The consolidated financial statements are based on the annual account of the individual groups companies which were drawn up with uniform group accounting principles. The consolidated financial statements conform with Swiss GAAP FER as well as the reporting and listing rules of the Swiss Stock Exchange.
In this report, the accrual basis method is used to measure income in the income statement: indeed, the accounting method used recognizes the impact of transactions on the financial statement when revenues and expenses occur. Conversely this is the cash basis method which is used for the statement of cash flows: this accounting method recognizes the impact of transactions on the financial statements only when cash is received or disbursed.
[...] Notes to the financial statements as at December These notes are less useful. Some items detailed are in fact not mentioned in the different statements, and it is explained why. For example, mentioning that there is no fire insurance values because the company does not own any fixed assets might be useless. Yet, these notes also give the details of the calculation of the bonds and the inventory and sale of treasury stock, and they also explain why there is a zero for the reserves for treasury stock and participation certificates. [...]
[...] Notes to the consolidated financial Statement These notes explain how the statements are made, which consolidation and valuation methods are used. They are useful because they are clearly written and the statements are more comprehensible. They detail exactly what composes the different items of the statements. Yet they may be superfluous, because the following notes also give the composition of each item. Notes to the financial Statements 2003 There are the exchange rates which were used to draw up each item's balance, and it's interesting because they can change a lot. [...]
[...] That is to insure shareholders of them meeting their responsibilities and of their credibility that they explain they “meet legal requirements concerning professional qualification” and they precise the audit was made accordance with auditing standards promulgated by the Swiss profession”. For example, in telling this, they promise they do not own shares in the company. In the conclusion of the report, the auditors give the results of their examination. Standard phrasing is used for that: for example, according to them, there is “reasonable insurance” that the accounts are free from material misstatement. [...]
[...] Finally, they advise shareholders to trust the financial data the company publishes. Ratios EPS= earning per share = net income / average number of shares outstanding = / x = 562 (found in the annual report) The Earnings Per Share of the group CHF which is equivalent to 562 US$ (the parity CHF/US$ reaches 1.14 today), seem comparatively high when one considers, for instance, the EPS of McDonald's 1.44 It shows that the net income of Lindt&Sprüngli is much higher than the average number of shares outstanding. [...]
[...] Conversely this is the cash basis method which is used for the statement of cash flows: this accounting method recognizes the impact of transactions on the financial statements only when cash is received or disbursed. The balance sheet on the report is a classified balance sheet as it groups the accounts into subcategories. Here, for example, the assets are divided into two categories: fixed assets and current assets. And if you want to see the details, you have to study the Notes to the Financial Statements. [...]
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