Statement by EMMA Capital regarding the situation at KÜCHENQUELLE

EMMA Capital Group notes that KÜCHENQUELLE has become the subject of insolvency proceedings. The company, which sells kitchens in Germany, has been faced with economic difficulties related to the macroeconomic situation following the start of the war in Ukraine and the falloff in demand in the segment in which it operates.

EMMA Capital, which holds a 46% stake in KÜCHENQUELLE, maintained the view that the company’s liabilities should be paid and was prepared to contribute to them in an amount corresponding to its shareholding. However, the remaining shareholders did not favour such a course of action.

EMMA Capital Group will actively cooperate with the insolvency administrator throughout the process and discuss a provision of additional financial aid (on top of the financial support of tens of millions of euro it already provided to the company over the last year). These funds should be used primarily to meet obligations to customers - in particular, to complete the installation of unfinished kitchens.