On 29 September 2020, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) took over the examination of GRENKE AG’s financial statements from the Financial Reporting Enforcement Panel (FREP). The examination concerns the consolidated financial statements, the combined group management report and the management report as at 31 December 2019.
This is partly based on the fact that BaFin is conducting a special inspection under section 44 (1) sentence 2 of the German Banking Act (Kreditwesengesetz – KWG) and both the inspection and the examination relate to the same subject (section 108 (1) sentence 4 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG)).
BaFin is examining various aspects, including:
- the recognition and amount of the lease receivables recognised as non-current assets and the recognition and amount of the lease receivables recognised as current assets in the consolidated statement of financial position,
- the recognition and amount of the balances at central banks and bank balances recognised as cash and cash equivalents in the consolidated statement of financial position,
- the result of the impairment test of the goodwill recognised in the consolidated statement of financial position, and
- the related party disclosures and disclosures of transactions with related parties in the notes to the consolidated financial statements.
Contact: Anja Schuchhardt
Press Officer Securities Supervision
Phone: +49 (0) 228 4108-3262
E-mail: [email protected]