Bremer Lagerhaus-Gesellschaft –Aktiengesellschaft von 1877–

Bremer Lagerhaus-Gesellschaft – Aktiengesellschaft von 1877–

Annual Report

2000

Brought to you by Global Reports


Annual Report

2000

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Table of Contents

Organization 4

Board of Management 4Board of Directors 5Advisory Board 7Report of the Board of Management 9Report of the Board of Directors 13

Group Management Report 15

Reporting according to segments 21Logistics Automobile 22

Automotive Logistics, Consumer Goods, Business Electronics 26Forestry Products 30Project Business 32

Container EUROGATE 36Services Information Technology 40

Consulting 43Investments and financing 44Statement of cash flows 44Asset and capital structure 45Personnel development 46

BLG LOGISTICS GROUPConsolidated Financial Statement 2000 48Consolidated balance sheet 50Consolidated profit and loss account 52Notes to the consolidated financial statement 54Audit opinion 64


Annual Financial Statement 2000 66Management report 68Balance sheet 71Profit and loss account 72Notes to the annual financial statement 74Audit opinion 79

Participations 80


4 Organization

Organization

Board of Management

Detthold Aden · BremenChairman

Manfred Kuhr · BeverstedtDeputy Chairman

Emanuel Schiffer · Bremerhaven

Holger Wohlleben · Brake

Hillert Onnen · Langen-ImsumFully authorized representative■

As the general partner, Bremer Lagerhaus-Gesellschaft – Aktiengesellschaft von 1877 –manages the business of the management holding company, BLG LOGISTICS GROUPAG & Co. KG. This is the successor to BLGBremer Lagerhaus-Gesellschaft AG & Co.The official renaming was carried out becauseof the internationalization of the performanceprofile so as to ensure a better understandingof the name in all parts of the world. The holding company is the owner of independentsubsidiaries and additionally has various operative and strategic shareholdings – as dothe subsidiaries themselves.

The BLG LOGISTICS GROUP managementholding company is responsible for performingcentral functions for the corporate group. The key functions are:• strategic corporate development• financial and investment activities• strategic and corporate controlling• shareholding management• Group-related communication• Group-related personnel and social matters■


5Organization

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Board of Directors

Chairman, until December 31, 2000 Axel Weber · Bremen Deputy Chairman of the Board of Management of Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale

Chairman, as of January 1, 2001 Josef Hattig · BremenSenator for Economics and Ports of the Free Hanseatic City of Bremen

Deputy Chairman Rainer Müller · BremenSecretary of the trade union ver.di

Uwe Beckmeyer · BremerhavenSenator (retired)

Holger Borchardt · LangenDeputy Chairman of the works council of EUROGATE Container Terminal Bremerhaven GmbH

as of July 1, 2001 Thomas Christian Buchbinder · BremenDeputy Chairman of the Board of Management ofBremer Landesbank Kreditanstalt Oldenburg – Girozentrale –

Hans Driemel · LangenChairman of the Group works council ofBLG LOGISTICS GROUP AG & Co. KG

Torsten Gerdes · BremenMember of the works council ofBLG LOGISTICS GROUP AG & Co. KG

Ernst-Otto Krüger · BremerhavenSecretary of the trade union ver.di

until June 30, 2001 Dr. Arno Lehman · BremenFully authorized representative (retired) of Bremer Landesbank Kreditanstalt Oldenburg – Girozentrale –

Hartmut Mekelburg · BremenChairman of the central works council ofBLG LOGISTICS GROUP AG & Co. KG

until March 31, 2000 Burghard Niederquell · BremerhavenMayor and City Treasurer of the city of Bremerhaven➔


6 Organization

For memberships in other bodies in accordance with Section 125 (1) sentence 3 AktG (Stock Corporation Law) see page 77. ■

Jürgen Oltmann · BremenChairman of the Board of Management ofSparkasse in Bremen

Jürgen Ortmann · BremerhavenChairman of the works council in Bremerhaven ofBLG LOGISTICS GROUP AG & Co. KG

Hartmut Perschau · BremenMayor, Senator for Finances of theFree Hanseatic City of Bremen

Prof. Dr.-Ing. Thomas Rogge · BremerhavenChief Executive Officer of Gustav W. Rogge GmbH & Co.

Jürgen Roggemann · BremenManaging Partner ofErno Roggemann GmbH & Co. KG

as of April 1, 2000 Jörg Schulz · BremenLord Mayor of the city of Bremerhaven

Hans-Joachim Weil · WorpswedeExecutive with full power of representation forBLG LOGISTICS GROUP AG & Co. KG


7Organization

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Advisory Board

Members of the Advisory Board

Chairman until December 31, 2000 Axel WeberDeputy Chairman of the Board of Management ofBremer Landesbank Kreditanstalt Oldenburg – Girozentrale –

Chairman as of January 1, 2001 Josef HattigSenator for Economics and Ports of the Free Hanseatic City of Bremen

Dr. Ottmar GastDeputy Chairman of the Board of Management ofHamburg-Südamerikanische Dampfschifffahrts-Gesellschaft Eggert & Amsinck, Hamburg

Prof. Dr. Bernd GottschalkPresident of the Association of the Automobile Industry (VDA), Frankfurt am Main

Egon H. HarmsManaging Partner of E. H. Harms GmbH & Co., Stuhr-Seckenhausen

Dr. Erich HautzHead of the Central Office for Purchasing and Logistics at Siemens AG, Munich

as of July 1, 2000 Dr. Bern MalmströmMember of the Board of Management for freight traffic at Deutsche Bahn AG, BerlinChairman of the Board of Management of DB CARGO, Berlin

Dr. Henning ScherfMayor and President of the Senate of theFree Hanseatic City of Bremen➔

The internationally oriented strategy of theBLG LOGISTICS GROUP is supported bycooperative enterprises, joint ventures and alliances. The Advisory Board, a body comprising renowned external experts,performs an advisory function in this context.


8 Organization

until June 30, 2000 Dr. Eberhard Sinnecker

Member of the Board of Management ofDeutsche Bahn AG, Berlin

Dr. Frank StraubeChairman of the Board of Management of Zentrum Logistik und Unternehmensplanung GmbH, Berlin

as of February 1, 2001 Prof. Dr. Günter TummAuthorized group representative ofDeutsche Post AG, Bonn

Prof. Dr. Joachim ZentesUniversity of Saarland, Institute for Trade and International Marketing, Saarbrücken■


9Organization

Report of the Board of Management

For the BLG LOGISTICS GROUP businessyear 2000 was absolutely a record year. Weachieved volume and sales growth in all sectorsand thus continued our positive developmentof the past years. Group sales rose by 16 per-cent to DM 596.6 million. The consolidatedfinancial statement shows a profit after taxes of DM 29.7 million.

The key basis for the positive development in recent years is the restructuring that wascompleted in 1997 and implemented in a strategically effective manner beginning in1998. The departure from a location-centeredport concept and concentration on logisticsperspectives in networks have generated positive impacts for all subsidiaries and share-holdings of the BLG LOGISTICS GROUP.

Our core competence, logistics, is given thegreatest emphasis in BLG INTERNATIONALLOGISTICS. Through specialization in Automotive Logistics, Consumer Goods andBusiness Electronics we serve growing sectorsthat basically favor our further development.Significant growth was attained in all sectors.The focus of the services (75 percent of thevolume) was on Automotive Logistics, whichwe also support worldwide and in Europethrough our shareholding DIALOG. Our maincustomers are DaimlerChrysler, VW andAUDI. We act as the system provider for theproduction of these manufacturers in severalprojects. In the meantime we have become anintegral element and production partner forindustry.

Our large industrial facility in the Bremen Logistics Center, in which we harden andclean bonded body parts, as well as our preservation facilities are currently unique for a logistics provider worldwide. In the market segment of extremely advanced Automotive Logistics we have very few genuinely competent competitors, though they give rise to fierce competition in the acquisition of new orders.

To round off international logistics and complete the chain of services, we establisheda freight forwarding joint venture, BLGLESCHACO Logistics GmbH (BLL). BLLlaunched operative business at the beginningof this year and has already processed a numberof specific orders. These business activities are supplemented by the recent establishmentof BLG LESCHACO Logistics of South AfricaPty. Ltd. with headquarters in Johannesburgand branches in Port Elizabeth and East London. One of the focal points of the servicesprovided by our Automotive Logistics is inSouth Africa. ➔

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Foundation initiative

As the Board of Management of BremerLagerhaus-Gesellschaft, we have decided that the company shall take part in the foundation

initiative of the German industry entitled "Remembrance, Responsibility and the Future".


With over 1.076 million finished vehicles BLG AUTOMOBILE LOGISTICS again surpassed the record level of the previous yearslightly and maintained its position as the market leader among European automobileports. The weak domestic demand, which led to declining imports, contrasted with astrong rise in exports. The result in volumewas additionally supported by substantially increasing business with used cars as well as in the "high & heavy” segment.

We responded to the changes in the auto-mobile markets by establishing BLG AUTOMOBILE LOGISTICS Italia S.r.l. Operation of the new Auto Terminal in GioiaTauro commenced in September last year. The objective is to set up a transshipment hub there for the entire Mediterranean region.The central location in this region offers the ideal basis for this in terms of transportgeography. As a transshipment center, GioiaTauro is a strategic investment in the futurethat will unfold its effect in the medium term.The target handling volume is 500,000vehicles a year.

The predominantly conventionally operatingcompanies, BLG FOREST LOGISTICS and in particular BLG PROJECT LOGISTICS, benefited from the upswing in their respectivemarkets last year. The cargo handling volumes rose considerably and both companiesachieved positive results. However, good re-turns on capital cannot be attained at presentbecause of the market conditions and the re-sulting fierce competition. Our base in Russia,in the form of BLG EAST EUROPEAN LOGISTICS, represents a strategic move. However, the market holds considerable risksand development cannot yet be assessed reliably.

BLG DATA SERVICES develops a new focalpoint of services in the modern e-business sector. Internet applications play a major rolehere. This development is strengthenedthrough shareholdings in two other companies.

Changing the name of Port and TransportConsulting Bremen GmbH (PTC) to BLGCONSULT GmbH is linked to extension ofour performance profile to include Logisticsand Business Development. This broadens thebusiness base of the company and will fosterfurther development. ➔

10 Organization


11Organization

BLG COLDSTORE LOGISTICS GmbH has been a new member of the group of 100%subsidiaries since the end of 2000. It was created out of Bremerhavener Kühlhäuser Frigoscandia GmbH, in which we held 40 per-cent of the shares. The contracts with partnerFrigoscandia elapsed at the end of 2000 andwere not extended by mutual agreement. BLGCOLDSTORE LOGISTICS runs the coldstore at the Bremerhaven Container Terminal.In spring 2000 an annex was officially opened.

To strengthen our international presence, we renamed the holding company BLG LOGISTICS GROUP AG & Co. KG. Wehave been operating externally with this namefor around two years. The renaming of thecompany made improvement of the linguisticunderstanding in the international market official on the basis of commercial law.

In business year 2000 development of the volume handled by the BLG LOGISTICSGROUP was also supported very strongly bycontainer business on the basis of the high degree of containerization in maritime traffic.In Bremerhaven the cargo handled by the end of the year totaled nearly 2.71 millionstandard containers (TEU). This correspondedto a growth rate of 25.8 percent over 1999.Currently Bremerhaven has the strongest growth among container ports in northern Europe.

The joint venture EUROGATE performs a keyfunction in the development of container trans-port under the roof of the BLG LOGISTICSGROUP. Departure from the traditional, exclusively location-based orientation clearlymanifests itself in the successful development ofthis enterprise. The cargo handling volume ofthe terminal network with its focal points innorthern Europe and in the Mediterranean roseby 20.5 percent to around 7.66 million TEU lastyear. All locations recorded overproportionalgrowth.

As far as the question of the location of a German deepwater port is concerned, we welcome the location decision in favor of theJadeWeserPort made at the end of March thisyear. Wilhelmhaven’s advantages are obvious.We clearly preferred this location because of the existing nautical qualities with a waterdepth of 18.50 meters and future developmentoptions with respect to the available areas. Furthermore, we require additional terminal capacity by 2010 at the latest due to strong growth at the container terminals in Bremerhaven and Hamburg. Including projectstages CT IIIa and CT IV, Bremerhaven willthen be at full capacity utilization despite all the optimization measures. Wilhelmshaven is an ideal complement to our terminals in Bremerhaven and Hamburg. In addition, however, further adaptation of the navigationchannels in the Outer Weser and in the Elbe is urgently necessary. Bremerhaven andHamburg have to be able to serve the large standard vessels operating in container transport independent of the tide. For this reason we need a water depth of over 15 metersunder chart datum. ➔

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12 Organization

The success of the strategic development ofthe BLG LOGISTICS GROUP is verysubstantially based on our capability of formingalliances and acquiring shareholdings. We will continue to pursue this course in a vigorous manner.

