Restated Consolidated Financial Statements as at December 31, 2011

Size: px
Start display at page:

Download "Restated Consolidated Financial Statements as at December 31, 2011"

Transcription

1 Restated Consolidated Financial Statements as at December 31, 2011 (including the adjusted adidas AG Opening Consolidated Statement of Financial Position (IFRS) as at January 1, 2011) This excerpt from the adidas Group 2012 Annual Report summarises the figures of the consolidated financial statements as at December 31, 2011 corrected in accordance with IAS 8.41 et seqq. It is also published on our corporate website at

2 Adjustments according to IAS 8 At Reebok India Company (hereinafter Reebok India ), numerous financial irregularities were identified in March As a result, the services of the then Managing Director (MD) and Chief Operating Officer were terminated, and a new MD was instated. Immediately on becoming aware of the aforesaid financial irregularities, Reebok India carried out an externally assisted internal investigation and filed a criminal complaint with the police. This resulted in an investigation which is being carried out by the Special Economic Wing of the Gurgaon Police. Additionally, various other regulatory agencies are conducting specific investigations into various aspects of the case. Key findings from the internal investigation include inappropriate recognition of sales due to sales cut-off irregularities, a failure to book sales returns and a failure to correctly post credit notes to accounts receivable. This also resulted in a significant overstatement of the accounts receivable balances as well as materially incorrect accounting for inventories and provisions. During the investigation process, the new management also discovered four secret warehouses not disclosed in the official accounting records. The investigations also revealed that Reebok India had adopted inappropriate procedures to artificially reduce the accounts receivable balance. The findings of the investigations suggest that the practice of inflating sales and profits had been going on for several years. The discovery of these activities resulted in the identification of material errors in the prior period financial statements of Reebok India. As a consequence of these errors, material misstatements are also included in the consolidated financial statements of adidas AG for the 2011 financial year and previous financial years, which have to be corrected in accordance with IAS 8.41 et seqq. These corrections are reflected in the consolidated financial statements as at December 31, 2012, in which the comparative figures for the year 2011 are restated and the opening balance sheet for 2011 is corrected to the extent that earlier periods are affected. The following tables provide an overview of the impact of all corrections: Restated Consolidated Financial Statements as at December 31, 2011 / Page 2

3 Adjustment of the adidas AG Opening Consolidated Statement of Financial Position (IFRS) as at January 1, 2011 ( in millions) Dec. 31, 2010 (as reported) Adjustments IAS 8 Opening balance Jan. 1, 2011 Cash and cash equivalents 1,156 (6) 1,150 Short-term financial assets Accounts receivable 1,667 (47) 1,620 Other current financial assets 197 (19) 178 Inventories 2, ,135 Income tax receivables Other current assets Assets classified as held for sale Total current assets 5,880 (56) 5,824 Property, plant and equipment Goodwill 1,539 (27) 1,512 Trademarks 1,447 1,447 Other intangible assets Long-term financial assets Other non-current financial assets Deferred tax assets 508 (7) 501 Other non-current assets Total non-current assets 4,738 (34) 4,704 Total assets 10,618 (90) 10,528 Short-term borrowings Accounts payable 1, ,697 Other current financial liabilities Income taxes Other current provisions Current accrued liabilities Other current liabilities Liabilities classified as held for sale 0 0 Total current liabilities 3, ,946 Long-term borrowings 1,337 1,337 Other non-current financial liabilities Pensions and similar obligations Deferred tax liabilities Other non-current provisions Non-current accrued liabilities Other non-current liabilities Total non-current liabilities 2, ,121 Share capital Reserves Retained earnings 3,844 (153) 3,691 Shareholders equity 4,616 (153) 4,463 Non-controlling interests 7 (9) (2) Total equity 4,623 (162) 4,461 Total liabilities and equity 10,618 (90) 10,528 Rounding differences may arise in percentages and totals. Restated Consolidated Financial Statements as at December 31, 2011 / Page 3

4 Adjustment of the adidas AG Consolidated Income Statement (IFRS) for the year ending December 31, 2011 ( in millions) Year ending Dec. 31, 2011 (as reported) Adjustments IAS 8 Year ending Dec. 31, 2011 (restated) Net sales 13,344 (22) 13,322 Cost of sales 7,000 (7) 6,993 Gross profit 6,344 (15) 6,329 (% of net sales) 47.5% 47.5% Royalty and commission income Other operating income Other operating expenses 5, ,567 (% of net sales) 41.4% 41.8% Operating profit 1,011 (58) 953 (% of net sales) 7.6% 7.2% Financial income Financial expenses Income before taxes 927 (58) 869 (% of net sales) 6.9% 6.5% Income taxes (% of income before taxes) 27.7% 30.0% Net income 670 (62) 608 (% of net sales) 5.0% 4.6% Net income attributable to shareholders 671 (58) 613 (% of net sales) 5.0% 4.6% Net income attributable to non-controlling interests (1) (4) (5) Basic earnings per share (in ) 3.20 (0.27) 2.93 Diluted earnings per share (in ) 3.20 (0.27) 2.93 Rounding differences may arise in percentages and totals. Restated Consolidated Financial Statements as at December 31, 2011 / Page 4

