Cancom has postponed publishing its 2019 report and warned that adopting new accounting rules will lead to lower consolidated sales and profits for its full-year 2019.
The German reseller has adopted new reporting standards which draws a distinction between total revenues and revenues in which the firm acted as an intermediary or "agent" in a sales transaction.
Cancom has had to revise its revenue figures under the new rules, taking away sales in which it acted as an agent. UK reseller Softcat underwent the same process last year, with its old-money revenue figure now being expressed as "gross invoiced income".
Last month, Cancom's unaudited numbers for FY2019 showed revenues of €1.64bn, up 18.9 per cent year on year and an EBITDA of €134m, up 16.7 per cent. But as a result of the change to IFRS, the consolidated revenue of the group is now expected to lower to €1.55bn. EBITDA is also expected to decrease by "two to three per cent".
The German reseller giant says its bottom line will also take a hit from a one-off expense to review its first IFRS annual financial statements by a new auditor, KPMG.
Cancom added that the new reporting standards and the COVID-19 crisis has led the board to delay the publication of its annual report from 30 March to 28 April.
"The difficult circumstances in terms of availability and coordination in connection with the preparation of the annual financial statements due to the spread of the Corona virus had a delaying effect on the creation process," the board said in a statement.
"Other key financial indicators such as cash flow, working capital or balance sheet relationships will not be significantly affected by the change in sales," the board said.
Cancom has also decided to delay its forecast for its next financial year to 28 April.
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