The fact that we are able to show impressiveresults for business year 2000 is also due to the constructive cooperation with our workscouncils and in particular to the quality and commitment of our employees.

Overall, the year 2000 was an extremely gratifying and successful business year for thecorporate group. This cannot be explainedalone by the good conditional framework inthe world economy and the resulting generallypositive market development. The BLG LOGISTICS GROUP and thus the Ports ofBremen and Bremerhaven as well have grownto a significantly overproportional extent and achieved clear market share gains.

Since the annual financial statement of Bremer Lagerhaus-Gesellschaft – Aktien-gesellschaft von 1877 – is decisive for the appropriation of net income, we propose to the shareholders’ meeting, in agreement with the Board of Directors, that a dividend of eight percent be distributed. Furthermore, it possible to make a special distribution to an amount of DM 5.07 per share for businessyear 2000. It results from the corporate tax credit of the company, which is paid out onthe basis of the conditions that have changedthrough the tax reform in order to secure theassets for the company and its shareholders.

We thank our shareholders for the trust theyplace in the company. We are convinced thatwe will be able to justify this trust in fullthrough continued successful development inthe future as well.■


13Organization

Report of the Board of Directors

The Board of Directors has followed and supported the development of BLG BremerLagerhaus-Gesellschaft – Aktiengesellschaftvon 1877, the BLG LOGISTICS GROUPAG & Co. KG and its shareholdings at fivemeetings in business year 2000 and performedthe tasks for which it is responsible accordingto law and the by-laws in full. The body placed emphasis on the strategic orientation,which is primarily expressed in new share-holdings and changes in the shareholding relationships.

Key factors included the establishment ofBLG AUTOMOBILE LOGISTICS Italia andthe building of the new Auto Terminal inGioia Tauro, the establishment of the jointventure BLL (BLG LESCHACO Logistics) to expand the profile of logistics services ofBLG INTERNATIONAL LOGISTICS and the formation of BLG COLDSTORE LOGISTICS as a hundred percent subsidiaryof the BLG LOGISTICS GROUP.

The Board of Directors additionally dealt intensively with development in the indivi-dual divisions, with medium-term corporateplanning as well as with risk-conscious corporate control. The Board of Managementinformed the body regularly and comprehen-sively, both in writing and orally, of the development of the earnings and financial situation as well as all major business trans-actions.

The following committees exist in the Boardof Directors: personnel committee, balancesheet committee and mediation committee in accordance with Section 27 (3) of the Codetermination Law (Mitbestimmungs-gesetz).

The annual financial statement, the manage-ment report, the consolidated financial statement and the group management reportas well as the proposal of the Board of Management for the appropriation of the balance sheet net income for 2000, includingthe special distribution, were examined by the Board of Directors. FIDES Treuhandgesell-schaft Reifenrath & Co. Wirtschaftsprüfungs-gesellschaft Steuerberatungsgesellschaft, Bremen, the auditing firm selected by the shareholders’ meeting for the annual audit,took part in the balance sheet meeting of theBoard of Directors and in the preparatorymeeting of the balance sheet committee of the Board of Directors through its legal representatives and reported on the main results of the annual audit.

The Board of Directors took note of and endorsed the annual financial statement. The auditor of the financial statements hadcertified his report on his audit of the annualfinancial statements with an audit opinionwithout any qualification. On the basis of flawless audits and results, the Board of Directors approved the annual financial state-ment drawn up by the Board of Management.

The Board of Directors also examined the report on the relations to affiliated companiesprepared by the Board of Management in accordance with Section 312 AktG and tooknote of and endorsed the audit report preparedby the auditor of the financial statements inthis context. The audit report contains thefollowing auditor opinion:"According to our proper audit andassessment, we confirm that

1. the actual contents of the report are correct:

2. the performance of the company in the legal transactions indicated in the report was not inappropriately high or disadvantages were compensated for.”

In the final audit by the Board of Directors no objections to the declaration of the Boardof Management on the relations to affiliatedcompanies resulted at the end of its report.➔

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14 Organization

Mr. Axel Weber resigned from his office aschairman of the Board of Directors, effectiveas of December 31, 2000, on the basis of hisretirement from the body. The Board of Directors designated Senator Josef Hattig, Bremen, as its chairman for the remainingterm in office.

The body acknowledges that the BLG LOGISTICS GROUP showed considerableand successful commitment in pursuing itsstrategic goals, which is demonstrated clearlyin all key company figures. This also includesthe securing of existing and creation of newjobs.

The Board of Directors would like to thankthe Board of Management and the workscouncil for the successful work they performedin business year 2000 and explicitly extendsits recognition of the efforts made by the employees of the BLG Group.■

Bremen, June 2001

The Board of DirectorsJosef Hattig, Chairman

Global view


15Group Management Report

Economic background

The BLG LOGISTICS GROUP with its corecompetencies is involved in the internationalmarket as an efficient provider of logistics services. The worldwide procurement, pro-duction and sales strategies of large companiesthat are required due to globalization dependon logistically reliable operational processes(supply chains). The BLG Group, with its ser-vice focal points, has successfully establisheditself in this new and growing worldwide market. This is reflected in the significant growth of the company.

The official renaming of the management holding company BLG Bremer Lagerhaus-Gesellschaft AG & Co. to BLG LOGISTICSGROUP AG & Co. KG (BLG LOGISTICSGROUP), initiated in 2000, gives considera-tion to the expansive international commit-ment of the BLG Group.

Bremer Lagerhaus-Gesellschaft – Aktiengesell-schaft von 1877, which is quoted on the stock exchange, operates unchanged as general partner and manager of the manage-ment holding company BLG LOGISTICSGROUP (KG – limited partnership). The city of Bremen also remains sole limited part-ner of the holding company.

The leading economic institutes have adjustedtheir forecasts for the current year downwardswith respect to growth of the world economyand economic development in Germany andEurope. The declining trends in the USA andJapan are explicitly mentioned as the reasonfor this international development. The EUCommission therefore forecasts weak growthof 3.3 percent for the world economy and 2.8percent for the European Union this year inits assessment of April 2001. Growth of 2.2percent is predicted for the German economy.

The effects of the forecast development werenot observed in the business activities of theBLG LOGISTICS GROUP in the 1st quarterof 2001. All business fields remained on asolid growth course. Since we develop our business activities in the international market,however, impairments for the further course of the year cannot be ruled out due to the general economic development.➔

Group Management Report

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16 Group Management Report

Business development

Group sales increased by 16 percent to DM 596.6 million in business year 2000. With a total volume of goods of 31.2 milliontons of general cargo 25.4 percent growth was achieved at the logistics centers and terminals of the BLG Group. The dynamicand expansive development of the Group isbased on the restructuring that was completedin 1997. It provides the corporate basis according to commercial law for consistentimplementation of the new corporate strategy,which is expressed particularly in logistic alliances, joint ventures and cooperation.

An excellent example of how the company has pursued its strategic course is the Bremen-Hamburg joint venture, EUROGATE, whichwas established with headquarters in Bremen in 1999 on the basis of the container activitiesof BLG, Bremen, and those of EUROKAI,Hamburg. As a result, the traditional locationconcept was transformed into a modern andmarket-oriented network strategy with a European dimension. The significantly over-proportional growth at all locations is evidenceof the effectiveness of the network strategy, also in container business.

Another example is the establishment of an automobile terminal in Gioia Tauro in southern Italy in business year 2000. The twopartners, BLG AUTOMOBILE LOGISTICS(51%) and CONTSHIP Italia (49%), jointly established for this purpose BLG AUTOMOBILE LOGISTICS Italia S.r.l. Modelled after Bremerhaven as a hub for international trade with finished vehicles innorthern Europe, Gioia Tauro will perform a comparable function for the entire Mediter-ranean region in the medium term. The terminal in Gioia Tauro launched operations in September 2000.➔



The extension of the performance profile issupplemented by the recent takeover of atechnical center for technical services on vehicles in Bremerhaven. As a consequence,we have gained a major additional compe-tence in the automobile sector that we canalso make use of at the new terminal in GioiaTauro. Through this takeover the workforce of the BLG LOGISTICS GROUP has in-creased by around 150 employees.

Also of great importance for the developmentof the vertical range of logistics service is the establishment of the freight forwarding company BLG LESCHACO Logistics GmbH(BLL), Bremen. The company started up operative business at the beginning of 2001.BLL is a joint venture of BLGINTERNATIONAL LOGISTICS and the renowned Bremerhaven freight forwardinggroup, Lexzau, Scharbau GmbH & Co. The objective of this newly established enterprise is to round off BLG’s chain of logistics services. In the meantime BLL has its own branch office in South Africa, i.e.BLG LESCHACO Logistics of South AfricaPty. Ltd., with headquarters in Johannesburgand branches in East London and Port Elizabeth.

Furthermore, there were other shareholdings,takeovers and changes in the shareholding relationships in business year 2000 as well as in the course of this year. This will be examined in more detail in the segment reporting of this business report.

The positive development of results in theBLG Group was continued in business year2000 with a substantial rise in the surplus in the Group’s profit and loss account over the previous year. The result also benefitedfrom the unique opportunity of realizing a corporate tax credit to the amount of aroundDM 4 million, which we would like to pass on to our shareholders in the form of a specialdistribution.

Overall, the year 2000 was an extraordinarilysuccessful business year. The BLGLOGISTICS GROUP and thus the Ports ofBremen and Bremerhaven as well have undergone overproportionate growth and attained significant gains in market shares.This is also clearly reflected in the financialresult of our corporate group.➔

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Risks of future development

For the BLG Group responsible handling ofpossible risks from operative activities on thepart of our subsidiaries is an integral part ofcorporate action and an essential basis for allstrategic decisions.

To achieve our goals, the broad spectrum ofour logistics service processes requires earlyidentification of potential threats. This isdone within the framework of continuous riskcontrolling as well as risk management andreporting that are appropriate to the corporatestructure.

In the framework of the established controland monitoring systems, operational risks areidentified and assessed systematicallyaccording to the requirements of Kon TraG(Law on Control and Transparency within Businesses) at all levels of performance andresponsibility. Special focus here is placed onmaintaining functional IT systems and theircontinuous further development.

The use of reliable software as well as the selection and training of qualified personnelare major elements of our risk managementsystem. At the same time the organizationalstructure of our Group guarantees a flexibleresponse to changes in conditions in the worldeconomy and sector-specific developments atall times.

The formulation of risk policy principles andresult-oriented control of the total risk are the responsibility of the Board of Managementof BLG AG. The Board of Management regularly informs the Board of Directors onrisk-relevant decisions with respect to propercompliance with its corporate responsibility.

Our Internal Auditing Department is integrated into risk communication within the BLG Group as a monitoring bodyindependent of processes.

Thanks to intensive preparation and successful adjustment of our administrativeand operative systems, the move into the new millennium was completed successfully in all divisions. ➔



The Euro will be introduced in the BLG GROUP as the Group currency on January 1,

2002. The necessary system adjustments arecurrently being intensively prepared by a project group assigned Group-wide.

According to an overall analysis, no risks are seen for the current situation or the future development of our company at present. Rather, the solid financial endowment and ourestablished position in the worldwide logisticsmarket offer good prospects of successful continuation of our initiated growth strategy.

However, we are indirectly exposed to the respective risk environment of the BLG companies through our subsidiaries. On thebasis of the corporate structure, therefore, burdens may result due to legal or contractualliability relationships.

At the beginning of the new business year the Bremen port authority transformed thedock charges previously charged under publiclaw into private charges and transferred therelated charges due to repair and maintenanceas well as dock use to the individual port companies involved. This change in law aswell as the intensifying competition betweenthe port locations in northern Europe may, indeed, have an influence on the profit situation in our core activities, i.e. cargohandling and storage.

Competition with competing ports hassubstantially increased for automobile trans-shipment in Bremerhaven in business year2000. We respond to this development withmarket-oriented and comprehensive logisticsservices that ensure strong customer loyalty.

