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DGAP-Adhoc: Bitcoin Group SE publishes preliminary figures for the 2018 financial year

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DGAP-Ad-hoc: Bitcoin Group SE / Key word(s): Preliminary Results/Annual
Bitcoin Group SE publishes preliminary figures for the 2018 financial year

17-May-2019 / 20:17 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

*Bitcoin Group SE publishes preliminary figures for the 2018 financial year*

Herford, May 17, 2019 - Bitcoin Group SE (ISIN DE000A1TNV91) discussed and
evaluated the present preliminary IFRS consolidated financial statements for
the year 2018 at today's meeting of the Board of Directors. In the 2018
financial year, a turnover of EUR 11.3 million was achieved. This is EUR 1.8
million higher than forecast in the ad hoc announcement on December 3, 2018.

Due to the recent recommendation of the "IFRS Interpretations Committee" to
disclose cryptocurrencies in fixed assets instead of current assets and thus
to disclose changes in value not only in equity but also through
write-ups/write-downs in the income statement, the Company has decided to
change the statement in the ad hoc announcement of December 3, 2018 that
profit before tax is expected to exceed EUR 7 million to the effect that
profit before tax is now expected to be EUR 2.4 million. The change results
from a write-down of EUR 6.1 million on the cryptocurrencies held by the
Company as of December 31, 2018, in accordance with the latest IFRS
recommendations. Without the application of this accounting recommendation,
the profit before tax would have been EUR 8.6 million and, at EUR 1.6
million, significantly higher than the forecast of EUR 7 million of December
3, 2018. Provided that the current exchange rates on the crypto market,
which are significantly higher than those on December 31, 2018, remain
stable or continue to rise, this would result in a significantly
profit-increasing write-up as of June 30, 2019, and would also increase
equity accordingly.

Although the management believes that the IFRS recommendation does not make
sense for the company and that changes in the value of cryptocurrency
holdings, as in previous years, should only be shown in equity and not in
the income statement, the company will apply the recommendations of the IFRS
Interpretations Committee for the 2018 annual financial statements and
future annual financial statements.

The amortization has no effect on the profit from ordinary activities before
interest, taxes, depreciation and amortization (EBITDA), which remains very
positive at EUR 8.6 million. This also results from the fact that before the
recommendation of the IFRS Interpretations Committee, EBT (earnings before
taxes) almost corresponded to EBITDA and differed only relatively slightly
from EBITDA by TEUR 18 in 2017 and by TEUR 17 in 2016.

Since the cryptocurrencies held by the Company are still held only to hedge
potential financial losses and not for speculative reasons, the Company will
in future communicate EBITDA, which has been used as an internal indicator
for years, to the capital market as the most important variable, as this
best describes the Company's development from the Company's point of view.?

Bitcoin Group SE
Marco Bodewein
D-Nordstrasse 14
32051 Herford
mail: ir2019@bitcoingroup.com
phone: +49.5221.69435.20
fax: +49.5221.69435.25
website: www.bitcoingroup.com [1]

*Investor Relations contact:*
CROSS ALLIANCE communication GmbH
Susan Hoffmeister
phone.: +49.89.1250903.30
mail: sh@crossalliance.com
website: www.crossalliance.com [2]

17-May-2019 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Bitcoin Group SE
Nordstrasse 14
32051 Herford
Phone: +49.5221.69435.20
Fax: +49.5221.69435.25
E-mail: ir2018@bitcoingroup.com
Internet: www.bitcoingroup.com
Listed: Regulated Unofficial Market in Berlin, Dusseldorf
(Primärmarkt), Frankfurt, Hamburg, Hanover, Munich, Stuttgart,
Tradegate Exchange
EQS News ID: 813135

End of Announcement DGAP News Service

813135 17-May-2019 CET/CEST

1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=603a1c2378a8b18e27dc1234091ca26e&application_id=813135&site_id=vwd&application_name=news
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=cc2a12dcbca32691ccaa3c0a1cea81ac&application_id=813135&site_id=vwd&application_name=news

(END) Dow Jones Newswires

May 17, 2019 14:17 ET ( 18:17 GMT)

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