07/13/2022
Publication of inside information pursuant to Article 17 MAR
Munich, July 13, 2022 – Yesterday, BaFin published an announcement on an accounting review regarding the presentation of the spin-off of Nagarro SE in the consolidated financial statements of Allgeier SE (WKN A2GS63, ISIN DE000A2GS633) as of December 31, 2020. We published an explanatory note on this yesterday. Due to inquiries, we supplement the explanation on the background of the examination order according to our knowledge as follows:
The audit issues raised relate exclusively to the presentation of the spin-off transaction in the consolidated financial statements of Allgeier SE as of December 31, 2020 and have no impact on the companies involved Allgeier SE and Nagarro SE beyond that.
The examination order relates to the following two main aspects:
We are dutifully reviewing these points and will finalize their content with BaFin. In any case, according to our current knowledge, they relate exclusively to the accounting presentation of the spin-off transaction in the consolidated financial statements as of December 31, 2020.
The effectiveness of the spin-off itself is not affected by the BaFin’s audit notes. The spin-off has been effectively executed without any doubt and nothing will change in this respect.
The continuing operations of the Allgeier Group, i.e. the entire current Allgeier business, are also not affected by the audit points. Similarly, the annual and consolidated financial statements of Allgeier SE as of December 31, 2021 and subsequent financial statements are not affected in any material way. The disclosure issues also have no tax relevance and no impact on the Group’s liquidity.
The business of Nagarro SE and the annual and consolidated financial statements of Nagarro SE are also not affected by the audit issues.
It is solely a matter of the correct presentation of the spin-off transaction in the consolidated financial statements of Allgeier SE as a one-off disclosure issue in relation to various IFRS standards.