consolidated Statement of Comprehensive Income for the Year Ended 31 December, net of tax 2013 Profit for the year 7,718 35,108 Other comprehensive income to be reclassified to profit or loss in subsequent periods Foreign exchange difference Other comprehensive income not to be reclassified to profit or loss in subsequent periods IAS 19 obligation 1,566 1,579 Other comprehensive income for the year (OCI) 1,524 1,624 Total comprehensive income for the year 9,242 33,484 The accompanying notes are an integral part of these income statements. The accompanying notes are an integral part of this balance sheet

4 Cash Flow Statement / STATEMENT OF CHANGES IN EQUITY Consolidated Cash Flow Statement for the Year Ended 31 December CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the Year Ended 31 December 2013 Net profit for the year 7,718 35,108 Depreciation and amortisation 1,495 1,125 Adjustment to provision for taxes 774 1,650 Decrease (increase) in deferred tax assets Increase (decrease) in deferred tax liabilities Other expenses and revenues without cash flows 5,487 3,571 (Increase) Decrease in operating assets Receivables from associated companies 112, ,109 Positive fair values of derivative instruments 24, Other receivables and accrued income and prepaid expenses 11,160 1,857 Increase (Decrease) in operating liabilities Payables to associated companies 16,170 65,884 Negative fair values of derivative instruments 4,504 3,046 Other liabilities and accrued expenses and deferred income ,334 Net cash flows from operating activities 50, ,988 Purchase of property, plant and equipment and intangible assets Disposal of property, plant and equipment and intangible assets Purchase of securities 270,533 31,684 Disposal of securities 191,786 53,928 Redemption of long-term loans to associated companies 328, ,961 Lending of long-term loans to associated companies 229, ,494 Purchase of other financial assets 0 35,000 Net cash flows from investing activities 19,965 80,626 Repayment of bonds issued 277, ,792 Issue of bonds 497,925 0 Dividends paid 6,500 10,000 Net cash flows from financing activities 213, ,792 Foreign exchange difference Net increase (decrease) in cash and cash equivalents 182, ,549 Capital Retained earnings Currency adjustment At 1 January 16, , ,200 Net profit for the year 0 35, ,108 Other comprehensive income 0 1, ,624 Total comprehensive income for the year 0 33, ,484 Dividends paid 0 10, ,000 At 31 December 16, , ,684 At 1 January , , ,684 Net profit for the year 0 7, ,718 Other comprehensive income 0 1, ,524 Total comprehensive income for the year 0 9, ,242 Dividends paid 0 6, ,500 At 31 December , , ,426 Würth Finance International B.V. has an authorised share capital of EUR 80,000,000 consisting of 160,000 share certificates with a nominal value of EUR 500. Of this authorized share capital, 32,000 share certificates have been subscribed and fully paid in, corresponding to EUR 16,000,000. In 2013 a dividend of TEUR 6,500 (EUR per share) was paid for the business year. The dividend payment foreseen for the business year 2013 is TEUR 11,300 (EUR per share). Total Net cash and cash equivalents at the beginning of the year 413, ,308 Net cash and cash equivalents at the end of the year 596, ,759 Net increase (decrease) in cash and cash equivalents 182, ,549 Taxes paid 1,867 4,910 Interest received 51,642 77,289 Interest paid 58,026 70,590 The funds for this cash flow statement are presented by cash and cash equivalents (net)

5 Notes to the Consolidated Financial Statements for the Year Ended 31 December Business Activity Würth Finance International B.V. (in these consolidated financial statements together with its subsidiaries referred to as Würth Finance Group) was incorporated in 1987 and is domiciled in Amsterdam, Netherlands. The address of the company is Het Sterrenbeeld 35, P. O. Box 344, NL-5201 AH s-hertogenbosch. The company has a branch in Rorschach, Switzerland (before 1 April 2013 the branch was located in Küsnacht, Switzerland) and also has several subsidiaries in Switzerland and Liechtenstein. The companies belonging to the Würth Finance Group (subsequently referred to as the Group ) are part of the internationally active Würth Group. All share certificates pertaining to Würth Finance International B.V., Amsterdam are held by Reinhold Würth Holding GmbH, Künzelsau, Germany, which is ultimately owned by family trusts. The core activities of the Group include providing financing to, and carrying out a wide range of financial activities with, companies, both at home and abroad, belonging to the entire Würth Group, as well as providing consulting and other services in the spheres of pensions funds and insurance to both private persons and small and medium-size enterprises. The Annual Report of the Group was approved by the Management on 14 March 2014 and can be obtained from Würth Finance International B.V., Amsterdam or downloaded from its internet homepage (www.wuerthfinance.net). Fully Consolidated Companies The consolidated financial statements include the financial statements of Würth Finance International B.V., Amsterdam and its subsidiaries, which are represented as a single business entity known as the Würth Finance Group. Subsidiaries that are controlled directly or indirectly by the Group have been consolidated. Control is achieved when Würth Finance Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Control is assumed if the Würth Finance Group holds more than 50 % of the voting rights of the investee. Newly acquired subsidiaries are consolidated from the date on which such control was transferred, and deconsolidated from the date on which control ended. The scope of consolidation of the Group at 31 December 2013 is composed as follows: Company Core activities Share capital Quota Würth Finance International B.V., Amsterdam Treasury activities for the Würth Group TEUR 16, % Würth Invest AG, Chur Asset Management TCHF 23, % Würth Financial Services AG, Rorschach Financial and pension plan consulting / TCHF 1, % Insurance brokerage for corporate and private clients Würth Financial Services (Liechtenstein) AG, Triesen Financial and pension plan consulting / Insurance brokerage for corporate and private clients TCHF % Method of Consolidation The consolidated financial statements comprise the financial statements of Würth Finance International B.V., Amsterdam and its subsidiaries as at 31 December each year. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. All intra-group balances, transactions, income and expenses, and profits and losses resulting from intragroup transactions, are eliminated in full. 2. Accounting Principles General The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as adopted by the European Union. The main accounting principles are described in this section in order to show how their application influences the stated results and information for the Group. The consolidated financial statements are presented in EUR. Changes in Accounting Policies The applied accounting and valuation methods are consistent with the methods used in the previous year. The accounting policies are consistent with those of the previous financial year, except for the following amendments to IFRS effective as of 1 January 2013: IFRS 7 Financial Instruments: Disclosures Offsetting Financial Assets and Financial Liabilities Amendments to IFRS 7 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 Improvements to IFRSs g Cycle: IFRS 1 Repeat application of IFRS 1 IFRS 1 Borrowing Costs IAS 1 Clarification of the requirement for comparative information IAS 16 Classification of servicing equipment IAS 32 Tax effects of distributions to holders of equity instruments The individual changes resulting from amendments of IFRSs did not have any material impact on the accounting policies, financial position or performance of the Group: The changes to IAS 19 which became effective as of 1 January 2013 were early adopted by the Group as of 1 January. None of the accounting standards issued but not yet applied is expected to have a significant impact on the financials of the Group. Assumptions and Estimates The IFRS include guidelines that require the Group to make assumptions and estimates when preparing its consolidated financial statements. These estimates and assumptions are continuously reviewed and are based on past experience and other factors, including expectations regarding likely future developments. The most important assumptions and estimations relate to the actuarial calculations for pensions and other postemployment benefits as well as to the provisions. Recognition of Business Transactions Purchases and sales of financial assets and liabilities are recognised on the transaction day. Transactions are thus recognised in the balance sheet on the trading date and not on the subsequent settlement date. All concluded transactions are recorded and evaluated. Any unrealised gains or losses resulting from valuing transactions at market value are recognised in the income statement. Accrual of Earnings and Expenses Interest income and interest expenses are accrued as earned and recognised as income or expenses respectively. Dividends are recognised as from the date payment is received. Premiums and discounts arising from the issuances of bonds are amortised over their residual term using the effective interest rate method. Factoring fees are charged when the receivable is assigned. Collection and delcredere charges are levied when the supplier s invoice is paid. Income from services is in principle recorded when the service is rendered. Brokerage, consulting fees and other such income are recognised on a pro rata basis throughout the time the service is rendered. Revenue from new brokerage mandates is recognised with effect from the signature date on the basis of past experience

