MADRID, 29 Ago. (EUROPA PRESS) –
EiDF shares fell 41.1% at 9:30 a.m. this Tuesday, to 5.26 euros, after yesterday, on their return to the stock market after four and a half months of suspension, they plummeted 70%.
Specifically, the titles of the group specialized in photovoltaic self-consumption closed the session yesterday at a price of 8.93 euros per share, which represents a decrease of 69.99% with respect to the 29.76 euros per title in which it saw The company stopped its listing when it was suspended in April by the National Securities Market Commission (CNMV).
On the morning of this Tuesday, the shares of EiDF, which are listed on BME Growth, opened higher, although shortly after they resumed their downward path.
The CNMV agreed last week to lift the precautionary suspension that weighed on the company. The supervisor’s decision to allow it to return to the market came after sufficient information was made available to the public regarding the circumstances that led to the adoption of the suspension agreement.
Said information includes the communications of privileged information made from the date of the suspension by the company itself and the additional requirement of the CNMV.
The supervisor accused EiDF Solar of not having given the market complete information, omitting the executive summary of the forensic report made by Deloitte, and of having carried out “very relevant omissions”.
Last Thursday, the CNMV published a requirement that it sent to the company on August 21, in which it informed it that the information that the company presented at the time, with its accounts reformulated after more than four months suspended from listing, it was incomplete and could “mislead the public”.
In this letter, the body chaired by Rodrigo Buenaventura warned the company led by Fernando Romero that Deloitte’s forensic report included a report of facts and evidence “of great importance” for EiDF shareholders.
Of them, he highlighted the evidence of “possible falsification of documents by the company, given their special relevance.” In relation to this, it added that PwC, the auditor of the group’s accounts, had taken this forensic into account in its work, “which has materialized, among other aspects, in a limitation to the scope of its audit opinion, given the weaknesses of internal control identified in the forensic in these matters”.
Two weeks ago, EiDF presented its restated accounts corresponding to the 2022 financial year. The group, due to discrepancies with PwC, was unable to present its accounts for the past financial year within the legal term, which expired at the end of that month of April, and hired, Subsequently, Deloitte’s services to carry out “an investigation aimed at analyzing and gathering evidence regarding incidents and/or discrepancies” maintained with PwC in the audit process of its accounts last year.
After the presentation of these accounts, the CNMV urged, in a letter of requirement, EiDF so that, “as soon as possible” and no later than 8:00 a.m. on August 24, it published the additional information requested and the full content. of the executive summary of the forensic report.
The company did not respond to the CNMV’s request on time, so the supervisor proceeded to request additional information.
Specifically, the information required by the CNMV related to facts such as the fact that the report mentioned that “in some of the activities and operations with third parties analyzed, situations have been identified in which documents have been created, modified or falsified”.
Likewise, it was indicated that all the debtors included in the scope of the forensic presented “a direct and indirect link with Fernando Romero, the group’s largest shareholder, and that, according to the report, “numerous related incidents were identified, among other issues, to invoices and payments for services that may not have been provided or not justified, as well as falsification of documents”.
In this sense, referring to the forensic report, he warns that some debtor “would have issued invoices that did not correspond to services actually provided, so they could be false invoices.”
Similarly, the CNMV requested information regarding possible discrepancies between costs recorded in accounting and the actual degree of progress of the work included in the report.
Additionally, the body chaired by Rodrigo Buenaventura asked EiDF to communicate that it will hire a new CEO, as stated in the information it published on August 17.
In this case, the company did send a statement in which it indicated that the reorganization of executive functions that it announced implies the hiring of a new director or CEO and that the maximum period to complete the incorporation process will be six months.
Also last week, EiDF defended that the measures it has already adopted would allow its negative working capital to be positive at 3.3 million euros in 2022.
In information sent to BME Growth, it detailed the measures adopted so that this working capital -which indicates short-term liquidity and its ability to make the necessary investments or purchases in its day-to-day operation- presents a positive balance.
In the reformulation of the 2022 accounts, the PwC auditor warned that the company had a negative working capital amounting to 20.9 million euros.
