Minority interests

Minority interests - Max Property Group plc

Period End: 
31 March 2012
Period End Date: 
Listing Status: 
ICB Industry Classification: 
8633 Real Estate Holding & Development

SGS SA Period End 31 December 2010

SGS SA Annual Report 2010
Perfunctory disclosures on components of new goodwill
Swiss measurement services provider SGS echoes the language of IFRS 3 “Business combinations” and makes only perfunctory disclosures on CHF149 million goodwill arising on an acquisition, though this represents 10.2% of closing equity.

Randstad Holding NV Period End 31 December 2010

Randstad Holding NV Annual Report 2010
Choice of classification of local value-added tax charge increases pre-tax profit
Dutch recruitment agency Randstad classifies as income tax a €39.2 million tax charge arising from a component of French business tax calculated on value-added, in a treatment that leads to 12.3% increase in profit before tax and illustrates lack of comparability in the absence of specific IFRS guidance.

Novartis AG Period End 31 December 2010

Novartis Ag Annual report 2010
Share of profit of associates not identified in income statement
Swiss pharmaceutical company Novartis includes in its income statement line item “income from associated companies” a gain arising from remeasuring to fair value its investment prior to obtaining control which results in no separately identified share of profit of associates and therefore falls short of IFRS.

Sodexo SA Period End 31 August 2010

Sodexo SA Annual Report 2010
Divergence of practice emerges on classification of cash
In a classification that varies from other companies, French catering provider Sodexo classifies almost €1.5 billion cash and cash equivalents carried at fair value through profit or loss at Level 2 of the fair valuation hierarchy of IFRS 7 “Financial instruments: disclosures”, indicating that they are valued using observable data other than quoted prices, though the company declines to tell us the observable data used.

Mediobanca - Banca di Credito Finanziario SpA Period End 30 June 2010

Mediobanca - Banca di Credito Finanziario SpA Annual Report 2010
Restatements without explanation and discrepancies in amounts compromise reliability
Italian bank Mediobanca – Banca di Credito Finanziario restates several prior year comparatives without any explanation and inconsistencies between amounts shown in the balance sheet and the notes lead to an overall lack of transparency.

Cable & Wireless Communications plc Period End 31 March 2010

Cable & Wireless Communications plc Annual Report 2010
Restatement of comparatives following reverse acquisition conflicts with IFRS
UK telecoms company Cable & Wireless Communications restates its prior year comparative share capital and share premium following a restructuring by means of a reverse acquisition.

Discontinued operation contributes 41% of profit
UK telecoms company Cable & Wireless Communications reports $180 million profit from a discontinued operation, which represents some 41% of profit for the year.