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Wysłany: Nie 23:47, 25 Sie 2013 Temat postu: Adidas takes Rs 1090cr hit due to Reebok India irr |
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Adidas takes Rs 1090cr hit due to Reebok India irregularity,[link widoczny dla zalogowanych]
German sportswear giant Adidas on Thursday said its balance sheet for 2011 is negatively impacted by euro 153 million (over Rs 1,[link widoczny dla zalogowanych],090 crore) due to 'commercial irregularities' at its arm Reebok India Co. The company had in April last year stated that the estimated maximum negative impact due to the alleged fraud by its two top executives at Reebok India,[link widoczny dla zalogowanych], could be up to a pre-tax amount of 125 million euros.
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Adidas said it has corrected its consolidated financial statements as on December 31,[link widoczny dla zalogowanych], 2012,[link widoczny dla zalogowanych], in which the comparative figures for the year 2011 are restated and the opening balance sheet for 2011 is corrected to the extent that earlier periods are affected. "The results of these restatements led to a reduction of net income attributable to shareholders of euro 58 million for 2011. In addition,[link widoczny dla zalogowanych], shareholders' equity of the opening balance sheet for 2011 is negatively impacted by euro 153 million,[link widoczny dla zalogowanych]," the company said in a statement.
For the year 2012,[link widoczny dla zalogowanych], the group had reported 6 per cent increase in overall sales to euro 14.9 billion,[link widoczny dla zalogowanych], while its net cash position at year-end stood at euro 448 million. While the investigations by government agencies are ongoing,[link widoczny dla zalogowanych], earlier this year Adidas group had announced top management change in India with Erick Haskell,[link widoczny dla zalogowanych], ex-COO of its China operations,[link widoczny dla zalogowanych], coming in to head the business in the country as it looks to move on after the alleged fraud.
Reebok India had offered voluntary retirement scheme to 200 employees in 2012 out of which said 84 have taken up the offer,[link widoczny dla zalogowanych]. It also downsized store count to 500 with two-third of the original franchisees staying on board with the company after its transition into a new business model,[link widoczny dla zalogowanych].相关的主题文章:
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