Terraoil announces approval and completion of the 2019 audits
Terraoil Swiss AG received the signed Audit reports for 2019 for both the Swiss statutory financial statements and the consolidated financial statement for the year 2019. BDO Ltd, Zurich issued an unqualified audit opinion for both the statutory and consolidated financial statements.
During 2019, Terraoil successfully completed various transactions which dramatically improved the balance sheet. As a result, Terraoil's equity ratio strongly improved and rose to 65% of total debt plus equity in the audited 2019 IFRS balance sheet. This included KER (reallocation of reserves from capital contributions due to capital increase procedure) of approximately CHF 48.6 Mio.
BDO became our Group auditors for the fiscal year 2019, and we are pleased by the competent and target oriented work from the BDO team. The successful completion of the audited IFRS consolidated financial statements, confirms that Terraoil is ready and well prepared to weather the storm that has reached all of us in the first half year of 2020.
Terraoil considers an in-person meeting with shareholders and the traditional opportunity to have individual discussions important in communicating the recent developments and the audit reports of the Company. The date of the shareholders meeting will be communicated to all shareholders in due course.