Classics K + S share collapses after the trading day: BaFin initiates review of 2019 consolidated financial statements and semi-annual report
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The accounting auditor (FREP) is examining the consolidated financial statements of the salt and fertilizer group K + S for 2019.
K + S announced that the test center had become active at the request of the Federal Financial Supervisory Authority (BaFin). The BaFin saw "concrete indications" that the group's assets, especially the fixed assets, could have overstated. The share collapsed 14 percent in after-hours trading.
The FREP will examine the consolidated financial statements of K + S AG as of December 31, 2019, along with the associated group management report, as well as the abridged financial statements as of June 30, 2020 along with the associated interim management report, it said. The FREP reserves the right to extend the examination.
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K + S had recorded a value adjustment of around 2 billion euros in the quarterly financial statements as of September 30, 2020. This resulted from the expectation of low potash prices in the long term and from a higher cost of capital than previously assumed. "BaFin has concrete indications that this impairment requirement may not have been correctly determined and should have been recorded in whole or in part at an earlier point in time," the group announced. "Likewise, other asset items can be affected by a need for value adjustments. There are therefore also indications that a possibly necessary error correction according to IAS 8 was omitted."
K + S informed the test center of its readiness to participate fully in the test and to provide all necessary documents. The Executive Board assumes that it will be able to refute the BaFin's indications. The board of directors is convinced that the value adjustment was carried out properly and in compliance with all relevant accounting regulations. The Supervisory Board does not currently see any indications to the contrary. He immediately established committees and processes to accompany the event-related review.
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K + S share in descent
For the shareholders of K + S, after-hours trading will be rock hard on Wednesday. The bang caused the shares on the Tradegate trading platform to drop by 11.5 percent to EUR 8.67 compared to the Xetra closing price. Most recently, thanks to a rally at the beginning of the year, they had worked their way up to over 10 euros. More than a tenth of this price has now collapsed over the counter. They were last under 8.80 euros in early January.
As it became known on Wednesday after the market closed, the BaFin is apparently pulling the reins after the criticism of thebankruptcy. The fertilizer company is now the first prominent company to come into focus. FRANKFURT (Dow Jones) / dpa-AFX Broker
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