Greiffenberger AG

05.07.2016 - Equity Research Einzelstudie

Research Report (Anno) - Greiffenberger AG - english

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Unternehmen: Greiffenberger AG
ISIN: DE0005897300
Branche: Industrie-Maschinenbau-Technologie-Automotive
Kurs bei Erstellung in €: 0,939
Kursziel in €: suspended
Mögl. Interessenskonflikt gem. §34b Abs.1 WpHG und FinAnv: 5a;11

In the light of business development that is lower than expectations for the second half of 2015 – particularly in ABM – and the associated forecasting adjustments in November 2015, Greiffenberger AG had informed its financial partners that the agreed key financial figures from the syndicated loan agreement of 31/12/2015 could not in all likelihood be retained.

As a result, a plan was developed with the financial partners to ensure the continuation of business activities which would lead to a better earnings position in particular, as well as an improved liquidity position. Under this plan, the participating parties agreed to postpone the repayment instalment due on 31/03/2016 for the syndicated loan and the partial repayment of the participation right to 31/10/2016. Furthermore, the interest pay-ments due on the syndicated loan over this period and the compensation payment for the participation right will be suspended.

The plan to secure liquidity and continue the company developed under this plan result-ed in the necessary restructuring measures requiring additional funds of €10 million, which are not available under Greiffenberger AG’s current financial framework. Accord-ing to the company’s plans, strengthening the financial structure of individual subsidiaries is sought after through the involvement of investors. Consequently, Greiffenberger AG would lose its majority in the company concerned.

In the light of the ongoing restructuring and the associated lack of predictability regarding the continuation of the company’s business activity, the commissioned audit company did not yet issue an audit certificate for the 2015 financial statements. On 08/07/2016 the company will be informed about the final outcome of the audit, however, management expects the issuance of a disclaimer of opinion. Instead, the auditors require additional documentation on funding to assess the likelihood of success for the restructuring plan. More detailed information on this has not been published to date, because negotiations with investors are still in process.


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