6 Foreign Exchange Translation The consolidated financial statements are presented in EUR, which is the Group s functional currency. Transactions in foreign currencies are initially recorded at the functional currency rate applicable on the date of the transaction. Exchange differences arising from Conversion rates at 31 December 2013 US Dollar (USD) Swiss Franc (CHF) British Pound (GBP) Norwegian Krone (NOK) Danish Krone (DKK) Swiss Franc (CHF) average exchange rate Within the framework of the consolidation, all assets and liabilities of the subsidiaries with the exception of shareholders equity are translated into the presentation currency of the Group at the rate of exchange applicable at the balance sheet date. The individual positions on their income statements are translated into the Group s presentation currency at the average exchange rates for the year. The exchange differences arising on the translation are taken directly to a separate component of equity (foreign currency translation). Only when a subsidiary is disposed of, translation differences are recognised in the income statement as part of the sale revenue for that particular foreign operation. Goodwill and fair value adjustments arising from the acquisition of foreign companies are treated as assets and liabilities of these foreign companies and are translated at the rate of exchange applicable at the balance sheet date. Financial Instruments Financial instruments are deemed to be all assets and liabilities, as well as off-balance sheet positions, which fundamentally have a monetary character. Cash and cash equivalents Cash and cash equivalents comprises sight and time deposits at European banks. Cash and cash equivalents have a maximum maturity of six months and are valued at amortised cost. Securities Within the scope of its management and performance measurement activities relating to a documented risk management and investment strategy, Würth Finance International B.V. applies the fair value option according to IAS 39 for its securities. Non-realised and realised profit and loss are reported in the income statesuch transactions, as well as income resulting from converting monetary assets and monetary liabilities denominated in foreign currencies at the rate of exchange applicable at the balance sheet date, are recognised in the income statement. ment under Income from trading activities and financial instruments (fair value through profit or loss). The fair value of securities that are actively traded in organised financial markets is determined by reference to quoted market prices. For securities where there is no active market, fair value is determined using valuation techniques such as price quotations from securities brokers or on price models. The valuations are by their very nature dependent on the assumptions on which they are based. Loans and receivables All loans and receivables are initially recognised at their actual cost, which corresponds to the fair value at the time of the loan being granted. After initial recognition, loans and receivables are subsequently measured at amortised cost less value adjustments using the effective interest rate method. Derivative instruments Derivative instruments are recognised at fair value and reported in the balance sheet under Positive fair values of derivative instruments or Negative fair values of derivative instruments. The fair value is calculated by reference to quoted market values or recognised valuation models (discounted cash flow method or the Black-Scholes option pricing model). Würth Finance International B.V. signed in addition to its already existing ISDA agreements Credit Support Annex (CSA) agreements which lead to a frequent cash settlement of positive and negative fair values with its counterparties once a defined threshold is reached. The fair values recognised in the balance sheet reflect the net fair value of the instruments after the cash settlement. The Group does not use the accounting principles relating to hedge accounting in accordance with IAS 39. As a result, realised and unrealised gains and losses are always recognised as income. Bonds issued Bonds represent non-current liabilities. As soon as the remaining term is less than 12 months, the respective bond is reported as a current liability. Bonds are stated at amortised cost using the effective interest rate method. The amortisation of bond-issuing costs (discount) is recognised in the income statement over the duration of the term using the effective interest method. Property, Plant and Equipment Property, plant and equipment comprise office furniture, interior installations, vehicles, EDP systems and works of art. These assets are capitalised if their acquisition or production cost can be reliably determined, if they will bring future economic benefit, and if the anticipated usage extends beyond the reporting period. Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets: Office furniture and equipment Interior installations Vehicles ICT hardware No depreciation is calculated on works of art. 2 5 years 5 years 3 4 years 2 3 years The amortisation period and amortisation method are reviewed at least each financial year-end. Intangible Assets Intangible assets fundamentally comprise software and other intangible items. The latter mainly encompass client lists and contracts that are identified and capitalised in the context of corporate acquisitions. These are depreciated over a period of 10 years and are reviewed for impairment annually. The remaining amortisation period is one year. The tests performed at the end of 2013, which were fundamentally based on DCF calculations and portfolio reviews, did not reveal any impairment. Intangible assets are amortised over their useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and amortisation method are reviewed at least at each financial yearend. Intangible assets are carried at cost less any accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets: EDP software Customer-related intangible assets 5 years 10 years Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the assets are accounted for by changing the amortisation period or method, as appropriate, and treated as changes in accounting estimates. The amortisation expense is recognised in the income statement in the expense category, Depreciation and amortisation. Leases The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date: whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset. As a lessee, the Group has entered into a number of operating lease agreements, which mainly concern the rental of office premises, furniture and office equipment. The relevant expense is reported on an accrual basis as operating expenses. Goodwill Goodwill acquired in a business combination is initially measured at cost, being the excess of the costs of the business combination over the Group s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities. Goodwill is recognised in the balance sheet and is reviewed annually for impairment. It is initially reported in the original currency and translated at the rate of exchange applicable at the balance sheet date. Impairment of Assets The value of property, plant and equipment, financial assets and other fixed assets (including goodwill and intangible assets) is reviewed for impairment at least once a year or if significant events or changes in circumstances suggest that their book value is too high. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. An asset s recoverable amount is the higher of an asset s or cash-generating unit s fair value less the cost to sell and its value in use. Provisions Provisions are recognised in the balance sheet when the Group has a present obligation to a third party as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation

7 Taxes and Deferred Taxes Current income taxes are calculated based on the applicable tax laws in The Netherlands, Switzerland and Liechtenstein, and are recognised as an expense in the period in which the income is earned. They are stated as tax assets or liabilities in the balance sheet. Tax effects arising from temporary differences between the carrying value of assets and liabilities reported in the balance sheet and their corresponding tax values are recognised separately as deferred tax assets and deferred tax liabilities respectively. Deferred income tax assets arising from temporary differences and from loss carry-forwards eligible for offset are recognised only if it seems likely that in future sufficient taxable profits will be available against which those loss carryforwards can be offset. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the asset is realised or the liability is settled. Pensions and Other Post-Employment Benefits The Group operates a number of pension plans for its employees. These are treated as defined benefit plans in accordance with IAS 19. As a result of the amendments to IAS 19, actuarial gains and losses must be booked directly under other comprehensive income. The impact of the effect is shown in the table Consolidated Statement of Comprehensive Income. For separately funded defined benefit plans, the degree of coverage of the fair value of claims compared with the plan s assets, valued at market prices, is reported in the balance sheet as a liability or an asset, taking into consideration unrecorded actuarial gains or losses and claims that still have to be offset ( projected unit credit method ). Transactions with Associated Companies The Group is responsible for concentrating and optimising the worldwide cash flows within the Würth Group, managing the financial risks and handling the Würth Group financing. In this connection, by its very nature the Group carries out a very wide variety of transactions with associated companies, that is, with companies belonging to the Würth Group. Only a relatively small proportion of transactions are carried out with third parties outside the Würth Group. Transactions performed within the Group are eliminated for the purpose of these consolidated financial statements. All intra-group transactions are consolidated within the framework of the consolidated financial statements of the Würth Group. Segments The Group generates income through a wide range of activities, which are divided into the following segments: Group Financing, Trading, Services, Portfolio Management, Pension Plans & Insurance and Central Services. This structure forms the basis for the primary segment reporting. Segment reporting by geographic area is not considered meaningful as the services are only provided from The Netherlands, Liechtenstein and Switzerland. The Group Financing segment borrows funds from the money and capital markets and places them at the disposal of the Würth Group companies in the form of loans and credits. The Trading segment purchases and sells currency and interest rate instruments, as well as securities for the purpose of generating financial income and capital gains. The activities relating to the payment of goods purchased by Würth Group companies, together with the delcredere and collection services for suppliers of goods, are summarised under Services. Some of the Groups excess funds are allocated to a securities portfolio which is managed through Würth Invest AG. The results of these asset management activities are disclosed in the segment Portfolio Management. The Pension Plans & Insurance segment comprises the services provided by Würth Financial Services AG. Direct revenue and expense are allocated to the appropriate segment. Transfers between the business units are reported at fair value, which corresponds to the amounts that would be charged to third parties for similar services. Revenue and expense arising from activities that are not directly attributable to the segments are booked to Central Services. Intra-Group eliminations are also recognised in this segment. 3. Intangible Assets / Property, Plant and Equipment Intangible assets / property, plant and equipment comprise the following items: At 31 December 2013 Intangible assets At 31 December Acquisition cost Additions (disposals) incl. asset retirement 2013 Acquisition cost 2013 Accum. depreciation Asset retirement 2013 Depreciation for the year 2013 Accum. depreciation 2013 Currency translation difference 2013 Net book value 2013 Software , Goodwill Other intangible assets 9, ,542 8, ,208 9,574 1,241 1,209 Total intangible assets 11, ,534 10, ,253 11,486 1,224 1,317 Property, plant and equipment Vehicles Art objects Office equipment / installations 3, ,765 3, , Total property, plant and equipment 4, ,545 4, , Total 16, ,079 14, ,495 15,606 1,254 1,772 Additions (disposals) incl. asset retirement Currency translation difference Acquisition Acquisition Accum. Asset Depreciation Accum. Net book cost 2011 cost depreciation 2011 retirement for the year depreciation value Intangible assets Software 1, Goodwill Other intangible assets 9, ,542 7, ,366 1,281 2,457 Total intangible assets 11, ,521 9, ,188 1,266 2,599 Property, plant and equipment Vehicles Art objects , ,965 3, , Office equipment / installations Total property, 4, ,634 4, , plant and equipment Total 16, ,155 13, ,125 14,427 1,298 3,026 Other intangible assets consist essentially of identified client lists and contracts secured within the framework of company acquisitions. These are written down over 10 years and reviewed for impairment annually. The tests performed at the end of 2013, which were essentially based on DCF calculations and portfolio reviews, did not reveal any impairment

8 4. Long Term Loans to Associated Companies 2013 Balance at 1 January 843, ,831 New loans granted, increase in existing loans, repayments 188, ,000 Currency and other adjustments 4, Term reclassification 287, ,467 Balance at 31 December 739, ,139 Long term loans to associated companies, granted in foreign currencies, are translated into EUR at the year-end rates. The average interest rates for the major currencies at 31 December are: 5. Other Financial Assets In its function to provide funds to other Würth Group companies to operate their business, the Group established a funding relationship with the Internationales Bankhaus Bodensee AG (IBB). The following table shows the exposure for the year ended on 31 December: These funds are not guaranteed. 6. Other Receivables 2013 EUR 3.63 % 4.19 % CHF 1.88 % 2.13 % NOK 4.59 % 4.40 % DKK 3.51 % 3.58 % 2013 Silent participation Internationales Bankhaus Bodensee AG 55,000 55,000 Profit participation certificate Internationales Bankhaus Bodensee AG 10,000 10,000 Balance at 31 December 65,000 65, Receivables from third parties 1,559 1,061 Receivables from related parties 0 12,566 Income tax receivables 4,680 5,000 Other short-term receivables 1, Total other receivables 7,475 19, Securities Securities are booked at market values. 8. Bonds Issued In the financial year 2013 the Group issued the following bond: New Bonds Maturity Notional amount Notional On 2 April 2013 the Group repaid two promissory note certificates, one certificate with a notional amount of EUR 50 million and a variable coupon and another certificate with a notional amount of EUR 100 million and an annual coupon of 4.61 %. Overview of the Bonds Issued at 31 December 2013 Market value 2013 Premium / discount Acquisition cost 2013 Own bonds Book value at Market value Market value at Acquisition cost Stocks 2,787 2, Bonds 49,769 47,871 43,399 42,018 Commodities Investment funds 76,345 75,630 7,321 6,540 Total 128, ,270 50,769 48,607 Coupon TEUR 500, ,000 1, , , % Total book value of newly issued bonds 498, ,470 Maturity Notional amount Notional Premium / discount Own bonds Total at Coupon Long-term TCHF 225, , , , % TEUR 500, ,000 3, , % TEUR 500, ,000 1, , % Total book value long-term bond liabilities 1,149,444 Short-term TEUR 300, , , , % Total book value short-term bond liabilities 275,429 Total book value bonds issued 1,424,873 Maturity Notional Market value Coupon (excluding own bonds) , , % , , % , , % , , % Total market value at 31 December 1,477,

9 Overview of the Bonds Issued at 31 December Maturity Notional amount Notional Premium / discount Own bonds Total at Coupon Long-term TEUR 300, , , , % TCHF 225, , , , % TEUR 500, ,000 3, , % Total book value long-term bond liabilities 955,699 Short-term TEUR 50, , , % TEUR 100, , ,988 variable TEUR 100,000 1) 100, ,006 98, % Total book value short-term bond liabilities 248,926 Total book value bonds issued 1,204,625 Maturity Notional Market value Coupon (excluding own portfolio) , , % , ,141 variable ,994 1) 100, % ,092 1) 296, % ,958 1) 198, % ,000 1) 576, % Total market value at 31 December 1,323,500 The market values shown in the tables are calculated as the sum of all discounted cash flows based on the SWAP curves (source: Bloomberg). The issued bonds are irrevocably and unconditionally guaranteed by joint and several guarantees. The EUR 500 million bond maturing on 25 May 2018 as well as the newly issued bond of EUR 500 million maturing on 21 May 2020 are guaranteed by Adolf Würth GmbH & Co. KG, Künzelsau. The bond of CHF 225 million is additionally guaranteed by Reinhold Würth Holding GmbH, Künzelsau. The effective interest rates do not significantly differ from the nominal interest rates. 9. Other Liabilities 2013 Payables for deliveries and services to third parties 2,296 1,100 Payables for deliveries and services to related parties 5,639 7,130 Other current liabilities 2,531 2,305 Withholding tax liabilities 1, Other accrued expenses and deferred income 1,773 2,766 Total other liabilities 13,660 13,669 Other accrued expenses and deferred income primarily comprise accruals for services received but not invoiced during the business year. 10. Interest Income and Expenses 2013 Interest income Interest income from financing activities (Würth Group) 38,387 39,364 Interest income from financing leasing activities (Würth Group) 5,801 6,291 Interest income from liquid assets 7,297 12,191 Interest income from current accounts (Würth Group) 6,244 10,021 Interest income bank accounts, time deposits, money market funds (non-group) 1,053 2,170 Interest income from financial instruments (non-group) 1,642 16,503 Total interest income 53,127 74, Interest expenses Interest expenses for bonds issued (non-group) 50,005 57,234 Interest expenses for current accounts and time deposits (Würth Group) 1,205 2,074 Other interest expenses (non-group) 398 1,015 Interest expenses from financial instruments (non-group) 9,595 0 Total interest expenses 61,203 60, Income from Commission and Service Fee Activities 2013 Completion commissions, brokerage fees 8,524 7,148 Discount income Collection and delcredere agreements 15,447 14,284 Total income from commission and service fee activities 24,029 21, Income from Trading Activities and Financial Instruments 2013 Income from securities transactions 1, Income from foreign exchange transactions 6,180 6,569 Total income from trading activities and financial instruments 4,321 7,564 1 Promissory note certificates 16 17

