aap Implantate AG: Refusal of audit opinions for annual financial report 2019 (HGB) and consolidated annual financial report 2019 (IFRS); implementation of various financing and cost-saving options to secure financing
aap Implantate AG / Key word(s): Miscellaneous
aap Implantate AG ("aap" or "Company") was informed at today's balance sheet meeting that the auditor Mazars GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft, Hamburg, will refuse the audit opinions for the annual financial report 2019 (HGB) and the consolidated annual financial report 2019 (IFRS). The background to this is that in the auditor's view up to the time of today's balance sheet meeting no sufficient evidence could be presented that aap's financing is secured for the twelve-month period. As a result, the auditor will issue a note of refusal due to objections to the accounting on the assumption of continuation of business activity (so-called going concern). In this case too, the Supervisory Board will adopt the annual financial statements (HGB) for the 2019 financial year and approve the consolidated financial statements (IFRS) for the 2019 financial year. The publication of the annual financial report 2019 (HGB) and the consolidated annual financial report 2019 (IFRS) is scheduled for June 30, 2020.
aap is currently undergoing a comprehensive restructuring and refinancing process to secure the Company's continued existence and future viability. The already strained liquidity situation has been further exacerbated by the corona pandemic that has led to an enormous impairment of business operations in recent months. Against this background, the Management Board is currently intensively working on the implementation of various financing and cost-saving options. In particular, these include negotiations with the three largest shareholders on a further increase in shareholder loans after initial loans were granted in April. The three main shareholders have already given firm commitments, which are, however, subject to the condition that additional existing or new investors join and participate in the financing. In addition, the Company has received a commitment for an interest-free loan from the Investitionsbank Berlin (IBB) from the "Rescue Aid Corona Emergency Aid Package I" programme, subject to certain conditions. Furthermore, the Company is examining a partial sale of excess capacity of the machinery and is in far advanced negotiations on concluding a development and supply contract with a world-leading U.S. medical technology company. At the same time, the Management Board is currently in talks about possible corporate transactions (e.g. mergers, share or asset deals and carve-outs). If several options can be implemented, aap's financing would be secured.
In addition, the Company plans to propose to its shareholders at the Annual General Meeting in the second half of 2020 an ordinary capital decrease. The aim of this measure is to sustainably restructure aap at the financial level and thus to increase flexibility with regard to possible subsequent capital measures. Last but not least, the Management Board aims to reorganize the Company structurally and to align it on the three pillars of its innovative platform technologies in future. In this context, the three technologies LOQTEQ(R), antibacterial silver coating and resorbable magnesium implants shall be transferred to separate subsidiaries and managed independently under the umbrella of aap as a holding company. This makes it possible to manage the individual technologies more flexibly and in a more targeted manner and to implement the co-financing sought for the silver coating and magnesium implant technologies.
29-Jun-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||aap Implantate AG|
|Phone:||+49 (0) 30 75 01 90|
|Fax:||+49 (0) 30 75 01 91 11|
|Listed:||Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1081385|
|End of Announcement||DGAP News Service|