pgam advanced technologies AG
pgam adv. tech AG: The Company employs a conservative accounting policy
Ad hoc announcement §15 WpHG
adjustment of approx
pgam adv. tech AG: The Company employs a conservative accounting policy
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
——————————————————————————
The Company employs a conservative accounting policy
Georgsmarienhuette, 2005-03-06
As a reaction to significantly delayed product orders by several large
customers the executive board of the Company commissioned an independent
valuation which concluded that a value adjustment of approx. 15,7 Mio EUR is
indicated. The adjustments predominantly result from the delayed product
orders by two big customers and a settlement reached with another important
customer.
These adjustments are still subject to approval by the executive board of the
Company and the year-end auditors.
Given the above facts the independent experts furthermore recommend a partial
write-down of the American subsidiary pgam corp. of 15 to 20 Mio EUR against
capital reserves.
The Company is currently talking to investors about a possible restructuring
of existing loans. As a personal contribution to strengthen the financial
capability and as a sign of commitment to the Company`s strategy shareholder
and CEO Josef A. Marold has already agreed to waive his 5 Mio. EUR (plus
interest) shareholder loan repayment claim.
The executive board of the Company is convinced that the market for special
protection vehicles will continue to grow significantly and that the Company,
due to its technological focus and strategic orientation, will substantially
participate in this growth.
For more information see http://www.pgam.com or:
pgam advanced technologies AG
Investor Relations
Beekebreite 18-20
D – 49124 Georgsmarienhuette
Phone: +49 -(0) 5401 -490 490
Fax: +49 -(0) 5401 -42705
E-Mail: i-relations@pgam.com
pgam advanced technologies AG
Beekebreite 18-20
49124 Georgsmarienhütte
Deutschland
ISIN: DE0005138408
WKN: 513840
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverker in Berlin-
Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart
End of ad hoc announcement (c)DGAP 06.03.2005
062127 Mär 05
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