ots Ad hoc-Service: Rosenbauer International <AT0000922554>
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Rosenbauer Group
- Latest developments at the Dutch subsidiary: - Executive Board resolves to close Rosenbauer BV - All other Group companies are expected to continue progressing to plan
In the Press Release dated 9th June 2000, Rosenbauer International AG reported on indications of possible incorrect inventory valuations at the Group's Dutch subsidiary Rosenbauer BV. It was also reported that in this connection, a special audit by external auditors had been ordered immediately.
The results of this special audit are now available:
As a consequence of incorrect valuations - mainly in connection with inventories - substantial rectification of the balance- sheet valuations is now called for.
The relevant annual accounts of the Dutch subsidiary had been audited by a noted international accountancy firm and endorsed with an unqualified audit certificate. In reliance upon these, it had been believed that the company's earnings situation was considerably better than was actually the case.
Now that the unprofitability of the Dutch operation has become apparent, it has been decided not to attempt any re- dimensioning but to close the plant altogether, by way of an insolvency. It is expected that extra expenditure of the order of EUR 9.0 m will be incurred.
This measure will give a very considerable boost to the Group's profitability in future. The new Group-wide location concept will continue to be energetically pursued and implemented.
The operative development of all other Group companies is expected to continue as planned.
For more information, please contact: Robert Kastil, Executive Vice-President Finance, Tel: +43 732 6794-570 Gerda Königstorfer, Investor Relations, Tel: +43 732 6794-568
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Original-Content von: Rosenbauer International AG, übermittelt durch news aktuell