EiDF acknowledges disagreement with the audit on three key issues

That EiDF is having trouble launching the audited accounts 2022 is no secret to anyone. And it hasn’t been since last April 14, when the National Securities Market Commission (CNMV) announced that it had decided to suspend the company’s listing until further notice because the audited financial statements were not sent to the regulator on time. He had until March 31 for that (he still had the whole of April ahead of him to make them available to investors).

The Galician photovoltaic installation company took the time to explain. And when he did, five days later, the market sounded like China. In the then cumbersome announcement of the company led by Fernando Romero, differences in criteria with its auditor since November last year, PricewaterhouseCoopers (PwC), are hinted at, but without openly admitting them. All in vain, because, in the end, she had no other choice but to acknowledge these differences, looking at the three key issues of the Pontevedra woman’s business: relationship with business partners, relationships with customers and debt settlement.

And to bring order to that chaos that seems to have settled down EiDF’s relationship with PwC, Those responsible for the Galician company hired another auditor, Deloitte. Not to sign the invoices, which PwC has to do, yes or yes—unless the company decides to renounce their services—but to advise them and, in the words of the EiDF itself, to conduct an investigation and “gather evidence” about the points of friction he maintains with the auditor.

IN Roman paladin: to find the arguments that will convince the PricewaterhouseCoopers team to sign the accounts, send them to the regulator, so that they can lift the suspension of the listing and in Barra, where the company is based, they can continue to work on their plan to leave BME Growth – the market where growth companies are listed – and make the jump on the Mercado Continuo, the first division of the Spanish Stock Exchange.

Deloitte will have to look with a magnifying glass EiDF’s relations with its partners in the projects it implements in order to exclude conflicts of interest, determine the corporate logic of these agreements and their economic essence, as well as their reflection in the accounts. It will also have to focus on customer relations to determine the “economic reality and current situation” of the projects billed to the company, according to those responsible for the Pontevedra company. And, finally, they will have to analyze the recorded debt and its documentary support.

Until everything clears up, investors who have money deposited in the shares of a company specializing in photovoltaic energy will continue with their frozen savings. Until the CNMV sees the way without doubt.