BLG AG, a listed company, is the sole general partner of BLG LOGISTICS GROUP AG & Co. KG, Bremen (BLG KG). In this function, the company has assumed the management of BLG KG. BLG AG maintains a branch office in Bremerhaven.
BLG AG does not hold any share capital in BLG KG and is also not entitled to participate in the company’s profits. All limited partnership shares of BLG KG are held by the Free Hanseatic City of Bremen (municipality). BLG AG receives remuneration for the liability it has assumed and for its management activities. The business of BLG KG is managed by the Board of Management of BLG AG as a governing body of the general partner. The Board of Management is fully accountable for managing the business in accordance with Section 76 (1) of the German Stock Corporation Act (AktG) and is not subject to instructions issued by shareholders.
For the liability it has assumed, BLG AG receives remuneration from BLG KG in the amount of 5 percent of the equity reported in the annual financial statements for the respective prior period in accordance with Sections 266 et seq. HGB. This remuneration is payable regardless of BLG KG’s net income for the year. For its management activities, BLG AG receives remuneration in the amount of 5 percent of BLG KG’s net income for the financial year prior to the deduction of this remuneration. The remuneration amounts to a minimum of EUR 256 thousand and a maximum of EUR 2,500 thousand.
In addition, all expenses directly incurred by BLG AG in connection with management activities for BLG KG are reimbursed by BLG KG. Further information on transactions with affiliated companies and related parties can be found in the notes to the financial statements.
The BLG Group, which includes both BLG AG and BLG KG and their subsidiaries, operates externally under the BLG LOGISTICS brand. BLG LOGISTICS is a seaport and logistics service provider with an international network. With almost 100 companies and offices, BLG LOGISTICS is present in Europe, America, Africa and Asia, offering customers from industry and commerce complex logistics system services.
Non-financial report
BLG LOGISTICS has prepared a combined non-financial statement in accordance with Section 315b HGB since the 2017 financial year. This statement is integrated into the sustainability report as a separate non-financial report, which is available on our website at www.blg-logistics.com/en/investors in the Downloads section.