Kraft Heinz will restore revenues for 2016 and 2017

Bottles of Heinz Kraft Co. Heinz brand Tomato ketchup and yellow mustard are arranged for a photograph in Dobbs Ferry, New York, Wednesday, February 20, 2019.

Tiffany Hagler-Geard | Bloomberg | Getty Images

Kraft Heinz will switch the accounts for 2016 and 2017, the company said in a filing with the Securities and Exchange Commission on Monday.

In February, Kraft Heinz revealed a $ 15 billion write-down on the Kraft and Oscar Mayer brands, as well as an investigation by the Securities and Exchange Commission into accounting and procurement practices.

The SEC survey launched an internal review of Kraft Heinz's acquisition accounts and procedures. The review resulted in Kraft delaying sending its annual report twice, and Standard & Poor's put the company on CreditWatch negatively.

"In the course of a thorough internal investigation, some discrepancies were identified that affected the way in which revenues were calculated between periods," a Kraft Heinz spokesman said in a statement to CNBC. "Although we do not believe that the misinformation is quantitative material for an earlier period, due to the qualifications of the identified circumstances, the company states that it is appropriate to correct the errors in previously issued accounts."

"The results of the survey did not identify any breach of a member of the senior management. We are pleased to report that the investigation is now substantially complete," it said.

Kraft shares lost 2.6% in premarket trading on Monday during a broad sale of the market.

Berkshire Hathaway, Kraft Heinz's largest shareholder, was forced to exclude Kraft Heinz's results from the first-quarter income statement because it had not yet seen the food business's finances, the Fund revealed Saturday.

Berkshire Hathaway and the private equity firm 3G Capital created Kraft Heinz by merging Kraft Foods and HJ Heinz in 201[ads1]5. The investment group previously worked together to take Heinz privately two years earlier.

But Kraft Heinz Agreement has created headaches for Warren Buffett. More recently, Buffett has been asked to defend 3G's one-time operational excellence, as Kraft Heinz has improved performance. Shares of the food giant have tumbled over 24% throughout the year. In February, the company reduced its dividend by 36%.

Buffett, having a $ 10.6 billion stake in Kraft Heinz through Berkshire Hathaway, told CNBC's Becky Quick, "The company has my trust," shortly after the application was released. 19659002] In February, Berkshire Hathaway wrote down $ 3 billion related to the investment in Kraft Heinz.

Buffett has since said he overpaid for Kraft.

"Time usually works out, but that means capital could have been better deployed in other areas. You can always pay too much for a business. I've done it with stocks many times, I've done it with businesses," said Buffett. Monday. "In Berkshire we have at least half a dozen businesses – and I can't even use a" we "there – I have to say I paid too much."

Last year, Buffett resigned from the Kraft Heinz board to reduce his travel obligations. Berkshires Tracy Britt Cool and Gregory Abel are still on the company's board.

– CNBC's Fred Imbert contributed to this report.

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