Reporting 2021

Notes

Notes for the 2021 financial year

The registered office of BREMER LAGERHAUS-GESELLSCHAFT -Aktiengesellschaft von 1877- (BLG AG) is in Bremen. The company is entered in the register of the District Court of Bremen under the number HRB 4413.

General disclosures

The annual financial statements have been prepared in accordance with the provisions of Sections 242 ff. and 264 ff. of the German Commercial Code (HGB) and the relevant provisions of the German Stock Corporation Act (AktG).

The income statement was prepared according to the total cost (nature of expense) method (Section 275 (2) HGB).

To improve the clarity of the presentation, disclosures on entries relating to more than one item were made with explanatory notes on a separate line.

Disclosures on recognition and measurement

The following accounting policies were applied essentially unchanged for the preparation of the annual financial statements.

Receivables and other assets are reported at their nominal value. Credit risks are taken into account through recognition of specific loss allowances, wherever necessary.

Bank balances are recognized at their nominal value.

Financial assets that are immune from access by all other creditors and that serve exclusively to fulfill post-employment benefit obligations are measured at fair value and netted against provisions for pensions and similar obligations.

Reinsurance cover for pension provisions is recognized using the asset value of the overall claims reported by the insurance companies. In this respect, the asset value corresponds both to the amortized cost (payments received plus accumulated interest and surplus credits) and the fair value as of the balance sheet date.

Pension provisions are measured according to the projected unit credit method using the 2018 G (previous year: 2018 G) mortality tables issued by Prof. Dr. Klaus Heubeck. The average market interest rate, which is calculated for an assumed residual term of 15 years, is used as a standard basis for discounting.

In accordance with Section 246 (2) sentence 2 HGB, these are netted against the present value of the pension obligations under provisions for pensions and similar obligations.

The actuarial valuation was based on the following parameters:

Actuarial parameters Pensions
Discount rate 1.9%
Expected development of salaries and wages 2.0%
Expected pension increases 2.0%

The provisions are recognized at the settlement amount necessary to cover all identifiable risks and uncertain liabilities on the basis of prudent business judgment.

Long-term provisions with a residual term of more than one year are discounted using the average market interest rate for matching maturities based on the past seven years, as published by the Deutsche Bundesbank. Long-term provisions for pension obligations with a residual term of more than one year are discounted using the average market interest rate for matching maturities based on the past ten years, as published by the Deutsche Bundesbank.

Liabilities are recognized at their settlement amounts.

Any differences between the carrying amounts of assets, liabilities, prepaid expenses and deferred income items according to commercial law and their tax carrying amounts that are expected to be reversed in later financial years are measured at the individual tax rates in the period in which the difference is reversed and the resulting tax burden or relief is recognized as deferred taxes.

The measurement of deferred tax assets depends on the estimation of the probability of the reversal of the measurement differences and the utilization of the loss carryforwards which resulted in deferred tax assets. This is dependent upon the generation of future taxable profits during the periods in which those tax measurement differences are reversed.

The option of recognizing deferred tax assets pursuant to Section 274 (1) sentence 2 HGB was applied.

Deferred taxes are offset and not discounted.

Balance sheet disclosures

Receivables and other assets

Receivables from affiliated companies were owed in full from BLG LOGISTICS GROUP AG & Co. KG, Bremen (BLG KG). EUR 5,227,000 (previous year: EUR 5,227,000) thereof constituted short-term loans. EUR 18,639,000 was attributable to receivables from cash management (previous year: EUR 16,863,000). Another EUR 178,000 (previous year: EUR 2,644,000) related to trade receivables. As in the previous year, all receivables have a residual term of up to one year.

Excess of plan assets over post-employment benefit liability / Provisions for pensions and similar obligations

The provisions reported related to pension obligations for the members of the Board of Management.

In the previous year, the pension commitments under individual contracts were adjusted. In amendments dated January 2020, it was agreed with each individual member of the Board of Management that in the event of their leaving the company prematurely without a benefit event occurring, there would no longer be a pro rata reduction in the defined benefit if the vesting conditions were met.

