DGAP-Ad-hoc: NANOGATE SE / Key word(s): Financing
Nanogate SE Modifies Restructuring Plan
Göttelborn, Germany, May 25, 2020. Nanogate SE, a leading global technology company for design-oriented, multifunctional components and surfaces, has adjusted its compensation plan for COVID-19 pandemic-related liquidity needs in coordination with the financing banks. Instead of significant further debt through KfW loans, the company is now negotiating first and foremost a suspension of repayments for existing bank loans.
According to the current analysis of the Group's debt situation and a detailed risk evaluation, the liquidity needs caused by the COVID-19 pandemic are now to be met mainly by significantly postponing repayments for existing bank liabilities. The raising of KfW funds as additional loans will play only a minor role if at all.
Nanogate is in close discussion with the lending banks to achieve a timely consensus. This is necessary for the long-term financing of the Group and the security of the going concern. On the basis of a corresponding continuation forecast, the audit of the annual financial statements and the consolidated financial statements is to be completed for the 2019 fiscal year with the aim of publishing the financial statements by the end of June, 2020.
The Management Board is also engaged in concrete discussions and negotiations with regard to the sale of assets, particularly small subsidiaries with downstream strategic significance. These measures are part of the plan decided on in November 2019 to restructure the Group with the goal of reducing net debt.
The Management Board is constantly, extensively monitoring the situation and will adopt further measures if necessary. Nanogate will inform the capital market, as required by law, about further developments.
Reporting party: Götz Gollan, CFO Nanogate SE
Information and Explanation of the Issuer to this News:
Christian Dose | WMP Finanzkommunikation GmbH
Nanogate (ISIN DE000A0JKHC9) is a leading global technology company for design-oriented, multifunctional components and surfaces. The Group employs around 1,800 people. Nanogate develops and produces design-oriented surfaces and components and enhances them with additional properties (e.g. nonstick, scratchproof, anticorrosive). The Group has first-class references (e.g. Airbus, Audi, August Brötje, BMW, BSH Hausgeräte, Daimler, FILA, Ford, Fresenius, GM, Jaguar, Junghans, Porsche and Volkswagen). Several hundred mass production projects for customers have already been implemented successfully. The Nanogate Group is represented on both sides of the Atlantic and in India.
True to its slogan 'Reinventing the Possible', Nanogate is a long-standing innovation partner who opens up the diverse possibilities offered by new materials to companies in a wide range of industries. It aims to improve customers' products and processes and to provide environmental benefits by using multifunctional surfaces, such as those made of plastic or metal, and innovative plastic components. The Group focuses on attractive applications, primarily for the mobility, aviation, home appliances, interior, leisure, and medical sectors - its target industries. As a systems provider, Nanogate broadly covers the value chain: design and engineering, materials development for surface systems, series coating of various different substrates as well as the production and enhancement of complete plastic components. The main value drivers are the opening up of international markets and the development of new applications, particularly for the three strategic areas Intelligent Surfaces, New Mobility and Artificial Metals.
This publication constitutes neither an offer to sell nor an invitation to buy securities. The shares in Nanogate SE (the 'Shares') may not be offered or sold in the United States or to or for the account or benefit of 'U.S. persons' (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the 'Securities Act')). No offer or sale of transferable securities is being made to the public.
25-May-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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1054887 25-May-2020 CET/CEST