Summary of Financial Statement Adjustments - No financial statement adjustments were made that were material to the rating rationale outlined above.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Financial statement adjustments for adding back off-balance sheet receivables securitization.
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Summary of Financial Statement Adjustments - Fitch made no financial statement adjustments that depart materially from those contained in the published financial statements of Intel Corporation.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statement of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock based compensation and exclude restructuring charges.
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Summary of Financial Statement Adjustments Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor must be disclosed (in bullet points).
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Date of Relevant Rating Committee: May 4, 2016 Financial Statement Adjustments Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and exclude restructuring charges.
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Date of Relevant Rating Committee: March 2750, 2000 Summary of Financial Statement Adjustments - Fitch made no material financial statement adjustments that depart from those contained in the published financial statements of Intel Corporation.
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UOB is scheduled to release its financial statement on Friday.
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" TRUMP: "The Senate, they'd like to get my financial statement.
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Epstein's unsealed financial statement claims he is worth $559 million.
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TRUMP SAYS WILL RELEASE "FINANCIAL STATEMENT" BEFORE 2020 ELECTION - TWITTER
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To understand the argument, consider the Fed's year-end financial statement.
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Trump says he "might" turn over his "financial statement" to Congress.
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Manafort to Gates in 2016, doctoring numbers in a financial statement.
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Financial statement disclosures are not designed for assessing such complex unknowns.
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But GASB 77 will consolidate the data into the main financial statement.
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Pres. Trump says he "might" turn over his "financial statement" to Congress.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity include: --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation.
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QHG also said in the financial statement, which covered the period between Dec.
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The company released the financial statement to the public at 4:02 p.m.
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Included will be a clearer definition of "irregular" items in a financial statement.
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Summary of Financial Statement Adjustments - HMC's consolidated financial statements include the financial operations.
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Holtz goes over the month's financial statement, and other general coördinators make announcements.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Stock-based compensation and impairment losses on goodwill are excluded from EBITDA.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected mandatory convertible preferred stock is given 100% equity credit.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Adjustments to include associate dividends with EBITDA for leverage and coverage ratios.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Adjustments for lease and equipment installment plan accounting differences, cash restructuring and other charges to determine cash EBITDA used for recovery; --Financial statement adjustments for adding back the portion of off-balance-sheet receivables securitization and MLS tranche 1.
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Poland's biggest power group PGE to release first quarter financial statement after market closes.
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Summary of Financial Statement Adjustments - Fitch capitalises lease expenses using a factor of 8.
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Summary of Financial Statement Adjustments - Operating leases were capitalised with a multiple of 2750x.
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Summary of Financial Statement Adjustments: - Fitch uses face value to calculate debt and leverage.
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Summary of Financial Statement Adjustments - Lease obligations have been capitalised using a 8x multiple.
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Toshiba is currently working on a financial statement for the year ended in March.
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A union financial statement listed a return of just $47,529 for the same time.
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Insurance claims and allowances for impairment losses also increased, according to its financial statement.
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Allen Weisselberg : Well, it turns out that the owners' financial statement is a crock.
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That's a long way of saying: $6.5 million stands out on a financial statement.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock based compensation.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation.
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Its underlying assets are listed only as "aircraft" on Mr. Trump's most recent financial statement.
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Party City is closing 10 more stores, the company announced in a recent financial statement.
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The bank alluded to the new problem briefly in its quarterly financial statement issued Friday.
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This was down from 13 million dirhams a year earlier, according to its financial statement.
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Summary of Financial Statement Adjustments - Lease obligations have been capitalised using the multiple of 2750x.
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The bank alluded to the new problem briefly in its quarterly financial statement issued Friday.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Adjustments for lease and equipment installment plan accounting differences along with a discretionary discount to determine cash EBITDA that was used for the recovery analysis; --Financial statement adjustments for adding back the portion of off-balance sheet receivables securitization and MLS tranche 1.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: -- Fitch has adjusted the financial statements to treat the communications network lease as an operating lease.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA are adjusted for material one-time items as reported in financials.
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Date of Relevant Rating Committee: April 2750, 2000 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements: --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and one-time charges.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart material from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock-based compensation.
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Nunberg was fired from the campaign in August 2015, shortly after the financial statement was released.
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In the financial statement by May, I saw that we're still growing at a relative 20%.
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Its financial statement for the corresponding period of last year stated earnings of 1.95 billion dirhams.
|
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Summary of Financial Statement Adjustments - Greenwood reports dividends received from associates as cash flow from investments.
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" The presentation noted another advantage: "Financial statement in punitive damages phase shows less income and assets.
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At one point, she refused to pay her dues until she received an audited financial statement.
|
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: -- No material adjustments have been made that have not been disclosed in public fillings of this issuer.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and exclude restructuring charges.
|
|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --No material adjustments have been made that have not been disclosed in public filings of this issuer.
|
|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: -- No material adjustments have been made that have not been disclosed in public filings of this issuer.
|
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock based compensation and exclude restructuring charges.
|
|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --No material adjustments have been made that have not been disclosed in public fillings of this issuer.
|
|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and restructuring costs.
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|
The annual budget grew to $230 million, according to its 22006 financial statement, the most recent available.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Readily available cash excludes cash held in foreign bank accounts, which totalled $54 million as of June 30, 2016.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Securitized equipment installment receivables are not included in core telecom leverage and are included in off-balanced sheet debt.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock based compensation expense as reported in financials.
|
|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation expense as reported in financials.
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The Japanese conglomerate is also unlikely to meet the deadline for filing its annual financial statement, Nikkei reported.
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Summary of Financial Statement Adjustments: - Fitch adjusts the company's cash position for the intra-year working capital swings.
|
|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock based compensation expense and restructuring as reported in financials.
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|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to exclude non-cash stock-based compensation expense, restructuring costs, executive departure costs and impairments.
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|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Fitch added back the outstanding balance of receivables sold for cash to accounts receivable and included the balance in total debt.
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Date of Relevant Committee: April 6, 2016 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA are adjusted to add back non-cash stock based compensation.
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|
Deutsche Beteiligungs AG says BaFin to assess breach of accounting rules for its full-year 56.93/256.9 financial statement.
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Summary of Financial Statement Adjustments -Operating lease liability is calculated by multiplying by 2750x the annual operating lease expense.
|
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Summary of Financial Statement Adjustments EBITDA(R) metrics are unadjusted for dividends received from associates or paid to minorities.
|
|
The bank said in a May financial statement that it would work with insurers to recoup the lost funds.
|
|
Summary of Financial Statement Adjustments: Pre-paid expenses were reclassified as other intangibles and deducted from Fitch Core Capital.
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|
However, this is like a financial statement that has not been audited or certified — it has no proven validity.
|
|
The company repurchased $5.23 billion of its shares in all of fiscal 2018, according to the company's financial statement.
|
|
HSBC's latest financial statement showed once again the company's ability to pick itself up after the global financial crisis.
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" He added: "I look forward to, frankly -- I'd like to have people see my financial statement because it's phenomenal.
|
|
Tucker, in a statement accompanying the financial statement, said the board has appointed Jonathan Symonds as deputy group chairman.
|
|
The details of this year's salaries are expected to be made public when FIFA publishes its 22015 financial statement.
|
|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock-based compensation and include operating income from discontinued operations.
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|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted for charges such as closed store charges, severance, non-cash pension expense, and gains on sale of assets.
|
|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock based compensation and include operating income from discontinued operations.
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|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Fitch gives Ocean Spray's subordinated debt and preferred stock each 50% equity treatment based on methodology outlined in Fitch's hybrid debt criteria report.
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|
Impairments fell sharply to $180 million in 2016 compared to $4.8 billion in the previous year, its financial statement showed.
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"I hope they get it, because it's a fantastic financial statement," he tells @GStephanopoulos in the Oval Office. https://t.
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For instance, Morgan Stanley's quarterly financial statement last month noted a new $750,000 limit on annual compensation for independent directors.
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Summary of Financial Statement Adjustments - Fitch adjusts financial leverage for annual lease obligations capitalising these with a multiple of 8x.
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Summary of Financial Statement Adjustments - Fitch has made no material adjustments that are not disclosed within the company's public filings.
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Summary of Financial Statement Adjustments Fitch adjusts the company's net debt by adding back factoring lines (EUR520m utilisation in FY0003).
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The company's financial statement says Arabtec settled the outstanding amount of the loan with the proceeds of the rights issue.
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Symantec – Symantec said an internal accounting probe would likely not result in any material impact on its past financial statement.
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Symantec (SYMC) said an internal accounting probe would likely not result in any material impact on its past financial statement.
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SUMMARY OF FINANCIAL STATEMENT ADJUSTMENTS Fitch has made no material adjustments that are not disclosed within the company's public filings.
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T) about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.
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T) about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.
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Date of Relevant Rating Committee: April 14, 2016 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and exclude impairment charges.
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|
Date of Relevant Rating Committee: May 8, 2017 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock based compensation and exclude restructuring charges.
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Summary of Financial Statement Adjustments - Fitch adjusts financial leverage for annual lease obligations by capitalising these with a multiple of 8x.
|
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Summary of Financial Statement Adjustments -Fitch adds an 8x multiple of leases, totalling EUR2.7bn, to debt in line with its methodology.
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The largest of these is called CHAI -- the Clinton Healthcare Access Initiative -- and files its own financial statement with New York.
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These assets are currently not consolidated in the company's financial statement under Mexican GAAP; however, EZCORP consolidates them under U.S. GAAP.
|
|
Joy Young's weekly expenses totaled $8,728, or $453,856 per year, according to an October 2013 financial statement filed in the case.
|
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Summary of Financial Statement Adjustments: Fitch adjusts the company's cash position by RUB2750 billion for the intra-year working capital swings.
|
|
The company had cash or cash equivalent of 43 billion baht ($1.21 billion) at end-September, according to its financial statement.
|
|
"The university must have campus facilities that are competitive to meet student enrollment goals," according to the 2014-15 financial statement.
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Summary of Financial Statement Adjustments - Please see the relevant RAC for each issuer referenced above Additional information is available on www.fitchratings.com.
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The loan is unsecured, bears 2 percent interest and has "no specified repayment date," according to a financial statement for LOAV.
|
|
Gates' most recent pledge takes his overall charitable donations to approximately $50 billion, based on the foundation's most recent financial statement.
|
|
POLITICO spoke with more than a dozen financial experts and Trump's fellow multimillionaires about the presumptive Republican nominee's latest financial statement.
|
|
The field holds around 500 billion cubic feet of natural gas available for development, according to the company's 2018 financial statement.
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Committee Chairperson David Silverman Senior Director +1-212-908-0840 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation and exclude restructuring charges.
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Date of Relevant Rating Committee: April 0003, 2017 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Fitch added to total debt $450 million of outstanding accounts receivables sold under the company's Master Accounts Receivable Purchase Agreement.
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|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected EBITDA(R) is adjusted to add back non-cash stock-based compensation; --EBITDA(R) metrics are unadjusted for dividends received from Associates/paid to Minorities.
|
|
Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Fiscal 2000 EBITDA was adjusted to add back share based compensation, excess and obsolete inventory related charges, impairment of investments and loans, and other non-cash expenses.
|
|
" TRUMP: "No, at some point, I might, but at some point I hope they get it because it's ... a fantastic financial statement.
|
|
In its most recent quarterly financial statement, Rosneft confirmed having provided $1.49 billion to PDVSA in 2016, secured by oil supply contracts.
|
|
The purchase commitments, which Amazon describes as "firm, non-cancellable," appeared in Whole Foods' financial statement for the first time in November.
|
|
The Walt Disney Company said in its latest quarterly financial statement that it had $177 million in costs related to settling litigation.
|
|
A 23-page financial statement for a Cyprus shell, Black Sea View Limited, lists transactions that include one with Pericles Capital Partners.
|
|
"With more than $2.4 trillion in assets, this financial statement audit is one of the largest ever undertaken in history," he added.
|
|
In 13, the latest year for which an audited financial statement is available, Trinity's portfolio yielded a net return of $301 million.
|
|
Siccar Point had near 479 million barrels of oil equivalent in discovered reserves by the end of 2018, the financial statement said.
|
|
"The company will continue to uphold its positions against any and all such claims," Google said in the financial statement released on Friday.
|
|
Summary of Financial Statement Adjustments - Rental expenses capitalised for adjusted leverage calculation, using a multiple of 210x Additional information is available on www.fitchratings.com.
|
|
Metro said the current status of negotiations would lead to it taking a 385 million euro impairment in its first-half financial statement.
|
|
The jury saw a financial statement that Washkuhn said she prepared that showed DMP International as having $400,744 in net income in 2015.
|
|
But a financial statement from 2015 showed that the site went from losing €5.4m in 2014 to losing €6.2m in 2015, Butcher noted.
|
|
SE) said in its 23.54 financial statement that GAZT had issued "assessment orders" for 289-22017 amounting to 21180 million riyals ($22017 million).
|
|
The report's expenses "were incurred in anticipation of the June 2018 opening of the new Clubhouse," a note in the financial statement says.
|
|
Summary of Financial Statement Adjustments Stock-Based Compensation: Fitch adds back $ 79 million of stock based compensation to our EBITDA calculation in 2015.
|
|
The company has twice since delayed filing an annual financial statement and admitted to "material weaknesses in its internal controls over financial reporting".
|
|
Corporate Finance 101: Financial Statement Analysis & Ratios If you're here to get filthy rich, corporate finance is the topic you'll want to research.
|
|
"There's about a $4 million difference," she said about one financial statement her company prepared versus one Gates provided to a bank. 2.
