DGAP-Ad-hoc: SNP Schneider-Neureither & Partner SE / Key word(s): Miscellaneous
SNP Corrects Valuations for Right-of-Use Assets for Real Estate in the USA for the Comparative Period 2019 / Additional Key Areas in Compliance Audit Defined by the Board of Directors / Publication of Annual Financial Statements 2020 Postponed to April 21, 2021
As part of the preparation and audit of the annual financial statements for the 2020 fiscal year, the Board of Directors of SNP Schneider-Neureither & Partner SE has determined that the valuations for right-of-use assets from lease agreements (pursuant to IFRS 16) for a real estate in the USA had to be remeasured pursuant to IAS 8 and corrected downward by € 3.6 million in the comparative information from the previous year (2019 fiscal year). Accordingly, this translates to a corrected EBIT of € 3.4 million for the comparative period 2019 (originally € 7.0 million). The equity ratio declined to 39.3% (originally 40.5%) due to the adjustment for the comparative period 2019. These adjustments have no negative impact on the results of the 2020 fiscal year or on the fiscal year in progress.
The correction was due to the reutilization review of the real estate in the USA carried out after the death of the company's founder and Chairman of the Board of Directors Dr. Andreas Schneider-Neureither, which determined a lack of usability from as early as the beginning of the lease in 2019. The corresponding lease agreement between SNP Assets Americas, LLC, controlled by Dr. Andreas Schneider-Neureither, and the company was signed in March 2019; advance rental payments covering ten years were made in the amount of US-$ 4.3 million. The company is currently reviewing compensation claims.
Based on the findings arising from the remeasurement of the real estate in the USA, the Board of Directors also expanded the scope of the audit for the 2020 annual financial statements and ordered a comprehensive audit of the U.S. companies, particularly regarding compliance-related topics. Due to the additional audit procedures of the auditor, the publication of the consolidated financial statements has been postponed to April 21, 2021.
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17-March-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||SNP Schneider-Neureither & Partner SE|
|Speyerer Str. 4|
|Phone:||+49 6221 6425 637, +49 6221 6425 172|
|Fax:||+49 6221 6425 20|
|Listed:||Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1176490|
|End of Announcement||DGAP News Service|
1176490 17-March-2021 CET/CEST