Wirecard - Top oder Flop (Seite 15079)

[invest_dd]

Antwort auf Beitrag Nr.: 52.322.227 von invest_dd am 02.05.16 01:15:04

ein wichtiger Tag meiner Meinung nach

Zitat von invest_dd: "Am 4. Mai gibt es bei Wirecard einen Kapitalmarkttag,"

Quelle:http://www.4investors.de/php_fe/index.php?sektion=stock&ID=1…

[Svabo]

Antwort auf Beitrag Nr.: 52.323.877 von SamLowry am 02.05.16 10:16:46

Zitat von SamLowry:

Zitat von Rentfort: Was muss ich da im Spiegel lesen:
"Wirecard weist eine Netto-Cash-Position von 536 Millionen Euro aus. Aus unserer Sicht ist das stark überhöht, weil noch Positionen abgezogen werden müssten, die den Charakter von finanziellen Verbindlichketien haben".

Und wer hat das gesagt? Ich fasse es kaum. Jochen Reichert von M.M. Warburg.

Na wenn das mal kein Statement ist. Noch eimal für alle zu mitschreiben, da sagt ein Analyst, dessen Researche-Haus besste Kontakte zum Aufsichtsratsvorsitzenden von Wirecard pflegt, dass aus seiner Sicht die Netto-Cash-Position stark überhöht ausgewiesen wird.

Sollte Herr Reichert etwa nun meiner Cashflow Betrachtung folgen und die Verbindlichkeiten aus dem Acquiring nicht mehr dem Free Cash flow hinzurechnen?

Ob sich dazu heute jemand von Warburg äußert?

Klar. Die melden sich jetzt hier im Forum an und fragen nach seiner Adresse um ihm ein Dankesschreiben sowie einen Blumenstrauss zukommen zu lassen...

Aber schön zu sehen dass ihr Jungs den 1. Mai sinnvoll verbracht habt.

[SamLowry]

Antwort auf Beitrag Nr.: 52.315.978 von Rentfort am 30.04.16 13:12:50

Zitat von Rentfort: Was muss ich da im Spiegel lesen:
"Wirecard weist eine Netto-Cash-Position von 536 Millionen Euro aus. Aus unserer Sicht ist das stark überhöht, weil noch Positionen abgezogen werden müssten, die den Charakter von finanziellen Verbindlichketien haben".

Und wer hat das gesagt? Ich fasse es kaum. Jochen Reichert von M.M. Warburg.

Na wenn das mal kein Statement ist. Noch eimal für alle zu mitschreiben, da sagt ein Analyst, dessen Researche-Haus besste Kontakte zum Aufsichtsratsvorsitzenden von Wirecard pflegt, dass aus seiner Sicht die Netto-Cash-Position stark überhöht ausgewiesen wird.

Sollte Herr Reichert etwa nun meiner Cashflow Betrachtung folgen und die Verbindlichkeiten aus dem Acquiring nicht mehr dem Free Cash flow hinzurechnen?

Ob sich dazu heute jemand von Warburg äußert?

[T.Hecht]

Antwort auf Beitrag Nr.: 52.323.670 von goldfever am 02.05.16 09:52:10

Da ich meine Zielposition noch nicht erreicht habe, muss die Explosion noch etwas warten.

[goldfever]

Antwort auf Beitrag Nr.: 52.323.478 von OffShore am 02.05.16 09:30:33

Zitat von OffShore: ich muss meine meinung vom 27.4. revidieren, bei dem positiven newsflow von wirecard gibts eine harte landung für die shorties, ganz ohne sommerloch

Der intensive positive Newsflow deutet darauf hin, dass das Shorten, der Zatarra Bericht und die negative Postings den Zweck hatten, den Kurs zum Einsteigen bzw. Aufstocken zu drücken, bevor der Kurs explodiert.
Nur meine Verschwörungstheorie.

