DGAP-News

euromicron AG provides furher explanations regarding the ad hoc announcement made on March 24, 2015

DGAP-News: euromicron AG / Key word(s): Miscellaneous
euromicron AG provides furher explanations regarding the ad hoc
announcement made on March 24, 2015

27.03.2015 / 08:00

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PRESS RELEASE


Frankfurt, March 27, 2015 - On March 24, 2015, euromicron AG published an
ad hoc announcement in accordance with § 15 WpHG. In this announcement,
insider information was published immediately in the required brevity in
accordance with the legal requirements. Today, euromicron AG is providing
the following further explanations concerning the information published in
this ad hoc announcement.

- 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