Adhoc-release: OLG decision in the dispute Clean Air Mobility

Adhoc-release: OLG decision in the legal dispute between Clean Air Mobility GmbH and Masterflex Entwicklungs GmbH

Gelsenkirchen/Germany, 16 June 2016 - The Düsseldorf Higher Regional Court (OLG) today announced its decision in the legal dispute between Clean Air Mobility GmbH and Masterflex Entwicklungs GmbH. Masterflex has thus been ordered to repay the purchase price and a portion of the transaction costs totaling € 880,827.82 plus interest of 5% over the base rate since 9 November 2012. As Masterflex SE recognised an accounting provision of € 0.5 million for this legal dispute in its consolidated and annual financial statements, the decision affects discontinued operations in an amount of around € 0.6 million. Therefore consolidated net profit or earnings per share will be impacted by the same amount, but not EBIT.

Further details:

Four years ago, the Masterflex Group sold its own shares in the companies CAB and VeloDrive to the two then managing directors and one investor group that was working with them. After these two companies went bankrupt at the end of 2012, the investor buyers demanded around € 1.7 million back from the Masterflex Group.

The Masterflex Group won comprehensively in the first instance.

The Masterflex Group cannot follow this decision and will examine the reasons given for the judgement to determine whether it can and will appeal against the court's decision.