EANS-Adhoc: GfK SE takes provision of approximately EUR 21 million related to irregularities in its Turkish business; 2012
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.
annual result 29.01.2013
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 E-Mail: email@example.com
issuer: GfK SE
D-90419 Nürnberg phone: +49 (0)911 395 2012 FAX: +49 (0)911 395 4075 mail: firstname.lastname@example.org WWW: http://www.gfk.de sector: Consultancy Services ISIN: DE0005875306 indexes: SDAX stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, regulated
dealing/prime standard: Frankfurt language: English
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