10 13. Other Ordinary Income Other ordinary income comprise TEUR 4,091 (: TEUR 3,764) of interest out of the silent participation and the profit participation certificates with IBB (see note 5) as well as fees charged to other Würth Group companies for services rendered. 14. Personnel Costs At 31 December 2013 the group had 110 members of staff (: 114), of whom 9 (: 20) were employed on a parttime basis. Personnel costs were as follows: 2013 Wages and salaries 11,896 11,677 Pension costs Social security costs 1,296 1,108 Other employee costs Total personnel costs 14,860 14,171 The Group has no direct or indirect share or optionbased remuneration in favour of employees. In Switzerland the individual Group companies participate in a semi-autonomous pension scheme in which several Swiss Würth entities participate. In this plan actuarial risks (longevity, disability and death) are vested in an insurance company. The investment risks remain with the pension scheme, which is responsible for the asset management. The pension plan is an addition to the statutory social security insurance and is administered by an external advisor. Depending on the Group company, the employees pay savings contribution amounting to 3 % 8.5 % of their insured annual salary. At some Group companies, the employees contribution amount is age-related. In addition, the employees have the possibility of paying voluntary contributions. Furthermore, some Group companies offer management insurance for the CEOs and senior executives, whereby the employees pay 38.3 % of the additional contributions. In another scheme for CEOs, the annual employee contributions amount to 30.8 % of the total sum. In The Netherlands there is a pension plan with an insurance company. The salary over which pension is built up is maximized at TEUR 38. The premium is fully paid by the employer. In another scheme for managing directors, the annual employer s contribution amounts to 25 % of the premium due, up to an insured salary of TEUR 100. Due to the factual risks carried by the companies and in particular the legislative basis in The Netherlands and Switzerland, these plans are deemed to be defined benefit plans. All liabilities and assets are actuarially revalued every year by independent experts. The following figures provide an overview of the financial situation regarding these defined benefit plans as of 31 December: 2013 Pension Costs Current service costs Past service costs Net interest expense / (income) Pension costs recognised in income statement Revaluation of defined benefit plan 2013 Actuarial (gains) / losses due to changes in assumptions 3, Actuarial (gains) / losses due to changes based on experience 798 1,291 Return on plan assets (less Interest income) Revaluation recognised in OCI 1,580 1,566 Liabilities for pension plan Benefit obligation at 31 December 17,055 21,094 21,267 21,932 16,575 Fair value of plan assets at 31 December 15,864 19,914 19,963 19,522 15,889 Net liabilities at 31 December 1,191 1,180 1,304 2, Changes in the benefit obligations 2013 Benefit obligation at 1 January 21,267 21,932 Interest expense Current service costs Contribution by plan participants Actuarial (gains) / losses due to changes in assumptions 3, Actuarial (gains) / losses due to changes based on experience 798 1,291 Past service costs Benefits paid 3,813 4,669 Exchange differences Benefit obligation at 31 December 21,932 16,575 Changes in the plan assets 2013 Fair value of plan assets at 1 January 19,963 19,522 Interest income Return on plan assets (less Interest income) Contributions by plan participants Contributions by employer 1,132 1,096 Benefits paid 3,813 4,669 Exchange differences Fair value of plan assets at 31 December 19,522 15,889 Assumptions 2013 Discount rate (EUR/CHF) 3.2 % / 1.75 % 3.5 % / 2.0 % Expected return on plan assets (EUR/CHF) 3.5 % / 1.5 % 3.2 % / 1.75 % Future salary increases up to age 54 1 % 1.3 % 1 % 1.3 % from age 55 0 % 0 % Future pension increases 0 % 0 % Probability of termination of service BVG 2010 / Generation Table 18 19

11 Sensitivity of Benefit Obligation Defined changes in assumptions Scenario Defined benefit obligation Gross service cost 2014 Assumption at 31 December ,574 1,029 Discount rate % 15, Discount rate 0.25 % 16,654 1,097 Expected salary increase % 16,143 1,064 Expected salary increase 0.50 % 15,728 1,006 Breakdown of fair value of plan assets by asset category: 2013 Equities 28.0 % 23.1 % Bonds 36.5 % 41.2 % Real estate 27.7 % 24.3 % Other 7.8 % 11.4 % Total % % The planned assets of the pension funds consist either of credit balances with an insurance company or a semiautonomous pension scheme. 15. Corporate Taxes The Group is subject to corporate taxes in The Netherlands, in Liechtenstein and in Switzerland. All taxes that were due or are payable in future relating to the business years up to and including 2013 are accrued as of 31 December The relevant tax rate for The Netherlands is 25 % (: 25 %). Due to separate taxation of the head office in The Netherlands, the branch office in Switzerland and the subsidiaries in accordance with the valid guidelines in the corresponding countries, there is a difference between the effective tax rate and the relevant tax rate for The Netherlands. The tax rates in Switzerland are 8.5 % (: 8.5 %) on a federal level and 12.6 % (: 14. 6%) on a cantonal level. In Switzerland the branch office of Würth Finance International B.V. has established tax rulings. For the business year 2014, the Group anticipates contributions to defined benefit pension plans amounting to approximately TEUR 1,000. As a consequence there is a difference between the taxable profit and the net profit for the year as shown in the income statement and allocated to the branch office. The subsidiaries do not have a special tax status. In Switzerland taxes are treated as a taxable expense. For tax purposes the operating income and expenses are split based on their origin. The bonds issued by Würth Finance Interantional B.V. are kept in the books in The Netherlands. Therefore also the valuation effects of certain derivative instruments used to mitigate financial risks are allocated accordingly. This leads to a high volatility of the taxable result in The Netherlands. No hedge accounting is applied for tax purposes. The reconciliation of income taxes is composed as follows ( restated): 2013 Income before taxes 11,182 35,999 Tax expense at the relevant tax rate (25%) 2,796 9,000 Effects of different tax rates in other countries 2,012 6,291 Over provided in prior years 0 3,866 Foreign withholding tax 2, Adjustment related to prior years Other effects 2 13 Net effective tax expenses 3, The difference to the current tax rate is due to differences between taxation in The Netherlands, Switzerland and Liechtenstein Deferred tax assets from loss carry-forwards Net deferred income tax assets Deferred tax liabilities on intangible assets Deferred tax liabilities Net deferred tax assets / liabilities The Group has tax losses relating to the years that are available for a maximum period of seven years for offset against future taxable profits. These tax losses can only be recognised in the subsidiaries in which the losses occurred. They may not be used to offset taxable profits elsewhere in the Group. 16. Transactions with Related Parties Included in the balance sheet is a net amount of TEUR 4,343 classified as tax asset (: TEUR 3,889). The amount reflects the current tax asset for 2013 and prior years. As the operative treasury unit of the Würth Group, the Group is responsible for concentrating and optimising the worldwide flow of payments, managing the financial risks and handling the financing of the Würth Group companies. In addition to all the companies belonging to the Würth Group, the related parties also includes the members of the Board of Directors and Management of the Group, as well as their families and companies closely associated with them Receivables from related parties Long-term loans to associated companies 739, ,139 Other financial assets 65,000 65,000 Loans to family trusts 46,250 21,500 Receivables from associated companies 809, ,083 Other receivables from related parties 0 12,566 Total receivables from related parties 1,659,922 1,664,288 Payables to related parties Payables to associated companies 678, ,846 Long-term payables to associated parties 1) 2,440 0 Other payables to related parties 5,639 7,130 Total payables to related parties 686, ,976 1) atypical silent partnership of Reinhold Würth Holding GmbH ( atypische stille Gesellschaft according to 230 et. seq. German Commercial Code (HGB)) 20 21

