Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Santa Fe Group A/S    SFG   DK0010006329

Delayed Quote. Delayed  - 09/30 04:59:54 pm
66.5 DKK   -0.75%
09/26 2016 FEM EMEA E : We’ve Been Shortlisted!
09/20 SANTA FE A/S : Cape Town – The Legislative Capital
09/19 SANTA FE A/S : Join us at the Worldwide ERC GWS to keep abreast of t..
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

East Asiat. Comp. : Company announcement No. 1/2010 - Venezuela introduces multi-tiered exchange rate regime

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/11/2010 | 09:45am CEST




In a television speech Friday night President Hugo Chavez announced that,
Venezuela has decided to devalue its currency and to introduce a multi-tiered
exchange rate regime. The details of the legislation implementing the decision
will be published Monday Venezuelan time.

A more detailed quantification of the accounting impact of the devaluation for
EAC in 2009 will be addressed as soon as adequate clarity can be obtained
following the official devaluation decree. However, as a prioritized industry,
EAC expects that EAC Foods will continue to receive USD for its import
requirements and expansion programmes at a preferential rate.

It is expected that the official exchange rate of the bolivar (VEF) to the USD,
which has remained at 2.15 VEF since March 2005 will be fixed at 2.6 VEF, for
the importation of food, pharmaceuticals and other essential goods. For all
other items the USD exchange rate will be fixed at 4.3 VEF. The existence of a
third floating rate - until now known as the parallel rate - has been officially
acknowledged and will be managed through central bank intervention to avoid
excessive speculation.

In his announcement President Chavez did not mention anything regarding
treatment of foreign debt, dividend and royalty. Consequently, the official
devaluation decree will have to be awaited before quantification of the
accounting impact for 2009 and 2010 can be determined.
Accounting adjustment due to Venezuela now considered a hyperinflation economy

Irrespective of the devaluation, but due to the recent years' increased
inflation in Venezuela the country should for accounting purposes be considered
a hyperinflationary economy as of 31 December 2009. Under the International
Financial Reporting Standards (IFRS) this requires the application of IAS 29,
"Reporting in hyperinflationary economies" for 2009 and subsequent years. The
application of the standard affects the accounting presentation, but does not
affect the operation or the cash flow.

Essentially, IAS 29 requires the financial reporting for EAC Foods to be
restated to reflect the current purchasing power at the end of the reporting
period, and as a result all non-monetary assets such as fixed assets and
inventories etc. should be restated to the current purchasing power as at 31
December 2009 using a general price index from the date when they were first
recognised in the accounts. The income statement will be restated to reflect
changes in the general price index from the date of the transaction to the
reporting date 31 December 2009.

Outlook for 2009 and 2010

The outlook for 2009 will be re-assessed based on the information regarding the
devaluation expected from the Venezuelan Government during the next couple of
days, adjusted for hyperinflation and announced to the marked as soon as
adequate clarity can be obtained.

The expected outlook for 2010 will as usual be addressed in connection with the
announcement of the annual result for 2009, scheduled for 25 February 2010.







Yours sincerely,



The East Asiatic Company Ltd. A/S
(A/S Det Østasiatiske Kompagni)


For additional information, please contact:

President & CEO Niels Henrik Jensen
 +45 3525 4300
 nhj@eac.dk


Group CFO Michael Østerlund Madsen
 +45 3525 4300
mom@eac.dk

www.eac.dk






[HUG#1371973]








share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on SANTA FE GROUP A/S
09/26 2016 FEM EMEA EMMAS : We’ve Been Shortlisted!
09/20 SANTA FE A/S : Cape Town – The Legislative Capital
09/19 SANTA FE A/S : Join us at the Worldwide ERC GWS to keep abreast of the latest mo..
09/19 SANTA FE A/S : Join us at the Worldwide ERC GWS to collaborate and keep abreast ..
09/19 SANTA FE A/S : Join us at the Worldwide ERC GWS this October in the USA
08/19 2016 FEM APAC EMMAS : We’ve Been Shortlisted!
08/18 SANTA FE A/S : SFG Delårsrapport 1. halvår 2016- Selskabsmeddelelse nr. 8/2016
08/18 SANTA FE A/S : SFG Interim Report H1 2016 — Company announcement No. 8/201..
08/09 SANTA FE A/S : 2016 Europe Global Mobility Roadshow - Amsterdam - 13 September 2..
08/09 SANTA FE A/S : 2016 Europe Global Mobility Roadshow - Munich - 12 October 2016
More news
Sector news : Employment Services - NEC
09/30DJMONSTER WORLDWIDE : MediaNews Launches Proxy Fight Against Monster
09/28DJPAYCHEX : Profit Rises 4% as Client Base Continues to Grow--Update
09/28DJPAYCHEX : Quarterly Profit Rises
09/28DJU.S. HOT STOCKS : Hot Stocks to Watch
09/28DJPAYCHEX : Profit Rises 4% as Client Base Continues to Grow
More sector news : Employment Services - NEC
Advertisement
Financials ( DKK)
Sales 2016 2 455 M
EBIT 2016 29,8 M
Net income 2016 81,8 M
Debt 2016 1 859 M
Yield 2016 -
P/E ratio 2016 9,51
P/E ratio 2017 21,81
EV / Sales 2016 1,09x
EV / Sales 2017 1,10x
Capitalization 820 M
More Financials
Chart SANTA FE GROUP A/S
Duration : Period :
Santa Fe Group A/S Technical Analysis Chart | SFG | DK0010006329 | 4-Traders
Full-screen chart
Technical analysis trends SANTA FE GROUP A/S
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 75,0  DKK
Spread / Average Target 13%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Martin Thaysen President, CEO & Head-Investor Relations
Henning Kruse Petersen Chairman
Christian Møller Laursen Group Chief Financial Officer
Preben Sunke Deputy Chairman
Michael Hauge Sørensen Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
SANTA FE GROUP A/S2.29%124
ADECCO GROUP AG-20.17%9 708
RANDSTAD HOLDING-29.52%8 342
MANPOWERGROUP INC.-14.27%4 952
ROBERT HALF INTERNATIO..-19.69%4 927
TEMP HOLDINGS CO., LTD..-6.07%4 106
More Results