5 Adjustment of the adidas AG Consolidated Statement of Financial Position (IFRS) as at December 31, 2011 ( in millions) Dec. 31, 2011 (as reported) Adjustments IAS 8 Dec. 31, 2011 (restated) Cash and cash equivalents Short-term financial assets Accounts receivable 1,707 (112) 1,595 Other current financial assets 304 (15) 289 Inventories 2, ,502 Income tax receivables Other current assets 469 (0) 469 Assets classified as held for sale Total current assets 6,435 (107) 6,328 Property, plant and equipment Goodwill 1,580 (27) 1,553 Trademarks 1,503 1,503 Other intangible assets Long-term financial assets Other non-current financial assets Deferred tax assets 493 (9) 484 Other non-current assets Total non-current assets 4,945 (36) 4,909 Total assets 11,380 (143) 11,237 Short-term borrowings Accounts payable 1, ,887 Other current financial liabilities Income taxes Other current provisions Current accrued liabilities Other current liabilities Liabilities classified as held for sale 0 0 Total current liabilities 4, ,338 Long-term borrowings Other non-current financial liabilities Pensions and similar obligations Deferred tax liabilities Other non-current provisions Non-current accrued liabilities Other non-current liabilities Total non-current liabilities 1, ,771 Share capital Reserves Retained earnings 4,348 (211) 4,137 Shareholders' equity 5,327 (190) 5,137 Non-controlling interests 4 (13) (9) Total equity 5,331 (203) 5,128 Total liabilities and equity 11,380 (143) 11,237 Rounding differences may arise in percentages and totals. Restated Consolidated Financial Statements as at December 31, 2011 / Page 5

6 Adjustment of the adidas AG Consolidated Statement of Cash Flows (IFRS) for the year ending December 31, 2011 ( in millions) Year ending Dec.31, 2011 (as reported) Adjustments IAS 8 Year ending Dec.31, 2011 (restated) Operating activities: Income before taxes 927 (58) 869 Adjustments for: Depreciation, amortisation and impairment losses Reversals of impairment losses (2) (2) Unrealised foreign exchange gains, net (31) (31) Interest income (30) (30) Interest expense Losses on sale of property, plant and equipment, net Other non-cash income (0) (0) Operating profit before working capital changes 1,237 (58) 1,179 Increase in receivables and other assets (116) 75 (41) Increase in inventories (349) (4) (353) Increase in accounts payable and other liabilities Cash generated from operations before interest and taxes 1, ,234 Interest paid (113) (113) Income taxes paid (314) (314) Net cash generated from operating activities Investing activities: Purchase of trademarks and other intangible assets (58) (58) Proceeds from sale of trademarks and other intangible assets 0 0 Purchase of property, plant and equipment (318) (318) Proceeds from sale of property, plant and equipment 2 2 Acquisition of subsidiaries and other business units net of cash acquired (20) (20) Purchase of short-term financial assets (192) (192) Purchase of investments and other long-term assets (10) (10) Interest received Net cash used in investing activities (566) 0 (566) Financing activities: Repayments of long-term borrowings (48) (9) (57) Dividend paid to shareholders of adidas AG (167) (167) Dividend paid to non-controlling interest shareholders (3) (3) Cash repayments of short-term borrowings (273) (273) Net cash used in financing activities (491) (9) (500) Effect of exchange rates on cash Net decrease of cash and cash equivalents (250) 6 (244) Cash and cash equivalents at beginning of the year 1,156 (6) 1,150 Cash and cash equivalents at end of the year Rounding differences may arise in percentages and totals. Restated Consolidated Financial Statements as at December 31, 2011 / Page 6

7 Moreover, as a result of these adjustments relating to the financial year 2011, the consolidated statement of changes in equity, the consolidated statement of comprehensive income and the comparative amounts for 2011 in the Notes to the consolidated financial statements also had to be restated accordingly. In addition, a correction of the consolidated statement of changes in equity at the time of the opening balance as at January 1, 2011 was necessary. In particular, the following errors had to be adjusted: a) Manipulation of sales and accounts receivable Through different practices, Reebok India overstated net sales and accounts receivable, whereas inventories were understated as at December 31, 2011 and in previous financial years. This was achieved through the following practices: / Issuing invoices to customers, even though inventories were not delivered at the time of invoicing, but stored in secret warehouses of Reebok India or in warehouses of a shipping company. / Entering into sales agreements with distributors which did not transfer risk and rewards. / Not recording sales returns received from customers at the time of return and storing the returned inventory in secret warehouses. / Issuing unjustified invoices, for example, for subsequent price increases, or not recording valid credit notes to customers. / The incorrect or omitted recording of contractual obligations towards customers. b) Fictitious cash collections Reebok India recorded fictitious cash collections of outstanding accounts receivable. This scheme involved agreements with business partners, whereby Reebok India transferred money to business partners in January 2011 while at the same time receiving cheques back-dated to December 2010 from those same partners. In addition, in 2011, Reebok India initiated a programme to roll out further franchise stores, whereby the investees had to make a prepayment which was recorded as collection of various outstanding customer accounts instead of recording a financial liability against the investor. The required corrections led to a reduction of cash and cash equivalents of 5 million and an increase in accounts receivable of 27 million as well as an increase in short-term borrowings of 11 million and in other current and non-current financial liabilities of 11 million in the opening consolidated balance sheet as at January 1, For the year ending December 31, 2011, the correction led to an increase in accounts receivable as well as other current and non-current financial liabilities of 6 million. c) Unrecorded liabilities and provisions A significant number of vendor invoices and provisions relating to commitments given to business partners were not recorded. Amongst others, this included committed subsequent sales discounts as well as termination penalties in connection with store closures. As a result of these practices, the allowances for inventories and the provision for sales returns were also determined incorrectly. The impact on the opening consolidated statement of financial position as at January 1, 2011 and the consolidated statement of financial position as at December 31, 2011 is as follows: Impact on the consolidated financial statements ( in millions) Jan. 1, 2011 Dec. 31, 2011 Furthermore, in the statement of financial position, Reebok India has not recognised onerous contracts relating to contracts with franchisees which will incur losses over the remaining contractual term due to minimum guarantee agreements in favour of the franchisees. The impact on the consolidated financial statements as at December 31, 2011 is as follows: Impact on the consolidated financial statements ( in millions) Jan. 1, 2011 Dec. 31, 2011 Accounts receivable (94) (132) Inventories Other current financial liabilities 6 Other current provisions Other current liabilities (1) Total equity (92) (127) Net sales (37) Cost of sales (6) Other operating expenses 20 Other current provisions 1 30 Current accrued liabilities 1 Other current liabilities 3 Other non-current provisions 32 Total equity (33) (34) Net sales (6) Other operating expenses 1 Restated Consolidated Financial Statements as at December 31, 2011 / Page 7

