Capelle aan den IJssel, the Netherlands, 9 September 2021: While GeoJunxion's business continues to show strong resilience and improved performance as well as a very encouraging YoY topline growth during H1 2021, we regret to communicate that, in spite of very extensive efforts, it has not been possible to contract a PIE/OOB-licensed auditor for the audit of our June 2020/21 Consolidated Financial Statements.
The Company will therefore be forced to publish its Consolidated Financial Statements without an auditor's opinion. The Supervisory and Management Board regret this outcome and want to stress that the reasons and considerations of the audit firms not to serve the Company are completely outside of their control. In fact, they find the root cause in the strict application of the legislation for PIEs/OOBs, as well as in the apparent scarce resources within PIE/OOB-licensed audit firms.
The last audit firm Mazars, GOJXN's auditor up to year 2017, is still in the so-called "cooling off"-period, and as such not legally allowed to serve GeoJunxion as auditor for the June 2021 accounting year. The other (five) PIE/OOB-licensed audit firms have all decided not to offer their services, primarily for (a combination of) reasons: limited staff capacity, commercial and internal risk management considerations.
Furthermore, the Company wishes to stress that it has been completely transparent in all its press releases and communications throughout this entire process both in terms of periodic actions taken and status of contacts and negotiations with auditor firms.
Publication of the June 2021 Consolidated Financial Statements is scheduled for 21 October 2021. The Annual General Meeting of the Company's Shareholders will be held on 16 November 2021. The convocation for this Meeting will be issued no later than 4 October 2021.
Financial Update H1 2021
With the annual accounts not receiving the additional assurance of being reviewed by an external auditor, the Supervisory and Management board will continue to report results and financial statements in a fully open and transparent way on a quarterly basis. The H1 2021 Interim Consolidated Results is added to this release.
The focus of the GeoJunxion management team has been on turning the company around: Very good progress has been made in the past months to increase order intake and build a strong pipeline of opportunities. Booked orders have converted into revenue during Q2 2021 and will continue to deliver revenue growth during the remainder of the year. Efficient and effective execution of these projects is a key factor, while keeping costs under control. We have every confidence in the capabilities of our teams to work diligently towards the successful completion of our commitments.
For the full H1 2021 Interim Consolidated Results Report, please see the attachment.
Attachment
- 2021-09-09 Geojunxion NV Press Release - Auditor and Financial Update H1 2021 (https://ml-eu.globenewswire.com/Resource/Download/58d316bf-06bd-4e24-9af4-e3a4a9d522b4)