In order to enable insolvency-protected reinsurance cover or refinancing for the higher obligations resulting from the adjustment while continuing the previous reinsurance policies, a two-tier model with additional premium deposits to cover the outstanding premium payments for the reinsurance was introduced. In this model, the outstanding premium payments to the reinsurance are invested as a lump sum in a deposit (see also the following table). The installment premiums to the reinsurer are financed from a corresponding sale of the fund units. Like the reinsurance policy, the fund units are pledged to the beneficiaries.

Overall, this therefore gave rise to an excess of plan assets over post-employment benefit liability in the reporting year:

EUR thousand 12/31/2021
Fair value of pension obligations -10,386
Fair value of reinsurance policies 6,178
Fair value deposit for outstanding premium payments to the reinsurance 4,553
Excess of plan assets over post-employment benefit liability 345

The difference between the recognition of provisions for pension obligations based on the corresponding average market interest rate for the past ten financial years and the recognition of provisions for pension obligations based on the corresponding average market interest rate for the past seven financial years amounted to EUR 1,035,000.

Interest expenses and interest income from unwinding the discount were recognized in the amount of EUR 169,000 (previous year: EUR 148,000).

Equity

The share capital amounted to EUR 9,984,000.00 and was divided into 3,840,000 no-par value registered shares with voting rights. Transfer of the shares requires the approval of the company in accordance with Section 5 of the Articles of Incorporation.

Revenue reserves

The legal reserve is allocated in full in an amount of EUR 998,400.00.

In accordance with the resolution of the Annual General Meeting on June 2, 2021, EUR 695,000 was transferred from 2020 net retained profits to revenue reserves. In addition, EUR 2,000 was transferred to revenue reserves from net retained profits for the 2021 financial year.

Existing revenue reserves fully covered the amounts subject to a restriction on distribution of EUR 1,035,000 (previous year: EUR 1,365,000) in accordance with Section 253 (6) HGB (difference relating to the recognition of pension obligations) as well as the amounts subject to a restriction on distribution of EUR 1,043,000 (previous year: EUR 994,000) in accordance with Section 268 (8) sentence 2 and 3 HGB (deferred tax assets and difference between cost and fair market value of the above premium deposit).

Other provisions

Other provisions included EUR 3,040,000 (previous year: EUR 241,000) for the variable remuneration of the Board of Management. Of this amount, EUR 1,764,000 (previous year: EUR 0) had a maturity of more than one year.

In the reporting year, other provisions of EUR 215,000 (previous year: EUR 303,000) were recognized for costs in connection with the Annual General Meeting, the publication of the annual financial statements and the consolidated financial statements as well as the audit of the annual financial statements.

EUR 180,000 was set aside for fixed Supervisory Board remuneration (previous year: EUR 180,000).

Liabilities

As in the previous year, all liabilities are due after more than one year.

EUR 224,000 of the other liabilities (previous year: EUR 446,000) related to taxes.

Deferred taxes

Deferred taxes were measured at the BLG AG tax rate of 15.825 percent.

The deferred tax assets were mainly based on differences from pension provisions.

The option of recognizing excess deferred tax assets was applied.

Contingent liabilities

The company is the personally liable general partner of BLG KG. A capital contribution does not have to be paid in. Due to the company’s equity base and the positive results expected for BLG KG in subsequent years, there was no identifiable risk of utilization.

