CENIT AG AD-HOC ANNOUNCEMENT: Change in accounting methodology (IFRS15)
Stuttgart, March 14, 2022: After advanced analysis of the so far preliminary results of the CENIT Group during the still ongoing closing process, the latest sales forecast of EUR 153.0 - 155.0 million for the fiscal year 2021 as of January 28, 2022 will be adjusted due to a change in the accounting methodology according to IFRS 15. Consequently, the CENIT Group is expected to generate sales of EUR 145.5 to 147.5 million on the same basis according to the new accounting method, with an EBIT of EUR 6.0 to 6.3 million, which remains unchanged from the forecast of January 28, 2022. As a result, the EBIT margin for the fiscal year will increase from the previous 3.9% to 4.0% to 4.2% to 4.3%.
The reason for updating the revenue forecast is an upcoming new accounting practice in the software industry regarding the treatment of software license revenue from resellers in accordance with the International Reporting Standard Committee (IFRIC). For comparative purposes, the previous year's revenue figures in the financial statements for fiscal year 2021 have also been adjusted accordingly. The accuracy of the previous 2020 financial statements is not affected by this.
The final figures and the audited annual and consolidated financial statements of CENIT AG for the fiscal year 2021 will be published on March 31, 2022.
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