Update: June 2020
EY announced €1.9bn of cash missing, CEO arrested, Wirecard AG filed for insolvency

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Help us understand

June 18, 2019

Why do we want to understand MCA so thoroughly?

Mass media and market participants have raised serious concerns about cash conversion at Wirecard over the years. MCA has been a €400M drag on cash flow and disclosure has been poor.

The only constant in Wirecard’s disclosure about MCA has been their willingness to change their answer. We have contacted Wirecard’s investor relations department directly to give them an opportunity to answer but are still awaiting a reply.

We ask - for a third time - for Wirecard to publicly disclose, as of the last 4 balance sheet dates:

  • How big is MCA in Brazil?
  • How big is MCA in Turkey?
  • How big is MCA in Asia?
  • How big is MCA in Europe?

Help us understand: How much of MCA is in Brazil? How much of MCA is in Turkey?

Swipe
  Source
March 2019“It’s in Brazil, also let’s say Asia Pacific… little bit in Asia and we’re also starting in Europe”
May 2019Wirecard CEO stated MCA has lent €400M to merchants "mainly in Brazil" and "small part in Europe and small part in Asia"
May 2019Brazil and Turkey are 50%Company to Buy-rated Analyst
May 2019Brazil is the largest market followed by Europe and APACCompany to Buy-rated Analyst
May 2019Brazil and Turkey above 33%Company to Analyst
June 2019Brazil and Turkey are 33%Company to Analyst

Help us understand: How much of MCA is in Asia? How much of MCA is in Europe?

Swipe
  Source
March 2019“It’s in Brazil, also let’s say Asia Pacific… little bit in Asia and we’re also starting in Europe”
May 2019Wirecard CEO stated MCA has lent €400M to merchants "mainly in Brazil" and "small part in Europe and small part in Asia"
June 2019Less than 33% is EuropeCompany to Analyst

NB: We have anonymized some sources to give hard-working analysts some space from unwelcome public scrutiny, but will share all source material with regulators or authorities should it be requested.

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