MAN IT Services GmbH. Munich

Transcription

1 1 MAN IT Services GmbH Munich 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 IT Services GmbH Page Annual Financial Statements Income Statement 4 Balance Sheet 5 Notes 6

3 3 Annual Financial Statements of MAN IT Services GmbH for the Fiscal Year January 1 to December 31, 2013 Income Statement Balance Sheet Notes Munich, January 30, 2014 MAN IT Services GmbH Company directors

4 4 Income statement for the period January 1 to December 31, 2013 Note General and administrative expenses (1) -1,474, ,555, Other operating income (2) 1,400, ,005, Other operating expenses -6, Other interest and similar income (3) 1, , thereof from affiliated companies , Interest and similar expenses (3) -199, , Net operating income -278, , Net income / Net loss before profit transfer -278, , thereof dividend block - 35, Loss assumed / profit transferred under a domination and profit and loss transfer agreement 278, , Net income for the fiscal year Retained profits brought forward 35, Net retained profits 35, ,945.93

5 5 Total Assets Note Dec. 31, 2013 Dec. 31, 2012 A. Current assets 3,790, ,057, I. Receivables and other assets 1,170, , Trade receivables Receivables from affiliated companies (4) 278, Other assets (5) 891, , II. Cash and cash equivalents (6) 2,620, ,423, ,790, ,057, Equity and liabilities Dec. 31, 2013 Dec. 31, 2012 A. Equity (7) 135, , I. Subscribed capital 100, , II. Net retained profits 35, , B. Provisions (8) 3,493, ,450, Provisions for pensions and similar obligations 3,165, ,106, Other provisions 327, , C. Liabilities (9) 161, , Liabilities to affiliated companies 51, , Other liabilities 109, , thereof from taxes 17, , ,790, ,057,666.37

6 6 MAN IT Services GmbH Munich Notes

7 7 Basis of presentation MAN IT Service GmbH is a small company pursuant to section 267 of the Handelsgesetzbuch (HGB German Commercial Code). The Company has its registered office in Munich (Munich Local Court, HR B ). The annual financial statements of MAN IT Service GmbH for the fiscal year January 1 to December 31, 2013 were prepared in accordance with the provisions of the HGB as set out in the Bilanzrechtsmodernisierungsgesetz (BilMoG German Accounting Law Reform Act). To increase 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 figures have 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 to provide all types of service in the area of information technology, data processing and telecommunications, particularly for MAN Group companies, as well personnel outsourcing in these areas. The outsourcing of IT services to the providers T-Systems and IBM begun in 2009 was concluded as of June 30, Most agreements and fixed assets of MAN IT Services GmbH were transferred to the providers and companies of the MAN Group in The business activities of MAN IT Services GmbH have been limited since June 30, 2011 to provision of personnel. The shareholder of MAN IT Service GmbH is MAN SE with registered office in Munich (Munich Local Court) HRB 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 AG, Wolfsburg, since September 1, 2013.

8 8 Accounting policies The receivable or liability resulting from the profit and loss transfer agreement is no longer reported under cash and cash equivalents or financial liabilities but instead under receivables from affiliated companies or liabilities to affiliated companies this fiscal year. 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 or partial retirement agreements, 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.

9 9 Balance sheet and income statement disclosures (1) General and administrative expenses Dec. 31, 2013 Dec. 31, 2012 Staff costs -1,447, ,536, Other general and administrative expenses -26, , ,474, ,555, (2) Other operating income Dec. 31, 2013 Dec. 31, 2012 Income from the reversal of provisions , Income from charges for intra-group services 1,399, ,825, ,400, ,005, The income from the reversal of provisions in the previous year relates to the reversal of provisions in connection with outsourcing. (3) Net interest income Dec. 31, 2013 Dec. 31, 2012 Other interest and similar income 1, , (thereof from affiliated companies) , Interest from pension provisions -199, , , ,875.78

10 10 (4) Receivables from affiliated companies The receivables from affiliated companies represent the loss transfer to MAN SE. (5) Other assets Dec. 31, 2013 Dec. 31, 2012 Other receivables 886, , Other assets 5, , , , (6) Cash and cash equivalents Dec. 31, 2013 Dec.31, 2012 Receivables from financial transfer with MAN SE 2,620, ,423, ,620, ,423, (7) Equity The share capital of MAN IT Service GmbH remains unchanged at 100 thousand. The net retained profit of 35, is the amount blocked from dividend payout from the market valuation of pension assets and part-time retirement assets. (8) Provisions a) 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 employer-subsidized 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.

11 11 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 IT Services GmbH are administered by MAN Pension Trust e.v. These assets are irrevocably protected from recourse by MAN IT Service GmbH and may only be used to fund current pension benefit payments or to settle claims by employees in the event of insolvency. 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 thousan d Amount of liabilities as of January 1, ,932 Allocation of interest -241 Allocation of personnel expenses -35 Payments / Employee contributions 249 Amount of pension liabilities -3,959 Change in pension assets Pension assets as of January 1, Results from pension assets 40 Other changes -73 Change in value due to market valuations 1 Fair value of pension assets 793 Provisions for pensions -3,166 The fair values of the netted assets were determined on an arms-length basis. b) Other provisions The remaining provisions are created for business related liabilities, for cost bearing commitments, for liabilities towards employees as well as for certain individual risks.

12 12 The obligations arising from part-time retirement in the amount of 42 thousand were netted against the assets from part-time retirement in the amount of 41 thousand. The fair value of the netted assets from part-time retirements was determined on an arms-length basis. The change in value based on arms-length valuation amounts to 1 thousand. (9) Liabilities Dec. 31, 2013 Dec. 31, 2012 Liabilities to affiliated companies -51, , Other liabilities -109, , , , Liabilities to affiliated companies comprise liabilities resulting from the tax consolidation group for VAT and, in the previous year, largely to the profit transfer to MAN SE. Other liabilities mainly include the deferral of annual bonus payments in personnel. Residual maturity is less than one year.

13 13 Other disclosures Personnel expenses The general administration expenses include the following personnel expenses: thousand Wages and salaries 1,225 1,289 Social security contributions and retirement benefit expenses ,483 1,655 Retirement benefit expenses amount to 35 thousand (previous year: 22 thousand). On average, 14 staff were employed during the fiscal year (previous year: 15). Company directors Jürgen Dahmen, Utting, Director MAN HR Services GmbH Dr. Stephan Fingerling, Karlsfeld, Head of Information Systems & Organization MAN Truck & Bus AG Munich, January 30, 2014 MAN IT Services GmbH Company directors Jürgen Dahmen Dr. Stephan Fingerling