DGAP-News: paragon Considers FREP Auditing Process of Consolidated Financial Statements for 2017 Completed
DGAP-News: paragon GmbH & Co. KGaA / Key word(s): Miscellaneous
paragon Considers FREP Auditing Process of Consolidated Financial Statements for 2017 Completed
- All corrections have already been made in the IFRS consolidated financial statements for 2018
- Management aims for prompt publication of the errors identified by the FREP
- Publication will follow receipt of the respective notice from the BaFin by the German Federal Gazette
Delbrück, May 28, 2019 - paragon GmbH & Co. KGaA [ISIN DE0005558696] has waived its right to be heard by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin) on the FREP auditing process triggered by the audit of the IFRS 2017 annual financial statements of the paragon subsidiary Voltabox AG due to consolidation in the paragon Group.
The German Financial Reporting Enforcement Panel (FREP) identified errors in the consolidated financial statements of paragon GmbH & Co. KGaA as of December 31, 2017. These were entirely taken into account by the company in the consolidated financial statements for 2018 as well as explained in the notes. The final decision of the FREP received on May 6, 2019 corresponded to the findings to date. As part of the hearing process, the Federal Financial Supervisory Authority of Germany (BaFin) presented the company with the possibility to validate the arguments that would speak against their publication. In order to facilitate the prompt publication of the errors identified by the FREP, the Management of paragon GmbH & Co. KGaA has declined this option.
The publicly traded subsidiary Voltabox AG, in which paragon holds 60 percent of the subscribed capital and is fully consolidated in the consolidated financial statements, has already released an announcement on May 6, 2019 in accordance with Section 109 (2) (1) of the German Securities Trading Act (WpHG) upon receipt of the notice from the Federal Financial Supervisory Authority of Germany. The errors listed in the notice have also been corrected and explained in the consolidated financial statements for 2018 of Voltabox AG and its respective notes.
Following receipt of the respective notice from the BaFin, which is expected shortly, paragon will undertake the publication in accordance with Section 109 (2) (1) WpHG.
Profile: paragon GmbH & Co. KGaA
Financial Press & Investor Relations Contact
|Company:||paragon GmbH & Co. KGaA|
|Phone:||+49 (0)5250 97 62 - 0|
|Fax:||+49 (0)5250 97 62 - 60|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||816585|
|End of News||DGAP News Service|