Corporate social responsibilty

Euromoney Institutional Investor plc Period End 30 September 2010

High currency sensitivity results from derivatives forward contracts with high nominal value
UK financial publisher Euromoney Institutional Investor reduces the comparative amounts of monetary assets and liabilities denominated in US dollars and increases the comparative effect on equity of a 10% change in the US dollar against sterling to almost half of the net monetary assets, but only inquiry to the company elicits an explanation.

McBride plc Period End 30 June 2010

Submitted by Company Reporting on Wed, 2010-10-13 11:37

Non-controlling interests not recognised following issue of put and call options
UK own brands products manufacturer McBride does not recognise non-controlling interests in a newly acquired subsidiary upon entering into put and call options with a floor and cap on consideration payable.

FirstGroup plc Period End 31 March 2010

Submitted by Company Reporting on Fri, 2010-07-09 08:46

Adoption of new reporting standard has minor impact
UK transport company FirstGroup adopts IFRS 8 “Operating segments” although there are few changes to its disclosures.

PPR SA Period End 31 December 2009

Gain on fair valuation of residual interest in former subsidiary turns loss into profit for year
French retailer PPR recognises a €499 million gain primarily on fair valuation of its residual interest in a former subsidiary without which it would have made a pre-tax loss for the year, following early adoption of a revised IFRS Standard.

Swedbank AB Period End 31 December 2009

Large restatement of liquidity disclosures lacks explanation
Swedish bank Swedbank changes the maturities of SEK1.3 trillion comparative loans to the public, leading to a more than fourfold increase in comparative financial assets with maturities over ten years, but offers no explanation whilst misleadingly describing the carrying amounts of financial liabilities as “undiscounted cash flows”.

Brisa - Auto Estradas de Portugal SA Period End 31 December 2009

Management compensation disclosures in disarray
Portuguese motorway concession-holder Brisa – Auto Estradas de Portugal gives no explanation for restatements of its disclosures of directors’ pay and publishes mutually inconsistent figures for the current year in its annual report.

Domino Printing Sciences plc Period End 31 October 2009

Submitted by Company Reporting on Thu, 2010-03-11 14:34

Credit note provision excluded from movements in impairment allowance account
UK printing technology company Domino Printing Sciences restates its table of movements in impairment allowance account to exclude the effect of credit notes issued, whilst silently correcting a prior period error.

Hays plc Period End 30 June 2009

Submitted by Company Reporting on Wed, 2010-01-13 10:32

Goodwill sensitivity analysis lacks clarity and write-back of goodwill remains short of detail
UK recruitment agency Hays provides a goodwill sensitivity analysis, although reasons for potential impairment lack clarity, and it continues not to indicate to which acquisition goodwill write back relates.

Add new comment

Wolseley plc Period End 31 July 2009

Discontinued operation represents 38% of loss for year
UK building materials distributor Wolseley classifies a US business as discontinued whose trading losses and loss on disposal together represent 38% of a £1.2 billion post-tax loss for the year.

Cashbox vehicle company used to create distributable reserves
UK building materials distributor Wolseley uses a cashbox vehicle company to create £720 million distributable reserves through a rights issue.

Add new comment

DS Smith plc Period End 30 April 2009

Submitted by Company Reporting on Wed, 2009-08-19 23:00

Losses on investment in an associate reduce profit by 57%
UK packaging company DS Smith recognises £22.6 million losses on its investment in an associate arising from currency impacts that reduce its pre-tax profit by 57%.

Add new comment