Kraft Heinz Rectifies Its Financial Statements For 2016, 2017 – ZMR News Blog

Kraft Heinz Rectifies Its Financial Statements For 2016, 2017

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Kraft Heinz declared early this week that it will represent the financial statements presented by its accountants for 2016-17 that showed earnings of $181 million as a review into its inner operations showed that employees had carried out some malpractices to fudge the figures. The firm stated that it is writing down $15 million on both Kraft and Oscar Mayer brands as SEC was conducting an investigation into its procurement and accounting policies while Standard and Poor also placed the firm in CreditWatch negative.

As per filing made with SEC this week Kraft Heinz declared that the errors were due to entry of calculations of rebates and costs in wrong time period that have now been corrected. To investigate this case SEC launched a review that further led to delay in filing of Kraft Heinz’s annual report. Company spokesperson stated that SEC investigation is now almost complete.

The spokesperson elaborated that during the internal investigation they uncovered a few discrepancies that affected earnings calculations during different periods. This led to determined effort by the company to correct all similar errors that could have occurred in previous financial statements. Also the findings did not reveal any deliberate misconduct by senior management staff and to prevent such errors in future the company initiated improvements in internal control system to address these issues. After this filing the shares of Kraft Heinz fell by 1.4 percent due to broad sell off in premarket trading. But chief investor Warren Buffet who owns $10.6 billion stake in the firm stated that he still has confidence that the firm would make a turnaround. Holding company Berkshire Hathway did not add results of Kraft Heinz to its first quarter results as the financials had still not been revealed. It had helped create the firm by merging Kraft Foods and H. J. Heinz during 2015 but the entity has become a painful investment for Buffet due to its bad performance.

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