Shareholdings

The underlying exchange rates for the shareholdings listed below attributable to BLG AG through its subsidiary BLG KG pursuant to Section 285 sentence 1 no. 11 HGB are as follows:

EUR Reporting date
12/31/2021
2021
average
1 US dollar 0.8829 0.8455
1 Brazilian real 0.1585 0.1568
1 British pound 1.1901 1.1633
1 Chinese yuan renminbi 0.1390 0.1311
1 Indian rupee 0.0119 0.0114
1 Malaysian ringgit 0.2119 0.2040
1 Polish zloty 0.2175 0.2190
1 Russian ruble 0.0117 0.0115
1 South African rand 0.0554 0.0572
1 Ukrainian hryvnia 0.0323 0.0310

List of shareholdings pursuant to Section 285 sentence 1 no. 11 HGB

Name, registered office Ownership interest in percent Indirect (I) / Direct (D) interest Currency Equity in thousands Net income for the year in thousands
BLG LOGISTICS GROUP AG & Co. KG, Bremen 0.00 D EUR 315,380 -17,771
 
 
 
Name, registered office Ownership interest in percent Indirect (I) / Direct (D) interest Currency Equity in thousands Net income for the year in thousands
Companies included on the basis of full consolidation (in accordance with consolidated financial statements)          
BLG AUTO LOGISTICS OF SOUTH AFRICA (Pty) Ltd., Port Elizabeth, South Africa 84.07 I ZAR 16,434 32
BLG Automobile Logistics GmbH & Co. KG, Bremen 100.00 I EUR 87,404 3,828
BLG Automobile Logistics Süd-/Osteuropa GmbH, Bremen 100.00 I EUR 4,967 -8
BLG AutoRail GmbH, Bremen 50.00 I EUR 13,956 4,456
BLG AutoTec GmbH & Co. KG, Bremerhaven 100.00 I EUR 388 -362
BLG AutoTerminal Bremerhaven GmbH & Co. KG, Bremerhaven 100.00 I EUR 12,083 -11,540
BLG AutoTerminal Cuxhaven GmbH & Co. KG, Cuxhaven 100.00 I EUR 274 -455
BLG AutoTerminal Deutschland GmbH & Co. KG, Bremen 100.00 I EUR 9,207 2,024
BLG AutoTerminal Gdansk Sp. z o. o., Gdansk, Poland 100.00 I PLN 13,126 832
BLG AutoTransport GmbH & Co. KG, Bremen 100.00 I EUR 8,632 1,716
BLG Cargo Logistics GmbH, Bremen1 100.00 I EUR 19,683 0
BLG Handelslogistik GmbH & Co. KG, Bremen 100.00 I EUR 1,630 7,049
BLG Industrielogistik GmbH & Co. KG, Bremen 100.00 I EUR 13,283 3,385
BLG Logistics Automobile St. Petersburg Co. Ltd., St. Petersburg, Russia 100.00 I RUB 428,369 21,254
BLG Logistics of South Africa (Pty) Ltd, Port Elizabeth, South Africa2 84.07 I ZAR 12,957 5,901
BLG Logistics Solutions GmbH & Co. KG, Bremen 100.00 I EUR 1,850 461
BLG Logistics, Inc., Atlanta, USA 100.00 I USD -4,962 150
BLG RailTec GmbH, Uebigau-Wahrenbrück1 50.00 I EUR 4,550 0
BLG Sports & Fashion Logistics GmbH, Hörsel 100.00 I EUR -4,956 -667
Name, registered office Ownership interest in percent Indirect (I) / Direct (D) interest Currency Equity in thousands Net income for the year in thousands
Companies included on the basis of the equity method (in accordance with consolidated financial statements)          
ATN Autoterminal Neuss GmbH & Co. KG, Neuss 50.00 I EUR 3,715 -1,013
AutoLogistics International GmbH, Bremen 50.00 I EUR -3,640 97
Autoterminal Slask Logistic Sp. z o.o., Dabrowa Gornicza, Poland 50.00 I PLN -660 -2,517
BLG CarShipping Koper d.o.o., Koper, Slovenia 100.00 I EUR 203 2
