Annual Report 2014

Combined Management Report

This Management Report has been prepared in accordance with the principles of the German Accounting Standard DRS 20. DRS 20 covers the submission of management reports by German publicly traded parent companies which are obliged under Section 315a of the German Commercial Code to prepare a Group Management Report pursuant to Section 315. This year, the technotrans Group Management Report was for the first time combined with the Management Report of technotrans AG pursuant to Section 315 (3) of the German Commercial Code in conjunction with Section 298 (3) of the German Commercial Code. The Management Report is therefore hereinafter referred to as the Combined Management Report. The annual financial statements of technotrans AG, which are prepared in accordance with the requirements of the German Commercial Code, and the Combined Management Report are published simultaneously in the Federal Official Gazette. Unless otherwise indicated, the information provided below applies jointly to the technotrans Group and to technotrans AG. Sections which contain information only on technotrans AG are identified as such.