DGAP-News: Hess AG / Key word(s): Statement/Insolvency
Hess AG: Press statement of the insolvency administrator
26.06.2013 / 19:36
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Hess AG: Press statement of the insolvency administrator
Dr Grub confirmed as insolvency administrator
Villingen-Schwenningen, 26th June, 2013
In the course of the insolvency proceedings of the company Hess AG Form +
Licht, the meeting of creditors was held on 26th June, 2013, at Local Court
of Villingen-Schwenningen. Stuttgart lawyer Dr Volker Grub was confirmed by
a large majority in office as insolvency administrator by the well-attended
and turbulent meeting with just under 50 creditors. The applications of
Christoph Hess and six companies related to him to deselect Mr Dr Grub were
rejected.
The creditors' committee, which was already installed by the court on 20th
February, 2013, with Thomas Harbrecht (Euler Hermes Kreditversicherungs
AG), Reiner Neumeister (Chief Authorised Representative and Managing
Director of IG Metall Villingen-Schwenningen) and Frank Schulze
(Ostsächsische Sparkasse Dresden) was also elected.
Dr Grub identified liabilities relevant to the insolvency proceedings
amounting to EUR 104,9 million. These include claims for damages from the
shareholders on the occasion of going public on 25th October, 2012, with
EUR 35,65 million and from the minority shareholder HPE Pro Institutional
Fund B.V. Amsterdam with EUR 14,0 million. As determined by Dr Grub, the
assets only amount to EUR 32,75 million resulting in an over-indebtedness
of approx. EUR 72,1 million. Hence, one can only expect a quota of at most
16%. Provided, however, that the further processing continues favourably.
Dr Grub reported to the creditors' meeting that the balance sheets from the
year 2007 onwards must be corrected due to false accounting. On the basis
of the net income (earning after taxes) there is a need for correction so
far in the amount of at least EUR 26,4 million for the years 2007 to 2012.
These numbers were also confirmed by the auditing company Ebner Stolz
Mönning Bachem. The net income for the financial year 2011 alone needs to
be adjusted downwards by EUR 10,3 million.
The correction of balance sheets does not exclusively serve to correct the
tax balance sheets and to reclaim paid taxes, but also serves as basis of
liability with regard to the previous Management Board Christoph Hess and
Peter Ziegler, supervisory board members and consultants when going public.
The continuation of book values of the former Management Board lead to a
totally different result at the accounting date 30th April, 2013. Assets
reached EUR 74,3 million while liabilities amount to EUR 33,6 million. The
accounting so far even results in EUR 40,7 million equity capital. The
significant differences arise from the claims for damages on the part of
the shareholders with EUR 49,6 million, not considered liabilities of Hess
AG for subsidiaries, associated companies and companies of the 'shadow
world' with EUR 20,3 million as well as allowances for intangible assets
and investments.
Meanwhile, Dr Grub is satisfied with the continuation of the company. The
target figures are being reached. The income from the continuation of
business operations covers the resulting expenses in full.
The investor process extends due to the balance sheet manipulations
becoming known and the mentioned financial figures and the intertwining
being questioned strongly. The takeover negotiations, nevertheless, proceed
promising. Estimated takeover offers exist alone from four interested
parties. The prolonged talks with investors are, however, no cause for
concern. Employees and managers are convinced that it is possible to
continue work successfully within the framework of the insolvency
proceedings because the current progress can be described as positive.
Contact
Hess AG
Marco Walz
Investor Relations & Communications
LantwattenstraÃe 22
D - 78050 Villingen-Schwenningen
Tel.: +49 7721 920-475
Fax : +49 7721 920-771475
Mail: marco.walz@hess.eu
www.hess.eu
End of Corporate News
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26.06.2013 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Hess AG
LantwattenstraÃe 22
78050 Villingen-Schwenningen
Germany
Phone: +49 7721 920 0
Fax: +49 7721 920 250
E-mail: hess@hess.eu
Internet: www.hess.eu
ISIN: DE000A0N3EJ6
WKN: A0N3EJ
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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218380 26.06.2013
DGAP-News: Hess AG: Press statement of the insolvency administrator
| Source: EQS Group AG