Varengold Financial institution has acquired the audit certificates for its 2022 annual monetary statements, and has rescheduled final yr’s delayed annual normal assembly (AGM).
The AGM was initially supposed to happen on 30 August 2023. It’ll now be held on 13 August 2024.
Following the completion of the audit, Varengold confirmed that it earned €25.4m (£21.5m) from peculiar enterprise actions in 2022 – a rise of 18.9 per cent on the earlier yr. When making an allowance for earnings taxes, fines and different taxes, the web revenue for the yr totalled €9.1m, in contrast with €17.2m in 2021.
Learn extra: Varengold raises earnings forecast regardless of audit woes
The Hamburg-based financial institution has been embroiled in a protracted audit of its 2022 accounts for greater than a yr, after the German Federal Monetary Supervisory Authority (BaFin) flagged attainable compliance violations referring to Varengold’s dealings with Iran.
Because of the audit and compliance probe, Varengold slashed its revenue steerage for 2023, cancelled its dividend, and laid off 22 per cent of its employees.
“The occasions and developments in 2023 had a big impression on the course of the audit of the annual monetary statements for the 2022 monetary yr,” stated Varengold’s administration board members Dr. Bernhard Fuhrmann and Frank Otten.
Learn extra: Varengold hits out at “grossly deceptive media protection” amid compliance probe
“Because of the ongoing particular audit of the enterprise operations…and the ensuing partial outcomes, the mandatory audit procedures…may solely be accomplished with a big delay.
“Amongst different issues, extra optimistic and unfavourable value-enhancing elements needed to be thought-about within the additional course of 2023 and 2024 when getting ready the monetary statements.”
Earlier this yr, the financial institution reported that in the course of the first quarter of 2024, it generated internet earnings of €14.1m and preliminary earnings earlier than taxes of €5.9m. In an announcement, the board stated that it was “satisfied that the financial institution has taken the correct measures to counter the consequences of final yr’s particular audit”.
The 2022 audit was carried out by PricewaterhouseCoopers (PwC). PwC has now begun the audit of the 2023 annual monetary statements, which Varengold anticipate to launch in the course of the fourth quarter of 2024.
Learn extra: Varengold has “passable begin” to 2024 as particular audit continues
