Another #Wirecard court hearing today in the central justice center near the Löwenbräukeller in Munich.

Dr. Braun is stuck in a traffic jam coming from Stadelheim, which is why the questioning of economics professor Heuser has been paused for 40 minutes.

Economics professor Heuser continued to read from his Wirecard report today.

A second part of this report should be available after Easter.

Today, Wirecard North America, Australia and the subsidiary in Manila were examined in particular.

First, Wirecard Card Solutions (WCS) in the UK was examined via the expert's report.

Professor Heuser explained that WCS was a, quote, "healthy company", the company was able to significantly increase sales from 2014 to 2017, the earnings situation was found to be extremely good, taking into account the UK country risk.

Not really a fraudulous bubble at all.

We continued with Wirecard EM in the Philippines.

As the company itself was a relatively newly founded company and due to a CitiBank acquiring business, it was not rated as a sustainable company; the data from the local auditors was largely used and there were negative net losses in 2017 and 2018.

The Turkish #Wirecard branch based in Istanbul WDO was then considered.

The company initially doubled its turnover from 2014, then increased it sixfold. Annual surpluses of over 1 million euros were generated here. WDÖ also had a high equity ratio of around 40%, was financially strong and was rated as a very successful company by the expert.

Definitely not a fraudulous bubble.

The Indian company GI Technology, which was taken over by #Wirecard as part of Project Ring, was also briefly examined.
Here, an enterprise value of 12.6 million euros was stated by the expert.

Not necessarily a fraudulous bubble.

Finally, it was #Wirecard North America's turn.

After Wirecard AG's entry with the acquisition of the CitiGroup Card Payments portfolio in 2016, the company had a, quote, "renowned customer portfolio".

It had 100 employees at 22 locations there, a global market presence with a core business in North America and offered over 2,500 card programs for large US companies, including major telcos, and from the pharmaceutical, IT, Internet and corporate sectors.

The goodwill was valued at EUR 92 million and the customer base at another EUR 106 million. The most recent sales revenues amounted to 115 million euros and the equity ratio was 80%.

The expert found #Wirecard North America to be a "very successful company", the capitalized earnings value for insolvency purposes was EUR 15 million as of the reporting date.6.2018 at 446 million euros.

Definitely not a fraudulous bubble.

#Wirecard Australia had also taken over a CitiBank business. Earnings there were low and there were a number of liabilities to various other Wirecard companies.

Data from the reporting did not match the bookkeeping; despite rising sales revenues, there were recently shortfalls of around 2.7 million euros due to material costs.

Despite all this, the capitalized earnings value was still around 500,000.00 euros as at 15.6.2018.

Also not necessarily a fraudulous bubble.

The expert valued #Wirecard Hong Kong as a company that had never really been operationally active and had previously been newly founded.

Despite negative figures, an earnings value for insolvency matters of EUR 4.5 million was still stated.

Not really a fraudulous bubble, either.