8 d) Goodwill Deducting the overstated sales and income in the business plans established in the previous years would have resulted in full impairment of the goodwill allocated to the cash-generating unit Wholesale India. Therefore, the goodwill of 27 million is impaired in the opening consolidated balance sheet as at January 1, f) Other adjustments Some balance sheet items as at December 31, 2011 and for previous years could not be substantiated and therefore were written off. Balance sheet items written off ( in millions) Jan. 1, 2011 Dec. 31, 2011 e) Deferred tax assets Deferred tax assets of 7 million and 9 million for the years ending December 31, 2010 and 2011, respectively, were recognised by Reebok India. Deducting the overstated sales and income in the business plans established in the previous years would have resulted in a business plan which does not support the probability of the utilisation of these deferred tax assets. Accounts payable 3 1 Other current provisions 1 2 Other current liabilities 1 Total equity (4) (4) Net sales (1) Cost of sales (1) Other operating expenses 2 The required corrections led to a decrease of deferred tax assets in the opening consolidated balance sheet as at January 1, 2011 of 7 million. For the year ending December 31, 2011, the deferred tax asset was reduced by 9 million and tax expense for the year ending December 31, 2011 was increased by 4 million as the recognition criteria for deferred tax assets were not fulfilled anymore. In addition, the following consolidated balance sheet reclassifications were recorded: Consolidated statement of financial position reclassifications ( in millions) Jan. 1, 2011 Dec. 31, 2011 Accounts receivable Other current financial assets (19) (13) Other current assets (1) Accounts payable 1 g) Non-controlling interest 6.85% of the shares of Reebok India are held by a minority shareholder. As a result of the adjustments described in this Note, the non-controlling interest also had to be adjusted accordingly. Earnings per share As a result of the above-mentioned adjustments, basic and diluted earnings per share for the 2011 financial year declined from 3.20 to Restated Consolidated Financial Statements as at December 31, 2011 / Page 8

Consolidated balance sheet

Consolidated balance sheet 83 Consolidated balance sheet December 31 Non-current assets Goodwill 14 675.1 978.4 Other intangible assets 14 317.4 303.8 Property, plant, and equipment 15 530.7 492.0 Investment in associates 16 2.5

More information

CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER 2015

CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER 2015 56 Neptune Orient Lines Limited (incorporated in Singapore) and its Subsidiaries Annual Report CONSOLIDATED INCOME STATEMENT FOR THE FINANCIAL YEAR ENDED 25 DECEMBER Continuing operations Revenue 4 5,382,596

More information

Acal plc. Accounting policies March 2006

Acal plc. Accounting policies March 2006 Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting

More information

Mitchells & Butlers plc Accounting policies under IFRS

Mitchells & Butlers plc Accounting policies under IFRS Mitchells & Butlers plc Accounting policies under IFRS 7 December 2005 Background With effect from 2 October 2005, Mitchells & Butlers plc ( the Group ) is required to prepare its consolidated financial

More information

adidas Group records strong top-line momentum in Q2 2015 and confirms full year guidance

adidas Group records strong top-line momentum in Q2 2015 and confirms full year guidance FOR IMMEDIATE RELEASE Herzogenaurach, August 6, 2015 First Half 2015 Results: adidas Group records strong top-line momentum in Q2 2015 and confirms full year guidance Major developments in Q2 2015 1 Robust

More information

Transition to International Financial Reporting Standards

Transition to International Financial Reporting Standards Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) FY 2014 FY 2015 % change Q4 2014 Q4 2015 % change un Revenue 2,620 2,646 1.0% 711 672-5.5% Cost of sales (1,813) (1,804) -0.5% (489) (464) -5.1%

More information

CHAPTER 25 ACCOUNTING FOR INTRAGROUP TRANSACTIONS

CHAPTER 25 ACCOUNTING FOR INTRAGROUP TRANSACTIONS CHAPTER 25 ACCOUNTING FOR INTRAGROUP TRANSACTIONS LEARNING OBJECTIVES Upon completing this chapter readers should be able to: LO1 explain the nature of intragroup transactions; LO2 describe how and why

More information

Consolidated Balance Sheets

Consolidated Balance Sheets Consolidated Balance Sheets March 31 2015 2014 2015 Assets: Current assets Cash and cash equivalents 726,888 604,571 $ 6,057,400 Marketable securities 19,033 16,635 158,608 Notes and accounts receivable:

