18.06.2018
IMMOFINANZ: FMA-Examination confirms correctness of accounting of the shares in CA Immo
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.
The Austrian Financial Market Authority (Finanzmarktaufsicht - FMA) has confirmed that the accounting of the shares in CA Immo using the equity method is in compliance with the applicable regulations. This is the result of an examination of the consolidated financial statement of IMMOFINANZ as of April 30, 2016, the interim financial statements as of October 31, 2015 and as of October 31, 2016 as well as the accompanying management reports, which was conducted by the FMA and limited to selected review areas.
As a background: The Austrian Financial Reporting Panel (Österreichische Prüfstelle für Rechnungslegung) undertook a routine examination of IMMOFINANZ in 2017 and came to the conclusion, that the accounting of the shares in CA Immobilien Anlagen AG (CA Immo) in the interim financial statement as of October 31, 2016 should have been prepared on a full consolidation basis instead of pursuant to the equity method.
IMMOFINANZ declared that it does not agree with this result. As provided for in such cases, the FMA subsequently examined the consolidated financial statement of IMMOFINANZ as of April 30, 2016, the interim financial statements as of October 31, 2015 and as of October 31, 2016 as well as the accompanying management reports pursuant to section 3 para 1 item 1 of the Austrian Accounting Control Act (Rechnungslegungs-Kontrollgesetz – RL-KG).
By notification dated June 11, 2018, FMA now informed IMMOFINANZ that the accounting of its shareholding in CA Immo using the equity method as of October 31, 2016 cannot be challenged and that the examination also did not lead to any significant objections with respect to the other examination subjects. Therefore, no error pursuant to section 5 para 2 RL-KG could be determined within the examination process.
Disclaimer:
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States, Australia, Canada, Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. This release is not an offer of securities for sale in the United States of America. Any securities referred to herein will not be and have not been registered under U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States of America absent registration or an applicable exemption from registration under the Securities Act. There will be no public offer of the securities in the United States of America. The securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan.
The Austrian Financial Market Authority (Finanzmarktaufsicht - FMA) has confirmed that the accounting of the shares in CA Immo using the equity method is in compliance with the applicable regulations. This is the result of an examination of the consolidated financial statement of IMMOFINANZ as of April 30, 2016, the interim financial statements as of October 31, 2015 and as of October 31, 2016 as well as the accompanying management reports, which was conducted by the FMA and limited to selected review areas.
As a background: The Austrian Financial Reporting Panel (Österreichische Prüfstelle für Rechnungslegung) undertook a routine examination of IMMOFINANZ in 2017 and came to the conclusion, that the accounting of the shares in CA Immobilien Anlagen AG (CA Immo) in the interim financial statement as of October 31, 2016 should have been prepared on a full consolidation basis instead of pursuant to the equity method.
IMMOFINANZ declared that it does not agree with this result. As provided for in such cases, the FMA subsequently examined the consolidated financial statement of IMMOFINANZ as of April 30, 2016, the interim financial statements as of October 31, 2015 and as of October 31, 2016 as well as the accompanying management reports pursuant to section 3 para 1 item 1 of the Austrian Accounting Control Act (Rechnungslegungs-Kontrollgesetz – RL-KG).
By notification dated June 11, 2018, FMA now informed IMMOFINANZ that the accounting of its shareholding in CA Immo using the equity method as of October 31, 2016 cannot be challenged and that the examination also did not lead to any significant objections with respect to the other examination subjects. Therefore, no error pursuant to section 5 para 2 RL-KG could be determined within the examination process.
Disclaimer:
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States, Australia, Canada, Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful. This release is not an offer of securities for sale in the United States of America. Any securities referred to herein will not be and have not been registered under U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States of America absent registration or an applicable exemption from registration under the Securities Act. There will be no public offer of the securities in the United States of America. The securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan.
IMMOFINANZ – a publicly listed European commercial real estate group with focus on two asset classes: Office and retail in eight core markets.