SES-imagotag has learned of the report published this morning by Gotham City Research, under the title “SES-imagotag: The Circular Dance with a Chinese Twirl.”
SES-imagotag’s Board of directors considers unanimously that The Gotham City Research report includes several gross inaccuracies and/or misunderstandings to which SES-imagotag will respond in more details in the coming days.
In advance of that detailed response, SES-imagotag confirms that all transactions between SES-imagotag and BOE have been properly disclosed and entered into at arm’s length conditions, and, where applicable, submitted to French law procedures governing related-party transactions. SES-imagotag follows strict procedures aimed at preventing conflicts of interest, in particular with BOE representatives at the Board level abstaining from taking part to decisions regarding transactions with BOE.
In addition, the transactions with BOE booked in revenues in the statutory accounts of SES-imagotag are eliminated in SES-imagotag’s consolidated accounts, in compliance with accounting rules. They have no impact neither on the revenues nor on the EBITDA of the Group.
It is reminded that SES-imagotag’s auditors have rendered unqualified audit reports in respect of the 2022, 2021 and 2020 annual financial statements.
SES-imagotag has guided toward 2023 revenue of €800m and a substantial improvement in profitability compared to last year.
As stated by Gotham City Research itself in its report, it holds short positions in SES-imagotag, therefore investors “must bear in mind that Gotham City Research’s interest is to see the SES-imagotag stock price decline”.
SES-imagotag reserves the possibility to exercise all rights for future legal action if need be.