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TrustBuddy International AB To Update Group Accounts


Tuesday, 20 Aug 2013 02:00am EDT 

TrustBuddy International AB announced that it has decided to change its goodwill, which arose in connection with the reverse merger with 360 Holding AB (publ) in June 2011. The size of the goodwill at the time of transaction was approximately SEK 89 million, which have led to the Company having a year-end result of SEK 8,9 million lower than had otherwise been the case. The Company's auditors is currently working to adjust the previous group accounts. The result of the work will affect TrustBuddy's group accounts in a materially positive direction, among other will the negative year-end result from 2011 and 2012 increase. Further positive effects are that the group accounts will in a more accurate way reflect the business' good profitability. The reduction of goodwill and the increase of profits will have no impact on the Company over time, other than the increase of tax payable on profits. The change in goodwill has occurred as a result of the Company's transition to become a Swedish regulated credit market company. It has now been resolved that all necessary accounting adjustments shall be carried out during second and third quarter 2013 and also be applied in coming quarterly reports. 

Company Quote

1.41
0.01 +0.71%
30 Sep 2014