B&B TOOLS implements reclassification of costs and internal transfer of operations
(Thomson Reuters ONE) -
Reclassification of costs
In preparation for the 2010/2011 financial year, the B&B TOOLS Group performed a
review of the accounting methods applied. Following this review, certain cost
items have now been reclassified.
The reclassification entails that a number of cost items will be recognised
under "Other operating expense" and not under "Goods for resale" as they were in
the past. The adjustments carried out will impact gross profit (contribution
margin) compared with the methods previously applied, while operating profit for
the operating areas and the Group as a whole will not be affected by the
reclassification. To enable comparability in future reports, the quarterly
income statement for the 2009/2010 financial year has been restated in
accordance with the new recognition methods, which are presented in Enclosure 1.
Internal transfer of operations
As of 1 April 2010, the Group's joint salary centre will be transferred to the
item "Group-wide" in the consolidated financial statements (previously
recognised under the Solutions operating area). To enable comparability in
future reports, the amounts reported by operating area for the 2009/2010
financial year have been restated in accordance with the new Group structure,
which is presented in Enclosure 2.
The new method for classifying costs and the transfer for accounting purposes of
the Group's salary centre will be applied as of the Interim Report for the first
quarter of the current operating year (1 April - 30 June 2010), including
recalculated comparative data for prior years. The Interim Report will be
published on 19 August 2010.
Stockholm, 12 August 2010
B&B TOOLS AB (publ)
For further information, contact:
Mats Björkman, Executive Vice President & CFO, B&B TOOLS AB, telephone +46
8 660 10 30
Mats Karlqvist, Vice President - Investor Relations, B&B TOOLS AB, telephone +46
70 660 31 32
UNITED FOR INDUSTRIAL EFFICIENCY
B&B TOOLS provides the industrial and construction sectors in northern Europe
with industrial consumables, industrial components and related services. The
Group currently has annual revenue of approximately SEK 7.6 billion and
approximately 2,800 employees.
This information is disclosed in accordance with the Swedish Securities Markets
Act, the Swedish Financial Instruments Trading Act or demands stated in the
regulations for issuers.
Read more! Please download the complete document.
[HUG#1437409]
B&B TOOLS implements reclassification of costs and internal transfer of operations:
http://hugin.info/1026/R/1437409/382220.pdf
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Source: B&B TOOLS AB via Thomson Reuters ONE
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Datum: 12.08.2010 - 08:27 Uhr
Sprache: Deutsch
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