FinLab : Annual Report as at December 31, 2020

March 22, 2021 at 05:17 pm EDT

Annual Financial Report as at December 31, 2020

CONTENT

FinLab AG
Annual Financial Report
December 31, 2020
REPORT FROM THE SUPERVISORY BOARD	04
ANNUAL FINANCIAL REPORT (IFRS)	07
Balance Sheet	08
Income Statement	10
Statement of Cash ﬂows	11
Statement of Changes in Equity	12
Notes to the Annual Financial Statement (IFRS)	14
Changes in ﬁxed assets	44
AUDITOR'S REPORT (IFRS)	46

Page 2

CONTENT

FinLab AG
Annual Financial Report
December 31, 2020
ANNUAL FINANCIAL STATEMENT (HGB)	48
Income Statement	49
Balance Sheet	50
Notes to the Annual Financial Statement (HGB)	52
Changes in ﬁxed assets	57
AUDITOR'S REPORT (HGB)	58
CONTACT	60

Page 3

REPORT FROM THE SUPERVISORY BOARD

Dear Shareholders,

is is a report of the Supervisory Board pertaining to the performance of its duties and the focus of its activities in the 2020 ﬁscal year.

COLLABORATION BETWEEN THE BOARD OF MANAGEMENT AND THE SUPERVISORY BOARD

e Supervisory Board advised the Company's Board of Management on a regular basis during the year under re-view and constantly supervised its management activities. e members of the Supervisory Board kept in regular contact with the members of the Board of Management, informed themselves about business developments and key events, and consulted with the members of the Board of Management.

e Chairman of the Supervisory Board discussed signiﬁcant matters with the other members of the Supervisory Board and included them in the ongoing work of the Supervisory Board.

e Board of Management submitted timely, comprehensive reports to the Supervisory Board on a regular basis both in writing and orally on all important aspects of corporate planning and strategic and ongoing business perfor-mance. We always had ample opportunity to critically examine the reports, motions and proposed resolutions of the Board of Management in the plenum of the Supervisory Board and to make suggestions.

All matters requiring approval were submitted by the Board of Management to the Supervisory Board in good time. Approvals were granted aﬅer carrying out a thorough inspection of the documents and, if applicable, additional explanations by the Board of Management.

e opinion-forming and decision-making processes of the Board of Management and Supervisory Board were consensual, swiﬅ and eﬀective, and in all cases based on proper information.

SUPERVISORY BOARD MEETINGS

e Supervisory Board of FinLab AG held four ordinary meetings in the ﬁnancial year 2020, which were held as telephone or video conferences due to the Corona crisis.

e reports of the Board of Management on the situation of the company, the economic environment, the develop-ment of sales and costs, as well as signiﬁcant business events, transactions and participations were discussed at the meetings of the Supervisory Board.

In particular, the Supervisory Board dealt with the following topics:

MEETING OF MARCH 31, 2020

At the balance sheet meeting on March 31, 2020, the audited and certiﬁed annual ﬁnancial statements for the 2019 ﬁnancial year and the report of the Supervisory Board to the Annual General Meeting for the 2019 ﬁnancial year were approved aﬅer detailed examination and discussion with the auditors. Furthermore, the current business development was discussed, a date for the (virtual) Annual General Meeting 2020 was set and the holding of the Annual General Meeting in virtual form was approved.

MEETING OF JUNE 10, 2020

e following Supervisory Board meeting was held on June 10, 2020, following the ordinary virtual Annual Ge-neral Meeting. e subject of the Supervisory Board meeting was the report of the Executive Board on the current course of business and a review of the organization and progress of the Annual General Meeting that had just ended. No resolutions were adopted at this meeting.

MEETING OF NOVEMBER 09, 2020

At the meeting on November 09, 2020, the Executive Board provided an overview of the development of the investment portfolio and the ﬁnancial position and performance of the Company. In addition, potential new investments and follow-up ﬁnancing were discussed.

MEETING OF DECEMBER 15, 2020

At this meeting, the annual planning for 2021 was discussed and approved. Any new investments were also discus-sed and the management reported on the current development of the company and its investments.

AUDIT OF ANNUAL AND CONSOLIDATED FINANCIAL STATEMENTS

e annual ﬁnancial statements of FinLab AG for the 2020 ﬁscal year prepared by the Board of Management in Feb-ruary 2021 were audited by the auditing ﬁrm i Treuhand GmbH, Grünwald.

Preparation of a consolidated annual ﬁnancial report of FinLab was waived in accordance with Section 293 Para. 1 German Commercial Code (HGB).

e auditor issued an unqualiﬁed audit opinion on the annual ﬁnancial statements of FinLab AG.

e ﬁnancial statement documents and the audit report of the auditor were presented to the Supervisory Board. ey were thoroughly examined by the Supervisory Board at the meeting convened to review the accounts and discussed in the presence of the auditor, who reported on the results of his audit. At this meeting, detailed reports were also submitted by the auditor on the scope, focus and costs of the audit. e Supervisory Board conﬁrmed the correctness of the audit and the audit report.

e Supervisory Board agreed with the auditor's ﬁndings and, in the course of its own- within the scope of the usual - review, determined that no objections were to be raised. ey approved the annual ﬁnancial statement of FinLab AG for ﬁscal year 2020, which was prepared by the Board of Management. us, the annual ﬁnancial statements of FinLab AG were established in accordance with Section 172 of the German Stock Corporation Act (AktG).

AUDIT OF THE REPORT OF THE BOARD OF MANAGEMENT ON RELATIONSHIPS WITH AFFILIATED COMPANIES

e Report on Relationships with Aﬃliated Companies (Dependent Company Report) drawn up by the Board of Management pursuant to Section 312 of the German Stock Corporation Act (AktG) for the 2020 ﬁscal year was sub-mitted to the Supervisory Board together with the audit report prepared by the auditor.

e auditor audited the dependency report and issued the following unqualiﬁed audit opinion pursuant to Section 313 of the German Stock Corporation Act (AktG):

"Based on the result of our audit, objections within the meaning of sect. 313 Para. 4 of AktG cannot be raised against the report of the Board of Management regarding relationships with aﬃliated companies. We there-fore submit the following unqualiﬁed audit opinion as per sect. 313 Para. 3 of AktG with respect to the report of the Board of Management regarding relationships with aﬃliated companies of FinLab for ﬁscal year 2020."

Within the typical scope, the Supervisory Board examined the Dependency Report prepared by the Board of Ma-nagement and the audit report prepared by the auditor. e Supervisory Board came to the conclusion that the audit report - as well as the audit conducted by the auditor himself - complied with the legal requirements. In particular, the Supervisory Board examined the Dependency Report for completeness and accuracy and also determined that

the group of aﬃliated companies had been properly identiﬁed and that the necessary precautions had been taken to record the reportable transactions and measures. No objections to the Dependency Report became apparent in this review. Aﬅer the ﬁnal results of its review, the Supervisory Board raised no objections to the ﬁnal declaration by the Board of Management and approved the result of the audit by the auditor.

MEMBERS OF THE SUPERVISORY BOARD

• Axel-Günter Benkner, Chairman of the Supervisory Board
• Dr. Friedrich Schmitz, Deputy Chairman of the Supervisory Board
• Stefan Müller

THANKS

e Supervisory Board wants to sincerely thank all employees of FinLab AG for their work and performance in the previous ﬁscal year.

Frankfurt am Main, in March 2021

For the Supervisory Board

Axel Benkner

(Chairman of the Supervisory Board)

ANNUAL FINANCIAL STATEMENTS (IFRS) OF FINLAB AG

AS AT DECEMBER 31, 2020

BALANCE SHEET AS AT DECEMBER 31, 2020 ASSETS

A. Non-current assets
- I. Intangible assets
- II. Property, plant and equipment
- III. Financial assets
B. Current assets

I. SecuritiesII.

Trade receivables

III.

Receivables from companies with an ownerhip structure

IV.

Receivables from aﬃliated companies Other assets

VI.

VII.

Income tax receivables Bank balances

Notes

5,1 5,1 5,2

5,4 5,5 5,5 5,5 5,5 5,5 5,6

12/31/2020

in thousand EUR

12/31/2019

15 8

472 672

163,327 134,513

163,814 135,193

86 79

11 4

75 103

1,762 2,841

764 129

466 685

6,147 6,753

9,311 10,593

173,125

145,786

BALANCE SHEET AS AT DECEMBER 31, 2020 LIABILITIES

A. Equity
- I.Subscribed capital
II.
III.
IV.
Capital reserveRetained earningsRevaluation reserve
B. Non-current liabilities I.
II.
III.
Long-term provisionsOther liabilitiesDeferred tax liabilities
C. Current liabilities
- I.Tax provisions
II.
III.
Other provisionsTrade payables
IV.

Other liabilitiesNotes

5.7 5.7 5.7 5.7

5.8 5.9 5.3

5.8 5.8

5.9

12/31/2020

in thousand EUR

12/31/2019

5,323 5.323

48,057 48,057

86,592 80,497

28,646 8.893

168,618

142,771

62 62

433 701

1,808 1,355

2,303 2,118

2 134

1,356 690

40 43

806 29

2,203 897

173,125

145,786

INCOME STATEMENT
JANUARY 1 TO DECEMBER 31, 2020
in thousand EUR
Notes	2020	2019
Sales revenues	4.1	1,542	1,443
Income from investments	4.2	2,001	2,678
Other operating income	4.3	601	499
Total income	4,144	4,620
Personnel expenses	4.4	-2,204	-892
Non-personnel expenses	4.5	-1,686	-1,542
Operating income (EBIT)	254	2,186
Financial income	4.6	6,023	38,082
Earnings before taxes (EBT)	6,278	40,268
Taxes on income	4.7	-183	-744
Net result for the period	6,095	39,525
Number of shares issued	5,323,170	5,244,921
Dilution eﬀect arising from share options	6.11	145,138	147,625
Number of shares issued (diluted)	5,468,308	5,392,546
Basic earnings per share in EUR	1.14	7.54
Diluted earnings per share in EUR	1.11	7.33
Notes	2020	2019
Net result for the period	6,095	39,525
Changes to the revaluation reserve	5.7	19,753	-2,889
Overall result	25,848	36,636

