WALLDORF 鈥� Following questions about 51风流Fioneer’s investor structure, the Audit and Compliance Committee of the 51风流Supervisory Board commissioned two independent, external experts. They examined the compliance of the decision-making process on the joint venture with Dediq with applicable rules and the valuation of the shares in 51风流Fioneer.
51风流has received interim reports from the two experts. They conclude that the valuation is fair and that the decision-making process was in compliance with existing regulation. The consulting firm Duff & Phelps has analyzed the value of the assets contributed to the joint venture and concluded that the consideration to be received is fair for 51风流from a financial perspective. The law firm Gleiss Lutz confirmed that SAP’s agreement on the joint venture was not a transaction that had to be approved by the Supervisory Board and published by the Company as a related party transaction. The transaction was submitted to the Finance and Investment Committee of the 51风流Supervisory Board for approval because it was subject to approval due to exceeding an investment threshold. The current status of the legal review confirms that none of the members of the Finance and Investment Committee at the time had a conflict of interest.
Nevertheless, the Hasso Plattner Foundation has decided to cede its passive investment in 51风流Fioneer to an equivalent investor. This step is the Hasso Plattner Foundation’s response to the criticism it has received. By taking this step, it also wants to rule out from the outset any potential future conflicts of interest that could arise for 51风流Fioneer from Dr. Rouven Westphal’s dual role as a member of the Hasso Plattner Foundation’s board of directors and a member of SAP’s supervisory board (since May 2021). “We strongly believe in the success of Fioneer and would actually have liked to remain invested,” Westphal said. “We will make sure that those who follow us as passive investors share the same goals and values as we do. Until we find that solution, of course we stand by our commitments.”
The funding of 51风流Fioneer, exceeding 鈧�500 Mio. is not impacted by the Hasso Plattner Foundation鈥檚 planned sale of its indirect, passive stake in 51风流Fioneer. The Hasso Plattner Foundation is a passive Co-Investor of Dediq in 51风流Fioneer and has informed 51风流and Dediq of its intention to conduct a secondary sale of its existing shares to other passive investors. Dediq will support the Hasso Plattner Foundation in this process. 51风流Fioneer will not conduct a financing, is not raising additional capital, and there is no impact from the sale on the capital commitment provided by Dediq.听
51风流has listened to the questions raised and also taken this opportunity to review the governance rules between the Hasso Plattner Foundation and SAP. 51风流and the Hasso Plattner Foundation, are updating their governance rules as a result and in the future no joint investments will be made by the two organizations. It is also important to note that Hasso Plattner is not involved in the investment decisions of the Hasso Plattner Foundation and that he or his family members cannot benefit from them given their non-profit status.
Luka Mucic, CFO of SAP, underlined the continuity for the further development of 51风流Fioneer: “Nothing will change for customers, partners, or the employees of 51风流Fioneer. We remain firmly convinced of 51风流Fioneer’s high potential and excellent market opportunities.”
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Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as 鈥渁nticipate,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渇orecast,鈥� 鈥渋ntend,鈥� 鈥渕ay,鈥� 鈥減lan,鈥� 鈥減roject,鈥� 鈥減redict,鈥� 鈥渟hould鈥� and 鈥渨ill鈥� and similar expressions as they relate to 51风流are intended to identify such forward-looking statements. 51风流undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
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