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DGAP-Adhoc: Goldbach Group AG: Goldbach Group switches its accounting practice from IFRS to Swiss GAAP FER (english)(dpa-AFX International Compact Via Acquire Media NewsEdge) Goldbach Group AG: Goldbach Group switches its accounting practice from IFRS to Swiss GAAP FER Goldbach Group AG / Key word(s): Miscellaneous 21.10.2014 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Ad hoc press release The Goldbach Group switches its accounting practice from IFRS to Swiss GAAP FER Küsnacht-Zurich, October 21st, 2014. The board of directors of Goldbach Group AG has decided to switch its accounting practice from IFRS to Swiss GAAP FER with retroactive effect from the financial year 2014. Providing that authorisation for the change is granted by the SIX Swiss Exchange, Goldbach Group shares will be traded in the Domestic Standard rather than the Main Standard from December 2014. The increasing complexity and the ever more detailed regulations of IFRS are, on the whole, not leading to a clearer understanding of the company's financial position or profit situation. On the contrary, they are causing significant additional administrative costs. The board of directors has therefore decided to switch to the Swiss GAAP FER standard, which is especially tailored to the requirements of medium-sized international companies such as the Goldbach Group. By changing to Swiss GAAP FER, the Goldbach Group has settled on a standard of comparable validity that will ensure transparent reporting both now and in the future. Consequences of changing our accounting standard Switching accounting practice from IFRS to Swiss GAAP FER will mainly lead to adjustments where company mergers are involved (treatment of goodwill and immaterial assets from acquisitions), the treatment of cumulative foreign currency differences in equity, and the calculation of benefit liabilities. The switch will have a positive influence on turnover for 2014, as a reclassification of the cumulative exchange differences recorded as equity with regard to the sale of a foreign subsidiary is no longer required. The balance will be reduced due to the new treatment of goodwill and the lower benefit liabilities. Accounting equity will be lower due to the new treatment of goodwill, and current balance sheet risks will be reduced. A detailed reconciliation account for the switch from IFRS to Swiss GAAP FER will be included in the 2014 Annual Report. Contact: Goldbach Group AG Germaine Müller, Investor Relations Manager Corinne Laverrière, Public Relations Manager Seestrasse 39 8700 Küsnacht-Zurich Phone +41 (44) 914 91 00 Fax +41 (44) 914 93 60 www.goldbachgroup.com 21.10.2014 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EQS publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: Goldbach Group AG Seestrasse 39 8700 Küsnacht-Zürich Switzerland Phone: +41 44 914 91 00 Fax: +41 44 914 93 60 E-mail: [email protected] Internet: www.goldbachgroup.com ISIN: CH0004870942 Valor: 487094 Listed: SIX End of Announcement EQS Group News-Service --------------------------------------------------------------------------- Copyright dpa-AFX. |