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BRIEF-Boral Identifies Financial Irregularities At North American Windows Business

Published 05/12/2019, 05:45 pm
Updated 05/12/2019, 05:49 pm
© Reuters.  BRIEF-Boral Identifies Financial Irregularities At North American Windows Business
BLD
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Dec 5 (Reuters) - Boral Ltd BLD.AX :

* IDENTIFIED CERTAIN FINANCIAL IRREGULARITIES IN ITS NORTH AMERICAN WINDOWS BUSINESS

* IRREGULARITIES IDENTIFIED INVOLVE MISREPORTING INCLUDING INVENTORY LEVELS, RAW MATERIAL, LABOUR COSTS AT WINDOWS PLANTS

* WITH BOARD MANAGEMENT OVERSIGHT, CONFIDENTIAL INVESTIGATION BEING CONDUCTED BY LAWYERS INTO IRREGULARITIES AT NORTH AMERICAN WINDOWS BUSINESS

* ESTIMATED IRREGULARITIES RELATING TO PERIOD BETWEEN SEPT 2018 AND OCT 2019 TO RESULT IN A ONE-OFF IMPACT ON EBITDA OF US$20 MILLION-US$30 MILLION

* POTENTIAL ONGOING IMPACT ON EARNINGS FROM WINDOWS BUSINESS (BEYOND OCTOBER 2019) IS STILL BEING DETERMINED

* REVIEWING MANAGEMENT, OPERATING PROCEDURES & INTERNAL CONTROL PROCESSES FOR WINDOWS BUSINESS

* LAWYERS CONDUCTING INVESTIGATION HAVE ALSO ENGAGED FORENSIC ACCOUNTANTS TO ASSIST INVESTIGATION INTO WINDOWS BUSINESS Source: Further company coverage: BLD.AX

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