À dúzia é mais barato? Saiba o que se passa com o preço dos ovos

[djovarius]

É verdade, Jaor !!

Era uma das coisas mais temidas !!

Agora que começou, vai saltar tudo cá para fora.
Aqui há que fazer como o SEC na América.
Responsabilizar os auditores e a Administração das empresas pelas contas das empresas cotadas em Bolsa.

A médio e longo prazo é bom para os investidores e para as próprias empresas, como se viu nos EUA.

Infelizmente, os analistas que acompanham as empresas temem que isto ainda não seja tudo...

É pena !!


um abraço

dj

[Thomas Hobbes]

Será que as empresas de auditoria não aprendem?

Qual a credibilidade que elas começam a ter, quando aparecem escândalos destes um após o outro?

A Arthur Andersen já se finou devido a um escândalo, será que teremos outras a mudar de none ou a se fundirem?

[JAOR]

Pois é ,meu caro DJO.....mais uma

A pergunta é.....quantas mais ?????

Cmpts

[djovarius]

Pois é, esta empresa Suíça de trabalho temporário cometeu irregularidades. Vejam abaixo a notícia da Bloomberg e saibam que acções desta empresa já estão em forte queda, de cerca de 50% !!

Abraço

dj


Jan. 12 (Bloomberg) -- Adecco SA, the world's largest provider of temporary workers, found ``possible accounting issues'' at businesses including its North American unit and delayed publication of 2003 earnings. The company's shares plunged as much as 48 percent, their steepest decline ever.

Adecco, which sends 650,000 temporary workers a day to clients such as Renault SA and International Business Machines Corp., discovered ``material weakness in internal controls'' in North America and ``issues'' at operations in other countries, the Swiss company said in a Business Wire statement.

Chief Executive Officer Jerome Caille had planned to publish annual results Feb. 4. The delay rattled investors following accounting scandals at Italian dairy company Parmalat Finanziaria SpA, which filed for bankruptcy last month, and Dutch retailer Royal Ahold NV, which last year said it had inflated profit by 970 million euros ($1.25 billion), mostly at its U.S. business.

``It must be very bad news when a company has to delay the publication of their accounts,'' Julian Cane, director of equity holdings at Foreign & Colonial Asset Management in London, said in a televised interview with Bloomberg News. ``We can only assume there is quite a serious problem there.''

Shares of Adecco, based in Glattbrugg, Switzerland, lost as much as 39 Swiss francs to 42.8, slicing more than 6.6 billion francs ($5.4 billion) from the company's market value. The stock was at 42.95 francs at 10:19 on the Swiss Exchange in Zurich.

Investigation

Francois Vassard, a spokesman for the company, said ``legal restrictions'' prevented him from commenting. Ernst & Young LLP is Adecco's auditor after taking over from Arthur Andersen LLP last year. Markus Bernhard, a spokesman for Ernst & Young in Zurich, declined to comment. Swiss Exchange spokesman Juerg von Arx also declined to comment.

North America accounts for about 20 percent of revenue at Adecco, which had total sales of 25.1 billion Swiss francs in 2002. Manpower Inc., the second-largest temporary-staffing company, had sales of $10.6 billion in 2002.

The company's audit committee appointed an independent counsel to hold an investigation, Adecco said in the statement. Adecco ``is not yet able to predict when the 2003 audit of its consolidated financial statements will be completed,'' it said.

``Adecco's earnings quality to date has been OK,'' said Dieter Winet, who helps oversee the equivalent of about $34 billion at Swissca Portfolio Management in Zurich. ``It's possible the group auditors have become more severe after the Parmalat issue.''

Cost Cutting

Adecco was formed when France's Ecco SA in May 1996 agreed to buy Adia SA of Switzerland for $2.2 billion in cash and stock.

Adecco, which bought Olsten Corp. in the U.S. in 2000, cut at least 2,500 jobs last year, or almost 10 percent of the workforce, as slowing economies and rising unemployment in its main markets eroded demand for temporary staff. It expected cost savings of as much as 150 million euros ($167 million) in 2003.

Third-quarter profit rose 30 percent to 104 million euros, helped by the cost reductions. Sales at its main unit fell 9 percent in the U.S., three times the drop in overall revenue. Gross margin narrowed by more than a percentage point as it trimmed fees and U.S. workers' compensation costs increased.

The company's bonds plunged today, driving the yield premium on its 400 million euros of 6 percent bonds repayable in 2006 to 300 basis points from about 55 basis points Friday. That premium measures how much extra yield investors demand to own Adecco bonds rather than government debt of similar maturity. A basis point is 0.01 percentage point.

Swaps Soar

Adecco owes bondholders about $2.3 billion, according to Bloomberg data. The company is scheduled to repay $463 million this year. The cost of insuring that debt against non-payment using credit-default swaps soared to 250,000 euros from 50,000 euros Friday, according to prices from J.P. Morgan. That's the annual cost to protect 10 million euros of debt for five years.

Moody's Investors Service rates Adecco at Baa2, two levels above investment grade and with a negative outlook, meaning the rating is more likely to be cut than raised. Standard & Poor's rates the company one level higher at BBB+, also with a negative outlook.