Nyrstar: 2019 Full Year Results
12 Février 2020 - 11:30PM
Nyrstar: 2019 Full Year Results
Regulated Information
2019 Full Year Results
12 February 2020 at 23.30 CET
Nyrstar NV ("Nyrstar" or the “Company”) is today
announcing the publication of its financial statements for the
twelve months ended 31 December 2019 (“Full Year Results 2019”).
The Full Year Results 2019 have been prepared on a discontinuity
basis as a result of the decision of the extraordinary
shareholders’ meeting of 9 December 2019 to reject the continuation
of the Company’s activities.
The Company has received from its auditor, and
is publishing today, a qualified audit opinion to accompany its
Full Year Results 2019. In its audit opinion, the auditor confirms
that in its opinion, except for the possible effects of the matter
described in the “Basis for qualified opinion” section of its
report, the annual accounts give a true and fair view of the
Company’s net equity and financial position as of 31 December 2019,
in accordance with the financial reporting framework applicable in
Belgium.
The auditor has stated that, as per the
qualification of the audit opinion for the twelve months ended 31
December 2018, the basis for its qualified opinion for the Full
Year Results 2019 is due to being unable to obtain sufficient
appropriate audit evidence as to the completeness of the
information received regarding the related party transactions and
disclosures for the relationship with Trafigura Group Pte. Ltd. and
its affiliated entities (collectively “Trafigura”) as well as of
the completeness of information on the sequence of events initiated
in October 2018 that have resulted in the review of the capital
structure of the Company and its subsidiaries (jointly the “Group”
until 31 July 2019) (the “Capital Structure Review”) as a result of
the combined effect of the following elements:
- the exceptional nature of the operational and financial
circumstances the Group had been facing resulting in the Capital
Structure Review initiated in October 2018 and the following
restructuring activities concluded on 31 July 2019
(“Restructuring”) with Trafigura becoming the owner of 98% of all
of the subsidiaries of the Company (excluding a newly incorporated
English company, NN1 Newco Limited) (the “Operating Group”) and the
highly fluid nature of decision making during this time;
- the significance and quantum of the related party transactions
entered into by the Group; as well as
- control deficiencies identified in relation to the financial
reporting environment, including but not limited to complete and
accurate recordkeeping of discussions held at meetings of the board
of directors and relevant special or ad hoc sub-committees.
The auditor has stated in its opinion that the
elements listed above arose in the year ended 31 December 2018 and
continued to exist during the year ended 31 December 2019. As a
result, the auditor notes that the Full Year Results 2019 may omit
information relevant to the related party disclosures on the
relationship with Trafigura and on the sequence of events that have
resulted in the Capital Structure Review and the Restructuring as
disclosed in note 6.20 to the annual accounts.
The Full Year Results 2019 and the associated
reports of the Company’s board of directors have today been
published in the reports and presentation section of the Nyrstar
website (see
https://www.nyrstar.be/en/investors/results-reports-and-presentations/2020).
Given the decision of the extraordinary
shareholders’ meeting of the Company of 9 December 2019, which
rejected the continuation of the Company’s activities, the Board is
currently preparing the necessary documents with its statutory
auditor to prepare for the dissolution of the Company. The date of
the annual general shareholders’ meeting is currently scheduled for
16 April 2020. Convening notices will be circulated in due course
once all the required documents have been finalised.
About NyrstarThe Company is incorporated
in Belgium and, following completion of the
recapitalisation/restructuring has a 2% shareholding in the Nyrstar
group. The Company is listed on Euronext Brussels under the symbol
NYR. For further information please visit the Nyrstar website:
www.nyrstar.be
For further information contact:
Anthony Simms - Head of
External Affairs T: +41 44 745 8157 M: +41
79 722 2152 anthony.simms@nyrstar.com
- FY-2019 Results release EN 12022020
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