The Lemon Fool

The Group has revised its net debt position as at 31 December 2018 to £180.5m (from c.£130m) and, accordingly, has re-calculated its average month-end net debt for the six months ended 31 December 2018 as being c.£430m (from c.£370m).

In the course of preparing its FY19 interim results and finalising the 31 December 2018 net debt position, the Company identified a number of adjustments (in aggregate: £10.3m), principally relating to the Group's hedging activities, and has revised the classification of the debt (in aggregate: £40.2m) associated with certain Developments assets held for resale at 31 December 2018. The Group originally consolidated this debt balance within assets held for resale on its balance sheet; following the re-classification, the debt has been included within the Group's net debt position.

monabri wrote:I'd already pencilled in a 50% cut in the dividend prior to this - I wonder if I need to revise downwards?

The annual dividend for Kie is ~£50m so when they discover accounting errors of this magnitude (relative to the size of the business) one fears for the dividend.