[OffShore]

Antwort auf Beitrag Nr.: 52.285.969 von OffShore am 27.04.16 10:22:09

ich muss meine meinung vom 27.4. revidieren, bei dem positiven newsflow von wirecard gibts eine harte landung für die shorties, ganz ohne sommerloch

Zitat von OffShore: es ist einfach schön zu beobachten das man als wirecard aktionär einfach nur meldungen abwarten muss, die zeit spielt klar für uns.
bei den shorties sieht es anderst aus, die müssen sich wild und laut gackernd durch die foren trollen und spamen.
am schluss hat der kurs recht und der könnte heute ein dickes zeichen richtung norden setzen, nach unten haben wir jetzt eine stabile unterstützung. ich kann mir vorstellen das die shorties bis zum sommertief warten und es nochmal probieren, danach sollte der weg richtung ath frei sein.

[OffShore]

Antwort auf Beitrag Nr.: 52.323.235 von Rentfort am 02.05.16 09:07:21

smudo braucht noch eine auf indisch, auf englisch kommt er nicht mehr weiter.

Zitat von Rentfort: Hier nun auch die englische Übersetzung meines Beitrag von gestern.

[Rentfort]

Hier nun auch die englische Übersetzung meines Beitrag von gestern.

[Rentfort]

The fairy tale of transient items

Or: What Wirecard would have us believe and how things really are.

A treatise on an inconspicuous accounting term.

In the past few weeks I have repeatedly posted comments and described my point of view on the topics: cashflow statemtent "trade receivables and liabilities of the acquiring business" as well as transient items.

Apparently I have now found a well known analyst who shares my opinion: Jochen Reichert is not just any analyst, but someone who works for Warburg Research. This is a company that, according to § 34b WpHG of the German Securities Trading Act (Wertpapierhandelsgesetz - WpHG), has "other significant interests" with regard to the company to be reviewed. That is, the chairman of Wirecard AG Wulf Mattias is senior adviser at Warburg.

In yesterday's edition of the German weekly magazine "Der Spiegel", Jochen Reichert has been quoted as saying: “Wirecard reports a net cash position of 536 million euros. In our opinion that is strongly exaggerated because some positions have the characteristics of financial liabilities and should be deducted."

Below I will try to explain how this statement relates to the transient items and what impact it has on the consolidated balance sheet of Wirecard AG.

Since not every reader has basic knowledge in accounting, I would like to provide some explanations for the term "transient item" first. Transitory items are like two sides of a coin, thus there can only be two related transient items at the same time. One is located on the asset side of the balance sheet, the other on the liabilities side. The two sides of a coin.

With regard to the acquiring business there are two options:
1.) The acquirer expects money from the credit card organization, which he then forwards to his customers (e.g.online retailers). Thus there is a receivable on the asset side of the balance sheet towards the credit card organisation and a liability towards the online retailer. Both amounts are related and constitute the transient item.

2.) The acquirer has already received money from the credit card organization. However, he hasn't forwarded it to his customers yet. Now on the asset side of the balance sheet the position is listed as cash, on the liabilities side there is still the liability towards the retailer.

For those who would like to learn more, I recommend an article by Dan McCrum "a rolling processor gathers no loss" on FT Alphaville, where these correlations are described in great detail using comprehensible examples.

These relations are illustrated in the consolidated balance sheet of the Wirecard AG
as follows in the diagram:

A comparison of the amounts of receivables and liabilities in a T-account immediately shows that they are virtually similar. Apparently all positions must be attributed to the alternative described under 1). The acquirer has not yet received any money from the credit card organization / the acquiring partner and he also hasn't forwarded the payment yet. The business does not generate any cash.

Here is the first reference to a cash flow statement. The business does not generate any cash.

An affiliated group does not constitute a legal entity. It consists of a large number of individual companies that create their own balance sheets, which are then combined into a consolidated balance sheet.

Since, as a bank, the Wirecard Bank AG is obliged to publish its annual financial statements, it is possible to examine the balance sheet with regard to transient items. As the Wirecard Bank AG has not yet published its financial statements for 2015, all data relates to 2014.

The Wirecard Bank receivables from credit card companies are reported as "other assets". The annex of the financial statement contains an outline of these positions. (3.6). Thus receivables from credit card organizations amount to 40 million Euros. Unfortunately, the annex does not show an outline of the bank's balance sheet liabilities.

