AMSTERDAM (AP) — A Dutch coffee company that listed on the Amsterdam stock exchange just weeks ago says it must restate its financial statements for the past several years due to accounting irregularities.
D.E. Master Blenders is a spin-off from Sara Lee Corp. On July 9 it became one of the few companies to be listed on the Euronext amid Europe's sovereign debt crisis. It said late Wednesday it would restate earnings from 2009 through the first half of this year.
Net profit in 2012 will be up to €45 million ($55 million) less than forecast, the company said. It described the irregularities as "uncollectable accounts and incorrect sales figures," all at its Brazilian subsidiary.
The company had sales of around €2.6 billion in 2011.
Shares closed up 0.7 percent at €9.485.