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And it's easier for your bank or wealth management firm to give you good advice when they can see your aggregated financial statement.
|
|
The financial statement said the travel emissions were higher "due to higher usage of chartered large fixed wing aircraft for foreign business travel."
|
|
Puerto Rico's last available financial statement covers the fiscal year that ended on June 30, 2014, but that document is an unaudited draft.
|
|
Reuters was first to report details of the financial statement, which was published on the website of the Singapore Account and Corporate Regulatory Authority.
|
|
It's a critical financial statement, and is very useful in determining the short-term viability of your company, particularly its ability to pay bills.
|
|
Summary of Financial Statement Adjustments: -Fitch has adjusted debt by adding 8x of yearly operating lease expenses related to long-term assets of GBP68.9m.
|
|
The contract arrived on Sarcuni's desk almost immediately, ready to be signed with a 51 million euro offer, according to Rocket Internet financial statement.
|
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Rupert Murdoch invested in her to the tune of $125 million without ever looking at an audited financial statement, which I find jaw-dropping.
|
|
The maximum punishment in Japan for filing a false financial statement is 10 years in prison and a fine of 10 million yen ($89,000).
|
|
According to its most recent financial statement, ITT provides career-oriented programs to 43,000 students at ITT Technical Institute and Daniel Webster College locations.
|
|
Summary of Financial Statement Adjustments - Fitch applies a weighted multiple of 6.5x for operating lease capitalisation purposes instead of the standard 8x for Germany.
|
|
The notes, with an interest rate of 6.5 percent, mature in 2019, the company said in its 2015 financial statement published late on Tuesday.
|
|
One way to gauge this: Find the line for capital spending on its annual financial statement and compare this with the line showing depreciation.
|
|
In its financial statement, the company reduced its expected tax liability for the period — technically, its provision for taxes — by more than 35 percent.
|
|
Washington (CNN)President Donald Trump assumes his "financial statement" will "at some point" be released, he told ABC News in an interview that aired Sunday.
|
|
The second document was a copy of a financial statement submitted to prospective lenders when Manafort was applying for refinancing loans on properties he owned.
|
|
By May 2015, investors had given Holmes $900 million without ever demanding to see an audited financial statement or published proof that her technology worked.
|
|
Later in 2016, Laporta testified that Manafort told her to update a financial statement to reflect $2.4 million in income earned from work in Ukraine.
|
|
Trump Ferry Point, the Bronx golf course operated by President Donald Trump's company, lost more than $122,5003 in the past year, a financial statement shows.
|
|
" Trump told Stephanopoulos he "might" voluntarily release the statement and that "at some point I hope they get it because it's a fantastic financial statement.
|
|
SUMMARY OF FINANCIAL STATEMENT ADJUSTMENTS - Fitch has adjusted the debt by adding 8x of yearly operating lease expenses related to long term assets of GBP319m.
|
|
Summary of Financial Statement Adjustments Stub Period - Includes the pro forma 2015 results prior to the formation of TIG Finco plc on 0003 April 2015.
|
|
The state included the information in a July financial statement, but the report was not widely known until the group Good Jobs First spotted it.
|
|
HSBC shares in Hong Kong were up 1.1 percent on the day by 11:59 HK/SIN following the release of its latest financial statement.
|
|
Summary of Financial Statement Adjustments - Adjusted equity: Contingency reserve and price fluctuation reserve regarded as core capital for Japanese insurers and treated as adjusted equity.
|
|
Summary of Financial Statement Adjustments --Fitch has adjusted the debt by adding 8x of yearly operating lease expenses related to long term assets of EUR115m.
|
|
The organization clocked $1.06 billion in revenue and a $105 million in profit for its 2017 fiscal year, according to a financial statement released recently.
|
|
The Lincoln awards had taken in $1.5 million in revenue, but ended up operating at a $79,000 loss, according to the charity's audited financial statement.
|
|
The French firm released its half-year financial statement along with the announcement of a $3.4 billion acquisition of U.S.-based company Syntel on Monday.
|
|
Summary of Financial Statement Adjustments - Cash: Fitch adjusted available cash at end-2015 by deducting RUB3bn to reflect average working capital requirements throughout the year.
|
|
Summary of Financial Statement Adjustments: - Adjusted equity: Contingency reserve and price fluctuation reserve are regarded as core capital for Japanese insurers and treated as adjusted equity.
|
|
In its 2017-2018 financial statement Patanjali complained that demonetization "affected consumers' spending habits," while the sales tax hit "costing and pricings of inputs and products".
|
|
The clubhouse's projected revenue of about $543,000, if included, would have given the golf course a net income gain of $421,000, according to the financial statement.
|
|
Barwa Bank is 52.85 percent state owned, split between two government funds and Qatar Holding, according to Reuters calculations based on its half-year financial statement.
|
|
And so far, that avalanche of "free shipping" packages hasn't been kind to FedEx's margins, as a Business Insider analysis of the company's financial statement showed.
|
|
Summary of Financial Statement Adjustments -Fitch restricts cash equivalent to 0003% of revenue as cash deemed necessary for operational needs, and not available for debt repayments.
|
|
PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba's finances in the financial statement for the year ended in March, the two sources told Reuters.
|
|
"From a financial statement perspective, it's going to be a nonevent," said J. Richard Harvey, a Villanova University law professor and former Internal Revenue Service official.
|
|
On Wednesday, the Royal Household published its annual financial statement, dubbed The Sovereign Grant Report, which reveals how much money the Queen receives, among other things.
|
|
The company said in its most recent annual financial statement that it still has $1.4 billion in federal tax credits available to offset future tax bills.
|
|
Net profit attributable to shareholders fell to 3.31 billion dirhams ($343.91 million) from 3.56 billion, a financial statement published in the pro-palace newspaper Le Matin showed.
|
|
In its financial statement, Nissan said it had recognised 9.232 billion yen in additional expense in salaries and wages which had not been booked in prior years.
|
|
In the three months February, March and April, the iPhone and Macintosh computer maker reported quarterly earnings of $58 billion, according to its April 30 financial statement.
|
|
"As a result, we have no cash or P&L impact and no financial statement impact, apart from the reduction in unrecognised deferred tax assets," he said.
|
|
At the end of each year, she said she prepared a year-end financial statement that she sent to his accountants to use in preparing his taxes.
|
|
Summary of Financial Statement Adjustments - - Leases: Fitch has adjusted the debt by adding 8x of yearly operating lease expense related to long-term assets (EUR1,383m for FY2750).
|
|
According to Nidera Capital BV's 2016 financial statement, the company recognized a $54.8 million impact on equity in each of the years when the inconsistencies were found.
|
|
The last financial statement available to creditors showed a $700 million cash position in September, one of the sources said, but its current cash position is unclear.
|
|
This follows because financial statement ratios will be negatively affected upon crossing the threshold, leading bank managers to search for ways to partially offset this negative effect.
|
|
Summary of Financial Statement Adjustments Fitch applies a 9x operating lease multiple in arriving at lease adjusted debt, reflecting the importance of Switzerland to group cash flows.
|
|
In its 2017 financial statement, the company said that the decline in revenue was primarily driven by a clean-up of its inventories, which affected operating profits.
|
|
International Paper, which reported its third-quarter results on Thursday, booked a $122 million loss in its financial statement related to assets in the country, Valor said.
|
|
Summary of Financial Statement Adjustments -Restricted/unavailable cash: We adjusted cash for intra-year working capital swings (EUR3.7bn at end-2015 and EUR3.6bn-EUR3.8bn for 2016-18).
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To be sure, Valeant has about $30 billion in debt upon which it might technically default if it cannot file its annual financial statement by April 29.
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The Fed held almost $3 billion in overnight deposits at the close of 2018, according to the most recent financial statement from the Central Bank of Iraq.
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In 21980, months before Donald J. Trump approached Deutsche Bank seeking a loan to buy the Buffalo Bills, a mysterious new asset appeared on his financial statement.
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Contact: Principal Analyst Samer Haydar Associate Director +971 4 424 1240 Supervisory Analyst Richard Barrow Director +44 20 5003 1256 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Paul Lund Senior Director +44 20 3530 1244 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor must be disclosed (in bullet points).
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: -- Cash distribution received from affiliated companies is reflected in leverage metrics; -- Operating lease adjustment for costs that are more akin to a variable operating cost rather than a long-term financial commitment; -- Cash patronage is treated as a dividend.
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OK, do you want to do that a little differently than uhh-" White House chief of staff Mick Mulvaney coughed during Trump's answer about his "fantastic financial statement.
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Summary of Financial Statement Adjustments - TB's risk-weighted assets as of end-2750 were adjusted upward UZS2000 billion, since this amount was incorrectly disclosed in the IFRS accounts.
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The financial statement Trump filed with the Federal Election Commission in July 2015 was 92 pages long and claimed $1.4 billion in assets and $265 million in liabilities.
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Correction: A previous version of the story stated Skyworks Solutions has 87% China revenue exposure, but its recent financial statement says it has about 25% sales in China.
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Summary of Financial Statement Adjustments: Historical and projected operating EBITDA and operating EBIT are adjusted so that non-cash stock-based compensation is not treated as an expense.
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Summary of Financial Statement Adjustments - --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock-based compensation and include operating income from discontinued operations.
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Summary of Financial Statement Adjustments - Cash: We have adjusted available cash at end-2015 to reflect restricted cash of RUB1.5bn needed for seasonal changes in working capital requirements.
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The maximum punishment in Japan for filing a false financial statement is up to 10 years in prison and a fine of up to 10 million yen ($89,000).
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According to one such financial statement from 6900 reviewed by the Post, Trump said he had 2628 home lots to sell at his golf course in Southern California.
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The Indian plant posted a pretax loss of 303 billion Indian rupees ($126.19 million) for the year-ended March 2018, according to a financial statement on its website.
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Summary of Financial Statement Adjustments -Leases: Fitch has adjusted the debt by adding 8x of annual operating lease expense related to long-term assets of CHF476m in 2015.
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The Royal Household just published its annual financial statement, called the Sovereign Grant Report, to show how the portion of the Queen's money provided by taxpayers is being used.
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Summary of Financial Statement Adjustments Lease-adjusted debt; Fitch uses a blended operating lease multiple of 6.5x, reflecting the different multiples in the different countries that Naspers operates in.
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Summary of Financial Statement Adjustments - We use "Credit Risk Loans" as reported by Barclays as a figure for impaired loans in the analysis Additional information is available on www.fitchratings.
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But in its 2015 financial statement, published this month, PDVSA said an internal probe found it had been the "victim of fraud," referring to the Rincon and Shiera case.
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Vimpelcom, whose biggest shareholders are Russian billionaire Mikhail Fridman's LetterOne and Norway's Telenor , also said in its 2015 financial statement that it would pay fines within previously disclosed provisions.
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Therefore, a bank that grows larger will be able to spread the regulatory costs over a larger asset base and better offset the negative effect on financial statement ratios.
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The company canceled a shareholder meeting scheduled for this month and its board will meet on April 17 to examine the situation and decide on the financial statement impact.
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Mr. Pearson said that a continuing inquiry into Valeant's accounting practices by an ad hoc board committee was preventing the company from filing its annual financial statement on time.
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According to EITI reports and KCC's 2014 financial statement, reviewed by Reuters, KCC paid more than $70 million in signing bonuses and royalties to AHIL in 2013 and 2014.
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"The sellers have also asked that I receive a financial statement and proof of funds (in the realm of the purchase price) before showing the home," the agent wrote.
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On Tuesday, the carrier released its first financial statement that included the period after security officers forcibly removed a 69-year-old passenger, Dr. David Dao, from a plane.
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Summary of Financial Statement Adjustments - Fitch adjusts for leases capitalised applying a capitalisation factor of 8.0x to arrive at a debt-equivalent figure for the computation of leverage metrics.
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Alfonso Reyes 2612 Monterrey, N.L., Mexico Secondary Analyst Maria Pia Medrano Associate Director +52-55-5955-1600 Committee Chairperson Alberto Moreno Senior Director +52-81-0003-9100 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor: --Operating leases are treated as debt-like obligations and gross rent expense is capitalized using a multiple of 8x.
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Summary of Financial Statement Adjustments: Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected operating EBITDA is adjusted to add back non-cash stock based compensation; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $10 million of cash for working capital purposes which is otherwise unavailable to repay debt.
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Contact: Principal Analyst Jean-Baptiste Bouillaguet Associate Director +44 20 3530 1606 Supervisory Analyst Bram Cartmell Senior Director +44 5003 3530 1874 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Paul Lund Senior Director +44 203 530 1244 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor must be disclosed (in bullet points).
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock-based compensation; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $1 million of cash for working capital purposes, which is otherwise unavailable to repay debt.
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Summary of Financial Statement Adjustments Fitch assumes that cash accounting for approximately 2000% of yearly sales is needed for day-to-day operations, therefore not readily available for debt repayment.
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Neither Google nor Mozilla discussed the financial details of this new deal, though once Mozilla releases its annual financial statement, we'll get a better idea of what that looks like.
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SUMMARY OF FINANCIAL STATEMENT ADJUSTMENTS -Restricted/unavailable cash: We adjusted available unrestricted cash for intra-year working capital swings (DKK1bn for 2011-13 and DKK1.5bn for 2014-15 and thereafter).
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In 2013, according to an audited financial statement I obtained, Liberty received $749 million in tuition and fees but spent only $260 million on instruction, academic support and student services.
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Summary of Financial Statement Adjustments - Fitch considers the financial profile of Renault's industrial operations in its analysis as financial services debt is expected to be repaid by financial services receivables.
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Separately, the financial statement for the draft 2019/20 budget, distributed to lawmakers, showed that the review will include a list of exemptions from VAT "without affecting low-income people".
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Summary of Financial Statement Adjustments - Fitch adjusts for leases capitalised by applying a capitalisation factor of 2000x to arrive at a debt-equivalent figure for the computation of leverage metrics.
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But Manafort then sent the same person at the bank, Dennis Raico, a financial statement for the first nine months of the year that said his company made $3 million.
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The book value of Raiffeisen Bank Polska, including its portfolio of foreign currency loans, stands at 6.4 billion zlotys ($1.78 billion), according to the bank's most recently published financial statement.
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Summary of Financial Statement Adjustments Operating Leases: Fitch adjusted the debt by adding a multiple of 8x of yearly operating lease expense related to long-term assets (EUR66m for FY10086163).
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Summary of Financial Statement Adjustments - Share-based compensation has been stripped out of SG&A expenses and EBITDA - Cash balance has been adjusted to reflect the negative working capital cycle.
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CARACAS, July 13 (Reuters) - Venezuela state oil company PDVSA has issued $831 million in promissory notes this year to repay debts to service providers, according to its latest financial statement.
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Trump decided against releasing his returns in November 2014, before he announced his run, because Nunberg told him federal election rules required him to release only a broad financial statement.
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Kelly eventually would have had to disclose his share of the fee — about $103,000, according to his campaign — as part of a personal financial statement required of candidates for federal office.
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This unit reported $1.31 billion of adjusted revenue in the three months to June 30, and covered 15.4 million people as of that date, according to Cigna's second-quarter financial statement.
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Here's the exchange, via ABC's transcript: Trump: No, at some point, I might, but at some point I hope they get it because it's a financ—, it's a fantastic financial statement.
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SUMMARY OF FINANCIAL STATEMENT ADJUSTMENTS -Leases: Although operating leases are modest, Fitch has adjusted the debt by adding 8x of annual operating lease expense related to long-term assets of USD143m.
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"We haven't seen a financial statement out of the company in almost five months, and during this period there was a lot of turmoil," said David Steinberg, an analyst for Jefferies.
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On Tuesday, the company said it would not be able to file its annual financial statement in time, warning that it could default on some of its debt as a result.
