E-Malt.com News article: 2142

Britain's Diageo Plc said on February 4 it amended its 2003 annual report filed with U.S. securities regulators, reducing reported income by about $97 million over the accounting treatment of deferred tax associated with pension liabilities.

In a statement, the maker of Guinness beer, Johnnie Walker scotch and Smirnoff vodka said the amendment reclassifies a 53 million pound ($97.1 million) deferred tax charge as net income instead of "other comprehensive deficit" and reverses 118 million pounds ($216.2 million) of deferred tax previously charged to "other comprehensive deficit."

"The overall effect is therefore a reduction of GBP53 million in net income (as reported under U.S. generally accepted accounting principles), a reduction in the comprehensive deficit of GBP118 million and an increase in shareholders equity of GBP118 million," Diageo said.


06 February, 2004