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 24,623 thousand (previous year: EUR 20,120 thousand) was attributable to receivables from cash management and another EUR 798 thousand (previous year: EUR 2,629 thousand) related to trade receivables. As in the previous year, all receivables have a residual term of up to one year.

Provisions for pensions and similar obligations

The provisions reported related to pension obligations for members of the Board of Management. It has been agreed with each eligible current member of the Board of Management that in the event that they leave the company prematurely without a claim event occurring, there would no longer be a pro rata reduction in the defined benefit if the vesting conditions were met.

In order to facilitate insolvency-protected reinsurance cover or refinancing for the higher obligations resulting from the adjustment while maintaining existing reinsurance cover, a two-tier model with additional premium deposit accounts to cover the outstanding premium payments for the reinsurance cover was introduced. In this model, the outstanding premium payments on the reinsurance policy are invested in a deposit account as a lump sum (see table below). The instalment premiums paid to the reinsurer are financed by 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 as of December 31, 2024.

The excess of plan assets over post-employment benefit liability as at December 31, 2024 breaks down as follows:

Notes BLG AG – Pension obligations

EUR thousand

 

12/31/2024

Fair value of pension obligations

 

14,107

Fair value of reinsurance policies

 

-8,527

Fair value of deposit for outstanding contributions to the reinsurance

 

-6,052

Excess of plan assets over post-employment benefit liability

 

-472

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 came to EUR -91 thousand.

Interest income from plan assets and interest expenses from unwinding the discount on pension provisions were recognized in the amount of EUR 155 thousand (previous year: EUR 117 thousand).

Equity

As in the previous year, the share capital amounted to EUR 9,984,000.00 and was once again divided into 3,840,000 no-par value registered shares with voting rights. The accounting par value of each no-par value share therefore came to EUR 2.60. Any transfer of the shares requires the approval of the company in accordance with Section 5 of the Articles of Incorporation.

Retained earnings

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

An amount of EUR 1,679 thousand from the net income for the year of EUR 3,599 thousand was transferred to other retained earnings (previous year: EUR 229 thousand).

Existing retained earnings fully covered the amounts subject to a restriction on distribution of EUR 1,439 thousand (previous year: EUR 1,251 thousand) in accordance with Section 268 (8) sentence 2 and 3 HGB (deferred tax assets and the difference between the cost and fair market value of the above premium deposit account).

Other provisions

Other provisions included EUR 5,128 thousand (previous year: EUR 4,501 thousand) for the variable remuneration of the Board of Management as well as EUR 60 thousand (previous year: EUR 0 thousand) in provisions for accrued vacation entitlements. Of this amount, EUR 3,083 thousand (previous year: EUR 2,841 thousand) had a maturity of more than one year.

In the reporting year, other provisions of EUR 423 thousand (previous year: EUR 418 thousand) were recognized for costs in connection with the Annual General Meeting, the publication of the annual financial statements and the combined financial statements, and the audit of the annual financial statements. EUR 180 thousand was set aside for the fixed components of Supervisory Board remuneration (previous year: EUR 179 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 as in the previous year. Liabilities to other long-term investees and investors also related to other liabilities as in the previous year.

Of the other liabilities, EUR 985 thousand related to taxes (previous year: EUR 481 thousand).

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 primarily attributable to differences from pension provisions. The option of recognizing excess deferred tax assets was applied.

Contingent liabilities

The company is the 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 forecast 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, which are allocable to BLG AG pursuant to Section 285 sentence 1 no. 11 HGB through its subsidiary BLG KG, were as follows:

Notes BLG AG – Exchange rates

EUR

 

Reporting date 12/31/2024

 

Average
2024

1 US dollar

 

0.9626

 

0.9239

1 Chinese yuan renminbi

 

0.1319

 

0.1284

1 Polish złoty

 

0.2339

 

0.2322

1 Russian ruble

 

0.0094

 

0.0100

1 South African rand

 

0.0510

 

0.0504

1 Ukrainian hryvnia

 

0.0230

 

0.0230

Statement of share ownership in accordance with 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

