D.E MASTER BLENDERS 1753: First year-end financial closing process as an independent company identifies financial adjustments related to Brazilian operations
(Thomson Reuters ONE) -
Amsterdam, August 1, 2012 - In connection with its first year-end financial
closing process as an independent company, D.E MASTER BLENDERS 1753 identified
adjustments related to the previously reported historical carve-out combined
financial statements for fiscal years 2009-2011 and first half fiscal year 2012
as well as items that will result in adjustments to its upcoming results for
fiscal 2012. These adjustments are not expected to affect the company's
financial performance in fiscal 2013.
These adjustments, which all involve the company's Brazilian operations, are
partly caused by accounting irregularities involving uncollectible accounts
receivable and incorrect sales recognition. In addition, the company has taken
provisions on inventory levels and made other corrections, including additional
tax provisions.
The adjustments are expected to reduce the company's shareholders' equity by
approx. ? 85-95 mln and are expected to reduce the company's fiscal 2012 net
result by approx. ? 45-55 mln, of which approx. ? 20-25 mln is expected to be
accounted for within operating profit. Currently, the company expects that the
cash-out impact will be limited.
A comprehensive investigation of the accounting irregularities referred to above
is being conducted. The company plans to take appropriate actions to reinforce
and enhance the internal control over financial reporting and governance
procedures in its Brazilian operations.
D.E MASTER BLENDERS 1753's carve-out combined financial statements previously
included in filings with the U.S. Securities and Exchange Commission should no
longer be relied upon. The company expects to file its audited financial
statements for the fiscal year ended June 30, 2012, including restated
historical carve-out combined financial statements, at the end of September
2012. D.E MASTER BLENDERS 1753 intends to publish its preliminary fiscal 2012
results on August 28, 2012.
Forward-Looking Information
This press release and other documents and statements of D.E MASTER BLENDERS
1753 contain certain forward-looking statements generally preceded by terms such
as "expects", "projects", "anticipates" or "believes". These forward-looking
statements are based on currently available competitive, financial and economic
data, as well as management's views and assumptions regarding future events.
Such forward-looking statements are inherently uncertain, and investors must
recognize that actual results may differ from those expressed or implied in the
forward-looking statements. Consequently, D.E MASTER BLENDERS 1753 wishes to
caution readers not to place undue reliance on any forward-looking
statements. Among the factors that could cause D.E MASTER BLENDERS 1753's
actual results to differ from such forward-looking statements are those
described in the Registration Statement on Form F-1 (Registration No.
333-179839) filed by D.E MASTER BLENDERS 1753 with the Securities and Exchange
Commission. D.E MASTER BLENDERS 1753 undertakes no obligation to publicly update
any forward-looking statements, whether as a result of new information, future
events or otherwise.
# # #
About D.E MASTER BLENDERS 1753
D.E MASTER BLENDERS 1753 is a leading pure-play coffee and tea company that
offers an extensive range of high-quality, innovative products through well-
known brands such as Douwe Egberts, Senseo, L'OR, Pilão, Merrild, Moccona,
Pickwick and Hornimans in both retail and out of home markets. The company
holds a number of leading market positions across Europe, Brazil, Australia
and Thailand and its products are sold in more than 45
countries. D.E MASTER BLENDERS 1753 generated sales of more than ? 2.6
billion in fiscal year 2011 and employs around 7.500 people worldwide. For
more information, please visit www.demasterblenders1753.com.
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Contact
Investor Relations Corporate Communications
Robin Jansen Michiel Quarles van Ufford
+31 20 558 1014 +31 20 558 1080
investor-relations(at)DEMB.com media-relations(at)DEMB.com
Press Release PDF :
http://hugin.info/152637/R/1631243/522895.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: D.E MASTER BLENDERS 1753 via Thomson Reuters ONE
[HUG#1631243]
Unternehmensinformation / Kurzprofil:
Datum: 01.08.2012 - 18:01 Uhr
Sprache: Deutsch
News-ID 170870
Anzahl Zeichen: 5536
contact information:
Town:
Utrecht
Kategorie:
Business News
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