In the Automotive Logistics segment the automobile manufacturers, whose numbers aredeclining worldwide, tend to be subjected toeconomic fluctuations and possibly shorterproduct life cycles with growing cost pressureat the same time. The persistent process ofconcentration in the automobile industry withits impacts on competition and the pricestructure for comprehensive logistics serviceswill continue to represent a major challengefor this division in future. ➔

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The future development of our joint ventureEUROGATE is affected by an increase inconsortium agreements between shippingcompanies with relatively short terms of contract for container handling. The creationand utilization of additional cargo handlingcapacity in Hamburg will lead to increasedcompetitive pressure on the German container terminals in the medium term. Due to the natural growth in volume resultingfrom the increase in international flows ofgoods and far-reaching enhancement of efficiency in vessel clearance, however, another improvement in results is forecast forbusiness year 2001 by the Management.

Our globally oriented growth strategy involvestargeted investments in selected markets and technologies as well as in permanent expansion of the performance profiles of oursubsidiaries and provision of the necessary resources. As in all forward-looking commit-ments, imponderables in the achievement ofmedium-term goals cannot be completelyruled out.

Outlook

Since the transport and logistics needsincrease more rapidly than production againstthe background of the continuing process ofglobalization, considerably higher growth ratesmay continue to be realized in the sector thanin the world economy as a whole. This alsoapplies in particular to the BLG LOGISTICSGROUP, which demonstrates through itsoverproportional growth that with its succes-sful strategy and performance profile it belongsto the top group in the sector.

However, euphoric expectations cannot be justified. Leaps in growth and top results as inbusiness year 2000 with a growth of over 25percent in the volume of goods and a doublingof the Group profit cannot be repeated thisyear despite all efforts. The quantitative development will also show its effects in thefinancial result. Based on the volume of goods,the expectation of achieving a two-digit growth rate is certainly realistic, however.■


Logistics Container Services/ GroupConsolidation

TDM* TDM TDM TDM

Sales proceeds 270,226 324,247 2,135 596,608

EBITDA 29,317 42,131 0 71,448in % of sales 10.8% 13.0% no data 12.0%

Depreciation -19,568 -22,100 -4,182 -45,850(excluding financial assets)

EBIT 9,749 20,031 -4,182 25,598

Financial result -5,164 -7,374 1,742 -10,796Result from

associated companies 124 4,053 282 4,459Result from

other shareholdings 327 171 7,047 7,545

EBT 5,036 16,881 4,889 26,806

Corporation income tax 0 -575 2,850 2,275

Net income for the year 5,036 16,306 7,739 29,081

Shares of third parties 518 0 80 598

Group result 5,554 16,306 7,819 29,679

Return on sales 2.1% 5.0% no data 5.0%Share of Group result 18.7% 54.9% 26.3% 100.0%

Other items withouteffect on payments -2,374 3,776 1,257 2,659

Assets (incl.shareholdings) 326,133 320,111 110,651 756,895

Investments in long-term assets 35,666 33,579 9,476 78,721

Liabilities 75,648 112,004 -32,796 154,856


Reporting according to segments

In accordance with Section 297 (1) sentence 2 of the German Commercial Code (HGB), the following informationis provided regarding the segments:

The explanations on the segments and segment data are provided on page 63.

* in thousand DM

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Explanation

In the reporting on the segments the businessactivities of the BLG LOGISTICS GROUPare allocated to the three service fields Logistics, Container and Services according to the corporate structure. In the Logistics sector the development of the operative companies is described to the extent they arepure subsidiaries of the BLG LOGISTICSGROUP. The container business of the Group is represented by the joint venture EUROGATE (50%). In the reporting on segments the term Services not only stands for the service companies of the BLG LOGISTICS GROUP, but also for Bremer Lagerhaus-Gesellschaft – Aktiengesellschaftvon 1877 – and the management holding company as well as their other shareholdings.

Logistics services are performed by the BLG LOGISTICS GROUP with thefollowing companies: BLG AUTOMOBILELOGISTICS, BLG INTERNATIONAL LOGISTICS, BLG PROJECT LOGISTICS,BLG FOREST LOGISTICS as well as theirholding companies and BLG COLDSTORELOGISTICS. The latter was created out ofthe shareholding in Bremerhavener Kühl-häuser Frigoscandia GmbH at the end of 2000 and is therefore not treated in detail yet.

Automobile

The positive development in the internationalvehicle trade also continued in business year2000. Due to the continuing demand for German motor vehicles, exports rose by 9.7 percent. Imports, by contrast, declined by7.9 percent. A total of 1,072,924 vehicles(+0.6%) were handled at the BremerhavenAuto Terminal. Special impulses came fromEuropean traffic. This confirmed the positionof the market leader. ➔

Logistics





One of the focal points was the developmentof additional value added activities in supple-menting core business. The freight forwardingservices especially and also technical work onthe vehicles within the framework of care programs and individual extras for importedvehicles have undergone a substantially positive development.

A focus of investment in the year 2000 wasthe further development of the IT systems.The changeover of the IT systems to Webcapability was launched with an eye to futuredemands within the framework of e-commerceand e-business.

The workforce was increased by 28 to 454 employees in the year under report due to thegood employment situation. Of the total staff, 54 were employed in the commercial departments and 400 had blue-collarpositions. In addition, around 200 employeesof the labor force pool GHB (port operationassociation for all ports in the federal state of Bremen) were assigned on a daily averageaccording to need. The teamwork intro-duced in the previous year was supported by extensive training programs within the frame-work of the certified quality (DIN ISO 9001).

Continuation of employment at the high level of the previous year is expected for the business year. Furthermore, sales and marketing activities within the framework ofthe hub port strategy have led to the acquisi-tion of new business with DaimlerChrysler,the VW Group and the Wallenius Wilhelmsen shipping company. ➔



Positioning as a service provider with controlof complex processes has met with greatacceptance on the market and is being intensively further developed. Projects withDaimlerChrysler and the importer of Mitsubishi vehicles are aimed at the per-formance of additional logistics services. Expansion of the vertical range of serviceswith entry into vehicle technology is also pursued according to this logistics strategy.Through the takeover of a technical center inBremerhaven a new area of competence was integrated into the performance profilethat can be implemented excellently at thenew Auto Terminal in Gioia Tauro. The newcompany, BLG AutoTec GmbH & Co. KG, is a subsidiary of BLG AUTOMOBILE LOGISTICS.

The startup of operation of the terminal runby BLG AUTOMOBILE LOGISTICS Italiain Gioia Tauro represents a significant milestone within the framework of the hubport strategy for Europe. Commencement of a scheduled feeder service in cooperation with the E. H. Harms Group for the easternMediterranean provides the prerequisites fordevelopment of attractive logistics conceptsfor the Mediterranean region. Increasing acceptance on the part of the established shipping companies has led to on-schedule development of the new terminal.

Through the development of IT systems withWeb capability Bremerhaven’s position asmarket leader is further strengthened.■

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Automotive Logistics, Consumer Goods,Business Electronics

The expansive corporate strategy of BLG INTERNATIONAL LOGISTICS was successfully continued in business year 2000with significant sales growth. The business volume for logistics services was able to be increased for nonfood articles through quantitative growth resulting from positive development of the domestic market and forBusiness Electronics through newly acquiredbusiness. In Automotive Logistics the positivebusiness trend was supported by the risingmarkets in South Africa and South Americaas well as by the high demand for the new C class model from DaimlerChrysler.

After the change in model of the Mercedes C class consolidation logistics for worldwideparts supply started up on schedule. In the further course of the year the vertical range ofservices developed to such an overproportio-nate extent that the planned sales volume wassurpassed. In autumn consolidation and partssupply were taken over as a further service segment for production in Brazil.

Through the launch of parts logistics for thenew C class production-related functions were integrated into the service process by applying new, technologically more sophisti-cated preservation techniques for unfinishedcomponents, thus extending the vertical range of services. In addition, a technical facility for hardening bonded unfinished components was incorporated for worldwidesupply of DaimlerChrysler assembly plants so the vertical range of services was expandedtowards the production sector.➔





To supplement in-house business activities,BLG LESCHACO Logistics GmbH (BLL),Bremen, was established as a joint venture to-gether with Lexzau, Scharbau GmbH & Co.,Bremen, in November 2000. The object ofthis move is to provide freight forwarding inthe business sectors Automotive Logistics,Consumer Goods and Business Electronics inaddition to logistics in these sectors outsideEurope as well.

Investments were not only made in enhance-ment of efficiency and quality, but above all in the expansion of logistics service capacity.The investments primarily consisted of extensions at the Logistics Center Bremen inthe form of a new building with an area of30,000 square meters, including an office building.

The number of employed staff membersincreased in the year under report by 81 to 462 employees on the basis of the good employment situation. Of these, 85 hadwhite-collar and 377 blue-collar positions.Furthermore, around 270 employees of theGHB were assigned on a daily average according to need. 32 employees were takingpart in vocational training. ➔



The worldwide growth in the Automotive Logistics market is strengthened by the decentralization of production locations of the automobile industry. For BLG INTERNATIONAL LOGISTICS as a renowned provider of holistic, highly intelligent logistics system chains with a pronounced vertical range of services and extensive provision of resources there are very good prospects of expanding existingbusiness and acquiring new business. Thus,the objective is to continue the expansivecourse and strengthen the international presence. A holding company was establishedin East London in spring 2001 as the basis for entry into the growing logistics market for supplying plants with automotive productsin South Africa. Further target marketsinclude in particular South America, Asia and North America. ■

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Forestry products

In business year 2000 the leading competi-tive position at the Bremen location wasmaintained. Compared to 1999, there was an upward trend that was reflected in the tonnage, sales and year-end result. Thevolume in the plywood sector increased considerably, which can be essentially attributed to the link to the Brazilian marketwhich was already initiated in the previousyear. The handling of sawn timber also recovered well with a substantial increase in revenues. The previous year’s level was improved in the paper and pulp sector as well.Major new business was acquired through the export of used paper to Turkey.

BLG FOREST LOGISTICS is a shareholder(50%) of Hansa Marine Logistics GmbH, Bremen. The company performs agency functions and expands the spectrum of services. Furthermore, there is a 50-percentshareholding in ELS European Logistic Services GmbH, Bremen, which runs a forestry product terminal in the Bremen Industriehafen. The joint venture BLG EastEuropean Logistics (EEL) in Bremen and Moscow as well as a branch in Novgorod aremanaged together with BLG PROJECT LOGISTICS. The company is involved inpreparation, development and implementationof logistics concepts for goods of all kinds.Since October 2000 EEL has been in the process of acquiring new business and buildingup further business connections. In general,the commitment in the CIS is a strategicmove into a market that currently cannot beassessed reliably.

The number of employees in the year underreport was 85 persons. Of those, 18 worked inwhite-collar and 67 in blue-collar positions. In addition, there were 10 GHB employees on a daily average. The high training level ofthe workforce ensures a high standard of quality of the services.

The South East Asia route will be expandedin the coming year.■





Project business

Supported by the dollar and oil price develop-ment, the year 2000 was characterized by asignificant upward trend in the pipes and steel sector. Plant construction, by contrast,underwent rather restrained development. In this case financing difficulties on the partof importers are the reason for longer and longer lead times or even freezing of plannedprojects.

The overall cargo volume in the conventionalsector still hardly suffices to ensure good capacity utilization at the BLG PROJECTLOGISTICS terminals. Fierce competitioncontinues to prevail in the conventional market, affected by substantial price pressureon the part of shipping companies and competitive ports. ➔



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The joint venture BLG East European Logistics (EEL) in Bremen and Moscow aswell as a branch in Novgorod are managed together with BLG PROJECT LOGISTICS.The company is involved in preparation, development and implementation of logisticsconcepts for goods of all kinds. Since October2000 EEL has been in the process of acquiringnew business and building up further businessconnections. In general, the commitment in the CIS is a strategic move into a market that currently cannot be assessed reliably.

The company employed 120 persons in theyear under report. Of those, 22 worked inwhite-collar and 98 in blue-collar positions. In addition, 15 GHB employees were assignedon a daily average. Continuing training courses ensure a high standard of quality ofthe company services. ➔



The performance profile of BLG PROJECTLOGISTICS will be expanded through additional shareholdings in order to strengt-hen its market position. The prospects for thecurrent year indicate a relatively stable courseof economic activity at the previous year’slevel. There are still positive trends in thesteel and pipes sector, particularly in the caseof oil price stability at a high level. In general,business development indicates a result atleast at the previous year’s level.■ G

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Container

The container business of the BLGLOGISTICS GROUP is handled completelyby the joint venture EUROGATE. The EUROGATE Group was established on September 1, 1999, retroactively effective asof the beginning of the year. In this processthe container activities of BLG were combi-ned with those of the Hamburg EUROKAIGroup as well as their domestic and foreignshareholdings, forming EUROGATE GmbH& Co. KgaA, KG with headquarters in Bremen, in which the BLG LOGISTICSGROUP holds a 50-percent share.

