Amendment to valuation guidelines for inventories in the 2019 consolidated financial statements
Hamm, August 13, 2019 – SMT Scharf AG (WKN 575198, ISIN DE0005751986) announces that it will change its valuation guidelines for inventories in its consolidated financial statements at the end of the 2019 fiscal year. The valuation period is being extended from one year to three years in order to compensate for business-related fluctuations in individual years and thereby achieve a presentation that better reflects the company’s actual business performance. The amendment will be applied for the first time to the consolidated financial statements as of December 31, 2019, and from today’s perspective is expected to have an effect of EUR 400,000.00 to EUR 900,000.00 in relation to changes in inventories and the cost of materials and thereby on the consolidated result. The half-year financial statements as of June 30, 2019 and the quarterly report as of September 30, 2019 have not yet been affected by the planned change in the valuation period.
If this valuation change falls within the scope of accounting standard IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, the amended valuation guidelines would be applied (retrospectively) to the previous 2018 fiscal year.
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