STATEMENT OF CASH FLOWS

JANUARY 1 TO DECEMBER 31, 2020
in thousand EUR
Notes	2020	2019
Net result for the period	6,095	39,525
Income from the sale of securities and ﬁnancial assets	4.	-260	-318
Retirement of securities and ﬁnancial assets	4.	203	149
Write-ups of securities and ﬁnancial assets	4.	-8,396	-45,538
Write-downs of securities and ﬁnancial assets	4.	2,532	7,738
Depreciation of property, plant and equipment and intangible assets	4.	228	229
Increase/decrease in provisions	5.	533	233
Other cash income and expenses	4.	134	39
Increase/decrease in receivables and other assets	5.	689	-873
Increase/decrease in payables and other liabilities	5.	505	232
Cash ﬂow from operating activities	2,264	1,415
Proceeds from property, plant and equipment and intangible assets	-36	-416
Proceeds from loans of non-current assets	556	0
Payments for loans of non-current assets	-822	-1,400
Payments for investments in ﬁnancial assets	-2,517	-6,730
Proceeds from devestments in securities held as current assets	152	320
Cash ﬂow from investing activities	-2,667	-8,226
Payments for leases	-202	-202
Cost of the capital increase	-1	-4
Payments from capital increases	0	407
Cash ﬂow from ﬁnancing activities	5.	-203	201
Net change in cash and cash equivalents	-605	-6,609
Cash and cash equivalents at beginning of period	6,753	13,362
Cash and cash equivalents at end of period	5.	6,147	6,753

FinLab AG

Annual Financial Report

December 31, 2020

STATEMENT OF CHANGES IN EQUITY

JANUARY 1 TO DECEMBER 31, 2020

in thousand EUR

As at 01/01/2020

Subscribed capital

Capital reserve

Retained earnings

Revaluation reserve

Total equity

5,323

48,057

80,497

8,893

142,771

Changes without eﬀect on the P&L from revaluation reserves

19,753

Net result for the period

6,095

Overall result

6,095

19,753

25,848

As at 12/31/2020

5,323

48,057

86,592

28,646

168,618

Notes

5.7

STATEMENT OF CHANGES IN EQUITY

As at 01/01/2019

FinLab AG
Annual Financial Report
December 31, 2020
JANUARY 1 TO DECEMBER 31, 2019
Capital reserve	Retained earnings	Revaluation reserve	Total equity
in thousand EUR
48,274	40,973	11,782	106,268
-	-	-2,889	-2,889
-	39,525	-	39,525
-	39,525	-2,889	36,636
318	-	-	402
-535	-	-	-535
48,057	80,497	8,893	142,771
5,7	5,7	5,7	5,7

Changes without eﬀect on the P&L from revaluation reservesNet result for the periodOverall resultCapital increaseShare option programAs at 12/31/2019

Subscribed capital

5,239

-5,323

Notes

5,7

NOTES TO THE ANNUAL FINANCIAL STATEMENT (IFRS)

1. INFORMATION ABOUT THE COMPANY

FinLab AG (hereinaﬅer referred to as "FinLab" or the "Company") in based in Germany, with its oﬃce located at Grüneburgweg 18. 60322 Frankfurt am Main.

FinLab is registered in the commercial register of the local court of Frankfurt am Main under HRB 58865.

e statutory business purpose of FinLab is the acquisition, long-term holding, management and promotion of majority interests in companies as well as the acquisition, holding, management and promotion of minority inte-rests, in particular in German and foreign companies in the ﬁnancial services and media industries, as well as the provision of management, consultancy and other services, in particular for the investments entered into, unless special statutory permissions are required for this purpose.

FinLab is listed on the Open Market of the Frankfurt Stock Exchange and included in the "Scale" segment.

2. BASIC PRINCIPLES

e ﬁnancial statements have been prepared in accordance with IAS 27, taking into account all published stan-dards and interpretations adopted in the context of the EU endorsement procedure that were mandatory for the 2020 ﬁscal year. e option for early adoption of new standards has not been exercised.

FinLab AG is not legally required to prepare IFRS ﬁnancial statements. e preparation and publication of the IFRS separate ﬁnancial statements should give readers the opportunity to better assess the value of the company.

e annual ﬁnancial statements are based on the principle of going concern.

e annual ﬁnancial statements are presented in Euros (EUR), the functional currency of the Company.

Unless indicated otherwise, all amounts are rounded to thousands of Euros (T-EUR). Due to being shown in this way, rounding diﬀerences may result.

e ﬁscal year of the Company corresponds to the calendar year.

e ﬁnancial statements include the statement of ﬁnancial position, the statement of comprehensive income (con-sisting of the income statement and statement of other comprehensive income), the statement of changes in equi-ty, the statement of cash ﬂows and the notes. e income statement is prepared in accordance with the total cost method.

e following standards, amendments to standards and interpretations were mandatory on or aﬅer January 1, 2020:

Standard

Content and relevance for the statement

Amendments to References to the Conceptual Framework in IFRS Standards

Revision of definitions of assets and liabilities and new guidance on valuation and derecognition and dis-closure

No impacts for FinLab

Amendment to IFRS 3

Mergers, definition of business operations No impacts for FinLab

Amendments to IFRS 9 und IFRS 7

Interest Rate Benchmark Reform No impacts for FinLabAmendments to IFRS 16

Corona pandemic related Rental concession No impacts for FinLab

Amendments to IAS 1 and IAS 8

Unification of the definition of "essential" No impacts for FinLab

e following standards, amendments to standards, and interpretations had not been approved by the EU upon preparation of the ﬁnancial statement or mandatory application is only expected in the future:. e potential im-pacts of these yet to be approved standards on FinLab's ﬁnancial statement are still being assessed.

Standard

Contents

IFRS 17

Insurance ContractsAmendment to IFRS 3

Mergers, definition of business operationssAmendments to IAS 1

Classification of liabilities as current or non-currentAmendments to IFRS 4

Extension of the temporary exemption from the application of IFRS 9

Amendments to

Reform of reference interest rates (phase 2)

IFRS 9, IAS 39, IFRS 7, IFRS 4 und IFRS 16:

Amendments to IAS 16

Earnings before reaching the ready-for-use stateAmendments to IAS 37

Scope of performance costs for onerous contracts

3. ACCOUNTING AND VALUATION PRINCIPLES

e signiﬁcant accounting and valuation principles used to prepare these ﬁnancial statements are presented below. Unless otherwise stated, the methods described have been applied consistently to the reporting periods presented.

3.1 Mergers and goodwill

Mergers are accounted for using the purchase method. e cost of an acquisition is measured as the sum of the transferred consideration, measured at fair value on the acquisition date. e non-controlling interests are mea-sured at the proportionate share of the identiﬁable net assets of the acquired company. Any transaction costs are shown as expenses.

In the case of staged business mergers, the equity interest previously held by the acquiring company in the acqui-red company is recalculated at fair value as of the acquisition date and the resulting income or expense is recog-nized in the income statement.

If the measurement shows a surplus (i.e., the acquisition costs of the parent company's investment is greater than the proportionate revalued equity of the subsidiary), this surplus is recognized as goodwill pursuant to IFRS 3.41. Pursuant to IFRS 3.55, this goodwill is not amortized on a scheduled basis. Instead, an impairment test is required to be performed once a year pursuant to IAS 36 to determine the impairment requirement. Any impairment to be taken into account is determined by establishing the recoverable amount of the cash-generating unit allocated to the goodwill in question. If the recoverable amount of the cash-generating unit falls below the carrying amount of this unit, an impairment loss is recognized. If events or circumstances indicate a potential impairment, the impairment test is carried out more frequently.

In the case of mergers prior to January 1, 2010, the transaction costs directly associated with the acquisition were treated as part of the acquisition costs.

3.2 Intangible assets

Acquired intangible assets are capitalized in accordance with IAS 38 if it is probable that the use of the asset is associated with future economic beneﬁts and if the cost of the asset can be measured reliably. Acquired intangible assets are measured at acquisition cost and amortized on a straight-line basis over the respective useful life. Any impairments which occur are recorded. In the income statement, they are listed under the depreciation of intan-gible assets and property, plant and equipment.

In the case of mergers, goodwill is calculated as an excess of the acquisition costs of the interest over the acquired share in the equity of the acquired company, applying the provisions of IFRS 3. e recoverability of goodwill is tested at least annually at the level of the cash-generating unit and, if impaired, is written down to the recoverable amount.

3.3 Property, plant and equipment

Property, plant and equipment is recognized at cost of acquisition or production less cumulative scheduled de-preciation. Gains or losses from the disposal of ﬁxed assets are included in other operating income or general and administrative expenses.

Scheduled straight-line depreciation is based on normal operational useful life.

3.4 Impairment of non-ﬁnancial assets

Assets that have an indeﬁnite useful life are not subject to scheduled amortization. ey are tested annually for impairment and also when there are indications of impairment. Assets that are subject to scheduled amortization are tested for impairment whenever events or changes in circumstances occur, according to which the carrying amount may no longer be recoverable. An impairment loss is recognized at the carrying amount which exceeds the recoverable amount. e recoverable amount is the higher of the fair value of the asset less costs to sell and the value in use.

In the event of any subsequent reversal of an impairment, the carrying amount of the asset is increased to the newly estimated recoverable amount. e increase in the carrying amount is limited to the amortized value that would result if no impairment loss had been recognized for the asset in prior years. A reversal of an impairment loss is recognized immediately in proﬁt or loss. A reversal of the impairing loss is not performed for recognized goodwill.

3.5 Financial Assets

Financial assets include loans and securities and investments classiﬁed as non-current assets. Investments in-clude all shares in companies that are not recorded as securities. IFRS 9 requires that the classiﬁcation of ﬁnan-cial assets be determined both on the basis of the business model used to manage the ﬁnancial assets and the contractual cash ﬂow characteristics of the ﬁnancial asset.

ree business models are available under IFRS 9:

•

Intention to hold ("hold to collect")

Financial assets held for the purpose of collecting contractual cash ﬂows.

•

Intention to hold and sell ("hold to collect and sell")

Financial assets held for the purpose of both receiving contractual cash ﬂows and selling ﬁnancial assets.

•

Other

Financial assets that are held for trading purposes or that do not meet the criteria "hold to collect" or "hold to collect and sell"

e assessment of the business model requires a review based on facts and circumstances at the time of the as-sessment. Qualitative factors include the way in which the performance of the business model and the ﬁnancial assets held in that business model are measured and reported to key management personnel at FinLab (e.g. whether reporting is based on the fair value of assets under management or contractual cash ﬂows received).

If a ﬁnancial asset is held either in a "hold to collect" or a "hold to collect and sell" business model, an assess-ment as to whether the contractual cash ﬂows consist exclusively of principal and interest payments on the outstanding principal amount is required upon initial recognition to determine classiﬁcation.

A ﬁnancial asset is classiﬁed as at "amortized cost" and subsequently measured, if it was not classiﬁed under the fair value option, if the ﬁnancial asset is held in a "hold to collect" business model, and if the contractual cash ﬂows are exclusively repayments of principal and interest.

