CANCOM SE
CANCOM: Publication of Annual Report 2019 and forecast for 2020 postponed to 28 April 2020. Changed IFRS revenue recognition leads to lower consolidated revenue but higher EBITDA margin (adjusted).
DGAP-News: CANCOM SE
/ Key word(s): Preliminary Results/Forecast
CANCOM: Publication of Annual Report 2019 and forecast for 2020 postponed to 28 April 2020. Changed IFRS revenue recognition leads to lower consolidated revenue but higher EBITDA margin (adjusted). – Corona virus measures and simultaneous increased time requirements due to the first-time audit of the annual financial statements by new auditors KPMG lead to a postponement of the publication date. – Due to changed application of IFRS standard for revenue recognition (principal-versus-agent classification) final financial results for 2019 will show changes compared to preliminary figures. Munich, Germany, 24 March 2020 – The Executive Board of CANCOM SE today decided to postpone publication of the annual financial statements and annual report for the CANCOM Group and CANCOM SE until 28 April 2020. The original date was 30 March 2020. The main reason for the delay in the preparation process was the difficult circumstances regarding availability and reconciliations during the preparation of the annual financial statements due to the spread of the corona virus. These circumstances came on top of the already increased time requirements in connection with the first-time audit of the annual financial statements by the auditors of the auditing company KPMG, who were newly elected at last year’s Annual General Meeting. The initial audit resulted in reclassifications in the revenue recognition in connection with the so-called principal-versus-agent classification. In this rule, IFRS uses different criteria to assess whether the selling company, i.e. CANCOM, may show revenue in the full amount of the actual invoice to the customer (principal), or whether the company is classified as an agent and may only show a reduced value as revenue (agent, so-called net presentation). While CANCOM has so far shown revenue as the principal in the amount actually invoiced, a change in the assessment of agent status has been made in the 2019 annual financial statements resulting in a reduced revenue figure. The CANCOM Group’s full annual report for 2019, including the forecast for 2020, will be published on 28 April 2020 on www.cancom.de in the Investors section. About CANCOM Contact
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24.03.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | CANCOM SE |
Erika-Mann-Straße 69 | |
80636 Munich | |
Germany | |
Phone: | +49-(0)89/54054-0 |
Fax: | +49-(0)89/54054-5119 |
E-mail: | info@cancom.de |
Internet: | http://www.cancom.de |
ISIN: | DE0005419105 |
WKN: | 541910 |
Indices: | MDAX, TecDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1004969 |
End of News | DGAP News Service |