Cencorp - Company Announcement

CENCORP BOOKS AN ADDITIONAL EXPENCE AND MAKES A WRITE-DOWN IN THE PARENT COMPANY’S FINANCIAL STATEMENTS 31.12.2014 – THE COMPANY’S EQUITY DECEREASES BELOW HALF OF THE SHARE CAPITAL. THE BOOK ENTRIES HAVE NO INFLUENCE IN THE FIGURES OF THE P

Cencorp Corporation      Stock Exchange Release 29 April 2015 at 12.10 Finnish
time 





CENCORP BOOKS AN ADDITIONAL EXPENCE AND MAKES A WRITE-DOWN IN THE PARENT
COMPANY'S FINANCIAL STATEMENTS 31.12.2014 - THE COMPANY'S EQUITY DECEREASES
BELOW HALF OF THE SHARE CAPITAL. THE BOOK ENTRIES HAVE NO INFLUENCE IN THE
FIGURES OF THE PUBLISHED CONSOLIDATED FINANCIAL STATEMENTS 



Cencorp has resolved to write down the value of the shares of its subsidiary
Savcor Pacific Ltd (”Pacific”) in the financial statements for 2014. Pacific
owns the shares of the Beijing company. As the process of selling the machinery
and equipment of the closed Beijing factory is still going on, the company
writes down the value of Pacific according to the prudence principle. Further,
according to the prudence principle the company books a guarantee liability
relating to the Beijing factory as an additional expense and parent company's
liability. According to the company's current view the guarantee liability will
not realize. The book entries do not change the consolidated financial
statements figures in the Financial Statement Release published on 18 February
2015. 



Due to the above mentioned facts Cencorp's equity decreases below half of the
share capital as on 31 December 2014. Thus, the Board of Directors will convene
a general meeting to consider measures to remedy the financial position of the
company. The matter will be handled in the annual general meeting to which a
notice will be published later on on a separate announcement. 



In practice Cencorp has already commenced measures to remedy the financial
position of the company. In the extraordinary general meeting to be held today
on 29 April 2015 the Board of Directors proposes to the general meeting that it
gives an authorization for a share issue of max. 900,000,000 e.g. to enable the
company to realize its financial arrangements fast after financial negotiations
have been finished. 



Cencorp will publish its Financial Statements for 2014 on 30 April 2015.





In Mikkeli 29 April 2015





Cencorp Corporation



Board of Directors



For more information:
Iikka Savisalo
President and CEO
Cencorp Oyj
Tel. +358 40 521 6082,
Email: iikka.savisalo@cencorp.com



Distribution:
NASDAQ OMX, Helsinki
Main media
www.cencorp.com



Cencorp Corporation specializes in the clean energy, especially in photovoltaic
solutions. Cencorp provides automated production technology for solar modules
based on the company's own technology; production lines for modules; solar
modules and special components for solar modules. Cencorp's head office is
located in Mikkeli, Finland. The company is part of the Finnish Savcor Group.