report of the supervisory board
Ladies and Gentlemen,
the 24th of February 2022 not only marks the beginning of a terrible war in Europe, but this date now also stands for a massive change in German policy. In particular, our foreign and security policy, but also climate protection and energy policy must be reassessed. The fastest possible independence from Russian gas and oil, a possible extension of the operating life of lignite and nuclear power plants or supportive energy flat rates are just a few buzzwords from the current energy policy discussion, which have also led to distortions in our industry. Inflation and constant price increases by our suppliers were the result.
GFT has successfully played its role as a "bulwark" and rejected unjustified, non-contractual price increase tendencies of individual suppliers. Our members appreciate this as a service. In particular, 2022 was marked for our member companies by a large number of price adjustment discussions on the customer side, which were certainly not always easy.
In June 2022, our long-standing Supervisory Board member Thorsten Mayländer resigned from his mandate for private reasons, which we greatly regret. Thorsten Mayländer had been a member of the Supervisory Board since 2008. As Chairman of the Supervisory Board, he has played a key role in the modernisation and internationalisation of GFT in recent years. We thank Thorsten Mayländer for his work in the interest of our members. He leaves behind a well-appointed office.
In this special financial year 2022, the Supervisory Board again carefully and conscientiously performed the duties incumbent upon it under the law, the Articles of Association and the Rules of Procedure. These include regular consultation and continuous monitoring of the Executive Board. To this end, five joint meetings of the Supervisory Board and the Executive Board took place in the 2022 financial year, three of which were held in person and two in online format. Through these measures, the members of the Supervisory Board satisfied themselves of the legality, orderliness and expediency of the Executive Board's activities. The Executive Board always involved the Supervisory Board early and comprehensively in all decisions of material importance and informed it about deviations from plans as well as the company's risk situation and risk management: In the view of the Supervisory Board, there are no risks to the continued existence of GFT.
For decisions requiring the approval of the Supervisory Board, the Supervisory Board passed the resolutions required by the Articles of Association. It approved the budget and investment planning of the domestic and foreign subsidiaries submitted by the Executive Board after detailed consultations. The Chairman of the Supervisory Board was also in regular contact with the Executive Board outside of the meetings in the case of important discussions. In addition, the Chairman of the Supervisory Board was informed immediately by the Executive Board in the case of significant acute events.
The Genossenschaftsverband Bayern e.V. (GVB) gave a positive assessment of GFT's economic situation. It confirmed the regularity of the management without objections. The final meeting took place on 8th of march 2023. The annual financial statements of GFT Gemeinschaft Fernmelde-Technik eG received an unqualified audit opinion. The Supervisory Board has discussed the audit opinion and concurs with it. It approves the annual financial statements, the combined management report and the proposed appropriation of profits.
Coping with the tasks that the financial year 2022 entailed placed an enormous burden on the employees of GFT. They once again performed exceptionally well and made a significant contribution to GFT's success. The Supervisory Board would like to thank the Executive Board and all employees for their special commitment.
Hilden, 8th of march 2023
Caesura of 24th of February: Russia invades Ukraine.
Challenging market environment 2022.
Unqualified auditor's report issued.
Chairman of the Supervisory Board