The object of establishing this new companyis to build up a Europe-wide terminal net-work for international container transport.Through EUROGATE a complexperformance profile covering market needswas created that no other competitor can offer in this special transport sector. On thebasis of this "Unique Selling Position", there are very good development prospectsthat the new company has consistently builtup now in the second business year. The total container handling volume in the net-work was 7.66 million TEU, 20.5 percentabove the 1999 level.

The network encompasses container terminalsin Bremerhaven, Hamburg, Gioia Tauro, La Spezia and Lisbon. With all its terminalsEUROGATE is the market leader in Europe.Furthermore, the company is involved in the Sepetiba container terminal (Brazil). The performance profile of the Group goes farbeyond the operation of container terminalsand includes intermodal networking via rail,road and sea as well as contract logistics andfreight forwarding activities in container business, container depots, repair and packingenterprises. In addition, highly qualified technical services are offered for in-house andaffiliated companies of the Group as well asfor external customers. ➔





The commitment with North Sea TerminalBremerhaven GmbH & Co. (NTB), which isrun as a joint venture by EUROGATE andMaersk Deutschland GmbH, is part of theEUROGATE Group. The alliance already existed with the former BLG ContainerGmbH & Co. and was integrated into thenew corporate group through the establish-ment of EUROGATE. NTB operates Container Terminal III in Bremerhaven independently. Through the NTB joint venture the largest container shipping company in the world has made a long-termcommitment to Bremerhaven and gives thelocation strong positive impulses.

The strong growth in Bremerhaven urgentlynecessitates expansion of cargo handling capacity with the two planned project stagesCT IIIa and CT IV by the year 2005 in order not to jeopardize further development at this location. The two measures would increase the number berths by 4 to a total of14 for large container vessels. However, thiscapacity expansion will be fully utilized by theend of this decade at the latest. This applieswith average growth rates between seven andeight percent, which are forecast for long-termworld container traffic. Higher growth rates,as currently, would lead to an even earlier exhaustion of terminal capacity. The situationin Hamburg is similar. There, too, the ex-pansion potential of the EUROGATE terminal is limited and will also be exhaustedtowards the end of this decade, particularly in view of current growth. This applies toboth locations even with consistent imple-mentation of all conceivable optimizationmeasures and productivity improvements.

The ideal complement to Bremerhaven andHamburg in the long run is the constructionof the JadeWeserPort which has now been decided on, i.e. the new German deepwatercontainer terminal in Wilhelmshaven. Agree-ment on this was reached by the mayors ofBremen and Hamburg together with the Minister President of Lower Saxony at theend of March this year. ➔

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Bremen and Hamburg link their decision infavor of construction of the JadeWeserPort tothe demand that the container terminals at both locations be further expanded and thenavigation channels in the Elbe and OuterWeser be deepened again by 1.50 meters toover 15 meters below chart datum – and thismust be done prior to completion of the JadeWeserPort. This is important for main-taining competitiveness because vessels with acargo capacity of up to 8,000 TEU are alreadystandard size in container traffic. The shipshave to be able to call at the large containergateways in Bremerhaven and Hamburg at anytime, independent of the tide.

The EUROGATE Group has a total of 3,896employees, of whom 2,378 are employed inBremen, Bremerhaven and Hamburg. In addition, there are 350 GHB employees on a daily average.

The business risks facing EUROGATE arevery closely connected to the question ofwhether the foreseeable capacity bottleneckscan be countered in time through rapidexpansion of the terminals and adjustment ofthe navigation channels. Another factor is the competitive behavior of the European port operators, who compete very strongly viathe price and thus initiate corresponding impacts not only on their own business results.However, this risk is not very great in view of the complex performance profile of EUROGATE and the related high degree ofcompetitiveness. The further development of the EUROGATE Group, of course, primarily depends on the demand in the inter-national container shipping sector. Two-digitgrowth rates cannot be repeated at will in this market. Overall, however, EUROGATE’s market position absolutely justifies optimisticforecasts. Therefore, medium-term planningnot only assumes a substantial growth in volume, but also a positive development ofresults.■

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Services

The Services segment encompasses the servicecompanies that do not conduct operative business themselves. This also includes theBLG LOGISTICS GROUP, BLG CONSULTand BLG DATA SERVICES as well as furthershareholdings of the holding company. Sincethese shareholdings do not have a significantinfluence on the business result of the BLGLOGISTICS GROUP, separate reporting isnot carried out.

Information technology

BLG DATA SERVICES provides services in the information technology and tele-communications sector. The company is an IT provider for all enterprises in the BLGGroup as well as for external clients. In thesophisticated IT sector the latest develop-ments must be mastered and integrated intothe information and communication systems,taking into account economic aspects. The range of services encompasses: IT con-sulting, development of logistic IT systems, Internet/Intranet services and standard information and communication systems. In addition, these systems are operated on different platforms. Supplementary servicesinclude user support and training. ➔





Business year 2000 began with a smooth transition into the new millennium with allIT components. In the area of furtherdevelopment and operation of logistics information systems various modules for theInternet platform were developed so as to further optimize the market position of theBLG LOGISTICS GROUP as a competentprovider of logistics services. Furthermore, Internet and Intranet services, such as "e-shop" and "Blackboard", were developed.Another focal point was the integration ofmobile terminals into the Internet services. In the administrative field work was carriedout on the introduction of new SAP R/3 modules and existing modules were further developed. Investments were predominantlymade in hardware infrastructure and the BLG network.

The company had 42 employees in the yearunder report. The training measures for thestaff – in particular the Internet, programminglanguages, standard software, network andUnix server technology – examine the latest developments in IT technology andstrengthen the performance profile in thisfield.

Special focus is placed on consistently extending and implementing the e-businessstrategy of the BLG LOGISTICS GROUP.For this purpose the logistics IT systems are further developed for the Internet plat-form. The Internet/Intranet services and the technological, mobile components are expanded further. The shareholdings in LoonLogistics Offer and order.net GmbH & Co.KG and Stedinger Logistics Services GmbHpromote the e-business strategy. The develop-ment and introduction of additional SAP R/3modules are another focal point. In the current business year the currency changeoverto the Euro is another project. The externalorientation to an increase in external sales isbeing pursued vigorously. Major sales potentialis seen in the field of e-business and the Internet. ➔



Consulting

BLG CONSULT provides consulting servicesto companies in the transportation industry,particularly port management in Germany and abroad, as well as authorities, port administration offices and other institutionsinvolved in technical and/or commercial andorganizational planning and development of cargo handling and transport systems andlogistics. Furthermore, the company supportsits customers in the implementation of suchprojects.

Renaming the former Port and TransportConsulting Bremen GmbH (PTC) to BLGCONSULTING GmbH took place in April2000. This was connected with an extensionof the performance profile to include the fields of Logistics and Business Development.■

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Statement of cash flows 2000 1999TDM TDM

Net income for the year before profit withdrawals of the shareholders 29,081 14,242Depreciation on fixed assets 46,853 41,084Change in accruals 7,082 -1,008Other expenses and income without effect on payments (balance) -1,998 391Income from sales of fixed assets -2,426 -4,047Change in inventories, trade receivables and other assets -14,939 24,710Decrease in trade payables and other liabilities -20,165 -14,877

Cash flow from current business activity 43,488 60,495

Payments received from sales of tangible assets, intangible assets and financial assets 25,172 13,638Payments made for repair costs -363 -291Payments made for investments -78,721 -90,237Funds received for investment 5,789 0

Cash flow from investment activity -48,123 -76,890

Payments made for dividends and withdrawals -7,132 -8,457Payments made/received due to financial assets in the framework of short-term financial planning -40,000 26,141Payments received from financial loans 57,500 2,892Payments received from loans from affiliated enterprises 34,000 0Payments made for repayment of financial loans -26,469 0

Cash flow from financing activity 17,899 20,576

Changes in financial resource fund with effect on payments 13,264 4,181Financial resource fund at beginning of business year 5,780 1,599

Financial resource fund at end of business year 19,044 5,780

Make-up of the financial resource fundLiquid funds 21,992 11,797Short-term liabilities to banks -2,948 -6,017

19,044 5,780


As consistent implementation of our cor-porate strategy, which is geared to growth inall viable fields of business, the BLG Groupinvested a total of DM 78.7 million (previousyear: DM 90.2 million) in business year 2000.

Of the additions to fixed assets in the yearunder report, DM 68.9 million were allotted

Investments and Financing

to tangible assets and further DM 7.3 millionessentially to continuous further developmentof the IT and control systems. Special focushere was placed on procurement of state-of-the-art container handling facilities as well asexpansion of outdoor and indoor space capa-city in order to enhance the competitivenessof our range of logistics services. ■



Asset and Capital Structure

Asset and capital structure 12-31-2000 12-31-1999

million DM million DM

Assets

Fixed assets 573 560Inventories 6 8Accounts receivable 156 125Liquid funds 22 12

Balance sheet total 757 705

Equity and liabilities

Equity 355 313Accruals 74 67Financial liabilities 251 229Other liabilities 77 96

Balance sheet total 757 705

The advances in sales development andincrease in earning power achieved throughour growth strategy are reflected in the annual balance sheet of the BLG Group forbusiness year 2000. The consolidated balancesheet also contains the fifty-percent share of the BLG LOGISTICS GROUP in the EUROGATE Group.

The balance sheet growth in the year underreport was over seven percent. The share ofthe balance sheet total accounted for by fixed

assets declined in comparison to the previousyear to 76 percent and is sufficiently coveredby equity and long-term borrowed funds. The equity ratio, including reported specialitems, rose to 47 percent because of the goodGroup result.

Our asset and capital structure offers a goodperspective for continuation of our acquisitionand expansion efforts in the growing world-wide logistics market.■

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Personnel Development

More so than companies in many other sectors, a service enterprise depends on thequality of its staff. Therefore, committed productivity- and quality-oriented work in partially autonomous teams is a key pre-requisite for the competitiveness of all companies in the BLG LOGISTICS GROUP.This is consistently promoted through the personnel policy.

In the year 2000 training was continued un-changed. In December a total of 79 traineesand persons doing retraining were employed in eight different occupations. New trainees are to be hired in 2001 as IT specialists for system administration as well as for applicationdevelopment.

In addition to a wide variety of individual training and further education programs foremployees at all levels and in all companies, a total of 25 internal courses took place in2000, 8 of them concerning managerial topicsfor executives and 17 for the training of ITuser programs.

Furthermore, a junior manager program wasredesigned in 2000 in which a total of twelveyoung employees from various fields are prepared for executive responsibilities throughproject work and specific training courses.

The Assessment Center is increasingly used as an instrument for filling vacant internal and external positions in order to achieve higher standards of quality in staffing.

The employees of the GHB labor force poolare fully integrated into the organization of the productive work teams. On average,500 GHB employees were assigned daily in all BLG companies. They supplemented thenumber of in-house employees according to need. Including GHB staff assigned to EUROGATE, there are a total of around 700GHB employees working in the BLG Group.

