EMTS Technologie AG
EMTS Technologie AG english
Deloitte & Touche announce plans to revoke audit certificate
Ad-hoc-announcement processed and transmitted by DGAP.
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Salzburg, February 4, 2003
EMTS: Deloitte & Touche announce plans to revoke
audit certificate. Nokia terminates all agreements.
Audit of 2001 financial statements
The preliminary fndings of the audit of the Group’s 2001 financial statements
by the auditors Deloitte & Touche are now available. According to this audit,
an adjustment of pre-tax earnings and amortization of goodwill to an extent of
at least EUR 3 million, possibly even EUR 5 million, will be necessary.
The present circumstances have induced Deloitte & Touche to announce their
revocation of the audit certificate for the Group’s 2001 financial statements.
The ongoing audit, which is also being conducted in coordination with special
auditors KPMG, is planned to be concluded in the course of February.
After that, the Management Board will prepare a corrected version of the
Group’s financial statements for the year 2001.
The quarterly reports for Q1 to Q3 2002 are also being subjected to intense
scrutiny by EMTS and the auditors.
Nokia
Despite intense and cooperative talks between the new EMTS Management and Nokia
in recent months, Nokia has decided against maintaining business relations with
EMTS in future.
According to Nokia’s Management, the reasons for this are essentially based on
historic billing and quality problems as well as failure to comply with the
terms and conditions of regional contracts. Despite the recently concluded
shakeup and financial adjustments addressing the known legacy problems, Nokia
has decided to terminate or not to renew the current agreements with EMTS
(except in Finland).
The impacts and timing per country are being discussed and further steps per
country are in the process of being agreed by the local Managements. Nokia’s
share of the EMTS Group’s total revenues was in the region of 50% in the year
2002.
EMTS’ Management is currently cooperating with all other strategic partners to
find future solutions for each country. Options may include a possible sale of
individual factories and country organizations.
Investor Relations: E-mail: investor.relations@emtscenter.com
Tel.: +43-662-623 391-0
Corporate Spokesperson: Karin Keglevich
E-mail: keglevich@spa.co.at
Tel.: +43-1-532 25 45-10
Title: EMTS Technologie AG, Salzburg
ISIN Nr.: AT0000926266
end of ad-hoc-announcement (c)DGAP 04.02.2003
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WKN: 616516; ISIN: AT0000926266; Index: SWX New Market
Listed: Swiss Exchange; Freiverkehr in Berlin, Frankfurt und München
041952 Feb 03
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