on Varengold Bank AG (ETR:VG80)
Varengold Bank AG Revises 2024 Earnings Forecast
Varengold Bank AG has updated its earnings forecast for the 2024 financial year following a comprehensive internal analysis. This analysis, initiated by the new management board, reviewed receivables and liabilities linked to customer accounts blocked since 2016 due to Danish tax agency SKAT's seizures. Initial securities were transferred to SKAT during 2023, and more distributions are expected.
The bank identified approximately EUR 2 million in receivables with uncertain recoverability. In response, Varengold adopted a conservative approach, writing down these receivables completely. Consequently, the earnings before taxes for 2024 are now projected at about TEUR 130.
Additionally, findings from a KWG Section 44 special auditor's report on taxes/CumEx have been integrated into Varengold's risk provisions, ensuring all current risks are reflected in the 2024 financial statements.
R. E.
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