12 The following tables show the five most significant individual positions with related parties as well as their share of the total amounts: 2013 Share Receivables from Related Parties Adolf Würth GmbH & Co. KG 216, % Würth S.r.l. 131, % Reinhold Würth Holding GmbH 100, % Würth Leasing AG 77, % Internationales Bankhaus Bodensee AG 74, % Share Adolf Würth GmbH & Co. KG 239, % Würth S.r.l. 120, % Reinhold Würth Holding GmbH 100, % Würth Industrie Service GmbH & Co. KG 77, % Internationales Bankhaus Bodensee AG 74, % 2013 Share Payables to Related Parties Würth International AG 261, % Würth France SA 41, % Würth Reinsurance Company, S.A. 41, % Würth Group of North America Inc. 36, % Würth Norge AS 35, % Share Würth International AG 222, % Würth Reinsurance Company, S.A. 38, % Würth Norge AS 36, % Würth France SA 30, % Wurth Group of North America Inc. 29, % Transactions with related parties conform to the usual market terms and conditions. Regarding interest income and expenses we refer to the disclosures in note 10. Loans to family trusts of the Würth Group shareholders contain the following loans: 2013 Maturity Interest rate Markus Würth Family Trust 10, % Markus Würth Family Trust 3, % Markus Würth Family Trust 8, % Markus Würth Family Trust 6, % Marion Würth Family Trust 6, % Bettina Würth Family Trust 6, % Carmen Würth Family Trust 6, % Compensation of key management personnel of the Group 2013 Short-term employee benefits 3,212 3,154 Total compensation paid to key management personnel 3,212 3,154 The short-term employee benefits to related parties comprise pension fund contributions amounting to TEUR 341 (: TEUR 341). In 2013 and, no other forms of compensation (post employment or other long-term benefits, termination benefits, share-based payments) were paid to key management staff. 17. Commitments and Contingencies Würth Finance International B.V. has issued guarantees, letters of comfort and letters of credit. They represent commitments and contingencies in favour of third parties for associated company liabilities. The contingent liabilities include contractual commitments in connection with loans received by the Wurth Group of North America Inc. (private placement). The Management comprises the member of the Board of Management of all the Group companies (2013: 7 persons; : 7 persons). In the business year 2013, fees of TEUR 175 were paid to members of the Board of Directors (: TEUR 175). Remuneration for the members of the management of the various group companies totalled TEUR 3,212 in the year 2013 (: TEUR 3,154). The lending commitments, which have been unconditionally and irrevocably guaranteed, but not yet utilised, are disclosed at the nominal value Guarantees, letters of comfort, letters of credit 228, ,835 Total contingent liabilities 228, , Not yet utilised, irrevocably guaranteed lending commitments 64,692 85,051 Total irrevocable lending commitments 64,692 85, Operating Lease Commitments 2013 Due within one year 1,749 1,332 Due after one year but not more than six years 5, Certain areas of the floor space rented by the Group that is represented in the table above were sub-let to other companies. There were two such sub-let agreements. Both contracts, amounting to TCHF 261 respectively TCHF 111 per annum terminated on 31 March Maturity Interest Rate Markus Würth Family Trust 8, % Markus Würth Family Trust 10, % Markus Würth Family Trust 3, % These loans are unsecured

13 19. Financial Instruments and Risk Management a) Financial Risk Management Financial risks are inherent in the Group s business activities but are carefully measured, controlled and monitored by means of a systematic risk management process. To provide secure auditing and transparent information, a strict segregation is made between the functions of bodies that take risks and those that monitor risks. The financial risks are measured and monitored without restriction by the Group s risk controlling bodies. The control of financial risks is effected on the basis of internal directives defined in writing or with reference to strategic guidelines for action. Amendments to the internal directives are made by a defined process and must be approved by the Group s supervisory bodies. In order to mitigate the financial risks and optimise income on the financial resources, the Group uses derivative financial instrument transactions. The Group expects that any reduction in value of one such instrument will generally be compensated by a corresponding increase in the value of the underlying hedging transaction. Currency Market scenario Impact on P / L USD +10 % 10 % CHF +10 % 10 % The financial risks are limited by determining the authorised instruments and by adhering to a limit system on a daily basis. Corresponding reporting by the bodies which control the risk for the attention of management is effected daily. The management of market risks (foreign currency, interest rate, security price), credit risks and liquidity risks is described below. Foreign Currency Risk Due to its operating activities the Group enters into foreign currency transactions for companies of the Würth Group worldwide and is therefore exposed to exchange rate fluctuations. The Group deems foreign currency risks to mean the loss risk on the reported assets and revenues arising from the change in the relationship between exchange rates of the exposure currency and the balance sheet currency, the EUR. For the control of foreign currency risks, individual limits are set for each currency or for each geographical region. To control the currency risks, spot transactions, forward transactions, currency swaps, cross-currency swaps and currency options are used. The positions are valued and monitored on a daily basis. Sensitivity Analysis for Material Foreign Currency Positions at 31 December The following table discloses the sensitivity of the Group s profit before tax (due to changes in the fair value of monetary assets and liabilities) triggered by a reasonably possible change in the exchange rate, with all other variables held constant. Only significant results are listed Market scenario +10 % 10 % +10 % 10 % Impact on P / L Balance Sheet by Currency at 31 December 2013 Assets Amounts countervalue Total EUR USD CHF GBP Other Non-current assets Intangible assets Software Other intangible assets 1, , Property, plant and equipment Operating equipment and furnishings Financial assets Long-term loans to associated companies 739, ,012 7,320 79,213 3,004 66,653 Other financial assets 65,000 65, Deferred tax assets Total non-current assets 806, ,101 7,320 81,252 3,004 66,653 Current assets Receivables from associated companies 809, ,481 16,846 6,172 12, ,689 Loans to family trusts 46,250 46, Positive fair values of derivative instruments 15,986 15, Other receivables 7,475 4, , Accrued income and prepaid expenses 6,113 5, , Securities held for trading 128, ,609 3,869 7, Cash and cash equivalents 597, ,733 4, , ,711 Total currents assets 1,611,754 1,152,729 24, ,422 13, ,858 Total assets 2,418,084 1,800,830 32, ,674 16, ,511 Equity and Liabilities Shareholders equity Capital subscribed and paid in 16,000 16, Retained earnings 237, , Foreign exchange difference Net profit for the year 7,718 7, Total shareholders equity 261, , Non-current liabilities Bonds issued 1,149, , , Long-term payables to associated companies 2,440 2, Provisions for pension plans Deferred tax liabilities Total non-current liabilities 1,152, , , Current liabilities Bonds issued, short-term 275, , Payables to associated companies 678, ,494 56,389 15,634 7,025 82,034 Payables to banks Provision for taxes Negative fair values of derivative instruments 8,023 3, , Other liabilities 13,660 9,003 1,339 2, Accrued expenses and deferred income 26,925 24, , Total current liabilities 1,003, ,889 58,208 25,752 7,590 82,423 Total equity and liabilities 2,418,084 2,088,857 58, ,006 7,590 82,423 Balance sheet position 288,027 26, ,668 8, ,

