DGAP-News

SNP Schneider-Neureither & Partner SE:

or in earlier financial statements as result of the assessment notice. According to the company's understanding the Federal Financial Supervisory Authority (BaFin) sees no need for further adjustments either. On November 18, 2021, delivered on November 22, 2021, the BaFin ordered SNP SE to disclose the error findings. The corresponding formal announcement was made on November 23, 2021, in the Federal Gazette and via the DGAP ). In detail: During the preparation of the consolidated financial statements for the fiscal year it was determined that right of use from lease agreement (in accordance with IFRS 16) for property with related company in the USA required an unscheduled devaluation from EUR million to zero for the fiscal year in accordance with IAS The review of the U.S. property conducted after the death of the company's founder and Chairman of the Board of Directors Dr. Andreas Schneider-Neureither revealed lack of commercial usability dating back to the start of the lease in In the notes to the consolidated financial statements as of December 31, 2019, it was stated in the explanation of transactions with related parties that all transactions with related parties were at arm's length. Consequently the assessment violated IAS with regard to the lease agreement in the USA as the premises leased on long-term basis could not be used for commercial purposes and such premises would not have been leased by an independent business partner. The earnings effect of the unscheduled value adjustment concerning the right of use resulted in non-compliance with the first stage of an agreed key financial figure for outstanding promissory note loans and in resulting interest rate increase of 0.5%. Accordingly the financial liabilities and the interest expense in the comparative periods of the consolidated financial statements as of December 31, were each adjusted upward by EUR million. The correction was also made in accordance with the provisions of IAS In addition in the segment reporting as of December 31, 2019, due to an incorrect allocation of personnel costs to the segments the segment result for the Service segment was overstated by EUR million and the segment result for the Software segment was overstated by EUR million. The aforementioned error was also corrected in the consolidated financial statements as of December 31, in the comparative period. About SNP SNP is world-leading provider of software for managing complex digital transformation processes. Instead of traditional IT consulting in the ERP environment SNP offers an automated approach using specially developed software: The Data Transformation Platform CrystalBridge (R) and the SNP BLUEFIELD TM approach allow companies to restructure and modernize their IT landscapes much more quickly and securely as well as migrate to new systems or cloud environments more securely. This gives customers clear qualitative advantages while at the same time reducing their time and costs. The SNP Group has around 1,700 employees worldwide. The company is headquartered in Heidelberg Germany and generated revenue of around EUR million in the fiscal year. It serves multinational companies in all industries. SNP was established in 1994, went public in 2000, and has been listed in the Prime Standard segment of the Frankfurt Stock Exchange since August (ISIN DE0007203705). Since 2017, the company has been trading as European company (Societas Europaea/SE). More information is available at Contact person at SNP: Marcel Wiskow Director Investor Relations Tel.: [phone] E-mail: 23.11.2021 Dissemination of Corporate News transmitted by DGAP service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements Financial/Corporate News and Press Releases. Archive at www.dgap.de Language: English Company: SNP Schneider-Neureither Partner SE Speyerer Str. Heidelberg Germany Phone: 637, Fax: E-mail: [e-mail] Internet: www.snpgroup.com ISIN: DE0007203705 WKN: Listed: Regulated Market in Berlin Dusseldorf Frankfurt (Prime Standard) Hamburg Hanover Munich Stuttgart Tradegate Exchange EQS News ID: End of News DGAP News Service 1251372  23.11.2021