In the 1999 annual report of SIP, société genevoise d'instruments de physique, Satigny (CH), the company's auditors confirmed only the consolidation and valuation principles described in the Annex. Their wording was as follows: "Les comptes ont été établis dans le respect des normes comptables RPC, tel que le prévoit le Règlement de cotation de la Bourse Suisse. En ce qui concerne l'évaluation des stocks, y compris les produits en cours de fabrication, les instruments nécessaires pour suivre les normes sont en phase d'introduction."
Consequently, the 1999 annual report of SIP does not comply with the stipulations of the SWX Swiss Exchange Listing Rules ("LR", Art. 66ff) in regard to the valuation of inventories.
Decision
The SWX Admission Board ruled on 30 August 2000 to impose the following sanctions:
- SIP shall be issued a reprimand within the context of Art. 82 para. 1 Point 1 LR;
- The fact of such sanctioning shall be publicised (Art. 82 para. 1 Point 9 LR).
Furthermore, SIP must publish a "Swiss GAAP / ARR" ("RPC") -compliant estimate of the inventory valuation with restated prior-year figures (if necessary) and corresponding explanations in its interim financial report of 30 June 2000 or in a press release until 31 October 2000 at the latest.
