euromicron AG in Insolvenz
euromicron AG provides furher explanations regarding the ad hoc announcement made on March 24, 2015
euromicron AG / Key word(s): Miscellaneous PRESS RELEASE euromicron AG provides further explanations regarding the ad hoc announcement made on March 24, 2015 – We are able to limit the accounting errors to the amount of around EUR 15 million that were referred to in the ad hoc announcement and can confirm following a detailed examination of all projects by the expert departments that no further errors were found. – Companies that belong to the euromicron group completed and processed a total of around 5,000 projects in total per year in the years 2012 and 2013. The accounting errors that now need to be corrected were found in 25 major projects in particular from three system companies of the euromicron group. – In accordance with IAS 8 (International Accounting Standards 8: “Accounting and valuation methods, changes of estimations and errors”), such errors are to be offset against the Group’s equity capital with no effect on profit. We still expect to be able to meet the Group’s annual forecast for 2014. – The errors and corrections will not have any impact on the impairment valuations of individual Group companies. – The errors discovered that pertain to accounting and valuation of certain projects are mainly miscalculations, flawed dimensioning and a lack of follow-up costs in project calculations as part of major construction projects. – Furthermore, in the past, the supplements expected of customers were taken into account but not recorded properly and therefore could not be documented in the final invoices for these projects. – As part of “Agenda 500,” which has now been completed and already been presented in public on several occasions, the organizational structures within the Group companies have since been professionalized. Amongst other topics, especially trained project controllers and managers as well as construction managers have been hired. The now considerably optimized structure of our Group has created an organization that can identify the errors of the past on its own and correct them. We take the errors found as an opportunity to evaluate and further improve processes and organizational structures. Initial concrete measures were implemented very quickly. – In all relevant areas, we have created the personnel and organizational prerequisites necessary in order to be able to prevent these types of errors from being repeated. – Due to the fact that euromicron AG is currently busy making these corrections in a time-consuming manner, the financial statement and its examination by the auditing company PricewaterhouseCoopers AG is expected to take until April 30, 2015. – The acquisition of a large company as a way of achieving a sales volume of EUR 500 million for the Group that has been communicated in the past is currently being postponed. – The Group’s strategy will be examined by the Executive Board together with the extended management team and the Supervisory Board and then be promptly communicated to the capital market. ___________________________________________________________________________ Contact: 2015-03-27 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | euromicron AG | |
Zum Laurenburger Hof 76 | ||
60594 Frankfurt am Main | ||
Germany | ||
Phone: | +49(0) 69 631583-0 | |
Fax: | +49(0) 69 631583-17 | |
E-mail: | info@euromicron.de | |
Internet: | www.euromicron.de | |
ISIN: | DE000A1K0300 | |
WKN: | A1K030 | |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Stuttgart | |
End of News | DGAP News-Service |
338289 2015-03-27 |