Minority shareholder challenged in court the annual reports of the AS Ekspress Grupp 22.01

OÜ Grupivara, minority shareholder of AS Ekspress Grupp, holding 100 shares in the company, has submitted to court the claims for establishment of nullity or recognizing as invalid the annual reports for financial years 2013 and 2014 approved at Annual General Meetings of shareholders, and the decisions of approval of the proposals for distribution of profit. The court session with regard to annual report 2013 will be held on 1 March 2016 and regard to annual report 2014 the court session will be held on 5 April 2016.

The claimant finds that an additional impairment of goodwill of Delfi Eesti and Delfi Läti should have been recognized in the financial reports, in which case the limited company would not have generated the profit to be distributed.

The management board of AS Ekspress Grupp and its independent auditors are in an opinion that financial statements for 2013 and 2014 present fairly, in all material respects, the financial position and the financial performance of the company in accordance with the International Financial Reporting Standards.

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