 

351,751

 

80,631

 

 

 

 

 

 

 

 

 

 

 

Companies included on the basis of full consolidation (pursuant to combined financial statements)

 

 

 

 

 

 

 

 

 

 

BLG Automobile Logistics Beteiligungs-GmbH, Bremen

 

100.00

 

I

 

EUR

 

107

 

1

BLG Automobile Logistics GmbH & Co. KG, Bremen

 

100.00

 

I

 

EUR

 

90,948

 

21,367

BLG Automobile Logistics Süd-/Osteuropa GmbH, Bremen

 

100.00

 

I

 

EUR

 

953

 

-69

BLG AutoRail GmbH, Bremen

 

50.00

 

I

 

EUR

 

15,225

 

2,725

BLG AutoTec GmbH & Co. KG, Bremerhaven

 

100.00

 

I

 

EUR

 

1,309

 

3,207

BLG AutoTerminal Bremerhaven GmbH & Co. KG, Bremerhaven

 

100.00

 

I

 

EUR

 

69,000

 

33,345

BLG AutoTerminal Cuxhaven GmbH & Co. KG, Cuxhaven

 

100.00

 

I

 

EUR

 

1,707

 

1,898

BLG AutoTerminal Deutschland GmbH & Co. KG, Bremen

 

100.00

 

I

 

EUR

 

15,183

 

17,668

BLG AutoTerminal Gdansk Sp. z o. o., Gdansk, Poland

 

100.00

 

I

 

PLN

 

52,271

 

16,009

BLG AutoTransport GmbH & Co. KG, Bremen

 

100.00

 

I

 

EUR

 

13,145

 

6,622

BLG Cargo Logistics GmbH, Bremen1

 

100.00

 

I

 

EUR

 

19,683

 

0

BLG Handelslogistik GmbH & Co. KG, Bremen

 

100.00

 

I

 

EUR

 

4,063

 

8,452

BLG Industrielogistik GmbH & Co. KG, Bremen

 

100.00

 

I

 

EUR

 

1,709

 

-4,526

BLG Logistics of South Africa (Pty) Ltd, Gqeberha, South Africa2

 

84.07

 

I

 

ZAR

 

132,908

 

45,117

BLG Logistics Solutions GmbH & Co. KG, Bremen

 

100.00

 

I

 

EUR

 

1,850

 

1,746

BLG Logistics, Inc., Atlanta, USA

 

100.00

 

I

 

USD

 

365

 

-3,798

BLG RailTec GmbH, Uebigau-Wahrenbrück1

 

50.00

 

I

 

EUR

 

6,050

 

0

BLG Sports & Fashion Logistics GmbH, Hörsel

 

100.00

 

I

 

EUR

 

-10,246

 

-5,937

 

 

 

 

 

 

 

 

 

 

 

Companies included on the basis of the equity method (pursuant to combined financial statements)

 

 

 

 

 

 

 

 

 

 

ATN Autoterminal Neuss GmbH & Co. KG, Neuss

 

50.00

 

I

 

EUR

 

563

 

-52

AutoLogistics International GmbH, Bremen

 

50.00

 

I

 

EUR

 

-3,661

 

-16

Autovision South Africa (Pty) Ltd., Gqeberha, South Africa

 

41.19

 

I

 

ZAR

 

825

 

349

BLG CarShipping Koper d.o.o., Koper, Slovenia

 

100.00

 

I

 

EUR

 

120

 

16

BLG GLOVIS BHV GmbH, Bremerhaven

 

50.00

 

I

 

EUR

 

115

 

-241

BLG Interrijn Auto Transport RoRo B.V., Rotterdam, Netherlands

 

50.00

 

I

 

EUR

 

1,674

 

1,657

BLG Logistics (Shanghai) Co., Ltd., Shanghai, People’s Republic of China

 

100.00

 

I

 

CNY

 

217

 

-81

BLG ViDi LOGISTICS TOW, Kyiv, Ukraine

 

50.00

 

I

 

UAH

 

243,131

 

