Kraft Heinz will reformulate its results for 2016 and 2017

Kraft Heinz will reformulate its financial statements for 2016 and 2017, the company said Monday in a document filed with the Securities and Exchange Commission.

"As previously stated, the Company did not file its annual report on Form 10-K for the fiscal year ended December 29, 2018, on the prescribed due date. to finalize this filing is due to the time taken to conduct the investigation, which is largely completed, "says the document.

"During an in-depth internal investigation, some discrepancies were discovered, affecting the way in which the profits were calculated." We believe that the anomalies are not quantitatively significant for an earlier period, due to the qualitative nature of the results. identified elements, the company determined that it was appropriate to correct the errors in previously published financial statements, "said a spokesman for Kraft Heinz in a statement to CNBC.

"The inaccuracies are described in more detail in our document but largely relate to the timing and recognition of suppliers' contracts in the procurement area.The company is taking steps to improve its policies and procedures and will continue to strengthen its internal financial controls. The results The investigation revealed no misconduct on the part of a member of the management team, and we are pleased to announce that the investigation is now almost complete, "the statement added.

Warren Buffett holds a $ 10.6 billion stake in Kraft Heinz through Berkshire Hathaway, Buffett's sixth largest.

"The company has my confidence," Buffett told Becky Quick of CNBC shortly after the release.

Buffett said in February that he had overpaid when he took office at Kraft Heinz.

"Time passes normally, but it means that the capital could have been better used in other regions.You can still pay too much for a company.I have done it with actions several times; Have already done business with them, "said Buffett. . "At Berkshire, we have at least half a dozen businesses – and I can not even use an 'we', I must say I paid too much."

– Fred Imbert of CNBC contributed to this report.