EQS-News: Possible consequential effect of the notification by BaFin regarding the former investment Voltabox AG
EQS-News: paragon GmbH & Co. KGaA
/ Key word(s): Annual Report
Possible consequential effect of the notification by BaFin regarding the former investment Voltabox AG
Delbrück, 23 December 2022 - The management of paragon GmbH & Co. KGaA [ISIN DE0005558696] has learned from a public notification by the German Federal Financial Supervisory Authority (BaFin) that it has identified mistakes in the consolidated financial statements of Voltabox AG as at the reporting date of 31 December 2019 and in the associated management report for the 2019 financial year. According to BaFin's findings, the earnings figures for the 2019 financial year were reported too low and the sales figures in the financial statements for the year 2018 were reported too high.
paragon GmbH & Co. KGaA still held approximately 60% of the shares in Voltabox AG in the 2019 financial year. Due to the resulting full consolidation of Voltabox AG, paragon GmbH & Co. KGaA has consolidated the figures provided by Voltabox AG at the time into the consolidated financial statements of paragon GmbH & Co. KGaA's consolidated financial statements in 2019 without the possibility of reviewing them. Therefore, the management of paragon GmbH & Co. KGaA assumes a possible consequential effect for the consolidated financial statements of paragon GmbH & Co. KGaA, even though BaFin has currently not issued any error findings in this regard. This would only affect the 2019 financial statements and would not have any impact on the net assets, financial position and results of operations of paragon GmbH & Co. KGaA in the years 2020ff. As is known, paragon GmbH & Co. KGaA has completely divested itself of the shares in Voltabox AG in 2021.
About paragon GmbH & Co. KGaA Listed on the Regulated Market (Prime Standard) of Deutsche Börse AG in Frankfurt a.M., paragon GmbH & Co. KGaA (ISIN DE0005558696) develops, produces and distributes pioneering solutions in the fields of automotive electronics, body kinematics and electromobility. The portfolio of the market-leading direct supplier to the automotive industry includes innovative air quality management, modern display systems and connectivity solutions, as well as high-end acoustic systems in the electronics segment. In the mechanics segment, paragon develops and produces active mobile aerodynamic systems. In the fast-growing automotive market for battery systems, paragon now operates independently with its power business unit following the sale of the Voltabox investment. In addition to its headquarters in Delbrück (North Rhine-Westphalia), paragon GmbH & Co. KGaA and its subsidiaries have sites in Suhl (Thuringia), Landsberg am Lech and Nuremberg (Bavaria), St. Georgen (Baden-Württemberg) and Limbach (Saarland), as well as in Kunshan (China), Bengaluru (India) and Oroslavje (Croatia). For more information on paragon, visit www.paragon.ag.
Capital Market & Press Contact paragon GmbH & Co. KGaA Dr. Martin Esser Bösendamm 11 33129 Delbrück, Germany Phone: +49 (0) 52 50 - 97 62-200 Fax: +49 (0) 52 50 - 97 62-102 Email: [email protected]
23.12.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
Language: | English |
Company: | paragon GmbH & Co. KGaA |
Bösendamm 11 | |
33129 Delbrück | |
Germany | |
Phone: | +49 (0)5250 97 62 - 0 |
Fax: | +49 (0)5250 97 62 - 60 |
E-mail: | [email protected] |
Internet: | www.paragon.ag |
ISIN: | DE0005558696, DE000A2GSB86, |
WKN: | 555869, A2GSB8, |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1520753 |
End of News | EQS News Service |
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1520753 23.12.2022 CET/CEST