EQS-News: Possible consequential effect of the notification by BaFin regarding the former investment Voltabox AG

Possible consequential effect of the notification by BaFin regarding the former investment Voltabox AG

Delbrück, 23 December 2022 - The management of paragon GmbH & Co. KGaA [ISIN DE0005558696] has learned from a public notification by the German Federal Financial Supervisory Authority (BaFin) that it has identified mistakes in the consolidated financial statements of Voltabox AG as at the reporting date of 31 December 2019 and in the associated management report for the 2019 financial year. According to BaFin's findings, the earnings figures for the 2019 financial year were reported too low and the sales figures in the financial statements for the year 2018 were reported too high. 

paragon GmbH & Co. KGaA still held approximately 60% of the shares in Voltabox AG in the 2019 financial year. Due to the resulting full consolidation of Voltabox AG, paragon GmbH & Co. KGaA has consolidated the figures provided by Voltabox AG at the time into the consolidated financial statements of paragon GmbH & Co. KGaA's consolidated financial statements in 2019 without the possibility of reviewing them. Therefore, the management of paragon GmbH & Co. KGaA assumes a possible consequential effect for the consolidated financial statements of paragon GmbH & Co. KGaA, even though BaFin has currently not issued any error findings in this regard. This would only affect the 2019 financial statements and would not have any impact on the net assets, financial position and results of operations of paragon GmbH & Co. KGaA in the years 2020ff.

As is known, paragon GmbH & Co. KGaA has completely divested itself of the shares in Voltabox AG in 2021.

About paragon GmbH & Co. KGaA

Listed on the Regulated Market (Prime Standard) of Deutsche Börse AG in Frankfurt a.M., paragon GmbH & Co. KGaA (ISIN DE0005558696) develops, produces and distributes pioneering solutions in the fields of automotive electronics, body kinematics and electromobility. The portfolio of the market-leading direct supplier to the automotive industry includes innovative air quality management, modern display systems and connectivity solutions, as well as high-end acoustic systems in the electronics segment. In the mechanics segment, paragon develops and produces active mobile aerodynamic systems. In the fast-growing automotive market for battery systems, paragon now operates independently with its power business unit following the sale of the Voltabox investment.

In addition to its headquarters in Delbrück (North Rhine-Westphalia), paragon GmbH & Co. KGaA and its subsidiaries have sites in Suhl (Thuringia), Landsberg am Lech and Nuremberg (Bavaria), St. Georgen (Baden-Württemberg) and Limbach (Saarland), as well as in Kunshan (China), Bengaluru (India) and Oroslavje (Croatia).

For more information on paragon, visit www.paragon.ag.

Capital Market & Press Contact

paragon GmbH & Co. KGaA

Dr. Martin Esser

Bösendamm 11

33129 Delbrück, Germany

Phone: +49 (0) 52 50 - 97 62-200

Fax: +49 (0) 52 50 - 97 62-102

Email: investor@paragon.ag