DGAP-Adhoc K+S Aktiengesellschaft: Examination of the consolidated financial statements of K+S Aktiengesellschaft as of 31.12.2019 as well as 30.06.2020 by DPR at the occasion-related request of BaFin

Nachrichtenquelle: EQS Group AG
17.02.2021, 19:38  |  124   |   |   

DGAP-Ad-hoc: K+S Aktiengesellschaft / Key word(s): Statement
K+S Aktiengesellschaft: Examination of the consolidated financial statements of K+S Aktiengesellschaft as of 31.12.2019 as well as 30.06.2020 by DPR at the occasion-related request of BaFin

17-Feb-2021 / 19:38 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


At the occasion-related request of the German Federal Financial Supervisory Authority ("Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin"), the German Audit Office for Accounting ("Deutsche Prüfstelle für Rechnungslegungsaufsicht - DPR") examines the consolidated financial statements of K+S Aktiengesellschaft ("K+S") as of December 31, 2019, together with the related interim group management report and the abbreviated financial statements as of June 30, 2020. 

BaFin informed DPR about the reason for the examination as follows:

"Specific indications exist because the assets reported in the consolidated financial statements as of December 31, 2019, and the abbreviated financial statements as of June 30, 2020, in particular non-current assets, may be overstated. According to IAS 36, among other things, assets are to be tested for impairment if facts and circumstances indicate that the book value of such an asset exceeds its recoverable amount. If facts and circumstances indicate that this is the case, an entity shall measure, present and explain any impairment loss in accordance with IAS 36. 

According to the ad hoc release of K+S Aktiengesellschaft dated November 4, 2020, the assumptions regarding the long-term potash price development are now lower and regarding the cost of capital higher than previously assumed. This resulted in an impairment requirement in the Europe+ operating unit of around € 2 billion in the quarterly financial statements as of September 30, 2020."

BaFin has concrete indications that this impairment requirement may not have been determined correctly and should have been recognized in full or in part at an earlier date. Other asset items may also be affected by the need for an impairment loss.

There are therefore also indications that any required error correction in accordance with IAS 8 was not carried out."

DPR has indicated that it reserves the right to extend the examination to further items if further indications of incorrect accounting become known.

K+S has informed DPR about its willingness to cooperate fully in the examination and to provide all necessary documents. The Board of Executive Directors assumes that it will be able to invalidate the BaFin's indications.

Contact:
Investor Relations:
Dirk Neumann
Phone: +49 561 9301-1460
d.neumann@k-plus-s.com
 

17-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: K+S Aktiengesellschaft
Bertha-von-Suttner-Str. 7
34131 Kassel
Germany
Phone: +49 561 9301 0
Fax: +49 561 9301 2425
E-mail: investor-relations@k-plus-s.com
Internet: www.k-plus-s.com
ISIN: DE000KSAG888
WKN: KSAG88
Indices: MDAX
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange
EQS News ID: 1169153

 
End of Announcement DGAP News Service

1169153  17-Feb-2021 CET/CEST

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DGAP-Adhoc K+S Aktiengesellschaft: Examination of the consolidated financial statements of K+S Aktiengesellschaft as of 31.12.2019 as well as 30.06.2020 by DPR at the occasion-related request of BaFin DGAP-Ad-hoc: K+S Aktiengesellschaft / Key word(s): Statement K+S Aktiengesellschaft: Examination of the consolidated financial statements of K+S Aktiengesellschaft as of 31.12.2019 as well as 30.06.2020 by DPR at the occasion-related request of …

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