SNP SCHNEIDER-NEUREITHER & PARTNER AG (FRA:SHF) SNP Schneider-Neureither & Partner SE: Inside Information acc. to Article 17 MAR of the Regulation (EU) Nr. 596/2014

Directive transparence : information réglementée

17/03/2021 21:23

DGAP-Ad-hoc: SNP Schneider-Neureither & Partner SE / Key word(s): Miscellaneous
SNP Schneider-Neureither & Partner SE: Inside Information acc. to Article 17 MAR of the Regulation (EU) Nr. 596/2014

17-March-2021 / 21:23 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

SNP Corrects Valuations for Right-of-Use Assets for Real Estate in the USA for the Comparative Period 2019 / Additional Key Areas in Compliance Audit Defined by the Board of Directors / Publication of Annual Financial Statements 2020 Postponed to April 21, 2021

As part of the preparation and audit of the annual financial statements for the 2020 fiscal year, the Board of Directors of SNP Schneider-Neureither & Partner SE has determined that the valuations for right-of-use assets from lease agreements (pursuant to IFRS 16) for a real estate in the USA had to be remeasured pursuant to IAS 8 and corrected downward by € 3.6 million in the comparative information from the previous year (2019 fiscal year). Accordingly, this translates to a corrected EBIT of € 3.4 million for the comparative period 2019 (originally € 7.0 million). The equity ratio declined to 39.3% (originally 40.5%) due to the adjustment for the comparative period 2019. These adjustments have no negative impact on the results of the 2020 fiscal year or on the fiscal year in progress.

The correction was due to the reutilization review of the real estate in the USA carried out after the death of the company's founder and Chairman of the Board of Directors Dr. Andreas Schneider-Neureither, which determined a lack of usability from as early as the beginning of the lease in 2019. The corresponding lease agreement between SNP Assets Americas, LLC, controlled by Dr. Andreas Schneider-Neureither, and the company was signed in March 2019; advance rental payments covering ten years were made in the amount of US-$ 4.3 million. The company is currently reviewing compensation claims.

Based on the findings arising from the remeasurement of the real estate in the USA, the Board of Directors also expanded the scope of the audit for the 2020 annual financial statements and ordered a comprehensive audit of the U.S. companies, particularly regarding compliance-related topics. Due to the additional audit procedures of the auditor, the publication of the consolidated financial statements has been postponed to April 21, 2021.

Investor Relations Contact:

Christoph Marx
Head of Investor Relations
Tel: +49 6221 6425-172

Marcel Wiskow
Director Investor Relations
Tel: +49 6221 6425-637

17-March-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: SNP Schneider-Neureither & Partner SE
Speyerer Str. 4
69115 Heidelberg
Phone: +49 6221 6425 637, +49 6221 6425 172
Fax: +49 6221 6425 20
E-mail: investor.relations@snpgroup.com
Internet: www.snpgroup.com
ISIN: DE0007203705
WKN: 720370
Indices: SDAX
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1176490

End of Announcement DGAP News Service

1176490  17-March-2021 CET/CEST