The audit of BSE cons 2021 report lowered net profit by 2.4% to BGN 6.6m; the auditor issued qualified opinion (NEUTRAL)

04.05.2022 Source: BSE; FFBH

The audit of 2021 consolidated financial statement of Bulgarian Stock Exchange increased revenue by 0.3% compared to preliminary figure to BGN 16.3m (+27.5% YoY), but also revised operating expenses upward by 0.7% to BGN 8.4m (+15.3% YoY) on the back of the hired services costs and impairments. The above corrections coupled with the adjusted downwards financial income resulted in 2.4% lower cons net profit after the audit to BGN 6.6m (+52.3% YoY). The auditor AFA issued a qualified opinion, quoting that the company's management did not provide the auditor with sufficient information on the basis on which they have recognized impairment losses on receivables. The opinion of the auditor on the matter was qualified in 2020 as well.