Brief: Greenyard Gives First Estimate Of Financial Impact Of Recent Recall

Greenyard NV

17/07/2018 06:57

July 17 (Reuters) - GREENYARD NV  GREENY.BR :
    * GREENYARD GIVES FIRST ESTIMATE OF FINANCIAL IMPACT OF
RECENT
RECALL
    * AFTER INSURANCE, GREENYARD ESTIMATES THAT THE FINANCIAL
IMPACT
OF THE RECALL AMOUNTS TO ABOUT EUR 30.0 MILLION
    * WILL NOT RESTART PRODUCTION IN OUR HUNGARIAN FACILITY
UNTIL WE
ARE FULLY SATISFIED WITH RESULTS OF TESTS
    * PROCESS OF RECALLING RELEVANT PRODUCTS FROM OUR CUSTOMERS
AND
CONSUMERS IS ONGOING, WITH PRODUCTS BEING RETURNED AND
DESTROYED.
    * MORE THAN 80% OF THE RECALL AMOUNT IS EXPECTED TO
CONSTITUTE
NON-RECURRING ITEMS
    * HAS CLOSED ITS PLANT IN HUNGARY
    * ESTIMATE ABOUT ONE THIRD OF IMPACT TO HAVE A BALANCE SHEET
IMPACT (IMPAIRMENT) AND ABOUT TWO THIRD TO HAVE A CASH IMPACT
    * HAS NO VIEW YET ON POTENTIAL CLAIMS FOR PHYSICAL DAMAGES
OR
PRODUCT DAMAGES

Source text for Eikon:  ID:nNDL2wH3sm 
Further company coverage:  GREENY.BR 

 (Gdynia Newsroom)
 ((gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))