25.02.2014
A.S. Création Tapeten AG DE000A1TNNN5
DGAP-Adhoc: A.S. Création Tapeten AG: Federal Cartel Office issues penalty notices
A.S. Création Tapeten AG / Key word(s): Legal Matter
25.02.2014 13:31
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Following on from the search of the offices of A.S. Création Tapeten AG in
November 2010 and the opening of administrative offence proceedings in
November 2011, the Federal Cartel Office has now issued the anticipated
penalty notices against the company and some of its employees. The company
and the respective persons received these notices on February 25, 2014. The
Cartel Office claims that they violated anti-trust law in the period from
2005 to 2008. During this time, price fixing practices are said to have
occurred between A.S. Création Tapeten AG and other German wallpaper
manufacturers. The penalty notices now issued relate to two of the
originally five allegations. One allegation has been dropped by the Federal
Cartel Office in the meantime. The Federal Cartel Office has not yet issued
a final statement as to whether the two remaining allegations will continue
to be pursued or whether they will be dropped as well.
The penalty imposed on A.S. Création Tapeten AG amounts to EUR 10.0
million, while the penalties imposed on the responsible persons total EUR
0.5 million. A.S. Création Tapeten AG has released these persons from
potential penalty payments with the consent of the Annual General Meeting
of Shareholders.
A.S. Création Tapeten AG and the persons affected intend to appeal against
the penalty notices before the Düsseldorf Higher Regional Court
(Oberlandesgericht), unless the pending final legal review of the notices
and the underlying reasons suggests that an appeal is unlikely to be
successful - which is currently not expected. A duty to pay the penalty
will not arise before a legally enforceable penalty notice or a final
verdict is issued. According to the first impression of the Managing Board
of A.S. Création Tapeten AG and its legal counsel, the Federal Cartel
Office has not sufficiently taken into account the material arguments that
speak against a violation of anti-trust law. But even if the allegations
raised by the Federal Cartel Office were correct, the amount of the
penalties appears to be out of proportion.
As reported in the ad-hoc announcement dated February 18, 2014, A.S.
Création Tapeten AG has established, as a precautionary measure, a
provision for the risks arising from the anti-trust proceedings in the
context of the preparation of the 2013 financial statements due to the
uncertainties generally arising from court proceedings. Based on the
penalty notice now received, the amount of the provision of EUR 2.0 million
will be reviewed once more in consultation with the company's lawyers and
auditors. Should the reasons presented in the detailed penalty notices now
received - which still need to be analysed in detail - be largely
consistent with the previous statements by the Federal Cartel Office, the
Managing Board assumes, in a first estimate, that it will not be necessary
to increase the provision.
Gummersbach, February 25, 2014
A.S. Création Tapeten AG
The Managing Board
Inquiries:
Maik Krämer, Director of Finance and Controlling
Phone: +49-2261-542 387
Fax: +49-2261-542 304
E-Mail: [email protected]
25.02.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: A.S. Création Tapeten AG
Südstraße 47
51645 Gummersbach
Germany
Phone: +49 22 61 54 2-0
Fax: +49 22 61 54 2-3 04
E-mail: [email protected]
Internet: http://www.as-creation.de
ISIN: DE000A1TNNN5
WKN: A1TNNN
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
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