Matth. Hohner AG

Notes to the Consolidated Financial Statements for Business Year 2010/2011
25. Related Party Disclosures
In accordance with IAS 24 (“Related Party Disclosures”), persons or entities which are in control of or
controlled by the HOHNER Group must be disclosed unless they are already included as consolidated entities
in the consolidated financial statements of Matth. Hohner Aktiengesellschaft.
The disclosure requirements under IAS 24 also extend to transactions with associates as well as
transactions with persons who have significant influence on the HOHNER Group’s financial and operating
policies. Significant influence is deemed to be exerted by persons holding an interest in Matth. Hohner
Aktiengesellschaft of 20 % or more, a seat on the management board or the supervisory board of Matth.
Hohner Aktiengesellschaft or another key management position.
In business year 2010/2011 this only affects Matth. Hohner Aktiengesellschaft in terms of its relationship
to the majority shareholder HS Investment Group. Inc., Tortola/British Virgin Islands, and to the members of
the management board and supervisory board. As of the balance sheet date the HOHNER Group had loan
liabilities due to HS Investment Group Inc., Tortola/British Virgin Islands in the amount of TEUR 5,571 (prior
year: TEUR 6,492) including interest; in the business year the HOHNER Group paid interest on these loans in
the amount of TEUR 391 (prior year: TEUR 448) and made repayments of TEUR 909 (prior year: TEUR 852).
The transactions of Matth. Hohner Aktiengesellschaft with associates related to Hohner-Konservatorium
Trossingen GmbH, Trossingen. Matth. Hohner Aktiengesellschaft granted Hohner-Konservatorium Trossingen
GmbH a subsidy of TEUR 52 in the business year (prior year: TEUR 52). Furthermore there were purchases
from Shanghai Lansheng-Hohner Musical Instruments Co., Ltd., Shanghai/China that caused cost of materials
for the Group of TEUR 1,550 (prior year: TEUR 1,404). On balance sheet date receivables amount to TEUR 172
(prior year: TEUR 25). In the current and in the prior year no liabilities were outstanding.
For the HOHNER Group members of the management in key positions are only to be found in the
management or supervisory board. Concerning the periodical remuneration of members of the management,
we refer to our comments on the remuneration of the members of the management board and the
supervisory board.
Dr. Horst Bräuning is a shareholder and is a member of the management board of Matth. Hohner
Aktiengesellschaft. Otherwise, the entities belonging to the HOHNER Group have not entered into any
transactions with members of the management or supervisory boards which were subject to mandatory
reporting. This also applies for members of these persons’ close families.
26. Other notes
Total remuneration for members of the supervisory board was TEUR 132 (prior year: TEUR 138). The total
remuneration for members of the management board was TEUR 402 (prior year: TEUR 447), thereof
TEUR 284 (prior year: TEUR 350) relate to fixed remuneration and TEUR 118 (prior year: TEUR 97) relate
to variable remuneration. The total remuneration of former members of the management board and their
surviving dependants amounts to TEUR 120 (prior year: TEUR 120), pension provisions for former members of
the management board amount to TEUR 1,195 (prior year: TEUR 1,035).
With resolution of the shareholders’ meeting on November 28, 2006 the shareholders’ meeting decided the
non-disclosure of individualized remuneration for members of the management board of Matth. Hohner AG
as stated in § 285 Section 1 No. 9 a sentences 5 to 9 as well as § 314 Section 1 No. 6 a, Sentences 5 to 9 of
German Commercial Code (HGB) for the financial year 2006/2007 and the successive four financial years in
accordance with § 286 Section 5 of German Commercial Code (HGB).
On average the Group had 334 employees during the year (prior year: 341 employees).
This is shown in the following table:
2010/ 2011 2009/2010
Salaried employees 149 148
Wage earners 185 193
334 341
Notes to the CoNsolidated FiNaNCial statemeNts Notes to the CoNsolidated FiNaNCial statemeNts
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