The licence applicant must prepare and submit future financial information to demonstrate to the licensor its ability to continue as a going concern until the end of the licence season if the auditor’s report in respect of the annual financial statements or interim financial statements submitted in accordance withand includes, regarding the going concern, an emphasis of matter, a key audit matter or a qualified opinion/conclusion.
Future financial information must cover the period commencing immediately after the later of the annual accounting reference date of the annual financial statements or, if applicable, the balance sheet date of the interim financial statements, and it must cover at least the entire licence season.
Future financial information consists of:
a budgeted balance sheet, with comparative figures for the immediately preceding reporting period and interim period (if applicable);
a budgeted profit and loss account/income statement, with comparative figures for the immediately preceding reporting period and interim period (if applicable);
a budgeted cash flow statement, with comparative figures for the immediately preceding reporting period and interim period (if applicable);
explanatory notes, including a brief description of each of the significant assumptions (with reference to the relevant aspects of historic financial and other information) that have been used to prepare the future financial information, as well as of the key risks that may affect the future financial results.
Future financial information must be prepared, as a minimum, on a quarterly basis.
Future financial information must be prepared in a way that is consistent with the audited annual financial statements and follows the same accounting policies as those applied for the preparation of the annual financial statements except for accounting policy changes made after the date of the most recent annual financial statements that are to be reflected in the next annual financial statements, in which case details of must be disclosed.
Future financial information must meet the minimum disclosure requirements as set out inand the accounting principles as set out in . Additional line items or notes must be included if they provide clarification or if their omission would make the future financial information incomplete and/or inaccurate.
Future financial information with the assumptions upon which they are based must be approved by the licence applicant’s management. This must be evidenced by way of a declaration by the licence applicant’s management that the future financial information submitted is complete, accurate and in compliance with the regulations.