EPSILON NET S.A. following the HCMC’s letter with protocol number 2265/14/09/2023 and in accordance with par. 2(h) of article 23 of Law 3556/2007 as in force, publishes the following corrective note.
The company has reassessed the accounting application of IFRS 2 regarding the Stock Option Plan in the form of stock options established for employees & officers of the Group and proceeded to the estimation of the fair value of the granted equity instruments on the grant date, for 30/6/2022 and 31/12/2022.
Based on the reassessment, an accrued expense was recognized that is charged to the Results for the period 01/01/2022 – 30/06/2022, for the Group by €3,973th. and for the Company by €2,329th. and for the period 01/07/2022 – 31/12/2022, for the Group by €5,702th. and for the Company by €4,058th., while at the same time a special reserve was created entitled “Reserve from the issue of stock options” (as part of Equity) of equal value, which amounts to €3,973th. on 30/06/2022 for the Group and for the Company an amount of €3,973th. and on 31/12/2022 for the Group an amount of €5,702th. and for the Company an amount of €5,702th.
Thus, profit before tax on 30/06/2022 is reduced in the Group by €3,973th. (from €8,593th. to €4,620th.) and in the Company by €2,329th. (from €4,786th. to €2,457th.) & profit before tax on 31/12/2022 is reduced in the Group by €5,702th. (from €21,419th. to 15,717th.) and in the Company by €4,058th. (from €13,832th. to €9,774th.), while there is no change in the total amount of Equity of the Group at 30/06/2022 and 31/12/2022.
The fair value presentation and related adjustments will take place at the time of publication of the Financial Statements as at 30/06/2023 scheduled to be released on 26/09/2023, as correction of an error in accordance with the provisions of IAS 8 (and a similar process will be followed at the time of publication of the Financial Statements at 31/12/2023).
Finally, it is noted that the depiction of the valuation has no cash impact and does not affect the Cash and Cash Equivalents of the Company and the Group.