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ESTAR (EST): Announcement

Raport bieżący nr 14/2015

Podstawa Prawna:
ENEFI Energy Efficiency Plc. hereby notifies its reputable Investors that the figures in the audited, consolidated report planned to be presented to the annual general assembly are expected to differ from the Q4 report of the Company published on 2nd February 2015.

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The fundamental reason for the difference is that the execution proceedings initiated by the Romanian tax thority - unlawfully from the viewpoint of the Company - under international legal aid (as the Company had previously communicated) has been suspended, which circumstance has been assessed by the auditor as a positive change, therefore in agreement with the auditor, instead of the 100% provision established in the Q4 report, the establishment of 25% provision is expected in the consolidated report. According to the management of the Company, the establishment of approx. HUF 170 million (approx. € 500 thousand) provision still reflects significant carefulness, considering the unjustified nature of the execution proceedings, however it sufficiently calls the attention of the reputable investors that the risk of the potential collection of the claim, or the future attack of the Romanian tax authority initiated in a yet unforeseen manner cannot be completely excluded.

The difference is also explained by the fact that the provision of € 300 thousand established in the Q4 report for the audit in progress and the unidentified risks potentially occurring after the balance day but affecting the reference period is not presented in the audited report either.

On the basis of the above, the audited report is expected to contain approx. € 4.5 million EBITDA and € 2 million profit for the reference year. The EBIDTA was approx. € 2.350 million and the profit for the reference year was approx. € -500 thousand in the Q4 report. On the basis of the current information of the Company, the auditor's report will be clear.

On the basis of the above, the Company assessed that the profit of the given period will be considerably more favourable than it was expected by market players on the basis of the previously announced information (Q4), particularly considering that on the basis of the above figures the shares of the Company are traded at the Budapest Stock Exchange at half of the approx. HUF 230 book value calculated per voting share with 4 P/E ratio and a conservative assessment of the assets of the Company.

Nevertheless the Company hereby emphatically warns its reputable Investors that it fulfils its legal liability by the present information and the above information is based on the current assessment of the management of the Company and not on the audited annual report of the Company, therefore it shall not be considered as final data.

PODPISY OSÓB REPREZENTUJĄCYCH SPÓŁKĘ
DataImię i NazwiskoStanowisko/FunkcjaPodpis
2015-03-17Csaba Soós Member of the Board of Directors

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Finanse / Giełda / Podatki
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