Singulus Technologies AG

Legal Proceedings Report • Sep 21, 2017

News Details

Corporate | 21 September 2017 09:21

Notice of a loss amounting to half the capital stock of SINGULUS TECHNOLOGIES Aktiengesellschaft pursuant to Section 92 (1) of German Stock Corporation Act (AktG)

DGAP-News: SINGULUS TECHNOLOGIES AG / Key word(s): Development of Sales

21.09.2017 / 09:21

The issuer is solely responsible for the content of this announcement.

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Press information

Notice of a loss amounting to half the capital stock of SINGULUS TECHNOLOGIES Aktiengesellschaft pursuant to Section 92 (1) of German Stock Corporation Act (AktG)

– Treatment of revenue realization under HGB leads to temporary accounting losses, in contrast to IFRS

– Economic success of underlying projects unaffected

– SINGULUS TECHNOLOGIES stands by optimistic assessment of the Solar division

Kahl am Main, 21.09.2017 – SINGULUS TECHNOLOGIES Aktiengesellschaft gives notice of a loss pursuant to Section 92 (1) of the German Stock Corporation Act. The HGB Interim Financial Statements of SINGULUS TECHNOLOGIES Aktiengesellschaft at 31 August 2017 showed a loss for the financial year in progress of EUR 16.7 million, as a result of which more than half the capital stock was used up. HGB equity at 31 August 2017 amounts to EUR 3.7 million, compared with EUR 20.4 million at 31 December 2016. The loss results principally from the delayed recognition of revenue under HGB. According to the principles of HGB, revenue is only to be realized after the final acceptance of the supplied systems. For the most part acceptance of the systems supplied for the new plant for CIGS thin-film solar cells in China will not take place until the start of the next financial year, when according to HGB rules it will then make a substantial positive contribution to the corporate result.

SINGULUS TECHNOLOGIES prepares its consolidated financial statements in accordance with the principles of the International Financial Reporting Standards (IFRS). Under IFRS, contributions to revenue and profit are recognized over the course of plant creation up until its final acceptance. For reasons of commercial and fiscal law, the company in addition reports in parallel under the principles of the German Commercial Code (HGB). The two accounting systems to some extent adopt different methods for the treatment of business transactions. HGB revenue is reported in entirety upon the final acceptance of the system, and therefore in most cases in the Solar division much later than under IFRS. In the case of SINGULUS TECHNOLOGIES AG this different treatment under HGB means that losses under commercial law have arisen in the company’s HGB individual financial statements until the revenue is realized. Overall, therefore, more than half the capital stock has been used up.

Dr.-Ing. Stefan Rinck, Chief Executive Officer of SINGULUS TECHNOLOGIES AG, commented: “The economic success of our projects of course remains unaffected. We expect a protracted investment cycle specifically for high-grade CIGS solar thin-film modules. Our customer has already commenced construction on further locations. All in all, we are therefore very optimistic with our expectations for the Solar division.”

The Management Board of SINGULUS TECHNOLOGIES Aktiengesellschaft will immediately call an Extraordinary General Meeting. At this meeting, the Management Board will give notice of the loss amounting to half the capital stock and present the situation of the company. The invitation to the Extraordinary General Meeting including the agenda will be communicated in accordance with the time limits and formal requirements.

Once the General Meeting has been announced the invitation can equally be accessed on the website of SINGULUS TECHNOLOGIES Aktiengesellschaft at www.singulus.de, in the “Investor Relations” section, under the “General Meeting” link (http://www.singulus.de/de/investor-relations/hauptversammlung.html).

SINGULUS TECHNOLOGIES – innovations for new technologies

SINGULUS TECHNOLOGIES is a mechanical engineering company that develops and builds machinery for economical and resource-efficient production processes. The application areas of the machinery built by SINGULUS TECHNOLOGIES span vacuum thin-film and plasma coating, wet-chemical cleaning and etching processes, as well as thermal process technologies.

SINGULUS TECHNOLOGIES draws on its expertise in the fields of automation and process engineering for all machinery, processes and applications, and is thus able to supply innovative products for the solar, semiconductor and optical disc application areas as well as other attractive fields of activity.

SINGULUS TECHNOLOGIES AG, Hanauer Landstraße 103,

63796 Kahl am Main, Germany,

New shares: WKN A1681X / ISIN DE000A1681X5

Contact:

Maren Schuster, Investor Relations, Tel.: + 49 (0)160 9609 0279

Bernhard Krause, Corporate Communications, Tel.: + 49 (0)170 9202924

e-mail: bernhard.krause@singulus.de

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21.09.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

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Language:	English
Company:	SINGULUS TECHNOLOGIES AG
	Hanauer Landstrasse 103
	63796 Kahl am Main
	Germany
Phone:	+49 (0)1709202924
Fax:	+49 (0)6188 440-110
E-mail:	bernhard.krause@singulus.de
Internet:	www.singulus.de
ISIN:	DE000A1681X5, DE000A2AA5H5
WKN:	A1681X, A2AA5H
Listed:	Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

End of News	DGAP News Service