In reference to the Announcement, dated 24 March 2006, of the Capital Market Committee, Info-Quest S.A. wishes to inform the investing public that the interim financial statements for the period ended 31 March 2005, were corrected due to the effect of a prior period error.
As stated in the annual financial statements for the year ended 31 December 2005 (note 30), the above correction resulted during 2005, following the implementation of a new ERP system. Upon this implementation, the Company determined that a correction was required to the prior period financial statements determined upon transition to IFRS, relating to revenue from telecommunications activities. This error was corrected prior to the publication of the interim financial statements for the periods ended 30 June 2005 and 30 September 2005 and the annual financial statements, for the year ended 31 December 2005 which have been prepared based on data from the new ERP system.
The impact of the above correction on the Income Statement for the period ended 31 March 2004 is as follows: Increase in Sales by Euro 1.506. Increase in Cost of Sales by Euro 183. Increase in Income Tax Expenses by Euro 463. Increase in Net Profits by Euro 860.
There is no impact of the above correction on the Income Statement for the period ended 31 March 2005.
The impact of the above adjustment on the Balance Sheet as at 31 March 2004 is as follows: Increase in Trade Receivables by Euro 41.064. Increase of Other Receivables (Deferred Tax Asset) by Euro 119.323. Decrease in Trade Payables by Euro 381.987. Decrease in Equity by Euro 221.600.
The impact of the above adjustment on the Balance Sheet as at 31 March 2005 is as follows: Increase in Trade Receivables by Euro 230.985. Increase in Other Receivables (Deferred Tax Asset) by Euro 561.715. Decrease in Trade Payables by Euro 1.986.341. Decrease in Equity by Euro 1.193.641.
The corrected financial information for the period ended 31 March 2005 has been submitted to the Athens Stock Exchange (ASE) and to the Hellenic Capital Market Committee.