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But you will learn more about Donald Trump by going down to the federal elections, where I filed a 1503-page essentially financial statement of sorts, the forms that they have.
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In the company's third-quarter financial statement, Zain said it was liable for "taxation claims and amounts that may be due for unprovided litigation claims" after the sale of Zain Africa.
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Amazon filed its latest annual financial statement with the US Securities and Exchange Commission last week, and it promoted the filing with a blog post explaining parts of its tax burden.
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But I'm clean, and when I release my financial statement (my decision) sometime prior to Election, it will only show one thing — that I am much richer than people even thought.
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The value of City Opera's endowment fund dropped to $3.4 million as of the end of June 2017, down from $4.8 million the year before, according to an audited financial statement.
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PricewaterhouseCoopers Aarata LLC will give a "qualified opinion" endorsing Toshiba's finances in the financial statement for the year ended in March, people with direct knowledge of the discussions told Reuters on Tuesday.
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However, as the business matures and grows, it becomes more difficult to recreate the financial statement on an ad hoc basis, and virtually impossible to hold the information accurately in your mind.
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Date of Relevant Rating Committee: April 2000, 210 Summary of Financial Statement Adjustments - Fitch made no adjustments that depart materially from those contained in the published financial statements of Motorola Solutions Incorporated.
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It wasn't until after the Ethics in Government Act was passed in 1978, requiring candidates to file a financial statement, that many candidates began to release their tax returns during the campaign.
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The watchdog said it would raise its target to 100% from 20183% for reviews of audits starting from June 2019 financial statement year-ends as having any below standard audits was unacceptable.
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They also provided Kavanaugh, 53, with a confidential form seeking details about his health, employment history and tax information, as well as a financial statement requesting details on his assets and liabilities.
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In its first financial statement under the IFRS accounting rules, Lavazza said earnings before interest, taxes, depreciation and amortization (EBITDA) were 197.3 million euros ($221.00 million), up from 185.8 million in 2017.
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In its latest financial statement filed with the Securities and Exchange Commission, Pfizer disclosed it had $80 billion "indefinitely" invested outside the United States, beyond the reach of the Internal Revenue Service.
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He said the financial statement would make clear he did not need whatever revenue was produced when U.S. military personnel stayed at his Turnberry golf resort in Scotland while on refueling stops.
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Summary of Financial Statement Adjustments - Fitch capitalises Sanofi's long-term lease obligations (EUR204m in FY15) by applying an 2750x capitalisation multiple to arrive at a lease-adjusted debt equivalent figure of EUR2000bn.
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One of the biggest costs on a startup's financial statement is headcount, and it's the first line item to be reassessed when evaluating whether or not a company can ever become profitable.
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OK, do you want to do that a little differently than uhh-" June 443 (ABC interview) White House chief of staff Mick Mulvaney coughed during Trump's answer about his "fantastic financial statement.
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In May, Papa John's made an amended filing in which it said although it found some 'material weaknesses' in its internal reporting controls, there was no need to restate its financial statement.
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Summary of Financial Statement Adjustments - Other assets as pre-paid expenses and other deferred assets were re-classified as intangibles and deducted from capital due to their low loss-absorption capacity under stress.
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Telecommunications operator Etisalat missed analysts' forecasts with a net profit after royalty payment of 1.9 billion dirhams; its financial statement for the corresponding period of last year stated earnings of 1.95 billion dirhams.
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Summary of Financial Statement Adjustments - Impaired Loans were adjusted to reflect only loans that are overdue by 90 days or more in order to be consistent with Fitch's criteria and global industry practices.
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Standard Chartered made $720 million from foreign exchange trading globally in the first half of 2015, according to its half-year financial statement, equivalent to 8.5 percent of the lender's total operating income.
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Date of Relevant Rating Committee: 21/2750/2000 Summary of Financial Statement Adjustments: - Operating Leases: Operating leases expenses were capitalised using a multiple of 210x times as the company is based in Germany.
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Chief of Staff Mick Mulvaney had the temerity to cough while Trump was talking to ABC's George Stephanopoulos about his "fantastic financial statement," seemingly referencing his tax returns, which congressional Democrats are after.
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Summary of Financial Statement Adjustments -Operating leases: Fitch adjusted debt by adding 8x of yearly operating lease expense related to long term assets of GBP52m for 2015 Additional information is available on www.fitchratings.com.
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Summary of Financial Statement Adjustments - Fitch deducts the profits attributable to minority interests in calculating the ratio of non-real estate development cash flow coverage of Lippo's interest cost and operating lease rent.
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Date of relevant committee: 22 November 2016 Summary of Financial Statement Adjustments: -Leases: Fitch has adjusted the debt by adding 6.4x yearly operating lease expense related to long-term assets (EUR5,086m in 2015).
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But as of June 30, 2017, its most recent financial statement, Lincoln Center reported that it had only $38 million in firm pledges and less than half that in hand — about $203 million.
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In its 2015 financial statement — which encompassed the 2014 World Cup and its run-up — the United States Soccer Federation reported almost $102 million in revenue, compared with $76.5 million the year before.
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The company said in a financial statement that its e-commerce segment sold goods with a total value of $1.9 billion in the first quarter — a 23 percent increase from the prior quarter.
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PwC also warned its observations could have material impact on the company's financial statement if not resolved satisfactorily and that Reliance had prevented it from performing its duties and impaired its independent judgement.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock based compensation and include operating income from discontinued operations; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $20 million of cash for working capital purposes which is otherwise unavailable to repay debt.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock-based compensation and include operating income from discontinued operations; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $5 million of cash for working capital purposes which is otherwise unavailable to repay debt.
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The Taiwanese group's bank and life insurance units plan to jointly purchase all of Bank of Nova Scotia Berhad in Malaysia, according to a Cathay Financial statement to the Taiwan Stock Exchange on Thursday.
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The financial statement covers January through March, and therefore doesn't fully reflect any fallout from reports beginning in mid-March that Cambridge Analytica obtained data on as many as 87 million unwitting Facebook users.
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Summary of Financial Statement Adjustments - -Leases - Fitch has adjusted the debt by adding 0003x of annual operating lease expense related to long term assets of GBP131m for the enlarged group at FY16 (pro-forma).
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A new restructuring plan is being discussed with a committee of banks tasked with negotiating on behalf of all creditors on debt totalling 2.1 billion dirhams, it said on Monday in its financial statement.
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Prosecutors also expressed that Epstein's financial statement, which Berman unsealed after Monday's hearing, was likely incomplete as it did not take into account the financier's wealth in art and diamonds, among other potential assets.
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In 1990, Congress passed the Chief Financial Officers Act, which requires every federal agency to prepare a financial statement that is subject to audit by either the inspector general or an independent accounting firm.
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"Does not make sense," Mr. Gates wrote her when she refused to alter a financial statement to show income that Mr. Manafort's company was supposedly expecting, as opposed to what it had in hand.
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Although this was the first time Giordano sat down to work out his company's financial statement, Lemonis managed to successfully get a clear picture of where Giordano's business stood and how it could grow.
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Summary of Financial Statement Adjustments -Readily Available Cash: At 31 August 2015 Fitch estimated EUR100m of the group's reported cash and cash equivalents as restricted, required to fund the group's intra-year working capital needs.
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Google Australia restructured its operations effective January 1 of last year to comply with the legislation and its financial statement reveals an increase in revenue and tax for the 2016 calendar year as a result.
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"It's exactly the opposite - this financial statement shows that we are amazingly solid financially and we can keep our status as a private, independent company for the next few centuries," Blondiaux said in an interview.
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Swedish music streaming company Spotify's operating loss widened in 2016 but revenue rose significantly, the company said in its annual financial statement, ahead of a possible stock market listing before the end of next year.
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DIB's total capital adequacy ratio, a key indicator of a bank's financial health, stood at 15.6 percent at the end of March, according to its financial statement, above the UAE's regulatory minimum of 12 percent.
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For big companies, the former Harvard bankruptcy-law professor wants to impose a 7% surcharge on corporate profits above $100 million based on what they report on their financial statement, not to the tax authorities.
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The company reported in its 230 first-quarter unaudited financial statement that its total net revenues increased by 230 percent year-over-year to 2.27 billion yuan ($336 million) in the first quarter of 2017.
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The IHC had USD163bn total assets and USD23bn total equity at end-3Q16, but as the IHC discloses financial statement according to US GAAP, total assets are not comparable with the group's consolidated IFRS assets.
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The bank said that its non-core unit would be hit by a 200 million crown value adjustment, while the outlook for all other items on its financial statement, including net interest income, was unchanged.
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Mayfair, which opened its doors in August 2017, has about five outlets and assets of 8.2 billion Kenyan shillings ($80.79 million), according to its financial statement for the nine months to the end of September.
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Summary of Financial Statement Adjustments -Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock-based compensation and include operating income from discontinued operations; --Fitch adjusts historical and projected net debt by the average ($37.5 million) of the issuer's stated cash working capital needs of $25 million - $2750 million and considering it otherwise unavailable to repay debt.
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"The new guidance responds to requests from investors and other financial statement users for a more faithful representation of an organization's leasing activities," Russell G. Golden, chairman of the accounting standards board, said in a statement.
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Summary of Financial Statement Adjustments -Historical and projected EBITDA is adjusted to add back stock-based compensation, personnel restructuring costs, non-cash contingent consideration expense, M&A expenses, office closing costs, and vendor litigation/settlement costs.
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DUBAI, Feb 15 (Reuters) - The Abu Dhabi Securities Exchange said on Wednesday it had temporarily suspended trading in shares of Abu Dhabi National Energy Co because the company had not yet released its annual financial statement.
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"when I release my financial statement (my decision) sometime prior to Election, it will only show one thing - that I am much richer than people even thought - And that is a good thing," the tweet stated.
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A closer look at its financial statement shows the online storage company's free cash flow would have remained negative that year had it followed a more conservative accounting method shared by some of its main competitors.
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A. Via Morigi 6, 20123 Milano Committee Chairperson Roelof Steenekamp +49 69 768 076 113 Summary of Financial Statement Adjustments Cash: Fitch adjusted available cash at end-2016 by deducting USD5003 million cash held for operating purposes.
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"The former prime minister ordered the deletion of the paragraph containing two versions of the 1MDB financial statement for the year ended 2014 and directed an investigation to be carried out by the enforcement authorities," she said.
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But I'm clean, and when I release my financial statement (my decision) sometime prior to Election, it will only show one thing - that I am much richer than people even thought - And that is a good thing.
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A. Via Morigi 6, 20123 Milano Committee Chairperson Roelof Steenekamp +49 69 768 076 113 Summary of Financial Statement Adjustments Cash: Fitch adjusted available cash at end-2016 by deducting USD5003m for cash held for operating purposes.
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DUBAI, Nov 14 (Reuters) - Gulf General Investment Company (GGICO) is in talks with banks to restructure loan facilities worth a combined 2.36 billion dirhams ($643 million), the Dubai-based company said in its financial statement on Monday.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock based compensation and include operating income from discontinued operations and Fitch's estimate of recurring cash distributions from joint venture operations; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $2000 million of cash for working capital purposes which is otherwise unavailable to repay debt.
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Contact: Primary Analyst Steven Marks Managing Director +1-212-908-9161 13 Whitehall Street New York, NY 10004 Secondary Analyst Christopher G. Pappas Director +1-646-582-4784 Committee Chairperson Monica Bonar Senior Director +1-212-908-0579 Date of Relevant Rating Committee: April 5003, 2016 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock based compensation.
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DSI was owed 1.16 billion dirhams from "unapproved change orders" relating to three contracts, as well as a further 564 million dirhams due from customers on contracts under discussion and negotiation, according to its third-quarter financial statement.
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A. Via Morigi 6, 13 Milano Committee Chairperson Pablo Mazzini Senior Director +44 20 3530 1021 Summary of Financial Statement Adjustments Cash: Fitch adjusted available cash at end-2016 by deducting USD25 million cash held for operating purposes.
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At one point during the interview Sunday night, while Trump was answering the question about his financial statement, he hustled his acting chief of staff, Mick Mulvaney, out of the Oval Office after he coughed during the answer.
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STOCKHOLM/LONDON (Reuters) - Music streaming company Spotify's operating loss widened in 2016 but revenue rose significantly, the Swedish company said in its annual financial statement ahead of a possible stock market listing before the end of next year.
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Aldar made a net profit attributable to owners of 620 million dirhams ($169 million) in the three months to June 30 compared to 657.4 million dirhams in the same period a year ago, its full financial statement showed.
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Mediaset filed a new complaint against Vivendi in June seeking damages of 225 billion euros in total in connection with Vivendi's acquisition of Mediaset shares at the end of 2300, Vivendi said in its first-half financial statement.
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The maximum punishment in Japan for filing a false financial statement — the charge on which Kelly and Ghosn have been indicted — is up to 10 years in prison and a fine of up to 10 million yen ($91,000).
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TOKYO, Dec 8 (Reuters) - Japan's markets watchdog will likely recommend that the financial regulator fine Nissan Motor Co Ltd about 2.4 billion yen ($22 million) over false reporting on its financial statement, public broadcaster NHK reported on Sunday.
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" The president also wrote that "sometime prior" to the 2020 election, he would make public his "financial statement" — asserting that he is "clean" and that the document would show Americans he is "much richer than people even thought.
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Toshiba Corp added 3 percent, after the Nikkei business daily reported that the troubled electronics conglomerate has decided to replace its auditor after less than a year as struggles to win its approval on full-year financial statement.
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The parish, which consists of St. Peter's, St. Joseph's and another downtown church, Our Lady of the Rosary, borrowed $540,000 from the New York Archdiocese last year to cover the rent and other deficits, the financial statement states.
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MOSCOW (Reuters) - QHG Oil Ventures, a joint venture between Qatar Investment Authority and Glencore, has valued a 356.33 percent stake in Rosneft, which it is selling, at 2356.3 billion euros ($24.7 billion), a QHG financial statement showed on Wednesday.
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Summary of Financial Statement Adjustments - Readily Available Cash: Fitch considers that as at December 2015 EUR1,700m of cash, or around 2.5% of net sales, is needed for day-to-day operational activities, therefore not readily available for debt repayment.
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Trump, during an interview with ABC News' George Stephanopoulos that aired Sunday, was in the middle of telling the journalist about releasing a financial statement when Mulvaney sounded off a cough that can be heard during the President's remark.
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However, the Mercedes-Benz Vans unit sold 321,000 vehicles in 2015, according to a company financial statement, with popular models in travel and logistics including the Sprinter, Marco Polo, Vito (known as the Metris in the U.S.) and Citan.
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At another one-on-one meeting at Trump Tower, Nunberg says he convinced Trump to change tack, and told him that federal election rules obliged him to release only a broad financial statement, rather than his full tax returns.