More information

International Accounting Standard 12 Income Taxes

International Accounting Standard 12 Income Taxes EC staff consolidated version as of 21 June 2012, EN IAS 12 FOR INFORMATION PURPOSES ONLY International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the

More information

Consolidated Statements of Profit or Loss Ricoh Company, Ltd. and Consolidated Subsidiaries For the Years Ended March 31, 2014 and 2015

Consolidated Statements of Profit or Loss Ricoh Company, Ltd. and Consolidated Subsidiaries For the Years Ended March 31, 2014 and 2015 Consolidated Statements of Profit or Loss Sales: Products 1,041,794 1,071,446 8,928,717 Post sales and rentals 1,064,555 1,068,678 8,905,650 Other revenue 89,347 91,818 765,150 Total sales 2,195,696 2,231,942

More information

Professional Level Essentials Module, Paper P2 (UK)

Professional Level Essentials Module, Paper P2 (UK) Answers Professional Level Essentials Module, Paper P2 (UK) Corporate Reporting (United Kingdom) December 2013 Answers 1 (a) Angel Group Statement of cash flows for the year ended 30 November 2013 Profit

More information

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards

ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards ILLUSTRATIVE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013 International Financial Reporting Standards 2 A Layout (International) Group Ltd Annual report and financial statements For the year ended

More information

Professional Level Essentials Module, Paper P2 (INT)

Professional Level Essentials Module, Paper P2 (INT) Answers Professional Level Essentials Module, Paper P2 (INT) Corporate Reporting (International) December 2013 Answers 1 (a) Angel Group Statement of cash flows for the year ended 30 November 2013 Profit

More information

Note 2 SIGNIFICANT ACCOUNTING

Note 2 SIGNIFICANT ACCOUNTING Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting

More information

International Accounting Standard 28 Investments in Associates

International Accounting Standard 28 Investments in Associates International Accounting Standard 28 Investments in Associates Scope 1 This Standard shall be applied in accounting for investments in associates. However, it does not apply to investments in associates

More information

IFRS Illustrative Consolidated Financial Statements 2014

IFRS Illustrative Consolidated Financial Statements 2014 IFRS Illustrative Consolidated Financial Statements 2014 1 PKF International Limited administers a network of legally independent member firms which carry on separate businesses under the PKF Name. PKF

More information

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009:

In addition, Outokumpu has adopted the following amended standards as of January 1, 2009: 1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the

More information

ACCOUNTING POLICIES. for the year ended 30 June 2014

ACCOUNTING POLICIES. for the year ended 30 June 2014 ACCOUNTING POLICIES REPORTING ENTITIES City Lodge Hotels Limited (the company) is a company domiciled in South Africa. The group financial statements of the company as at and comprise the company and its

More information

D.E MASTER BLENDERS 1753 N.V.

D.E MASTER BLENDERS 1753 N.V. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the six months periods ended 31 December 2012 and 31 December 2011 TABLE OF CONTENTS UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) FY 2013 FY 2014 % change Q4 2013 Q4 2014 % change un Revenue 2,865 2,620-8.6% 739 711-3.8% Cost of sales (2,031) (1,813) -10.7% (511) (489) -4.3%

More information

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows

Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF

More information

AL MEERA CONSUMER GOODS COMPANY (Q.S.C.) DOHA - QATAR

AL MEERA CONSUMER GOODS COMPANY (Q.S.C.) DOHA - QATAR DOHA - QATAR INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) FOR THE THREE MONTH PERIOD ENDED 31 MARCH INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the three month

More information

Investments in Associates

Investments in Associates Indian Accounting Standard (Ind AS) 28 Investments in Associates Investments in Associates Contents Paragraphs SCOPE 1 DEFINITIONS 2-12 Significant Influence 6-10 Equity Method 11-12 APPLICATION OF THE

More information

JOHN WILEY & SONS, INC. UNAUDITED SUMMARY OF OPERATIONS FOR THE FIRST QUARTER ENDED JULY 31, 2011 AND 2010 (in thousands, except per share amounts)

JOHN WILEY & SONS, INC. UNAUDITED SUMMARY OF OPERATIONS FOR THE FIRST QUARTER ENDED JULY 31, 2011 AND 2010 (in thousands, except per share amounts) UNAUDITED SUMMARY OF OPERATIONS FOR THE FIRST QUARTER ENDED JULY 31, 2011 AND 2010 (in thousands, except per share amounts) US GAAP First Quarter Ended Revenue $ 430,069 407,938 5% Costs and Expenses Cost

More information

International Accounting Standard 7 Statement of cash flows *

International Accounting Standard 7 Statement of cash flows * International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability

More information

G8 Education Limited ABN: 95 123 828 553. Accounting Policies

G8 Education Limited ABN: 95 123 828 553. Accounting Policies G8 Education Limited ABN: 95 123 828 553 Accounting Policies Table of Contents Note 1: Summary of significant accounting policies... 3 (a) Basis of preparation... 3 (b) Principles of consolidation... 3

More information

Indian Accounting Standard (Ind AS) 12. Income Taxes

Indian Accounting Standard (Ind AS) 12. Income Taxes Indian Accounting Standard (Ind AS) 12 Contents Income Taxes Paragraphs Objective Scope 1 4 Definitions 5 11 Tax base 7 11 Recognition of current tax liabilities and current tax assets 12 14 Recognition

More information

SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited)

SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) July 3, (a) ASSETS Current assets: Cash and cash equivalents $ 1,193 $ 2,479 Short-term investments 6 6 Accounts receivable, net 1,250 1,735 Inventories

More information

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee.

