Brief: Ses-Imagotag Publishes Response To Gotham City Report

Vusion SA

26/06/2023 07:31

June 26 (Reuters) - Ses Imagotag SA  SESL.PA :
    * SES-IMAGOTAG: RESPONSE TO THE GOTHAM CITY REPORT
    * SES-IMAGOTAG REFUTES IN STRONGEST POSSIBLE TERMS EACH OF
ALLEGATIONS MADE AGAINST IT IN REPORT PRODUCED BY GOTHAM CITY
RESEARCH ON THURSDAY, JUNE 22, 2023, UNDER TITLE "SES-IMAGOTAG:
CIRCULAR DANCE WITH A CHINESE TWIRL."
    * FRAUD THAT IS ALLUDED TO IN REPORT DOES NOT EXIST
    * SES-IMAGOTAG FACES THIS NEW CHAPTER CALMLY,
    * THERE IS NO DOUBLE COUNTING OF CIRCULAR REVENUES WITH BOE;
CONSOLIDATION OF GROUP'S SUBSIDIARIES AND PARENT COMPANY'S
REVENUES IS CONSISTENT WITH CONSOLIDATED REVENUE, WHICH IS
GENERATED EXCLUSIVELY BY SALES TO EXTERNAL CUSTOMERS
    * 2023 REPRESENTS A NEW YEAR OF GROWTH AND IMPROVING
PROFITABILITY
    * THERE IS NO OVER-STATEMENT OF COMPANY'S REVENUE OR PROFIT
    * SALES OF COMPONENTS TO BOE ARE NEUTRALIZED IN
CONSOLIDATION AND
DO NOT ENTER INTO REVENUES OF GROUP
    * CONSOLIDATION OF SUBSIDIARY IN CHINA ( "JV"), WHICH WAS
MAJORITY-OWNED AND CONTROLLED BY GROUP UNTIL SEPTEMBER 2022, IS
COMPLIANT WITH IFRS ACCOUNTING STANDARDS
    * FINANCIAL STATEMENTS ARE NOT MISSTATED. REVENUE AND EBITDA
ARE
NOT OVERSTATED
    * CAPITALIZED EXPENSES ARE CONSISTENT WITH RESEARCH AND
DEVELOPMENT AND IP INVESTMENTS AND COMPLIANT WITH IFRS
ACCOUNTING STANDARDS
    * REVENUE AND EBITDA ARE NOT OVERSTATED
    * RELATIONSHIP WITH BOE IS PERFORMED AT ARM'S LENGTH BASIS
AND
SUBJECT TO STRICT GOVERNANCE AND SUPERVISION RULES
    * WALMART CONTRACT IS PROFITABLE AND CONSISTENT WITH
VUSION'27
STRATEGIC PLAN
    * SES-IMAGOTAG DOES NEVER PRESENT ITSELF AS A « SAAS COMPANY
» BUT
AS LEADING RETAIL IOT PLATFORM, WITH A LARGE MAJORITY (85%) OF
ITS REVENUES COMING FROM ESL HARDWARE, AND 15% OF ITS REVENUES
COMES FROM "SOFTWARE, SERVICES AND NON-ESL SOLUTIONS (VAS)"
    * CONTRIBUTION OF BOE DIGITAL TECHNOLOGY CO LTD ( "JV") TO
SES-IMAGOTAG GROUP CONSOLIDATED REVENUES WAS EUR19M IN 2022

Source text for Eikon:  ID:nACT80581 
Further company coverage:  SESL.PA 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))