38. Basis of Consol­idation

In addition to BLG AG and BLG KG, the combined financial statements include the companies listed below:

Three companies are included in the combined financial statements using the equity method due to immateriality, despite voting majorities, as they are of only minor importance with regard to presenting a true and fair view of the assets, liabilities, financial position and profit or loss of BLG LOGISTICS. Materiality is determined on the basis of total assets. The cumulative total assets of the three companies accounted for using the equity method amounted to EUR 1,178 thousand in 2025 (previous year: EUR 815 thousand).

A total of 11 companies, in which a majority of shares and voting rights are held, are not fully consolidated due to their immateriality. The companies in question are general partners of limited liability partnerships with only limited operations, as well as two other entities with no or only limited operations, one company in liquidation and one company that was deconsolidated in the previous year due to loss of control. These companies are of only minor importance with regard to presenting a true and fair view of the assets, liabilities, financial position and profit or loss of BLG LOGISTICS and are therefore not included in the combined financial statements. Materiality is determined on the basis of net profit for the year. The cumulative net profit of the unconsolidated subsidiaries was EUR -1,034 thousand (previous year: EUR 758 thousand).

The structure of BLG LOGISTICS with the AUTOMOBILE, CONTRACT and CONTAINER Divisions, the latter of which is accounted for using the equity method, is covered in note 3.

A complete list of subsidiaries, joint ventures, associates and other investees is enclosed in the notes to the combined financial statements.

The assumptions regarding control in companies in which the ownership interest does not exceed 50 percent are shown below.

BLG AutoRail GmbH, Bremen (ownership interest: 50 percent)

The shares in BLG AutoRail GmbH are held by BLG Automobile Logistics GmbH & Co. KG. As a result of the pooled voting rights under the partnership arrangement, BLG LOGISTICS exercises control over this company. The company is therefore accounted for using the full consolidation method.

BLG RailTec GmbH, Uebigau-Wahrenbrück (ownership interest: 50 percent)

BLG RailTec GmbH was established as a wholly owned subsidiary of BLG AutoRail GmbH, Bremen. The indirect shareholding is 50 percent. Control of BLG AutoRail GmbH, Bremen, exists, such that there is also indirect control of the wholly owned subsidiary BLG RailTec GmbH. Since the operational management of the company was taken over as part of a control and profit and loss transfer arrangement, this company is fully consolidated.