14 Balance Sheet by Currency at 31 December Assets Amounts countervalue Total EUR USD CHF GBP Other Non-current assets Intangible assets Software Other intangible assets 2, , Property, plant and equipment Operating equipment and furnishings Financial assets Long-term loans to associated companies 843, ,919 3,004 76,484 1,226 60,506 Other financial assets 65,000 65, Deferred tax assets Total non-current assets 911, ,061 3,004 79,531 1,226 60,506 Interest Rate Risk The Group finances Würth Group companies all over the world and is consequently exposed to interest rate risks. The Group deems interest rate risk to mean the negative impact on the financial position and the earnings situation arising from changes in the interest rates in all currencies. A significant proportion of loans to Würth Group companies are refinanced by fixed-interest bonds with similar interest and maturity structures. The maximum willingness to take risks in the interest rate sector is defined by a sensitivity in relation to the equity capital. In the event of adverse changes in the interest rates on the individual currencies by 100 basis points, the maximum loss potential is related to the equity. The Group keeps the impact of interest rate Sensitivity of Equity 2013 changes on the equity capital base or on the asset and income situation relatively low and is guided in the medium term by a equity sensitivity of 4 %. Furthermore, the Group makes use of derivative financial instruments to optimise its exposure. Sensitivity Analysis of Equity as of 31 December The following table discloses the sensitivity of the Group s equity to a parallel shift of the interest rates, with all other variables held constant. The sensitivity has only an immaterial impact in relation to the Group s equity. Only the three currencies with the most significant impact are displayed explicitly. Current assets Receivables from associated companies 722, ,065 32,328 22,701 33, ,778 Loans to family trusts 21,500 21, Positive fair values of derivative instruments 40,813 40, Other receivables 19,472 17, , Accrued income and prepaid expenses 5,276 3, ,323 Securities held for trading 50,769 43,142 1,240 6, Cash and cash equivalents 414, , , ,148 Total currents assets 1,274, ,994 34, ,934 33, ,249 Total assets 2,185,715 1,616,055 37, ,465 34, ,755 Equity and Liabilities Shareholders equity Capital subscribed and paid in 16,000 16, Retained earnings 207, , Foreign exchange difference Net profit for the year 35,108 35, Total shareholders equity 258, , Non-current liabilities Bonds issued 955, , , Provisions for pension plans 2, , Deferred tax liabilities Total non-current liabilities 958, , , Current liabilities Bonds issued, short-term 248, , Payables to associated companies 664, ,850 59,692 6,784 2,518 86,002 Payables to banks Provision for taxes 1, Negative fair values of derivative instruments 12,527 2, , Other liabilities 13,669 9, , Accrued expenses and deferred income 26,568 23, , Total current liabilities 968, ,785 61,341 22,183 2,998 86,055 Total equity and liabilities 2,185,715 1,829,529 61, ,792 2,998 86,055 Duration Currency Change in basis points 6 months 6 months to 1 year 1 5 years > 5 years Total EUR ,118 4,138 1,805 DKK CHF Others EUR ,421 3,889 5,855 DKK CHF Others Sensitivity of Equity Duration Currency Change in basis points 6 months 6 months to 1 year 1 5 years > 5 years Total EUR ,369 4,809 2,493 USD CHF Others , ,632 EUR ,932 4, USD CHF Others , ,430 Balance sheet position 213,474 23,828 63,673 31, ,

15 Balance Sheet by Maturity at 31 December 2013 Assets Maturity Total Sight < 1 year 1 5 years > 5 years Non-current assets Intangible assets Software Other intangible assets 1, , Property, plant and equipment Operating equipment and furnishings Financial assets Long-term loans to associated companies 739, , ,864 Other financial assets 65, ,000 55,000 Deferred tax assets Total non-current assets 806, , , ,864 Current assets Receivables from associated companies 809, , , Loans to family trusts 46, , Positive fair values of derivative instruments 15,986 15, Other receivables 7,475 7, Accrued income and prepaid expenses 6,113 6, Securities held for trading 128, , Cash and cash equivalents 597, , , Total currents assets 1,611, , , Total assets 2,418, , , , ,864 Equity and Liabilities Shareholders equity Capital subscribed and paid in 16,000 16, Retained earnings 237, , Foreign exchange difference Net profit for the year 7,718 7, Total shareholders equity 261, , Non-current liabilities Bonds issued, long-term 1,149, , ,082 Long-term payables to associated companies 2, ,440 0 Provisions for pension plans Deferred tax liabilities Total non-current liabilities 1,152, , ,082 Current liabilities Bonds issued, short-term 275, , Payables to associated companies 678, ,642 99,494 2,440 0 Payables to banks Provision for taxes Negative fair values of derivative instruments 8,023 8, Other liabilities 13,660 13, Accrued expenses and deferred income 26,925 26, Total current liabilities 1,003, , ,923 2,440 0 Total equity and liabilities 2,418, , , , ,082 Balance sheet position 52, ,694 50, ,218 Balance Sheet by Maturity at 31 December Assets Maturity Total Sight < 1 year 1 5 years > 5 years Non-current assets Intangible assets Software Other intangible assets 2, ,457 Property, plant and equipment Operating equipment and furnishings Financial assets Long-term loans to associated companies 843, , ,794 Other financial assets 65, ,000 55,000 Deferred tax assets Total non-current assets 911, , ,251 Current assets Receivables from associated companies 722, , , Loans to family trusts 21, , Positive fair values of derivative instruments 40,813 40, Other receivables 19,472 19, Accrued income and prepaid expenses 5,276 5, Securities held for trading 50,769 50, Cash and cash equivalents 414, , Total currents assets 1,274, , , Total assets 2,185, , , ,251 Equity and Liabilities Shareholders equity Capital subscribed and paid in 16,000 16, Retained earnings 207, , Foreign exchange difference Net profit for the year 35,108 35, Total shareholders equity 258, , Non-current liabilities Bonds issued, long-term 955, , ,315 Provisions for pension plans 2, , Deferred tax liabilities Total non-current liabilities 958, , , ,315 Current liabilities Bonds issued, short-term 248, , Payables to associated companies 664, , , Payables to banks Provision for taxes 1,111 1, Negative fair values of derivative instruments 12,527 12, Other liabilities 13,669 13, Accrued expenses and deferred income 26,568 26, Total current liabilities 968, , , Total equity and liabilities 2,185, , , , ,315 Balance sheet position 79,021 33, , ,

