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Sport Decision on Wirecard ejection from the Dax is getting closer

11:15  09 august  2020
11:15  09 august  2020 Source:   welt.de

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Wirecard was promoted to the DAX index of 30 leading companies in 2018, displacing Commerzbank, as the fortunes of a rising technology star underscored the declining The rule change proposed by Deutsche Boerse would allow it to eject companies from the DAX two trading days after such news.

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Der Wirecard-Schriftzug an der Firmenzentrale des Zahlungsdienstleisters in Aschheim. © Peter Kneffel / dpa The Wirecard logo on the company headquarters of the payment service provider in Aschheim.

When will the insolvent scandalous group Wircard fly out of the Dax, investors ask. There should be clarity in the course of the week. Deutsche Börse plans to publish the results of a consultation with market participants about changes to the index rules by August 13th at the latest.

The implementation then takes about a week. Wirecard would have to leave the highest German stock market league in August - instead of after the regular index review at the beginning of September. The food delivery service Delivery Hero and the fragrance and flavor manufacturer Symrise are considered candidates for promotion to the index of the 30 stock market heavyweights.

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Yet Wirecard ’s seemingly irresistible rise has been plagued by intermittent controversy about its accounting and business practices. Today, the Financial Times is publishing documents which cast further doubt on Wirecard ’s accounting practices.

Wirecard AG is a defunct German payment processor and financial services provider, whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings.

After criticism of the handling of the insolvent payment service provider Wirecard, which was involved in a balance sheet scandal, Deutsche Börse announced a revision of the rules for the Dax share index. Up to now, a company only had to be "immediately" removed from a selection index in the event of a liquidation or rejection of the application to open insolvency proceedings due to insufficient assets.

Wirecard took over Commerzbank's place in the Dax in September 2018. This June, the company admitted air bookings of 1.9 billion euros. The Munich public prosecutor's office now assumes “commercial gang fraud” in the company since 2015.

Decisive for membership of the group of 30 DAX companies are stock exchange turnover (trading volume) and stock market value (market capitalization) of a company.

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Wirecard filed for insolvency on Thursday owing creditors almost billion after disclosing a 1.9 billion euro (.1 billion) hole in its accounts that its auditor EY said was the result "The fact that the Bafin is waiting 15 months for a report from the FREP despite indications of irregularities is absurd", he said.

Britain's financial watchdog has lifted restrictions on Wirecard 's UK operations, restoring services to hundreds of thousands of people and businesses who were locked out of accounts linked to the collapsed digital payments company.

The flavor manufacturer Symrise, traded as a candidate for promotion, is little known to the public. The smells and flavors of the Holzminden-based manufacturer, on the other hand, can be found in many products - for example in shampoo, toothpaste or in food. The company, which employs more than 10,000 people, earned a bottom line of 304 million euros on sales of 3.4 billion euros last year.

The food delivery service Delivery Hero made a profit last year thanks to the sale of its German business. But operationally the company is still in the red. In June, Emmanuel Thomassin, chief financial officer, said he could not yet make a forecast as to when the current business would break even. Delivery Hero operates local food ordering platforms in more than 40 countries and employs 25,000 people. This year the Berlin-based company expects worldwide sales of between 2.4 billion and 2.6 billion euros.

Index changes are particularly important for funds that precisely replicate indices (ETFs). There must then be reallocated, which usually has an impact on the share price. Belonging to the Dax is also a question of prestige: especially for international investors, the most important German stock market barometer is the figurehead of the German economy. The composition of the Deutsche Börse share indices is reviewed quarterly. The next regular date is September 3, 2020.

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