COLOGNE — A disagreement between In-Motion’s board and its auditors has delayed the announcement of annual figures, leaving it unclear if the media group will report a loss for the year ending Sept. 30, 2001.
In-Motion’s board reports revenues of DM302 million ($263 million) and a pre-tax profit of $9.6 million, but its auditors claim that media funds revenues of around $87 million can not be included in the calculations.
Companies listed on Neuer Markt are required to use U.S. accounting standards, which are considered to be more streamlined. But the board and auditors are arguing over what funds are covered by this, according to a company spokesman.
By German accounting standards, net earnings were $15.7 million, the company said.
Final results were originally due by the end of the calendar year — Frankfurt-based In-Motion now expects to release figures in the next two weeks.