Under this valuation category, the ﬁnancial asset is recognized at fair value less principal repayments, plus or minus the cumulative amortization of any diﬀerence between the original amount and the maturity amount. e carrying amounts of these assets and liabilities are measured using the eﬀective interest method and adju-sted for any impairment losses.

IFRS 9 stipulates that the expected future credit losses are decisive for the amount of the impairment ("expected

loss model"). Further information on any necessary impairments and special features is provided in section 6.1 Further disclosures on ﬁnancial instruments.

A ﬁnancial asset is classiﬁed and measured at "fair value through other comprehensive income" ("FVOCI") if it was not classiﬁed under the fair value option, if the ﬁnancial asset is held in a "hold to collect and sell" bu-siness model and the contractual cash ﬂows are exclusively repayments and interest payments.

Classiﬁed as FVOCI, a ﬁnancial asset is measured at fair value, with all changes in fair value being recognized in the income statement. e fair value of these ﬁnancial instruments can be recognized in other comprehen-sive income.

It is possible to designate equity instruments for which there is no intention to trade as "fair value with changes in value recognized directly in equity." However, FinLab has not yet applied this category.

Any ﬁnancial asset held for trading purposes or not included in the "hold to collect" or "hold to collect and sell" business models is classiﬁed as a ﬁnancial asset at "fair value through proﬁt or loss" ("FVTPL").

Any ﬁnancial asset whose contractual cash ﬂows are not exclusively redemption and interest payments must also be measured at fair value with changes in value in the income statement, even if the ﬁnancial asset is held in a "hold to collect" or "hold to sell" business model. Upon initial recognition, FinLab may irrevocably classify a ﬁnancial asset as measured at fair value with changes in value in the income statement, which would otherwi-se be measured at amortized cost or at fair value through comprehensive income, if this classiﬁcation eliminates or signiﬁcantly reduces accounting mismatches that would otherwise arise from the measurement of assets or liabilities or the recognition of gains or losses on a diﬀerent basis.

e ﬁnancial instruments reported under non-current assets (loans, investments and securities allocated to non-current assets) are classiﬁed by FinLab as at "fair value through proﬁt or loss" ("FVTPL")" because the contractual cash ﬂows are not exclusively repayments and interest payments. In determining fair value, FinLab uses observable market data as far as possible. Based on the input factors used in the valuation techniques, the fair values are assigned to diﬀerent levels in the fair value hierarchy:

Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2: Valuation parameters that are not the quoted prices considered in Level 1 but that can be observed for the asset or liability either directly (i.e. as a price) or indirectly (i.e. as a derivation of prices).

Level 3: Valuation parameters for assets or liabilities that are not based on observable market data.

If the asset is sold or impaired on a sustained basis, the gain or loss on the sale or impairment is included in proﬁt or loss.

Changes in the value of ﬁnancial assets classiﬁed as "ﬁnancial assets at fair value through proﬁt or loss" are re-cognised in the income statement under income or expenses from fair value measurement.

An impairment generally leads to a direct reduction in the carrying amount of the ﬁnancial assets, with the exception of trade receivables, whose carrying amount is reduced by an impairment account.

FinLab only recognizes a ﬁnancial asset if the contractual rights to the cash ﬂows from the ﬁnancial asset expire or the ﬁnancial asset and substantially all the risks and rewards incidental to ownership of the asset are trans-ferred to a third party.

Further information on ﬁnancial instruments is provided in item 6.1 Further Disclosures on Financial Instru-ments.

3.6 Deferred taxes

Deferred taxes are accounted for using the balance sheet approach, which accounts for all recognition and measu-rement diﬀerences between the value in the IFRS statement of ﬁnancial position and the taxable value.

e current tax rates applicable to the period in which the temporary diﬀerences are expected to oﬀset each other form the basis for calculating deferred taxes. e calculation was based on a tax rate of 31.9%. In addition to the corporation tax of 15% and the resulting solidarity surcharge of 5.5%, a trade tax rate for Frankfurt am Main of 16.1% was taken into account.

e deferred tax assets were oﬀset against deferred tax liabilities in accordance with the provisions of IAS 12.

Changes to deferred taxes are generally recognized as income or expenses, unless the underlying facts are also recognized as income or expenses and are not oﬀset directly against equity.

Deferred tax assets on tax-deductible temporary diﬀerences, unused tax losses, and unused tax credits are only recognized to the extent that it is probable that taxable proﬁts will be generated by the same taxable entity and the same tax authority in the foreseeable future.

3.7 Receivables and other assets

Receivables and other assets are measured at nominal value less any appropriate impairment losses (measurement at amortized cost).

3.8 Liquid funds

Cash and cash equivalents consist of bank balances. ey are measured at amortized cost.

3.9 Provisions

Provisions are recognized as liabilities in accordance with IAS 37 if there are any current legal or actual obliga-tions arising from past events which are associated with a probable outﬂow of resources and whose amount can be reliably estimated.

3.10 Liabilities

Liabilities are measured at amortized cost.

Non-current liabilities are discounted if the interest eﬀect of discounting is material.

As the eﬀect is not material, the determination of a company-speciﬁc discounting factor is waived and instead the interest rate of the Bundesbank used for accounting under German commercial law (HGB) is applied.

3.11 Income and expenses

Sales and income are recognized if a contract has become eﬀective, a price has been agreed and can be deter-mined, and its payment can be reasonably assured. Opportunities and risks must be passed to the buyer, and the seller's control must have expired.

Revenue is shown less deductions such as bonuses, discounts and rebates. Income from ongoing services is reali-

zed when the service is rendered, while time-dependent remuneration is recognized pro rata temporis.

e purchase of ﬁnancial assets is generally accounted for on the settlement date.

Income from equity investments includes income from dividend income and income from equity valuation (IAS 28).

Income and expenses from the measurement and sale of ﬁnancial instruments are shown in the ﬁnancial result.

e disposal is generally accounted for on the settlement date. e gains from the sale are also recognized on this day. e settlement date is the date on which the contracted services between the buyer and the vendor are exch-anged. Divestitures relate to regular share transfers to portfolio companies.

3.12 Taxes

e tax on income includes (if available) current and deferred taxes.

3.13 Currency conversion

e annual ﬁnancial statements were prepared in Euros. Receivables and liabilities in foreign currencies are trans-lated at the closing prices applicable on the balance sheet date. Income and expenses are translated using average exchange rates. Currency translation diﬀerences are recognized in proﬁt or loss. Foreign currency transactions are translated at the exchange rate applicable on the date of the transaction in Euros.

3.14 Lease

FinLab has entered into rental obligations within the usual framework. e liabilities and rights of use under these rental agreements are accounted for in accordance with IFRS 16 "Leases".

Category	Terms of contract
Office space	Up to five years
IT and office equipment	Up to three years
Vehicles	Up to three years

e rights of use are reported under the balance sheet item in which a comparable asset owned by the compa-ny is also reported. Liabilities from leasing obligations are reported at present value as "Other liabilities". Lease payments are recognized in the income statement as depreciation of property, plant and equipment and interest expenses as ﬁnancing expenses.

Unless required, short-term leases and leases based on a low-value asset are not recognized in the balance sheet.

3.15 Contingent liabilities and ﬁnancial commitments

Contingent liabilities are potential obligations to third parties or existing obligations for which an outﬂow of resources is not likely or for which the amount cannot be reliably determined. Contingent liabilities are not re-cognized in the statement of ﬁnancial position. e contingent liability obligations stated in the notes (if any) correspond to the extent of the liability existing on the balance sheet date and the residual payment obligations

for contingent liabilities not yet required for shares in partnerships.

3.16 Signiﬁcant assumptions and estimates

e annual ﬁnancial statements contain values which have been determined reliably using estimates and assump-tions. e estimates and assumptions used are based on historical experience and other factors such as planning, and expectations and projections of future events that appear probable from the current perspective. e as-sumptions and estimates taken into consideration mainly relate to the determination of the recoverable amount in connection with impairment testing and the recognition and measurement of deferred taxes and provisions.

Signiﬁcant adjustments to the reported assets, liabilities and provisions may be required in the next ﬁscal year for the following items by performing a re-measurement:

in thousand EUR
12/31/2020	12/31/2019
Financial assets	163,327	134,513
Securities held as current assets in the category	86	79
Other long term liabilities	433	701
Provisions	1,420	886
4. NOTES TO THE INCOME STATEMENT
4.1 Sales revenues

e reported sales revenues relate to the services provided by the Company to subsidiaries and equity interests, particularly in the areas of management, accounting and marketing. ere are no other signiﬁcant categories of revenue.

4.2 Income from investments

Income from investments consists of income and expenses from investments, in particular from proﬁt distribu-tions and dividends received.

4.3 Other operating income

Other operating income comprises the reversal of adjustments of €230 thousand, (previous year: €230 thousand), the transfer of expenses of €222 thousand, (previous year: €159 thousand) the reversal of provisions of €44 thous-and (previous year: €87 thousand) and other operating income of €7 thousand (previous year: €23 thousand).

As in the previous year, currency translation resulted in only minor income of less than €1 thousand.

4.4 Personnel expenses

Personnel expenses include the remuneration of the directors and the employed staﬀ.

Employees of the company are insured under the statutory pension plan, and the current contribution payments

are recorded as an expense at the time of payment. ere are no further pension commitments.

in thousand EUR	2020	2019
Wages and salaries	-1.243	-1,115
Social security contributions	-136	-152
Other personnel expenses	-824	375
-2.204	-892

Other personnel expenses mainly include expenses from bonus payments and bonuses.

In previous years, expenses were recognized in connection with the valuation of options from the stock option program. Income from the valuation of the stock options was oﬀset against the expenses in the previous year, with the result that other personnel expenses in the previous year were positive.

4.5 Non-personnel expenses

e non-personnel expenses consist of the other operating expenses, and depreciation and amortization of pro-perty, plant and equipment, and of intangible assets. e main items are as follows:

in thousand EUR	2020	2019
Consulting and audit costs	-508	-244
Depreciation of property, plant and equipment and intangible assets	-228	-229
Provisions	-160	-465
Banking and insurance fees	-117	-103
Costs of marketing and financial market information	-92	-132
Costs for communication and IT	-70	-69
Occupancy costs	-55	-94
Vehicle costs	-34	-31
Bad debts and amortizations	-24	-37
Travel and entertainment expenses	-14	-57
Office expenses	-6	-8
Other miscellaneous expenses	-378	-73
-1,686	-1,542

Other expenses mainly include expenses from other cost transfers and expenses from other accounting periods.

