DGAP-News: Powerland AG / Key word(s): Miscellaneous/Study Powerland AG confirms correctness of financial statements in IPO prospectus 16.06.2011 / 08:27 --------------------------------------------------------------------- Powerland AG confirms correctness of financial statements Yesterday a report was distributed claiming that the financial information of the Powerland Group for financial year 2009 was displayed incorrectly in Powerland's IPO prospectus. The report cites and shows document excerpts which seem to stem from the files of the Chinese Administration of Industry and Commerce (AIC). In this context, Powerland confirms the following: All financial statements of Powerland Group in the IPO prospectus are correct and have been fully audited by BDO AG Wirtschaftsprüfungsgesellschaft. Unlike what was stated in the report, taxation of Chinese corporations is based on the financial statements filed with the Chinese tax authorities and not on the financial figures filed with the AIC. The filings of financial information with AIC serve for the annual registration and administrative purposes, and those figures may be materially different from financial statements prepared based on the Chinese GAAP and IFRS requirements, or filed with the Chinese tax authority. The net profits for Powerland Group according to the official tax filings and payments with the Chinese tax authorities were in line with the IFRS based net profit figures contained in the IPO prospectus. These official tax filings were subject to extensive examination by our auditor. About Powerland Powerland (ISIN DE000PLD5558, WKN PLD555, Ticker Symbol 1PL) is a leading Chinese producer of fashionable luggage and bags with a main focus on high-quality luxury women's handbags made of genuine leather. Powerland operates two business segments - a luxury segment under the Powerland brand and a casual segment under the Sotto brand. Powerland's operating subsidiaries are located in Fujian province and Guangdong province in China. In 2010, Powerland realised Group sales of EUR 112.6 million, an operating profit (EBIT) of EUR 27.0 million and a net profit of EUR 22.6 million. At present, Powerland employs approximately 1,075 employees. Additional information may be found under www.powerland.ag End of Corporate News --------------------------------------------------------------------- 16.06.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's 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: Powerland AG Westhafentower 60327 Frankfurt am Main Deutschland Phone: +49 172 - 67 49 792 Fax: +49 6196 - 777 99 66 E-mail: info@powerland.ag Internet: www.powerland.ag ISIN: DE000PLD5558 WKN: PLD555 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 128717 16.06.2011
DGAP-News: Powerland AG confirms correctness of financial statements in IPO prospectus
| Source: EQS Group AG