Media Marker, rejected the 2022 budget. The auditor: “We need new partners or a capital increase”
Michele Milano, partner of auditor Ria Grant Thornton, rejected Media Maker’s 2022 financial statements founded in 2017 by Marco Verna and listed on Euronext Growth in Paris, specialized in production of audiovisual content for brands. A few days ago the second section of the civil court of Milan presided over by Caterina Macchi had admitted the company to the composition with creditors giving it until July 29 to present the related plan and appointed Silvia De Furia as commissioner.
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The reviewer justified the rejection of numbers because “due to the economic crisis situation and the events of the 2022 financial year, the company closes the balance sheet for the year with a loss of 4,523,470 euros and a capital deficit of 15,105,193 euros, accompanied by a negative net financial position of 10,146,601 euros and a sharp slowdown in business and investments”. “This situation, in the opinion of the judicial administrator (De Furia, ed), could be overcome either with adequate financial support from the shareholders, or through the intervention of third parties. Only in this way, according to the judicial administrator, can the business continuity”.
Furthermore, according to the auditor, “as far as the contribution of additional financial resources is concerned, to date, there are no agreements or expressions of interest of a binding nature either on the part of the shareholders or of any new shareholders. Furthermore, the absence of an industrial plan of the company does not adequately clarify what actions could be undertaken in order to make up for the drop in revenues resulting from the situation in which the company finds itself”.
Therefore “the many significant uncertainties with potential interactions and possible cumulative effects concerning the hypothetical implementation of the financial interventions described above configure, at the current date, a situation of absence of reasonable preconditions for considering the assumption of business continuity to exist”.
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