JOYOU AG
Joyou AG: Insolvency application will be filed/Revocation of audit opinions for the fiscal year 2014/ Change to management board/ Examination of legal actions against JiansheCaiand Jilin Cai
May 21, 2015
Publication of an ad-hoc notice pursuant to Sec. 15 German Securities Trading Act
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Hamburg, May 21, 2015 - The management board of Joyou AG (the "Company") has decided today to file an application for the opening of insolvency proceedings with the competent local court (Amtsgericht) of Hamburg following the existing over-indebtedness of the Company. Due to the necessity to completely write down the Company´s participation in Hong Kong Zhongyu Sanitary Technology Limited ("Joyou Hong Kong")as well as existing guarantee obligations of the Company in the aggregate amount of USD 300.000.000 with respect to the credit facility in the amount of USD 300.000.000 granted by creditors to Joyou Hong Kong, the Company is over-indebted.
By letter as of today, the auditors of the Company, Warth& Klein Grant Thornton AG, have notified the Company that they have revoked
• the audit opinion as of March 6, 2015, for the Company's unconsolidatedfinancial statements (Jahresabschluss) for the fiscal year 2014, as well as
• the audit opinion as of March 16, 2015, for the Company's consolidatedfinancial statements (Konzernabschluss) for the fiscal year 2014.
By decision of today, the supervisory board of the Company has also removed JiansheCaiand Jilin Cai as members of the Company´s management board with immediate effect and is considering takingcomprehensive legal actions against them.
The Management Board
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Joyou AG
Gasstrasse 18, Haus 6A
22761 Hamburg
Germany
ISIN: DE000A0WMLD8
WKN: A0WMLD
For further information, please contact:
Matthias Poth
c/o HERING SCHUPPENER
mpoth@heringschuppener.com
+49-172-2756012 (mobile)
+49-69-921874680 (land line)
2015.05.21
Joyou AG: Insolvency application will be filed/Revocation of audit opinions for the fiscal year 2014/ Change to management board/ Examination of legal actions against JiansheCaiand Jilin CaiMay 21, 2015
Publication of an ad-hoc notice pursuant to Sec. 15 German Securities Trading Act
----------------------------------------------------------------------------------------------------------------
Hamburg, May 21, 2015 - The management board of Joyou AG (the "Company") has decided today to file an application for the opening of insolvency proceedings with the competent local court (Amtsgericht) of Hamburg following the existing over-indebtedness of the Company. Due to the necessity to completely write down the Company´s participation in Hong Kong Zhongyu Sanitary Technology Limited ("Joyou Hong Kong")as well as existing guarantee obligations of the Company in the aggregate amount of USD 300.000.000 with respect to the credit facility in the amount of USD 300.000.000 granted by creditors to Joyou Hong Kong, the Company is over-indebted.
By letter as of today, the auditors of the Company, Warth& Klein Grant Thornton AG, have notified the Company that they have revoked
• the audit opinion as of March 6, 2015, for the Company's unconsolidatedfinancial statements (Jahresabschluss) for the fiscal year 2014, as well as
• the audit opinion as of March 16, 2015, for the Company's consolidatedfinancial statements (Konzernabschluss) for the fiscal year 2014.
By decision of today, the supervisory board of the Company has also removed JiansheCaiand Jilin Cai as members of the Company´s management board with immediate effect and is considering takingcomprehensive legal actions against them.
The Management Board
----------------------------------------------------------------------------------------------------------------
Joyou AG
Gasstrasse 18, Haus 6A
22761 Hamburg
Germany
ISIN: DE000A0WMLD8
WKN: A0WMLD
For further information, please contact:
Matthias Poth
c/o HERING SCHUPPENER
mpoth@heringschuppener.com
+49-172-2756012 (mobile)
+49-69-921874680 (land line)
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