58,468

BLG-Cinko Auto Logistics (Tianjin) Co., Ltd., Tianjin, People’s Republic of China

 

50.00

 

I

 

CNY

 

861

 

-92

dbh Logistics IT AG, Bremen3

 

27.32

 

I

 

EUR

 

11,547

 

2,631

DCP Dettmer Container Packing GmbH & Co. KG, Bremen4

 

50.00

 

I

 

EUR

 

417

 

-230

EUROGATE GmbH & Co. KGaA, KG, Bremen

 

50.00

 

I

 

EUR

 

474,295

 

274,392

Hansa Marine Logistics GmbH, Bremen3

 

100.00

 

I

 

EUR

 

220

 

15

Hizotime (Pty) Ltd, East London, South Africa

 

41.19

 

I

 

ZAR

 

16,514

 

3,502

ICC Independent Cargo Control GmbH, Bremen3

 

50.00

 

I

 

EUR

 

76

 

6

Kloosterboer BLG Coldstore GmbH, Bremerhaven

 

49.00

 

I

 

EUR

 

1,284

 

516

Schultze Stevedoring GmbH & Co. KG, Bremen3

 

50.00

 

I

 

EUR

 

100

 

2,280

ZLB Zentrallager Bremen GmbH & Co. KG, Bremen3

 

33.33

 

I

 

EUR

 

465

 

1,275

 

 

 

 

 

 

 

 

 

 

 

Companies not included (pursuant to combined financial statements)

 

 

 

 

 

 

 

 

 

 

ATN Autoterminal Neuss Verwaltungs-GmbH, Neuss

 

50.00

 

I

 

EUR

 

30

 

1

BLG AUTO LOGISTICS OF SOUTH AFRICA (Pty) Ltd., Gqeberha, South Africa

 

84.07

 

I

 

ZAR

 

1,028

 

0

BLG Automobile Logistics Italia S.r.l. i. L., Gioia Tauro, Italy

 

98.97

 

I

 

EUR

 

-613

 

-209

BLG AutoTec Beteiligungs-GmbH, Bremerhaven

 

100.00

 

I

 

EUR

 

30

 

2

BLG AutoTerminal Cuxhaven Beteiligungs-GmbH, Cuxhaven

 

100.00

 

I

 

EUR

 

14

 

1

BLG AutoTerminal Deutschland Beteiligungs-GmbH, Bremen

 

100.00

 

I

 

EUR

 

51

 

1

BLG AutoTransport Beteiligungs-GmbH, Bremen

 

100.00

 

I

 

EUR

 

27

 

2

BLG Handelslogistik Beteiligungs GmbH, Bremen

 

100.00

 

I

 

EUR

 

36

 

1

BLG Industrielogistik Beteiligungs-GmbH, Bremen

 

100.00

 

I

 

EUR

 

36

 

1

BLG Logistics Automobile St. Petersburg Co. Ltd., St. Petersburg, Russia

 

100.00

 

I

 

RUB

 

653,830

 

96,019

BLG Logistics of Alabama, LLC, Vance, USA

 

100.00

 

I

 

USD

 

---

 

---

BLG Logistics Solutions Beteiligungs-GmbH, Bremen

 

100.00

 

I

 

EUR

 

30

 

1

DCP Dettmer Container Packing GmbH, Bremen3

 

50.00

 

I

 

EUR

 

128

 

9

EUROGATE Beteiligungs-GmbH, Bremen

 

50.00

 

I

 

EUR

 

43

 

2

EUROGATE Geschäftsführungs-GmbH & Co. KGaA, Bremen

 

50.00

 

I

 

EUR

 

78

 

2

Schultze Stevedoring Beteiligungs-GmbH, Bremen3

 

50.00

 

I

 

EUR

 

33

 

1

SOI GmbH, Bremen

 

50.00

 

I

 

EUR

 

---

 

---

ZLB Zentrallager Bremen GmbH, Bremen3

 

33.33

 

I

 

EUR

 

40

 

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 percent; non-voting preferred stock is additionally held.

3

Previous year’s figures

4

Figures as of 12/31/2022

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