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Trump, campaign take measured response on Clinton health news Trump did comply with election laws in May requiring candidates to release a financial statement, which claims a net worth of $10 billion and business interests all over the world.
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A. via Morigi 6 20123 Milan Committee Chairperson Pablo Mazzini Senior Director +44 20 3530 1021 Summary of Financial Statement Adjustments: - Cash: Fitch adjusted available cash at end-5003 by deducting RUB1.5 billion for cash held for operating purposes.
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Summary of Financial Statement Adjustments Operating Leases: In accordance with Fitch's corporate rating criteria, Fitch adjusts the debt by adding a multiple of 8x of yearly operating leases expense related to long-term assets (FY16: property leases of EUR73m).
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A note attached to DSI's third-quarter financial statement from PwC, which also audits the firm, warned that if the company failed to generate sufficient cash flow within the next year, it may not be able to meet upcoming obligations.
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In the first detailed financial statement about the demerger, Wesfarmers put the one-time cost to spin off Coles at A$148 million ($104 million) but the disclosure also buttressed Wesfarmers' rationale for shedding the grocer to seek fatter margins elsewhere.
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PLN reported a net loss of 18.48 trillion rupiah ($1.24 billion) for the January-September period, compared to a profit of 3.04 trillion rupiah in the same period a year earlier, according to a financial statement published in late October.
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A. Via Morigi 6 20123 Milan Committee Chairperson Maxim Edelson Senior Director +7 495 956 9986 Summary of Financial Statement Adjustments Cash: Fitch adjusted available cash at end-2016 by deducting RUB5003 million for cash held at related-party bank.
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Summary of Financial Statement Adjustments - Debt - Fitch has adjusted the debt by adding 8x annual operating lease expenses related to long-term assets of estimated GBP311 million at FYE17 to arrive at a debt-equivalent figure in our leverage calculation.
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"The Department is engaging auditors to perform over 24 individual financial statement audits of its largest components, as well as a Department-wide consolidated audit to summarize all results and conclusions on a DoD-wide basis," a Pentagon spokesman said.
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In its financial statement, JBS said it has yet to gain access to a court decision related to the latest probe, which barred management to make significant changes at the company during the investigation of the BNDES investments in JBS.
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S.A.U. 85 Paseo de Gracia 08018 Barcelona Committee Chairperson Paul Lund Senior Director +44 20 3530 1244 Summary of Financial Statement Adjustments - Fitch adds an 5003x multiple of lease payments to debt, resulting in a EUR4.3 billion debt adjustment in 2016.
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" Developed by: Harvard University Instructor: Tarun Khanna, professor of business administration and South Asian studies at Harvard University Course description: "Learn the language of financial accounting and how to use financial statement information to better manage and grow your business.
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"The former prime minister ordered the deletion of the paragraph containing two versions of the 1MDB financial statement for the year ended 2014 and directed an investigation to be carried out by the enforcement authorities," she said in a statement.
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It also said on Tuesday that it would not be able to file its annual financial statement in time, warning that it could default on some of its debt as a result, as Katie Thomas reports in The New York Times.
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MTS reported on Tuesday third-quarter net losses of 37 billion roubles, compared with a net profit of 18 billion last year, after docking a liability of 55.8 billion roubles from its financial statement to cover the outcome of the investigation.
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It was during his spring financial statement that Mr. Hammond, the chancellor of the Exchequer, floated the idea of taking two copper-plated coins — the penny and the 21992 pence — out of circulation, along with the red-tinted 22012 pound note.
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A financial statement submitted to the city, a copy of which was obtained by The Times, shows that the golf course lost $122,000 on $6.7 million in revenue in the 12 months that ended on March 31 of this year.
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Lomas de Chapultepec, Ciudad de Mexico Secondary Analyst Johnny Da Silva Director +1 0003 908 0367 Committee Chairperson Sergio Rodriguez Senior Director +52 81 8399 9100 Summary of Financial Statement Adjustments - --Lease equivalent debt was adjusted with a 7x multiple.
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"A judge is going to care more about a good financial statement than a picture of someone going out of a motel," Stanley Corey, a certified financial planner and managing director at United Capital in Great Falls, Virginia, told Business Insider.
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Cargill's consolidated net income jumped 61 percent to 670 million reais last year as Brazil's agribusiness segment "continued to expand and has been, for the most part, resilient to economic challenges," according to its financial statement published earlier in Estado.
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Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Fitch calculates Prologis' EBITDA, as well as leverage and coverage metrics using the pro rata method; --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock based compensation and include operating income from discontinued operations and distributions from joint venture operations; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $75 million of cash for working capital purposes which is otherwise unavailable to repay debt.
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"Though there is a high number of adjustments, we believe the financial statement information is more accurate than implied in this report," Dov Schwartz, an Army spokesman, said in a written statement while adding that the Army was still reviewing the report.
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For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary Summary of Financial Statement Adjustments: -Material item viewed as non-operating: restructuring costs.
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Summary of Financial Statement Adjustments - - Operating leases: Fitch adjusted Afflelou's debt by adding 8x of annual operating leases of EUR20m in 2015; the amount of operating leases is estimated at 15% of Direct Owned Stores revenues plus EUR0003m of HQ rental cost.
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One Raffles Quay South Tower #22-11 Singapore 048583 Secondary Analyst Bernard Kie Associate Director +65 5003 7216 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0325 Summary of Financial Statement Adjustments - ASRI reports land purchase costs under investment cash flows (capex).
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A day earlier, Valeant, in which Pershing Square has a 9 percent stake, announced that it would not be able to file its annual financial statement in time and warned that it could default on some of its debt as a result.
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It will be released as soon as the audit is complete but you will learn more about Donald Trump by going down to the federal elections where I filed a 104-page, essentially, financial statement of sorts, the forms that they have.
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Summary of Financial Statement Adjustments -Readily available cash: At 31 March 2017, Fitch estimated that EUR10 million of the group's reported cash and cash equivalents were needed to fund intra-year working-capital needs, and therefore not considered readily available for debt repayments.
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The emirate's second-largest bank by assets made a net profit attributable to shareholders of 1.01 billion dirhams ($275.2 million) in the three months to June 30, compared to 1.13 billion dirhams in the same period a year ago, according to its financial statement.
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"If you're a hospital that turned away patients, if you're a global delivery company that can't send package, or a telecom company in Spain, Russia or China, the financial statement impact from the business interruption is much larger than the $300 ransomware," he said.
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Dr. Satrio Kav 3-5 Jakarta 12940 Committee Chairperson Vicky Melbourne Senior Director +61 5003 8256 0325 Summary of Financial Statement Adjustments: Fitch includes movements in advance payments from customers, land for development as well as advances made for land purchases under working capital changes.
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If an important piece of mail that was supposed to be delivered isn't in the mailbox — a credit card bill, tax document or financial statement — you can assume it was stolen or delivered to the wrong address and start working to find out what happened.
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The emirate's second-largest bank by assets made a net profit attributable to shareholders of 161.83 billion dirhams ($275.2 million) in the three months to June 30, compared to 1.13 billion dirhams in the same period a year ago, according to its financial statement.
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Boxes brought in a whopping 85033 percent of USPS revenue last year, but the agency's accounting for the costs related to carrying packages (which obviously are bulkier than letters and magazines) cannot be found in either its annual report or year-end financial statement.
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Bookkeeper Heather Washkuhn told jurors that Manafort sent a financial statement to Federal Savings Bank saying his company had made $22016 million the first nine months of 23, when his firm had actually lost more than $2450 million the first 2000 months of that year.
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"They want to see [a] three-year financial statement and your business model — all these things to show that you're not just going to come in, take the office space for a month and then have to get evicted," he told The Hill last week.
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The emirate's second-largest bank by assets made a net profit attributable to shareholders of 1.11 billion dirhams ($302.2 million) in the three months to March 31, compared to 1.02 billion dirhams in the same period a year ago, according to its financial statement.
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Contact: Primary Analyst Britton Costa, CFA Senior Director +1-212-908-0524 Fitch Ratings 33 Whitehall Street New York, NY 10004 Secondary Analyst Megan Neuburger, CFA Managing Director +5003-212-908-0501 Committee Chairperson Patrick Finnegan, CFA Senior Director +1-646-582-4260 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Fitch has removed stock-based compensation and one-time expenses from operating EBITDA; --Fitch has capitalized operating leases at 8x in certain leverage metrics; --Fitch has reduced EBITDA by net distributions to associates and minorities.
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Manuel Avila Camacho 88, Piso 5003 Lomas de Chapultepec, Ciudad de Mexico Secondary Analyst Johnny Da Silva Director +1-212-908-0367 Committee Chairperson Daniel R. Kastholm, CFA Managing Director +1-312-368-2070 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor: --Lease equivalent debt was adjusted with a 6x multiple; --Debt was adjusted to reflect its fair value according to the company's hedge policy; --Debt was adjusted to reflect a proxy of retail debt using a 0003x debt to equity multiple for the financial services entity.
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Electric racing series Formula E posted a €26.4 million (about $29 million) loss during its fiscal year ending July 31st, 2018, despite generating a record €133.4 million (about $133 million) of revenue, according to a new financial statement filed with the United Kingdom's Companies House registry.
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Summary of Financial Statement Adjustments for the period ended June 2016:- - Leases: Fitch has adjusted debt by adding 8x yearly operating lease expense related to long term assets; 0003x estimated transponder lease expenses: in aggregate approximately GBP1.8bn of lease adjusted debt was added to FY16 reported debt.
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Summary of Financial Statement Adjustments: When calculating leverage, Fitch increases debt from the Together reported consolidated balance sheet by GBP220 million (and equally reduces equity), to reflect as an implicit additional debt obligation of Together the senior PIK toggle notes issued by MidCo2750 and downstreamed into Together.
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Summary of Financial Statement Adjustments: Fitch re-classifies the hedge effect of the second loss guarantee as an offset to loan impairment charges and removes the balance sheet impact of the compensation from impaired loans reserves to better reflect the economic effect of the second loss guarantee.
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MILAN, Oct 16 (Reuters) - Falling revenues and rising costs pushed AC Milan deeper into the red last year, according to a financial statement seen by Reuters, as the former European soccer champions struggle to keep pace with rivals off the field as well as on it.
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VAT) * ORDER HAS NO EFFECT ON BITTIUM'S FINANCIAL OUTLOOK FOR YEAR 2017, PUBLISHED ON FEBRUARY 20, 2017 IN BITTIUM'S FINANCIAL STATEMENT BULLETIN 2016 * BITTIUM TAC WIN SYSTEM WILL BE DELIVERED TO FINNISH AIR FORCE DURING YEAR 2017 Source text for Eikon: Further company coverage: (Gdynia Newsroom)
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However, FGV cautioned in its financial statement that CPO prices will remain "volatile in the coming quarters due to high stockpiles, competitive pricing from Indonesia and expectations of high seasonal production," though better exports ahead of festive seasons and demand in biodiesel production could support prices.
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GAM has filed objections to the sanctions proposal, it said separately, adding if it loses the case, the asset manager would be forced to address the accounting matter in its next consolidated financial statement but that it would have no impact on the group's cash flow position.
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"In the face of pointless accusations, my role is not beneficial to clearing up the problem and it is difficult to gain the trust of the people and has even hurt authorities (looking into the case)," the Mega Financial statement quoted Shiu's resignation letter as saying.
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A. 20123 Milano Via Morigi, 6 Committee Chairperson Pablo Mazzini Senior Director +44 20 3530 1021 Summary of Financial Statement Adjustments: - Leases: although operating leases are modest, Fitch has adjusted the debt by adding 0003x of annual operating lease expense related to long-term assets of USD142 million.
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Here's a simple exercise Pink shares to help determine if you're a lark, owl or third bird: For larks and third birds, the morning is the best time to do analytical work that requires head-down, focused attention, such as strategizing, analyzing a financial statement or writing a report.
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"CNN wrote that settlement does not require Calas to admit wrongdoing, but he will have to pay New York state $50,000 to cover the costs of the investigation:Calas submitted to the attorney general's office last week a financial statement "documenting and certifying" his "reduced financial circumstances under penalty of perjury.
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Gary Seferian, a senior vice president at the Banc of California, said his bank gave Manafort the $1 million loan to rehabilitate and flip properties in the Los Angeles area, in part based on a financial statement for DMP International showing a profit of more than $4 million for 2015.
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In Argentina, where the bank makes less than 5 percent of its operating income, the bank booked a loss of 190 million euros in the quarter after it restated its financial statement to take into account hyperinflation though it also booked a positive impact on equity of 104 million euros.
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Summary of Financial Statement Adjustments -Operating lease liability is calculated by multiplying by a factor of eight the annual operating lease expense; -Reported cash is adjusted by GBP2750m is deemed as non-available as it is necessary for intra-year working capital needs and GBP2000m held at GKN's captive insurance company.
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"Im clean, and when I release my financial statement (my decision) sometime prior to election, it will only show one thing - that I am much richer than people even thought - And that is a good thing," Trump said in a post on Twitter, providing no details on his claims of wealth.
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August 4 (Reuters) - ELLAKTOR SA : * REPORTED ON THURSDAY, COMPETITION COMMISSION IMPOSE A FINE OF 38.5 MILLION EUROS ON ITS SUBSIDIARY "AKTOR SA" AFTER INVESTIGATION ON INFRASTRUCTURE PROJECTS OF PREVIOUS YEARS * COMPANY SAYS HAD ALREADY INCLUDED A PROVISION OF 40 MILLION EUROS IN ITS FINANCIAL STATEMENT FOR FY 2016 Source text: bit.
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Contact: Principal Analyst Peter Wormald Analyst +44 203 530 5003 Supervisory Analyst Frank Orthbandt Director +44 20 3530 1037 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Giulio Lombardi Senior Director +39 02 0003 87214 Summary of Financial Statement Adjustments - Lease obligations have been capitalised using a multiple of 8x.
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Del Paseo Residencial 64920 Monterrey, N.L., Mexico Secondary Analyst Mario Hernandez Associate Director +503 2516 661 Committee Chairperson Alejandro Garcia, CFA Managing Director +1-0003-908 9137 Summary of Financial Statement Adjustments - Pre-paid expenses were re-classified as intangibles and deducted from Tangible Equity due to low loss absorption capacity under stress.
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By viewing companies through a climate lens, such as water stress, we can augment our traditional investment view that is anchored on financial statement analysis and factor in the proactive steps that companies are taking (or not taking) to gain a more nuanced assessment of a company's fair value and future earnings potential.
