SIX Exchange Regulation AG reaches an agreement with Phoenix Mecano AG

SIX Exchange Regulation AG (SER) has reached an agreement with Phoenix Mecano AG in connection with violations of the accounting standards in the 2022 Swiss GAAP FER (FER) half-year financial statements. As part of the agreement, the company has committed to restate the accounting errors in the 2023 FER half-year financial statements and to make a donation of CHF 20,000 to the Foundation for accounting and reporting recommendations.

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Phoenix Mecano AG disclosed in the 2022 FER half-year financial statements that an internal investigation had been opened due to irregularities in connection with customer orders, external sales and trade receivables at a US subsidiary. As a consequence, the operating result of the half-year financial statements was reduced by the amount of EUR 5.6 million. Out of this amount, expenses of EUR 4.7 million related to corrections of errors from previous periods that should have been recognised as a restatement.

Due to the omission of the error restatement and the booking of the irregularities against the result, the 2022 FER half-year financial statements were materially misstated. The misstatements have the following material effects:

As part of the agreement with SER, Phoenix Mecano AG has undertaken to correct and disclose the errors by means of a restatement. In addition, the company will make a donation of CHF 20,000 to the Foundation for accounting and reporting recommendations.

The investigation initiated by SER against Phoenix Mecano AG in connection with the 2022 FER half-year financial statements has been terminated upon completion of the agreement.

If you have any questions, please contact
Hrvoje Tkalcec, Head Communications & Media Relations.
Phone: +41 58 399 2267
Email: ser_media@six-group.com

SIX Exchange Regulation AG is a legally independent company of SIX Group and of one the Regulatory bodies of the SIX trading venues. It performs the functions assigned under Swiss federal law and enforces the rules laid down by the Regulatory Board, and monitors compliance with legal and regulatory requirements. As part of its diverse remit, SIX Exchange Regulation AG submits proposals for sanctions to the Sanctions Commission or can enact sanction notices. SIX Exchange Regulation AG consists of the divisions Listing & Enforcement, responsible for regulating issuers, and Surveillance & Enforcement, which monitors trading.
www.ser-ag.com

SIX provides and operates stable and efficient infrastructure for the Swiss and Spanish financial centers, thus ensuring access to the capital markets and the flow of information and money between financial market players. As a global provider of financial information, SIX delivers high-quality reference, pricing, corporate actions, and ESG data and provides regulatory services and indices to clients around the world. The company is owned by its users (more than 120 banks) with a workforce of 4,160 employees and a presence in 19 countries.
www.six-group.com

Media Release

SIX Exchange Regulation AG reaches an agreement with Phoenix Mecano AG