4.6 Financial result
e ﬁnancial result is made up of:
in thousand EUR	2020	2019
Income from the sale of securities and financial assets	260	318
Retirement of securities and financial assets	-203	-149
Write-ups and write-downs of securities and financial assets	5,864	37,800
Interest and similar gains	130	152
Interest and similar expenses	-27	-38
6,023	38,082
Income from the sale of securities and ﬁnancial assets:
in thousand EUR	2020	2019
Investments in non-current assets in the category "Valued at fair value through
profit or loss"	260	318
260	318
2019
-149
-149

in thousand EUR

e retirement of ﬁnancial assets and securities relates to the following assessment categories:

Investments in non-current assets in the category "Valued at fair value through profit or loss"

2020

-203-203

Interest and similar income and expenses mainly relate to interest on loans, bank deposits and bank overdraﬅs.

Changes in the value of ﬁnancial instruments are described in more detail in section 6.1 Additional information about ﬁnancial instruments.

4.7 Tax on income

Tax on income and earnings relates to deferred taxes and the creation of provisions for taxes on the income for this ﬁnancial year.

in thousand EUR	2020	2019
Actual tax expenses for the period	-49	-136
Deferred taxes	-134	-607
-183	-744
Tax on income/ earnings

e reconciliation of the theoretically expected tax charge for a corporation and the amount actually speciﬁed is as follows:

in thousand EUR	2020	2019
Earnings before tax	6,278	40.,268
Tax rate in %	31,9%	31.9 %
Expected tax expenditure	-2,005	-12,859
Actual tax expenditure	-183	-744
Differential amount	-1,822	-12,115
Actual tax rate in %	2.9%	1.8 %
Amount to be reconciled	1,822	-12,115
Tax-exempt assessment and sales results	-2,859	-12,874
Unrecognized deferred taxes on tax loss carry-forwards	839	0
Reversal/formation of deferred tax reserves	134	607
Non-periodical taxes	49	136
Taxes on non-deductible expenses and other tax effects	16	16
-1,822	-12,115

e theoretical tax rate for corporations consists of corporation tax, the solidarity surcharge and trade tax. With the trade tax factor of 460% used in Frankfurt am Main, this results in a tax burden of 31.93%. e calculation of deferred taxes is based on this percentage.

As in the previous year, taxes on income relating to the individual components of other comprehensive income, including reclassiﬁcation adjustments, were not recorded.

e distribution of dividends is subject to the German capital gains tax deduction system.

ere are no tax losses carryforwards.

4.8 Earnings per share

Earnings per share based on the earnings attributable to shareholders from continuing operations are as follows:

in thousand EUR

Net result for the period from continuing business (in thousand EUR)

20206,095

201939,525

Average number of issued shares (undiluted)

5,323,170

5,244,921

Dilution effect arising from share options

145,138

147,625

Average number of shares issued (diluted)

5,468,308

5,392,546

Undiluted earning per share in EUR

1.14

7.54

Diluted earning per share in EUR

1.11

7.33

e average number of shares in circulation is calculated as follows aﬅer pro rata temporis weighting:

in thousand EUR	2020
5,238,670 * 338/365
Average number of issued shares	5,323,170 * 365/365	5,323,170 * 27/365
5,323,170	5,244,921

2019

No dividend payments have been planned for the 2020 ﬁnancial year.

5. NOTES ON THE BALANCE SHEET

5.1 Depreciation of property, plant and equipment and amortization of intangible assets

e composition of the development of intangible assets and property, plant and equipment is shown in the asset schedule, which is an attachment to the notes.

Intangible assets pertain mostly to capitalized expenses for the website of FinLab.

e useful life of intangible assets and property, plant and equipment ranges from 3 to 20 years. No groups have been created due to their subordinate importance.

No expenses were incurred for research and development, and these were therefore neither included in the costs nor capitalized.

Internally generated intangible assets were not capitalized.

5.2 Financial assets

Financial assets include the following items:

in thousand EUR

Shares in affiliated companies

Investments

Securities held as current assets in the category

Loans

e securities held as non-current assets relate to the following stocks:

12/31/2020

12/31/2019

107,388

163,327

15,705

38,617

1,618

12,852100,29818,6672,696134,513

12/31/2020	12/31/2019
0	122
Securities classiﬁed and measured at "fair value through other comprehensive income" ("FVOCI")	38,617	18,545
38,617	18,667
5.3 Deferred tax assets and liabilities

in thousand EUR

Securities classiﬁed "valued at fair value through profit or loss"

e deferred tax liabilities primarily consist of diﬀerences in valuation of ﬁnancial investments and the discoun-ting of long-term debt. A tax rate of 31.93% was applied..

in thousand EURTiming differences

12/31/2020

Change

12/31/2019

Non-current liabilities

Fixed assets

-433

404

Financial assets

113.815

151

-164

28.642

-58456885,173

Non-current liabilities

Fixed assetsFinancial assets

Assets	Assets	2019
138	0	187	0	0	0	49	-185
0	-129	0	-181	0	0	-52	181
0	-1,817	0	-1.360	319	-45	138	611

5.4 Securities

e securities held as current assets are allocated to the categories "ﬁnancial assets at fair value through proﬁts or loss":

in thousand EUR	12/31/2020	12/31/2019
Securities in the category "financial assets at fair value through profits or loss"	86	79
86	79
5.5 Receivables and other assets

e receivables and other assets shown have a maturity of up to one year and are entered at their nominal amount.

e other assets and receivables relate to the following items:

in thousand EUR	12/31/2020	12/31/2019
Receivables from loans	1,837	2,943
Receivables from VAT	44	0
Receivables from income tax	466	685
other	731	134
3,078	3,762
5.6 Bank balances

e bank balances are fully compliant with the ﬁnancial resources and mainly consist of current accounts, money market accounts and ﬁxed-term deposits.

5.7 Equity

SUBSCRIBED CAPITAL

e subscribed capital amounts to EUR 5,323,170.00 and is fully paid up. It is divided into 5,323,170 registered ordinary shares. e shares are no-par value shares with a notional value of EUR 1.00 each.

Based on the conditional capital (2014/II) resolved by the Annual General Meeting on 10 December 2014, 28,500 subscription shares were issued in 2020. e Supervisory Board therefore resolved on 15 December 2020 to in-crease the Company's share capital by EUR 28,500.00 from EUR 5,323,170.00 to EUR 5,351,670.00 by issuing 84,500 new registered no-par value shares against cash contributions. e capital increase was entered in the commercial register on January 14, 2021, and thus aﬅer the cut-oﬀ date for the 2020 ﬁnancial statements.

e Annual General Meeting on June 15, 2018 resolved to increase the subscribed capital by June 14, 2023, with the consent of the Supervisory Board, by issuing new shares against cash or property, plant and equipment on one or more occasions up to a value of €2,494,335.00 (Authorized Capital 2018), whereby the subscription rights of shareholders can be excluded. e corresponding amendment to Section 5 (2) of the Articles of Association was entered in the Commercial Register on July 16, 2018.

e Annual General Meeting on December 10, 2014 resolved to increase the subscribed capital by November 30, 2019, with the consent of the Supervisory Board, by issuing new shares against cash or property, plant and equipment on one or more occasions up to a value of €2,269,335.00 (Authorized Capital 2014/I), whereby the sub-scription rights of shareholders can be excluded. e corresponding amendment to Section 5 (2) of the Articles of Association was recorded in the Commercial Register on December 30, 2014. Aﬅer partial use, the authorized capital 2014 amounts to €1,569,335.00.

e subscribed capital of the Company was contingently increased by €1,815,000.00 by the Annual General Mee-ting of December 10, 2014 (Contingent Capital 2014/I).

e subscribed capital of the Company was contingently increased by up to €453,867.00 by resolution of the Annual General Meeting of December 10, 2014 (Contingent Capital 2014/II). e conditional capital 2014/II still amounts to EUR 340,867.00 aﬅer the issue of subscription shares. e subscription shares were issued as of the reporting date, formal conﬁrmation / entry in the commercial register took place on January 14, 2021.

With regard to the conditional capital increases, the Company has made use of the authorization to issue option and/or convertible bonds, proﬁt participation bonds and/or proﬁt participation rights with option and/or conver-sion rights or obligations in parts.

CAPITAL RESERVE

e capital reserve contains the amount that will be received from the issue of shares in addition to the (accoun-ting) par value (oﬀering premium).

e capital reserve also includes the amounts resulting from the measurement of the stock options issued to em-ployees and management. Further information on the stock option program can be found under item 6.11.Stock option program.

RETAINED EARNINGS

Retained earnings includes income reinvested from previous years and from the current year. ere are no statu-tory reserves as deﬁned in Section 150 (2) German Stock Corporation Act (AktG) nor other reserves as deﬁned by the Articles of Association.

RESERVE FOR THE REVALUATION OF FINANCIAL INSTRUMENTS

e reserve for the revaluation of ﬁnancial instruments includes the changes in value of the ﬁnancial assets recog-nized in other comprehensive income in the category "fair value through other comprehensive income" ("FVO-CI") and all adjustments of deferred taxes and provisions made in connection with the valuation of these assets.

During the reporting period, value adjustments to ﬁnancial instruments were recorded in the following amounts in the equity:

in thousand EUR	12/31/2020	12/31/2019
Measurement and disposals of securities	20,072	-2,934
Deferred taxes	-319	45
19,753	-2,889

5.8 Provisions

Non-current provisions of €32 thousand (previous year: €32 thousand) for the archiving of ﬁles and of €30 thous-and (previous year: €30 thousand) for decommissioning obligations and not discounted due to the minor eﬀect.

Provisions for taxes on income of €2 thousand (previous year: €87 thousand) were formed on the result of the ﬁscal year.

Other short-term provisions are made up as follows:

Personnel related provisions

Office expenses

205111

-105

-31

924

1,024

high low

Annual financial statement and audit

104

-50

103

157

medium

Supervisory Board related provisions

-45

high

Pending invoices

225690

-143-374

-44-44

high

1,084

1,356

Personnel provisions relate to provisions for employee bonuses, holiday entitlement, and contributions to the Employer's Liability Insurance Association.

5.9 Liabilities

e shown current liabilities have a term up to one year and were assessed at the nominal value or the amount of expected utilization.