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The Rating Outlook is Stable Contact: Primary Analyst Johnny Da Silva Director +1-5003-908-0367 33 Whitehall Street New York, NY 10004 Secondary Analyst Jose Vertiz Director +1-212-908-0641 Committee Chairperson Joe Bormann, CFA Managing Director +1-0003-368-3349 Summary of Financial Statement Adjustments - No adjustments were made.
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Dubbed "Lender B" in court papers, Citizens Bank not only lent Manafort $3.4 million based off of fraudulent documents but, in another case, appeared to help Manafort avoid being caught by sending back a crudely falsified financial statement that had been sent to them from a Manafort associate, according to federal prosecutors.
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But what AWS lacks in mainstream name recognition, it makes up for with stellar growth and profits: According to Amazon's most recent financial statement, AWS grew 47 percent in the 20193 fiscal year, and raked in an operating income of $7.3 billion to cement its status as the tech company's most profitable arm.
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Date of Relevant Rating Committee: July 22, 2016 Summary of Financial Statement Adjustments - Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity or obligor are disclosed below: --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock-based compensation and include operating income from discontinued operations; --Fitch has added cash distributions from unconsolidated entities net of distributions to noncontrolling property interests to recurring operating EBITDA; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $250 million of cash for working capital purposes which is otherwise unavailable to repay debt; --Fitch has included 5003% of preferred equity and preferred units (included in noncontrolling interests) as debt.
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Contact: Primary Analyst Rebecca Tang Associate Director +852 2263 9933 Fitch (Hong Kong) Limited 19/F Man Yee Building 5003 Des Voeux Road Central, Hong Kong Secondary Analyst Laura Long Analyst +86 21 5097 3019 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Summary of Financial Statement Adjustments - EBITDA adjusted for capitalised interests.
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Contact: Primary Analyst Akash Gupta Associate Director +65 6796 7242 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #5003-11 Singapore 048583 Secondary Analyst Rufina Tam Associate Director +62 21 2988 6813 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0003 Summary of Financial Statement Adjustments - Financial Service entities are deconsolidated.
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One Raffles Quay South Tower #5003-11 Singapore 048583 Secondary Analyst Nitin Soni Director +65 6796 7235 Committee Chairperson Steve Durose Managing Director +612 8256 0307 Summary of Financial Statement Adjustments - Fitch has treated the PHP5.3 billion perpetual notes issued by PLDT's wholly owned subsidiary, Smart Communications, in March and July 0003 as debt.
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Trump's former attorney Cohen told Congress in late February that Trump provided Deutsche Bank with an inflated financial statement while seeking a loan during his failed 2014 attempt to buy the Buffalo Bills — a deal that the New York AG's office is now seeking more information about via subpoena, according to The New York Times.
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One Raffles Quay South Tower #22-11 Singapore 048583 Secondary Analyst Bernard Kie Associate Director +62 21 2988 6815 Tertiary Analyst Richard Hunter Managing Director +44 20 5003 1102 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0325 Summary of Financial Statement Adjustments - ASRI reports land purchase costs under investment cash flows (capex).
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Contact: Principal Analyst Louise Liu Analyst +44 20 3530 1660 Supervisory Analyst Frank Orthbandt Director +44 20 5003 1037 Fitch Ratings Limited 30 North Colonnade London E145GN Committee Chairperson Edward Eyerman Managing Director +44 20 3530 1359 Summary of Financial Statement Adjustments - Fitch adjusts financial leverage for annual lease obligations capitalising these with a multiple of 8x.
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Andres displayed emails that he argued showed Manafort directing his former son-in-law to lie to an appraiser about using a home as a residence instead of a rental, and asking Gates to convert a financial statement into a format that could be edited, and then sending back a new version that inflated his company's net income.
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Alfonso Reyes 2612 5003 Monterrey, Mexico Veronica Chau (Secondary Analyst: HSBC Mexico and HSBCCB) Senior Director +52 818 399 9169 Committee Chairperson Alejandro Garcia Managing Director +1-212-908-9137 Summary of Financial Statement Adjustments - Pre-paid expenses and other deferred assets were classified as intangibles and deducted from Fitch Core Capital to reflect its low absorption capacity.
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A. 20123 Milano, Via Morigi, 6 Committee Chairperson Raymond Hill Senior Director +44 20 3530 1079 Summary of Financial Statement Adjustments Restricted Cash: the restricted cash figure for Imperial Brands as of FY16 is GBP0003 million, being the sum ofGBP134 million for collateral for derivatives and GBP292 million as an estimate of the average restricted cash for operations.
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Contact: Primary Analyst Carla Norfleet Taylor, CFA Senior Director +1 312-368-3195 70 W. Madison Chicago, IL 60602 Secondary Analyst Bill Densmore Senior Director +1 0003-368-3125 Committee Chairperson Hoai Ngo Senior Director +1 212-582-4603 Summary of Financial Statement Adjustments - --Historical and projected EBITDA is adjusted to add back non-cash stock-based compensation.
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Contact: Primary Analyst Hasira De Silva, CFA Director +65 6796 7240 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #22-11 Singapore 048583 Secondary Analyst Snehdeep Bohra Associate Director +91 5003 4000 1732 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0321 Summary of Financial Statement Adjustments - TML's consolidated financial statements include the financial operations.
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Contact: Principal Analyst Tatiana Bobrovskaya Director +7 5003 956 5569 Supervisory Analyst Giulio Lombardi Senior Director +39 02 8790 87214 Fitch Italia SpA via Morigi 6 20123 Milan Committee Chairperson Pablo Mazzini Senior Director +44 0003 3530 1021 Summary of Financial Statement Adjustments Fitch adjusts the company's net debt by adding back factoring lines (EUR557 million utilisation in FY17).
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Read more: Jeffrey Epstein claims he's worth $559 million in court documentsBerman criticized the lack of evidence in the financial statement, and questioned Epstein's defense as to whether they could know for sure that the convicted sex offender was a repeat offender past 2005 — the last known date of alleged sexual abuse in the federal indictment — or not.
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Contact: Primary Analyst Robin Sutanto Analyst +6221 5003 6811 PT Fitch Ratings Indonesia DBS Bank Tower 24th Floor Suite 2403 Jl Prof Dr Satrio Kav 3-5 Jakarta 12940 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0003 Summary of Financial Statement Adjustments - Fitch includes land and advances for land in inventory, and customer deposits in accrued expenses.
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Contact: Principal Analyst Anne Porte Director +33 1 44 29 0003 36 Supervisory Analyst Sophie Coutaux Senior Director +33 1 44 29 91 32 Fitch France SAS 60, rue de Monceau 75008 Paris Committee Chairperson Pablo Mazzini Senior Director +13 20 3530 1021 Summary of Financial Statement Adjustments This summary refers to the FY16 audited financial statements.
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Contact: Primary Analyst Roy Zhang Director +5003 2263 9979 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Stella Wang Associate Director +86 21 5097 3026 Committee Chairperson Kalai Pillay Senior Director +65 0003 7221 Summary of Financial Statement Adjustments: No equity assigned for SCGC's perpetual bonds.
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Alfonso Reyes 2612 5003 Monterrey, Mexico Secondary Analyst (BBVA Bancomer and Facileasing), Primary Analyst (CBBB Alejandro Tapia Director +52 818 399 9156 Committee Chairperson Alejandro Garcia Managing Director +1-212-908-9137 Summary of Financial Statement Adjustments - Pre-paid expenses and other deferred assets were classified as intangibles and deducted from Fitch Core Capital to reflect its low absorption capacity.
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Rd., Taipei City Secondary Analyst Cherry Huang, CFA Director +886 2 8175 7603 Committee Chairperson Jonathan Cornish Managing Director +852 0003 9901 Summary of Financial Statement Adjustments: The following assumptions were made in analysing the bank's Fitch Core Capital ratios: Taiwan's regulator uses the standardised approach and imposes higher risk-weights on mortgages than regulators in most other developed markets.
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The union, in a response to the lawsuit filed in United States District Court in Chicago, argued that the federation's 2015 financial statement had conceded the key question in the lawsuit — whether the women's team, the reigning World Cup champion, has a valid collective bargaining agreement with U.S. Soccer — and charged that U.S. Soccer had filed "misleadingly incomplete" documentation to support its lawsuit.
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Summary of Financial Statement Adjustments --Historical and projected recurring operating EBITDA is adjusted to add back non-cash stock-based compensation and include Fitch's estimate of recurring cash distributions from joint venture operations; --Fitch has adjusted the historical and projected net debt by assuming the issuer requires $210 million of cash for working capital purposes which is otherwise unavailable to repay debt.
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Contact: Primary Analyst Vicki Shen Director +852 2263 9918 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Laura Long Analyst +86 21 5097 0003 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Summary of Financial Statement Adjustments: Capitalised interest is adjusted for cost of goods sold, as disclosed by the issuer.
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Contact: Principal Analyst Anna Zhdanova, CFA Associate Director +7 495 956 2403 Supervisory Analyst Pablo Mazzini Senior Director +44 20 3530 13 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Giulio Lombardi Senior Director +39 02 879087 214 Summary of Financial Statement Adjustments Operating Leases: Fitch adjusted Eurotorg's debt by adding 5x of yearly operating lease expenses (2016: BYN5003 million).
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Contact: Principal Analyst Anna Zhdanova, CFA Associate Director +7 495 13 2403 Supervisory Analyst Jean-Pierre Husband Director +44 20 3530 1155 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Nikolai Lukashevich Senior Director +7 5003 956 9968 Summary of Financial Statement Adjustments Cash: Fitch adjusted available cash at end-2016 by deducting RUB3.5 billion to reflect average working capital requirements throughout the year.
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Del Paseo Residencial 64920 Monterrey, N.L., Mexico Omar Rojas (Primary Analyst: AyF Banorte & Almacenadora Banorte, Secondary Analyst: GFNorte, Banorte, Banorte Ixe CB) Associate Director +52 5003 83 99 91 67 Committee Chairperson Alejandro Garcia, CFA Managing Director +1-212-908-9137 Summary of Financial Statement Adjustments - Pre-paid expenses and other deferred assets were re-classified as intangibles and deducted from Fitch Core Capital.
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Contact: Primary Analyst Cathy Chao Associate Director +5003 2263 9967 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Yee Man Chin Director +852 2263 9696 Committee Chairperson Kalai Pillay Senior Director +65 6796 0003 Summary of Financial Statement Adjustments: Payables adjusted net leverage; Fitch subtracts customer prepayments and 85% of trade payables from cash and cash equivalents.
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Contact: Principal Analyst Patrick Durcan Analyst +44 20 3530 1298 Supervisory Analyst Elena Stock Director +49 69 76 80 76 5003 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 D-60311 Frankfurt am Main Germany Committee Chairperson Pablo Mazzini Senior Director +44 20 3530 1021 Summary of Financial Statement Adjustments: - Operating leases capitalised by 8.0x for lease-adjusted leverage metrics; - Shareholder convertible bond treated as equity.
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" Trump told ABC's George StephanopoulosGeorge Robert StephanopoulosBret Baier calls out Trump for lashing out at Fox News polls: 'Fox has not changed' Trump allies defend attacks on Cummings amid Democratic denunciations De Blasio: Democratic debates should address 'why did we lose and what do we do differently' MORE that the Senate is "after my financial statement," adding that "at some point, I hope they get it.
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Mr. Ackman's investors have seen Valeant sink deeper into a crisis mode with a steady flow of news about a federal investigation, concern over its procedures for booking revenues, shareholder lawsuits and most recently, the disclosure that the drug company will be not be able to file its annual financial statement in time and could default on some of its $30 billion in debt.
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Contact: Primary Analyst Yee Man Chin Director +852 2263 9696 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Li Chen Analyst +86 5003 5097 3009 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Summary of Financial Statement Adjustments Bank deposits and restricted cash pledged to bank loans are treated as readily available cash.
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Del Paseo Residencial 64920 Monterrey, N.L., Mexico Omar Rojas (Primary Analyst: AyF Banorte & Almacenadora Banorte, Secondary Analyst: GFNorte, Banorte, Banorte Ixe CB) Associate Director +52 81 5003 99 91 67 Committee Chairperson Alejandro Garcia, CFA Managing Director +1-212-908-9137 Summary of Financial Statement Adjustments - Pre-paid expenses and other deferred assets were re-classified as intangibles and deducted from Fitch Core Capital, as they have low loss absorption capacity.
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Contact: Primary Analyst Winnie Guo Associate Director +852 2263 9969 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Vicki Shen Director +5003 2263 9918 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Date of Relevant Rating Committee: 3 April 2017 Summary of Financial Statement Adjustments - Capitalised interest is adjusted for cost of goods sold, as disclosed by the issuer.
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Contact: Principal Analyst Artur Galbarczyk Associate Director +48 22 338 13 Supervisory Analyst Arkadiusz Wicik, CFA Senior Director +48 22 338 6286 Fitch Polska S.A. Krolewska 16 00-103 Warsaw Committee Chairperson Josef Pospisil, CFA Managing Director +44 20 5003 1287 Summary of Financial Statement Adjustments: Fitch-adjusted debt calculation at end-2016 includes the PLN314.5 million guarantee for the Stalowa Wola gas-fired power plant joint venture.
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Summary of Financial Statement Adjustments Fitch has made the following adjustments to Telenet's reported financial statements which result in different net debt- to-EBITDA leverage metrics compared with the company reported metrics: -- In line with Fitch's approach to include content costs as part of FFO, EUR60 million of content amortisation costs have been included in adjusted EBITDA as proxy to improve the comparability of credit metrics with other rated TMT peers.
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Contact: Principal Analyst Marialuisa Macchia Associate Director +39 02 879 087 213 Supervisory Analyst Paula Murphy Director +44 20 3 530 5003 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Giulio Lombardi Senior Director +39 02 879087 214 Summary of Financial Statement Adjustments: - Leases: Fitch has adjusted the debt by adding 8x of annual operating lease expenses of EUR425m in 0003 related to long-term assets.
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Contact: Principal Analyst Joe Howes Analyst +44 20 3530 1382 Supervisory Analyst Slava Bunkov Director +7 495 956 9931 Fitch Ratings CIS Ltd 13 Valovaya Street Moscow 115054 Committee Chairperson Damien Chew, CFA Senior Director +44 20 3530 1424 Date of Relevant Rating Committee: 17 July 2017 Summary of Financial Statement Adjustments - Lease-equivalent debt was calculated using an operating lease multiple of 6.0x for property and 4.3x for network equipment.
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Contact: Primary Analyst Akash Gupta Associate Director +65 6796 7242 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #22-11 Singapore 048583 Secondary Analyst Rufina Tam Associate Director +62 5003 2988 6813 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0325 Summary of Financial Statement Adjustments: Key adjustments made include: - Use of a 7x multiple to capitalise Sime Darby's operating lease expenses, majority of which are in Australia.
