DFV Deutsche Familienversicherung : Preliminary Figures 2020
January 22, 2021 at 02:56 am
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Preliminary figures 2020 and forecast 2021
DFV Deutsche Familienversicherung AG FRANKFURT/MAIN | 21 January 2021
FREP (DPR)
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German Financial Reporting Enforcement Panel (FREP)
FREP has been commissioned by BaFin to conduct a sample audit of DFV's 2018 balance sheet.
In addition to minor comments, a disagreement arose regarding the allocation of IPO costs.
To avoid a protracted legal dispute, DFV agreed to FREP's findings.
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German Financial Reporting Enforcement Panel (FREP)
IPO costs 2018
According to IFRS, the costs of the IPO, which at DFV amounted to approximately € 3.6 million for the 2018 IPO, are to be allocated according to a reasonable formula if old and new shares are placed at the same time (IAS 32.38). The amount relating to the raising of new capital, i.e. the placement of new shares, is to be reported directly in equity, while the amount for making old shares tradable is to be reported as an expense.
DFV conducted the IPO exclusively to acquire new capital. Old shares were not sold as part of the IPO, so the entire costs of the IPO were recognised directly in equity.
FREP now explicitly denies this opinion for € 0.8 million (mainly employee shares), as there is no direct connection to the capital increase.
For the remaining €2.8 million, it is noted that these were not allocated according to "meaningful codes" and that at least part of these costs should have been reported in the 2018 expenses. However, the FREP was unable to quantify this amount exactly. A breakdown by number of shares was not justifiable for us, as this would not have led to a causation-basedbreakdown.
We would like to make it clear that these costs are already included in DFV's equity capital, so there is no change in DFV's asset situation or future results.
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DFV Deutsche Familienversicherung AG published this content on 22 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 January 2021 07:55:00 UTC
DFV Deutsche Familienversicherung AG is a Germany-based company engaged in digital Insurtech and insurance sector. The Company focuses primarily on selling insurance policies digitally and online. It offers the broad range of digital customer solutions, such DFV customer portal or DFV app that enable its customers to process business transactions in real time, covering advice, financial statements, document management and claims handling. Its product portfolio includes supplemental health insurance policies, such as supplementary outpatient, inpatient, dental and long-term care insurance, and property insurance, such as household contents, liability, legal defence and accident insurance policies. The Company has wholly-owned subsidiaries in Germany.