PETROTEC AG / Key word(s): Legal Matter/Legal Matter
10.12.2014 07:30

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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PETROTEC AG: Tax authorities confirm that restructuring event in 2010 does not impose corporate income tax on Petrotec

Borken, 10 December 2014 - With ad-hoc announcement dated 9 November 2012, Petrotec AG had announced that the local tax authorities had assessed income tax payments for the fiscal year 2010 against Petrotec AG, amounting to approximately EUR 900,000. This tax assessment was based on the authorities' opinion that the proceeds from a certain restructuring transaction as described in the ad-hoc announcement dated 9 November 2012 do not meet the requirements of a so-called restructuring profit (Sanierungsgewinn) pursuant to the decree of the German Ministry of Finance (BMF) of 27 March 2003 (so-called bail-out decree, Sanierungserlass). The company did not share this opinion and appealed the decision. Based on this assessment, no provision for tax expenses was made in the financial reports of the company. Furthermore, Petrotec AG was not obliged to pay the assessed taxes due to suspension in accordance with § 361 of the German Tax Code.

The local tax authority of Borken confirmed that the ministry of finance of Northrhine-Westphalia has concluded that the restructuring transaction as described in the ad-hoc announcement dated 9 November 2012 is to be considered as restructuring profit (Sanierungsgewinn) pursuant to the bail-out decree. Based on this decision, the tax office (Finanzamt) Borken will issue revised corporate income tax assessments for 2010. Petrotec AG assumes that this would lead to a final assessment whereby no corporate income tax (amounting to approximately EUR 450,000) due to the restructuring transaction as described in the ad-hoc announcement dated 9 November 2012 would become payable by Petrotec AG.
Based on this decision, Petrotec AG will contact the communities of Ratingen, Borken, Südlohn and Emden and ask for revised tax assessments for 2010 trade taxes. Petrotec AG assumes that these communities will follow the corporate income tax assessment of the tax authority of Borken.
Disclaimer

This ad hoc notification contains forward looking statements, which are based on assumptions and estimates of the management of Petrotec AG. Although Petrotec management believes that these assumptions and estimates are correct, actual future developments and results can deviate substantially from these assumptions and estimates due to many factors. These factors can include alteration of the economic situation, legal and regulatory constraints in Germany and the EU, and changes in Petrotec's general business and competitive environment. Petrotec assumes no liability and provides no warranty that future developments and actual future results will conform with the assumptions and estimates expressed in this ad hoc notification.

About Petrotec

Petrotec AG, Germany, is the largest European producer of waste-derived biodiesel, mainly based on used cooking oil. The Company owns an overall nameplate production capacity of 185,000 tons per year at two locations in Germany. Petrotec runs a vertically integrated business model including own collection of used cooking oil from more than 15,000 collection points, treatment and refining of the raw material up to the technologically demanding production of waste-based biodiesel. The Company sells its biodiesel primarily to large mineral oil companies in northwest Europe. The usage of waste based biodiesel enjoys a preferential double counting scheme granted by major EU countries as part of the mandatory blending quotas. Petrotec's EcoPremium biodiesel provides significant environmental and climate advantages with the highest CO2 emission reduction of 83% (compared with fossil diesel) amongst all biofuels approved by the EU Renewable Energy Directive (2009/28/EC). Since its IPO in 2006, Petrotec cleaned more than 700,000 tons of waste and saved over 2 million tons of CO2 emissions. Petrotec is a public listed company (ISIN DE000PET1111) in the regulated market of Frankfurt Stock Exchange, in the Prime Standard segment, complying with high international transparency standards. It has a capital stock of 24,543,741 Euro, equaling 24,543,741 shares.

10.12.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      PETROTEC AG
              Fürst-zu- Salm-Salm-Str. 18
              46325 Borken-Burlo
              Germany
Phone:        +49 (0)2862 9100 19
Fax:          +49 (0)2862 9100 99
E-mail:       info@petrotec.de
Internet:     www.petrotec.de
ISIN:         DE000PET1111
WKN:          PET111
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart  
End of Announcement DGAP News-Service  

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