Dr. Hönle AG: Changes in accounting impact positively on the Hönle Group's financial result

Gräfelfing, Munich (pta023/26.11.2013/12:50 UTC+1) A special effect resulting from accounting changes impacts positively on Hönle Group's financial result in the 2012/2013 financial year.

In July 2011, Dr. Hönle AG acquired a 51% stake in the industrial light technology specialist, Mitronic P. Miller GmbH (renamed as Mitronic GmbH), and, in early 2012, an 80 % stake in the Raesch Group, a leading manufacturer of quartz glass tubes. Put options for the remaining shares in Mitronic GmbH and the Raesch Group were granted to the respective sellers whereas, in turn, Dr. Hönle AG was granted call options for the shares still outstanding.

As the accounting treatment of such options is not explicitly regulated in the present IFRS standards, this complex issue was to be dealt with and unambiguously settled within the scope of a clarifying interpretation. However, a final solution was not found and the International Accounting Standards Board therefore decided in March 2013 not to publish a respective interpretation but, instead, to continue to discuss the subject internally. Within the scope of these discussions, the International Accounting Standards Board found that, at present, some accounting areas are sufficiently regulated in the existing standards. This caused Dr. Hönle AG to make retrospective adjustments to the accounting recognition of the above-stated options.

The put options were agreed upon with the sellers as they were to participate in the further development of the companies. Basically, these options are aimed at achievable earnings contributions of the companies for a certain point in time prior to the exercise date. Due to subsequent new arrangements concerning Mitronic GmbH and the fact that the course of business of both corporate groups lagged behind expectations as of the acquisition date, the values recognized in the balance sheet were adjusted. The management board is still assuming that the Raesch Group will contribute significantly to earnings in the coming years. Positive sales and earnings development is also expected for Mitronic Gmb H due to the restructuring measures implemented.

In financial year 2012/2013, the change in accounting led to an additional financial result of approximately Eur 1.5 million which will lead to a corresponding increase in the consolidated result.

Moreover, as a consequence, both the financial result and the consolidated result for financial year 2011/2012 will increase by around Eur 0.7 million.

Hönle will publish the preliminary figures for financial year 2012/ 2013 on 9 December 2013 as planned and will publish the 2012/2013 annual report on 16 January 2014.

About Hönle:
Dr. Hönle AG is a listed technology company with head office in Gräfelfing, near Munich. The Hönle Group employs some 500 people at several locations in Germany and abroad. Its product range includes UV and infrared lamp systems, quartz glass and adhesives for various fields of application. The products are used for drying inks and coatings, in water and surface sterilisation, in sunlight simulation and in a variety of manufacturing steps. In many sectors of industry, the Hönle name stands for imaginative problem solutions and environment-friendly technologies.
Worldwide, the Hönle Group is represented with its own companies and sales partners at over 70 sites in more than 20 countries.

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Emitter:	Dr. Hönle AG Lochhamer Schlag 1 82166 Gräfelfing/München Germany
Contact Person:	Peter Weinert
Phone:	+49 89 85608-173
E-Mail:	peter.weinert@hoenle.de
Website:	www.hoenle.de
ISIN(s):	DE0005157101 (Share)
Stock Exchange(s):	Regulated Market in Frankfurt; Free Market in Berlin, Dusseldorf, Hamburg, Hannover, Munich, Stuttgart