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"If you ask why the American financial system succeeds," he said, "at least my reading of the history would be that there is no innovation more important than that of generally accepted accounting principles: it means that every investor gets to see information presented on a comparable basis; that there is discipline on company managements in the way they report and monitor their activities".
That put the company slightly ahead of expectations on a comparable basis, at 29 cents a share.
Overall, sales in the first half of 2015 fell by 3% on a comparable basis to £6.3bn.
"This one-time disruption is now behind us, as volumes began improving in January and grew 3percentt on a comparable basis in February," he said.
(The chart below shows the results of three studies, put on a comparable basis by Mr Kaufmann).
By last year, he said, she was earning 297,000 yen a month, while on a comparable basis, men were making about 420,000 yen, or 40percentt more.
A year ago, Constellation earned 69 cents per share on a comparable basis.
On a comparable basis, the company earned $10.4 million, also 13 cents a share, in the comparable period last year.
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