2 This Standard shall be applied by all entities that are investors with joint control of, or significant influence over, an investee. International Accounting Standard 28 Investments in Associates and Joint Ventures Objective 1 The objective of this Standard is to prescribe the accounting for investments in associates and to set out

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q3 2014 Q3 2015 % change 9m 2014 9m 2015 % change Revenue 636 661 3.9% 1,909 1,974 3.4% Cost of sales (440) (453) 3.0% (1,324) (1,340) 1.2% Gross

More information

Consolidated financial statements of MTY Food Group Inc. November 30, 2015 and 2014

Consolidated financial statements of MTY Food Group Inc. November 30, 2015 and 2014 Consolidated financial statements of MTY Food Group Inc. Independent auditor s report...1 2 Consolidated statements of income... 3 Consolidated statements of comprehensive income... 4 Consolidated statements

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q2 2012 Q2 2013 % H1 2012 H1 2013 % Restated * change Restated * change Revenue 779 732-6.0% 1,513 1,437-5.0% Cost of sales (553) (521) -5.8%

More information

First Bank of Nigeria Plc

First Bank of Nigeria Plc First Bank of Nigeria Plc The Board of Directors is pleased to announce the Bank's and consolidated unaudited IFRS results for the half year ended 30 June 2012, in compliance with the directives of the

More information

Paper P2 (INT) Corporate Reporting (International) Tuesday 10 December 2013. Professional Level Essentials Module

Paper P2 (INT) Corporate Reporting (International) Tuesday 10 December 2013. Professional Level Essentials Module Professional Level Essentials Module Corporate Reporting (International) Tuesday 10 December 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections:

More information

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12

International Accounting Standard 12 Income Taxes. Objective. Scope. Definitions IAS 12 International Accounting Standard 12 Income Taxes Objective The objective of this Standard is to prescribe the accounting treatment for income taxes. The principal issue in accounting for income taxes

More information

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1.

Volex Group plc. Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement. 1. Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc

More information

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS

NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A

More information

International Accounting Standard 27 Consolidated and Separate Financial Statements

International Accounting Standard 27 Consolidated and Separate Financial Statements International Accounting Standard 27 Consolidated and Separate Financial Statements Scope 1 This Standard shall be applied in the preparation and presentation of consolidated financial statements for a

More information

adidas Group records stellar financial performance in Q3 2015 and raises full year guidance

adidas Group records stellar financial performance in Q3 2015 and raises full year guidance FOR IMMEDIATE RELEASE Herzogenaurach, November 5, 2015 Nine Months 2015 Results: adidas Group records stellar financial performance in Q3 2015 and raises full year guidance Major developments in Q3 2015

More information

Statutory Financial Statements

Statutory Financial Statements Statutory Financial Statements for the year ended December 31, 2007 by Kardan NV, Amsterdam, the Netherlands Consolidated IFRS Financial Statements Consolidated IFRS Balance Sheet 54 Consolidated IFRS

More information

Reporting under IFRSs. Example consolidated financial statements 2013 and guidance notes

Reporting under IFRSs. Example consolidated financial statements 2013 and guidance notes Reporting under IFRSs Example consolidated financial statements 2013 and guidance notes Important Disclaimer: This document has been developed as an information resource. It is intended as a guide only

More information

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars)

A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, 2012 and January 1, 2012 (in thousands of dollars) A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services

More information

Group sales stable on a currency-neutral basis Results significantly impacted by negative currency effects adidas Group confirms full year guidance

Group sales stable on a currency-neutral basis Results significantly impacted by negative currency effects adidas Group confirms full year guidance For immediate release Herzogenaurach, May 6, 2014 First Quarter 2014 Results: Group sales stable on a currency-neutral basis Results significantly impacted by negative currency effects adidas Group confirms

More information

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013

VASSETI (UK) PLC CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 INTERIM MANAGEMENT REPORT (UNAUDITED) FOR THE 6 MONTHS ENDED 30 JUNE 2013 1. Key Risks and uncertainties Risks and uncertainties

More information

Interim Financial Statements

Interim Financial Statements [Type text] Interim Financial Statements KCA Deutag Alpha Limited For the twelve months ended 31 December 2015 Page 1 of 11 Table of Contents Consolidated income statement... 3 Consolidated statement of

More information

EXPLANATORY NOTES. 1. Summary of accounting policies

EXPLANATORY NOTES. 1. Summary of accounting policies 1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists

More information

ANNUAL FINANCIAL RESULTS

ANNUAL FINANCIAL RESULTS ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE

More information

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES

NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES NAS 09 NEPAL ACCOUNTING STANDARDS ON INCOME TAXES CONTENTS Paragraphs OBJECTIVE SCOPE 1-4 DEFINITIONS 5-11 Tax Base 7-11 RECOGNITION OF CURRENT TAX LIABILITIES AND CURRENT TAX ASSETS 12-14 RECOGNITION

More information

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention.