BLG Interrijn Auto Transport RoRo B.V., Rotterdam, Netherlands 50.00 I EUR 41 -5
BLG Logistics (Beijing) Co., Ltd., Beijing, People’s Republic of China 100.00 I CNY 1,622 -90
BLG Parekh Logistics Pvt. Ltd., Bombay, India 50.00 I INR 49,353 17,404
BLG SWIFT LOGISTICS Sdn. Bhd., Kuala Lumpur, Malaysia3 60.00 I MYR 3,701 -1,998
BLG ViDi LOGISTICS TOW, Kiev, Ukraine 50.00 I UAH 127,593 3,089
BLG-Cinko Auto Logistics (Tianjin) Co., Ltd., Tianjin, People’s Republic of China 50.00 I CNY 12 44
dbh Logistics IT AG, Bremen4 27.32 I EUR 7,411 1,840
DCP Dettmer Container Packing GmbH & Co. KG, Bremen4 50.00 I EUR -1,902 -1,713
EUROGATE GmbH & Co. KGaA, KG, Bremen 50.00 I EUR 267,484 110,498
Hansa Marine Logistics GmbH, Bremen4 100.00 I EUR 159 61
Hizotime (Pty) Ltd, East London, South Africa 41.19 I ZAR 10,216 1,182
ICC Independent Cargo Control GmbH, Bremen4 50.00 I EUR 148 35
Kloosterboer BLG Coldstore GmbH, Bremerhaven 49.00 I EUR 123 32
Schultze Stevedoring GmbH & Co. KG, Bremen4 50.00 I EUR 100 803
SWIFT MEGA CARRIERS Sdn. Bhd., Kuala Lumpur, Malaysia 60.00 I MYR -904 -881
ZLB Zentrallager Bremen GmbH & Co. KG, Bremen4 33.33 I EUR 465 1,036
Name, registered office Ownership interest in percent Indirect (I) / Direct (D) interest Currency Equity in thousands Net income for the year in thousands
Companies not included (in accordance with consolidated financial statements)          
ATN Autoterminal Neuss Verwaltungs-GmbH, Neuss 50.00 I EUR 29 0
BLG Automobile Logistics Beteiligungs-GmbH, Bremen 100.00 I EUR 105 0
BLG Automobile Logistics Italia S.r.l. i. L., Gioia Tauro, Italy 98.97 I EUR -481 -22
BLG AutoTec Beteiligungs-GmbH, Bremerhaven 100.00 I EUR 27 1
BLG AutoTerminal Cuxhaven Beteiligungs-GmbH, Cuxhaven 100.00 I EUR 12 1
BLG AutoTerminal Deutschland Beteiligungs-GmbH, Bremen 100.00 I EUR 50 0
BLG AutoTransport Beteiligungs-GmbH, Bremen 100.00 I EUR 25 0
BLG Freight, LLC, Hoover, USA 100.00 I USD 27 2
BLG Handelslogistik Beteiligungs GmbH, Bremen 100.00 I EUR 32 1
BLG Industrielogistik Beteiligungs-GmbH, Bremen 100.00 I EUR 33 1
BLG Logistics of Alabama, LLC, Vance, USA 100.00 I USD --- ---
BLG Logistics Solutions Beteiligungs-GmbH, Bremen 100.00 I EUR 27 1
DCP Dettmer Container Packing GmbH, Bremen4 50.00 I EUR 104 7
EUROGATE Beteiligungs-GmbH, Bremen 50.00 I EUR 39 1
EUROGATE Geschäftsführungs-GmbH & Co. KGaA, Bremen 50.00 I EUR 73 1
Schultze Stevedoring Beteiligungs-GmbH, Bremen4 50.00 I EUR 31 1
ZLB Zentrallager Bremen GmbH, Bremen4 33.33 I EUR 48 2

1 Profit and loss transfer due to control and profit and loss transfer arrangements
2 The share of voting rights amounts to 75.04%; non-voting preference shares are additionally held.
3 The share of voting rights amounts to 40.00%; non-voting preference shares are additionally held.
4 Previous year’s figures

Income statement disclosures

Remuneration from BLG KG

This item included the liability remuneration governed by the partnership agreement (EUR 1,026,000; previous year: EUR 1,047,000) and the remuneration (EUR 256,000, previous year: EUR 256,000) for the activities as general partner of BLG KG.

