Which UK Company Has The Most Impenetrable Financial Statements?

Posted on 16/04/2012


OK, I don’t have the answer to this question at the moment, but I’m seeking the feedback of readers in order to identify the UK listed companies with the most horrific-looking financial statements. I don’t just mean high leverage, but the full works: related party transactions, operating & capital leases, unlisted joint ventures and associates, defined benefit pension schemes, complex hedging arrangements, potentially mis-priced asset & liabilities, etc. Clearly, every financial company (banks, insurers, etc) has complex financial statements due to the nature of their business and the fact that the asset base cannot be independently verified, so I’d like to limit this to non-financial businesses.

If you leave your suggestions in the comments section then I’ll fashion them into a short post in the very near future. Extra brownie points if your suggestion is a FTSE 350 member.

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