Annual Financial Statement P&I Personal & Informatik AG April 1 ...

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As a result of the initial application of BilMoG, the Comapny’s provision for the purchase of own shares on March 31, 2011 amounted to 0 euros (previous year: 2,019,000 euros). Other revenue reserves were also liquidated in full as the result of the initial application of the new BilMoG regulations (March 31, 2010: 46,000 euros). As a result of the amended HGB accounting regulations covering deferred taxes and longterm reserves introduced by the new BilMoG version, the recognition of deferred tax liabilities amounting to 870,000 euros and the discounting of long-term reserves amounting to 65,000 euros up to April 1, 2010 have been posted as income-neutral items against the die freely available revenue reserves (223,000 euros) and the net profit (582,000 euros) in accordance with Article 67, Para. 6, EGHGB. 4.4. NET PROFIT/LOSS The transfer of profits of 19,547,000 euros for fiscal 2010/2011, as at March 31, 2011, is set out as follows: '000 euros Net profit as at March 31, 2010 18,440 Reserve reversal for own shares 2,019 Allocation to other revenue reserves -2,019 BilMoG opening balance sheet on April 1, 2010 -582 Dividend distribution -8,275 Annual net profit 9,964 As at March 31, 2011 19,547 The net profit shown in the annual financial statements of P&I Personal & Informatik AG, prepared in accordance with commercial legislation, is, pursuant to the German Companies Act, material to a dividend distribution. A payment distribution block pursuant to § 268 Para. 8, Sentence 3, HGB exists from the capitalisation of assets according to § 246 Para. 2, Sentence 2, HGB amounting to 2,000 euros. Paid out dividends 2009/2010 On September 2, 2010 the AGM resolved to use the net profit for fiscal 2009/2010 as follows: euros Net profit as at March 31, 2010 18,440,002.03 Paid out dividends - 8,275,027.20 Profit carried forward 10,164,974.83 The distribution payout corresponded to a dividend payment of 1.10 euros per no-par share entitled to a dividend. The own shares held by P&I AG were not entitled to dividend payments. The dividend was paid out on September 6, 2010. Proposal for appropriation of profit 2010/2011 The net profit shown in the annual financial statements of P&I Personal & Informatik AG, which were prepared in accordance with commercial legislation, amounted to 9,964,159.54 euros. 10
At the next AGM the Board of Directors and the Supervisory Board intend to propose a dividend of 4 cents per share to be paid out to shareholders and the Company’s net profit for fiscal 2010/2011 will be used as follows: euros Dividends 300,910.08 Profit carried forward 19,246,144.57 Retained earnings 19,547,054.65 The profit appropriation proposal takes into consideration that the own shares held on March 31, 2011 by P&I AG are not entitled to a dividend payment. 4.5. CONTROLLING AND PROFIT TRANSFER AGREEMENT P&I AG closed a controlling and profit transfer agreement with Argon GmbH, of Munich on February 7, 2011. Consequently, P&I AG is now obliged to cede their total profit to Argon. The agreement was concluded for a minimum of five years. The agreement came into effect as the result of the approval of the resolutions at the Argon’s shareholder’s meeting held on February 7, 2011 and at P&I’s extraordinary AGM held on March 24, 2011 as well as the registration in the commercial register. The agreement was not entered in the commercial register prior to the day that the annual financial statement was prepared. Therefore the profit and loss transfer in accordance with the controlling and profit transfer agreement for fiscal 2010/2011 is still not legally effective. Accordingly, P&I Personal & Informatik AG has not transferred their annual profit to Argon GmbH. The outside shareholders of P&I AG will receive a compensation payment amounting to 1.55 euros per P&I share in accordance with the regulations stipulated in the controlling and profit transfer agreement. This payment obligation will only become effective on the date the agreement becomes fully effective. Furthermore, the controlling and profit transfer agreement also states that Argon GmbH must pay a cash compensation amounting to 25.01 euros per P&I share on demand to outside shareholders. This obligation is for a limited period only and it will end two months after the publication of the registration in the commercial register. 5. ACCRUALS 5.1. TAX ACCRUALS 2010/2011 2009/2010 '000 euros '000 euros Corporation tax and solidarity surcharge-{}- 603 2,326 Business tax 1,940 1,909 Total 2,543 4,235 Tax provisions include reserves for business tax charges from fiscal 2007/2008 (277,000 euros), fiscal 2008/2009 (453,000 euros) as well as the fiscal year that has just ended (886,000 euros). The existing tax provisions for corporation tax for fiscal years 2007/2008 and 2008/2009 were used as the final tax assessment notices were received in the meantime. 11
Page 1 and 2: Perspectives Annual Financial State
Page 3 and 4: P&I Personal & Informatik Combined
Page 37 and 38: P & I Personal & Informatik AG, Wie
Page 39 and 40: P&I Personal & Informatik AG, Wiesb
Page 41 and 42: scheduled depreciation has been car
Page 43 and 44: D. Balance Sheet Details 1. FIXED A
Page 45 and 46: 2. CURRENT ASSETS 2.1. INVENTORIES
Page 47: 3. DEFERRED ITEMS "Deferred items"
Page 51 and 52: deferred and will be included in th
Page 53 and 54: The special details relating to the
Page 55 and 56: F. Other Details 1. NUMBER OF EMPLO
Page 57 and 58: Dr Thorsten Dippel Associate Direct
Page 59 and 60: to which Argon GmbH belongs is Carl
Page 61 and 62: (this corresponds to 5,954,192 out
Page 63 and 64: voting rights (corresponding to 5,7
Page 65 and 66: "To the best of our knowledge, and
Page 67 and 68: The Supervisory Board held five reg
Page 69: Auditors' certificate "We have exam

Annual Financial Statement P&I Personal & Informatik AG April 1 ...

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