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Definitions
and rules of analysis and presentation
A number
of general rules and exceptions emphasise the practical, rather
than precise, nature of the Company REFS activity analysis:
Percentages
The upper
and lower tables show percentages of the same turnover and profit
figures. Percentages are rounded to the nearest whole number.
Space
constraints
Space
is provided for up to nine headings within the combined upper
and lower tables; the smallest percentages are consolidated
where necessary, with precedence in favour of turnover. To fit
within the panel a company’s own headings may need to be abbreviated
or combined.
Business
segments
Descriptions
used within Company REFS for business segments are based
on each company’s own headings and not on any uniform classification
system. Heading definitions can vary from one company to another
and two companies with the same range of activities can segment
them differently. It should not be assumed that two companies
which share the same segment descriptions within Company REFS are necessarily engaged in the same range of activities.
Geographical
regions
Descriptions
of geographical regions are based on each company’s own headings,
and are not uniform. The precise definition of regions can also
vary from company to company. It is therefore possible for two
companies with the same geographical spread of activities to
group them under different headings. Likewise, two companies
which share the same geographical headings within Company REFS do not necessarily operate within the same territories.
Turnover
Turnover
is defined as invoiced sales net of value-added tax. Turnover
can be analysed in two ways, namely by destination (i.e. where
the goods are delivered to) or by origin (i.e. by location of
subsidiary, or country of manufacture). Within Company REFS
the turnover analysis is always by destination (when available).
Intra-group
turnover
In consolidated
or group accounts, it is normal for intra-group amounts to be
excluded from the gross turnover figure, and for their activities
or geographical breakdowns to be based on the net amount. However,
when companies analyse the gross amount only, Company REFS
follows suit.
Profit
Whenever
possible, the activities analysis by profit is based on reported
pre-tax profit. However, many companies analyse profit at the
‘operating’ level which is (usually) before interest and (sometimes)
before related companies’ profit share. Company REFS
follows whichever basis the company uses.
Unallocated
costs or income
When
presenting their activities analysis, companies often analyse
profit before deducting various unallocated costs (or before
crediting unallocated income). The analysis shown within Company REFS is based on whichever profit figure the company has
elected to analyse.
Presentation
of losses
Negative
percentages refer to losses. Where there are both losses and
profits, they are expressed as a percentage of either total
profits or total losses, whichever is greater.
For example,
if the net result is a profit, all profits add up to +100%,
whereas individual losses are expressed as a negative percentage
of total profits. Likewise if the net result is a loss, all
losses add up to -100%, and individual profits are shown as
a positive percentage of total losses. Examples
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REFS
is available in 3 formats to suit your needs 
Updated daily with data direct from the London
Stock Exchange 
Available
monthly or quarterly on CD
 
Available
monthly or quarterly in two hard-copy volumes
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