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

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