To enhance the satisfaction of the employees,the Social Future Concept was implemented.Now over half of the workforce of the entireBLG Group is integrated in this concept for the improvement of the pension scheme,which includes an old age provisions plan and a bonus plan.■



Company 12-31-2000 12-31-1999

BLG HOLDING 87 82

BLG AUTOMOBILE LOGISTICS 451 453

BLG INTERNATIONAL LOGISTICS 479 434

BLG FOREST LOGISTICS 84 87

BLG PROJECT LOGISTICS 119 121

BLG COLDSTORE LOGISTICS 24 –

BLG DATA SERVICES 48 45

BLG CONSULT 7 7

Miscellaneous 60 72

Trainees 79 94

Total 1,438 1,395

EUROGATE (Bremen/Bremerhaven/Hamburg) 2,378 2,210

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48 Consolidated Financial Statement 2000

BLG LOGISTICS GROUP

Consolidated Financial Statement 2000


49Consolidated Financial Statement 2000

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Assets

A. Start-up and business expansion expenses

B. Fixed assetsI. Intangible assets

1. Concessions, industrial andsimilar rights and assets

2. Goodwill3. Payments on account

II. Tangible assets1. Land rights and buildings on third party land2. Cargo handling equipment3. Technical equipment and machines4. Other equipment, factory and office equipment5. Payments on account and assets under construction

III. Financial assets1. Shares in affiliated enterprises2. Participations in associated enterprises3. Loans to associated enterprises4. Other participations5. Loans to enterprises in which

participations are held6. Long-term investments

C. Current assetsI. Inventories

1. Raw materials and supplies2. Work in progress3. Finished goods and merchandise4. Payments on account

II. Receivables and other assets1. Trade receivables2. Receivables from affiliated companies3. Receivables from enterprises

in which participations are held4. Other assets

III. Cash-in-hand, bank balances

D. Prepaid expenses

* TDM = in thousand DM

Notes

5

6

7

8

11

9

12-31-2000TDM*

583

5,674514825

7,013

299,59734,940

115,45917,42316,837

484,256

80028,9801,6001,747

46,8801,225

81,232572,501

4,724904610

06,238

82,970465

18,43452,404

154,27321,992

182,5031,308

756,895

Consolidated Balance Sheet, December 31, 2000

12-31-1999TDM

387

4,1280

1,4265,554

262,44638,19190,16513,43052,748

456,980

80027,8339,544

835

57,1661,227

97,405559,939

4,5862,912

1611

7,525

74,155186

23,69726,543

124,58111,797

143,903835

705,064




A. EquityI. Capital of BLG

– Aktiengesellschaft von 1877 – included1. Subscribed capital2. Revenue reserves

a) Legal reservesb) Other revenue reserves

3. Consolidated balance sheet profit

II. Shares of other shareholders1. Capital of BLG LOGISTICS GROUP AG & Co. KG

a) Limited partner’s capitalb) Capital reservesc) Revenue reservesd) Special loss accounts of companies includede) Balance sheet loss of consolidated limited

liability companies (GmbH)

2. Other third parties

B. Special items with an equity portion

C. Special items for financial allocations

D. Accruals1. Tax accruals2. Accruals for pensions and similar obligations3. Other accruals

E. Liabilities1. Liabilities to banks2. Trade payables3. Payments received on account of orders4. Payable to affiliated enterprises5. Payable to enterprises in which participations are held6. Other liabilities

F. Deferred income

*TDM = in thousand DM

Notes

111012

13

11

14

15

16

17

12-31-2000TDM*

19,200

1,756332

21,00542,293

100,000171,08833,431-4,642

-1,277298,600

1,352342,245

4,638

7,610

1,72810,07662,53174,335

217,14629,570

54334,50012,92331,342

326,0242,043

756,895

12-31-1999TDM

19,200

1,4491,5731,536

23,758

100,000170,97817,026-5,338

- 555282,111

8305,877

4,919

2,128

2,0126,359

58,88267,253

229,18427,7911,061

50030,89333,613

323,0421,844

705,064

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Consolidated Profit and Loss Account

DM 29,679,000



2000 1999

Notes TDM* TDM

1. Sales 19 596,608 514,9262. Own work capitalized 1 1213. Increase or decrease in finished goods inventories

and work in process -2,009 2,6174. Other operating income 20 39,760 32,9445. Cost of materials

a) Cost of raw materials, consumables and supplies -35,765 -35,356b) Cost of external personnel -40,102 -33,338c) Cost of other purchased services -68,228 -77,229

6. Personnel expenses 21a) Wages and salaries -246,741 -218,538b) Social security and other pension costs -48,484 -41,315

7. Depreciation on intangible fixed assets and tangible assets -45,850 -41,0038. Other operating expenses 22 -119,649 -90,4269. Income from participations in associated enterprises 4,459 4,589

10. Income from other participations 23 8,548 8,32011. Income from long-term loans 3,007 3,26712. Other interest and similar income 1,141 1,72513. Amortization of financial assets -1,003 -5014. Interest and similar expenses -14,944 -12,13315. Results from ordinary activities 30,749 19,121

16. Taxes on income 2,275 -1,57517. Other taxes -3,943 -3,30418. Net income for the year 29,081 14,242

19. Shares of other shareholders 598 -1

20. Consolidated result 29,679 14,241

Transition to consolidated result ofBremer Lagerhaus-Gesellschaft – Aktiengesellschaft von 1877 –

21. Accumulated losses brought forward from Group adjustments having an effect on the results -614 -320

22. Share of profit allotted to limited partner of the BLG LOGISTICS GROUP AG & Co. KGa) Amounts added to the revenue reserves -10,825 -4,637b) Remaining net income for the year -12,108 -7,043

23. Withdrawal from capital reserves 11 13,939 024. Withdrawal from other revenue reserves 12 1,241 025. Amounts added to other revenue reserves 12 -307 -705

26. Consolidated balance sheet profit 21,005 1,536


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Notes to consolidated financial statement

In addition to Bremer Lagerhaus-Gesellschaft– Aktiengesellschaft von 1877 – and BLGLOGISTICS GROUP AG & Co. KG, thecompanies described in the separate listing ofthe investment holdings are included or not included in the consolidated financial statement. The information on the respectiveannual result and equity as of December 31,2000 are omitted in this listing in accordancewith Section 313 (3) of the German Commer-cial Code.

The change in the entities to be consolidatedin business year 2000 is not significant so theprevious year’s figures were not conformed.

The companies not included in the con-solidated financial statement are of minor importance for showing a true and fair view of the net worth, financial position and resultsof the Group as a whole that reflects the actual conditions and circumstances.

1 Entities to be consolidated

The consolidated financial statement of December 31, 2000 was drawn up according to the provisions of Sections 290 ff. of theGerman Commercial Code.

The capital consolidation was carried out forthe full consolidation according to the bookvalue method by setting off the purchase costs against the underlying equity of the sub-sidiaries in accordance with Section 301 (1)no. 1 of the German Commercial Code. Thetime of the acquisition of the shares or thetime of first inclusion in the consolidated financial statement was chosen as the date forthe first consolidation in accordance withSection 301 (2) of the German CommercialCode. In one case there was a credit differenceof DM 110,000 which was set off against thecapital reserves.

The capital consolidation was carried out forthe pro rata consolidation according to thebook value method by setting off the purchasecosts against the underlying equity of the joint venture enterprises in accordance withSection 310 of the German CommercialCode. The time of first inclusion in the consolidated financial statement was chosenas the date for the first consolidation.

The carrying value of participations in asso-ciated enterprises that are included in the consolidated financial statement and treat-ment of the difference conformed withSections 311 and 312 of the German Commercial Code according to the equity method. The time of first inclusion was chosenas the date for the first consolidation. The shares were valued with their adjusted bookvalue in accordance with Section 312 (1) no. 1 of the German Commercial Code.

In the consolidation of liabilities the receivables and liabilities of the enterprises included were set off against each other.

The internal relationships between the consolidated enterprises are fully eliminatedwhile those of joint venture enterprises are eliminated on a pro rata basis. Intercompanyprofits from trade payables and receivables were of minor importance.

Accounting options (Section 300 (2) of theGerman Commercial Code) and valuation options (Section 308 (1) of the German Commercial Code) were not re-exercised inthe consolidated financial statement.

2 Consolidation policies



Foreign currency amounts are translated atdaily exchange rates at the time of the business transaction. If a lower exchange rateexists for receivables and a higher exchangerate for liabilities on the balance sheet date,revaluation is carried out at the exchange rate on the balance sheet date. The use ofexchange hedging measures was not necessary

because of the minor importance of theforeign transaction. The annual financial statements of the foreign affiliated companiesare translated at the exchange rate on the balance sheet date. Translation differences are offset against the consolidated revenue reserves without any effect on results.

3 Translation of foreign currency

Those assets and liabilities of the consolidatedenterprises within the framework of full consolidation which were included in theconsolidated financial statement in accor-dance with Section 300 (2) of the GermanCommercial Code have been disclosed in auniform manner according to the valuationmethods applicable for the annual financialstatement of the parent enterprise. The conso-lidated financial statement of EUROGATEGmbH & Co. KgaA, Bremen, which was included within the framework of pro rataconsolidation, has been included in the consolidated financial statement of BremerLagerhaus-Gesellschaft – Aktiengesellschaftvon 1877 – according to the accounting and valuation methods that are uniformly applicable at EUROGATE as the parent enterprise. These methods do not differ from those of Bremer Lagerhaus-Gesellschaft – Aktiengesellschaft von 1877. The accounting and valuation methods for

associated enterprises have not been conformed to the uniform accounting and valuation methods of the BLG Group.

The translation of balance sheets prepared on the basis of other currencies into Euro was carried out using official exchange rates.In the individual financial statements of theEUROGATE enterprises foreign currency receivables were valued at the mean exchangerate of the business transaction or at the lowermean exchange on the balance sheet date.Foreign currency liabilities were translatedusing the mean exchange rate of the businesstransaction or the higher mean exchange rateon the balance sheet date.

The financial statements of the BLG enter-prises are included in the consolidated financial statement on a uniform Group basisaccording to the accounting and valuationmethods explained below.

The annual and consolidated financial statements have been drawn up according to the accounting and valuation principles that apply to large companies in accordancewith commercial law as well as to the supplementary provisions of the Stock Corporation Law. The financial statements of the subsidiaries that already existed in the previous year as well as the financial statement of the parent enterprise were prepared in the same way as in the previousyear according to the following uniform principles. The profit and loss accounts wereprepared according to the total cost method.

To present the net worth, financial positionand results of the annual financial statementsand of the consolidated financial statement ina clear and complete manner, additional itemswere inserted in contrast to the classificationrequirements of Sections 266 (2) and 275 (2)of the German Commercial Code.

The intangible assets and the tangible assetsare valued as purchase costs minus systematiclinear depreciation in accordance with theuseful life in the course of customary companyoperations. Low value items in accordancewith Section 6 (2) of the Income Tax Act(EstG) are depreciated in full in the year ofthe addition.

4 Accounting and valuation methodsC

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5 Start-up and business expansion expenses

Explanations regarding the balance sheet

Expenses reported on the assets side for commencement of business operation of a subsidiary aswell as of a company included on a pro rate basis via the EUROGATE Group are disclosed inthis item. The expenses apply to the setting up of the organization, marketing and sales as wellas additional preparatory expenses.

6 Fixed assets

The classification of the asset items and their development in the period under report is shownin an analysis of fixed assets on pages 58 and 59.

7 Participations in associated enterprises

Valuation was carried out in accordance with Section 312 (1) no. 1 (4) of the GermanCommercial Code with the adjusted book value. The first consolidation resulted in a differenceon the assets side that can be attributed to hidden reserves in an associated company. The amount as of December 31, 2000 was DM 0.5 million.

The participations disclosed under financialassets are reported with the purchase costs or the contribution values. Permanent impair-ments in value are taken into account throughdepreciation at the lower applicable marketvalue.

The loans are disclosed at the nominal values.

Valuation of the inventories is carried out according to the principle of lowest value inaccordance with the provisions of Section 253of the German Commercial Code at purchasecosts or according to the lower applicablemarket values on the balance sheet date.

Receivables and other assets are reported inthe balance sheet at the nominal value. Default risks as well as general credit risks are taken into account through formation ofindividual and lump-sum allowances.

All perceptible risks and uncertain liabilitiesare contained in the other accruals. The liabilities are entered on the liabilities sidewith their repayment amounts.

8 Receivables and other assets

The receivables from affiliated enterprises and companies with which participations are held result from trade transactions and from current offsets.

Of the other assets, DM 18,842,000 (previous year: DM 7,105,000) have a remaining term ofmore than a year.

9 Prepaid expenses

The prepaid expenses contain a debt discount of DM 478,000.



10 Subscribed capital

The subscribed capital is divided into 3,840,000 shares without a nominal value. The shares arein the name of the company and the approval of the company is required for their transfer.

12 Revenue reserves

An amount of DM 307,000 was transferred to the legal reserves from the net income for theyear 2000 in accordance with Section 150 (2) AktG.

DM 1,241,000 were withdrawn from other revenue reserves for appropriation of net income.

Equity

Capital of Bremer Lagerhaus-Gesellschaft – Aktiengesellschaft von 1877 –

TDM

01-01-2000 0Transfer to capital reserves 13,939Withdrawal from capital reserves -13,93912-31-2000 0

11 Capital reserves

Transfer to the capital reserves results from the obligation of a portion of the shareholders tomake payments into the equity of the company. These amounts were initially transferred intocapital reserves in accordance with Sections 272 (2) no. 4, 266 (3) A II of the GermanCommercial Code. On December 31, 2000 these capital contributions were withdrawn from capital reserves for appropriation of net income. The obligations to make payments are disclosed in the "Other assets".

