PR Newswire/euro adhoc/
EANS-Adhoc: GfK SE takes provision of approximately EUR 21 million related to
irregularities in its Turkish business; 2012 adjusted operating income unchanged
and in line with expectations
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
Nuremberg, 29 January 2013 - GfK Group is taking a one-off provision of
approximately EUR 21 million related to irregularities and potential historic
tax and social security obligations arising from the company's Turkish
subsidiary, GfK Arastirma Hizmetleri A.S. The provision will be booked in the
financial year 2012. The adjusted operating income will not be affected and is
in line with expectations. Consolidated total income will be impacted.
GfK has discovered incidents of suspected tax evasion in its Turkish subsidiary.
Initial findings indicate that former local management in Turkey collaborated to
defraud GfK through tax and social security avoidance schemes over several
years. GfK has voluntarily self-reported this matter to the authorities in
Turkey for the period in question. The total expected costs are approximately
EUR 21 million. GfK will be working with local authorities in Turkey regarding
the issue and will explore potential criminal and civil charges against the
former Turkish management team and other responsible persons.
Further inquiry note:
Herr Bernhard Wolf
Tel.: +49(0) 911 395 2012
issuer: GfK SE
phone: +49 (0)911 395 2012
FAX: +49 (0)911 395 4075
sector: Consultancy Services
stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, regulated
dealing/prime standard: Frankfurt
The content and accuracy of news releases published on this site and/or
distributed by PR Newswire or its partners are the sole responsibility of the
originating company or organisation. Whilst every effort is made to ensure the
accuracy of our services, such releases are not actively monitored or reviewed
by PR Newswire or its partners and under no circumstances shall PR Newswire or
its partners be liable for any loss or damage resulting from the use of such
information. All information should be checked prior to publication.
-0- Jan/29/2013 18:56 GMT
Press spacebar to pause and continue. Press esc to stop.