Mutares SE & Co. KGaA (MUTRF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Dear ladies and gentlemen, a warm welcome to the preliminary financials of the fiscal year 2024 and the Q1 2025 earnings call of Mutaris SE. All participants have been placed on a listen-only mode. This conference also will be recorded. In case of any questions, please reach out to us via ir.mutaris.de. Let me now turn the floor over to your host, Mark Friedrich. Thank you, everyone, and welcome to this call today, as we planned, but had to publish yesterday, that we only can publish preliminary financial statements. And that is mainly due to what you read here again on the page and what you read yesterday in the press release, that we have more documentation requirements and more auditing work to be done, especially for one complex special situation that we experienced here over the last couple of months. And let me give you here a bit of more color what happened over the last couple of months, especially since this is due to one topic that you are all aware of, which is called Seneca, where we experienced a situation where standard accounting frameworks meet a situation that is non-standard. Like we experienced here with Zernike what we had to discover after the acquisition in December and therefore had long discussions with our auditor and also long discussions internally how to reflect this properly in our financial statements and consolidated financial statements. And we demonstrated over the last couple of months that we had no control. over Zernike and therefore do not consolidate Zernike in our group financial statements. The auditor obviously has to really look into this in very detailed and also inside internally and finally also came to the conclusion that our assessment is right, that we had no control and therefore it's appropriate to not consolidate Zer...