Reviews Plug Power share collapses: Error in the balance sheet forces Plug Power to correct its annual financial statements Financial reports uncovered.

12:00  17 march  2021
12:00  17 march  2021 Source:   finanzen.net

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Peter Bischoff/Getty Images © Provided by Finanz.net Peter Bischoff / Getty Images • KPMG finds errors in the balance sheet • Book values ​​incorrectly booked

• Correction of annual financial statements necessary


Plug Power

announced, the independent auditing company KPMG has irregularities in the balance sheets of the hydrogen company uncovered. Specifically, the company said that errors in the accounting had been found, which "are mainly due to several non-cash items". In this context, Plug Power stated that book values ​​were incorrectly booked, as well as provisions for losses and impairments of long-lived assets. And research and development costs were also wrongly classified.

Annual financial statements must be corrected retrospectively. This has far-reaching consequences because the incorrect accounting results in an adjustment of the annual financial statements. The reporting periods 2018, 2019 and 2020 are affected, as the Plug Power announcement further shows. Plug Power goals unaffected by this

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Although the revised accounting will change the accounting of certain transactions and items by the company, it is not expected that this will have an impact on the company's liquidity position, business operations or the profitability of business agreements, emphasized the Corporate management. Plug Power continues to assume that gross sales will reach a value of 475 million US dollars in 2021, and Plug Power did not adjust the targets for the following years either. In 2022, the company aims to achieve gross revenues of $ 750 million; the target for 2024 remains unchanged at $ 1.7 billion.

Plug Power distributes tranquilizers

Plug Power CEO Andy Marsh made efforts to limit the damage: "Since our founding nearly 25 years ago, Plug Power has taken pride in working with transparency and integrity, and we are working to address this issue to resolve quickly. [...] We remain confident that we can use our strong business dynamics and market-leading technologies independently and together with our joint venture partners to take advantage of the significant business opportunities in this fast-growing industry, "said the entrepreneur.

In addition, the group emphasized that the necessary adjustments were "not due to the suspension of controls or misconduct".

The news hit the after-hours like a bomb: After the Plug Power share had already lost more than eight percent in regular NASDAQ trading on Tuesday, it went much lower after-hours: it lost 17.71 percent to 35.12 US dollars the share certificate after the market closes.

editors finanzen.net

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