16 Balance Sheet by Interest Rate Exposure at 31 December 2013 Assets Fixed interest rate Variable interest rate Non-interest bearing Total Non-current assets Intangible assets Software Other intangible assets 1, ,209 Property, plant and equipment Operating equipment and furnishings Financial assets Long-term loans to associated companies 739, , Other financial assets 65, ,000 Deferred tax assets Total non-current assets 806, , ,128 Current assets Receivables from associated companies 809, , ,092 78,536 Loans to family trusts 46,250 46, Positive fair values of derivative instruments 15, ,810 4,176 Other receivables 7, ,475 0 Accrued income and prepaid expenses 6, ,113 Securities held for trading 128, ,536 11,235 13,216 Cash and cash equivalents 597, ,473 0 Total currents assets 1,611, , , ,041 Total assets 2,418,084 1,285, , ,169 Equity and Liabilities Shareholders equity Capital subscribed and paid in 16, ,000 Retained earnings 237, ,684 Foreign exchange difference Net profit for the year 7, ,718 Total shareholders equity 261, ,426 Non-current liabilities Bonds issued, long-term 1,149,444 1,149, Long-term payables to associated companies 2, ,440 Provisions for pension plans Deferred tax liabilities Total non-current liabilities 1,152,796 1,149, ,677 Current liabilities Bonds issued, short-term 275, , Payables to associated companies 678, , ,452 0 Payables to banks Provision for taxes Negative fair values of derivative instruments 8, , Other liabilities 13, ,660 Accrued expenses and deferred income 26, ,925 Total current liabilities 1,003, , ,866 41,443 Total equity and liabilities 2,418,084 1,525, , ,546 Balance sheet position 240, , ,377 Balance Sheet by Interest Rate Exposure at 31 December Assets Fixed interest rate Variable interest rate Non-interest bearing Total Non-current assets Intangible assets Software Other intangible assets 2, ,457 Property, plant and equipment Operating equipment and furnishings Financial assets Long-term loans to associated companies 843, , Other financial assets 65, ,000 Deferred tax assets Total non-current assets 911, , ,189 Current assets Receivables from associated companies 722, , ,932 78,408 Loans to family trusts 21,500 21, Positive fair values of derivative instruments 40, ,309 2,504 Other receivables 19, ,472 0 Accrued income and prepaid expenses 5, ,276 Securities held for trading 50, ,769 0 Cash and cash equivalents 414, ,474 0 Total currents assets 1,274, , ,956 86,188 Total assets 2,185,715 1,197, , ,377 Equity and Liabilities Shareholders equity Capital subscribed and paid in 16, ,000 Retained earnings 207, ,510 Foreign exchange difference Net profit for the year 35, ,108 Total shareholders equity 258, ,684 Non-current liabilities Bonds issued, long-term 955, , Provisions for pension plans 2, ,410 0 Deferred tax liabilities Total non-current liabilities 958, ,699 2, Current liabilities Bonds issued, short-term 248, ,938 99,988 0 Payables to associated companies 664, , ,364 0 Payables to banks Provision for taxes 1, ,111 Negative fair values of derivative instruments 12, ,480 2,047 Other liabilities 13, ,669 Accrued expenses and deferred income 26, ,568 Total current liabilities 968, , ,547 43,395 Total equity and liabilities 2,185,715 1,243, , ,639 Balance sheet position 45, , ,

17 Security Price Risk Due to its investment activities, the Group is exposed to security price risks. The Group deems security price risks to mean the exposure to loss resulting from changes in the prices of listed securities. Basically, a minimum rating of BBB- (Standard & Poor s) is required when selecting bonds. The trend of the rating is monitored on a daily basis. In the event of Asset allocation as of 31 December 2013 Market value Share Equities / Funds 13, % Money market funds 66, % Bonds 46, % Sub investment grade bonds 3, % Hedge funds % Commodities % Total 128, % Asset allocation as of 31 December Market value Share Equities / Funds % Bonds 47, % Sub investment grade bonds 1, % Hedge funds % Commodities % Total 50, % the bond being downgraded, it is immediately disposed of. However, the Group has a limit of 5 % of the total portfolio which can be invested in Sub investment grade bonds. Furthermore, the Group uses derivative instruments to hedge security price risks. The composition of the portfolio is monitored on a daily basis. The allocation is shown in the table below: Credit Risk In order to minimise credit risks, transactions are only conducted with first-class external counterparties. Banks are required to have a minimum rating of A- (in terms of Standard & Poor s Terms nomenclature). For each rating level, binding counterparty limits are defined. Their absolute value is subject of regular critical reviews by the supervisory bodies and is adjusted if necessary. Würth Intra-Group counterparties are monitored by Würth Finance International B.V., together with the appropriate member of the Würth Group s Central Managing Board, and granted a credit limit. ISDA agreements are concluded with those counterparties with whom the Group carries out transactions within the framework of financial risk management. The corresponding credit rating of the internal and external counterparties and the limitation on aggregated individual party risks are constantly monitored. The counterparty risks relating to delcredere business were transferred in full to insurance companies. The maximum credit risk corresponds to the value of all the financial assets and unused irrevocable credit commitments stated in the annual accounts. Any credit risks relating to loans to individual Würth Group companies are covered by letters of comfort from the superordinate parent company. Credit Risks as of 31 December Würth Group companies, long-term Gross credit risks 2013 Gross credit risks Electrical wholesale 42,000 25,000 Electronics 11,799 19,000 Financial Services 203, ,032 Trade 284, ,721 Industry 64,000 75,180 Production 89,781 70,506 Administration 44, ,700 Total Würth Group long-term 739, ,139 Würth Group companies, short-term Electrical wholesale 27,787 19,152 Electronics 13,394 19,386 Financial Services 32,806 46,292 Trade 489, ,043 Industry 41,706 32,330 IT Production 60,780 84,231 Administration 116,571 26,557 Miscellaneous current accounts 26,126 10,013 Total Würth Group short-term 809, ,083 Cash and cash equivalents 597, ,474 Other financial assets 65,000 65,000 Loans to family trusts 46,250 21,500 Positive fair values of derivative instruments 15,986 40,813 Securities designated at fair value 128,987 50,769 Other receivables 7,475 19,472 Contingent liabilities 228, ,835 Irrevocable lending commitments 64,692 85,051 Total gross credit risk 2,702,971 2,511,136 There is only a difference between the gross and net credit risk for derivative transactions which can be netted based on the ISDA agreements. In principle bank deposits are invested at banks with a minimal rating of A-. There are no overdue or impaired positions within the category of items under lying credit risks. Therefore no value adjustments were accounted for or are required. Liquidity Risk The Würth Group needs sufficient liquidity to fulfil its financial obligations. In compliance with the superordinate Würth Group policy, Würth Group companies are required to transfer their excess liquidity to Würth Finance International B.V. and, with the latter s support, to make it available to other Würth Group companies to bridge any potential shortages in liquidity. The high international creditworthiness of the Würth Group (Standard & Poor s has awarded its non-current liabilities an A rating) allows the Group to raise liquid funds in the international capital markets on favourable conditions. To meet its payment obligations at all times, the Group additionally arranges credit lines with various banks to cover any potential liquidity requirements. Due to cost-benefit consideration the Würth Group terminated the rating agreement with Fitch by 31 December Additionally Würth Finance International B.V. has established a committed credit line of EUR 200 million. The syndicate providing the funds consists of twelve banks. The credit line is granted until 26 February 2018 and is guaranteed by Adolf Würth GmbH & Co. KG, Künzelsau. The objective of the liquidity management is to ensure that the Würth Group is able to meet its payment obligations. The liquidity situation is monitored by the Cash Management department of Würth Finance International B.V

