Hansa Group AG Ad-hoc: Ordering of an audit by the BaFin pursuant to section 37p (1) Sentence 2 No. 1 of the WpHG in conjunction with section 37o (1) of the WpHG
Genthin, March 4, 2015 - The Federal Financial Supervisory Authority (BaFin) has, pursuant to section 37p (1) Sentence 2 No. 1 of the WpHG in conjunction with section 37o (1) of the WpHG, ordered an audit of the company's annual and consolidated financial statements as of December 31, 2012 as well as the company's management report and Group management report for fiscal year 2012.
According to information provided by the BaFin, this audit has been ordered as the Financial Reporting Enforcement Panel (FREP) concluded in the wake of its (random) audit, conducted pursuant to section 342b (2) Sentence 3 No. 3 of the German Commercial Code (HGB), that the following aspects of the company's accounting are flawed and the company does not agree with these findings. The FREP noted that the annual and consolidated financial statements as of December 31, 2012 and the management report and Group management report for fiscal year 2012 did not appropriately assess and explain material liquidity risks, that the impairment of the goodwill of Luhns GmbH as of December 31, 2012 should have been recognized in full, and that the capitalization of a claim for damage needs to be qualified as a contingent liability in the consolidated financial statements.
The FREP's identification of errors in the accounting does not initially have any legal significance nor is it legally binding. As the company does not agree with the FREP's finding of errors, the BaFin's only option is to commence its own audit of the company's accounting, which the BaFin has now done.
The company was not, at the time the reports were prepared, of the opinion that its ac-counting was flawed and still maintains this view; the company will explain its position in detail during the audit that has now been commenced by the BaFin.
The Management Board
HANSA GROUP AG
Wanheimer Str. 408