Page 18 - Annual Report 2019

Supervisory Board Report
Group Management Report
Consolidated Financial Statements
Annexes

Provisions were EUR 19.6 million, falling below the past year’s value of EUR 21.8 million. Pension
obligations are listed with their full values, using an interest rate of 2.71% (prior year: 3.21%).
The allocable value of claims against insurance companies were deducted from this. Disclosure of
pension obligations dropped by a total of EUR 0.2 million. Among other provisions, tax provisions
decreased by EUR 0.6 million and other provisions decreased by EUR 1.3 million.

Liabilities totalled EUR 54.7 million (prior year: EUR 66.0 million). The main reason for the decline
is the EUR 10.4 million reduction in bank liabilities due to the scheduled repayment of the
Schuldscheindarlehen in late 2019 in the amount of EUR 9 million and the repayment of a short-term
loan of EUR 1.1 million by Tenowo Huzhou New Materials Co. Ltd. Trade payables and liabilities
on bills accepted and drawn in the amount of EUR 5.7 million decreased by EUR 1.2 million.
Other liabilities of EUR 7.7 million remained virtually unchanged (prior year: EUR 7.5 million).

2.5. Employees
Compared to the previous year, the number of employees in the Hoftex Group decreased to 1,136
(prior year: 1,197). 106 employees left the Group as a result of the sale of Hoftex CoreTech GmbH
effective as of 31 August 2019. The Group employed a total of 1,071 people as of the balance sheet
date on 31 December 2019 (prior year: 1,213), 799 of whom worked in Germany. This makes
up 75% of all employees.

The largest division of the Hoftex Group, TENOWO, also had the most employees in 2019 with 751
compared to the prior year’s figure of 739. The largest location in terms of employees is the
headquarters in Hof with 371 employees (prior year: 364)

0 %
3%
5%
8%
2019 2018
Germany 799 918
9%
USA 101 104
Romania 82 88
China 56 71
Italy 31 32
Mexico 2 0
75%

Fig. 7: Employees as of the balance sheet date of 31 December by country

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