Ad-hoc: EASY SOFTWARE AG terminates Stock Lending Agreement with otris software AG
Mülheim an der Ruhr, April 24, 2015 EASY SOFTWARE AG holds 46% of the shares of otris software AG. Anadditional stock lending of 5% of the shares has previously resulted in amajority holding of 51% in that company. With the consent of theSupervisory Board,the EASY SOFTWARE AG Management Board today decided to nolonger extend this Stock Lending Agreement, the result of which is that itwill expire,according to contract, by April 30, 2015. EASY SOFTWARE AG will still hold an investment share of 46% in otrissoftware AG. However, expiration of the Stock Lending Agreement ensuresthat effective April 30, 2015, otris software AG will be deconsolidated,and considered, as of May 1, 2015, as an associate company in theconsolidated financial statement. The losses in revenue within the EASY SOFTWARE group resulting fromdeconsolidation are estimated to amount to about 10% for the currentfinancial year, in which otris software revenues are still consolidated prorata temporis. On a 12-month basis (from financial year 2016 onwards), theManagement Board assumes losses in revenue to amount to 17%. However,deconsolidation has a positive effect on the income for 2015. Thetentatively estimated profit from deconsolidation of otris software AGamounts to about EUR3 million.The final determination of fair value is still pending. Expiration of the Stock Lending Agreement does not affect provencooperation with otris software AG, particularly the sales partnershipalliance.
EASY SOFTWARE AG
The Management Board