Münster (pta034/21.10.2019/22:15) - Due to statutory obligations, the Spanish subsidiary United Labels Iberica S.A. will soon apply for insolvency. This has been decided by the management of the Spanish entity today. This decision also affects indirectly the Italian subsidiary of United Labels Iberica S.A. which has been inactive for a while.
There are no inter-company agreements which oblige our company to compensate any losses of the Spanish subsidiary.
In the stand alone accounts of United Labels AG the participation in has been fully written off, on group level, the goodwill of the Spanish subsidiary as well as the respective deferred tax assets have been written off. No receivables towards the Spanish subsidiary exist on group company level.
This event will have a negative impact on the annual forecast, the extend of which is currently under review.
The 9 month report of United Labels AG will be released shortly.
United Labels AG - Investor Relations -
Gildenstraße 6, 48157 Münster, Tel.: +49 (0) 251-3221-0, Fax: +49 (0) 251-3221-960
|emitter:||United Labels AG|
|contact person:||Investor Relations|
|phone:||+49 251 3221-0|
|stock exchanges:||regulated market in Frankfurt; free market in Dusseldorf, free market in Hamburg, free market in Munich, free market in Stuttgart; open market in Berlin, Tradegate|