Other liabilities are made up as follows:

in thousand EUR

12/31/2020	12/31/2019
Wage and church tax	24	29
Leases	433	701
Other liabilities	782	0
1,239	730

FinLab AG

Annual Financial Report

December 31, 2020

6. OTHER INFORMATION

6.1 Additional information about ﬁnancial instruments

e book values of the ﬁnancial instruments, divided by category, for the eﬀective dates December 31, 2020 and December 31, 2019 are transferred to the balance sheet in the following table:

December 31, 2020 in thousand EUR

Fair value - hierarchy

Fair value

Balance sheet disclosure

Non-current assets - financial assets

Fair value of financial assets regularly valued at fair valueNon-current assets - financial assets - total

Investments and affiliated companies Level 3	30,434	30,434
Investments and affiliated companies "fair value through profit and loss" Level 2	92,659	92,659
Securities classiﬁed and measured at "fair value through other comprehensive income" ("FVOCI") Level 1	38,617	38,617
Fair value of financial assets not regularly measured at fair value, but for which the fair value is to be indicated
Loans to companies linked by a participating interest, "fair value through profit and loss" Level 3	1,618	1,618

163,327

FinLab AG

Annual Financial Report

December 31, 2020

December 31, 2020 in thousand EURFair value of financial assets not regularly measured at fair value, but for which the fair value is to be in-dicated

Fair value - hierarchy

Fair value

Securities "fair value through profit and loss"	Level 1	86	86	86
Trade receivables "valued at cost"	Level 2	11	11	11
Receivables from companies in which we participate "valued at cost"	Level 2	75	75	75
Receivables from affiliated companies "valued at cost"	Level 2	1,762	1,762	1,762
Other assets "valued at cost"	Level 2	764	764	764
Cash and cash equivalents "valued at cost"	Level 2	6,147	6,147	6,147
Current assets - total	8,845	8,845	8,845

FinLab AG

Annual Financial Report

December 31, 2020

December 31, 2020 in thousand EURFair value - hierarchy

Fair value

Other financial liabilities	Level 2	433	433	433
Current liabilities, total	433	433	433
Non-current liabilities
Other financial liabilities	Level 2	782	782	782
Trade payables measured at amortized cost	Level 2	40	40	40
Non-current liabilities, total	822	822	822

FinLab AG

Annual Financial Report

December 31, 2020

December 31, 2019 in thousand EURNon-current assets - financial assetsFair value of financial assets regularly valued at fair valueFair value - hierarchy

Fair value

Investments and affiliated companies	Level 3	24,838	24,838
Investments and affiliated companies "fair value through profit and loss"	Level 2	88,312	88,312
Securities "fair value through profit and loss"	Level 1	122	122
Securities classiﬁed and measured at "fair value through other comprehensive income" ("FVOCI")	Level 1	18,545	18,545
Fair value of financial assets not regularly measured at fair value, but for which the fair value is to be indicated
Loans to companies linked by a participating interest, "fair value through profit and loss"	Level 3	2,696	2,696
Non-current assets - financial assets - total	134,513	134,513

FinLab AG

Annual Financial Report

December 31, 2020

December 31, 2019 in thousand EURFair value of financial assets not regularly measured at fair value, but for which the fair value is to be in-dicated

Fair value - hierarchy

Fair value

Securities "fair value through profit and loss"	Level 1	79	79	79
Trade receivables "valued at cost"	Level 2	4	4	4
Receivables from companies in which we participate "valued at cost"	Level 2	103	103	103
Receivables from affiliated companies "valued at cost"	Level 2	2,841	2,841	2,841
Other assets "valued at cost"	Level 2	129	129	129
Cash and cash equivalents "valued at cost"	Level 2	6,753	6,753	6,753
Current assets - total	9,909	9,909	9,909

FinLab AG

Annual Financial Report

December 31, 2020

Page 35

December 31, 2019 in thousand EURFair value - hierarchy

Fair valueOther financial liabilities

Level 2

701

Current liabilities, totalNon-current liabilitiesTrade payables measured at amortized cost

Level 2

701

Non-current liabilities, total

e amount of securities the current and non-current assets is comprised as follows:

in thousand EUR	12/31/2020	12/31/2019
listed non-fixed-income securities	38,617	18,667
unlisted shares in investment funds	2,436	1,381
other non-listed financial instruments	131,119	124,375
172,172	144,422

e ﬁnancial instruments for which a stock market price was available and which were regularly traded on a stock market on the balance sheet date or had a regular market price during the reporting period were measured at this price on the reporting date.

Measurement through proﬁt or loss of listed ﬁnancial instruments in the year under review resulted in write-ups of €20,072 thousand (previous year: €114 thousand) and write-downs of €0 thousand (previous year: €0 thous-and).

Financial instruments classiﬁed as at "fair value through proﬁt and loss" were measured using input data which is not based on observable market data and was carried out using the conventional DCF method based on internally generated budgeted ﬁgures. Discounting factors from a risk-free interest rate of -0.1% p.a. and risk premiums of 30% p.a. were used.

No impairments are expected for the current ﬁnancial instruments in the "measured at cost" category, as all the receivables concerned can be called up and paid in full at any time.

FinLab has formal measurement process as deﬁned in IFRS 13.93 (g). e measurement is performed on an annual basis in close cooperation between the investment managers and the management and reﬂects current market experiences.

Financial instruments classiﬁed as "at fair value through proﬁt or loss" were measured using input data that is not based on observable market data and the calculated value would be reduced by a maximum change of 1,0% if the considered risk premium were changed by 10%. No further signiﬁcant changes would arise if the measurement had been carried out with plausible alternative assumptions.

e transition from the opening to the closing balance sheet of ﬁnancial instruments of Level 3 is as follows:

Income and losses, recorded in Fi-nancial Earnings of

Reclassifi-in thousand EUR

1/1/2020

cationsPurchasesDisposalFull Income Statement

12/31/2020

Investments in the category "measured at fair value through profits or loss", measured on the basis of input data which is not based on ob-servable market data

27,535

1,636

-1,904

4,784

32,052

In ﬁscal year 2020, bad debt losses from operating activities of €24 thousand (previous year: €37 thousand) were recognized under general and administrative expenses.

IFRS 7 requires sensitivity analyses that show the eﬀects of hypothetical changes to market prices on the earnings and equity for the presentation of market risks. Price changes of 10% would result in the following changes in value:

in thousand EUR	12/31/2020	12/31/2019
listed financial instruments	38,617	18,667
of which measured on the consolidated statement of income	0	122
Effect of an exchange rate change of 10%	0	12
of which measured on other comprehensive income	38,617	18,545
Effect of an exchange rate change of 10%	3,862	1,855

e net result from ﬁnancial instruments in the IAS 39 assessment categories is comprised of the valuation yield and the gains on disposal:

in thousand EUR

2020

2019

Long-term financial assets

Securities classiﬁed and measured at "fair value through other comprehensive income" ("FVOCI")

Valuation yield	20,072	-2,934
Disposal yield	0	0
20,072	-2,934
Financial instruments in the category "valued at fair value through profit or loss"
5,883	37,890
57	169
Long-term financial assets - total	5,940	38,059

Valuation yield

Disposal yield

During the reporting year, value adjustments at the following amounts were recognized as proﬁt or loss in the reserve for the revaluation of ﬁnancial instruments:

in thousand EUR	2020	2019
Impairment of securities held as non-current assets	0	-2,934
Appreciation in value of securities held as non-current assets	20,072	0
20,072	-2,934

As in the previous year, there were no unimpaired, overdue ﬁnancial assets as at the reporting date. FinLab recog-nizes an impairment loss if a ﬁnancial asset appears irrecoverable. is is the case if this ﬁnancial asset is overdue for more than 180 days and no agreement could be reached on an extension of the payment period, or if there are obvious indications or facts that preclude settlement.

6.2 Notes to the statement of cash ﬂows

Cash ﬂows are recognized in the statement of cash ﬂow pursuant to IAS 7 in order to provide information about the movement of the company's cash and cash equivalents. Cash ﬂows are diﬀerentiated according to operating, investing and ﬁnancing activities. e indirect presentation method was used.

In the year under review, there were cash inﬂows from interest income amounting to €2 thousand (previous year: €1 thousand) and cash outﬂows from interest expenses amounting to €15 thousand (previous year: €17 thousand). Dividends were received of €1,057 thousand (previous year: €925 thousand).

Iincome taxes paid by FinLab amounting to €122 thousand (previous year: €22 thousand).

Cash and cash equivalents consist of bank balances.

6.3 Notes to segment reporting

As the "chief operating decisions maker" as deﬁned by IFRS 8.7, the Executive Board of FinLab AG regularly reviews information about the development of the Company. It also makes its decisions regarding the allocation of resources at this level.

Information relevant to accounting is therefore only available for the Company as a whole and is not allocated to individual segments. FinLab is accordingly managed as a "single-segment entity" (SSE), as a result of which the ﬁnancial and other eﬀects of business activities can be identiﬁed on the basis of the elements of the ﬁnancial statements. ere is therefore no need for segment reporting.

e company's value is mainly determined on the basis of the market value of the investments as reﬂected in equity pursuant to IFRS. Equity pursuant to IFRS is a key parameter for managing and controlling the company. Reference is made to chapter 6.8. Capital Management.

FinLab operates in the German-speaking countries and its income was generated in Germany.

6.4 Contingent liabilities and other ﬁnancial obligations

As at the reporting date, there were no contingent liabilities at the Company from the balance sheet or income statement.

e remaining payment obligations for agreed shareholdings not yet called in for shares in FinLab EOS VC Euro-pe I amount to € 2,650thousand (prior year: €3,695 thousand) as at the accounting date.

6.5 Lease

In the ﬁrst-time application of IFRS 16 "Leasing" as of January 1, 2019, FinLab capitalized the long-term rights of use from an oﬃce rental agreement in the amount of €808 thousand and recognized depreciation (€202 thousand p.a.) in accordance with IAS 16 over the remaining term of the agreement of four years.

As of the balance sheet date, €404 thousand is therefore reported under the balance sheet item "Property, plant and equipment" as rights of use from leases. e depreciation is recorded as depreciation of property, plant and equipment under expenses.

Expenses amounting to €7 thousand were recorded in the ﬁnancial result for the ﬁnancial year from the com-pounding of interest on lease liabilities, which results from the present values of future payment obligations. e annual rental payments amount to €241 thousand and reduced the leasing liabilities as of 31 December 2020 to €433 thousand.

All other rental agreements have a short-term residual term or are of subordinate value, so that no capitalisation took place.

6.6 Associated companies and individuals

As of December 31, 2019, Mr. Bernd Förtsch, Kulmbach, held over 25 % of the company's shares.

On the basis of the voting majority presence at the Annual General Meeting on June 10, 20209, Mr. Bernd Förtsch was able to exert virtually a controlling inﬂuence over the company. Furthermore, it is expected that there will also be a voting majority presence at future shareholders' meetings. erefore FinLab was a business controlled by Mr. Bernd Förtsch as deﬁned in Section 17 (1) and (2) German Stock Corporation Act (AktG) as of December 31, 2020.

