DGAP-News

Northern Data AG: Status consolidated financial statements FY 2020 and ongoing projects

DGAP-News: Northern Data AG / Key word(s): Annual Results/Annual Report Northern Data AG: Status consolidated financial statements FY 2020 and ongoing projects 03.08.2021 / 19:19 The issuer is solely responsible for the content of this announcement. PRESS RELEASE / IR RELEASE Northern Data AG: Status consolidated financial statements FY 2020 and ongoing projects

Frankfurt am Main - August 3, 2021 - Northern Data AG (XETRA: NB2, ISIN: DE000A0SMU87), a leading infrastructure supplier for Bitcoin mining and other HPC infrastructure solutions, is still in the process of having its consolidated financial statements for FY 2020 audited by KPMG AG Wirtschaftsprüfungsgesellschaft, the auditor appointed at the Annual General Meeting. The company currently expects to be able to release its preliminary IFRS figures for FY 2020 by the end of September 2021 at the latest and publish its consolidated financial statements for FY 2020 shortly thereafter. The delay in completion of the audit and as a result announcement of reliable preliminary figures can be attributed to the fact that this represents the first audit of a blockchain-based business model involving a complex migration to IFRS. During preparation, complex revenue recognition issues arose in relation to IFRS 15, and a possible consolidation requirement pursuant to IFRS 10 of a major client that is still pending final clarification could have a significant effect on the financial statements under IFRS, albeit without any impact at the level of liquidity or Northern Data's business prospects. The forecast for 2020 was made without taking into account possible ramifications of migration to IFRS. As has been repeatedly communicated since publication of the company's Half-Year Report for 2020, the 2020 annual financial statements are likely to contain not insignificant deviations from the figures previously used that could not be reliably quantified up to now due to the complex nature of the transition to IFRS.