May 2013

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Financial Reporting Environment – Ref 2000M8Q6A – Exam Question Solution CIIA 2000

I’m in prepartion mode for the CIIA Autumn exam and came across the following question: The profit before tax and the net profit of company SAX is CHF 80 million and CHF 55 million, respectively. If an exceptional expense of 12 million, which is included in the general expenses, is discarded from the analysis, the modified net profit amounts to: (4 points)   As there was no path to the solution…


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Schaffner H1 2013 Results by Segment

Trying to analyze Schaffner by segment result is rather puzzling at first glance and only the accompanying press release can really shed any light on the reasons behind erratic numbers. Even though you have the EMC unit with practically unchanged turnover of over CHF 50m the segment result of CHF 4.5m, it is lower than in H1 2012 when it was CHF 5.5m. Based on the chart 1 ‘Schaffner by…


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Holcim Q1 2013 Net Sales by Region

It’s definitely not a pretty picture over at Holcim in the first quarter of 2013. Net Sales in every region are down. Asia Pacific (~-6%, -134m) and Europe (~-11%, -129m) are both down fairly substantially in absolute net sales in CHF, even though the strongest percentage fall was seen in Africa Middle East (~-15%, -36m). Best areas were Latin America (~-3%, -27m) and North America (~-8%, -37m). Does this show…


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Panalpina Q1 2013 Gross Profit by Business Unit

This graph I compiled shows what is happening behind all the EBIT, EBITDA figures Panalpina published today. Which lines of business are doing well, which aren’t. Which are the most important factors influencing the key figures of Panalpina. Panalpina’s Q1 results were saved thanks to their Logistics business unit, which among others things provides “Value Added Services VAS” that are sought after in the market. The gross profit YOY improved…