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Lecture 9 „Travelers“
A question of accouting in indirect stakes
Travelers
(large US financial group)
Nikko
(not listed japanese security broker )
Acquisation
of 9,6% ord.
shares
Purchasing of convertible
bonds (exchange in shares
in 2011) of 15,5 % indirect
shares
1,6
billion $
Facts
Facts
Revenue: 37.6 b$
Profit: 3.0 b$
Revenue: 1.5 b$
Profit: -0.4 b$ !!!
No.
Type of
relationship
Amount of
voting rights
Qualification
shareholders
Accouting
method
1 Control > 50% Subsidiary
Full
consolidation
2
Significant
influence
≥ 20%
Associated
company
Equity method
3
No real
influence
< 20%
Financial
investment
Fair value
(or at cost)
Accounting regulation
9,6
15,5
74,9
ord. stakes
ind. stakes
rest
Equity method
Nikko: Loss of 0.4 b$
Travellers (old)
Assets
Nikko 1.6 b$
Travellers (new)
Assets
Nikko 1.2 b$
Which accounting method should use
Travelers for her different (ordinary and
indirect) stakes?
How much voting rights have Traveller:
Travelers: voting rights of 25,1%
SEC: just 9,6%
Questions & Discussion
Which accounting method should use
Travelers for her different (ordinary and
indirect) stakes?
How much voting rights have Traveller:
Travelers: voting rights of 25,1%
SEC: just 9,6%
Questions & Discussion

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a question of accounting in indirect stakes

  • 1. Lecture 9 „Travelers“ A question of accouting in indirect stakes
  • 2. Travelers (large US financial group) Nikko (not listed japanese security broker ) Acquisation of 9,6% ord. shares Purchasing of convertible bonds (exchange in shares in 2011) of 15,5 % indirect shares 1,6 billion $ Facts
  • 3. Facts Revenue: 37.6 b$ Profit: 3.0 b$ Revenue: 1.5 b$ Profit: -0.4 b$ !!!
  • 4. No. Type of relationship Amount of voting rights Qualification shareholders Accouting method 1 Control > 50% Subsidiary Full consolidation 2 Significant influence ≥ 20% Associated company Equity method 3 No real influence < 20% Financial investment Fair value (or at cost) Accounting regulation 9,6 15,5 74,9 ord. stakes ind. stakes rest
  • 5. Equity method Nikko: Loss of 0.4 b$ Travellers (old) Assets Nikko 1.6 b$ Travellers (new) Assets Nikko 1.2 b$
  • 6. Which accounting method should use Travelers for her different (ordinary and indirect) stakes? How much voting rights have Traveller: Travelers: voting rights of 25,1% SEC: just 9,6% Questions & Discussion
  • 7. Which accounting method should use Travelers for her different (ordinary and indirect) stakes? How much voting rights have Traveller: Travelers: voting rights of 25,1% SEC: just 9,6% Questions & Discussion