EQS-Adhoc
Altech Advanced Materials AG: Correction of preliminary annual result as at 31.12.2023
- Correction of preliminary annual result for Altech Advanced Materials AG as of 31.12.2023
- Expenses from VOP 2023 program increased net loss to 1,650 TEUR
- Updated balance sheet shows equity of 5,039 TEUR as of 31.12.2023
EQS-Ad-hoc: Altech Advanced Materials AG / Key word(s): Annual Results/Preliminary Results |
Altech Advanced Materials AG – Correction of preliminary annual result as of 31.12.2023
Heidelberg (pta019/22.03.2024/11:35) - On 23 January 2024, Altech Advanced Materials AG ("AAM" or the "Company") (ISIN: DE000A31C3Y4, DE000A31C3Z1 and DE000A3EX2C1) announced its expected net
loss for the financial year 2023 (individual financial statements according to HGB) in the amount of 1,348 TEUR. The updated preliminary net loss for the year now amounts to 1,650 TEUR.
As part of the preparation and audit of AAM's annual financial statements as at 31 December 2023, the accounting treatment of the AAM Virtual Option Programme 2023 ("VOP 2023") launched in
December 2023 was also discussed in detail with the auditors. The programme has a maximum volume of 5.0 million EUR and is aimed at employees of the company and employees of the two investments
Altech Batteries GmbH for the CERENERGY project and Altech Industries Germany GmbH for the Silumina Anodes project. It is dependent on various milestones to be achieved and the share price
performance and is essentially a bonus programme for which AAM has the option to settle in cash, shares or a combination of both.
Following intensive discussions on the accounting classification of the SOP 2023, the Management Board decided today that the SOP 2023 should be recognised as an expense in instalments over the
expected term, taking into account the probabilities of occurrence of the various exercise conditions. For the 2023 financial year, an expense of EUR 304 thousand is therefore to be recognised
for the VOP 2023, which, according to the company's planning, will only affect liquidity in the amount of any cash component, probably 50%, to service any wage tax incurred.