2357 Heavy Construction

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.

Hochtief AG Period End 31 December 2010

Submitted by YWang on Tue, 2011-10-11 10:14
Hochtief AG Annual Report 2010
CR Monitor Issue: 
2011/1004
Company covered: 
Hochtief AG
Period End: 
31 December 2010
Report issued on 11 October 2011 covered the following practice issues:
Restatement
Comparative fair value hierarchy disclosure restated without explanation.
Inconsistent
No disclosure of the current year impact of adopting an IFRIC.
Inconsistent
Change in method of foreign exchange sensitivity analysis to use rates against the functional currencies of Group companies but no explanation provided.
Change
Gains from divestitures disclosed separately.
Change
Separate disclosure of two items in other receivables and other assets.

Skanska AB Period End 31 December 2010

Submitted by Company Reporting on Thu, 2011-06-09 06:58
Skanska AB Annual Report 2010
CR Monitor Issue: 
2011/0603
Company covered: 
Skanska AB
Period End: 
31 December 2010
Report issued on 09 June 2011 covered the following practice issues:
Restatement
New accounting policy on construction of real estate delays revenue recognition.
Restatement
New accounting policy on service concessions affects timing of revenue recognition in joint ventures and associates.
Divergence
Company claims that adjusted figures reflect its operations better than IFRS figures.
Change
Voluntary segmental disclosures in statement of cash flows.

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”.

Kier Group plc Period End 30 June 2010

Submitted by Alisdair 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”.

Acciona SA Period End 31 December 2009

Submitted by YWang on Wed, 2010-09-29 11:23
Acciona SA Annual Report 2009
Inappropriate presentation of discontinued operation significantly understates comparative profit by €204 million
Spanish construction company Acciona inappropriately restates its comparative income statement to exclude profit attributable to non-controlling interests in a discontinued joint venture’s subsidiaries which consequently understates profit for the year by 31%.