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Brunel International NV Restates 2012 Financial Statements and Announces Completion of Investigations into Brunel Americas

Wednesday, 15 May 2013 10:18am EDT 

Brunel International NV announced that the investigation in America has resulted in limited modifications to the results for 2012 as published on March 1, 2013. Adjusted to take account of the results of the investigation, and additional audit fees, the EBIT decreased by EUR 1.8 million. The net result is virtually unchanged from the previously published figures, other than resulting from the restatement of the 2011 financial statements. Brunel has amended the comparative figures in the 2012 financial statements to give a clear picture of the year-on-year development of activities and profitability. As a result of this restatement, EBIT for 2011 has been decreased by EUR 3.5 million. The initially reported EBIT for 2012 has been increased by this amount. The Company also announced the results of its own additional internal investigations and the investigation by KPMG into Brunel Americas, which confirm that the irregularities in the figures as reported by the Company's office in Houston were an isolated incident and entirely attributable to a single employee. The Company's provisional findings established that the errors had initially been the result of incompetence, and that in the course of 2012 there was some manipulation of internal reports and the disposition of EUR 350,000. In the meantime, measures have been taken to prevent similar occurrences in the future. 

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-0.025 -0.13%
24 Jul 2014