By Phil Boeyen, ShareChat Business News Editor
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Monday 13th August 2001 |
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The company has revealed that due to an error in data supplied by one of its bankers the foreign exchange loss quoted in the accounts ended March was understated by $3 million.
"...during the highly detailed preparation of documentation for the separation of the group into Fisher and Paykel Healthcare Corporation Ltd and Fisher and Paykel Appliances Holdings Limited, it has identified an inadvertent error in the information supplied to the company by one of its bankers in relation to the mark to market valuation of a foreign exchange instrument as at 31/03/2001," the company says in a statement.
"As a consequence the provision for unrealised foreign exchange losses of $64.2 million appearing in the company's audited financial statements for the year-ended 31/03/2001 was understated by $3 million.
When the company announced its results it said the loss was almost entirely due to the value of the US dollar at the year's end, but added that it had adopted new foreign currency hedging policies.
Meanwhile the company says plans to separate into two entities before the end of the year are running to schedule.
FAP is due to split into one company which manufactures and markets healthcare products while the other will concentrate on appliances and finance.
The process is conditional upon receipt of regulatory approvals, which FAP says are being progressed.
A shareholder meeting to consider approval of the separation is expected to be held either in the second half of September or in October.
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