Annual Financial Statements. as of December 31, 2013

Transcription

1 1 MAN Grundstücksgesellschaft mit beschränkter Haftung Oberhausen Annual Financial Statements This is a translation of the German original for information purposes only. In the event of discrepancies between the German language version and any translation thereof, the German language version will prevail.

2 2 MAN Grundstücksgesellschaft mit beschränkter Haftung Contents Page Income Statement 3 Balance Sheet 4 Notes 5

3 3 Income Statement for the period from January 1 to December 31, 2013 Note General and administrative expenses (1) -220, , Other operating income (2) 109, , Other operating expenses (3) -35, , Net interest income (4) -26, , Net operating income -173, , Net loss for the period before loss assumption -173, , Loss assumption 173, , Net income for the fiscal year

4 4 Balance sheet Assets Note Dec. 31, 2013 Dec. 31, 2012 Trade receivables Receivables from affiliated companies (5) 208, , Other assets 50, , Receivables and other assets 259, , Cash and cash equivalents (6) 3,459, ,530, Current assets 3,718, ,806, ,718, ,806, Equity and liabilities Note Dec. 31, 2013 Dec. 31, 2012 Subscribed capital 2,557, ,557, Equity (7) 2,557, ,557, Provisions for pensions (8) 1,100, ,180, Other provisions Provisions 1,101, ,180, Trade payables , Liabilities to affiliated companies 20, Other liabilities 39, , Liabilities (9) 60, , ,718, ,806,581.18

5 5 MAN Grundstücksgesellschaft mit beschränkter Haftung Oberhausen Notes for the Fiscal Year January 1 to December 31, 2013

6 6 Basis of presentation MAN Grundstücksgesellschaft mbh is a small company pursuant to section 267 of the Handelsgesetzbuch (HGB German Commercial Code). The Company has its registered office in Oberhausen (Duisburg Local Court, HR B 11912). The annual financial statements of MAN Grundstücksgesellschaft mbh for the fiscal year from January 1 to December 31, 2013 have been prepared in accordance with the provisions of the Handelsgesetzbuch (HGB German Commercial Code). To enhance the clarity of presentation, individual items have been combined in the balance sheet and in the income statement. These items are disclosed separately in the notes. Certain prior-year information has been restated in line with the current presentation to allow better comparison. The income statement is structured based on thecost of sales (function of expense) format. The object of the Company is the purchase and sale of real estate and land rights (Liegenschaften) or equivalent rights, as well as developing, renting and/or leasing and managing properties; assumption of management of properties of MAN SE and the provision of professional advice in real estate matters in relation to this affiliated company and concluding individual transactions as well as valuation of real estate; the purchase, sale and management of mining easements; the agricultural and forestry usage of real estate as well as the sale of products from property; the Company is entitled to purchase companies and to hold stakes in companies as well as to conclude joint venture, intercompany and similar agreements. The shareholder of MAN Grundstücksgesellschaft mbh is MAN SE, Munich. A domination and profit and loss transfer agreement is in place, as well as a tax consolidation group for corporation and trade tax purposes, with MAN SE, Munich. The Company was in a tax consolidation group for VAT with MAN SE, Munich, until August 31, This regime has been in place with Volkswagen Aktiengesellschaft, Wolfsburg, since September 1, 2013.

7 7 Accounting policies Current assets Receivables and other assets are carried at their principal amounts. Cash and cash equivalents are carried at their principal amounts. Netting assets, earnings and expenses Assets which are reserved for liabilities arising from pension commitments, and which are exempted from seizure by other creditors, are measured at fair value. Earnings and expenses relating to these assets are netted against expenses arising from compounding the respective liability and are reflected under net interest income. These assets are netted against the respective underlying liability. If such netting results in an excess in liabilities, the excess is recognized under provisions. Pensions and similar liabilities Pension provisions are determined using the projected unit credit method, under which the future benefit obligations are determined on the basis of the proportionate benefit entitlements earned by the end of the reporting period and are discounted to its present cash value. Assumptions about the future development of certain parameters which affect the amount of future benefits are taken into account in the determination. The discount rate applied is the discount interest rate applicable to a remaining maturity term of 15 years as published by the German Bundesbank. Pension provisions are reduced by the fair value of plan assets which are used to cover benefit obligations (for information in this regard please refer to Netting assets, earnings and expenses ). Other provisions, liabilities The remaining provisions reflect uncertain liabilities. When determining uncertain liabilities, all noticeable risks have to be taken into account, including future increases of prices and cost. Liabilities are reported at their settlement amount.

