Hedge Accounting

Brexit Disclosures in Listed Company Annual reports

The referendum vote to leave the European Union (EU) has undoubtedly led to uncertainty for business and will potentially have far reaching impacts for companies from many different industries. This report, pulled together in March 2017, focuses on the information that companies have disclosed within their annual reports during the latter half of 2016. It sets out disclosures around risk as well as the disclosure of Brexit impacts which have already been felt and the resulting ramifications.

easyJet plc Monitor

easyJet plc Annual Report 2016
CR Monitor Issue: 
2017/0102
Company covered: 
easyJet plc
Period End: 
30 September, 2016
Report issued on 3 January 2017 covered the following practice issues:
Change
Hedge accounting applied in relation to bond issue.
Change
"Impact of EU exit" identified as a new principal risk.
Restatement
Reclassification of cash inflow from money market deposits from financing activities to investing activities without explanation.

Burberry Group plc Monitor

Burberry Group plc Annual Report 2016
CR Monitor Issue: 
2016/0811
Company covered: 
Burberry Group plc
Period End: 
31 March, 2016
Report issued on 19 August 2016 covered the following practice issues:
Pronouncements
Presentation of full list of related undertakings.
New
Disclosure of acquisition of non-controlling interest after the balance sheet date.
Change
Hedging reserve split into cash flow and net investment hedge elements.
Change
Increase in onerous lease provision linked to impairment review.

Hedge Accounting - Syngenta AG

Period End: 
31 December, 2014
Period End Date: 
2014-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
1357 Specialty Chemicals
Auditor: 
Ernst & Young

Royal Mail plc Monitor

Royal Mail plc Annual Report 2015
CR Monitor Issue: 
2016/0207
Company covered: 
Royal Mail plc
Period End: 
29 March, 2015
Report issued on 19 February 2016 covered the following practice issues:
New
Bond issue designated as hedging instrument of investments in foreign operations.
New
Terms of renegotiated loan facility disclosed.
Change
Business classified as discontinued operation.

Hedge Accounting - Fortum Oyj

Period End: 
31 December, 2014
Period End Date: 
2014-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
7535 Conventional Electricity
Auditor: 
Deloitte & Touche

Hedge accounting - Sandvik AB

Period End: 
31 December 2013
Period End Date: 
2013-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
2757 Industrial Machinery
Auditor: 
KPMG

Hedge accounting - SSE plc

Period End: 
31 March 2014
Period End Date: 
2014-03-31
Listing Status: 
FTSE 100
ICB Industry Classification: 
7535 Conventional Electricity
Auditor: 
KPMG
Annual Report: 

Hedge accounting - Carlsberg A/S

Period End: 
31 December 2013
Period End Date: 
2013-12-31
Listing Status: 
S&P Europe 350
ICB Industry Classification: 
3533 Brewers
Auditor: 
KPMG

Hedge accounting - Crown Resorts Ltd

Period End: 
30 June 2014
Period End Date: 
2014-06-30
Listing Status: 
Listed
ICB Industry Classification: 
5753 Hotels
Auditor: 
Ernst & Young