Annual financial statement and

management report as at

31 December 2022

Auditors' Report

GESCO SE

Wuppertal

GESCO SE (formerly GESCO AG), Wuppertal

Balance sheet as at 31 December 2022

(previous year for comparison)

Assets

Equity and Liabilities

12/31/2022

Previous year

12/31/2022

Previous year

Appendix

€

T€

Appendix

€

T€

A. Non current assets

A. Equity

I. Intangible assets

I. Subscribed capital

(5)

10,839,499.00

10.839

EDP software

66,872.00

43

II. Capital reserve

(6)

73,556,905.46

73,522

III. Retained earnings

(6)

II. Tangible assets

1. Legal reserve

58,717.27

59

Other equipment, operating and office equipment

70,367.62

117

2. Other retained earnings

141,482,638.73

123,269

141,541,356.00

123,328

III. Financial assets

IV. Balance sheet profit

13,484,844.03

15,331

1. Shares in affiliated companies

(1)

163,673,620.07

148,394

2. Participations

5,000.00

5

239,422,604.49

223,020

3. Other loans

(2)

9,371,283.29

9,371

B. Provisions

173,049,903.36

157,770

I. Provisions for pensions and similar obligations

(7)

2,735,652.00

2,595

173,187,142.98

157,930

II. Tax provisions

604,008.00

374

Current assets

III. Other provisions

(8)

3,440,406.68

2,921

I. Receivables and other assets

6,780,066.68

5,890

1. Trade receivables

415,351.33

2. Receivables from affiliated companies

(3)

67,551,442.29

59,055

C. Liabilities

(9)

of which with a remaining term of more than one year:

I. Liabilities to credit institutions

8,203,067.85

11,379

€ 19,490,099.14 (T€ 20,597)

II. Liabilities from deliveries and services

241,284.43

237

3. other assets

(4)

3,383,380.01

3,383

III. Liabilities to affiliated companies

535,049.12

528

of which with a remaining term of more than one year:

IV. Other liabilities

125,192.83

3,224

€ 0.00 (T€ 180)

thereof from taxes: € 86,271.69 (T€ 495)

71,350,173.63

62,438

of which within the framework of social security:

€8.435,24 (T€ 6)

II. Cash in hand, bank balances

10,620,316.14

23,800

9,104,594.23

15,368

81,970,489.77

86,238

C. Prepaid expenses

149,632.65

110

255,307,265.40

244,278

255,307,265.40

244,278

GESCO SE (formerly GESCO AG), Wuppertal

Profit and Loss statement

for the financial year from 1 January to 31 December 2022

(previous year for comparison)

2022

Previous

Appendix

€

year

T€

1.

Sales revenue

(11)

1,746,723.27

1,669

2.

Other operating income

(12)

498,330.75

183

3.

Personnel expenses

a) Wages and salaries

-4,540,492.10

-4,143

b) Social security contributions and expenses for

-576,800.69

-571

Old-age pensions and other benefits

of which for old-age provision:

€ 169,668.00 (€ 256,000)

-5,117.292.79

-4,714

4.

Amortisation of intangible assets

of fixed assets and property, plant and equipment

-96,705.25

-132

5. Other operating expenses

(13)

-5,489,788.18

-4,475

-8,458,732.20

-7,469

6. income from participations

17,183,372.33

30,217

all from affiliated companies:

  • 17,167,054.83 (T€ 30,217)

7.

Income from profit transfer agreements

(14)

20,418,282.84

10,947

8.

Income from other securities and

374,851.33

360

loans from financial assets

9. Other interest and similar income

248,887.62

410

of which from affiliated companies:

  • 246,783.35 (T€ 400)

10. Depreciation on financial assets

(15)

0.00

-926

11. Interest and similar expenses

-211,719.87

-241

thereof from affiliated companies:

€ 4,279.77 (T€ 4)

thereof expenses from compounding:

€ 56,534.00 (T€ 61)

12.

Taxes on income and earnings

-2,582,363.99

-2,635

13.

Earnings after taxes

26,972,578.06

30,664

14.

Other taxes

-2,890.00

-2

15.

Earnings for the year

26,969,688.06

30,662

16.

Allocation to retained earnings

13,484,844.03

15,331

17.

Retained earnings

13,484,844.03

15,331

GESCO SE (formerly GESCO AG), Wuppertal

Annual financial statements as at 31 December 2022

Appendix

1. General information

GESCO SE has its registered office in Wuppertal. It is entered in the commercial register of the Wuppertal Local Court under HRB 33375.

In October 2021, the then GESCO AG acquired 100 % of the shares in the inactive wkk Beteiligungs AG based in Vienna, Austria. The Annual General Meeting of GESCO AG in August 2022 approved the transformation of GESCO AG into a Euro- pean public limited company. The conversion was carried out by merging wkk Be- teiligungs AG into GESCO AG with a change in legal form to that of an SE (Societas Europaea). The change of legal form was published in the commercial register on 04 January 2023.

These financial statements have been prepared in accordance with the provisions of the German Commercial Code (HGB) for large corporations and the supplementary provisions of the German Stock Corporation Act (AktG) under the going concern as- sumption.

The financial year shall be the calendar year.

The annual financial statements have been prepared taking into account the partial appropriation of profit.

The total cost method was used for the profit and loss account. For reasons of clarity, some of the disclosures required for the balance sheet and the income statement have been made in the notes.

As the parent company, GESCO SE prepares the consolidated financial statements for the smallest and largest group of companies. The consolidated financial statements of GESCO SE as at 31 December 2022 will be submitted electronically to the body maintaining the company register in accordance with § 325 of the German Commercial Code (HGB). As in the previous year, the management report of GESCO SE

was combined with the management report of GESCO Group in application of § 298 (2) HGB.

2. Accounting and valuation methods

The following accounting and valuation methods were used to prepare the annual financial statements.

Fixed assets are recognised at acquisition cost. The intangible assets acquired for a consideration and the movable assets of the tangible assets are depreciated according to schedule using the straight-line method over the normal useful life. Low-value assets whose acquisition costs do not exceed € 800 are written off in full in the year of acquisition; their immediate disposal is assumed in the presentation of the fixed asset movement schedule. If necessary, unscheduled write-offs are made.

Years

Computer software

3

- 7

Other equipment,

furniture and fixtures

3

- 10

Financial assets are recognised at acquisition cost, taking into account unscheduled write-downs to adjust to a lower value in the event of a probable permanent impair- ment. If value adjustments were made in previous years and the reasons for the impairment no longer apply in full or in part in the meantime, the impairment is reversed up to a maximum of the historical acquisition costs.

Receivables, other assets and prepaid expenses are stated at the lower of nominal value or fair value.

Cash on hand and bank balances are stated at nominal value.

Equity items are recognised at nominal value.

The provisions for pensions and similar obligations as well as the purchase price annuity obligation are recognised at the settlement amount according to actuarial prin- ciples. The valuation was carried out using the projected unit credit method (PUC method). The calculation is based on the Prof. Dr. K. Heubeck 2018 G mortality tables. The interest rate was applied on the basis of an assumed remaining term of 15 years, applying § 253 para. 2 p. 1 and 2 HGB.

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Gesco AG published this content on 25 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2023 07:57:04 UTC.