BDI Reports Overseas Data Delays Due to COVID-19... "Audit and Business Reports to Be Submitted by the 26th"

[Asia Economy Reporter Yoo Hyun-seok] VIDI announced on the 23rd that due to delays in data submission caused by the impact of COVID-19, the audit procedures for affiliated companies have been delayed, and the submission deadline for the 2020 business report has been extended by 3 days from the original deadline to the 26th.

A VIDI official stated, “The submission of data is being delayed in the process of converting Allison's financial statements prepared under US Generally Accepted Accounting Principles (US GAAP) to the International Financial Reporting Standards applied in Korea (K-IFRS). We plan to supplement the missing data and submit the audit report and business report by the 26th.”

VIDI previously disclosed on the 2nd that it recorded a net loss of 80 billion KRW on a consolidated basis. This was mainly due to one-time cost increases such as ▲derivative losses (26 billion KRW) from the rise in stock price of convertible bonds ▲foreign exchange-related losses (4 billion KRW) ▲bad debt expenses related to former plant and other businesses (30 billion KRW).

A VIDI official said, “Since the net loss occurred due to one-time costs that must be recognized in accounting treatment rather than actual cash outflows, the impact on the core business is limited. Since 2017, VIDI has been focusing on transforming into an eco-friendly and renewable energy company centered on solar power generation and wind power generation.”

He added, “Especially this year, influenced by the global spread of carbon dioxide reduction movements and the Green New Deal policy promoted by the current government, we will accelerate external growth by expanding sales in the renewable energy business sector centered on wind power generation and fuel cells.”

This content was produced with the assistance of AI translation services.