Brief: Cyan Makes Statement On Wirecard Insolvency

Cyan AG

25/06/2020 13:07

June 25 (Reuters) - CYAN AG  CYR.DE :
    * STATEMENT BY THE BOARD OF MANAGEMENT OF CYAN AG ON THE
INSOLVENCY OF WIRECARD AG
    * INFORMS THAT IN BALANCE SHEET AS AT MARCH 31, 2020, THERE
ARE
RECEIVABLES ("CONTRACT ASSETS") FROM A SUBSIDIARY OF WIRECARD
AG, WIRECARD TECHNOLOGIES GMBH, IN AMOUNT OF EUR 5.0 MILLION
    * OF THIS AMOUNT, A TOTAL OF EUR 4.8 MILLION WAS BOOKED AS
SALES
REVENUES IN FISCAL YEAR 2019 IN ACCORDANCE WITH IFRS ACCOUNTING
REGULATIONS
    * OF THIS AMOUNT, A TOTAL OF EUR 4.8 MILLION WAS BOOKED AS
SALES
REVENUES IN FISCAL YEAR 2019 IN ACCORDANCE WITH IFRS ACCOUNTING
REGULATIONS
    * ON BASIS OF COVID-19, MANAGEMENT HAS ALREADY ADJUSTED
GROWTH
INVESTMENTS TO INCREASED SALES REVENUES
    * COMPANY IS SOLIDLY FINANCED DESPITE COVID-19 AND WIRECARD.
    * IF WIRECARD TECHNOLOGIES GMBH WERE ALSO TO BECOME
INSOLVENT AND
THESE RECEIVABLES WERE THEREFORE TO BECOME IRRECOVERABLE, THIS
WOULD PROBABLY HAVE AN IMPACT ON EBITDA 2020 AND AFFECT CASH
FLOW BY EUR -1.2 MILLION IN 2020 DUE TO PAYMENT PLAN AGREED WITH
WIRECARD
    * NO EFFECTS ON OPERATING PERFORMANCE AND SALES REVENUES IN
2020

Source text for Eikon:  ID:nEQ8MD6RFa 
Further company coverage:  CYR.DE 

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