Other operating income

Other operating income breaks down as follows:

EUR thousand 2021 2020
Income from the recharging of Board of Management remuneration 5,804 2,772
Income from the reimbursement of pension obligations 687 4,270
Income from the recharging of Supervisory Board remuneration 243 233
Income from the recharging of expenses 56 52
Income from the reversal of provisions 53 483
Other 76 78
Total 6,919 7,888

As in the previous year, income from the reversal of provisions related to prior periods.

Personnel expenses

Personnel expenses related to the remuneration for the Board of Management. This item included EUR 0,000 (previous year: EUR 174,000) of prior-period expenses for retroactive payments of variable remuneration. These were reimbursed by BLG KG in the previous year and were included in other operating income in the previous year.

EUR 689,000 in social security, post-employment and other employee benefit costs related to pension costs (previous year: EUR 4,274,000).

Other operating expenses

Other operating expenses break down as follows:

EUR thousand 2021 2020
Administrative expenses 643 660
Remuneration for the Supervisory Board 243 233
Legal, advisory and audit fees 154 209
Other personnel expenses 91 96
Expenses for reimbursement of variable remuneration 0 367
Other 2 1
Total 1,133 1,566

Expenses for reimbursement of variable remuneration in the previous year related to prior periods.

Other interest and similar income

As in the previous year, this item related in full to interest income from affiliated companies.

Interest and similar expenses

As in the previous year, this item related in full to interest cost.

Other disclosures

Off-balance-sheet transactions

There were no transactions that were not contained in the balance sheet as of December 31, 2021.

Other financial liabilities

There were no other financial liabilities as of December 31, 2021.

Auditor’s remuneration

The total remuneration for the auditor’s services in the 2021 financial year amounted to EUR 87,000. Of this amount, EUR 79,000 related to the audit (of which EUR 25,000 to prior periods) and EUR 8,000 to other assurance services (audit of the remuneration report pursuant to Section 162 AktG).

Related party disclosures

Transactions with shareholders

Relationships with the Free Hanseatic City of Bremen (municipality)

As of December 31, 2021, the Free Hanseatic City of Bremen (municipality) was the majority shareholder of BLG AG with a 50.4 percent share of the subscribed capital. The Free Hanseatic City of Bremen (municipality) received a dividend as a result of the resolution on the appropriation of net retained profits for 2020.

Transactions with affiliated companies, joint ventures and associates

There were no transactions with affiliated companies, joint ventures and associates in the reporting year conducted other than on an arm’s length basis.

Board of Management and Supervisory Board

Composition of the Supervisory Board

In accordance with the Articles of Incorporation, the Supervisory Board of BLG AG comprises 16 members, namely eight Supervisory Board members elected in accordance with the provisions of the German Stock Corporation Act (AktG) and eight Supervisory Board members representing the employees, who are elected in accordance with the provisions of the German Codetermination Act (MitbestG).

The composition of the Supervisory Board and the memberships of the Supervisory Board members in other bodies in accordance with Section 125 (1) sentence 5 AktG are presented in Annex 1 to the notes.

The composition of the Supervisory Board changed as follows compared with December 31, 2020:

Karl-Heinz Dammann resigned as a member of the Supervisory Board with effect from June 30, 2021. He was replaced by Jörn Schepull. Jörn Schepull was elected as a substitute member for Karl-Heinz Dammann in 2018.

Klaus Pollok resigned as a member of the Supervisory Board with effect from December 31, 2021. He was replaced by Fabian Goiny. Fabian Goiny was elected as a substitute member for Klaus Pollok in 2018.

Vera Visser resigned as a member of the Supervisory Board with effect from February 28, 2022. Martin Peter was appointed to succeed her as a member of the Supervisory Board by court order of the District Court of Bremen on March 11, 2022.

Composition of the Board of Management

The composition of the Board of Management and the memberships of the Board of Management members in other bodies in accordance with Section 125 (1) sentence 5 AktG are presented in Annex 2 to the notes.

