Wirecard’s core business in Europe and the Americas has been lossmaking for years, casting doubt on the economic substance of the parts of the company not directly affected by its accounting scandal.
The German payments group collapsed into insolvency last month after revealing that €1.9bn in cash in its accounts probably did “not exist”. For years it had portrayed itself as a highly-profitable business.
According to its EY-audited financial reports, between 2016 and 2018 Wirecard generated operating margins of around 22 per cent and almost doubled annual earnings before interest and taxes to €439m. The company last year also promised investors a fivefold increase in profits by 2025.
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