Hess Hess
 

Hess AG completes internal special investigation

Villingen-Schwenningen, 14.03.2013
Hess AG
• Adjustments necessary in Annual Financial Statement 2011
• Postponement of publications of Annual Financial Statement 2012 and Quarterly Statement Q1 2013
• Restructuring concept in the implementation
Villingen-Schwenningen, 14th March, 2013. After seven weeks of in-depth analysis, the supervisory board of Hess AG extensively discussed and talked about the suspicious facts of the special investigation that lead to the dismissal of the previous Managing Board on 21st January, 2013, in its today’s meeting and unanimously took notice of the final report.
The special investigation report, commissioned by the supervisory board, comes to the conclusion that the sales revenue for the financial year 2011 was overstated by about 9 million € and the annual surplus by about 6 million €. Considerable adjustments are also to be made for the financial year 2012. According to the special investigation report, the sales revenue for 2012 is overstated by about 15 million € as well as the annual surplus by about 9 million €. Due to these results, the company expects a loss of at least 15 million € for the financial year 2012 on the basis of the annual surplus.
Postponement of publications of Annual Financial Statement and Quarterly Statement
The result of the special investigation leads to an adjustment or rather a reissue of the annual financial statement for the financial year 2011. The audit and preparation of the annual financial statement 2012 can only begin after presentation of the annual financial statement 2011. This means that Hess AG will be incapable of preparing and publishing the annual financial statement as well as the annual report for the financial year 2012 within the statutory period. The report for the first quarter of the financial year 2013 will be postponed indefinitely, too.
Restructuring concept in the implementation
The consequences of the proceedings referring to the figures of the financial years 2011 and 2012 became clear because of the now available results of the special investigation. On this basis, the already started and proceeding implementation of the restructuring concept will be adjusted and completed. The finale restructuring concept is expected during the month of April.
Hess AG
Management Board

Contact

Hess AG
Marco Walz
Investor Relations
Lantwattenstraße 22
D - 78050 Villingen-Schwenningen
Tel.: +49 7721 920-475
Fax: +49 7721 920-771475
E-Mail: marco.walz@hess.eu
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