13 Minority interests

The capital allotted to the limited partner of BLG LOGISTICS GROUP AG & Co. KG is disclosed. The limited partnership capital and the capital reserves were provided through contributions in kind. The revenue reserves result from the retained profits and the annual net result for 2000.

Furthermore, the shares of other shareholders are disclosed in the subsidiaries included through full consolidation.

14 Special items with an equity portion

The special item with an equity portion was taken from the individual financial statement tothe amount resulting from the pro rata consolidation of the EUROGATE Group. It was set up

with gains from sales of land and buildings in accordance with Section 6b of the Income Tax Actand transferred to two gantry cranes. Release takes place according to the useful life. A pro rata amount of DM 281,000 (previous year: DM 281,000 ) is contained under "Other operatingincome" for the year 2000.

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A. Start-up and business expansion expenses

B. Fixed assetsI. Intangible assets

1. Concessions, industrial and 1. similar rights and assets2. Goodwill3. Payments on account

II. Tangible assets1. Land rights and buildings

on third party land2. Cargo handling equipment3. Technical equipment and

machines4. Other equipment, factory

and office equipment5. Payments on account and

assets under construction

III. Financial assets1. Shares in affiliated

enterprises2. Participations in associated

enterprises3. Loans to associated

enterprises4. Other participations5. Loans to enterprises in

which participations are held

6. Long-term investments


Purchase cost

01-01-2000 Change Additions Transfers, Retirements 12-31-2000in entities including

to be consolidationconsolidated entries

TDM* TDM TDM TDM TDM TDM

419 0 363 0 0 782

11,962 33 5,210 0 690 16,5150 0 558 0 0 558

1,426 0 1,514 0 2,115 82513,388 33 7,282 0 2,805 17,898

328,456 860 29,096 25,910 513 383,80983,834 0 1,434 917 33 86,152

105,962 1,110 14,904 21,365 441 142,900

31,370 667 8,073 2,886 3,187 39,809

52,748 0 15,406 -51,079 238 16,837602,370 2,637 68,913 -1 4,412 669,507

800 0 0 0 0 800

27,833 0 1,335 0 188 28,980

9,544 0 0 0 7,944 1,600931 0 1,112 -200 50 1,793

57,166 0 79 0 9,365 47,8801,228 0 0 0 0 1,228

97,502 0 2,526 -200 17,547 82,281713,260 2,670 78,721 -201 24,764 769,686

Development of the fixed assets



Depreciation

01-01-2000 Change Additions Transfers, Retirements 12-31-2000in entities including

to be consolidationconsolidated entries

TDM TDM TDM TDM TDM TDM

32 0 167 0 0 199

7,834 28 3,564 0 585 10,8410 0 44 0 0 440 0 0 0 0 0

7,834 28 3,608 0 585 10,885

66,010 183 18,757 -700 38 84,21245,643 0 5,602 0 33 51,212

15,797 110 11,085 701 252 27,441

17,940 284 6,631 -1 2,468 22,386

0 0 0 0 0 0145,390 577 42,075 0 2,791 185,251

0 0 0 0 0 0

0 0 0 0 0 0

0 0 0 0 0 096 0 0 0 50 46

0 0 1,000 0 0 1,0000 0 3 0 0 3

96 605 1,003 0 50 1,049153,320 605 46,686 0 3,426 197,185

Book values

12-31-2000 12-31-1999

TDM TDM

583 387

5,674 4,128514 0825 1,426

7,013 5,554

299,597 262,44634,940 38,191

115,459 90,165

17,423 13,430

16,837 52,748484,256 456,980

800 800

28,980 27,833

1,600 9,5441,747 835

46,880 57,1661,225 1,227

81,232 97,405572,501 559,939

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The special item for financial allocations was taken from the individual financial statement with the amount resulting from the pro rata consolidation of the EUROGATE Group. It wasgranted by the Eisenbahn Bundesamt (federal railway supervisory authority) for the West Railway Station at the EUROGATE Container Terminal in Hamburg. The special item is released accordingly over the useful life of the supported assets. For the year 2000 DM 308,000 (previous year: DM 0) are contained on a pro rata basis under the "Other operating income".

15 Special items for financial allocations

The other accruals are primarily accounted for by liabilities from the personnel department aswell as by third-party services not yet billed.

16 Accruals

The remaining terms of the liabilities are presented in the following summary (previous year’s figures in parentheses):

Of the other liabilities, DM 5,085,000 (previous year: DM 457,000) relate to liabilities fromtaxes and DM 5,834,000 (previous year: DM 6,293,000) to liabilities within the framework ofsocial security.

For the liabilities to banks buildings and operating equipment have been pledged and movableand immovable items of the fixed assets assigned by way of security. Furthermore, the right toenter into the land leases concluded in connection with the EUROGATE Container Terminalin Hamburg and the rights still to be agreed on regarding the already concluded or yet to beconcluded subtenancy agreements serve as security.

17 Liabilities

Total of that, with a remaining term ofamount up to more than one and more than

12-31-2000 one year up to five years five yearsTDM TDM TDM TDM

Liabilities to banks 217,146 45,837 147,882 23,427(229,184) (95,034) (73,701) (60,449)

Trade payables 29,570 29,074 283 213(27,790) (27,442) (58) (291)

Payments received on account of orders 543 543 0 0(1,061) (1,061) (0) (0)

Payable to affiliated enterprises 34,500 34,500 0 0(500) (500) (0) (0)

Payable to enterprises in which participations are held 12,923 12,923 0 0

(30,893) (30,893) (0) (0)

Other liabilities 31,342 20,666 10,671 6(33,928) (30,376) (3,153) (399)326,024 143,543 158,836 23,646

(323,356) (185,306) (76,912) (61,139)



TDM

Cargo handling income 355,502Container packing 7,163Freight forwarding services 58,076Rental/warehouse income 48,082Technical services and consulting 38,772Order picking 37,163Miscellaneous 51,850

596,608

18 Contingent liabilities and other financial liabilities

The BLG LOGISTICS GROUP AG & Co. KG makes financial contributions to BLG Unter-stützungskasse GmbH in Bremen. These are indirect pension burdens so disclosure of the pension liability in the balance sheet is optional with respect to Art. 28 (1) sentence 2 of theEGHGB (Introductory Law of the Commercial Code), an option that was exercised on the balance sheet date. The amount of the financial contributions is based on the port pay scale.The amount not accrued on the balance sheet date is DM 52.3 million according to a mathe-matical insurance expertise. Annual payments of DM 3.4 million are expected for the periodfrom 2001 to 2006.

The following financial liabilities exist:

19 Sales

The sales, which were nearly exclusively earned domestically, are broken down as follows:

20 Other operating income

The other operating income contains insurance compensation and other reimbursements of DM 5,038,000 (previous year: DM 5,066,000), rental income of DM 4,128,000 (previous year:DM 4,593,000), income from sales of fixed assets of DM 2,715,000 (previous year: DM 4,047,000), income from reduction or dissolution of accruals of DM 3,233,000 (previousyear: DM 2,238,000) and income from contractual penalties of DM 1,945,000 (previous year:DM 0).

Notes to the profit and loss account

TDM

Rental and leasing liabilities 710,254- of that, due in 2000 788,810- of that, due after 2005 495,860

Order liabilities 18,935Deferred tax payments 495.358Payment liabilities to enterprises in which participations are held 6,624

Liabilities from rental and heritable building right contracts with a basic term of up to 30 yearsare contained in the rental and leasing liabilities.

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The expenses for social security and other costs contain DM 4,863,000 (previous year: DM 3,753,000) for old age pensions.

21 Personnel expenses

This items includes interest on heritable building rights and rents of DM 48,392,000 (previousyear: DM 47,723,000), IT costs of DM 3,185,000 (previous year: DM 5,795,000), sales and marketing costs of DM 5,778,000 (previous year: DM 7,811,000), insurance expenses of DM 6,406,000 (previous year: DM 6,048,000) as well as other expenses of DM 50,403,000 (previous year: DM 16,695,000).

22 Other operating expenses

The income from other participations contains DM 7,171,000, income from the EUROGATEGroup that was not consolidated through consolidation. Of that, DM 7,000,000 are allotted tothe pro rata preliminary profit which is due to BLG LOGISTICS GROUP AG & Co. KG, Bremen, at EUROGATE GmbH & Co. KgaA, KG, Bremen, and by which the participation income of the shareholder exceeds the pro rata result of the EUROGATE Group, as it was in-cluded in the consolidated financial statement. The remaining amount is allotted to companiesnot included in the consolidated financial statement.

23 Income from other participations

The average number of employees in the Group – excluding members of the Board of Manage-ment and Managing Directors – was 1,744 blue-collar workers and 758 white-collar workers. In addition, 71 trainees were employed. On a pro rata basis, 1,175 employees are allocated toenterprises included through pro rata consolidation.

24 Employees

The make-up of the Supervisory Board of Directors, the Board of Management and the AdvisoryBoard can be found on page 4 ff.

Total remuneration of DM 192,000 was granted to the Board of Directors. The remuneration of theBoard of Management amounted to DM 2,790,000.

25 Supervisory Board, Board of Management and Advisory Board

The City of Bremen holds a majority holding of Bremer Lagerhaus-Gesellschaft –Aktiengesellschaft von 1877.

26 Participations according to Section 20 AktG

Other disclosures

27 Segment reporting 2000

Reporting according to segments for the year 2000 is provided on page 21.



30 Statement of cash flows

The statement of cash flows is provided on page 44.

Bremen, May 10, 2001

BREMER LAGERHAUS-GESELLSCHAFT– Aktiengesellschaft von 1877 –

Aden Kuhr Schiffer Wohlleben

In the segment reporting the business activities of the BLG Group are allocated to the Logisticsand Container Divisions according to the Group structure. Entire enterprises are allocated tothe divisions here. Segmenting follows internal control and reporting.

All operative enterprises that offer cargo handling, warehousing, distribution and processing ser-vices were combined in the Logistics Division. The major companies are BLG AUTOMOBILELOGISTICS GmbH & Co. and BLG INTERNATIONAL LOGISTICS GmbH & Co. The disclosures for joint venture enterprise EUROGATE GmbH & Co. KgaA, KG, which is included in the consolidated financial statement on a pro rata consolidation basis, are reportedwith the values from its consolidated financial statement in the Container Division.

Since Bremer Lagerhaus-Gesellschaft – Aktiengesellschaft von 1877 – and the BLGLOGISTICS GROUP AG & Co. KG as the holding company of the BLG Group do not carryout any business activities themselves, they were shown with additional business units of generally minor importance that were not allocated to the individual divisions and together with the consolidation of relations between the segments as a separate report unit"Services/Consolidation”. Certain costs of the holding company were allocated to the two other segments appropriately.

29 Notes on the segment data

As a matter of principle, the sales between the segments are earned at terms customary in themarket on the basis of business conducted with external third parties. The depreciation is basedon the segment fixed assets. There are no segment assets that are not necessary for companyoperation. The segment liabilities encompass the short-term liabilities necessary for financingand accruals excluding interest-bearing loans. The investments are additions of tangible assets aswell as intangible assets. The interest-bearing assets and funds, like the interest-bearing andnon-interest-bearing liabilities, are employed to achieve the financial results and to finance thebusiness activities and investments.

The assets and liability items can all be allocated to Germany, with one minor exception. Theexception involves an item allocated to Italy.

28 Notes on the segments

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Audit opinion

"We have audited the consolidated financialstatement and the group management reportprepared by Bremer Lagerhaus-Gesellschaft – Aktiengesellschaft von 1877 – for the business year from January 1 to December 31,2000. Preparation of the consolidated finan-cial statement and group management group according to the provisions of German commercial law is the responsibility of thelegal representatives of the company. Our responsibility is to submit an assessment of the consolidated financial statement and thegroup management report on the basis of the audit conducted by us.

