VBH Holding GmbH
VBH Holding Aktiengesellschaft: Profit warning, annual/consolidated financial statements, need for restructuring
VBH Holding Aktiengesellschaft / Key word(s): Profit Warning/Restructure of Company 02.04.2015 14:09 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- In the course of the ongoing preparation of the annual and consolidated financial statements for the 2014 financial year, it has been shown that the operating performance of the VBH Group in the 2014 financial year was within expectations. At EUR 659 million, preliminary Group sales were 4.8% down on the previous year's figure of EUR 692 million and thus in line with previous estimates. In the wake of a strategic realignment of VBH Deutschland GmbH and a significant increase in employee fluctuation, the multi-year planning adopted by the Executive Board has just had to be corrected. As a result of these planning adjustments, unscheduled write-downs have been made on the goodwill of VBH Deutschland GmbH amounting to EUR 6 million. In addition, the termination of hedge accounting means that the negative market value of EUR 1.6 million must be recognised in loss. As a result, consolidated earnings before taxes (EBT) according to IFRS are expected to amount to approximately EUR -4 million on the basis of the provisional figures for the 2014 financial year available to the Executive Board. In the previous year, the corresponding consolidated earnings were around EUR 3 million. As the adjustment of VBH Deutschland GmbH's multi-year planning will also be reflected in the evaluations in the financial statements of VBH Holding AG (according to the German Commercial Code), the Executive Board believes that equity measures are essential. In this respect, talks are being held with equity investors and creditors both on securing the financing of the VBH Group and with regard to potential capital measures. Against this backdrop, the approval and publication of the annual and consolidated financial statements of VBH Holding AG have been postponed. The Executive Board expects that the required financial restructuring and necessary measures of an operating nature will be implemented - in everyone's interests. In order to examine the resilience of Group planning in light of the strategic direction in Germany and the political and economic developments in the CIS region, the Executive Board - in consultation with the Supervisory Board - appointed an expert management consultancy to prepare a restructuring/reorganisation report for the VBH Group. So that the findings of the as yet not finalized restructuring/reorganisation report can have some influence over the financing agreement, an agreement which originally ran until 30 January 2015, and concluded with the syndicated banks in order to allow the definition of covenants for the future as part of the syndicated loan and to suspend the syndicated banks' formal rights of termination and has been extended with a standstill agreement to 30 April 2015. On the basis of current negotiations regarding a draft submitted by the banks, the Executive Board expects this standstill agreement to be extended again until initially 30 June 2015. contact: Jürgen Kassel CFO ++49/(0)7150-15200 02.04.2015 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: VBH Holding Aktiengesellschaft Siemensstraße 38 70825 Korntal-Münchingen Germany Phone: 07150-15-204 Fax: 07150-15-376 E-mail: g.weber@vbh.de Internet: www.vbh.de ISIN: DE0007600702 WKN: 760070 Listed: Regulated Market in Frankfurt (Prime Standard), Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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