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DGAP-News: SNP Schneider-Neureither & Partner SE / Key word(s): Miscellaneous
- Aspects underlying the error findings have already been taken into account in the consolidated financial statements as of December 31, 2020 and the group management report for the 2020 fiscal year
- Corrections to the 2020 consolidated financial statements and group management report have been confirmed - no further adjustments are required in the consolidated financial statements as of December 31, 2020 or in earlier financial statements
According to SNP's assessment, no further adjustments are required in the consolidated financial statements as of December 31, 2020, or in earlier financial statements as a result of the assessment notice. According to the company's understanding, the Federal Financial Supervisory Authority (BaFin) sees no need for further adjustments either.
On November 18, 2021, delivered on November 22, 2021, the BaFin ordered SNP SE to disclose the error findings. The corresponding formal announcement was made on November 23, 2021, in the Federal Gazette (www.bundesanzeiger.de) and via the DGAP (www.dgap.de).
During the preparation of the consolidated financial statements for the 2020 fiscal year, it was determined that a right of use from a lease agreement (in accordance with IFRS 16) for a property with a related company in the USA required an unscheduled devaluation from EUR 3.6 million to zero for the 2019 fiscal year in accordance with IAS 8. The review of the U.S. property conducted after the death of the company's founder and Chairman of the Board of Directors, Dr. Andreas Schneider-Neureither, revealed a lack of commercial usability dating back to the start of the lease in 2019.
In the notes to the consolidated financial statements as of December 31, 2019, it was stated in the explanation of transactions with related parties that all transactions with related parties were at arm's length. Consequently, the assessment violated IAS 24.23 with regard to the lease agreement in the USA, as the premises leased on a long-term basis could not be used for commercial purposes, and such premises would not have been leased by an independent business partner.
The earnings effect of the unscheduled value adjustment concerning the right of use resulted in non-compliance with the first stage of an agreed key financial figure for outstanding promissory note loans and in a resulting interest rate increase of 0.5%. Accordingly, the financial liabilities and the interest expense in the comparative periods of the consolidated financial statements as of December 31, 2020 were each adjusted upward by EUR 0.2 million. The correction was also made in accordance with the provisions of IAS 8.
In addition, in the segment reporting as of December 31, 2019, due to an incorrect allocation of personnel costs to the segments, the segment result for the Service segment was overstated by EUR 0.5 million, and the segment result for the Software segment was overstated by EUR 0.5 million. The aforementioned error was also corrected in the consolidated financial statements as of December 31, 2020 in the comparative period.
SNP is a world-leading provider of software for managing complex digital transformation processes. Instead of traditional IT consulting in the ERP environment, SNP offers an automated approach using specially developed software: The Data Transformation Platform CrystalBridge(R) and the SNP BLUEFIELDTM approach allow companies to restructure and modernize their IT landscapes much more quickly and securely as well as migrate to new systems or cloud environments more securely. This gives customers clear qualitative advantages while at the same time reducing their time and costs.
The SNP Group has around 1,700 employees worldwide. The company is headquartered in Heidelberg, Germany, and generated revenue of around EUR 144 million in the 2020 fiscal year. It serves multinational companies in all industries. SNP was established in 1994, went public in 2000, and has been listed in the Prime Standard segment of the Frankfurt Stock Exchange since August 2014 (ISIN DE0007203705). Since 2017, the company has been trading as a European company (Societas Europaea/SE).
More information is available at www.snpgroup.com
Contact person at SNP:
23.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
SNP Schneider-Neureither & Partner SE
Speyerer Str. 4
+49 6221 6425 637, +49 6221 6425 172
+49 6221 6425 20
Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID:
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