Financial regulator criticizes 1&1 balance sheet for 2019
The telecommunications group 1&1 is said not to have mentioned a possible dividend adjustment in its 2019 balance sheet. Risks were also misjudged.
Frankfurt The financial supervisory authority BaFin found several errors when examining the balance sheet of 1&1 for 2019. Among other things, the mobile operator did not provide information about a possible dividend adjustment, although a review of the distribution policy in the event of the auction of 5G frequencies had been announced, the authority criticized in an announcement published on Thursday.
In addition, the statement that the overall risk situation is almost unchanged compared to the previous year was incorrect. Because of the costs of setting up its own mobile communications network, there would instead be new significant opportunities and risks for the Group.
The company commented that the criticized aspects had no impact on the overall statement of the consolidated financial statements and the business figures. ” BaFin ‘s comments have already been taken into account in our follow-up reports.” The authority could not immediately be reached for comment.