August 28, 2020
Accounting treatment of the sale of property of the fully owned (100%) subsidiary Thrace Link Inc.
The Management of Thrace Plastics Co S.A. in application of the clauses of article 17 with number 596/2014 of the Regulation of the European Parliament and the Council as of 16th April
The Management of Societe Anonyme under the name 'THRACE PLASTICS HOLDING COMPANY SOCIETE COMMERCIAL ANONYME', with the distinctive title 'THRACE PLASTICS CO S.A.' (called as 'Company' hereafter), in application of the clauses of article 17 with number 596/2014 of the Regulation of the European Parliament and the Council as of 16th April 2014, and following the relevant announcement dated 18/06/2020 on the transfer of the privately owned industrial property of the subsidiary Thrace Linq Inc., informs the investors' community that in order to more accurately depict this particular financial event from an accounting perspective, always in accordance with the International Financial Reporting Standards , and given the existence of a condition for the definite collection of an oustanding amount of the purchase consideration at a later time after the transaction date, the Group will recognize the corresponding extraordinary gain, after the collection of the proceeds in total and subsequently the definite completion of the transaction. The cash received to date, as a result of the aforementioned transaction, was utilized to reduce the Group's Net Debt.
It should be noted, however, that the Group continues its satisfactory financial performance during the first half of the current year, despite the non-recognition of the corresponding extraordinary gain, as a result of the above transaction.
Thrace Plastics Co. SA published this content on 28 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 September 2020 21:04:08 UTC