cyan AG: Statement by the Board of Management of cyan AG on the insolvency of Wirecard AG
DGAP-News: cyan AG / Key word(s): Miscellaneous
Statement by the Board of Management of cyan AG on the insolvency of Wirecard AG
Munich, June 25, 2020 – Due to the current developments around Wirecard, the Board of Management of cyan AG informs that in the balance sheet as at March 31, 2020, there are receivables (“contract assets”) from a subsidiary of Wirecard AG, Wirecard Technologies GmbH, in the amount of EUR 5.0 million. Of this amount, a total of EUR 4.8 million was booked as sales revenues in fiscal year 2019 in accordance with IFRS accounting regulations.
If Wirecard Technologies GmbH were also to become insolvent and these receivables were therefore to become irrecoverable, this would probably have an impact on EBITDA 2020 and affect cash flow by EUR -1.2 million in 2020 due to the payment plan agreed with Wirecard. By contrast, there are no effects on operating performance and sales revenues in 2020.
On the basis of COVID-19, management has already adjusted growth investments to the increased sales revenues. Thanks to the existing cash on hand and additional financing commitments, the company is solidly financed despite COVID-19 and Wirecard.
cyan AG (XETR: CYR) is a leading, globally active provider of intelligent IT security solutions and telecom services with more than 15 years of experience in the IT industry. The main business areas of the company are cybersecurity solutions for end customers of mobile and fixed network internet service providers (MNO), virtual mobile network operators (MVNO) as well as banks and insurance companies. cyan’s solutions are integrated into the business partner’s infrastructure and then offered to their end customers (“B2B2C”) under their name (“white-labeled”).
Today, the group of companies has more than 50 international customers, through which cyan products are sold to approximately 8 million end customers. cyan can offer products along the entire value chain from platform, data optimization to cyber security. In addition, cyan operates its own Research & Development Centre with the aim of identifying trends in the industry at an early stage and developing optimal product solutions. In December 2018, cyan was able to win a global group contract with Orange in an international tendering process. cyan’s cooperation partners include the world’s leading insurance broker Aon and the payment service provider Wirecard.
Further information is available at www.cyansecurity.com.
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