Vehicle company used to create distributable reserves on a share issue UK retailer J Sainsbury uses a vehicle company in a share issue and applies merger relief under the Companies Act 2006 to create £102 million distributable reserves, bypassing its requirement for application of share premium to a non-distributable reserve.
Impairment slices pre-tax profit by a third French materials company Saint-Gobain recognises €215 million impairment on American assets, reducing pre-tax profit by 33% and disclosing that it has tested assets for impairment in both June and December 2009 with 2010 budget data replacing information from its business plan for the second test.
Impairments reduce profit by 5.8% UK metal products company Johnson Matthey records £14 million impairments, most of which relate to a US fine chemicals facility, that reduce pre-tax profit by 5.8%.
Adoption of an amended IAS leads to marginal reduction in prior year equity French luxury goods company Hermès International adopts a revised IAS which clarifies the timing of recognising as expenses expenditures including advertising and promotional costs, that has minor impact.
Earnings per share hurdle eliminated from long-term incentive plans UK property company British Land changes focus from eps to like-for-like rental growth as a performance measure for directors’ schemes.
Information on acquisitions strategy emerges in context of segmental disclosures French IT services company Cap Gemini states that its acquisitions strategy is decided by geographical area, but this brief disclosure on its acquisitions strategy appears in the context of its segmental disclosures.
Life expectancy assumptions reduced following change of tables used London Stock Exchange changes the tables used for mortality assumptions resulting in lower life expectancies.