FinLab AG, Frankfurt am Main, provides its subsidiaries (VCH Investmentgroup AG, Heliad Management GmbH, Patriarch Multi-Manager GmbH and Heliad Equity Partners GmbH & Co KGaA), which are also aﬃliated companies of Mr. Bernd Förtsch, with considerable services in the areas of management, accounting, marketing and other management support. In addition, FinLab leases oﬃce space to these companies and charges third-party invoices on a pro rata basis. No premiums or discounts are taken into account for sublet-ting or for the passing on of third-party invoices. e services rendered are invoiced on the basis of framework agreements and are subject to the seniority of the employees involved and their dependent hourly rates.

Aktionär TV GmbH provided services for FinLab AG, Frankfurt am Main, in connection with the virtual Annual General Meeting and invoiced an amount of EUR 3 thousand (previous year: EUR 0 thousand) plus VAT for these services. Aktionär TV GmbH is an aﬃliated company of Mr. Bernd Förtsch.

e members of the Company's Board of Management received only short-term remuneration during the current ﬁscal year. e total amount was €615 thousand (previous year: €515 thousand).

Remuneration for the members of the Supervisory Board of €45 thousand (previous year: €45 thousand) was expensed in the reporting year. As in the previous year, costs were reimbursed for a total of less than €1 thousand.

All transactions with related parties were carried out based on the conditions which apply to transactions with third parties.

As of the reporting date, FinLab held a direct or indirect stake in the following companies with 20% or more of the voting rights:

Investment	Headquarters	Amount of holding
Heliad Management GmbH	Frankfurt am Main
Patriarch MultiManager GmbH	Frankfurt am Main
FinLab Asset Management GmbH	Frankfurt am Main
VCH Investment Group AG	Frankfurt am Main
Heliad Equity Partners GmbH & Co. KGaA	Frankfurt am Main
nextmarkets GmbH	Köln
AUTHADA GmbH	Darmstadt
Vaultoro Limited	London
Iconic Holding GmbH	Frankfurt am Main
FastBill GmbH	Frankfurt am Main
CASHLINK Technologies GmbH	Frankfurt am Main
6.7 Post-balance-sheet events

100 %

45.5 %

31.4 %

25.6 %

23.2 %

22.3 %

20.9 %

20.0 %

On the basis of the conditional capital (2014/II) resolved at the Annual General Meeting on December 10, 2014, subscription shares were issued in 2020. e Supervisory Board therefore resolved on December 15, 2020 to increase the Company's share capital by EUR 28,500.00 from EUR 5,323,170.00 to EUR 5,351,670.00 by issuing 28,500 new registered no-par value shares against cash contributions. e capital increase was entered in the commercial register on January 14, 2021.

Mr. Bernd Förtsch, Kulmbach, notiﬁed us on January 07, 2021 pursuant to Section 20 (5) AktG that a majority shareholding in our Company belongs to him, as the shares held by BFF Holding GmbH and the shares held by GfBk Gesellschaﬅ für Börsenkommunikation GmbH in our Company are attributable to him via BFF Holding GmbH pursuant to Section 16 (4) AktG.

Mr. Christian Angermayer, London, United Kingdom, notiﬁed us on January 07, 2021 in accordance with section 20 (5) AktG that he no longer holds any shares in our Company pursuant to section 20 (1.3) AktG.

6.8 Notes on capital management

e aim of capital management is the long-term increase of the Company's value by achieving an appropriate return on capital employed. e Company aims to achieve the targeted equity yield rate without any long-term borrowing, where possible.

Equity is the performance indicator for capital management in accordance with IFRS.

Investments are only made if it can be ensured that FinLab is able to meet its payment obligations at all times. For this purpose, the cash and cash equivalents and planned cash inﬂows and outﬂows are monitored daily by the Company's management.

As the Company does not make use of any signiﬁcant debt ﬁnancing, no further control measures are required with regard to capital management.

6.9 Notes on risk management

FinLab's risk management identiﬁes, analyzes and avoids or limits material risks arising from business operations. Furthermore, the risk management supports the identiﬁcation and exploitation of opportunities, thereby also contributing to the further development of the Company and greater business success.

In order to take a systematic approach, three groups of risk areas were identiﬁed:

1. Strategic risks

• Development of the capital market environment
• Market environment and positioning of competitors
• Human resources

2. Financial risks

• Price change risks (possible negative performance of Investments and securities in the portfolio)
• Liquidity risk
• Legal risks
• Risks resulting from changes in the tax law

3. Operational risks

• Financial accounting and controlling
• Cash ﬂows
• IT security

Measures within the context of risk management

e business activities of FinLab are focused almost entirely within the euro currency zone. erefore, currency risk is limited, with a few exceptions.

FinLab also invests in blockchain technology. FinLab does not invest directly in tokens or crypto currencies.

An internal control system (ICS) has been implemented to hedge against operational and legal risks.

Due to the ﬁnancing structure, the direct risk of interest rate changes is not substantial for FinLab.

e value of ﬁnancial assets may become slow in the event of the unfavorable business development of the issuer and may fall to zero in extreme cases.

Liquidity planning ensures that ﬁnancial obligations can be met with suﬃcient liquidity at all times.

e current liabilities shown have a term of up to one year. As the reported liquid funds are suﬃcient to cover current liabilities, FinLab is only slightly exposed to immediate liquidity risks.

6.10 Staﬀ

On the annual average, FinLab had 9 employees (prior year: 13).

6.11 Share options program

e Annual General Meeting of FinLab AG on December 10, 2014, resolved that the Board of Management, with the approval of the Supervisory Board, may issue subscription rights on shares of the Company one or more times up to November 30, 2019, as part of a Stock Option Program 2014 for up to 453,867 no-par value registered shares of the Company for a term of up to six years.

e subscription rights on the stock options can be exercised for the ﬁrst time aﬅer the end of the statutory wai-ting period of four years in accordance with section 193 (2) no. 4 of the German Stock Corporation Act (AktG). It begins at the time at which the respective share option is issued.

In addition to the end of the waiting period, exercising the options is conditional upon the occurrence of the performance target. Each beneﬁciary may exercise their subscription rights if the stock market price of the Com-pany's stock has risen by at least 100% on any stock exchange trading day within the period from the issue date of the subscription rights to two years aﬅer that date.

If the option rights are converted into shares, every share to be acquired must be paid for at the exercise price. e subscription price for one share of the Company equals 100% of the underlying.

e fair value of the stock options was calculated at the date of issue using a "look-barrier" option pricing model. In addition to the criteria set out in the option conditions (e.g. waiting period, performance target), only a cost of carry of 0.1%, the expected volatility of FinLab shares in the form of historical volatility of 45%, and the risk-free interest rates at the measurement dates of 1.00%-1.25% were calculated for the options issued. Dividends and other compensation features were not included.

e following options have been issued:

Issue	Number	Subscription	Underlying value	Target	Fair value	Value per share
price	option
3/12/2015	115,000	EUR 4.82	EUR 5.95	EUR 11.90	EUR 374,284.45	EUR 3.25
6/29/2015	175,000	EUR 4.82	EUR 6.40	EUR 12.80	EUR 623,827.62	EUR 3.56
1/19/2016	23,000	EUR 4.82	EUR 10.50	EUR 21.00	EUR 190,336.49	EUR 8.28
12/19/2017	100,000	EUR 4.82	EUR 28.29	EUR 56.58	EUR 2,402,639.83	EUR 24.03
Total	413,000

e expenditure arising from the option valuation is recognized on a monthly basis during the four year waiting period as personnel expenses and accounted for in the capital reserves.

In ﬁscal year 2017, as agreed, 25,000 stock options were returned to FinLab AG. In ﬁscal 2019, 100,000 options expired, 84,500 options were exercised.

As of the balance sheet date, a total of 200,000 stock options still exist. In ﬁscal 2020, 28,500 options were exerci-sed.

6.12 Auditors

During ﬁscal year 2017, the auditor of the annual ﬁnancial statements invoiced €48 thousand (previous year: €48 thousand) plus VAT for auditing services.

6.13 Executive Board and Supervisory Board

EXECUTIVE BOARD:

Juan Rodriguez

Member of the Executive Board, Bad Vilbel

Stefan Schütze

Member of the Executive Board, Frankfurt am Main

SUPERVISORY BOARD:

Axel-Günter Benkner

independent management consultant, Nidderau, Chairman

Stefan Müller

Plenipotentiary of Börsenmedien Aktiengesellschaﬅ, Küps

Dr. Friedrich Schmitz

Businessman, Munich

6.14 Other Information

e ﬁnancial statements were prepared by the Company on February 28, 2021.

Frankfurt/Main

e Executive Board

FinLab AG

Annual Financial Report

December 31, 2020

Fixed Assets Analysis IFRS 2020

Amounts in thousand EUR	Acquisition costs 01/01/2020 Inflow of PeriodOutflow of 12/31/2020 Period	AllowancesOutflow of 01/01/2020 PeriodDepreciation the periodAppreciation in value the period 12/31/2020	Book values 12/31/2020 12/31/2019
Intangible asset values	142	11	-	153	-134	-	-4	-	-138	15	8
Property, plant and equipment	1,200	23	-	1,223	-527	-	-223	-	-750	472	672
Financial assets	59,737	4,910	-5,751	58,896	74,776	3,724	-2,532	28,463	104,431	163,327	134,513
Fixed assets total	61,079	4,944	-5,751	60,272	74,115	3,724	-2,759	28,463	103,542	163,814	135,193

FinLab AG

Annual Financial Report

December 31, 2020

Fixed Assets Analysis IFRS 2019

Amounts in thousand EUR	Acquisition costs 01/01/2019 Inflow of PeriodOutflow of 12/31/2019 Period	AllowancesOutflow of 01/01/2019 PeriodDepreciation the periodAppreciation in value the period 12/31/2019	Book values 12/31/2019 12/31/2018
Intangible asset values	141	1	-	142	-132	-	-2	-	-134	8	9
Property, plant and equipment	393	808	-2	1,200	-301	-	-227	-	-527	672	93
Financial assets	52,200	8,740	-1,203	59,737	39,313	633	-10,672	45,502	74,776	134,513	91,514
Fixed assets total	52,735	9,549	-1,205	61,079	38,880	633	-10,900	45,502	74,115	135,193	91,615

INDEPENDENT AUDITOR'S REPORT

To the FinLab AG, Frankfurt am Main

Audit Opinion

We have audited the annual ﬁnancial statements of FinLab AG, Frankfurt am Main, which comprise the balance sheet as at December 31, 2020, and the income statement, the statement of comprehensive income, the statement of changes in equity and the statement of cash ﬂows for the ﬁnancial year from January 1 to December 31, 2020, and notes to the ﬁnancial statements, including the presentation of the recognition and measurement policies.

