25 March 2021, 14:00 CET
Axactor annual report 2020
The Board of Directors of Axactor SE has approved the annual report for 2020, which includes certain amendments from the non-audited fourth quarter 2020 interim financial report.
25 March 2020 – The Board of Directors of Axactor SE has approved the annual report for 2020, which includes certain amendments from the non-audited fourth quarter 2020 interim financial report.
The annual report 2020, including the company’s sustainability report, is enclosed and made available on the company’s website www.axactor.com.
Reference is made to the prospectus published on 8 February 2021 that included information about an ongoing review process with the Norwegian FSA. Axactor has now received preliminary feedback from the FSA regarding the fair value measurement of forward flow derivatives. As a result of this, the annual financial accounts have been updated with an adjustment for forward flow derivatives.
The adjustment does not have a cash effect and does not affect the book value of Axactor’s existing NPL portfolios. Furthermore, a negative change in forward flow derivatives for 2020 will result in an equal positive change in the result going forward through higher interest revenue from purchased loan portfolios.
In summary two changes are made in the annual report compared to the fourth quarter interim financial report: i) other operating revenue/income associated with forward flow derivatives are reduced by EUR 3.9 million, and ii) change in forward flow derivatives are excluded from the alternative performance measures gross revenue and cash EBITDA.
Please see the table below for details of the accounting adjustments.
|Figures in EURm||Q4-20 report||2020 Annual report||Net change|
|Earnings after tax||-31.1||-34.0||-2.9|
For further information, please contact:
Interim CFO | Chief of Strategy & IR
(+47) 478 39 405
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Kyrre Svae, interim CFO of Axactor SE, on 25 March 2021 at 15:00 CET.