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Electrolux sets provision related to competition authority investigation in France
Electrolux will set a provision of approximately MSEK 550, in connection to a previously communicated investigation by the French Competition Authority. The provision will affect the Group’s operating profit in the second quarter of 2018.
The French Competition Authority (FCA) has, as previously communicated, issued a Statement of Objections alleging that Electrolux and other appliance manufacturers acted in breach of antitrust rules in France during the period September 2006 to April 2009. Electrolux is cooperating fully with the FCA. Electrolux has previously announced that the outcome of this investigation may have a material impact on Electrolux financial result and cash flow.
At this stage of the investigation by the FCA, Electrolux is now in accordance with accounting principles setting this provision for a fine related to the investigation. The final amount will only be known at the end of the procedure.
The provision will be reported as a non-recurring item in the results for the second quarter of 2018, affecting the business area Major Appliances Europe, Middle East and Africa. The Q2 interim report will be published on July 18, 2018.
As previously communicated the FCA is also conducting another investigation affecting Electrolux. Read more here. The company has not yet been informed of any conclusions regarding this investigation.
For further information, contact
Daniel Frykholm, Electrolux Press Hotline, +46 8 657 65 07.
This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 1900 CET on June 20, 2018.
|Press release – Electrolux sets provision related to competition authority investigation in France June 20, 2018 - Language: English||June 20, 2018||English|
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