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News Breaks | | | | February 12, 2013 | | 07:06 EDT |  | AVP | Avon sees comments on Venezuelan currency devaluation
The Venezuelan government has announced its intention to devalue its currency by approximately 32%. Although no official rules have been issued, the official exchange rate is expected to change from 4.30 Bolivars to the U.S. dollar to 6.30 Bolivars to the U.S. dollar, effective February 13, 2013, and the regulated SITME market will be eliminated. Based on a preliminary analysis, Avon anticipates the following impacts, both of which will be excluded for purposes of calculating adjusted Non-GAAP results during 2013: One time after tax loss estimated to be approximately $50M in the first quarter of 2013, primarily reflecting the write-down of monetary net assets and deferred tax benefits; Estimated charges of approximately $50M associated with the historical cost in U.S. dollars of non-monetary assets, such as inventory, primarily during the first half of 2013. | |
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