INDUS Holding AG / Key word(s): Strategic Company Decision
Public disclosure of inside information pursuant to Article 17 of Regulation (EU) No 596/2014
Keywords: Strategic Company Decision
Decision to limit the financing of a subsidiary company
Bergisch Gladbach, 23 September 2022 - The Board of Management of INDUS Holding AG ("INDUS") has decided, with the approval of the Supervisory Board, to significantly reduce and place a time limit on INDUS's further financial commitment to its portfolio company S.M.A. Metalltechnik GmbH & Co. KG ("SMA"). Under the current framework conditions, the financing of SMA will be limited to the financing of current business operations and will only be maintained until the end of October 2022.
SMA is currently conducting intensive negotiations with its major customers on an adjustment of the existing supply contracts to the amended contractual basis due to the overall economic environment. Depending on the outcome of these negotiations, there will be effects on the continuation of SMA. In the short term, the loss situation at SMA, which currently accounts for more than half of the losses in the Automotive Technology segment, will be largely or completely ended.
The effects of this decision on INDUS Holding AG's consolidated financial statements and the forecast are currently being reviewed and will be taken into account when preparing the financial statements for the third quarter of 2022. The consolidated book values of the SMA Group, consisting of fixed and current assets as well as liabilities at the sites in Germany, Romania, South Africa and China, amount to approximately EUR 60 million. This corresponds to the maximum amount of possible non-cash impairments.
The interim report for Q3 2022 will be published on 10 November 2022.
23-Sep-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
INDUS Holding AG
Kölner Straße 32
51429 Bergisch Gladbach
+49 (0)2204 40 00-0
+49 (0)2204 40 00-20
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