Mülheim an der Ruhr, Germany, April 24, 2015
EASY SOFTWARE AG holds 46% of the shares of otris software AG. An additional
stock lending of 5% of the shares has previously resulted in a majority holding of 51% in that company. With the consent of the Supervisory Board, the EASY SOFTWARE AG Management Board today decided to no longer extend this Stock Lending Agreement, the result of which is that it will expire, according to contract, by April 30, 2015.
EASY SOFTWARE AG will still hold an investment share of 46% in otris software AG. However, expiration of the Stock Lending Agreement ensures that effective April 30, 2015, otris software AG will be deconsolidated, and considered, as of May 1, 2015, as an associate company in the consolidated financial statement.
The losses in revenue within the EASY SOFTWARE group resulting from deconsolidation are estimated to amount to about 10% for the current financial year, in which otris software revenues are still consolidated pro rata temporis. On a 12-month basis (from financial year 2016 onwards), the Management Board assumes losses in revenue to amount to 17%. However, deconsolidation has a positive effect on the income for 2015. The tentatively estimated profit from deconsolidation of otris software AG amounts to about €3 million.
The final determination of fair value is still pending.
Expiration of the Stock Lending Agreement does not affect proven cooperation with otris software AG, particularly the sales partnership alliance.
EASY SOFTWARE AG
The Management Board