Profiting at employees’ expense Dutch consumer electronics company Philips Electronics recognises €134 million curtailment gains on retiree medical benefit plans that increase its pre-tax profit by 20%, with further decreases in amounts recognised for obligations attributed to unidentified “plan amendments”.
No information about whether an associate has been tested for impairment Dutch recruitment company Randstad does not indicate whether an associate carried at €16.3 million has been tested for impairment in the light of its fair value being €8.6 million below the carrying amount.
Impairment follows fast on heels of acquisition Dutch recruitment company Randstad recognises €2.59 billion goodwill on acquisitions in the year, of which it impairs €500 million before the year end, with limited disclosure on what is comprised under goodwill.
Impending increase in pension charge equals 9.7% of profit
Dutch life and materials sciences company Royal DSM discloses that its defined benefit pension charge will increase 24-fold to €73 million, representing 9.7% of current year profit, following actuarial losses that reduce equity by over a fifth.
Significant influence held through 15% investment Dutch recruitment company Randstad states that agreement allowing it to approve financial and operating decisions of investee gives it significant influence.
Dutch bank ABN AMRO acquires an associate and recognises €4.4 billion goodwill representing 17% of equity, but does not explain its composition in terms of unrecognised assets as required by IFRS.