I'll refrain from commenting on "Irish accounting priciples"...
"...Pro-Forma Financial Information Relating to Qualified Special Purpose Entities (``QSPEs'')
In the light of current market concerns relating to off-balance sheet arrangements through QSPE structures, Elan has two QSPEs which it has not consolidated in its financial results as presented under US generally accepted accounting principles (these entities are consolidated in Elan's primary financial statements which are prepared in accordance with Irish generally accepted accounting principles). Elan has guaranteed the indebtedness of these entities to the extent that the value of the investments held by the QSPEs are insufficient to repay the indebtedness of these entities. If these entities had been consolidated as of December 31, 2001 and 2000, the effect on net income (as a reduction in net interest and other income), diluted earnings per ordinary share after other charges, total assets, total indebtedness and shareholders' equity would be as follows:
As of December 31, $ millions
As Reported Pro-Forma
2000 2001 2000 2001
Net income (294.5) 347.7 (333.4) 211.4
Diluted
earnings per
ordinary share
after other
charges ($0.94) $0.97 ($1.06) $0.59
Total assets 4,653.0 6,327.8 5,371.0 7,108.1
Total
indebtedness 1,508.6 1,989.0 2,308.6 2,989.0
Shareholders'
equity 2,276.9 3,275.7 2,192.9 3,046.7
As of December 31, 2001 the market value of investments held by the QSPEs would have been sufficient to repay the indebtedness at that date..." |
