SUMMARISED ANNEX
A. General information
There were no changes in the structure of the balance sheet and the profit and loss account. The annual financial statements were prepared in accordance with the provisions of Book 3 of the German Commercial Code. The total cost method was used for the profit and loss account in accordance with § 275 paragraph 2 of the German Commercial Code.
The previous year's figures in the balance sheet and the profit and loss account are comparable.
The value adjustments according to reasonable commercial judgement pursuant to § 253 (4) HGB (old version) amount to €k 75.
B. Notes on the accounting and valuation methods
Intangible assets acquired for consideration were valued at acquisition cost less scheduled straight-line depreciation.
Tangible assets were valued at acquisition or production cost and, if depreciable, reduced by scheduled depreciation. Additions to low-value fixed assets were written off in full in the year of acquisition, assuming the fiction of disposal.
Financial assets and inventories are stated at acquisition cost.
Trade receivables were valued at nominal value less a lump-sum value adjustment. Within the framework of commercial prudence, individual value adjustments were made. There is also an additional taxed value adjustment. The other assets were shown in the balance sheet at nominal value. Cash and cash equivalents were recognised at nominal value.
The balance sheet was prepared using the full profit for the year in accordance with § 268 (1) HGB. Provisions were valued at the settlement amount required according to reasonable commercial judgement. Liabilities were recognised at the settlement amount. Accruals and deferrals were only formed for significant items.
There was no deviation from the accounting and valuation methods of the previous year.
C. Notes to the balance sheet
GFT holds a 100% stake in IPnova AG, Hilden. The share capital in the amount of €k 50 was reported under financial assets. No operative business was taken up. With the articles of association of 5 August 2020, GFT Austria GmbH was founded with headquarters in Vienna-Schwechat. The company was registered with the Vienna Commercial Court on 21 August 2020 and commenced operations on 1 January 2021.
Other assets include bonus receivables from suppliers in the amount of €k 864 (previous year: €k 1,019).
The credit balance of €k 1,454.1 breaks down as follows:
- Credit balance of the remaining members: €k 1,438.6
- of members leaving the association: k€ 15,5
- from terminated shares: k€ 0,0
The capital reserve includes the entrance fees of the members.
The Executive Board proposes to the General Assembly to allocate €k 21,8 of the annual surplus of €k 60,8 to the legal reserve and another €k 21,8 to the other revenue reserves after the allocation to reserves of €k 12,2 shown in the annual financial statements and the interest on voluntary shares of €k 5,0.
The usual rights of retention of title exist for trade payables.
Liabilities to affiliated companies relate to an interest-bearing loan received from IPnova AG, Hilden. Other liabilities of €k 3,276.1 include the remaining distribution to member companies of €k 2,950.5. It consists of the cooperative refund, the IT-bonus for the second half of 2021 and the remaining target achievement bonuses of the GFT suppliers.
Fixed assets development
| Figures in €K | Acquisition cost | Access | Disposals | Cumulated depreciation | Book value | Depreciation financial year |
| Intangible assets | 502,7 | 184,5 | 0,0 | 447,6 | 239,6 | 85,0 |
| Tangible assets | 1.363,0 | 120,6 | 0,0 | 1.076,3 | 407,4 | 1,5 |
| Fixtures and fittings | 456,1 | 108,2 | 56,7 | 339,8 | 167,8 | 42,9 |
| Financial assets | 89,1 | 0,0 | 0,0 | 0,0 | 89,1 | 0,0 |
| Total | 2.410,9 | 413,3 | 56,7 | 1.863,7 | 903,9 | 129,4 |
Development of revenue reserves
| Figures in €K | Statutory reserves | Other revenue reserves | ||
| 2021 €K |
2020 €K |
2021 €K |
2020 €K |
|
| Opening balance | 531,1 | 525,0 | 764,2 | 758,1 |
| Allocation from the balance sheet profit | 0,0 | 0,0 | 44,1 | 0,0 |
| Withdrawal for balance sheet loss Previous year |
0,0 | 0,0 | 0,0 | 0,0 |
| Allocation from net profit for the financial year | 6,1 | 6,1 | 6,1 | 6,1 |
| Closing balance | 537,2 | 531,1 | 814,3 | 764,2 |
D. Other information
Events of special significance occurred after the end of the financial year as follows:
With the weakening of the COVID 19 pandemic as well as the restoration of delivery readiness of many of our industry partners, we expect a market normalisation from the middle of 2022 at the earliest. The extent to which the effects will be explicitly reflected in GFT's net assets, financial position and results of operations is difficult to estimate at this point in time.
The cooperative is entered in the register of cooperatives at the Düsseldorf District Court under GenR 481. There were no events of particular significance to be taken into account in the annual financial statements after the balance sheet date.
Average number of employees
31.12.2021: 21 employees, plus 2 trainees
31.12.2020: 21 employees, additionally 2 trainees
Supervisory Board
- Thorsten Mayländer (Chairman)
- Wolfgang Gallin (Deputy Chairman; since 30.09.2021)
- Gerhard Förtsch
- Oliver Fries
- Philip Kalthöfer (since 30.09.2021)
- Sabine Keitel (Deputy Chair ; until 30.09.2021)
Board of Directors
- Rudolf H. Saken, Hilden, CEO
- Dr. Stefan Touchard, Erkrath, CFO
Responsible auditing association
The complete annual financial statements were audited by the Baden-Württembergische Genossenschaftsverband e. V., Stuttgart, on behalf of the Genossenschaftsverband - Verband der Regionen e. V., Düsseldorf. An unqualified audit certificate was issued.
The complete annual financial statements will be published in the electronic Federal Gazette following the General Meeting of GFT Gemeinschaft Fernmelde-Technik eG to be held on 28th April 2022.
Name and address of the responsible auditing association:
Genossenschaftsverband – Verband der Regionen e. V.
Verwaltungssitz Düsseldorf
Peter-Müller-Str. 26
40468 Düsseldorf