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 thousand (previous year: EUR 5,227 thousand) thereof constituted short-term loans. EUR 20,120 thousand (previous year: EUR 19,125 thousand) was attributable to receivables from cash management. Another EUR 2,629 thousand (previous year: EUR 2,515 thousand) related to trade receivables. As in the previous year, all receivables have a residual term of up to one year.

Receivables from other long-term investees and investors included in the previous year related to trade receivables.

Provisions for pensions and similar obligations

The provisions reported related to pension obligations for the members of the Board of Management. It has been agreed with each eligible current 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 maintaining the existing reinsurance policies, a two-tier model with additional premium deposit accounts 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 instalment premiums to the reinsurer are financed from a corresponding sale of the fund units. As with the reinsurance policy, the fund units are pledged to the beneficiaries and were recognized at market value at December 31, 2023.

The net pension obligation as at December 31, 2023 breaks down as follows:

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 67 thousand.

Interest income from plan assets and interest expense from unwinding the discount were recognized in the amount of EUR 117 thousand (previous year: EUR 111 thousand).

Equity

As in the previous year, the share capital amounted to EUR 9,984,000.00 and, as in the previous year, was divided into 3,840,000 no-par value registered shares with voting rights. The accounting par value of each no-par value share is thus EUR 2.60. 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.

An amount of EUR 229 thousand was transferred to other revenue reserves from the net income for the year of EUR 1,957 thousand (previous year: withdrawal of EUR 110 thousand).

Existing revenue reserves fully covered the amounts subject to a restriction on distribution of EUR 67 thousand (previous year: EUR 336 thousand) 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 1,251 thousand (previous year: 1,222 thousand) 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 account).

Other provisions

Other provisions included EUR 4,501 thousand (previous year: EUR 3,916 thousand) for the variable remuneration of the Board of Management. Of this amount, EUR 2,841 thousand (previous year: EUR 2,346 thousand) had a maturity of more than one year.

In the reporting year, other provisions of EUR 418 thousand (previous year: EUR 373 thousand) were recognized for costs in connection with the Annual General Meeting, the publication of the annual financial statements and the combined financial statements as well as the audit of the annual financial statements. EUR 179 thousand was set aside for fixed Supervisory Board remuneration (previous year: EUR 178 thousand).

Liabilities

As in the previous year, all liabilities (including liabilities to affiliated companies) have a residual term of up to one year.

Liabilities to affiliated companies were payable in full to BLG KG and related to other liabilities (previous year: trade payables). Liabilities to other long-term investees and investors also related to other liabilities.

EUR 481 thousand of the other liabilities (previous year: EUR 738 thousand) related to taxes.

Deferred taxes

Deferred taxes were measured at the tax rate for BLG AG in the amount 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 made. Due to the company’s equity base and the net income expected for BLG KG in subsequent years, there was no identifiable risk of being subject to recourse.

Shareholdings

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