Brief: MBB Acknowledges FREP Error Finding Regarding Disclosure Of Transaction Costs In Connection With 2017 Aumann IPO

MBB SE

27/01/2020 19:43

Jan 27 (Reuters) - MBB SE  MBBG.DE :
    * ACKNOWLEDGES FREP ERROR FINDING REGARDING DISCLOSURE OF
TRANSACTION COSTS IN CONNECTION WITH AUMANN IPO IN 2017
    * DECIDED TO ACKNOWLEDGE AN ERROR DETECTION BY GERMAN
FINANCIAL
REPORTING ENFORCEMENT PANEL (FREP)
    * FREP DETERMINED THAT DISCLOSURE OF ONE-TIME TRANSACTION
COSTS IN
CONNECTION WITH IPO OF AUMANN AG IN 2017 WAS PARTIALLY INCORRECT
    * FREP DETERMINED THAT EARNINGS BEFORE TAXES REPORTED IN
CONSOLIDATED FINANCIAL STATEMENTS OF MBB FOR FISCAL YEAR 2017
WERE TOO HIGH
    * NEED FOR CHANGE IDENTIFIED HAS NO EFFECT ON TOTAL EQUITY,
LIQUIDITY AND NET LIQUIDITY OF MBB IN 2017  CONSOLIDATED
FINANCIAL STATEMENTS
    * ACCEPTS FREP'S ERROR DETECTION AND WILL MAKE CORRESPONDING
CORRECTIONS
    * OF GROSS PROCEEDS OF IPO OF AUMANN AG IN AMOUNT OF EUR 251
MILLION, EUR 176 MILLION WERE ATTRIBUTABLE TO PLACEMENT BY MBB
    * INCREASE IN EQUITY RESULTING FROM TRANSACTION WAS NOT
REFLECTED
IN CONSOLIDATED INCOME STATEMENT OF MBB IN ACCORDANCE WITH
RELEVANT IFRS RULES
    * FREP SAID IN CONSOLIDATED INCOME STATEMENT FOR 2017 FY
CONSOLIDATED EARNINGS BEFORE TAXES ARE SHOWN APPROXIMATELY EUR
29.5 MILLION TOO HIGH
    * DID NOT SHOW RELATED TRANSACTION COSTS IN CONSOLIDATED
INCOME
STATEMENT, BUT DEDUCTED THEM FROM EQUITY WITH NO EFFECT ON
INCOME

Source text for Eikon:  ID:nEQ7z8sGWa 
Further company coverage:  MBBG.DE 

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