Explanatory Note
On July 27, 2018, Veoneer, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter of 2018, a Current Report on Form8-K (the “Original Form8-K”) with a copy of the press release furnished as Exhibit 99.1 and a Quarterly Report on Form10-Q for the quarter ended June 30, 2018 (the“10-Q”). The press release made publicly available via the Company’s wire service and posted to the Company’s website on July 27, 2018 is correct, as is the financial information contained in the10-Q.
Due to a clerical error, the copy of the press release furnished as Exhibit 99.1 to the Original Form8-K included incorrect information with respect to: (i) the amount of change in net sales for the six months ended June 30 in the Key Figures table on page 1, (ii) the amount of net sales for the three months ended June 30, 2017 in the Electronics table in the “Segment Overview for the Quarter” on page 3, (iii) the change in the number of associates in the three months ended June 30 in the Electronics table in the “Segment Overview for the Quarter” on page 3, and (iv) omitted footnotes to the Consolidated Income Statement on page 7, the Consolidated Cash Flow Statement on page 8 and the Key Ratios table on page 9.
The Company is filing this Current Report on Form8-K/A to amend Items 2.02 and 9.01 in the Original Form8-K to furnish the final version of the press release which was issued publicly.
Item 2.02 | Results of Operations and Financial Condition. |
The copy of the press release furnished as Exhibit 99.1 to this Current Report on Form8-K/A is the correct version of the press release issued by the Company on July 27, 2018 and is incorporated herein by reference. The press release contains certain references to financial measures identified as “organic sales,” “net working capital,” “EBITDA” and “Segment EBITDA,” all of which are adjustments from comparable measures calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP). These financial measures, as used herein, differ from financial measures reported under GAAP, and management believes that these financial presentations provide useful supplemental information, which is important to a proper understanding by investors of the Company’s core business results. These presentations should not be viewed as substitutes, but rather as additions, to financial reporting measures prepared in accordance with GAAP. Additionally, these measures, as defined, may not be comparable to similarly titled measures used by other companies. For an explanation of the reasons why management uses these figures, see the Company’s Quarterly Report on Form10-Q for the quarter ended June 30, 2018, filed with the U.S. Securities and Exchange Commission on July 27, 2018.
The information in Item 2.02 of this Current Report on Form8-K/A and the exhibit attached hereto as Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) EXHIBITS
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99.1 | | Press Release of Veoneer, Inc. dated July 27, 2018. |