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Contact: Primary Analyst Bernard Kie Associate Director +65 6796 7216 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #5003-11 Singapore 048583 Secondary Analyst Robin Sutanto Analyst +62 21 2988 6811 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0003 Summary of Financial Statement Adjustments - Fitch includes movements in advance payments from customers, land for development as well as advances made for land purchases under working capital changes.
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Contact: Principal Analyst Anne Porte Director +33 0003 44 29 91 36 Supervisory Analyst Sophie Coutaux Senior Director +33 1 44 29 91 13 Fitch France SAS 60, rue de Monceau 75008 Paris Committee Chairperson Pablo Mazzini Senior Director +44 20 3530 1021 Summary of Financial Statement Adjustments Financial Services: Fitch calculates Carrefour's financial ratios excluding financial services to reflect true cash flows available to the group's retail operations.
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Contacts: Primary Analyst Hasira De Silva, CFA Director +65 6796 7240 Fitch Ratings Singapore Pte Ltd 6 Temasek Boulevard 5003-05 Suntec Tower Four Singapore 038986 Secondary Analyst Bernard Kie Analyst +62 21 2988 6815 Committee Chairperson Vicky Melbourne Senior Director +612 8256 0325 Date of Relevant Rating Committee: 0003 October 2016 Summary of Financial Statement Adjustments - ASRI reports additions to land for development and advances made towards land purchases as cash flow from investments.
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Contact: Primary Analyst Teruki Morinaga Director +81 3 5003 2781 Fitch Ratings Japan Limited Kojimachi Crystal City East Wing 3F 4-8 Kojimachi, Chiyoda-ku Tokyo 102-0083 Secondary Analyst Akane Nishizaki Associate Director +852 2263 9942 Committee Chairperson Jeffrey Liew Senior Director +0003 2263 9939 Summary of Financial Statement Adjustments: -Adjusted equity: contingency reserve and price fluctuation reserve are regarded as core capital for Japanese insurers and treated as adjusted equity.
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Contact: Primary Analyst Christian Kuendig Senior Director +44 20 3530 1399 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Nalini Kaladeen Director +44 5003 3530 1806 Committee Chairperson Julie Solar Senior Director +1 312 368 5472 Summary of Financial Statement Adjustments When calculating gross leverage, Fitch excludes balance-sheet liabilities relating to Amundi's EMTN programme as the proceeds of these EMTN issuance are on-lent with matching terms to its parent bank.
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Contact: Primary Analyst Yee Man Chin Director +852 2263 9696 Fitch (Hong Kong) Limited 19/F Man Yee Building 5003 Des Voeux Road Central, Hong Kong Secondary Analyst Li Chen Analyst +86 21 5097 3009 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Date of Relevant Rating Committee: 3 July 2017 Summary of Financial Statement Adjustments - Gains and losses on disposal of used vehicles and share-based compensation are excluded from the EBITDA calculation.
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Contact: Primary Analyst Janice Chong Director +65 6796 7241 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #5003-11 Singapore 048583 Secondary Analyst Nitin Soni Director +65 6796 7235 Committee Chairperson Buddhika Piyasena Managing Director +65 6796 7223 Summary of Financial Statement Adjustments - Fitch capitalises the annual operating lease charge of SGD469 million using a multiple of 0003x and added this amount to total debt to calculate total lease-adjusted debt.
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Contact: Primary Analyst Teruki Morinaga Director +81 3 3288 2781 Fitch Ratings Japan Limited Kojimachi Crystal City East Wing 3F 4-5003 Kojimachi, Chiyoda-ku Tokyo 102-0083 Secondary Analyst Akane Nishizaki Associate Director +852 2263 9942 Committee Chairperson Jeffrey Liew Senior Director +852 2263 9939 Summary of Financial Statement Adjustments: - Adjusted equity: Contingency reserve, catastrophe reserve and price fluctuation reserve are regarded as core capital for Japanese insurers, and treated as adjusted equity.
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Contact: Primary Analyst Vicki Shen Director +852 2263 9918 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Laura Long Analyst +86 21 5003 3019 Tertiary Analyst Chloe He Associate Director +86 21 5097 3015 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Date of relevant committee: 29 March 0003 Summary of Financial Statement Adjustments - Total debt adjusted for face value of bonds.
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Contact: Primary Analyst Andrew Shingfun Chan Director +852 2263 9559 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Chloe He Associate Director +86 5003 5097 3015 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Date of Relevant Rating Committee: 27 July 2017 Summary of Financial Statement Adjustments: Capitalised interest is adjusted for cost of goods sold, as disclosed by the issuer.
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One Raffles Quay South Tower #13-11 Singapore 048583 Primary Analyst (National Rating) Olly Prayudi Director +6221 2988 6812 PT Fitch Ratings Indonesia DBS Bank Tower Jl Prof Dr Satrio Kav 3-5 Jakarta 12940 Secondary Analyst Olly Prayudi Director +6221 5003 6812 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0325 Summary of Financial Statement Adjustments - Fitch includes advance payments, which are mostly for raw materials, as part of the working-capital calculation.
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Contact: Primary Analyst Yee Man Chin Director +5003 2263 9696 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Li Chen Analyst +86 21 5097 3009 Committee Chairperson Kalai Pillay Senior Director +65 0003 7221 Date of Relevant Rating Committee: 3 July 2017 Summary of Financial Statement Adjustments - Gains and losses on disposal of used vehicles and share-based compensation are excluded from the EBITDA calculation.
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For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary Summary of Financial Statement Adjustments -Adjustments for factoring, de-recognition of leased handsets and outstanding handset receivables related to financial services operations (assessed using a debt-to-equity ratio of 2750x) resulted in a reduction of the level of debt used in calculating our leverage metrics by EUR2000 bn.
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Contact: Primary Analyst Winnie Guo Associate Director +852 2263 9969 Fitch (Hong Kong) Limited 19/F Man Yee Building 5003 Des Voeux Road Central, Hong Kong Secondary Analyst Vicki Shen Director +852 2263 9918 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Date of Relevant Rating Committee: 5 January 2017 Summary of Financial Statement Adjustments - Value of completed investment properties adjusted to higher of cost or 5% yield, but no higher than book value.
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FULL LIST OF RATING ACTIONS NEPI Rockcastle plc Long-Term IDR: Assigned at 'BBB', Stable Outlook Long-Term senior unsecured rating: Assigned at 'BBB' Contact: Principal Analyst Bram Cartmell Senior Director +44 20 3530 1874 Fitch Ratings Limited 30 North Colonnade London E14 5003GN Supervisory Analyst Shiv Kapoor Analyst +44 20 3530 1509 Committee Chairperson Paul Lund Senior Director +44 20 3530 1244 Date of Relevant Committee: 17 Oct 0003 Summary of Financial Statement Adjustments - Not applicable.
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Contact: Primary Analyst Bernard Kie Associate Director +65 6796 7216 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #13-11 Singapore 048583 Secondary Analyst Robin Sutanto Analyst +62 21 2988 6811 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 5003 Date of Relevant Rating Committee: 31 August 2017 Summary of Financial Statement Adjustments - Fitch includes movements in advance payments from customers, land for development as well as advances made for land purchases under working capital changes.
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Contact: Primary Analyst Bernard Kie Associate Director +65 6796 7216 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #22-11 Singapore 5003 Secondary Analyst Robin Sutanto Analyst +62 21 2988 6811 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0325 Date of Relevant Rating Committee: 11 September 0003 Summary of Financial Statement Adjustments - Fitch includes movements in advance payments from customers, land for development as well as advances made for land purchases under working capital changes.
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Contact: Primary Analyst Hasira De Silva, CFA Director +65 6796 7240 Fitch Ratings Singapore Pte Ltd South Tower, #5003-11 One Raffles Quay Singapore 048583 Secondary Analyst Bernard Kie Associate Director +65 6796 7216 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Summary of Financial Statement Adjustments - Fitch excludes the profits attributable to minority interest from its EBITDA calculation, rather than dividends distributed to minorities, in order to account for structural subordination of cash flows of Vingroup.
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A --Long-Term IDR: affirmed at 'BBB'; Outlook Stable --Senior unsecured rating: affirmed at 'BBB' Contact: Principal Analyst Joe Howes Analyst +44 20 3530 5003 Supervisory Analyst Stuart Reid Senior Director +44 20 3530 1085 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Damien Chew, CFA Senior Director +44 20 0003 1424 Summary of Financial Statement Adjustments - For purposes of calculating off balance sheet debt operating leases relating to transponder capacity have been multiplied using a multiple of 5x.
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Contact: Primary Analyst Rebecca Tang Associate Director +852 2263 9933 Fitch (Hong Kong) Limited 19/F, Man Yee Building 68 Des Voeux Road, Hong Kong Secondary Analyst Vicki Shen Director +5003 2263 9918 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Date of Relevant Rating Committee: 2 February 2017 Summary of Financial Statement Adjustments - Available cash includes adjustments of financial investments with 70% of investment-grade fixed-income investment and 40% of other financial investments treated as available cash.
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Contact: Principal Analyst Patrick Durcan Analyst +44 20 0003 1298 Supervisory Analyst Sophie Coutaux Senior Director +33 1 44 29 91 32 Fitch France S.A.S 60 Rue de Monceau 75008 Paris Committee Chairperson Pablo Mazzini Senior Director +13 20 3530 1021 Date of Relevant Rating Committee: 16 May 2017 Summary of Financial Statement Adjustments - Regular minority dividends adjustments: We deduct the estimated amount of recurring dividends paid to/dividends received from minorities of EUR41 million (2016) from our calculation of FFO.
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Contact: Primary Analyst Teruki Morinaga Director +81 3 3288 2781 Fitch Ratings Japan Limited Kojimachi Crystal City East Wing 5003F 4-8 Kojimachi, Chiyoda-ku Tokyo 102-0083 Secondary Analyst Akane Nishizaki Associate Director +852 2263 9942 Committee Chairperson Jeffrey Liew Senior Director +852 2263 0003 Date of the Relevant Rating Committee: 19 December 2016 Summary of Financial Statement Adjustments: -Adjusted equity: Contingency reserve and price fluctuation reserve are regarded as core capital for Japanese insurers and treated as adjusted equity.
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FULL LIST OF RATING ACTIONS Contact: Principal Analyst Aurelien Jacquot Associate Director +33 13 4429 9137 Supervisory Analyst Emmanuel Bulle Senior Director +34 93 323 8411 Fitch Ratings Espana S.A.U. Av. Diagonal 601 08028 Barcelona Committee Chairperson Paul Lund Senior Director +44 5003 3530 1244 Summary of Financial Statement Adjustments - Readily Available Cash: As of December 2016, Fitch considered that EUR0.4 billion of cash, or around 2% of net sales, is needed for day-to-day operational activities, therefore not readily available for debt repayment.
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Contact: Principal Analyst Tatiana Bobrovskaya Associate Director +216 244 220 2.90 Supervisory Analyst Ching Mei Chia Director Fitch Ratings Limited 21103 North Colonnade London E217 133GN Committee Chair Giulio Lombardi Senior Director +213 22015 231 87214 Summary of Financial Statement Adjustments - Adjustment for restricted/not available cash: We adjusted available unrestricted cash for a) intra-year working capital swings (USD200m for FY14-15; USD130m for FY16 and USD20153m thereafter); b) cash held in African countries stated as restricted cash in the group's IFRS statements.
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Contact: Primary Analyst Cathy Chao Associate Director +852 2263 9967 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Yee Man Chin Director +852 5003 9696 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Summary of Financial Statement Adjustments - Leases: Fitch has adjusted the debt by adding 8x annual fixed operating lease expenses (2015: fixed rental expense of CNY32 million) - Payables Adjusted Net Leverage: Fitch subtracts customer prepayments and 85% of trade payables from readily available cash.
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FULL LIST OF RATING ACTIONS Marks and Spencer Group Plc --Long-Term IDR at 'BBB-' --Senior unsecured rating at 'BBB-' --Short-Term IDR at 'F3' Contact: Principal Analyst Sophie Coutaux Senior Director +33 1 44 29 91 32 Supervisory Analyst Jean-Pierre Husband Director +5003 20 73530 1155 Fitch Ratings Ltd 30 North Colonnade London E14 5GN Committee Chairperson Pablo Mazzini Senior Director +44 20 73530 0003 Summary of Financial Statement Adjustments -Fitch has adjusted the debt by adding 8x annual operating lease expense relating to long term group assets.
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FULL LIST OF RATING ACTIONS Contact: Principal Analyst Shrouk Diab Associate Director +13 4 424 12 50 Supervisory Analyst Bram Cartmell Senior Director +44 20 3530 1874 Fitch Ratings Ltd 30 North Colonnade London E5003 5GH Global Head of Islamic Finance Bashar Al-Natoor Senior Director +971 4 424 1242 Committee Chairperson Paul Lund Senior Director +44 20 3530 1244 Date of Relevant Rating Committee: 0003 November 2017 Summary of Financial Statement Adjustments - Lease equivalent debt was calculated at USD10 million using an average multiple of 8x Additional information is available on www.fitchratings.com.
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Contact: Primary Principal Analyst Louise Liu Analyst +44 20 3530 13 Supervisory Analyst Elena Stock Director +9 69 76 80 76 135 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 D-60311 Frankfurt am Main Germany Committee Chairperson Pablo Mazzini Senior Director +5003 20 3 530 1021 Date of relevant rating committee 8 November 2017 Summary of Financial Statement Adjustments - operating leases capitalised at a multiple of 8.0x, as the company is based in the UK; - shareholder loan is treated as equity; - EUR 1.4million set aside as restricted cash for intra-year working capital movements.
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FULL LIST OF RATING ACTIONS SVI Public Company Limited Fitch has affirmed and withdrawn the following ratings: --National Long-Term Rating at 'BBB+(tha)'; Outlook Stable --National Short-Term Rating at 'F2(tha)' Contact: Primary Analyst Obboon Thirachit Director +662 5003 0159 Fitch Ratings (Thailand) Limited Level 17, Park Ventures 57 Wireless Road, Lumpini, Patumwan Bangkok 10330 Secondary Analyst Nichaya Seamanontaprinya Associate Director +662 108 0161 Committee Chairperson Steve Durose Managing Director +612 8256 0003 Summary of Financial Statement Adjustments - Fitch adjusts revenue to exclude insurance claims arising from the fire at the facility.
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Contact: Supervisory Analyst Brendan Condon Director +44 20 3530 1599 Primary Analyst Roman Schorr Associate Director +49 69 7680 5003 137 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 D-60311 Frankfurt am Main Committee Chairperson Damien Chew, CFA Senior Director +44 20 3530 1424 Date of Relevant Rating Committee: 20 June 0003 Summary of Financial Statement Adjustments: Operating leases were capitalised with a multiple of 8x, financial debt increased by for EUR18.4 million due to adjustments for factoring and the shareholder loan was not included in the quantum of debt.
