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Short Financial Essay About The Drugs Company Ciba Geicy.

621 words - 2 pages

Ciba Geicy---------------------------------------------Ciba had strong Swiss/German roots and was a highly centralized companywith most management functions performed either at corporate headquartersor in large country organizations. Corporate headquartersand the countryorganizations had large groups that provided common services to theoperating units.Operating units were evaluated based on direct contribution and littleeffort was made to allocate centralservices costs to the various lines ofbusiness. This organization structure provided limited line-of-businessinformation.In 1983, Ciba-Geigy used a matrix organization. Oneside of the matrix wasseven product divisions (divided into a total of 41 strategic business units).The other side of the matrix was 120 group companies responsible for aspecific geographical area.In largecountries there were multiple group companies. Many group companieshad responsibility for sales and production and the larger group companiesalso controlled their own research and development.At the time of their merger in 1971, Ciba and Geigy chose accounting methodsthat they thought best presented their true economic picture. They felt thatthe merger would reduce resistance to new accounting methods since the mergerrequired some changes anyway.They decided to use "Current Cost Accounting" for fixed assets and inventories.They felt that current cost isolated "fictitious profits" resulting fromsubtracting historical costs from current revenues in the income statement.They also used direct costing that included only variable production costs ininventory and cost of goods sold. Fixed production costs were charged directlyto the income statement. They preferred directcosting because profits varied moredirectly with sales. Also, net income cannot be manipulated by build-ing ordepleting inventories as it can be in full costing. For divisions, Ciba measureddivision performance by contribution and a contribution-based performance factor.All of a division's variable expenses were subtracted from revenue to givedivisionalmarginal contribution. Transfer prices were of little significancesince local management was evaluated ondirect costs alone. Fixed costs, variancesand other income and expenses of the division were subtractedto give a divisionalcontribution before services.Company employment policies made direct labor a...

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