The statements are presented in pounds sterling and have been prepared under IFRS using the historical cost convention. Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required

More information

Consolidated Statement of Profit or Loss

Consolidated Statement of Profit or Loss Consolidated Statement of Profit or Loss Sales: Products 864,699 1,041,794 $ 10,114,505 Post sales and rentals 941,610 1,064,555 10,335,485 Other revenue 79,686 89,347 867,447 Total sales 1,885,995 2,195,696

More information

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets

ACER INCORPORATED AND SUBSIDIARIES. Consolidated Balance Sheets Consolidated Balance Sheets June 30, 2015, December 31, 2014, and (June 30, 2015 and 2014 are reviewed, not audited) Assets 2015.6.30 2014.12.31 2014.6.30 Current assets: Cash and cash equivalents $ 36,400,657

More information

Consolidated Statement of Profit or Loss (in million Euro)

Consolidated Statement of Profit or Loss (in million Euro) Consolidated Statement of Profit or Loss (in million Euro) Q3 2013 Q3 2014 % change 9m 2013 9m 2014 % change Revenue 689 636-7.7% 2,126 1,909-10.2% Cost of sales (497) (440) -11.5% (1,520) (1,324) -12.9%

More information

Preliminary Consolidated Financial Statements 2015 >

Preliminary Consolidated Financial Statements 2015 > Preliminary Consolidated Financial Statements 2015 > The following results and amounts are preliminary statements that have not yet been approved or adopted by the Supervisory Board. Preliminary Consolidated

More information

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors

Consolidated Financial Statements. FUJIFILM Holdings Corporation and Subsidiaries. March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements FUJIFILM Holdings Corporation and Subsidiaries March 31, 2015 with Report of Independent Auditors Consolidated Financial Statements March 31, 2015 Contents Report of Independent

More information

Financial statements of the EnBW Group 2015»

Financial statements of the EnBW Group 2015» Financial statements of the EnBW Group 201» Version without management report EnBW-Konzernabschluss 2014 1 Financial statements of the EnBW Group Income statement 2 (12) Investment properties 36 Statement

More information

IFrS. Disclosure checklist. July 2011. kpmg.com/ifrs

IFrS. Disclosure checklist. July 2011. kpmg.com/ifrs IFrS Disclosure checklist July 2011 kpmg.com/ifrs Contents What s new? 1 1. General presentation 2 1.1 Presentation of financial statements 2 1.2 Changes in equity 12 1.3 Statement of cash flows 13 1.4

More information

EMERSON AND SUBSIDIARIES CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED)

EMERSON AND SUBSIDIARIES CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED) CONSOLIDATED OPERATING RESULTS (AMOUNTS IN MILLIONS EXCEPT PER SHARE, UNAUDITED) TABLE 1 Quarter Ended March 31, Percent Change Net Sales $ 5,854 $ 5,919 1% Costs and expenses: Cost of sales 3,548 3,583

More information

SanDisk Corporation Preliminary Condensed Consolidated Statements of Operations (in thousands, except per share amounts, unaudited)

SanDisk Corporation Preliminary Condensed Consolidated Statements of Operations (in thousands, except per share amounts, unaudited) Preliminary Condensed Consolidated Statements of Operations (in thousands, except per share amounts, unaudited) Revenue $ 1,634,011 $ 1,476,263 $ 3,145,956 $ 2,816,992 Cost of revenue 854,640 789,614 1,595,679

More information

Financial statements: contents

Financial statements: contents Section 5 Financial statements 115 Financial statements: contents Consolidated financial statements Independent auditors report to the members of Pearson plc 116 Consolidated income statement 123 Consolidated

More information

Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231

Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 A view of financial and non financial elements as may be presented in set of financial statements. Content Page [010000] Filing

More information

condensed consolidated interim financial statements 2015

condensed consolidated interim financial statements 2015 January march 2015 condensed consolidated interim financial statements 2015 (unaudited) contents 1. Income Statement 1 2. Statement of Comprehensive Income 2 3. Balance Sheet 3 4. Statement of Changes

More information

Consolidated balance sheet

Consolidated balance sheet Consolidated balance sheet Non current assets 31/12/2009 31/12/2008 (*) 01/01/2008 (*) Property, plant and equipment 1,352 1,350 1,144 Investment property 7 11 11 Fixed assets held under concessions 13,089

More information

ARM Holdings plc Consolidated balance sheet - IFRS

ARM Holdings plc Consolidated balance sheet - IFRS ARM Holdings plc Consolidated balance sheet - IFRS 30 June 31 December 2010 2009 Unaudited Audited 000 000 Assets Current assets: Financial assets: Cash and cash equivalents 53,746 34,489 Short-term investments

More information

Investments in Associates and Joint Ventures

Investments in Associates and Joint Ventures International Accounting Standard 28 Investments in Associates and Joint Ventures In April 2001 the International Accounting Standards Board (IASB) adopted IAS 28 Accounting for Investments in Associates,

More information

Audited (Restated) (*)

Audited (Restated) (*) 31 December 2015 31 December 2014 31 December 2013 ASSETS Current assets 459.875.342 251.625.938 233.029.758 Cash and cash equivalents 5 123.908.125 123.909.277 101.043.123 Financial investments 6 -- 15.126.664

More information

ZAMIL INDUSTRIAL INVESTMENT COMPANY (SAUDI JOINT STOCK COMPANY)

ZAMIL INDUSTRIAL INVESTMENT COMPANY (SAUDI JOINT STOCK COMPANY) ZAMIL INDUSTRIAL INVESTMENT COMPANY INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND AUDITORS REPORT (LIMITED REVIEW) FOR THE THREE MONTHS AND NINE MONTHS PERIODS ENDED SEPTEMBER 30, NOTES TO THE INTERIM

More information

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary.

