Vitesco Technologies UK Limited

Vitesco Technologies UK Limited is the local Key Account Management organisation of Schaeffler AG Group and all the costs are covered by Vitesco Technologies GmbH and recharged to business units outside of UK. The Company is a wholly owned subsidiary of Vitesco Technologies Holding Netherlands B.V. a company incorporated in Netherlands. The Ultimate Parent Company is Schaeffler AG, a company incorporated in Germany and listed on the Stock Exchange. Vitesco Technologies integrates innovative and efficient powertrain system solutions for today and tomorrow and for vehicles of all kinds. With smart principles like scalability and modularity, th at covers the requirements of cars, commercial vehicles, and two-wheeled transport, as well as new mobility concepts. Thanks to intelligent systems and components for electric, hybrid, and combustion engines, Vitesco Technologies makes powertrains clean, efficient, and affordable. The product portfolio includes electric drives, electronic control systems, sensors, and actuators, and innovative exhaust gas cleaning. Going Concern In preparing the financial statements the directors have considered the ability of the Company to continue as a going concern. The Company is a wholly owned subsidiary of Vitesco Technologies Holding Netherlands B.V, the ultimate controlling party is Schaeffler AG, therefore, group cash flow forecasts were used to inform the director's assessment of going concern. Company revenue is derived from cost plus arrangements with group companies, with the Ultimate Parent Company having authority for planning, directing and controlling the activities of the Company. Based on the Company dependency with other group entities, the assessment performed by the Group's management is directly applicable to the Company's business continuity and results. The directors believe there is no significant impact or risk to business continuity and concluded that there are no material uncertainties that cast significant doubt upon the Company's and Group's ability to continue as a going concern based on the Group's assessment and future action plans. The Ultimate Parent Company, Schaeffler AG has confirmed to the directors that it will continue to provide financial support to the Company for the foreseeable future and for at least the next 12 months from the date of signing the financial statements. Based upon this the directors expect the company to be able to meet its liabilities as they fall due and these financial statements have therefore been prepared on a going concern basis.