DGAP-News: Powerland AG / Key word(s): Miscellaneous/Study
Powerland AG confirms correctness of financial statements in IPO
prospectus
16.06.2011 / 08:27
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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
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16.06.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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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
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128717 16.06.2011
DGAP-News: Powerland AG confirms correctness of financial statements in IPO prospectus
| Source: EQS Group AG