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Nanogate AG: Accounting switchover to IFRS has positive effect on consolidated net profit
The new accounting standard is another important step forward in capital market communication. The most important differences between IFRS and HGB reporting were as follows:
- The IPO costs incurred in 2006 do not reduce the income statement(P&L) result. Instead, they reduce the IPO proceeds in the balance sheet capital reserve. The result is an IFRS net profit for the year of €1.2 million (rather than a €0.3 million loss).
- Deferred taxes are stated for various amounts in the IFRS and tax balance sheets. For loss carryovers from previous years that will in future reduce the amount to be paid in taxes Nanogate has stated €0.5 million in deferred taxes on the assets side.
Now that the consolidated financial statements have been drawn up according to IFRS for the financial year 2006, the interim report for the first half of 2007 – to be published at the end of September – will also be based on the IFRS standard.
The focus of the switchover to IFRS is on shareholder interest and thereby on stock market success. Publication of IFRS accounts is now mandatory for companies listed or seeking a listing in regulated market segments on the German stock market. Ralf Zastrau, CEO of Nanogate AG, says that “For international institutional investors in particular the company will now become even more interesting.
Nanogate now fulfils the key requirements for Prime Standard listing. Our shareholder structure has grown significantly wider since our Entry Standard IPO in October 2006. We aim to take this change into account by making our financial reporting even more transparent.”
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