APAS opens proceedings against KPMG over Gerresheimer audit as BaFin widens review
German audit oversight body APAS has opened a professional proceeding against KPMG over the unqualified opinion it gave on Gerresheimer's 2024 accounts, which were subsequently found to breach IFRS, while BaFin examines further possible misstatements, including unrecognised impairments of up to EUR 196.5m in the Advanced Technologies segment. Schuldschein noteholders have separately approved, with 96 per cent support, an extension to 30 September 2026 for delivery of the audited accounts and a temporary suspension of leverage covenants. Shareholder body DSW has commissioned a legal opinion on the potential liability of former CEO Dietmar Siemssen and former CFO Bernd Metzner, and Active Ownership has disclosed a 13.67 per cent voting stake.
Why this mattersCovenant relief runs only to 30 September 2026, while possible impairments of up to EUR 196.5m constrain Gerresheimer's financing and its Advanced Technologies investment plans.
- APAS has opened a professional proceeding against KPMG over its unqualified opinion on Gerresheimer's 2024 accounts, later found to conflict with IFRS.
- BaFin is examining possible unrecognised impairments of up to EUR 196.5m in the Advanced Technologies segment.
- BaFin is also reviewing leasing liabilities possibly misstated by EUR 65.5m and capitalised development costs of EUR 29.4m.
- The bill-and-hold bookings, confirmed by an independent law firm, cover EUR 35m of revenue and EUR 24m of adjusted EBITDA recognised before delivery.
- Schuldschein noteholders approved, with 96 per cent support, an extension to 30 September 2026 for the audited accounts and a temporary suspension of leverage covenants.
- Active Ownership disclosed a 13.67 per cent voting stake and intends to seek supervisory board representation; DSW has commissioned an opinion on the liability of former CEO Dietmar Siemssen and former CFO Bernd Metzner.