EQS-Adhoc: KPS AG: Potential loss of receivables from the customer The KaDeWe Group GmbH and postponement of the publication of the financial statements for the 2022/2023 financial year

KPS AG: Potential default on receivables by customer The KaDeWe Group GmbH and postponement of the publication of the financial statements for the 2022/2023 financial year

KPS AG announces that its wholly owned subsidiary KPS Transformation GmbH was informed today by its customer The KaDeWe Group GmbH (KaDeWe) that KaDeWe filed an application to open self-administered insolvency proceedings at the Charlottenburg District Court on January 26, 2024 and the court decided on January 29, 2024 to order provisional self-administration and to appoint a provisional administrator until the above insolvency application is decided.

The reason for this information from KaDeWe is a project contract for the introduction of an ERP system. The contractual services owed by the KPS Group have largely been provided and the majority of the project remuneration has already been paid by the customer. However, KaDeWe still has outstanding payments in the mid-single-digit million range. The timing and amount of the collectibility of these payment claims are currently uncertain.

Due to the above-mentioned circumstances, the publication of the annual and consolidated financial statements and the combined management report of KPS AG for the past financial year 2022/2023, planned for January 30, 2024, has been postponed. The Management Board of KPS AG cannot currently make a sufficiently certain statement as to what impact KaDeWe’s insolvency will have on KPS AG’s business figures for the past 2022/2023 financial year and, above all, on the forecast for the current 2023/2024 financial year. Without taking into account the insolvency of KaDeWe and a potential default on receivables, on an unaudited basis, group sales for the past financial year would be €177.8 million and group EBITDA would be €11.3 million. The capital market forecast confirmed in May 2023 would therefore be fulfilled.

KPS AG will publish the new date for the publication of the financial statements for the 2022/2023 financial year, including the forecast report for the current financial year, in a timely manner by means of a corresponding notice.

Leonardo Musso
Sole board member

Unterföhring, January 29, 2024

Contact:

KPS AG
Beta Street 10H
85774 Unterföhring
Telephone: +49 (0) 89 356 31-0
Fax: +49 (0) 89 356 31-3300
Email: [email protected]