Amsterdam, 23 May 2022 – Azerion publishes annual report and monitors Azerion Holding BV’s full year 2021 financial results (Annual report) Annual report can be found at azerion.com/investors
Co-CEO Atila Itekin says: “The publication of our annual report is an important milestone for Azerion, following our list at Euronext Amsterdam in early 2022. We look forward to continuing our engagement with the capital market behind our annual report and the announcement of our first quarterly 2022 results. The end of May. “
The annual report includes updated financial statements comparing the initial unaudited financial results of 2021 published on 28 February 2022. Statistical updates are primarily related to the completion of the acquisition audit, as well as to accounting treatment. Business merger with European Fintech IPO Company 1 (EFIC1) completed on 1 February 2022, tax and refinancing of the company’s bonds in 2021.
In the earnings statement, operating profit was about 9.2 million euros lower than the preliminary results of 2021, while EBITDA increased by about 1.8 million euros, mainly due to higher devaluation and lower profits from payments as well as the effect of currency translation. As a result, the post-tax loss for the year was about 9.1 million euros more than the preliminary results of 2021.
The balance sheet assets increased by about 15.8 million euros, mainly related to the completion of the acquisition purchase price allocation. Also, there was a reclassification of Euro 8.8 Million, which was associated with the valuation of shares related to the acquisition of equity with other liabilities.
The cash flow statement has been updated with a total reclassification of 8.2 million euros which includes consistent consideration of repayment of debts of former owners of the company earned from operating activities to cash flows from investment activities to cash flows and financing activities from cash flows. Cash flow from investment activities. Also, the reclassification of about 10.5 million euros was the cost of the initial settlement of the bond with operating activities from cash flow to financing activities to cash flow.
Azerion Holding BV’s annual report and full year results cover the period January 1, 2021 to December 31, 2021 and therefore February 1, 2022 relates to the period prior to the completion of the business merger between EFIC1 and Azerion Holding BV. Annual Report and full year 2021 results for Azerion Holding BV therefore does not include any account or results of Azerion Group NV for 2021. Azerion Group NV’s 2021 annual report for the full year 2021 and audited financial results, formerly known as EFIC1, are available. At Azerion.com/investors.
This is a joint press release of Azerion Group NV and Azerion Holding BV.
The 2021 annual report for Azerion Holding BV and Azerion Group NV mentioned in this press release may include forward statements. All statements other than statements of historical information may be forward-looking statements. Words and expressions such as belief, conjecture, plan, project, expectation, expectation, purpose, may, will, should or other similar words or expressions are commonly used to identify visionary statements. Predictive statements are subject to risk, uncertainty, and other factors that are difficult to predict, and as a result, Azerion’s actual results may differ materially or implicitly from future results from such far-sighted statements. Any forward-looking statements reflect Azerion’s current views and assumptions based on the information currently available to Azerion’s management. Forward-looking statements only speak to the date they were created, and Azerion does not accept any obligation to update such statements, except as required by law.