Frankfurt am Main - August 3, 2021 - Northern Data AG (XETRA: NB2, ISIN: DE000A0SMU87), a leading infrastructure supplier for Bitcoin mining and other HPC infrastructure solutions, is still in the process of having its consolidated financial statements for FY 2020 audited by KPMG AG Wirtschaftsprüfungsgesellschaft, the auditor appointed at the Annual General Meeting. The company currently expects to be able to release its preliminary IFRS figures for FY 2020 by the end of September 2021 at the latest and publish its consolidated financial statements for FY 2020 shortly thereafter. The delay in completion of the audit and as a result announcement of reliable preliminary figures can be attributed to the fact that this represents the first audit of a blockchain-based business model involving a complex migration to IFRS. During preparation, complex revenue recognition issues arose in relation to IFRS 15, and a possible consolidation requirement pursuant to IFRS 10 of a major client that is still pending final clarification could have a significant effect on the financial statements under IFRS, albeit without any impact at the level of liquidity or Northern Data's business prospects. The forecast for 2020 was made without taking into account possible ramifications of migration to IFRS. As has been repeatedly communicated since publication of the company's Half-Year Report for 2020, the 2020 annual financial statements are likely to contain not insignificant deviations from the figures previously used that could not be reliably quantified up to now due to the complex nature of the transition to IFRS.
Recent months have seen a strong increase in customer demand for hosting services. As was already announced in April 2021, Northern Data is therefore involved in talks regarding, among other things, the acquisition of interests in other companies and other assets that can be acquired for cash and/or through other capital measures, including in particular the possibility of capital increases in kind in the short term. As was also announced in April 2021, the company is pursuing the possibility of moving to a stock exchange with more stringent transparency requirements, most likely to NASDAQ.
This press release does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities of Northern Data AG and does not constitute a prospectus of Northern Data AG. The information contained in this press release is not intended to form the basis of any financial, legal, tax or other business decision. Investment or other decisions should not be made solely on the basis of this press release. As with all business and investment matters, please consult qualified professional advice. This release and the information contained herein are not for distribution, directly or indirectly, in or into the United States of America, Canada, Australia or Japan.
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