We conducted our audit of the consolidatedfinancial statement in accordance with Section 317 of the German Commercial Codein compliance with the generally acceptedGerman accounting principles as specified bythe Institute of Auditors (IDW). According to these principles, the audit shall be plannedand conducted such that inaccuracies and violations that have a significant impact onthe presentation of a true and fair view of thenet worth, financial position and results, based on the consolidated financial statementin compliance with generally accepted accoun-ting principles and on the group managementreport, are detected with adequate reliability.The knowledge regarding the business activi-ties and the economic and legal environmentof the company as well as the expectations

of possible errors are taken into account in the specification of the auditing procedures. Within the framework of the audit the effectiveness of the accounting-related internal control system as well as verificationof the disclosures in the consolidated financial statement and the group management reportare assessed predominantly on the basis of sample audits. The audit comprises an evaluation of the annual financial statementsof the enterprises included in the consolidatedfinancial statement, of the definition of theentities to be consolidated, of the accountingand consolidation principles applied and of the key assessments of the legal representa-tives as well as an assessment of the generalpresentation of the consolidated financial statement and the group management report. We are of the opinion that our auditconstitutes an adequately reliable basis for ourassessment.

Our audit did not result in any objections.

It is our conviction that the consolidated financial statement presents a true and fairview of the net worth, financial position andresults of the Group in compliance with generally accepted accounting principles. The group management report generally provides an accurate picture of the situation of the Group and accurately describes the risks of future development."

Bremen, May 10, 2001 FIDES TreuhandgesellschaftReifenrath & Co.WirtschaftsprüfungsgesellschaftSteuerberatungsgesellschaft

Bitter Dr. GottwaldAuditor Auditor




66 BLG AG Annual Financial Statement

Bremer Lagerhaus-Gesellschaft –Aktiengesellschaft von 1877–

Annual Financial Statement 2000


67BLG AG Annual Financial Statement

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Organizational integration

Bremer Lagerhaus-Gesellschaft – Aktien-gesellschaft von 1877 – (BLG) AG has takenover management of the BLG LOGISTICSGROUP AG & Co. KG (BLG LOGISTICSGROUP) as general partner for the BLG Group.

BLG AG does not hold an interest in theshare capital of the BLG LOGISTICSGROUP. All limited partnership capital of the BLG LOGISTICS GROUP is held by the City of Bremen and is disclosed in ourconsolidated financial statement as "Minorityinterests".

The BLG LOGISTICS GROUP acts as amanagement holding company for the operative BLG enterprises that carry out thecore activities Automobile and AutomotiveLogistics, Project Business and Services. Furthermore, the BLG LOGISTICS GROUPholds 50 percent of the partnership shares inthe significant joint venture enterpriseEUROGATE – Europe’s largest container terminal operator – and has further strategicholdings in other logistics service sectors.

For business year 2000 a report on the relations to affiliated companies was preparedby the Board of Management of BLG AG.The final statement of the Board of Manage-ment is as follows:"We declare that our enterprise and the BLGGroup as a whole received an appropriateconsideration in each legal transactionaccording to the circumstances of which wewere aware at the time the legal transactionswere conducted.

In the year under report action was neithertaken nor forborne at the instigation or in theinterest of the City of Bremen or enterprisesaffiliated with it."

The auditing firm commissioned by the share-holders’ meeting audited and confirmed theaccuracy of the report.

Balance sheet structure

BLG AG sold all assets and liabilities thatwere procured and managed or received forthe account of the City of Bremen to the BLG LOGISTICS GROUP, effective as ofJanuary 1, 1998, in accordance with theobject of the company and its corporate function. The resulting receivable is reportedin the balance sheet as a loan to affiliatedcompanies with a five-year term.

The long-term bank loans that were enteredin this context by BLG AG in the past arebeing repaid on schedule. Funds released fromthe financing process were provided again tothe BLG LOGISTICS GROUP in the yearunder report for financing activities withinthe BLG Group as loans with a term of lessthan a year.

In the medium term this form of capitalinvestment is to be supplemented by commit-ments that are particularly suitable for furtherenhancing the current business portfolio ofthe BLG Group as a globally oriented logisticsprovider.

Corporate tax reform

The company has considerable corporate taxcredits from previous years. Changes in thetreatment of corporate tax credits at the company level and at the shareholder levelresult from the law on reduction of tax ratesand reform of corporate taxation of October23, 2000. To avoid future disadvantages due tothe altered legal situation at the shareholderlevel, BLG AG makes use of the opportunityto realize the corporate tax credits within the framework of a special distribution in onesum for its shareholders.

Management report for business year 2000



The essential basis for this transaction – as compared to the previous equity structureof our company with respect to Stock Corporation Law – consisted of the commit-ments of some of our shareholders to makecontributions to the company’s equity. The corresponding claims for payment vis-à-vis the shareholders concerned are thusreported in the company balance sheet ofDecember 31, 2000 under "Other assets".These amounts were initially transferred tothe capital reserves and withdrawn again within the framework of appropriation of netincome, combined with a correspondingly positive effect of tax refund.

Development of results

Bremer Lagerhaus-Gesellschaft – Aktien-gesellschaft von 1877 – is remunerated forassumption of the general partner function inthe BLG LOGISTICS GROUP and manage-ment of the BLG Group through a liabilitycompensation independent of the results and a working fee measured on the basis ofBLG LOGISTICS GROUP’s net income forthe year. In addition, all expenses directlyincurred by our company due to the manage-ment of the BLG LOGISTICS GROUP arereimbursed by the latter.

The dynamic growth of all enterprises managed by the BLG LOGISTICS GROUPhas continuously raised the remunerationlevel of business year 2000. An improvedfinancial result as compared to the previousyear additionally made a positive contributionto the results from ordinary activities, whichrose to DM 3.2 million.

8 percent dividend plus single specialdistribution of DM 5.07 per share

In the course of a result-oriented intensifi-cation and expansion of all logistics services,the BLG Group will be able to allow its shareholders to participate appropriately in its business success in the future as well. The basis for the distribution of profits is therespective annual financial statement of Bremer Lagerhaus-Gesellschaft – Aktien-gesellschaft von 1877.

In addition, one may assume that the networth of BLG AG will also ensure a balancedmeasure of internal financing in the future.

Keeping this in mind, we have taken thechange in the tax conditional framework as an opportunity for distributing not only thenet income for the year, but also the revenuereserves created in the previous years to ourshareholders.

The assessment of the reserve allocationremaining as of December 31, 2000 meets, onthe one hand, the requirements according to the Stock Corporation Law and is also suitable for increasing capital from companyfunds for the purpose of translating the subscribed capital to EUR 9,984,000.

The capital stock of BLG AG is divided into3,840,000 shares without nominal value.Translated into Euro, the arithmetical valuewill therefore be EUR 2.60 per share in future.

The Board of Management and the Board ofDirectors thus propose to the shareholders’meeting that the available balance sheet profit to an amount of DM 21,004,800 be used for distribution of a dividend of 8 per-cent, corresponding to DM 0.40 per share, as well as for the payment of a single specialdistribution of DM 5.07 per share into thecapital stock ranking for dividend.

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Expected development

The potential of the BLG Group as a whole isprimarily based on the core competence in thesector of worldwide logistics for AutomotiveLogistics, Consumer Goods and Business Electronics as well as its role as the marketleader in Europe for international containerand automotive transport.

A persistent trend in the world economytowards globalization and production that isnot tied to a specific location will further support this strategic market orientation ofour Group in the coming business year as wellthrough dynamic growth in world trade.


Thanks to stronger international presence indefined target markets, we will continue to be able to meet the resulting demands onefficient logistic organization and control ofthe movements of goods with customer-oriented expansion of our work processes atthe same time. To combine competencies andresources in the interest of our clients, weconsciously focus on cooperative forms ofenterprises with suitable partners.

The operative BLG companies will also con-tinue to develop the integration of customer-specific innovations into the existing spectrum of services in a target-oriented fashion in future and expand the logistics performance profile of the BLG LOGISTICSGROUP with comprehensive service packagesfor our business partners.

Bremen, April 19, 2001




Notes

3

5

6

7

12-31-2000TDM*

19,200

1,756332

21,00542,293

2255257

5,08122

1725,275

47,825

12-31-1999TDM

19,200

1,4491,573

1,53623,758

2136138

8,6480

2108,858

32,754


A. EquityI. Subscribed capital

II. Revenue reserves1. Legal reserves2. Other revenue reserves

III.Balance sheet profit

B. Accruals1. Tax accruals2. Other accruals

C. Liabilities1. Liabilities to banks2. Trade payables3. Other liabilities


Balance sheet, December 31, 2000

Assets

A. Fixed assetsI. Financial assets

Loans to affiliated enterprises

B. Current assetsI. Receivables and other assets

1. Receivables from affiliated enterprises2. Other assets

II. Bank balances

12-31-2000TDM*

13,05613,056

16,28517,80134,086

68334,76947,825

Notes

2

12-31-1999TDM

19,58419,584

12,16556

12,221

94913,17032,754

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BLG AG Profit and Loss Account



2000 1999

Notes TDM* TDM

1. Sales 9 1,611 1,611

2. Remuneration from BLG LOGISTICS GROUP AG & Co, KG 10 2,497 1,865

3. Other operating income 215 286

4. Other operating expenses 11 -2,665 -2,535

5. Income from long-term loans 12 1,077 1,469

6. Other interest and similar income 13 785 479

7. Other interest and similar expenses -336 -521

8. Results from ordinary activities 3,184 2,654

9. Taxes on income (2000: refund) 14 2,948 -413

10. Net income for the year 6,132 2,241

11. Withdrawals from capital reserves 4 13,939 0

12. Withdrawals from revenue reserves 5 1,241 0

13. Amounts added to revenue reserves 5a) Amounts added to legal reserves -307 -112b) Amounts added to other reserves 0 -593

14. Balance sheet profit 21,005 1,536


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Purchase costs Depreciation

01-01-2000 Retirements 12-13-2000 01-01-2000 Retirements 12-31-2000TDM TDM TDM TDM TDM TDM

19,584 6,528 13,056 0 0 0

46 46 0 46 46 019,630 6,574 13,056 46 46 0

I. Financial assets1. Loans to

affiliated enterprises

2. Participations

Book values

12-31-2000 12-31-1999 TDM TDM

13.056 19.584

0 013.056 19.584

I. Financial assets1. Loans to

affiliated enterprises

2. Participations


The annual financial statement was prepared in accordance with the provisions of the Commercial Code and the Stock Corporation Law.

Valuation of the participations was carried out up to their sale at purchase cost or at the lowerapplicable value. The other financial assets are reported at their nominal values.

The receivables and other assets are reported at their nominal values. Write-downs were not necessary.

The accruals take into account all perceptible risks and uncertain commitments to anappropriate extent.

The liabilities are accrued with the repayment amounts.

Notes to the Financial Statements

1 Accounting and valuation principles

Notes on the balance sheet

2 Fixed assets

The development of the fixed assets is presented below:



7 Liabilities

The following liabilities existed with a term of up to one year:

Liabilities to banks

Trade payables

Other liabilities

12-31-2000 12-31-1999TDM TDM

2,081 3,648

22 0

172 2102,275 3,858

3 Subscribed capital

5 Revenue reserves

6 Accruals

The subscribed capital on December 31, 2000 was DM 19,200,000. It is divided into 3,840,000shares.

Transfer of the shares requires the approval of the company in accordance with Section 5 of theby-laws.

An amount of DM 307,000 was transferred to the legal reserves from the net income for theyear 2000 in accordance with Section 150 (2) AktG.

DM 1,241,000 were withdrawn from other revenue reserves.

The other accruals primarily involve the costs for publication of the annual financial statement.

TDM

01-01-2000 0Transfer to the capital reserves 13,939Withdrawal from the capital reserves -13,93912-31-2000 0

4 Capital reserves

Transfer to the capital reserves results from the obligation of a portion of the shareholders tomake contributions to the equity of the company. These amounts were initially transferred into capital reserves in accordance with Sections 272 (2) no. 4, 266 (3) A II of the GermanCommercial Code. On December 31, 2000 these capital contributions were withdrawn from capital reserves for appropriation of net income. The obligations to make payments are contained in the "Other assets".

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The company is the general partner of the BLG LOGISTICS GROUP AG & Co. KG (formerlyBLG Bremer Lagerhaus-Gesellschaft AG & Co.), Bremen. A capital share does not have to be paid in. A risk of being subject to claims based on personal liability as general partner is not perceptible.

These relate to leasing rate charges passed on.

This item contains the liability remuneration and the remuneration for work as general partner ofthis company.

This item includes leasing rates to an amount of DM 1,611,000 and payments to the Board of Directors of DM 192,000.

As in the previous year, this is exclusively income from affiliated enterprises.

8 Contingent liabilities

9 Sales

10 Remuneration of BLG LOGISTICS GROUP AG & Co. KG

11 Other operating expenses

12 Income from long-term loans

Of the interest income, DM 751,000 (previous year: DM 439,000) stems from affiliated enterprises.