Residual carrying amounts and expected useful lives are reviewed at each reporting date and adjusted if necessary. 87 Accounting Policies Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of identifiable net assets and liabilities of the acquired company

More information

Example Consolidated Financial Statements. International Financial Reporting Standards (IFRS) Illustrative Corporation Group 31 December 2010

Example Consolidated Financial Statements. International Financial Reporting Standards (IFRS) Illustrative Corporation Group 31 December 2010 Example Consolidated Financial Statements International Financial Reporting Standards (IFRS) Illustrative Corporation Group 1 Introduction 2010 The preparation of financial statements in accordance with

More information

Sri Lanka Accounting Standard LKAS 12. Income Taxes

Sri Lanka Accounting Standard LKAS 12. Income Taxes Sri Lanka Accounting Standard LKAS 12 Income Taxes CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD-LKAS 12 INCOME TAXES OBJECTIVE SCOPE 1 4 DEFINITIONS 5 11 Tax base 7 11 RECOGNITION OF CURRENT TAX LIABILITIES

More information

The consolidated financial statements of

The consolidated financial statements of Our 2014 financial statements The consolidated financial statements of plc and its subsidiaries (the Group) for the year ended 31 December 2014 have been prepared in accordance with International Financial

More information

ACCOUNTING POLICIES. with a significant risk of material adjustment in the next year are discussed in note 20.2.

ACCOUNTING POLICIES. with a significant risk of material adjustment in the next year are discussed in note 20.2. ACCOUNTING POLICIES Allied Technologies Limited ( the company ) is a South African registered company. The consolidated financial statements of the company for the year ended 28 February 2011 comprise

More information

International Financial Accounting (IFA)

International Financial Accounting (IFA) International Financial Accounting (IFA) Preparation and presentation of Financial Statements DEPARTMENT OF BUSINESS AND LAW ROBERTO DI PIETRA SIENA, NOVEMBER 4, 2013 1 INTERNATIONAL FINANCIAL ACCOUNTING

More information

CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER

CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER FINANCIAL STATEMENTS / GROUP CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER (NOK million) Note 2013 Restated Operating revenues 7 15,232 14,763 Raw materials and finished goods 26 (871) (1,057)

More information

15 September 2011 VOLEX PLC ( Volex or the Group ) Transition to US Dollar reporting Restatement of historical financial information in US Dollars

15 September 2011 VOLEX PLC ( Volex or the Group ) Transition to US Dollar reporting Restatement of historical financial information in US Dollars 15 September VOLEX PLC ( Volex or the Group ) Transition to US Dollar reporting Restatement of historical financial information in US Dollars As communicated in our annual financial statements for the

More information

NZX LIMITED. Financial Statements

NZX LIMITED. Financial Statements NZX LIMITED Financial Statements 1 Income Statement Group Note Revenue Securities information 4,929 4,423 8,924 Listings 6,202 5,656 12,984 Other issuer services 488 457 976 Securities trading 2,221 2,051

More information

SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS

SEAGATE TECHNOLOGY PLC CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) June 28, ASSETS Current assets: Cash and cash equivalents $ 2,259 $ 1,708 Short-term investments 47 480 Restricted cash and investments 4 101 Accounts

More information

IFRS Hot Topics. Full Text Edition February 2013. ottopics...

IFRS Hot Topics. Full Text Edition February 2013. ottopics... IFRS Hot Topics Full Text Edition February 2013 ottopics... Grant Thornton International Ltd (Grant Thornton International) and the member firms are not a worldwide partnership. Services are delivered

More information

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A CONTENTS DIRECTORS STATEMENT 1 INCOME STATEMENT 2 STATEMENT OF COMPREHENSIVE INCOME 3 STATEMENT OF FINANCIAL

More information

EMC CORPORATION Consolidated Income Statements (in thousands, except per share amounts) Unaudited

EMC CORPORATION Consolidated Income Statements (in thousands, except per share amounts) Unaudited EMC CORPORATION Consolidated Income Statements (in thousands, except per share amounts) March 31, March 31, 2012 2011 Revenues: Product sales $ 3,068,857 $ 2,931,259 Services 2,025,521 1,676,359 5,094,378

More information

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1

HOLLY SPRINGS INVESTMENTS LIMITED HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS STATEMENT OF FINANCIAL PERFORMANCE 1 HALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008 CONTENTS PAGES STATEMENT OF FINANCIAL PERFORMANCE 1 STATEMENT OF MOVEMENTS IN EQUITY 2 STATEMENT OF FINANCIAL POSITION 4-4 STATEMENT OF CASH

More information

Opening doors to new ideas. Interim Report 2007/08

Opening doors to new ideas. Interim Report 2007/08 Opening doors to new ideas Interim Report 2007/08 SPG Media Group Plc Interim Report 2007/08 Contents 2 Chairman s Statement 4 Consolidated Interim Income Statement 5 Consolidated Interim Balance Sheet

More information

Model financial statements for the year ended 30 June 2011

Model financial statements for the year ended 30 June 2011 Model financial statements for the year ended Illustrative example of general purpose financial statements prepared in accordance with the Financial Reporting Act 1993, the Companies Act 1993, applying

More information

SIGNIFICANT GROUP ACCOUNTING POLICIES

SIGNIFICANT GROUP ACCOUNTING POLICIES SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial

More information

A change of classification in presentation in financial statements is a change of accounting policy (CAP) under IAS 8.

