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In 2000, CGN drew up its interim report in accordance with the provisions of Swiss GAAP ARR and therefore disclosed individual figures of the balance sheet and the profit and loss account along with the corresponding figures for the previous year. In the interim report for 2001, CGN published, for the first time, a balance sheet as of 30 June 2001 and a profit and loss account for the period from 1 January 2001 through 30 June 2001 without the corresponding figures for the previous year. The provisions of ARR 12 point 14 foresee that all of the previous year's figures corresponding to those of the year under review must be published. In substance, CGN justifies its actions by stating that the required figures for the previous year were not available at the time that the interim report for 2001 was being drawn up.
Since the failure to disclose the figures for the previous year in the published semi-annual report for 2001 represents a violation of the provisions of Arts. 66-67 of the Listing Rules and of Swiss GAAP ARR, the Executive Committee of the Admission Board of the SWX Swiss Exchange decided on 7 June 2002 to publish a reprimand for violation of applicable accounting rules and regulations. In the opinion of the Executive Committee of the Admission Board, the impossibility of comparing the figures makes it exceedingly difficult to properly assess the semi-annual report for 2001.
CGN allowed the period during which appeals may be lodged to end without taking action, which means that the sanction has become legally effective. The sanction is published today because the period during which appeals may be lodged ended on 3 September 02 by account of the court vacation.