13 Other interest and similar income

The refunds of business year 2000 are based on the planned distribution of profits.

14 Taxes on income (2000: refund)

These are commitments from a leasing contract for two gantry cranes with a ten-year term.

15 Other financial commitments

TDM

Leasing commitment (total) 20,519- of that, due within one year 1,611- of that, due after more than five years 12,466



The make-up of the Board of Directors and the Board of Management can be seen on page 4 ff.

Memberships in other bodies in accordance with Section 125 (1) sentence 3 AktG:

16 Offices

Vorstand

Detthold Aden• EUROGATE Geschäftsführungs-GmbH & Co.

KGaA, Bremen, Chairman• Mannesmann Dematic AG, Wetter• BI-LOG AG, Bamberg

Manfred Kuhr• EUROGATE Geschäftsführungs-GmbH & Co.

KGaA, Bremen• Columbus Cruise Center Bremerhaven GmbH,

Bremerhaven

Emanuel Schiffer • EUROGATE Container Terminal

Bremerhaven GmbH, Bremerhaven, Chairman

• EUROGATE Container Terminal Hamburg GmbH, Hamburg, Chairman

• CONTSHIP Italia S.p.A., Genua/Italien• Medcenter Container Terminal S.p.A.,

Gioia Tauro/Italien• CONTINGATE AG, Hamburg

Holger Wohlleben• EUROGATE Geschäftsführungs-GmbH & Co.

KGaA, Bremen• BLG Unterstützungskasse GmbH, Bremen,

Chairman

Axel Weber• GEWOBA Aktiengesellschaft Wohnen

und Bauen, Bremen• dvg Hannover Datenverarbeitungs-

gesellschaft mbH, Hannover• dvs Datenverarbeitungsgesellschaft

Sparkassenorganisation mbH, Berlin• swb AG, Bremen• EUROGATE Geschäftsführungs-GmbH & Co.

KGaA, Bremen

Josef Hattig• Deutsche Post AG, Bonn, Chairman• Bremer Landesbank Kreditanstalt

Oldenburg – Girozentrale –, Bremen• Flughafen Bremen GmbH, Bremen, Chairman• icon brand navigation group AG,

Nürnberg, Vorsitz

Rainer Müller• Stinnes AG, Mülheim/Ruhr

Hans Driemel• EUROGATE Geschäftsführungs-GmbH & Co.

KGaA, Bremen• EUROGATE Container Terminal Bremerhaven

GmbH, Bremerhaven

Ernst-Otto Krüger• EUROGATE Geschäftsführungs-GmbH & Co.

KGaA, Bremen• Städtische Sparkasse Bremerhaven,

Bremerhaven

Burghard Niederquell• Stadtwerke Bremerhaven AG (swb),

Bremerhaven

Jürgen Oltmann• Bremer Woll-Kämmerei AG, Bremen• neue leben Holding AG, Bremen,

Deputy Chairman• neue leben Lebensversicherung AG, Bremen,

Deputy Chairman• neue leben Unfallversicherung AG, Bremen,

Deputy Chairman

Hartmut Perschau• Bremer Landesbank Kreditanstalt

Oldenburg – Girozentrale –, Bremen• Bremer Versorgungs- und Verkehrsgesellschaft

mbH, Bremen• swb AG, Bremen

Jörg Schulz• Bremerhavener Versorgungs- und

Verkehrsgesellschaft mbH, Bremerhaven• Stadtwerke Bremerhaven AG (swb),

Bremerhaven • Städtische Sparkasse Bremerhaven,

Bremerhaven

Board of Directors

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The City of Bremen holds a majority interest in the company.

17 Participations in accordance with Section 20 AktG

The company as parent enterprise prepared a consolidated financial statement as of December 31,2000. The consolidated financial statement is available at the headquarters of the company.

Bremen, April 19, 2001


19 Consolidated financial statement

The Board of Directors and Board of Management propose to appropriate the balance sheet profitof DM 21,0005,000 for a dividend of 8 percent on the capital stock (DM 0.40 per share) and for asingle special distribution of DM 5.07 per share.

18 Appropriation of net income



"We have audited the annual financial state-ment and the management report prepared by Bremer Lagerhaus-Gesellschaft – Aktien-gesellschaft von 1877 – for the business yearfrom January 1 to December 31, 2000 in compliance with generally accepted accountingprinciples. Accounting and preparation of theannual financial statement and managementgroup according to the provisions of Germancommercial law and the supplementary rules in the by-laws are the responsibility of the legal representatives of the company. Our responsibility is to submit an assessment of the annual financial statement and the management report on the basis of the auditconducted by us in compliance with generallyaccepted accounting principles.

We conducted our audit of the consolidatedfinancial statement in accordance with Section 317 of the German Commercial Codein compliance with the generally acceptedGerman accounting principles as specified bythe Institute of Auditors (IDW). According tothese principles, the audit shall be planned and conducted such that inaccuracies and violations that have a significant impact onthe presentation of a true and fair view of thenet worth, financial position and results, based on the annual financial statement incompliance with generally accepted accountingprinciples and on the management report,

Audit opinion

are detected with adequate reliability. Theknowledge regarding the business activitiesand the economic and legal environment ofthe company as well as the expectations ofpossible errors are taken into account in the specification of the auditing procedures.Within the framework of the audit the effectiveness of the accounting-related internal control system as well as verificationof the disclosures in the accounting, annualfinancial statement and management reportare assessed predominantly on the basis of sample audits. The audit comprises an evaluation of the accounting principlesapplied and of the key assessments of the legalrepresentatives as well as an assessment of thegeneral presentation of the annual financialstatement and the management report. We are of the opinion that our audit constitutesan adequately reliable basis for our assessment.

Our audit did not result in any objections.

It is our conviction that the annual financialstatement presents a true and fair view of thenet worth, financial position and results of thecompany in compliance with generally accep-ted accounting principles. The managementreport generally provides an accurate pictureof the situation of the company and accuratelydescribes the risks of future development."

Bremen, April 19, 2001 FIDES TreuhandgesellschaftReifenrath & Co.WirtschaftsprüfungsgesellschaftSteuerberatungsgesellschaft

Bitter Dr. GottwaldAuditor Auditor

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Participations

List of shareholdings of the Bremer Lagerhaus-Gesellschaft – Aktiengesellschaft von 1877 – Group, Bremen

Calculated share of capital

%Companies included through full consolidationBLG LOGISTICS GROUP AG & Co. KG, Bremen 0.0BLG Automobile Logistics GmbH & Co., Bremerhaven 100.0BLG Data Services GmbH & Co., Bremen 100.0BLG Forest Logistics GmbH & Co., Bremen 100.0BLG International Logistics GmbH & Co., Bremen 100.0BLG Project Logistics GmbH & Co., Bremen 100.0BLG CONSULT GmbH, Bremen 100.0BLG Coldstore Logistics GmbH, Bremerhaven 100.0BLG East European Logistics GmbH, Bremen 100.0BLG East European Logistics OOO, Moskau/Russland 100.0Loon Logistics Offer and Order.net GmbH & Co. KG, Berne 90.0BLG Automobile Logistics Italia S.r.l., Gioia Tauro/Italien 51.0

Companies included through pro rata consolidationDirect participationEUROGATE GmbH & Co. KGaA, KG, Bremen 50.0ELS-European Logistic Services GmbH, Bremen 50.0BLG LESCHACO Logistics GmbH, Bremen 50.0

Indirect participationsEUROGATE Container Terminal Bremerhaven GmbH,Bremerhaven 50.0

EUROGATE Container Terminal Hamburg GmbH, Hamburg 50.0SWOP Seaworthy Packing GmbH, Hamburg 50.0EUROGATE Technical Services GmbH, Bremerhaven 50.0EUROGATE Intermodal GmbH, Hamburg 50.0SCL Service-Centrum Logistik Bremerhaven GmbH, Bremerhaven 50.0ReMain "Repair and Maintenance of Containers" Container-Reparatur-Gesellschaft mbH, Hamburg 50.0

EUROKAI City Terminal GmbH, Hamburg 50.0EUROCARGO Container Freight Station and Warehouse GmbH,Hamburg 50.0

PEUTE Speditions GmbH, Hamburg 50.0EUROGATE International GmbH, Hamburg 50.0EUROGATE Landterminal GmbH, Hamburg 50.0PCO Stauereibetrieb Paetz & Co. Nfl. GmbH, Hamburg 50.0EUROGATE Port Systems GmbH, Hamburg 50.0OCEANGATE Distributions GmbH, Hamburg 50.0Depot 2000 Ziera & Co. GmbH, Bremen 50.0EUROGATE Italia S.r.l., Genua/Italien 50.0EUROGATE Italia Holding GmbH, Hamburg 50.0EUROKAI International Rotterdam B.V., Rotterdam/Niederlande 50.0CONTSHIP Europe B.V., Rotterdam/Niederlande 50.0

80 Participations


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%Companies included indirectly through pro rata consolidationNorth Sea Terminal Bremerhaven GmbH & Co., Bremerhaven 25.0

Indirect associated participations (equity method)CONTSHIP Italia S.p.A., Genua/Italien 16.7La Spezia Container Terminal S.p.A., La Spezia/Italien 10.0Medcenter Container Terminal S.p.A., Gioia Tauro/Italien 15.0Sogemar S.p.A., Milano/Italien 16.7Medexpress Italia S.r.l., Genua/Italien 16.7

Indirect participations excludedDCP Dettmer Container Packing GmbH & Co. KG, Bremen 25.0DCP Dettmer Container Packing GmbH, Bremen 25.0North Sea Terminal Bremerhaven Verwaltungs-GmbH, Bremerhaven 25.0Harp International Ltd., Monrovia/Liberia 16.7OCEANGATE Italia S.r.l., Genua/Italien 16.7Trimodal Logistik GmbH, Bremen 13.0NTT 2000 Neutral Triangle Train GmbH, Bremen 13.0DHU Gesellschaft Datenverarbeitung Hamburger Umschlagbetriebe mbH, Hamburg 12.5PHH Personaldienstleistung Hafen Hamburg GmbH, Hamburg 1.3WienCont Container Terminal Gesellschaft m.b.H., Wien/Österreich 0.8EUROBOSS Lagerei- und Umschlags GmbH, Hamburg 5.0EUROGATE Beteiligungsgesellschaft mbH, Hamburg 2.0EUROGATE Beteiligungsgesellschaft mbH & Co. KG, Hamburg 1.4LISCONT Operadores de Contentores S.A., Lissabon/Portugal 8.2Container Terminal Dortmund GmbH, Dortmund 5.3

Companies consolidated through equity methodDIALOG Distribution and Automobile Logistics GmbH, Bielefeld 50.0Stedinger Logistics Services GmbH, Berne 40.0ZLB Zentrallager Bremen GmbH & Co. KG, Bremen 33.3

Excluded companiesBLG Automobile Logistics Beteiligungsgesellschaft mbH, Bremerhaven 100.0BLG Data Services Beteiligungsgesellschaft mbH, Bremen 100.0BLG Forest Logistics Beteiligungsgesellschaft mbH, Bremen 100,0BLG International Logistics Beteiligungsgesellschaft mbH, Bremen 100.0BLG Project Logistics Beteiligungsgesellschaft mbH, Bremen 100.0BLG Unterstützungskasse GmbH, Bremen 100.0SCL Service-Centrum Logistik Bremen GmbH, Bremen 100.0Loon Logistics Offer and Order.net Verwaltungs-GmbH, Berne 90.0EUROGATE Beteiligungs-GmbH, Bremen 50.0EUROGATE Geschäftsführungs-GmbH & Co. KGaA, Bremen 50.0Hansa Marine Logistics GmbH, Bremen 50.0Krangesellschaft Columbuspier mbH, Bremen 50.0dbh Datenbank Bremische Häfen GmbH, Bremen 35.7


82 Participations


%Excluded companiesAusbildungsverbund Bremerhaven gemeinnützige Gesellschaft,Bremerhaven 33.4

ZLB Zentrallager Bremen GmbH, Bremen 33.3Getreideverkehr Weser GmbH, Bremen 33.3PORTCO (Bremerhaven) GmbH, Bremerhaven 25.0Columbus Cruise Center Bremerhaven GmbH, Bremerhaven 13.0Euro-Terminal Bremerhaven GmbH, Bremerhaven 12.5ALS Auto-Logistic-Service, S.A., Vitoria/Spanien 24.5


Documents

Bremer Lagerhaus-Gesellschaft –Aktiengesellschaft von 1877–