18 b) Derivative Financial Instruments Positions at 31 December 2013 Contract value or notional value Positive fair value Negative fair value Foreign currency instruments Forward currency contracts 705,429 4, Total currency instruments 705,429 4, Interest rate instruments Interest rate swaps 887,204 24,334 15,269 Cross-currency swaps 47,039 10, Swaptions 25, Total interest rate instruments 959,243 35,010 15,703 Reduction due to CSA 23,200 8,200 Total derivative financial instruments 1,664,672 15,986 8,023 Offsetting Financial Instruments Gross carrying amounts (before offsetting) Financial assets 2013 Gross amounts offset in accordance with the offsetting criteria Net amount presented in statement of financial position Derivative instruments 39,186 23,200 15,986 Total 39,186 23,200 15,986 Gross carrying amounts (before offsetting) Financial assets Gross amounts offset in accordance with the offsetting criteria Net amount presented in statement of financial position Derivative instruments 76,045 35,232 40,813 Total 76,045 35,232 40,813 Positions at 31 December Contract value or notional value Positive fair value Negative fair value Foreign currency instruments Forward currency contracts 730,803 2,523 2,047 Total currency instruments 730,803 2,523 2,047 Interest rate instruments Interest rate swaps 633,954 50,549 16,513 Cross-currency swaps 65,574 22,973 0 Swaptions 20, Total interest rate instruments 719,528 73,522 16,980 Reduction due to CSA 35,232 6,500 Total derivative financial instruments 1,450,331 40,813 12,527 Gross carrying amounts (before offsetting) Financial liabilities 2013 Gross amounts offset in accordance with the offsetting criteria Net amount presented in statement of financial position Derivative instruments 16,223 8,200 8,023 Total 16,223 8,200 8,023 Gross carrying amounts (before offsetting) Financial liabilities Gross amounts offset in accordance with the offsetting criteria Net amount presented in statement of financial position Derivative instruments 19,027 6,500 12,527 Total 19,027 6,500 12,527 ISDA master agreements with a CSA are concluded with those counterparties with whom transactions are carried out within the framework of financial risk management. For this reason, the positive and negative fair values of the derivative financial instruments are recorded in the financial statements (balance sheet, income statement) in net terms, considering also the cash settlement based on the CSAs. The foreign currency instruments are mainly used to hedge the currency positions in USD, CHF and GBP recorded in the balance sheet. The net positions of the fair values are as follows: EUR 3.4 million (: EUR 0.3 million) have a maturity date of less than 12 months and EUR 0.1 million (: EUR 0.3 million) mature in 1 5 years. The interest rate instruments are mainly used to hedge currency and interest rate risks on non-congruent asset and liability positions in EUR, USD and CHF. The maximum maturity is ten years

19 c) Fair value of financial instruments at 31 December Assets Carrying amount Fair value Non-current assets Financial assets Long-term loans to associated companies 739, , , ,677 Other financial assets 65,000 65,000 84,190 88,997 Total non-current assets 804, , ,380 1,023,674 Current assets Receivables from associated companies 809, , , ,535 Loans to family trusts 46,250 21,500 46,332 21,725 Positive fair values of derivative instruments 15,986 40,813 15,986 40,813 Securities held for trading 128,987 50, ,987 50,769 Cash and cash equivalents 597, , , ,474 Total current assets 1,598,166 1,249,639 1,599,366 1,262,316 Equity and Liabilities Non-current liabilities Bonds issued, long-term 1,149, ,699 1,197,415 1,072,196 Long-term payables to associated companies 2, ,772 0 Total non-current liabilities 1,151, ,699 1,202,187 1,072,196 Current liabilities Bonds issued, short-term 275, , , ,304 Payables to associated companies 678, , , ,590 Payables to banks Negative fair values of derivative instruments 8,023 12,527 8,023 12,527 Total current liabilities 962, , , ,136 A majority of the financial instruments were generated by the Group itself and are valued at amortised cost. The fair value through profit & loss category as laid down in IAS 39 is solely applied to securities and derivative financial instruments. On the other hand, the categories, held-to-maturity and available-for-sale, are not applied by the Group. Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Assets and Liabilities Measured at Fair value as at 31 December 2013 Assets Level 1 Level 2 Level 3 Total Fair Value Derivative financial instruments Interest rate swaps 0 24, ,334 Cross-currency swaps 0 10, ,676 Forward currency contracts 4, ,176 Reduction due to CSA 0 23, ,200 Total derivative financial instruments 4,176 11, ,986 Financial instruments held-for-trading Securities 128, ,987 Total financial instruments held-for-trading 128, ,987 Financial instruments at amortized costs Receivables from associated companies 0 1,613, ,613,660 Loans to family trusts 0 46, ,250 Cash and cash equivalents 597, ,473 Other financial assets 0 84, ,190 Total financial instruments at amortized costs 597,473 1,744, ,341,573 Liabilities Derivative financial instruments Interest rate swaps 0 15, ,269 Cross-currency swaps Swaptions Forward currency contracts Reduction due to CSA 0 8, ,200 Total derivative financial instruments 520 7, ,023 Other liabilities at amortized costs Bonds issued 0 1,477, ,477,926 Payables to associated companies 0 678, ,576 Payables to banks Total other liabilities at amortized costs 912 2,156, ,157,414 The fair value of long-term receivables and liabilities is calculated using the DCF method. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Fair Value Hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: 36 37

20 Assets and Liabilities Measured at Fair value as at 31 December Assets Level 1 Level 2 Level 3 Total Fair Value Derivative financial instruments Interest rate swaps 0 50, ,549 Cross-currency swaps 0 22, ,973 Forward currency contracts 2, ,523 Reduction due to CSA 0 35, ,232 Total derivative financial instruments 2,523 38, ,813 Financial instruments held-for-trading Securities 50, ,769 Total financial instruments held-for-trading 50, ,769 Financial instruments at amortized costs Receivables from associated companies 0 1,656, ,656,760 Loans to family trusts 0 21, ,500 Cash and cash equivalents 414, ,474 Other financial assets 0 88, ,997 Total financial instruments at amortized costs 414,474 1,767, ,181,731 Liabilities Derivative financial instruments Interest rate swaps 0 16, ,513 Cross-currency swaps Swaptions Forward currency contracts 2, ,047 Reduction due to CSA 0 6, ,500 Total derivative financial instruments 2,047 10, ,527 Other liabilities at amortized costs Bonds issued 0 1,323, ,323,500 Payables to associated companies 0 664, ,846 Payables to banks Total other liabilities at amortized costs 715 1,988, ,989, Segment Information The Group provides segment reporting by business line. Segment reporting by geographic areas is not considered meaningful as the Group only provides services from The Netherlands, Liechtenstein and Switzerland. Balance Sheet by Segment at 31 December 2013 Group Financing Trading Services Central Services Elimination Total Balance sheet Segment assets 2,450,621 4,176 88, ,286 64, ,407 2,418,084 Segment liabilities 2,253, , , , ,407 2,418,084 Group Financing Trading Portfolio- Management Portfolio- Management Services Pension Plans / Insurance Number of employees Additional segment information Investments Balance Sheet by Segment at 31 December Pension Plans / Insurance Central Services Elimination Total Balance sheet Segment assets 2,277,827 2,504 85, ,897 23, ,326 2,185,715 Segment liabilities 1,991,959 2,047 76,938 4, , ,326 2,185,715 Number of employees Additional segment information Investments The fair value of securities that are actively traded on organised financial markets is determined by reference to quoted market prices. For securities where there is no active market, fair value is determined using valuation techniques such as price quotations from securities brokers or the Black-Scholes pricing model. These valuations are by their nature dependent on the assumptions on which they are based. Capital Management The primary objective of the Group s capital management is to ensure a strong credit rating towards external parties. The Group manages its capital structure and makes adjustments to it based on the equity ratio and the return on equity. During the reporting period ending 31 December 2013, there were no transfers between level 1 and level 2 fair value measurements, and no transfers into and out of level 3 fair value measurements

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