8 8 Balance sheet and income statement disclosures (1) General and administrative expenses Wages and salaries -296, , Social security contributions - thereof for pensions -32, , , , Costs of materials for the administration 107, , , , (2) Other operating income Other operating income includes income from cost allocations in the amount of 108 thousand (previous year: 108 thousand). (3) Other operating expenses Other operating income primarily includes expenses from cost allocations in the amount of 12, (previous year: 49,169.12) and auditing and consulting costs in the amount of 9, (previous year: 0.00). (4) Net interest income Other interest and similar income - thereof from affiliated companies , , Interest and similar expenses Interest from pension provisions -26, , , , The net interest income mainly relates to assets recognized under cash and cash equivalents. For further information about the interest on pension liabilities, see Netting assets, earnings and expenses.

9 9 (5) Receivables from affiliated companies Receivables from affiliated companies mainly relates to MAN SE's loss assumption in the amount of 173, (previous year: 184,892.43). (6) Cash and cash equivalents Dec. 31, 2013 Dec. 31, 2012 Receivables from financial transfer with affiliated companies 3,459, ,530, ,459, ,530, (7) Equity The share capital of MAN Grundstücksgesellschaft mbh remains unchanged at 2,557 thousand. (8) Provisions for pensions The pension plans include mainly direct defined benefit obligations. The pension schemes of the MAN group, the MAN profit-sharing and pension plan and the separate pension plan for senior managers and directors provide employer contributions that are tied to their remuneration. They can make additional provision through deferred compensation which is employersubsidized for staff subject to collective bargaining agreements. The employer and employee-funded contributions plus returns on capital market investments allow staff to accumulate plan assets during their active employment that are paid out as a lump sum or in installments on retirement, or that can be annuitized in certain cases. The risk of the investments is gradually reduced as employees get older (lifecycle concept). The performance of the plan assets is directly linked to the capital markets and is determined by a basket of indices and other suitable parameters. Former employees, pensioners, and employees with vested benefits who have left MAN Group have benefit commitments from a variety of old pension plans, most of which are designed to provide lifelong pension payments. The pension assets of MAN Grundstücksgesellschaft mbh are administered by MAN Pension Trust e.v. These assets are irrevocably protected from recourse by MAN Grundstücksgesellschaft mbh and may only be used to fund current pension benefit payments or to settle claims by employees in the event of insolvency.

10 10 The valuation was based on the following parameters: Dec. 31, 2013 Dec. 31, 2012 Technical interest rate 4.89% 5.05% Future pension increases 1.80% 1.80% Future pay increases 3.32% 2.70% For those cases where the employment relationship is terminated without entitlement to benefits, we have assumed a fluctuation probability specific to the company. The biometric principles of calculation are based on the tables 2005 G of Prof. Klaus Heubeck which were adjusted in accordance with specific past experience of MAN. Development of liability thousand Amount of liabilities as of January 1, ,393 Allocation of interest -128 Allocation of personnel expenses -11 Payments / Employee contributions 120 Amount of pension liabilities -2,412 Change in pension assets Pension assets as of January 1, ,213 Results from pension assets 44 Other changes 0 Change in value due to market valuations 54 Fair value of pension assets 1,311 Acquisition costs relating to pension assets 1,034 thousand Provisions for pensions -1,101 The effects on earnings resulting from the cover assets ( 98 thousand) were combined with the allocation of interest ( -128 thousand + 3 thousand = -125 thousand) in accordance with section 246(2) sentence 2 HGB. The interest in the amount of 3 thousand was allocated to the former shareholders of Grundstücksverwertungsgesellschaft Schwerte-Ost mbh, as agreed. The result, in the amount of -27 thousand, is included in net interest income under interest from pension provisions. The fair values of the netted assets were determined on an arms-length basis.

11 11 (9) Liabilities Dec. 31, 2013 Dec. 31, 2012 Trade payables , Liabilities to affiliated companies 20, Other liabilities 39, , thereof from taxes 6, , thereof relating to social security , , , Liabilities to affiliated companies comprise liabilities resulting from the tax consolidation group for VAT. Other liabilities mainly include the deferral of annual bonus payments in personnel. Residual maturity is less than one year. Other disclosures Company directors Wolfgang Betz, General Counsel MAN SE Jochen Hanke, Accounting MAN SE List of shareholdings in accordance with section 285 no. 11a HGB As a general partner, the Company is a fully liable shareholder of the following companies: MAN Grundstücksgesellschaft mbh & Co. Werk Deggendorf DWE KG, Munich MAN Grundstücksgesellschaft mbh & Co. Objekt Heilbronn KG, Oberhausen MAN Grundstücksgesellschaft mbh & Co. Alpha KG, Munich MAN Grundstücksgesellschaft mbh & Co. Beta KG, Munich The Company will become general partner with commercial effect and effect in rem (mit wirtschaftlicher und dinglicher Wirkung), as of December 15, 2013, in the following companies: MAN Grundstücksgesellschaft mbh & Co. Gamma KG, Munich MAN Grundstücksgesellschaft mbh & Co. Delta KG, Munich MAN Grundstücksgesellschaft mbh & Co. Epsilon KG, Munich Oberhausen, January 30, 2014 MAN Grundstücksgesellschaft mit beschränkter Haftung Company directors Betz Hanke