In our opinion, on the basis of the knowledge obtained in the audit, the accompanying annual ﬁnancial statements comply, in all material respects, with the IFRSs as adopted by the EU, and in compliance with these requirements, give a true and fair view of the assets, liabilities and ﬁnancial position of the Company as at December 31, 2020, and of its ﬁnancial performance for the ﬁnancial year from January 1 to December 31, 2020.

Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the annual ﬁnancial statements.

Basis for the Audit Opinion

We conducted our audit of the annual ﬁnancial statements in accordance with § 317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirt-schaﬅsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's Responsibilities for the Audit of the Annual Financial State-ments" section of our auditor's report. We are independent of the Company in accordance with the requirements of German commercial and professional law, and we have fulﬁlled our other German professional responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suﬃcient and appropriate to provide a basis for our audit opinion on the annual ﬁnancial statements.

Responsibilities of the Executive Directors and the Supervisory Board for the Annual Financial Statements

e executive directors are responsible for the preparation of the annual ﬁnancial statements that comply, in all material respects, with the IFRSs as adopted by the EU, and in compliance with these requirements, give a true and fair view of the assets, liabilities, ﬁnancial position and ﬁnancial performance of the Company. In addition, the executive directors are responsible for such internal control as they, have determined necessary to enable the preparation of ﬁnancial statements that are free from material misstatement, whether due to fraud or error.

In preparing the annual ﬁnancial statements, the executive directors are responsible for assessing the Company's ability to continue as a going concern. ey also have the responsibility for disclosing, as applicable, matters rela-ted to going concern. In addition, they are responsible for ﬁnancial reporting based on the going concern basis of accounting, provided no actual or legal circumstances conﬂict therewith.

e supervisory board is responsible for overseeing the Company's ﬁnancial reporting process for the preparation of the annual ﬁnancial statements.

Auditor's Responsibilities for the Audit of the Annual Financial Statements

Our objectives are to obtain reasonable assurance about whether the annual ﬁnancial statements as a whole are free from material misstatement, whether due to fraud or error, as well as to issue an auditor's report that includes

our audit opinion on the annual ﬁnancial statements.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with § 317 HGB and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaﬅsprüfer (IDW) will always detect a material misstatement. Misstate-ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inﬂuence the economic decisions of users taken on the basis of these annual ﬁnancial statements.

We exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the annual ﬁnancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suﬃ-cient and appropriate to provide a basis for our audit opinion. e risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentio-nal omissions, misrepresentations, or the override of internal controls.

• Obtain an understanding of internal control relevant to the audit of the annual ﬁnancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the eﬀectiveness of these systems of the Company.

• Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures.

• Conclude on the appropriateness of the executive directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signiﬁcant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the annual ﬁnancial statements or, if such disclosures are inadequate, to modify our respective audit opinion. Our conclu-sions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to be able to continue as a going concern.

• Evaluate the overall presentation, structure and content of the annual ﬁnancial statements, including the disclo-sures, and whether the annual ﬁnancial statements present the underlying transactions and events in a manner that the annual ﬁnancial statements give a true and fair view of the assets, liabilities, ﬁnancial position and ﬁnan-cial performance of the Company in compliance with the IFRSs as adopted by the EU.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signiﬁcant audit ﬁndings, including any signiﬁcant deﬁciencies in internal control that we identify during our audit.

Grünwald, March 15, 2021

i Treuhand GmbH

Wirtschaﬅsprüfungsgesellschaﬅ

Steﬀen Urban

Wirtschaﬅsprüfer

[German Public Auditor]

ANNUAL FINANCIAL STATEMENTS (HGB) OF FINLAB AG

AS AT DECEMBER 31, 2020

INCOME STATEMENT FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2020

1. 2.

Sales revenues

Other operating income Cost of materials

2020 1,481,776.32 752,921.25

Cost of purchased services Personnel expenses

a) Wages and salaries
4.
-383,945.17
in Euro 2019 1,456,111.45 697,354.88
-381,424.60
-2,069,656.36
-1,274,788.64
b) Social charges and costs for pension and other beneﬁts of which for pensions

-159,539.20 -150,537.62

-19,441.20 -19,249.20

Amortization of intangible assets and depreciation of ﬁxed assets

-26,467.02 -26,453.00

Other operating costs Income from investments of which from aﬃliated companies

Earnings from other securities and loans of ﬁxed assets of which from aﬃliated companies

Other interests and similar earnings of which from aﬃliated companies

10.

Amortization of ﬁnancial assets and securities held as current assets

11.

Interests and similar expenditure of which to aﬃliated companies

12.

13.

Earnings from proﬁt-and-loss transfer agreement Taxes on income and proﬁt

14.

Result aﬅer taxes

15.

16.

17.

18.

Other taxes Annual surplus Proﬁt/Loss carried forward Balance sheet proﬁt

-1,308,792.13

-1,692,065.78

1,500,662.27 2,294,285.32

463,337.27 1,256,960.40

26,401.92 0.00 103,474.16 0.00

56,172.92 0.00 95,459.44 0.00

-2,031.00 -2,811,176.21

-15,330.25

0.00

500,392.17

-48,705.02

351,161.94

-9,177.81

341,984.13

-17,087,00

0.00

383,561.70

-136,490.77

-1,507,077.91

-824.00

-1,507,901.91

3,767,058.93 5,274,960.84

4,109,043.06 3,767,058.93

BALANCE SHEET AS AT DECEMBER 31, 2020 ASSETS

12/31/2020

in Euro 12/31/2019

Fixed assetsI.

Intangible assets

Concessions, industrial property rights acquired for a consid-eration, and similar rights and values as well as licenses to such rights and values

II.

Property, plant and equipment

1. Land, land rights and buildings
2. Other equipment, furniture, ﬁxtures and ﬁttings

14,907.00 7,713.00

7,946.00 11,235.00

60,414.00 55,112.00

III.

Financial assets

1. Shares in aﬃliated companies 2,899,221.10 2,899,221.10
2. Investments 26,432,548.73 21,709,687.22
3. Loans to companies in which we participate 1,615,432.41 1,438,844.38
4. Securities held for investment 19,202,429.70 19,324,013.70
B.
Current assets
I.
Trade receivables and other assets
- 1. Trade receivables
- 2. Receivables from aﬃliated companies
- 3. Receivables from companies in which we participate 76,922.94 1,360,229.95
  4. Other assetsII.
  Securities Other securitiesIII.
  - Cash, Bank balances 6,147,442.72 6,752,732.82
    C.
    Accruals and prepayments
50,149,631.94 45,371,766.40
50,232,898.94 45,445,826.40

10,872.14

3,615.88

1,761,981.39 2,840,719.46

573,759.00 788,785.16

2,423,535.47

86,122.00

4,993,350.45

79,303.00

8,657,100.19 11,825,386.27

30,323.13 58,920,322.26

25,683.11 57,296,895.78

BALANCE SHEET AS AT DECEMBER 31, 2020 LIABILITIES

12/31/2020

A. EquityI. II. III.
- Subscribed capital 5,323,170.00 5,323,170.00
- Capital reserve 47,131,010.89 47,131,010.89
- Retained earnings/loss 4,109,043.06 3,767,058.93
B. Provisions
1. 2.
Tax provisions
- Other provisions 1,417,733.55 671,886.00
C. Liabilities

Trade payables

56,563,223.95 56,221,239.82

in Euro 12/31/2019

1,520.00 214,400.00

1,419,253.55 886,286.00

42,794.41 43,258.18

Other liabilities 895,050.35 146,111.78 937,844.76 189,369.96

58,920,322.26

57,296,895.78

NOTES TO THE ACCOUNTS FOR FINANCIAL YEAR

JANUARY 1 TO DECEMBER 31, 2020

General

e annual ﬁnancial statements of FinLab AG, Frankfurt am Main, as at December 31, 2020 have been prepared in accordance with Sections 242 et seqq. and Sections 264 et seqq. of the German Commercial Code (HGB) and the relevant provisions of the German Stock Corporation Act (AktG).

FinLab AG is registered in the commercial register of the local court of Frankfurt am Main under number HRB 58865. It is a small stock corporation as deﬁned in Section 267 German Commercial Code (HGB).

e income statement was prepared using the total cost method. e company made use of the simpliﬁcation rule under Section 286 Para. 4 HGB.

Accounting and valuation principles

e balance sheet has been prepared in accordance with Section 268 (1) of the German Commercial Code (HGB), taking into account the full use of the annual result.

We have measured the assets and liabilities in accordance with the provisions of German commercial law, while observing generally accepted accounting principles.

Assets and liabilities denominated in foreign currencies are translated at the mean spot exchange rate on the ba-lance sheet date in accordance with Section 256a HGB.

Fixed assets

Depreciable ﬁxed assets are recognized at acquisition or production cost less scheduled depreciation. Acquisition costs include ancillary acquisition costs. Scheduled depreciation is based on the normal operational useful life.

Movable items of ﬁxed assets up to a value of €800.00 were fully written oﬀ in the year of acquisition.

Financial assets are measured using acquisition costs or the lower fair value.

Current assets

Receivables and other assets, and bank balances are recognized at nominal value. If necessary, individual impair-ments have been made. Other securities are measured at acquisition cost or the lower fair value.

Provisions

Provisions include all uncertain liabilities. ey have been recognized at the settlement amount according to reasonable commercial judgment.

Liabilities

Liabilities are shown at their payment value.

Notes to the balance sheet

Fixed assets

e breakdown and development of the ﬁxed assets shown in the balance sheet are shown in the assets schedule, which is attached as an annex.

Trade receivables and other assets

All trade receivables and other assets have a remaining term of up to one year.

Equity capital

e subscribed capital of the Company was contingently increased by €1,815,000.00 by the Annual General Mee-ting of December 10, 2014 (Contingent Capital 2014/I).

e subscribed capital of the Company was contingently increased by up to €453,867.00 by resolution of the Annual General Meeting of December 10, 2014 (Contingent Capital 2014/II). e conditional capital 2014/II still amounts to EUR 340,867.00 aﬅer the issue of subscription shares. e subscription shares were issued as of the reporting date, entry in the commercial register took place on January 14, 2021.

Provisions

Other provisions mainly include provisions for bonuses, outstanding invoices, year-end costs and ancillary rental costs.

Liabilities

All liabilities have a remaining term of up to one year.

Other liabilities mainly include liabilities from the sub-participation of IBB Capital GmbH, Berlin, in Kapilendo AG in the amount of EUR 640 thousand (previous year: EUR 0 thousand) and the cash contributions paid in by employees for the new 28,500 shares as part of the 2020 stock option program in the amount of EUR 137 thous-and (previous year: EUR 0 thousand). e reclassiﬁcation to subscribed capital or capital reserves will take place aﬅer the reporting date, analogous to the entry in the commercial register on January 14, 2021. In addition, the item includes liabilities from an oﬃce rental agreement in the amount of EUR 78 k (prior year: EUR 117 k) and liabilities from taxes in the amount of EUR 24 k (prior year: EUR 29 k).

