Why Consob rejects Bioera’s financial statements and disappoints Santanché
What Consob decided on Bioera's financial statements
Consob whitewashes minister Santanché on Bioera and Piazza Affari is affected: stock market sales on Bioera after Consob certified "non-compliance" of the 2022 consolidated financial statements: the stock drops 11% to 0.039 euros, still above the minimums of November at 0.015.
Here are all the details.
WHAT CONSOB SAID ABOUT BIOERA'S FINANCIAL STATEMENTS
Consob, after an investigative activity which already last November had highlighted "critical issues" in the 2022 consolidated financial statements and in the half-yearly financial report as of 30 June 2023 of Bioera, in which, in 2014, Santanchè and his then partner entered the majority and father of the minister's son Caio Mazzaro , certified "the non-compliance" of the 2022 consolidated financial statements due to the failure to comply with various international accounting standards. The repercussions on the price lists were immediate with the Milan-listed company giving up 4.55% to Piazza Affari.
This was made known by the company itself of which the current Minister of Tourism was president until 2022 (and was on the board of directors, writes La Verità , since 2012), specifying in a statement that Consob in particular "challenged the legitimacy of the deconsolidation of the stake held by Bioera in the Ki Group starting from January 2021, carried out following the sale by Bioera of 89.9% of Umbria".
CONSOB FINDINGS ON BIOERA
The Supervisory Authority "highlighted how the transfer of the controlling stake in Umbria did not therefore lead to any substantial change in the control held by Bioera, with the consequence that Umbria, Ki and Verde Bio should not have been excluded from the consolidation perimeter of the Bioera group”, adds the company.
“In the opinion of Consob, the facts and circumstances that emerged during the preliminary investigation have therefore attested to the non-compliance” of the 2022 consolidated financial statements due to the non-compliance with various international accounting standards, Bioera says.
THE PRESENT CONTROL OVER UMBRIA AND KI
The deconsolidation of the stake in Ki Group was based on the "entry into force of a shareholders' agreement between Umbria and Immobiliare Dani Srl pursuant to which both members were required to vote according to the indications formulated by Umbria", claims Bioera.
The Supervisory Authority "highlighted how, despite the transfer of the controlling share of Umbria to a third party, Bioera would in reality never have lost control of Umbria and therefore of Ki, as it would have continuously maintained the ability to influence its management through the work of a Bioera director who would have played the role of de facto director, thus configuring a hypothesis pursuant to IFRS 10", adds the listed company.
Starting from the co-optation of Giuseppe Farchione and Giorgio Campeggio, respectively president and CEO of the company, "the new board of directors of Bioera deemed it appropriate and necessary to share the preliminary findings contained in the communication from the Supervisory Authority of 28 November 2023 and, in order to implement the indications described above" and "proceeds to disseminate to the market the consolidated balance sheet and income statement of Bioera as at 31 December 2022 and 30 June 2023, drawn up on a pro forma basis, assuming that Umbria (and consequently Ki and Verde Bio) have never left the scope of consolidation. “With reference to these data, it should be noted that the company carried out a retrospective reconstruction of the accounting data, not having full access to Ki's accounts (also pending a judicial liquidation sentence issued by the Court of Milan on 9 January 2024) and Verde Bio”, explains Bioera.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/primo-piano/perche-consob-boccia-il-bilancio-di-bioera-e-delude-santanche/ on Mon, 12 Feb 2024 15:00:40 +0000.