April 9, 2018 / 12:49 PM / 3 months ago

BRIEF-BDF Updates On Its Financial Situation, Regulatory Reporting Requirements

April 9 (Reuters) - BDF SA:

* PUBLISHED ON FRIDAY AN ANALYSIS OF THE COMPANY’S FINANCIAL AND ECONOMIC SITUATION AND FUTURE PERSPECTIVES OF ITS BUSINESS ACTIVITIES

* THE ANALYSIS WAS UNDERTAKEN BY BEST CAPITAL SP. Z O.O., FOLLOWING THE WARSAW STOCK EXCHANGE’S REQUEST

* ACCORDING TO BEST CAPITAL, BDF BUSINESS ACTIVITY AS WELL AS THE GROUP’S ACTIVITY, INCLUDING TWO UNITS, VTG SP. Z O.O. AND INSPIRIO SP. Z O.O., IS NOT AT RISK; HOWEVER IT IS EXPOSED TO SOME RISK FACTORS

* RISK FACTORS ARE RELATED TO THE REALIZATION OF THE COMPANY’S STRATEGY, DEPLETION OF ASSETS, INABILITY TO REPAY BONDS, RELIABILITY OF REPORTED FINANCIAL DATA AND RISK OF HAVING ONE-MAN MANAGEMENT

* BEST CAPITAL SAYS THAT FOLLOWING THE COMPANY’S WRITE-OFF UNDERTAKEN AT THE END OF 2017, IT DOES NOT SEE ANY BASIS TO QUESTION CURRENT VALUE OF LONG-TERM INVESTMENTS AS PER END-2017

* BDF WROTE DOWN THE VALUE OF ITS UNIT, BLACK DIAMOND FUND SA, IN THE AMOUNT OF 158 MILLION ZLOTYS

* FOLLOWING THE WRITE-OFF THE VALUE OF THE COMPANY’S OWN CAPITAL FELL FROM OVER 160 MILLION ZLOTYS TO ABOUT 2.5 MILLION ZLOTYS

* THE WRITE-OFF INCREASED THE FY 2017 LOSS TO 158.2 MILLION ZLOTYS

* ALSO PUBLISHED ON SUNDAY MANAGEMENT BOARD AND SUPERVISORY BOARD’S OPINION REGARDING THE REFUSAL OF ITS AUDITOR TO ISSUE OPINION ON THE COMPANY’S 2016 FINANCIAL STATEMENTS AS THE COMPANY DID NOT PRESENT FINANCIAL STATEMENTS OF ALL ITS UNITS

* THE COMPANY INFORMED THAT THE ABOVE SITUATION WAS CAUSED BY THE LACK OF BOARD REPRESENTATION AT SOME OF THOSE UNITS AND HENCE ITS INABILITY TO SIGN OFF THE STATEMENTS

* SOME OF THESE UNITS DID NOT RUN ANY OPERATIONS AND THEIR FINANCIAL SITUATION WAS DIFFICULT Source texts for Eikon:,

Further company coverage: (Gdynia Newsroom)

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