Correction of Errors in KHD’s Consolidated Financial Statements – Investigation Result
Cologne, Germany, August 11, 2015 – As informed in the ad hoc announcement dated June 19, 2015, errors in the measurement of individual projects in the 2014 financial year relating to Humboldt Wedag, Inc., the US subsidiary of KHD Humboldt Wedag International AG (KHD), Cologne, have been identified.
In accordance with IAS 8, the errors from the 2014 financial year shall be corrected retrospectively in KHD’s upcoming Half Year Report 2015 by restating the comparative amounts for the prior periods (half-year as of June 30, 2014 and financial year as of December 31, 2014). Following the conclusion of the internal investigation, revenue was overstated in an amount of € 11.7 million and cost of sales was understated in an amount of € 2.0 million. This results in an equity reduction of € 14.9 million due to currency exchange effects. The restatements relating to the balance sheet and the income statement for the half-year as of June 30, 2014 and financial year as of December 31, 2014 will be disclosed and explained in the notes of the Half Year Report 2015.
KHD Group
KHD is a global leader for providing equipment and services to cement producers with over 150 years of experience in the cement industry. Process engineering and project management are among the core competencies of the technology-focused group. KHD offers a wide spectrum of products and services for the cement industry and is a leader in environmentally friendly and energy-efficient products for the grinding and pyro processing sections of the plants. The holding company KHD Humboldt Wedag International AG, based in Cologne, Germany, coordinates its internationally operating subsidiaries. The group employs more than 750 employees worldwide, including customer service centers in growing markets like India, Russia and the Asia Pacific region. KHD Humboldt Wedag International AG (ISIN: DE0006578008, WKN: 657800) is listed on the Frankfurt stock exchange (General Standard). More information: www.khd.com.
Additional Information
ISIN: DE0006578008
Securities identification number (WKN): 657800
Market segment: Regulated Market (General Standard) of the Frankfurt Stock Exchange
KHD Humboldt Wedag International AG
Colonia-Allee 3
51067 Cologne, Germany
Contact
KHD Humboldt Wedag International AG
Michael Nielsen
Investor Relations
Tel.: +49 (0)221 – 6504-1500
E-Mail: michael.nielsen@khd.com
Website: www.khd.com