The company strengthens its presence on the German market and continues its internationalization
The Board of Directors of Antares Vision S.p.A. today approved the opening of a new subsidiary in Germany. With this move, the Italian company continues to pursue its internationalization goals. This decision has been taken because Antares Vision Germany is ranked third in the top three European markets in terms of sales, after Russia (second) and Italy (first).
The sales volume of Antares Vision in Germany last year amounted to approximately 9% of the worldwide turnover, and therefore has a great potential for development and growth. Therefore, the opening of a new subsidiary is a consistent and essential step to meet the growth needs and to develop market potential. The Italian company has already had a subsidiary in Germany for many years, Imago Technologies, a leading manufacturer of high-end hardware for industrial image processing systems and smart camera systems.
As part of the ongoing internationalisation process, the Board of Directors has also approved the transition to the International Financial Reporting Standards (IFRS) at consolidated level. In addition, the Company notes that the consolidated financial statements of Antares Vision as of December 31, 2019 will be prepared in accordance with International Accounting Standards (IAS/IFRS) instead of Italian Accounting Standards (OIC). This innovation allows the company to present to potential and current stakeholders an annual financial statement that meets internationally recognized criteria. The transition to international accounting standards thus ensures compliance with the international standard and consequently the best standards of disclosure and transparency. Therefore, this may also be an important step towards applying for admission to the electronic stock market in the future.