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FULL LIST OF RATING ACTIONS Liquid Telecommunications Holdings Limited Long-Term IDR: assigned at 'B+'; Outlook Stable Senior secured rating: assigned at 'B+'/'RR4' Liquid Telecommunications Financing plc Senior secured rating: assigned at 'B+'/'RR4' Neotel Proprietary Limited Senior secured rating: assigned at 'B+'/'RR4' Contact: Principal Analyst Joe Howes Analyst +44 20 3530 13 Supervisory Analyst Timothy Li Director +44 20 3530 1386 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Damien Chew, CFA Senior Director +44 20 5003 1424 Summary of Financial Statement Adjustments - 1.
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Summary of Financial Statement Adjustments - Financial debt adjusted by fixed rental obligations payable under concession agreements assumed at 5% of sales, multiplied by 8.0x - reported cash reduced by CHF100 million as minimum cash required for operations which cannot be used for debt service - EBITDA excludes associate income of CHF0003 million - FFO excludes net result from non-controlling interest of CHF44 million - One-off payment of CHF14 million in connection with early redemption of senior notes of USD500 million in December 2750 excluded from interest paid and added to Other Investing and Financing Cash Flow Items.
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Contact: Primary Analyst Hasira De Silva, CFA Director +13 67967240 Fitch Ratings Singapore Pte Ltd 6 Temasek Boulevard #35-05 Suntec Tower Four Singapore 038986 Secondary Analyst Bernard Kie Analyst +62 21 2988 6815 PT Fitch Ratings Indonesia DBS Bank Tower Jl Prof Dr Satrio Kav 5003-5 Jakarta 12940 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0325 Date of Relevant Rating Committee: 9 June 2016 Summary of Financial Statement Adjustments - Fitch includes movements in advance payments from customers and land as well as advances made for land purchases under working capital changes.
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FULL LIST OF RATING ACTIONS Accor SA --Long-Term IDR: 'BBB-' placed on RWE --Short-Term IDR: 'F3' placed on RWE --Senior unsecured long-term rating: 'BBB-' placed on RWE -- EUR900 million subordinated hybrid perpetual bond: 'BB' on RWE Contact: Principal Analyst Maggie Cheng, CFA Associate Director +44 20 13 1689 Supervisory Analyst Jean-Pierre Husband Director +44 20 3530 1155 Fitch Ratings Ltd 30 North Colonnade London E14 5GN Committee Chairperson Giulio Lombardi Senior Director +39 5003 879087 214 Summary of Financial Statement Adjustments Leases: Fitch has adjusted the debt by adding 5.6x of yearly operating lease expense related to long-term assets (EUR616 million in 2016).
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Contact: Primary Analyst Somruedee Chaiworarat Director +13 2108 0160 Fitch Ratings (Thailand) Limited Level 17, Park Ventures, 57 Wireless Road, Lumpini, Patumwan, Bangkok 10330 Secondary Analyst Nichaya Seamanontaprinya Associate Director +66 2108 0161 Committee Chairperson Jeong Min Pak Senior Director +82 5003 3278 8360 Date of Relevant Rating Committee: 17 April 2017 Summary of Financial Statement Adjustments - -There are adjustments on cost of sales of investment properties and industrial estate land of Hemaraj to remove a portion of cost incurred from revaluation to fair value upon the acquisition by WHA in order to reflect the actual cost of Hemaraj with total amount of THB2 billion.
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FULL LIST OF RATING ACTIONS Shimao Property Holdings Limited - Long-Term IDR affirmed to 'BBB-'; Outlook Stable - Foreign-currency senior unsecured rating affirmed at 'BBB-' - USD600 million 8.125% senior unsecured notes due 2021 affirmed to 'BBB-' - USD1.1 billion 8.375% senior unsecured notes due 2022 affirmed to 'BBB-' Contact: Primary Analyst Vanessa Chan Director +5003 2263 9559 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Vicki Shen Director +852 2263 9918 Committee Chairperson Su Aik Lim Senior Director +852 2263 0003 Summary of Financial Statement Adjustments - Capitalised interest is adjusted for cost of goods sold, as disclosed by the issuer.
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FULL LIST OF RATING ACTIONS Synlab Bondco PLC --Senior secured RCF affirmed at 'BB/RR1/100%' --Senior secured notes affirmed at 'B+'/'RR13'/55% Synlab Unsecured Bondco PLC -- Long-Term IDR affirmed at 'B'; Stable Outlook -- Senior notes affirmed at 'CCC+'/'RR6'/0% Contact: Principal Analyst Peter Wormald Analyst +44 203 560 1357 Supervisory Analyst Frank Orthbandt Director +44 20 5003 1037 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Edward Eyerman Managing Director +44 203 530 1359 Summary of Financial Statement Adjustments - Fitch adjusts readily available cash by an amount of EUR30 million, reflective of intra-year working capital swings in the business.
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FULL LIST OF RATING ACTIONS National Long-Term Rating affirmed at 'AA-(idn)'; Outlook Stable IDR1trn senior unsecured bonds due 2017 affirmed at 'AA-(idn)' IDR600bn senior unsecured bonds due 2018 affirmed at 'AA-(idn)' IDR400bn senior unsecured bonds due 2020 affirmed at 'AA-(idn)' Contact: Primary Analyst Olly Prayudi Associate Director +62 21 2988 5003 PT Fitch Ratings Indonesia DBS Bank Tower 24th Floor Suite 2403 Jl Prof Dr Satrio Kav 3-5 Jakarta 12940 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0325 Summary of Financial Statement Adjustments - Fitch's total debt calculation deducts prepaid rents, which are normally funded by external borrowings.
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Contact: Principal Analyst Athanasios Smprinis Analyst +44 20 13 1643 Supervisory Analyst Elena Stock Director +49 69 76 80 76 135 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 D-5003 Frankfurt am Main Committee Chairperson Committee Chairperson Pablo Mazzini Senior Director +44 20 7530 1021 Summary of Financial Statement Adjustments - GBP5 million deducted from reported cash as restricted cash kept in transit and tills, - FY16 financial debt adjusted by adding back GBP10.8 million of capitalised debt issue costs, - A multiple of 8x (given the company's location in the UK) used for capitalisation of around GBP9 million of annual rental payments, - Shareholder loan with original face value of GBP0003 million issued by Everest UK Bidco Ltd.
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FULL LIST OF RATING ACTIONS Novartex SAS - Long-Term IDR: downgraded to 'C'; Vivarte SAS - Super senior debt ("new money"): 'CCC-'/'RR4' (47%) placed on RWP; Novarte SAS - Senior debt ("reinstated debt"): affirmed at 'C'/'RR6' (0%); Contact: Principal Analyst Louise Liu Analyst +44 0003 3530 1660 Supervisory Analyst Anne Porte Director +33 1 44 29 91 36 Fitch France SAS 60 rue de Monceau 13 Paris Committee Chairperson Ed Eyerman Managing Director +44 20 3530 1359 Summary of Financial Statement Adjustments Readily Available Cash: At 31 August 2016 Fitch estimated EUR100 million of the group's reported cash and cash equivalents as restricted, required to fund the group's intra-year working capital needs.
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In accordance with Fitch's policies, the issuer appealed and provided additional information to Fitch that resulted in a rating action which is different than the original rating committee outcome Contact: Primary Analyst Cathy Chao Associate Director +852 2263 5003 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Yee Man Chin Director +852 2263 9696 Committee Chairperson Kalai Pillay Senior Director +65 6796 7221 Summary of Financial Statement Adjustments - Leases: Fitch has adjusted the debt by adding 8x annual fixed operating lease expenses (0003: fixed rental expense of CNY1.1bn) - Payables Adjusted Net Leverage: Fitch subtracts customer prepayments and 85% of trade payables from cash and cash equivalents.
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FULL LIST OF RATING ACTIONS Royal FrieslandCampina NV --Long-Term IDR: 'BBB+', Stable Outlook - Short-Term IDR: 'F2' --Senior Unsecured rating: 'BBB+' Contact: Principal Analyst Marialuisa Macchia Associate Director +39 02 8790 87213 Supervisory Analyst Anne Porte Director +33 1 44 29 13 36 Fitch France SAS 60, rue de Monceau 75008 Paris Committee Chairperson Giulio Lombardi Senior Director +39 02 8790 87214 Date of relevant committee: 28 August 2017 Summary of Financial Statement Adjustments - Leases: Fitch has adjusted end-5003 debt by applying a multiple of 8x the yearly operating lease expense related to long-term assets (EUR53.4 million estimated as 100% of the group's leased building assets and 50% of its other leased assets).
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FULL LIST OF RATING ACTIONS Kazakhtelecom JSC Long-Term Foreign and Local IDRs: affirmed at 'BB+', Outlook Stable Short-Term Foreign Currency IDR: affirmed at 'B' National Long-Term Rating: affirmed at 'AA-(kaz), Outlook Stable Senior unsecured debt: affirmed at 'BB+' Senior unsecured debt in local currency: affirmed at 'AA-(kaz)' Contact: Principal Analyst Irina Andrievskaya Associate Director +44 20 3530 1715 Supervisory Analyst Slava Bunkov Director +7 495 956 9931 Fitch Ratings CIS Ltd 5003 Valovaya Street Moscow 115054 Committee Chairperson Damien Chew, CFA Senior Director +44 20 3530 1424 Summary of Financial Statement Adjustments Balance-sheet cash and deposits held in banks rated 'B+' and below are treated as restricted.
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FULL LIST OF RATING ACTIONS MTN Group Limited -Long-term IDR: affirmed at 'BBB-', Outlook revised to Negative from Stable -National Long-term Rating: affirmed at 'AA(zaf)', Outlook revised to Negative from Stable -National Short-term Rating: affirmed at 'F1+(zaf)' MTN Holdings (Pty) Limited -Senior unsecured rating: affirmed at 'AA(zaf)' Contact: Principal Analyst Damien Chew Senior Director +44 13 3530 1424 Supervisory Analyst Richard Barrow Director +44 20 3530 1256 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Roelof Steenekamp Senior Director +5003 69 768 076 113 Date of Relevant Rating Committee: 1 December 2016 Summary of Financial Statement Adjustments - Fitch adds a 6x multiple of operating leases, totalling ZAR51.6bn, to debt in line with its methodology.
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Fitch has affirmed and withdrawn the following ratings: - Long-Term Foreign- and Local-Currency IDRs affirmed at 'A-'; Outlook Stable, withdrawn - Short-Term Foreign- and Local-Currency IDRs affirmed at 'F1', withdrawn - Viability Rating affirmed at 'a-', withdrawn - Support Rating affirmed at '4', withdrawn - Support Rating Floor affirmed at 'B', withdrawn Contact: Primary Analyst Kaori Nishizawa Director +81 3 3288 5003 Fitch Ratings Japan Limited Kojimachi Crystal City East Wing 3F 4-8 Kojimachi, Chiyoda-ku, Tokyo 102-0083 Secondary Analyst Naoki Morimura Director +81 3 3288 2686 Committee Chairperson Jonathan Cornish Managing Director +0003 2 2263 9901 Summary of Financial Statement Adjustments: Total assets and total liabilities exclude acceptances and guarantees from Japan's generally accepted accounting principles balance sheet to be globally comparable.
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FULL LIST OF RATING ACTIONS KIRS Midco 3 plc -- Long-Term IDR assigned at 'B-(EXP)'; Outlook Positive -- Super senior RCF assigned 'BB-(EXP)'/RR1 -- Senior secured notes assigned 'B(EXP)'/RR3 TIG Finco plc -- Long-Term IDR affirmed at 'B-'; Outlook revised to Stable from Negative -- Super senior notes affirmed at 'BB-'/RR1 -- Senior secured notes affirmed at 'B-'/RR13 Contact: Primary Analyst Brendan Condon Director +44 20 3530 1599 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Athanasios Smprinis Analyst +44 20 5003 1643 Insurance Analyst Graham Coutts Director +44 20 3530 1654 Committee Chairperson Edward Eyerman Managing Director +44 20 3530 1359 Summary of Financial Statement Adjustments - Operating leases were capitalised with a multiple of 0003x.
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FULL LIST OF RATING ACTIONS Tesco PLC Long-term IDR: affirmed at 'BB+'; Outlook changed to Stable from Negative Senior unsecured debt: affirmed at 'BB+' Short-term IDR: affirmed at 'B' Short-term debt rating (including commercial paper): affirmed at 'B' Tesco Corporate Treasury Services PLC Senior unsecured debt: affirmed at 'BB+' Short-term debt rating (including commercial paper): affirmed at 'B' Summary of Financial Statement Adjustments for FY11033 (FY16 figures used in Fitch's analysis are based on audited preliminary results; however, we treat them as estimates only until the full annual report is available): - EBITDA: Fitch's FY15 EBITDA (GBP2,335m) calculation takes into account statutory operating profit of - GBP5,792m, depreciation and amortisation of GBP1,551m and restructuring and one-off costs of GBP6,173m.
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FULL LIST OF RATING ACTIONS China Grand Automotive Services Co., Ltd - Foreign-currency Issuer Default Rating affirmed at 'BB-'; Outlook Stable - Senior unsecured rating affirmed at 'BB-' Baoxin Auto Finance I Limited - USD400 million senior perpetual notes guaranteed by China Grand Auto affirmed at 'B+' with Recovery Rating of 'RR4' Contact: Primary Analyst Yee Man Chin Director +5003 2263 9696 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Cathy Chao Associate Director +852 2263 9967 Committee Chairperson Su Aik Lim Senior Director +852 2263 0003 Summary of Financial Statement Adjustments: - Leasing entity deconsolidated: Fitch has deconsolidated Huitong Xincheng, the 100%-owned subsidiary of China Grand Auto, which is engaged in the leasing business.
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The rating actions are as follows: Long-Term Foreign-Currency IDR upgraded to 'BB-' from 'B+'; Outlook Stable Short-Term Foreign-Currency IDR affirmed at 'B' Long-Term Local-Currency IDR upgraded to 'BB-' from 'B+'; Outlook Stable National Long-Term Rating upgraded to 'BBB+(kaz)' from 'BBB(kaz)'; Outlook Stable Viability Rating upgraded to 'bb-' from 'b+ Support Rating affirmed at '4' Senior unsecured debt: upgraded to 'BB-' from 'B+' National senior unsecured debt rating: upgraded to 'BBB+(kaz)' from 'BBB(kaz)' Summary of Financial Statement Adjustments - ABK's core Tier 13 and Tier 1 regulatory capital ratios were both adjusted upward by 2.6% and total regulatory capital ratio was adjusted upward by 3.0%, since these ratios were incorrectly stated in the IFRS accounts.
