Page 19 - Hoftex Annual Report 2018 EN

At EUR 9.1 million, the amount disclosed for pension provisions remains virtually unchanged. The allocable value of claims against insurance companies were deducted from the pension provisions. Tax provisions rose by EUR 0.1 million, while other provisions fell by EUR 1.0 million.
Liabilities totalled EUR 66.0 million (prior year: EUR 67.9 million). The main reason for the decline is the EUR 2.2 million reduction in the remaining liabilities. These also include short-term loans from affiliated companies for the Chinese subsidiary Tenowo Huzhou New Materials Co. Ltd. A cash repayment of the short-term loan was made in the amount of EUR 2.0 million during the year under review. Liabilities to banks fell by EUR 0.6 million. This decrease was chiefly due to the repayment of short-term loans by Tenowo Huzhou New Materials Co. Ltd. Bonded loans with a total volume of EUR 50.0 million are an integral part of the long-term financial obligations. The first cash repayment of the bonded loans will take place in late 2019 as scheduled in the amount of EUR 9.0 million. Compre- hensive investment projects have not yet been completed, resulting in a rise in trade payables of EUR 0.9 million.
The number of employees in the Hoftex Group in 2018 fell by 2 % to 1,197. The Group welcomed 32 new employees as a result of the acquisition of Resintex Industriale S.r.l., while 27 employees left the Group due to the Hoftex Max Süss GmbH asset deal. The Group employed a total of 1,213 people as of the balance sheet date on 31 December 2018.
Fig. 8: Employees as of the balance sheet date of 31 December 2018 by country
Letter to Shareholders Supervisory Board Report Group Management Report Consolidated Financial Statements Annexes
At the end of the year 76 % of our employees worked in Germany.
The largest division of the Hoftex Group, TENOWO, also had the most employees in 2018 with 739 compared to the prior year’s figure of 690. The largest location in terms of employees is the head-
quarters in Hof with 364 employees.
2.5. Personnel
7%3%6% 8%
76%
Germany 918 947 Romania 88 88 Italy 32 0 China 71 74 USA 104 104
2018
2017
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