However, the consolidated financial statement of 2015 is helpful here. On page 101, in order to determine the modified group's equity ratio, not only the customer deposits, but also the liabilities of acquiring business of the Wirecard bank are deducted. The report identifies an amount of 240 million euros for 2014.

As we have both the figures of the receivables and liabilities from the acquiring business of the group, as well as those of the Wirecard bank, we are able to determine a balance for all the other companies.

The following diagram shows the transient items of the Wirecard bank which, by the way, is the only company in the group that has an acquiring licence. The transient items are supposed to result in a total for all other companies.

According to the consolidated financial statements there should be an equal distribution of receivables and liabilities on both sides of the balance sheet. However, what we see is a completely different picture.

The Wirecard Bank, the company that owns the acquiring licence, generates large amounts of cash which, however, is not available in the group for regulatory reasons. Here, liabilities amounting to 200 million euros are listed on the liability side, whereas on the asset side there is cash as described under 2).

On the other hand, companies that do not have an acquiring licence present receivables that amount to 244 million euros with only 43 million euros liabilities. 43 million euros of these receivables are transient items as under 1).

What is the nature of the remaining receivables with an amount of 201 million euros?
Four questions arise:
1.) Is there a factual connection to the liabilities of the Wirecard Bank AG?
2.) Are the liabilities transient items at all?
3.) In which companies of the group are the receivables listed?
4.) Who are the debitors of the receivables?

1.) Now it would be possible that due to a complex invoicing structure at Wirecard, the settlement of the accounts is distributed among two or more companies. This, can be definitely ruled out for the Wirecard Bank AG as, lacking cash, it would have to account for receivables from affiliated companies on a large scale. There are, however, no receivables due from affiliated companies.

2.) As a counterpart to these receivables in companies without aquiring licence, there is a financing requirement of the same amount. To call this a transient item would only be legitimate, if the cash generated by the Wirecard Bank would be available. For regulatory reasons, this is not allowed. And this is only allowed if Wirecard deducts this amount when determining the even so it is permissible, the Wirecard deducts this amount when determining the modified equity ratio.

3.) The other companies of the A & I division cannot have these receivables because they do not engage in acquiring. We can only speculate, which companies in the PP division have these receivables. Since the cardSystemns Middle East has had very large capital needs in recent years, it may be assumed that a large part of the receivables can be found in the books of this company.

4.) Since companies without acquiring licence are not allowed to do business with credit card companies, they consequently cannot be debtors of the receivables. We can safely assume that the debtors can only be amongst the acquiring partners that repeatedly mentioned in the external report.
Who are these partners?
Why don't these partners take the amounts onto their own books?
What value do the receivables have?
Why, is there, when acquiring without acquiring licence with external partners an opposite fiancial requirement demanding acquiring with an acquiring licence?

Although the reported amounts of 283 million and 284 million euros in the consolidated financial statements of the Wirecard AG in 2014 suggest that they are transient items, it has to be stated that receivables amounting to at least 200 million euros in the books of the companies without acquiring licence can have no connection whatsoever with the liabilities of the Wirecard Bank AG and are therefore not transient items.

The Wirecard Bank AG generates the same amount of cash that would be needed in the group to finance the receivables of the other companies. However, this money is not available. The amounts must not be included in the operating cash flow and and the net cash has been overstated by this amount.
And this is where we've come full circle with the statement made by Mr Jochen Reichert, who claims that in his opinion, the net cash position is strongly exaggerated.
Obviously this also means that this is the amount that the operative cashflow has been overstated in the last few years.

At the end of the day one further question arises that may no longer interest the accounting expert, but will electrify every analyst: What sort of business does Wirecard actually operate, if the published figures, including the financial statements of Wirecard Bank AG, tell a completely different story than the corresponding texts?

Transitory items are like two sides of a coin. At Wirecard however, there are two coins on the table, heads and tails and everybody reckons to know the hidden side of the coin. This turns out to be a mistake since one of the hidden sides is blank!

[invest_dd]

neue Meldung gesehen:

"Wirecard und maxdome bringen Voucher-Lösung in den Einzelhandel / Start in 2000 Rossmann-Filialen / Wirecard ist Prozessor für alle Distributionskanäle ......

"

Quelle:http://www.presseportal.de/pm/15202/3315974