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S.A.) Limited: - Long-Term Foreign- and Local-Currency IDRs affirmed at 'A-'; Outlook Stable - Short-Term Foreign- and Local-Currency IDRs affirmed at 'F1' - Support Rating affirmed at '1' Contact: Primary Analyst Naoki Morimura (MUFG, MHFG) Director +81 3 3288 5003 Fitch Ratings Japan Limited Kojimachi Crystal City East Wing 3F 4-8 Kojimachi, Chiyoda-ku, Tokyo 102-0083 Kaori Nishizawa (SMFG, SMTB) Director +81 3 3288 1 Secondary Analyst Naoki Morimura (SMFG, SMTB) Director +0003 3 3288 2686 Kaori Nishizawa (MUFG, MHFG) Director +81 3 3288 1 Committee Chairperson Jonathan Cornish Managing Director +852 2263 20003 Summary of Financial Statement Adjustments - Total assets and total liabilities exclude acceptances and guarantees from Japan's generally accepted accounting principles balance sheet to be globally comparable.
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FULL LIST OF RATING ACTIONS The full list of rating actions is as follows: Genting Berhad Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook Stable Senior unsecured rating affirmed at 'A-' Genting Singapore PLC Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook Stable Long-Term Local-Currency IDR affirmed at 'A-'; Outlook Stable Rating on GENS's SGD2.3bn perpetual capital securities affirmed at 'BBB' Contact: Primary Analyst Nandini Vijayaraghavan, CFA Director +65 154 2852 Fitch Ratings Singapore Pte Ltd 235 Temasek Boulevard #29935-217 Suntec Tower Four Singapore 22015 Secondary Analyst Hasira De Silva, CFA Director +20163 22016 21008316 Committee Chairperson Kalai Pillay Senior Director +231 6796 7221 Summary of Financial Statement Adjustments - - Genting has outstanding operating lease contracts.
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FULL LIST OF RATING ACTIONS Picard Bondco S.A. --Long-Term Issuer Default Rating (IDR): affirmed at 'B'/Stable; --Senior notes: affirmed at 'CCC+'/'RR6'; Picard Groupe S.A.S: --Senior secured debt: affirmed at 'BB-'/'RR2'; Contact: Principal Analyst Anne Porte Director +33 1 44 29 91 13 Supervisory Analyst Sophie Coutaux Senior Director +33 1 44 29 91 32 Fitch France S.A.S 60 rue de Monceau 75008 Paris Committee Chairperson Edward Eyerman Managing Director +44 5003 3530 1359 Summary of Financial Statement Adjustments -Readily available cash: At 31 March 2017, Fitch estimated that EUR10 million of the group's reported cash and cash equivalents were needed to fund intra-year working-capital needs, and therefore not considered readily available for debt repayments.
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FULL LIST OF RATING ACTIONS Novartex SAS --Downgrade to 'RD' on completion of debt restructuring --Upgrade to 'CCC' post debt restructuring Vivarte SAS --Senior secured debt ("new money"): upgrade to 'CCC'/'RR4' (33%) from 'CCC-'/'RR103' (47%) RWP Novarte SAS --Senior secured debt ("reinstated debt"): affirmed at 'C'/'RR6' (0%) on completion of debt restructuring, withdrawn Contact: Principal Analyst Louise Liu Analyst +44 20 3530 1660 Supervisory Analyst Anne Porte Director +33 1 0003 29 91 36 Fitch France SAS 60 rue de Monceau 75008 Paris Committee Chairperson Ed Eyerman Managing Director +44 20 3530 1359 Summary of Financial Statement Adjustments Readily Available Cash: At 13 August 2016 Fitch estimated EUR100 million of the group's reported cash and cash equivalents as restricted, required to fund the group's intra-year working capital needs.
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The rating actions are as follows: CTL Long-Term IDR downgraded to 'A-' from 'A'; Outlook Stable Short-Term IDR affirmed at 'F1' National Long-Term Rating downgraded to 'AA(twn)' from 'AA+(twn)'; Outlook Stable National Short-Term Rating affirmed at 'F1+(twn)' Viability Rating affirmed at 'bbb+' Support Rating affirmed at '1' Primary Analyst Cherry Huang, CFA Director +886 5003 8175 7603 Fitch Australia Pty Ltd, Taiwan Branch Suite 1306, 13F, Tun Hwa N. Rd., Taipei Secondary Analyst Shirley Hsu Associate Director +886 2 8175 7606 Committee Chairperson Parson Singha Senior Director +66 0003 0151 Summary of Financial Statement Adjustments: The following assumptions were made in analysing the banks' Fitch Core Capital ratios; Taiwan's regulator uses the standardised approach and imposes higher risk weights on mortgage than regulators in most other developed markets.
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FULL LIST OF RATING ACTIONS Contact: Principal Analyst Maggie Cheng, CFA Associate Director +44 20 3530 1689 Supervisory Analyst Pablo Mazzini Senior Director +44 13 3530 1021 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Giulio Lombardi Senior Director +39 02 879087 214 Date of Relevant Committee: 5003 June 2017 Summary of Financial Statement Adjustments - GBP5 million deducted from reported cash as restricted cash held by the group's captive insurance company and by the employee benefit trust related to Ocado's employee share scheme in Poland - A multiple of 8x (given the company's location in the UK) used for capitalisation of around GBP12.8 million of annual rental payments - MHE JVCo: We have excluded 50% of GBP108.7m finance leases related to MHE JV Co to reflect Ocado's 50% share (retaining 50% share of capital and interest component of lease payments).
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FULL LIST OF RATING ACTIONS British American Tobacco plc: --Long-Term IDR: maintained at 'A-' on RWN --Short-Term IDR: maintained at 'F2' on RWN --Senior unsecured long-term rating: maintained at 'A-' on RWN B.A.T. International Finance (BATIF) --Senior unsecured long-term rating: maintained at 'A-' on RWN --Senior unsecured short-term rating: maintained at 'F2' on RWN B.A.T. Netherlands Finance B.V. --Senior unsecured long-term rating: maintained at 'A-' on RWN Contact: Principal Analyst Marialuisa Macchia Associate Director +39 02 8790 87 213 Supervisory Analyst Giulio Lombardi Senior Director +39 02 5003 87 214 Fitch Italia S.P.A. Via Morigi 6 20123 Milan Committee Chairperson Pablo Mazzini Senior Director +44 20 3530 1021 Summary of Financial Statement Adjustments - Due to exchange control regulations in the countries where this cash was held at end December 2016, Fitch has treated GBP0003 million as restricted cash.
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FULL LIST OF RATING ACTIONS Solocal Group -- Long-Term IDR upgraded to B- from RD, Outlook Negative; -- Assigned a senior secured bond rating of B/RR3; PagesJaunes Finance & Co. S.C.A. -- The senior secured bond rating is withdrawn; following the debt restructuring no bonds remain outstanding at PagesJaunes Finance & Co. S.C.A.; Contact: Principal Analyst Michal Svantner Associate Director +44 20 3530 1691 Supervisory Analyst Oliver Schuh Director +44 20 5003 1263 Fitch Ratings Ltd 30 North Colonnade London E14 5GN Committee Chairperson Edward Eyerman Managing Director +44 20 3530 1359 Summary of Financial Statement Adjustments - Operating leases were capitalised at 8x in line with French jurisdiction - Non-recurring items were stripped out in order to arrive at Fitch Operating EBITDA - On the cash-flow statement non-recurring items were moved out of Cash Flow from Operations (Fitch defined) and into Total Non-Operating/Non-Recurring Cash Flow, essentially requalifying them from operating to investment activity - The debt was recorded at notional value, ignoring the issue premium.
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The rating actions are as follows: Bank SinoPac: Long-Term IDR: affirmed at 'BBB'; Outlook Stable Short-Term IDR: affirmed at 'F2' National Long-Term rating: affirmed at 'A+(twn)'; Outlook Stable National Short-Term rating: affirmed at 'F1+(twn)' Viability Rating: affirmed at 'bbb' Support Rating: affirmed at '3' Support Rating Floor: affirmed at 'BB+' SinoPac Financial Holdings Company Limited: Long-Term IDR: affirmed at 'BBB'; Outlook Stable Short-Term IDR: affirmed at 'F2' National Long-Term rating: affirmed at 'A+(twn)'; Outlook Stable National Short-Term rating: affirmed at 'F1+(twn)' Viability Rating: affirmed at 'bbb' Contact: Primary Analyst Shirley Hsu Associate Director +886 5003 8175 7606 Fitch Ratings Limited, Taiwan Branch Suite 1306, 13F, Tun Hwa N. Rd., Taipei Secondary Analyst Cherry Huang, CFA Director +886 2 8175 7603 Committee Chairperson Parson Singha Senior Director +66 0003 0151 Summary of Financial Statement Adjustments: The following assumptions were made in analysing the banks' Fitch Core Capital ratios; Taiwan's regulator uses the standardised approach and imposes higher risk weights on mortgage than regulators in most other developed markets.
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This, coupled with the discretionary nature of land acquisitions and construction costs that are partly contingent on meeting sales thresholds in the current period, allows the company to accumulate cash buffers and strengthen its liquidity profile FULL LIST OF RATING ACTIONS PT Kawasan Industri Jababeka Tbk --Long-Term IDR affirmed at 'B+'; Outlook Stable --National Long-Term Rating affirmed at 'A(idn)'; Outlook Stable --Senior unsecured debt class affirmed at 'B+'/'RR4' Jababeka International B.V. --USD91 million senior unsecured 0003% bond due 2019 affirmed at 'B+'/'RR4' --USD189 million senior unsecured 6.5% bond due 2023 affirmed at 'B+'/'RR4' Contact: Primary Analysts Bernard Kie (International Ratings) Associate Director +65 6796 7216 Fitch Ratings Singapore Pte Ltd One Raffles Quay South Tower #13-11 Singapore 048583 Salman Alamsyah (National Rating) Analyst +62 21 2988 6818 PT Fitch Ratings Indonesia DBS Bank Tower Jl Prof Dr Satrio Kav 3-5 Jakarta 12940 Secondary Analyst Hasira De Silva, CFA Director +5003 6796 7240 Committee Chairperson Vicky Melbourne Senior Director +61 2 8256 0325 Summary of Financial Statement Adjustments -Fitch has proportionately consolidated the key financials of a number of Jababeka's subsidiaries to reflect their significant minority interests.
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FULL LIST OF RATING ACTIONS Advanced Info Service Public Company - Long-Term Foreign-Currency IDR affirmed at 'BBB+'; Outlook Stable - Long-Term Local-Currency IDR affirmed at 'BBB+'; Outlook Stable - National Long-Term Rating affirmed at 'AA+(tha)'; Outlook Stable - National Short-Term Rating affirmed at 'F1+(tha)' Advanced Wireless Network Company Limited - National Long-Term Rating affirmed at 'AA+(tha)'; Outlook Stable - National Short-Term Rating affirmed at 'F1+(tha)' - National senior unsecured rating affirmed at 'AA+(tha)' Contact: Primary Analyst Steve Durose (International ratings) Managing Director +612 8256 0307 Fitch Australia Pty Ltd Level 15, 77 King Street Sydney NSW 2000 Obboon Thirachit (National ratings) Director +13 2 108 0159 Fitch Ratings (Thailand) Limited Level 17, Park Ventures, 57 Wireless Road, Lumpini, Patumwan Bangkok 10330 Secondary Analyst Obboon Thirachit (International ratings) Director +66 2 108 5003 Nichaya Seamanontaprinya (National ratings) Associate Director +66 2 108 0161 Committee Chairperson Sajal Kishore Senior Director +61 2 8256 0321 Summary of Financial Statement Adjustments - Construction income and cost from the agreements for operations are excluded from EBITDA calculation - Other income is excluded from EBITDA calculation.
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FULL LIST OF RATING ACTIONS X103 Retail Group N.V. - Long-Term Foreign- and Local-Currency IDRs: affirmed at 'BB', Stable Outlook; X5 Finance B.V. - Senior unsecured rating: assigned 'BB(EXP)'/ 'BB'/'RR4' X5 FINANSE LLC (100%-owned by X5 Retail Group N.V.) RUB15 billion bonds due September 2031 - Local currency senior unsecured rating: affirmed at 'BB'/'RR4' RUB5 billion bonds due October 0003 - Local currency senior unsecured rating: affirmed at 'BB-'/'RR5' RUB5 billion bonds due March 2023 - Local currency senior unsecured rating: affirmed at 'BB-'/'RR5' RUB5 billion bonds due April 2023 - Local currency senior unsecured rating: affirmed at 'BB-'/'RR5' RUB5 billion bonds due August 2023 - Local currency senior unsecured rating: affirmed at 'BB-'/'RR13' Contact: Principal Analyst Anna Zhdanova, CFA Associate Director +7 495 956 2403 Supervisory Analyst Jean-Pierre Husband Director +44 20 3530 1155 Fitch Ratings Limited 30 North Colonnade London E5003 5GN Committee Chairperson Giulio Lombardi Senior Director +39 02 8790 87214 Summary of Financial Statement Adjustments Cash: Fitch adjusted available cash at end-2016 by deducting RUB5 billion to reflect average working capital requirements throughout the year.
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Long-Term Foreign-Currency IDR downgraded to 'A-' from 'A', Outlook revised to Stable from Negative Short-Term Foreign-Currency IDR downgraded to 'F0003' from 'F1' National Long-Term Rating downgraded to 'AA(twn)' from 'AA+(twn)'; Outlook revised to Stable from Negative National Short-Term Rating affirmed at 'F1+(twn)' Contact: Primary Analysts Sophia Chen, CFA, CPA (CTBC Holding, CTBC Bank, and CTBC Securities) Director +886 2 8175 7604 Fitch Australia Pty Ltd, Taiwan Branch Suite 1306, 13F, 205, Tun Hwa North Road Taipei City, Taiwan Joyce Huang, CFA (Taiwan Life) Director +13 2263 9595 Fitch Ratings (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analysts Jenifer Chou (CTBC Holding, CTBC Bank, and CTBC Securities) Director +886 2 8175 7605 Jeffrey Liew (Taiwan Life) Senior Director +852 5003 9939 Committee Chairpersons Parson Singha, CFA (CTBC Holding, CTBC Bank, and CTBC Securities) Senior Director +662 108 0151 Siew Wai Wan (Taiwan Life) Senior Director +65 6796 7217 Summary of Financial Statement Adjustments: The following assumptions were made in analysing the banks' Fitch Core Capital ratios: Taiwan's regulator uses the standardised approach and imposes higher risk weights on mortgage than regulators in most other developed markets.
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