BaFin examines the annual financial statements 2023 of Mutares SE & CO KGAA $MUX (-8,74 %). Little more than a briefing, but nevertheless ad hoc and always good for share price losses.
Let us now turn to the classification of the announced initiation of an audit of the annual financial statements as at December 31, 2023, as well as the associated combined management and Group management report by BaFin (announced this morning by the investment holding company Mutares)
The subject matter is exclusively certain disclosures in the notes and management report - The audit expressly no key financial figures of the company from the balance sheet and income statement and, in particular, has no effects on the retained earnings reported in the annual financial statements as at December 31, 2023.
Both the annual financial statements as at December 31, 2023 and the associated combined management and Group management report were audited by the company's auditor, Deloitte GmbH Wirtschaftsprüfungsgesellschaft, on March 27, 2024, with unqualified audit opinions. with unqualified audit opinions.
However, BaFin sees indications of a possible violation of Section 268 (4) sentence 1 HGB, as the balance sheet no separate note on the residual term of the receivables from receivables from affiliated companies.
As at the balance sheet date of December 31, 2023, all receivables had a contractually agreed term of less than one year. The wording in the notes, according to which some of the receivables may only be collected after twelve months related to uncertainties in the restructuring progress of individual of individual portfolio companies.
In the annual financial statements as at December 31, 2024, Mutares has already included additional quantitative disclosures - both retrospectively for receivables as at December 31, 2023 and prospectively for receivables as at December 31, 2024. In the company's view, this means that the information interests of the users of the financial statements are now fully met.
However, BaFin criticized the fact that the forecasts in the management report relate exclusively relate exclusively to key earnings figures and do not contain any statements on the net assets and financial position.
From Mutares' point of view, the most important financial performance indicators - revenue revenue, EBITDA, adjusted EBITDA for the Group and the net profit for the year under commercial law of the company - are fully forecast.
The company's financial position is largely characterized by M&A and restructuring activities, the development of which is naturally subject to considerable uncertainty. However, these are comprehensively addressed and explained in the risk and explained.
Mutares continues to believe that, on this basis, the users of the financial statements receive a true and fair view of the net assets, financial position and results of operations and that the accounting is has been properly in accordance with the legal requirements.
Conclusion:
Affected companies must disclose special audits to BaFin, be it random checks or by providing information, but may also comment on them or even object to them. In the end, the official machinery always prevails: The issuer adjusts its report. Penalties are rare, however, as these are almost always differences in interpretation that can be easily rectified.
So Mutares will probably end up correcting its report after instructing BaFin and that's it 😉👍