A change of classification in presentation in financial statements is a change of accounting policy (CAP) under IAS 8. Answers Fundamentals Level Skills Module, Paper F7 Financial Reporting December 2014 Answers Section A 1 A A change of classification in presentation in financial statements is a change of accounting policy

More information

Financial Reporting Update

Financial Reporting Update Financial Reporting Update February 2009 Issue 50 KPMG CHINA PROFESSIONAL PRACTICE HK(IFRIC) 17 Distributions of non-cash assets to owners In this issue: Scope 1 Issues and IFRIC s consensus 2 Amendments

More information

Cash Flow Statements

Cash Flow Statements STATUTORY BOARD FINANCIAL SB-FRS 7 REPORTING STANDARD Cash Flow Statements SB-FRS 7 Cash Flow Statements applies to Statutory Boards for annual periods beginning on or after 1 January 2009. This Standard

More information

Finnvera Plc s transition to International Financial Reporting Standards (IFRS)

Finnvera Plc s transition to International Financial Reporting Standards (IFRS) Finnvera Plc s transition to International Financial Reporting Standards (IFRS) In accordance with a regulation laid down in 2001 by the EU Commission European companies listed in an EU securities market

More information

IFRS. Disclosure checklist. August 2012. kpmg.com/ifrs

IFRS. Disclosure checklist. August 2012. kpmg.com/ifrs IFRS Disclosure checklist August 2012 kpmg.com/ifrs Contents About this publication 1 What s new? 2 The Checklist 3 1. General presentation 3 1.1 Presentation of financial statements 3 1.2 Changes in equity

More information

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2015 and 2014 (Unaudited)

Interim Condensed Consolidated Financial Statements NOBLE IRON INC. For the three months ended March 31, 2015 and 2014 (Unaudited) Interim Condensed Consolidated Financial Statements NOBLE IRON INC. MANAGEMENT S COMMENTS ON UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL

More information

Lonmin Plc Adoption of International Financial Reporting Standards. Unaudited Restatement of Accounts

Lonmin Plc Adoption of International Financial Reporting Standards. Unaudited Restatement of Accounts Lonmin Plc Adoption of International Financial Reporting Standards Unaudited Restatement of Accounts Financial highlights Relatively limited impacts on profitability for the year to 30 September 2005 under

More information

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows

Sri Lanka Accounting Standard-LKAS 7. Statement of Cash Flows Sri Lanka Accounting Standard-LKAS 7 Statement of Cash Flows CONTENTS SRI LANKA ACCOUNTING STANDARD-LKAS 7 STATEMENT OF CASH FLOWS paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS

More information

Paper F7 (INT) Financial Reporting (International) Tuesday 14 June 2011. Fundamentals Level Skills Module

Paper F7 (INT) Financial Reporting (International) Tuesday 14 June 2011. Fundamentals Level Skills Module Fundamentals Level Skills Module Financial Reporting (International) Tuesday 14 June 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted.

More information

Sri Lanka Accounting Standard for Small and Medium-sized Entities (SLFRS for SMEs) Illustrative Financial Statements

Sri Lanka Accounting Standard for Small and Medium-sized Entities (SLFRS for SMEs) Illustrative Financial Statements Sri Lanka Accounting Standard for Small and Medium-sized Entities (SLFRS for SMEs) Illustrative Financial Statements Sri Lanka Accounting Standard for Small and Medium-sized Entities Illustrative Financial

More information

Sri Lanka Accounting Standard LKAS 28. Investments in Associates

Sri Lanka Accounting Standard LKAS 28. Investments in Associates Sri Lanka Accounting Standard LKAS 28 Investments in Associates CONTENTS SRI LANKA ACCOUNTING STANDARD LKAS 28 INVESTMENTS IN ASSOCIATES paragraphs SCOPE 1 DEFINITIONS 2 12 Significant influence 6 10 Equity

More information

Public Joint Stock Company Kuzbasskaya Toplivnaya Company (trading as KTK ) Unaudit Condensed Interim Consolidated Financial Statements for the six

Public Joint Stock Company Kuzbasskaya Toplivnaya Company (trading as KTK ) Unaudit Condensed Interim Consolidated Financial Statements for the six Public Joint Stock Company Kuzbasskaya Toplivnaya Company (trading as KTK ) Unaudit Condensed Interim Consolidated Financial Statements for the six months ended 30 June 2015 Contents Consolidated Statement

More information

An approval was obtained from the Belgian Commission for Banking and Finance (CBF) concerning the following departures:

An approval was obtained from the Belgian Commission for Banking and Finance (CBF) concerning the following departures: CHANGES IN ACCOUNTING POLICIES In the preparation of the accompanying consolidated financial statements as at 31 December, 2001 and 2000, several accounting policies have been applied that are different

More information

Independent Auditor s Report To the Shareholders and the Board of Directors of PJSC EMAlliance

Independent Auditor s Report To the Shareholders and the Board of Directors of PJSC EMAlliance PJSC EMAlliance Consolidated financial statements prepared in accordance with IFRS for the year ended 2010 together with Independent Auditor s Report Contents Independent Auditor s Report... 3 Statement

More information

WESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS. (in millions; unaudited) ASSETS

WESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS. (in millions; unaudited) ASSETS CONDENSED CONSOLIDATED BALANCE SHEETS (in millions; unaudited) ASSETS Apr. 1, July 3, 2016 2015 Current assets: Cash and cash equivalents $ 5,887 $ 5,024 Short-term investments 146 262 Accounts receivable,

More information

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

MATRIX IT LTD. AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 NIS IN THOUSANDS INDEX Page Auditors' Reports 2-4 Consolidated Statements of Financial

More information