NETHERLANDS: Heineken to restate S&N profits
Heineken has confirmed that it will restate the profits from its recently-acquired Scottish & Newcastle assets.
"This is not unusual," the spokesperson said. "We always restate to our accounting policies after we have made an acquisition. Whereas S&N worked to UK accounting rules, we adhere to IFRS rules."
A report in the Sunday Telegraph yesterday suggested that the move would see profits being restated by as much as 10%, but the spokesperson played this down. "These figures have never been published before," she said, "but it is fair to say that we are traditionally more conservative in our accounting."
Heineken is in the middle of the review process for S&N's accounts, which should be completed next month.
The Netherlands-based brewer has taken control of S&N's businesses in the UK and Ireland, Finland, Portugal, Belgium and India, while Carlsberg took ownership of S&N's operations in France, Greece, Russia, China and Vietnam.
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