Galician company EiDF is looking for a third party auditor to vouch for its accounts

The Galician company EiDFbased in Barro (Pontevedra) and dedicated to the congregation photovoltaic installations for own consumption for industries, has informed BME Growth, the SME exchange, that it will not be able to release financials corresponding to the last financial year in 2022 in time, before April 30. Its response happens almost once. a week after the National Securities Market Commission (CNMV) decided to suspend the company’s listing “while relevant information is disseminated regarding the process of preparing accounts and publishing audited financial information for the year ended December 2022.”

That is, the company did not submit the audited invoice for the year 2022 and they will not be able to do this before the deadline that the said companies must do.

Because? EiDF does not provide details on the reasons that cause this delay in publishing results. But it suggests that PWC audit, who he hired last December to replace Crow, did not support them. For this reason, he is looking for a “third-party entity to perform certain analytical tasks.” […] which enable the correct formulation of annual financial statements by the Board of Directors”. In other words, the Galician company reveals that it has not even formulated the invoices, a step before publication and that it should have done so before March 31.

The company he founded and runs Fernando Romero He was preparing his leap into the continuous market. For this reason, he explains in his official statement, he engaged another auditor, KPMG, as an advisor for “a preliminary assessment of the company’s internal control”. At the same time, the lead auditor, PWC, in its review of the consolidated and individual financial statements for 2022 “identified certain issues that could have relevant impact in its audit report, which identified the need to expand the scope of procedures’. Because of this, she decided to look for another new auditor, and it cannot be KPMG, because he is already a consultant.

This is EiDF’s puzzling explanation for a situation that has, at least, hurt him corporate image. It is the company with the largest capitalization in BME Growth, with 1,600 million euros, six times more than when it went public in July 2021. At that time, the value of the share was 1.44 euros, and last Friday it was frozen at 29.76. Namely, in just over a year and a half, the titles have multiplied by more than twenty.

Its latest audited annual reports are those for the financial year 2021. It then received a profit of HRK 7.5 million euros, compared to 974,000 euros in 2020 and 1 million euros in 2019. The workforce as of December 31, 2021 was 83 people, 27 more than a year earlier. The company does not have a works council, although union sources have indicated that it does currently employs 104 employees.

The main shareholder of EiDF is the company Fernando Romero, Prosol Energía, with 72.16% of the capital; They also have stocks Mass investment Arkwith 7.61%, i Memento Management, with 6.63 percent. The remaining 13.6% is in the hands of small investors, whose money is trapped while their shares are suspended.