The following changes were made to the composition of the Board of Management compared with December 31, 2020:

Jens Wollesen (originally appointed until June 30, 2024), member of the Board of Management for the CONTRACT Division, left the company at his own request with effect from September 30, 2021 to pursue other professional activities. He was succeeded from October 1, 2021 by Matthias Magnor, who was appointed at the Supervisory Board meeting on June 14, 2021 for a period of three years.

At its meeting on February 24, 2022, the Supervisory Board decided to extend the contract with Frank Dreeke for two years, until he reaches the standard retirement age for Board of Management members. He is now appointed until December 31, 2024.

Transactions with the Board of Management and the Supervisory Board

Transactions with the Board of Management and Supervisory Board were limited to services rendered in connection with the Board positions and employment contracts and the remuneration paid for these services.

The members of the Supervisory Board received remuneration of EUR 286,000 in the 2021 financial year (previous year: EUR 270,000), of which EUR 165,000 (previous year: EUR 165,000) was attributable to fixed components. The meeting allowances came to EUR 63,000 (previous year: EUR 52,000), the remuneration for services on committees to EUR 14,000 (previous year: EUR 14,000) and the remuneration for in-Group Supervisory Board seats to EUR 44,000 (previous year: EUR 39,000).

The members of the Supervisory Board representing the employees received EUR 34,000 (previous year: EUR 31,000) in contributions to statutory retirement plans in the reporting year.

As of December 31, 2021, as in the previous year, members of the Supervisory Board had not been granted any loans or advance payments. As in the previous year, no contingent liabilities were contracted for the benefit of the members of the Supervisory Board. Travel expenses were reimbursed to the customary extent.

For the 2021 financial year, the Board of Management received total remuneration of EUR 3,892,000 (previous year: EUR 2,575,000). This included basic remuneration, fringe benefits and variable remuneration components payable in the short term (including compensation agreed under severance agreements). In addition, provisions of EUR 1,743,000 (previous year: EUR 0,000) were recognized as of December 31, 2021 for long-term variable remuneration components for the 2021 financial year. Of this amount, EUR 698,000 related to the transitional arrangement for Board of Management members appointed before 2020. With the fulfillment of their duties in the reporting year the respective entitlement is fully vested, whereby the actual payment is measured against the target achievement determined by the Supervisory Board on the basis of the applicable remuneration system and is made in 2023 (transitional arrangement) or 2025 (long-term component). The determination is based on financial (70 percent weighting) and environmental and social (30 percent weighting) performance criteria.

The members of the Board of Management were granted pension entitlements, some of which are against companies of the BLG Group. Otherwise, the entitlements are against related parties. Pension obligations toward former Board of Management members are likewise obligations against related parties.

As of December 31, 2021, the present value of pension obligations for active members of the Board of Management amounted to EUR 5,752,000 (previous year: EUR 5,811,000).

The pension commitments provide for a retirement and disability pension of 10 percent of the basic salary. They also provide for a survivor’s pension of 60 percent of the agreed retirement pension. In amendments dated January 2020, it was agreed with each individual member of the Board of Management that in the event of their leaving the company prematurely without a benefit event occurring, there would no longer be a pro rata reduction in the defined benefits if the vesting conditions were met.

Further information and remarks concerning the individual remuneration of the Board of Management and Supervisory Board members is publicly accessible on our website www.blg-logistics.com/en/investor-relations in the Download area.

In the 2021 financial year, the former (as of December 31, 2021) members of the Board of Management received total remuneration (in particular pension benefits) of EUR 175,000. The present value of pension obligations pursuant to IAS 19 for former members of the Board of Management totaled EUR 5,108,000 as of December 31, 2021.

As was the case in the previous year, members of the Board of Management had not been granted any loans or advance payments as of December 31, 2021. As in the previous year, no contingent liabilities were contracted for the benefit of the members of the Board of Management.

