Goldbach Group AG / Key word(s): Miscellaneous
21.10.2014 07:00

Release of an ad hoc announcement pursuant to Art. 53 KR

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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. 
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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:                 info@goldbachgroup.com
Internet:               www.goldbachgroup.com
ISIN:                   CH0004870942
Valor:                  487094
Listed:                 SIX
 
End of Announcement EQS Group News-Service  

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