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

The Company has declared that it will assume unconditional and unqualified responsibility for
the company debts of P & I Personal & Informatik AG, Horgen, Switzerland in the event of its
insolvency. The company debts of P & I Personal & Informatik AG, Horgen, Switzerland,
according to the individual financial statements of the company as at March 31, 2011,
amounted to 2,894,000.00 Swiss franks respectively 2,227,000.00 euros (previous year:
2,093,00.00 Swiss franks respectively 1,466,000.00 euros).
The risk of any claims arising from the Group guarantees is presently rated as low.
The company has not entered into any further contingencies pursuant to § 251 in conjunction
with § 268 Para. 7 of the German Commercial Code (HGB).
Business not included in the balance as defined by § 285 No. 3 HGB
Liabilities from operating leasing agreements
As at 31.03.11, future financial obligations for minimum lease payments arising from noncancellable
operating leasing arrangements amounted to the following:
Due March 31, 2011
'000 euros
March 31,
2010
'000 euros
Within one year 1,581 1,588
Between one and five years 1,168 1,350
Over five years 1 24
2,750 2,962
These obligations, based on normal market practice, mainly arise from agreements covering
buildings, vehicles, computer systems and office equipment. Some of the agreements also
include extension or purchase options. There are no escalator clauses and no additional
restrictions imposed by leasing arrangements. Leasing agreements were concluded in order
to reduce the cash outflow.
Payments arising from leasing arrangements made in the fiscal year under review amounted
to 1,829,000 euros (previous year: 1,761,000 euros).
No financial obligations for minimum lease payments exist as of March 31, 2011.
The company has an operating fund credit line with Deutsche Bank AG totalling 500,000
euros (previous year: 500,000 euros). This line of credit can be optionally used via a current
account at a charged interest rate of 6.75 per cent, per annum or for short-term special
financing with a term of up to three months.
In addition to this the company also has another operating fund credit line with the
Wiesbadener Volksbank eG amounting to 1,534,000 euros (previous year: 1,534,000 euros)
that is available for use via a current account at a charged interest rate of 7.50 per cent, per
annum. Neither of these bank credit lines was included on the balance sheet date.
The credit available via a bank guarantee listed under contingencies can be used for
guarantee, leasing, payment and contract fulfilment sureties. The company will use all
present or future securities held for safekeeping at the Commerzbank AG. The call
amounting to 803,000 euros mainly includes leasing and contract sureties.
No significant risks were used for the evaluation of the financial situation included in the
business that was not included in the balance sheet on the balance sheet date.
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