Notes to the Income Statement

Other operating income includes, among other things, income from the write-up of a receivable in the amount of €230 thousand, gains from the sale of non-current and current securities in the amount of €57 thousand (pre-vious year: € €169 thousand) and write-ups on non-current and current securities in the amount of €7 thousand (previous year: €36 thousand).

Write-downs of ﬁnancial assets and securities held as current assets exclusively include unscheduled write-downs on securities held as current assets of €2 thousand (previous year: €2.811 thousand).

Other information

AVERAGE NUMBER OF EMPLOYEES

During ﬁscal year 2020, 9 (previous year: 13) employees were employed on average.

CONTINGENT LIABILITIES

At the balance sheet date, no contingent liabilities existed.

OTHER FINANCIAL COMMITMENTS

A rental agreement concluded in April 2017 with a term until December 2022 resulted in rental obligations tota-ling €684 thousand as at the reporting date. A bank guarantee of €56 thousand was provided as security for the lease. In addition, there are other ﬁnancial obligations of €41 thousand.

e remaining payment obligations for agreed shareholdings not yet called in for shares in FinLab EOS VC Euro-pe I amount to €2.650 thousand (prior year: €3.695 thousand) as at the accounting date.

LIST OF EQUITY HOLDINGS

FinLab AG has made use of the simpliﬁcation rule of Section 293 (1) of the German Commercial Code (HGB) and waived the preparation of consolidated ﬁnancial statements.

FinLab AG directly holds a stake of 20% or more, within the meaning of Section 285 No. 11 of the German Com-mercial Code (HGB), in the following companies:

in thousandin thousand

EUR

EUREquity Annual earningsInvestment

HeadquartersPercentage holding

12/31/2020 2020

Heliad Management GmbH

Frankfurt am Main

100%

925 454

Patriarch MultiManager GmbH 1)Frankfurt am Main

100%

367 0

VCH Investment Group AG

Frankfurt am Main

100%

936 135

FinLab Asset Management GmbHFrankfurt am Main

100%

2 -12

Heliad Equity Partners GmbH & Co. KGaA

Frankfurt am Main

45.5%

50.150 15.962

nextmarkets GmbH 2)

Köln

31.42%

-2.016 -2.830

AUTHADA GmbH 2)

Darmstadt

25.62%

442 -2.238

Vaultoro Limited 2)

London

23.25%

100 -434

FastBill GmbH 2)

Frankfurt am Main

20.87%

75 -572

Iconic Holding GmbH 3)

Frankfurt am Main

22.35%

-668 -892

CASHLINK Technologies GmbH 2)Frankfurt am Main

20.00%

1.373 -751

1) Since 1/1/2016 proﬁt and loss transfer agreement with FinLab AG, therefore the annual result is €0 thousand.
2) Equity and the year-end result relate to 2019
3) Equity and the year-end result relate to 2018

DISCLOSURES ABOUT THE EXISTENCE OF A PARTICIPATING INTEREST IN THE COMPANY

Mr. Bernd Förtsch, Kulmbach, notiﬁed us on January 7, 2021 pursuant to Section 20 (5) AktG that a majority shareholding in our Company belongs to him, as the shares held in our company by BFF Holding GmbH and by GfBk Gesellschaﬅ für Börsenkommunikation GmbH are attributable to him via BFF Holding GmbH pursuant to Section 16 (4) AktG.

Mr. Christian Angermayer, London, United Kingdom, notiﬁed us on January 7, 2021 in accordance with Section 20 (5) AktG that he no longer holds any shares in our Company pursuant to Section 20 (1.3) AktG.

APPLICATION OF PROFITS

e annual surplus, amounting of EUR 341,984.13 is carried forward to the new accounting year.

Executive Board

• Juan Rodriguez, Member of the Executive Board, Bad Vilbel
• Stefan Schütze, Member of the Executive Board, Frankfurt am Main

Supervisory Board

• Axel-Günter Benkner, independent management consultant, Nidderau, Chairman
• Dr. Friedrich Schmitz, Businessman, Munich, Deputy Chairman
• Stefan Müller, Plenipotentiary of Börsenmedien Börsenmedien Aktiengesellschaﬅ, Küps

POST-BALANCE-SHEET EVENTS

ere were no signiﬁcant events aﬅer the balance sheet date.

CONCLUSION OF THE DEPENDENCY REPORT

e dependent company report prepared as per sect. 312 of AktG provides information on the relationship with aﬃliated companies. e closing statement pertaining to the dependent company report is provided below:

"We declare that the company has received an adequate consideration in every legal transaction listed in the report pertaining to the relationship with aﬃliated companies, which were realized in the period bet-ween January 1 and December 31, 2020, in accordance with the circumstances which were known at the time in which these legal transactions were realized or measures implemented, and therefore, the company has not been aﬀected by the measures being implemented or refrained from."

Frankfurt/Main, on February 28, 2021

e Executive Board

Stefan Schütze Juan Rodriguez

FinLab AG Jahresﬁnanzbericht 31. Dezember 2020

STATEMENT OF CHANGES IN FIXED ASSETS

FROM JANUARY 1 TO DECEMBER 31, 2020

Intangible assets

142,026.86 11,100.00

Property, plant and equipment

1. Installations in rented buildings
2. Plant and oﬃce equipmentFinancial assets

1. Shares in aﬃliated companies
01/01/2020
45,757.68 345,816.52 391,574.20
2,899,221.10
2. Investments
3. Loans to companies in which we participate

1,438,844.38 176,588.03

4. Securities held as investmentsTotal Fixed AssetsAcquisition costsAcquisitions

0.00

24,574.02 24,574.02

0.00

24,520,863.43 4,806,612.32
22,917,395.81 51,776,324.72 52,309,925.78
0.00
4,983,200.35
5,018,874.37
Disposals 0.00
0,00 0.00 0.00
0.00
-2,894,927.02
0.00
-526,109.85 -3,421,036.87
-3,421,036.87
12/31/2020 153,126.86
45,757.68 370,390.54 416,148.22
2,899,221.10
01/01/2020
- 134,313.86 3,906.00
- 34,522.68 3,289.00
- 290,704.52 19,272.02
- 325,227.20 22,561.02
0.00
- 26,432,548.73 2,811,176.21
1,615,432.41 22,391,285.96 53,338,488.20 53,907,763.28
0.00 3,593,382.11 6,404,558.32 6,864,099.38
Accumulated depreciationAcquisitions
Disposals 0.00
0.00 0.00
0.00
0.00
2,031.00
-2,813,207.21
0.00 0.00
0.00
2,031.00 28,498.02
-404,525.85 -3,217,733.06 -3,217,733.06
12/31/2020 138,219.86
37,811.68 309,976.54 347,788.22
0.00 0.00 0.00
3,188,856.26 3,188,856.26 3,674,864.34
Balance value
12/31/2020
in Euro
12/31/2019
14,907.00 7,713.00
7,946.00 11,235.00
60,414.00 55,112.00
68,360.00 66,347.00
- 2,899,221.10 2,899,221.10
- 26,432,548.73 21,709,687.22
- 1,615,432.41 1,438,844.38
- 19,202,429.70 19,324,013.70
- 50,149,631.94 45,371,766.40
- 50,232,898.94 45,445,826.40

INDEPENDENT AUDITOR'S REPORT

To the FinLab AG, Frankfurt am Main

Audit Opinion

We have audited the annual ﬁnancial statements of FinLab AG, Frankfurt am Main, which comprise the ba-lance sheet as at December 31, 2020, and the statement of proﬁt and loss for the ﬁnancial year from January 1 to December 31, 2020, and notes to the ﬁnancial statements, including the presentation of the recognition and measurement policies.

In our opinion, on the basis of the knowledge obtained in the audit, the accompanying annual ﬁnancial statements comply, in all material respects, with the requirements of German commercial law applicable to business corpora-tions and give a true and fair view of the assets, liabilities and ﬁnancial position of the Company as at December 31, 2020 and of its ﬁnancial performance for the ﬁnancial year from January 1 to December 31, 2020 in compli-ance with German Legally Required Accounting Principles.

Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any reservations relating to the legal compliance of the annual ﬁnancial statements.

Basis for the Audit Opinion

Responsibilities of the Executive Directors and the Supervisory Board for the Annual Financial Statements

e executive directors are responsible for the preparation of the annual ﬁnancial statements that comply, in all material respects, with the requirements of German commercial law applicable to business corporations, and that the annual ﬁnancial statements give a true and fair view of the assets, liabilities, ﬁnancial position and ﬁnancial performance of the Company in compliance with German Legally Required Accounting Principles. In addition, the executive directors are responsible for such internal control as they, in accordance with German Legally Re-quired Accounting Principles, have determined necessary to enable the preparation of annual ﬁnancial statements that are free from material misstatement, whether due to fraud or error.

e supervisory board is responsible for overseeing the Company's ﬁnancial reporting process for the preparation of the annual ﬁnancial statements.

Auditor's Responsibilities for the Audit of the Annual Financial Statements

We exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the annual ﬁnancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suﬃ-cient and appropriate to provide a basis for our audit opinion. e risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentio-nal omissions, misrepresentations, or the override of internal controls.

• Obtain an understanding of internal control relevant to the audit of the annual ﬁnancial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the eﬀectiveness of these systems of the Company.

• Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures.

• Conclude on the appropriateness of the executive directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signiﬁcant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the annual ﬁnancial statements or, if such disclosures are inadequate, to modify our respective audit opinion. Our conclu-sions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to be able to continue as a going concern.

• Evaluate the overall presentation, structure and content of the annual ﬁnancial statements, including the disclo-sures, and whether the annual ﬁnancial statements present the underlying transactions and events in a manner that the annual ﬁnancial statements give a true and fair view of the assets, liabilities, ﬁnancial position and ﬁnan-cial performance of the Company in compliance with German Legally Required Accounting Principles.

Grünwald, March 15, 2021

i Treuhand GmbH

Wirtschaﬅsprüfungsgesellschaﬅ

Steﬀen Urban

Wirtschaﬅsprüfer

[German Public Auditor]

CONTACT

FinLab AG Grüneburgweg 18

60322 Frankfurt am Maininvestor-relations@ﬁnlab.deTelefon +49 (0) 69 . 719 1280-0

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FinLab AG published this content on 22 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 March 2021 21:16:03 UTC.

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