Restructuring

Wolseley plc Period End 31 July 2009

Submitted by Company Reporting on Wed, 2009-11-25 16:03

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.

Burberry Group plc Period End 31 March 2009

Submitted by Company Reporting on Wed, 2009-09-02 23:00
Burberry Group plc Annual Report 2009

Restructuring costs and goodwill impairment lead to a loss for the year

UK designer and distributor Burberry recognises £54.9 million restructuring costs and a £116 million goodwill impairment that result in a loss for the year.

Use of the term Non-GAAP in notes to describe adjusting items potentially confusing

UK designer and distributor Burberry expands to notes its use of the term Non-GAAP for adjusting items which are in fact accounted for in accordance with IFRS, leading to a presentation which may confuse the reader.

Northern Foods plc Period End 28 March 2009

Submitted by Company Reporting on Wed, 2009-07-29 23:00

Change in legislation results in a £12.5 million deferred tax charge

 UK food producer Northern Foods reports a £12.5 million deferred tax charge arising from the amendments to the Industrial Building Allowance (IBA) regime, which reduces its post-tax profit by some 83%.

 

 

British Airways plc Period End 31 March 2009

Submitted by Company Reporting on Tue, 2009-07-28 23:00
British Airways plc Annual Report 2009

Deferral of fair value of mileage credits decreases equity by 6.4%

UK airline British Airways adopts early IFRIC 13 “Customer loyalty programmes” and defers the fair value of mileage credits granted under its frequent flyer programmes, leading to a £285 million increase in trade and other payables and a consequent 6.4% decrease in opening equity.

Increase in recoverable pension surplus recognised, as overall pension situation worsens

UK airline British Airways restates comparative employee benefit assets upwards by £235 million, leading to a 7.3% increase in equity, whilst not recognising accumulated actuarial losses that represent 48.5% of equity as it reports under the corridor method of IAS 19 “Employee benefits”.

 

Britvic plc Period End 1 October 2006

Submitted by Company Reporting on Tue, 2007-02-27 00:00

Bracketing out of net liabilities
UK soft drinks company Britvic moves into a £58 million net liabilities position, partly through a distribution of £105 million to investors, but does not dwell on the fact in its annual report.

Reporting statement taken as non-binding guidance
UK soft drinks company Britvic publishes an operating and financial review (OFR), but disclaims the intention of complying with all the requirements of the relevant reporting statement.

Shire plc Period End 31 December 2005

Submitted by Company Reporting on Thu, 2006-08-03 23:00

Group restructuring accounted for as reverse acquisition creates distributable reserves
UK health care company Shire is installed as a new holding company under a Court approved scheme of arrangement and creates distributable reserves of $2.95 billion that offset a retained earnings deficit of $1.1 billion.

Goodwill on transition reduces by $231 million
UK health care company Shire redenominates goodwill as asset of each acquired company and currency movements result in a reduction of 11.3% in the carrying value of goodwill.