Brief: Profilgruppen Notifies About Errors In Handling Of Accounting

ProfilGruppen AB

08/12/2023 15:25

Dec 8 (Reuters) - Profilgruppen AB  PROFb.ST :
    * HAS DISCOVERED ERRORS IN HANDLING OF ACCOUNTING
    * REPORTED RESULT CALCULATED OVER LONGER PERIOD IS NOT WRONG IN ANY WAY
    * COST ITEM THAT ON ANNUAL BASIS AMOUNTS TO ABOUT SEK 55 MILLION INCORRECTLY REPORTED AS
LOSS ON
METAL POSITIONS INSTEAD OF BEING CHARGED TO OPERATING PROFIT
    * WE HAVE DISCOVERED THAT WE HAVE NOT FULLY COMPLIED WITH RULES FOR HEDGE ACCOUNTING OF
CURRENCY
FORWARDS
    * OPERATING PROFIT IN THIS PERSPECTIVE IS TOO HIGH AND RESULT OF METAL POSITIONS TOO LOW
    * ON HEDGE ACCOUNTING OF CURRENCY FORWARDS: FORWARD CONTRACTS HAVE BEEN ENTERED FOR HIGHER
AMOUNTS
THAN SHOULD HAVE BEEN DONE
    * ON HEDGE ACCOUNTING OF CURRENCY FORWARDS: AS OF END OF NOVEMBER, WE HAVE AN UNREPORTED
MINOR
LOSS

Source text for Eikon:  ID:nMFN72fFKM 
Further company coverage:  PROFb.ST 

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