The Supervisory Board and Board of Management remuneration systems are available on our website www.blg-logistics.com/en/investor-relations under Corporate governance.

Director’s dealings

According to Article 19 of the EU Market Abuse Regulation, members of the Board of Management, the first tier of management and the Supervisory Board are required as a matter of principle to disclose their own transactions with shares of BLG AG or related financial instruments.

The shareholdings of these persons amount to less than 1 percent of the shares issued by the company. There were no purchases and sales requiring disclosure during the reporting year.

Voting rights notifications

The following voting rights notifications from direct or indirect investments in the capital of BLG AG were reported to the Board of Management of BLG AG:

On February 7, 2019, the Free Hanseatic City of Bremen (municipality) notified us pursuant to Section 33 (1) of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) that its share of voting rights in BLG AG amounted to 50.42 percent (corresponding to 1,936,000 voting rights) as of January 31, 2019.

On February 7, 2019, Peter Hoffmeyer notified us pursuant to Section 33 (1) WpHG that the voting rights share of Panta Re AG, Bremen, in BLG AG exceeded the threshold of 10 percent on January 31, 2019, and at that time amounted to 12.61 percent (corresponding to 484,032 voting rights). All voting rights are attributable to Peter Hoffmeyer pursuant to Section 34 (1) sentence 1 no. 1 WpHG.

On November 18, 2016, the Waldemar Koch Foundation, Bremen, notified us pursuant to Section 21 (1) WpHG (old version) that its share of voting rights in BLG AG exceeded the threshold of 5 percent on November 15, 2016, and at that time amounted to 5.23 percent (corresponding to 200,814 voting rights.)

On April 8, 2002, Finanzholding der Sparkasse in Bremen, Bremen, notified us pursuant to Section 41 (2) sentence 1 WpHG (old version) that as of April 1, 2002 its share of voting rights in BLG AG amounted to 12.61 percent (corresponding to 484,032 voting rights).

Further details are published on our website at www.blg-logistics.com/en/investor-relations/share.

Proposal on the appropriation of net profit

The Board of Management and Supervisory Board will submit the following dividend distribution proposal to the Annual General Meeting on June 1, 2022: distribution of a dividend of EUR 0.30 per no-par value registered share (which corresponds to around 11.5 percent per no par value registered share) for the financial year 2021, corresponding to the net retained profits of EUR 1,152,000.

Consolidated financial statements

The company, together with BLG KG as the joint parent enterprise, prepared consolidated financial statements as of December 31, 2021 in accordance with IFRSs, as adopted by the European Union, as well as the additionally applicable provisions of German commercial law as set forth in Section 315e (3) HGB in conjunction with Section 315e (1) HGB. Furthermore, it prepared financial statements for the purpose of fulfilling the actual duty to prepare consolidated financial statements (financial statements in accordance with Section 315e HGB). Both sets of financial statements are published in the Federal Gazette and are available at the headquarters of the company in Bremen.

German Corporate Governance Code

The 21st declaration of compliance with the Code as amended on December 16, 2019 was issued by the Board of Management on August 31, 2021 and by the Supervisory Board of BLG AG on September 16, 2021. The declaration has been made permanently available on our website: www.blg-logistics.com/en/investor-relations in the Download area.

Report on post-balance sheet date events

The war between Russia and Ukraine, which was started in February 2022, will further impact the world economy, global trade flows and supply chains. Energy prices will also continue to rise. At this stage, the precise implications of the crisis cannot be reliably evaluated. Against this background, the remuneration that BLG AG receives from BLG KG for the Board of Management (remuneration for services) is expected to remain at the minimum amount in 2022. This would not result in any significant change in the financial performance compared with the 2021 financial year.


Bremen, March 29, 2022

BREMER LAGERHAUS-GESELLSCHAFT
-Aktiengesellschaft von 1877-

THE BOARD OF MANAGEMENT

Frank Dreeke

Michael Blach

Andrea Eck

Christine Hein

Matthias Magnor

Ulrike Riedel