Exceptional items

Persimmon plc Period End 31 December 2010

Submitted by Company Reporting on Wed, 2012-01-25 11:26
Persimmon plc Annual Report 2010
CR Monitor Issue: 
2012/0110
Company covered: 
Persimmon plc
Period End: 
31 December 2010
Report issued on 25 January 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Effect of change in pensions inflation measure disclosed but not recognised, in contrast to two other companies.
Change
Refinancing of debt leads to classification of some finance income and charges as exceptional.
Change
Increase in non-current loans granted as part of sales transactions presented separately from working capital in statement of cash flows.
Change
Nominal value of consideration no longer presented in revenue note.

Kier Group plc Period End 30 June 2011

Submitted by Company Reporting on Mon, 2012-01-23 15:30
Kier Group plc Annual Report 2011
CR Monitor Issue: 
2012/0109
Company covered: 
Kier Group plc
Period End: 
30 June 2011
Report issued on 23 January 2012 covered the following practice issues:
Change
Profit on disposal of PFI joint ventures no longer classed as exceptional.
Change
Revised IFRS 3 adopted, but no gain or loss recognised on revaluation of prior interest on acquisition, as company equates previous carrying value with fair value.
Inconsistent
Interest on loans to joint ventures included in related party transactions, highlighting prior year non-compliance.

Scottish and Southern Energy plc Period End 31 March 2011

Submitted by YWang on Wed, 2012-01-11 11:18
Scottish and Southern Energy plc Annual Report 2011
CR Monitor Issue: 
2012/0102
Company covered: 
Scottish and Southern Energy plc
Period End: 
31 March 2011
Report issued on 11 January 2011 covered the following practice issues:
Inconsistent
Correction of prior year non-compliances results in reclassification of 5.4% assets.
Change
Adoption of IFRIC 18 leads to accelerated recognition of revenue.
Change
Disclosure of the impact of changes in tax rates.
Change
Significant impairments classified as exceptional items.
Change
Adjusted earnings per share no longer presented on the face of income statement.

Hikma Pharmaceuticals plc Period End 31 December 2010

Submitted by YWang on Mon, 2011-06-27 12:29
Hikma Pharmaceuticals plc Annual Report 2010
CR Monitor Issue: 
2011/0615
Company covered: 
Hikma Pharmaceuticals plc
Period End: 
31 December 2010
Report issued on 27 June 2011 covered the following practice issues:
Inconsistent
Non-controlling interests that have waived voting rights not recognised.
Change
Acquisition-related costs and gains on revaluation of previously held interest in companies acquired classified as exceptional.
Change
New adjusted earnings per share measure provided.
Change
Depreciation rates on machinery disclosed.
Change
Simplified disclosure for share-based payment transactions.
Change
A previously disclosed dispute resolved to the relevant parties' "mutual satisfaction" but no financial effect indicated.

British American Tobacco plc Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-06-09 09:56
British American Tobacco plc Period End 31 December 2010
CR Monitor Issue: 
2011/0605
Company covered: 
British American Tobacco plc
Period End: 
31 December 2010
Report issued on 09 June 2011 did not identify any changes with significant impacts on the financial statements but covered the following practice issues:
Change
Increase in excise duties results in impairments of £293 million against goodwill and trademarks.
Change
Exchange loss of £38 million arising from restrictions on accessing foreign exchange at official rates classified as exceptional.
Change
Reduction in number of risks disclosed reflects updated risk management methodolgy.
Change
Segmental assets and liabilities no longer disclosed.

Britvic plc Period End 3 October 2010

Submitted by Alisdair on Mon, 2011-02-07 08:12
Britvic plc Annual Report 2010
“Exceptional and other” costs turn profit into loss
UK soft drinks company Britvic classifies £138 million costs as “exceptional and other”, including £116 million impairments, that turn profit into a £28.8 million loss.
Share issue structured to create £89.3 million distributable reserve
UK soft drinks company Britvic structures a share issue to utilise merger relief under the Companies Act 2006 and creates an £89.3 million distributable reserve, bypassing the requirement for application of share premium to a non-distributable reserve.

Sportingbet plc Period End 31 July 2010

Submitted by Alisdair on Wed, 2010-12-15 15:22
Sportingbet plc Annual Report 2010
Legal settlement costs reduce profit by 85% and amounts disclosed are in disagreement
UK online bookmaker Sportingbet recognises £22.8 million of legal settlement costs as exceptional reducing profit for the year by 85% and amounts disclosed in management commentary conflict with those disclosed in the notes.

Dechra Pharmaceuticals plc Period End 30 June 2010

Submitted by Alisdair on Thu, 2010-11-25 11:15
Dechra Pharmaceuticals plc Annual Report 2010
Exceptional charges reduce profit by some 7%
UK veterinary products company Dechra Pharmaceuticals classifies as exceptional integration costs and impairment of intangible assets totalling £1.3 million that reduce profit by some 7%.

Kier Group plc Period End 30 June 2010

Submitted by Company Reporting on Wed, 2010-11-03 12:16
Kier Group plc Annual Report 2010
Inflation deflated leads to past service gain
UK construction company Kier benefits from government changes replacing the Retail Price Index as a pension inflation measure by the Consumer Price Index for employees in a local government scheme, leading to £16 million past service credit that represents 28% of profit.
Joint venture’s debtor is not such a current affair
UK construction company Kier reclassifies from current to non-current £178 million debtors within joint venture investments and tells us that the change is correction of an error rather than an effect of adoption of IFRIC 12 “Service concession arrangements”.