1. Principles of Combined Group Accounting

The BLG Group (BLG LOGISTICS) is headed by BREMER LAGERHAUS‑GESELLSCHAFT -Aktiengesellschaft von 1877-, Bremen (BLG AG), and BLG LOGISTICS GROUP AG & Co. KG, Bremen (BLG KG), two companies that are closely legally, commercially and organizationally affiliated due to their identical governing bodies and special ownership structure. As BLG AG does not consider control over BLG KG to exist pursuant to IFRS 10, it prepares combined financial statements for the Group together with BLG KG under the name BLG LOGISTICS, with BLG AGand BLG KG acting as joint parent.

The combined financial statements for BLG LOGISTICS for the 2024 financial year were prepared in accordance with the International Financial Reporting Standards (IFRS), adopted and published by the International Accounting Standards Board (IASB) and mandatory as of December 31, 2024, along with their interpretations by the IFRS Interpretations Committee (IFRIC). All IFRS and IFRIC that have been published and adopted as part of the endorsement process of the European Union and whose application is mandatory have been observed.

The accounting policies were applied consistently by all Group companies for all periods specified in the combined financial statements.

The financial year of BLG AG and BLG KG and of their consolidated subsidiaries is the calendar year. The reporting date of the combined financial statements is the closing date of the entities that prepare statements.

The companies BLG AG (HRB 4413) and BLG KG (HRA 21448), which are entered in the Commercial Register of the District Court of Bremen, have their registered office at Präsident-Kennedy-Platz 1, Bremen, Germany.

The combined financial statements were prepared in euros. All amounts are in EUR thousand unless otherwise indicated.

The combined financial statements were prepared on the basis of historical cost accounting; exceptions arise only for derivative financial instruments and financial instruments classified as “measured at fair value through profit or loss or through other comprehensive income”.

The Board of Management of BLG AG released the combined financial statements for publishing and submission to the Supervisory Board on March 28, 2025. The Supervisory Board has the task of reviewing the combined financial statements and stating whether it approves them.

Judgments and estimates

The preparation of the financial statements in compliance with IFRS requires estimates and the exercise of discretion in individual matters by management that may have an impact on the amounts reported in the combined financial statements.

Judgments

Information on judgments regarding the application of the accounting policies that have the greatest material effect on the amounts reported in the combined financial statements is included in the following notes:

  • Determining whether control exists (notes 38 and 39)
  • Classification of joint arrangements (notes 15 and 39)
  • Presentation of factoring (note 32)

Assumptions and estimation uncertainties

Estimates and assumptions that entail a significant risk of requiring a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate in particular to the following notes:

  • Calculation of useful lives of property, plant and equipment and intangible assets, and costs for demolition obligations for property, plant and equipment (notes 12 and 13)
  • Impairment testing of assets and measurement of goodwill (note 12)
  • Estimations to determine the term and interest rates of leases (note 14)
  • Recognition of deferred tax assets (note 33)
  • Estimation of parameters for impairment of property, plant and equipment, intangible assets, right-of-use assets and financial assets (notes 4, 12, 14, 16 and 18)
  • Material actuarial assumptions (note 26)
  • Discretion in measuring provisions and contingent liabilities (notes 24 and 29)

The estimates made were largely based on historical data and other relevant factors, including the going concern principle. Actual results may differ from these estimates.

Determination of fair values

The financial instruments of the Group accounted for at fair value are allocated to different levels of the fair value hierarchy based on the measurement method used; these levels are defined as follows:

  • Level 1: Listed (unadjusted) prices on active markets for identical assets and liabilities
  • Level 2: Methods whereby all inputs that have a material effect on the recognized fair value are either directly or indirectly observable
  • Level 3: Methods whereby inputs that have a material effect on the recognized fair value and are not based on observable market data are used

More information on the assumptions made in determining the fair values can be found in note 32.

Changes in accounting policies

The accounting policies applied were primarily unchanged compared to the policies applied in the previous year. In addition, the Group applied the following new/revised standards and interpretations that are relevant to BLG LOGISTICS and application of which was mandatory for the first time in the 2024 financial year:

Standards

 

 

Application mandatory for financial years starting from

Amendments to IFRS 16 “Leases” (Lease Liability in a Sale and Leaseback Transaction)

 

January 1, 2024

Amendments to IAS 1 “Presentation of Financial Statements” (Classification of Liabilities as Current or Non-Current)

 

January 1, 2024

Amendments to IAS 1 “Presentation of Financial Statements” (Non-Current Liabilities with Covenants)1

 

January 1, 2024

Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures” (Supplier Finance Arrangements)

 

January 1, 2024

1

The amendments supplement the amendments to IAS 1 relating to classification of liabilities as current or non-current.

Effects of changes in accounting policies

The new/revised standards had no material impact. Accordingly, the amounts from the previous year have not been adjusted.

Non-mandatory application of new or amended standards and interpretations

Application of the standards and interpretations included in the table which were previously adopted, revised or recently issued by the IASB was not yet mandatory in the 2024 financial year.

Standards

 

 

Application mandatory for financial years starting from1

 

Adopted by the EU Commission

Amendments to IAS 21 “Effects of Changes in Foreign Exchange Rates” (Lack of Exchangeability)

 

January 1, 2025

 

Yes

Amendments to the classification and measurement of financial instruments (amendments to IFRS 9 and IFRS 7)

 

January 1, 2026

 

No

Contracts Referencing Nature-dependent Electricity (amendments to IFRS 9 and IFRS 7)

 

January 1, 2026

 

No

IFRS 18 “Presentation and Disclosure in Financial Statements”

 

January 1, 2027

 

No

IFRS 19 “Subsidiaries without Public Accountability”

 

January 1, 2027

 

No

Various standards: Annual Improvements Volume 11

 

January 1, 2026

 

No

1

Date of initial application in accordance with EU law, where already adopted into EU law.

BLG LOGISTICS plans to observe the new standards and interpretations in the combined financial statements from the date on which their initial application becomes mandatory. New standards and interpretations that are relevant to the Group’s operations will have an impact on the way in which the Group’s financial information is published; however, they will not have any material effects on the recognition and measurement of assets and liabilities, or the presentation of financial performance in the combined financial statements.

Derivative financial instruments
Financial instruments that are traditionally used to hedge existing investments or liabilities and whose value is derived from a reference investment (e.g. share or bond).
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IASB
International Accounting Standards Board: body that develops and publishes International Accounting Standards.
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IFRIC
International Financial Reporting Interpretations Committee: body that publishes interpretations regarding the IFRS accounting standards. After approval by the IASB the interpretations are binding for all IFRS users.
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Other comprehensive income
All income and expenses that are not recognized in the net profit or loss for the year. This item includes, for example, foreign currency gains and losses from the translation of foreign financial statements that are reported directly in equity in accordance with IAS 21.
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