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 HGB.

The previous year's amounts stated in the balance sheet and in the profit and loss account are comparable.

The value adjustments in accordance with § 253 paragraph 4 HGB (old version) in the amount of k€ 75, which existed according to reasonable commercial judgement, were dissolved.

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.

The following useful lives were applied:

Financial assets and inventories are recognized at cost.

Trade receivables were valued at nominal value less a general bad debt allowance. Within the framework of commercial prudence, individual value adjustments were made. Other assets were reported at their nominal value. Cash and cash equivalents were stated at nominal value.

The balance sheet was prepared using the full profit for the year in accordance with § 268 (1) HGB.

Provisions were recognized at the settlement amount required according to prudent business judgment. Liabilities were recognised at the settlement amount. Accruals and deferrals were only created for significant items.

There were no deviations from the accounting and valuation methods of the previous year, with the exception of the reversal of existing value adjustments in accordance with § 253 para. 4 HGB (old version).

C. Notes to the Balance Sheet and the Profit and Loss Account
I. Balance Sheet
GFT holds a 100% stake in IPnova AG, Hilden. The share capital 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 € 1,098k (previous year: k€ 864).

The credit balance of k€ 1,519.3 breaks down as follows:

retained earnings of the remaining members:  k€ 1,502.5
retained earnings of the departing members:: k€ 16.8
retained earnings of the cancelled shares: k€ 0.0

The capital reserve includes the entrance fees of the members.

The Executive Board proposes to the General Assembly that the net profit for the year of k€ 23.6, after the allocation to reserves of k€ 4.7 shown in the annual financial statements and the interest on voluntary shares of k€ 10.2, be allocated to the legal reserve and the other revenue reserves in the amount of k€ 4.4 each.

The usual rights of retention of title exist for trade payables.

The liabilities to affiliated companies are an interest-bearing loan received from IPnova AG, Hilden. Other liabilities of k€ 2,889.3 include the remaining distribution to member companies of k€ 2,538.9. It consists of the cooperative refund, the DFÜ bonus for the second half of 2022 and the remaining target achievement bonuses of the GFT suppliers.

The complete annual financial statements were audited by Genossenschaftsverband Bayern e.V., Munich, on behalf of Genossenschaftsverband - Verband der Regionen e.V., Düsseldorf. An unqualified audit opinion was issued.

II. Profit and Loss Statement
The income statement contains the following extraordinary expenses and income relating to other periods, which are significant for the assessment of the earnings situation:

Interest and similar expenses include € 543 (previous year: € 543) in interest paid to the affiliated company IPnova AG.

D. Other Information

The Ukraine war which began in February 2022 has so far had no direct impact on GFT's business activities. Indirect effects were felt as a result of sharply rising raw material prices (shortage of components) and problems in the supply chains, which have led to considerable project delays for our members, but have so far had no impact on GFT's net assets, financial position and results of operations.

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.

Number of average employees
31.12.2022     22 employees, plus 1 trainee
31.12.2021     21 employees, plus 2 trainees

Responsible Auditing Association

The complete annual financial statements were audited by Genossenschaftsverband Bayern e.V., Munich, on behalf of 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 Annual General Meeting of GFT Gemeinschaft Fernmelde-Technik eG to be held on 27th of April 2023.

Name and address of the competent auditing association
Genossenschaftsverband – Verband der Regionen e. V.
Administrative headquarters Düsseldorf
Ludwig-Erhard-Allee 20
40227 Düsseldorf